Emaar and Dubai Holdings to build Mohammed Bin Rashid City

Dubai still has the capacity to fund all the projects that have been announced and does not need to look for foreign investors for the funding of these projects. It was revealed by the Dubai Economic Council’s head who went on to say that by funding the projects itself, Dubai gets rid of the need to find foreign investors to fund its projects.

Hain Al Hamli who is the Secretary General of Dubai Economic Council (DEC) said that despite there were a few projects that were force closed during the recession after 2008, Dubai can easily access funds to develop these new projects that have been announced.

Mohammed Bin Rashid City which was announced last week by Sheikh Mohammed bin Rashid Al Maktoum who told that there would be a theme park for Universal Studios, a complex that will be having a hundred hotels and will also make the world’s biggest shopping mall till date in it. He told that the mega project will be held by Dubai Holding and Emaar Properties.

A plan to develop a complex of theme parks worth AED 10 billion was also revealed by Al Hamli and told that Dubai will find resources to finance this project though he did not reveal where the funds will come from.  He also said that Dubai has neighbors that are very rich in natural resources and Dubai too, is a part of the United Arab Emirates.

Dubai had to get a bailout from Abu Dhabi of 10 billion US dollars in 2008 as well when the property prices suddenly fell down due to the international recession and it had to close several projects as well due to lack of funds. But one of the officials in Abu Dhabi government told that a few companies in Abu Dhabi will be a part of this magnanimous development.

Al Hamli was quite clear about the practicability of the project and he also said that Emaar Properties and Dubai Holdings do have a clear agenda when they announce something. And there should not be any issues regarding the project financing at good interest rates as the companies are related to the government.

UAE and its Fantastic Amenities Allure the Expatriates

United Arab Emirates is a place that offers business to all and the best part about this city is that despite scores of ethnicities living in it, the state’s environment has been very serene and the only reason behind that is the law and order of the state. Credit must be given to the administration of the state for being very clear about the justice system of the city that is quick and also for everyone. There is no doubt that the state is working hard on this and the real estate sector is also quite efficient in this regard as they are extremely careful about this highly sensitive issues that is the protection of life and wealth of the people living here. Almost every society has special systems for security purposes while the state machinery also helps all of them.

It is also important to note that the state has been very caring regarding its residents and though it has had some border disputes with neighboring countries yet it never went for an all out conflict and resorted to diplomatic means for this sake. Even at that level, it had to give away a bit of its land but keeping the welfare of the public in focus, UAE administration has avoided all sorts of conflicts with the neighboring states and as a result it enjoys cordial relations with all the neighboring countries that include Kingdom of Saudi Arabia, Oman and Iran. Though the UAE does not share border with Iran but they are separated by a very narrow stream of the Persian Gulf and thus they can be called as neighbors.

The excellent conditions for promotion and expansion of business in this country and extensive job opportunities are main requirements for the welfare of the public in any country and certainly the United Arab Emirates has been one such place for the past few decades. There are scores of expats living in this country and according to some estimates more than 80% of the population of the state of Dubai is based on foreigners and it shows how attractive this place is for the world. It gives tremendous amount of opportunities and at the same time offers the best of amenities that are there in the world making this country one of the most advanced, progressive and peaceful countries among the comity of nations around the globe.

Residents of Al Barsha have Several Advantages

Dubai is full of extravagant property projects and some of them are so attractive that there is hardly any place on Earth that can be able to match their quality. It is quite amusing to see so many outstanding architectural master-pieces in one city and Dubai certainly is a place that astonishes any new comer. And at the same time, in the same city there are so many business and tourism opportunities that have allured hundreds of thousands of expats to this city. All these qualities jell in together to make this city one of the most charming places in the world and property projects like Al Barsha just are a crunchy little flavor in this mouth-watering dessert.

Al Barsha has long been here in this city but there are hardly any places in the city that are so calm and cool and because there is quite a calm environment due to low population in the community, people are really showing interest in this place nowadays. It is a perfect place for the expats as well because they normally live here as employees and work at various factories, banks and companies while some of them also do small businesses here. They cannot afford the luxurious villas in Dubai so they prefer living in such places where they can have an easy access to the main business centers of the city in a short time but at affordable rates.

Al Barsha is one property project that fulfills their needs in this regard because it is located exactly at a place that is ideal for these expats. It is located near Palm Jumeirah which certainly is one of the biggest attractions of Dubai real estate while being connected to the Sheikh Zayed Road, gives this society an extra advantage as well because most of the iconic property projects of the Dubai real estate are situated on this very road and the residents of Al Barsha really have an additional facility for being close to this road and thus having all the important places of the city in easy access.

Dubai Real Estate Reaffirming Investors’ Belief

The world has faced a deadly economic blow very recently and now is going through a process of recovery. There have been scores of outstanding performers in the global market that have suffered from this massive cut in the spending and capital investment trends. Most of them are still unable to cope with the issue as we all know the situation that the Eurozone is going through and the problems that the major partners of European Union are facing due to its crisis. This recession though has ended and the economies of the countries have also begun to loosen up with time but as the public is not yet ready to believe in the market, they still appear to be cautious in their approach.

Same was the case with Dubai real estate which was one of the major gainers from the boom of 2005-06 and also had to face the same situation as the world had to face in the second half of 2008. A number of projects were hindered by this recession and property big wigs of the state were left with no serious projects at hands. Developers like Nakheel were also damaged big time and they were unable to pay their dues back to the investors and the sheer cuts that they had to make on the expenditures, left them with no room for expansion. Same was the case with the rest of the developers and it won’t be incorrect to say that there was a dearth of new projects and investments in the city.

However, the market began to show positive trend in the second quarter of the year 2011 and it has continued to show improvement ever since. The recent upsurge has been mainly confined to the posh areas of the city and the main beneficiaries of it have been property projects like Dubai Marina and Arabian Ranches type of property markets because the investors see better prospects of getting favorable returns from these areas. According to the latest survey as well, Dubai properties are considered to be among the top five in the world and certainly as the global situation improves, the investors’ belief in Dubai property will also be directly proportional to it.

Nakheel Awards RSP with the Palm Mall Tender

Palm Mall is the new construction project that Nakheel has taken up this October and has awarded the tended as well. This mall is going to be made exclusively for the residents of The Palm Jumeirah and will also be constructed in The Palm Jumeirah Islands. Nakheel has awarded the tender to RSP and the contract was settled in 6.8 million US dollars while the RSP has expressed gratitude after winning the tender.

Nakheel has been going through tough times for the last couple of years and has been loaded with debts, though the situation has begun to improve since the latter half of the previous year. Nakheel is also going through some legal matters over The Palm Jumeirah properties as it was sued by the residents in some cases while in other cases Nakheel had filed cases against the agents. The process is not over yet but things have started to go Nakheel’s way now because most of the arbitration with the property owners has been completed.

Now this latest project in The Palm Jumeirah depicts that the company is now regaining the momentum. The project will start in 2013 as per the company and will be completed by 2014. Mr. Sanjay Manchanda, the CEO of Nakheel expressed gratitude to engage with the RSP and stated that Palm Mall will be a source of attraction for the investors as well as residence seekers in posh areas of Dubai and this will certainly be a great addition to the magnificent Palm Jumeirah Islands.