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DUBAI (Part 3)

Last post 09 Jun 2009, 6:56 PM by yellow_bird. 116 replies.
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  •  25 May 2009, 9:08 PM 785211 in reply to 785210

    Re: DUBAI (Part 3)



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  •  26 May 2009, 8:07 PM 785838 in reply to 785211

    Re: DUBAI (Part 3)

    MGM Mirage Hospitality and Pearl Dubai to develop Bellagio, MGM Grand, and Skylofts brands

    MGM Mirage and Pearl Dubai FZ LLC announced plans to develop Bellagio, MGM Grand, and Skylofts hotels, as well as branded residences at Dubai Pearl, the $4bn (Dhs15bn) world-class, fully integrated luxury development in Dubai, United Arab Emirates.
    Pearl Dubai FZ LLC will own and finance the 250-room Bellagio hotel, 350-room MGM Grand hotel, and 30-suite Skylofts hotel, while MGM Mirage Hospitality will manage and provide technical services for the three new ventures.

    The agreement includes the development of Bellagio branded luxury residences, in addition to featuring world-renowned dining, entertainment, spa and convention that complement the luxury offering of the hotels.

    Abdul Majeed Ismail Al Fahim, Chairman of Pearl Dubai FZ LLC, said:

    'Our alliance with MGM Mirage reflects our commitment to forging world-class partnerships with premium brands that are renowned for their operational excellence. The project's entertainment elements will help complete the vision of making the Dubai Pearl a true landmark that will deliver an unforgettable experience through its diverse components and unmatched services.'


    MGM Mirage is one of the world's leading and most respected development companies with significant holdings in hospitality and entertainment.

    Gamal Aziz, President and Chief Executive Officer of MGM Mirage Hospitality, said: 'We are honored to be part of a significant development located in the heart of new Dubai. Dubai Pearl is a product born out of enhanced creativity and imagination, and our properties will inspire travelers and residents with a sense of livable luxury that infuses energy and excitement with sophisticated service.'

    The association between the two companies will see the Dubai Pearl project getting Dubai's first hotel and residences brands under the MGM Mirage portfolio.

    Located opposite the Palm Jumeirah Island in the heart of the Dubai Technology and Media Free Zone, Dubai Pearl is a landmark destination designed to offer spectacular views of the Arabian Gulf. Through integrating first-class facilities, it will shape a pedestrian friendly, 24-hour living city that with a spectrum of commercial, retail, residential, hospitality and leisure components.

    Dubai Pearl will also boast a 2000 seat performing arts theatre aimed at meeting the needs of Dubai's growing cultural calendar and complementing the project's entertainment offering.

    Featuring an active business district with a quality urban lifestyle, the development will be host to the world's top brands and include sky palaces with private pools and landscaped gardens, luxury branded apartments and condominiums.
  •  26 May 2009, 8:08 PM 785840 in reply to 785838

    Re: DUBAI (Part 3)

    Rotating Tower

    UAE. David Fisher will forge ahead with plans to build the world’s first rotating tower in Dubai, the renowned architect has confirmed in an interview for Commercial Interior Design.

    The as-yet undisclosed site of the project has been decided upon, groundbreaking is imminent and apartments are scheduled to go on sale within a matter of weeks, he explained.

    “We have the land, we have a great location and there will be an official announcement and groundbreaking very soon. In a short while, we will start selling. Prices will be announced soon but from what I have read we are looking at a small apartment for US$3 million and a large one for up to US$30 million,” Fisher stated.

    While acknowledging that the timing might not be ideal, Fisher remained positive about the prospects for his unique architectural proposition. “The situation in Dubai is more than bad today, but for me it is a challenge within a challenge,” he said. “It sounds crazy to speak of a new building, especially a luxurious new building like this, but we do intend to start very soon.

    “Dubai is facing the same situation as many other places, and somewhere like Miami, for example, has been suffering for three years, not three months. There is big interest because the building is unique. So, as a recent Dubai publication said recently, ‘David Fisher might yet have the last laugh’,” he said.

    While the 80-storey rotating tower has attracted attention because of its shifting shape, there is more to it than that, Fisher maintained. In Sao Paolo speaking at the 7th International Forum of Architecture and Construction, which ran alongside Revestir, the Brazilian Coverings Exhibition, between 24 and 27 March, Fisher outlined his six commandments of architecture and highlighted how the rotating tower was a logical incarnation of these basic principles.

    “Architecture is art and it is sculpture, but it is also something else. It has to make sense, firstly, from an economic point of view. The second thing is functionality; a building is not a shell. The third aspect is engineering and fourthly, a building needs to be green; we all know why. The fifth is maintenance and the last, and least important, commandment of architecture is the shape of a building. Of course, beauty is important but it is still the final commandment. After all, correct is beautiful, but beauty is not always correct.”

    As such, Fisher’s rotating towers will also be the first to be prefabricated in a factory and assembled onsite, and will also be entirely self-powered. “As an architect, I am sometimes embarrassed to be part of a sector that is so primitive,” Fisher commented, pointing to a picture of the pyramids of Giza. “Not much has actually changed in the last 4,000 years.

    Everything else is created in factories but buildings are still created onsite,” he said.

    Floors of the building will be shipped to the site to be mechanically attached to a central core. “There is nothing we do onsite besides mechanical fixing. This means there will be 90 people onsite instead of 2,000. It is a safer, more ecologically friendly site with no more unnecessary waste and dust. They are also completely self-powered as there are wind turbines between every floor. These are the quick, clean, logical buildings of the future.”

    Fisher has drawn on technologies used in sources as advanced as the London Eye and the new Boeing 787 for his creation. “There are so many incredible technologies around but almost none of these are used in construction. This building will be much more than just the first to rotate. It will be the first to be self powered, the first to be prefabricated and a symbol that anything is possible in life,” he maintained.

    “These are the first building to be built around four dimensions; the fourth dimension is time. Designed by life, shaped by time. To allow everybody to shape buildings and cities is the ultimate expression of freedom,” he elaborated.

    And in the next breath: “I like to keep things simple.”

  •  26 May 2009, 8:14 PM 785845 in reply to 785840

    Re: DUBAI (Part 3)

    DUBAI, May 24 (Reuters) - Gulf Arab countries have more than $140 billion worth of hotel projects under construction, with just 19 percent being suspended or canceled as the industry faces a global slowdown, a survey showed on Sunday.
    Of 893 hotel projects surveyed in the Gulf, 5 percent had been canceled, 14 percent put on hold, and 42 percent were under execution, showed the survey by research house Preloads Global. The rest were under study, planning, bidding, design, or had been completed.
    The Gulf Arab region had 306 new hotels, with 108,600 rooms under development, and cash flow is expected to recover in most of the region next year after falling this year, it said.
    The United Arab Emirates, which includes Dubai and Abu Dhabi, hosted 62 percent of the projects. The country saw the cancellation of almost 5,000 planned rooms during the month of May, and 6,500 since the beginning of this year.
    Dubai, the Gulf's trade and tourism hub, faces a sharp slowdown in its property sector, with real estate prices tumbling 41 percent in the first three months of 2009, according to property consultant Colliers. The slowdown has led to project cancellations worth billions of dollars. [ID:nL9146396]
    Active cash flow, or money available for project construction, in the Gulf is estimated at $30.4 billion for 2009, and is projected to increase to $31.6 billion in 2010, the survey showed. But cash flow in the UAE is expected to fall to $18.4 billion in 2010, from $19.9 billion in 2009.
    CASH FLOW DECLINES VS 2008
    The economic downturn had impacted the region's cash flow negatively, said the survey, resulting in "much more cash flowing out of the hotel construction sector than into it."
    This has led to a fall in cash flow in 2009, compared with 2008, it said, without giving a figure for last year. A recovery is expected by late 2010, and more cash flowing into the industry than out of it by 2011.
    Hotel occupancy levels have remained relatively stable throughout the Gulf since 2003, but the economic slowdown has had a negative impact and 2009 is expected to be a "challenging" period for the hotel industry, the study said.
    UAE hotel occupancy levels are expected to drop to 61 percent in 2009 from 79 percent in 2008, while the rest of the Gulf could see 45 percent to 55 percent occupancy levels in 2009. A pick up in occupancy levels, to 2008 levels, will occur by the end of 2010, followed by accelerated "real growth" by 2013.
    "Given projected increases in demand from 2013 onwards, more hotels will be required if relatively high occupancy levels are to be maintained," Emil Rademeyer, director of Preloads, told reporters. "With an average completion period of two to three years, 108,600 rooms should come online by 2011."
    The region will need to increase its construction activity starting in 2010 in order to satisfy the projected growth in demand to follow, the paper said, especially with the area's population and visitors expected to grow. Visitors to the Gulf region are expected to reach just below 40 million in 2010, Rademeyer told Reuters by telephone. (Editing by Jan Paschal)
  •  09 Jun 2009, 6:56 PM 794507 in reply to 785845

    Re: DUBAI (Part 3)

    Dubai stabilising: StanChart

    on Wednesday, June 10, 2009

    Dubai's property market is beginning to stabilise as mortgages become easier to obtain, according to Standard Chartered.

    "The end of the freefall is encouraging," said Philippe Dauba-Pantanacce, a Dubai-based senior economist at Standard Chartered, in a report yesterday.

    "The first signs of stabilisation in Dubai's real estate sector have appeared, taking observers by surprise since further declines were expected. Some caution is warranted, as there are still question marks surrounding population flows," he said.

    "Families with school-age children may wait until the end of the academic year before moving, and the impact could be substantial."

    The amount of distressed stock on the market has gradually diminished.

    Mortgage providers are slowly easing their requirements, allowing for higher loan-to-value ratios, and credit procedures have been relaxed. According to recent HSBC figures, agreed prices in Dubai went up four per cent in April and five per cent in May. In the apartment segment [85 per cent of transactions], prices rose nine per cent in May.

    A price correction was necessary if Dubai is to continue competing with other global hubs, the report said.

    In a recent survey of the world's most expensive office markets by CB Richard Ellis, Dubai ranked seventh [based on 2008 prices], even more expensive than the City of London, Paris, Singapore or New York.

    "This does not accurately reflect these cities' comparative advantages, demographic pressures and constraints relative to Dubai's. Thus, Dubai's real estate market needed to become better-aligned with its value."

    In the 12 months ended March 31, prices fell 32 per cent, said a report last month.

    http://business24-7.ae/Articles/2009...cda5903c6.aspx
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