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Dubai's Olympic wait will be worth it, officials say

July 31, 2011 19:35 by elysian

Dubai decided against bidding for the 2020 Olympics to give itself time to prepare for an even better Games in 2024, a National Olympic Committee (NOC) official says.

Saeed Abdul Ghaffar, the secretary general of the NOC, yesterday said the pressure on Dubai to get it right was particularly great because no Arab country had hosted the Games.

"Dubai will represent the Arab world at the Olympics," Mr Ghaffar said. "If we are successful for Dubai to host the event, it will be a historical event. It will be the first time for the Middle East."

While logistics were in place for an Olympics in 2020, Dubai would be "even more ready" by 2024, he said.

Organisers would also have a chance to study the 2020 Games, the location for which will be decided in Buenos Aires in September 2013.

"We want to do it professionally and not just host the event," Mr Ghaffar said.

"It is not strange for Dubai to host a big event- it has hosted many big events - but when it comes to the Olympics, there is a need to make big preparations."

He said it would also be helpful to have 13 years in which to build up youth sports.

"All generations need to work for the UAE and for the UAE's name," Mr Ghaffar said.

"There is a need for a lot of encouragement to get people into sports in the next few years if Dubai is to host the Olympics. The announcement in itself should be a message to youth to work from now and to help the UAE."

He said sport needed to be held in higher regard by the Arab world.

"In Europe and America, they always work hard for sport and for their future," Mr Ghaffar said.

Sports club managers from across the country have expressed excitement over the recent announcement, agreeing a later bid would be better. But they said preparations needed to start as soon as possible.

Tarek Souei, the technical manager of Al Ain Sports and Cultural Club, said more investment in developing sportspeople was needed.

"[The UAE] should also compete in the Olympics," Mr Souei said. "Awareness needs to increase in private and public sectors to get people involved."

He said people would be needed to help in financing and running the event. Sports clubs could also play their part.

"Experts from different clubs can be used [and] infrastructure, human resources and equipment," Mr Souei said. "Everyone will be talking about the Emirates. It will help market the country."

 

 

Colin Ewing, the manager of the Sharjah Wanderers Sports Club, agreed.

"There needs to be effort from everybody. There needs to be a lot of co-ordination," Mr Ewing said.

Ahmed Al Kamali, the president of the UAE Athletics Association and a member of the NOC, said preparations would only begin if the bid was successful.

"When it is finalised, then we can decide what the preparations will be," Mr Al Kamali said, adding the federation would do whatever the Government required of it.

"Now the preparation time is much better."

Winning would be a "great honour for the UAE", Mr Ghaffar said.

"Dubai is part of the UAE. If Dubai hosts the event, so does the UAE," he said.

Mr Ghaffar said that Qatar's successful bid to host the Fifa World Cup in 2022 showed "nothing is impossible".

"A lot of countries have hosted the Olympics, so why not us?" he asked.

 

Reference: http://www.thenational.ae 

 

 


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DMCC welcomes Dubai's Future Young Realtors to JLT

July 31, 2011 19:31 by elysian

In line with its commitment towards promoting Dubai's growth, the Dubai Multi Commodities Centre Authority 'DMCC', the licensing authority for the Jumeirah Lakes Towers 'JLT' free zone, invited Emirati students from the Future Young Realtors summer training programme to visit JLT, learn more about its significant growth, and have the unique opportunity to interact with key DMCC officials.

Organised by the Dubai Real Estate Regulatory Agency ('RERA'), and Dubai Real Estate Institute (DREI), 'Future Young Realtors' aims to give Emirati students across higher educational institutions in Dubai the opportunity to learn more about Dubai's real estate sector. During the event, DMCC officials gave the students an overview of DMCC's history and achievements, highlighting key milestones, the challenges faced during the journey, and the steps that were taken that helped JLT become the free zone of choice for regional and international companies. 

As part of the event, the students were given a private tour of the iconic Almas Tower, the tallest commercial tower in the Middle East, and home to DMCC, the Dubai Diamond Exchange and other leaders in the commodities industry. 

Commenting on the visit, Ahmed Bin Sulayem, Executive Chairman, DMCC, said, "Talent really makes a difference in the capability of any business to be resilient in today's challenging environment, and programmes like Future Young Realtors help create new leaders in one of the most significant sectors contributing to Dubai's economic growth. DMCC is delighted to have hosted Dubai's Future Young Realtors, which gave us the opportunity to introduce them to our thriving community that has attracted over 3,000 member companies and over 15,000 residents."

Marwan Bin Ghalatia, CEO, RERA, said, "'Future Young Realtors' is a unique programme that is designed to encourage Emirati youth to explore the opportunities and possibilities Dubai's real estate sector has to offer. DMCC and RERA share the same vision of empowering UAE nationals and developing real estate leaders. It will be a long term relation for the best of the industry and I would like to take this opportunity to thank the Dubai Multi Commodities Centre Authority for sharing their insight and experiences in the real estate sector with our trainees, and for providing them with a fascinating account of the growth they have witnessed in the past nine years." 

Ahmad Mohamed Bin Dakhan, an 18 year-old trainee from California State University said, "We are honoured to have had first-hand experience of JLT and DMCC, and to learn about how it has contributed to Dubai's real estate sector and economy as a whole. We thank DMCC, RERA and DREI for organising this insightful experience, and for the opportunity to learn how our leaders realised their visions, and how to continue building our country for the generations to come."

With 60 towers completed and six additional towers expected to be completed by year end, JLT is a growing community that is home to more than 15,000 residents and over 10,000 people who work in the free zone.

 

Reference: http://www.ameinfo.com


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Ferrari World – Yas Island

November 24, 2010 21:30 by elysian
The Ferrari World Theme Park has recently opened its doors in Abu Dhabi. Home to the worlds fastest rollercoaster (Formula Rossa) as well as many other state of the art facilities which are all first of its kind in the UAE. The attraction has already had great results, with many people turning up every day to live unique experiences on state of the art simulators and thrilling rides. This is a must see as well as a must live experience.

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Branded Cars

November 24, 2010 21:29 by elysian
10 new elysian branded cars to hit the roads by December 1st 2010. As a result of elysian’s successes over the last few years, elysian has now added a brand new fleet or cars to their operation. From Dec 1st onwards the roads of Abu Dhabi will see the elysian branded cars on the streets taking clients to property viewings and once again extending the level of service to their clients which go beyond any other real estate company.

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Queen Arrives In Abu Dhabi

November 24, 2010 21:26 by elysian
The Queen arrives in Abu Dhabi today to meet with Sheikh Khalifa signalling stronger ties between Britain and the UAE. This is a great sign for both Britain as well as the UAE and re confirms the strategic growth of the region and greater investments. The first 9 months of 2010 seen trade between the UAE and Britain rise more than 15% to Dh 22 billion, boosting plans significantly to strengthen business links between the 2 countries by 2015. Oil exports from the UAE to the UK rose by 36% in the first 9 months of 2010 and is expected to rise year on year over the foreseeable future.

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UAE Property Specialist Group Confirms Success in New Markets

October 27, 2009 03:35 by Admin

elysian Group - a group of companies headquartered in Dubai in the United Arab Emirates (UAE) which provide property and finance-related services - has confirmed encouraging results since introducing new international properties into the company’s property portfolio.

The group, which has traditionally specialised in the UAE property market, decided to expand into other property markets around the world in response to increasing client demand for geographical diversification. The decision to branch out into new global markets was also influenced by the decline in investment potential in the UAE late last year and to cover losses suffered in the UAE at the time and the declining value of the United States dollar.

The revenue generated by the elysian Group’s portfolio of properties outside the UAE now makes up 25% of the company’s income. The group is now receiving more property enquiries than ever before and has found the Brazilian property market to be the most popular location among potential investors.

"We strive to identify new markets around the globe on an ongoing basis so that our clients may benefit from the world’s emerging property hotspots," explains Mr. Masood Naseeb, the CEO of the elysian Group.

"We’ve found that Brazil is by far the most popular destination among property investors at the moment, and after careful research and due diligence, we’ve hand-picked what we believe to be one of the best investment opportunities in Brazil - the five star Lago Doce Beach Resort in Ceara which has been conceived with the holiday home, retirement and permanent home markets in mind.

"The Lago Doce Beach Resort is the first self-contained luxury resort of its kind in this area of Brazil’s north east coastline. It is ideally positioned to take advantage of the Brazilian property market, which is certain to grow in demand, not least due to the estimation by Reuters that 27 million new homes will be required in Brazil over the forthcoming years. This is largely due to the fact that financing has just become available, which means that millions more Brazilians can afford to buy property. Couple this with low unemployment levels and huge economic growth, and it becomes clear that this is one project which cannot be omitted from a healthy property investment portfolio."

As part of the company’s business growth strategy, the elysian Group now also includes commercial properties within its property portfolio and has set up a commercial department – developments which have accounted for a 10% increase in revenue. The group has also built upon the financial services which it offers to clients, including currency exchange services and overseas mortgages. Furthermore, the company has established a partnership with a leading provider of interior services – Indigo, and set up a department to handle marketing activities for property developers.

"As a result of our expansion, company profits are up, we have 30% more staff, new offices and further market opportunities available, including a property fund which is to be launched shortly to take advantage of great property prices," adds Mr. Naseeb.

"We’ve also been marketing to an international audience which has allowed us to generate enquiries from people who would previously never have contacted us. We remain in the top three real estate in Dubai companies and have substantially strengthened our position this year. We have just launched ‘elysian News’ so that people can stay up to date with the market we cover and have just registered our 120,000 the newsletter registrant. It’s obvious that there’s still huge interest in the world’s property markets and we’re here to help investors track down the best deals."

Masood Naseeb moved to Dubai after completing a BA (Honours) in Business and Economics and Business Administration at Canada’s prestigious University of Windsor in Ontario. He has a solid experience in international business and has held a directorship with a leading international company which has won over 29 American government contracts since Masood Naseeb joined the business.

Masood Naseeb moved into real estate after identifying a niche market, and is an investor himself, with a considerable property portfolio including villas throughout the Palm Jumeirah, and international property as far away as Brazil.

Within the space of less than three years, the elysian Group had already become the third largest real estate company in Dubai and the United Arab Emirates. Today Masood Naseeb’s goal is to turn the elysian Group into the most successful property business in the world based on investor returns and real estate transactions.

For those interested in finding out more, elysian Group have released a new interactive website where property buyers and investors can identify international, local, Dubai Property and Abu Dhabi property. For more information, visit http://www.elysian-group.com/

Last updated: 12 October 2009

Copyright © PropertyIndex.com Limited 2009. All rights reserved.


Images:

View over Lago Doce, the lake at the rear of the Lago Doce Beach Resort

Prism style residence at the Lago Doce Beach Resort

Grand Contemporary style residence at the Lago Doce Beach Resort

Grand Deco style residence at the Lago Doce Beach Resort

 



Two-storey villas at the Lago Doce Beach Resort



 


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Elysian speak to Emirates Business about property in Dubai

September 24, 2009 02:09 by elysian
Date 20 August 2009

Emirates Business 24-7, Brokerage firms in the UAE have recorded significant declines in revenues in the past 12 months owing to the slowdown.

Emirates Business 24-7, 20 August 2009 Brokerage firms in the UAE have recorded significant declines in revenues in the past 12 months owing to the slowdown in the real estate sector, with losses running into high double-digits, real estate brokerage companies told Emirates Business.

Elysian Real Estate, a Dubai-based brokerage firm, said there was a 60 per cent decline in sales commission earnings as it has recorded a drop in sales volumes by almost 50 per cent. "We were making 20 to 40 sales deals a month last year. Now we are doing about 10 to 20 in a month," said Robert Macnair, Sales Director, Elysian Real Estate. "Our commission earnings last year were about Dh4 million to Dh6m per month. That has dropped to a monthly earnings of Dh2m to Dh2.5m," he said. On the leasing front, Elysian Real Estate was concluding an average of 30 deals a month at this time last year. "Now, however, that has dropped to about an average of 15 deals a month," said Macnair. Harbor Real Estate said its profits dipped 38 per cent during the period between the first half of 2008 and the first half of 2009. "Our revenues dropped approximately 40 per cent over the past 12 months. Sales volumes have dropped approximately 70 per cent," said Mohanad Alwadiya, Managing Director, Harbor Real Estate. Peter Penhall, CEO, Gowealthy Gowealthy , also said due to the overall decline in investor activity within the real estate sector, his company has experienced a decline in its trading levels. "We have seen a drop in trading levels to the tune of 40 to 50 per cent from previous averages. However, this negative trend should be viewed against the backdrop of abnormal increases in trading volumes during 2008.

The real correlation would be current trading vis-à-vis 2007 levels of trading." Rajesh Kumar Krishna, Managing Director of UAE-based Indiana Real Estate, said his company has recorded a drop of about 70 per cent in revenues in the past 12 months. "This includes our profits and commission earnings all together.

Brokerage firms are now trying to sustain themselves in as many ways as possible, since we are not recording much sales. "We have also had to lay off a number of our estate agents in line with market conditions and our income through commissions has dropped massively by about 80 per cent in the past 12 months," he said. Penhall said profits are based on two factors, revenue and costs. "It has been imperative that both these elements be addressed during the first half of this year.

In light of the sharp correction in the brokerage sector, there will be a heightened level of 'inter-brokerage co-operation' reflecting a maturing real estate market. The correction in the brokerage sector will help more stable firms to naturally look towards supporting themselves in an effort not only to survive this change, but to emerge from it in a more matured manner," he said. Brokerage companies also detailed the various measures taken by them to reduce their losses in the downturn.

Many companies have adopted new policies, including developing a considerable leasing and international portfolio. Alwadiya said one of the policies now pursued by brokerage firms is building a relationship with a network of other selective brokerages to help each other in sales. "This has helped companies to increase their reach and access different markets. The long-term partnerships, although involving profit sharing, are very effective in establishing a steady and sustainable stream of revenue for the brokerage firms," he said. Krishna said Indiana Real Estate was trying to sustain itself in the market by raising a leasing portfolio. "We are not going aggressive on sales at this moment, as there is no point at all. Even if brokers want to invest on the sales front, there is no business left," he said. Macnair said: "We have had to adapt quickly to the downturn in the real estate sector.

At Elysian, we launched a Malaysian project. And we have made a conscious effort to go outside Dubai. Having said that, developing an international portfolio or a leasing portfolio has only allowed us to minimise losses, not completely remove them. "Real estate firms, which heavily sold off-plan properties, have suffered the most. Those which quickly resorted to developing a leasing portfolio have benefited." Harbor Real Estate said its leasing volumes quadrupled in the past 12 months and the research and consultancy assignments doubled. "We have managed to optimise our revenue streams by focusing on specific areas of the market that emerged following the property crisis, including consultancy, research and leasing services and even consolidation transactions," said Alwadiya. "In 2009, our leasing division became one of the main revenue generating streams owing to the increased demand for leasing.

Brokerage companies have also benefited from the fact that developers and sellers started providing handsome compensation packages in return for sales results," he said. Penhall said the leasing sector is witnessing an enormous level of competition with very low cash takeouts. "Further, the leasing sector is compounded with unprofessional behaviour on the part of certain independent service providers. Therefore, we have chosen to retain a lower profile in the leasing market and our exposure to this sector of the real estate market is limited," he said. He said like most brokerages in Dubai, Gowealthy , too, has had to adjust its trading model to suit market conditions. "Unlike most of the general brokerage companies during the past year or two, we chose to focus our business model on providing a dedicated service to a select number of developers, providing them with a full services-sales-marketing functionality," said Penhall. "The market correction during the latter part of 2008 has seen a significant directional change away from off-plan properties, with the current focus being on the secondary markets in completed products.

Our business model has seen a significant realignment during this correction period. "Initially our focus was on realigning our revenue model towards the areas of business where there was action. Since February and March, Gowealthy has been extremely busy in servicing the 'open house' concept. We have achieved a significant number of transactions from this sector, which have helped in minimising trading losses during the first six months of this year." According to Gowealthy, the recent months have reflected a steady increase in the number of overall deals, although current levels are at significant lows in comparison to 2007 averages. "We are seeing a slow increase in deal values within certain high demand areas, such as the Palm Jumeirah, Downtown Burj Dubai and Dubai Marina.

We anticipate a further consolidation phase during the coming two months. The year 2010 looks to be a year of stabilisation and steady yet marginal growth." Macnair said residential properties with good quality finishes were the ones faring well at the moment. "Prices in Tiara Residences in the Palm Jumeirah have gone up from Dh1.9m last December to Dh2.3m." Alwadiya said affordable living areas such as Discovery Gardens and International City were becoming more popular among the middle-class rental segment. "Yield generating assets are becoming very popular among the investors segment, such as ready properties within well-developed and maintained communities such as the Palm Jumeirah, Dubai Marina and Downtown Burj Dubai. "Affordable housing is expected to generate higher yields over the short-term before the lower quality of the establishment begins to be reflected in potential tenant valuations. Hence, luxury properties that offer high-quality finishes, amenities and facilities are looked at as a safer long-term investment option," said Alwadiya. Penhall said properties purchased before the late 2007 and 2008 boom phase should now be coming back into a net gain position. "As the market starts to reflect a glimmer of hope in positive price changes, it is becoming more difficult to source quality properties, so we see this as a particular driver of the short-term marketplace.

Finished products, particularly villas, have shown the most activity. It is periods like this that force the most dynamic businesses to adjust to market conditions and it is the businesses that have been able to do so quickly and efficiently that will come out of this challenge stronger and better equipped to handle the up-kick in the market that will inevitably follow this period of crisis," said Penhall.

Alwadiya said the number of viewings and transactions during the second quarter of 2009 have increased dramatically compared to the first quarter of the year. "For us, viewings increased by 45 to 50 per cent in the last quarter." According to Macnair, however, Dubai can expect to see a further reduction in sales and lease prices. "Only areas such as 'The Palm' and Downtown Burj Dubai will remain expensive.

Areas such as Victory Heights and Al Farjan are all priced currently below 25 per cent of their original price. When prices reach 25 per cent below the original price, that is when people start buying in these areas," he said. Krishna said UAE real estate has been delivered as an investment product. "Investors will only enter the market here once the world economy recovers. It is difficult to predict any revival time for Dubai as we have to wait till international markets show signs of recovery."

Written by Emirates Business 24-7

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Are high housing prices so last year? Asks the Emirates Economist

September 24, 2009 02:03 by elysian
There is a sizeable increase in the number of property owners in an urgent state to sell," Robert Macnair, sales director of Dubai-based Elysian Real Estate, told Reuters on Thursday.

Global Property Guide cut its long-term investment rating on Dubai residential property on Wednesday from neutral to negative due to the drop in gross rental yields from last year.

"Gross yields are now an average of 5.5 percent, significantly down from an average of 7.5 percent a year ago ... At these levels, Dubai is less attractive than it was previously as an investment property," it said in a research note.

Global Property Guide said Dubai has "an enormous" amount of new supply and expects prices to fall over the next 2-3 years.

To compound matters, Dubai Islamic mortgage lender Amlak AMLK.DU said on Wednesday it suspended new loans.

Reuters Analysis:

"It's gotten pretty ugly out there," analysts at Nomura Investment Banking wrote in a note this week, describing Dubai's property market as "a full-scale frenzy in which speculation went largely unchecked until it was very late."

The result may be a new business model for the emirate, one based less on debt and speculation.

Dubai's response is now being hammered out by a committee of business and government leaders charged with steering the emirate through the crisis and perhaps throwing its high-debt business model out the window.

"Lenders blinded by rising oil prices and borrowers spellbound by easy returns have helped build a mountain of private sector debt in parts of the region that has generated an illusion of excess and abundance," Nomura said.

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The Telegraph catch an elysian text message

September 24, 2009 01:57 by Admin
The economic concerns come as the world’s biggest man-made island, which is created in the shape of a date palm, prepares to throw a $20m extravaganza for today’s launch of the £1bn Atlantis hotel on the Palm.

More than 2,000 world celebrities are due to attend the event tonight including Oprah Winfrey and actors Robert De Niro and Denzel Washington. Sol Kerzner, the South African billionnaire owner of the Atlantis is organizing the launch party.

A four-bedroom villa on the Palm, which is run by the state-owned developers Nakheel, is now selling for 10 million UAE dirhams (£1.8m), down from 15 million dirhams in September, Dubai property consultants Engel & Volkers told Reuters.

When work started on the Palm in 2001, the villas were snapped up for as much as £5m each and sold to buyers including footballer David Beckham and racing driver Michael Schumacher. In the following hype surrounding the island, nearly a quarter of the villas were sold to British buyers.

Nakheel said earlier this week it has witnessed a slowdown in the rate of real estate sales. Last month the developer announced it had scaled back dredging work on its massive Palm Deira project, the largest of three palm archipelagos that is planned to house more than 1 million people.

Meanwhile buyers are struggling to get mortgage loans in the region. Dubai Islamic mortgage lender Amlak told Reuters today it had suspended new mortgage loans as Dubai real estate sector shows further signs of stress.

Dubai-based Elysian Real Estate this week sent out a text message to up to 40,000 mobile phones advertising distressed property sales, offering a luxury six bedroom, six bathroom villa in Dubailand, a multi-billion-dollar luxury theme park.

The Palm is the flagship part of Dubai’s ambitious ‘Universe’ development. The Universe will extend Dubai’s coastline to around 625 miles (calculated by measuring the coastal circumferences of the various manmade archipelagos), around 15 times its natural 43 miles. 

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Elysian Group talk to Reuters about Dubai Property Sales

September 24, 2009 01:42 by Admin

DUBAI, (Reuters) - Dubai property sector suffered a series of blows this week after brokers confirmed a rise in distressed sales, a Dubai real estate guide downgraded its rating on residential property and an Islamic lender suspended new loans.

The once-booming real estate sector of the emirate is showing signs of collapsing due to the global credit crisis, as prices fall sharply and buyers struggle to get mortgage loans.

"There is a sizeable increase in the number of property owners in an urgent state to sell," Robert Macnair, sales director of Dubai-based Elysian Real Estate, told Reuters on Thursday.

"It could be they have a large payment coming up or they've seen the market dropping over the last month ... there is a real sense of urgency."

Property prices on Dubai's Palm Jumeirah island, a man-made peninsula developed by government-owned Nakheel, have fallen as much as 40 percent since September, real estate brokers said on Thursday. 

Elysian this week sent out a text message to up to 40,000 mobile phones advertising distressed property sales offering a luxury six bedroom, six bathroom villa in Dubailand, a multi-billion-dollar luxury theme park.

The villa advertised costs 21 million UAE dirhams ($5.72 million) -- half its original price -- and will be completed in 2009, the text read.

DUBAI DOWNGRADE
Global Property Guide cut its long-term investment rating on Dubai residential property on Wednesday from neutral to negative due to the drop in gross rental yields from last year.

"Gross yields are now an average of 5.5 percent, significantly down from an average of 7.5 percent a year ago ... At these levels, Dubai is less attractive than it was previously as an investment property," it said in a research note.

Global Property Guide said Dubai has "an enormous" amount of new supply and expects prices to fall over the next 2-3 years.

To compound matters, Dubai Islamic mortgage lender Amlak AMLK.DU said on Wednesday it suspended new loans. This follows moves by several banks to tighten lending conditions in August and September.

"It is very hard to get loans now. Customers are suffering," Rehab Gouda, senior sales agent at Al Jabal Real Estate told Reuters.

"Either they have pre-approval from before the crisis, or they are cash buyers."

Written by Reuters

 


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