Dubai Bank Unveils Package Of Solutions To Help Customers Affected By Property Completion Delays

In line with its commitment to support the needs of customers, Dubai Bank today announced a package of solutions designed to help Ijarah property finance end users affected by delays to the delivery date of their properties. As part of a number of measures that will save customers time and money, the bank has revamped its Property Services Centre to expedite decision making, introduced a “stop date” that will see profit rates waived or refunded for eligible end users, and revised profit rates.

A consequence of the downturn in the real estate sector, the delivery date of some developments has been delayed beyond that stated in the Sale Purchase Agreement. End users affected by delays have been liable to pay profit rates, as set out in the terms of the Ijarah property finance agreement. As a Sharia compliant, ethically focussed institution, Dubai Bank has consulted with Ijarah property finance customers to develop a number of solutions to resolve the issue and ensure end users are treated in a fair and equitable manner.

With endorsement of its Sharia board, Dubai Bank finalised a solution for its Ijarah property finance customers, who have experienced a delay beyond the “expected date of delivery” (completion date plus extension period) of their property, which originally caused an accumulation of a large profit payment to the bank. The implementation of the new solution will result in waiving all profit accumulated due to the developer handing the projects beyond the expected date of delivery (anticipated completion date plus extension period), regardless of how long the period of time between the stop date and handover. This is in contrast to conventional banking principles which would see the end user continue to pay profit rates, regardless of the length of time to the handover date.

Furthermore, all Dubai Bank Ijarah property finance customers who are affected by the same will have their payment schedules redeveloped with new rates, with some eligible customers receiving refunds or adjustments to their existing finance amounts. Customers who took out Ijarah Property finance whose profit rates were calculated using a previous method, will see their profit rate retroactively revised to align with the applicable EIBOR (Emirates Interbank Offered Rate) plus a margin however, subject to the terms specifically stated in the Ijara property finance agreement. Dubai Bank will provide these customers with a rebate, as necessary. For existing clients who have Ijara facilities where the Ijarah rate is based upon the Dubai Bank Base Rate (DBBR), the applicable rate will also be reduced by 1%. This reduction will affect future profit rates and will not be applied retroactively.

Mr. Giel-Jan Van Der Tol, CEO of Dubai Bank, said: “We have made it a priority to identify solutions to help end users affected by delays to the delivery of their properties. Being a Sharia Compliant Bank, which runs under ethical principles inherited from Sharia rules the solutions we have developed are entirely in line with commitment to share the risk with our customers. We thank all our customers for their feedback and look forward to continuing to meet their property finance needs.”

Mr Hisham Hamoud, Head of Retail and Chief Operating Officer of Dubai Bank stated that:”The process of dealing with customer cases is anticipated to take several weeks, with the bank committed to ensuring all necessary adjustments and refunds are completed by May 31, 2011.”

To expedite the process Dubai Bank has revamped its Property Services Centre. Encompassing a cross-functional team, the centre will house all relevant decision makers in one place, including representatives from the legal, Sharia and finance departments. Consequently, decisions on the revision of profit rates, rescheduling or restructuring of finance facilities, and calculation and payment of any rebates owed to the end user will all be made quickly and efficiently from one centralised location and as per Sharia rules and principle.

 

AGMC Celebrates 35 Years Of Excellence And Announces Completion Date Of Multimillion Dirham Investment In Business

AGMC, the importer for BMW, MINI and Rolls-Royce Motor Cars in Dubai, Sharjah and the Northern Emirates, has reaffirmed its commitment to the UAE with a multimillion dirham expansion to its flagship showroom on Dubai’s
Sheikh Zayed Road, extensive training for staff and all new diagnostic equipment.

Representing an additional investment of over 50 million dirhams, the new facilities are a culmination of an impressive first 35 years in business and will mark an exciting new era for the BMW Group brands in the emirates.
Latest results from the importer reveal sustained growth in the first two months of 2011 following a 19% sales growth last year. Compared to January to February period in 2010, AGMC sales increased 34% for BMW, 170% for MINI and 113% for Rolls-Royce Motor Cars.

Located off Dubai’s Sheikh Zayed Road, the original showroom was inaugurated in 1996 by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The redeveloped flagship facility which will officially open at the end of April, covers a total area of 33,000 square meters and features state-of-the-art sales and after-sales facilities, 24 hour Fast Lane Service, a dedicated workshop for BMW 7 Series, X5 and X6 customers and a new car delivery area.

AGMC has also increased its workforce by an additional 150 employees to staff the new facility and workshop. In addition, the importer has invested heavily in training for all sales and after sales teams to ensure the best products and the best service. The new showroom also boasts all new diagnostic equipment and has new systems and processes in place to ensure more efficient customer service turn-around times

Commenting on the company’s substantial investment, Stathis I Stathis, newly appointed Managing Director of Al Batha Automotive Group, AGMC’s parent company said: “With the expansion of our flagship showroom, investment in staff training and the most technologically advanced repair and diagnosis equipment in the automotive industry, we are able to support the company’s sustained growth whilst ensuring outstanding product and customer service to our clientele who expect the very best. Over the years, the model portfolio of the three BMW Group brands has expanded and grown in popularity and we fully expect this growth to continue throughout 2011.”

Stathis I Stathis will now hand over day to day operations to Kevin Hughes, AGMC’s new General Manager. The Scottish national will utilize his vast experience to drive AGMC’s expansion as the company looks to build on their success to date.

AGMC also unveiled the all new BMW 6 Series Convertible earlier this week. The second BMW model to be launched this year, the third generation 6 Series is a very different car from its predecessor in terms of design, comfort and engineering. With its new sporting and elegant design, excellent comfort and the highest standard in efficiency in its class, the new 6 Series is expected to set trends in the premium car segment and will add to the model’s already impressive thirty five year success story.
 

Parallel Roads Project At Business Bay Set For Completion In Mid 2011  RTA

Roads & Transport Authority – Mohammed Al Munji: H.E. Mattar Al Tayer, Chairman of the Board & Executive Director of the Roads & Transport Authority (RTA), confirmed that work is progressing in the Parallel Roads Project at the Business Bay area and the project is set for completion according to the approved schedule in two phases; the first to be completed in the first half of 2011 and the second phase to be completed by the end of 2011.

Al Tayer made this statement during a site tour of the project which is considered a key part of the Parallel Roads (to Sheikh Zayed Road) Project which comprises the construction of two new parallel corridors in the area between Sheikh Zayed Road and Al Khail Road; namely the Eastern Parallel Road and the Western Parallel Road. These two roads branch out of Sheikh Rashid Road in the north and extend southward to terminate at the outskirts of Abu Dhabi Emirate. These road sectors which extend 108 km, comprise bridges and intersections at the junctions with perpendicular roads with a total length of 42 km.

Due to the massive nature and expanse work scope of the vital Parallel Roads Project, construction works have been divided into ten phases; some of them have been completed, and others underway while four phases are still under the initial design, final design or tendering process.

During the tour Al Tayer was accompanied by the CEO of Public Transport Agency Essa Abdul Rahman Al Dosari, Director of Roads Nabeel Mohammed Salih and several directors and engineers at RTA Traffic & Roads Agency.

At the start of the tour, Al Tayer was briefed on the work progress in this phase of the project which costs about 84 million dirham and aims to complement the internal roads at the Business Bay district in an area located between Sheikh Zayed Road in the north, Meydan Road in the west, Financial Center Road in the east and Al Khail Road in the south. The project comprises the construction of roads extending 6 km to link the parallel roads with the internal roads of the Business Bay to ease the traffic flow in the area in addition to the construction of road linking up with Al Khail Road. The Project also comprises the construction of a 200-meter long bridge, 12 light signals and storm water drainage network.

The Chairman of the Board and Executive Director of the RTA inspected the work progress in Phase II of the Project; which costs about 214 million dirham and comprises the construction of roads extending 16 km, a 600-meter long bridge, 7 light signals and storm water drainage network.

"The Parallel Roads Project is one of the mega projects undertaken by the RTA and its first phase comprises the construction of bridges leading to Al Maktoum and Al Garhoud Bridges involving the construction of two main bridges through using precast concrete slabs in a sector extending 4236 meters in length and 15 meters in length with two lanes in each direction. The Project serves the traffic movement from Sheikh Rashid bin Saeed Road at Lamcy Plaza to 313 Road opposite to the World Trade Center. It also serves the traffic in the opposite direction from 313 Road opposite to the World Trade Center to Al Maktoum and Al Garhoud Bridges as well as Dubai – Al Ain Road. The project comprises improvement of the traffic signals at the World Trade Center, infrastructure works and lighting works.

"The completion rate has almost reached 90% in Phase III (B) extending from a point near Emirates Hills across large urban communities such as the immediate vicinity of Jebel Ali Racecourse, Emirates Hills, Springs, Meadows, Jumeirah Islands and Jumeirah Park. The road which extends about 20 km accounts for 14% of the total length of the Parallel Roads Project, comprising three to four lanes in each direction. The Project, which is being undertaken by Al Naboodah Construction Co, includes the construction of six bridges, and three underpasses at the back of the Eastern & Western Roads, in addition to several construction works covering utility lines, pavements, road signage & marking, lighting, sewage water, rainwater drainage and landscaping.

"The completion rate has reached about 60% in Phase III (A) at Jumeirah Lakes Towers; which links property complexes of Emaar and Nakheel companies in the area to the south of Sheikh Zayed Road between Interchanges 5 and 5.5. The Project, which is constructed by the Italian Todini Co, includes the construction of a 10-km long road of 3 lanes in each direction, 7 separate bridges, and one tunnel. This Phase, which accounts for 7% of the total Parallel Roads Project, also includes construction-related activities such as utility lines, pavements, signage, road marking, lighting traffic diversion, and the protection of the existing utility lines.

"The Contractor of the first contract of the Parallel Roads Project is nearing completion of the contract works which include construction of roads at Al Barsha, Al Qouz Industrial & Residential Areas stretching from Hissa Road in the south up to Meydan Road in the north in a total length of 15 km in the Eastern Parallel Road and 18 km in the Western Parallel Road. The roads comprise three lanes in each direction and several intersecting arterial and express roads such as Umm Suqeim Road, Latifa bint Hamdan Road and others. It also includes 25 signalized junctions in addition to other related road works such as irrigation, sewage, lighting and signage.

"The completion rate has hit 55% in Phase IV of the Project which serves Jebel Ali Free Zone, and Al Maktoum Airport. It comprises the construction of roads extending 22 km with two lanes in each direction of the Eastern and Western Parallel Roads," said Al Tayer in a concluding remark.

Ducab-HV Factory On Track For Planned Completion In Q1 2011

Ducab–HV, a joint venture company between Ducab, DEWA and ADWEA, has announced that the construction of its AED500 million factory is on track for completion in early 2011, which will be the first dedicated high voltage factory in the region. The news came during a celebration marking the completion of the factory’s 148m high tower, a new landmark in Jebel Ali, which is believed to be the highest industrial tower in the GCC. The ceremony was attended by Ducab-HV board members H.E. Saeed Mohammed Al Tayer MD & CEO of DEWA; Saeed Al Darmaki, Deputy Managing Director of TRANSCO and Ahmed Al Shaikh, Chairman of Ducab. Also in attendance were Mr. Tariq Hussain Khansaheb, Director, representing the main civil contractor, Khansaheb and Mr. Jon Vail, CEO Ducab-HV.

The 44 storey tower, housing state of the art extrusion equipment, is the most noticeable feature of the new Ducab-HV factory. It is designed to ensure that the very high voltage products are manufactured to the highest standards necessary to provide faultless service. The tower will also contain a series of Clean Room facilities in the top levels to ensure no contamination of the critical cable insulation.

“We are glad to announce the completion of the 148m vertical extrusion tower at the Ducab-HV factory which demonstrates that the project is on track for completion in early 2011,” said Ahmed Al Shaikh, Chairman of Ducab-HV. “These types of high-voltage cables carry electricity loads great enough to power an entire downtown district, and as such, we will ensure that the quality standards of our products not only meet but surpass the highest international standards in the industry.”

“Within one year of breaking ground, we are celebrating this key construction milestone thanks to the excellent work by Khansaheb, and the great efforts of the whole project team. We are approaching the completion of the civil works and the first machines are already being installed. Commissioning will start in early 2011 followed by rigorous testing and then production of cables for the market later in the year,” said Jon Vail, CEO.

"We have enjoyed working closely and successfully with Ducab-HV team to deliver a quality contract in a very challenging time frame,” says Richard Browne, Operations Manager at Khansaheb. “This unique project is another great example of the commitment of Khansaheb to providing quality construction services to its clients during its 75th year of operation in the UAE."
 

Completion Of One Of The Region’s Largest Office Tower Developments Set For November 29, 2010

Realty Capital Middle East FZ LLC has announced that testing and commissioning of its centrepiece i-Rise Office Tower in September 2010, keeping the landmark development on course for its November 29, 2010 completion date.

i-Rise, a 36 storey office tower, is being developed by Realty Capital in Dubai’s TECOM Site-C, and offers corporate and executive offices in a total built-up-area of more than 1.9 million square feet. Realty Capital further revealed that civil works were completed on July 25, 2010, while connections for various services (DEWA, EMPOWER, etc.) have also been concluded. All DEWA equipments have likewise been delivered to the site.

Work on the external façade will be completed by the first week of September as the disassembly of tower cranes will start by end of August. Internal finishing works, on the other hand, will be done before November 29.

Marwan Mansour, CEO, Realty Capital, said: "As we put into place the final pieces of this landmark development, there has been a growing excitement among investors and property owners who are all eager to move in and take advantage of the world-class amenities and leverage the prestigious reputation of i-Rise as a premier business address. It has been a gratifying and an inspiring experience to work on this iconic project, and we are sure that our investors and tenants will appreciate our efforts to maintain the highest levels of quality in every aspect from start to finish.”

i-Rise has been developed to be a popular Dubai landmark because of its unique curvilinear design. The office tower will feature a specially treated podium façade; modern executive and corporate offices; 19 high-speed elevators, dining establishments; commercial space; a fitness centre; and a multi-storey car park with 2,300 parking bays.
 

Ford Middle East Honours Al Tayer Motors For 100% Completion Of Sales Certification

Ford Middle East recognized Al Tayer Motors, the Ford, Lincoln and Mercury importer in the UAE, and Premier Motors, its subsidiary in Abu Dhabi and Al Ain, for achieving 100 per cent certification across their retail sales operations.

Ashok Khanna, CEO, Al Tayer Motors said: “This achievement is one more step in our commitment to making the buying experience at our showrooms one of the best for our customers. Our aim is to provide them with all the information that can facilitate their purchase decision.”

Hussein Murad, director of Sales at Ford Middle East said, “We congratulate the team of Al Tayer Motors for this achievement. It is because of their constant efforts and passion to learn extensively about our products and services that they have completed their sales certification.”

"We have an excellent lineup of world class award winning products across the Ford, Lincoln and Mercury brands that are setting the industry trend globally. And with the excellent sales support of Ford certified personnel, our customers know that they have the peace of mind," concluded Murad.
 

Dubai Silicon Oasis Announces 100% Completion Of Its Cedre Villas Project

Dubai Silicon Oasis (DSO), the region’s integrated free zone technology park, today announced the delivery of Phase-2 of its 1,047 Cedre Villas project, comprising a variety of exclusive and spacious villas. Phase-2 includes 647 units that are ready to move into with water and electricity connected.

Following the phenomenal success of Phase-1 of the development which saw 400 villas launched in October 2009 and completely sold out, DSO adds another 647 villas bringing the total to 1,047 units. Of the 647 units in Phase-2 DSO has already received pre-bookings for over 30 percent of units.

Located within the 7.2-square km state-of-the-art integrated high-technology free zone, the 1,047 Cedre Villas development comprises of luxury, executive, town house and twin villas ranging between 3 to 5 bedrooms. The villas are available in three architectural models – modern, traditional, and Islamic – and are being offered at very competitive rates.

Eng. Muammar Al Katheeri, Senior Vice President of Engineering Management at Dubai Silicon Oasis Authority, said: “We have succeeded to sell and lease phase-1 of the development and today we add another remarkable milestone by releasing additional units into the market. Consistent efforts to maintain quality and strict adherences to timelines have facilitated the completion of construction ahead of schedule.”

“This accomplishment also ensures our commitment to exceed customer expectations. The demand has been quite remarkable for Phase-1 and despite current market conditions Phase-2 has received an enthusiastic response. We are confident that Cedre villas development will continue to receive high interest.”

Located within the gated community of Dubai Silicon Oasis on Emirates Road, the development will offer residents a community center comprising of an exclusive clubhouse, a shopping complex, health and leisure facilities, swimming pools, schools and academies, clinic, play areas and other lifestyle necessities. Completion of these facilities is expected by August 2010.

The Cedre Villas project is part of a comprehensive urban community at DSO that combines office towers, research and development (R&D) and industrial zones, educational institutions, luxury apartments, villas, hotels, healthcare facilities and a wide range of lifestyle options to create a dynamic commercial and social environment.

Dubai Silicon Oasis is a wholly-owned entity of the Government of Dubai and operates as a free zone technology park for the semiconductor, microelectronic and other high technology-based companies looking to set up their regional headquarters and R&D facilities in the Middle East and Africa region.
 

Al-Futtaim Group Real Estate Announces Completion Of New Building At Dubai Silicon Oasis

Employees of the InterContinental Hotels Group Dubai Festival City move into new accommodation which was inaugurated recently. Designed by renowned local architects Architectural & Engineering Innovations Bureau (AEIB) and constructed by Al-Futtaim Carillion and Al-Futtaim Engineering, the new buildings – three in all – consists of 414 apartments with a mix of 1 bedroom, 2 bedroom and 3 bedroom apartments, and provide accommodation for all staff up to management level.

Amenities include an all day dining room, a hair salon, and prayer rooms alongside recreational facilities consisting of three swimming pools, a fully equipped gymnasium, television, internet and games rooms. The building will be managed by Al-Futtaim Real Estate.

Seen above during the inauguration are Tom Lord, hotel manager for Crowne Plaza Dubai Festival City; Steven Greenwood, hotel manager for InterContinental Dubai Festival City; Tom Meyer, Area GM for InterContinental Hotels Group Dubai Festival City; Bill Car, Director of Engineering MEA; Ken Flockhart, Advisor to CEO, Al Futtaim; Dave Lawrence, VP Compensation & Benefits EMEA; Jenny Atkinson, VP HR UK & Ireland and Pascal Gauvin, VP Operations – Gulf.