NEW YORK - An Italian architect said he is poised to start building a skyscraper in Dubai that will be "the world's first building in motion," an 80-story tower with revolving floors that give it an ever-shifting shape.
The spinning floors, hung like rings around an immobile cement core, would offer residents an ever-changing view of the Persian Gulf and the city's futuristic skyline.
A voice-activated computer would spin a few penthouse villas. The rest of the building's motion would be choreographed in patterns that could be altered over time.
At a New York news conference on Tuesday, the designer, David Fisher, declared that his tower will revolutionize the way skyscrapers are made.
Mr. Fisher acknowledges that he is not well-known, has never built a skyscraper, and hasn't practiced architecture regularly in decades. But his project has drawn top design talent, including Leslie Robertson, the structural engineer for the World Trade Center and the Shanghai World Financial Center.
"I did not design skyscrapers, but I feel ready to do so," Mr. Fisher said.
Twisting floors are just one of several futuristic features in the building, the first of several Mr. Fisher hopes to build with a similar design. Wind turbines installed between each floor, he said, will generate enough electricity to power the entire building, and lifts will allow penthouse residents to park their cars at their apartments.
A second version, to be built in Moscow, would have a retractable helicopter pad. Both structures, at more than 1,300 feet, would be taller than the Empire State Building.
Even the method of construction would be unorthodox.
Mr. Fisher said each floor will be prefabricated in an Italian factory and then shipped to the site to be attached to the core. Assembling a building in this fashion, he said, will require only 80 technicians and take only 20 months, saving tens of millions of dollars, for a total cost of $700 million to build.
On its face, the project seems to pose a number of complicated engineering puzzles.
How would the plumbing hookups work in an apartment that is constantly moving? Mr. Fisher said the pipes will connect to the core via attachments like the ones used by military aircraft for in-flight refueling.
Wouldn't people get dizzy? No, Mr. Fisher said. The rotations will be slow enough that no one will notice.
With so many moving parts, wouldn't the building be a maintenance nightmare? He said the modular construction will allow easy access to parts that need to be replaced.
Mr. Robertson, who attended the news conference, said the skyscraper might be unusual, but is "absolutely" buildable. "You can build anything," he said.
Mr. Fisher declined to say where in Dubai the tower will be built or when site work might start. He insisted, however, that factory production is set to start within weeks and that the tower, which will contain office space, a luxury hotel, and apartments, will be complete by 2010.
Sales of individual apartments will begin in September, with asking prices of around $3,000 per square foot. The smallest, at 1,330 square feet, would cost about $4 million and the largest, a 12,900-square-foot villa, $38.7 million.
Skeptics might question Mr. Fisher's credentials to pull off the job. In a biography he had been distributing, he said he graduated from the University of Florence in 1976, came to New York in the mid-1980s, and later developed hotels and ran a firm specializing in stone and prefabricated construction materials.
The biography also said he received an honorary doctorate from "The Prodeo Institute at Columbia University in New York." No such institution exists and Columbia said it had not given him an honorary degree.
Mr. Fisher said through his publicists that he had been awarded the degree by the Catholic University of Rome in 1994 at Cathedral Church of St. John the Divine, which is near Columbia's campus. Asked again to clarify the school's name, his publicists said in an e-mail that the information has been removed from his bio.
Source: Toledoblade.com
Saturday, June 28, 2008
Tuesday, June 24, 2008
Dubai's Islamic bank mystery and the case for reform
What's going on with Dubai Islamic Bank? The emirate's financial community is abuzz with speculation, following a spate of arrests of former employees in a widening corruption probe.
Much to the disappointment of business, the details of the inquiry into the city's largest Islamic bank are a mystery. Also unclear is whether there is any connection to another probe into Deyaar Development, DIB's real estate affiliate.
Although several people have been detained, the Dubai authorities have not bothered to issue statements, hold press conferences, or otherwise inform the public about their progress or disclose whether anyone has been charged.
The police, government and public prosecutor did not even react when a Pakistani banker, one of the detainees in the DIB case, alleged that he had been tortured. Rafatul Islam Usmani has pressed charges against the bank, filing his case in the US because, he says, he has no faith in Dubai's legal system.
DIB, which is 30 per cent owned by the government, has said little, beyond telling the market that the investigation would not have an impact on its financials. On Sunday, amid all the controversy, the bank won a regional magazine award as the year's "Best Islamic Bank".
None of this, of course, is a surprise to people who know the Middle East, a region of opaque legal systems, rife with accusations of human rights abuses. But this is Dubai, an ambitions little city-state on a frenetic drive to establish itself as an international business centre.
The emirate has invested in building its brand and in creating the infrastructure that business wants. Its selling pitch has been remarkably successful: the world's top financial institutions have all set up a base there to service a region flooded with petrodollars.
The Dubai International Financial Centre is the main attraction. Created as a sort of superior parallel system, it promises to apply international standards that are many steps ahead of domestic laws. It fancies itself as a future hub of international arbitration, having set up a centre in partnership with the London Court of International Arbitration. And it has its own corporate governance institute, with a mandate to promote corporate governance and institution building across the region.
But Dubai's ambitions do not always square with the realities on the ground. The DIFC's protection goes only so far - for all criminal cases it is the United Arab Emirates federal law that applies. And that system, as one lawyer says privately, "horribly lags behind the buildings, the money, the salaries and the marketing of Dubai".
It is obviously a step in the right direction for the Dubai authorities to be investigating fraud allegations in government-affiliated institutions. The emirate has been desperate to shed the image of a haven for all sorts of dubious activity, including money laundering (and the central bank has tightened the rules there). In the past, financial irregularities were quickly swept under the carpet, avoiding Dubai the embarrassment.
But what is the point of proactive police action unless it carries assurances that detainees are treated fairly and that the legal system will not be abused? Diplomats tell us that the UAE regulatory and legal system is not as dysfunctional as other places in the Arab world. But a US state department human rights report is disquieting: it notes that the judiciary's independence is questionable and, although the constitution prohibits arbitrary arrest, the law permits indefinite prolonged detention without appeal. Judges can renew 30-day extensions to the detention period indefinitely and without charge.
Lawyers and companies flocking to Dubai are well briefed on the shortcomings of the system. Unfortunately, they are loath to criticise it openly, lest they irritate the authorities or lose business. The muted reaction eases the pressure. But if Dubai is to call itself an international financial centre, then it is in its own interest to be making the case for transparency and legal reform across the UAE.
The writer is Middle East editor of the Financial Times roula.khalaf@ft.com
By Roula Khalaf
Published: June 24 2008 03:00 | Last updated: June 24 2008 03:00
Financial Times
Much to the disappointment of business, the details of the inquiry into the city's largest Islamic bank are a mystery. Also unclear is whether there is any connection to another probe into Deyaar Development, DIB's real estate affiliate.
Although several people have been detained, the Dubai authorities have not bothered to issue statements, hold press conferences, or otherwise inform the public about their progress or disclose whether anyone has been charged.
The police, government and public prosecutor did not even react when a Pakistani banker, one of the detainees in the DIB case, alleged that he had been tortured. Rafatul Islam Usmani has pressed charges against the bank, filing his case in the US because, he says, he has no faith in Dubai's legal system.
DIB, which is 30 per cent owned by the government, has said little, beyond telling the market that the investigation would not have an impact on its financials. On Sunday, amid all the controversy, the bank won a regional magazine award as the year's "Best Islamic Bank".
None of this, of course, is a surprise to people who know the Middle East, a region of opaque legal systems, rife with accusations of human rights abuses. But this is Dubai, an ambitions little city-state on a frenetic drive to establish itself as an international business centre.
The emirate has invested in building its brand and in creating the infrastructure that business wants. Its selling pitch has been remarkably successful: the world's top financial institutions have all set up a base there to service a region flooded with petrodollars.
The Dubai International Financial Centre is the main attraction. Created as a sort of superior parallel system, it promises to apply international standards that are many steps ahead of domestic laws. It fancies itself as a future hub of international arbitration, having set up a centre in partnership with the London Court of International Arbitration. And it has its own corporate governance institute, with a mandate to promote corporate governance and institution building across the region.
But Dubai's ambitions do not always square with the realities on the ground. The DIFC's protection goes only so far - for all criminal cases it is the United Arab Emirates federal law that applies. And that system, as one lawyer says privately, "horribly lags behind the buildings, the money, the salaries and the marketing of Dubai".
It is obviously a step in the right direction for the Dubai authorities to be investigating fraud allegations in government-affiliated institutions. The emirate has been desperate to shed the image of a haven for all sorts of dubious activity, including money laundering (and the central bank has tightened the rules there). In the past, financial irregularities were quickly swept under the carpet, avoiding Dubai the embarrassment.
But what is the point of proactive police action unless it carries assurances that detainees are treated fairly and that the legal system will not be abused? Diplomats tell us that the UAE regulatory and legal system is not as dysfunctional as other places in the Arab world. But a US state department human rights report is disquieting: it notes that the judiciary's independence is questionable and, although the constitution prohibits arbitrary arrest, the law permits indefinite prolonged detention without appeal. Judges can renew 30-day extensions to the detention period indefinitely and without charge.
Lawyers and companies flocking to Dubai are well briefed on the shortcomings of the system. Unfortunately, they are loath to criticise it openly, lest they irritate the authorities or lose business. The muted reaction eases the pressure. But if Dubai is to call itself an international financial centre, then it is in its own interest to be making the case for transparency and legal reform across the UAE.
The writer is Middle East editor of the Financial Times roula.khalaf@ft.com
By Roula Khalaf
Published: June 24 2008 03:00 | Last updated: June 24 2008 03:00
Financial Times
Short-term visas for realty buyers in Dubai
Dubai: Dubai is to introduce a set of short-term visas for foreign investors in the real estate sector, a top official said.
"We have submitted the proposals to this effect to the higher government authority in Dubai to review the visas for property buyers. Once this law is approved, this might be implemented at a federal level as well," Marwan Bin Galita, chief executive of Dubai Real Estate Regulatory Agency (Rera) told Gulf News yesterday.
"There is no direct link between property ownership and residence visas. Developers should not lure investors to property sector with a promise of residence visa."
His comments reverse the government's earlier stand.
Dubai government opened the emirate's property sector to foreign investors in designated freehold areas in 2002, and in the absence of a proper real estate law then, the three master developers - Emaar, Nakheel and Dubai Properties - had promised to facilitate a three-year renewable residence visas to owners of freehold properties under a special arrangement with the residency department.
More than 20,000 families have moved into their freehold homes during the last six years, many on residence visas linked to their homes.
Limelight
The issue of the residence visas linked to freehold property came to light following the recent Gulf News report in which a senior government official said foreign buyers are entitled to residence visas if they purchase property.
Thousands of foreigners have invested in new property currently in various phases of development in the hope that they will get residence visas automatically, as advertised by developers, which Ghalita termed erroneous.
"We are raising the issue now because there is confusion among the public in this regard. We are urging people not to link the obtaining of a residency visa with buying property," he said. Bin Galita said the issue of visas is related to the "development company" and not the "property people buy".
He said obtaining residence visas in Dubai is not so hard. One can open a company or invest or be a partner in the company. People should not rely on the property or the investment company.
"We are a different body from the residency department. Even if the investment company applies for a residence visa for a buyer, the residency department could reject it.
"It is not a must that those who buy a property can get a residence visa," he said.
"If a development company goes bankrupt, what happens to the residents sponsored by that particular company? We are also examining."
By Bassma Al Jandaly, Staff Reporter
Published: June 23, 2008, 23:33
Gulfnews
"We have submitted the proposals to this effect to the higher government authority in Dubai to review the visas for property buyers. Once this law is approved, this might be implemented at a federal level as well," Marwan Bin Galita, chief executive of Dubai Real Estate Regulatory Agency (Rera) told Gulf News yesterday.
"There is no direct link between property ownership and residence visas. Developers should not lure investors to property sector with a promise of residence visa."
His comments reverse the government's earlier stand.
Dubai government opened the emirate's property sector to foreign investors in designated freehold areas in 2002, and in the absence of a proper real estate law then, the three master developers - Emaar, Nakheel and Dubai Properties - had promised to facilitate a three-year renewable residence visas to owners of freehold properties under a special arrangement with the residency department.
More than 20,000 families have moved into their freehold homes during the last six years, many on residence visas linked to their homes.
Limelight
The issue of the residence visas linked to freehold property came to light following the recent Gulf News report in which a senior government official said foreign buyers are entitled to residence visas if they purchase property.
Thousands of foreigners have invested in new property currently in various phases of development in the hope that they will get residence visas automatically, as advertised by developers, which Ghalita termed erroneous.
"We are raising the issue now because there is confusion among the public in this regard. We are urging people not to link the obtaining of a residency visa with buying property," he said. Bin Galita said the issue of visas is related to the "development company" and not the "property people buy".
He said obtaining residence visas in Dubai is not so hard. One can open a company or invest or be a partner in the company. People should not rely on the property or the investment company.
"We are a different body from the residency department. Even if the investment company applies for a residence visa for a buyer, the residency department could reject it.
"It is not a must that those who buy a property can get a residence visa," he said.
"If a development company goes bankrupt, what happens to the residents sponsored by that particular company? We are also examining."
By Bassma Al Jandaly, Staff Reporter
Published: June 23, 2008, 23:33
Gulfnews
Monday, June 23, 2008
Dubai property prices soar 78%
Property prices in Dubai surged by at least 78% over the last year, according to Colliers International.
“Dubai has witnessed tremendous growth in the real estate sector over the last year, with an increase in the number of overseas homebuyers and investors,” said Colliers' Middle East CEO, John Davis, at the launch of a new house price index in Dubai on Tuesday.
According to the index, prices rose by 42% between Q4 2007 and Q1 2008 alone. The largest increase was recorded among villas, where prices rose 85% between Q1 2007 and Q1 2008.
Dubai, has benefited from a six-year real estate boom triggered by the introduction of foreign ownership rights in the emirate while an influx of expatriates has driven prices higher as developers have struggled to keep pace with demand for apartments and villas.
The UAE, home to about 8% of the world’s oil reserves, is seeking to diversify its economy by developing lavish real estate projects such as the ‘Palm’ islands being developed offshore and the vast theme park-based Dubailand.
By:Arabianbusiness.com
“Dubai has witnessed tremendous growth in the real estate sector over the last year, with an increase in the number of overseas homebuyers and investors,” said Colliers' Middle East CEO, John Davis, at the launch of a new house price index in Dubai on Tuesday.
According to the index, prices rose by 42% between Q4 2007 and Q1 2008 alone. The largest increase was recorded among villas, where prices rose 85% between Q1 2007 and Q1 2008.
Dubai, has benefited from a six-year real estate boom triggered by the introduction of foreign ownership rights in the emirate while an influx of expatriates has driven prices higher as developers have struggled to keep pace with demand for apartments and villas.
The UAE, home to about 8% of the world’s oil reserves, is seeking to diversify its economy by developing lavish real estate projects such as the ‘Palm’ islands being developed offshore and the vast theme park-based Dubailand.
By:Arabianbusiness.com
Saturday, June 14, 2008
Dubai property auction fetches Dhs250m
Auction house Mazad, part of the Dubai Properties Group, fetched nearly Dhs250m ($68m)within two hours at its June 8th auction in Dubai. The exclusing auction of residential and commercial units and plots of land from developments from within Dubai Properties' portfolio took place at the Burj Al Arab Hotel. It was attended by over 250 of Dubai's elite investors from the UAE, the region, and overseas.
By: ameinfo
By: ameinfo
Tuesday, June 10, 2008
Extended wait for Burj Dubai
Burj Dubai will not be ready until at least September next year – a delay of nine months.Construction work Burj Dubai began in 2004 and was to be completed in December this year. However, that date has been pushed back to maintain the highest quality and to upgrade the interior design that was originally created in 2004, said Mohamed Ali Alabbar, Chairman of Emaar.
"We are expecting it to be ready by August or September next year. What matters for us is the quality and not the date," he said.
Most recently, work on Burj Dubai was halted for 18 days last month due to high winds, according to senior officials on the site. And last year, a two-week strike by 40,000 labourers of Arabtec, one of the construction companies working on the project, also delayed work.
In a statement yesterday, Emaar said the project will be completed by September 2009. "The luxury finishes that were decided on in 2004 is now being replaced by upgraded finishes.
"World-class designers were brought in from California and SOM to revise the interior design, and accordingly all apartments are being upgraded following a redesign process that took two to three months.
Speaking to Emirates Business, Fred Durie, executive director – development, Emaar, said construction of all livable floors of Burj Dubai is complete. "Work is progressing on two communication floors. The final height of the tower will, however, be revealed only by the chairman," said Durie.
The Burj Dubai currently stands at more than 630 metres and, according to Durie, it will be substantially higher.
Source: Buiness24-7
Monday, June 9, 2008
Arabtec secures Dh3bn deal
Arabtec Construction has been awarded a Dh3bn ($816m) deal to build 1,500 homes at Nakheel's Al Furjan development in Dubai. The deal is the company's largest UAE contract so far this year. Construction on the villas and terraced homes will begin in August, with the first completions expected in late 2010.
Source: ameinfo
Source: ameinfo
Dubai Public Prosecution and Emcredit to tackle cheque default occurrences
Emcredit, the UAE’s first private credit information services company, announced today that it has signed an agreement with Dubai Public Prosecution, to share litigation data of judged cases on cheque default cases of individuals and companies. This data will be used to enable lenders and other businesses to better assess the risks associated with borrowers and partners.
Under the terms of the agreement, Dubai Public Prosecution will provide access to litigation data and data on historical cheque honouring behaviour of individuals and companies to Emcredit. This information will in turn be used by Emcredit to complement its emBounce solution that provides clear, comprehensive and up-to-date records on defaulted cheques.
EmBounce is a tool to enhance the risk assessment process of lenders and companies accepting cheques, while in turn setting the building blocks of credit reputation for cheque issuers. Through emBounce, real time data is provided to Emcredit’s customers in real estate, financial and insurance sector.
Under the terms of the agreement, Dubai Public Prosecution will provide access to litigation data and data on historical cheque honouring behaviour of individuals and companies to Emcredit. This information will in turn be used by Emcredit to complement its emBounce solution that provides clear, comprehensive and up-to-date records on defaulted cheques.
EmBounce is a tool to enhance the risk assessment process of lenders and companies accepting cheques, while in turn setting the building blocks of credit reputation for cheque issuers. Through emBounce, real time data is provided to Emcredit’s customers in real estate, financial and insurance sector.
The agreement was signed by H.E. Yousef Hassan Al-Mutawa', Senior Advocate General of Dubai Public Prosecution, and Ali Ibrahim, Vice Chairman of Emcredit.
H.E. Yousef Hassan Al-Mutawa' said: “As the economy experiences unprecedented growth and businesses continue to flourish, tools are needed to ensure a stable financial sector and keep financial crime in check. Our partnership with Emcredit will enable businesses to identify cases of high financial risk, and act as self-discipline mechanism to reduce incidences of bounced cheques in the long term.”
Dubai Public Prosecution data on defaulted cheque lawsuits will be provided to Emcredit’s state-of-the-art data hosting systems under advanced security and data protection procedures. Data will be updated on a daily basis.
Al-Mutawa' added: “This agreement comes in line with the strategic plan followed by Dubai Public Prosecution to expand our institutional and community partnerships, which will guarantee high quality services to Emcredit customers. I would also like to stress the importance of strong institutional relations between corporations to achieve a high level of services in the UAE governmental departments and public institutions. This will help in effectively serving justice, and increasing the efficiency and performance of judicial work in the Dubai Public Prosecution.”
“This landmark agreement reflects the growing public-private partnership in the UAE’s dynamic economy,” said Ali Ibrahim. “Based on the data from Dubai Public Prosecution, Emcredit’s emBounce solution provides an up-to-date record on incidences of defaulted cheques. The valuable data shared by Dubai Public Prosecution will further complement Emcredit’s emBounce services by providing litigation details and accurately highlighting the associated financial risk. Such comprehensive credit information will empower daily business decisions.”
Emcredit has also signed agreements with several other government departments to enrich its database. These include Dubai e-Government, Dubai Police and an exclusive agreement with Dubai Land Department’s Real Estate Regulatory Authority. Emcredit recently signed agreements with Amlak Finance, Better Homes and Dubai Bank. The company’s fast-expanding partner network demonstrates the growing importance of understanding the financial behaviour of borrowers.
Emcredit’s services are provided to institutions across the UAE. The company is based in the Dubai International Financial Centre (DIFC) and operates in line with the DIFC’s Data Protection Law, ensuring the confidentiality and security of collection and usage of its credit information database.
Source: Al bawaba
Saturday, June 7, 2008
Dubai property buyers have right to visa
Dubai: Freehold property buyers are fully entitled to residence visas, a senior government official has confirmed, quashing widespread confusion among homebuyers in the UAE.
Officials at Dubai's Naturalisation and Residency Department (DNRD) have confirmed that anyone who buys a freehold property in the emirate is entitled to residence in Dubai through the master-developer.
Omar Mattar Bin Mizaina, head of employment permits section at DNRD, said,"Anyone who buys a property can get a residence visa in Dubai.” There has been widespread concern and confusion in recent weeks among property buyers about this issue, with some believing that master developers had broken the contract as visas had not been issued.
Bin Mizaina said property owners can choose whether they want to be sponsored by their master developer or their employer."You must be a property owner, but it depends on the Ministry of Labour, as some cases are given special approval. But, yes, you can choose,” he said.
This is good news for Dubai property owners, as it is seemingly a way of getting around the dreaded ban. Now, if you own a property, even if you resign or are sacked from your job, you will still have your residency visa and won't have to leave the UAE.
However, Mohammad Bin Braik, chief operating officer of Dubai Properties Group, told Gulf News last week:"Resident visas for freehold buyers are subject to conditions which include that you cannot seek employment or run a business and one would assume the buyer has sufficient funds to support himself.”
Residence visas are given for one, two, or three years and are then renewed by the DNRD through the original sponsor."As long as you own a property, you will have a residency visa,” Bin Mizaina said.
Delayed by developers
With the DNRD now clarifying the issue, it seems the delay in providing the promised residency visas lies with the master developers. Both Nakheel and Emaar have issued statements saying that they do sponsor freehold buyers for residency visas in line with the rules and procedures of the DNRD.
Despite the DNRD's clear-cut process, many people in Dubai who have bought freehold properties have still not received their residency visas.
Bin Mizaina said that the master developer can apply for residency visas as soon as a property is bought and a contract is signed with buyer.
The law itself clearly states:"If the homeowner has no alternative means of sponsorship for a residence visa, the first owner may be sponsored by your master-developer for residency in Dubai, UAE, subject to the applicable immigration laws of the country.”
Legal issues
Bypassing Labour Law
An official at the Ministry of Labour said that no resident can jump an employment ban in the UAE."A person with an employment ban can enter the UAE on a visit visa but this does not entitle him to work in the country. However, people staying in the country on a property linked residency visa and without an employment ban can work but after they obtain a work permit,” the official said.
Lawyer's view
- According to advocate Mohammad Ebrahim Al Shaiba,
a resident may not work on a property residence visa unless an official work permit is obtained. The employee must cancel the property visa and change to his company's sponsorship, but he may return to his property&rsquos visa after he leaves his work.
-The work ban is not related to residence visa. Holders of property visas or the wives on husbands' sponsorship can still stay in the UAE, while others may enter the country on a visit visa during the work ban. A property residence visa does not guarantee jobs. -
Gulf News
By Suzanne Fenton, Staff Reporter
Published: June 06, 2008, 16:37
Officials at Dubai's Naturalisation and Residency Department (DNRD) have confirmed that anyone who buys a freehold property in the emirate is entitled to residence in Dubai through the master-developer.
Omar Mattar Bin Mizaina, head of employment permits section at DNRD, said,"Anyone who buys a property can get a residence visa in Dubai.” There has been widespread concern and confusion in recent weeks among property buyers about this issue, with some believing that master developers had broken the contract as visas had not been issued.
Bin Mizaina said property owners can choose whether they want to be sponsored by their master developer or their employer."You must be a property owner, but it depends on the Ministry of Labour, as some cases are given special approval. But, yes, you can choose,” he said.
This is good news for Dubai property owners, as it is seemingly a way of getting around the dreaded ban. Now, if you own a property, even if you resign or are sacked from your job, you will still have your residency visa and won't have to leave the UAE.
However, Mohammad Bin Braik, chief operating officer of Dubai Properties Group, told Gulf News last week:"Resident visas for freehold buyers are subject to conditions which include that you cannot seek employment or run a business and one would assume the buyer has sufficient funds to support himself.”
Residence visas are given for one, two, or three years and are then renewed by the DNRD through the original sponsor."As long as you own a property, you will have a residency visa,” Bin Mizaina said.
Delayed by developers
With the DNRD now clarifying the issue, it seems the delay in providing the promised residency visas lies with the master developers. Both Nakheel and Emaar have issued statements saying that they do sponsor freehold buyers for residency visas in line with the rules and procedures of the DNRD.
Despite the DNRD's clear-cut process, many people in Dubai who have bought freehold properties have still not received their residency visas.
Bin Mizaina said that the master developer can apply for residency visas as soon as a property is bought and a contract is signed with buyer.
The law itself clearly states:"If the homeowner has no alternative means of sponsorship for a residence visa, the first owner may be sponsored by your master-developer for residency in Dubai, UAE, subject to the applicable immigration laws of the country.”
Legal issues
Bypassing Labour Law
An official at the Ministry of Labour said that no resident can jump an employment ban in the UAE."A person with an employment ban can enter the UAE on a visit visa but this does not entitle him to work in the country. However, people staying in the country on a property linked residency visa and without an employment ban can work but after they obtain a work permit,” the official said.
Lawyer's view
- According to advocate Mohammad Ebrahim Al Shaiba,
a resident may not work on a property residence visa unless an official work permit is obtained. The employee must cancel the property visa and change to his company's sponsorship, but he may return to his property&rsquos visa after he leaves his work.
-The work ban is not related to residence visa. Holders of property visas or the wives on husbands' sponsorship can still stay in the UAE, while others may enter the country on a visit visa during the work ban. A property residence visa does not guarantee jobs. -
Gulf News
By Suzanne Fenton, Staff Reporter
Published: June 06, 2008, 16:37
Thursday, June 5, 2008
Actor Brad Pitt to help design hotel in Dubai
While browsing the net, I happened to see the hollywood actor's name Brad Pitt at the bottom of the result for Dubai real estate phrase.
DUBAI (Reuters Life!) - Actor Brad Pitt will be part of a team of consultants appointed to design a new five-star hotel and leisure development in Dubai, developer Zabeel Properties said on Monday.
Pitt is the latest Western celebrity whose name will feature in Dubai's booming luxury property sector, after another developer launched projects carrying the names of sports icons Boris Becker, Michael Schumacher and Niki Lauda.
Pitt will be part of a team of consultants from Los Angeles-based architecture firm GRAFT which will be tasked with designing the 800-room hotel, Zabeel Properties said in a statement, without giving the project's costs or construction dates.
In December, Pitt said he wanted to build 150 environmentally friendly homes for families displaced by Hurricane Katrina in New Orleans in 2005.
The hotel will add to Zabeel Properties property portfolio which includes residential, commercial and hospitality developments worth around $5 billion, the company said.
Dubai, a city of sky scrapers and mega-developments such as man-made islands, is the Gulf's tourism and trading hub. Its real estate sector has boomed since the United Arab Emirates member allowed foreigners to invest in property in 2002.
Source:Thomson Reuters
DUBAI (Reuters Life!) - Actor Brad Pitt will be part of a team of consultants appointed to design a new five-star hotel and leisure development in Dubai, developer Zabeel Properties said on Monday.
Pitt is the latest Western celebrity whose name will feature in Dubai's booming luxury property sector, after another developer launched projects carrying the names of sports icons Boris Becker, Michael Schumacher and Niki Lauda.
Pitt will be part of a team of consultants from Los Angeles-based architecture firm GRAFT which will be tasked with designing the 800-room hotel, Zabeel Properties said in a statement, without giving the project's costs or construction dates.
In December, Pitt said he wanted to build 150 environmentally friendly homes for families displaced by Hurricane Katrina in New Orleans in 2005.
The hotel will add to Zabeel Properties property portfolio which includes residential, commercial and hospitality developments worth around $5 billion, the company said.
Dubai, a city of sky scrapers and mega-developments such as man-made islands, is the Gulf's tourism and trading hub. Its real estate sector has boomed since the United Arab Emirates member allowed foreigners to invest in property in 2002.
Source:Thomson Reuters
Sunday, June 1, 2008
Abyaar announces intention to list on Dubai Financial Market
Boutique Middle East property developer, Abyaar Real Estate Development Company (“Abyaar” or the “Company”), today confirmed that it intends to pursue a capital increase and secondary listing on the Dubai Financial Market (“DFM”).
The Company, which has appointed NBD Investment Bank, an Emirates NBD company, as its Financial Adviser and Lead Placement Agent, has submitted an application to the Emirates Securities and Commodities Authority (“SCA”) and to the DFM for approval to list its shares on the DFM. Abyaar shares are already listed on the Kuwait Stock Exchange.
Commenting on the announcement, Marzooq Rashed Al-Rashdan, Vice Chairman and MD, Abyaar said: “Demand for the company’s luxury developments in the UAE, which is testament to the high end nature of our design and finishing, continues to grow.
“A capital increase will support us in our ambitious growth plans, which involve further funding of our land bank and diversification into new markets in the Gulf. A listing on the DFM provides an opportunity for UAE based investors to have direct access to this strong and growing market.
“Bearing in mind that the majority of our projects are UAE-based - secondary listing and share sale will no doubt enhance the stocks tradability.”
The capital raising is expected to be launched within the first half of 2008, with the listing on DFM expected within weeks of the launch, subject to ESCA and DFM approval. Abyaar have called for an extraordinary general meeting (EGM) where the 10% capital increase and a possible upcoming Sukuk issuing will be discussed.
The Company, which has appointed NBD Investment Bank, an Emirates NBD company, as its Financial Adviser and Lead Placement Agent, has submitted an application to the Emirates Securities and Commodities Authority (“SCA”) and to the DFM for approval to list its shares on the DFM. Abyaar shares are already listed on the Kuwait Stock Exchange.
Commenting on the announcement, Marzooq Rashed Al-Rashdan, Vice Chairman and MD, Abyaar said: “Demand for the company’s luxury developments in the UAE, which is testament to the high end nature of our design and finishing, continues to grow.
“A capital increase will support us in our ambitious growth plans, which involve further funding of our land bank and diversification into new markets in the Gulf. A listing on the DFM provides an opportunity for UAE based investors to have direct access to this strong and growing market.
“Bearing in mind that the majority of our projects are UAE-based - secondary listing and share sale will no doubt enhance the stocks tradability.”
The capital raising is expected to be launched within the first half of 2008, with the listing on DFM expected within weeks of the launch, subject to ESCA and DFM approval. Abyaar have called for an extraordinary general meeting (EGM) where the 10% capital increase and a possible upcoming Sukuk issuing will be discussed.
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