Tag Archives: education
Dubai canal project to draw around 30m visitors
Dubai canal project to draw around 30m visitors Lily B. Libo-on (lily@khaleejtimes.com) / 8 October 2013 The Roads and Transport Authority (RTA) will be developing over 14 million square feet of retail, dining, hospitality and residential areas along an esplanade that borders the Dubai canal, which connects Jumeirah Beach to the Business Bay. To be known as the Dubai Water Canal Project, the development was signaled by the recent signing of an agreement on the RTA premises with two real estate developers, Meydan and Meraas, and is expected to attract 30 to 36 million visitors to Dubai yearly. The agreement was signed by Mattar Al Tayer, Chairman of the Board and Executive Director of the RTA; Saeed bin Humaid Al Tayer, Chairman of the Board and CEO of Meydan Group; and Abdullah Ahmed Al Habbai, Group Chairman of Meraas Holding. The two companies will construct hotels, shopping mall as well as several retail and dining outlets, and residential units on the two banks of the Dubai Water Canal stretching from the Business Bay district and crossing the Shaikh Zayed Road up to Jumeirah Park with an extension to the existing park. The canal will pass across Al Safa Park, Al Wasl Road, Jumeirah 2 district, and Jumeirah Road before ending at the Arabian Gulf near Jumeirah Beach Park. Al Tayer said the RTA will do the drilling works of the canal, as well as the construction of crossings, roads and pedestrian paths. “The project works have been divided into three contracts. The first and second contract relate to the construction of crossings over the canal linking with the key roads intersecting the canal course, which are the Shaikh Zayed Road comprising eight lanes in each direction, in addition to Al Wasl Road and Jumeirah Road comprising three lanes in each directions apiece. Bridges rise 8.5 metres above the water level to allow free navigation 24/7.” He said the third contract is for the drilling and landscaping works in addition to the construction of pedestrian crossings, and four marine transport stations to ease the movement of the public and promote the mass transport and tourist business. “More than six million passengers are expected to use the marine transit transport every year.” Once completed, the Dubai Water Canal Project will add 6km to the Dubai waterfront, of which the Canal will have a depth of up to six meters on high tides. The entire length of the Business Bay Canal water will be automatically renewed without using water pumps. It will also renew the Dubai Creek water by 250 million cubic meters annually upon the linking of the Canal with the Business Bay District. The water movement during the tide process through the canal is also estimated to be 800 million cubic meters per annum. “The crossings rise more than eight meters to ensure the smooth and safe passage of large boats measuring 200 meters in length,” Al Tayer said. Several improvements will be made on main roads intersecting the canal as well as works in the surrounding areas of Jumeirah and Al Safa. A free and safe movement will be provided for pedestrians by constructing four pedestrian crossings over the canal, one of which will have retail and dining outlets. Lanes will also be provided for joggers and cyclists along both sides of the Canal. Landscaping works will also be undertaken on both sides of the canal offering greens, sitting areas and various types of relaxation and tourist facilities. Included in the development is the Canal Gate Tower at the intersection of Shaikh Zayed Road and the canal, connecting the canal and the shopping mall, comprising retail, F and B and entertainment venues. The Tower will have more than 3.5 million square feet of area that includes 468 apartments, 470 service apartments and 617 hotel rooms, as well as over 400,000 square feet of retail and 735,000 square feet of commercial office spaces. Other aspects of the Dubai Water Canal Development Project are the 1.5km of urban public beach front and space for public leisure and sports activity at Safa Park, an exclusive enclave of 19 water villas and 44 townhouses above retail outlets at Jumeirah High Street area, and an extended public beach front at Jumeirah Beach Park. Continue reading
Why the rich are eyeing Dubai real estate
Why the rich are eyeing Dubai real estate Issac John (issacjohn@khaleejtimes.com) / 8 October 2013 Dubai has replaced Singapore to claim the second rank behind London as the most sought-after global real estate investment destination for the world’s high networth individuals (HNWI), a survey revealed. The security and lifestyle that Dubai offers top the list of attractions for investors, while capital value growth and the emirate’s perceived safe haven status top the list of factors influencing the HNWI investments into Dubai, Cluttons, the global real estate company, observed. The observation was based on the findings of Cluttons International Private Capital Survey of nine of its global offices, which represent the 461 HNWIs. Last year’s results suggested that global HNWI would seek out investment locations closer to home markets as the world economy began its journey back towards a meaningful recovery. Cluttons has seen this come through in the results of this year’s survey, with Dubai in particular rising sharply in the minds of the region’s HNWI. According to the survey, those from the Middle East now prefer Dubai to London, with Cluttons’ offices in Manama and Muscat reporting capital value growth, the emirate’s perceived status as a safe haven and relatively high yielding residential property as the top three pull factors influencing the HNWI. Among Dubai’s top three factors drawing the attention of the HNWI, the lifestyle on offer in Dubai through the ownership of a second home and the security offered through real estate investments in the Gulf city rank behind the emirate’s lure as a place to expand investment portfolios. The study considers the drivers of these investors’ intentions as an indicator of future trends in international capital allocation, both geographically and at a sector level. “It was unsurprising to see Dubai re-emerge as the region’s top investment pick given the current economic resurgence; however we expect the IMF estimate to be bettered, particularly as Dubai’s real estate sector continues to recover, adding further momentum to overall growth,” said Steven Morgan, Head of Cluttons Middle East. Dubai, capitalising on its pillars of strength of trade, tourism and financial services, is once more drawing in the region’s wealth, which is honing in on Dubai’s bricks and mortar, said Cluttons. “The resulting impact on the residential market has been a 30.6 per cent surge in average capital values, aided also in part by cheaper debt financing and those looking to avoid escalating rents.” The survey identified an upturn in cross border investment amongst HNWI, consistent with broader trends in international capital flows. According to the United Nations Conference on Trade and Development (UNCTAD) forecast foreign direct investment (FDI) levels in 2013 would be in the region of $1.45 trillion, which, if achieved, would be comparable to the average level of global FDI flows achieved between 2005 and 2007. “There is a global reach for the planned investments, with London, Dubai and Singapore noted as the top three ranked HNWI targets in our offices. London received the most consistent mention in terms of investment plans; however there was a notable increase in the level of interest in Dubai compared to that reported last year. As a result of this, Singapore was edged into third place, although there have been no fundamental changes to the city-state’s overall HNWI appeal,” Cluttons said. The report said an improved global economic outlook is translating into a greater level of investment activity by HNWI closer to their home markets. “This is illustrated by the rise of Dubai among favoured investment destinations, particularly by HNWI investors from Manama and Muscat, following a widespread exodus as a result of the property market correction in 2009.” Cluttons expects to see this trend gain further traction over the course of the next 12 months across the Middle East and Asia Pacific, as HNWI investors pay greater attention to local investment destinations, in line with improved economic prospects in the emerging markets in particular. This is aided by the rising appetite for risk in investment decision-making, expected to continue over the next year, it said. Continue reading
Obama cancels Asia trip due to US government shutdown
Obama cancels Asia trip due to US government shutdown (Reuters) / 4 October 2013 President Barack Obama cancelled plans to attend summits in Indonesia and Brunei on Thursday, bowing to the reality that the political impasse over the US government shutdown requires him to remain in Washington. The decision means Obama will no longer depart on Saturday for what had originally been a four-nation, week-long Asia trip. He had cancelled visits to Malaysia and the Philippines earlier this week because of his budget struggle with Republicans in Congress. The move to cancel the remaining stops in Indonesia and Brunei, where two summits critical to US interests in Asia are being held, was made on the third day of the US government shutdown and was a sign that it could linger for days, as Obama and Republicans battle over funding. “The president made this decision based on the difficulty in moving forward with foreign travel in the face of a shutdown, and his determination to continue pressing his case that Republicans should immediately allow a vote to reopen the government,” the White House said. It could have been damaging for Obama in terms of appearance to leave the United States and to be seen rubbing shoulders with foreign leaders abroad at a time of budget crisis in Washington. The stalemate has idled hundreds of thousands of federal government workers and comes two weeks before Washington faces an even more crucial deadline – raising the US debt limit so the United States can pay its bills. A bitter debate rages over that issue as well. Secretary of State John Kerry will lead delegations to both countries in place of Obama. The president had been scheduled to attend the Asia-Pacific Economic Cooperation forum in Bali, Indonesia, and a separate Asia security summit in Brunei. Obama phoned both President Susilo Bambang Yudhoyono and the Sultan of Brunei to inform them of his decision, the White House said. Cancelling the trip was a direct result of the budget feud that has enveloped Washington. Republicans who control the House of Representatives have blocked a vote on legislation to fund the government because they want to gut Obama’s signature healthcare law, which came into effect on Oct. 1. The White House statement was sharply critical of Republicans, blaming them for the trip’s cancellation. “This completely avoidable shutdown is setting back our ability to create jobs through promotion of US exports and advance US leadership and interests in the largest emerging region in the world,” it said. Obama looks forward to working with Asian allies and returning to the region at a later date, the White House said. Continue reading
