Week 52 - asteco.com€¦ · dubai's doam reports strong year with over 1,800 units added to its portfolio azizi developments awards $13.6m contract to prestige constructions dubai

Week 52 SUNDAY, 29 DECEMBER 2019

ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA

© Asteco Property Management | 2019 | asteco.com

34+ YEARS IN THE MIDDLE EAST

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ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

REAL ESTATE NEWS

UAE / GCC / MENA

UAE MINISTRY OF INFRASTRUCTURE DEVELOPMENT TO LAUNCH $2.7BN SPEND ON 36

PROJECTS

CONSTRUCTION SECTOR DOMINATES 2019 UAE BUSINESS LICENSE ACTIVITY

NEW CEO ANNOUNCED FOR REAL ESTATE ARM OF BAHRAIN'S GFH

BAHRAIN AWARDS $691M CONTRACT FOR SOCIAL HOUSING PROJECT

MILLENNIUM HOTELS & RESORTS MEA TO OPERATE 25 HOTELS IN SAUDI ARABIA BY

2025

DUBAI

DUBAI'S DEYAAR CLAIMS FINAL COURT VICTORY OVER LIMITLESS IN LAND DEAL

DISPUTE

ICONIC ADDRESS SKY VIEW HOTEL IN DUBAI OPENS

DUBAI'S DOAM REPORTS STRONG YEAR WITH OVER 1,800 UNITS ADDED TO ITS

PORTFOLIO

AZIZI DEVELOPMENTS AWARDS $13.6M CONTRACT TO PRESTIGE CONSTRUCTIONS

DUBAI REAL ESTATE CENTRE TO USE CREDIT REPORTS AND SCORES FOR NEW

TENANTS

EMAAR DENIES PLAN TO SELL AT THE TOP BURJ KHALIFA TOURIST ATTRACTION

DUBAI SEES RECORD NUMBER OF REAL ESTATE DEALS IN 2019

TOWER A OF GOLF VITA AT DAMAC HILLS TOPPED OFF

RATE OF AVERAGE DUBAI PROPERTY PRICE DECLINES SLOWS IN 2019

TENANTS FACING CREDIT REPORTS IS A SIGN OF MATURING UAE PROPERTY MARKET

REVEALED: TOP PICKS FOR DUBAI REAL ESTATE INVESTMENT IN 2020

THANKS TO OVERSUPPLY, DUBAI TENANTS MAKING PAYMENTS IN MORE CHEQUES

NOW

THE ADDRESS DOWNTOWN CONTRACTOR SUED OVER NYE 2015 FIRE




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REAL ESTATE NEWS

ABU DHABI

MASDAR'S ECO-VILLAS TO BE DESIGNED FOR EMIRATI HOUSEHOLDS

ALDAR PROPERTIES AND ABU DHABI GOVERNMENT AGREE ON LAND-SWAP DEAL

MODON PROPERTIES STARTS BUILD ON FIVE MOSQUES IN ABU DHABI

INTERNATIONAL

DLD HOLDS 7 MEETINGS WITH ITS PARTNERS IN LONDON

GULF INVESTORS TO TURN FOCUS ON AMSTERDAM AMID EUROPEAN UNCERTAINTY

WEWORK CO-FOUNDER COULD MAKE MILLIONS MORE FROM FUTURE FLOAT




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DLD HOLDS 7 MEETINGS WITH ITS

PARTNERS IN LONDON Tuesday, Dec 24, 2019

As part of its keenness to communicate with its global partners and establish cooperation relations with them to

promote and develop Dubai's real estate sector, the Dubai Land Department (DLD), through its Registration and

Real Estate Services sector, toured the British capital London, during which it held seven benchmark meetings

with its most prominent partners across several fields.

Majid Al Marri, CEO of the Registration and Real Estate Services Sector, presided over the meetings, where he met

senior executives from a number of local and international institutions there, including the International Valuation

Standards Council, the Royal Institution of Chartered Surveyors and CBRE, the largest international property

consulting company.

The DLD's delegation also met representatives from Geovation, part of the UK's Ordnance Survey, the 200-year-

old official organisation in charge of UK maps. Among the prominent meetings held by the delegation was a

meeting with representatives from Morgan Stanley Capital Index, during which Dubai's advanced and the

successive developments recorded by its real estate sector, were discussed.

Al Marri said: "At the DLD, we are keen to keep communication channels open with our global partners, and

London is considered one of the most important destinations, due to the presence of many local and

international institutions and agencies, especially those in the real estate sector, in addition to the strong

historical ties between the UAE and UK. The visit was successful as we were able to organise this large number of

meetings that witnessed the discussion of all issues of common interest, and the means to develop relations with

those parties in the future."

The DLD's delegation met with senior officials at Knight Frank's global headquarters, one of the largest real estate

consulting firms in the world. The visit was completed with a meeting with senior officials from the UAE Embassy

in London, which aimed to discuss means of cooperation, especially in events organised by the embassy in the UK

and the DLD's contribution in supporting and participating in them.

A number of topics were discussed during these meetings, including valuation standards, benchmarking and best

practices, building fire standards, land and building measurement best practices, data indices, and AI applications

in light of the successive developments in the registration and real estate services sector.

The smart valuation team at the DLD includes Al Marri; Mohammed Khodr Al Dah, director of the survey

department; Yaser Mohameed Ahmed Ali, senior projects manager; and Shamsa Abdullatif Al Muhairi, real estate

dashboard section manager. The delegation provided extensive explanations on the sector's most important

projects and initiatives, most notably the real estate lawyer initiative, partial ownership, e-mortgage and smart

valuation.

During the meetings, the DLD's delegation also discussed the 'Dubai we Learn' initiative, and its alignment with its

objectives and themes, including real estate valuation mechanisms. The DLD receives an average of 9,000

valuation transactions annually, of which 3,279 valuations for units. Currently, each transaction is evaluated by a

committee that meets twice a week.




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The valuation process is not highly time-consuming, and is done with precision. This initiative comes as part of the

DLD's keenness to consistently innovate for the ease of mind of investors, especially through the new Smart

Valuation Initiative that was launched to provide an instant, reliable, and robust property valuation service.

As part of the initiative, a machine learning platform, which is an advanced artificial intelligence model that

analyses millions of transactions based on the property type and the neighbourhood to quickly and accurately

generate a valuation, was created based on the methodology followed at Dubai We Learn in all its projects, and

with the direct supervision of premier experts in each relevant field, especially as Dubai We Learn was designed

for knowledge-sharing and innovation to offer best practice resource for all government entities.

Source: Khaleej Times

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TOWER A OF GOLF VITA AT DAMAC HILLS

TOPPED OFF Wednesday, Dec 25, 2019

Damac Properties has announced the completion of the final floor slab of Tower A of Golf Vita, its upcoming 26-

storey residential tower in the 42 million sqm master development Damac Hills.

The golf-themed residential tower, which comprises spacious one- and two-bedroom apartments, offers views of

the Trump International Golf Club Dubai.

The top 10 floors of Golf Vita, the Skyview Levels, feature exclusive luxury apartments with views of the green

community. Golf Vita also features a host of world-class amenities such as a temperature-controlled swimming

pool, state-of-the-art gymnasium, steam room and sauna.

Niall McLoughlin, senior vice-president of Damac Properties, said: "Damac Hills, which is now home to over 6,000

residents, has evolved into a model for community living in Dubai, offering some of the most spectacular

outdoors and life-enhancing amenities that bring residents together. In addition to providing a wholesome and

active environment for residents, the community also offers some of the highest rental yields in Dubai, making it

an ideal choice for investors looking for sustainable returns."

Residents of Golf Vita will also have access to the myriad of amenities at Damac Hills such as the 18-hole

championship golf course, world-class dining, a four million sqm landscaped park, skatepark and a horse stable,

among others.

The topping-out of Golf Vita follows the November launch of High Gardens, a collection of limited-edition, ready-

to-move-in terrace apartments at Damac Hills.


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THANKS TO OVERSUPPLY, DUBAI TENANTS

MAKING PAYMENTS IN MORE CHEQUES

NOW Tuesday, Dec 24, 2019

Tenants in Dubai are benefitting from the oversupply in the market and they are have successfully negotiated

easier and shorter rental payments over the last few years.

According to Cavendish Maxwell's data, approximately 35 per cent of the market was paid in one cheque in 2019

compared to over half the market in 2015. But this still makes up the highest share.

In 2019, 35 per cent of tenants paid a single cheque followed; 30.4 per cent gave four cheques, gave four cheques,

21.8 gave two and the rest paid three, six and other frequencies.

"A higher share of the market at 32 per cent paid in four cheques in 2019 versus only 9 per cent in 2015. Also, 4

per cent of the market paid 12 cheques in 2019 versus only 1 per cent in 2015," says Aditi Hariharan, associate

partner for strategic consulting and research at Cavendish Maxwell.

Majority - 56.9 per cent - of Dubai tenants paid one and two rental cheques despite rental market being heavily in

favour of tenants.

She said despite landlords agreeing to multiple cheque payments in the current real estate environment, there

are some benefits for tenants who opt to pay in one or two cheques.

"By agreeing to pay in full or splitting the payment in a maximum of two installments tenants can negotiate a

better rent with the landlord. If the tenant succeeds in negotiating a lower rent, the agency cost and security

deposit [5 per cent for unfurnished, 10 per cent for furnished] would also decrease resulting in higher cost

savings," Hariharan said.

Rentals have been consistently under pressure since the decline of the real estate sector since 2014, blaming

oversupply in the market.

Cavendish Maxwell data showed that 220,208 units have been delivered since 2009 while nearly 140,000 units

have been handed over since 2014, showing huge supply that came online in the last few years. The supply

peaked this year and going forward, lesser supply will come to the market as developers pull back and launch less

projects.

She noted that in the second half of 2019, the decline in rents slowed down on a quarterly basis and is expected

to continue to do so throughout 2020 in certain communities.

Lynnette Abad, director of research and data at Property Finder, said there are plenty of new units available in the

market that come up with very attractive deals such as 12 cheques, free chiller and furnished apartment options

for tenants.

"This is the time to look at the newly built areas as developers have a lot of ready stock and offering nice

incentives such as 12 cheques, months free, free chiller, furnished options, etc. In addition, this is also a good time




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to either renegotiate lower rent with your landlord or upgrade to a bigger unit or different area for the same

price," Abad said.

Prathyusha Gurrapu, head of research and advisory at real estate consultancy Core, expects rental

market will remain highly occupier friendly.

"Landlords and developers are expected to continue deploying strategies to absorb existing inventories and offer

higher levels of flexibility to maintain occupancies, while a flight to quality is witnessed across residential and

commercial asset classes," she said.

"While tenants are shifting/upgrading to larger units or more central locations, we also see many going back to

their landlords to negotiate rent renewals. Most landlords are now flexible, offering lower headline rents and

flexible lease terms to maintain occupancy," Gurrapu added.


Back to Index




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WEWORK CO-FOUNDER COULD MAKE

MILLIONS MORE FROM FUTURE FLOAT Wednesday, Dec 25, 2019

WeWork co-founder Adam Neumann, who stepped down as the company’s chief executive in September with an

exit package of $1.6 billion (Dh5.9bn), could earn millions of dollars more if the company ever floats on the stock

market, reported the Financial Times.

Under the restructure deal agreed with its main backer SoftBank in October, Mr Neumann accepted a much lower

valuation for his stake than when the company was seeking for a flotation. He also renegotiated terms on a class

of shares he held known as “profits interests” earning a larger payout if the company's price appreciates following

a future float.

Mr Neumann agreed with WeWork and SoftBank to forfeit some of his profits interests, while receiving improved

terms for his remaining stake.

“A future flotation – even at a valuation significantly lower than the company was seeking this summer – could

result in Mr Neumann receiving hundreds of millions of dollars if he sells the stake,” the FT report said.

The newspaper said documents showed Mr Neumann’s profit interests convert into stock at a value equal to the

price of the public shares minus a designated “catch-up price”, meaning they are financially similar to share

options.

Following the restructure, Mr Neumann’s catch-up price was slashed to either $19.19 or $21.05 a share from

$38.36, according to the documents reviewed by the FT. The restructure valued WeWork at $19.19 a share, or

$8bn in total, so if shares later hit $25 per share on public markets, giving the company a value of $10bn, Mr

Neumann's profits interest would convert into shares worth about $111 million.

If WeWork's valuation were to reach $15bn, or $35 per share, Mr Neumann would receive shares worth $352m

and at $18bn, or $45, the value of its profits interests would rise to $593m.

However, going public will not be easy for the troubled company. One of the hurdles to a future float would be

investors’ concern about plummeting losses.

The company, which has lost more than $5bn since 2016, had accrued $49.9bn of lease commitments to

landlords by the end of September.

Founded in 2010, WeWork offers membership of shared office spaces that range in value depending on

requirements and location. For instance, a desk in Mumbai can be rented for $150, but would cost at least $400 in

London.

The company was seeking a valuation of up to $47bn earlier this year, but as it moved closer to a proposed initial

public offering in September, investor concerns about its finances and corporate governance practices led to the

plug being pulled on its listing, Mr Neumann resigning as chief executive, as well as the restructure.

Last month, the company said it was laying off about 2,400 employees, almost 20 per cent of its workforce, as it

sought to drastically cut costs.

The shared office space market is picking up globally. Almost 1,688 new co-working spaces will be opened

worldwide in 2019, a little under half in the US, found a report by Cow-orking Resources. While that is 500 fewer




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than last year, the number of co-working spaces is set to grow more than 40 per cent in the next three years to

reach 25,968 globally, it said.

WeWork plans to open its first UAE facility at Hub71 in Abu Dhabi Global Market in January, Mahmoud Adi, chief

executive of Hub 71 told The National in October. The company is also planning to open an office in Dubai and

began advertising for staff in August.

Source: The National

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https://www.thenational.ae/business/wework-begins-advertising-for-roles-in-dubai-1.902836




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ALDAR PROPERTIES AND ABU DHABI

GOVERNMENT AGREE ON LAND-SWAP

DEAL Thursday, Dec 26, 2019

Aldar Properties and the Abu Dhabi government have agreed to swap land in key locations in the UAE capital.

As part of the transaction, the biggest developer by assets in the emirate will receive

infrastructure-enabled territory with a gross area of approximately 3 million square metres. It will be split equally

between the prime areas of Saadiyat Cultural District and Mina Zayed, Aldar said in a bourse filing to the Abu

Dhabi Securities Exchange, where its shares trade.

The Abu Dhabi government, in turn, will receive lands with a comparable area in Al Raha Beach West and Lulu

Island, along with certain plots inside the main island.

The transaction, which will be executed starting this month, does not involve transfer of funds, Aldar said.

“This strategic land swap is a win-win deal for both parties. Aldar Properties will receive infrastructure-enabled

land with high potential for development in the coming years, as we consolidate our development focus on our

key destinations, in particular Saadiyat Island,” Aldar chief executive, Talal Al Dhiyebi, said.

The Abu Dhabi government receives assets that match its long-term strategic objectives, he said.

“This adds to the careful planning and management of real estate supply, which is key to sustainable

development of the market as Abu Dhabi continues to build a vibrant, diversified and sustainable economy,” said

Mr Al Dhiyebi.

Aldar owns land in different parts of Abu Dhabi, including on Saadiyat Island.

Last month, the developer unveiled the Dh8 billion Saadiyat Grove scheme close to the cultural district on the

island, which will contain 60,000 square metres of retail, entertainment, and leisure space as well as 3,706

residential units. New hotels and co-working spaces designed for start-ups will also be a part of the development.

The first phase, with 606 residential and 200 retail units, is scheduled for handover in 2022.

The developer also began selling 306 plots at Saadiyat starting from Dh1.6 million to tap into demand for land in

the capital. The project’s launch follows three earlier successful land plot sales at Alreeman, Alreeman II and Lea

projects, which generated sales of Dh2.4bn for the company.

In July, the government partnered with Aldar to deliver social, economic and infrastructure projects worth Dh5bn

across a number of key destinations in Abu Dhabi.

Aldar made a profit of Dh1.35bn on revenue of Dh5bn in the first nine months of this year.

The real estate market in the capital is benefitting from favourable supply and demand dynamics, on the back

of fiscal initiatives and economic reforms rolled out by the government in the past 18 months.

These include Ghadan 21, the Dh50bn stimulus package, with a Dh600m fund to attract entertainment and

business events to the emirate, and the legislation governing freehold properties in Abu Dhabi.




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Changes to the federal visa regulations, including the introduction of a golden class of long-term residency

permits and new business licences are also expected to support growth in Abu Dhabi’s property market.


Back to Index




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TENANTS FACING CREDIT REPORTS IS A

SIGN OF MATURING UAE PROPERTY

MARKET Thursday, Dec 26, 2019

The use of Al Etihad Credit Bureau’s (AECB) reports and scores by real estate companies to assess the financial

health of tenants is an indication that the UAE property market is maturing, according to analysts.

Running credit checks on prospective tenants is an established practice in many sophisticated real estate markets

including the US and Canada, and its broader use locally “is a welcome change for the UAE market”, said

Prathyusha Gurrapu, head of research and advisory at Core.

“We expect property managers with large portfolios to gradually take on this trend – albeit further incentivising

tenants with strong credit scores. Given the softer market conditions and ample stock to choose from, the rental

market is expected to remain tenant-friendly in the near term,” he said.

On Tuesday, Dubai Real Estate Centre, a property development and management company in the emirate, said it

will use AECB scores to better assess the risk associated with new tenants fulfilling their payment obligations and

renewals of tenancy contracts.

The company, which manages a portfolio of more than 3,200 residential and commercial units across the UAE, is

the first large-scale private real estate company in the emirate to use AECB reports.

FAB Properties, a real estate management company owned by the UAE’s biggest lender First Abu Dhabi Bank, also

uses AECB’s credit data to assess prospective tenants.

The partnerships between the companies and AECB are also likely to limit the number of bounced cheques and

reduce both rental disputes and defaults, Ms Gurrapu said.

“The real estate firms can benefit from attracting and retaining tenants with stronger credit scores through

incentivised rental rates while creating value for their portfolio.”

The adoption of credit reports by major landlords is “a clear indication [that] the real estate market in the UAE is

maturing, in terms of its legal framework and its governance, which are very important elements for attracting

new residents as well as for investment”, said Firas Al Msaddi, chief executive of Fam Properties in Dubai.

“The rental market remains very attractive in terms of its income, the rental yields,” he said, adding that

introducing credit checks on tenants will increase the confidence of people investing in Real Estate Investment

Trusts (Reits) as well.

“The concept of Reit is heavily dependent on rental income. We’ve seen quite a few Real Estate Investment Trusts

coming to the market and I think more are to come during 2020.”

Dubai properties consistently offer higher rental yields of more than 7 per cent on average, which compares

favourably with other major cities. Average rental yields in New York stand at 2.9 per cent and London 2.7 per

cent, according to Property Finder.




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The AECB was set up in 2014 to assess credit risks through information from multiple entities, including banks

and finance companies, to compile reports available to individuals and companies in the UAE.

“We believe this is the start of a positive transformation within the property rental sector whereby tenants will

undoubtedly receive added benefits for maintaining a high credit score and a good credit history,” said Marwan

Ahmed Lutfi, chief executive of AECB.


Back to Index




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MODON PROPERTIES STARTS BUILD ON

FIVE MOSQUES IN ABU DHABI Sunday, Dec 22, 2019

Modon Properties has started building five permanent mosques in the northern part of Riyadh City, Abu Dhabi,

with a total capacity of 2,500 worshippers.

Mosque sites have been chosen in collaboration with the General Authority for Islamic Affairs and Endowments,

alongside the Department of Municipal Affairs and Transport.

Construction is expected to be complete by the second quarter of 2020, in time to receive worshippers during

Ramadan, with each mosque having a capacity between 400 and 500.

Two of the mosques will be 487 square metres in size, another two will be 609 square metres, and the fifth will

cover 593 square metres.

Each mosque will include a women’s prayer room, a muezzin room, and an imam room, as well as two internal

and external ablution areas.

CEO of Modon, Abdulla Al Sahi, said: “The construction of these mosques reflects Modon’s commitment to

building integrated residential communities in Abu Dhabi. We are keen to ensure that future communities enjoy a

wide variety of high-quality facilities.”

Riyadh City will accommodate over 200,000 people on its completion, making it the largest residential

development community in Abu Dhabi.

Source: Arabian Business

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BAHRAIN AWARDS $691M CONTRACT FOR

SOCIAL HOUSING PROJECT Sunday, Dec 22, 2019

China Machinery Engineering Corporation (CMEC) has won a $691 million contract to build more than 3,000

residential units in a government-subsidised housing project in Bahrain.

CMEC deputy general manager Fang Yanshui met with Bahraini Deputy Prime Minister Sheikh Khalid and signed

the East Sitra City contract with Bahraini Housing Minister Basim Bin Yacob Al Hamar.

According to a statement released by CMEC, Sheikh Khalid described East Sitra City as an important measure for

ensuring steady and robust economic development of the region.

Yanshui added that the Chinese government and CMEC attach great importance to the project which will include

3,100 homes and relevant supporting municipal works.

Al Hamar said that the project is one of a number initiated by the ministry to provide 40,000 housing units for

lower income families.

The project is also in line with efforts to hit the 25,000 housing unit target that the government is currently

working towards.

The general plan for East Sitra also includes health, educational and commercial facilities, places of worship,

commercial centres, fuel stations, police stations and coast guard, youth centres and elderly care, parks and

public parks.

An Wa’er, Chinese Ambassador to Bahrain, said the project represented a new milestone of cooperation between

the two countries under the Belt & Road Initiative.


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UAE MINISTRY OF INFRASTRUCTURE

DEVELOPMENT TO LAUNCH $2.7BN SPEND

ON 36 PROJECTS Tuesday, Dec 24, 2019

The UAE Ministry of Infrastructure Development is to launch 36 projects costing around AED10 billion ($2.7bn).

Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development, said the projects, which

form part of the Ministry’s plan for 2017-2021, are based around security, education, health and services, as well

as federal roads and maintenance projects.

According to a report on UAE news agency WAM, the budget is divided between implementing and maintaining

government buildings at a cost of AED6.62bn ($1.8bn); constructing and maintaining federal roads - AED3.38bn

($920 million); along with four road implementation projects costing around AED780m ($212m).

They also include the launch of six new health centres and hospitals (AED350m/$95.3m), and security building

projects (AED525m/$143m), along with four new schools costing AED600m ($163m), and five public government

buildings (AED152m/$41m).

Al Nuaimi stressed that these projects aim to respond to the needs of the UAE’s various regions and keep pace

with its rapid growth, which requires the development of an advanced infrastructure network.


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MASDAR'S ECO-VILLAS TO BE DESIGNED

FOR EMIRATI HOUSEHOLDS Thursday, Dec 26, 2019

Masdar City’s eco-villa project could be replicated across the country, according to Masdar CEO Mohamed Jameel

Al Ramahi.

The pilot project, which incorporates water and energy-saving technologies, was launched at Abu Dhabi

Sustainability Week in 2017.

Al Ramahi said: “We have designed the net zero eco-villa and developed it in-house and we constructed that villa

using new construction technologies and methodologies and we proved that these solutions, if you design it right

and use the right ingredients, you are able to bring something alive that is commercially viable. Anybody can

afford this.”

The 405 square-metre eco-villa was the first villa to achieve a 4 Pearl rating according to the Abu Dhabi Urban

Planning Council’s Estidama Pearl Building Rating System.

It uses around 72 percent less energy and 35 percent less water than a typical comparably sized villa in Abu

Dhabi, displacing an estimated 63 tonnes of carbon dioxide annually.

Al Ramahi said: “We are working with the Federal Government through the Ministry of Infrastructure. They’ve

asked us to come and help them design eco-villas for Emirati households in the Northern Emirates.

“We’ve been asked to support certain groups in the region to help them design eco-villas similar to the ones that

were designed in Masdar.”

Eco-villas will also be incorporated into Masdar’s flagship development Masdar City.

Al Ramahi was speaking ahead of Abu Dhabi Sustainability Week 2020, which is being held from January 11-18 at

Abu Dhabi National Exhibition Centre.


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THE ADDRESS DOWNTOWN CONTRACTOR

SUED OVER NYE 2015 FIRE Thursday, Dec 26, 2019

The British firm involved in the design and construction of The Address Downtown hotel is being sued for

negligence in a Dubai court after the building went on fire during New Year's Eve celebrations in 2015.

The Address Downtown reopened its doors in June 2018, following a fire at the hotel on the eve of December 31,

2015.

The fire was deemed to have been caused by an electrical short circuit on a spotlight and owners Emaar

Hospitality Group submitted a AED1.22 billion insurance claim following the blaze.

According to its official website, British firm Atkins “supplied architecture, civil and structural engineering, MEP

engineering and construction supervision services” for the hotel, which opened in 2008.

According to Q3 financial results filed by Canadian firm SNC-Lavalin, which bought Atkins in 2017, “WS Atkins &

Partners Overseas, a subsidiary of the Company, has been named as respondent together with other parties by

the subrogated insurers of a former customer in a civil case initiated before the courts of Dubai.”

The filing added that the owner of The Address Downtown “is seeking damages jointly from the respondents on

account of the alleged refurbishment costs and loss of income arising from a fire at the customer’s building. WS

Atkins & Partners Overseas was involved in the hotel’s design and construction supervision and the claim revolves

around alleged negligence in the specification, testing and installation of the building cladding which is claimed to

have exacerbated the fire, thereby increasing the damage to the building”.

A SNC-Lavalin spokesperson confirmed to Arabian Business on Tuesday that legal action related to The Address

Downtown has been launched but “as the case is ongoing it is inappropriate for us to comment at this stage”.

While the spokesperson did not name who the claimant was, a report by the Mail Online stated it is believed to be

Emaar, the developer behind the hotel and the surrounding Downtown Dubai area.

Arabian Business has contacted Emaar for comment.


Back to Index

https://www.arabianbusiness.com/travel-hospitality/398108-address-downtown-reopens-doors-to-guests

https://www.atkinsglobal.com/en-GB/projects/the-address

https://www.snclavalin.com/~/media/Files/S/SNC-Lavalin/investor-briefcase/en/2019/interim-condensed-consolidated-financial-statements-q3-2019-en.pdf

https://www.dailymail.co.uk/money/news/article-7817809/British-engineering-firm-sued-New-Years-Eve-hotel-fire-2015.html




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CONSTRUCTION SECTOR DOMINATES 2019

UAE BUSINESS LICENSE ACTIVITY Thursday, Dec 26, 2019

The construction sector was number one in the top ten list of business activities that acquired licences in the UAE

in 2019, according to the latest statistics issued by the UAE Ministry of Economy.

Three licences were being issued daily for both construction contracting and general commerce activities,

following by restaurants, which acquired two licences daily, reflecting an increase after a period of slowdown.

The return of activity in various national economic sectors encouraged the UAE’s banking system to provide more

financial support to these sectors in 2019.

A total of 1,050 licences were issued by local economic departments in all emirates for construction contracting

businesses in 2019 while 1,004 licences were issued to general commerce businesses.

Some 868 licences were also issued for hot and cold drinks businesses, as well as around 755 for new restaurants

and 671 for dessert businesses.

The top ten list includes the transport sector, with 521 licences issued for transporting general materials by light

trucks and 508 by heavy trucks; along with 429 licences to sell perfumes, 403 for retail clothing, and 390 for

building cleaning services.

The total number of licences issued for the top ten businesses activities amounted to 6,599, accounting for 14.6

percent of new licences issued for all economic activities in the country in 2019.


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MILLENNIUM HOTELS & RESORTS MEA TO

OPERATE 25 HOTELS IN SAUDI ARABIA BY

2025 Sunday, Dec 22, 2019

Millennium Hotels & Resorts MEA has revealed ambitious plans to operate 25 hotels in Saudi Arabia by 2025.

The group currently operates nine hotels across Riyadh, Makkah, Madinah and Hail and has seven hotels under

development in Makkah, Madinah, Jeddah, Jizan and Tabouk.

“Most hotel chains target the primary cities of Riyadh, Jeddah, Madinah and Makkah for expansion, but having

operated in Saudi Arabia for five years, we have identified opportunities beyond these markets, in line with Vision

2030 and the phenomenal growth of the country’s tourism and hospitality industry,” said Kevork Deldelian, who

was recently promoted to chief executive officer, Millennium Hotels and Resorts MEA.

The company is also expanding its TooMooH programme, which trains and develops Saudi Nationals to become

hospitality industry leaders of the future.

Millennium Hotels and Resorts has operated in the Middle East since 2002. Most recently, global benchmarking

specialist STR ranked the brand number one out of 16 global hotel brands for both Middle East supply (with

11,186 rooms in operation) and pipeline (with 7,251 rooms under construction).


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Page 21



ICONIC ADDRESS SKY VIEW HOTEL IN

DUBAI OPENS Tuesday, Dec 24, 2019

The new Address Sky View Hotel in Downtown Dubai has opened.

The iconic hotel boasts 169 hotel rooms and 551 apartments, with a floating sky bridge and 70-metre long infinity

pool some 220-metres from the ground.

There are 300 members of staff serving the residences and 180 the hotel.

David Simon, general manager of the Address Sky View Hotel, told Arabian Business: “This allows us to really

focus on our guests, focusing on personalised service, to create a special experience if you come to us.”

As well as the infinity pool, the hotel also has a glass slide which takes guests down, outside, from the 53rd floor

to the Sky Views observation deck. There is also an adventure walk, taking those brave enough around the rim of

the building secured by a harness.

For others looking for something a little more relaxing, there is an 8,000 sq ft spa on the 54th floor, two swimming

pools on the lower deck, a pool bar with live entertainment every evening, a small jazz lounge and a lobby lounge

with a new afternoon tea concept from 10am to 10pm.

And foodies are well catered for. On the 54th floor, there is Ce La Vi, while Brazilbanese combines food from

Brazil and Lebanon, and there is a patisserie, an all-day dining restaurant and a coffee shop.


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Page 22



EMAAR DENIES PLAN TO SELL AT THE TOP

BURJ KHALIFA TOURIST ATTRACTION Tuesday, Dec 24, 2019

Emaar Properties on Tuesday denied reports it is looking to sell the observation deck of Burj Khalifa, the world’s

tallest tower.

Earlier, unnamed sources quoted in a Reuters report claimed Standard Chartered bank had been appointed as

advisors as part of a potential sale.

But in a filing with Dubai Financial Market, the Dubai developer said: "The company would like to confirm that it is

not selling the At The Top business in Burj Khalifa."

Emaar added in the statement: "The company is currently considering a structured transaction wherein financing

is being raised against the cashflows of At The Top business.

"This financing is being raised in the normal course of business. Once the transaction is finalised and confirmed,

the appropriate disclosures will be made."

The At the Top observation deck generates around AED600-700 million ($163-191 million) a year, sources told

Reuters.

It is considered a 'must see' for a significant portion of the approximately 16 million overnight visitors to Dubai

each year.

Burj Khalifa officially opened in January 2010 and at 828 metres tall it is currently the world’s tallest tower.


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Page 23



DUBAI SEES RECORD NUMBER OF REAL

ESTATE DEALS IN 2019 Tuesday, Dec 24, 2019

A record 44,590 real estate transactions were completed in Dubai from November 2018 until the end of

November this year, according to Data Finder, which is part of the Property Finder platform.

Despite continual suggestions of a slump in the emirate’s real estate market, the figure represents the highest

number of transactions in the history of Dubai real estate.

A statement from Data Finder said: “There is definite evidence of improving momentum in the Dubai real estate

market.”

A total of 36,799 residential properties were sold in Dubai this year from January to November. And once

December’s figures are added, the total is expected to mark a ten-year record.

Property Finder recently reported that November property sales in Dubai had hit an 11-year high of 5,037 deals,

up from 4,774 in October. “All these are indications that the Dubai property market is gearing up for an upturn

ahead of Expo 2020,” the statement added.

November saw deals worth AED9.27bn ($2.5bn) registered, the best month of the year so far, while AED76.6bn

($20.9bn) of transactions were registered from January to November.

The statement said: “The increasing sales momentum is an indication of increasing consumer confidence in the

market. This comes on the back of declining property prices, an excess amount of supply in the market,

favourable payment plans from developers and low interest rates from mortgage providers.

“All these combined ae driving confidence among buyers to invest in Dubai property a few months ahead of Expo

2020.”

Reforms initiated by the government and the UAE Central Bank have also boosted demand.

New regulations, such as the 10-year Gold Card, retirement visa, property purchase visa, and the Mollak system to

streamline service charges have been welcomed by both end-users and investors.


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Page 24



DUBAI REAL ESTATE CENTRE TO USE

CREDIT REPORTS AND SCORES FOR NEW

TENANTS Thursday, Dec 26, 2019

Dubai Real Estate Centre (DREC) will use credit reports and scores from Al Etihad Credit Bureau (AECB) when

signing up new tenants.

DREC, an ARM Holding company, is the first large-scale private real estate outfit in the emirate to subscribe to

AECB.

The partnership will help assess the risk associated with new tenants fulfilling their payment obligations and

renewals of existing tenancy contracts.

Marwan Ahmed Lutfi, CEO of AECB, said: "We believe this is the start of a positive transformation within the

property rental sector whereby tenants will undoubtedly receive added benefits for maintaining a high credit

score and a good credit history.

“Mature international real estate markets use credit scores as a key factor when determining renter’s eligibility

and we are delighted that DREC is exhibiting such maturity, which will ultimately benefit their portfolio of clients in

Dubai.”

AECB collects information from multiple entities including banks, finance companies and telecommunication

companies to produce reports, scores and indicators that are made available to individuals and companies in the

UAE.

While all UAE banks and financial companies in the country analyse credit reports and scores before making the

decision to approve or reject credit card or loan applications, AECB’s products and services are becoming a

valuable component within the real estate sector.

Mohammad Saeed Al Shehhi, CEO of ARM Holding, said: “As the flagship real estate entity of ARM Holding, DREC’s

establishment of this quality control and risk assessment standard is demonstrative of our overall approach to

ensure equitable and ethical business practices and protect our investors.”


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Page 25



GULF INVESTORS TO TURN FOCUS ON

AMSTERDAM AMID EUROPEAN

UNCERTAINTY Thursday, Dec 26, 2019

Gulf investors are set to turn their focus to Amsterdam as they seek value in an uncertain European commercial

property market, according to real estate advisor Savills.

It said the Dutch city is set to lead the way among alternative office investment destinations in 2020, as political

uncertainty creates volatility in the UK and expensive prices in France and Germany are encouraging investors to

look elsewhere.

As part of its latest European Office Outlook report, Savills said prime office rents are forecast to grow by six

percent in Amsterdam in 2020, the highest level of growth alongside Stockholm and Luxembourg. That compares

to an average of two percent growth across other surveyed European cities.

According to Savills figures, the Dutch real estate market received more than £563 million from foreign

institutions, which is the most capital the country had seen in more than a decade.

Steven Morgan, CEO of Savills Middle East, said: “While the UK is still a robust and resilient place for capital from

Middle Eastern investors, there is a growing trend towards some diversification of assets to secondary locations

such as the Netherlands, including alternative asset classes.

"The office sector in the Netherlands is projected for strong growth in 2020 and this may appeal to those looking

for other options in the wake of Brexit.”

European office take up is forecast to reach 9.2 million sq m by the end of 2019, down by four percent from

2018’s end year volume of 9.6 million sq m, according to Savills latest research.

It added that a shortage of good quality, available space across Europe is limiting occupiers’ choices as average

vacancy rates dropped from 6.1 percent to 5.4 percent over the past 12 months.

Jeremy Bates, EMEA head of occupational markets at Savills, said: “As the European economy edges nearer to full

capacity, job growth will remain positive, but more modest than in recent years. The strongest growth will come

from the knowledge-led sectors, including professional services, science and high-tech. The occupational story

remains resilient, though European occupiers will be more cost-conscious as productivity moderates, and will

therefore look to adopt new workplace strategies to boost output and control costs.”

The shortage of available space is pushing new office demand out to fringe markets, where opportunistic

investors are pursuing opportunities to refurbish, re-let and sell on, he added.

2019 has so far been another boom year for flexible offices across Europe. 687,000 sq m of space has been

signed for by flexible office operators between Q1 and Q3, 15 percent above the equivalent level over the same

period in 2018.




Page 26



Savills also revealed that in France, the €700 monthly desk prices in Paris are roughly double that of Lyon,

Marseille and Nice, while in the UK, the £700 (€819) monthly desk prices in London are also about double that of

the regional cities such as Manchester, Birmingham, Leeds and Reading.

There is also a noticeable differential in The Netherlands, with the average desk prices in Amsterdam being 54-67

percent higher than The Hague, Eindhoven, Rotterdam and Utrecht. Germany, Ireland and Spain have slightly

more homogenous prices between the major cities, with differentials of broadly 20-30 percent.


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Page 27



DUBAI'S DOAM REPORTS STRONG YEAR

WITH OVER 1,800 UNITS ADDED TO ITS

PORTFOLIO Thursday, Dec 26, 2019

Dubai-based Deyaar Owners’ Association Management (DOAM), a subsidiary of Deyaar Development PJSC, has

added 1,849 units to its portfolio in 2019.

The company now looks after over 8,000 units in 29 projects across Dubai.

The new units under DOAM’s management are all residential apartments and townhouses, located in Downtown,

Jumeirah Village Circle, and Dubai Production City.

Saeed Al Qatami, CEO of Deyaar, said: “Over the last decade, DOAM has gone from strength to strength in

providing premium Owners Association services to clients across Dubai. Achieving such a strong growth in our

client portfolio in 2019 is testament to the lengths we go to, in order to continuously provide the highest level of

service in line with our customers’ needs.

“This has been a strong year for DOAM, and we look forward to building upon our successes in the years to

come.”


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Page 28



DUBAI'S DEYAAR CLAIMS FINAL COURT

VICTORY OVER LIMITLESS IN LAND DEAL

DISPUTE Thursday, Dec 26, 2019

The Court of Cassation has thrown out an appeal from Dubai developer Limitless over a land deal dispute with

fellow developer Deyaar.

Deyaar Development said in a statement posted to Dubai Financial Market that the court had issued a ruling,

upholding a ruling made by the Court of Appeal in September, which had confirmed Dubai Court of First

Instance’s judgement to terminate all sale and purchase agreements of lands under dispute.

It has also ordered Limitless to return all amounts paid, to the tune of AED411,966,050 ($112,175,915) plus pay a

compensation amount of AED61,107,301, due to Limitless’s "breach of its obligations".

The statement from Amer Al Zoubi, general counsel and board secretary, said: “The impact of the judgement on

the financial position of the company and the expected period of the impact of the news on the financial

statements depends on the date of the amount collection.”

According to its website, Limitless was established in 2005 as a global real estate developer specialising in master

planning large scale, balanced, sustainable communities and waterfront developments.


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Page 29



AZIZI DEVELOPMENTS AWARDS $13.6M

CONTRACT TO PRESTIGE CONSTRUCTIONS Thursday, Dec 26, 2019

Azizi Developments has awarded a AED50 million ($13.6m) contract to Prestige Constructions for its Berton

residential project in the Al Furjan development.

Berton is situated in Dubai near Sheikh Mohammed bin Zayed Road, Sheikh Zayed Road and the new Expo 2020

Route metro line.

The development features 245 units, comprising 190 studios as well as 41 one- and 14 two-bedroom apartments

spread across seven levels.

Azizi, executive director (engineering division) Mohamed Ragheb, said: "With Prestige Constructions having an

impressive, proven track record in adhering to exceptionally high quality standards, an outstandingly meticulous

way of working, and having shown swift construction progress, we are confident that this team of experts is a

perfect fit for Berton in Al Furjan.

"Prestige, a high-calibre contractor that has successfully executed projects across several emirates, brings with it a

wealth of experience, highly qualified construction professionals, contemporary technology, and a full

understanding and implementation of industry best practices, allowing Berton to meet and surpass investor

aspirations.”


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Page 30



RATE OF AVERAGE DUBAI PROPERTY PRICE

DECLINES SLOWS IN 2019 Friday, Dec 27, 2019

Average monthly property price declines in Dubai has slowed during 2019 compared to the previous 12 months,

according to new research.

Consulting firm ValuStrat said in a new report that the average loss in capital values per month slowed marginally

to 0.8 percent in 2019 when compared to the average 1 percent drop in 2018.

Its VPI – Residential Capital Values for Dubai as of November stood at 75.9 points, dipping 0.9 percent since

October, and down by 10.8 percent on an annual basis.

The report showed that all Dubai locations saw monthly capital values marginally decline, the highest of which

was Jumeirah Village Circle apartments with -1.1 percent, and the lowest was -0.6 percent for International City.

The weighted average residential price per square foot fell below AED1,000 since August, currently at AED966 per

sq ft, 32.8 percent below peaks of 2014.

November witnessed stronger buying activity when compared to October, and the overall cash sales volume for

2019, both off-plan and ready homes, was already 25 percent higher than last year, with December still

unaccounted for.

Properties developed by Emaar, Damac, Nakheel, Azizi and Meraas, topped the charts overall, the report added.

It noted that the top five off-plan locations in Dubai transacted during the last two months were located in Dubai

Creek Harbour, Wadi Safa 5, Dubai South, Jumeirah First and Business Bay.

Most transacted ready homes were in International City, Dubai Marina, Blue Waters Island, Al Quoz Fourth and

Motor City.


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Page 31



REVEALED: TOP PICKS FOR DUBAI REAL

ESTATE INVESTMENT IN 2020 Friday, Dec 27, 2019

Dubai property broker Appello Real Estate has named its top picks for 2020 for investors to secure a "sound

future investment" in the emirate.

The company said the coming new year will see a flurry of activity in the UAE property market as new

developments come to fruition, new regulations begin to have a positive impact, and the country gears up for a

huge influx of investors for Expo 2020, starting in October.

"Investors and end-users alike will have a range of great communities to choose from next year, but the places on

our list look particularly promising in terms of getting a good deal and making a sound future investment," said

Naval Vohra, CEO at Appello Real Estate.

So which areas of Dubai should investors target in 2020? Here's what Appello thinks...

PALM JUMEIRAH

Why it’s worth watching: There are some high profile launches imminent

Buying a property early in 2020 on the famous Palm Jumeirah island could be perfect timing as the community is

about to enter an exciting phase. Kerzner International, the developer and operator of the Atlantis, is preparing to

welcome in the next decade with The Royal Atlantis apartment resort complex, a 43-storey new Atlantis split into

two towers – one devoted to a resort and the other to residences – connected by a bridge filled with pools,

lounges, and cabanas.

At the same time, Nakheel Mall, which has been under construction since 2015, has opened and boasts more

than 300 shops, restaurants and leisure attractions, with underground parking space to accommodate 4,000

vehicles.

CITY WALK

Why it's worth watching: Its location and entertainment mix will pull in new families

City Walk continues to offer a great investment, especially for potential landlords. This community is only

increasing in popularity and is sure to be appealing to the new wave of expats arriving in time for Expo 2020.

Why? Because of its superb Jumeirah location, great transport links, and on-your-doorstop entertainment

complexes. For kids there is gamers haven Hub Zero that also includes thrilling rides and attractions. There is also

Green Planet, a standalone bio-dome that houses over 3,000 plants and animals and invites visitors to explore the

Earth’s wonders. There is also Mattel Play Town, an interactive indoor ‘edu play’ attraction for children aged

between two and ten years themed around the most popular children’s fictional characters. Moreover, the beach

is within walkable distance.

BUSINESS BAY

Why it’s worth watching: After a slow start, this area is ready to soar in 2020




Page 32



Business Bay has a great location for access to both the city and other key parts of Dubai, though for a long time it

was viewed as "under construction". However, the area is finally up on its feet and the next few years will see it

rocket in desirability. Buyers are already sensing the potential of Business Bay in coming years; it has emerged as

a top pick for buyers in 2019 with an overall 1,160 property transactions recorded in the three months of

September, October and November.

AL QUDRA ROAD

Why it’s worth watching: Quality housing in a peaceful, eco-friendly environment will lure Millennials

Something of a dark horse, the area along Al Qudra Road has soared in investor popularity because of

developments like the first phase of Mira in Emaar’s Reem townhouse community. Another massive appeal is cost

and quality and life. The various Al Qudra adjacent communities are located on the outskirts of Dubai, and

because of this residents enjoy hassle free parking, cheaper rents – and cleaner air, a huge bonus in the minds of

the new eco-conscious generation. Millennials love the area.

DUBAI HILLS ESTATE

Why it’s worth watching: It seems to be able to weather any market dips

The prestigious Dubai Hills Estate fared well across all price points – no matter what the market fluctuations in

2019 – and has been a popular community for both investors and end-users. The amenities, outdoor spaces, new

shopping mall and appealing mix of office and retail has been very attractive for buyers. In 2020 this winning

formula is only going to increase its desirability, making it a hot tip for potential investors.

BLUEWATERS ISLAND

Why it’s worth watching: It has suddenly come alive thanks to new hotel launches

Home to the iconic Ain Dubai observation wheel, the man-made, mixed-use Bluewaters Island located off the

coast of Jumeirah Beach Residence, is set to shine in 2020. It took a while, but a raft of new launches means it's

going to appeal to a wider demographic and pull in the crowds – not least because of the first Caesars Palace

hotels in the Middle East. Located close to Dubai Marina, the island will also operate the Group Rapid Transit

service, offering passengers a unique travel experience via a driverless vehicle system.

DUBAI CREEK HARBOUR

Why it’s worth watching: Waterfront living is a huge growing trend

People love living by the water, it’s a fact. And just a short drive from Downtown Dubai, Dubai Creek Harbour is a

waterfront development situated on the banks of the historic Dubai Creek. It features a mix of homes and eclectic

culture connected by excellent transport links. Investors should look here because market trends show that

waterfront properties are a great point of investment in Dubai, so even if you want to move out of your

waterfront house after a while, you can lease out the property and receive a high return on investment (ROI).

MBR CITY

Why it’s worth watching: Comes to completion in 2020 and has lots to offer different types of buyer, notably

animal lovers

Expected to reach full completion in 2020, Mohammed Bin Rashid City – popularly known as MBR City – offers

high-rise and mid-rise apartments, luxurious villas and townhouses. Made famous thanks to the presence of the

Meydan Hotel, it is also an interesting community for animal lovers, with both an equestrian and falcon centre in

the area. With various eateries, entertainment centres, retail shops and more futuristic developments coming up,

MBR City is a hot community to watch.




Page 33




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Page 34



NEW CEO ANNOUNCED FOR REAL ESTATE

ARM OF BAHRAIN'S GFH Saturday, Dec 28, 2019

GFH Properties, the real estate arm of GFH Financial Group, has announced the appointment of Sheikh Hamed Al

Khalifa as its CEO.

He will be responsible for overseeing the group’s continued conceptualization and realisation of "world-class

projects" in Bahrain and select regional markets, a statement said.

Prior to joining the GFH, Sheikh Hamed served as general director urban planning at the Ministry of Urban

Planning and Municipalities, where he led the team that put in place the revised 2016 masterplan for the

kingdom.

Previously, he was an investment manager for real estate at Mumtalakat.

Hisham Alrayes, CEO of GFH Financial Group, said: "His wealth of experience at the highest levels of planning and

project management and development will be an enormous asset to the Group and to our continued ability to

devise, build and deliver real estate propositions that benefit the communicates in which we operate, our

investors, shareholders and partners.

"We look forward to the completion and continued redevelopment of some of our existing landmark projects

under his leadership and to benefiting from his vision for new developments that build and create value for

Bahrain and the other markets in which we invest.”

Sheikh Hamed added: "I’m pleased to join GFH Properties and to assume the leadership of a team that has shown

itself to be highly committed, dedicated and successful in the development and launch of iconic projects that set

the bar in terms of design, quality and innovation and which are capable of supporting and helping to further the

economic goals of Bahrain’s Vision 2030 and those of other regional markets in which we are active.”


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Page 35



With over 30 years of Middle East experience, Asteco’s

Valuation & Advisory Services Team brings together a

group of the Gulf’s leading real estate experts.

Asteco’s network of offices in Abu Dhabi, Al Ain, Dubai,

Northern Emirates, Qatar, and the Kingdom of Saudi

Arabia not only provides a deep understanding of the local

markets but also enables us to undertake large

instructions where we can quickly apply resources to meet

clients requirements.

Our breadth of experience across all the main property

sectors is underpinned by our sales, leasing and

investment teams transacting in the market and a wealth

of research that supports our decision-making.

John Allen BSc MRICS

Executive Director, Valuation & Advisory

+971 4 403 7777

[email protected]

Jenny Weidling BA (Hons)

Manager, Research & Advisory

+971 4 403 7789

[email protected]

VALUATION & ADVISORY

Our professional advisory services are conducted by

suitably qualified personnel all of whom have had

extensive real estate experience within the Middle

East and internationally.

Our valuations are carried out in accordance with the

Royal Institution of Chartered Surveyors (RICS) and

International Valuation Standards (IVS) and are

undertaken by appropriately qualified valuers with

extensive local experience.

The Professional Services Asteco conducts throughout

the region include:

• Consultancy and Advisory Services

• Market Research

• Valuation Services

SALES

Asteco has established a large regional property sales

division with representatives based in UAE, Saudi

Arabia, Qatar and Jordan.

Our sales teams have extensive experience in the

negotiation and sale of a variety of assets.

LEASING

Asteco has been instrumental in the leasing of many

high-profile developments across the GCC.

ASSET MANAGEMENT

Asteco provides comprehensive asset management

services to all property owners, whether a single unit

(IPM) or a regional mixed use portfolio. Our focus is

on maximising value for our Clients.

OWNER ASSOCIATION

Asteco has the experience, systems, procedures and

manuals in place to provide streamlined

comprehensive Association Management and

Consultancy Services to residential, commercial and

mixed use communities throughout the GCC Region.

BUILDING CONSULTANCY

The Building Consultancy Team at Asteco have a

wealth of experience supporting their Clients

throughout all stages of the built asset lifecycle. Each

of the team’s highly trained Surveyors have an in-

depth knowledge of construction technology, building

pathology and effective project management methods

which enable us to provide our Clients with a

Comprehensive Building Consultancy Service.

Documents

Week 52 - asteco.com€¦ · dubai's doam reports strong year with over 1,800 units added to its portfolio azizi developments awards $13.6m contract to prestige constructions dubai