Cityscape preview

At last years’ event, real estate projects worth US $27 billion were announced. Rohan Marwaha, Cityscape group development director, believes that this number will easily be surpassed this year. “Cityscape Dubai 2006 will undoubtedly trump last year’s figures. Not only is it the largest in the world, it is the fastest growing and the most diverse with up to 85 countries being represented,” he says.

The event can now legitimately claim to be the world’s biggest business-to-business event in the property investment and development sector, since we will now exceed the likes of MIPIM in Cannes and Expo Real in Munich after adding almost one and a half times to last year’s exhibition space,” adds Marwaha. As a brand Dubai is increasingly positioning itself as an overseas audience, and this year’s event will see various foreign developers looking for Middle Eastern investors. The cities of Hamburg, Paris, Rome, Warsaw, Moscow, Ontario in Canada, Singapore and Australia are among the many that are exhibiting this year.

Yvonne Iversen, investor relations manager at HafenCity Hamburg, summarises the hopes of European exhibitors at this year’s exhibition. “Cityscape Dubai brings our project to a wider audience. Investor relations between European countries and Dubai have improved considerably over the last few years.

“We are designing a ‘living city’, with buildings occupied as they are built. What we don’t need are investors constructing large structures without end-users in speculative ventures.”

Fast-growing Chinese companies are also focusing on the event. Zheng Xiaoping, partner at Shanghai-based BAZO Investments, says: “China is experiencing the largest urbanisation in history. With over 800 new cities to be developed by 2020, China will create an investment climate that Middle Eastern investors simply cannot ignore.”

Besides new overseas participants regional developers are also eager to present their portfolios at the event. Saudi Arabian companies accounted for more than 25% of last year’s newly announced projects. Developer Al Hanoo, for example, sold half of the AED 18 billion Nujoom Islands development project within a few hours of the exhibition’s opening ceremony.

Saudi exhibitors include the Tanmiyat Group, Dar Al Arkan, Al Hanoo Holding, Saudi Oger, Jiwar, SNASCO, Diyar and Najed, and Al Suwadani to name a few.

A host of top international speakers will also be giving presentations and workshops devoted to specific industry issues. Among them will be Donald Trump Junior who will be speaking at the event for the first time.

Manal Shaheen, general manager of VIP Sales at Nakheel, says: “Cityscape is a very good opportunity for us to showcase our latest projects as well as for investors and end-buyers to see where the market is going. Also, you can’t meet such a large number of people in an office during working hours.”

Omniyat

Launched in 2005 by parent company Al Masa Holdings, Omniyat aims to combine information technology, real estate and property development in order to provide hi-tech and futuristic projects in the Middle East. So far, Omniyat Properties has launched and sold four commercial and one residential project, with a value of US $737 million in the last year of operations.

The first two commercial projects were launched together early in 2006. Number one Business Bay is a US $138 million 30-storey tower and will offer ‘Grade A’ office space in what is considered the prime location of the development. “Number One Business Bay is the first building you see as you enter the Bay. It’s actually plot number one,” says Mehdi Amjad, president and CEO of Omniyat Properties.

Omniyat’s second project, Bayswater, is a US $94 million 25-storey office tower located on a water-facing plot in Business Bay. Construction began in May of this year and is expected to be completed in the second quarter of 2008. Its third project is the US $150 million Binary tower that is set for completion in the first quarter of 2009.

It has been designed as a self-contained building with a range of recreational and relaxation facilities where staff can find everything they need in one living space.

“The UAE now provides the perfect seed-bed for companies such as Omniyat and Almasa that can be nurtured and grown into what Dubai has become today,” adds Amjad.

Omniyat is planning to announce a series of new developments at this year’s Cityscape exhibition including a move into residential property.

Tameer

Tameer was established in 1991 engaging in miscellaneous business activities. In 2002 it decided to concentrate solely on the real estate sector shortly before forming a strategic partnership with the Al-Rajhi Investment Group. Today, the firm’s investment portfolio in the market is worth more than AED 40 billion.

At this year’s Cityscape the developer will announce the launch of its Imperial Residence in Jumeirah Village. This AED 500 million project, spread over 1 million square feet, will include 569 residential units in a variety of studio, one, two and three bedroom apartments. It will include a twin tower structure comprising of 28 floors that rise from a four-storey podium. The project will also include swimming pools, gyms, saunas, Jacuzzis, a children’s day care nursery and 24-hour shops.

Located in Jumeirah Village, a development that will feature 2000 villas and townhouses, the development will be situated between Sheikh Zayed Road and Emirates Road. “This project adds to our ever widening portfolio of state-of-the-art developments, and follows the presentation of our Elite Residence and the Palace Tower earlier this year; two buildings of similar design and stature,” says Ali Al Khudairi, CEO of Tameer Holding. Tameer’s most up-scale development, the Elite Residence, offers one and two bedroom apartments, three and four bedroom penthouses and villas, and will be situated in Dubai Marina. The project is to be completed in November 2009.

Tameer will also exhibit Al Salam City at this year’s Cityscape. Located close to Sharjah and the Dubai International Airport it will consist of apartments, townhouses and luxury villas with facilities including schools, hospitals, parks, gymnasiums, and recreational and cultural centres and is set for completion in March 2009.

Also on display will be the 32-floor commercial Regal Tower at Business Bay and the 41 building Al Ameera Village in Ajman, that features houses, hotel apartments, shopping malls, and a number of commercial outlets.

Saraya Aqaba

Jordan-based Aqaba Development Corporation (ADC), in cooperation with the Jordanian Social Security Corporation (SSC) and the Arab Bank, is set to launch the country’s flagship development — Saraya Aqaba, a US $1 billion mixed-use project on the northern tip of the Red Sea.

The venture will features luxury hotels, a water park, residential units, a convention centre, business facilities, health spas, beach clubs and a high-end retail offering, all built around a man-made lagoon. Located at Jordan’s marine city, the development will be designed as an ancient Arabic city with an old souk alongside a range of entertainment venues. Ali Kolaghassi, vice chairman and CEO of Saraya, says: “We have selected an excellent location and chosen strong partners to help us develop a unique world-class resort which will become a premier destination for business people, visitors and residents alike.”

Alargan

Kuwait-based Alargan manages US $795 million of real estate assets throughout the GCC. Its projects include residential housing, commercial leisure and tourist properties. Besides up-scale developments, the company also offers low to middle income housing in the region. “Our motivation is that we are one of the leading companies in Kuwait, and with our successful expansion in the region we need to be present at such a huge event like Cityscape,” says Niveen Salem, marketing manager, Alargan International. Alargan’s model developments include Kuwait’s largest hotel, the US $39.8 million Al Bidaa project that consists of hotel and serviced apartments that stretch along 200m of private beach. The business has also recently launched the Kuwait Free Trade Zone Business Park, a US $10.4 million project with 11,634 square metres of office space, to be completed in July 2007, besides the KD 10.8 million mix-used project Al Saar Gate in Bahrain, scheduled for completion in February 2009.

In Oman, Alargan is involved in the US $11.1 million Al Hail Villas project, which consists of 100 properties set to be completed in December 2007, and the US $16.6 million Al Qurm Gardens — 40 villas that are scheduled for completion in November 2008.

“Our mission is to expand efficiently and profitably to become the leading real estate developer and service provider in the region. Our primary focus will remain providing housing solutions with unique designs that compliment and enhance the surrounding environment,” adds Salem.

ETA Star

ETA Star is the real estate arm of the UAE-based contracting firm ETA-Ascon. The company is a part of the Al Ghurair Group. At present, ETA-star is promoting properties in the Dubai Marina, Jumeirah Lake Towers, Dubai International Financial Centre (DIFC) and Palm Jumeirah to name a few, alongside other leasehold properties in Dubai.

“We have launched a new concept entitled ‘Star Investor’ which is all about providing potential investors with all they need to make the right property investment,” says Shyam Sunder, marketing manager at ETA-Star.

The majority of ETA-Star’s projects are apartment towers, such as its first project, The Belvedere, a six-storey residential development with one, two and three bedroom apartments located at the Dubai Marina.

The Palladium, located at the Jumeirah Lake Towers next to the Dubai Metals and Commodities Centre (DMCC), is a 34 storey high-rise apartment complex. At the Business Bay, ETA-Star is developing Al Manara, which features 31 office and commercial complexes. The developer is also building the first free zone in the region dedicated to media production activities.

Located on the Emirates Road, The International Media Production Zone (IMPZ) provides a business environment and a complete technology and community infrastructure to support and foster the growth of media production.

Tapping into the hospitality sector, ETA-star also launched the five-star Taj Exotica Resort & Spa, Palm Jumeirah Dubai. The Grandeur Residences, a luxury residential complex that will comprise 200 fully furnished apartments, including ten beachfront villas, will be operated by the Taj Exotica Resort & Spa, Palm Jumeirah Dubai operations.

Gulf Finance House (GFH)

Established in October 1999 in the Kingdom of Bahrain as an Islamic investment bank, Gulf Finance House (GFH) has a paid up capital of US $212 million and an authorised capital of US $300million. GFH will be participating through its real estate investment arm at Cityscape 2006. It currently develops the US $1 billion Al Areen development in Bahrain and it is involved with the US $3.8 billion leisure and tourism project Legends in Dubailand. GFH is also developing the US $1.4 billion Bahrain Financial Harbour. The Al Areen development will spread over an area of two million square metres and marketed as a friendly destination for family and health-oriented tourists.

The development is a 35-minute drive from Bahrain International Airport, 25 minutes away from the city centre of Manama and 20 minutes away from King Fahad causeway. Major components of the development include the Banyan Tree Desert Spa and Resort, The Lost Paradise of Dilmun waterpark, themed luxury hotels, residential and commercial villages, entertainment and recreational facilities.

Legends is a mixed-use leisure, entertainment, residential and commercial real estate concept, strategically located within the Dubailand project.

GFH Investment Bank will be showcasing all its major projects and key investments including the Bahrain Financial Harbour and Al Areen Development, Legends in Dubailand, Energy City Qatar, Royal Metropolis in Jordan and the Gateway to Morocco.

“Over the years, Cityscape has emerged as the Middle East’s leading property exhibition, providing real estate players with a platform to both showcase their projects and do quality business.

“Having successfully participated in last year’s event where we did quite a few key deals, participation in this year’s event was a given.

“Apart from making a few substantial announcements at the event, we are confident of significantly enhancing our deal flow through Cityscape,” adds a Gulf Finance House spokesman.