Media Less Concerned With Dubai Real Estate

Real Estate Got Less Negative Coverage In Q3, Says New Media Intelligence Report
Signs of recovery were reflected in positive share of voice for real estate developers, with projects getting back on track.

source Mediastow

The Mediastow Q3 report on the real estate industry has revealed that negative coverage of the property sector has decreased considerably in the third quarter, compared to the same period last year.

The report, the fifth in the series, analyzed the media coverage of the UAE real estate sector, with a focus on Al Qudra Real Estate, Aldar, Emaar, Sorouh, Dubai Properties, Nakheel, Sama Dubai and Damac.

The 34-page report assessed the success of the PR campaigns of the eight real estate developers, as well as threw light on how their media coverage fluctuated and how it compared with each other.

The head of Mediastow, Mohamed Elzubeir, said: “As for coverage, Damac and Emaar had their amount of coverage peaks in July 2009, while Al Qudra Real Estate, Sama Dubai and Sorouh had their peak in August 2009. Finally, the coverage of Aldar Properties, Dubai Properties and Nakheel peaked in September.”

Emaar, followed by Sorouh and Aldar, figured in the top 3 in terms of newspaper coverage size, measured in column centimeters (cc), in July and August 2009. September saw Nakheel in the lead, followed by Emaar and Aldar.

A total of 3,962 articles from 168 publications were monitored between July and September 2009 for the report. Also, stocks movements of Emaar, Aldar Properties and Sorouh were evaluated and correlated with media coverage.

A comparison of the facets of coverage, penetrations and content analysis are featured in this report. The report also contains the real estate sector highlights to put the performance in perspective of the current market issues.

Compared to the 3rd Quarter of 2008, there was a general drop in numbers, with some experiencing a bigger drop than others. Al Qudra, Emaar and Nakheel experienced significant decreases in the 3rd Quarter of 2009 , compared to the same period in 2008, in terms of volume of coverage.

In summary, the three property developers, Emaar, Aldar Properties and Sorouh, experienced an upward trend in the third Quarter of 2009. Aldar enjoyed a decent gap in terms of share prices throughout the quarter and inched further towards the latter middle part of September 2009.

Elzubeir added: "The overall volume of coverage has dropped compared to the golden era of the early 2008, but strong signs of recovery are evident. Negative coverage is now confined to the tumbling stocks, and positive coverage is increasing with projects getting back on track.”

$4bn project chief predicts Q1 2010 Dubai rebound

source Arabian Business

Dubai's battered real estate sector will start to emerge from the impact of the global economic crisis in the first quarter of 2010, the boss of the company behind the $4bn Dubai Pearl project said on Monday.

Santhosh Joseph, president and CEO of Pearl Dubai, added that the mixed-use luxury development was on track for completion in 2011, despite the downturn.

He said: “We are pleased to announce that the project is progressing well. We are forging ahead despite the current economic climate and are well poised to shape a development that will transform the landscape of the TECOM area and Dubai Marina. We would like to thank all our investors for the continued faith in the project and its promise."

Related: 30% of investors delay payments on $4.1bn Dubai Pearl
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He added: “We believe the future of Dubai is secure as a global destination of business, commerce, tourism and hospitality.

"The signals coming out of the markets are optimistic and we are confident the first quarter of next year will bring in more positive news about the real estate markets in the region."

Located opposite the Palm Jumeirah island, Dubai Pearl will include commercial, retail, residential, hospitality and leisure components. It will also feature a 2,000-seater performing arts theatre.

The main construction is being undertaken by the Al Habtoor Leighton Group, which was awarded the construction work at the end of 2008.

On Monday, the company announced that excavation of the four towers had been completed in eight months and Unibeton Ready Mix had undertaken the first major pour of the project involved 10 mobile concrete pumps with 42 metre long booms and 105 transit mixer trucks that placed the concrete into the foundation, which comprised 2100 tonnes of steel reinforcements.

Distressed property fund launched in UAE

source Gulf News

Dubai: Financial and investment advisory services provider, Mayfair Wealth Management (MWM), which is based in the Cayman Islands, Tuesday announced the launch of a new Sharia-compliant distressed property fund, worth $50 million (Dh183.7 million) in the UAE.

The move is thought to be motivated by attractively low valuations in the UAE real estate market, which is undergoing a price correction. The Real Estate Musharakah Notes fund is expected to deliver an annual return of 12 to 15 per cent by way of "leasing or rental income throughout the tenure of the notes, at their best prices", according to a company statement.

The distressed property fund is available for subscription until August 31, with a maximum tenure of 36 months at $1 per share.

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The company said the fund would be used to acquire properties in diverse locations in a bid to mitigate risks.

The number of defaulted or distressed assets have set up an attractive market for such funds. The term "distressed assets" generally applies to those properties whose value is much lower than it should be.

"Typically these types of funds will be some of the first players to enter the market after a downturn and as such they have come to signify the first small steps towards recovery," Matthew Green, Head of Research & Consultancy, CB Richard Ellis Middle East, said.

"In this respect we would anticipate some increased fund activity towards the year end."

Occupancy levels rise in affordable districts

original source Emirates Business 24/7

More than 60,000 people have already moved into International City, while about 20,000 residents are living in Discovery Gardens, according to NakheelNakheel.

"International City remains one of Dubai's most popular rental communities. Its affordability combined with its location makes it an attractive destination for local and international businesses, retailers, commercial establishments, traders and residents," a NakheelNakheel spokesperson told Emirates Business.

According to the master developer, International City is made up of 387 buildings, while Discovery Gardens has 245 buildings with the majority being owned by third parties.

Real estate agents said occupancy levels in Discovery Gardens and International City is currently around 60 per cent, up 15 per cent in the past six months.

"Real estate prices and rental prices in these two areas have dropped tremendously attracting many new occupants into the development," said Mohanad Alwadiya, Director, Harbor Real Estate.

However, the profile of people residing in Discovery Gardens and International City are more of tenants than owner occupants.

"Both these developments were sold off largely to investors than end-users, hence there are more tenants living in these developments than owner occupants," he said.

Last month, real estate analysts told this newspaper that prices of apartments in master developments such as Dubai Silicon Oasis, International City and Discovery Gardens had stabilised in the past three months, making them the most affordable developments for middle-income earners.

According to agents, the current prices in International City for a studio, one- and two-bedroom apartments were in the range of Dh275,000, Dh450,000 and Dh550,000 respectively, declining five per cent since the past quarter.

Besides, agents believe NakheelNakheel's recent move to drop service charges in Discovery Gardens will attract buyers into the development. Last month, NakheelNakheel dropped service charges on Discovery Gardens by Dh5 per square foot in line with Dubai's Real Estate Regulatory Agency.

According to Harbor Real Estate, current rents for one-bedroom apartments in International Media Production Zone (IMPZ) is about Dh50,000 per annum (payable across four cheques). In Discovery Gardens, the rents are Dh60,000 per annum (eight cheques), while rents in International City are at Dh50,000 per annum (payable across four cheques).

A two-bedroom apartment in IMPZ is currently rented for Dh70,000 per annum in four cheques. In Discovery Gardens, current rental are Dh80,000 per annum in four cheques while in International City, current annual rents is Dh75,000 in four cheques.

According to Asteco, a studio in Discovery Gardens and International City is being rented for Dh40,000 and Dh38,000. A one-bedroom apartment in Discovery Gardens, International City and IMPZ are Dh60,000, Dh55,000 and Dh45,000 respectively. A two-bedroom apartment is being rented for Dh85,000 per annum, Dh70,000 per annum and Dh60,000 per annum, respectively, in the same areas.

According to Colliers International, a two-bedroom apartment in IMPZ is being rented for Dh68,000 and Dh70,000 in International City. In Discovery Gardens, rents for a two-bedroom apartment is about Dh75,000 per annum.

When asked if rents were higher in freehold areas compared to non-freehold areas, Camilla Van Der Merwe, Head of Leasing, Dubai, Asteco Property Management, said: "There is not much of a difference between rental rates on freehold and non-freehold properties. Location, access, facilities, good property management and proximity to amenities determine how successful rental rates are for a particular area."

She said owners who have purchased for investment and leased their property are looking to retain their tenants by negotiating and reducing rents as per the current market rates.

"It is difficult to assess which areas are better and it really depends on individual preferences. Some people prefer to remain in the old areas because they have been living there for a long time and they are paying low rentals.

"All depends on which areas people work. Somebody working in Bur Dubai or Deira may not consider Discovery Gardens to live since it is farther out and commuting to and from work would be an issue even though rents are low there," said Der Merwe.

Kosta Giannopoulos, Manager, Residential Sales and Leasing, Better Homes, said in terms of rentals, one can find similar priced apartments in both freehold and non-freehold areas, but people choose to live in different areas due to personal preferences such as proximity to work and cultural reasons. "The non-freehold areas tend to have a more interest for bachelor and shared accommodation. Freehold areas tend to be leased by newer arrivals to Dubai," said Giannopoulos.

"It cannot be said that one area has higher rents than another except that International City offers the lowest rent of any freehold area. Areas such as Barsha and Nahda also offer one of the lowest rents for non-freehold," he said.

By Anjana Kumar

Property contracts to become simple

source Gulf News

Dubai: A standard property contract is coming to Dubai's real estate market, aiming to get rid of misleading small print.

A senior official at Dubai Land Department said that having a basic contract would now become the norm and added that it would make it harder for buyers and developers to wriggle out of contracts or to add fine print to existing contracts.

Emmad Eldin Farouq, senior legal advisor at the Dubai Land department, said it would also provide a clear, transparent guide to the rights of both the developer and the buyer.

"The contract is ready and we are waiting for directions," said Farouq said.

These standard contracts are going to be given for all properties.

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"The contract will not be changed if it is completed or uncompleted. For any contractual agreement, it must be simple and clear and transparent. There is too much small print in contracts now.

"In any contract, there is a chance a developer can add to it because different developments have different rules and regulations but the basic contract will stay the same," Mohammad Sultan Thani, assistant director-general of the Land department, said.

Lawyers agree that the main points of the contract will remain the same but there will be room for other clauses.

"The standard contract is for finished properties between the buyer and the seller, so the secondary market. But you can't legislate everything, you need an element of freedom in a contract.

"So it will have standard terms in line with market norms and then any changes will go to a separate [section] to make it fair," Michael Lunjevich, partner at Hadef and Partners, said.

While having one basic contract will certainly make life easier for buyers and developers, it will also reduce the number of disputes in the market.

Dubai's Real Estate Regulatory Authority (Rera) and the land department are working hard to make the property sector more water-tight but insist that there must be a large onus on the buyer to read contracts in full.

During Dubai's boom times, many investors came swarming to Dubai just to buy property and paid less attention to contracts than they would in more mature markets.

"Any contract should be very clear and we need to make sure people read the contracts carefully," Thani told Gulf News.

Affordable residential property unveiled in Dubai

source Go Wealthy

Dubai-based Sherwoods Independent Property Consultants unveils the Santaville Apartments, a brand new and highly affordable residential property. The real estate project offers a wide range of economically priced units ideal for those looking to own their own properties in the UAE.

Iseeb Rehman, Managing Director, Sherwoods Independent Property Consultants: "At the moment, most of the really affordable residential properties are in Ajman, Ras Al Khaimah and Sharjah. Sherwoods is thus pleased to launch a residential project that will allow them to finally buy their own properties and forget about renting without stepping out of Dubai."

Located ideally in Jumeirah Village District 11 in Dubai, real estate property is in the neighbourhood of high-profile property developments such as the Jumeirah Islands Villa and the Emirates Hills. Sherwoods has offered excellent packages for the real estate project, which has fully complied with the government's escrow account law, with easy and flexible payment schemes for prices starting as low as Dh 650,000.

Money in the market

source Arabian Business

How some big players are keeping cash flows positive?

A question on any developer's mind will be ‘where is the money coming from? Answers need to be found at all stages of the development process, from foundation to finish. Some involve the intricacies of project finance agreements, others just take a cash-up-front approach with any potential investors or buyers.

But in the season of the global credit crunch, international cash flow may be on the verge of drying up, so how can aspiring developments keep the money flowing in the right direction?
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Appetite for Islamic debt has been remarkably resilient to the credit crunch and shows just how low-risk investing in Gulf corporates is now seen by Western institutions.

Some reports suggest foreign investment may wane as a result of financial constraints in key economies, such as the US and UK. This, combined with rapidly rising prices in cities like Dubai, may encourage foreign buyers to look elsewhere or keep their money in their home markets - where property prices have been taking a battering.

Although it may only be a micro-trend, figures from REIDIN, a real estate research company indicate that less than 20% of purchases in Dubai in 2008 so far have been made by European or US investors.

This figure stands in contrast to the investments being made from overseas. Industry insiders suggest that developer spending in the GCC has reached around US $1.45 trillion, with 55% of investment in Gulf real estate projects coming from outside of the region.

There are methods to boost interest. Developers in the Gulf do continue to attract foreign investment, with newer firms now stretching further afield in search of funding.

Recently formed developer Azizi Investments is one outfit looking to overseas investment, announcing plans to tap into Russian investors with a stand at the International Property Show in Moscow in November.

"We are ready to take the next big step forward - to take our brand out to the wider international audience of new customers," said Merwiss Azizi, founder and chairman of Azizi. "We are ready for the international stage."

The company has already announced projects to develop 12 plots of land within Nakheel's Al Furjan development, to develop a five-star hotel within Emirates City in the emirate of Ajman and to develop 850000 ft² worth of land on the Palm Jebel Ali in Dubai.

It plans to acquire and develop an estimated 15 million ft² worth of land by the end of the year, and by 2010 to have acquired 165 million ft².

Azizi joins several other developers who have made concerted efforts to attract overseas investment, including Aldar and Nakheel, who are exhibiting in the US in October, and the UAE's GSS Holding and DaR Real Estate, who will also be in Moscow in November.

Other funding options, at least for the bigger players, include share offers. Unconfirmed reports suggest Damac Properties is preparing to launch an initial public offering (IPO), planning to list on the Dubai Financial Market (DFM) by early 2009.

A spokesman at Damac Holding would not confirm or deny if an IPO is in the works, saying that any claims of a Damac Properties listing were ‘purely market speculation'. The company has announced plans to deliver more than 2300 units in 2008, followed by 7100 in 2009-10.

The company's Kuwait arm, Damac Kuwaiti Holding, is also keeping quiet about selling bonds and sukuk worth US $67 million. A statement issued on the web suggested the board would meet on September 1 to discuss the issue.

Though an IPO can bring a cash windfall for investment and expansion, things can also get rough in the markets. Just ask Emaar. The largest publicly traded developer in the Middle East took a pounding for several days in a row on the Dubai exchange after talk of the Dubai government moving to limit property speculation. The company was not alone. Aldar, Deyaar, Sorouh and Union Properties also suffered pricing setbacks during the same period.

Although the credit crunch may be discouraging individual investors, corporate money is still moving. Research by London-based law firm Trowers & Hamlins has shown that sukuk issuance in the Gulf jumped 17% in the last year to US $17 billion.

The research showed that Western institutions were the majority purchasers of Islamic debt, now accounting for around 60% of take up.

"Appetite for Islamic debt has been remarkably resilient to the credit crunch and shows just how low-risk investing in Gulf corporates is now seen by Western institutions," said Neale Downes, a partner with Trowers & Hamlins, in an interview with Arabian Business.

"A few banks in the region have taken sub-prime write downs, but there is so much liquidity in the Gulf with the high price of oil, that recapitalising these institutions has not been a major challenge," he said.
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While real estate once dominated sukuk issuance, the company's research indicated increasing diversification. Just 37.5% of Islamic bonds issued were by corporate entities in the real estate sector, compared with 60% last year.

Large development companies are not running shy of asking for cash from banks either. Union Properties is in the market for US $1 billion of finance to pay for projects. It has approached both local and international banks in an effort to arrange a loan. The company is reportedly happy to consider both conventional and Islamic finance options.

And it seems international banks appear keen to get a slice of the Gulf action. Cagamas, a Malaysian mortgage firm is looking to set up secondary Islamic mortgage companies in the Middle East according to reports from Reuters. The move has been driven by what the company perceives as rising demand for a range of Islamic products in the region.

All these activities point to plenty of money being on the move and a keenness on the part of finance institutions to make cash available to Gulf developers. Project finance structures are also being employed to release funds.

If an asset can generate revenue, then funding through project finance is a viable option. The revenue generation aspect of project finance structures also makes it favourable for Islamic finance transactions, since return comes from revenue not interest.

As a system of funding, project finance has been born out of methods to pay for large infrastructure projects, such as power stations, telecommunications infrastructure, refineries, petrochemical complexes and pipelines. But it is also being used to fund the large-scale property development projects so common in the Middle East.

As funding needs to be found to take advantage of the opportunities available throughout the Gulf, more innovative financing methods are bound to develop. These methods may amount to developers finding new ways to get money from the end user, or attracting more buy in from the big banks.

UP gearing up to launch $7bn of projects

original source Reuters

Dubai-listed Union Properties plans to launch 25 billion dirhams ($6.81 billion) of new projects soon, after boosting its land bank in partnership with the Dubai government, its chief financial officer said.

Zaid Ghoul told Al-Khaleej newspaper that Dubai's second largest developer by market value was planning to develop 15 million feet in a joint venture with the Dubai government.

The firm was also expecting to add another 35 million feet to its land portfolio, he said.
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Union Properties told newswire Reuters last week it planned to borrow $1 billion by the end of the year to help finance projects and was seeking to raise its foreign ownership limit to 30 percent.

The firm's second-quarter net profit surged 106 percent to 317.7 million dirhams, beating analysts' forecasts.

Ghoul told Reuters in June that the company was hoping to add 40-60 million square feet to its land bank.

Shares of Union Properties, down almost 15 percent this month to Sunday's close, were up 0.66 percent at 0635 GMT. (Reuters)

Deyaar appoints new CEO

source Arabian Business

Dubai-based Deyaar Development on Sunday announced the appointment of a new chief executive four months after former CEO Zack Shahin resigned amid an investigation for alleged financial irregularities.

Deyaar said it has given the job to Markus Giebel, previously CEO of UAE-based investment firm Vedera Capital.

Deyaar Chairman Nasser bin Hassan Al-Shaikh said the appointment was "the beginning of a new phase in the ongoing growth of Deyaar".
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Shahin, two other company officials and a fourth person have been detained and questioned in connection with alleged fraud.

Two Deyaar board members have also resigned.

According to unconfirmed media reports, Dubai Public Prosecution is investigating company fraud valued at 120 million dirhams ($33 million).

Al-Shaikh said in May that the Public Prosecution was preparing to take the case to court.

Deyaar is an affiliate of Dubai Islamic Bank. Two senior executives at Dubai Islamic have also been detained and questioned in a separate probe into financial irregularities.

Dubai home prices up 40%

source The National

Dubai property prices rose by about 40 per cent in July compared to the same period last year, the investment bank, Al Mal Capital, said yesterday.

According to a report based on Al Mal’s Dubai property price index, prices in the residential segment have seen a year-on-year appreciation of 40 per cent, reaching the median price of Dh1,831 (US$498) per square foot, while the commercial segment appreciated by 40.5 per cent, with a median price of Dh2,137 per sq ft.

Meanwhile, rental yields declined slightly last month to 6.8 per cent, compared to 7.8 per cent the year before, as property prices outpaced rental rates, said Robert Mckinnon, the managing director of Al Mal Capital, in a note to investors.

The decline in rental yields has been driven mainly by higher prices as the median rent in Dubai has increased by roughly 23 per cent over last year’s levels. For commercial properties, the median rental yield also declined slightly, to 11.9 per cent last month from 12.4 per cent in June.

The seasonal slowdown continued in July, with prices on the residential segment only increasing a moderate 0.7 per cent over the previous month’s levels. However, the office market has been bucking the seasonal trend and remains strong, with a 3.7 per cent month-over-month increase.

“Additionally, though Dubai has experienced significant yield compression [about 100 basis points], yields still have a bit to come down in our opinion,” said the report. “We still contend that yield compression will come from real estate price appreciation, rather than declining rental prices.”

Property prices in Dubai have soared since foreigners were given the right to own real estate in limited areas in 2002, and demand outstripped supply on record population growth.

However, “if the US dollar continues to strengthen, some portion of investment demand would weaken for foreign property investment”, the report said. Significant investment in the sector is coming from areas that do not deal in the US dollar: the UK, Europe, Asia and Russia. A rising dollar leading to a decline in purchasing power may prompt these investors to reconsider their purchasing decisions, said the report.

“It is, however, important to note that taking this more speculative type of investor out of the market could be better for the longer-term real estate picture,” Al Mal Capital’s researchers said. “We expect that any moderation in prices would ease the transition from an investor-driven market to an end-user market. In our opinion, this would lead to a market driven less by liquidity levels and more by the already strong supply and demand fundamentals.”

“The euro has weakened by about five per cent against the dollar during the last two or three weeks,” said Giyas Gökkent, the head of research at the National Bank of Abu Dhabi. “But I don’t think that this is enough by itself to stop speculation. What will in fact impact speculation is the change in the interest rates.”



ngillet@thenational.

Stronger dollar 'will deter Dubai speculators'

source Arabian Business

Fears over the health of Dubai’s real estate sector are overblown and a stronger dollar would help rid the market of speculative buyers, Al Mal Capital’s head of equity research said on Thursday.

Prices are likely to ease in 2010 after rising another 10-15 percent in the coming year, but developers like Emaar will still be making a significant profit at those levels, Robert McKinnon, the investment bank’s managing director of equity research, told Arabian Business.

“I think a 10 percent decline would actually not be a problem for this market. The market has been up 10 percent in the last four months,” he said after latest figures for July showed a 40 percent increase in real estate prices compared to the same month last year.

Related: Dubai property prices 'to fall 10% by 2010'
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Last week, a report from Morgan Stanley predicted a ten percent correction in Dubai’s booming real estate market over the next two years.

“In 2009 and into 2010 I think prices should remain strong, but I don’t think they’ll keep rising at the same pace,” McKinnon said.

The difficulty of getting a demographic view of income levels in the UAE makes prices harder to predict than in other, more developed markets.

“We use GDP per capita, which doesn’t really account for the fact that a lot of wealth could be sitting in the top two percent of the population, who don’t need four or five houses,” McKinnon said.

But comparing rental yields with mortgage costs suggests price gains should start to moderate next year.

The rising US dollar, now at its highest level in almost six months, has sparked fears of international investors exiting the Dubai market, where a significant number of buyers come from the UK, Europe, Asia and Russia.

Along with the benefit of dampening inflation, McKinnon believes a stronger greenback could help curb speculative activity since it would favour domestic buyers looking to buy a house to live in.

“[The rise] is not yet a trend for the dollar, but if it continues it could be a positive in terms of encouraging the type of buyer that we want buying in the market rather than speculative buyers,” he said.

Rental yields in Dubai remained flat in July versus June, at a median rental yield of 6.8 percent, down from 7.8 percent in July last year, according to a research report from Al Mal Capital released today.

The decline in rental yields over the last year has been driven mainly by higher prices as the median rent in Dubai rose by roughly 23 percent in the period, it said.

The bank’s Dubai real estate price index indicated a year over year price appreciation of 39.9 percent in the residential market in July, while prices in the commercial segment rose by 40.5 percent.

Residential property prices were 0.7 percent higher in July on the month, while the less seasonal office market rose 3.7 percent.

DED, RERA ink pact to enhance support services related to Dubai real estate

source Go Wealthy

The Dubai Department of Economic Development (DED) and Dubai's Real Estate Regulatory Authority (Rera) inks an agreement to add more quality to support services pertaining to real estate investors and customers.

Marwan Bin Ghalaita said: "RERA will set the basics of licensing for real estate activities and implement procedures to speed up the issuance of licenses for such activities. Through the agreement with DED, we will share best practices and experiences, and explore mutually beneficial opportunities, which will enhance the quality of support services offered to real estate investors and customers."

According to the pact, RERA will use the license and business registration system applied by the DED for issuing licenses related to property activities. This would ease licensing procedures and increase the potential of Dubai's real estate sector.

Towering success

DUBAI: Abu Dhabi's Tameer Towers project has won top honours at the CNBC Arabian Property Awards 2008. Tameer's Abu Dhabi flagship development received Best Development, Best Property, Best Architecture and Best High-Rise, Best High-rise Developments and Best Developer Website awards. Tameer Towers won honours in each of the categories into which it was entered, having competed against a multitude of other outstanding developments. Entries were judged by a panel of experts whose collective knowledge of the property industry is second to none.

Tameer Abu Dhabi managing director Dr Abdallah Shaaban said the awards honour the endeavour to produce an international landmark, the product of an intensive design and development process, to lift the benchmark of luxury and innovation in the region.

"Tameer Towers was developed to exceed the expectations of the most discerning of individuals and the multi-award win, as deliberated by a panel of the most seasoned of realty experts, is proof that it has surely raised the bar as a truly exceptional iconic masterpiece. We are confident that the next two honors to be bestowed on Tameer Towers will relate to customer satisfaction and to the delivery of the highest quality product on time," Dr Shaaban said.

Tameer chief executive Abdallah Hageali said the awards are a tribute to the status of the iconic development as a landmark, renowned globally for its stature and standing as modern masterpiece.

"As our flagship project, the Tameer Towers development epitomises that which we strive to achieve in all our projects, through the endless pursuit of perfection and innovation," Mr Hageali said.

Designed by Gensler, one of the worlds' most renowned architectural firms, the seven billion UAE dirhams Tameer Towers project developed jointly with Sorouh Real Estate.

BFH is named best commercial project

MANAMA: Bahrain Financial Harbour (BFH) was the Best Commercial Development in the Middle East and North Africa (Mena) region.

BFH was honoured at the Arabian Property Awards 2008, organised by the Dubai-based ITP Publishing Group.

The awards function was held at the Madinat Jumeirah in Dubai.

"It is, indeed, an honour to receive such recognition within such a short span of opening Phase One - the Financial Centre, of our focused $3 billion development," said BFH chief development officer Nawaf Sadeddin.

"The BFH model has attracted a host of well-known international and regional financial sector firms, because this prime scenic waterfront property ensures significant value to its tenants," said Mr Sadeddin.

"The Arabian Property Awards 2008, which brought together industry leaders in the real estate sector from across the Mena region, successfully recognised the most innovative people and projects and acknowledged their outstanding contributions to the industry," said Bahrain Financial Harbour Holding Company managing director Dr Omer El Mardi.