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‘Summer is Dubai’ tourism campaign to launch
A new campaign to promote Dubai as the ultimate summer holiday destination for families is due to go live on June 7th.Running until early September, the 'Summer is Dubai' campaign will aim to attract millions of visitors to the emirate by highlighting its many hotels, leisure facilities, transport networks, activities and family-friendly attractions.A number of special offers and promotions will be available to holidaymakers during the three-month period, including discounted accommodation for families and free admission for children at various attractions around the city.Helal Saeed Almarri, director general of the Department of Tourism and Commerce Marketing, explained that the campaign will form part of Dubai's drive to double annual visitor numbers to 20 million by 2020.”We have seen visitor numbers rise in recent summers and are confident of a record-breaking season ahead of us with more events, attractions and value for money than ever before,” he added.The tourism boss went on to say that Dubai's “world-class infrastructure, facilities and services” and “unique attractions” make it ideal for visiting families from the United Arab Emirates and around the world.Key events taking place in the emirate over the summer include Dubai Rock Fest on June 7th and Dubai Summer Surprises, which is due to return for its 16th edition from June 14th to July 14th.This festival celebrates Dubai's world renowned shopping facilities, with more than 6,000 stores expected to participate and plenty of promotions available for bargain-hunters. Many of the shopping malls also host live shows and special entertainment programmes for children during the five-week event.People visiting the UAE this summer will also have the opportunity to see how Dubai's residents celebrate the religious festivals of Ramadan and Eid. Continue reading
Dubai property enjoys strong first quarter
The total value of real estate transactions in Dubai increased by 63 per cent year on year in the first quarter of 2013, according to new figures.Data released by the Dubai Land Department (DLD) showed that 223 property deals per day – or 32 per hour – were registered during the three months to the end of March.This means a total of 14,260 transactions were carried out by the emirate's property buyers and sellers in the first quarter, placing the total value of deals at AED 44 billion (£7.7 billion).Sultan bin Mejren, director general of the DLD, described the figures as “an important indicator of the solid growth and performance of the real estate market, which has the backing of government to increase confidence among a number of national, regional and international investors”.He added that the emirate's property market “saw an impressive high in the first quarter, with the number of transactions soaring in the residential and commercial sector”.Mr Bin Mejren said he believes property prices will continue to rise on the back of increasing demand for land, villas and apartments in Dubai, with more investors expected to enter the market this year.The DLD figures were published shortly after a report from Deutsche Bank revealed that prices rose for the 16th consecutive month in March, jumping by 1.5 per cent on the previous month.Speaking last week, Standard Chartered's global head of macroeconomic research Marios Maratheftis said the fundamentals are now in place for solid and sustainable growth in the Dubai property market.He explained that the “rapid loan growth” that characterised the ill-fated real estate boom of a few years ago is absent this time.”It looks like it is fundamentals-driven market now which is dominated by true investors and by end users … It is a healthy and sustainable rally in the housing market,” Mr Maratheftis said.The First Group can help you find apartments for sale in Dubai Continue reading
UAE tops M&As in Mena
The UAE topped the region in terms of total value of disclosed domestic merger and acquisition deals, comprising approximately 54 per cent worth $2.2bn; followed by Qatar also at 21 per cent worth $880.4m. In the domestic space, the UAE also led the number of announced acquisitions with 11 deals. Saudi Arabia, Qatar and Kuwait followed with seven acquisitions each, according to Ernst & Young’s MENA Mergers & Acquisitions update. The total value of disclosed mergers and acquisitions (M&As) in the Middle East and North Africa (Mena) region rose from $7.3bn in Q1 2012 to $14.6bn in Q1 2013, increasing by 100 per cent. In Q1 2013, 98 deals were announced against 101 deals in the last year, a decline of 3 per cent. Phil Gandier, Mena Head of Transaction Advisory Services at Ernst & Young Mena, said: “This increase can be attributed to growing investor confidence, improvement in the access to credit, relatively better convergence in pricing between investors and sellers and a hint of improved macro economic conditions. This is especially true of the markets and the sectors that saw the most deal activity – a trend that we expect to continue.” The top 10 deals in Q1 2013 were valued at $12.1bn which represented 83 per cent of the total disclosed Mena M&A deal value. Of these, five are outbound (regional business buying international assets), three are domestic (regional business buying regional assets) and two are inbound (international business buying regional assets). The top deal by value was worth $6.4bn, involving the acquisition of Orascom Telecom Holding in Egypt by Baskindale Limited in Cyprus followed by the merger of UAE based Sorouh Real Estate and Aldar Properties for $2bn. These two deals comprised 69 per cent of the top ten disclosed Mena M&A deals by value. In Mena, attractive sectors were banking & capital markets, and professional firms & services which led deal activity with eight deals each, followed by oil & gas with seven deals, consumer products with six deals and real estate and telecom with four deals each. The sector with the largest disclosed deal value was telecom, representing $7bn. For outbound announced deal activity, attractive sectors were telecommunications with five deals followed by real estate with four deals. Continue reading