Tag Archives: dubai
Emaar eyes tower even taller than Burj Khalifa
Emaar Properties is considering building another world-record breaking tower bigger than its own Burj Khalifa, which is the current holder of the world’s tallest building, according to its chairman Mohamed Alabbar. “We may try to build something a little taller,” Alabbar said at a conference in Dubai. “The emirate needs another tall building. Dubai is only about 30-year old, so we have a lot of time and lot of investment left,” he added. Emaar Properties built the 828-metre Burj Khalifa tower in 2010 and is also involved in the Kingdom Tower, which is being developed by Prince Al-Waleed bin Talal and is under construction in Jeddah. The Saudi tower is reportedly set to be as high as 1km tall. Already the holder of the world’s tallest building title, the new plans Alabbar has hinted at would have appeared fanciful three years ago, when a crash in the inflated real estate market triggered a corporate debt crisis and a slew of company restructurings. But Dubai, home to an archipelago of man-made islands and an indoor ski slope in one of its shopping malls, staged a dramatic economic recovery last year, partly because of a tourism boom. Tourist arrivals grew 10 percent and hotel revenue rose 19 percent in the first half of 2012. Some state-linked companies have been working through their debt loads while some property prices have started to rebound. Continue reading
Is a new property law set to be introduced?
New legislation has been proposed that will give Dubai property investors greater levels of protection.According to the Real Estate Investment Management and Promotion Centre of the Dubai Land Department (DLD), the Tanweer law has been set up and is now ready to be officially sanctioned, the National reports.The organisation said that legal experts had given feedback on the draft regulations last year.Head of the centre Majida Ali Rashed told the news provider the law – which protects the rights of real estate investors and aims to create more transparency across the sector – is the first of its kind in the world.”The [DLD] will issue in the coming period a fully integrated law that will protect the rights of real estate investors through a comprehensive framework based on transparency and clarity of the contractual relationship between the developers and the investors,” she was quoted as saying.Experts have welcomed the impending introduction of the law and stated that more information would be made available once it is officially put in place.Alexis Waller, partner at the legal firm Clyde & Co, said anything that enhances confidence in the city's property sector is to be welcomed and the rules have been set up in a way that balances the interests of both developers and investors.Several recent studies have highlighted the growing demand for property in the UAE and it is generally accepted that the government's proactive approach to stimulating investment activity in the country is one of the main reasons for its popularity.Earlier this month, Global Investment House's GCC Real Estate Quarterly report showed the UAE and Saudi Arabian property markets are still leading the way in the Middle East.The research indicated that Dubai landlords were able to hike their rents by ten per cent in the first quarter of 2013, while the hospitality and commercial property sectors also performed extremely well during the three-month period.With new legal safeguards in the pipeline as well, it is easy to see why Dubai is one of the most sought after investment hotspots on the planet at the moment. The First Group can find you some excellent properties in Dubai Continue reading
Gulf nations’ investments in power sector to hit $250b
Gulf nations’ investments in power sector to hit $250b Staff Report / 15 June 2013 Gulf countries’ investments in the power sector is estimated to reach $250 billion in the next five years due to massive development and rapid growth, according to a latest study. Good outlook for power + water 2013 The rising demand in the power sector will further strengthen the role of Power + Water Middle East, the region’s premier showcase for the power and water sectors, taking place from September 23 to 25 at the Abu Dhabi National Exhibition Centre. The event is held in strategic partnership with the Abu Dhabi Water and Electricity Authority and will play a regional role in the celebrations of the International Year of Water 2013. The sixth edition of Power + Water Middle East will bring together developers, manufacturers, buyers and service providers from a range of sectors in power and water to meet, discuss and invest in current products and technologies in the related industries. – business@khaleejtimes.com The report, entitled “Power UAE” and published by research specialists Global Business Reports, said that the next five to 10 years will be crucial in shaping not only the UAE power sector, but will also change the face of the industry in the GCC and wider Middle East. With the power sectors of Abu Dhabi and Dubai experiencing rapid growth, experts estimate the annual growth in demand for electricity will rise by eight to 10 per cent over the next 10 years. The report added that Abu Dhabi’s power sector remains on top of the regional investment table with eight independent power and water producers in operation along with the introduction of the GCC’s first nuclear project which is now in its construction phase and slated to be fully operational by 2020. In Dubai, there are currently 11 plants varying from 400MW to 1,400MW with a total capacity of almost 9,000MW. This is in addition to the emirate’s new Dh300 million project to extend and activate a 132KW transmission cable network to redistribute powe load and provide stable electricity and water services throughout the city. Meanwhile, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah possess minimal natural resources and are in the initial stages of industrial development, with each stepping up efforts to build on their power and water sectors and encourage foreign investment to drive growth. “Economic diversification and demographics are driving the development of the power and water sectors in Abu Dhabi and the GCC, underlining the fact that the region is not only one of the fastest growing but also holds the most potential of global electricity markets,” said Abdulla Saif Al Nuaimi, director-general of the Abu Dhabi Water and Electricity Authority. “Abu Dhabi and Dubai have some of the world’s highest levels of electricity use per capita and efficiency of both electricity usage and generation will be the main concern across the UAE, GCC and Middle East regions in the coming years, especially with climatic changes demanding increased consumption of water and electricity in the summer months,” said Anita Mathews, director of Informa Energy Group, organisers of Power + Water Middle East. — business@khaleejtimes.com Continue reading
