Wednesday, December 19, 2007

Home financing company launched in Riyadh with a 2bn Saudi riyals capital

RIYADH. December 16, 2007 -- As part of an ambitious plan to enable Saudi nationals to own their own houses, a major Saudi financing company with a capital of two billion Saudi riyals has been launched. The company has started receiving applications from individuals interested in seeking loan facilities, announced Abdullatif Al-Shelash, managing director of the Saudi Home Loans Company (SHL), here yesterday.

"The SHL is the first company of its kind to follow Islamic housing finance system," said Al- Shelash, while addressing a press conference here. The press briefing was also attended by Dr. Robert Eid, ANBANBLoading... managing director, Walid Al-Marshad , investment manager for the Middle East and North Africa at the International Finance CorporationInternational Finance Corporation
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and Tahir Naseem, SHL director of operations.

The move to set up this housing finance company is significant keeping in view the fact that only 22 percent of Saudi citizens own their houses, while a huge majority of Saudis are living in rented houses. Al-Shelash pointed out that the mission of the company was basically to serve the middle and the poor segment of Saudi population, keeping in view the fact that the Kingdom will need some

4.5 million Housing units within next five years to accommodate its growing population.

Spelling out the salient features of SHL as a company, he said that "this company had entered into a business alliance with Arab National BankArab National Bank
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, whose branches can also be contacted to obtain housing loan application forms. "One can also visit SHL headquarter on King Abdul Aziz Road in Riyadh to apply for loan facilities," said SHLC chief, adding that the company will operate through the ANBANBLoading... branches in its first year of operation.

Plans are also afoot to use proposed SHL offices Kingdom-wide and its mobile sales offices to raise awareness about the company's services. The company, he said, is fully geared to support and finance major real estate projects either owned by government agencies or by private firms. The financing offer is also there for private and independent business houses, which can seek loan facilities provided they have had clean records of their income, expenditure and credit facilities.

Referring to the scope of work in housing sector with such a partnership, Al-Shelash said that IFCIFCLoading..., ANBANBLoading... and India's HDFC are our partners in this venture. The HDFC, which has three decades of track record in housing finance in India, has some three million customers today. "Our objective will be to promote home ownership by offering hassle-free home loans," said the SHL chief, adding that the SHL-ANBANBLoading... alliance would further make it more competitive in terms of providing services and in terms of geographical accessibility.

"The ANBANBLoading...'s involvement also confirms the conviction of the bank of the necessity to deal with the housing finance," said Dr. Robert Eid, ANBANBLoading...'s executive chairman.

"The bank's participation in the company comes as an expression of its strategy to focus on meeting the funding needs in the vital sectors in the Kingdom and the region," said Dr Eid, adding that the bank will play the strategic role in dealing with housing finance as a major and separate specialized activity in a vital sector which covers the various components of the society in Saudi Arabia.

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source: zawya.com

95 percent of IREIS 2008 exhibit space contracted

Abu Dhabi - More than 95 percent of the exhibit space at the Abu Dhabi Real Estate and Investment Show (IREIS 2008) has been contracted to 70 local and regional industry players. The fourth edition of the exhibition will be held at the Abu Dhabi National Exhibition Centre, under the patronage of His Excellency Dr. Sheikh Sultan Bin Khalifa Bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council, from January 30 to February 2, 2008.

Dome Exhibitions, the organizers of the event, announced today that IREIS 2008 will occupy an exhibit space of 10,000 square meters, a 45 percent increase over last year's edition.

"Over the past editions, IREIS has managed to build itself as one of the leading and most successful property shows in Abu Dhabi and the UAE. Our success, growth and reputation have encouraged more property developers to take part at this year's exhibition," said Antoine Georges, Director of Dome.

"Through IREIS, we will continue to bring individuals and investors together and offer a variety of property options. We aim at making IREIS a comprehensive show where those who are eager to explore the property market in Abu Dhabi can find all they want to know." he said.

Elaborating on the size of participation at this year's edition, Georges said: "Leading real estate and property developers participating at this year's edition include Aldar Properties, Sorouh Real Estate, Tameer, Damac Properties, Al Qudra Real Estate, Hydra Properties, Falconcity of Wonders and Real Estate Bank".

"With such a wide participation, I am certain that this year's show will present an interesting range of local and international investment opportunities," he said.

"IREIS distinguishes itself from other property shows in the emirate as it focuses on the final customer rather than trade visitors. This makes it an ideal platform for key players from the property industry to close business at the show", he added.

Georges said that Abu Dhabi's real estate and property market is expected to achieve rapid and significant growth in the coming years. Citing the projections of "Plan Abu Dhabi 2030" unveiled by the Government of Abu Dhabi, he said the capital city's population will cross 3 million in about 25 years. With this growth in population, coupled with the emirate's dynamic economic growth that is underway, the search for housing and commercial solutions for the future will certainly result in a booming real estate market in the foreseeable future.

Since 2005 when the first steps were taken to open up the UAE capital's property sector, more than AED 350 billion worth of property projects have been announced in Abu Dhabi alone. Major master-planned property projects unveiled in Abu Dhabi include Reem Island (AED 35 billion), Saadiyat Island (AED 100 billion), the Al Raha Beach Development (AED 54 billion) and Danet Abu Dhabi (AED 34 billion).

IREIS 2007 held in early 2007 had 52 exhibitors taking part occupying an area of over 6,500 square metres. This marked a 100 percent increase over exhibit space from the 2006 edition. Exhibitors at IREIS 2007 included master developers, property development companies, real estate agents and major financial institutions.

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source: zawya.com

W Hotels Enters The Capitivating Capital Of Jordan With W AmmanW Hotels Enters The Capitivating Capital Of Jordan With W Amman

Amman - Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT), announced plans to debut a W Hotel in Amman, Jordan. Scheduled to open in 2011, this highly anticipated development is expected to become a vibrant destination in the heart of the captivating historic city of Amman while furthering the reach of the brand's growing international footprint. Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) entered into an agreement with SarayaSarayaLoading..., a real estate development and asset management company investing worldwide in the travel and tourism industry, to develop the first W hotel in Amman as part of SarayaSarayaLoading...'s new Headquarters. When it opens, the 280-room W Amman also plans to service additional luxury residences in the modern New Abdali Downtown. W Amman marks the brand's fourth hotel in the Middle East following the announcements of W Doha, W Dubai-Festival City, and W Dubai-The Palm.

"W continues to extend beyond the boundaries of everyday travel, offering a magical mix of enticing destinations and sublime design," said Ross Klein, President of Starwood's Luxury Brands Group. "As the Middle East continues to develop as a business and leisure destination, W is proud to offer a new kind of experience for visitors and the local community while providing our global guests with access to one of the most fascinating cities in the Middle East. From Amman to Atlanta, San Juan to Shanghai, W is going global as the influential and innovative lifestyle authority."

"The SarayaSarayaLoading... Headquarters in Abdali will form a state of the art project that will cater to SarayaSarayaLoading... customers and partners," said Ali Kolaghassi, Vice Chairman and Chief Executive Officer of Saraya Holdings. "The uniqueness of the W brand will take our business to new horizons by introducing an innovative lifestyle and a distinguished luxury experience to Amman."

"It is an honor for us to expand our partnership with SarayaSarayaLoading... to operate the W Hotel in Amman. The Hotel will bring a new level of energy to the city. The W signature design and cosmopolitan ambience are a perfect fit with our vision for the project," said Roeland Vos, President Starwood Hotels and Resorts in Europe, Africa and the Middle East. "The vision and the quality of the project development by SarayaSarayaLoading... will further enhance the exclusive positioning of W Amman in the city."

Located in the Abdali New Downtown, W Amman will showcase the W brand's warmth, wit and whimsy as part of a modern development at the center of Amman, the capital city of Jordan. Strategically located adjacent to Amman's financial district, the hotel will offer unbeatable proximity to major governmental buildings including the Houses of Parliament, Palace of Justice, and the King Abdullah I Mosque.

While enjoying the modern conveniences of Abdali New Downtown, guests of W Amman will have access to the historically rich city center, which houses colorful, traditional markets teeming with gold treasures, the ancient Citadel, the Roman Theater and the King Hussein Mosque. Amman also serves as a convenient home base for excursions to the Roman ruins at Jarash and the ancient Arab city of Petra.

The vibrant hotel will feature all of the W brand's signature comforts, including its Living Room experience where guests can socialize while sipping cocktails, an exclusive restaurant, destination bar, indoor and outdoor pools (WET) as well as a unique poolside bar. Visitors to W Amman will have access to more than 4,000 square feet of meeting space and an exclusive spa and SWEAT fitness center.

The New Abdali Downtown is the largest mixed-use development undertaken in the heart of Amman, consisting of residential apartments, office space, commercial and retail outlets as well as entertainment. Developed on almost five million square feet of land, the entire Abdali project built up area totals more than 18 million square feet. Abdali will be the premium central business and residential district of Amman and will catapult the city of Amman into the 21st century, placing it on par with the most renowned cities of the world.

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source: zawya.com

Foreign Firms Vie for Dubai's Tram Project

DUBAI, 17 December 2007 -- Companies from France to Japan are vying for a 2 billion dirham ($545 million) contract to build a tram system in Dubai to ease traffic congestion, the London-based Middle East Economic Digest (MEED) reported.

Dubai's Roads and Transport Authority (RTA)Roads and Transport Authority (RTA)
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said in June it would spend at least 75 billion dirhams over the next five years building roads, bridges and a metro system to keep pace with the population, which the government says will double by 2015. France's Alstom, Italy's Ansaldo, Japan's Marubeni Corp., Australia's Leighton Holdings Ltd. and Germany's Siemens are part of three groups bidding for the design-and-build contract, MEED reported in its latest issue.

The first phase of the system will pass one of Dubai's palm-shaped islands and Mall of the Emirates, which has the Middle East's first indoor ski slope, MEED said. The first lines start operating with the Dubai MetroDubai MetroLoading... system in September 2009.

The population of the Gulf's tourism and trade hub has almost doubled over the past decade and may double again to more than 2 million by 2015, according to figures from the RTARTA
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.

With an economy increasingly based upon financial services, air transport, property development and tourism, Dubai also has a rapidly growing population and severe traffic congestion problems. Population increase is forecast to continue at an annual rate of 6.4 percent to reach some 3 million by 2017, with tourist numbers projected to reach 15 million by 2010. From initial studies beginning in 1997, Dubai MunicipalityDubai MunicipalityLoading... has identified the need for a rail system to supply additional capacity, relieve growing motor traffic and support continuing urban development. Systra was awarded the preliminary engineering contract, and now a consortium of four companies headed by Japan's Mitsubishi Heavy Industries (MHI) is leading the project to build the first two lines of a high-tech driverless rapid transit system. Other consortium members include the Japanese Obayashi and Kajima corporations, and Yapi Merkesi of Turkey.

The Metro network will be fully integrated within the network operated by the Roads & Transport Authority (RTA)Roads & Transport Authority (RTA)
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, a body created in 2005. Routes will be organized around the backbone provided by the rail system. Taxi stations and park-and-ride facilities will be included in key Metro stations to further enhance the system's role. Groundworks began in February 2006, centered around the 52.1km Red Line. In August 2006 a second contract worth US$.12bn was awarded to the MHI consortium for bulding the 17.6km Green Line, intersecting with Red Line at two stations.

Green Line will link strategic locations Dubai Airport and Healthcare City. The aim is to open in 2010, one year after the Red Line. In June 2007 Serco (operator of the London Docklands Light Railway) was named as preferred bidder for initial consultation and the system's operation and maintenance.

The£ 400m contract, potentially for up to 12 and a half years, relates to the first two lines.

The 52.1km (32.5 mile) Red Line will have 29 stations, four of which will be underground. It will run from Rashidiva to Jebel Ali passing the American University of Dubai. It is planned that the first phase will open in 2009. The whole 52.1km is expected to take 60 minutes to travel, with an estimated 32,000 passengers per hour.

The 17.6km Green Line which will have 14 stations -- six underground and eight at ground level - from Al Ittihad Square to Rashidiya bus station through Deira City Centre and Dubai Airport Terminals 1 and 3. It will be progressively extended to serve the Deira and Bur Dubai central areas and Souks up to Burjuman and Wafi shopping centres. Interchange stations will be built at Al Ittihad Square and Burjuman with direct connections to the Red Line.

Underground sections in the city centre are on the Red Line from the intersection of Sheikh Rashid and Sheikh Khalifa Bin Zayed roads to just before the intersection of Salahuddin and Abu Bakr Al Siddique roads and from Garhoud to Oud Metha Road on the Green Line.

Elsewhere, trains will run on elevated viaducts, the design and aesthetics developed specifically to enhance the urban architecture along its corridor. In no location will tracks cross highways, ensuring full mode segregation.

A key objective is to minimize the impact on road traffic and on city life during the works. Underground works will be carried out without affecting buildings, and authorities have stated that residents will not be disturbed by excavation work. Visually intrusive overhead contact lines are obviated a third rail collection system. All stations, elevated or underground, will feature platform screen doors for passenger safety and facilitating full air conditioning.

The driverless, fully automated trains will be fully air-conditioned and designed to meet Dubai's specific requirements. The trains will offer standard class with a women and children only section plus a first class section ('carriage for VIPS'). Five-car sets will be approximately 75m long, seating around 400 passengers but with standing room for many more. Numerous double doors will allow fast and smooth flows.

Rolling stock is to be supplied by Kinki Sharyo under a US$456.2m contract to supply 385 cars, with shipments scheduled from 2008. The main depot will be at Rashidya with an auxiliary depot planned in the Jabel Ali area.

Supplied by the Mitsubishi-led consortium, the automatic train control system will allow headways of between 90 seconds and two minutes. In 2005 MHI contracted Alcatel (now Alcatel-Lucent) to supply the driverless train control system and a communications system which covers on-train video surveillance, passenger information, public address and the integrated control centre. The project's signalling system is moving block and fully automated with in-cab signaling.

In full operation, Dubai MetroDubai MetroLoading... is projected to carry approximately 1.2 million passengers on an average day, and 355 million passengers per year.

The operating cost including staff, maintenance and power should be approximately AED570 million per year, planned to be met through fares and additional revenues such as advertisement space and joint development.

In May 2007 the 49 km Purple Line received approval, moving ahead of another future projection, the Blue Line. Parsons Brinckerhoff has been contracted for initial design work on the express, eight station line. The Blue Line will link the current international airport with the new Dubai World Central International Airport which is being built at Jebel Ali, part of a 140km²multi-mode transport hub.

Nine-car trains configured for the demands of airport passengers will take 40 minutes between line termini. Starting construction in March 2009, Purple Line services are scheduled to begin in December 2012.

With the Blue Line to follow the Purple Line, Dubai RTARTA
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expects 318km of metro lines to be in operation by 2020. To further reduce the area's reliance upon road transport, the authority is considering adding 268km of light rail lines that will serve as feeders to Dubai MetroDubai MetroLoading....

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source: zawya.com

Limitless opens SE Asia HQ in Singapore

SINGAPORE -- Dubai-based real estate developer LimitlessLimitless
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launched its headquarters in Singapore for its South East Asia operations. The office was opened by Saeed Ahmed Saeed, Chief Executive Officer, LimitlessLimitless
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, at an event held in Singapore recently.

The company will manage its projects in Vietnam, Thailand, Indonesia, Malaysia, the Philippines and Singapore for its new head quarters.

When asked by Khaleej Times why the company chose Singapore for its operations for SE Asia, Saeed said: "SE Asia is really booming and presents many opportunities for LimitlessLimitless
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."

Apart from SE Asia, the company has several other projects in Middle East and India. They are: Al Wasl, Saudi Arabia: This is a $12 billion, 1,400 hectare mixed-use development in Riyadh, which includes 60,000 homes as well as mosques, educational facilities, offices, shopping malls and hotels.

Arabian Canal, Dubai: A $11 billion, 75 kilometre-long man-made waterway, which is the biggest and most complex civil engineering project ever undertaken in the Middle East. LimitlessLimitless
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is also master planning a $50 billion, 20,000 hectare canal side 'city' as part of the project.

Bidadi is $12 billion, 4,000-hectare urban community near Bangalore, India.
Downtown Jebel Ali: $13 billion, 200 hectare sustainable, mixed-use development consisting of four quarters, each with its own iconic, individually-themed plaza. Downtown Jebel Ali will have nearly 330 buildings, including 237 residential towers.

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source: zawya.com