Tag Archives: environment
Dubai’s real estate sector gets ‘smarter’
Dubai’s real estate sector gets ‘smarter’ Issac John / 11 February 2014 World Expo will have limited direct effect in 2014 because of restricted short-term activity, says real estate advisory firm. Expo 2020 will have a positive impact on the UAE over the long-term with hospitality, logistics and retail being the major winners, Jones Lang LaSalle, a leading real estate investment and advisory firm, said on Monday. However, the World Expo will have limited direct effect in 2014 because of restricted short-term activity, the real estate advisory firm said while warning that both price expectations and excessive new supply would require careful management leading up to 2020. In its “2014 top trends for UAE real estate” report, Jones Lang LaSalle (JLL) brushed aside concerns that Dubai would experience another bubble with unsustainable price growth in the residential market, increasing cost pressures and return of speculative activity. On the other hand, JLL said there are many differences this time around that makes for a ‘smarter’ market with investors getting more cautious, better regulations, and phased out property development in line with demand. “There is also less reliance on pre-sales and sub-developers and significant levels of new supply are being provided,” JLL noted. The International Monetary Fund has cautioned that Dubai might need to intervene in its property market if there are signs of overheating to prevent another boom-and-bust cycle. “When you see rapid increases in any asset prices then you just need to be prepared to act,” Masood Ahmed, the IMF’s director for the Middle East and North Africa, has said. In its report, JLL said mega projects that were either put on hold, significantly slowed or were not initiated during the financial crisis are a reality again because of growing confidence in the UAE’s market. “The plans are more measured and there is an increased focus on phasing projects over many years in line with end user demand. In Dubai, these master-plan communities include Dubai Canal, Mohammad Bin Rashid City and Dubai Waterfront. In Abu Dhabi, they include Saadiyat Island and Capital District, now known as Zayed City.” JLL predicted more varied approaches to funding real estate. It expects that equity would be a preferred funding approach in 2014 rather than debt. Pre-sales will remain important in the residential market and pre-leases and build-to-suit will be funding many new office projects, it said. “Sale and leasebacks, REITs (real estate investment trust) and IPO’s (initial public offering) and last mile financing will become increasingly popular options for funding as banks remain cautious to enter into new relationships. There may be some further IPO’s and bond issuances in 2014, but these are not expected to be widespread and to be limited to just a few major real estate players,” it said. Overall, JLL expects that 2014 will remain primarily a tenants’ market with little decline in the current excessive vacancy levels in Dubai or Abu Dhabi. However, with pent-up demand increasing from corporates who are now freeing up more capital for expansion of their business, JLL sees an increase in corporate activity in the UAE in 2014. “The current two-tier market is likely to continue, with the best buildings experiencing increased take up and little demand for secondary space. As corporates focus on more innovative workplace solutions, such as hot desking and open floor plans, efficiencies are being achieved that will result in the demand for real estate growing less quickly than employment levels.” JLL also expects more investment sales in the hotel sector across the UAE, as owners now have more realistic expectations and hotels continue to perform strongly. “There remains strong interest from investors in this sector and the willingness of owners to make strategic disposals will allow this interest to be converted into more sales than have been experienced in recent years.” Dubai became the first country to back new international property measurement standards (IPMS) in September 2013, and this should help better regulate the market in 2014, the real estate advisory firm observed. According to JLL, Dubai is growing towards the South with Dubai World Central, which includes the Expo 2020 site and Al Maktoum Airport, driving this trend. There is also a notable trend towards development closer to central Dubai, in filling some of the gaps left by the previous scattered development. “Mohammed Bin Rashid City is a good example of this trend, incorporating many of the components originally envisaged for Dubailand.” — issacjohn@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
Family Day at Global Village becomes hugely popular
Family Day at Global Village becomes hugely popular Lily B. Libo-on / 10 February 2014 Family Day on Mondays at Global Village with free entry for children below 12 becomes hugely popular among both residents and visitors Artists performing on ice stage at Global Village. -KT photos by M. Sajjad For 12-year-old Mishary from Kuwait, winter holiday is Global Village in Dubai. As cold weather envelops the GCC and Middle East, he knows it is time to shop for his favourite leather, T-shirts and toys, go for wonderful and exciting rides, and taste new delicious cuisine all available at this leading family entertainment and cultural destination. Year after year, his family has made it to Global Village. After all, he has Emirati cousins, who are equally excited to go with them to Dubai’s theme park. Arriving last Monday, the first Family Day in February, Global Village looked altogether different to him. “Wow! More fun rides, and a lot better. I love it,” Mishary exclaims. His parents, Talal Rashid and Khulod, say they are on a five-day holiday. “Global Village is like our second home. We spend our winter holiday here and go back to Kuwait full of memories, fun and surprises. We always find new things every time we come. As soon as we are home, our kids start looking forward to the next edition,” Rashid says. Global Village has become a byword for entertainment not just to residents in the UAE but also to many families from the GCC and other countries across the globe. Throughout February this year, children aged 12 and under get in for free every Monday, which is the “Family Day”. This new family package that costs Dh30 will allow entry to two adults and any number of children under 12. A Qatari family — Mohammed Al Khatani, Noura and their kids — has one more encouraging testimony to tell. A yearly visit to Global Village is to them an overwhelming experience. With excitement, the kids took half of the 50 fun rides on February 3. They watched the mesmerising acrobatic dances of “Level Up”. Just before anyone could stop applauding for an impressive performance, Chinese Unicyclists came on stage with their Bowl Unicycle Act, each of the seven young ladies throwing rice bowls at each other’s head without missing a single bowl, struck them with awe. And, to their amazement, in a separate built-in skating rink beside the World Culture Stage, the ‘Fairytales on Ice’, enabled them to see their favourite “Pinocchio” live. An Omani boy, Zayd Al Bandari, 14, spoke of his enormous love for all the shows and the mouth-watering cuisine he has tasted in various restaurants at Global Village. “I came with my family from Oman. But, they are taking the fun rides and skills games for too long. I feel hungry so I have to come to this restaurant to get my fill. I still get to redeem my Dh10 voucher, which the restaurant gave me after dining with my cousin Achmad in a Turkish restaurant.” As Ahmad Hussein, Executive Director of Operations at Global Village, puts it: “We want to make this February as special as possible for families when they visit Global Village. These promotions are another way of giving something back to our guests and allowing them the chance to experience more here. By letting children aged 12 and below enter for free, on Mondays, parents have the chance to take their kids on more rides and games and get closer as a family.” — lily@khaleejtimes.com Level Up Level Up is a world of video games that come to life to perform German wheels, dance performances, power skipping, roller skating stunts and acrobatics. It takes its young audience directly into a high-tech world of video games that set a pulsating journey as the hero of the show is transported to the virtual world. Maddie, 23, a Hungarian acrobatic dancer, says the team has undergone a very hectic rehearsal for two weeks before performing in Global Village. “Two of us are from Hungary and one from Spain. Our UK-based company is taking the best acrobatic dancers from different countries across the globe to perform at Global Village.” Fantasy Island Fantasy Island, one of the many new attractions, it is attracting huge crowds daily as it is the first of its kind in the Middle East. With more than 50 rides to choose from, families will have a wealth of new and innovative rides and experiences to enjoy for hours at a time. Thrill seekers can ride roller coasters, be terrified by a ghost ride, and then cool off on the log ride. The classic fun fair Dodgems are making a return, along with the highly enjoyable bungee and trampoline stands. Fairy Tales On Ice For the first time, Global Village has brought the imaginative Fairy Tales on Ice to the Middle East. This show is performed live on ice every Family Day with the children’s all Disney favourites in performance such as Snow White and The Seven Dwarves, Pinocchio, Aladdin, and Sleeping Beauty. Bilal Mansour, partner of Total Concepts International, which is instrumental in bringing the Fairy Tales on Ice, says that the 10 performers of the Hungarian troupe dress up as Disney characters from these children’s stories and perform dance routines on the ice to music straight out of the original animated movies. “Tonight, we have Pinocchio, but in the next three Mondays of February, the theatrical production will bring live Snow White and The Seven Dwarves, Aladdin, and Sleeping Beauty.” All Star Dunkers For the first time, visitors can also see five acrobats perform short dance routines between their sets of performing amazing twists and turns in the air in double somersaults. Comprising five guys, the All Star Dunkers from France perform back flips and lots of acrobatics before dunking a basketball. Using trampolines, they perform acro dunk, a spectacular combination of acrobatics and dunking performed for the first time in Global Village and the Middle East. Fred, their coach, says that the team has gone around the world for 17 years to perform acrobatic dunk. “They perform triple rider, which involves jumping, passing and swinging the ball under their legs and dunk a basketball in the net. They can do double somersault, but they still have to do it with acrobatics and dunking at the same time. It is very difficult to perform as it needs perfect timing and precision of each performer,” he says. Orbis The high-energy Orbis is a magical tour around the world — from Africa through China and Russia into India and South America — then celebrate music and culture from around the world in a fast moving and hugely exciting manner. A children’s show, Orbis will endear the entire family to watch it again and again until Global Village closes on March 1. Chinese Unicyclists Ten Chinese lady unicyclists straight from Beijing juggling while cycling, synchronising their moves with the rest of the performers have mesmerised the crowd at Global Village. They have come to Dubai and the Middle East for the first time. Shi Xin Xue, 16, an acrobat unicyclist, says that it takes two years or more to perfect the most difficult part, which is putting six to seven rice bowls on their foot and toss them one after the other in seconds towards their head and to perfectly balance herself as it lands one by one into a set of 20 rice bowls on her head. The unicyclists have toured most cities in the world to perform, including the USA, the UK, Korea, Japan, Switzerland and most of Europe. Argentinian Gauchos A Guinness World Record holder, the popular “Argentinian Gauchos” combine their modern dancing with the cultural aspect of the Gauchos, or South American cowboys. Visitors will be amazed by its highly visual and extraordinary performance that mixes precision, movement and music with “Boleadoras”, a primitive hunting weapon originally used by the Chinese, Eskimos and South American Indians. The Argentinian Gauchos is a two-person act that uses the swinging of Boleadoras, which are small balls fixed to the end of a rope, and tapping them on the floor in quick succession to create a beat to which they dance. For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
DM chief calls for curb on vehicles on UAE roads
DM chief calls for curb on vehicles on UAE roads Sajila Saseendran / 10 February 2014 Dubai Municipality Director-General Hussain Nasser Lootah asks to tighten car ownership laws and a hike in parking and insurance fees . Dubai’s civic chief has called for stricter car ownership laws, and a hike in parking and insurance fees to restrict the number of cars on the UAE roads. Dubai Municipality Director-General Hussain Nasser Lootah said federal authorities concerned should study ways to limit the cars plying on main roads in Dubai and other emirates as they were exceeding the roads’ capacity. He was responding to questions by Khaleej Times after a Press conference held to announce this year’s Car Free Day, an annual green initiative of the municipality to be held on February 19 this time. Lootah, who reportedly first made these suggestions at the Dubai-Hamburg 2014 Business Forum in Germany, clarified that it was a proposal and thorough studies have to be carried out before implementation. He apparently cited road congestion as a major challenge for Dubai in future. About two million cars ply on Dubai roads everyday. “We must have ownership regulations to slow down this (enormous increase in the number of cars). Our streets are getting jammed and it affects the daily life… the health of the people and the environment,” he said. “There are different ways to curb the number of cars… You can restrict car ownership based on the salary of people, the number of members in a family and the areas of work and home.” Lootah pointed out that cars are cheap in the UAE and parking fees are too low compared to many other countries. “Almost everybody can buy a car and there are more than one car in many families,” he said, while referring to the high taxation of car owners in Singapore as an example for curbing the number of vehicles. He said the way forward was to use public transport system, especially the Metro. “I am sure the RTA (Roads and Transport Authority) is building Metro in different stages and will open many more stations covering more areas and increasing the capacity,” he said, replying to a query on the jam-packed trains during the peak hours. Brigadier Ahmed Obaid Alsayegh, assistant general manager for Fire Fighting and Rescue at the Dubai Civil Defence, said regulations to reduce road congestion were the need of the hour in Dubai. “Our (fire fighting) trucks are big and we have a response time of eight minutes. But if there is a traffic jam, they also get stuck for several minutes. “Dubai is growing and we need to have rules to make people use mass public transport. We also need to encourage the use of Metro especially among the young generation.” The official pointed out that cities like London and Singapore are managing traffic chaos by introducing congestion charges, high road toll, parking fee and taxation on car purchase. Singapore also has the Certificate of Entitlement (COE) system in place to peg long-term vehicle population growth at threee per cent a year. According to the COE system, anyone wishing to buy a car or motorcycle has to bid for a COE. Each month, a certain number of COEs are released for bidding and if successful, the vehicle entitlement is valid for 10 years. After the 10-year period, the owner may decide to bid for a new COE either for 10 or five years to keep your vehicle on the road. sajila@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
