DIP Announces Exclusive Boutique Offices At The Jumeirah Seafront

Dubai Investment Properties (DIP), one of the leading real estate developers in UAE, today announced the start of the leasing process for its boutique offices at the signature ‘Sunset’ mixed-use development located in the upmarket Jumeirah 3 area. The office complex, which consists of 49 exclusive offices – the only commercial space in the neighbourhood, will feature the latest technology and best-in-class facilities and amenities making it the ideal address for well-established businesses, professional entrepreneurs as well as companies looking to set-up a business or international representative office in Dubai.

“We are happy to be the first to offer commercial office space in the Jumeirah neighbourhood. Sunset’s boutique offices will feature the latest technology, cutting edge design and interiors, and attention to detail that is second to none. These factors, coupled with the outstanding location make Sunset an ideal location for companies, which are cautious as to where do they set up an office in Dubai. We are confident the offices will undoubtedly appeal to businesses that want accessibility, recognition and best in class amenities,” says Ani Vladi, Marketing and Operations Manager at DIP.

Sunset, which comprises of a luxury shopping mall, boutique offices and lavish residential apartments, is a unique development combining the best in architecture and the latest ‘green’ technology initiatives. It is built to be one of the most energy efficient buildings in the region with several measures being adopted by DIP to ensure energy conservation and minimising pollution and demands on infrastructure.

Sunset’s office complex comprises of office units ranging from 1200 to 1800 sq.ft. overlooking Jumeirah road / Dubai City or the Arabian Gulf, where customers can choose between cellular and open plan developments for larger office units. Companies have the option of working closely with Sunset’s architects to design the office that best fits their requirement. Sunset’s picturesque seafront location, distinctive architecture, efficient design, state-of-the-art facilities and amenities will appeal to a wide variety of tenants, from business entrepreneurs and professionals to well-established multinational corporations.

The Sunset office complex, which has direct access to the shopping mall and restaurants offering tenant’s convenience, will include 2 business lobbies, two meeting/conference rooms, prayer rooms, and pantry rooms. Two patios, arranged with sitting facilities and fountains compliment the office set up. Apart from offering an ideal work environment, Sunset will also provide parking spaces for tenants as well as visitors, business services and 24/7 security and cleaning services. Tenants can also avail of gymnasium facilities, aerobics, steam bath as well as two swimming pools, children pools (and of course) beach access. All these are featured to complete the perfect ‘work and play’ business environment.

“The work environment plays an important role in productivity since most employees spend more than 90 per cent of their working hours in office. At Sunset, we created a work environment that will inspire employees to perform better,” Ms. Ani Vladi concluded.

Al Habtoor Leighton Group Commences Main Construction Work on Dubai Pearl

Pearl Dubai FZ LLC, one of the leading real estate developers in the UAE, announced the commencement of main construction work on Dubai Pearl, the AED15-billion (US$4 billion) integrated luxury development, following the completion of the enabling and piling works by Al Habtoor STFA Soil Group (HSSG).The main construction is being undertaken by the Al Habtoor Leighton Group, which was awarded the construction work at the end of 2008.Abdul Majeed Ismail Al Fahim, Chairman of Pearl Dubai FZ LLC, said: “The commencement of main construction work on the project strongly illustrates our commitment to ensure a timely transformation of this high-end landmark destination, which will set new industry benchmarks in the region.”The Dubai Pearl site will witness around 200 workers at the start of construction, and the number is expected to reach 8,000 when work gets into full swing.Santhosh Joseph, President and Chief Executive Officer of Pearl Dubai FZ LLC said: “We believe we have selected the right partners to create this iconic development and shape it into a world-class destination.”David Savage, Managing Director of the Al Habtoor Leighton Group, commented saying, “We have been involved with Dubai Pearl from the beginning of its construction, and will continue to ensure that excellence in quality and safety goes hand-in-hand with the use of the best technology on the project.”State of the art construction technologies and building techniques will be used on the project. High strength concrete, steel trusses and hollow core slabs will be used in the composite construction process of the iconic towers. Heavy lifting techniques using jacking systems will be utilised for uplifting of the ‘Sky palaces’ on top of the four towers.To comply with the LEED Gold certification processes, Pearl Dubai FZ LLC is facilitating recycling of materials from the previously demolished structures, and is currently working towards meeting all pre-certification requirements. Crucial provisions are additionally being incorporated into the project design to optimize power and cooling requirements as part of the company’s priority towards endorsing global green building standards.Located in the heart of TECOM, which houses Dubai Media City, Dubai Internet City and Knowledge Village, Dubai Pearl will boast easy access from arterial highways -Sheikh Zayed road and Al Sufouh road – and the elevated ring road. Overlooking the Palm Jumeirah Island development, the landmark destination will also offer spectacular views of the World Islands, the Burj Al Arab and the Arabian Gulf waters.The world-class, pedestrian-friendly development, will comprise stunning elements including a broad spectrum of commercial, retail, residential, hospitality and leisure components. Dubai Pearl will also boast a 2,000-seat performing arts theatre aimed at meeting the needs of the emirate’s growing cultural calendar and complementing the project’s diverse entertainment offerings.Featuring an active business district with a quality urban lifestyle, Dubai Pearl will host some of the world’s top brands, and will include landscaped gardens, luxury branded apartments and condominiums.
 

Real Estate Prices attract Investors in Dubai; Esbaitah: Dubai promises new boom in investments soon

Many real estate developers today are seeing glimpses of hope through the global financial crisis, as the real estate players that exist in the market today are the real players who knew how to manage their businesses in a time of crisis and made the right decisions to protect their investments from dissolving.Despite being a growing market, the property market in Dubai has suffered a lot from the recent economic climate, after achieving unprecedented growth levels regarding supply and demand, as well as high rent prices. Today, property prices are at their lowest levels, but Dubai is garnering the attention of numerous local and foreign investors who are looking to benefit from the decline in prices, the high quality of properties in the emirate, and its sound legislation and infrastructure.Speaking on the subject, Eng. Khalid Esbaitah, CEO and Managing Director of Al Mazaya Holding, said, "There are a number of factors that any developer considers when embarking on an investment in any region in the world, and perhaps the estimated revenues of particular investments is what drives investors to go forward with the investment or to draw back from it. However, market movement, plot prices, infrastructure and legislation frameworks are the main factors for the success or failure of an investment. Bearing this in mind, we can see that the market in Dubai has all the right factors to become a sought-after investment destination, and that it is preparing for a new and organized economic leap that will compensate for the slowdown period"."With large investments and top-notch projects, Dubai really has all the right elements to rejuvenate investment and attract both local and foreign investors. The correction being experienced by the Dubai markets is a natural thing, and it presents a golden opportunity for investors who know how to make the best use of it. As such, Dubai’s market today is really a place for investors," Esbaitah added.He went on to say that right now property prices in Dubai are at their lowest-ever levels, and that they may continue to decline over the summer period, but in a much less remarkable manner that over the past nine months. Therefore, the current period could be the perfect time for investment, because Dubai markets are moving towards stability, and prices are expected to rise again after suffering from a fairly long period of decline.Esbaitah noted that studies conducted by Al Mazaya Holding indicate that current economic conditions present long-term opportunities for real estate investors, especially with the many alternatives that are available to the investor, such as the quality and location of plots and Dubai’s ability to recover from the financial crisis more quickly than any other market in the world."We expect real estate activity to return to Dubai after the summer period, as investors are studying their investment options during this period to start their businesses after the summer holidays. Therefore, Q4 of 2009 will a promising period, as it will witness the return of real estate activities," he said.Esbaitah concluded by saying that his company is conducting a number of studies into the best way to take advantage of the current economic situation. Al Mazaya is also studying a number of investment opportunities, taking into consideration the right time and place to embark on an investment. The company is also preparing to implement a number of investment strategies and plans that will make use of the investment opportunities currently available in the Dubai property market. 

Dubai Pearl Wins Prestigious Newsweek Award For ’Best Integrated Development’

Pearl Dubai FZ LLC, one of the leading real estate developers in the UAE, today announced it has won the ‘Best Distinguished Integrated Development’ award for its luxurious Dubai Pearl development from Newsweek, the leading American newsmagazine.

His Highness Sheikh Hasher Bin Maktoum Al Maktoum, Director-General of the Dubai Department of Information presented the award to Abdul Majeed Ismail Al Fahim, Chairman of Pearl Dubai, during a gala awards ceremony at the Grand Hyatt in Dubai that was attended by several dignitaries, government officials and private sector professionals.

Newsweek awarded the top 20 companies in the UAE for outstanding accomplishment in various categories, including real estate, aviation, education, banking, finance, hospitality, retail and media.

Dubai Pearl, under the stewardship of Abdul Majeed Ismail Al Fahim, won top honours in the best integrated development category for its all-encompassing components. The project, located within the TECOM Investments’ free zone cluster, will be developed with a built up area of more than 15 million square feet.

Abdul Majeed Al Fahim, Chairman of Pearl Dubai, said: “The Newsweek award bears strong testimony to the stature of the Dubai Pearl development, which will include state-of-the-art features for creating an all-inclusive community.

“We strongly believe Dubai Pearl will be a unique addition to the emirate’s real estate landscape. In raising the industry’s bar of excellence, the AED15 billion project is a reflection of Dubai’s vision for sustainability.”

Dubai Pearl’s new masterplan emphasises energy efficiency and the optimum use of space to deliver the region’s first integrated walkable city centre. Expected to be completed by 2011, the project will feature an active business district with a quality urban lifestyle, offering easy access to premium commercial and residential areas such as Dubai Media City and Dubai Internet City, as well as the Palm Jumeirah.

The residential component of the project will include sky palaces with private pools and gardens, sky penthouses, luxury branded apartments and condominiums. It will also feature tower and boutique offices and renowned hospitality brands. While the AED1.5 billion Baccarat Hotel will boast 342-rooms, the AED1 billion Baccarat Residences will feature elegantly designed apartments over 300,000 sq. feet area.

Santhosh Joseph, President and CEO, Pearl Dubai, said: “As real estate innovators, we are keen to develop Dubai Pearl into an integrated, mixed use, sustainable development with all key components located within 400 meters of each other. Incorporating ‘green’ building standards, including recycling facilities for paper, glass, and food waste, the vitality conveyed by the development will foster a close knit community environment and offer premium retail and residential space in a prestigious location.”

Capturing German engineering skills and superior technical standards, the project will be based on solid foundations of functionality and state-of-the-art technology. The project will provide residents and tenants with personalized entertainment services and seamless home-to-office connectivity.

Dubai Pearl will additionally boast a 2,000 seat high-tech theatre, a luxury fashion precinct within a premier shopping mall, as well as cinemas and multi cuisine food outlets.

Pearl Dubai Awards AED8.85 Billion Construction Contract to Al Habtoor-Leighton Group

Pearl Dubai FZ LLC, one of the UAE’s leading real estate developers, has awarded an AED8.85 billion (US $2.4 billion) main contract for the construction of its iconic Dubai Pearl project, to the Al Habtoor- Leighton Group, the UAE’s largest construction group.

The deal is the largest single contract of its kind in the region and arguably one of the largest in the world for a real estate project. Construction is due to begin in January 2009.

“ While these are challenging times, Dubai Pearl’s confidence in the robustness of Dubai’s real estate sector remains high. This deal underlines our strong commitment to UAE economy and puts in a unique position to make a significant contribution to the real estate sector,” said Abdul Majeed Ismail Al Fahim, Chairman, Pearl Dubai FZ LLC.

“Al Habtoor-Leighton Group was selected for its commitment to Dubai Pearl’s vision of quality and in line with our pledge to deliver an international landmark that will continue to strengthen Dubai’s position as a global city of excellence,” added Al Fahim.

With a built up area of more than 15 million square feet, Dubai Pearl will be a world-class destination overlooking the Dubai coast.

The contract’s main components cover structural and civil works, MEP (Mechanical, Electrical and Plumbing), finishes, landscaping and internal infrastructure.

“Dubai Pearl is committed to delivering the best to its clients and Al Habtoor -Leighton Group has successfully established itself as one of the region’s leading construction companies. The company was selected for its experience on some of the region’s leading projects, their technical and financial capabilities, the availability of their resources and cost,” said Santhosh Joseph, Founder, President and Chief Executive Officer, Pearl Dubai FZ LLC.

Earlier this year, Dubai Pearl had invited leading international and regional contracting companies to bid for the project. Parameters communicated to bidders included quality, adherence to timelines and cost.
Managing Director of the Al Habtoor Leighton Group, David Savage, said the combined strength of Al Habtoor and Leighton was a key factor in securing the project.

“The Al Habtoor Leighton Group is one of the few contractors with the capacity and capability to take on a project of this magnitude.

“We look forward to working with Dubai Pearl to deliver this iconic project,” he said. “This is yet another example of the Group’s overall strength, and is another vote of confidence in the strength of the UAE market. This puts our uncompleted work at record levels, with Dubai remaining the largest component of our business. The project confirms our position as the UAE’s leading construction group,” he said.

Enabling works are being carried out on site by Al Habtoor STFA Soil Group (HSSG), part of the Al Habtoor Leighton Group. The works include site grading, shoring, earthwork, excavation, dewatering and piling work.
The enabling works saw the demolition of the two existing structures by UAE’s Al Rashid and UK’s Control Group in September, while piling works are already underway.

Combining an active business district with a quality urban lifestyle, Dubai Pearl will offer easy access to New Dubai’s premium commercial and residential areas such as Dubai Media City and Dubai Internet City, as well as the Palm Jumeirah.

The development will feature an iconic building structure comprising of four 73-storey mixed-use towers, world-renowned fashion and technology brands, the Baccarat Hotel and Residences and will provide a 24-hour living city with commercial, retail, residential and leisure facilities.

The project will include luxury hotel brands, a 2000 seat state-of-the-art theater, a luxury fashion precinct with a premier shopping mall as well a walkable environment representing one of the most unique facets of the development.
 

UAE’s Property Sector Gaining Momentum Amidst Steady Market Correction

Ongoing corrective measures have transformed the UAE’s property trade into an end-user market, observes The Specialists, a complete real estate solutions provider with over 20 years of experience in the Gulf region.

The Specialists notes that more real estate developers and owners are shifting their sales strategies away from speculators and towards end-users, focusing on meeting the unique needs of prospective owners. A noteworthy rise in foreign investments in recent months is further sustaining the momentum being enjoyed by the industry, with improved lending conditions across domestic banks adding to the positive trend. Another welcome development is the resilience of the industrial property segment, with Dubai alone still significantly benefitting from its reported 50 per cent increase in industrial rents in 2008.

“Just recently the UAE Minister of Economy stated that the country has managed to overcome the crucial stages of the financial crisis, and that significant economic gains could be expected in the second half of this year. This has greatly stimulated market-correcting activities which are raising the appeal of properties and moving emphasis towards end-users” said Dr. Sobhi Suleiman Agha, General Manager, The Specialists.

Meanwhile, banks across the Emirates are gradually increasing lending and mortgage activities, although they are exercising more caution in the form of rigorous background checks. Also, the UAE Central Bank and the Ministry of Finance have been implementing several measures to improve liquidity in the financial sector and restore market confidence. A senior official of the Central Bank has affirmed that they will concentrate on liquidity and asset quality towards 2010.

The banking authority will specifically monitor the effects of the property trade on the financial sector.

“Today’s evolving markets have actually opened several opportunities to foresighted property firms. The key is for developers and owners to keep close track of trends and corrections and create tailored packages for both their existing and prospective clients. The UAE remains one of the world’s top property destinations, so banks will definitely continue to extend mortgage facilities to investors, albeit with a little more caution. A little creativity and patience can still lead to highly-profitable returns for real estate businesses,” concluded Agha.

The Specialists itself constantly monitors local and regional trends to make sure that it develops and delivers high-quality and timely services. The Specialists delivers a comprehensive range of services to cover all types of property transactions within both the commercial and residential markets, for lease and for sale. The company currently conducts its operations in the UAE, Jordan, Lebanon and Syria.

Equss Jewellery To Open Their First Dubai Boutique At Sunset Mall

Dubai Investment Properties (DIP), one of the leading real estate developers in UAE, today announced that Equss Jewellery has chosen Sunset Mall as their first-to-market retail destination in Dubai. The Australian fashion jewellery brand plans to open a flagship outlet at Sunset, which will feature its wide range of fashion jewellery and accessories made in sterling silver and 18ct gold.

“Dubai is the center of fashion and haute couture in the Middle East. Our objective is to position our brands at prime locations, where customers will be able to appreciate the quality of craftmanship and variety of designs Equss brings to them,” says Rajkumar Pancholia, of Federal Arabian Agency/Arabian Trading Agency.

“Sunset Mall, with its unique location in Jumeirah, gives us an ideal ambience to market the new range of Equss jewellery. We strongly believe that we have an array of exquisite designs that will appeal to Sunset’s customer profile of individuals who appreciate the finer details in life. Sunset has several five-star hotels in its vicinity, which is another plus point, as it will not only attract the local affluent Arab and expatriate community but tourists as well,” Mr. Pancholia adds.

Equss’ jewellery designs breathe inspiration from different cultures across the globe. Their collection, which is perfect for both everyday wear and special occasions, comprises of Tahitian pearls, brilliant diamonds set in 18 K gold or sterling silver, and sparkling crystals and cultured pearls to dazzle and capture attention at any event. Fresh, eye-catching designs have been applied to Equss watch collections and leather accessories, catering for consumers who are conscious of both quality and latest fashion trends. Earrings, bracelets, pendants and necklaces are created in a wide range of styles and designs to fit every budget.

Apart from Equss, Sunset has signed on several leading global brands. Sunset Mall, which is set to soft launch in September 2009, will host over 97 outlets with a strong retail mix, including high couture boutiques and concept stores. The mall will provide a unique shopping environment for customers and fashion connoisseurs of Dubai. The development will be home to an exclusive ‘Art arcade’, where fine art galleries and auctioneers will showcase some of the best traditional and contemporary fine arts. International cuisine restaurants will tickle the taste buds of the gourmet lovers.

Reputation Of Iconic Buildings In UAE Under Threat

Public and private property owners and developers have been urged to realise that the UAE’s Facilities Management sector can soften the impact of an economic recession and help preserve the region’s global reputation for iconic buildings that attract tourists and business.According to Stan Mitchell, the keynote speaker at this year’s Property & FM Conference and Workshop, Dubai, FM can help organisations rationalise and introduce necessary efficiencies as well as plan buildings that can be better managed throughout their life cycle.“FM should be raising the awareness of what facilities management really is – as opposed to facilities services. By doing so, business and commerce – and not to mention government – will sit up and take note,” said Mitchell, who is CEO of Key Facilities Management International and Founding Chairman, Global Facility Management Association.“The facilities management sector has a huge part to play not just in supporting real estate developers improve their lot, but also in assisting the UAE as a whole to recover and re-establish its reputation as a destination of choice,” he added.The Property & FM conference is part of FM Expo, the Middle East’s leading facilities management event. The exhibition takes place at the Dubai International Exhibition and Convention Centre on 24-26 May 2009 while the Property & FM conference and workshop runs concurrently at the Al Murooj Rotana Hotel, Dubai.Mitchell believes that FM should thrive in a recession as its core business – the ongoing management of the property asset overhead – is where real savings can usually be made.But he warned that there was a danger of FM not delivering on its potential of driving down building operations costs. Given the region’s development of iconic real estate, that could be disastrous.“What would it be saying to the world if many of these iconic structures are not managed properly and the whole life cost becomes the benchmark on how not to do it?” he said.Mitchell’s keynote address will question whether FM is ready and sufficiently professional to influence the boardroom, discussing FM’s contribution to the bottom line, the importance of performance measurement and FM’s role in corporate responsibility.The FM Conference is being chaired by Mick Dalton, General Manager at Abu Dhabi-based Marafeq Facilities Management. The event has attracted 22 regional and international speakers including Dilip Khatwani, CEO, Reliance Facilities Management, UAE, Mohamed Habbal, Facilities Manager, Nakheel, UAE, Dr. Sadek Owainati, Founder, Emirates Green Building Council, UAE, Jim Whittaker, President, Facility Engineering Association and Mario Seneviratne, Director, Green Technologies FZCO, UAE and Board Member, World Green Building Council.Louisa Theobald, Group Exhibitions Director of Streamline Marketing Group, organisers of FM Expo and the Property & FM Conference, said that sustainability, human resources, and cost issues will be discussed.“These are all vital issues considering the growth in FM and the need to make the market aware of the benefits that can accrue from well-run FM,” she said.Adding value in a cost-cutting climate is also in focus, as is risk assessment and management, best procurement practices and the growing need to be able to offer an integrated FM offering.Platinum sponsor for the FM Expo 2009 event is Etisalat Facilities Management, which is also supporting the conference.For more on FM Expo please visit www.fm-expo.com
 

Dubai Investment Properties Deploys ’Green’ Technology For Sunset Mixed-Use Development

Dubai Investment Properties (DIP), one of the leading real estate developers in UAE, announced that it has invested in the latest state-of-the-art technologies in line with green building guidelines for its exclusive multi-million ‘Sunset’ mixed-use development project in Dubai. The company worked closely with Arkiteknik International, the architects for this signature development, in choosing the design, architecture, lighting and technology, all of which will help in energy efficiency and reduce the carbon footprint on the environment.Sunset, which comprises of a luxury shopping mall, boutique offices and lavish residential apartments, is a unique development combining the best in architecture and the latest ‘green’ technology initiatives. It is built to be one of the most energy efficient buildings in the region with several measures being adopted by DIP to ensure energy conservation and minimising pollution and demands on infrastructure.“Sunset was designed to blend in and to compliment the Jumeirah community neighbourhood. We did not want to disturb the serenity of the place and hence we took every measure to make sure we do not add to the traffic or the congestion of Jumeirah Beach Road,” says Mr. Francois Faure, Executive Director of DIP. “The architecture of Sunset is open to capitalise on natural light and the panoramic view of the Arabia Gulf. The mall is enclosed with glass, where the retail showrooms are visible from outside and shoppers inside the mall can see the street outside. We used transparent glass, specifically designed to divert heat, thus reducing the load on the air conditioners and help conserve energy; further more this development profits from natural sunlight till late hours of the day, keeping the apartments and retails showrooms bright without the use of artificial lighting.”Sunset features engaging architecture designed to showcase the best of international and local designers. Arkiteknik has combined water, glass and steel at the Sunset Mall to offer retailers and guests an experience like never before. The interior of the Mall will feature the latest innovations in LCD and LED technology, offering innovative visual effects. The residential complex, which reaches towards the beach, is designed to offer every home a sea view and to promote waterfront style living. The apartments feature a number of balconies for residents to enjoy the outdoors. From inside, the apartments open into an atrium, which features a lounge with coffee shops to foster a community style atmosphere.

“Sunset will be one of the green-conscious buildings in the region. We only used ecologically friendly materials and non-HCFC refrigerants to ensure that the building and the surrounding environment was healthier. We also used heat recovery wheels to recover energy from the general extract air from the building and minimize the electric power consumption,” says Abdallah Moneimneh, Technical Director at Arkiteknik International. “We installed efficient thermal insulation system and high performance low E- glass to envelope the building to minimize heat gains. The air conditioning system is designed to achieve precise control of temperature and humidity levels and the basement car park ventilation is monitored and controlled with CO sensors to ensure a smoke free environment.”The apartments, boutique offices and mall retail showrooms at Sunset are fitted with energy saving lamps, LEDs and T5 lamps with special electronics control gear that is widely used to reduce electricity consumption. The dimming and lighting controls are designed to offer greater flexibility for switching the light on only in occupied areas of all individual enclosed spaces. Using a lighting control system connected to the BMS to provide scheduled lighting control, shut down all lighting after hours and provide after hours manual control. The development features of a silent drainage system to ensure quiet indoor environments. Sunset also boasts advanced surveillance and fire protection systems in the building to ensure that residents are safe and secure at all times.
 

A Clear Plan For Recovery

’Brand Dubai has suffered in the last few months due to negative rumours, gossip and speculation – which prompts me to reject the cynicism by looking ahead into the future of the property market in Dubai and talk about the recovery process. We have to talk about taming the current situation with our positive attitude towards the change… we need to lead by example…’, said Hussain Sajwani, Chairman of DAMAC Properties, one of the Middle East’s largest private real estate developers.

Mr Sajwani believes that perpetuating a negative attitude will not help the market recover and that in fact all the continued pessimistic talk is equally as destructive as the financial turmoil itself.

“I have heard all kinds of rumours about DAMAC,’ commented Mr Sajwani. ‘We have adapted our business to meet the challenges that exist at the moment and we have had to take a long hard look at our efficiency rates and our longer term projections and targets. The corrective measures we have taken have been prompted by viewing the road ahead. We are a successful company – and I do not feel that I should refrain from talking positively about the future.’

DAMAC has announced that in 2009 it will award AED2billion worth of contracts for construction work to continue. The company has committed to handover more than 7,100 units by the end of next year and is well on target to deliver this. So far this year DAMAC has delivered more than 800 homes at The Crescent at IMPZ, a further 536 units at LakeView at JLT and in 2008, DAMAC completed its developments at Lake Terrace (571 units), Executive Heights at TECOM (192 units) and Terra Del Sol at Discovery Gardens (198 units). In 2009 the company will complete Smart Heights, its second commercial building at TECOM, along with four low rise complexes at Emirates Gardens in Jumeirah Village South.

With its flagship project, Ocean Heights at Dubai Marina, about to hit 50 floors and its project at DIFC, Park Towers, nearly 40 per cent complete, by 2011 DAMAC Properties will have delivered 25 towers

“No-one is pretending that these times are easy – we have had to alter our plans and change the way that we do business but we have tried to meet these challenges in the best way we can,’’ he said.

“The progress we are making at these sites speaks for itself and I firmly believe the fact that we made early decisions is what is enabling us to continue to move forward in this manner. There are other companies who are still facing those dilemmas. We were criticised by some for making what seemed harsh choices but in making these tough decisions we have gone a long way to protecting the future of the company – so when good times return to Dubai, we will still be ready, waiting and able to do business.

‘In the meantime our focus must remain firmly on delivery – we will continue to concentrate on those developments where construction is already under way. We will also monitor the market for the right time to revisit those projects which we had announced but not yet started,’ explained Mr Sajwani.

In fact planning for the future is at the forefront of Mr Sajwani’s mind – he is determined to look ahead to the prospect of brighter times. “I know that the market will not improve overnight but equally I know that there are people who want to invest now that prices are falling and quite frankly they would be wise to do so…….it’s all about planning for the upturn during the downturn,” he added.

“We need to ride out these tough times with the promise of a better tomorrow. It is time to start the recovery process and positive thinking is the core of this process…. it may be longer and more painful than we would like but we all know the saying about ’no pain, no gain’…..I say it’s time to deal with the negative by focusing on the positive…’