DUBAI // Now that developers have rolled out some of the most ambitious property projects in history, including a tower more than 1km tall and a Dh350 billion (US95.27bn) community full of iconic buildings, the challenge will be to gather the resources to move from a four-metre scale model to the real thing.
Not only have local and international stock markets plummeted in recent weeks, but construction costs are high, labour is in short supply and banks have restricted their lending.
The stars would seem aligned against these dream projects. But analysts and property executives said at Cityscape Dubai yesterday that the most solid projects by the most experienced developers in the UAE and Middle East in general would still receive bank finance.
"The market does have liquidity? But it is now a lot more cautious in terms of the projects it chooses. It is looking for quality, for developers with a track record," said Sina al Kazim, the chief executive of Meraas Development, the developer of the Dh350bn Jumeira Gardens, which will include a 600-metre tall building.
"We have approached UAE banks and have received very positive feedback on the Meeras projects," he said, adding that they had assured him they wanted to offer financing.
Chris O'Donnell, the chief executive of Nakheel, which announced a tower called Al Burj that will rise more than 1km, said the project would be funded by pre-sales and 270 hectares of land around the tower.
"A project of this type was always going to take 10 years, so when you fund a project like this you have to take into account economic cycles," he said.
And as projects across the country are facing delays because of construction bottlenecks and management difficulties, the larger developers are taking a different approach than during the booming, more care-free years.
"Big companies are starting to talk to each other," said Moosa al Hashemi, the chief commercial officer for Manazel Specialists. "It's not about challenging each other so much any more, it's about the future of the country."
He said his company, which is based in Abu Dhabi, was in talks with several other large firms about creating joint ventures and other arrangements that would support the local market. Merger rumours have proliferated in the market in the past two weeks, but so far the only solid evidence of a complete merger was the announcement earlier this week that Amlak Finance and Tamweel had entered "exploratory merger talks". The two companies are the largest home-finance providers in the country.
One question buzzing among businesses at Cityscape this week concerns international and regional investors: will they keep investing in the UAE?
"Our sense is that the issue of sentiment remains positive, but probably not as exuberant as it was two years ago," said Blair Hagkull, the managing director of the regional office of Jones Lang Lasalle, a property consultancy. "Investors are pulling back money into the region, to some extent. They feel this is one of the best markets to be in."
Contributing to that positive sentiment, DIFC Investments, a unit of the state-owned Dubai International Financial Centre, made its first foray into the property market, announcing yesterday that it would invest Dh3bn in Dubai Pearl, a mixed-use property project to built in the Dubai Media and Technology Free Zone.
Jones Lang Lasalle released yesterday an investor sentiment survey that found that more than half of Middle East investment funds and developers believed that the regional property market would outperform other regions in the world over the next several years. Of those, the majority believe the UAE and Saudi Arabia are the strongest markets in the region.
The investor sentiment survey involved 350 developers, sovereign wealth funds and high-net-worth individuals, according to Jones Lang Lasalle.
"Maturing markets is the key theme here," said Ian Ohan, the head of investment transactions at the regional office of Jones Lang Lasalle. "Investors are looking for strong capital growth in Abu Dhabi, Saudi Arabia and Qatar, reflecting their robust economic potential and more nascent stages in the real estate cycle," he said.
"The issue of market transparency is high on the agenda of investors. This is being aggressively addressed through sustained government initiatives including the enacting of international best-practice legislation and the enforcement of strong corporate- governance initiatives."
Despite negativity in the market, the property construction conditions do not actually appear to be getting worse. Prices of building materials already appear to be easing, as demand in the US lowers because of a recession, said Emil Rademeyer, the director of Proleads, a research company that tracks data in the property industry.
Wong Heang Fine, the chief executive of CapitaLand GCC Holdings, takes the long view on the region, especially Abu Dhabi.
"What's happening now will separate the strong projects from the mediocre," he said. "The fundamentals of Abu Dhabi and other places in the GCC are strong, but there will be ups and downs. I prefer to think of real estate as our grandfathers and ancestors did. It's the best way to maintain value over a long period of time."
bhope@thenational.ae
* With agencies
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THE SPECS
Engine: 3.6-litre V6
Transmission: eight-speed automatic
Power: 285bhp
Torque: 353Nm
Price: TBA
On sale: Q2, 2020
Match info:
Real Betis v Sevilla, 10.45pm (UAE)
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Abramovich London
A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.
A three-storey penthouse at Chelsea Waterfront bought for £22 million.
Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.
Sale of Chelsea Football Club is now impossible.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Moving%20Out%202
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Company%20Profile
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MATCH INFO
Sheffield United 3
Fleck 19, Mousset 52, McBurnie 90
Manchester United 3
Williams 72, Greenwood 77, Rashford 79
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
COMPANY%20PROFILE%20
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20profile
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THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
HOW TO WATCH
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Killing of Qassem Suleimani
Business Insights
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- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz