Tecom Group CEO Abdulla Belhoul says changes to the way businesses can operate in the Dubai district will help the success of its new $120mn development.

Tecom Group revealed earlier this week that it had broken ground on the Innovation Hub Phase 2 Project, which will add more than 355,000 sq. ft. of space at Dubai Internet City, amid high demand for commercial real estate in the emirate.

Tecom is expanding its leasing portfolio to capture the increasing demand in Dubai’s commercial real estate market, underpinned by the emirate’s economic development and the government’s pro-growth strategies.

The Innovation Hub Phase 2 expands the group’s assets with two high-end office buildings, four boutique offices, retail spaces and more than 800 parking spaces.

“Tecom remains a pillar for Dubai’s business hub proposition,” said Belhoul. “New regulatory frameworks and the ease of doing business are accelerating economic growth and reinforcing investor and business confidence. We’re seeing the success of our leadership’s economic diversification strategy reflected in our commercial and industrial real estate portfolio performance this year due to an influx of new companies and talent.”

To be completed by 2024, the Innovation Hub Phase 2 will provide specialised tech offices at Dubai Internet City amid high demand for commercial real estate in Dubai.

Launched in 2018, the Phase 1 of the Innovation Hub is almost at full capacity, providing tech giants like Google, Hewlett-Packard, Gartner and China Telecom a base in the region.

With additional stages in the pipeline, the completed Innovation Hub project is expected to add more than 1.2 million sq. ft. of space for technology, education and new media businesses of all sizes to the Group’s portfolio.

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Abu Dhabi has selected French consortium EDF (Eléctricité de France) and Engie to deliver Phase 2 of its LED road lighting public-private partnership (PPP) project.

The selection was done by Abu Dhabi Investment Office (ADIO), in collaboration with the Department of Municipalities and Transport (DMT).

DMT has signed a partnership agreement with Nojoom, a joint venture between EDF and Engie, to deliver the project in the UAE capital.

The project, which forms part of the wider Abu Dhabi Road Lighting Programme, includes the finance, supply, installation, operation and maintenance of 133,473 LED energy-efficient luminaires in the emirate of Abu Dhabi. It will result in significant electricity savings of almost 2,400 million kWh, equivalent to a reduction of approximately 74% in power consumption, over the 12-year concession period.

Abdulla Abdul Aziz AlShamsi, Acting Director-General of ADIO, said: “The completion of the second phase of the LED road lighting tender demonstrates the strength of Abu Dhabi’s PPP framework and our commitment to support partnerships between the public and private sectors to deliver strategic infrastructure projects. Building on the success of the first phase, the partnership agreement with DMT will deliver significant energy reductions across the emirate’s road lighting infrastructure, making an important contribution to the UAE’s ambitious sustainability goals.”

Dr Salem Al Kaabi, Director-General of Operational Affairs at DMT, stated: “The strategic partnership between the government and private sectors constitutes an important step towards adopting advanced technologies and creating sustainable infrastructure.

“The implementation of Phase 2 of this project will help in the reduction of energy consumption resulting from the installation of energy-efficient lighting which meets the highest standards of quality and supports improving road safety in the emirate. As we move forward with this critical project which contributes to enhancing the quality of life in the Emirate of Abu Dhabi, our team will continue to collaborate with all partners involved.”

The project was procured in accordance with Abu Dhabi’s PPP Law and ADIO’s Partnership Projects Guidebook and Environmental, Social and Governance (ESG) Policy. EDF and Engie signed a partnership agreement with DMT after a thorough three-stage evaluation of the proposals submitted by pre-qualified bidders.

The selected consortium offered the best technical solution and will deliver the project over five phases, covering smaller geographical zones across Abu Dhabi to ensure the highest standards of efficiency and sustainability.

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Work on the second phase of the King Faisal Corniche and The Avenues – Bahrain project is progressing steadily, with completion set for the second half of 2024, it has been announced.

According to a BNA report, the project – which spans over a 103,000sqm area – will feature a complex building, hotel apartments, and a car park, as well as green spaces, once completed.

Municipalities and Agriculture Minister Wael bin Nasser Al Mubarak visited the project site and highlighted the Bahraini government’s desire to promote development projects that will contribute towards achieving Bahrain’s Economic Vision 2030 via partnerships with the private sector.

The report added that the minister was briefed on the implementation stages of the project, which is aimed at providing a variety of key amenities, along with advanced services and facilities that will serve Bahrain’s citizens and residents.

Approximately US$185 million is being invested into the project, Al Mubarak said during his visit.

“The financial contribution from the developer company is worth US$13.26 million to develop the road network surrounding the project, and a total benefit amount of about US$87.5 million,” the minister said, and added that the expansion will motivate the economic sector in the Kingdom and support the tourism sector.

The development is a major retail and tourism destination for Bahrain and aims to revive tourism and trade in the Kingdom. It is the first of its kind in the country and is being developed along Bahrain Bay in Manama.

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Godwin Austen Johnson (GAJ), the Dubai-based, UK architectural and design practice, has said that it has been appointed by Palma Development as the lead architects for the new Serenia Living residential complex located on Dubai’s Palm Jumeirah.

In a statement, GAJ said that the appointment follows the success of the Serenia Residences, also on The Palm Jumeirah, which was designed and handed over by GAJ in 2018.

The project will offer an array of 225 residences featuring a mix of two- three-, and four-bedroom units as well as half floor and full floor penthouses, across four buildings. Two of the towers will be dedicated to a collection of 22 penthouses and each building will be feature a one-off duplex Sky Mansion.

Furthermore, the development will feature one of the largest wellness clubs in Dubai, which includes a spacious gym with dedicated training studio and a spa with sauna, steam room and an ice plunge pool. It will also include a children’s play area with games room, outdoor pool, cinema and an array of external sports facilities and courts.

“As with the Serenia Residences we wanted to create a contemporary product with clean architectural lines that responds to its unique setting and creates its own unique resort environment,” said Jason Burnside, partner at GAJ.

“The location of the project has led our design approach through references to the shoreline and city views on one side to the vast expanse of the Gulf and setting sun on the other. These are subtle but elegant and feature the nautical references to curved balconies and champagne colour tones of the razor clam cladding panels of the buildings that change with the sun movement throughout the day. With such spectacular views on all sides, it was critical to incorporate sliding floor-to-ceiling glass walls with generous balconies to maximise the opportunity for residents to enjoy a truly luxurious connection with nature.”

The development also includes a clubhouse on the beach with a café and storage for water sports equipment. Bringing it all together is the landscaping with intentionally placed design elements that help foster connections between the buildings, the beach, and users.

The development’s anticipated completion is set for December 2025.

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Unique Properties, a Dubai-based real estate agency, has predicted that Dubai’s prime residential market will experience the world’s strongest growth in 2023, with high-end properties in the city remaining in strong demand.

In a statement, Unique Properties said that prices are likely to end the year (2022) around 50% higher than in 2021. It added that Dubai’s prime residential market has been a global outlier with record price growth this year. It is poised to continue this trajectory into the new year with the UAE’s proven stature as one of the safest places in the world to live.

Down from the 2.7% growth rate that was predicted halfway through 2022, the emirate’s prime real estate sector is still projected to rise by 2% on average in 2023, and aggregate growth for next year is expected to be higher than what has been recorded in six of the past 10 years.

Despite global instability, rising inflation rates, and chatter of a looming recession, the upward momentum of Dubai real estate is supported by appealing incentives such as an extremely low rate of tax, long-term visas, and excellent connectivity.

Additionally, with the influx of GCC tourists who have been increasingly entering the region because of the Qatar World Cup, it is predicted that the UAE will see 40% growth in high-net-worth individuals (HNWI) residing in Dubai over the next decade, the statement continued.

Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ, said: “With the US dollar strengthening over the last six months, and the UAE dirham being fixed to its value, buyers from the UK and EU will continue to enjoy the benefit of relative affordability in Dubai’s real estate market as we move into 2023.

“November sales transactions in the UAE reinforce this notion as it was a record-breaking amount propped up by the well-being of the country’s economy. This trend should continue for the next year with Dubai properties being one of the most preferred long-term investment assets around the world,” he continued.

Jalili also highlighted the UAE’s deft handling of the pandemic, which has enabled a quicker recovery than that of most countries. He stated that the city is one of the more resilient economies in the world and citied experts who have predicted that it will grow by 4.3% in 2023 to become the fastest-growing economy in the Arabian Gulf.

“Dubai’s mainstream residential market is expected to contribute to this growth and simultaneously be a beneficiary by registering price increases of five to seven per cent by the end of this year and a similar rate of growth in the following year,” the statement concluded.

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Saudi Electricity Company (SEC) has announced the appointment of WSP, the global professional services consulting firm, to support the utility provider in achieving compliance against local and international environmental regulations.

In a statement, SEC said that the consultancy would help it support the Kingdom’s environment and sustainability ambitions, and help it become an industry pioneer. The utility giant said that it had commissioned an environmental compliance programme covering all of its facilities in the Kingdom, driven by Vision 2030, which aims to protect and enhance the Kingdom’s environment.

The project’s aims include achieving the environmental compliance requirements for SEC’s operation facilities and assets, against the standards and regulations set by the National Centre for Environmental Compliance.

As per the deal, WSP’s Environment and Sustainability Advisory team will help the SEC in achieving these compliances, across two phases. The statement added that the move comes in line with SEC’s vision of being a leading power provider while protecting the environment through sustainable solutions.

Dr Abdullah M. AlShoaibi, Environment & Sustainability Manager, SEC, said: “We at the Saudi Electricity Company collaborate with WSP to develop corrective action plans and an EMS to ensure we achieve environmental sustainability and improve SEC’s Environmental and Sustainability Performance towards KSA’s sustainable future.”

As part of the first phase of the project, WSP will identify all compliance gaps, provide environmental auditing services, and develop the environmental compliance action plans and procedures required to achieve legal compliance with NCEC’s requirements.

The second phase will cover oversighting, tracking, and monitoring the Environmental Compliance Action plans’ implementation, including the development of key performance indicator to monitor and control the progress across SEC’s operation sites and assets.

Furthermore, WSP’s Environment & Sustainability Advisory team will also support SEC with the development of an Environmental Management System (EMS) based on international benchmarks.

The development of the EMS is a target set by SEC and defined as an internal KPI for meeting International Organisation for Standardisation’s (ISO) requirements, the statement continued.

On the project win, May Faraj, Head of Environment & Sustainability, WSP Middle East said: “I am confident our expertise and technical skills in the Environment & Sustainability space will lay the foundation for successful outcomes. What we’re setting out to achieve here is the provision of advisory services underpinned by bringing SEC’s sustainability commitments to realisation, in line with Vision 2030.

“We are proud to have been appointed by SEC; this is a strategic partnership on both ends. As we support SEC to achieve its sustainability ambitions, we are also thrilled to be working on such a big-scale project with a company of this magnitude,” he continued.

Mahmoud Hashish, Project Director and KSA Environment & Sustainability Lead, WSP Middle East added that the consultancy will continue to work closely with SEC, to ensure environmental compliance and protection, set up benchmarks for SEC to become pioneers in their field, and implement a national transformation plan in line with the Kingdom’s Vision 2030.

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Penthouse.ae is listing what it claims is one of Dubai’s most expensive ready-to-move-in penthouses for AED 120M ($33.5mn) in the Jumeirah Gate Tower, at Address Jumeirah Beach Residence (JBR).

Inspired by the theme of ‘La Dolce Vita,’ the ultra-luxurious 10,000 sq. ft. ready-to-move-in penthouse occupies floors 73-75 has four bedrooms a majlis area, a private elevator, double height ceilings and offers amazing 360-degree views of the Dubai skyline, Bluewaters, Ain Dubai, Palm Jumeirah and Burj Al Arab as well as access to five-star amenities and facilities, describes the luxury division of Metropolitan Premium Properties.

According to the firm, owners of the uber-luxury penthouse will experience a unique resort-style lifestyle with 100m of direct beach access and the property is located a short distance to surrounding attractions, including The Beach and Dubai Marina Walk.

“We are seeing a huge influx of ultra-high net worth investors and buyers from Europe and the CIS in the last 6-12 months who are looking for ready-to-move-in homes and driving up demand for these uber-luxury units,” commented Petri Mannila, Sales Director of Penthouse.ae.

“We are currently listing 10 penthouses ranging from AED 100M up to AED 400M in Dubai some of them ready-to-move-in and a few are to be handed over in the next year or two. The Jumeirah Gate Tower penthouse is located on the very last land plot on Jumeriah Beach Walk making it an even more strategic investment opportunity.”

Penthouse.ae recently sold a penthouse for AED 80.5mn ($23mn) and has seen closure on many ultra-luxury properties including Sea Mirror, Jumeirah Bay Island which sold for AED 154mn ($42mn).

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Arada, the Sharjah-based master developer, has said that it has awarded two major contracts together totalling US$255.6 million to build 986 new homes across two residential districts at Masaar, Sharjah’s woodland megaproject.

Valued at US$2.17 billion and containing 4,000 homes spread over seven gated districts, Masaar features a nature-inspired master plan containing more than 50,000 trees. The first contract is valued at $109.1 million and will covert the construction of 421 villas and townhouses in Masaar’s second residential phase, Kaya.

It was won by Pivot Engineering & General Contracting, an Abu Dhabi-based firm with more than 44 years’ experience in the local market. Construction on Kaya will begin immediately and is scheduled to take 18 months, the developer said.

Valued at $146.4 million, the contract to build 565 villas and townhouses in Robinia, Masaar’s third residential phase, was awarded to Intermass, a well-established Sharjah-based contractor that is already at work on the Masaar jobsite building part of the first residential phase, Sendian.

Intermass has also worked with Arada on two of its other projects, Nasma Residences and Aljada. Construction on Robinia will begin immediately and is scheduled to take 17 months.

Ahmed Alkhoshaibi, Group CEO of Arada, said: “These two awards signal our determination to push forward rapidly with construction at Masaar, where we are seeing sales demand accelerate thanks to very favourable customer sentiment about the newly opened central entertainment zone and show villa at the community, which provide an opportunity for buyers to truly appreciate what the Masaar lifestyle is all about.

“Thanks to the recent decision to allow freehold ownership for all nationalities in Sharjah, we are seeing buyer interest at Masaar accelerate significantly. The master development as a whole is now more than a third sold out and we’re bringing forward new phase launches in order to keep up with demand.”

The award means that 1,416 homes are now under construction at Masaar, where the first phase is scheduled to be completed by June 2023.

Sales for Masaar’s fourth phase, Azalea, began earlier in November with an expected delivery of end -2024. Azalea consists of 566 homes ranging from two-bedroom townhouses to six-bedroom villas.

Masaar was officially inaugurated in September by HH Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah. The community is anchored by the Masaar Discovery Centre, which now open to the public and surrounded by family attractions and entertainment amenities including a children’s adventure playground and waterplay area, an outdoor amphitheatre and a skate park, alongside the second location of the popular Zad food truck park.

Also open to the public is the community’s first completed home, the Masaar show villa, which can be reached via a forested walkway.

The community is located in the up-and-coming Suyoh district, close to Tilal City, the Sharjah Mosque and Arada’s first project, Nasma Residences. The community has easy access to Emirates Road and Mleiha Road, and is 15 minutes’ drive from Sharjah International Airport, and 20 minutes’ drive from Dubai International Airport.

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The Luxe Developers has held what it describes as a private but lavish pre-launch ceremony for its flagship residential project in Ras Al Khaimah.

A recent entrant into the luxury tier of the UAE property market, The Luxe Developers used the event to give attendees  a first glimpse of the ‘ultra-luxury’ residential project located on Al Marjan Island.

With the CEO of Al Marjan, Abdulla Al Abdouli present, co-owners Shubam Aggarwal and Siddharta Banerji, said the development will be synonymous with providing the ‘very best’ in craftsmanship, and will take understated luxury to a ‘new level’.

The flagship project is situated just opposite the Wynn resorts development and investors will be offered their own private beach and a private jetty to dock their summer yachts.

According to The Luxe Developers, the projects features: “An exterior well beyond one’s imagination. The Luxe Developers are redefining what was thought to be possible in functional architecture, with an exterior filled with elegant asymmetric lines and a mesmerizing entrance that warmly welcomes all our residents and visitors. The interiors are just as futuristic by reimagining, redefining, and revolutionizing opulence, and seamlessly integrating smart technology throughout. The Luxe Developers aims to provide the perfect balance for comfortable living and an elevated lifestyle.

“We conceptualized The Luxe Developers with an aim to deliver distinctiveness with every project that we undertake. Every investor that is involved with The Luxe Developers will experience an elevated lifestyle that reimagines living in luxury.

“Our ethos is creating lifestyles where luxury, comfort and craftsmanship meet excellence.”

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Demand for prime residential ski property has remained undeterred despite the impact of the pandemic on international travel.  Across the 46 resorts tracked by Savills, prime residential asking prices grew, on average, by more than 20% in the last year and by over 30% since 2020.

Aspen and Vail take the top place in the Savills Ski Prime Index, with average asking prices reaching €38,500 and €37,900, respectively.

Verbier has climbed three places and is the most expensive prime Alpine resort, with an average asking price of €27,800 per square meter. Thanks to its dual-season appeal and international schools, Verbier attracts a diverse buyer base. A lack of stock and an increase in remote working are contributing to price growth.

Top 20 prime ski resorts

Source: Savills Research
Note: Based on properties with asking prices greater than €750,000 with exchange rate as at September 2022.
*Includes Le Praz, Courchevel 1550 and 1650

Demand from affluent Middle East buyers is growing, according to Savills, with many countries in the region whose currencies are pegged to the USD especially benefiting from the currency appreciation.

Guy Murdoch, French Alps Manager of Savills Ski said: “We are seeing more Middle Eastern buyers in our markets. Potential buyers from this region tend to prefer chalets in more discreet locations within prime resorts, and usually, the preference is for brand-new properties, rather than from the secondary market. Interestingly, this is not always due to the financial incentives in place for new build properties in France, however more on account of personal taste. Resorts, where there are various non-skiing activities on offer (spas, swimming pools, luxury shops etc.), are most popular, such as Megève and Courchevel 1850. Switzerland is also alluring to Middle Eastern buyers, but it is more difficult to find the right product due to purchasing restrictions for non-Swiss residents.”

Executive sNOwMADs: The Winter Executive Nomad

The Savills study also ranked 20 global resorts for their appeal to executive ‘sNOwMADS’, winter executive nomads looking for semi-permanent bases during the winter months. The resorts have been ranked on their connectivity and ease of access, resilience to climate change, the prime residential market, and quality of life.

Whistler Blackcomb in Canada tops the table of the best ski resorts for an executive ‘snowmad’. Offering 8,000 acres of terrain for winter sports enthusiasts, plentiful snow, a year-round vibrant village, attractive prime property prices, and close proximity to Vancouver, British Columbia’s most famous resort is the ideal retreat for footloose executives. Zermatt, in Switzerland, ranks second, driven by its dual-season appeal and good connectivity. The resort of Val Gardena takes third place – this Italian resort is the closest of all 20 resorts to a large city and international airport.

Savills Ski agents report that just over 90% of chalet owners are staying for longer periods of time post the pandemic, and 60% of owners are now working remotely from their ski residence.

Commenting on the outlook, Jeremy Rollason, head of Savills Ski, said, “Despite limited stock, we anticipate that double-digit price growth is unlikely to continue into 2023, with growth more likely to plateau in certain locations. At the very top end of the market, where purchasers are more reliant upon equity and less dependent upon debt, as well as being a safe haven for capital, the impact of tightening monetary policy is likely to remain limited.”

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Source: ME Construction News