Category Archives: Property Events

Dubai real estate market takes the spotlight at Miami International Real Estate Congress

Realopedia presents Dubai real estate sector’s growth in 2017 as foreign investors account for USD 11.7 billion property investments

UAE, October 31, 2017 – Dubai real estate market’s continuing growth story has been featured in an international briefing of global real estate markets at the Miami International Real Estate Congress, organized by the Miami Association of Realtors. Top executives from Realopedia, the global real estate e-marketplace established in Dubai, presented a market briefing at the event, an annual gathering of real estate professionals across the United States and worldwide.

Wally Gebara, Associate VP of Realopedia for North America and Paul Gebara, Director of Marketing and Business Development of Realopedia, highlighted the sector’s key growth areas, noting that foreign investors accounted for most of real estate investments in the emirate during the first nine months of 2017, amounting to USD 11.7 billion (AED 43 billion) from a total of 22, 667 transactions, based on official data.

Paul Gebara said: “Miami has one of the most established property markets in the world and it is important that emerging markets such as Dubai maintain its presence in these types of congregations given the emirate’s attractiveness to foreign investors. Dubai’s property market continues to be an attractive investment haven as the data speaks for itself – recording a total of USD 41 billion deals between January 2016 and June 2017 from about 217 nationalities.”

With Dubai looking forward to hosting Expo 2020, Paul Gebara highlighted the ongoing activities and preparations in the run-up to the global event. Demand for properties in the emirate is expected to soar to meet visitors and businesses’ needs during the six-month trade fair. The central business districts and luxury offerings drew sales the most during the first nine months of the year, with Burj Khalifa leading in the transactions, reveals data from the Dubai Land Department. The Realopedia Team will also head to the annual conference of National Association of Realtors in Chicago.

Realopedia leverages the power of digital technology to bring together industry specialists under a single platform to expand the reach of all real estate stakeholders. The company has established partnerships in major real estate markets worldwide and key offices in the UAE, the US, and the UK. The company also recently completed its application on Android to provide its customers with a user-friendly platform for networking in one tap. The mobile app will soon be launched in iOS.

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Drake & Scull’s new Board of Directors elects Abdulla Atatreh as Group Chairman & Ahmed Saeed Al Hamiri as Vice Chairman  

UAE, September 13, 2017 – Drake & Scull International PJSC, a regional market leader in engineering and construction services, has announced that its newly-elected Board Members have convened for the first time. The Board ratified a series of procedural decisions necessary for the company to conduct business as required and chose new committee members from among its ranks. The second General Assembly Meeting convened earlier on the 9th of September 2017 and ratified the appointment of the new Board Members and elected additional Members to fill the vacancies resulting from the resignation of the former Board Members.

During today’s meeting, the Board elected Abdulla Atatreh as the new Chairman; Independent Member Ahmed Saeed Al Hamiri as Vice Chairman; and Abdulla Fareed Algurg as new Board Member. Algurg replaces the vacant seat of Majid Al Ghurair who resigned during the recent General Assembly Meeting held on the 9th of September 2017. At the executive level, Board Member Mohammed Atatreh was appointed as DSI’s new Managing Director. Members of DSI’s Audit, Nomination, Remuneration, and Investment Committees and the Secretary of the Board of Directors have been appointed as well.

During its inaugural meeting, the Board emphasized the completion of DSI’s capital restructuring program as a top priority to boost liquidity and stabilize the business. It also concurred on establishing a clear strategy for recovery and growth that will capitalize on the Group’s healthy project pipeline, industry stature, and the bullish industry outlook for the region.

Abdulla Atatreh, Chairman, Drake & Scull International PJSC, said: “The first official act of the new Board of Directors is to position the Company for new growth by establishing and following strict governance standards across all operating sectors to ensure consistent transparency, control, and quality. We have also strategically appointed people that embody our vision of renewed growth for DSI. We want to adopt the right corporate mindset to ensure the swift and efficient completion of the Group’s turnaround strategy, which is currently in the final stages of the capital restructuring phase. We assure our partners, customers and all our other stakeholders that we will steer the DSI towards new and exciting opportunities to advance the Group’s industry leadership.”

The Board’s immediate goals include further organizational restructuring to achieve higher levels of efficiency, synergy, and resilience. It is currently planning additional executive appointments to support DSI’s comprehensive turnaround strategy.

 

Falconcity of Wonders participates in the 16th edition of Cityscape Global

September 12, 2017 – The Dubai Land Department’s annual report for 2016 underscores the huge success of Dubai in particular in attracting property investors, registering a total of 60,595 real estate transactions collectively worth over AED 259 billion.

Falconcity of Wonders LLC will showcase the latest developments within its Falconcity of Wonders (FCW) multi purpose mega project during the 16th edition of City scape Global, the largest networking exhibition and conference dedicated to the real estate trade running from September 11 to 13, 2017 at the Dubai World Trade Centre. FCW covers over 41 million square feet featuring residential, tourist, entertainment and recreational components shaped in the form of the UAE’s national emblem – the Falcon –  which is fast emerging as a major landmark within Dubai’s iconic real estate landscape. As its name implies, the development will boast of local versions of the renowned Wonders of the World.

H.E. Salem Almoosa, Chairman and General Manager of Falconcity of Wonders LLC, said: “Cityscape Global provides valuable benchmarks for international real estate, particularly in the emerging markets. It is an important platform for the Middle East to maintain its stature as one of the world’s most in-demand property havens. With the UAE market currently firing on all cylinders, Falconcity of Wonders will take the opportunity to share its vision of growth for local and national real estate.”

Falconcity of Wonders will participate in Cityscape Global 2017 with a presence at Stand S3F10 /Sheikh Saeed Hall No. 03 of the venue. For more information please visit https://www.cityscapeglobal.com/en/home.htmlImage (6)

Join Palladium Cluster C Towers in Jumeirah Lake Towers as they celebrate International yoga day tomorrow

By Anitha Lakshminarayanan

The bustling and ever-growing Jumeirah Lake Towers community ladies especially residing in the Palladium Cluster C towers, from all walks of life, gather to celebrate international yoga day tomorrow.

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“This event comes as an initiative to connect well with its own community as well as bring in yoga and spiritual practice in our lives,” says Neha Bhargava, organiser of this event and housewife who lives in Palladium Cluster C Towers

Sucheta, a yoga instructor who will lead the event has been practising yoga for more than six years “Yoga has changed the way of my life and has made me more calm and positive about life,” she said

“Yoga is a well-known mind, body and spiritual practice in India and we are really excited to do this activity tomorrow as this will not only improve our  physical well-being but also help us bond with one another in the community, “says Vandana, a housewife who lives in Palladium Cluster C towers

Palladium Cluster C towers

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With more than 200 units and about 100 families reside in Palladium apartments overlooking Sheikh Zayed Road, Palladium is the most sought after properties in Dubai that boast high ultra-modern mixed-use community living with 35 floors.

Please feel free to email anithaideas@gmail.com for further details and RSVP to this event at 0528921981

 

 

Drake & Scull announces H1 2016 Financial Results

UAE, 15 August 2016 – Drake & Scull International PJSC (DSI), a regional leader in engineering, procurement, construction and commissioning, reported its financial results for the first half of the fiscal year ended 30 June 2016.

Operational progress in Q2 2016 continued to follow the trends observed in Q1 2016, with a noted improvement in revenue and operational performance on newly awarded projects within the core UAE market and a noticeable decline in the rest of the region. Furthermore, a growing order intake in the Rail & Infrastructure as well as Oil & Gas divisions in Qatar and Iraq has helped offset a slowdown in activity in key markets such as the Kingdom of Saudi Arabia (KSA).

H1 2016 Highlights

• Extended slowdown in the construction sector has impacted H1 2016 financials adversely
• Revenue of AED 1.83 billion in H1 2016
• Net loss for the period of AED 216 million mainly attributed to project cancellations and added one-off provisions
• Total backlog stands at AED 9.37 billion as of 30th June 2016
• New project wins in Rail & Infrastructure and Oil & Gas sectors amounting to AED 570 million
• Promising outlook for the company in the GCC rail sector
• Ongoing measures to strengthen the balance sheet, optimize the capital structure, boost working capital, reduce overheads and improve operational efficiency
• Continued progress in disposal of non-core assets
• Operational restructuring resulted in QoQ SG&A savings of AED 14.2 million

Q2 2016 Highlights

• Q2 2016 revenue of AED 805 million
• Q2 2016 net loss of AED 225 million
• Total impact of project cancellations, additional one-off provisions and adjustments taken in Q2 2016 amount to AED 192 million
• Total value of project awards secured in Q2 2016 is AED 227 million

DSI reported a year on year decline of 23 % in revenue, which stood at AED 1.83 billion in H1 2016 as compared to AED 2.39 billion achieved in H1 2015. The fall in revenue is due to the significant contraction and prolonged volatility in the regional construction sector, the slow progress on ongoing projects, a decline in new project awards and adjustments across key markets in the GCC.

The net loss for H1 2016 was AED 216 million as compared to a net profit of AED 34 million in H1 2015. The loss is specifically attributable to project cancellations and more one-off provisions taken in light of the challenges in the sector. A majority of these provisions emanate from Saudi Arabia, with the total impact on the bottom line amounting to AED 192 million. These cancellations were executed by clients on individual one-off projects with minimal bearing on DSI’s ability to continue operations in Saudi Arabia and other markets.

DSI’s ongoing projects order backlog stood at AED 9.37 billion as of 30 June 2016, as compared to AED 13.24 billion in H1 2015. The decline in the projects’ backlog reflects the adjustments carried out in Q2 2016 pertinent to project cancellations in KSA.

Despite the slowdown in the regional project awards, DSI managed to secure AED 570 million worth of new project awards year to date including the AED 343 million Doha Metro Depot and Stabilising Yards contract as well as the AED 227 million Zubair Oil Field project in Iraq. These key wins further reinforce the company’s strategic decision to concentrate on sector-specific, core engineering projects with high operating margins.

DSI has also remained on track with its cost-reduction programme which will improve operational efficiency and cut overheads. The company has implemented a number of measures and initiatives to optimize its capital structure, including the sale of non-core assets to generate cash and improve liquidity. The cost-reduction programme is progressing on schedule and is expected to realize significant cost savings by the end of 2016.

Commenting on the results, Khaldoun Tabari, CEO and Vice Chairman of Drake & Scull International PJSC, said: “Our financial results have been impacted due to the substantial provisions for project delays and cancellations over the last six months, brought on by clients principally based in Saudi Arabia. We believe that these developments show the considerable challenges we have faced across the region due to a very challenging macro-economic environment.

We are in the process of embarking on a new strategy to reposition ourselves as a leader in the market. We will also initiate fundamental changes to our group and leadership structure which will be supplemented by a reorganization and realignment of senior management roles as part of our efforts to enhance and streamline our operative framework.

Despite the challenges, our business remains operationally and financially robust. Due to our longstanding partnership with major international and local banks, we continue to retain strong lines of credit and secured access to funding to deliver our ongoing projects backlog. We remain committed and focused on running efficient, low-cost and sustainable and cash generating operations and are confident about the medium- and long-term prospects of the regional industry.”

FM EXPO increases exhibition space by 25 per cent for its 10th edition  

Emirates Property-what's your property cravings?

Region’s largest FM event to take center stage at pioneering Community Management Week

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  • FM EXPO is Middle East’s largest Facilities Management event
  • Over 150 exhibiting companies from 19 countries and 10,000 visitors
  • Part of the first Community Management Week
  • Features 15 free-to-attend continuing professional develop (CPD)certifies workshops, 6 FM Masterclasses, FM World Congress and Middle East High Rise Summit

Dubai, UAE, 27 April 2016: FM EXPO, the Middle East’s largest facilities management event, will be taking place from May 23 to 25, 2016 at the Dubai World Trade Centre. The 10th edition of the event reflects its long-standing commitment towards the industry. With a 25 per cent increase in exhibition space compared to 2015, it will host over 150 companies from 19 countries showcasing their innovative solutions to nearly 10,000 visitors.

Aside from a vast display of cutting-edge technologies, products and services, the show will deliver an extensive and…

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FM EXPO increases exhibition space by 25 per cent for its 10th edition  

Region’s largest FM event to take center stage at pioneering Community Management Week

Image

  • FM EXPO is Middle East’s largest Facilities Management event
  • Over 150 exhibiting companies from 19 countries and 10,000 visitors
  • Part of the first Community Management Week
  • Features 15 free-to-attend continuing professional develop (CPD)certifies workshops, 6 FM Masterclasses, FM World Congress and Middle East High Rise Summit

Dubai, UAE, 27 April 2016: FM EXPO, the Middle East’s largest facilities management event, will be taking place from May 23 to 25, 2016 at the Dubai World Trade Centre. The 10th edition of the event reflects its long-standing commitment towards the industry. With a 25 per cent increase in exhibition space compared to 2015, it will host over 150 companies from 19 countries showcasing their innovative solutions to nearly 10,000 visitors.

Aside from a vast display of cutting-edge technologies, products and services, the show will deliver an extensive and advanced education program. During the three-day event, industry players and visitors will be able to take part to five international conferences, including the FM World Congress and Middle East High Rise Summit, 15 free-to-attend continuing professional develop (CPD)certified workshops, and six FM Masterclasses.

Jaafar Shubber, Senior Project Manager, FM EXPO, said: “For the last 10 years, FM EXPO has successfully promoted the needs of FM professionals, tenants and end users, as well as property developers and owners, by focusing on wide range of topics such as sustainability, technology, building compliance, building life-cycle, security, and hygiene and infrastructure, among others. Strict government regulations on built environment and demand for cost and energy-efficient solutions has spurred the need for advanced FM solutions which will feature under the spotlight at the bigger 10th edition of the FM EXPO.”

“We have been regularly participating at the FM EXPO since 2012. This time, it promises to be bigger and better as it will be part of the first-ever Community Management Week. We will showcase integrated FM services along with other services such as catering, laundry, environmental services, waste management, staff accommodation and workers supply and recruitment. We look forward to exciting networking opportunities to connect with existing and potential clients at the 10th edition of FM EXPO,” concluded Mr Samih Basaddiq, Managing Director, Advanced FM, Platinum Sponsor of FM EXPO.

Organised by dmg events Middle East, Asia & Africa, FM EXPO will be co-located with four dedicated events that make up Community Management Week, to offer a well-rounded and professional environment to conduct business and improve the quality of life for surrounding communities. These include;

  • The Big 5 Outdoor Design & Build Show – a specialised trade show offering products and services for landscaping, outdoor furniture, sports and play equipment;
  • Middle East Waste & Recycling – Dubai’s premier event on opportunities and challenges in waste management and recycling;
  • Commercial Cleaning & Hygiene – bringing those involved in cleaning services and products together to share ideas and innovative products;
  • Elevators & Access Control – the only dedicated building access and mobility exhibition in the Middle East.