DPS PAST EVENTS

Mr. Wahid Attallah, Executive Director, Commercial & Operations.

Nakheel discussed a range of issues to do with their past and future projects as well as current market developments. Nakheel continues to create iconic projects in Dubai's vibrant market; it is making a positive difference to the lifestyles of the people by offering developments of the highest standards.

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Mr. Huraiz Almur Bin Huraiz, Manager of Press Relations & Communications, DCA

Dubai Civil Aviation spoken about Dubai International Airport's unprecedented growth in passenger, cargo and air traffic with the projected figures for passengers up to year 2020, a two-pronged approach was laid out expanding Dubai's current airport infrastructure and building a whole new airport at Jebel Ali. A new light-rail system, costing US$4.5 billion, is being planned to ease access to the airports, and at the current site, new facilities, namely Terminal 3, Concourse 2 and Concourse 3 and Cargo Mega Terminal costing US$4.1 billion are currently under construction. There will also be an expansion for Terminal 2, and by the 2007 Dubai International Airport will have a handling capacity of 70 million passengers.

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Mr. Naaman Attallah, Director of Sales, Emaar Projects PJSC

Presented by Mr. Naaman Attallah, Director of Sales, attracting a full house of 96 attendees. The presentation covered all projects: past, present and future. More record-breaking projects and phenomenal concepts from yet another leader in the Project Development industry

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Dr. Abdelqader Elshabani, Dubai Municipality's Transportation Planning Specialist

Speaking to delegates at the event, Elshabani said: "Dubai's quality of life for subsequent generations depends on decisions being made now. The provision of a fast, efficient, non-polluting, integrated rapid transit network throughout the City will provide a cleaner environment and greater mobility. Dubai Metro will support Dubai's growth and on-going success."

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Abdullah Abdul Rahim - Dubai Municipality

Mr. Rahim speaking to delegates at the event said: "Observing Dubai's ultra modern skyline today and the plans for development, it is difficult to imagine that just 20 years ago there was a vast desert instead of today's modern city. Residential land use occupies the largest percentage of land in Dubai with 30.0 per cent, roads are 19.3 per cent, industrial occupy 14.2 per cent, government, institutions, sports/recreation institutions occupy about 12.8 per cent."

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Essam Al Tamimi - Al Tamimi & Company, Advocates & Legal Consultants

Essam Al-Tamimi, managing partner of Al-Tamimi & Company legal advocates, said that closing the circle with the introduction of a comprehensive property law would boost the existing trust in Dubai's real estate market and invigorate potential buyers and sellers worldwide.

"Introducing a comprehensive property law in Dubai will increase foreign investment and provide banks with added security to enable them to issue more loans - with better terms for buyers and the general public," stated Al-Tamimi. "The legislation will close the circle and positively affect buyers, developers, and banks."

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Elaine Jones - CEO Asteco

The overheating rents market in Dubai is set to cool down as supply for both residential and commercial real estate begins to meet rocketing demand, and prices should return to acceptable levels over the medium term. This is according to Elaine Jones, CEO of Asteco, the UAE's largest property management company, who presented her thoughts on the rents market in Dubai and the UAE at the monthly Dubai Property Group networking event.

Jones also discussed trends in the real estate market, the changing nature of 'freehold' and her predictions for the future of Dubai's property landscape.

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Arif Obaid Al-Muhairi - Director of statistic center

Dubai Property Group (DPG) announced that it has entered into a strategic alliance with the Statistics Center, a department of the Dubai Municipality, where both organizations will work together to produce more accurate official real estate statistics. DPG, being the largest real estate association in Dubai, will act as the knowledge hub where the ideas and requirements emanating from its members will be channeled and matched with the statistical database at the Statistics Center.

The announcement was made at DPG's monthly networking event which hosted Arif Obaid Al-Muhairi Director of Statistics Center, who presented the latest real estate statistical trends for the past period. The session was also utilized by the Statistics Center to gain feedback from the real estate community in terms of the statistics required to support decision makers and investors evaluate the market.

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Fadi Ghosaini - Head of Business Development DIFX

Dubai Property Group (DPG), the association of real estate professionals, today hosted the Dubai International Financial Exchange (DIFX) at its monthly Networking event, where over 100 Group members were in attendance.

Fadi Ghosaini, Head of Business Development at the DIFX, discussed his organization's current and future plans, with a focus on how the real estate sector may benefit from having an international capital market in Dubai.

"Dubai's real estate boom has attracted local, regional and international investors into the burgeoning property market," said Ghosaini. "The DIFX will provide a perfect platform for developers and real estate investors to raise capital by utilizing a multitude of fund raising tools currently available. Such tools, which include debt and equity products, can help real estate companies expand their operations or finance projects in a more effective manner."

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Khaled Lootah, Executive Vice President, Project and Engineering Division and Yousef Jebril, Vice President - Corporate Strategy and Planning at DEWA discussed the opportunities and challenges with regard to the burgeoning real estate sector, especially with the difficulties faced in keeping up with estimating and keeping up with demand.

"We estimate a substantial growth in peak water demand which will reach 341 million imperial gallons per day (MIGD) by the year 2011," said Khaled Lootah. "Our objectives for power and water supply over the next few years are to utilize technology to increase capacity, utilize desalination and effectively increase our transmission and distribution facilities to meet demand, while at the same time maintaining world class safety levels and cost effectiveness."

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Michael Proffitt, CEO of DLC presented the project's medium to long terms business plans, the rational behind setting up such a massive venture, and the current status of the development. He also walked the delegates through the main projects within the City, emphasizing on real estate components in terms of investment opportunities for the designated residential and commercial areas.

"The entire project will house 750,000 people when completed in all its phases. This immense population presents an opportunity for real estate developers and investors to create residential and commercial projects within the designated areas in the City with prospects for freehold and long term leasing contracts," said Proffitt. "By presenting to Dubai's leading property developers and investors, our intention is to create awareness and heighten the momentum at an early stage, and create a direct dialogue to benefit the Emirate of Dubai in its growth strategy."

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Essam Al-Tamimi, senior partner of Al-Tamimi & Company Advocates and Legal Consultants, concluded that the new law is an encouraging first step towards a strong, transparent legal structure for the real estate industry.

"The new Law, which comes into force on the date of its publication in the Official Gazette, has set out the basic legal foundations to match the progressive and increasingly dynamic property market in Dubai. For foreign property investors, we now just await the Ruler's approval of designated areas in Dubai where they are entitled to own property and then they can seek registration of their property titles at the Dubai Land Department. This is expected soon," commented Al-Tamimi. "As for GCC nationals, the new Law grants them the right to own property in any area of Dubai, giving them equal status to UAE nationals."

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At a closed forum entitled: 'Future Opportunities & Challenges' organized and hosted by Dubai Property Group (DPG), the association of real estate professionals in Dubai, over 70 leading real estate experts debated the challenges and opportunities that face Dubai's current real estate environment. The main topic of discussion was the Emirate's new property law, which is expected to be enforced by the end of this year, and its effects on international investment and property pricing

"Such a gathering of real estate experts will help in building a better understanding of the current situation and provide insight into the future prospects and challenges related to the property market," said Adel Lootah, Executive Director of DPG. "It is essential for the health and progress of the market that executives in the field exchange information to come out with a realistic market view. For this purpose we are planning to organise such a forum every two months."

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The meeting, entitled 'The Existing Conditions and Future Challenges of Dubai's Real Estate Sector' was aimed at "providing a platform to help increase understanding of the market," noted Adel Lootah, DPG's Executive Director who moderated the dialogue.

"Some 14,700 units were planned to be delivered in 2006 and another 30,000 units expected for 2007. This rapid growth requires legislation to help stabilize the market and elevate the trust of all parties involved," noted Adel Al-Shirawi, CEO of Tamweel. "A total amount of AED1.7 trillion was injected into the UAE's freehold market without much regulation or risk mitigation procedures. Legislation, regulations and scientific data that provide investors more insight into market developments are required to bolster the sector's strength."

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'To Cap or not to Cap?' a question that has devoured endless hours of debate and discussion in Dubai over the past two years when in 2006 the Government of Dubai issued the first Rent Cap Law capping any rent increases to 15 percent. This was recently followed by Dubai's second Rent Cap Law for 2007 which introduced a cap of 7 percent on rents.

This debate was discussed further today at the Dubai Property Group's (DPG) monthly networking event which hosted Lisa Dale, Head of the Property Department at Al-Tamimi & Company, who discussed the new provisions of the Rent Cap Law 2007 and its effects on both landlords and tenants, and the health of Dubai's economy as a whole. She also discussed how the law affects different rent and lease agreements which were agreed before the issuing of the law.

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The effects of the tourism sector on regional economies have proven to be paramount and have positively driven employment and income levels in the region. Globally, the tourism industry has had an increasing contribution to overall gross domestic product figures and this contribution is set to increase, especially in emerging markets, in the future. In 2005, travel and tourism spending exceeded US$5.9 trillion rising to US$6.5 trillion in 2006.

These issues were discussed today at the Dubai Property Group's (DPG) monthly meeting which this time hosted Ahmed Ramadan, Managing Director of Royal International, a leading hospitality consulting company based in Dubai. Ramadan presented to over 120 real estate professionals international and regional statistics on travel and tourism, focusing on the UAE's major projects and their economic consequences.

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Forty DPG members attended the three hour tour that was led by Richard Polkinghorne, General Manager - Development at Al-Futtaim Group Real Estate. The delegation began the tour at the Dubai Festival City Marketing Barge where Richard Polkinghorne provided an update of the rapid progress at Dubai Festival City. This was followed by a tour of the City and a visit to the recently opened Festival Waterfront Centre.

"We were delighted to host members of the Dubai Property Group at Dubai Festival City, as part of our continued support of the Group," said Brett Schafer, Managing Director, Development at Al-Futtaim Group Real Estate. "We gave them a full update of our achievements and projects, and they shared with us their experiences and thoughts. We both agreed that Dubai Festival City presents a benchmark in Dubai's real estate sector. The development's unique waterfront destination and, in particular, its retail components will create a point of differentiation amongst all the other real estate developments in the region."

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Dubai Chamber of Commerce & Industry (Dubai Chamber) is to merge its real estate interests - the Real Estate & Property Business Group - with Dubai Property Group (DPG) to further promote the needs of Dubai's booming real estate community.

The combined group will operate under DPG's name and work together to represent, protect and promote the interests of Dubai's real estate community

The merger, which will be completed by the end of the year, comes as Dubai's real estate sector continues its impressive growth. The parties have decided to come together to provide their members with a more recognised legal structure. The merger will also create a direct channel between DPG's on-going debates, information gathering and recommendation activities and Dubai Chamber's status as a legal institution with the capacity to execute such recommendations

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Marwan Bin-Ghalita, Chief Executive Officer (CEO) of RERA presented the Agency's mandate to over 250 DPG members and other high ranking real estate professionals, outlining RERA's areas of operation and future plans.

"RERA was established and launched as a part of Dubai's 2015 vision for economic development and falls in line with the current developments within the real estate sector," said Bin-Ghalita. "As a government entity under the Land Department, RERA's main objective is to establish the foundation for a globally attractive real estate sector that satisfies and guarantees all stakeholders' rights and expectations."

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Mr. Simon Townsend, Director of CB Richard Ellis, outlined to DPG members and other high ranking real estate professionals, the direct relationship between increased commercial space and the investments market.

"It's our pleasure to have a representative of such a well-known consultancy firm, speaking at our monthly event," said Adel Lootah, the Executive Director of Dubai Property Group. "Many global corporate firms are shifting their regional and sometimes global headquarters to Dubai. At this event, we tried to highlight the main challenges that are facing the developers and investors operating in the commercial property market."

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Dubai Roads and Transport Authority (RTA) is allocating AED44 billion (US$ 12 billion) of its budget to improve the Dubai's road, traffic and transport services, said AbdelMalek Ibrahim Abu Sheikh Head of Transportation Studies and Planning Section at RTA. These funds according to Mr. Abu Sheikh will be used to build 500 kilometers of new roads, 95 interchanges and 100 direct links between the areas and nine new ring roads. The investment will meet the needs of a projected growth in population to 5.3 million by 2020 from 1.3 million in 2005.

Mr. Abu Sheikh's comments came during Dubai Property Group (DPG)'s monthly networking event which was held at Park Hyatt Hotel in Dubai. The event was attended by Mr. Bader Mattar Al Siri, Head of Traffic Engineering in RTA and Mr. Nasser Abu Shehab Director of Strategic Planning in RTA, in addition to over 200 DPG members and other high ranking real estate professionals

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The team of RERA presented the Agency's plans and projects to over 250 DPG members and other high ranking real estate professionals, urging all developers, brokers or real estate firms to register themselves with RERA immediately. The team included: Khawla Al-Tamimi, real estate researcher at RERA, Hamda Al-Shamsi, real estate studies specialist at RERA, Sheikh Jumah Al-Maktoum, RERA's trust account manager, Judy Hely, project manager for real estate brokers at RERA

Sheikh Jumah Al-Maktoum, RERA's trust account manager, announced that to date, more than 420 real estate developers and 23 banks have registered with RERA. He pointed out that under the new law which came into effect on 28 June 2007, off-plan buyers should make their payments into special escrow accounts managed by banks, auditors and the Dubai Lands Department, instead of directly to the property developers.

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DUBAILAND^TM, which was officially launched in October 23 2003, is now the world's most ambitious Leisure, Tourism and Entertainment destination. To highlight DUBAILAND^TM plans in line with the Dubai Strategic Plan in 2015, Dubai Property Group (DPG) is organizing a special session to explore the role of DUBAILAND^TM in promoting Dubai as an international tourism destination.

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DPG will hold a special session on procedures and regulations of registering and transferring free hold properties in Dubai Lands Department.

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Presentation by RERA
Land Presale - A Presentation

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DPG held a special session to provide an update on Emaar's ongoing projects and plans locally, regionally and internationally.



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On the occasion of the Holy Month of Ramadan, Dubai Property Society (DPS) hosted a Suhoor event at Dubai's Park Hyatt Hotel for its members and media representatives. The event was attended by HE Eng Hamad Buamim, Director General, Dubai Chamber of Commerce & Industry, who talked about the importance of business transparency in Dubai's real estate sectors for investors, tenants and other stakeholders as the industry becomes more and more global.

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Dubai Property Society organized a special session to explore the legal aspects of the new law and its effects on the end-user.The session was hosted by Ms.Lynette Brown, Partner-Banking at Al Tamimi & Company, and Mr. Tariq Ajaz, Amlak Senior Vice President – Corporate Services.

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Presentation by Mr. Tariq Ajaz, Amlak Senior Vice President – Corporate Services
A Presentation by Ms.Lynette Brown, Partner-Banking at Al Tamimi & Company

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Dubai Property Society organized a special session to reflect on the ongoing market change with the special focus on the financial sector and its impact on the real estate market locally and regionally.The event was hosted by Mr. Ali Samir Al Shihabi, Founder and Chief Executive Officer of Rasmala Investments.

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The current financial crisis that swept across the world markets, has cast a shadow over the real estate market raising the concerns over property market sustainability and long-term growth.

To analyze the challenges facing the real estate in the amidst of the global turmoil, Dubai Property Society (DPS) is hosting a special open session . The session will host the real estate sector's key players, who will offer a timely perspective on the current status and future of the real estate market in the region.

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Dubai Property Society (DPS) organized a special networking and awareness session, which included a panel discussion on the freehold property legislation in Dubai. The event was hosted by Duane Keighran, Deputy Head Real Estate, Simmons and Simmons, Gary Bugden, Executive Chairman, PRDnationwide Middle East Real Estate LLC, Jimmy Haoula, Partner, Bin Shabib and Associates and Michael Lunjevich, Partner, Hadef and Partners.to explore the legal aspects of the new law and its effects on the end-user.

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Dubai Property Society (DPS) organized a special networking and awareness session that included a panel discussion to explore the current landscape of consumer finance in Dubai, in relation to the real estate. The panel also addressed the challenges the consumer finance sector is facing, from the perspective of consumers, finance providers, and developers. It also provided recommendations for the future and the way forward to improve this sector..