Dubai’s vision to diversify its economy further and establish itself as a thriving global business hub has accelerated business activity in a number of innovative industries, in turn spurring new demand for industrial space, according to the real estate consultancy Cluttons.
The firm's bi-annual Dubai Industrial Market Bulletin for summer 2017 points to new requirements registered in the first six months of the year by companies such as Noon.com, which is opening a 195,000 square foot fulfilment centre in Dubai South, while Amazon is showing interest in build-to-suit options following its purchase of Souq.com. Siemens has also announced plans to set up its global logistics and distribution hub at the Expo 2020 site, highlighting the strategic geographic importance of the area to global logistics and distribution firms moving forward.
“Online retail businesses, for instance, are relatively new to the region and will require distribution centres and other logistics facilities," said Faisal Durrani, the head of research at Cluttons. "We expect to see growing demand from this sector as it develops, particularly around Al Maktoum International Airport and the Expo 2020 site, where the majority of demand is currently centred for industrial space.
“This is a crucial juncture for the city as its world-class logistics facilities move from being regional hubs to global ones," he added.
"Siemens' announcement in April to establish its global logistics and distribution centre at the Expo 2020 site is a huge boost of confidence for Dubai and clear recognition of the government's efforts to reposition the emirate on the world stage. Despite the seemingly faltering global economic conditions, we expect Siemens to be joined by other international blue chip organisations as they take position in what will arguably be the world’s largest and most advanced logistics distribution hub centred around Jafza and Al Maktoum International Airport, which will be further complimented by Etihad Rail terminals."
While new space requirements emerge, demand across the market has eased during 2017, currently in addition to the usual seasonal summer slowdown, with enquiry levels noticeably lower than at the start of the year, according to Cluttons. An unstable global economic outlook, which has caused demand to ebb across the city, a growing amount of speculatively developed warehouse space and increased competition among landlords have all contributed to the increasingly stagnant conditions, it said.
Athough demand has eased, headline rents as a whole across all the areas monitored have largely held steady. In the secondary market, however, rental rates at Dubai Investments Park (DIP), Dubai Industrial Park and Dubai South have fallen by between 4 per cent and 12 per cent over the past 12 months, Cluttons said.
“Looking ahead to the second half of the year, we expect the strengthening pipeline of speculatively developed space to put rents under pressure, with more secondary stock likely to face sharper corrections as activity levels are expected to remain subdued," said Murray Strang, the head of Cluttons Dubai. "Landlords are expected to lower rents to entice relocation activity and we expect occupiers to capitalise on this. With that in mind, we expect rents to dip on average by up to 5% between now and the end of the year, before there is the potential for increased stability as the Expo 2020 economic boost starts to materialise in early 2018."
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ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
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.
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Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
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FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
UAE currency: the story behind the money in your pockets
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
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Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
