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‘Stalemate’ holds back property sector New
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The National
(February 06, 2010)
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More than 20 per cent of all construction projects in Dubai have been put on hold or cancelled in the past year, with most of the remaining projects delayed, an industry auditing company reports."
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GCC to be $2trn economy in 10 years New
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Emirates Business 24/7
(January 18, 2010)
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The economies of the UAE and five other Gulf nations are projected to nearly double to $2Tn (Dh7.34Bn) in the next 10 years and this will bolster their position in the global economic system, a Saudi investment firm said yesterday. The combined gross domestic product (GDP) of the six Gulf Co-operation Council (GCC) countries, which control nearly 45% of the world's proven oil wealth, is estimated to reach around $1Tn in real terms in 2010, said NCB Capital, an affiliate of the Saudi National Commercial Bank. According to Proleads, the GCC countries are investing as much as $690Bn in 578 projects in the oil, gas and petrochemicals sector.""
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House prices to fall further
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7 Days
(January 15, 2010)
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Dubai house prices, already off some 60 per cent from their peaks, are set to fall a further ten per cent in 2010, a Reuters poll showed, as the emirate's debt crisis will likely delay a property sector recovery to 2012."
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Dubai house prices to fall a further 10% in 2010
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Al Watan Daily
(January 15, 2010)
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Dubai house prices, already off some 60 percent from their peaks, are set to fall a further 10 percent in 2010, a Reuters poll showed, as the emirate's debt crisis will likely delay a property sector recovery to 2012. Dubai rocked the financial world on Nov. 25 when it said it would ask creditors of Dubai World, the conglomerate behind its rapid expansion, and Nakheel, builder of its palm-shaped islands, to agree to a standstill on billions of US dollars of debt as a first step to restructuring. "On a long term (view) we expect the crisis will limit the supply of properties in the market due to the decrease in liquidity and financing," said Sajeer Babu, an equity analyst at National Bank of Abu Dhabi, adding the bank expected property prices to fall another 10 to 15 percent before any major recovery in prices. More than 500 projects have been suspended or canceled in the United Arab Emirates, with Dubai the most severely affected of the seven emirates that make up the federation, Dubai-based research firm Proleads said in September."
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Dubai house prices to fall 10% further in 2010; recovery seen'12
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Arab Times
(January 15, 2010)
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Dubai house prices, already off some 60 percent from their peaks, are set to fall a further 10 percent in 2010, a Reuters poll showed, as the emirate's debt crisis will likely delay a property sector recovery to 2012. Dubai rocked the financial world on Nov. 25 when it said it would ask creditors of Dubai World, the conglomerate behind its rapid expansion, and Nakheel, builder of its palm-shaped islands, to agree to a standstill on billions of dollars of debt as a first step to restructuring. More than 500 projects have been suspended or canceled in the UAE, with Dubai the most severely affected of the seven emirates that make up the federation, Dubai-based research firm Proleads said in September. "On a long term (view) we expect the crisis will limit the supply of properties in the market due to the decrease in liquidity and financing," said Sajeer Babu, an equity analyst at National Bank of Abu Dhabi."
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Dubai house prices to fall by 10pc: Poll
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The Peninsula
(January 15, 2010)
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Dubai house prices, already off some 60 percent from their peaks, are set to fall a further 10 percent this year, a Reuters poll showed, as the emirate’s debt crisis will likely delay a property sector recovery to 2012. Dubai rocked the financial world on November 25 when it said it would ask creditors of Dubai World, the conglomerate behind its rapid expansion, and Nakheel, builder of its palm-shaped islands, to agree to a standstill on billions of dollars of debt as a first step to restructuring. “The recent woes of Dubai World have further sapped the prospects of a recovery in real estate,” said Fabio Scacciavillani, an economist at the Dubai International Financial Center. More than 500 projects have been suspended or canceled in the United Arab Emirates, with Dubai the most severely affected of the seven emirates that make up the federation, Dubai-based research firm Proleads said in September. “On a long term (view) we expect the crisis will limit the supply of properties in the market due to the decrease in liquidity and financing,” said Sajeer Babu, an equity analyst at National Bank of Abu Dhabi."
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Dubai realty to fall 10% in 2010
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Qatar Tribune
(January 15, 2010)
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Dubai house prices, already off some 60% from their peaks, are set to fall a further 10% in 2010, a Reuters poll showed, as the emirate’s debt crisis will likely delay a property sector recovery to 2012. Dubai rocked the financial world on November 25 when it said it would ask creditors of Dubai World, the conglomerate behind its rapid expansion, and Nakheel, builder of its palmshaped islands, to agree to a standstill on billions of dollars of debt as a first step to restructuring. More than 500 projects have been suspended or canceled in the United Arab Emirates, with Dubai the most severely affected of the seven emirates that make up the federation, Dubai-based research firm Proleads said in September. “The recent woes of Dubai World have further sapped the prospects of a recovery in real estate,” said Fabio Scacciavillani, an economist at the Dubai International Financial Center. “On a long term (view) we expect the crisis will limit the supply of properties in the market due to the decrease in liquidity and financing,” said Sajeer Babu, an equity analyst at National Bank of Abu Dhabi."
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Dubai cranes demand slumps as construction slows
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Arabianbusiness.com
(January 13, 2010)
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The number of cranes in Dubai has slumped by around 50 percent from peak construction levels and current orders have ground to a halt, a leading crane manufacturer has told Arabian Business."
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GCC healthcare spending: robust growth seen in 2010
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Ameinfo
(January 11, 2010)
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The healthcare sector in the Arabian Gulf will continue to enjoy high growth in 2010, despite the global slowdown, led by government investment in infrastructure improvement, according to leading industry observers."
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UAE plans to construct water, power projects worth $55bn
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Oil & Gas News Online
(December 30, 2009)
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THE UAE's spending on power and water projects has not been affected by the economic crisis. Data from ProLeads shows that the country has projects worth $55 billion (Dh200 billion) under construction or at the planning and design stages."
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Contracts worth $78.2 billion awarded this year
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Emirates Business 24/7
(December 28, 2009)
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A total of $78.2Bn (Dh287.2Bn) worth of construction contracts were awarded in 2009 with energy projects leading the list. In a nutshell, infrastructure development was one of the key areas of development for the construction sector. Another trend that is gaining ground is the public-private partnership. Given the current slowdown and issues with project financing, the public-private partnership (PPP) will be beneficial for the industry. PPPs are especially a proven means to infrastructure development when a government cannot or chooses not to finance projects by itself. Governments can resort to PPPs, to share the risk and cost with the private sector. As far as sectors are concerned, oil and gas projects being re-tendered accounted for 49 per cent of the market, while civil followed at a close 40 per cent. In terms of value, oil and gas accounted for 54 per cent, while civil captured 40 per cent of the market according to statistics obtained from Proleads. As Jim Delkousis, Partner, (Head of Litigation and Regulatory), DLA Piper Middle East, said: "We have seen many clients proceeding to arbitration. It is getting there quicker when compared to the beginning of 2009," he said. "These cases are going to the Dubai International Arbitration Center (Diac). I have also seen some being referred to the Abu Dhabi Chamber of Commerce. But certainly, so far, as the construction sector in Dubai is concerned, Diac is getting its share of cases." Currently, legislations vary from project to project – what applies on one project does not for another. In Dubai alone, there are several practices being adopted by different agencies such as the Dubai Municipality, various free zones and Tecom. On May 20, for the first time in the UAE, the Health Authority Abu Dhabi (Haad) with the support of the Ministry of Labor combined forces to launch a Safety in the Heat' program. This was aimed at creating awareness and enhancing the health and safety of workers in Abu Dhabi who are exposed to high temperatures and humidity during the summer months. Abu Dhabi Urban Planning Council (UPC), the agency responsible for the future of Abu Dhabi's urban environments in April unveiled a new buildings rating method designed to improve quality of buildings in the capital. Moreover, the article displays top civil and infrastructure contracts in UAE. Tameer Towers at the Central Park District in Shams, valued at $1.9Bn."
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Figures show construction in GCC still going strong
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Real Estate and Investment Middle East
(December 28, 2009)
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Despite the global economic crisis, there are signs of optimism as 3,398 civil building projects worth US$1.35Tr are currently still active in the Gulf region, according to Dubai-based Proleads."
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UAE plans to construct water, power projects worth $55Bn
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Oil & Gas News
(December 28, 2009)
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The UAE's spending on power and water projects has not been affected by the economic crisis. Data from Proleads shows that the country has projects worth $55Bn (Dh200Bn) under construction or the planning and design stages."
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Saudi luring top design firms amid Dubai woes
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Gulf Times
(December 27, 2009)
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Architects and engineers are descending on Saudi Arabia, seeking shelter from the busted real estate bubble in Dubai and lured by the resilient construction market in the oil-rich kingdom. Saudi Arabia needs to “supply 1,000 residential units a day for at least the next five years, and we need strong firms to deliver,” said Fahad al-Said, the chief executive of the Riyadh-listed Saudi Real Estate Co, better known as Al Akaria. Foreign design firms, which generated big fees building skyscrapers, indoor ski slopes and man-made islands in the emirate are scrambling to secure steady business in Saudi as the Dubai’s debt woes weigh on the building industry. Real estate developers in Saudi are preparing for an expansion in infrastructure development on a large scale, and are pulling out all the stops to attract top talent to work on their projects. Developers in Saudi Arabia are planning to spend $543bn on new real estate projects, according to research by the Dubai-based consultancy Proleads. This is stands in stark contrast with the slowdown in property markets elsewhere in the Gulf. “Most of the request are coming out of Saudi, so we are focusing on it,” said Thomas Votteler, the operations manager for the Middle East for the German Kling Engineering Consultants. Votteler, who is based in Abu Dhabi, said the interest from Saudi developers for quality work has helped the firm grow in the region during the downturn, and outperform its European branches."
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Mood upbeat for Middle East hospitality industry in 2010
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Emirates Business 24/7
(December 27, 2009)
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Yazz and The Plastic Population have no idea that their 1988 hit single, The Only Way Is Up, is about to get back into the groove as the world's hospitality industry reflects upon its 2009 balance sheets in a haze of gloom. Kempinski Middle East and Africa President said the economic downturn has been bad for the hospitality industry. The hotel's revenue per available room for Kempinski Mall of the Emirates dropped by more than 12% in 2009 over last year. The UAE is becoming more vocal in its plans to introduce 3,000 new rooms by the fourth quarter, taking the emirate's inventory to 17,000 by the end of the year. No less than seven hotels opened in the second half of October, in time for the capital's first Formula one Grand Prix on Yas Island. Dubai-based market research firm Proleads reported the UAE hotel sector will see about $20Bn of cash flow into hotel projects under execution in the UAE in 2009."
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Saudi luring top design firms amid Dubai woes
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Gulf in the Media.com
(December 27, 2009)
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Architects and engineers are descending on Saudi Arabia, seeking shelter from the busted real estate bubble in Dubai and lured by the resilient construction market in the oil-rich kingdom."
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69 percent of all civil projects in UAE still active
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Dubai Real Times
(December 27, 2009)
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The latest research undertaken by Dubai-based research and analysis think tank Proleads, has identified 1,845 projects worth a combined $657Bn are still active (not canceled, completed or on-hold). The UAE study is completed by a comparative report on the state of civil projects in Abu Dhabi and Dubai."
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