Smart Heights Reaches Half Way Point

Smart Heights development reaches the half way point of construction.
Smart Heights, which will feature some of the latest gadgetry and office technology, has now reached the 15th floor and is on schedule to reach its final 21 storey height and be completed by the end of 2009. The main contractor for the building is ECC.

The development is one of two projects that DAMAC Properties has at TECOM – with its Executive Heights building already completed last year.

Smart Heights will offer 288,000sq ft of office space and already most of the 21 floors have been purchased or leased. Among the ‘smart’ facilities available will be security card access control, energy efficient lighting systems, automated boardrooms and business lounges and touch pad request screens for elevators with LCD response panels.

Currently mechanical, electrical and plumbing works are underway at Smart Heights so that all cabling, pipes and wiring is integrated and contracts for internal fixtures and fittings including signage, lighting and sanitary ware are in the process of being awarded.

Chairman of DAMAC Properties, Hussain Sajwani said that offering the latest technology was now becoming a necessity for developers and that office locations in Dubai had to differentiate themselves in this way.

‘A lot of thought and consideration went into the design for Smart Heights. Today company’s expectations are that they will have an office environment that will be designed to meet their every need and make their lives easier. The use of automation, electronics and also IT facilities should be designed with the customer in mind and we believe that Smart Heights will offer great options for these facilities,’ said Mr Sajwani.

‘TECOM will eventually become a vibrant business community and it will be a great location for companies with excellent access to both the Sheik Zayed and Al Khail Roads – in addition to the TECOM metro station which will be just a few minutes walk away.

‘We already know that Smart Heights will stand out because of its futuristic design – but it will also become synonymous with modern technology.’

In addition to 21 office floors, the building will have a health club and outdoor swimming pool on site for those who want to relax after the working day, with a day care centre, green landscaped surroundings and views over The Greens development.

Mr Sajwani added:‘ Our progress at Smart Heights is there for all to see as the building starts to become a permanent and prominent fixture on the landscape at TECOM.’

Funds Made Available to Support Dubai Builders

Dubai companies should begin receiving funds “in a matter of a week or two” from the US$10 billion (Dh36.73bn) the Dubai Government recently borrowed from the Central Bank to help ease a cash pinch in the emirate, Nasser al Shaikh, the head of Dubai’s finance department, said at a conference today.

The funds are part of a $20bn bond programme launched last month to help Dubai meet its short-term funding requirements. The move has calmed investors, who feared that companies may face difficulties repaying debts this year, given the reluctance of banks to refinance loans because of a global credit shortage.

The emirate will decide how to administer the funds on a case-by-case basis, he said, adding the money could be lent to the companies directly or used to guarantee loans provided through local banks.

While Mr al Shaikh said companies in Dubai’s property sector would receive special priority, companies outside of the property sector would also be eligible. Shady Shaher, an economist at Standard Chartered, said he still expected the majority of the money to go into property companies, especially those partially owned by the Dubai Government. “Since the majority of real estate companies have government ownership, they would naturally get more support,” he said.

A crucial decision will be what amount of money is allocated to paying down the companies’ debts and how much is needed to simply boost the cash they need to continue paying workers and contractors
The National Abu Dhabi

Park Towers Dubai, Another Floor Every Week

Park Towers development now rising at one floor every week Luxury lifestyle provider DAMAC Properties, has announced that its iconic twin tower development – Park Towers - at DIFC is currently rising by a floor every week. The Park Towers mixed use development, including residential commercial office and retail offerings is now starting to appear on the DIFC landscape with the North Tower at floor five and the South Tower at level three. The seven podium levels have already been completed and the distinctive shape of the towers is starting to be revealed. Contractors Shapoorji Pallonji are currently completing a floor every six days – and are making good progress with the building which is expected to be completed next year. The impressive rate of progress at DIFC comes just a few weeks after DAMAC Properties also announced that its Ocean Heights tower at Dubai Marina had already reached the 37th floor with contractors completing a floor every five days. Park Towers is DAMAC Properties’ only development at the rapidly expanding new financial centre of Dubai and will offer more than 400 apartments in a range of sizes. These will be combined with ten floors of commercial space – three for shops and seven which will offer state of the art offices. The building will offer freehold facility for UAE nationals and expatriates. In addition it will have excellent connectivity with direct pedestrian access to the DIFC retail spine and financial centre and within easy walking distance of the several metro stations serving the area. By car the Sheik Zayed or Al Khail roads are minutes away. Commenting on the Park Towers construction progress, CEO of DAMAC Properties Peter Riddoch said: ‘DIFC has already attracted huge interest from world renowned firms who want to establish a base in Dubai and we designed Park Towers with these very companies and their employees in mind. “To be able to live at the heart of a financial district and be at the centre of the action with stock markets, banks and financial institutions just minutes away is both convenient and important to the people who work in this sector. ‘However to combine with this with well designed apartments set in lush green landscaping with walkways and waterways helps to creates an ambience of home and a sense that you can still get away from the stresses of every day – even in the middle of a buzzing city like Dubai. ‘In addition DIFC already has a number of parks, cafes and entertainment facilities so it offers the best of both worlds to those customers who chose to live there.’ Each apartment at Park Towers has been designed to optimise views with its curved fully glazed façade. There will also be a number of hotel type services which will be available for residents including a restaurant, room service, regular housekeeping and also individual post boxes. For those looking to extend their working day there will also be high-speed Internet access, faxes, photocopying and a round the clock manned help desk. A banquet hall and meeting room facility designed for private parties, gatherings, special occasions and business meetings has also been included together with a residents health club with tennis court, male and fem,ale changing rooms, saunas, steam rooms, swimming pools, gym, crèche, children’s play area, barbeque areas within landscaped gardens . Mr Riddoch said that the progress at Park Towers was now typical of the emphasis being placed on delivery by DAMAC Properties. He said:’ We are working hard with our contractors to ensure they understand how important it is for us to move forward in a positive direction together. ‘In these times of market rumour and uncertainty we feel that there is no better way to demonstrate our commitment to our customers than by achieving the level of progress seen at Park Towers – and also recently at Ocean Heights. This sends out a strong signal to customers that it is business as usual.’

Buying and Renting Apartments in Dubai

If you have good amount of money in your pocket and are firm believer of globalization with a certain taste for real state and traveling then Dubai is the only place on the Earth where you can accomplish all your desired goals to be completed, as far as it is concerned with investment or buying an apartment in Dubai.

Apparently, there are many reasons that led to the real estate market in Dubai to grow manifold. First of all, the development of oil industry since the discovery of oil in 1966 led to the immaculate development of Dubai in every sphere of life. As UAE is not much advanced, technologically, therefore, it had to seek assistance from many foreign companies which have made their project sites in UAE and Dubai as well. This resulted into the great influx of professionals as well as migrant labors in Dubai, approximately 80% population of Dubai is Migrant.

More population gets added in Dubai in form of tourists who come to Dubai enjoying desert, shopping and beaches in Dubai. Tax free goods including golden jewelry up to expensive cars is great craze for people around the globe as they frequently visit Dubai for buying in shopping festivals and malls in the city.

This huge crowd of human mass led to the need of residential space in form of hotels and Apartments in Dubai that led to appropriate growth of real estate property in Dubai. Presently Dubai has all prominent chains of hotels and every big builder from the Globe in real estate industry.

One can have two choices for owing an apartment in Dubai; one can either rent or permanently buy them as according to his need. For renting one can choose either any of one from apartments, hotels, hotel apartments and villas on short term basis on one's requirement and available budget. Renting a furnished apartment on self catering basis is very cheaper option than a hotel to stay when a tourist intend to stay in Dubai for a longer period of time, if compared to a holiday package. Dubai Marina is suited place with a cosmopolitan feeling for apartments in Dubai for foreign tourists.

As for buying apartments even take initial steps after buying apartments from a real estate agent of repute. An agent can assist you in finding, researching, investigating and buying a property of your choice within budget. The most preferred location to buy a property in Dubai are Jumeirah, Meadows, Dubai Marina, Deira, Arabian Ranches, Business Bay or the Golden Beaches, Dubai Palm Island, The Springs, Emirates Hills,etc.

Government Investment and Buyer Confidence keep Dubai Building

The Dubai property scene has taken a hit this year but will still attract investment, report Alex Evans and Ben Dahlstrom in the Times online.

Dubai, the virtual city that once existed only in stunning computer-generated images, is taking shape and emerging out of the sands. For some, it’s the greatest example of what can be achieved through focused government investment and investor confidence. For others, it’s a bold experiment that could still fail spectacularly as the world goes into economic slowdown.

Despite the rising cost of steel and cement, Dubai has 4m sq m of property under construction, worth a staggering £2.7 trillion. It is looking to rising tourism, an increasing local population and new buyers from emerging economies for future demand, with its favourable tax status drawing businesses, professionals and those looking for a luxury haven to the city.

Whatever your view of Dubai, its global visibility is impressive. Aspirational buyers from India’s burgeoning middle class are looking for holiday home investments, while Russia’s senior professionals are seeking tax-friendly and prestigious destinations with renewed impetus, following that country’s recent stock market collapse.

Unlike other second-home destinations such as Florida and Spain, where concern about buyer interest prevails, the main anxiety about Dubai has always been about delivery now – will the property be finished on time and of the quality promised? – although doubts have also been raised over projections of potential oversupply in the future. In the meantime, a dearth of available units means rents are still high and, despite attempts to cap rent increases, professionals are seeing less benefit from their tax-free earnings.

The prevailing view, however, is that Dubai will ultimately deliver. An estimated 140,000 accommodation units due to be completed by 2010 are predicted to bring rents down, making the city more attractive to international workers – and thereby creating further demand for rental property.

As the Dubai stock market has convulsed and the extent of sovereign and corporate debt has been revealed, there has been an understandable loss of investor confidence in the sustainability of its growth, and the security of investment in the region.

On the other hand, Dubai’s government has introduced several confidence-boosting measures over the past year. Developers are now obliged to hold all payments in escrow and a new online registration system (Ogood) will create transparency by introducing a property index. To avoid cases of off-plan units being sold to several buyers, developers must preregister before selling. And it is not just buyers who need more regulation. To protect developers from “flippers” (off-plan buyers who want to sell before completion and may not be able to pay the full price if they do not find a buyer), the authorities have declared that buyers defaulting on payments or breaching contracts will forfeit 30% of the sale price to the developer.

Dubai has always been a bold market. Bolstered by local wealth, international expertise and government support, it will continue to generate interest.

One floor completed every week at Ocean Heights tower

Construction contiues apace in Dubai
Contractor Arabtec undertaking an impressive pace at Marina development Luxury lifestyle provider DAMAC Properties is showing its determination on delivery by completing a floor every 5.2 days at its Ocean Heights tower at Dubai Marina. The 84 storey skyscraper is being constructed by Arabtec, one of the Gulf’s leading construction contractors and currently staff on-site are successfully delivering one complete floor in a little over every five working days. Ocean Heights is set to be one of DAMAC Properties’ most iconic buildings with a twisting architectural design which is now starting to take shape. People driving past the building at Dubai Marina can now witness the building starting to give the appearance of ‘turning’ as it reaches the 30th floor. CEO of DAMAC Properties Peter Riddoch welcomed the progress on site by Arabtec and praised the focus and efficiency they had shown. ‘We are working with Arabtec on many of our buildings. They have a reputation for delivering successfully on projects and for meeting even the most complicated of building challenges,’ he said. ‘With delivery being at the heart of the DAMAC promise for customers it is so important to us to see progress of the nature we are seeing at Ocean Heights. One floor being completed every week is something both companies are rightly proud of.’ Ocean Heights will eventually offer 680 apartments ranging from one to three bedrooms. In addition several floors of the building will feature DAMAC Properties’ Signature Series penthouse range – ultimate luxury apartments with the latest in hi-tec gadgetry and luxurious home comforts. These apartments have been designed by HBA (Hersh Bedner Associates), a leader in hospitality interior design worldwide, and combine elegant décor with the most up to date home management systems. In addition to providing stunning individual homes, Ocean Heights will offer an outdoor leisure deck complete with pool plus a gym and sauna/steam rooms for all residents. There will also be restaurants and cafes at ground level with nearby links to the new Dubai Metro and extensive leisure facilities and shops of the Marina on hand. The building is scheduled for completion in 2010. Mr Riddoch added:‘Ocean Heights is set to become one of DAMAC Properties’ flagship buildings with its eye-catching external design and beautifully finished apartments so we are delighted to see the excellent progress being made on site. ‘We are confident that continuing to work closely with Arabtec we will continue to make further strides during the first few months of 2009 and people in Dubai will continue to see swift progress being made at this iconic building.’

Ocean Heights is situated in the premium acres of Dubai, earmarked for resorts, boutique hotels and breathtaking futuristic developments. Where you can choose between the refined pleasures of luxury hotels and entertainment plazas, and a sundown barbecue with your family and friends.

When you have your home in one of the 680 luxury freehold condominiums of Ocean Heights, overlooking magnificent vistas on all sides, your views simply have to be beautiful and grand. In fact, the majestic tower is a sight by itself; spiraling skywards dramatically different from every angle you view.


At Ocean Heights, Dubai you can experience the finer points of life at their finest. And discover a lifestyle, which is just your kind, in a neighborhood that is home to the cream of Dubai's avant-garde society. Up here, the good life gets even better.

That's what the ambience of Ocean Heights Dubai is. It urges you to live a healthy life, to the fullest. Besides the refreshing breeze around, you will have all in-house amenities to relax and stay in the pink of health

Dubai Learns the Lessons

The future of Dubai and UAE real estate will be more successful and solid than in previous years, due to lessons learned during the economic crash.

Both developers and property analysts are keen to reassure investors that while days seem dark right now, next year will be bright.

Many see last year's soaring prices and astronomical profits as symptoms of an immature market dominated by speculators chasing short-term gains.

Despite the excitement they generate, sky-high profits are both unsustainable and unhealthy. Ultimately, they create unrealistic expectations about future performance, especially because high prices hurt demand.
Such displays of transparent communication are signs of a maturing market, one that will be more successful in the future.

There are many reasons to be optimistic about Dubai's resilience during this downturn. Despite worsening economic conditions in other parts of the world, the UAE and GCC remain on track for solid growth.

6% growth

The UAE's economy is forecast to grow around 6 per cent in 2009, far above the global average growth of 2.2 per cent, predicted by the International Monetary Fund.

Dubai's property market, while slow at the moment, will attract long-term investors next year once the panic and negative sentiment are over. Speculators are abandoning the market, house prices are coming down leaving 2009 the year for the end-user.

Dubai Law aims at Stability

Agents and investors in property in Dubai have been mulling over changes to the Emirate’s real estate laws that are designed to make the buying process safer and more transparent for investors, as well as bringing some degree of stability to the markets amid the financial turmoil gripping the rest of the world.

Three new laws have taken effect in the past few weeks, and all were published on 31st August. The laws concern the areas of off-plan sales, mortgage laws and property disputes.

Law 13, covering the sale of off-plan property in Dubai, states that all transactions must be registered with the Dubai Land Department. This means that developers can no longer launch and sell developments before they have taken possession of the land and been granted the necessary building permits. “Whereas previously you had some developers launching and advertising projects for sale before they had even taken possession of the land, now they will be forced to hold off”, according to Lynnette Brown, a partner at law firm Al Tamimi.

The law also gives buyers and investors added confidence in what they are buying for the future. As all sales now can only be completed after the plans and permissions have been lodged and registered, there can be little deviation between what buyers expect and the finished product.

The law pertaining to fees and charges for the sale of property in Dubai has also been amended. Developers will no longer be able to charge a transfer fee to clients, but may now charge an administration fee. This fee, which previously could be levied as a percentage of the property value, is now to be capped at a maximum of 5,000 Dirham.

The law also sets out defined timelines for different contingencies – for example, if a buyer defaults on a property the developer now can report it to the Land Department and begin a process of informing the buyer and ultimately cancelling the contract and putting the property back onto the market. This will provide added stability in the current market conditions.

The final law change is to do with the administering of mortgages in Dubai, which can only be issued by a UAE-registered bank and must be registered with the Land Department. The law also applies retrospectively to mortgage arrangements already in place, meaning that they must be registered or will be considered null and void. This extension of the mortgage laws has been hailed as a positive move, helping to reduce speculative pressure on the property markets

Reasons to Buy Dubai

Ten reasons Dubai real estate will continue to boom
Dubai real estate may well be the next asset class bubble to be created by inappropriate interest rate levels set by the US, alongside Hong Kong property. But there are at least 10 good reasons to think the present realty boom in Dubai will continue for rather longer than many outside observers believe possible.
They may seem high now, but property prices will continue to rise


1. Dubai mortgage rates are around 8.5 per cent and have yet to adjust to the recent US rate cuts, which they have to do because of the dollar peg to the dirham. Just a couple of years ago local mortgage rates of seven per cent were available. Therefore the downward pressure on the cost of home finance is clear, and if the local mortgage market follows Hong Kong and becomes more competitive, then interest rates could go much lower, making it significantly cheaper to buy than rent. Real interest rates are already negative due to high local inflation.

2. Rental yields in the Dubai market of 7-10 per cent are abnormally high by international standards. Rents are unlikely to fall in a booming market, so it is more likely that rising capital values will gradually pressure yields down towards global levels. There is no reason why rental yields should be higher in a booming city like Dubai than in a city where the economic outlook is poorer.

3. The hype about Dubai development projects has admittedly duped even this skeptical correspondent over the years. The fact is that far less supply is coming on stream than promised by overenthusiastic developers, due partly to limited supplies of manpower and materials. Dubai Properties is one of the biggest and has just said it will deliver 5,000 units to the freehold market in 2008 which is not nearly enough to meet surging demand.

4. Dubai house prices are still low in absolute terms in comparison to other global cities with similar salary levels. The HSBC survey of house prices in comparison to per capita GDP put Dubai and Abu Dhabi near the bottom. This is a historic anomaly that will be eliminated by price rises.

5. Six years ago, when Dubai freehold began, it was a market without any formal legislation and regulatory infrastructure. Now it has world-class laws, a state-of-the-art land registry and a strongly-led regulatory authority. Hope has been replaced by experience.

6. The Dubai Financial Market crashed in 2006 pushing local investors into property as an alternative. It recovered in late 2007, but is now again trending downwards with global stocks, and has become highly volatile, shifting over 10 per cent in a day. Expect stock market participants to again seek a more stable alternative.

7. Indeed, the absence of investment alternatives is a major theme for 2008. Global stock markets have had their worst January in history. Recent US interest rate cuts leave deposits paying 2.8 per cent. This makes Dubai real estate look attractive as an alternative. Where else offers such a return?

8. In the same way that the local stock market crash attracted foreign bargain hunters to invest last year, foreign investors in search of yield are also increasingly investing in Dubai real estate. Problems in the UK housing market might be dissuading some buyers, but large numbers of oil-rich Russians, for example, are now buying in Dubai.

9. Dubai still has some undeveloped market niches in real estate, such as holiday lets and fractional ownership, which are big and even dominant market phenomena in many beach resorts around the world. This source of higher rental yield on property has therefore yet to be fully tapped.

10. The Dubai Government has been the most proactive developer in the emirate, and its recent legislation and regulatory initiatives suggest that this support is not only likely to continue, but will respond appropriately to any adverse market developments.

Overseas Property: the Time to Buy is Now

With the credit-crunch and rising oil prices becoming a devastating tag-team on the global stock market and the performance of other investments, global real estate is becoming the most popular investment choice.

Billions of dollars are being put into the creation of more and more property investment funds around the world, and almost every country in the world is getting in on the action. The emergence of Africa onto the international property investment scene, and now even Iraq seeing its first luxury property development, is testament to the rising popularity and profitability of overseas property investment.

The time to buy is definitely now, no one can say for sure when the credit crunch will end, prices in the best emerging markets are rising well above inflation, and getting higher all the time, not to mention building regulations making off-plan purchases harder to come by in some of the older strong markets – off plan property providing the best value and biggest potential for profit.

Dubai Leads Global Property Investment Markets

The volume of property sales in Dubai is poised to rise as more global investors, shifting their focus away from markets hit by credit crunch, seek to enter the Gulf markets, a leading global property investment.

Dubai, which registered the greatest improvement in real estate transparency globally over the past two years, is projected to record a 55.2 per cent surge in property deals to hit Dh717 billion in 2008 from Dh462 billion in 2007

With credit crisis hitting real estate markets in the US and Europe, many investors are eyeing Gulf markets, particularly Dubai

Dubai's position as the most transparent of the MENA markets placed it ahead of other emerging economies such as those of the BRIC Markets (Brazil, Russia, India and China).

Better than China, India and most of Russia, Dubai's transparency index score exceeds the other BRIC markets

Transparent markets as those that are open and easier to do business with the components of transparency encompassing transaction processes, the regulatory and legal environment, market fundamentals and performance measurements.

Ocean Heights Tower Reaches 10th Floor

DAMAC Properties – the luxury lifestyle provider and region’s leading private sector master developer has reached the 10th floor level for its Signature Series Ocean Heights residential towerOcean Heights is one of the many freehold towers being built in the Dubai Marina, which is located opposite to Le Meridien Mina El Seyahi. Ocean Heights will be a 310 meter (1,017 feet) 82-storey tower, with 680 apartments. The AED 1.5 billion (US$ 408 million) free hold residential tower will contain 1, 2, and 3 bedroom apartment units from 722 to 1,515 square feet and will feature 9 units of Signature Series Apartments from the 67th to the 75th floor and Duplex apartments from the 76th to the 81st floor.

In his comments, Peter Riddoch, CEO of DAMAC Properties, said: “It is very important time for us, we recently handed over 572 units at Lake Terrace and will continue delivering to our customers. We are pleased to see the development of Ocean Heights, we have already reached the 10th floor and now we are able to see it while driving by. We’re proud to bring Ocean Heights from the design concept to reality.”


“Aedas is the Lead architects for Ocean Heights. Aedas offers tailored, customized services and accommodates the needs of every development. Their international experience extends across a range of projects, private and public. Having AEDAS on board will ensure that we deliver highest level of architecture and creative design. DAMAC projects are designed with passion and vision aimed at becoming the Middle East’s most prominent luxury focused private sector master developer” He added.

Amenities at Ocean Heights will include an outdoor leisure deck with a temperature-controlled swimming pool, gymnasium, sauna, steam room, game room and children's play area. Other amenities included are coffee and juice bars, restaurants, 24-hour security, concierge desk, and housekeeping services.

DAMAC Properties won two prestigious awards at the recent CNBC Arabian Property Awards 2007 - for the top property developer received the ‘Best High Rise Development’ award for ‘La Residence at the Lotus’ and the ‘Best Website’ award for the company’s revamped website – www.damacproperties.com. DAMAC’s La Residence at the Lotus in Business Bay Dubai has won the Best International High Rise Development Award that was held at Las Vegas recently.

Work, Live, Shop and Play Under One Roof

The Concourse. A multi-use, virtually self-sufficient living complex where you can work, live, shop and play, all within strolling distance of each other. Comprising two elegant towers rising out of a 4-level podium topped with an expansive Leisure Deck, the stunning architectural design of this complex is surpassed only by its extraordinary convenience. Facilities at the Concourse include;
25 floors of offices, 15 floors of residences
Common podium with 4 levels of parking
400 sq. mts. of Leisure Deck
Retail area and shopping mall
Easy access from main road on all 4 sides
Entire ground level dedicated to retail and shopping mall
Easy access for residents, office-goers and visitors
Supermarket for your daily needs
Open late for your convenience
Swimming pool with kiddie pool
Walking/jogging track
State-of-the-art gymnasium
Steam and Sauna
Restaurants

Burjside Terrace Serviced Apartments

Dubai Serviced Apartments
Burjside Terrace blurs the line between service apartments and luxury hotels. Located in the ‘platinum’ square kilometer of Burj Dubai District , Burjside Terrace is the epitome of quality living, and the pinnacle of lucrative investment opportunities.
Facillities at Burjside include;
62 levels of luxury serviced apartments
5 levels of podium
Dedicated level for leisure and relaxation
State-of-the-art gym and health club
Swimming pool, Jacuzzi, mini basketball
Ample parking

Green Court Jumeirah Village Dubai

Green Court in Jumeirah Village. A truly beautiful residential development offering stylized Mediterranean and Arabic themed architecture and comprising of studios, 1 and 2 bedroom apartments. A home that fills you with pride and makes every moment worth living! Green Court is a combination of ground plus 4 storey buildings. Enjoy the contrast of warm earth tones with the vivid green of the gardens both in your building as well as in the landscape surrounding you.
If you are an ardent health freak, you’ll find all the latest facilities to keep you in the pink of health. A spa with steam and sauna, to gently pamper you along with an extensive range of fitness facilities that are revitalizing. Perhaps, a workout at the gymnasium or a few laps in the pool.
Swimming pool
State-of-the-art gymnasium
Health club for men and women
Sauna and steam room
Convenient elevator access from the parking to the apartments
2 elevators and 2 emergency staircases
Location facilities:
Walking, jogging & cycling trails
Oasis promenades
Neighbourhood parks
Community sports

Parkside Apartments Dubai

A home away from the hustle and bustle of city life. Parkside is a modern architecture with two buildings connected by a common podium and highlighted by picturesque well-planned lush green spaces between the buildings. A cozy abode with calm and soothing surroundings, you’ll enjoy living in a home where luxury and beauty reside in perfect harmony.
Facilities - common
Landscaped roof gardens
Premium health club with gym & changing rooms
Sauna
Temperature-controlled outdoor swimming pools
Children’s playground
Wading pool (children’s pool)
Exquisitely designed lobby
Multi-purpose hall
Concierge desk with 24-hour service
High-speed elevators
Security access control and closed-circuit TV
Ample parking space
Facilities - apartments
Fitted kitchens with fridge/freezer, washer/dryer, ceramic hob, oven and dishwasher
Balconies
Wardrobes in bedrooms
Fully tiled bathrooms, ensuites and guest toilets (wherever applicable)
Vanity units and mirrors
Centrally air-conditioned
Double glazed windows
Satellite TV and telephone connections
Ultra high-speed internet access with ‘future technology-ready features’
Ceramic floor tiling

Mortgages made easy in Dubai

Making processes easier for buyers
The Mortgage Advisory division of DAMAC Properties Co. L.L.C recently organized a joint workshop with representatives of Abu Dhabi Commercial Bank(ADCB).
DAMAC Mortgage Advisory is engaged in facilitating mortgage processes for buyers of
DAMAC projects. Since the inception of DAMAC Mortgage Advisory in January 2007, ADCB has extended its full cooperation and support to the mortgage advisory team, who have
successfully procured mortgages for over 100 clients.Participants discussed various measures onimproving customer service and enhancing efficiency. Suggestions on speeding the mortgage facilitation process for the customers were at the forefront of the discussion. “DAMAC has pioneered the concept of mortgage facilitation for its customers.DAMAC MortgageAdvisory is the first-of-itskind service started by any developer and we feel privileged to be apart of this endeavour.The initial screening
process carried out by the DAMAC Mortgage Advisors is quite helpful and leads to rapidresponse.The bank offers mortgages to all UAEresidents, and non-residents of selectnationalities. Zero percent closure penalty upto five years makes themortgage offer by ADCB quite attractive and unique.

Dubai

Dubai is the fastest growing city in the world. It is estimated that 50% of the world's supply of cranes are at work in Dubai on projects worth $100bn including an estimated $800m on construction of the world’s tallest building, the Burj Dubai, which will stand 800 metres tall when completed. Dubai is home to the world's only seven star hotel, the Burj Al Arab and an indoor ski centre. Other developments include an underwater hotel, a Chess City (buildings in the shape of chess pieces) and Dubailand, which will become the world’s biggest theme park. It has been forced to diversify to compensate for far more limited hydrocarbon reserves. The economy is based on Dubai's reputation as an entre pot for the region, its vibrant tourist industry and thriving free trade zone.

GEOGRAPHY
Dubai is situated on the Persian Gulf coast of the United Arab Emirates and is roughly at sea level (16 m/52 ft above). The emirate of Dubai shares borders with Abu Dhabi in the south, Sharjah in the northeast, and the Sultanate of Oman in the southeast. Hatta, a minor exclave of the emirate, is surrounded on three sides by Oman and by the emirates of Ajman (in the west) and Ras Al Khaimah (in the north). The Persian Gulf borders the western coast of the emirate. Dubai is positioned at 25.2697° N 55.3095° E and covers an area of 4,114 km² (1,588 mi²).


Dubai lies in the Arabian Desert. However, the topography of Dubai is significantly different from that of the southern portion of the UAE in that much of Dubai's landscape is highlighted by sandy desert patterns, while gravel deserts dominate much of the southern region of the country. The sand consists mostly of crushed shell and coral and is fine, clean and white. East of the city, the salt-crusted coastal plans, known as sabkha, give way to a north-south running line of dunes. Farther east, the dunes grow larger and are tinged red with iron oxide.The flat sandy desert gives way to the Western Hajar Mountains, which run alongside Dubai's border with Oman at Hatta. The Western Hajar chain has an arid, jagged and shattered landscape, whose mountains rise to about 1,300 meters in some places. Dubai has no natural river bodies or oases; however, Dubai does have a natural inlet, Dubai Creek, which has been dredged to make it deep enough for large vessels to pass through. Dubai also has multiple gorges and waterholes which dot the base of the Western Al Hajar mountains. A vast sea of sand dunes cover much of southern Dubai, which eventually lead into the desert known as The Empty Quarter

Dubai info at a glance

DUBAI

Area: 4114km2sq : Dubai City 1287.4sqmiles
Population: 2,261,995
Capital City: Dubai City
Nationalities: 42.3% Indian, 17% Emirati, 13.3% Pakistan, 9.1% Arab, 7.5% Bangladeshi, 10.8% Other
Languages: Arabic, English, Hindi, Urdu
Religion(s): Muslim (96%) Hindu (4%)
Currency: 1 UAE Dirham = 100 fils
Major political parties: None
Government: Federation
Emir: Mohammed Bin Rashid Al Maktoum
Crown Prince: Sheikh Mohammed bin Rashid Al Maktoum
Foreign Minister: Hamdan bin Mohammed bin Rashid Al Maktoum
Membership of international groups/organisations: Gulf Co-operation Council (GCC), Arab League, Organisation of the Islamic Conference (OIC), United Nations

UAE TO END DOLLAR PEG

Dubai:
UAE may be the next Middle Eastern country to stop pegging its exchange rate to the US dollar, according to trading in currency forwards. The second-largest Arab economy may follow Kuwait
and Syria, which ended their peg to dollar to curb inflation. Middle East currencies have been dragged lower by declines in the dollar, pushing up the cost of imports from Europe and Asia. The market has the expectation that the UAE dirham is the most likely of the Gulf countries to follow. The dirham would climb to 3.66025 to the dollar in a year, 0.35 per cent above today’s exchange rate, trading in forwards showed. The average premium in the
so- called implied rate in the past year was 0.04 per cent. In comparison, the premium on one-year Qatari riyal forwards is 0.06 per cent. Central Bank of Syria Governor Adib Mayaleh said
that the country needed to broaden its peg to stabilise the Syrian pound and bring down inflation. Kuwait switched to a currency basket on May 20 after gains in consumer prices accelerated above policy makers target rate. UAE Vice-President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum said that the
country would keep its link to the dollar, even after inflation quickened to 10.1 per cent in 2006, from 7.8 per cent the year before. The UAE dirham was unchanged at 3.6732 to the dollar until recently, according to data compiled by Bloomberg. The Syrian pound was at 52.21, the Qatari riyal at 3.6396, and the Saudi riyal at 3.7504. Forwards are agreements in which assets are traded at current prices for delivery at a later specified time and date. Trading in the contracts allows investors to bet on the value of a currency that isn't fully convertible or hedge investments denominated in it.