Solidere International Participates In Down Town Jeddah Reconstruction
The Jeddah Municipality has signed a memorandum to enhance the city’s central district with an alliance of international and development companies. The project will encompass an area of 6 million m2, and the main two companies to execute the project are Solidere International (SI) and the Jeddah municipality owned Jeddah Company for Construction and Urban Development.
The choice of these two exemplary companies is due to their renowned reputation for executing high profile projects within the Arab world. The former renovated Downtown Beirut and the latter succeeded at cleaning Tunis lake. This private-public partnership (PPP) is the first in its nature in the kingdom. The project will include a 16-km long waterfront development, land reclamation, urban rejuvenation, historical neighborhood preservation, in addition to traffic and environmental planning.
Tameer's Eye Park Pioneers Sustainable Development In Dubailand
In a move that reflects the growing tide of environmental awareness around the world, leading regional developer, Tameer Holding, has announced the launch of its new, LEED-certified sustainable project in the heart of the Arjan district in Dubailand - Eye Park.
Comprising two symmetrical sets of three mixed-use towers facing each other over a central oasis, the elegant, functional and modern Eye Park will offer the ultimate business location in a premiere sustainable development project that will have significantly less environmental impact than most buildings in Dubai. Together, the towers will comprise a total built-up area of close to two million square feet that offers 1,370 luxury units, a resort-like amenity floor, boutiques and restaurants, and ample parking.
The design of the towers is an eclectic combination of elegance and stylish modernism that will provide an Art Deco feel, reminiscent of 1920's New York. Each of the Eye Park towers will sit atop a graceful podium, adjoining a central park plaza filled with oasis palms and water, while the curved façade of the base of the towers will echo the central 'eye' at the centre of the park - a work of art that will become a landmark of international renown. Dramatic lighting will transform the towers into columns of light visible for miles around.
Speaking of the project, Tameer CEO, Ghassan Sakhnini, stated that the Eye Park project directly represents Tameer's commitment to continue to provide exactly what its clients and investors are looking for, and to remain ahead of the rest when it comes to globally important issues such as 'green' building and sustainable development.
Mr Sakhnini said, 'At Tameer we believe that our clients and investors have an important role to play in our business, and so we listen to what they have to say. We have chosen to develop the state-of-the-art, sustainable Eye Park project as a result of the increased interest in sustainable development and the environment, and to demonstrate to our clients and investors that we see eye-to-eye with them on these important matters.'
Eye Park's design and development team will adhere strictly to the guidelines of the Leadership in Energy and Environmental Design (LEED) Green Building Rating System, and has already been registered with the World Green Building Council for silver certification in the 'New Construction' and 'Core and Shell' categories. The fact that there are comparatively few LEED-certified projects in Dubai makes the Eye Park development exceptional in ways going beyond aesthetics and design, and providing yet another differentiating factor.
'The design team have taken the issue of the sustainability of Eye Park very seriously, and have implemented sustainable design features across all areas of the project, including landscaping and site, energy and atmosphere, and materials and resources, in order to decrease the environmental impact of the project as much as possible,' added Mr Sakhnini, 'and we have also ensured that Eye Park adheres to the Arjan Sustainable Design Principals.'
Located in Dubailand, Arjan is an 11 million square foot mixed-use development inspired by the glamour of 1920's New York architecture combined with modern building techniques, and forms Dubai's top location for a self-sustaining community. Residents and visitors will be able to enjoy eco-friendly living among the district's interlinking elliptical boulevards, pedestrian plazas, inspiring water features and themed entertainment and cultural centres. And by focusing on indigenous resources, climate and energy efficiencies, Arjan will minimise its contribution to global climate change, making it an even more compelling place to live.
Tameer, which is a Gold Sponsor of Cityscape Dubai 2008, is showcasing the Eye Park development at the prestigious event.
The design of the towers is an eclectic combination of elegance and stylish modernism that will provide an Art Deco feel, reminiscent of 1920's New York. Each of the Eye Park towers will sit atop a graceful podium, adjoining a central park plaza filled with oasis palms and water, while the curved façade of the base of the towers will echo the central 'eye' at the centre of the park - a work of art that will become a landmark of international renown. Dramatic lighting will transform the towers into columns of light visible for miles around.
Speaking of the project, Tameer CEO, Ghassan Sakhnini, stated that the Eye Park project directly represents Tameer's commitment to continue to provide exactly what its clients and investors are looking for, and to remain ahead of the rest when it comes to globally important issues such as 'green' building and sustainable development.
Mr Sakhnini said, 'At Tameer we believe that our clients and investors have an important role to play in our business, and so we listen to what they have to say. We have chosen to develop the state-of-the-art, sustainable Eye Park project as a result of the increased interest in sustainable development and the environment, and to demonstrate to our clients and investors that we see eye-to-eye with them on these important matters.'
Eye Park's design and development team will adhere strictly to the guidelines of the Leadership in Energy and Environmental Design (LEED) Green Building Rating System, and has already been registered with the World Green Building Council for silver certification in the 'New Construction' and 'Core and Shell' categories. The fact that there are comparatively few LEED-certified projects in Dubai makes the Eye Park development exceptional in ways going beyond aesthetics and design, and providing yet another differentiating factor.
'The design team have taken the issue of the sustainability of Eye Park very seriously, and have implemented sustainable design features across all areas of the project, including landscaping and site, energy and atmosphere, and materials and resources, in order to decrease the environmental impact of the project as much as possible,' added Mr Sakhnini, 'and we have also ensured that Eye Park adheres to the Arjan Sustainable Design Principals.'
Located in Dubailand, Arjan is an 11 million square foot mixed-use development inspired by the glamour of 1920's New York architecture combined with modern building techniques, and forms Dubai's top location for a self-sustaining community. Residents and visitors will be able to enjoy eco-friendly living among the district's interlinking elliptical boulevards, pedestrian plazas, inspiring water features and themed entertainment and cultural centres. And by focusing on indigenous resources, climate and energy efficiencies, Arjan will minimise its contribution to global climate change, making it an even more compelling place to live.
Tameer, which is a Gold Sponsor of Cityscape Dubai 2008, is showcasing the Eye Park development at the prestigious event.
Oman To Invest $5bn In Domestic Steel Industry In 2008
The Sultanate of Oman is aiming to become one of the Gulf region's top iron and steel producer, with plans to invest $5bn to boost productivity and construct new facilities as part of the government's efforts to broaden the base of its economy for the coming years.
With a clear directive to further strengthen its position in the country's fast growing construction market, Danube Building Materials FZCO, the leading player in the construction, interior decoration and shop fitting industry, has announced that it will be channelling Dhs50m to develop a new steel facility in Mabella, Oman which will further strengthen its position in the Sultanate.
Spanning approximately 51,000 sq.ft. in the Mabella area, the facility will function as the logistics hub for Danube's operations in Oman and will facilitate the storage of all stock including deformed bars and other structured steel like angles, channels, and plates. Upon completion, the facility will be ideal for all Omani construction companies to get their required supplies at highly competitive prices on account of the economies of scale generated through bulk purchasing done in Dubai. Furthermore, the manufacturer has also revealed that it will have large-scale imports of steel products from Turkey, China, Taiwan, Korea, South Africa, Ukraine, Russia, India, Saudi Arabia and Iran, which will then be processed to address varying customer requirements.
'The unprecedented growth of the real estate market in Oman has been fuelling intense activity in the construction scene, with the government focusing high interest into further advancing its local steel trade,'
said Rizwan Sajan, Chairman, Danube Building Materials.
'We consider Oman as a key market for our high quality building materials, and with more construction and real estate projects emerging within the Sultanate, this is truly the perfect time to invest significantly in expanding our operations there. This new facility will substantially increase our steel products output, thereby ensuring a steady supply of top-grade steel-based construction materials not only for the country but for the rest of our regional markets as well.'
As a relative newcomer to the steel sector, Oman has witnessed significant growth in its local steel industry in the last few years as a result of strategic utilisation of its energy resources, solid infrastructure and proximity to export markets. Industry analysts are optimistic of Oman's potential to become a major steel producer in the region, with the government taking substantial investments in developing its steel production capacity primarily to supply the burgeoning local consumption, which is expected to hit 1.1 million tons by 2010. Given the favourable market landscape in the Sultanate, Danube is expecting its latest expansion effort to generate high revenues, while fostering strategic partnerships with more Oman-based partners.
'This new endeavour gives us an excellent opportunity to leverage the booming Oman steel market as well as the Sultanate's excellent relations with potential importing countries. Our expansion to Oman is a testament to our growing business, which has gone well beyond our UAE operations to reach the most booming markets in the region today. Our regional growth strategy to exploit high market demand for our products is driving our expectations for the achievement of our revenue goals for 2008, and we are looking forward to supply our steel products to future projects in the Sultanate,' concluded Sajan.
In addition to its Oman-based expansion, Danube has recently announced its plans to invest Dhs200m in the steel industry in UAE for 2008. Maintaining a high level of quality across all its products, the company is currently in the process of initial market testing to ensure the smooth delivery of its products to customers.
Lebanon’s Properties Still a Solid Investment
Lebanon is still sound place for investments despite the gloomy economic outlook around the world as a result of the global economic recession. This is one of the views echoed by a leading Arab investor who attended a conference on real estates in Lebanon last month. There is a growing agreement among many western and Arab financial analysts that Lebanon is one of the countries that managed to take full advantages of the crisis in the US and Europe. Properties in Lebanon and especially in Beirut are still seen as lucrative investments even in dark days.
“Let’s face it. Real estate developers and land owners are not willing to reduce the prices of properties for a simple reason: they don’t make lands anymore. So a smart investor would be better off buying a property in any location in Beirut and in few years has investments would worth ten times more,” one real estate broker told BUSINESS LIFE Magazine.
Some real estate developers have frozen large projects such as hotels and sea resorts in Lebanon until the crisis in the gulf region is over.
“This does not mean that the developers have abandoned Lebanon. They are only waiting until they receive more cash from their own countries before proceeding with the multi billion project,” one developer said.
He added that Lebanon’s real estate sector has once again miraculously escaped the fallout of the global financial crisis which did not even spare the emirate of Dubai.
Mounir Douaidy, General Manager of the giant real estate development company Solidere, said that the real estate sector in Lebanon was unaffected by the crisis because the demand in general was confined to local buyers and sellers before and after the crisis “I think that the real estate prices in Lebanon will not fall because it is not relying on demand by foreigners but mainly on domestic demand and the demand of expatriates who are willing to come back to the country,” said Douaidy.
According to statistics released by the Investment Development Authority of Lebanon, more than $4.1 billion worth of properties were sold in Lebanon in 2007.
The rush for properties up to June to 2008 has prompted developers to raise prices of apartments and lands in Beirut by more than 40 percent.
Douaidy added that there is more demand than supply on lands in Lebanon although lands in the country is very scarce, predicting a rise in the prices if the trend continued in the future. “This is the difference between Lebanon and the Gulf region,” he said.
Douaidy added that real estate prices went down by 50 percent in the region but remained the same in Lebanon and are expected to go up in the near future. “The general trend in Lebanon is not downward. Therefore, developers are the ones who will have to decide if they want to increase or decrease the prices of their projects,” he said.
The number of real-estate sales operations in Lebanon in the first five months of 2008 rose by 19.4 percent compared to the same period of 2007, according to the figures released by the Directorate of Real Estate at the Finance Ministry. The ministry added that the number of property transactions went down by 3.1 percent in the reported period to reach 60,800 transactions, while the number of sales operations saw an increase of 19.4 percent to reach 28,048 operations.
This was coupled with a significant rise in property taxes receipts of 55.2 percent to reach LL204.7 billion.
The ministry said in a statement the value of properties sold in Lebanon over the past five months of this year rose by 72 percent to reach $1.993 billion.
Bank Audi said that the increase in the number of sales operations was in line with the surge in real-estate demand.
“One driver for investment in real estate in Lebanon has been the fall in interest rates on the Lebanese pound and the US dollar,” the report said. It added that although property prices have been on an upward path in Lebanon, this rise has been at a slower pace than the global and regional increases in real-estate prices, thereby leading to a further interest in Lebanon’s real-estate sector.
The majority of collected property taxes in the first five months of 2008 were in Beirut with 30.3 percent of the total amount. This figure was followed by Baabda with 22.2 percent, Metn with 19.1 percent, Keserouan with 11.0 percent, the North with 7.1 percent, the South with 5.5 percent, and the Bekaa Valley with 4.0 percent.
It is worth noting that Central Bank governor Riad Salameh warned recently he may ask borrowers and investors to put down 40 percent of the total of any approved property loan to prevent a future real estate bubble in Lebanon
However, the real estate sector in the Gulf especially Dubai, he added, has been hit by falling property prices, and developers have slowed or canceled projects, according to another analyst.
Douaidy said that “There is no doubt that Solidere’s share, in spite of the share drop... its value is secure and it will definitely bounce back in the coming period to reflect the real value of assets.” Douaidy added: “We have no liquidity problems, we have no debt problems, we have very sound portfolio of sound receivables. We have a solid balance sheet.”
Solidere reported 2008 first-half net profit of $83 million, a 37 percent rise, and has said it expected its full-year profit to surpass 2007’s $156 million.
But this picture in the Gulf region in general and Dubai in particular was totally different.
Fadi Mousalli, Regional Director of Jones Lang LaSalle in Dubai, described the economic situation in the world following the global financial crisis as the survival of the fittest, taking this quote from Darwin’s Origin of Species book.
Mousalli said that 20 percent of the sectors in Dubai are directly linked to the real estate sector which was greatly hit by the financial crisis. He brought up a study by Morgan Stanley predicting a 10 percent decrease in real estate prices in Dubai in 2010. “Real estate is a major contributor to Dubai’s GDP that’s why it is more affected than other countries such as Qatar and Bahrain, which are suffering less because they are not as much involved in mega projects as Dubai,” added Mousalli.
Mounir Haidar, CEO of Sorouh real estate company, stressed on the need for development in infrastructure, services, educations and other sectors even in the light of the crisis. “We don’t want that this crisis to put an end to development,” he said. He gave the example of Abu Dhabi, saying that its government has decided that there should be a slowdown in developing some projects but none of them have been cancelled. “The government is eager to implement its plans even though the crisis affected some companies,” he added.
Haidar stated that the rapid growth is one of the reasons behind the crisis, adding it is normal to have 8 to 12 percent profit and not more. “As CEO’s we should not think of these provisions as sustainable because they are not,” he said.
Ahmad Mattar, Secretary General of the Arab Union for Real estate Development, said his organization will be set up soon to take united decisions on any project executed in the Arab world. The organization will comprises real estate companies, experts, brokers, lawyers, media persons and engineers to make sure that all aspects of the real estate sector are available. He said that the aim of this organization is to provide decent housing for the Arab population which is getting bigger each year.
Some real estate developers have frozen large projects such as hotels and sea resorts in Lebanon until the crisis in the gulf region is over.
“This does not mean that the developers have abandoned Lebanon. They are only waiting until they receive more cash from their own countries before proceeding with the multi billion project,” one developer said.
He added that Lebanon’s real estate sector has once again miraculously escaped the fallout of the global financial crisis which did not even spare the emirate of Dubai.
Mounir Douaidy, General Manager of the giant real estate development company Solidere, said that the real estate sector in Lebanon was unaffected by the crisis because the demand in general was confined to local buyers and sellers before and after the crisis “I think that the real estate prices in Lebanon will not fall because it is not relying on demand by foreigners but mainly on domestic demand and the demand of expatriates who are willing to come back to the country,” said Douaidy.
According to statistics released by the Investment Development Authority of Lebanon, more than $4.1 billion worth of properties were sold in Lebanon in 2007.
The rush for properties up to June to 2008 has prompted developers to raise prices of apartments and lands in Beirut by more than 40 percent.
Douaidy added that there is more demand than supply on lands in Lebanon although lands in the country is very scarce, predicting a rise in the prices if the trend continued in the future. “This is the difference between Lebanon and the Gulf region,” he said.
Douaidy added that real estate prices went down by 50 percent in the region but remained the same in Lebanon and are expected to go up in the near future. “The general trend in Lebanon is not downward. Therefore, developers are the ones who will have to decide if they want to increase or decrease the prices of their projects,” he said.
The number of real-estate sales operations in Lebanon in the first five months of 2008 rose by 19.4 percent compared to the same period of 2007, according to the figures released by the Directorate of Real Estate at the Finance Ministry. The ministry added that the number of property transactions went down by 3.1 percent in the reported period to reach 60,800 transactions, while the number of sales operations saw an increase of 19.4 percent to reach 28,048 operations.
This was coupled with a significant rise in property taxes receipts of 55.2 percent to reach LL204.7 billion.
The ministry said in a statement the value of properties sold in Lebanon over the past five months of this year rose by 72 percent to reach $1.993 billion.
Bank Audi said that the increase in the number of sales operations was in line with the surge in real-estate demand.
“One driver for investment in real estate in Lebanon has been the fall in interest rates on the Lebanese pound and the US dollar,” the report said. It added that although property prices have been on an upward path in Lebanon, this rise has been at a slower pace than the global and regional increases in real-estate prices, thereby leading to a further interest in Lebanon’s real-estate sector.
The majority of collected property taxes in the first five months of 2008 were in Beirut with 30.3 percent of the total amount. This figure was followed by Baabda with 22.2 percent, Metn with 19.1 percent, Keserouan with 11.0 percent, the North with 7.1 percent, the South with 5.5 percent, and the Bekaa Valley with 4.0 percent.
It is worth noting that Central Bank governor Riad Salameh warned recently he may ask borrowers and investors to put down 40 percent of the total of any approved property loan to prevent a future real estate bubble in Lebanon
However, the real estate sector in the Gulf especially Dubai, he added, has been hit by falling property prices, and developers have slowed or canceled projects, according to another analyst.
Douaidy said that “There is no doubt that Solidere’s share, in spite of the share drop... its value is secure and it will definitely bounce back in the coming period to reflect the real value of assets.” Douaidy added: “We have no liquidity problems, we have no debt problems, we have very sound portfolio of sound receivables. We have a solid balance sheet.”
Solidere reported 2008 first-half net profit of $83 million, a 37 percent rise, and has said it expected its full-year profit to surpass 2007’s $156 million.
But this picture in the Gulf region in general and Dubai in particular was totally different.
Fadi Mousalli, Regional Director of Jones Lang LaSalle in Dubai, described the economic situation in the world following the global financial crisis as the survival of the fittest, taking this quote from Darwin’s Origin of Species book.
Mousalli said that 20 percent of the sectors in Dubai are directly linked to the real estate sector which was greatly hit by the financial crisis. He brought up a study by Morgan Stanley predicting a 10 percent decrease in real estate prices in Dubai in 2010. “Real estate is a major contributor to Dubai’s GDP that’s why it is more affected than other countries such as Qatar and Bahrain, which are suffering less because they are not as much involved in mega projects as Dubai,” added Mousalli.
Mounir Haidar, CEO of Sorouh real estate company, stressed on the need for development in infrastructure, services, educations and other sectors even in the light of the crisis. “We don’t want that this crisis to put an end to development,” he said. He gave the example of Abu Dhabi, saying that its government has decided that there should be a slowdown in developing some projects but none of them have been cancelled. “The government is eager to implement its plans even though the crisis affected some companies,” he added.
Haidar stated that the rapid growth is one of the reasons behind the crisis, adding it is normal to have 8 to 12 percent profit and not more. “As CEO’s we should not think of these provisions as sustainable because they are not,” he said.
Ahmad Mattar, Secretary General of the Arab Union for Real estate Development, said his organization will be set up soon to take united decisions on any project executed in the Arab world. The organization will comprises real estate companies, experts, brokers, lawyers, media persons and engineers to make sure that all aspects of the real estate sector are available. He said that the aim of this organization is to provide decent housing for the Arab population which is getting bigger each year.
CPC To Build New Industrial Complex In The Eastern Region
Construction Products Holding Company (CPC) is building another industrial complex to meet growing demand from an unprecedented construction boom in the region.
Its new investment is in the Dammam Industrial Zone where a 600,000 square meter area will be developed into an integrated complex consisting of an electric cables factory, a construction steel factory, float glass factory, ready-mix concrete plant, precast concrete plant, transportation company, warehouses and housing & offices facilities.
When completed, it will be CPC's fourth industrial complex and the third largest, said Dr. Faysal Alaquil, Director, Business Development and CPC official spokesperson.
'It will have the most advanced equipment and machinery so as to meet the great demand of construction projects in the Eastern Region' he added.
CPC presently has industrial complexes in Jeddah, Bahra and Riyadh.
'Our Dammam industrial complex is the fourth for CPC and the third in terms of size and it is in line with our development plan to extend our reach across Saudi Arabia with 'one-stop shops' offering building and construction materials straight from our factories.'
Dr. Alaquil confirmed that CPC's mission statement is to give construction companies and contractors convenient access to its various products of the highest quality standards.
He added: 'Success in this regard has motivated us to build more industrial complexes, especially in view of the unprecedented upswing in construction of giant projects in various areas of the Kingdom.'
Boris Becker And ACI Launch Dhs3bn 'Green' Beach Resort & Tennis Academy
Tennis legend, Boris Becker today unveiled one of the region's most ambitious integrated luxury mega-resorts - the Boris Becker Beach Resort & Tennis Academy - partly owned by the former world champ himself.
Valued at a staggering Dhs3bn, this recreational and residential master-development includes premier holiday homes, world class luxury resort and spa facilities, a five star hotel, and a world-class Tennis Academy. Strategically located at entrance of Ras al Khaimah's lush Al Marjan Island, the sprawling 2.5 million square-foot project offers a rare dual ocean-front advantage, with the estate stretching from one end of isle's shore to the next. A project of this scale and nature has never before been attempted and is attracting significant interest from global investors.
Aimed primarily at global investors in the top-end holiday-homes segment, the Boris Becker Beach Resort and Tennis Academy will offer a 'buy-to-use & lease' option prevalent across major investor holiday-home destinations across the globe. Powered in-part by solar energy, the Boris Becker Beach Resort and Tennis Academy is developed by Middle East Vision and brought to market by ACI Real Estate, the name behind some of the region's most prestigious iconic developments.
Aimed primarily at global investors in the top-end holiday-homes segment, the Boris Becker Beach Resort and Tennis Academy will offer a 'buy-to-use & lease' option prevalent across major investor holiday-home destinations across the globe. Powered in-part by solar energy, the Boris Becker Beach Resort and Tennis Academy is developed by Middle East Vision and brought to market by ACI Real Estate, the name behind some of the region's most prestigious iconic developments.
Becker Ownership
Becker who holds a 50% partnership in the Academy, and part ownership in the rest of the Resort said that the mega-development holds significant meaning to him, both as an entrepreneur and a former tennis world number one. He explains, 'With end-to-end luxury facilities, from residences to spa and a five star hotel - there is simply no integrated resort of this caliber anywhere else. As a former global competitor it is also personally rewarding to bring UAE a world-class tennis training facility, and play a role in grooming young local talent. It has all the makings of a top-seed in the global luxury holiday- home sector'
Becker who will play a significant role in the design of the Tennis Academy, will also co-manage the completed facility, assisted by long-time friend, and fellow German Davis-Cup team partner, Eric Jelen; ensuring standards are carefully maintained. Becker will also offer personal training sessions to a select few, and hand-pick coaches from across the globe to ensure the 'Becker way' is well observed, and young talent carefully groomed. The world class structure will feature 6 tennis courts with rebound-ace surfaces.
Integrated luxury resort-residence development
Robin Lohmann, managing director, ACI Real Estate, added, 'At this end of the market we need to fend off serious global competition from global holiday home destinations, and have spared no effort in ensuring this is an integrated community of unrivalled standing. The design and engineering of this project salutes Ras al Khaimah's natural splendor as a marine community, and our unique ownership structure will allow us to compete effectively for global investor interest. Ras al Khaimah is one of the fastest growing places in the region, with valid economic fundamentals - European and Asian investors chasing higher yields and promising capital growth will readily understand this offering breath-taking in more ways than one.'
Ras al Khaimah is currently one of the fastest growing emirates in the UAE, with the population expected to grow from 150,000 to 750,000 by 2020, and the number of visitors moving from 500,000 to a staggering 2.5 million by 2012. The Resort which has state-of-the-art conferencing facilities will also serve as an unique global conferencing venue and incentive travel destination.
Referring to the unique 'buy-to-use & lease' ownership option the property offers, Sanjay Chimnani, joint managing director, ACI Real Estate added, 'There is a definite increase in the number of global buyers looking to the region for top-end luxury investments. This ownership option puts it within ready reach, and evens out the playing field so we may effectively compete with global holiday home destinations.'
Achim Bullinger, CEO, Middle East Vision, the developer, further added:
Becker who will play a significant role in the design of the Tennis Academy, will also co-manage the completed facility, assisted by long-time friend, and fellow German Davis-Cup team partner, Eric Jelen; ensuring standards are carefully maintained. Becker will also offer personal training sessions to a select few, and hand-pick coaches from across the globe to ensure the 'Becker way' is well observed, and young talent carefully groomed. The world class structure will feature 6 tennis courts with rebound-ace surfaces.
Integrated luxury resort-residence development
Robin Lohmann, managing director, ACI Real Estate, added, 'At this end of the market we need to fend off serious global competition from global holiday home destinations, and have spared no effort in ensuring this is an integrated community of unrivalled standing. The design and engineering of this project salutes Ras al Khaimah's natural splendor as a marine community, and our unique ownership structure will allow us to compete effectively for global investor interest. Ras al Khaimah is one of the fastest growing places in the region, with valid economic fundamentals - European and Asian investors chasing higher yields and promising capital growth will readily understand this offering breath-taking in more ways than one.'
Ras al Khaimah is currently one of the fastest growing emirates in the UAE, with the population expected to grow from 150,000 to 750,000 by 2020, and the number of visitors moving from 500,000 to a staggering 2.5 million by 2012. The Resort which has state-of-the-art conferencing facilities will also serve as an unique global conferencing venue and incentive travel destination.
Referring to the unique 'buy-to-use & lease' ownership option the property offers, Sanjay Chimnani, joint managing director, ACI Real Estate added, 'There is a definite increase in the number of global buyers looking to the region for top-end luxury investments. This ownership option puts it within ready reach, and evens out the playing field so we may effectively compete with global holiday home destinations.'
Achim Bullinger, CEO, Middle East Vision, the developer, further added:
'The Boris Becker Beach Resort and Tennis Academy has been carefully planned to integrate the different needs of holiday makers, and long term residents, all with the same ambition for their sojourn here - to find an idyllic setting close to the water, and impeccably luxurious. It is no coincidence that we have included solar energy systems in this project inspired by nature. The Boris Becker Beach Resort and Tennis Academy is without a doubt, a grand tribute to both nature and engineering.'
An aerial view of the massive coast-to-coast development tells the story of the sea turtle, noted in folklore for its longevity and resilience, nestling peacefully along the shores of the isle. Using the latest in membrane design and engineering, the Academy will be housed within what would be the 'shell' of the turtle. The project is ready for sale and the escrow account has been established.
The 7-floor Resort & Tennis Academy is located at the start of Al Marjan Island, allowing for easy access for regionally-based weekenders. It will feature a five-star hotel with luxurious water-facing lobby, and a marine life-inspired ballroom. The complex will further include an award winning spa boasting two swimming pools, and state of the art fitness centre and roof terrace. The project is slated for completion by 2010.
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