GFDL/Tobias Walter
While carrying out business in any foreign workplace, it is necessary that certain norms relating to etiquettes followed by that country should be embedded within us. Known officially as ‘Business etiquettes’ these norms follow different rules in each country. (more…)
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Dubai
Cuddled up in between the relaxed waters of the Southern gulf and the encompassing golden desert, Dubai is all set with superb climate, luxurious hotels, sky kissing towers, endless shopping, excellent entertainment and fast growing commercial opportunities. Be it foreign language hurdles, cultural divergence, communication troubles or airline pesters, a business trip to Dubai encounters nothing of the stressful happening for you. (more…)
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Washed Out Desert, Dubai Skyline
Land transactions in Dubai has risen sharply during the first quarter of June 2009 reaching a peaked record of DH2.19 billion. Sales record exceeded Dh1.27 billion; according to the Land Department total value of mortgages during that period was Dh19.29 million.
A plot in the Shaikh Zayed Road area was sold for Dh124 million with 81 transactions registered to the Land Department.
Other plot that were sold for high value are: Jebel Ali for Dh34 million and other within the same area for Dh28 million.
21 transactions was registered for the Ranches area and the Emirates Hills had 17 sales.
The Al Aweer Second area 315,217 sqft plot went for Dh11 million as the biggest area sold
Shaikh Zayed Road had the highest turnover by value of Dh124 million, Jebel Ali area at Dh91.21 million and the Emirates Hills at Dh89.32 million.
652 sales transactions of apartments and villas in freehold areas were registered.
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View of Dubai Skyline
On Friday Dubai Media Office issued a statement that four large development groups: Emaar Properties PJSC, Dubai Properties LLC, Sama Dubai LLC and Tatweer LLC have started merger talks aimed at facing up to the current challenges and also to transform Dubai into a Global city. The big four collectively hold one of the largest land banks in Dubai.
Dubai Government investment arm Dubai Holdings controls Sama Dubai and Tatweer; Dubai Government has a share of 32.5 of Emaar properties which is completing Burg Dubai the World’s tallest Tower.
Emaar properties is been advised by Royal Bank of Scotland while Dubai Holdings is been represented by Merrill Lynch International.
In a communiqué released ; discussions are being held with the relevant regulatory authorities , assessment of merits in relation to the proposed merger, valuation of the various entities and structures of the transactions.
Mohammad Al Gergawi, chairman of Dubai Holdings, said “Consolidating these three companies with Emaar is a natural progression in the evolution of the Dubai real estate landscape, providing benefits to all stakeholders. By joining forces, we will give the larger combined entity an unparalleled platform to optimise opportunities in its domestic and international markets. The combined entity has a clear and concise strategy, better positioning Dubai as a world-leading hub in real estate development and management”.
Mohammad Ali Al Abbar, chairman of Emaar, said, “We believe that there could be exceptional synergies between Emaar and Dubai Holdings’ key real estate businesses. These comprehensive discussions are driven by a shared vision regarding the consolidation of our respective visible success stories to date and the creation of a world-class group which would be ideally positioned to dynamically help shape and support the ongoing development of Dubai as a world-leading hub. We look forward to working with Dubai Holdings with a view to completing these discussions soon and ensuring value accretion to our existing shareholders”.
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