Omniyat Properties Signs Mövenpick Hotels & Resorts for 'The Square'

DUBAI - December 17, 2007 - Innovative UAE property developer Omniyat PropertiesOmniyat PropertiesLoading... has signed an exclusive agreement with renowned international hotel group Mövenpick Hotels & Resorts to manage the serviced apartments for its premium residential development 'The Square'.

Mövenpick Hotels & Resorts will operate the 180 premium serviced apartments at "The Square", Omniyat's first mixed-use integrated community development, set to become a stylish low-rise fully integrated community complex with an Arabesque flavor located in the lush surrounds of Al Mamzar (Deira), Dubai.

Omniyat PropertiesOmniyat PropertiesLoading... President and Chief Executive Officer Mehdi Amjad said the famed Swiss hotel group has perfect synergies for The Square development to extend the high-level of service offerings to residents.

"With Mövenpick Hotels & Resorts renowned customer service standards and Omniyat PropertiesOmniyat PropertiesLoading... quality guarantee and attention to details, The Square serviced apartments are set to offer the optimum lifestyle experience," Mr. Amjad said.

"Our partnership with Omniyat PropertiesOmniyat PropertiesLoading... will add another dimension to our portfolio in the region and we look forward to being part of The Square development because of its superb location and accommodation options," said Andreas Mattmuller Senior Vice President Middle East & Asia for Mövenpick Hotels & Resorts.

The serviced apartments are being developed as a part of Phase Two of the complex and will cater for both long and short-term living as well as for holidaymakers to Dubai. The Square will reflect a self contained neighborhood melding a mix of residential, retail and commercial areas within a tranquil oasis.

With structural construction well underway, Phase One of The Square is due for completion by the first quarter of 2009, with Phase Two following in the second quarter of 2009.

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source: zawya.com

Gulf region's USD 697 billion construction projects provide major impetus to carpets and floor coverings industry

December 17, 2007: DOMOTEX Middle East, the only dedicated carpets and floor coverings exhibition in the MENA region, is expecting to achieve record turnout of exhibitors and visitors for the third edition of the show that will be held from May 25-27, 2008, at the Dubai International Convention and Exhibition Center. Deutsche Messe, organisers of the annual exhibition, have announced that it has already sold 75 per cent of the exhibition space for the upcoming edition, which underlines the popularity and significance of this event in the region.

The growth of the carpets and floor coverings industry has been bolstered by the major boom in the Middle East region's construction sector. There are currently over 1,400 on-going projects in the Gulf region worth an estimated value of USD 697 billion. Of that, the UAE accounts for 32 per cent, making the construction sector the largest non-oil sector in the country.

The second DOMOTEX Middle East trade fair held in June this year witnessed double digit growth in exhibitor participation and visitor turnout, with 269 exhibitors from 37 countries showcasing their products to more than 6,300 trade visitors from 92 countries.

Angela Schaschen, Managing Director, Deutsche Messe Dubai Branch, said, "The growth of DOMOTEX Middle East year-on-year has been remarkable, and it reaffirms the importance of hosting such a specialised trade fair in the region. The unprecedented boom in the construction industry has been one of the key factors that have propelled demand for floor coverings in the region, which in turn has significantly amplified the scope for premier international exhibitions like DOMOTEX Middle East."

"Going by the success of the 2007 edition of the exhibition, the encouraging exhibitor and visitor feedback we have received, and the excellent exhibitor response for next year's edition, we are confident that DOMOTEX 2008 will create new records in terms of exhibitor and visitor participation," she added.

DOMOTEX Middle East 2008 will feature a full range of handmade and machine-made carpets; textile and resilient floor coverings; parquet and wooden flooring; laminates; sports arena flooring; fibres, yarns and textiles; cleaning and application technologies; ceramic tiles; and natural stone and marble floorings.

The trade fair is targeted at wholesalers and retailers of floor coverings, decision makers in the contracting business, planners, architects, interior designers, construction companies, project planners, floor fitters and other skilled workers from the sector.

"DOMOTEX Middle East serves as an ideal platform for exhibitors to strengthen their relationship with the existing customer base, generate new business leads, and finalise lucrative deals," concluded Schaschen.

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source: zawya.com

Zara Investment and ASEZA Sign Agreement to Develop Aqaba Heights

Aqaba - Zara Investment (Holding) CompanyZara Investment (Holding) Company
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and Aqaba Special Economic Zone Authority (ASEZA)Aqaba Special Economic Zone Authority (ASEZA)
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signed on Sunday an agreement to develop Aqaba Heights located at the southern coast of Aqaba. The Aqaba Heights agreement was signed in Aqaba by Mr. Sabih Masri, Chairman of the Board of Directors of ZaraZaraLoading..., and by H.E. Hosni Abu Gheida, Chief Commissioner of ASEZAASEZALoading....

The agreement aims at establishing and developing a comprehensive tourism and real estate project in Aqaba in a bid to transform the Southern Coast into a tourist destination adding more to the new evolving architectural diversity and image of Aqaba.

Stretching over an area of 570 donums, Aqaba Heights project consists of the development of a 4-star hotel containing 300 rooms in addition to 100 serviced apartments as well as a comprehensive commercial center and 1000 residential units with a large beach club for the use of the residents of the community. The development cost of the project is estimated at 275 million Jordanian Dinars (USD 390 million) and the project will be implemented in two phases over the coming eight years.

The Aqaba Heights project is in line with Zara InvestmentZara InvestmentLoading...'s aggressive growth strategy aimed at maintaining and securing its leading market share in the Jordanian hospitality market. In addition, this agreement reflects part of the success story achieved in the Aqaba Zone, by attracting more than eight billion dollars of investments by the first half of 2007 in which investments in the tourism sector have accounted to about 50% of total investment.

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source: zawya.com

Mubadala in deal with US realty firm

Abu Dhabi: Mubadala Development Co (Mubadala)Mubadala Development Co (Mubadala)Loading..., an Abu Dhabi-based investment firm, yesterday announced it is part of a $1.4 billion deal with Related Companies, a leading US private real estate development firm.

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will be investing in Related Companies through a debt placement along with two other international entities including The Olayan GroupOlayan GroupLoading.... Goldman Sachs and MSD Capital have purchased stakes in Related totalling 7.5 per cent.

In addition to the corporate investment, each investor will co-invest in future development opportunities undertaken by Related.

This elite group of investors has been specifically selected to fund future growth. The minority investment in Related includes no involvement in the governance of the company and there will be no change in Related's management structure.

"This is a historic transaction for Related which will enable us to write a new chapter of our growth. This prestigious group of investors will allow us to reinforce our position as one of the nation's leading developers, managers and financiers of premier real estate properties," Stephen M. Ross, Related Chairman and CEO, said.

Khaldoon Khalifa Al Mubarak, CEO and Managing Director of MubadalaMubadala
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, said: "Related is a strong fit for MubadalaMubadala
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. We share their approach to investing in premier projects that build long-term value. Related has great leadership and an impressive project pipeline with even more potential opportunities."

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source: zawya.com

Al Reem Island gets Dh25.55b in investment

Dubai: The Al Reem Island project has attracted more than Dh25.55 billion in investments, according to Dr. Abdul Rahman Al Tassan, CEO of Rakaa Properties, the real estate subsidiary of Rakaa Holding.

These investments exclude the construction of towers and bridges, real estate services, management services, power plant contracts and various other infrastructural services. These substantial figures indicate the significance of the island on the architectural map of Abu Dhabi.

Al Tassan, whose company has invested Dh1.2 billion in developing three smart home technology-equipped towers on Al Reem Island said the emirate's freehold law has contributed to the demand for commercial and residential units.

Various real estate reports have categorised Al Reem Island as a first class tourism project featuring the latest in smart home technologies.

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source: zawya.com