Dubai Informer
Information about Dubai in all aspects
Sunday, April 29, 2007
Dubai is experiencing a shortage of affordable rental property which has driven rents up in both residential and commercial property. Dubai has over 27 million square feet of office space under construction. The Central Business District alone has office space totals to about 15.86 million square feet. Mr. Ian Albert, Regional Director, Colliers International remarked on the situation revealing that Dubai office space is equivalent to that available in Geneva, Rio De Janeiro, Beijing and Singapore.
Currently it is a landlord’s market in Dubai with the rents being determined by the landlord. Negotiations for tenants is tough as office space is at a premium due to the limited supply.
Within the next 3 years the increase in real estate supply is expected to tilt the balance of power from the landlords to the tenants. Accordingly a decrease in rentals is anticipated.
Currently the rents in the prime commercial zones registered an increase of between 28 to 30 percent in the last nine months. This was especially true for Grade A buildings on prime locations such as Shiekh Zayed Road and Dubai International Financial Centre.
Even for Grade B or C buildings and for those that are not located in the prime property zone, this has been a time of economic boom. Rentals have shot up without any additions to the existing facilities in a lot of properties. Again due to the shortage in supply, tenants have been at the receiving end and have had to stay put.
A huge number of multinationals have held back their expansion plans due to the high rental costs. They prefer to wait and move only when the market turns in their favour.
Unduly high rentals have also hit at a huge number of independent operations and small companies. The boom has been one sided in favour of the landlords till now.
Year 2010 will see a role reversal with the tenants dictating the rents and the landlords bending backwards to fill in their properties. An increasing supply of commercial properties for sale is also another reason why rents would fall. Companies are planning to purchase office space and build up their asset base rather than spend on rent.
Not only will the rents fall, but also the payment terms, rent free periods and lease conditions will be highly negotiable as opposed to the current situation.
Currently it is a landlord’s market in Dubai with the rents being determined by the landlord. Negotiations for tenants is tough as office space is at a premium due to the limited supply.
Within the next 3 years the increase in real estate supply is expected to tilt the balance of power from the landlords to the tenants. Accordingly a decrease in rentals is anticipated.
Currently the rents in the prime commercial zones registered an increase of between 28 to 30 percent in the last nine months. This was especially true for Grade A buildings on prime locations such as Shiekh Zayed Road and Dubai International Financial Centre.
Even for Grade B or C buildings and for those that are not located in the prime property zone, this has been a time of economic boom. Rentals have shot up without any additions to the existing facilities in a lot of properties. Again due to the shortage in supply, tenants have been at the receiving end and have had to stay put.
A huge number of multinationals have held back their expansion plans due to the high rental costs. They prefer to wait and move only when the market turns in their favour.
Unduly high rentals have also hit at a huge number of independent operations and small companies. The boom has been one sided in favour of the landlords till now.
Year 2010 will see a role reversal with the tenants dictating the rents and the landlords bending backwards to fill in their properties. An increasing supply of commercial properties for sale is also another reason why rents would fall. Companies are planning to purchase office space and build up their asset base rather than spend on rent.
Not only will the rents fall, but also the payment terms, rent free periods and lease conditions will be highly negotiable as opposed to the current situation.
Labels: Construction, Dubai, Properties, Society
Remittances by some 20,000 overseas Filipino workers (OFWs) in Dubai had increased by 96 per cent to Dh195.4 million in January to February 2007, from Dh100 million for the same two months last year, according to statistics released by the Bangko Sentral ng Pilipinas (BSP).
The BSP said that in the UAE capital of Abu Dhabi, OFWs sent home Dh107.4 million in January to February, a 70 per cent increase from Dh63.2 million covering the same period in 2006.
Some 250,000 OFWs in the entire UAE remitted a total of Dh303 million in January to February this year, an 86 per cent rise from Dh163.1 million for the same period last year.
Vicente Liwanag Jr, Allied Bank's marketing representative for Dubai and Northern Emirates, said the figures "are heartening but hardly surprising" because Dubai or the UAE in general has really become one of the favourite destinations for OFWs. "The Filipino here enjoy working and living in a multi-cultural environment and at the same time getting their salaries tax-free," Liwanag said. He added that the UAE is generally a friendly host-country to OFWs.
Allied Bank is one of nine banks in the Philippines that offer remittances services to OFWs in the UAE through Al Fardan Exchange. The average charge per remittances service is Dh6.20. The other Philippine banks doing monetary transactions in the UAE through Al Fardan and other foreign exchange centres are Land Bank of the Philippines, Banco de Oro, Bank of the Philippine Islands, Equitable PCI Bank, Metro Bank, Rizal Commercial Banking Corporation and Asia United Bank.
The Philippine National Bank (PNB) has its own branch in Dubai. Earlier, the BSP said OFWs in the UAE, mostly in Dubai and Abu Dhabi, sent a total of Dh1.6 billion to their families in 2006, a big chunk of the Dh7 billion OFW remittances from the whole Middle East. The BSP said a considerable share of Filipino remittances is being coursed through formal banking channels.
However, non-banks-Western Union, LBC-and informal channels like the Express Padala services have done brisk business because of their accessibility, simple processes and customer awareness. Money sent through informal channels includes that being hand-carried by returning friends and relatives and cash or overtime pay brought home by OFWs themselves. Western Union had been cited by the Manila-based Asian Development Bank (ADB) to have cornered some 20 per cent of OFWs remittances to the Philippines in 2002. LBC and other small courier companies have captured a big market in Hong Kong, Singapore and the Gulf states.
The BSP said that in the UAE capital of Abu Dhabi, OFWs sent home Dh107.4 million in January to February, a 70 per cent increase from Dh63.2 million covering the same period in 2006.
Some 250,000 OFWs in the entire UAE remitted a total of Dh303 million in January to February this year, an 86 per cent rise from Dh163.1 million for the same period last year.
Vicente Liwanag Jr, Allied Bank's marketing representative for Dubai and Northern Emirates, said the figures "are heartening but hardly surprising" because Dubai or the UAE in general has really become one of the favourite destinations for OFWs. "The Filipino here enjoy working and living in a multi-cultural environment and at the same time getting their salaries tax-free," Liwanag said. He added that the UAE is generally a friendly host-country to OFWs.
Allied Bank is one of nine banks in the Philippines that offer remittances services to OFWs in the UAE through Al Fardan Exchange. The average charge per remittances service is Dh6.20. The other Philippine banks doing monetary transactions in the UAE through Al Fardan and other foreign exchange centres are Land Bank of the Philippines, Banco de Oro, Bank of the Philippine Islands, Equitable PCI Bank, Metro Bank, Rizal Commercial Banking Corporation and Asia United Bank.
The Philippine National Bank (PNB) has its own branch in Dubai. Earlier, the BSP said OFWs in the UAE, mostly in Dubai and Abu Dhabi, sent a total of Dh1.6 billion to their families in 2006, a big chunk of the Dh7 billion OFW remittances from the whole Middle East. The BSP said a considerable share of Filipino remittances is being coursed through formal banking channels.
However, non-banks-Western Union, LBC-and informal channels like the Express Padala services have done brisk business because of their accessibility, simple processes and customer awareness. Money sent through informal channels includes that being hand-carried by returning friends and relatives and cash or overtime pay brought home by OFWs themselves. Western Union had been cited by the Manila-based Asian Development Bank (ADB) to have cornered some 20 per cent of OFWs remittances to the Philippines in 2002. LBC and other small courier companies have captured a big market in Hong Kong, Singapore and the Gulf states.
New figures released today show that Dubai World Trade Centre (DWTC) retains its leading position in the region's event industry.
DWTC-managed venues are set to host a total of 106 major events in 2007, and the group has already secured a number of new exhibitions that will push the total to an all-time high in 2008.
Dubai's leadership position has been confirmed by research from MICE International and research consultant The Right Solution, which showed that, among a research population of 368 trade buyers and 192 suppliers, Dubai held the top spot in the five most popular destination choices for meetings and events.
Dubai also held the lead position for the destinations that survey respondents believed will attract business in the future.
Executives at DWTC are confident that this strong industry support will continue to be reflected in the volume of new exhibitions looking to secure space at DWTC's venues, with the number of new shows booked for 2008 already reaching double figures by April 2007.
"Dubai's ongoing success in attracting new trade exhibitions to the region underlines both the dynamism of the industry and the strength of DWTC's offering for international event organisers," said Helal Saeed Al Marri, Director General, Dubai World Trade Centre.
Among the shows already announced for 2008 is Aircraft Interiors Middle East (AIME), running from the 16th to 18th June 2008.
Organised by Fairs & Exhibitions, the company behind the Dubai Airshow, AIME is set to be one of the aviation industry's premier exhibitions, covering everything from seating and fabrics to in-flight entertainment and communication technologies.
"Because of its position and the high quality of the facilities available, Dubai is a natural partner for targeted events of this nature. The aviation industry in the Middle East is one of the fastest-growing in the world, and we anticipate major interest in this specialized show," said Virginia Kern, Chairman, Fairs & Exhibitions.
New shows launched for 2007 include China Sourcing Fair: Gift & Home Products, which is set to bring one of Hong Kong's largest trade shows to Dubai in June, and Sweets Middle East, a specialist food exhibition held in conjunction with Messe Koln, that will take place in November 2007.
DWTC continues to encourage the development of new exhibitions as a way of driving development and innovation within the sector, as well as spreading foreign direct investment across the region.
The Group continues to apply strict quality criteria to ensure that new shows deliver a high quality experience for business visitors to Dubai.
DWTC-managed venues are set to host a total of 106 major events in 2007, and the group has already secured a number of new exhibitions that will push the total to an all-time high in 2008.
Dubai's leadership position has been confirmed by research from MICE International and research consultant The Right Solution, which showed that, among a research population of 368 trade buyers and 192 suppliers, Dubai held the top spot in the five most popular destination choices for meetings and events.
Dubai also held the lead position for the destinations that survey respondents believed will attract business in the future.
Executives at DWTC are confident that this strong industry support will continue to be reflected in the volume of new exhibitions looking to secure space at DWTC's venues, with the number of new shows booked for 2008 already reaching double figures by April 2007.
"Dubai's ongoing success in attracting new trade exhibitions to the region underlines both the dynamism of the industry and the strength of DWTC's offering for international event organisers," said Helal Saeed Al Marri, Director General, Dubai World Trade Centre.
Among the shows already announced for 2008 is Aircraft Interiors Middle East (AIME), running from the 16th to 18th June 2008.
Organised by Fairs & Exhibitions, the company behind the Dubai Airshow, AIME is set to be one of the aviation industry's premier exhibitions, covering everything from seating and fabrics to in-flight entertainment and communication technologies.
"Because of its position and the high quality of the facilities available, Dubai is a natural partner for targeted events of this nature. The aviation industry in the Middle East is one of the fastest-growing in the world, and we anticipate major interest in this specialized show," said Virginia Kern, Chairman, Fairs & Exhibitions.
New shows launched for 2007 include China Sourcing Fair: Gift & Home Products, which is set to bring one of Hong Kong's largest trade shows to Dubai in June, and Sweets Middle East, a specialist food exhibition held in conjunction with Messe Koln, that will take place in November 2007.
DWTC continues to encourage the development of new exhibitions as a way of driving development and innovation within the sector, as well as spreading foreign direct investment across the region.
The Group continues to apply strict quality criteria to ensure that new shows deliver a high quality experience for business visitors to Dubai.
Thursday, April 12, 2007
German cruise ship Amadea arrived at the Dubai Cruise Terminal in Port Rashid Complex on Wednesday (April 11) for a three-day sojourn with about 700 passengers and crew members.
The vessel arrived from the Indian port city of Mumbai and will leave the emirate for the Arabian Gulf port of Doha. The cruise ship passengers are mostly Germans nationals.
The passengers and crew members were accorded a traditional Arabian welcome at the state-of-the-art terminal, operated by the Dubai Department of Tourism and Commerce Marketing (DTCM).
The ship-shaped cruise terminal measures 3300 square metres and is able to accommodate two ships simultaneously on a 335-metre quay.
The vessel arrived from the Indian port city of Mumbai and will leave the emirate for the Arabian Gulf port of Doha. The cruise ship passengers are mostly Germans nationals.
The passengers and crew members were accorded a traditional Arabian welcome at the state-of-the-art terminal, operated by the Dubai Department of Tourism and Commerce Marketing (DTCM).
The ship-shaped cruise terminal measures 3300 square metres and is able to accommodate two ships simultaneously on a 335-metre quay.
Dubai Festival City announces the start of Festival of Art, a one month unique event, which occurs from April 15th to May 15th 2007. For the duration of four weeks, Dubai Festival City will host various art demonstrations, every week highlighting a special artistic theme and showcasing different activities. All the artistic activities will take place at Dubai Festival City's retail district - Festival Waterfront Centre and Festival Power Centre.
Tom Miles, Senior General Manager-Retail for Dubai Festival City, stated: "Festival of Art, organised by Dubai Festival City, is an exclusive demonstration of talent which gathers artists from all over the World, never before seen in Dubai. We are always working to ensure Dubai Festival City is the ideal destination for family entertainment, shopping and dining".
He added: "As Dubai is such a multi-cultural city, we have put a lot of effort into getting a colourful and exquisite selection of artists from all the continents. We trust the palette of activities will satisfy the different social groups and involve all family members."
The different activities showcased during Festival of Art will cover four weeks; each week will be under a different theme, featuring art demonstrations and performances as well as musical and singing acts.
Week 1: Art (April 15 - 21)
During the first week, Festival of Art will feature a variety of exhibitions including a painting and photography exposition in collaboration with the American University of Dubai and Deira International School, involving the work of over fifty students. A collection of oil paintings portraying racing dhows, made by British artist Alistair Houston, will also be displayed during the first week of Festival of Art.
Visitors will be able to see the Dubai Festival City complex made out of sand - a captivating sand sculpting demonstration will capture the attention of the entire family. For those who wish to learn sculpture and to follow the steps of making a magnificent piece of art, they will be able to watch the international sculptor Allan Meyburgh daily from 2pm to 10pm.
As for kids, they can learn how to make pottery in a specialised workshop led by a number of pottery artists and specialists. They can also participate in a painting and drawing competition, organised by Dubai Festival City, which will allow kids from different age groups to demonstrate their talent. The winners of this competition are awaited fantastic prizes sponsored by Dubai Festival City.
A classic car display in collaboration with the Dubai Club of Classic Cars and Bikes, will be showcasing a number of rare antique cars, with leaflets detailing the date and history related to each vehicle and to its current owner.
Week 2: Theatre & Fashion (April 22 - 29)
During the second week, Festival of Art will feature a number of plays and entertainment acts which highlight theatre and fashion. To name a few: Silk Acrobats, a talented Colombian troupe of three, will offer audience a breathtaking acrobatic show. Hun Lakorn Kek, brought straight from Thailand, will be an exciting attraction; the troupe will perform a traditional puppet theatre show.
For fashion aficionados, Festival of Art has organised platform modeling shows which highlight the newest collections of selected retailers present at Festival Waterfront Centre. Some of the fashion brands participating in the platform modeling are: Marks & Spencer, Patrizia Pepe, Gas, Levi's, Dockers, Chevignon and Hang Ten.
Week 3: Dance (April 30 - May 7)
The theme of the third week of Festival of Art is Dance. Folkloric dance shows will be performed by troupes from different regions of the World, including the Kabilat Ghana, which translates as "Ghana Tribe", presenting a number of traditional dances on the vibrant rhythm of African drums; and Aboriginal Troupe will execute cultural shows reviving the great Australian heritage.
One of the highlights of the week is the Balinese Traditional, enchanting the spectators with folkloric dances from Indonesia.
Both children and adults will enjoy watching Native Americans and learning the sign language used by these tribes through stories chosen from their folkloric heritage. This troupe from North America will perform dances on the sounds of Nay Flutes.
Week 4: Music (April 22 - 29)
During the final week of Festival of Art, renowned international musicians, performing for the first time in the UAE, will offer audience musical shows. Popular Cuban band, Vocal Sampling, has been previously nominated for three Grammy Awards. The unique talent of this troupe is that its members do not play any musical instrument, but use their voices instead, magnificently imitating the sounds of instruments.
Also participating in Festival of Art is the Drums of the World, international group composed of 18 musicians from Europe, Africa and Asia, using different types of drums to play beautiful melodies with unequalled harmony and power.
For ambient music lovers, the Electric Strings demonstration is definite to be an appeal. Electric Strings is a quartet from South Africa famous for distinctive music fusion, mixing electric strings with vocal performance and DJ.
These are only few of the attractions of Festival of Art; many more pleasant surprises await visitors every day.
Hosted by Dubai Festival City, Festival of Art is aiming to become an annual gathering of some of the most talented artists from around the world, encouraging open participation in selected events, giving everyone the chance to learn new things about art, culture & folklore, or just enjoy and have fun with family and friends.
Dubai Festival City's 2.1 million sq. ft. retail resort comprises Festival Waterfront Centre and Festival Power Centre and over the coming year it will be home to 550 shops, 20 flagship and anchor stores, 90 restaurants and cafés. Additionally, a Skywalk Entertainment level will be home to a 12-screen Grand Cinema Complex, Electronics Collection, Bowling City, a Skywalk food court, Fitness First and Magrudy's.
Tom Miles, Senior General Manager-Retail for Dubai Festival City, stated: "Festival of Art, organised by Dubai Festival City, is an exclusive demonstration of talent which gathers artists from all over the World, never before seen in Dubai. We are always working to ensure Dubai Festival City is the ideal destination for family entertainment, shopping and dining".
He added: "As Dubai is such a multi-cultural city, we have put a lot of effort into getting a colourful and exquisite selection of artists from all the continents. We trust the palette of activities will satisfy the different social groups and involve all family members."
The different activities showcased during Festival of Art will cover four weeks; each week will be under a different theme, featuring art demonstrations and performances as well as musical and singing acts.
Week 1: Art (April 15 - 21)
During the first week, Festival of Art will feature a variety of exhibitions including a painting and photography exposition in collaboration with the American University of Dubai and Deira International School, involving the work of over fifty students. A collection of oil paintings portraying racing dhows, made by British artist Alistair Houston, will also be displayed during the first week of Festival of Art.
Visitors will be able to see the Dubai Festival City complex made out of sand - a captivating sand sculpting demonstration will capture the attention of the entire family. For those who wish to learn sculpture and to follow the steps of making a magnificent piece of art, they will be able to watch the international sculptor Allan Meyburgh daily from 2pm to 10pm.
As for kids, they can learn how to make pottery in a specialised workshop led by a number of pottery artists and specialists. They can also participate in a painting and drawing competition, organised by Dubai Festival City, which will allow kids from different age groups to demonstrate their talent. The winners of this competition are awaited fantastic prizes sponsored by Dubai Festival City.
A classic car display in collaboration with the Dubai Club of Classic Cars and Bikes, will be showcasing a number of rare antique cars, with leaflets detailing the date and history related to each vehicle and to its current owner.
Week 2: Theatre & Fashion (April 22 - 29)
During the second week, Festival of Art will feature a number of plays and entertainment acts which highlight theatre and fashion. To name a few: Silk Acrobats, a talented Colombian troupe of three, will offer audience a breathtaking acrobatic show. Hun Lakorn Kek, brought straight from Thailand, will be an exciting attraction; the troupe will perform a traditional puppet theatre show.
For fashion aficionados, Festival of Art has organised platform modeling shows which highlight the newest collections of selected retailers present at Festival Waterfront Centre. Some of the fashion brands participating in the platform modeling are: Marks & Spencer, Patrizia Pepe, Gas, Levi's, Dockers, Chevignon and Hang Ten.
Week 3: Dance (April 30 - May 7)
The theme of the third week of Festival of Art is Dance. Folkloric dance shows will be performed by troupes from different regions of the World, including the Kabilat Ghana, which translates as "Ghana Tribe", presenting a number of traditional dances on the vibrant rhythm of African drums; and Aboriginal Troupe will execute cultural shows reviving the great Australian heritage.
One of the highlights of the week is the Balinese Traditional, enchanting the spectators with folkloric dances from Indonesia.
Both children and adults will enjoy watching Native Americans and learning the sign language used by these tribes through stories chosen from their folkloric heritage. This troupe from North America will perform dances on the sounds of Nay Flutes.
Week 4: Music (April 22 - 29)
During the final week of Festival of Art, renowned international musicians, performing for the first time in the UAE, will offer audience musical shows. Popular Cuban band, Vocal Sampling, has been previously nominated for three Grammy Awards. The unique talent of this troupe is that its members do not play any musical instrument, but use their voices instead, magnificently imitating the sounds of instruments.
Also participating in Festival of Art is the Drums of the World, international group composed of 18 musicians from Europe, Africa and Asia, using different types of drums to play beautiful melodies with unequalled harmony and power.
For ambient music lovers, the Electric Strings demonstration is definite to be an appeal. Electric Strings is a quartet from South Africa famous for distinctive music fusion, mixing electric strings with vocal performance and DJ.
These are only few of the attractions of Festival of Art; many more pleasant surprises await visitors every day.
Hosted by Dubai Festival City, Festival of Art is aiming to become an annual gathering of some of the most talented artists from around the world, encouraging open participation in selected events, giving everyone the chance to learn new things about art, culture & folklore, or just enjoy and have fun with family and friends.
Dubai Festival City's 2.1 million sq. ft. retail resort comprises Festival Waterfront Centre and Festival Power Centre and over the coming year it will be home to 550 shops, 20 flagship and anchor stores, 90 restaurants and cafés. Additionally, a Skywalk Entertainment level will be home to a 12-screen Grand Cinema Complex, Electronics Collection, Bowling City, a Skywalk food court, Fitness First and Magrudy's.
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