Tag Archives: Dubai

H.H. Sheikh Mohammed bin Rashid Al Maktoum visits FCW stand at Cityscape Global 2016

Image (2)September 06, 2016

H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, accompanied by H.H. Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, and H.H. Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, has led the high-profile personalities who visited the stand of Falconcity of Wonders LLC (FCW), a leading property developer in Dubai, during the prestigious Cityscape Global 2016 at the Dubai World Trade Centre.  Held from September 6 to 8, 2016, the latest edition of the largest and most influential real estate investment and development event for emerging markets globally provided an ideal platform for FCW to showcase its multipurpose project within Dubai.

 

During his visit, H.H. Sheikh Mohammed was all praises for the landmark FCW development, nothing, in particular, its falcon-shaped design that represents the heritage of the UAE. H.H also emphasised that large-scale projects in the country such as FCW not only contribute to the UAE’s socio-economic prosperity but also bring pride to the state.

 

H.E. Salem Almoosa, FCW’s Chairman and General Manager, explained in detail the progress of the project. Being developed within Dubai, FCW houses structures based on the world’s famous sites and architectural marvels, including the Pyramids Park, the Dubai Hanging Gardens of Babylon, the Dueiffel Tower, the Taj Arabia and the Dubai Leaning Tower, to name a few.

 

H.E. Almoosa said: “H.H. Sheikh Mohammed’s vision to transform Dubai into a leading global tourist destination and the region’s main business, trading, retail and tourism hub greatly inspires us to design our project in such a way that it reflects the standards of excellence and quality that Dubai and the entire UAE are known for. Through our project, we are able to demonstrate our commitment to the grand vision and objectives of our wise leaders designed to achieve socio-economic prosperity for all.”

 

“Due to the government’s unparalleled support, we continue to witness growing investments and confidence in the country. We are happy to showcase our project and its unique features to all participants of this year’s Cityscape Global. We look forward to taking part in this prestigious event again in the future.”

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Falconcity of Wonders to support Dubai’s 2021 real estate vision at latest Cityscape Global

 

UAE, September 4, 2016 – Falconcity of Wonders LLC, the developer of Falconcity of Wonders (FCW) the multipurpose mega project currently being built in Dubai, has confirmed that it will be participating in the upcoming Cityscape Global taking place from September 6 to 8, 2016 at the Dubai World Trade Centre to support Dubai’s real estate strategy under its Plan 2021 agenda.

 

The leading developer will also be revealing the status of some of its current projects, particularly its townhouses and the new community club in the Western Residence area. According to FCW senior officials, the construction of townhouses is well in progress. The project covers the construction of 25 new townhouses measuring at 2,850 square feet each and will have 3 bedrooms plus a maid’s room per unit. In addition, the community club being developed for the Western Residence is nearing completion. The facility is set to feature a tennis court, swimming pool, kids playing area, library, spa, ladies’ salon, mini mart, restaurant, squash court, gym, basketball court, landscaped gardens and car parking.

 

Falconcity of Wonders will capitalize on the event’s huge popularity to reinforce Dubai’s stature as the region’s premier real estate hub. The company’s iconic falcon-shaped mega development featuring the Wonders of the World is a perennial crowd-drawer during Cityscape’s Dubai edition. It embodies the emirate’s synergy of heritage, modernity, and cultural diversity as well as its ambition to become a ‘Preferred Place to Live, Work & Visit’ and ‘A Smart & Sustainable City’ – two underpinning themes of Dubai Plan 2021.

 

H.E. Salem Al Moosa, Chairman and General Manager, Falconcity of Wonders LLC, said:  For Falconcity of Wonders, the show is an excellent opportunity to build greater confidence in our project, discuss existing and future plans with present and potential investors, and touch base with the target and global audiences.”

 

Now on its 15th year, Cityscape Global is one of the largest and most influential real estate exhibitions in the Middle East. It provides a platform for showcasing the UAE’s numerous and diverse real estate investment opportunities and highlights Dubai’s image in particular as a preferred business and investment destination and one of the world’s safest and most lucrative property markets.Image (1)

Vincitore Real Estate Development to debut at CityscapeGlobal to showcase its branded flagship project Vincitore Palacio

 

255Company to offer attractive payment scheme guaranteeing 8 percent NET rental income to potential investors

 

 

September 01, 2016

 

Vincitore Real Estate Development LLC has announced that it will throw the spotlight on its flagship project – Vincitore Palacio, a branded residential development spread over 200,000 square feet of prime land at Arjan district in Dubailand – at Cityscape Global. The largest and most influential real estate exhibition in the Middle East will be held from September 6 to 8, 2016 at the Dubai World Trade Centre. The company’s first-ever participation at the prestigious property show is in line with its strategic marketing plan to establish Vincitore as a quality real estate brand serving a niche market of 2.4 million people always in the look out of Quality real estate at Value pricing.

 

After the great success of 90% of units getting sold out of phase one, Vincitore will unveil an exclusive payment plan for investors which will guarantee 8 per cent rental income with the option of finance facility for UAE residents and non-resident clients. In addition, the company will use the popular industry platform to meet the untapped broker/channel partners of the region’s real estate sector and offer lucrative incentive schemes to them.

 

Vincitore Palacio is G+4 storey development being built in a European architectural style to be completed by May 2017. It features 175 units of comfortable studios and spacious one- and two-bedroom apartments. The highlight of the residential development, however, is its urban sophistication, bespoke luxurious lifestyle amenities, Ornamental façade, dazzling designer elevators and corridors, superior quality fittings.

 

Vijay Doshi, Founder and Managing Director, Vincitore Real Estate Development, said: “Cityscape, the Middle East’s highly popular real estate exhibition, will help Vincitore Real Estate Development create brand awareness for both the company and the project. It is a perfect platform for us to reach out to investors and buyers and create high visibility for Brand Vincitore and Vincitore Palacio which is the first of its kind residential development in Dubai to be quality controlled by Germany-based TUV Nord (ME).

 

We are confident that our participation at Cityscape will help us tap into the new international markets as 1 million square feet of branded quality real estate is in the making as we launch more projects in near future such as Vincitore Boulevard and Vincitore Heights in Arjan, (Al Barsha South) heart of Dubai.”

 

Vincitore Real Estate Development will be present at stand SAG 30 at the venue’s Sheikh Saeed Hall during the three-day event.

 

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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Dubai real estate sector to sustain strength & stability in 2015 & beyond, says Falconcity’s Chairman

Economic & infrastructural boom, rising population & high investor confidence among key drivers

October 24, 2015

Dubai’s real estate sector is expected to continue the resurgent levels of growth and stability it has been exhibiting throughout this year and post yet another strong performance towards the end of 2015 and beyond. Mr. Salem Almoosa, Chairman and General Manager of Falconcity of Wonders LLC, attributes the buoyant outlook to several key factors, including Dubai’s status as a top commercial and tourism hub, a continuously rising local population, a strong appeal among international investors, and substantial government funding of major infrastructure projects.

Mr. Almoosa notes that real estate transactions worth over AED 64 billion were recorded for Q1 2015 alone, and that a significant number were initiated by foreign investors. He added that the removal of the rental cap and limited supply across prime locations, among others, have been driving growth in residential demand. Moreover, he anticipates additional major investments into the tourism, leisure and hospitality segments – a prediction backed by Dubai’s recent ranking as the top growth market for the MENA hotel industry in a global construction pipeline report.

These and other catalysts, Mr. Almoosa says, will continue to sustain Dubai’s dominance of the Middle East’s real estate landscape and will be further magnified as Dubai Expo 2020 draws near and casts the global spotlight on the emirate as an unrivalled leisure, lifestyle and business haven.

Mr. Salem Almoosa, Chairman and General Manager of Falconcity of Wonders LLC

Mr. Almoosa said: “Industry figures and current market movements affirm that Dubai’s real estate performance has exceeded previous expectations and is on track to enjoy an extended period of profitability and stability. The durability of the market will only be strengthened as Dubai Expo 2020 approaches and we attract a global audience to the diversity, flexibility and magnitude of the emirate’s property offerings. This optimism is already very apparent in our own development, Falconcity of Wonders, which has been enjoying high demand and interest especially with its mega complex ‘City of Wonders’ proposition that complements Dubai’s global appeal as a leisure and lifestyle destination. Dubai continues to be one of the best places for real estate investors, developers and buyers to do business with, now and in the long term.”

Occupying more than 41 million square feet, Falconcity of Wonders is a sprawling residential, tourist, entertainment and recreational complex shaped in the form of a Falcon in tribute to the UAE’s emblem, cultural and heritage. The mega development embraces the cultures of the world with its contemporary and unique structures that are inspired by the “Wonders of the World” –  including the Leaning Tower of Pisa, the Eiffel Tower, the Pyramids of Giza and the Hanging Gardens of Babylon to name a few.

Villas inspired by international architectural themes will form part of Falconcity of Wonders’ over 5,500 residential apartments and villas of various designs, locations and sizes. Commercial centers, a signature ‘fun city,’ family centers, sports facilities and schools are also included in the project’s master plan.

Dubai Properties’ Mudon Townhouses Sold Out at the International Property Show 2015

 Strong Response Reflects Developer’s Commitment to Address End Users and Investors’ Needs for High Value Property Offerings in Dubai

UAE, April 1, 2015 – Dubai Properties, a leading real estate developer, has successfully sold out all its four-bedroom townhouses in its upscale Mudon development, during its participation at International Property Show 2015, which was held at the Dubai World Trade Centre. Launched during the second half of last year, the 120 units ranging from 3,786 to 3,800 square feet were sold out during the event.

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The overwhelming response is a testament to the developer’s commitment to provide solutions that cater to the needs of end-users and investors who are looking for value for money properties in the emirate.

Abdulla Abushabieb, Executive Director Sales and Customer Care at Dubai Properties, said: “After we launched the Mudon development, the first phase of the residential units were immediately sold. At the recent International Property Show, buyers also evinced strong interest in the remaining 120 townhouses released in summer of 2014. We attribute this sellout response to the community’s value for money proposition as compared to other offerings within the same segment.”

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With prices starting from AED 2.5 million, the gated Mudon community is surrounded by beautifully landscaped neighborhood parks with easy access to various modern amenities. Since its launch last year, Mudon has become one of Dubai Properties’ most sought after projects and Dubai’s most popular residential communities.

In developing Mudon, Dubai Properties made sure that the upscale community will allow residents to lead a tranquil yet active and vibrant lifestyle. The company also tied up with GEMS Education to open a GEMS School inside the community by September 2016.

The community also offers amenities that will include cycle routes, jogging paths, play areas, a swimming pool, and a gym.  An attractive mix of retail outlets will also be available for the residents’ convenience.

Dubai Properties’ competitive edge is its unique residential and mixed-use developments in Dubai. Aside from Mudon, its portfolio of modern properties also includes the Jumeirah Beach Residence, The Villa, Layan in Dubailand, as well as The Executives Towers, Vision Tower and Bay Square in Business Bay.