Dubai-based developer reviving UAE property market with high-end project

Updated 03 February 2017
0

Dubai-based developer reviving UAE property market with high-end project

A leading Dubai-based Russian property developer is reviving the UAE property market with the launch of a one-of-a-kind ultra luxury mega project on the Palm Jumeirah.
Driven by the robust demand for luxury homes in the city, XXII Carat, part of the Forum Group, is the latest player to enter the ultra-luxury market and has ambitious plans for the future with a number of other projects in the pipeline.
The project comprises 22 ultra-luxury villas of different styles and architecture — Emerald, Ruby and Sapphire. The developers have already sold around 30 percent of the units with construction due to be completed in late 2017. The company launched the large-scale residential project last year and is targeting wealthy buyers from the GCC as well as Russia, India and Europe.
“Demand for luxury properties is on the rise far exceeding supply in the higher price spectrums of the market and there is always a market for high-end one-of-a-kind properties,” said Anton Yachmenev, managing director of the Forum Group.
“We were keen to capitalize on this trend by offering developments that take luxury living to the next level. Buyers are on the lookout for modern, vanguard and expertly appointed villas and we want to give them what they want.
“We have a simple mission, which is driven by the belief that luxury is about more than just the address. We specialize in exquisite developments using the most stringent European building standards and finishes to provide each resident with privacy and unique views of beach and skyline. We have also scoured the globe for the best of the best for our interiors.”
According to the recent Dubai Real Estate Market Report Q3 2016 by global consultancy JLL, the luxury real estate sector remained active for the first nine months of 2016, despite the looming economic downturn and the slowdown in the real estate market.
With Dubai’s real estate sector still outperforming many other global cities, experts are predicting further growth and strong overseas interest by 2020. Key factors driving this growth include attractive rental returns, flexible payment plans and industry regulation. Apartment rental returns in Dubai offer returns of 7.6 percent which dwarfs yields in leading investment locations such as London (3.5 percent), Hong Kong (2.82 percent) and Singapore (2.83 percent).
“Dubai’s luxury real estate market is fast becoming an attractive proposition to a multitude of international buyers and we have invested a considerable amount of resources to ensure that our properties exceed expectations,” added Yachmenev.


Ritz-Carlton, Riyadh unveils Ramadan tent

The five-star hotel’s iftar buffet features an abundance of Arabic and international Ramadan specialties.
Updated 26 May 2019
0

Ritz-Carlton, Riyadh unveils Ramadan tent

The Ritz-Carlton, Riyadh is inviting guests to its lamp-inspired Ramadan tent for an opulent gastronomic experience and authentic spiritual ambience.
This year’s Ramadan tent theme “Siraj,” a literal interpretation of “lantern,” transforms one of the hotel’s ballrooms into an exquisitely decorated dining area featuring a lavish iftar buffet.
The classic decor reminisces the role of traditional lamps, which were used in the past for lighting family gatherings and its flame was considered the means to keep those gatherings alive even after dark. Since then, lanterns have been used to decorate houses, shops and streets in the holy month.
Mohammed Marghalani, manager at Ritz-Carlton, Riyadh, said: “The project is the result of the cooperation of various employees in the hotel — starting from the tent’s name through to the variety and quality of dishes and the reception and care of the valued ladies and gentlemen visiting us.”
“Ramadan preparations are deeply rooted in our traditions as they emphasize the uniqueness of this special month. The real essence of Arabian hospitality focuses on making visitors and guests feel appreciated and comfortable,” he added.
Ramadan tents in hotels offering iftar and suhoor delicacies have become a tradition in the Kingdom during the fasting month.

HIGhLIGHT

The buffet spread features cuisines from around the world, from Saudi dishes to Asian, Italian and Turkish specialities, displayed in various live stations.

Hundreds of people turn up daily for the lavish meals with family and friends, amid sophisticated decor and five-star service.
On entering the palace-like venue, guests are greeted with the warm and smoky scent of oud at the reception.
The five-star hotel’s iftar buffet features an abundance of Arabic and international Ramadan specialties. Each table is elegantly laid out with dates, Arabic coffee and appetizers.
The buffet spread features cuisines from around the world, from Saudi dishes to Asian, Italian and Turkish specialities, displayed in various live stations.
The star of the buffet is the dessert selection comprising both Middle Eastern and international favorites guaranteed to satisfy any sweet tooth.
Prices range from SR325 ($86) per adult to SR160 for children. Kids under the age of six dine for free. The tent is open from sunset until 9:00 p.m.
The 492-room Ritz-Carlton has 52 acres of landscaped gardens and is one of the most luxurious five-star properties in the capital.