GULF & MIDDLE EAST VIEW

 
1- AROUND THE EMIRATES
2-
SAUDI ARABIA
3-
QATAR'S ROBUST ECONOMIC HEALTH BOON FOR INVESTORS
 

AROUND THE EMIRATES

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Booming real estate business in Dubai

 

Edited by Amanullah Bashar
 Apr 04 - 10, 2005
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Emaar Properties has delivered 9,000 residential units so far worth Dh13.5 billion, said a senior official. "By the end of the current year, we will delivered a total of 13,000 units," said Naaman Atta Allah, Emaar's sales director.

These are part of the 21,000 residential units sold by Emaar so far. More than 60 percent have been purchased by the end users, while the rest are being traded in the secondary market, with the premium ranging between 10 and 20 percent.

Naaman said Emaar is developing over 100 million square feet of residential, commercial, retail and leisure properties in Dubai. "We currently have over 20,000 homeowners to date." He said Emaar's overseas projects are making steady progress.

"Construction of the convention centre in Hyderabad, awarded to Larsson and Toubro (L&T), is progressing well. It will be ready before next year, before the Asian Development Bank meeting," he said.

Bids, he said, are going to close shortly for Emaar's residential project in Hyderabad. Emaar's projects in Hyderabad also include a golf course.

Naaman Atta Allah was speaking on the sidelines of a seminar organized by Dubai Property Group last Tuesday.

"As for the future, the world is the limit," he said. "We expect the strong regional growth to continue, and we are continuing our internationalization drive by identifying viable markets and leveraging our alliance networks globally."

"We have already announced projects in India, Saudi Arabia, Egypt, Jordon, Libya, Pakistan, Morocco, Bahrain and Qatar, and with our 'Strategic Evolution' plan, through new partnerships such as Giorgio Armani, Ascott, we will continue to expand and add value to our existing master-planned communities."

Emaar is also rolling out nine hotels in its Burj Dubai and Old Town development, with more than 2,000 keys.

QATAR TO SPEND $15B ON LNG SHIPS

Gas giant Qatar will spend $15 billion in the next five years to add 70 vessels to its fleet of tankers to export more liquefied natural gas (LNG), said Oil Minister Abdullah Al Attiyah.

The Middle East state, home to the world's third-largest gas reserves after Russia and Iran, aims to export 77 million tonnes of the super-cooled and compressed gas by 2012. "Qatar is well committed and overbooked by 2012 in terms of LNG contracts," Al Attiyah told reporters in Seoul, recently.

"We will build more new LNG ships, about 70, between now and 2010 and the cost will be about $15 billion." Al Attiyah, who visited shipyards in the southern city of Pusan at the start of the week, is on a nine-day tour of Japan and South Korea, both heavily dependent on oil and gas imports.

Al Attiyah met officials of Hyundai Heavy Industries Co, the world's top shipbuilder, and visited shipyards of second-ranked Daewoo Shipbuilding and Marine Engineering Co and Samsung Heavy Industries

Three shipbuilders in South Korea had already won orders to build a combined eight new LNG tankers from Qatar due for delivery by 2007 through earlier deals, he said.

"By 2010, we'll operate almost 90 ships including existing ones, the biggest fleet in the world coming from one port," he added.

 

 

Qatar is moving closer to its target of becoming the top LNG exporter by the end of the decade following a string of supply deals this year worth more than $10 billion. Indonesia is the biggest supplier of LNG with exports of 25 million tonnes last year.

Al Attiyah said the outlook was bright for sales of Qatari LNG into Asia. "China and India will play a big role in the LNG market, and will capture a lot of (LNG) production," he said, adding that India alone would need more than 20 million tonne down the road. India's Petronet LNG has an agreement with Qatar's Ras Laffan Liquefied Natural Gas Co. Ltd. (Rasgas) to import 7.5 million tonnes per year and is seeking more supplies.

Al Attiyah will also visit the United States in May where he will look into possible investment in LNG import terminals with Exxon Mobil Corpand ConocoPhillips.

LADIES LUNCHEON

A fashion show featuring the world premiere of Catherine Malandrino's designer collection and her ready-to-wear autumn 2005 collection was the highlight of a recent event held in Dubai.

The luncheon, which was added to the Dubai World Cup social calendar last year, has become an occasion for lovers of fashion and horses to look their glamorous best. It was hosted in association with Saks Fifth Avenue at the Mina A'Salam, Madinat Jumeirah. Dubai residents, race enthusiasts from around the world and the wives and family members of jockeys and trainers arrived in stylish race wear.

A collection of Jean Paul Gaultier couture hats designed around the theme of The Three Musketeers. Unlike in Melbourne, where a ladies luncheon is an established tradition of the Melbourne Cup, only a few of the guests wore hats. Over a delicious three course sit down meal, the guests enjoyed Malandrino's elegant collection that included pants inspired by riding breeches and feminine dresses and skirts embellished with lace, crochet and macarame in soft pastel shades.

The designer was present at the show and was happy with the applause her collection received. Also on display at the venue was a collection of Jean Paul Gaultier couture hats designed around the theme of The Three Musketeers. A live band added to the festive atmosphere.

 

 

Courtesy Gulf News