DMMC outlines ambitious commodity trading plans

The Dubai Multi Commodities Centre (DMMC) is determined to transform the emirate into a global trading hub and it is doing a pretty good job so far.

In the past four years, the organisation has attracted more than 4,000 new companies to the free zone and nine out of ten of these did not have a presence in the sheikhdom before.

Some 200 firms are laying roots in the city every month and the DMMC is hoping to build on these figures in the near future.

Around 7,000 businesses now operate out of the Dubai free zone, so the body is well on the way towards achieving its target of having 7,200 enterprises conducting their affairs from Dubai by the end of 2013.

The DMMC revealed earlier this week (July 2nd) that it plans to enhance the emirate's status as a corporate hub even further by building the world's largest commercial tower.

It will form part of the 107,000-sq-m Business Park and will act as a beacon to the world's biggest and most successful companies, as well as smaller start-up enterprises from across the UAE.

Executive chairman of DMMC Ahmed Bin Sulayem said: "The world's tallest commercial tower and the DMCC Business Park are the next natural steps to ensure we continue to welcome companies to the free zone as demand grows - particularly large regional corporations and multi-nationals - in the near future.

"The initiative is designed to further strengthen Dubai's position as the global hub for commodities trade and enterprise."

A study conducted by the Department of Economic Development in May showed that business confidence is sky-high in Dubai.

Around 91 per cent of the businesses that took part in the survey said they fully expected their profits to increase in the second quarter of 2013 and the outlook for the rest of the year is bright.

Encouragingly, nearly one in four corporations revealed they were in a position to recruit more workers in the coming months.

Courtesy: The First Group

Investors still favour Dubai over Abu Dhabi

Investors from all over the world still seem to favour Dubai over Abu Dhabi when looking for new assets to add to their Middle Eastern portfolios.

A number of recent studies have shown that Dubai is still the most popular real estate hub in the UAE, the latest of which was conducted by the National Bank of Abu Dhabi.

The research showed the average listed property sold in Dubai in the first half of 2013 was valued at AED 1,099 (£196) per square foot, the Global Times reports. This was a 34.6 per cent improvement when compared with June 2012.

While prices in Abu Dhabi were higher - AED 1,123 per square foot - the rate of growth was measured at 22.2 per cent year-on-year, which suggests Dubai's real estate market is expanding at a much faster pace.

According to the bank's report, Dubai continues to benefit from being the corporate capital of the UAE, with wealthy investors keen to snap up buildings that can then be rented out to high-powered businesspeople. The emirate is also attracting more and more leisure visitors on an annual basis - great news for hotel, apartment and villa owners.

The study showed that landlords were able to raise their rents again in June 2013, as the average asking price went up by 6.75 per cent year-on-year.

Farouk Soussa, the chief economist in the Middle East for Citigroup, recently told the National that Dubai's population is growing at a quicker rate than Abu Dhabi's and this will inevitably have an impact on the property sector.

"Going forward we expect further increases in rent in Dubai as we forecast house prices to rise by 35 per cent this year and rents to be not far off it," he was quoted as saying.

The First Group has an extensive range of upmarket properties in some of the most exclusive areas of Dubai, including the luxurious Dubai Marina, which is arguably the most sought after address in the UAE at the moment.

World's best shopping hotspot

Dubai is undoubtedly one of the world's best shopping hotspots, but what does the future hold for the city's retail sector?

With the ultra-popular Ramadan Night Market set to be held at the Dubai World Trade Centre between August 1st and 10th, now is an opportune time to look at the emirate's thriving shopping culture.

The market is held annually and thousands of visitors are expected to turn up in 2013.

Chief executive officer of Sumansa Exhibitions - organisers of the retail extravaganza - Sunil Jaiswal, said: "The last ten days of Ramadan are when people wait to shop in preparation for Eid and Ramadan Night Market will fulfill all the requirements of your Eid gifting."

Of course, Dubai's plethora of shops are popular all year round. The city is home to the largest malls on the planet and the world's leading designers and retailers are falling over themselves to set up new outlets in the emirate.

Although Dubai's current offerings are hugely impressive, some experts think there is still plenty of room for more shopping centres.

Chief operating officer of Lamcy Plaza and Arabian Centre Tim Jones told Emirates 24/7 that existing malls are expanding and Dubai can comfortably accommodate new developments.

People who use the sheikhdom's shopping facilities are now expecting to find more than the usual retail outlets, he believes.

"Malls are providing 'lifestyle entertainment' to the customers, which means malls no longer just offer retail spaces and shops, but an experience as a whole," Mr Jones was quoted as saying.

He added that store owners tend to do very well during Ramadan and it is not unusual to see shops staying open until the early hours.

A number of events are held each year to generate even more interest in the city's malls, including the ongoing Dubai Summer Surprises and Dubai Shopping Festival.

The latter is held in the winter and has grown considerably since the inaugural event in 1996. It gives locals and holidaymakers a perfect opportunity to scour the emirate's malls, boutiques and markets in search of bargains.

Dubai Safari Project

Dubai Municipality has released more details of its AED150m ($40.8m) Dubai Safari project, which is currently under construction and is scheduled to open by the end of 2014.

Dubai Safari, which is being built in Al Warqa 5, Aweer Road in anarea of 396 hectares, will include a number of different areas, Dubai Municipality said in a statement on its official Facebook page. The project will include several areas known as Arabian Village, Asian Village, African Village to accommodate animals from different continents, as well as open safari areas, a butterfly park, golf courses and entertainment and recreational areas.
"The safari that covers 60 hectares of the total area is aimed at establishing the best centre for wildlife in the world, providing a variety of environments appropriate to different animals," the statement said. 

Built on an old Dubai landfill site, the safari "will use modern interactive methods in control and movement to ensure the distinctive and unique experience for visitors. The project comes in the old landfill area of Dubai."
A dedicated area for the valley will be in of 7.5 hectares, with a length of more than 1 km and a height of 12m and with a waterfall, restaurants and terrace overlooking the valley.
"The project is expected to be completed by the end of 2014," the municipality confirmed. Dubai Safari will replace the ailing Dubai Zoo and hundreds of animals, birds and other creatures living in enclosures in the existing Dubai Zoo in Jumeirah will be relocated to the new site.

A BIG Dream: Dubai's emirate as green city by 2020

The #Dubai Municipality has pledged to turn the emirate into a green city by 2020.

Taleb Abdul Kareem Julfar, director of the civic body's Public Parks and Horticulture Department, said plans are in place to turn 380 sq km of the sheikhdom into cultivated land.

In addition to this, four per cent of urban areas will be transformed into attractive parks.

Mr Julfar said a lot of work has gone into the "greenification" of Dubai in the last ten years or so and the results are starting to speak for themselves.

He stated that in 2003, just 191,655 sq m of the emirate was classed as green land, with a modest 63,237 trees standing across the entire city.

However, last year there were 105,340 trees covering an overall area of 529,827 sq m.

Dubai is often viewed as the global blueprint for urban development, as the city has grown at an incredible rate over the last 50 years.

Although even more record-breaking buildings are in the pipeline, the government is keen to alter Dubai's image by making it more eco-friendly.

Earlier this year, the Dubai Land Department (DLD) insisted it is possible for the city to maintain its position as an international property investment hotspot without causing undue damage to the environment.

A number of green building laws have been introduced of late and developers must give more consideration to sustainability when planning new structures.

The Sustainable Real Estate Conference was held at the Dubai International Convention and Exhibition Centre in May 2013, where the DLD and other influential organisations reinforced the importance of eco-friendly construction.

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The Russian Consulate in Dubai awards The First Group for its outstanding work

The Russian Consulate in Dubai awards The First Group for its outstanding work in strengthening ties between Russia and the UAE

The First Group was selected ahead of other industry leading nominees to win the new and prestigious 2013 Appreciation Award in the Real Estate category, in recognition of its excellence in serving the Russian community  

Dubai, UAE, 17th June 2013: The Consulate General of the Russian Federation in Dubai and Northern Emirates has chosen The First Group as winners of their 2013 Appreciation Award, in Real Estate category, in recognition of its exemplary service to the Russian community. The new awards were set up to highlight companies that have contributed greatly towards establishing strong bilateral relations between the
Russian Federation and the United Arab Emirates. While several leading UAE property companies were nominated for the prestigious accolade, the judging committee felt that The First Group had shown the highest level of excellence in providing outstanding products and services in Russia and the UAE.

“It is a real honour to have won this award and to be praised for our work by the Russian community here in the UAE and beyond,” commented Danny Lubert, cofounder and joint-chairman of The First Group. “We have had a thriving office in Moscow for many years and more recently one in Kazan and a very strong Russian client base that is continuously growing, thanks to the country’s high interest in and thriving demand for Dubai property. We are delighted to have been selected ahead of so many other deserving developers in the UAE and look forward to continuing our commitment to serving our strong Russian community.”

The First Group received the top honour in the Real Estate category at a Gala dinner held at the Madinat Jumeirah. The event was held on the occasion of the National Day of the Russian Federation and over 350 people were invited, including UAE ministers and government officials, diplomats from all over the world, as well as Russian business community leaders and members and other VIP guests.

“At The First Group, we pride ourselves in being able to connect with people from so many different nationalities,” agreed Rob Burns, Chief Operating Officer, who was on hand to collect the award from HE Consul General of Russian Federation in Dubai and Northern Emirates, Gocha Buachidze. “In particular, we have a high number of Russian team members, which helps us to converse with our clients from Russia in their own language. We are delighted that our work in the world of property development is helping to strengthen the UAE’s ties with Russia and we thoroughly enjoy spreading the word about Dubai and its many opportunities. It is a real honour to have been recognised as a leader in UAE property development.”

About The First Group:
The First Group is an internationally acclaimed British owned global property development company based in Dubai, with an exclusive focus on hotel development. The First Group was co-founded by joint chairmen, Danny Lubert and Gary Shepherd, who each draw from strong and diverse backgrounds in the fields of global property, finance, acquisition, marketing and product development. With a proud history of over 25 years’ experience and success, through their company they offer innovative and unparalleled off plan opportunities in the UAE with an emphasis on the lucrative world of hotel investment. With offices spanning Dubai, Moscow, Almaty, Kazan, Astana, Abuja and Lagos, The First Group continues to produce and develop highly sought after property investments in some of the world’s most desirable locations. For more information visit www.thefirstgroup.com. 

Photographer ascends Dubai's Burj Khalifa

 

 A brave photographer has taken some memorable shots after climbing Dubai's imposing Burj Khalifa.

Joe McNally - who has been a regular contributor for National Geographic for more than 20 years - was invited by two maintenance workers to scale the world's tallest structure.

The building's administrator had given Mr McNally permission to record footage of his adventure and this can now be seen on video sharing website YouTube.

Although the two men who guided the photographer to the summit of the 2,722ft skyscraper are accustomed to dangling from the building on a daily basis, for Mr McNally this was a once-in-a-lifetime experience.

"I've been a big fan always of getting my camera in different places and trying to seek the unusual vantage point," he remarked.

"The tower is obviously a commanding presence. It sprang out of the desert here. It's the tallest structure in the world."

Anybody who has visited Dubai in recent years will know just how dominant the Burj Khalifa is.

Work first got underway in 2004 and the massive spire was in place by January 2009. The tower was officially opened 12 months later.

As well as being the tallest manmade tower on earth, the Burj Khalifa holds a number of other records, including the highest number of storeys in the world (160), the highest occupied floor on the planet, the tallest observation deck and the elevator with the longest journey in the world.

The building is the centrepiece of the Downtown Dubai area, which is proving to be an increasingly popular region among property investors.

Real estate prices in this particular part of the city have risen sharply in recent years and this is a trend that is likely to continue throughout the rest of 2013.

A recent study conducted by Bayt.com showed the average rent in a two-bedroom apartment in Downtown Dubai increased by 4.7 per cent in the first quarter of 2013, while the asking price for studio accommodation and one-bedroom properties went up by 2.3 per cent and 4.2 per cent respectively.

The First Group can help you find properties for sale in Dubai