MAG Lifestyle Development has announced MAG 777, a US $95mn residential tower located in Dubai Sports City. The developer said the project is already 60% complete.

MAG 777 aims to offer lakefront living in the city, and is said to offer easy access to shopping malls, dining outlets, entertainment venues, medical facilities, and schools, making it a prime choice for both families and professionals. Additionally, the project is in proximity to sports facilities, such as stadiums and golf courses, for those seeking an active lifestyle, the statement from MAG said.

The 22-storey building will offer 261 fully fitted units, featuring studios, one-bedroom, and two-bedroom apartments designed to embody luxury and functionality, and will be ready for handover by the end of 2025, it added.

“In line with our commitment to creating exceptional living experiences, MAG 777 represents a new benchmark in luxury living at Dubai Sports City. This project promises a lifestyle that embodies elegance, comfort, and modernity. Every element, from the exquisite interiors to the world-class amenities, has been thoughtfully crafted to meet the aspirations of our discerning residents. We are excited to bring this unique vision to life and raise expectations for urban living in Dubai Sports City,” said Talal Moafaq Al Gaddah, CEO of MAG Lifestyle Development.

“By introducing MAG 777, we are enhancing our portfolio with distinguished real estate projects in Dubai and continuing the MAG tradition of pushing the boundaries of modern living with innovative designs and top-tier amenities,” added Al Gaddah.

MAG 777 offers a range of premium amenities across two dedicated floors. The 20th floor serves as health club featuring a large gym, yoga room, Pilates room, steam room, sauna, and a cold plunge room. Meanwhile, on the rooftop, residents will enjoy an infinity pool with lake views, a BBQ deck, and relaxation zones. Communal spaces, including a seating lounge area, ensure that residents have every opportunity to unwind in comfort. The development also includes ample parking, spread across the basement and ground floors to ensure easy access for all residents, the statement explained.

The launch of MAG 777 is said to continue MAG’s legacy of delivering premium developments across Dubai. MAG has a proven track record, having completed a wide range of projects, including MAG City in Mohammed Bin Rashid City, MAG 5 Boulevard in Dubai South, and other key developments across the emirate. These projects have redefined urban living by blending sophistication, wellness, and sustainability, showcasing the company’s commitment to creating communities that offer long-term value for both residents and investors, the statement concluded.

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Source: ME Construction News

Developer London Gate and Franck Muller, a Swiss luxury watch manufacturer, have unveiled their second project – Franck Muller Vanguard Tower. Billed as a luxury development set in the Dubai Marina, the new project aims to offer a luxury lifestyle experience, and has a planned handover by September 2027.

Spanning 34 floors, the tower will feature 722 units, ranging from studios to three-bedroom apartments. Each residence offers designed space inspired by the sleek lines and innovative spirit of the Franck Muller Vanguard watch collection, with views of the Dubai Marina and interiors, said a statement.

“We are extremely proud to unveil our latest project with our strategic partner, where architectural opulence meets timeless luxury, we bring Franck Muller’s second branded residence to Dubai with the Franck Muller Vanguard Tower. With this partnership, we aim to reinstate the standards of sophistication and elegance, creating a living experience that reflects the brand values and vision of both London Gate and Franck Muller. An exclusive branded residential project, this will stand as a testament to our commitment to crafting unparalleled and never-seen spaces that resonate with our brand partner’s essence and prestige,” said Eman Taha, CEO of London Gate.

“With London Gate our commitment to both quality and delivery always remains our top priority with every project. Three of our projects, namely Nadine 1, Nadine 2 and Maya 5, are now completed ahead of schedule. Our iconic Franck Muller Aeternitas tower is rapidly moving towards completion with 30 floors already completed,” she adds.

Offering panoramic views of the Dubai Marina, it serves as both a dream home and a top-tier investment opportunity. The unique location attracts residents who appreciate luxury, exclusivity, and unparalleled access to Dubai’s bustling tourist and business districts. The Tower is designed for those seeking a lifestyle that is both refined and dynamic. With state-of-the-art amenities, the development offers modern fitness centers with cutting-edge equipment, luxurious swimming pools and serene lounges, full concierge services, secure parking with private access and immediate proximity to Dubai’s top attractions.

“After the record-breaking success of our first project together with Aeternitas Tower, we have set a benchmark for what branded residences can achieve in Dubai. This positions our partnership with London Gate as one of the most successful collaborations between a developer and a luxury brand in the region. In less than a year, this is our second major launch, and we’re absolutely thrilled and confident. to bring yet more elegance to the Dubai skyline with Franck Muller Vanguard Tower. This residential tower truly embodies the grandeur and elegance that are synonymous with our timepieces. We believe this project will resonate with our clientele and further strengthen our position in the market,” said Erol Baliyan, Managing Director, Franck Muller.

Built upon the innovative spirit that has propelled Franck Muller to the forefront of design, the Vanguard Tower represents a bold, new statement in residential architecture. Every aspect of the tower’s design is meticulously executed, combining modernity with enduring sophistication, the statement noted.

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Source: ME Construction News

Real estate services provider Savills Middle East has announced the appointment of Toby Hall to lead commercial agency services. By strengthening its commercial agency service line, Savills is responding to the growing activity across the region, and particularly within the UAE, said a statement.

Dubai’s commercial market has witnessed large-scale leasing interest from corporate entities, many of whom are newly entering the market or expanding operations. The most recent office market update from Savills showed that on average, rental values for Grade A space across the city saw a year-on-year increase of 14% as of Q1 2024, with specific markets seeing a surge of 20% to 30%. Meanwhile, in the industrial sector, the increase in demand levels and pipeline of inquiries from the FMCG, third-party logistics providers, retail, and e-commerce sectors have led to rental increases across most micro-markets.

In his new role, Hall’s initial and primary remit is the UAE market, to build a business focusing on landlord leasing and office sales. His role will also involve advising Savills’ other regional teams which have established commercial agency service lines. He returns to the UAE after 2.5 years in London, where he was first a Senior Director in the Central London office team at JLL, and then a Partner at investment and office agency Kingly Partners. During his time at Kingly Partners, he helped set up their new office leasing team focusing on tenant representation, leasing and flex space.

Hall is a qualified MRICS surveyor and holds a BSc in Land Management and an MSc in Planning and Development from the University of Reading. In addition to the primary roles he held, he has been a Board Member and Chair of the CoreNet Global Middle East Chapter, which connects corporate real estate professionals within the region and around the world. He has also served on the board of the Middle East Council for Offices – MECO.

Speaking on his appointment, Hall noted, “The opportunities presented by this dynamic market is one of the key reasons for my return to the UAE. With the region’s rapidly evolving commercial landscape, I look forward to leveraging my experience in office leasing in the region and London to drive growth, build strong client relationships, and deliver innovative leasing strategies that align with the ambitious vision of the exciting Middle Eastern markets. Savills has cemented its position as an internationally renowned real estate company, and I look forward to working with some of the best minds in the business across Savills expansive global network. Together with the talented team at Savills, I am excited to create lasting value for our clients and partners.”

Steven Morgan, CEO at Savills Middle East commented, “We are thrilled to welcome Toby to the Savills business to further expand the commercial agency offering in the Middle East. Over the years across many markets, Toby has gained significant experience that is highly relevant to our business and markets. Led by the UAE, our region has showcased tremendous potential for commercial sector growth and Toby and the team are well positioned to tap into these opportunities and unlock value for our clients.”

The announcement from Savills Middle east follows the expansion activity of its UAE residential division, which began at the start of the year and which aims to see the addition of over 100 agents by year end.

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Source: ME Construction News

The 2024 edition of the popular Big Project Middle East Awards (BPME Awards) will take place on 29 January 2025, the Big Project Middle East (BPME) team has confirmed.

The gala dinner event is returning to the Ritz Carlton JBR, Dubai and will recognise excellence from across the construction supply chain, including government organisations, developers, contractors, and suppliers.  Read about all the categories here.

The 15th edition of the event has its 31 Awards split across several categories: Individual Awards; Sustainability Awards; Developer Awards; Contractor Awards, and Project Awards. The BPME team has confirmed that nominations are now open and noted that the nomination process has been streamlined.

“This being the 15th year of the prestigious BPME Awards, the BPME team wanted to make a change with regards to the nomination process. As before you have to make your case to the panel of judges but we now ask that this be done on our website by highlighting key achievements via bullet points, following which you can address the judges via a 300-word essay (please see the screenshot). As far as supporting documentation, we now only accept testimonials,” said Jason Saundalkar, Head of Content at Big Project Middle East.

Read the nominations guidelines for the 2024 edition of the BPME Awards by clicking here.

“With the 2024 edition of the BPME Awards we will continue to focus on the full breadth of the construction supply chain, and will recognise excellence across small, medium and large developers, contractors, government agencies etc. I encourage everyone to pay close attention to the nomination guidelines and the individual category instructions, as that is the best way to find out exactly what you need to put in a winning nomination,” explained Saundalkar.

Following the close of nominations on 6 December, the BPME editorial team will go through the first round of eliminations, and will then send the remaining nominations to a panel of expert judges from the industry.

The shortlist for the BPME Awards will be revealed in early January 2025, following which shortlisted companies and winners will be recognised at a gala dinner function on 29 January.

Read more about the BPME Awards by clicking here.

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The Abu Dhabi Department of Energy (DoE) has launched a series of initiatives aimed at promoting sustainability and conservation efforts among Abu Dhabi’s next generation. Through awareness programs in schools and households the DoE is promoting a sustainable future as Abu Dhabi advances its efforts toward achieving the UAE’s 2050 Net Zero goals. Education is crucial for shaping a sustainable future and is a key focus for the DoE.

The Abu Dhabi Demand Side Management and Energy Rationalisation Strategy 2030 aims to reduce electricity consumption by 22% and water consumption by 32% by 2030, with several programs managed by various entities and overseen by the DoE. As part of this strategy, the Behavioural Change program is a key enabler to enhance policy effectiveness, promote energy and water-efficient practices and help the community become more sustainable, the DoE said in a statement.

Ahmed Juma Al Falasi, Energy Efficiency Sector Executive Director- Acting at DoE said, “Our new initiatives aim to educate and empower individuals, creating a society that is highly aware of the importance of rationalising electricity and water consumption and how to conserve them. By educating students, these initiatives expand to the community by engaging the next generation in action-based learning. We aim to inspire generations to achieve sustainability and environmental awareness by reducing carbon emissions. These individuals will carry the behavioural patterns with them throughout their lives and will, in turn, teach the next generation the habits needed to make a difference.”

In collaboration with the Abu Dhabi Department of Education and Knowledge (ADEK), the Children’s Kit initiative provided 2,000 students in Abu Dhabi schools with efficiency kits. For two age groups six to nine years old and 10 to 13 years old, the kits include guides on sustainable living and practical tools such as water-efficient showerheads and solar-powered chargers. The initiative encourages a culture of responsibility and cultivates efficient habits from a young age.

The DoE’s has also launched a gamified learning tool called “EnergiX,” which is available for download on Apple and Android devices worldwide. This interactive tool educates children and their parents about the importance of energy and water conservation through an engaging gameplay. By providing actionable ways for children to begin conserving resources, the game instils valuable lessons in a fun and enjoyable manner, the statement noted.

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Source: ME Construction News

The Abu Dhabi Investment Office (ADIO) in collaboration with the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) and the Department of Municipalities and Transport (DMT), is inviting businesses owned by Emirati citizens and registered with the Abu Dhabi Department of Economic Development (ADDED) to submit proposals for the design, build, maintenance, and operation of animal feed markets across 10 locations across Abu Dhabi, Al Ain & AL Dhafra regions: Al Haffar, Al Rahba, Nahil, Rimah, Bu Kirayyah, Bu Samrah, Al Qou, Liwa, Ghayathi and Al Marfa.

Fodder facilities are an important link in the food chain and ADAFSA, in collaboration with DMT, is further encouraging livestock breeders through the provision of fodder retail and trading sites across key areas. The animal feed markets will offer surrounding communities and farmers with high quality animal feed supply and related services, said a statement.

Bidders are encouraged to participate in the tender which opened on 3 October 2024 and closes on 18 November 2024, at 5pm (UAE time). Interested businesses must submit their proposals in accordance with instructions to bidders included in the Request for Proposals (RFP).

To confirm their interest and receive the submission link, bidders must fill out the online form provided in the RFP documents, the statement said.

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Source: ME Construction News

Designfit has announced an extensive re-brand, which includes the launch of a new brand identity, including a new website, as well as brand principles that reflect the company’s values. With projects such as Bonbon Café Angelo Musa at The Lana, Nikki Beach, DIFC Courts, Dragonfly & Frou Frou in its portfolio, Designfit continues to innovate across the commercial, F&B, hospitality, retail and residential sectors, forward-thinking design, fit-out solutions, and a spirit of collaboration, the firm said in a statement.

As a member of Cencorp Group, founded in 1986, designfit has built a strong reputation since early 2022 in the UAE as an industry partner, with vision to become a market leader, setting the bar for holistic and sustainable end-to-end design and build solutions across the GCC, the statement explained.

Sustainability has always been an integral part of approach, and now forms a core pillar of the new brand identity and principles. As the portfolio expands, the firm’s goal is to identify new tactics to reduce environmental impact and align with local communities, incorporating locally sourced, renewable materials in every project. The brand identity has evolved from a monochromatic black-and-white look to a bolder, more youthful aesthetic that distinguishes from the market. This includes a fresh logo, a simple color palette and graphic shapes that bring a sense of character and playfulness, the firm said.

As part of its growth, the firm has also announced key hires, including Glen Dyer as Design Director and Alice Inigo-Jones as Development & Strategy Director. Dyer joined the company from Zebra Projects, where he designed spaces in over 50 countries around the world, while Inigo-Jones brings 12 years of industry experience from across Australia, London, the UAE and KSA.

“A shift to the design and build methodology was not a decision I took lightly, however after meeting with Stephen and hearing his vision for the business – establishing designfit as a respected name in the design sector – I felt certain this was the right opportunity. The current portfolio of projects we have on our books all lean towards the luxury market, so I am excited for what the future holds,” says Dyer.

Inigo-Jones adds, “I am delighted to join designfit to spearhead growth initiatives and drive strategic development, when I met with Stephen, I saw a company with not only solid financial backing from its parent company Cencorp Group, but a team with immense talent and drive, delivering exceptional projects for their clients. designfit’s core values and commitment towards delivering excellence aligns perfectly with my approach to projects and clients alike. It’s an exceptionally exciting time to join at such at a pivotal moment and contribute to its journey of growth and success.”

Speaking on the rebrand and designfit’s vision for the future, CEO Stephen McGuill explains, “The rebrand underscores our continued commitment to the evolution and maturing of the business, from the very first day our vision has been to provide a best-in-class service through a human-centric mantra reflecting values of excellence, integrity, sustainability and genuine relationships essential to our future success and growth.”

Recent company portfolio additions include office spaces for global architecture studio Arquitectonica, and engineering firms Robert Bird Group and Meinhardt. In KSA where the objective is to expand the presence in the coming years designfit have collaborated with pharmaceutical group Merck to open a new hub in Riyadh for its regional affairs and have a number of projects going live later in 2024.

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Source: ME Construction News

Dar Global has appointed David R. Weinreb as Non-Executive Chairman. Weinreb is said to be a seasoned entrepreneur and leader in real estate, and brings an extensive background spanning four decades of experience and innovation to Dar Global. He will build on the company’s strong foundations, focusing on its strategy to expand its portfolio and reach, the firm said in a statement.

Weinreb is known for his leadership as Co-Founder and CEO of The Howard Hughes Corporation, where he led a multi-billion-dollar real estate firm. Under his guidance, The Howard Hughes Corporation’s market cap grew from $500mn to $6bn by the time of his departure in 2019. Weinreb’s success in creating iconic developments such as Downtown Summerlin in Nevada and Ward Village in Honolulu has solidified his reputation as a leader in the sector with the ability to create enduring value in real estate, the statement explained.

As Chairman of Dar Global, Weinreb will guide the company’s vision to expand. His appointment is said to mark a milestone for Dar Global, as it aims to deliver landmark real estate projects that are innovative, sustainable, and designed to meet the evolving needs of modern cities.

Ziad El Chaar, CEO of Dar Global, commented: “We are excited to welcome David as our new Chairman. His experience and track record of driving growth in the sector will undoubtedly accelerate Dar Global’ s next phase of development.”

“I am pleased to join Dar Global at such an exciting time in its growth trajectory. My vision is to leverage Dar Global’ s foundation and take it to new heights, expanding its presence while seeking to ensure that developments not only meet but exceed the expectations of both local and international investors,” stated Weinreb.

“Together, we will focus on delivering exceptional value to our stakeholders by introducing globally influenced design standards and offerings that cater to both first and second home markets, while setting new benchmarks for innovation and excellence in real estate development,” Weinreb added.

Weinreb’s appointment reflects Dar Global’ s dedication to top-tier leadership and driving its vision of becoming a global leader in real estate development. With his expertise and leadership, the company is poised to achieve new milestones in the years ahead.

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The UAE has made significant strides in global real estate market transparency, with Dubai and Abu Dhabi securing a place among the top five improvers in the transparency score globally, according to JLL’s 2024 Global Real Estate Transparency Index (GRETI).

Dubai earned the third spot and Abu Dhabi secured the fifth position for improvements made from 2022-24 for scaling digital capabilities, implementing strong anti-money laundering (AML) and beneficial ownership (BO) regulations, and increasing the availability of market data for established and start-up market providers.

Dubai climbed one spot to reach the 28th position on the index in the 2024 edition, where it has retained its position as the only property market in the Middle East and North Africa (MENA) to feature in the ‘Transparent’ tier. The emirate’s gains in its ranking highlight government initiatives to enhance market transparency and more robust real estate.

The launch of technology-focused initiatives such as the Real Estate Innovation Incubator and Dubai PropTech Group have boosted Dubai’s rise on the index. These initiatives have empowered the real estate community in Dubai, creating confidence in the sector and building investment environment. Enhancements made to digital services through the Dubai REST interface, platform for real estate services, and providing access to land information or urban planning systems.

Marwan Ahmed bin Ghalita, Director General of Dubai Land Department said, “Dubai’s progress in the 2024 Global Real Estate Transparency Index demonstrates our commitment to building an innovative and reliable real estate ecosystem. Clear, open practices attract global investments, enhance market trust, and support sustainable development, aligning with Dubai’s vision as a leading global destination for real estate. Following Dubai’s Economic Agenda D33, we are advancing digital transformation and setting high standards to keep Dubai at the forefront of global real estate markets.”

James Allan, CEO of JLL Middle East and Africa (MEA) added, “Dubai’s continued advancement in the 2024 edition of the Global Real Estate Transparency Index and the significant improvements made by Abu Dhabi reflect a broader trend towards greater transparency and efficiency in real estate markets across the UAE. Our 13th Global Real Estate Transparency Index has also spotlighted the importance of embracing technology to drive the sector’s transformation and enhance transparency. The UAE has positioned itself as a tech and innovation leader in the MENA region, and by ramping up commitments to sustainability, it is creating a conducive investment environment that supports transformative urban development projects.”

JLL’s 2024 GRETI report reveals the competitive advantages AI brings to real estate markets and its potential for advancing productivity and transparency. Despite its impact on the economy, concerns have been raised on the potential risks of AI tools leading to anti-competitive behaviour, for example, through pricing optimisation algorithms.

Sustainability transparency too is becoming increasingly critical as a growing number of countries and cities set out mandatory long-term decarbonisation pathways in line with the goals of the Paris Agreement. With governments also mandating building-level energy and emissions disclosure, progressively more stringent standards and improved building management will drive faster progress.

Globally, financial sanctions have maintained momentum for improving anti-money laundering (AML) and beneficial ownership (BO) regulations. As tighter standards are introduced in more jurisdictions owing to geopolitical tensions and risk rise, investors and corporations will need to devote more resources to ensuring compliance and will increasingly gravitate towards markets with robust regulatory systems and lower reputational and financial risk.

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Source: ME Construction News

Dubai’s real estate market recorded total sales of US $38bn in Q3 2024, which is said to be an all-time high for a single quarter. This eclipsed the previous quarterly sales record of US $33.47bn in Q2 this year and represented a 30.1% year-on-year rise in value.

In a market update issued by fäm Properties, the firm said there were 50,423 overall sales transactions in Q3, a 37.9% year-on-year increase in volume and a 16.6% rise on Q2. There were 39,058-apartment sales worth $19.03bn which represented 77% of the total Q3 transactions, showing a 43.9% increase in volume on the same period last year. Meanwhile, 8,156 villas sold for $10.59bn, a rise in volume of 16.6% over Q3 2023, and an increase of 18.4% on the previous quarter.

Rising property values in recent years were highlighted by a median price of $408.02 per sqft compared with the Q3 rates of $274.57 in 2021, $318.23 in 2022, and $378.35 last year. Sales of 2,102 plots for  $8.05bn represented a 45.9% leap in volume on Q3 last year and a 42.3% increase on Q2. In commercial real estate, 1,112 sales worth $6.21mn were up 12.1% in volume on Q3 last year.

“The figures once more emphasise the resilience of the Dubai real estate market and the consistent growth we’ve seen in recent years, which continues to enhance investor confidence,” said Firas Al Msaddi, CEO of fäm Properties. “This ongoing upward trend reinforces Dubai’s status as a leading destination for real estate investment, attracting growing interest from global investors, as well as buyers from the local and regional markets.”

Dubai’s Q3 property sales over the last five years have now risen to the current peak level from $4.90bn (8,600 transactions) in 2020 to $11.48bn (15,900) in 2021, $18.72bn (25,500) in 2022, and $29.51bn (36,700) last year.

The top five performing areas of Dubai in Q3 were Jumeirah Village Circle (4,467 transactions – $1.44bn), Dubai South (2,910 – $2.23bn), Business Bay (2,651 – $1.95bn), Wadi Al Safa 5 (2,382 – $1.43bn), and Dubai Hills Estate (2,358 – $1.99bn). The most expensive individual property sold in Q3 was a luxury One at Palm Jumeirah apartment which fetched $74.1mn.

Properties worth $272,000 – $544,000 accounted for 31% of sales, 29% were below $272,000, 18% between $544,000 – $816,000, 14% between $816,000 – $1.36mn, and 8% more than $1.36mn, the report noted.

Overall, first sales from developers significantly outnumbered re-sales in the secondary market – 68% over 32% in terms of volume and 63% against 37% in value.

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Source: ME Construction News