Property Perspectives 4

ROPERTYABU DHABI

Pi n

N O V E M B E R / D E C E M B E R 2 0 0 8 AED 10.00 (UAE)

Abu Dhabi Formula Oneon track for 2009

A Time to Buy or a Time To Sell?a market review

Real Estate Sector Poised for Growthinterview with Sorouh’s MD

For more information call LLJ Property

+971 2 495 0500w w w . e m p i r e a b u d h a b i . c o m

An Island HomeIn The Heart of Abu Dhabi

DEVELOPED BY MASTER DEVELOPEREXCLUSIVE SALES AGENTFINANCED BY

Located within Shams Abu Dhabi on the natural island Reem, Empire Tower offers you the opportunity to own a freehold property in the heart of the UAE capital. Your apartment provides an ideal lifestyle opportunity combining the energy of city life with the tranquility of island life.

• Up to 90% financing from ADCB • Panoramic views of the Arabian Gulf and Central Park • State of the art facilities - pool and sun deck, sauna and fitness club • 57 storey tower at the focal point of Reem Island, Abu Dhabi • Payment terms pegged to construction featuring 5% deposit and 30% on completion

Centrally located at Al Jazira Sports Club on 4th Street (Muroor) between 17th & 19th Opposite CERTOpen Sunday to Thursday 09:00 to 18:00

A first in Abu Dhabi, the LLJ Property Centre offers:

��

LLJPROPERTY

CENTRE

��

��

��

For more info call +9712 495 0500 www.lljproperty.com

��

Visit us at the

LLJ Property Centre hosts two successful eventsWhilst the 7th annual Cityscape Dubai event took place from 6th to 9th October 2008, the LLJ Property Centre opened its doors to host an Abu Dhabi sales event for Sorouh’s last residential building within the Gate District in Shams Abu Dhabi – the ARC. The semicircular 18 storey residential building was released for sale at an average price of approximately 2,500 AED per sqft. The event was a huge success with studios and one bedrooms selling out within minutes of release.

On 23rd October we held a mortgage event in conjunction with Sorouh for all buyers in The

Gate Towers project. Representatives from ADCB, Aseel and Rakbank were on hand at the LLJ Property Centre to discuss both sharia compliant and conventional mortgage options. These are three of the major lenders in the Abu

Dhabi market and clients were able to secure loans from rates of 7.5 % interest with LTV’s of up to 90%.

The LLJ Property Centre is the first point of call for anyone looking to buy or sell property in Abu Dhabi. The facility offers a one stop shop for buyers and sellers providing up to date information on market trends, current and future

developments and, via our instantly accessible on-line booking system, the largest inventory of secondary and primary market stock.

More events are planned for the current months – for up to date information and to find out more about apartments in The ARC log on to www.lljproperty.com

1ROPERTY

ABU DHABIPP

i n

LLJ Property News

November - December 2008Yas Marina Hotel, Abu Dhabi

Welcomethe cover...

Karen Lay

1. All information in this magazine is accurate at the time of publication where provided by a third party LLJ Property or Corinthian Publishing cannot be held responsible for any inaccuracies

2. Property listings are subject to change or revision without notice. The availability of properties listed cannot be guaranteed and the contents of the listings do not form part of or constitute a representation or warranty

3. Property prices are subject to change or revision without notice4. All images are representations of the properties provided by the developer5. Property details will be updated regularly on our website, for the latest information log on to www.lljproperty.com

LLJ Property

Tel: +971 2 495 0500

website: www.lljproperty.com

Editor-in-chiefAndy McTiernan

Sales & Marketing DirectorJulie Bell

Creative DesignersFil AmbosJennifer Gallano

General ManagerDonna Wallace

Advertising Anuradha Basu - [email protected] Fernandes - [email protected]

Sales Co-ordinatorMarianne S. Fajardo

Publisher Corinthian Publishing FZ LLCDubai Media City

PrinterDubai Printing Press, Dubai

Distribution Middle EastJoel Mollejon • Winston Sepulchre • Dar Al Hikma Al Masaood • Dar Al Sharq • Jashanmal

EditorKaren Lay - [email protected]

Graphics and Research AssistantEnas A. Wahab

Marketing AssistantMariam Sudally

LLJ Property Magazine Team

Corinthian Publishing Staff

ROPERTY��

P� �

� � � ��

Abu Dhabi Formula One��

A Time to Buy or a Time To Sell?��

Real Estate Sector Poised for Growth��

The world may be going through global financial turmoil; The world may be going through global financial turmoil; Thowever the past few weeks have proved that Abu Thowever the past few weeks have proved that Abu TDhabi is indeed well equipped to weather the storm. TDhabi is indeed well equipped to weather the storm. TAll the factors which have made Abu Dhabi an attractive investment proposition remain. High demand with limited supply, potential investment yields in excess of 10% and a solid and diverse economy continue to attract investors. In addition, not only has the President of the UAE guaranteed local and international bank deposits, but the UAE Central Bank has injected AED 120 billion into the banking system to improve liquidity and interbank lending.

In this issue construction report turns the spotlight on Shams Abu Dhabi, Reem Island, to chart the progress on some of the major projects due to deliver late next year and early 2010. This development is being fueled by demand, as anyone who is currently trying to rent in Abu Dhabi knows, finding residential and commercial space is getting tougher and rents are getting higher. One reader who has recently moved to Abu Dhabi describes the trials and tribulations of the search for his ideal home to our reporter Maria.

Also in this edition we speak frankly with Abubaker Al Khouri the Managing Director of one of Abu Dhabi’s master developers Sorouh. He is firm in his position that the current global economic situation will strengthen not weaken the Abu Dhabi property market.

This is a view that we at LLJ Property support. We believe that what we will see in the coming months is the establishment of a solid backbone of knowledgeable investors and end users who are investing for a mid to long term capital gain and/or more importantly healthy rental yields. Despite views to the contrary, this is not a crisis but an opportunity which will help create a sustainable property market for the future.

As our next issue will be after the holiday season in 2009, on behalf of the LLJ Property Team, I wish you and your family ‘Seasons Greetings’. If you have any questions or suggestions please contact us at [email protected]

Corinthian Publishing FZ LLC, PO Box 49060, Offi ce G06, Building 9,

Dubai Media City, Dubai United Arab Emirates

Tel: +971 4 3914759, Fax: +971 4 3669619 email: [email protected]

web site: www.propertyworldme.com

ContentsW H A T ’ S I N S I D E

Renting in Abu Dhabi

Formula One Special

Citiscape Dubai News

4 A Time to Buy or a Time to Sell? By Linda Loughnane, Managing Director LLJ Property

6 Cityscape Dubai News – Biggest Ever Show

12 Formula One Special Abu Dhabi Formula One – On track for 2009 By Karen Lay, Editor

16 Abu Dhabi in Focus –Space, the final frontier By Andy McTiernan

20 Corporate Investment One Long Term Solution to Abu Dhabi’s Commercial & Residential Accommodation Crisis. By Andrew Covill, Head of Sales – LLJ Property

22 Construction Update Spotlight on Shams Abu Dhabi

32 Finance - A rising influence on investment By Andy McTiernan

35 Poised for Growth – Interview Abubaker Al Khouri

40 Renting in Abu Dhabi The long and winding road... Interview by Maria Spillane

46 Alghadeer – Doing business in a unique location

49 Developer News

50 Travel & Tourism News

54 About LLJ Services

56 Abu Dhabi Property

6

12

35Abubaker Al Khouri - Managing Director, Sorouh Real Estate PJSC

40

Last month saw the 7th annual Cityscape exhibition take place in Dubai – this has become one of the

most significant annual real estate events and the good news is that attendance was up. The flip side however is that the numbers of deals and value of transactions appear to be down. However, well packaged property direct from developers with track records is selling and there are also great opportunities available on the secondary market from overstretched panic sellers.

The title of this article is the million dollar or dirham question and frankly there is no right or wrong answer - you have to look at the deal and consider the conditions of the market you are in to determine what your move should be.

By Linda Loughnane, Managing Director LLJ Property

Speculation has been and indeed is still rife in the UAE property markets, and not just from speculative investors. Investment banks, commentators, developers, real estate agents, media and the general public are all speculating about the state of the property market both here and overseas. The media would have it all down as doom and gloom if you believe the headlines, but what is really happening out there?

A Time to Buy or a Time to Sell?

Al Dana

4ROPERTY

ABU DHABIPP

i n

Market Review

With Abu Dhabi it is important to remember that it is independent of the other UAE property markets. What is happening elsewhere is different as each market has its own draws on supply and demand; levels of liquidity and backing from different banks and individual governments. Also consider that property investment has consistently proved to be a safe mid to long term bet – although its value can go down it generally comes back up again, plus some. The secret to success for any investor is to learn when to buy and when to sell and not to overstretch yourself.

Mature property markets tend to operate in cycles with peaks and troughs – the UAE market and Abu Dhabi in particular is too young to have really experienced that. But, seasoned investors understand that today’s ‘on paper’ value is a perceived worth so what the market does tomorrow cannot really be considered as a gain or loss. You calculate gains or losses based on your transaction selling price and the purchase price, not what it might have been worth two weeks or two months ago. Early investors in Abu Dhabi who are selling today, in what is seen to be a down market, are making excellent gains.

What we are seeing now in Abu Dhabi is some maturity coming into the market – speculative investors or ‘flippers’ who played hard and fast may pull back. They have made some quick, easy money and now they are going to have to work a little harder to get their profit.

This is no bad thing as every successful market has a back bone of solid investors who take a longer term view. They buy off-plan to realise a capital gain close to completion or to earn a good rental yield from their investment when it completes.

Supply and demand in Abu Dhabi is out of kilter a situation which shows no sign of easing for some time to come. The emirate is expanding rapidly, attracting new industry and population growth which keeps demand high and supply low. Currently, renting a one bedroom apartment in an older building with no facilities – gym, pool and parking etc - which may also be a little shabby if you look closely, will command an annual rent (usually up front) of AED 180,000. To buy a unit ready in 18 to 24 months with gym, pool, secure parking facilities, contemporary finishes and in a good location can cost from approx AED 1.2 million which at a comparable rent is a 15% gross return. This assumes rents do not increase at all in the next 18 months which is unlikely. Even established markets like the UK generally only offer 4% to 5% gross return.

Another thing to consider is Abu Dhabi’s solid financial background. The UAE banks have been given full government backing and support from the UAE Central Bank which has injected AED 120 billion into the system and guaranteed all bank deposits held within the UAE. This action has been taken to positively encourage interbank lending and mortgage finance.

Despite rumours to the contrary, finance is readily accessible. The recent mortgage event held at the LLJ Property Centre brought together three major lenders (ADCB, Aseel and RAKbank) who are offering up to 90% finance on master developed projects. With borrowing available from 7.5% interest and LTV’s up to 90%* on property from master developers it shows that banks are confident in the future of the market. Private developers who are sensitive to the market are cannily offering payment plans pegged to progress in construction. Great news for investors as you get to see results before you make payments also the UAE banks like this strategy and are happier to lend on such projects.

The government of Abu Dhabi has announced considered and well evaluated plans for development – the infrastructure matches progress of projects and the arrival of events like Formula One in 2009 as well as the Guggenheim, Louvre, major international medical and educational institutions, plus the introduction of new industries like aerospace manufacturing and building materials is creating a diverse economy.

All this is backed up by the massive oil and natural energy reserves which can underpin this development and investment. Couple this with the plans to be a market leader in alternative energy – Masdar is just one example – and – and –investment zones, Al Reem Island, Al Ghadeer, Al Raha Beach, ADAC, Khalifa Port etc to name a few, and you can see that the Abu Dhabi government supports inward investment.

Currently, exchange rates are also working in the markets favour as the dollar strengthens. Expats regularly sending dirhams home will find they need to send less, thus creating more liquidity in the UAE. Given this, where better to invest than the property market where significant gains have already been seen? Short term

investors who bought 9 to 12 months ago and have made partial payments on their properties are still able to sell and achieve a great return on their investment even in a buyers market.

The knowledgeable property investor who is in for the medium to long term will have no real concerns in today’s market. They will recognise that as their portfolio completes they will be realising substantial rental yields in addition to their capital gain. It is in fact this investor that is buying today and taking advantage of some excellent deals, particularly in the secondary market.

As a general rule when trading property, buy when others are selling and sell when others are buying! So, our advice to those thinking of selling is consider the option of finance and wait the market out. Investors who have bought within the last couple of months should not consider selling their property, because of recent market events they will need to wait longer to realise gains.

For those who have not yet invested you have not missed the boat, look for the deals that are out there and plan ahead – buy with the knowledge that you should hold for the mid to long term. When the market turns around, sell if you are happy with your gain or stick with it and take the tax free rental income or capital gains at completion.

To answer the question posed in the title of this article now is not a time to sell unless you absolutely have to. This is absolutely a time to buy. It is an opportunity for owner/occupiers to select the future home they wish to live in and it is also undoubtedly a fantastic time for investors buying for yield as they will be able to take advantage of competitively priced units which will offer sustainable yields in excess of 12%.

*at the time of writing

Al Zeina

5ROPERTY

ABU DHABIPP

i n

Market Review Market Review

Now in its seventh year the region’s largest B2B real estate show attracted over 40,000 visitors within the fi rst two days, prompting organisers to extend the opening hours to 8pm across the four days.

Despite the slowdown in other property markets it seems that UAE developers and investors are still keen to talk business with many announcing record numbers of visitors to their stands. The event took place between 6th and 9th October at the Dubai World Trade Centre and saw over 1000 exhibitors set up stands covering every square metre of the exhibition centre. In case you didn’t make it to the show yourself here is a roundup of some the projects showcased and announcements made about the Abu Dhabi market in the Cityscape Dailies.

Cityscape Dubai – Biggest Ever Show

Wings of change – 2 themed towers for Al Reem Island

Kuwaiti developer Dar Al-Dhabi Real Estate, a subsidiary of DAD Holding, is determined

to permanently change the skyline of Abu Dhabi city with the launch of The Wings. Two 300-metre towers with a design inspired by the wings of a falcon, will be located at the gateway to Al Reem Island and will be the island’s tallest commercial and residential development. The Wings will feature a large five-storey atrium, lined with boutiques, cafes and restaurants, and a promenade leading to the marina from the two towers. The 300-metre residential tower has been divided into three categories with increasing levels of luxury – the Plaza, Prestige and Signature collections, with grand duplexes and penthouses on the upper levels. These two towers are part of the phase II launch of The Dar Al-Dhabi project – a US$6 billion development of six towers set on and around the Najmat

SOROUH – 10,000 Units within five years

The demand for housing in Abu Dhabi is still high due to limited supply and the emirate will require 100,000 units to meet the demand of a

rising population, says Mounir Haider, CEO of Sorouh Real Estate. In order to meet real estate demands, Sorouh will launch projects to supply between 7,000 and 10,000 housing units during the next three to five years. In response to questions about escalating prices, Mr. Haider pointed out that whilst there has been a 40 percent rise in the cost of construction materials over the last 12 months, the per square foot prices of properties have gone up, on average, by a modest 10 to 15 percent.

Sorouh Real Estate launched sales of its US$1 billion residential apartments project The ARC in The Gate Towers development on Al Reem Island. The project, comprising four multi-storey towers, is the third and final phase of The Gate project launched by Sorouh. The whole project is scheduled for completion in 2012 and will cost US$3 billion.

Mounir Haider, CEO of Sorouh Real Estate

Marina on Al Reem Island. In addition to The Wings, the Dar Al- Dhabi Project comprises two 35-storey residential towers; Al Sharq 1and 2 and two 7-storey towers; Al Seef Residential and Al Seef Commercial.

NOW SELLING IN ABU DHABI

+971 2 495 0500www.lljproperty.com

AL REEF VILLAS

Mediterranean

Arabian

Contemporary2 bed villaMediterranean CommunityGarden view1,832 sqftAED 1,800,000Contact Mostafa

4 bed townhouseMediterranean Community2,858 sqft AED 3,000,000 Contact Marwan

5 bed villaArabian CommunityGarden view3,749 sqftAED 3,800,000Contact Mostafa

3 bed villaMediterranean CommunityPark view2,404 sqftAED 2,500,000Contact Will

4 bed villaContemporary CommunityGarden view2,859 sqftAED 2,850,000Contact Mostafa

3 bedroom townhouseGarden view2,424 sqftAED 2,500,000Contact Lana

Al Bandar - Al Naseem C2 bed apartment with terrace, 11th floor1,400 sqft AED 2,730,760Double aspect corner unit with direct sea and canal viewsContact Karen

AL RAHA BEACH

Al Zeina3 bed townhousePark view4,030 sqftAED 6,448,059Contact Will

Al Bandar - Naseem C2 bed apartment, 1st floor1,388 sqftAED 2,061,400Sea and beach viewContact Will

Al BandarKhor Al Raha - Al Muneera4 bed townhouse Canal view with garden, balconies and swimming pool4,186 sqftAED 6,100,000Contact Will

Al Zeina C12 bed duplex, 4th floorCommunity view1, 600 sqftAED 2,400,000Contact Nadia

Al Zeina3 bed apartment, 10th floorSea view 1,431 sqftAED 2,289,600Contact Joseph

Al Zeina

6ROPERTY

ABU DHABIPP

i n

Exhibition News



AL REEF VILLAS

Mediterranean

Arabian

Contemporary2 bed villaMediterranean CommunityGarden view1,832 sqftAED 1,800,000Contact Mostafa

4 bed townhouseMediterranean Community2,858 sqft AED 3,000,000 Contact Marwan

5 bed villaArabian CommunityGarden view3,749 sqftAED 3,800,000Contact Mostafa

3 bed villaMediterranean CommunityPark view2,404 sqftAED 2,500,000Contact Will

4 bed villaContemporary CommunityGarden view2,859 sqftAED 2,850,000Contact Mostafa

3 bedroom townhouseGarden view2,424 sqftAED 2,500,000Contact Lana

Al Bandar - Al Naseem C2 bed apartment with terrace, 11th floor1,400 sqft AED 2,730,760Double aspect corner unit with direct sea and canal viewsContact Karen

AL RAHA BEACH

Al Zeina3 bed townhousePark view4,030 sqftAED 6,448,059Contact Will

Al Bandar - Naseem C2 bed apartment, 1st floor1,388 sqftAED 2,061,400Sea and beach viewContact Will

Al BandarKhor Al Raha - Al Muneera4 bed townhouse Canal view with garden, balconies and swimming pool4,186 sqftAED 6,100,000Contact Will

Al Zeina C12 bed duplex, 4th floorCommunity view1, 600 sqftAED 2,400,000Contact Nadia

Al Zeina3 bed apartment, 10th floorSea view 1,431 sqftAED 2,289,600Contact Joseph

Al Zeina

8ROPERTY

ABU DHABIPP

i n

Abu Dhabi based property development company Connection Real Estate

is set to build the first mixed-used towers in the Middle East with LEED Platinum certification. The 23-storey twin Eco Towers project is strategically located in the prestigious community of Danet Abu Dhabi and will provide retail space, modern facilities and luxurious Grade-A quality finishing while adhering to environmentally sensitive standards. Air purification systems, renewable energy, toxic-free materials, dual glaze windows, water efficiency and waste reduction are some of the features incorporated into the development.

First LEED Platinum Project launched in Middle East

Property developers are turning to more ethical Islamic finance options to get their projects

off the ground, according to an international forum. In an increasingly tough financial world hit by the global credit crisis, more property developers are opting for a more Shariah-compliant solution say the organisers of the Islamic Finance Forum. “Financing based on Islamic rules requires that gains are derived from ethical, shared investment rather than being interest-based; hence it has sidestepped the credit crunch,” said Swati Taneja, conference director of the forum.

Developers embrace Islamic finance

A huge construction initiative to drive down rents by bridging supply and demand has been launched. Welcome relief to thousands of tenants who have suffered huge rent rises. The government has given

the go-ahead to a number of major property projects to address the crisis, said Butti Al Qubaisi, executive director of planning and statistics at Abu Dhabi Department of Economy and Planning. No details of the projects were given but anticipated investments in the construction and property sector will exceed US$190 billion in the emirate in the next five years.

Abu Dhabi Government bid to tackle spiralling rents

Masdar has purchased a stake in WinWinD, a Finnish wind turbine manufacturer.

The move highlights the company’s commitment to being a key player in the wind energy markets. WinWinD is a manufacturer active in the design, development and assembly

of technologically advanced one and three megawatt wind turbines. Headquartered in Helsinki, Finland, WinWinD has corporate offices in Oulu, Finland and Chennai, India and following this deal there are plans to expand elements of the operation into Abu Dhabi.

MASDAR invests US$176M in European Turbine Firm

Exhibition News

ALDAR plans boating club in Abu Dhabi

ALDAR Properties has created a new subsidiary dedicated to transforming Abu Dhabi into an

international luxury boating destination. The first marinas to become operational are located on ALDAR’s premier Yas Island and Al Raha Beach projects. Each marina will have its own identity and will

provide state-of-the-art facilities for the yachting community, from entry level boating to destination yachting. ALDAR Marinas will provide a comprehensive boat service yard incorporating a spectrum of associated marine services. The Yas Marina, surrounded by the Formula One racetrack, will provide

Yas Marina Yacht Club

Two towers on Reem Island were unveiled at the show. Burooj Crystal is part of a cluster of towers

within the Tamouh project City of Lights on Al Reem Island. At 184.85 metres, it will be the tallest of Burooj’s projects on the island. The 48-storey tower has 322

Burooj Properties unveils two projects

apartments ranging from studio to one, two and three-bedroom apartments. It boasts spacious living spaces and has a dedicated mezzanine floor for retail. A second 40-storey tower project with 270 apartments will also be built in the City of Lights development.

Reem Island

Five-star chain will be ‘ the place to be seen’ in Abu Dhabi with announcement of plans

to develop a second hotel in the United Arab Emirates in Abu Dhabi. Hard Rock Hotel Abu Dhabi will be developed with the Tasameem Group. The two companies also have plans for a second Hard Rock Hotel in Dubai. “The focus is a five-star luxury hotel brand that adds personality to its properties through music, entertainment and superior customer service,” said Hamish Dodds, CEO of Hard Rock International. The tower hotel will be situated on the Al Meena Road, which is currently being rebuilt as the predominant centre for shopping, entertainment, leisure and hospitality in Abu Dhabi. Reconstruction of the area will offer green parks, pools, fountains and will provide dramatic views of Abu Dhabi.

Hard Rock Hotel set for Abu Dhabi

berthing for luxury yachts up to 100 metres as well as guest berthing. The exclusive Yas Yacht Club located at Yas Marina will feature fine dining facilities and provide prime viewing of the Grand Prix race track. Guests at Yas Island Marina will have an ideal location from which to enjoy access to Yas Island.

HOT DEALS


OUTSTANDING INVESTMENT OPPORTUNITIES

CASH DEALS

GATE TOWER I

SKY TOWER

Full Floor - Only AED 1,750 per sqft

Only AED 1,853 per sqft

SUN TOWER Only AED 1,689 per sqft

MANGROVE PLACE Only AED 1,495 per sqft

EMPIRE TOWER Only AED 1,699 per sqft

AL RAHA BEACH - AL ZEINA Only AED 1,798 per sqft

2 bed apartment, 45th floor, sea view 1,719 sqft - Contact Marwan

2 bed apartment, 31st floor, mangrove view 1,300 sqft - Contact Will

SIGMA TOWERINDVIDUAL UNITS FROM

AED 1,250 PER SQFT1,2 & 3 BED, FROM

ONLY AED 943,750Contact Marwan

HYDRA SERVICED APARTMENTSTWO FOR SALE

AT AED 1,250 PER SQFT424 SQFT

ONLY AED 528,750 EACH!Contact Marwan

WHY RENT WHEN YOU CAN BUY?

TALA TOWER AL MAHA TOWER AL RAHA BEACH

Marina view936 sqftAED 1,684,800AED 1,800 per sqftCompletion 2009Contact Will

Secure your future home now & limit your rental payments

Partial sea view924 sqftAED 1,710,000AED 1,850 per sqftCompletion 2009Contact Mostafa

Al Bandar - Al Naseem B3 bed apartment withwraparound terrace right atthe front of the buildingAmazing sea & marina views2,421 sqftAED 5,300,000AED 2,189 per sqftCompletion 2009Contact Clare

Al Muneera4 bed townhouseCanal view5,360 sqftAED 6,241,720 AED 1,165 per sqftCompletion 2010Contact Mohammed

5 bedroom villaArabic CommunityFull garden viewPrivate swimming pool3,749 sqftAED 4,048,920AED 1,080 per sqftCompletion 2009Contact Mostafa

AL REEF VILLAS

FULL FLOOR18 SERVICED APARTMENTS

9,257 SQFTONLY AED 1,250 PER SQFT

Contact Clare

Whole residential floor, panoramic views 8,331 sqft - Contact Will

10ROPERTY

ABU DHABIPP

i n

Exhibition News

HOT DEALS


OUTSTANDING INVESTMENT OPPORTUNITIES

CASH DEALS

GATE TOWER I

SKY TOWER

Full Floor - Only AED 1,750 per sqft

Only AED 1,853 per sqft

SUN TOWER Only AED 1,689 per sqft

MANGROVE PLACE Only AED 1,495 per sqft

EMPIRE TOWER Only AED 1,699 per sqft

AL RAHA BEACH - AL ZEINA Only AED 1,798 per sqft

2 bed apartment, 45th floor, sea view 1,719 sqft - Contact Marwan

2 bed apartment, 31st floor, mangrove view 1,300 sqft - Contact Will

SIGMA TOWERINDVIDUAL UNITS FROM

AED 1,250 PER SQFT1,2 & 3 BED, FROM

ONLY AED 943,750Contact Marwan

HYDRA SERVICED APARTMENTSTWO FOR SALE

AT AED 1,250 PER SQFT424 SQFT

ONLY AED 528,750 EACH!Contact Marwan

WHY RENT WHEN YOU CAN BUY?

TALA TOWER AL MAHA TOWER AL RAHA BEACH

Marina view936 sqftAED 1,684,800AED 1,800 per sqftCompletion 2009Contact Will

Secure your future home now & limit your rental payments

Partial sea view924 sqftAED 1,710,000AED 1,850 per sqftCompletion 2009Contact Mostafa

Al Bandar - Al Naseem B3 bed apartment withwraparound terrace right atthe front of the buildingAmazing sea & marina views2,421 sqftAED 5,300,000AED 2,189 per sqftCompletion 2009Contact Clare

Al Muneera4 bed townhouseCanal view5,360 sqftAED 6,241,720 AED 1,165 per sqftCompletion 2010Contact Mohammed

5 bedroom villaArabic CommunityFull garden viewPrivate swimming pool3,749 sqftAED 4,048,920AED 1,080 per sqftCompletion 2009Contact Mostafa

AL REEF VILLAS

FULL FLOOR18 SERVICED APARTMENTS

9,257 SQFTONLY AED 1,250 PER SQFT

Contact Clare

Whole residential floor, panoramic views 8,331 sqft - Contact Will

Abu Dhabi Formula One

On track for 2009Formula One fever is gripping Abu Dhabi as the countdown begins to the inaugural race which will be hosted on the new Yas Marina Circuit on 1st November 2009. The race is scheduled to be the finale of the 2009 Formula 1™ racing season and although it has not yet been confirmed whether it will be held during the day or night, other details have been released.

By Karen Lay, Editor

The official 2009 FIA Formula One World Championship calendar29 March - Australia

5 April - Malaysia

19 April - China

26 April - Bahrain

10 May - Spain

24 May - Monaco

7 June - Turkey

21 June - Great Britain

12 July – Germany

26 July - Hungary

23 August - Europe (Valencia)

30 August - Belgium

13 September - Italy

27 September - Singapore

4 October - Japan

18 October - Brazil

1 November - Abu Dhabi

12ROPERTY

ABU DHABIPP

i n

Formula One Special

When did construction of the track begin?Groundbreaking was in February 2007. September 2008 saw more

than 7.9 million man hours expended at site since construction began.

When will it be fi nished?Yas Marina Circuit is running to schedule and will be finished in time

to fully test all of the facilities prior to the race in November.

How many people are working at Yas Marina Circuit?At present there are 4,000 workers at the site. The peak will be 5,500

by end of 2008.

When is the fi rst Race?Abu Dhabi will host the FIA Formula 1™ World Championship 2009

season finale, the inaugural Etihad Airways Abu Dhabi Grand Prix on Sunday 1st November 2009.

For how many seasons will Abu Dhabi host a Formula 1™ race?The Grand Prix franchise has been awarded to Abu Dhabi for a

renewable seven year term until 2016.

How long is the track?The full Formula 1™ track is 5.55km (3.4 miles) long. The second

and third configurations of the track are 3.15km (1.9 miles) and 2.36km (1.46 miles) respectively.

What is the anticipated top speed/lap time?It is anticipated that top speeds will reach up to 320 km/h with an

estimated lap time of 1 minute 40 seconds.

How many turns?The track comprises 21 turns, 12 left and nine right and runs in an

anti-clockwise direction.

How many spectators will there be?For the first race there will be 50,000 grandstand seats. The aim is

to increase this year on year and steadily build a solid domestic and international audience.

When will tickets go on sale?To register your interest for tickets, VIP hospitality and other aspects

of the 2009 FORMULA 1 Etihad Airways Abu Dhabi Grand Prix log on to www.abudhabigp.com You may also contact the call centre to register - within the UAE please call 800 4870. Outside of the UAE please call +971 4 366 2125.The call centre is open Sat - Thu, 9:00 a.m. to 6:00 p.m. local UAE times (GMT+3).

Where is Yas Marina Circuit located? Yas Marina Circuit is located on an island east of Abu Dhabi City. Yas

Island is just one of the 200 islands that form Abu Dhabi, the capital of the United Arab Emirates.

Yas Island is located just 15 minutes from Abu Dhabi International Airport. A 12-lane highway will connect the airport, Yas Island, Saadiyat Island and Abu Dhabi City Centre. The circuit is approximately a twenty five minute drive from Abu Dhabi city centre.

What other events are planned for the Yas Marina Circuit? There will be an intensive program of both International and

National motorsport racing held at the circuit, in addition to major entertainment events such as shows and concerts.

AT A GLANCE ABU DHABI GRAND PRIX FACTS:The full Formula 1™ track is 5.55km (3.4 miles)

long and comprises 21 turns, 12 left and nine right with an estimated lap time of 1 minute

40 seconds and runs in an anti-clockwise direction. The track width varies between 12 and 15 metres in different sections and is at its widest down the 500m Start-Finish straight. It is anticipated that top speeds will reach up to 320 km/h whilst the narrower bends will require deceleration to 90 km/h.

The circuit is located on Yas Island a 2,550 hectare natural island located just 15 minutes from Abu Dhabi International Airport. A new 12-lane highway will connect the airport, Yas Island, Saadiyat Island and Abu Dhabi City Centre. Construction of the Yas Marina Circuit is well underway and is being supervised by legendary Formula 1™ circuit designer and architect, Hermann Tilke in conjunction with Philippe Gurdjian CEO of Abu Dhabi Motorsport Management and the team at ALDAR Properties, the developers of Yas Island.

The final plans for the circuit were released in October by Khaldoon Khalifa Al Mubarak, the Chairman of Abu Dhabi Executive Affairs Authority and Abu Dhabi Motorsports Management, who has been instrumental in securing the race and developing the track. He said: “The Yas Marina Circuit will be a unique space in the motorsports world.

“It is a state-of-the-art piece of engineering, design and construction. It will be the first circuit in the world which will have a grand stand which will be fully covered.

“The technology incorporated in building the race track is as sophisticated as the cars racing on it.”The yacht club will enable mega yachts of over 100 feet to be berthed and from which the race can be watched.

“We thank the Abu Dhabi Government for their support and I would also like to thank Bernie Ecclestone, Formula One chief. Our aim is to make Abu Dhabi a truly Arabian capital of the region.”

Originally conceived as a street circuit with a semi-permanent section the design has evolved and the vision changed to embrace the opportunity Abu Dhabi had to create a purpose built circuit that truly set new global performance and configuration standards. The track has also been designed with flexibility and adaptability in mind and to maximize its use between Formula 1™ Races by offering three configurations – the full length track and two shorter tracks of 3.15km (1.9 miles) and 2.36km (1.46 miles) respectively. The two additional tracks can run independently of each other and make it possible for the Yas Marina Circuit to hold two events simultaneously.

Commenting on the final designs F1 Supremo, Bernie Ecclestone said: “From the very start of this project, we were in no doubt that F1 in Abu Dhabi would be something different, something special, the original plans have evolved almost beyond recognition to create a fully functioning permanent race track and we are set to be very pleased with the results.”

The unique centrepiece of the Yas Marina Circuit will be the “drive-through” hotel; the Yas Marina Hotel will be the only hotel in the World to have a Formula 1™ track running through it. Race cars

13ROPERTY

ABU DHABIPP

i n

Formula One Special

will travel at speed down a short straight between the hotel’s two main buildings giving an unparalleled view to guests who are resident on race weekend. The hotel is designed to be a landmark on the circuit with its 4,800 LED panels which change colour at night and will offer a range of 500 suites and bedrooms, a ballroom and six restaurants.

A further landmark which will mark the top of the start finish straight will be the Sun Tower and will provide a VIP hospitality facility powered by one of the region’s most plentiful resources – the sun. The Sun Tower will become one of the iconic landmarks of Yas Marina Circuit making it instantly recognisable for visitors and viewers around the World.

In addition Yas Marina Circuit will feature two pit buildings, an innovative

dragstrip, a unique butterfly formation karting track, stylish grandstands and sophisticated Marina area including a hotel and yacht club.

When complete, Yas Marina Circuit will be one of the most technologically advanced circuits in the world. What will make the circuit even more special is that visitors will experience a mixture of the traditional Arabic culture and welcoming hospitality alongside sensational on-track action. The cultural heritage of Abu Dhabi has also been incorporated into the circuit, the main grandstand is designed in the style of an Arab tent, and the colours of the UAE flag will adorn the track and one of the VIP buildings.

The first of at least seven Grand Prix races will take place in a year’s time. As the prestigious last race, it could be the deciding race of the season

and is expected to be watched by up to 55 million people worldwide. The attention and benefits that this will bring to Abu Dhabi has been welcomed by the ruling family.

“A Formula 1™ Grand Prix is one of the world’s most prestigious sporting events, in the same category as an Olympic Games or World Cup, and is unrivalled in terms of continuous global resonance. That is why this new partnership is such an exciting one for Abu Dhabi and the entire UAE,” said His Highness Sheikh Mohammed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi.

“For Abu Dhabi, and indeed the whole of the UAE, the opportunities that are presented by increased international attention and connectivity will deliver very real macroeconomic benefits.”

TelevisionBroadcasting

Complex

Al Nahda Boys

InternationalSchools

Al Ittihad

Newspaper

Al Muroor St (4th)

3rd StAbu Dhabi

Civil Defence

Rashid Bin Saeed Al Maktoum

St (2nd St)

Al Saada St (1

9th)

15 th St

LLJ PROPERTYBUSINESS CENTRE

Abu DhabiInternationalAirport

Abu DhabiCorniche

Airport Rd

LLJ Property

Al Jazira Club

1st St

17th St

1st St

NationalTheatre

Abu Dhabi Fire Brigade

CERT Technology

Park

Al Salam St (8th)

LLJ Property Business Centre Abu Dhabi

The ideal solution to your search for office space The ideal solution to your search for office space

B u s i n e s s C e n t r eB u s i n e s s C e n t r e

Centrally located at Al Jazira Sports ClubProfessional multilingual staff

Shared reception & conference facilitiesVirtual offices

Fully serviced offices with 1 to 3 desksHigh speed internet connection

Individual phone numberTravel concierge services

Ample free parking

Competitive short, mid and long term rental packages


The Grandstand Architecture

The Sun Tower The Yas Marina Hotel

14ROPERTY

ABU DHABIPP

i n

Formula One Special

TelevisionBroadcasting

Complex

Al Nahda Boys

InternationalSchools

Al Ittihad

NewspaperAl Muroor St (4th)

3rd StAbu Dhabi

Civil Defence

Rashid Bin Saeed Al Maktoum

St (2nd St)

Al Saada St (1

9th)

15 th St

LLJ PROPERTYBUSINESS CENTRE

Abu DhabiInternationalAirport

Abu DhabiCorniche

Airport Rd

LLJ Property

Al Jazira Club

1st St

17th St

1st St

NationalTheatre

Abu Dhabi Fire Brigade

CERT Technology

Park

Al Salam St (8th)

LLJ Property Business Centre Abu Dhabi

The ideal solution to your search for office space The ideal solution to your search for office space

B u s i n e s s C e n t r eB u s i n e s s C e n t r eB u s i n e s s C e n t r eB u s i n e s s C e n t r e

Centrally located at Al Jazira Sports ClubProfessional multilingual staff

Shared reception & conference facilitiesVirtual offices

Fully serviced offices with 1 to 3 desksHigh speed internet connection

Individual phone numberTravel concierge services

Ample free parking

Competitive short, mid and long term rental packages

BUSINESS CENTREBUSINESS CENTRE


Space,the final frontier

By Andy McTiernan

The search for appropriate - I shall rephrase that, any - offices in Abu rephrase that, any - offices in Abu Dhabi is currently a daunting task.

Commercial rents if you can find space are now anywhere between AED 3,600 to AED 4,000 per sqm with in some case additional maintenance charges of AED 250 per sqm. A significant increase from this time last year when AED 2,500 per sqm would secure you an office space.

A possible silver lining in this cloud is the recent report from CB Richard Ellis which predicts the arrival of an additional 1,700,000 square metres of office space on the market between 2009 and 2011. However, at what rates these will be charged out is anyone’s guess as it is commonplace now for companies to

insist on 3 to 5 year contracts and often a price hike of AED 50 per sqm per floor.price hike of AED 50 per sqm per floor.

The prevailing shortage is currently so acute it has cornered many new businesses into converting residential villas to commercial use. According to the Department of Planning and Economy, the number of units employed as commercial premises in Abu Dhabi has swelled by 34 per cent in twelve months. The domestic economy is of course in overdrive, both in terms of diversification and revenue, thus attracting a convoy of interest, and they have to be billeted somewhere. However, put quite simply, letting residential accommodation out as offices merely forces housing rental further toward the stratosphere and

places consequent strain on the inflation basket.basket.

Richard Foulds, CBRE’s director of leasing and development in Abu Dhabi, does not appear to overstate the case when he says: “Lack of available stock presents a continual problem in the market. At the moment, less than one per cent of all known offices remain unoccupied and available for rent, and those are not suitable for international occupiers due to the specification.”

This tightening statistic of course raises another issue, in that the general contingency space available for refurbishment that exists in most mainline markets is just not apparent, leaving even less room for manoeuvre.

Gate Towers - Shams


GATE DISTRICT

CITY OF LIGHTS

TAMEER TOWERS

INVESTOR STOCK

Hydra Serviced ApartmentsCommercial floor18 serviced apartments9,257 sqftOnly AED 1,250 per sqftContact Clare

Hydra Executive Tower CCommercial floor6,505 sqftAED 12,604,940AED 1,938 per sqft12% premiumContact Marwan

Commercial floor14,701 sqftAED 36,752,500At AED 2,500 per sqftContact Mohammed

Omega TowerCommercial floor14,213 sqftAED 31,979,255At AED 2,250 per sqftContact Marwan

FULL FLOORS

Tameer Tower CResidential floor14,512 sqftAED 30,800,000At AED 2,122 per sqftContact Will

Tameer Tower DCommercial floor14,512 sqftAED 28,600,000At AED 2,122 per sqftContact Will

Residential floor 8,331 sqft AED 14,579,250Panoramic viewsExcellent investment opportunity At aed 1,750 per sqftContact Will

Gate Tower ICommercial floor20,475 sqft AED 39,926,250At AED 1,950 per sqftFull sea viewContact Joseph

Residential floor15,514 sqftAED 28,688,300At AED 1,850 per sqftContact Karen

Gate Tower I

Omega Tower

16ROPERTY

ABU DHABIPP

i n

Abu Dhabi in Focus


GATE DISTRICT

CITY OF LIGHTS

TAMEER TOWERS

INVESTOR STOCK

Hydra Serviced ApartmentsCommercial floor18 serviced apartments9,257 sqftOnly AED 1,250 per sqftContact Clare

Hydra Executive Tower CCommercial floor6,505 sqftAED 12,604,940AED 1,938 per sqft12% premiumContact Marwan

Commercial floor14,701 sqftAED 36,752,500At AED 2,500 per sqftContact Mohammed

Omega TowerCommercial floor14,213 sqftAED 31,979,255At AED 2,250 per sqftContact Marwan

FULL FLOORS

Tameer Tower CResidential floor14,512 sqftAED 30,800,000At AED 2,122 per sqftContact Will

Tameer Tower DCommercial floor14,512 sqftAED 28,600,000At AED 2,122 per sqftContact Will

Residential floor 8,331 sqft AED 14,579,250Panoramic viewsExcellent investment opportunity At aed 1,750 per sqftContact Will

Gate Tower ICommercial floor20,475 sqft AED 39,926,250At AED 1,950 per sqftFull sea viewContact Joseph

Residential floor15,514 sqftAED 28,688,300At AED 1,850 per sqftContact Karen

Gate Tower I

Omega Tower

According to the advisory’s latest snap-shot analysis of Abu Dhabi’s office market as we canter toward the end of third quarter 2008, average vacancy levels have become impossibly low and, I quote, “in many instances, there was zero vacancy”.

Another vague glimmer of hope emerged from CBRE’s Q2 market view of the capital’s commercial potential: “Our research indicates that supplementary office supply of circa 84,940 square metres is anticipated to be delivered to the Abu Dhabi market within the next six months. However, it is believed that at least 75 per cent of this stock is already pre-let to various tenants. Of this total, only the Al Mamoura B building by Aldar offers 23,000 square metres of genuinely classified Grade ‘A’ space.” What remains of the residual 25 per cent is likely to be swallowed instantly by escalating business immigration. The moral of the story being that were you in the market for floor space at the end of June, then a rapid flourish on the company cheque book was required.

As a crumb of comfort, the additional increment of office space due between 2009 and 2011 is expected to satisfy current latent demand, as well as offering greater opportunity and appeal to international occupiers. It is also felt that both government and the private sector

are likely to benefit from a wider choice and better quality of bureau stock in the future.

Also, as in most capital cities, there is likely to be an outward expansion, and most certainly this sits well within the urban planning ideal. Certainly as the potential for the development of new suburban office districts becomes more evident, a trend toward clustering is expected. Real estate development in Abu Dhabi is now part of an established long term industrial diversification programme, therefore the creation of new industry-specific districts focused on capital and technology intensive or knowledge-based activities looks likely.

As GDP is expected to rise to USD170 billion in 2015, of which the oil sector and non-oil industrials will jointly contribute 50 per cent, according to research conducted by the emirate’s Department of Planning and Economy, the demand for space is unlikely to diminish. Extrapolating that figure to 2025 and a predicted USD300 billion in GDP, containing a dominant ratio of 60 per cent non-oil related to 40 per cent hydrocarbon revenue, and the economy will continue to attract a wide spectrum of endeavour.

It should also be noted that this is an economy not heavily dependent on the welfare of the domestic equities market

and with a rising allegiance to Islamic banking and finance methodology as the weaknesses of the Western system unravel. At the risk of repetition of the sage words of those on the ground, the underlying fundamentals are considerably different and western investors are now looking more and more toward the Middle East as a source of salvation.

Money attracts money - and if anywhere, this is where it presently resides: immense natural resource income, extensive opportunity for industrial development across most sectors and associated working population growth, tax free environment, inherent wealth and a safe and discreet investment haven holding a wide international portfolio. Moreover, above all, Abu Dhabi’s rising global reputation as a key financial partner, the direct result of a shrewd acquisition and investment policy, has enhanced its attraction to the global business community.

Multi-nationals head toward a winning formula, and in terms of inbound enterprise we have probably only witnessed the tip of the iceberg. Therefore, it is quite easy to see Abu Dhabi as an acknowledged investment competitor to powerhouse office markets further north as the century evolves.

COMMERCIALTO RENT

Tel: +971 2 495 0500 www.lljproperty.com

A SELECTION OF QUALITY COMMERCIAL PROPERTIES AVAILABLE IN DOWNTOWN ABU DHABI��

ALSO, NOW BOOKING

NEW BUILDING��READY SUMMER 2009

18ROPERTY

ABU DHABIPP

i n

Abu Dhabi in Focus

COMMERCIALTO RENT


A SELECTION OF QUALITY COMMERCIAL PROPERTIES AVAILABLE IN DOWNTOWN ABU DHABI��

ALSO, NOW BOOKING

NEW BUILDING��READY SUMMER 2009

COMMERCIAL SPACE FOR SALE


BUILDING MATERIALS CITY - ABU DHABIA rare opportunity to acquire individual floors within

a commercial building in this sought after development

A comprehensive development over 230,000 sqm area, which combines a work, live and play concept into one community.

Building Materials City will consist of 10 state of the art office buildings, and 17 residential towers which will surround a four star hotel and shopping mall complex with underground

parking areas, gym facilities, parks, food courts and upscale restaurants.

Building Materials City is in a prime location, on the road leading to Abu Dhabi International Airport, and adjacent to Mohammed Bin Zayed City, Mussafah Area and Highway E33.

There will be easy access to the re-developed Khalifa Port as well as Khalifa City the planned new capital which will be the headquarters for all federal authorities, ministries and local

government offices.

Master Plan Building Materials City

The building comprises retail space on the ground floor and offices from floors 1 -19

Prices from only AED 1,700 per sqft

Secure your investment & future space now and avoid costly leasing in the future

50%SOLDCall for availability

The recent growth in the Abu Dhabi economy has attracted new business to the emirate creating

a squeeze in both the residential and commercial markets. According to a study from the Abu Dhabi Chamber of Commerce and Industry (ADCCI) there will be a shortfall of 28,000 residential units this year and with the population increasing at 7% per annum this pressure will not be eased for the foreseeable future.

With commercial and residential rents going the way they are, which is steadily up, companies should really think about making a capital investment in their future growth by buying off-plan office space and indeed residential units to house staff.

Why Buy Commercial?Currently off-plan office space on

Reem Island is priced at between AED 1,800 and AED 2,300 per sq ft, with prestigious space such as in Sky Tower valued at around AED 3,000.

One Long Term Solution to Abu Dhabi’s Commercial & Residential Accommodation Crisis.

By Andrew Covill, Head of Sales – LLJ Property

Corporate Investment

Considering that current rents on downtown Grade A offices will set you back at least AED 350 per sq ft then the maths makes sense. Off island, Al Raha Beach’s Blue Dolphin building is selling at AED 2,600 per sq ft and Building Materials City (BMC), ideally located close to Khalifa City – the new seat of government – and Abu Dhabi International Airport, is competitively priced at AED 1,700. As a rule of thumb if you are considering buying an investment which would yield 10% or more it is well worth considering. Many opportunities are easily exceeding this, some with 2-3 years growth to go before completion.

Taking BMC as an example, comparable office space in Mohammed Bin Zayed City is currently renting at AED 2,900 per sq m, which is AED 270 per sq ft. At a purchase price of AED 1,700 per sq ft as a percentage, the current area rental rate gives a yield of 16%. At this rate your office has paid for itself 6.5 years after moving in and that is assuming that commercial rents will not increase further.

Why Buy Residential?The biggest cost to an employee in

Abu Dhabi right now is the rent they must pay for accommodation. No longer do the allowances afforded by companies actually cover this cost, which makes hiring new staff either very difficult or very expensive. Forward-thinking companies are already making

their housing budgets go further by bulk leasing buildings and compounds to maximise their dirhams. Taking this thinking one logical step further, buying accommodation to house staff in the future makes good commercial sense.

When the property is built you remove the need for a housing allowance. At the same time, you benefit from the capital appreciation of the property both during and after construction.

If we take a one bedroom apartment which would currently rent at AED 165,000, a two bed at AED 250,000 and a three bed at 340,000 and then compare it with the purchase of a one bed apartment at an average of AED 1,500,000, a two bed at AED 2,500,000 and a three bed at 3,500,000 you will see that yield rates are around 10%. This does not account for any extra growth in the rental market prior to completion of the property (the sales price will of course be fixed at the time of purchase). It should also be factored in that the rental rates shown above are commonly on older buildings in Abu Dhabi without contemporary interiors, leisure facilities, parking etc and so are judged to be very conservative.

In summary, a company which invests in commercial or residential property to facilitate future growth will benefit from any increase in capital values by freezing the price now and also effectively fixing the rental rates as a return on investment compared to an increasing open rental market.

It is a fact, Abu Dhabi based corporations are facing both a commercial and residential accommodation crisis. Demand continues to far outpace supply and is affecting the ability of companies to establish themselves in the UAE capital, or indeed expand their businesses.

Building Materials City

20ROPERTY

ABU DHABIPP

i n

COMMERCIAL SPACE FOR SALE




A comprehensive development over 230,000 sqm area, which combines a work, live and play concept into one community.

Building Materials City will consist of 10 state of the art office buildings, and 17 residential towers which will surround a four star hotel and shopping mall complex with underground

parking areas, gym facilities, parks, food courts and upscale restaurants.

Building Materials City is in a prime location, on the road leading to Abu Dhabi International Airport, and adjacent to Mohammed Bin Zayed City, Mussafah Area and Highway E33.

There will be easy access to the re-developed Khalifa Port as well as Khalifa City the planned new capital which will be the headquarters for all federal authorities, ministries and local

government offices.

Master Plan Building Materials City

The building comprises retail space on the ground floor and offices from floors 1 -19

Prices from only AED 1,700 per sqft

Secure your investment & future space now and avoid costly leasing in the future



The building comprises retail space on the ground floor

50%SOLDCall for availability

The development of Reem Island 300 metres off the coast of Abu Dhabi is one of the most significant real estate projects currently underway in the emirate. The natural island of 663 hectares (6.5 million square metres) is set to become one of the most sought after residential and commercial environments in Abu Dhabi.

Spotlight on Shams Abu Dhabi

Aerial view Dec 07

22ROPERTY

ABU DHABIPP

i n

Construction Update

Reem Island is currently being transformed into a ‘city within a city’ by three master

developers: Tamouh Investments (60%), Sorouh Real Estate PJSC (20%) and Al Reem Investments (20%). To ensure the highest international standards of construction, an independent facilities management company is overseeing the entire project. The island will be connected to the mainland by a series of new bridges and will be integrated into the planned transport infrastructure as laid out in Plan Abu Dhabi 2030.

Of all the landmark projects on

Reem Island, SHAMS Abu Dhabi represents one of the most exciting and best investment opportunities in the UAE capital. Built over six million square metres, 90% of the development is dedicated to residential buildings which will create 30,000 residential units to house approximately 50,000 people. The rest of the development will provide commercial and recreational facilities. SHAMS Abu Dhabi will also accommodate Central Park, one of the largest parks and recreational areas in the UAE spreading across 81,000 square metres. The park with

its waterways linked into a 4km canal system will offer landscaped relaxation areas, with exhibition and retail spaces and restaurants. Within Central Park, the theatre district will house live drama alongside film, music and street performers and provide a thriving environment for restaurants and luxury retailers.

Property Perspectives recently went out to Reem Island to see how the development is progressing and to report on the latest construction milestones:

• Infrastructure work at SHAMS Abu Dhabi, Sorouh’s iconic

23ROPERTY

ABU DHABIPP

i n

Construction Update

development on Al Reem Island, is progressing as planned. SHAMS Abu Dhabi is an AED 25 billion landmark self-sustaining city of canals and parks that integrates world-class masterplanning practices and extends the lush green of Abu Dhabi’s landscape. Featured within SHAMS Abu Dhabi are several unique projects including Central Park, The Gate District, Sky Tower, Sun Tower and The Marina.

• Arabian Construction Company (ACC) has been awarded the AED 6.2 Billion contract to build

The Gate Towers, a joint venture project, between Sorouh and Tameer Holding Investment LLC. ACC will construct six of the eight towers that make up The Gate District, covering a construction area of 1.1 million square metres. Piling work is scheduled to start immediately and construction of the towers will begin January 2009, to be delivered in phases over the next four years.

• Infrastructure work on SHAMS Abu Dhabi is well underway: The Marina sea wall is nearing completion; work on the 13

bridges that will criss-cross the island is 45 per cent complete. Due to the architectural slenderness of the bridge decks, the utilities have to cross under the 4km of canals. The finishing of the utility crossings which include power, water, gas, IT, district cooling, irrigation, and drainage is one of the most critical milestones of the infrastructure completion phase. This work is now 90% complete across SHAMS Abu Dhabi with work due to be completed by the end of 2008.

• A number of leading contractors

Sun and Sky Jul 08 Bridge cable works May 08

Bridge May 08

GATE DISTRICT, SHAMS ABU DHABI


Sun Tower1 bed, 3rd floorPartial sea view970 sqftAED 1,794,500Contact Mostafa

Sun Tower2 bed plus study, 45th floor Full sea view1,565 sqftAED 2,973,500Contact Will

Sky Tower1 bed, 49th floorFull sea view934 sqftAED 2,008,100Contact Nadia

Sky Tower1 office space, 18th floorFull sea view1,606 sqftAED 3,693,800Contact Nadia

Sky Tower2 bed, 45th floorSea view1,719 sqftAED 3,185,169 Contact Marwan

Sky Tower1 bed, 65th floorFull sea view934 sqft AED 1,868,000Contact Will

Sun Tower1 bed, 25th FloorFull mangrove view1,326 sqftAED 2,455,098Contact Mostafa

Sun Tower2 bed, 53rd floorFull sea view1,300 sqftAED 2,860,000Contact Nadia

Gate Tower I3 bed, 37th floor2,020 sqft AED 3,555,7160% premiumContact Marwan

Gate Tower II1 bed, 27th floorSea view947 sqftAED 1,894,000Contact Atika

Gate Tower III1 bed, 36th floor829 sqft AED 1,467,854 0% premiumContact Marwan

Gate Tower III1 bed, 32nd floorFull canal view829 sqftAED 1,616,160Contact Will

Gate Tower III1 bed, 27th floorCanal view893 sqftAED 1,652,050Contact Atika

Gate Tower III2 bed, 17th floorCanal view1,292 sqftAED 2,390,634Contact Mostafa

Gate Tower III2 bed + study, 39th floorCanal view1,442 sqftAED 2,667,700Contact Nadia

Gate Tower III2 bed, 36th floor1,485 sqft AED 2,742,107 0% premiumContact Marwan

26ROPERTY

ABU DHABIPP

i n

Construction UpdateConstruction Update

GATE DISTRICT, SHAMS ABU DHABI


Sun Tower1 bed, 3rd floorPartial sea view970 sqftAED 1,794,500Contact Mostafa

Sun Tower2 bed plus study, 45th floor Full sea view1,565 sqftAED 2,973,500Contact Will

Sky Tower1 bed, 49th floorFull sea view934 sqftAED 2,008,100Contact Nadia

Sky Tower1 office space, 18th floorFull sea view1,606 sqftAED 3,693,800Contact Nadia

Sky Tower2 bed, 45th floorSea view1,719 sqftAED 3,185,169 Contact Marwan

Sky Tower1 bed, 65th floorFull sea view934 sqft AED 1,868,000Contact Will

Sun Tower1 bed, 25th FloorFull mangrove view1,326 sqftAED 2,455,098Contact Mostafa

Sun Tower2 bed, 53rd floorFull sea view1,300 sqftAED 2,860,000Contact Nadia

Gate Tower I3 bed, 37th floor2,020 sqft AED 3,555,7160% premiumContact Marwan

Gate Tower II1 bed, 27th floorSea view947 sqftAED 1,894,000Contact Atika

Gate Tower III1 bed, 36th floor829 sqft AED 1,467,854 0% premiumContact Marwan

Gate Tower III1 bed, 32nd floorFull canal view829 sqftAED 1,616,160Contact Will

Gate Tower III1 bed, 27th floorCanal view893 sqftAED 1,652,050Contact Atika

Gate Tower III2 bed, 17th floorCanal view1,292 sqftAED 2,390,634Contact Mostafa

Gate Tower III2 bed + study, 39th floorCanal view1,442 sqftAED 2,667,700Contact Nadia

Gate Tower III2 bed, 36th floor1,485 sqft AED 2,742,107 0% premiumContact Marwan

Construction Update

and consultants are working with Sorouh on SHAMS Abu Dhabi, these include: Hyder-Halcrow which were selected as the project infrastructure design consultants, and Hill QPI which has been appointed project managers for SHAMS Abu Dhabi infrastructure, and the Sun and Sky Towers. The bridge contract is supervised by Cansult Maunsell. Al Geemi & Partners commenced the road and utility works at the end of November 2007, and the scheduled date of completion is the end of 2009.

• In June 2008, the contractor Nurol was awarded the construction of the 4kms of canals and three pedestrian bridges. The firm has also been awarded the AED 110 million contract to construct the major bridge that will span Central Park, known as Bridge four, going across the park and lagoon area of the canal system. Work will commence this month with an expected completion date of 2010

• SHAMS Abu Dhabi will be provided with district cooling capacity of 190,000 tonnes. Earlier this year, an agreement was signed with Tabreed to provide

district cooling networks and plants for 70,000 tonnes supplying part of SHAMS Abu Dhabi. An agreement with PAL Technology is being finalised to provide 120,000 tonnes for the remaining areas of Shams Abu Dhabi.

• Sorouh also announced that the iconic 74-storey Sky Tower project is progressing to schedule. To date, construction of the tower floor slabs has reached level 44 including 3 floors of basement, and the core of the building has reached its 46th level.

• In addition, the 65-storey Sun Tower project is progressing to

schedule. To date, construction of the tower floor slabs has reached level 46 including 3 floors of basement, and the core of the building has reached its 51 level.

Visitors to Reem Island can see for themselves the progress that is being made on the landmark SHAMS Abu Dhabi development. The skyline of the city is already being altered and as the works progress, we will see further dramatic changes during 2009. The first phase of SHAMS Abu Dhabi will be completed in the first quarter of 2010 and the expected completion date for the whole development is 2013.

Marina wall in progress May 2008

work on marina with sky and sun behind May 08

Empire Tower

SHAMS ABU DHABI, REEM ISLAND

1, 2,3 & 4 Bedroom Freehold Apartments

EMPIRE TOWER

1,2 & 3 Bedroom Freehold Apartments

MANGROVE PLACE

Mangrove Place

��

��


EMPIRE TOWER MANGROVE PLACE

��

��

��

��

��

��

��

��

��

28ROPERTY

ABU DHABIPP

i n

Construction Update

Empire Tower

SHAMS ABU DHABI, REEM ISLAND

1, 2,3 & 4 Bedroom Freehold Apartments

EMPIRE TOWER

1,2 & 3 Bedroom Freehold Apartments

MANGROVE PLACE

Mangrove Place

��

��


EMPIRE TOWER MANGROVE PLACE

��

��

��

��

��

��

��

��

��

Dome Exhibitions organizers of the Abu Dhabi Real Estate and Investment Show - IREIS

2009, said nearly 90 per cent of the exhibition’s area has already been booked.

“Property companies from the UAE and other countries of the region are now vying to grab the remaining area of the exhibition,” Dome Exhibitions said.

“The fifth IREIS edition, which coincides with a construction upsurge in the UAE in general and Abu Dhabi in particular, will be a chance for major real estate developers from the region and the whole world to view the latest investment opportunities in this sector.”

The Show will attract such major property companies as Tameer; the platinum sponsor of this event, Sorouh, Aldar, Al Qudra and Hydra.

According to real estate sources, property projects worth nearly Dh1.2 trillion are being carried out in the UAE, including Dh300 billion in Abu Dhabi alone.

Abu Dhabi Real Estate & Investment Show (IREIS) 2009

From 27th to 29th January 2009, real estate giants from the UAE and other countries will gather in Abu Dhabi in January for a major property show held under the patronage of H.E. Dr. Sheikh Sultan bin Khalifa bin Zayed Al Nahyan.

They noted that the real estate sector has become a major contributor to the country’s gross domestic product given its rapid growth over the past years.

The sources expected sustained growth in demand for housing units in Abu Dhabi and other UAE emirates in the light of the economic and social boom through which the country is passing.

“The 2009 edition of the exhibition will be an opportunity to view the major projects being carried out or planned in the UAE and the region given the wide participation by major property companies as well as finance firms, banks and real estate brokers…this means this show will be a significant platform to finalize large deals in this sector,” Dome Exhibitions said.

It said many real estate companies from the UAE and other Gulf countries have confirmed their participation and booked large spaces in the exhibition, adding that this demonstrates their strong interest in the event.

Besides showcasing their products, the participating companies will present their current projects and future investments.

“This means the event will present an important opportunity to national and expatriate investors to see those projects and future plans in this sector,” Dome Exhibitions said.

“There is a strong interest from many investors and companies to take part in this event as is evident from their planned participation in national pavilions that will constitute an umbrella for companies from the same country, including those from Egypt, Morocco and India.”

“We are confident that this event will be a good chance for all exhibitors and investors to present their projects and this in turn will contribute to further expansion in this sector and achieve the interests of all concerned parties.”

LLJ Property will be exhibiting at IREIS 2009 – you can visit us on Stand 109 and110 Hall 2 Abu Dhabi National Exhibition Centre 27th to 29th January 2009

Space 90% SOLD OUT

31ROPERTY

ABU DHABIPP

i n

Exhibition News

A rising influence on investmentBy Andy McTiernan

Google the query ‘does Islamic finance attract?’ and your to browse list will headline a roll call of nation states aspiring to Sharia compliance in their own financial sectors. Subjective reportage trailers declaring ‘……hoping to attract Gulf wealth’, ‘…..promote Islamic finance to entice Gulf-based investment’ etc appear in profusion. Predictably, it is access to Sovereign Wealth Funds (SWF’s), flush with an ever accumulating hoard of petro-dollars and currently grazing global economies in search of assets, prime real estate among them, that constitute the carrot.

Offering investment vehicles specifically constructed to embrace the principles of

Islamic banking or banking activity, is seen as the most productive attraction to a greater proportion of petroleum driven SWF liquidity. Although, in these turbulent times of freshly squeezed credit and economic slowdown; SWF’s can be regarded as both financial saviours and uncomfortably powerful political interlopers.

So what are the underlying fundamentals of Islamic finance? Basically they refer to a system that is consistent with Islamic law known as ‘Sharia’ and guided by Islamic economics. Most prominent is the prohibition under Islamic law of usury,

in more familiar parlance the collection and payment of interest; commonly referred to as ‘riba’ in Islamic debate. Islamic law also forbids investment in commercial activities considered as ‘haraam’ or unlawful, deemed contrary to Islamic values: the sale of alcohol or pork, gambling, salacious media and pornography. A broadening community of Islamic banks has been focusing on this devout audience since the turn of the 20th century.

SWFs control an estimated US$ 3 trillion in assets globally, however not all of this value lies in the hands of Gulf

oil producing states. Yet even in 2007, a mere hors d’oeuvre to this year’s colossal leap in oil revenue, the United Arab Emirates (UAE) and Saudi Arabia, respectively represented the first and third largest SWFs internationally, with Kuwait tucked in sixth place followed by Qatar. Positioning which ultimately leaves the Gulf Cooperation Council (GCC) states in command of over half the global valuation. A considerable slice of this wealth has been poured into advancing infrastructure and a standing start domestic real estate sector, as well as a series of distinctive property acquisitions in Europe and North America.

As a direct result of rocketing oil prices, sovereign wealth funds have become the preferred investment vehicles of Kuwait, Qatar, and the UAE. Nevertheless, the spread of overseas investment has not been exclusive to a Sharia compliant process nor has it always been easy. There are misgivings among Western nations, as the lines between public and private investment

32ROPERTY

ABU DHABIPP

i n

Finance

appear blurred within the SWF model. Concerns over the security aspects of foreign countries, including GCC states, acquiring controlling interests in key industries and companies have been raised on several occasions.

Germany’s cabinet for instance have recently approved the necessity to bring in rules to protect indigenous firms against foreign purchase, particularly applicable to SWFs who could potentially exercise political influence. Under revised legislation, the government will be able to review and veto acquisitions of any stake amounting to 25 percent and above in domestic companies by buyers from outside the EU or European Free Trade Association felt to place German security at risk.

Nevertheless, private companies and high net worth investors from the Gulf region have felt more inclined to enter overseas markets via an increasingly Sharia compliant investment environment. Undoubtedly,

Middle East investors, attracting major incursions of cash. There is little reason to doubt that this strategy will succeed amongst a growing Muslim population

progressive Islamic enabled portfolios, property or otherwise, are in demand. The United Kingdom, where a majority of major institutions and advisories retain expert resources assigned to this area of business development, has benefited enormously in terms of investment volumes.

Others are set to follow suit.The French government, keen to divert some of the GCC based investment currently flowing into London, are actively profiling Islamic finance and are fully prepared to offer a more accommodating legal and fiscal framework in France. Economy Minister, Christine Lagarde, addressing Gulf investors in July, openly committed to take measures that would ensure a warm welcome in Paris to Sharia compliant activities, including property based funds.

The proliferation of an intelligent Islamic finance policy goes beyond the relaxation of fiscal and legal constraints, with Britain planning to introduce Islamic bonds or ‘Sukuks’ next year, a path the French may follow. Sukuks have certainly proved to be highly appealing fundraisers to

in Europe, as well as enticing GCC Petro-dollars in much the same way asMalaysia’s successful offerings.

Islamic finance, as a market, is estimated to be worth USD 700 billion (EUR 441 billion) and, as the Gulf SWF’s and private sector investors continue to scour for acceptable opportunity, albeit real estate or otherwise, Sharia compliant vehicles continue to represent the most expedient conduit for migrant petro-profits.

Ijara Ijara is a form of leasing. It involves a contract where a property is

financed and then leased back to you for a fixed term. The duration of the lease, as well as the basis for rental, are set and agreed in advance. At the end of the period under Ijara-wa-iqtina’a the ownership of the property is transferred to you. Other forms of Ijara allow the bank to retain the property at the end of the period or sell it on at a nominal price.

MurabahaMurabaha is a contract for purchase and resale which effectively allows

the customer to make purchases without having to take out a loan. The bank purchases the product and re-sells it at a predetermined higher price to the customer. The sale price is then paid back in instalments over a pre-determined period of time, effectively providing credit without paying interest.

MusharakaMusharaka means partnership. It involves combining your capital with

other persons and sharing both the risk and reward. The difference between Musharaka arrangements and normal banking is that profits are shared at a pre-set agreed ratio, but losses must be shared proportionately to the amount invested.

MusatahaMusataha is a type of ground development lease provided for under

UAE law. Essentially it is a lease of land with a right to build. The terms of the musataha can provide that the building will be owned by the musataha holder.

RibaRiba means interest, which is prohibited in Islamic law. Any risk-free or

guaranteed interest on a loan is considered to be usury and not allowed in sharia compliant finance.

SukukSukuk is the Arabic name for a financial certificate but can be seen as

an Islamic equivalent of bond. However, fixed-income, interest-bearing bonds are not permissible in Islam. Hence, Sukuk are securities that comply with the Islamic law and its investment principles, which prohibit the charging or paying of interest.

Takaful Takaful is Islamic insurance and is structured as a charitable collective

pool of funds. Takaful is based on the idea that what is uncertain with respect to an individual may cease to be uncertain with respect to a very large number of similar individuals. Insurance by combining the risks of many people enables each individual to enjoy the advantage provided by the law of large numbers. Claims are paid from the fund and if there are any extra funds at the end of the year they are distributed or offset against the next year’s premium.There are many other terms which are applicable to Islamic finance – please check with your financial

institution if you are not sure.

Common Terms in Islamic Property Finance

33ROPERTY

ABU DHABIPP

i n

Finance

News - Finance Sourouh Deal + Another

34ROPERTY

ABU DHABIPP

i n

35ROPERTY

ABU DHABIPP

i n

Abubaker Al Khouri is Managing Director of Sorouh Real Estate PJSC and has more than 13 years

of experience in the fields of finance and investment in private equity funds and direct deals in Western Europe, Eastern Europe and Asia.

Prior to joining Sorouh, Mr. Al Khouri worked as the Assistant Director of the Abu Dhabi Investment Authority (ADIA), where his role was to oversee the Private Equities Portfolio of ADIA. As a UAE National working at a board level in the real estate development sector he has both professional and personal views on the Abu Dhabi Market.

Property Perspectives caught up with him after his recent speech at the Abu Dhabi Investment Forum in London where he outlined the strong market fundamentals which underpin the Abu Dhabi real estate market and why he believes that Abu Dhabi is comparatively well-cushioned from the global financial crisis.You are Abu Dhabi born and bred so have witnessed substantial changes in the emirate in your lifetime. Recently there has been even greater change with the establishment of a real estate market here in Abu Dhabi. Why did this market not open up earlier?

To understand where we are today we need to look back at history. If you look at the Abu Dhabi real estate market for the last 30-40 years, it was limited to developments carried out by the government itself or by individuals who were granted small plots of land by the government and who were subsidised and financed as well.

For the same period, foreigners who represent a large portion of the population never had the chance to own property in Abu Dhabi. Historically we lacked the culture of private real estate development. We lacked a coherent mortgage market and we also artificially limited the number of investors who could invest in real estate as even locals for most of that period

Abu Dhabi Market Real Estate Sector

Poised for GrowthInterviewed by Karen Lay - Editor

Abubaker Al Khouri - Managing Director, Sorouh Real Estate PJSC

Abubaker Seddiq Al Khouri

Abu Dhabi Interview

36ROPERTY

ABU DHABIPP

i n



- We have a wide & constantly updated selection of apartments, villas, townhouses & offices for sale in these & other developments

- We also deal with full buildings & land plots

Al Bandar - Al Raha BeachAlghadeerBuilding Materials City Al Reef Marina Square

EXCLUSIVE ALLOCATION TO LLJ PROPERTY

The Gate - Shams Abu Dhabi, Reem Island

THE ARC

Studio from 406 to 613 sqft

1 bedroom from 728 to 894 sqft

2 bedroom from 1,169 to 1,536 sqft

- Limited selection of studios, 1, & 2 bedroom apartments

- Stunning views of The Gulf, Reem Island and Abu Dhabi

- Iconic development at the entrance to Shams Abu Dhabi

- Spectacular facilities including swimming pool, sauna & jaccuzi

- Contemporary, modern apartments with allocated parking

- Completion anticipated 2012

- Excellent payment terms

- Finance available

Now Selling at LLJ Property Centre, Abu Dhabi

Call for latest availabilityPrices from less than AED 2,500/sqftwere prohibited from trading properties. Basically we lacked the fundamentals that we needed to have a property market.

What has been the catalyst for change?

It is only in the last 3 years that we have seen the reforms in the real estate sector by the government. These have been amendments of legislation with new property laws, the opening of the market to foreign investors, the strengthening of the mortgage market and of course the new surge of the private sector development. All of these and the very strong economy of Abu Dhabi have fuelled the real estate development of Abu Dhabi over the last few years and continue to drive the market.

What is it that makes the Abu Dhabi Economy so strong?

Abu Dhabi has over 137 billion dollars of GDP (Gross Domestic Product), which represents 60% of the UAE’s total GDP. Our real GDP has grown by 9% over the

last 5 years and is expected to continue to grow in the region of 7 to 8% over the next 5 to 6 years. We are still considered one of the richest cities with per capita GDP of between 60 to 70,000 dollars.

Also, we have the 3rd largest reserve of oil - 100 billion barrels - and we are still producing a big proportion, about 2.7 million barrels per day of the oil produced in the world. When you look at the fiscal balance we are again recording a surplus this year of AED 85 billion –if you compare that to the budget at the beginning of the year which was projecting a AED 35 billion surplus it is a substantial increase despite reduced oil prices. These are only a few examples to highlight the strengths behind the economy in Abu Dhabi.

With the current global financial crisis why should people still have confidence in the Abu Dhabi economy?

The economy is growing, it has been very strong in the last 7 years and it will continue growing. We have a very pro-

active government policy on spending. Money that has been generated has been utilised very wisely and put back into the economy either for infrastructure, real estate projects, tourism projects, and industrial projects – all within the strategy of diversifying away from the oil-related revenues. This policy is working very well and currently 40-45% of the GDP comes from non oil revenues, a substantial change from where we were 10 years ago.

What is driving the appetite for the real estate currently under construction?

You have to look at the demographics. Abu Dhabi has a population of about 1.3 million. The ratio of expatriates to nationals has always been high, as an example out of the 1.3 million, we have roughly 400,000 nationals, and the rest are expatriates. Two things are happening.

Firstly, these expatriates have never had the chance to transfer their rental expenditure into mortgages before and secondly, housing expenses as a percentage of the household income

The Gate District

Abu Dhabi Interview



- We have a wide & constantly updated selection of apartments, villas, townhouses & offices for sale in these & other developments

- We also deal with full buildings & land plots

Al Bandar - Al Raha BeachAlghadeerBuilding Materials City Al Reef Marina Square

EXCLUSIVE ALLOCATION TO LLJ PROPERTY

The Gate - Shams Abu Dhabi, Reem Island

THE ARC

Studio from 406 to 613 sqft

1 bedroom from 728 to 894 sqft

2 bedroom from 1,169 to 1,536 sqft

- Limited selection of studios, 1, & 2 bedroom apartments

- Stunning views of The Gulf, Reem Island and Abu Dhabi

- Iconic development at the entrance to Shams Abu Dhabi

- Spectacular facilities including swimming pool, sauna & jaccuzi

- Contemporary, modern apartments with allocated parking

- Completion anticipated 2012

- Excellent payment terms

- Finance available

Now Selling at LLJ Property Centre, Abu Dhabi

Call for latest availabilityPrices from less than AED 2,500/sqft

38ROPERTY

ABU DHABIPP

i n

have increased substantially because of the insufficient supply that we have in the market. An average person now spends 45% of his income on rental and housing costs and this goes up to 63% for lower to mid income groups.

In addition, a recent report from the Abu Dhabi Chamber of Commerce indicated that there will be approximately a shortage of 28,000 residential units by the end of the year. At the Abu Dhabi Investment Forum in London in October the chairman of the Chamber of Commerce indicated that this figure is now closer to 40,000 and that we will continue to see a shortage of residential units until at least 2011. It is expected to have a shortage of 18,000 residential units on average over the next four years. This is only for the residential.

All these factors just highlight and reflect the huge demand that we have in the market. A strong demand which is not going to be met overnight despite the fact that huge resources have been utilised and mobilised by the government and the private sector to try to meet that demand. Currently we have 200 billion dollars of investments which have been announced and publicised by the government and private sector both in real estate and

infrastructure – that is an impressive figure.

What types of buyers have invested in Abu Dhabi so far?

As we have seen in Dubai, most homeowners only start buying their homes once they see the developments delivered. So, the majority of investors we have seen so far are speculative or people who like to own property in quantity whether for appreciation or rental yield. In time, end users will want to transfer their rental payments into mortgage loans and we’ll see most of them buying into property, I would say a year to two from now once they start seeing the major developments delivered.

You mention Dubai – a lot of people compare the two emirates but they are very different why?

When Dubai started their real estate sector 15 years back they were running out of resources, they had to rush. They were under pressure, they had to deliver. But no one can deny that Dubai has succeeded regardless of what happens. A little correction today or tomorrow is a healthy correction for a market that has been growing over 15 years.

Today, compared to Dubai, Abu Dhabi is not under pressure. We have all the resources, time and capital. We have been watching very carefully, putting lessons we have learnt into practice to ensure that development is done correctly and carefully. This is how the Government of Abu Dhabi came up with the 2030 plan which is a major framework for the development of Abu Dhabi for all asset classes within real estate for the next 20 years. It is a unique guide for the government to monitor and control the developments that are happening and although it might sometimes make life difficult for developers, it is a very good and healthy approach. It keeps me on my toes as a developer and comforts me as a Local that developments are not ad hoc and that there is a professional body monitoring this development for us.

As a Local, are you concerned that all this development will change Abu Dhabi?

For years I have always said that one luxury we have in Abu Dhabi is that driving between any two points takes only 15 minutes regardless of the rush hour or parking. We have started losing that

Al Ghadeer

Abu Dhabi Interview

39ROPERTY

ABU DHABIPP

i n

recently, it has gone up to 30 minutes or more and that is definitely a concern for me, but I hope it is a short term concern. Interestingly the government is quite aware of it and they are allocating resources on infrastructure and thinking ahead about ways to reduce that effect.

So what do you see as the challenges and opportunities in today’s market?

If you had asked me that question 4 months ago, I would have come up with a totally different answer. Then I would have mentioned increasing raw materials prices and the availability of professional and materials resource and contractors.

Today what is happening around us internationally and locally in terms of the global turmoil means that the two major issues that we are facing in the short term are securing financing and the cost of financing. This will affect both developers and consumers, developers because they have to finance their projects and consumers because they need mortgages.

The other issue that exists in today’s market is execution. The private real estate development market is quite immature and so far what we have is a promise which is yet to be delivered. That creates both challenge and opportunity. The challenge is for developers to deliver on time and to the quality that has been promised. The opportunity is that once people start seeing major projects delivered it will create confidence and it will push more people to want to own property in Abu Dhabi.

You mentioned the global financial crisis which is having an effect – how is Abu Dhabi reacting?

Over the last month, some very courageous actions have been taken by the Abu Dhabi government to restore the confidence in the market and address the liquidity issue. Firstly, they have communicated clearly about the situation and how the government is going to act, this was immediately followed by the guarantee that was given by the President himself to guarantee all the deposits held in both local and international banks.

Abu Dhabi was the 5th country around the world to come up with any guarantee however, it was more impressive and more credible that it was an unlimited guarantee and that it came from the UAE President.

The other action of course is the inter-bank lending guarantees supported by the injection of AED 120 billion into the banking system. Even if we just take the first tranche of 50 billion AED that is more

per capita than the US$700 billion dollars injected by the US into their system.

I know that the government are considering other major policies and will take the right action if required. That is why I believe that the current liquidity issue we are facing is being driven substantially by what is happening around us in the international market and is only a short term problem for us in Abu Dhabi.

What would you say to people who are concerned about the market and are looking to sell?

I have learned over the past 14 years to buy when people are selling and to sell when they are buying. Personally I am buying properties and investing in the market. Historically we have seen corrections in property markets, we have seen drops and we have seen comebacks. We have also seen how people have made money by being courageous and investing when everyone is pulling out. I’m not here to tell people when to buy or sell they have to make that decision.

I bet you if you ask most of the people why they are selling, they would not know. For some it might be because of a need for liquidity or because of the exposure they have in the market and I don’t blame them, but now is not the best time to sell. We have a robust market, a strong market underpinned by two fundamentals, there is a need for what we are building, and we are very controlled.

What about those who are hesitating to buy and who are concerned about finance?

We will see new trends in the finance market. Banks are not going to stop

lending forever they might be a little bit hesitant today and they might be more selective but they will over time start lending money. The economy cannot come to a standstill and people are not going to stop depositing money in banks. If banks don’t use that money to lend then they might as well close shop. We are seeing and we will continue to see banks lending to selected developers.

What is the thing that excites you most about the future of Abu Dhabi?

The thing that excites me most about the future of Abu Dhabi is the fact that we are doing it in a more studied manner. We are all acting as one entity in Abu Dhabi, even the bigger developers are not competing against each other. We have clear objectives, we are considered partners of the government and there is huge potential for everyone which is why we talk so often. We share our views, our concerns and agree together on how to proceed. We have a very close relationship with the authorities and with the urban planning council, so the beauty is that we are not just rushing to deliver, we are working steadily to deliver what we have been approved to deliver within an overall framework.

In 20 years time, what do you think people will say about Abu Dhabi?

Well I hope 20 years from now, people are not going to say Abu Dhabi is a big development project like they say of other places and countries. This is important because it is not real estate that is driving the economy, it is the economy and it’s the demand, that is driving real estate in Abu Dhabi.

Shams Coastal Walkway

Abu Dhabi Interview

40ROPERTY

ABU DHABIPP

i n

Arriving at Abu Dhabi Airport in early July, my wife and I were full of anticipation about our

upcoming adventure. Finally here we were; our only possessions after selling our house in the UK were our cases. Our first challenge would be to find a place we could call home.

Day 1As we checked into the hotel which

would be our temporary home we discussed the warnings we had received from friends that over the previous six

One couple’s experience of the current rental market in Abu Dhabi.Interview by Maria Spillane

Renting in Abu DhabiThe long and winding road…

months rental property in Abu Dhabi was becoming increasingly difficult to find. Also, that when a property did become available it was either snapped up by corporations for their staff or the rent was very high. Despite this we went to bed positive, surely things could not be as bad as they said we told ourselves.

Day 2The next day I went to work to

meet my new colleagues and my wife stayed in the hotel to read the local

newspaper’s property section, and began making the phone calls to find our apartment. Most of the calls she made resulted in her number being taken and being told that none of the leasing agents had any two bed apartments on their books at this time. She was also asked for our budget and it was clear from the stunned silence at the other end of the receiver that the AED 160,000 we had earmarked might not be enough in the current market to get anything like a two bed.

We were further informed that with

RESIDENTIALTO RENT


A SELECTION OF LUXURY VILLAS

These well appointed 3 to 7 bedroom homes offer spacious living areas, generous kitchens & high quality ceramic finishes.All are conveniently located both on & off island with an easy commute to Abu Dhabi city centre.


RESIDENTIALTO RENT


A SELECTION OF LUXURY VILLAS

These well appointed 3 to 7 bedroom homes offer spacious living areas, generous kitchens & high quality ceramic finishes.All are conveniently located both on & off island with an easy commute to Abu Dhabi city centre.

42ROPERTY

ABU DHABIPP

i n

rents rising at 8% a week we really needed to get a move on. Okay so this was real life in Abu Dhabi and perhaps the luxury our more established friends had of swimming pools, four/five bedrooms and large balconies would not be our experience after all.

Not to be daunted by this news we ate some humble pie and continued our search. Luckily we had ‘a blonde angel’ on our side our leasing agent friend who arranged to collect us and take us to our first viewing. This was a tiny, rather grubby, run down apartment in Muroor Road with 1 ½ bathrooms. My wife managed to keep a semi-smile on her face as we were shown round by the watchman but outside we all gasped in horror. This apartment was AED 195,000 and the realisation of how things had changed in the Abu Dhabi Real Estate market over the last year was really beginning to hit home. Next stop was a one bedroom also in Muroor and in our price range at AED 150,000, however, it was very similar to the first apartment but smaller and more like a bedsit. This was far from what we had envisioned when we left our life in the UK and all this humble pie was beginning to make us a little queasy.

Day 3We had dinner with my new boss

and his wife and they told us that they had also been looking for apartments for us over the last four weeks. They

had become quite disillusioned but that evening the watchman in their apartment had told them of two available rentals in their block. Excitement was rife; we had a look around and were overjoyed at the well maintained, clean, comfortable living space. My wife had a gleam in her eye that told me this was the one. I on the other hand had a knot in my stomach wondering about the cost. We were told to phone the landlords in the morning to find out the rate and in the meantime we all debated how much my boss had paid for his only 12 months previously, they surely could not have gone up that much more…or could they?

Day 4The next day I was the bearer of

bad news when I had to inform my wife that our search was by no means over and that the apartment was AED 90,000 more than our budget. Not to be discouraged we quickly threw ourselves back into the hunt for our Abu Dhabi home, soothing ourselves with the thought that a three bedroom apartment in a luxury building on the Corniche was much more than we had come to expect any way. We were then told of two apartments next to the Honda building that were near to completion, jumping into our friends Jeep we were there in a blink of an eye. We liked it, but there was no parking

and it was quite basic, however it did have three bedrooms which would be a real bonus when the children came out to visit. Alas after enquiring about the price it was AED15,000 more than the luxury high rise on the Corniche!

Sadly our positive resolve was now beginning to waver. The supporting platitudes of friends were starting to wear thin and the very real fear that our dream could be over before it began was coming to the surface.

Day 5I got a call from my wife to say that a

two bed apartment in Hamdan Street was available for us to view and was just slightly over budget. This gave me some hope, not least that my wife was still making calls to agents while I was at work and had not just given up to lie around the hotel pool. So it was with a spirit of adventure that we walked the two blocks to the address in 45 degree heat! Exhausted on arrival we were shown to a tiny room where a very pleasant gentleman began asking questions about my job and financial situation. Feeling a little uncomfortable I thought we must have come into the wrong office and that this was in fact some kind of investment bank. I was further confused when he said he needed to make some phone calls to the owner before we could see it.

At this point overheated and very frustrated I asked what was going on

Arzanah


43ROPERTY

ABU DHABIPP

i n

and was told that due to the lack of properties at the moment in Abu Dhabi and the huge rent inflation, some individuals were moving out of their apartments increasing the rent and subletting them to new tenants. But that must be illegal I suggested, well yes the man agreed and told us that he did not usually have anything to do with it. This was why he wanted to make these phone calls to confirm that the apartment was a legitimate rental. He would be in touch he said as we left his badly air conditioned office, back out to the searing heat…never to hear from him again.

Day 6The severity of our situation was

beginning to dawn and when our daily phone calls to leasing agents began to get the response that their company would no longer be dealing with individual rentals, but only large companies requiring multi lets, we knew we needed to seriously up our game plan. Cold calling apartment blocks became the order of the day, our aim being to leave no stone unturned.

Day 7So far our story was pretty bleak but

the very positive side was that during this time we experienced a great deal of warmth, kindness and sympathy from friends and new acquaintances. One of whom offered to take us out to Khalifa A to meet with an agent who had a three bed villa to show us near to our budget. The image that a villa conjured up in our minds overshadowed the fact that Khalifa A was a very long way out of the city and all our friends. Our new friends were also interested in finding somewhere to live because their lease agreement would soon be coming to an end and they wanted to move out of the City and have some outdoor space. Yes a villa would do them very nicely and they had a much more realistic budget.

So off we all went, cool box packed to the gunnels with water and fizzy drink. We would not be beaten by the scorching July sun. We could do this…couldn’t we? Our friends were hardy animals, stopping at villas in all manner of completion and we soon found ourselves inside buildings with no floors, no ceilings and occasionally climbing up stairs that came to an abrupt end. At one point my friend’s wife, in her determination, woke up

the whole of a workforce having their afternoon siesta in a half finished kitchen.

We met theleasing agent at the allotted time and were taken to the villa. However we were quickly informed that it was now a two bed villa, not three. Okay we thought, not a problem, two beds is more than sufficient for us and in we went to be shown around. “This is the bedroom one,” our leasing agent informed us whilst we stared at a fitted kitchen…

Sorry did you say bedroom one?” my wife asked with a look of confusion spreading across her face.

“Yes that’s correct,” the agent agreed, “we will remove this kitchen and make it into a bedroom.”

“But what about the kitchen cupboards along the side of the wall?” my wife asked, a note of incredulity creeping into her tone.

“We can leave those for more storage,” was his reply.

We continued then to be shown around about six more mismatched accommodation in differing states, from a one bed with outdoor pool,to a two bed in which a bathroom had been converted into a tiny kitchen.

“We will think about it and let you know,” was our stunned response as we left the friendly smiling leasing agent, our mind a jumble of apartment fragments, and our hearts heavy with the thought that compromises would surely have to be made to find our Abu Dhabi home.

Days 8 to 10What followed over the next few

days of our search was the occasional call back from an agent with a hint or a hope of accommodation. Rarely we would receive a call to actually view something, only to find it was either way above budget or had just been snapped up by someone else.

The darkest day came when my wife suggested I ring a personal advertisement in a property paper. We had seen this advert in the paper everyday without fail and it had caught our attention not least because of what it offered. It was to rent a three bedroom villa just outside the City and was only AED150, 000. It all seemed a little too good to be true but we were getting desperate and you never knew; this could be genuinely the perfect place for the perfect price…couldn’t it?

Luck was on our side when Our

Blonde Angel showed up in her trusty Jeep, and with her usual kindness offered to give up her free time and take us there. We rang the number and were given a time and a location to meet the person who would be showing us the villa. We finally arrived at the designated meeting place after confusion lead to it being changed a few times. Okay we thought we can let that go, it is easy to get directions wrong. Then we waited…and we waited…and we waited! Why we did not just go home I do not know, but I think it was the carrot of a three bed villa within budget being dangled so teasingly in front of our faces that kept us there. We just had to see it!

Finally an hour and a half later when we had got to the end of our tether a gentleman arrived and we followed him to the Muroor area. This looks good I thought to myself as we drove into the quiet well established suburbs, perhaps this could be the one. Unfortunately as we pulled up outside the only slum in the whole street my heart began to sink. The sinking only worsened when the gate opened to what could only be described as an overcrowded compound. The building was crumbling and from what I could see the kitchen was under a corrugated iron roof next to the garage.

Needless to say we did not continue with our viewing and told the gentleman in our polite British way that this was not really what we were looking for even though he dropped the price to AED100, 000. Our positive attitudes at an all time low, it was only our humour and the ability to laugh at the whole episode as we drove back to our hotel that stopped us from bursting into tears.

Day 11We were beginning to think that

our two years in Abu Dhabi would be spent in our hotel room. With the lack of property available and the high rents it might actually work out cheaper to stay here we told ourselves. However at this point things did begin to pick up. A few agents actually started calling us and telling us about property and we increased our budget to give us a slightly more realistic chance of obtaining something. Two separate agents called and we saw one rather run down three bedroom apartment by the Pirelli building, it was average but we seriously considered it. The next was


44ROPERTY

ABU DHABIPP

i n

Your essential guide to life...

Written by residents, for residents, this essential guide is packed with insider information on everything you need to make the city your home from home.

Abu Dhabi Complete Residents’ GuideWe Know Where You Live

with a different agent in the same area on Airport Road. It was AED 250,000 and nothing special. While we viewed it two other couples were also being shown around by different agents and the pressure to be the first to rent was quite intense.

We were now at the stage of accepting the next apartment that was halfway suitable and as we were about to jump at the ‘nothing special’ one on Airport Road, we got a phone call from Our Blonde Angel. She wanted us to come and view a two bed furnished apartment in Khalidiya. She knew we did not need it to be furnished but thought it would be worth a shot. On arrival we entered this lovely little show home. It was small, but perfectly formed. The décor was tasteful and all the furniture had been chosen well to fit into this cosy apartment. We were excited; our only worry was the lack of storage and room for visitors plus the fact that I had an allowance for furniture, as we originally would have preferred to buy

our own. So there we were

once again in a situation where a decision needed to be made and although this was the best apartment we had seen we were holding back. It was then that Our Blonde Angel suggested that we go to the agent and find out what property he might have available over the next few weeks. She could also ask if any future similar properties might be unfurnished and that way we could use our allowance.

Arriving at the prestigious office in Airport Road we quickly realised that we were dealing with a reputable agent and felt a wave of relief. We told him our situation and discussed the current rental market and the difficulties

we had in finding somewhere. He politely listened with an air of empathy and answered our questioned about the future rentals. At this point Our Blonde Angel asked if there were any other apartments available at this time, smiling he went over to a tin and removed the key that would change our life.

My wife and I were a little shell shocked as we drove out to the same area that the previous slum dwelling had been, but we felt our hearts warm as this kind gentleman told us he thought we would like this apartment. The rest of this trip was really just a blur of joy as we pulled up in front of large gold and black gates at the bottom of a quiet, tree lined cul-de-sac. “I can hear birds singing,” my wife enthused as we entering into a marble slated courtyard and into the cool air conditioned lobby.

Our friendly agent opened a huge ornately arched door and we were in the apartment of our dreams. Large rooms with high ceilings all cleanly

presented and white washed. We actually did not need to go around every room. We felt as we walked in the door that we had finally found our Abu Dhabi home, plus the fact that this perfect living space also had four large bedrooms, two en-suite and two with built in wardrobes, which just added to our delight.

Three Months later...We now find ourselves three months

into our Abu Dhabi adventure, living in a beautiful well furnished home (it was a miracle my wife just walked into a second hand furniture store and proceeded to point out everything she wanted for our apartment …all in one go). It is peaceful and we have lovely neighbours. We hear the birds singing in the morning and see beautiful green trees blowing in the warm breeze from our bedroom window. There is always a parking space at the end of the day and the surrounding neighbours are friendly and ever ready with a smile or a greeting. It is therefore easy in our domestic bliss to forget all the difficult times and unsuitable accommodation we viewed in our search for this place.

We feel very grateful for our good fortune and have taken from the experience three very important lessons. Firstly never give up, hold onto your faith and although there are some unscrupulous people in this world they are often outweighed by the many decent, kind and thoughtful individuals that has been our good fortune to meet.

Secondly do your research and try to find a reputable agent. This will save a lot of time and more importantly give you peace of mind. Finally due to our experience we have witnessed first hand the scarcity of accommodation both in and around the City. This knowledge teamed with the huge developments planned for Abu Dhabi on Yas Island, Saadiyat Island, Masdar City, Ghantoot Green City, and Sowwah Island to name but a few, further highlights the need for accommodation for the individuals and companies this will continue to attract. Therefore we quickly realised that our renting experience was not all negative and actually, the long and winding road, had brought us to the decision that the Abu Dhabi Real Estate market was a place where we want to invest so we can share in the prosperous and exciting future of this amazing City.

Mazdar


Your essential guide to life...

www.explorerpublishing.com

Written by residents, for residents, this essential guide is packed with insider information on everything you need to make the city your home from home.

Abu Dhabi Complete Residents’ GuideWe Know Where You Live

46ROPERTY

ABU DHABIPP

i n

EXCLUSIVE LISTINGS


Studios, 1 & 2 bedroom apartments3 & 4 bedroom townhouses

4 & 5 bedroom villasExtensive community facilities

Landscaped communal areas and parksEasy access to Abu Dhabi International Airport and the new Al Maktoum International Airport

Convenient for Jebel Ali Port and new Khalifa Port

Ideally located on the border between Abu Dhabi and Dubai

Apartments Terrace Apartments Villas Townhouses

3 bed townhouseGarden view2,820 sqftAED 4,066,6823% premiumContact Will


4 bed villaGarden view3,488 sqftAED 5,334,3603% premiumContact Will

Studio5th floorPool view520 sqftAED 924,125Contact Clare

Studio2nd floorPool view570 sqftAED 1,021,323Contact Clare

5 bed villaKhaleej Village3,294 sqftAED 5,245,8335% premiumContact Karen

1 bed apartment, 3rd floorCity view855 sqftAED 1,348,4735% premiumContact Nadia

3bed townhouseCity view2,497.25 sqftAED 3,670,9555% premiumContact Nadia

4 bed villa Sector 83,488 sqft AED 5,178,9910% pemium, no transfer feeContact Mohammed

1 bed apartmentGarden view750 sqftAED 1,314,7685% premiumContact Will

1 bed apartmentAl Jadwal area750 sqftAED 1,201,7380% premium Contact Mohammed


LOCATED within an investment zone 40 minutes from Abu Dhabi, 30 minutes from Dubai, and 80 minutes from Al Ain, alghadeer is a landmark development by Sorouh Real Estate PJSC; and a not-to-be-missed opportunity both for businesses seeking world-class facilities and would-be homeowners looking for a community to live in. The three-million square metre real-estate development will offer residents living in six neighbourhoods and businesses based at alghadeer Business Park, a unique range of facilities right on their doorstep. In short, alghadeer promises to become a commercial and residential destination of choice.

Sorouh is a leading property developer based in Abu Dhabi and is responsible for some of the region’s most important developments. These include Lulu Island, SHAMS Abu Dhabi and The Gate District at SHAMS Abu Dhabi. Sorouh works in close cooperation with the Abu Dhabi Government and fully supports its vision for the development of the emirate as laid out in Plan Abu Dhabi 2030.

At alghadeer, Sorouh has partnered with Goodman, one of the world’s leading Business and Logistics park developers, to create Goodman Sorouh, a joint venture to develop and manage Goodman Sorouh business and logistics parks across the Middle East.

While access to top-class education, healthcare, shopping, parks and walkways will make alghadeer a convenient and enjoyable place to live, the development is also the ideal location to do business.

The alghadeer Business Park is located in Baraha village close to the Emirates Highway, allowing easy access to both Abu Dhabi and Dubai.

ALGHADEER:DOING BUSINESS IN A UNIQUE LOCATION

The Goodman Sorouh-managed Business Park brings together a unique combination of Grade A buildings, landscaping, amenities, ample on-site car parking, transport and support services that allows companies to concentrate on their core business activities in a location designed and managed to ensure a better and more successful working life. A hotel with top-class conference facilities close to the Business Park will ensure that visitors coming to alghadeer on business can have a convenient and enjoyable stay.

Those living and working in alghadeer will only be a ten-minute drive away from some of the UAE’s most significant new economic development zones. Of particular note is Dubai World Central which will include Al Maktoum International Airport. At ten times the size of Dubai International Airport, Al Maktoum Airport will be the world’s largest passenger and cargo hub. Abu Dhabi’s International Airport, a well-established passenger hub between Europe, Asia, India and Africa is only a short drive away. By 2010, nearby Khalifa Port and Industrial Zone will become an economic driver for the emirate and a focus for investment.

The transformation of the desert into an economic powerhouse – in easy reach of alghadeer - has attracted considerable attention in the world’s media. Many have commented upon the dynamic approach to the development of the area as a whole and few doubt that the newly developing commercial zones will make a significant contribution to the UAE’s economic development in the coming years. Happily for alghadeer’s residents and commercial tenants, it is a position that they are uniquely placed to capitalize upon.

The business case for moving to alghadeer

A strategic location: 40 minutes from Abu Dhabi and 30 minutes from Dubai, alghadeer is in close proximity to key urban centers and transport hubs.

• The quality of the buildings and surroundings managed by Goodman Sorouh will be state-of-the-art and flexible commercial terms allow businesses to expand into larger premises on the Business Park as they grow.

• The Trade and Logistics Free Zone located within the larger Khalifa Industrial Zone will expand over an area of 25 sq km in its first phase and will be the first trade and logistics free zone in Abu Dhabi.

• The completion of the Midfield Terminal Complex at the Abu Dhabi International Airport, valued at $6.85 billion, by 2010 will increase the airport’s passenger handling capacity to 20 million passengers annually.

• Jebel Ali Free Zone is already home to around 6,000 companies from more than 110 countries. Nearby, is Techno Park, a science park set-up to encourage collaboration between educational institutions, technology firms and investors for the research and development of new technologies.

• A focus for investment and an integral part of Khalifa Industrial Zone, Khalifa Port will be one of the world’s largest man-made harbours when it opens in 2010, initially handling 35 million tonnes of cargo per year.

Abu Dhabi Property

EXCLUSIVE LISTINGS


Studios, 1 & 2 bedroom apartments3 & 4 bedroom townhouses

4 & 5 bedroom villasExtensive community facilities

Landscaped communal areas and parksEasy access to Abu Dhabi International Airport and the new Al Maktoum International Airport

Convenient for Jebel Ali Port and new Khalifa Port

Ideally located on the border between Abu Dhabi and Dubai

Apartments Terrace Apartments Villas Townhouses



4 bed villaGarden view3,488 sqftAED 5,334,3603% premiumContact Will

Studio5th floorPool view520 sqftAED 924,125Contact Clare

Studio2nd floorPool view570 sqftAED 1,021,323Contact Clare

5 bed villaKhaleej Village3,294 sqftAED 5,245,8335% premiumContact Karen

1 bed apartment, 3rd floorCity view855 sqftAED 1,348,4735% premiumContact Nadia

3bed townhouseCity view2,497.25 sqftAED 3,670,9555% premiumContact Nadia

4 bed villa Sector 83,488 sqft AED 5,178,9910% pemium, no transfer feeContact Mohammed

1 bed apartmentGarden view750 sqftAED 1,314,7685% premiumContact Will



48ROPERTY

ABU DHABIPP

i n

Travel & Tourism News

The island is the heart of the new Desert Islands destination, and is the first of the eight islands to

open to tourists. Located 170km west of the capital, the 87sqkm Sir Bani Yas Island was first turned into a private nature reserve, getaway and occasional hunting ground by the late Sheikh Zayed. More than 30 years later, the island, rich with wildlife including oryx,

Desert Islands Eco-resort welcomes first guests

giraffe, gazelle and other antelope was granted to the Tourism Development and Investment Company (TDIC) to transform it into one of the world’s most exclusive, sustainable tourism destinations.

The project so far has converted the only existing building on Sir Bani Yas into a 66 room resort and spa operated by Anantara, but plans also include one of the largest alternative energy plants in the world, focusing mainly on solar and wind power. The island’s native animals will be relocated into a 3,500-hectare Arabian Wildlife Park whilst non-native animals will be placed in a smaller Safari Park.

The arrival and departure point to Sir Bani Yas Island is Sir Bani Yas Bay. Visitors arriving by speedboat will see the royal Sheikh Zayed presidential

Unlike other UAE hotel openings, the first guests to arrive at Desert Islands, Abu Dhabi’s new eco-tourism resort, have not been heralded in by major international or even local media exposure. Instead, as is fitting to a resort which aims to have minimal impact on its surroundings by becoming an “environmentally friendly tourism destination”, the first guests to Sir Bani Yas Island arrived without pomp and ceremony.

palace, with its ocean front gardens, leaning palm trees and pristine beaches. They will also pass the first - and largest - windmill in the United Arab Emirates, which now stands as a showcase for the sustainability of the Desert Islands. Upon arrival the Desert Islands Visitor Information Centre will provide detail about activities on the island, and its royal history, flora, fauna and wildlife.

The islands not only benefit from an abundance of wildlife on shore, they are also home to dolphins and dugongs (sea cows) only found in a very few areas of the world. The dugong is the only strictly –marine herbivorous mammal and is listed by International Union for Conservation of Nature (IUCN) as a species vulnerable to extinction. They are very sensitive to changes in their habitat so conservation of their natural environment is very important.

Within the next month, TDIC will start expanding the resort by designing a lodge that will open in 2010. In addition, three tented resorts, each capable of housing up to 10 people, are planned to open next year.

This is the second hotel property announced as part of a strategic alliance between the Tstrategic alliance between the T

two companies which includes the development of three hotels in Abu Dhabi on ALDAR projects. The Al Seef hotel will be an island resort with 300 rooms in the residential precinct. The first hotel to be developed as part of the deal concluded in 2007 is a 500-room luxury hotel on Yas Island which is due to open in late 2010.

Speaking at the signing ceremony Paul Bell, Managing Director, ALDAR Hotels & Hospitality said, “The agreement we have signed with Mövenpick Hotels & Resorts delivers on ALDAR’s strategy of partnering with world class operators who have the experience and scale to ensure the best

ALDAR signs Mövenpick Hotels & Resorts for Al Raha Beach ALDAR Properties PJSC, has signed an agreement with Mövenpick Hotels & Resorts for the operation of an upscale resort hotel in the Al Seef precinct within the Al Raha Beach development.

facilities and services are delivered to our customers.This hotel at Al Seef is in an unrivalled waterfront location and will provide segment defining facilities and services and will add a new dimension to the Abu Dhabi hotel landscape ”

Andreas Mattmüller, Senior Vice President Middle East & Asia, Mövenpick Hotels & Resorts, commented: “This deal with ALDAR reinforces our commitment to providing Swiss hospitality to the Middle East and especially Abu Dhabi, the capital city of the UAE. ALDAR is developing some spectacular developments, like Al Raha Beach and Yas Island, and we look forward to establishing our brand on these landmark developments.”

In addition to the upscale Movenpick Hotel, Al Seef will also have courtyard

summer houses, designer boutiques, dining precincts and rejuvenating spas along with, a multitude of outdoor water sport activities. A variety of contemporary apartments, family townhouses and prestigious villas will converge onto a boardwalk promenade with direct beach access. Residents will also enjoy canal-side eateries and landscaped public areas.

49ROPERTY

ABU DHABIPP

i n

The new AED 1bn, 4,100m runway is located two kilometres to the north of the existing runway.

Work on the project began in May 2006 and includes the development of the airstrip, two major taxi-ways, two cross-field taxi-ways and two fire stations.

ADAC chairman, Khalifa Al Mazrouei, said:

“ADAC has achieved significant progress in the journey to transform Abu Dhabi International into a world class gateway airport. The new runway will form a key part of our plan to increase total capacity at the airport that will culminate with the construction and completion of the midfield terminal facility. “

ADAC also announced that operations at its new Terminal 3 facility had commenced. Mazrouei explained:

Abu Dhabi’s new runway opensTerminal 3 commences phased openingAbu Dhabi Airports Company (ADAC) has opened the second runway at Abu Dhabi International Airport which is now operational for arrivals and departures, following the completion of the main construction in early September and certifi cation by the GCAA.

“We have adopted a phased approach to the opening of the new terminal. Earlier last month we started departures using the bus gates and lounges at Terminal 3 for certain services. Working closely with Etihad Airways our aim is to increase the number of departures from Terminal 3, before moving on to accepting arriving planes. The next phase will see passengers checking in through Terminal 3 with a final phase expected to encompass the opening of a full duty free retail and food and beverage village early in the New Year.

In taking this approach we can protect customer service levels and iron-out any potential glitches that are associated with the opening of any new building, but in particular the challenges faced with a new airport terminal opening.”

The second runway and the new Terminal 3 developments are part of a large-scale development programme to transform Abu Dhabi International Airport into a world-class gateway airport. Plans for the airport’s expansion aim to meet the projected increase in business and leisure traffic, the growth of Etihad, as well as demand from other airlines wishing to fly in and out of Abu Dhabi.

Other features of the airport masterplan include the construction of a new air traffic control complex and the 500,000 sq metre MTC complex, in addition to extensive cargo and maintenance facilities. An extensive business park and logistics warehousing are under construction with Phase I set to come on line early next year.

A320 makes First Landing on 2nd Runway

HE Khalifa Al Mazrouei


50ROPERTY

ABU DHABIPP

i n

Saadiyat’s Reserve course will now join RTJ’s multi-award-winning portfolio which spans

over 200 courses in 35 countries on six continents and includes facilities regularly ranked by the sport’s most reputable media as among the world’s top 10 courses.

Robert Trent Jones II has been commissioned by Tourism Development & Investment Company (TDIC), one of the leading developers in Abu Dhabi and the name behind Saadiyat Island’s transformation into a signature leisure, residential and cultural destination.

“Robert Trent Jones’ credentials are second-to-none and are compelling when selecting a designer who can deliver a championship course which is informed by its natural environment and which also makes keen financial sense,” said Lee Tabler, CEO, TDIC. “Robert Trent Jones’ extraordinary designs have a proven history of creating courses of enormous real estate value for developers worldwide.”

The power of RTJ’s capabilities can be judged by the fact that all leading tournaments – The PGA Tour, The Senior PGA Tour, the LPGA Tour, The Asian Tour, The European Tour, The Australian Tour, the World Cup and the World Match Play Championships - have been staged on RTJ courses.

Championships having been contested on more than 100 RTJ courses – a track record which continues with the planned 2010 staging of the Ryder Cup on the Celtic Manor’s Wentwood Hills Championship Course in Wales.

The Saadiyat Island RTJ course – the first to be undertaken by the American master course architect in Abu Dhabi – will be in the destination’s Saadiyat

Reserve District – one of seven distinct districts which make up the emerging destination ranked by an international tourism scouts poll as ‘One of the World’s Emerging Top 10 Trendy Destinations.’

The Reserve is Saadiyat Island’s eco-destination with a landscape characterised by dramatic tidal flats.

“Robert Trent Jones is renowned for his innovative design concepts that integrate course with coastal wetlands and other sensitive environments,” said Tabler. “His courses are acknowledged for enhancing habitats while creating playable courses rich with strategic variety. These design traits fit extremely well with our plans for Saadiyat Reserve and also with TDIC’s own corporate ethos of strong and tangible environmental stewardship.”

Robert Trent Jones II, former President of the American Society of Golf Course Architects and son of a course design dynasty launched by his father and which has since built, or refurbished 570 courses worldwide, has been commissioned to produce a ‘unique’ course which will flood in accordance with tidal movements around Saadiyat Island.

“The distinctive terrain of Saadiyat Reserve presents us with a challenge

Master Golf Course Architect to design unique Saadiyat Island course

and an opportunity to deliver a course like no other in the region, if not the world,” said Robert Trent Jones II. “The wetlands allows us to give full rein to our vision of creating golf courses where nature works in harmony with the values of the royal and ancient game.”

Spread over an area of 130 hectares, the Saadiyat Reserve golf destination will feature the 71 hectare Robert Trent Jones II course, the design of which is due for completion this year with groundbreaking scheduled for early 2009.

Meanwhile, TDIC is progressing well with the championship Saadiyat Beach Golf Course – the UAE’s first signature Gary Player course and the Arabian Gulf’s only ‘ocean’ course with several beachfront holes. The course is due to open in the third quarter of next year.

“The two courses will offer distinctly varied playing experiences and will compliment each other with differing shot values and landscape settings,” explained Tabler.

The Robert Trent Jones II course will be the third championship course in TDIC’s expanding golf portfolio. The company also owns the Abu Dhabi Golf Club – home to the annual PGA European Tour-backed Abu Dhabi Golf Championship.

The acknowledged master

architect of golf course design

– Robert Trent Jones II (RTJ) – has

been commissioned to create a

unique ‘tidal course’ on Abu Dhabi’s

Saadiyat Island – a natural island

lying just offshore the capital city

of the United Arab Emirates.

Robert Trent Jones II: “The Saadiyat Reserve is an opportunity to deliver a course like no other in the region, if not the world.”


51ROPERTY

ABU DHABIPP

i n

In addition to this outstanding achievement, Tameer Towers has been short-listed for the Best

International Property Award in four categories, broadening its exposure to the world market and opening avenues to new investors and clients. The final results of the International Property Awards will be announced in November at an extravagant event in Orlando, Florida.

The colossal, mixed-use mega-project was launched in October 2007 as a landmark development within the new heart of the UAE capital. Tameer Towers distinctive design and functional aesthetics are combined with environmental soundness and sustainability to offer a unique opportunity to invest and acquire property in one of Abu Dhabi’s most desirable locations. With one of the tallest towers on Al Reem Island designed by Gensler, Tameer Towers’

Tameer Towers Project Scoops Six 5-star Property Awards

main landmark will be its state-of-the-art diamond-cut tower.

CEO of Tameer, Ghassan Sakhnini, said the six awards bestowed on the masterpiece development including: “Best Property”, “Best Development” and “Best High Rise-Abu Dhabi”, are indicative of the vast admiration and esteem of the project in the regional and international circuit.

Located in the Shams Abu Dhabi district of Al Reem Island, between the Arabian Gulf on one side and Sorouh’s Central Park on the other, Tameer Towers features a masterpiece commercial tower, four innovative residential towers, luxurious stepped villas and townhouses, serviced apartments building, abundant canal and promenade-lined retail and dining districts, in addition to a VIP marina.

Tameer Towers won all six CNBC Arabian Property Award 2008 categories it entered into, including:

In a lavish ceremony to celebrate the best in Arabian Property, the iconic Tameer

Towers project in Abu Dhabi, stole the limelight at the 2008 CNBC Arabian Property

Awards, garnering an unprecedented total of six distinctive 5-star awards

“Best Development – Abu Dhabi”, “Best Property – Abu Dhabi”, “Best Architecture (Multiple Units) – Abu Dhabi”, “Best High-Rise Architecture – Abu Dhabi”, “Best High-Rise Developments – Abu Dhabi”, and “Best Developer Website – Abu Dhabi”.

Entries were judged by a panel of well-respected experts from diverse backgrounds including representatives of entrenched professional bodies from different countries.

“ALDAR and UPC and a number of other developers and consultants have been working closely on a

new set of guidelines that will evidently be integrated into the Urban Structure Framework Plan for Al Ain,” said Ahmed Ali Al Sayegh, Chairman, ALDAR Properties. “ALDAR is keen to bring its heralded concept of integrated development to Al Ain and will do whatever it takes to deliver the future growth of the city as envisioned in the plan while ensuring that the culture and heritage of the area are preserved.”

The revised Noor Al Ain multi-use development will feature a mix of residential, office, retail, luxury, and entertainment facilities, at the heart of Al Ain. ALDAR will establish several residential buildings, a retail centre, a

ALDAR announces new plans for Noor Al Ain Development ALDAR Properties has revised its Noor Al Ain project in Al Ain to cope with new

guidelines developed by the Abu Dhabi Urban Planning Council (UPC) through the

UPC’s constant consultation process with its developer partners.

hotel, class “A” office space, and a host of entertainment and leisure facilities that will set the development apart as a sought-after destination. The height of the buildings will be reduced in line with the new guidelines of the UPC. These guidelines are intended to preserve the unique architectural pattern of the oasis city.

Falah Al Ahbabi, UPC General Manager, commented: “The Urban Structure Framework Plan for Al Ain will be officially announced in the coming months and we at UPC appreciate the cooperation and dedication that ALDAR has shown in revising the Noor Al Ain development to adhere to the principles of the Plan. This truly shows the constructive partnership already established between the government

and private sectors to serve the Abu Dhabi Emirate’s 2030 Vision.”

The hallmark of the development will be Noor Al Ain shopping centre, which will provide 160,000 square metres of retail space. Combining value-for-money everyday items and a wide array of high-end luxury brands from around the world, this retail centre will cater to the versatile needs of residents, visitors and shoppers. Integral to this development are spa, and multi-screen cinema facilities that promise to transform the shopping centre into a full-fledged entertainment experience. While the rooftop gardens will bring the greenery effect into the interior, a fun-triggering water park and an indoor beach will help make the beach life experience a yearlong option for the residents of this inland city.

The project aims to transform Al Jimi Mall, a bustling shopping centre, into a full-fledged development that will enhance Al Ain’s attraction as a premium leisure destination. The multi-use development is set to become the focal point for the over 500,000 residents as well as visitors who are lured by the Garden City’s natural beauty and other tourist attractions.


52ROPERTY

ABU DHABIPP

i n

Capital inclination

As construction of Capital Gate continues in Abu Dhabi, ADNEC, which is developing

the iconic building, and RMJM, project architects, have submitted a joint application to the Guinness Book of Records to recognise the tower as the ‘most inclined in the world’.

Capital Gate leans westward an astonishing 18 degrees; by comparison the Leaning Tower of Pisa leans less than 4 degrees. Because of its unique posture, the tower is being constructed on top of an incredibly dense mesh of reinforced steel. The dense mesh sits above an intensive distribution of 490 piles which have been drilled 30 metres underground to accommodate the gravitational, wind and seismic pressures caused by the lean of the building.

Simon Horgan CEO of ADNEC Group said: “Capital Gate will be a

building that the world will talk about, not because it has surpassed another building as the world’s tallest, but because of its aesthetic splendour and technical achievement.”

Besides being believed to be the ‘world’s most inclined’ building, Capital Gate also features 728 unique custom-made diamond-shaped glazing panels. Due to the structure’s curving shape, each pane of glass is different and each will be fitted at a slightly different angle.

Capital Gate will accommodate the 5-star ‘Hyatt at Capital Centre’ hotel and will provide exclusive office space in Abu Dhabi. The tower forms a major part of the Capital Centre development, an AED8 billion (US$2.2 billion) business and residential micro city being constructed around the thriving Abu Dhabi National Exhibition Centre.

Capital Gate

Developer News

“We are pleased to announce record sales revenue during the launch of the first phase of Ain Al Fayda.” said

Mahmood Ebraheem Al Mahmood, CEO, Al Qudra Holding. “Al Ain represents a strategic market and we are proud to be amongst the first developers to unlock this City’s potential offering.”

Ain Al Fayda, an attractive mixed-use community and modern-day oasis, will

Al Qudra Real Estate sales soarto unprecedented heights in Cityscape Dubai 2008

Despite the credit crunch and the global economic downturn, things are certainly

looking up for Al Qudra Real Estate, the real estate arm of Al Qudra Holding, as

evidenced by the remarkable sales turnout at this year’s Cityscape Dubai.

feature healthcare, tourism, residential and retail components and is set to become a well-being destination because of its unique blend of amenities and attributes.

“Ain Al Fayda is considered to be the first of its kind in the region as it is lodged at the base of Jebel Hafeet in Al Ain amidst abundant foliage and healing hot springs.” said Claus Rees, Acting CEO, Al Qudra Real Estate. “Phase 1 a of the

project will house two, three, and four-bedroom traditional and modern-day villas designed for both nature-lovers and dynamic city dwellers.”

Al Mahmood added that another big factor behind this success was the very effective method by which information and technology were used to illustrate all aspects of the living experience at Ain Al Fayda and personalize the sales process.

As a leading developer, AQRE remains committed to diversifying its portfolio across different segments in order to be constantly in-line with the ever changing real estate landscape in the UAE and the region.

“We are looking forward to releasing the new phases of the Ain Al Fadya project which will include a broader range of amenities including healthcare, tourism, residential and retail components.” said Al Mahmood. “The city of Al Ain offers various holistic reserves that differentiate it from other cities in the region. Moreover, Al Ain has long been an important destination to all UAE nationals and specifically the citizens of Abu Dhabi.”

53ROPERTY

ABU DHABIPP

i n

Progress on the Yas Marina Circuit which will host the F1™ Etihad Airways Abu Dhabi Grand Prix

in November 2009 was the centre of attraction but focus was also given to Yas Island’s other developments. These include Ferrari World Abu Dhabi, destined to become the world’s largest indoor theme park when it opens in 2009, the Warner Bros. Theme Park, a major water park, over 300,000 square metres of retail space, a links golf course, several marinas, restaurants, various entertainment facilities, five-star and boutique hotels, and luxurious residential property.

In addition, Aldar have recently revealed plans to transform Abu Dhabi into a world-class yachting destination. The newly introduced entity, Aldar

Visitors to ITB Singapore were given a closer look at the tourist attractions being

developed by Aldar Properties as part of its fl agship luxury leisure destination in Yas

Island. The Yas Island development which covers an area of 2500 hectares, is set to

become a cornerstone of Abu Dhabi’s fast growing tourism industry.

Aldar Showcases Yas Island in Asia

Marinas, will provide a broad range of leisure marine facilities and services that constitute an integral part of Aldar’s waterfront developments. The first marinas to become operational are located on Aldar’s premier Yas Island and Al Raha Beach projects. Each marina will have its own identity and will provide state-or-the-art facilities for the yachting community from entry level boating to destination yachting.

“ITB is a great opportunity to showcase what this luxury leisure destination has to offer. Aside from its leisure attractions, Yas will also feature schools, hospitals, luxury residences, and a significant retail facility,” commented John Bullough, CEO, Aldar Properties.

He added: “The Ferrari branded

theme park is taking shape and is progressing for its anticipated opening in early 2010. The racetrack on Yas Island which will welcome the F1™ Etihad Airways Abu Dhabi Grand Prix in 2009 is also firmly on schedule. The diverse package of developments being created at Yas will contribute substantially to the attainment of Abu Dhabi’s aspiration to become a tourist epicentre. “

Despite the current global economic situation, the strong fundamentals of the Abu Dhabi

market and the company’s strong balance sheet and liquidity create a confident outlook.

Abubaker Seddiq Al Khouri, Managing Director of Sorouh, said:

Sorouh Real Estate announces 125 per cent growth in net profitsSorouh Real Estate PJSC, has announced a 125 per cent rise in net profi t for the nine

months ended 30 September 2008 to AED 1,738 million (nine months to 30 September

2007: 773 million). Revenue is up from AED 1,486 million to AED 3,191 million. The net

profi t represents earnings per share of 73 fi ls (31 fi ls per share in September 2007) and

was generated from operating activities, with no asset revaluations.

“We continue to move forward strongly as a business and all our indicators continue to look positive for the remainder of 2008. We remain on course to meet investors’ expectations and we are confident that we are well positioned positively for 2009.

“The global situation introduced a note of caution into the market but thanks to the action of the UAE Government and the coordinated efforts of major governments around the world, we expect the situation on the ground to improve early next year.

The company reported a growth in total assets of 132 per cent, from AED 7.2 billion at 31 December 2007, to AED 16.7 billion at 30 September 2008. Net assets of the company increased from AED 4,463 million as at 31 December 2007 to AED 5,832 million as at 30 September 2008. Liquid funds increased from AED 1.4 billion as at

31 December 2007 to AED 7.7 billion as at 30 September 2008, as a result of cash collected on receivables from the sale of land plots, unit sales and rental income.

Mounir Haidar, Sorouh’s Chief Executive Officer, said:

“The strong demand in the Abu Dhabi real estate market means that it is comparatively well-cushioned against the global economic situation. This, coupled with the company’s strong balance sheet and cash resources, means Sorouh can take a positive view of the coming period.”

“We are clearly focused on delivery of our major projects and I am pleased to report satisfactory progress against our targets on all our current developments. Construction is progressing well at SHAMS Abu Dhabi on Reem Island, with the first phase on track for completion in Q1 2010, and we have just broken ground at AlGhadeer. We expect to move forward as planned on all our developments.”

During the last quarter, Sorouh announced significant progress on construction at its major projects, as well as showcasing future projects at Cityscape Dubai, including Lulu Island.

Developer News

54ROPERTY

ABU DHABIPP

i n

At LLJ Property we pride ourselves on exceeding clients’ expectations by delivering a personal, tailor-

made service which ensures that individual needs and requirements are met.

Our reputation for high quality customer care has ensured that LLJ is recommended as Abu Dhabi’s leading real estate agency and is the favoured acquisition agent for many major corporate and individual investors in the Abu Dhabi real estate market. LLJ is also the preferred leasing and property management agent for commercial and residential landlords and tenants and a sales agent for leading UAE property developers.

Based at our 2,000 square metre Abu Dhabi headquarters, our team of more than 50 dedicated and experienced real estate professionals provide local market knowledge and exceptional customer service. LLJ Property offer a comprehensive schedule of property services including local and international property sales, leasing, property management, consultancy and property marketing.

Whatever your real estate needs are in Abu Dhabi, LLJ Property is ideally placed to serve you.

Property SalesThe multilingual LLJ sales team has

Abu Dhabi knowledge is our property

Established to serve the needs of the emerging Abu Dhabi real estate market, LLJ Property has earned a reputation for professional, honest service. An excellent sales and leasing track record, along with a growing team of highly regarded industry professionals has led to LLJ Property becoming one of the estate agencies of choice in Abu Dhabi.

extensive experience in land and property sales between GCC nationals, as well as the sale of residential and commercial property to local and foreign owners. This includes the sale of buildings, land plots and individual/bulk units.

Contact our sales team for any enquiries on property to buy or sell in Abu Dhabi at [email protected]

Property Leasing LLJ offers a full leasing management

service to landlords, managing the marketing and subsequent booking and installation of tenants. General leasing services are also provided to clients looking for homes, offices and retail locations. Our team match the requirements of landlords and clients, ensuring that both parties’ criteria are met.

For leasing enquiries contact [email protected]

Property Management LLJ Property offers complete property

management solutions for residential and commercial landlords, maximising returns by utilising efficient management of marketing, maintenance and tenant care.

The company has developed bespoke Property Management systems to specifically suit the UAE. Owners are offered open book management with on-line access to all reports, accounts and up to date information on their properties 24

hours per day. LLJ is experienced in managing

extensive property portfolios as well as individual units, ensuring that landlords and tenants receive the highest standards of service.

Contact [email protected]

Property Marketing Our knowledge and market expertise

allow us to provide a full sales and marketing service for master and private developers planning to launch new developments. We handle everything from consultancy on building design and layout, through pricing to launch, sales and project co-ordination.

Contact [email protected]

LLJ Property contact details

Head OfficeTel: +971 2 495 0500Fax: +971 2 445 4671PO Box 107729Abu DhabiUAEwww.lljproperty.com

7ROPERTY

��PP

� �

Villas For Sale

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

About LLJ Services

Abu Dhabi MarinaA large mixed-use development in

Abu Dhabi, in the Khalidiya area, next to the Marine Club. The plot is ten kilometres from the current central business district, and 35 kilometres

Abu Dhabi’s major property developmentsA number of signifi cant property developments have already been announced in Abu Dhabi. The following is an ‘at a glance’ guide to what is happening where. Some projects have not yet been released to the market.

from Abu Dhabi International Airport. The development will consist of low rise six-storey residential buildings, offices, hospitality developments and leisure facilities.

Alghadeer Positioned between Abu Dhabi and

Dubai, Alghadeer will be a new desert city. A seamless combination of nature and urban living, the development will offer a variety of architectural styles with a choice of villas, townhouses and apartments set amongst hills, valleys, lakes and parks. This complete community will provide a range of leisure facilities and amenities and aims to offer its residents the best of everything, from

education to entertainment, beautiful homes to office space, spacious public parks to ample parking.

Located off the Al Faya Road and the Emirates Highway, Alghadeer is also conveniently located for the new Khalifa Port and Industrial Zone, Al Maktoum International Airport, Dubai World Central and Industrial City.

Al GharbiaThe new name for the western

region of Abu Dhabi. The Western Region Development Council (WRDC) announced an estimated AED 98 Billion investment in infrastructure, tourism, and economic development projects in the region.

56ROPERTY

ABU DHABIPP

i n

Abu Dhabi Property

Abu Dhabi’s major property developments

Al Gharbia covers a staggering 60,000 square kilometres; 71 per cent of the total land mass of the UAE. It is comprised of seven main cities; Madinat Zayed, Mirfa, Liwa, Ghayathi, Sila, Ruwais and Dalma Island, and is close to the borders of Saudi Arabia and Qatar.

Some of the most exclusive hotels in the country will be built in the northern coastal region of Al Gharbia. At a cost of AED 11.5 billion (US$ 3.1 billion), the Sir Bani Yas, Dalma and Desert islands developments are all expected to be completed by 2010 and will offer a variety of facilities, including seven-star hotel amenities, secluded island breaks and the opportunity to see some of the country’s rarest animals in the wild.

The first hotel is due to open in September. The Qasr al Sarab resort near Liwa will feature a five-star hotel, villas, a spa with hammam healing baths and an observatory.

to Dubai. Adjacent to Khalifa City and Abu Dhabi International Airport, Al Raha Beach is going to be home to 120,000 residents.

Stretching along Abu Dhabi’s sheltered coastline, various islands make up the project and are shaped by inlets and canals criss-crossed by bridges. Eleven precincts will emerge within this major waterfront development, each with its own distinct personality and appeal. These precincts are: Al Zeina, Khor Al Raha, Al Bandar, Al Seef, Al Dana, Al Rumaila, Al Nakhel, Al Lissaily, Al Shaleela, Al Razeen, and Al Thurayya.

Within this master-planned mixed-use development there will be nine hotels, five beaches, four marinas, parks, restaurants, and numerous leisure facilities linked together by tree-lined boulevards and a network of canals, bridges and water transportation.

Desert, Contemporary and Arabic, plus signature villas and modern apartments in a range of sizes and styles. The 46 apartment buildings house 1,810 apartments in a mixture of one, two and three bedroom units. These apartments vary in size from 25 to 175 square metres, with balconies or private ground floor courtyard gardens.

Bawabat Al SharqA massive 108 hectares mixed-use

development in Abu Dhabi’s Bani Yas city. This new project will encompass residential, retail, entertainment and sporting facilities. Bawabat Al Sharq will include the new headquarters and sports facilities for the Bani Yas Sports Club, creating a FIFA-standard football stadium with a seating capacity for more than 20,000 spectators.

Phase one of the project is expected to be completed during the first quarter of 2010.

Al Gurm ResortAl Gurm Resort is a residential and

tourist destination set amidst 1.8 million square metres of mangrove forests along the Abu Dhabi Island coast road. Offering 69 private luxury homes and an international 161 suite five star resort, it is an eco-friendly development which operates a strict ‘Wildlife First’ policy. Residential property here can only be purchased by UAE nationals.

Al Raha BeachAl Raha Beach stretches over 11

kilometres of waterfront set off the main highway leading from Abu Dhabi

Al Raha GardensThe first development to be sold

to UAE Nationals in Abu Dhabi on an ownership basis. Al Raha Gardens is located opposite the Al Raha Beach Development and built on 665,000 square metres of heavily landscaped area and incorporating villas and townhouses, two schools and a kindergarten, community retail and dining outlets. Al Raha Gardens is designed to be a complete community.

The villas and town houses are available on a freehold basis to UAE nationals. The first phase of 280 villas began handover in August 2007. Construction of the remaining 1,100 villas is ongoing and the expected completion date is 2009.

Al Reef VillasLocated on a ten million square feet

plot near to the Abu Dhabi International Airport, on the road to Shahama, Al Reef Villas is a planned villa and apartment community.

Al Reef Villas offer affordable villas in four different themes - Mediterranean,

Bloom GardensAn exclusive gated residential

development on the Eastern Corniche, Abu Dhabi, and a short distance away from the Mangroves. Bloom Gardens is available to UAE nationals only and combines villas, townhouses and apartments, set in a lush landscaped environment. Its architecture is inspired by the rustic simplicity of Tuscany and Spain, fusing natural elements such as wood, sandstone and terracotta and creating an easy-going Mediterranean ambience. The Gardens will incorporate restaurants, coffee shops, and clubhouses.

57ROPERTY

ABU DHABIPP

i n

Abu Dhabi Property

SAADIYATISLAND

LULUISLAND

SUWWAHISLAND Shams

Abu Dhabi

MarinaSquare

Najmat Abu Dhabi

City of Lights

Saraya

Empire Tower

Gate DistrictMangrove Place

Tala Tower

HODARIYATISLAND

AL REEMISLAND

RawdhatAbu Dhabi

YASISLAND

MADINAT KHALIFA A

MUSSAFFAHINDUSTRIAL AREA

GolfGardens

Al Raha Gardens

Al Raha Beach

Masdar

MOHAMMEDBIN ZAYED CITY

KhalidiyaVillage

CentralMarket

Al GurmResort

COCONUTISLAND

CulturalDistrict

DanetAbu Dhabi

BuildingMaterials

City

Al Reef Villas

Hydra Village

Saadiyat BeachResidence

CapitalCentre

BloomGardens

Abu DhabiMarina

Arzanah

EmeraldGateways

Bridgewayat ZSC

Satellite map of developments

58ROPERTY

ABU DHABIPP

i n

Abu Dhabi Property

SAADIYATISLAND

LULUISLAND

SUWWAHISLAND Shams

Abu Dhabi

MarinaSquare

Najmat Abu Dhabi

City of Lights

Saraya

Empire Tower

Gate DistrictMangrove Place

Tala Tower

HODARIYATISLAND

AL REEMISLAND

RawdhatAbu Dhabi

YASISLAND

MADINAT KHALIFA A

MUSSAFFAHINDUSTRIAL AREA

GolfGardens

Al Raha Gardens

Al Raha Beach

Masdar

MOHAMMEDBIN ZAYED CITY

KhalidiyaVillage

CentralMarket

Al GurmResort

COCONUTISLAND

CulturalDistrict

DanetAbu Dhabi

BuildingMaterials

City

Al Reef Villas

Hydra Village

Saadiyat BeachResidence

CapitalCentre

BloomGardens

Abu DhabiMarina

Arzanah

EmeraldGateways

Bridgewayat ZSC

59ROPERTY

ABU DHABIPP

i n

Abu Dhabi Property

Building Materials CityA comprehensive development over

a 230,000 square metre area which combines a work, live and play concept into one community. It will consist of ten state-of-the-art office buildings and 17 residential towers built around a four star hotel/shopping mall complex.

In accordance with a governmental decree, this AED three billion master development will include the first

23 towers with a GFA of eight million square feet, including seven hotels, five commercial buildings, five serviced apartment buildings, three residential and serviced apartment complexes and three mixed use developments. Also featured in Capital Centre will be Capital Gate - the 35 storeys iconic Feature Tower, a 2.3 kilometre waterfront Marina Zone, a proposed monorail and the ‘Galleria’, a shopping mall with restaurants, retail outlets and cinemas.

Central MarketCentral Market is a mixed-use

development in the heart of downtown Abu Dhabi. As the former souq area, the site has been a centre of trade and a focal point for both citizens and tourists for over 40 years.

include commercial and residential properties incorporating hotels, offices, retail space and apartments. All towers will be built along a waterfront to offer water views and will be interlinked by landscaped plazas with clusters of date palms. Residents will be able to enjoy world-class shopping and dining establishments and an array of water-based activities and sports.

building materials exchange in the Middle East, attracting international companies and investors to gain a stake in the booming UAE real estate sector. Companies established in Building Materials City will also benefit from the year-round exhibition hall and affordably priced commercial, residential and retail space. In addition, an exclusive hotel, and a total built up area of 100,000 square metre shopping mall will cater to the needs of the huge projected population of the city.

Building Materials City is located on the road leading to the Abu Dhabi International Airport, between Musaffah and the Mohamed Bin Zayed City.

Capital CentreA new district centred on the

re-designed Abu Dhabi National Exhibition Centre, phase 1 of which is already open.

On completion in early 2011, Capital Centre will house a new micro-city of

The re-generation of the area will create a development featuring three ultra-modern towers designed by architects Foster & Partners. These are linked together by a modern retail podium and recreation of a traditional Arabian souq.

The 88-storey residential tower will be 382 metres high and will be the tallest tower on Abu Dhabi’s skyline. It will house 489 luxury apartments. The five- star hotel tower will be 55-storeys high, with 279 rooms and 132 serviced apartments. The office tower will offer 58 storeys of prime office space.

City of LightsThe City of Lights on Al Reem Island

is a community set midst a verdant, waterfront oasis. Stretching across 140 acres of land, the development will

Danet Abu DhabiLocated on Airport Road and

covering more than 185,000 square metres, Danet Abu Dhabi will establish a new urban community in Uptown Abu Dhabi. Incorporating sophisticated metropolitan design, the development will create a futuristic skyline, with gardens, parks and green boulevards surrounding sophisticated residential and commercial buildings, communication services, cafés, and leisure facilities. Scheduled for completion in 2011, the project is one of the first available on Abu Dhabi Island.

Available for UAE nationals only, Danet Abu Dhabi will feature five districts inspired from the different Arabic names for pearls: Jumana, Dorra, Louolou, Giwan and Gemash Districts.

Desert TowersDesert Towers is a residential and

commercial community located in Sheikh Mohammed Bin Zayed City in Mussafah, Abu Dhabi. Aimed at middle income residents, the project is accessible via the Al Ain and Mussafah main roads and is 25 minutes away from both the airport and Downtown Abu Dhabi. Available for UAE Nationals.

Golf GardensGolf Gardens is a development of

villas and townhouses available for UAE nationals. Located within the grounds of the Abu Dhabi Golf Club overlooking the course, the development is 15 minutes drive from the heart of Abu Dhabi and 45 minutes drive from Dubai.

60ROPERTY

ABU DHABIPP

i n

Abu Dhabi Property

The development offers recreational and sports facilities, a Gardens Club, large retail and entertainment area, sprawling gardens and landscaped boulevards.

Abu Dhabi Urban Planning Council to ensure the development is fully in line with Plan Abu Dhabi 2030.

different sections, namely: Housing, Special Economic Zone, Commercial, University, Civic & Culture, Service and Transport Areas and is expected to be completed by 2015.

Masdar City will promote leadership in eight sectors, namely: Advanced energy, sustainable transportation, water and waste management, energy efficiency, green construction and materials, biodiversity, climate change and sustainability finance and is expected to be completed by 2016.

Hydra VillageHydra Village is an eco-friendly,

smart, gated community situated close to the International Airport at the entrance of Abu Dhabi that offers the convenience of a self-sustained small-scale city.

The masterplan incorporates town houses, apartments and commercial offices, surrounded by the green landscaping of recreational parks and open spaces, mixed in with community facilities, mosques, a hospital, a five-star hotel, and a modern utilities infrastructure. The project is designed with a focus on environmental conservation with initiatives including energy conservation, recycling and water conservation. Handover is scheduled to begin at the end of 2009.

Lulu IslandLulu Island is a 5.9 square kilometre

man made island located offshore from Abu Dhabi Corniche which will be developed by Sorouh. The master-plan for Lulu Island, which was exhibited publicly for the first time at Cityscape Abu Dhabi 2008, includes low-rise residential, resort and retail areas, as well as canals, marinas and a public beach. Sorouh is working with the

Marina SquareScheduled to be the first phase

of development on Reem Island to complete at the end of 2009, Marina Square offers a number of residential towers, a commercial centre and five star hotel situated around a natural marina.

Located directly opposite Abu Dhabi Mall, the project will cover a total of 50 acres with a built-up area of more than 978,000 square metres. Approximately 10,000 people will call Marina Square home, residing in an apartment in one of the 17 towers which offer a total of 3,600 individual residential units.

Masdar CityThe Masdar Development will be the

world’s first zero carbon, zero waste city, setting new global standards in sustainable development. Designed to accommodate a population of 40,000 with an additional 50,000 daily commuters, the six million square metre development is based on the planning principles of an ancient walled city with a compact network of car-free streets and a maximum distance of 200 metres to the nearest transport link and amenities.

The walled city will be divided into

Najmat Abu DhabiNajmat Abu Dhabi is a USD 8 billion

project which will occupy approximately 20 per cent of Reem Island. Occupying 16 million square feet, the project will offer a self contained community for 80,000 residents anchored by three marinas. Bay Centre – the commercial heart, Residential – the community district and Resort – the entertainment hub, all linked by a central canal.

The buildings will be a mix of traditional Arabian and contemporary architecture and includes schools, health facilities, public parks and modern public transport systems. Najmat Abu Dhabi will have 55 per cent of its land dedicated to open spaces, public parks, children’s playgrounds and shaded walkways. The project is scheduled to complete in 2012.

NuraiA private community of limited

edition beach-front estates and water villas located on a natural island 25 minutes by boat off the coast of Abu Dhabi. Developed by Zaya, a newly-formed Abu Dhabi-based real estate company, Nurai is centred on a resort and designed to offer the most stylish contemporary living experience in the world.

Nurai resort residents will have access to all of the services and

61ROPERTY

ABU DHABIPP

i n

Abu Dhabi Property

comforts provided by the boutique resort. In addition to the amenities of the contemporary hotel, Nurai will also offer a private helipad and marina with arrivals lounge, a fully equipped spa and fitness centre, private beaches and water sports facilities.

Rawdhat Abu DhabiRawdhat Abu Dhabi is the UAE’s

first dedicated ‘develop to lease’ community, master planned for the expat lease market. The project is a purpose-built development available for UAE investors.

Located close to the centre of Abu Dhabi on Airport Road and 12 minutes from Abu Dhabi International Airport, the mixed development combines residential low to mid-rise towers with a business park.

Saadiyat Island

will be home to 150,000 residents. The masterplan envisages seven distinct districts: Cultural District, Saadiyat Business Marina, Saadiyat Beach, South Beach, Saadiyat Park, The Wetlands and Eco-point. There are plans for luxury hotels, over three million square metres of office space, marinas with berths for around 1,000 boats, two golf courses, civic and leisure facilities, sea-view apartments and elite villas.

The Cultural District will become the world’s largest single cluster of cultural assets, including the worlds largest Guggenheim contemporary arts museum designed by Frank Gehry, the first Louvre Museum outside Paris - Louvre Abu Dhabi - conceptualised by Jean Nouvel, a Performing Arts Centre designed by Zaha Hadid, the Sheikh Zayed National Museum, concept designed by Lord Norman Foster, and a maritime museum by Japan’s Tadao Ando.

Saadiyat Island will be developed in three phases until 2018 and is linked to Abu Dhabi via a Saadiyat Link road which will connect the Shahama district to Saadiyat Island, and connect to the 10-lane Saadiyat Bridge which is already under construction from Abu Dhabi’s Mina Zayed area.

Saadiyat Beach ResidencesThe first residential phase announced

on Saadiyat Island comprises villas and townhouses located in seven and townhouses located in seven secure coastal neighbourhoods which will skirt the Gary Player designed championship Saadiyat Beach Golf Course. The limited Phase One release comprises elegant villas and three and

four bedroom villas. Each VIP villa will have its own gym, elevator, swimming pool and movie theatre. UAE and GCC national investors will be offered homes on a freehold basis with expatriates qualifying for 99-year leases.

An integrated road network means Saadiyat Beach is a five minute drive from the Cultural District, seven minutes from downtown Abu Dhabi and 20 minutes from Abu Dhabi International Airport via the new Saadiyat Link highway connecting the island to the mainland.

Saadiyat Beach residents will benefit from a wide range of modern and sophisticated facilities which live up to the island’s promise of first-class living. These include: Saadiyat Beach Golf Club, golf academy, clubhouse and driving range, easy pedestrian access to one of the Gulf’s most stunning beaches, neighbourhood parks, beaches, neighbourhood parks, swimming pools, barbecue areas and basketball courts, a main village centre with 8,000 square metres of shopping, supermarkets, cafés, schools and health care facilities.

Saadiyat Island will become the Arabian Gulf’s largest single mixed-use development and a major leisure, use development and a major leisure, cultural and residential destination.

Measuring 27 square kilometres, it will have 30 kilometres of water frontage and many natural eco-features, including mangrove forests,

62ROPERTY

ABU DHABIPP

i n

Abu Dhabi Property

Saraya Saraya investment project is

located on the main Abu Dhabi Island extending along the Corniche, behind the Sheraton Hotel. It combines high class residential complexes and modern offices with lush gardens and parks overlooking the Arabian Gulf.

the Arabian Gulf and Abu Dhabi city. Occupying approximately 20 per cent of this natural Island, Shams is master developed by Sorouh Real Estate. Built over 1.32 million square metres, 90 per cent of the development is dedicated to residential buildings which will create 22,000 residential units to house approximately 55,000 people. The rest of the development will provide commercial and recreational facilities.

The entrance to the development will be defined by the eight majestic buildings of The Gate District, including Sky Tower and Sun Tower. These will integrate luxury high-rise residences, contemporary office environments, unique shopping experiences and world-class hotel accommodation.

The Theatre District, together with the Marina District will create a 24/7 entertainment destination offering cinemas and theatres, cafes, clubs, restaurants and specialty boutiques. The Marina will also be a terminus for boats from the mainland and water taxis from the canals.

Shams Abu Dhabi will also accommodate Central Park, one of the largest parks and recreational areas in the UAE, spreading across one million square feet. The park, with its waterways linked into a 3.5 kilometre canal system, will offer landscaped relaxation areas, with exhibition and retail facilities alongside a community retail facilities alongside a community and restaurant complex.

The project will be developed in numerous phases with the first phase expected to complete by end of 2009 and the whole project by 2011.

Shams Abu Dhabi Located on Reem Island, a few

hundred metres off the northeast shore of Abu Dhabi, Shams Abu Dhabi offers spectacular views of

YAS Island projectThe YAS Island project, which is to

include a Warner Bros Theme Park, a Formula One race track, and the world’s first Ferrari Theme Park, is a major tourism and luxury leisure development on a natural island at the entrance to Abu Dhabi city. Spanning across 2,500 hectares, YAS Island will also be home to two golf courses, a water park, major retail podiums, hotels and restaurants.

The development will offer a variety of modern low-rise mixed-use residential apartments and villas to rent, lease, or own. Residents will be able to choose from a range of waterfront apartments or terraced stand-alone units with panoramic views of the golf course or opt for the two-tiered exclusive apartments by the waterfront. The project is scheduled waterfront. The project is scheduled for completion in 2014.

All information is taken from developers’ websites and brochures and is correct at the time of going to print. LLJ Property and Corinthian Publishing cannot be held responsible for any inaccuracies.

63ROPERTY

ABU DHABIPP

i n

Abu Dhabi Property

Subscribe Now!N o v e m b e r / D e c e m b e r 2 0 0 8

Subscription FormName

Address (full postal address)

Amount

Email

UAE AED 80Arabian Gulf/GCC AED 175other Arab countries AED 235India/Pakistan AED 260Europe AED 300Australia/USA AED 400

Send your cheque with this form to LLJ Property LLCPO Box 107729 Abu Dhabi UAE Tel: +971 2 495 0500 Fax: +971 2 445 6750

UAE Dirham cheque or draft payable to: LLJ Property LLC

Annual subscription,

including postage, for 6 copies

ROPERTYABU DHABI

Pi n

ROPERTY��

P� ��

Abu Dhabi Formula One��A Time to Buy or a Time To Sell?��Real Estate Sector Poised for Growth��

ROPERTY��

P� �

� � � ��




Abu Dhabi Formula One��A Time to Buy or a Time To Sell?��Real Estate Sector Poised for Growth��

ROPERTY��

PPP� �

� � � ��




ROPERTY

��P� �

� � � ��

��




��

ROPERTYABU DHABI

Pi n

For more information call LLJ Property

+971 2 495 0500w w w . e m p i r e a b u d h a b i . c o m

An Island HomeIn The Heart of Abu Dhabi

DEVELOPED BY MASTER DEVELOPEREXCLUSIVE SALES AGENTFINANCED BY

Located within Shams Abu Dhabi on the natural island Reem, Empire Tower offers you the opportunity to own a freehold property in the heart of the UAE capital. Your apartment provides an ideal lifestyle opportunity combining the energy of city life with the tranquility of island life.

• Up to 90% financing from ADCB • Panoramic views of the Arabian Gulf and Central Park • State of the art facilities - pool and sun deck, sauna and fitness club • 57 storey tower at the focal point of Reem Island, Abu Dhabi • Payment terms pegged to construction featuring 5% deposit and 30% on completion

Property Perspectives 4

Documents

Transcript of Property Perspectives 4