DUBAI, 18 October 2007 — A new report commissioned by Cityscape Market Intelligence Service (CMIS) and published by the Oxford Business Group (OBG) launched at Cityscape has ranked emerging markets according to investment opportunities in residential, commercial, hospitality and retail development.
Cityscape Dubai 2007 will end today.
Topping the overall rankings was India, with the Philippines in second place, Turkey third and Morocco and Egypt placed fourth and fifth respectively. Saudi Arabia was identified as the strongest investment prospect in the Arabian Gulf, while Syria presents a “notable opportunity” for hotel and tourism development.
“It is not necessary that countries be wealthy to perform strongly,” said the authors of the report. In related developments, Dubai-based multinational MAG Group Property Development yesterday unveiled details of its four new office and residential buildings worth a combined AED500 million, taking their property portfolio to over AED3 billion.
The latest MAG projects launched include the AED300 million, 27-floor Matex office building located at Business Bay overlooking the Burj Dubai Boulevard; the 23-floor MAG 226 residential building in booming Jumeirah Village valued at AED115 million and MAG 228A and 228B in phase three of International City with a combined development cost of AED100 million and consisting of two L-shape buildings of nine floors each. All of these projects will be completed by the end of 2009.
At a different function held at Cityscape, the Real Estate Bank, the government-owned entity specialized in facilitating real estate credit for establishments and government organizations in the UAE, has launched a development strategy, which includes a new corporate identity, an increase in services, new projects and a focus on the development of local skills.
Abdul Aziz Abdullah Al-Za’abi, general manager of Real Estate Bank, said “the bank has been at the forefront of the country’s development agenda for many years.”
As part of the expansion strategy, Real Estate Bank has launched two projects during Cityscape. The Al- Hayat Residential and Commercial Complex, incorporating five landmark buildings within the Dubai Industrial City; and Al-Etihad Commercial Tower, encompassing 35 floors of business, retail and leisure opulence at Shams Abu Dhabi on Al-Reem Island.
Meanwhile, Tameer Holding has unveiled its project Madinat Al-Majd, being developed in Jordan by Tameer International in Jordan. The launching ceremony was held at Tameer Holding’s pavilion, and attended by Omar Ayesh, president of the firm.
Abu Dhabi-based Tamouh, the primary developer of a number of key projects including the Marina Square, the City of Lights, Fantasy Island, Meena Hotel and Towers, and Royal Group headquarters, has exhibited its vision for the future of the capital as it showcased its ambitious projects at the Cityscape. The multipurpose Marina Square project, consists of a shopping arcade, 8 cineplex, branded retail outlets, restaurants, a marina, a five-star hotel facing the marina, private beach access and sports facilities.
Al-Qudra Real Estate, a subsidiary of Abu Dhabi based Al-Qudra Holding, unveiled the first Thomson Signature Golf Course in the Middle East during a ceremony at Cityscape. The championship level golf course will be a landmark feature of Ain Al-Emarat, the new AQRE project being developed in Al-Ain.
The course is being designed by Thomson Perret & Lobb (TPL). Peter Thomson, director of TPL and five-time British Open winner announced the project at a ceremony with Salah Salem ibn Omeir Al-Shamsi, chairman and managing director of Al-Qudra Holding.
Moreover, First Qatar Real Estate Development Company announced over $400 million worth of its projects and company’s strategic expansion into Kuwait and Oman. Kuwait’s Grand Real Estate has launched five of its property developments at Cityscape — the Waves Resort in Algeria, Al-Noor City in Khartoum, Sudan, Al-Hamra City in Cairo, Egypt, Bahrain Business Park in Manama and Al-Mohannad Tower in Sharjah,UAE.