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Dubai’s new
Mega project “Arabian Canal” |
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Dubai
unveiled the latest in a series of grandiose projects,
a 75 km canal which will extend the business and
leisure hub into the heart of the emirate's desert.
This canal will reshape the southern part of Dubai
and transform the massive Jebel Ali landmass into
an island.
Arabian
Canal will be one of the world’s biggest and
most expensive engineering feats, costing $61 billion.
The vast project is made up of two main parts, an
canal which will run along a 75 km U-shaped route
from Dubai Waterfront to Palm Jumeirah, and a “Waterfront
City” (a "city within a city"),
which will cover 33 km of the waterway's southern
stretch.
Meanwhile,
construction on the Arabian Canal is scheduled to
start in December and last three years. It will
flow inland from Palm Jebel Ali/ Dubai Waterfront,
passing to the east of the new Dubai World Central
International Airport before turning back towards
Palm Jumeirah, passing through several other Dubai
property developments. Along the way, public leisure
facilities and mixed-use developments will sprout
up along its banks. Hence, the project will create
life in the desert. The canal will be 150 metres
(yards) wide and six metres deep, which is enough
to accommodate yachts up to 40 metres long. |
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Safe Escrow Accounts
for New Real Estate Development |
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The
Real Estate Regulatory Agency (RERA) in Dubai recently
introduced a new law concerning the Guarantee Accounts
of Real Estate Developments (escrow accounts). The
objective behind this law is to solidify the real
estate sector's foundations in terms of rules and
regulations while at the same time keeping it attractive
to local, regional and international investors.
The
central aim of this Law is to protect purchasers
who contract to buy property from developers ‘off-plan',
before the property has been constructed. The main
mechanism for achieving this is through the introduction
of mandatory ‘Guarantee Accounts' into which
purchasers' money is paid and from which, until
completion of the development, only approved expenses
can be met. In addition to providing financial security
for purchasers, the Law also protects purchasers
by helping to ensure that their properties will
be completed in accordance with the contractual
specifications and timetable. Accordingly, all new
upcoming projects have to abide by this law starting
January 2008, and can not function without an escrow
account.
From
a consumer protection standpoint, in the event a
project is abandoned by the developer, the funds
would be refunded back by the Accounts Trustee bank
to the depositors (individuals and banks alike)
after consultation with the Land Department.
As
a government entity under the Land Department, RERA's
main objective is to establish the foundation for
a globally attractive real estate sector that satisfies
and guarantees all stakeholders' rights and expectations. |
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Burj Dubai |
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Paramount in Dubai |
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A $2.5 billion
project with a theme park based on Hollywood blockbusters
will be built in the UAE. The announcement follows
a licensing agreement between US film producer and
distributor Paramount, and Ruwaad Holdings, a real
estate, hospitality and tourism investment and development
company.
Under the arrangement, Ruwaad will be responsible
for funding development for the destination. Paramount’s
role will be to provide access to its vast intellectual
property library. Paramount Pictures’ catalogue
includes blockbusters such as The Godfather, Braveheart,
Forrest Gump, Grease, Saturday Night Fever, Top
Gun, Mission Impossible, Breakfast at Tiffany's,
Charlotte’s Web, Nacho Libre, and Dreamgirls.
The project aims to exploit Paramount's "unexploited
entertainment assets" in the Middle East.
A Ruwaad official said "Paramount will provide
the content and we will take it to the market place
and make it work". He also said that they will
develop and finance a Paramount Pictures-branded
entertainment destination featuring various rides,
simulators and shows based on titles such as Titanic,
Mission Impossible and The Godfather, as well as
Bollywood and Arabic films.
They said the project's size, location, completion
date and name has not been finalised, but revealed
it will include hotels, residential property and
retail outlets. Also, Universal Studios announced
plans earlier this year to build a motion picture-themed
park in the Dubai Land development. |
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QE2 adds to Dubai's iconic attractions
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Dubai investment
firm Istithmar which has bought the iconic Queen
Elizabeth 2 cruise ship from Cunard for $100 million,
will receive the ship in November 2008 and spend
several months refurbishing it, in order to convert
it into a floating luxury hotel at the Palm Jumeirah
Island. A professional hotel operating firm will
be hired to manage it.
Berthed at a specially-constructed pier at the Palm
Jumeirah, the 38-year-old vessel will serve as a
luxury hotel and also become a retail and entertainment
destination in 2009. The Palm Island’s developer
Nakheel said the QE2's exact future location has
not been determined yet, and that a number of options
are being considered, adding that factors like water
depth and access to public to transport will be
taken into account.
An estimated one million spectators greeted the
Queen Elizabeth 2 cruise ship on its maiden arrival
in the northwest English port of Liverpool in July
1990. One will have to wait and see how many people
turn up to admire the ship when it docks in Dubai
in 2008, but its new owner hopes it will become
a big tourist attraction in its new role as a floating
luxury hotel at the Palm Jumeirah. It is not the
first time that the Queen Elizabeth 2 will be drafted
into a different role than a luxury cruise ship.
In 1982, the vessel ferried 3,000 British troops
to the south Atlantic to take part in the Falklands
war.
An Istithmar spokesman confirmed the cruise ship
will no longer have its casino in its new role.
But they will make sure the QE2's heritage and history
are faithfully recreated so as to replicate the
same interior it had when it entered service in
1969. Apart from being a luxury hotel, the vessel
will include a museum presenting the rich history
of the ship. Dubai-based independent hospitality
analyst believes the ship will be popular and complement
other ocean-themed hotels in Dubai like the Atlantis
Palm Jumeirah and Burj Al Arab. |
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US firms use Dubai
to tap Mideast market |
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US companies
are growing more aggressive in targeting Middle
East markets, using Dubai as a platform to expand
across the region. From energy to entertainment,
several big American firms have announced plans
this year to launch their operations in the UAE.
"Business is booming in the Arab world, and
US companies want to be part of the action,"
said the president of the National US-Arab Chamber
of Commerce (NUSACC).
While US foreign policy may be unpopular in the
region, its products are a different story, market
observers say. In the most publicised case of an
American business expanding its presence in the
Middle East, oil services firm Halliburton has moved
its corporate headquarters to Dubai to be close
to the oil-producing region. It also wants to list
on an Arab stock exchange, its chief executive has
said. The firm, headed by US vice-president Dick
Cheney between 1995 and 2000, made the move despite
criticism from US lawmakers who feared American
job losses.
It is not just oil that is luring US businesses
to this part of the world. Dubai's ambitions to
become a major tourist destination have caught the
fancy of top Hollywood icons. Universal Studios,
part of media and entertainment giant NBC Universal,
has signed a deal for a huge Dh8 billion theme park
being developed in Dubailand by Dubai Holding unit
Tatweer.
Similarly, Dubai-based Al Ahli Group will develop
two theme parks, costing Dh3.67 billion each, in
partnership with Nickelodeon, the American kids
TV network, and Marvel Entertainment, the company
that licenses comic characters like Spiderman.
Delta Air Lines, which stopped flying to Dubai following
a fall in travel following the September 11 terror
attacks in the US, has re-established a service
between Atlanta and the emirate. It wants to connect
with several Arab cities later. According to US
Ambassador Michele Sison, there are more than 750
US companies physically present in the UAE and many
of them use the UAE as a platform to serve the entire
region. There are about 28,000 American citizens
living in the UAE.
Many believe if the US dollar remains weak against
other currencies, US companies will stay very competitive
in the Arab world. According to the NUSACC, sales
of American merchandise to the Arab world will rise
to $45 billion this year from $35 billion last year. |
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Salik is opening
its doors |
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We
have promised to give you the latest news, details
and information regarding Salik system. Indeed,
the sale of the Salik sticker has started this week,
and the system will be implemented on the 1st of
July. You can buy these stickers in more then 300
outlets like Emirates / EPPCO / ENOC petrol stations,
branches of Dubai Islamic bank and Emirates Bank,
and also directly online on the website: www.salik.ae
The sticker’s beginning price will be DHS
100. The road and transport authority (RTA) will
directly deduct DHS 50 to cover their cost, and
you will be left with the remaining DHS 50 to pay
the toll whenever needed. If you don’t have
a Salik sticker by the 1st of July, and you pass
under the toll gates, you will be paying a fine
of DHS 100 on the 1st day, DHS 200 on the second
day, and DHS 400 from the 3rd day onwards. Also,
if you don’t have enough credit on your sticker
you have to pay a fine of DHS 50 every time you
pass by a control gate.
You must be questioning yourself how to know how
much credit is left on your card. Salik will automatically
send you a text message when your credit reaches
DHS 30, DHS 20 and when it becomes zero. When you
take a cab, the driver has the obligation of asking
you if you would like to use a Salik road or an
alternative road. If you chose Salik you have to
pay the toll fee that will be added to your taxi
fare. If you are renting a car, the car rental company
is responsible for proving the Salik sticker; you
only pay the toll fares. |
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Dubai is building the longest hotel
strip in the world
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Until
the middle of May Al Bawadi project in Dubai was
planned to be a USD 30 billion hospitality and tourism
development. However, as a result of a directive
from his Highness Sheikh Mohammed Bin Rashid Al
Maktoum, the investments in the project will double
up to USD 60 billion.
Al
Bawadi will feature the largest concentration of
leading hotels anywhere in the world, and will occupy
an area of 10km.
Al
Bawadi was expected to add an additional 31 hotels
and 29,000 rooms to the Emirate over the next eight
years, nearly doubling the current number of hotel
rooms in Dubai. Indeed, Dubai possesses currently
40,000 hotel beds, with an approximate occupancy
rate of 90% through out the year. However, with
the new decree, the figure jumped to 51 hotels,
and 60,000 rooms. These hotels will be modelled
on ancient Egyptian palaces, Hollywood, and London's
Houses of Parliament.
Al
Bawadi project has been conceived to develop capacity
for the forecasted dramatic increase in tourism
to Dubai, which is set to reach more than 15 million
visitors over the coming years.
In
addition, Al Bawadi will become an exciting entertainment
and leisure hub through the development of entertainment
centres, shopping malls, 300 theatres, attracting
leading hotel brands, 1500 restaurants and convention
centres. The centrepiece of the development will
be the world's largest hotel, Asia-Asia, which alone
will provide 6,500 rooms, and will be completed
by 2010;
When
completed, Al Bawadi will have the highest concentration
of hotels linked with the biggest shopping area
in the world. Consequently, Al Bawadi project will
become the Las Vegas of the Middle East, but until
now it hasn’t been provided with a gambling
licence.
This mega project is being developed to scale with
the growth of the tourism in-flow to Dubai, and
to boost even more the number of visitors in this
amazing city of superlatives. |
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Like
all modern cities of the world, Dubai transportation
needs are growing rapidly due to increasing demand
generated by upward trend of international business
relocations, swell in commercial activities, growth
of tourism and increasing population. The increase
in traffic demand for accessibility into the City
has culminated into the appearance of regular traffic
congestions, particularly during rush hours.
As part of its modernity drive, vision and concerns
for the environment, the Dubai Government commissioned
studies to evaluate most efficient and cost-effective
solution to combat traffic congestion and its pollution
by-product; the recommendation of these studies
were the creation and development of a Metro for
Dubai City.
Providing an alternative mode of transport, the
metro aims at easing traffic congestion, reducing
the travelling time, this in effect will reduce
traffic-borne pollution and improve air quality
thereby creating a better environment. The metro
will not only enhance mobility within the city,
it will also reduce dependency on car use. Construction
of this project began, and you can see the impressive
pillars of the viaducts along Sheikh Zayed Road.
The project will be delivered in two phases wherein
the first stage will construct the Red Line and
will run along the famous Sheikh Zayed Road, on
a viaduct. The Red line (Phase I) is marked for
completion on September, 2009 and will be 52 km
long, with a stretch of 4.7 km underground. This
line will have 28 stops, out of which 24 stops will
be elevated, and it will extend from Jebel Ali to
Rashidiya.
The second phase that will deliver the Green line
will be mostly built underground. The Green line
scheduled to be completed in March 2010, will be
17.6 km long with 14 stops. The line will extend
from Qusais to the Healthcare City. The future plan
consists of adding two more lines to Dubai Metro.
Indeed, these will be the Blue Line along Emirates
Road, and the Purple Line along Al Khail Road, with
the exact route currently unknown. All the Metro
lines are expected to be completed around 2020.
Entirely automated and without a driver, completely
air-conditioned, the subway of Dubai will use the
most advanced technologies and will thus reflect
the modernity of Dubai. In the same way, the stations
entirely air-conditioned, and the quays equipped
with landing doors, will be designed with a unique
architectural care.
Initially, the subway should function 18 hours per
day, from 5: 00 am, with perhaps a 24h service to
the airport. Waiting time between two trains should
not exceed 90 seconds. Dubai Municipality Public
Transport Department projects to carry 1.2 million
passengers on an average day, 27,000 passengers
per hour for each line, and 355 million passengers
per year once both lines are fully operational.
When completed, Dubai Metro will be the longest
driverless metro in the world, and will have a total
of 70 kilometres of lines, 120 stops, and more then
90 trains. Consequently, the metro will be a catalyst
for improving real estate value, economic development
and urban regeneration along its main route and
arteries. |
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The toll System
will be introduced in Dubai in July |
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A
toll system will be enforced round the clock to
ensure smooth traffic flow on Sheikh Zayed road.
From July this year, motorists using Sheikh Zayed
Road and Al Garhoud Bridge will have to pay a road
toll. As part of the first phase of the introduction
of the toll system in Dubai, the stretch of Sheikh
Zayed Road, starting from the 4th interchange (near
Mall of Emirates) to Al Garhoud Bridge will be a
toll controlled area.
The
toll system will be called “Salik” which
in Arabic means clear. The name has been chosen
as the brand of the toll because it reflects the
logic behind the toll system which is to ensure
a smooth traffic flow. The main idea of introducing
Salik is to reduce congestion and improve traffic
management on Sheikh Zayed Road, one of the most
crowded highways in the city, and to make motorists
use alternate routes and other modes of transportation.
The
Road and Transport Authority (RTA) studies show
that traffic will be reduced by 25% after introduction
of the toll.
Motorists
crossing Al Garhoud Bridge or entering Sheikh Zayed
Road from the 4th interchange will be charged Dhs
4 per entry. The payment will be in both directions
and round the clock. The gates will be installed
at both locations. Also a motorist who enters from
Al Garhoud Bridge and exits from the 4th interchange
and vice versa will have to pay at both locations.
Motorists using parts of the road between the toll
gates will not be charged unless they pass under
a toll gate.
Taxis
will not be exempted from paying the toll. The passenger
travelling to the toll controlled area will be charged
the toll fee with the taxi fare. But the passengers
will have the option to opt for Salik route or alternative
routes. However, public transport buses, school
buses, ambulances, police and army vehicles will
be exempted from the toll.
To
avoid the toll on al Garhoud bridge motorists can
use Al Maktoum Bridge, Al Shindagha Tunnel, the
Floating Bridge (to be opened in July), and the
4th crossing (Ras Al Khor bridge to be opened in
March this year near Festival City), and Emirates
Road.
Motorists
will not have to stop to pay the toll. They will
have to purchase pre-paid cards and fix machine
readable stickers on the car windscreens. Toll charges
will be deducted from their cards every time they
pass under he electronic gates fitted with scanners.
One sticker can be used only for one car. |
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