Sunday, February 27, 2011

Real Estate Business in Dubai

Dubai is an excellent place to stay in the UAE, ensuring peace and harmony for all the people that live here, belonging to any culture or religion. In terms of accelerating number of immigrants, it is among the fastest growing cities of the world. Apart from a welcoming and peaceful environment it offers the luxury of a modern life style with the best accommodation. Real estate investors and estate agents consider it a great opportunity for them to invest in the property sector. During the period of economic recession for past two to three years, Dubai got affected badly by the continuous increase in the population. This caused the rental prices to fall as there were more properties on supple then the demand in the market, due to which Dubai rental and real estate sector suffered a great deal in 2009 and first quarter of 2010. In the third quarter of 2010 there was some recovery in the economy and some useful hike in the job stability. As a result the last quarter of 2010 proved to be improving for the Dubai rental market as the rate of demand for rental properties increased in some area of Dubai.


Office in Dubai is also high in demand by smaller firms and businesses moving to Dubai, these businesses are mostly looking to acquire an office on rent. People obviously look to start a business where there is safe environment, lavish life style, and residents that are willing to spend money. They look for an accommodated office in Dubai to impress not only their clients, but to provide a comfortable and convenient work environment to their employees. Once the business gets established and if you require more space a bigger office can also be acquired. Location of your office in Dubai is also very important, areas like Business bay, Dubai marina, or Jebel Ali where there is more commercial activity can be a good choice.
Many people think that the best property investment can easily be found in Dubai, despite prosperous market, its no-doubt a very difficult assignment to choose the best property investment in Dubai. Considerable scrutiny and investigation is required one need to look at all the categories of properties shall it be residential, or a business property, to select the best property investment in Dubai. Property investment also depends upon your finances and the price offered in the market. In the end, you are the only one who can finalize the best property investment in Dubai

Thursday, February 24, 2011

DOING BUSINESS IN DUBAI (UAE)

DOING BUSINESS IN DUBAI (UAE)
In the UAE, economic activity is regulated by individual emirates as well as the Federal Government. In Dubai, the authorities have deliberately sought to create an environment which is well ordered without being unduly restrictive. As a result, Dubai offers businessmen operating conditions that are among the most liberal and attractive in the region.

There are many options open to international companies seeking to establish a business relationship with Dubai. Apart from forming a trading relationship, for many companies there are distinct advantages in being on-the-spot to research market prospects, make contacts, liaise with customers, and see through the details of any transactions and orders secured.

Having a presence can provide considerable business advantages in the Middle East. Businessmen in the region prefer to deal with someone they know and trust and personal relationships are much more important in doing business in the Arab world than they are in western Europe or America. Also, the buying patterns of some countries served by Dubai tend to be unpredictable, creating a need for first class market intelligence and information.

Licensing

The basic requirement for all business activity in Dubai is one of the following three categories of licenses:

Commercial licenses covering all kinds of trading activity; Professional licenses covering professions, services, craftsmen and artisans; Industrial licenses for establishing industrial or manufacturing activity.

These licenses are all issued by the Dubai Economic Department. However, licenses for some categories of business require approval from certain ministries and other authorities: for example, banks and financial institutions from the Central Bank of the UAE; insurance companies and related agencies from the Ministry of Economy and Commerce; manufacturing from the Ministry of Finance and Industry; and pharmaceutical and medical products from the Ministry of Health.

More detailed procedures apply to businesses engaged in oil or gas production and related industries.

Practicing some trade activities (e.g. jewellery and insurance) requires the submission of a financial guarantee issued by a bank operating in Dubai.

In general, all commercial and industrial businesses in Dubai should be registered with the Dubai Chamber of Commerce and Industry.

Ownership Requirements

Fifty-one per cent participation by UAE nationals is the general requirement for all UAE established companies except:

Where the law requires 100% local ownership; In the Jebel Ali Free Zone; In activities open to 100% AGCC ownership; Where wholly owned AGCC companies enter into partnership with UAE nationals; In respect of foreign companies registering branches or a representative office in Dubai; In professional or artisan companies where 100% foreign ownership is permitted.

Legal Structures for Business

In the past, each emirate followed its own procedures governing the operations of foreign business interests. In practice, however, Dubai and the other emirates followed the same general system, whereby foreign companies operated in one of three ways: with a local sponsor, through a partnership with a UAE national or company, or through a private limited company or public shareholding company incorporated by Ruler's decree.

Since 1984, steps have been taken to introduce a codified companies law applicable throughout the UAE. Federal Law No. 8 of 1984, as amended by Federal Law No. 13 of 1988 - the "Commercial Companies Law" - and its by-laws have been issued. In broad terms the provisions of the Law are as follows:

The Federal Law stipulates a total local equity of not less than 51% in any commercial company and defines seven categories of business organization which can be established in the UAE. It sets out the requirements in terms of shareholders, directors, minimum capital levels and incorporation procedures. It further lays down provisions governing conversion, merger and dissolution of companies.

The seven categories of business organisation defined by the law are:

General partnership company
Partnership-en-commendam
Joint venture company
Public shareholding company
Private shareholding company
Limited liability company
Share partnership company
Partnerships
Partnership companies are limited to UAE nationals only. The Dubai government does not presently encourage the establishment of partnership-en-commendam and share partnership companies.

Joint Venture Companies

A joint venture is a contractual agreement between a foreign party and a local party licensed to engage in the desired activity. The local equity participation in the joint venture must be at least 51%, but the profit and loss distribution can be prescribed. There is no need to license the joint venture or publish the agreement. The foreign partner deals with third parties under the name of the local partner who - unless the agreement is publicized - bears all liability.

In practice, joint ventures are seen as offering a suitable structure for companies working together on specific projects.

Public and Private Shareholding Companies

The Law stipulates that companies engaging in banking, insurance, or financial activities should be run as public shareholding companies. Foreign banks, insurance and financial companies, however, can establish a presence in Dubai by opening a branch or representative office.

Shareholding companies are suitable primarily for large projects or operations, since the minimum capital required is Dh. 10 million (US$ 2.725 million) for a public company, and Dh. 2 million (US$ 0.545 million) for a private shareholding company. The chairman and a majority of directors must be UAE nationals and there is less flexibility of profit distribution than is permissible in the case of limited liability companies.

Limited Liability Companies

A limited liability company can be formed by a minimum of two and a maximum of 50 persons whose liability is limited to their shares in the company's capital. Such companies are recognized as offering a suitable structure for organizations interested in developing a long term relationship in the local market.

In Dubai, the minimum capital is currently Dh. 300,000 (US$ 82,000), contributed in cash or in kind. While foreign equity in the company may not exceed 49%, profit and loss distribution can be prescribed. Responsibility for the management of a limited liability company can be vested in the foreign or national partners or a third party.

The following steps are required in establishing a limited liability company in Dubai.

Select a commercial name for the company and have it approved by the Licensing Department of the Economic Department; Draw up the company's Memorandum of Association and have it notarized by a Notary Public in the Dubai Courts; Seek approval from the Economic Department and apply for entry in the Commercial Register; Once approval is granted, the company will be entered in the Commercial Register and have its Memorandum of Association published in the Ministry of Economy and Commerce's Bulletin. The license will then be issued by the Economic Department; The company should then be registered with the Dubai Chamber of Commerce and Industry.

Branches and Representative Offices of Foreign Commercial Companies

The Commercial Companies Law also covers the formation and regulation of branches and representative offices of foreign companies in the UAE and stipulates that they may be 100% foreign owned, provided a local agent is appointed.

Only UAE nationals or companies 100% owned by UAE nationals may be appointed as local agents (which should not be confused with the term "commercial agent"). Local agents -- also sometimes referred to as sponsors -- are not involved in the operations of the company but assist in obtaining visas, labour cards, etc and are paid a lump sum and/or a percentage of profits or turnover. In general, branches and offices of foreign commercial companies are not licensed to engage in importing activity except for re-export or in the case of products of a highly technical nature.

To establish a branch or representative office in Dubai, a foreign commercial company should proceed as follows:

Apply for a license from the Ministry of Economy and Commerce, submitting an agency agreement with a UAE national or 100% UAE owned company. Before issuing the license, the Ministry will:

forward the application to the Economic Department to obtain the approval of the Dubai government; forward the application specifying the activity that the office or branch will be authorized to undertake in the UAE, to the Federal Foreign Companies Committee for approval;

Once this has been done, the Ministry of Economy and Commerce will issue the required Ministerial license specifying the activity to be practiced by the foreign company; The branch or office should be entered in the Economic Department's Commercial Register, and the required license will be issued; The branch or office should also be entered in the Foreign Companies Register of the Ministry of Economy and Commerce; Finally the branch or office should be registered with the Dubai Chamber of Commerce and Industry.

Branches and Representative Offices of Foreign Professional Companies

Branches and representative offices of foreign professional firms may be 100% foreign owned provided UAE nationals or 100% UAE owned companies are appointed as local agents. Such agents are not involved in the operations of the firm but assist in obtaining visas, labour cards etc and are paid a lump sum as remuneration. The Economic Department is the authority in charge of licensing such branches or representational offices.

Professional Firms

In setting up a professional firm, 100% foreign ownership, sole proprietorships or civil companies are permitted. Such firms may engage in professional or artisan activities but the number of staff members that may be employed is limited. A UAE national must be appointed as local service agent, but he has no direct involvement in the business and is paid a lump sum and/or percentage of profits or turnover. The role of the local service agent is to assist in obtaining licenses, visas, labour cards, etc.


Trading with Dubai


Direct Trade

International manufacturers and exporters may conduct business with Dubai by concluding transactions directly with importers and traders who are already established in the market.

This type of "arms' length" arrangement may be suitable for low volume trade. However, for an on-going business relationship, overseas companies may want to consider a more permanent form of representation.

Commercial Agencies

A foreign company wishing to supply goods and services from abroad, but without establishing a physical presence in Dubai, may find it advantageous to appoint a commercial agent. The main provision of the Federal Commercial Agency Law No. 18 of 1981 as amended by Law No.14 of 1988 is that an agent must be a UAE national, or a company 100% owned by UAE nationals.

A commercial agent may not carry out activities in the UAE unless his name is entered in the Commercial Agency Registry maintained at the Ministry of Economy and Commerce. The procedures and conditions for such an appointment are as follows:

A commercial agency agreement should be drawn up specifying the products and territories to be covered by the contract; The agreement should be signed by both parties (principal and agent) and, if signed in Dubai, legalised before a Court Notary Public. The agreement should then be translated into Arabic by a sworn translator licensed to operate within the UAE. The services of sworn translators are readily available in Dubai.

If the agency agreement is signed outside the UAE:

It must be authenticated by a local notary public
the local Ministry of Foreign Affairs must then certify and authenticate the signature and seal of the notary public;
the agency agreement must be certified by the UAE Embassy or Consulate or, where none exists, the Embassy of any other Arab country;
when the documents arrive in the UAE they should be taken to the Foreign Ministry, so that the stamp of the UAE Embassy or Consulate may be authenticated, and translated into Arabic by a sworn translator licensed to operate within the UAE;
The agency should be registered at the Federal Ministry of Economy and Commerce.
Principals may seek the services of a sole agent in the UAE or may appoint a commercial agent in each emirate or for each product. In practice, many overseas companies appoint several agents to cover different defined areas of the country. A commercial agent is entitled to territorial exclusivity and, as such, will receive infringement commissions on transactions concluded by the principal himself or through others within the agent's area of activity.
Although the term of the agreement may be limited to a specified period, it is not permissible for a principal to terminate an agency agreement without the agent's approval, except for reasons seen as valid by the Commercial Agencies Committee of the Ministry of Economy and Commerce. In the absence of any justifiable reason, the failure to renew an agreement may entail compensation to the former agent. Clearly, therefore, great care should be taken in the initial selection of an agent.
In certain cases, an agent with rights to the entire UAE appoints distributors in the other emirates or enters a joint venture or partnership with a national of a neighboring emirate.

Tuesday, February 22, 2011

Exclusive Members Reception: Doing Business in Dubai 23rd March

Exclusive Members Reception: Doing Business in Dubai 23rd March
The Government of Dubai, Department of Tourism and Commerce Marketing will be holding a business seminar & reception at the Islington Chamber of Commerce  
Members of The Islington Chamber of Commerce are invited to find out the inside track on doing business in Dubai at the Canonbury Academy on the 23rd March 2011, 530pm-830pm. The presentation is part of a series of seminars, chaired by the Government of Dubai, Department of Tourism and Commerce Marketing (DTCM) which are taking place around the United Kingdom. A representative from UKTI and Naresh Shah of Lubbock Fine, a member of the chamber will be speaking on his experiences of doing business in Dubai.
Dubai has long earned the reputation as being one of the world’s most desirable business destinations; its positive economic policy and ambitious growth plans have underpinned the introduction of an equally progressive infrastructure, with first-class facilities across the board, from telecoms to ports and aviation.
Overall, 23 per cent of 2011 budget has been allocated to maintaining and enhancing Dubai’s infrastructure, and it is this sustained investment that is key to the emirate’s continued allure to international commerce. Businesses such as Deloitte, whose Chief Executive, Jim Quigley, revealed: “If in fact the infrastructure is in place here – and I think it is uniquely in place here – if you look not only at your immediate region but all of your neighbours … then I think you have to be bullish on Dubai with a long view”.
Social Development, which includes health and education services, was allocated 24 per cent of the total 2011 budget.
The strong infrastructure is complemented by additional incentives for businesses both large and small looking to establish a global presence from this gateway to the Middle East. There remains a strong focus on the diversification of the economy, with recent executive directives placing a further emphasis on the need to support small business. Companies from all sectors of enterprise are welcomed and accommodated, with many located within their own tax-free Free Zones the creation of which have further reinforced the emirate’s position as a key global commercial hub.
Dubai is also looking to expand upon its global trading and investments. Non-oil exports rose by 19% in 2010, and re-export grew 22%. And the UK remains a crucial trading partner, with the UAE its largest Middle Eastern market worth around £3.7 billion. The emirate has similarly cultivated strong ties with the rest of Europe and the United States and invests in these areas as well as the Middle East, Africa and Asia through Dubai International Capital (DIC) which is part of Dubai Holding.
Ian Scott, UK and Ireland Director for the Government of Dubai Department of Tourism and Commerce Marketing feels Dubai has much to share with Chambers of Commerce: “Dubai is committed to retaining its position as one of the world’s leading business destinations with a diverse offering of unparalleled facilities and amenities for companies both large and small. The Department of Tourism and Commerce Marketing has introduced these seminars with a view to educating members of Chambers of Commerce around the UK about Dubai’s unique offering to enterprise and explaining how to go about setting up in the emirate to further stimulate growth in the region.”  The Islington Chamber of Commerce is proud to be facilitating such an important event and hopes to encourage more of its members to do international trade.
Dubai is renowned for its ‘can do’ attitude across the board and a progressive leadership, both of which are reflected in the comprehensive growth plans outlined in the Dubai Strategic Plan 2015. Why not find out more about this city of today and tomorrow and how your company could do good business in Dubai?

from - http://islingtonchamber.org.uk/2011/02/exclusive-members-reception-doing-business-in-dubai-23rd-march/

Sunday, February 20, 2011

DUBAI Diageo plans to double Middle East business

DUBAI: Diageo plans to double Middle East business
 of its business in the Middle East within the next five years by selling more premium drinks in travel retail at the region's key airports.
Net sales at Diageo's Middle East and North Africa business (MENA) rose by 16% in its most recent fiscal year, to the end of June 2010, the Johnnie Walker and Smirnoff owner said this week.
"We've got a very clear vision about doubling our MENA business by 2015," said Diageo's general manager for the Gulf region, Hugo Mills. Diageo does not detail specific sales figures - including value amounts - for its MENA business, which is part of the firm's 'International' division.
Travel retail sales, from the new Johnnie Walker Double Black to The John Walker at US$3,000 per bottle, are expected to drive growth in the Middle East as authorities work to expand passenger capacity at airports in Dubai and Abu Dhabi.
Diageo this week opened its 'Emporium' premium drinks outlet at Dubai airport, marking what Mills believes is "the biggest thing we have done in travel retail". Emporium is designed to attract business people and wealthy travellers who would normally head straight for one of Dubai airport's executive lounges.
"There are a lot of affluent people with disposable income and a lot of time on their hands," said Mills. Consumer research shows that only a fifth of travellers browse the duty-free spirits aisles and, of those, around half leave with a bottle.
Both Dubai and Abu Dhabi are vying to become global travel hubs. Around 46m air passengers are expected to have come through Dubai in 2010 and this is forecast to reach 52m in 2011. Abu Dhabi is smaller, but passenger numbers are expected to quadruple to around 40m in the next five years.
Diageo has already stated that it plans to double the value of the overall global travel retail business by 2015, to US$12bn. The Emporium outlet in Dubai, which includes a bar and tasting area stocked with the company's most expensive drinks from Zacapa rum and Tanqueray Ten gin to Johnnie Walker King George V, is a blueprint for other airports.
Jane Ewing, head of Diageo's Global Travel and Middle East division (GTME), said that the company plans to work with authorities and retail groups in the top 14 airports around the world to develop high-end outlets similar to Emporium in Dubai.

from - http://www.just-drinks.com/news/diageo-plans-to-double-middle-east-business_id102653.aspx

Tuesday, February 15, 2011

Dubai Business Village

Dubai Business Village is located near Al Maktoum Bridge; 0.1 kilometre away from Airport Road; 0.2 kilometre away from Al Maktoum Road; 0.2 kilometre away from Abu Bakr Al-siddio Street; 0.3 kilometre away from Beniyas Road; Dubai Business Village is geographically located at latitude (25.2572 degrees) 25° 15' 25" North of the Equator and longitude (55.3266 degrees) 55° 19' 35" East of the Prime Meridian on the Map of Dubai.
The locations related to Dubai Business Village are represented by the path the bullet takes from the muzzle of the gun to the target and may not be nearest by road. For example, Dubai Business Village is located 0.2 kilometre from Dubai City Clock Tower. Dubai Business Village is located 0.2 kilometre from Dubai Islamic Bank. Dubai Business Village is located 0.3 kilometre from Metropolitan Deira Hotel. Dubai Business Village is located 0.4 kilometre from Bristol Hotel. Dubai Business Village is located 0.5 kilometre from Deira City Centre Station R- 16

Sunday, February 13, 2011

China to build 'seven-star' mega hotel like dubai

Beijing - Beijing authorities plan to build a "seven-star hotel" modelled after Dubai's Burj Khalifa - the world's tallest building - in a $1.3bn joint project with Saudi Arabia.
The hotel will be erected in western Beijing's Mentougou district some 30km from the Chinese capital's centre, the state-run Beijing Morning Post said in a Thursday report, quoting a local parliamentary meeting.
A district official, who declined to give his name, confirmed the project and its price tag in comments to AFP on Friday.
He said that the Saudi side was expected to foot the entire bill but he refused to provide other details, such as why such an expensive project would be located in the underdeveloped rural area.
The Beijing Morning Post said the building's design would be patterned after the 828-metre Burj Khalifa's distinctive slender, tapering design, but did not say how tall the planned structure would be.
The "seven-star" classification is not officially recognised internationally, as no formal body awards ratings above five stars, but there are a handful of luxury hotels around the world that still use the distinction.
Dubai's Burj Al Arab is one such establishment, and in Beijing, the Pangu 7 Star Hotel built near the 2008 Olympic stadium also claims the rating.
The announcement of the Mentougou project comes at a time when China is attempting to crack down on high-end developments and use more land for affordable housing, amid general discontent over soaring property prices
from - http://www.fin24.com/Economy/China-to-build-seven-star-mega-hotel-20110107

Wednesday, February 9, 2011

New analysis casts doubt on GSO luxury hotel

GREENSBORO — A consultant’s report ordered last week by the city of Greensboro leaves little room for doubt: “It is clear that the proposed hotel will not be able to compete economically at a viable level.”
The hotel in question is the now $52.5 million, 200-room hotel and conference center proposed for the middle of downtown Greensboro. The 53-page consultant’s report, ordered by Andy Scott, the city’s assistant city manager for economic development, was completed over the weekend by HVS, one of the nation’s leading experts in assessing hospitality markets. The report evaluated the latest feasibility study filed a week ago by the hotel proponents.
Scott received the report Tuesday, but did not share it with council members that day because of confusion surrounding whether council had recommended three projects for bond financing — including the hotel — on Dec. 15 without knowing it. That appears to have been the case.
Yet Scott, who says he would distribute the report to council members this week, adds that the conclusions still could play a role in determining whether an underwriter or bond-rating agency will take the project seriously. Final decisions regarding bond worthiness won’t be made until May, he says.
The Business Journal, which obtained a copy of the report, shared it on Wednesday with Randall Kaplan, one of the lead partners in the hotel project and co-owner of Elm Street Center, which would become the luxury hotel’s conference center. His response upon reviewing HVS’s conclusions?


“It causes me concern because they (HVS) are the experts in evaluating the marketplace,” says Kaplan, whose partners hired HVS to do their own downtown hotel feasibility study in early 2008. “We’re not idiots. We do not want to do this deal unless it is financially viable.”
Kaplan says he remains very excited about the project’s potential, its location and what it can do for downtown Greensboro. But he stressed that many hurdles must be cleared before the project qualifies for low-interest bond funds made possible through the federal stimulus act (see related story, page 2). The new HVS study, he concedes, represents yet another hurdle.
“At the moment,” he says, “the big unknowns are: Where do we settle in on reasonable occupancy rates and what will be the actual costs of new construction of the hotel.”

The numbers

The answers to both questions are a bit of a moving target. But before we discuss the findings in the HVS study (which confirm and go beyond the conclusions reached in this space last week), let’s do some project numbers.
Kaplan told City Council on Tuesday that the entire project represents a $52.5 million investment, with $12.5 million of that representing the estimated value of Elm Street Center and all the land it sits on between Elm and Davie Streets. New construction is loosely estimated at $40 million. Of that, $26 million would come from the low-interest, stimulus-related bonds. Kaplan cannot say yet where the remaining $14 million would come from (if they need that much), but some portion could come from New Market Tax Credits, bank financing and/or cash put in by the development partnership.
Kaplan confirms that Bridget Chisholm, who heads the Urban Hotel Group, would claim a developer’s fee of about 5 percent, or roughly $2 million, but he says that she has agreed to take only a “small portion of that amount out at closing” and leave the rest in the project as equity.
He also says that his investors’ group, made up of about 10 Greensboro businesspeople, may take out about $1 million in cash at closing in compensation for selling the office building attached to Elm Street Center so that it can become part of the project.
But whether the project ever gets to that level of financial detail will likely come down to whether the hotel proponents can produce evidence to credibly offset the conclusions of the new HVS report.
Kaplan confirmed that HVS was making its judgments against a $25,000 feasibility study he ordered in February 2008 — long before the real estate market meltdown. The 2008 report, he says, was altered slightly to reflect current market conditions when it was given to Andy Scott last week.
To that end, the hotel developers projected average nightly room rates of $155 in 2012, rising to $180 in 2016. Comparing the proposed hotel to the new Doubletree on High Point Road, the downtown Marriott, the O. Henry and the Proximity, HVS found that the projected room rates were slightly high, but only by about $12 per night.
However, HVS said it was highly unlikely the hotel developers would achieve the projected annual occupancy rates of 64 percent in 2012 rising to 67 percent in 2016. HVS said the new hotel could expect occupancy of just 38 percent in 2012, rising to 48 percent in 2016 — far less than it would need to cover bond payments, to say nothing of providing a return to project investors.
“It is typical for a new luxury hotel operating in a depressed market to take four to five years to reach a stabilized level of operation,” HVS writes.
The consultant offered a variety of reasons for its much lower occupancy projections:
• The economy has caused group and meeting business to fall sharply, especially for luxury and upscale hotels; full recovery is seen as years off.
• Between 2003 and 2009, only in April and October (furniture market time) has hotel occupancy in Greensboro topped 70 percent. In the last three years, HVS notes, Greensboro has added hundreds of hotel rooms while demand has increased only incrementally.
• “The addition to downtown Greensboro of a proposed 200-room luxury hotel is not considered significant enough to induce additional demand into the market,” the report reads, adding that the city has an ample supply of luxury rooms. “It is more likely that the proposed hotel will cannibalize existing demand away from the other hotels in the market, which will make it far more difficult for these hotels to recover from the current recession.”

Not giving up

Kaplan knows the HVS evaluation of his group’s feasibility study doesn’t look good. But he’s not giving up. He says his group will likely pay for an updated study that drills down more deeply than the HVS evaluation does. He says that several factors could set the project in a more favorable light.
For example, he says, the Elm Street project will have restaurant and retail space, which will contribute to the revenue stream and has not yet been figured in. He says the potential impact of the International Civil Rights Center & Museum across the street has not been considered. He says low-interest financing and low construction costs should lower overall project costs, thus providing a financial boost.
And despite what critics and other studies say, Kaplan believes the new hotel will grab market share from the downtown Marriott, the O. Henry, the Proximity and even hotels in the airport area.
But even with those firm beliefs, he says: “If after we go through another round of studies, the projections for occupancy are still at around 40 percent, it won’t get done. We won’t build it because it won’t get funded.”
There are other variables as well, he says. Parking is crucial; the project could be undermined if the city does not agree build an $8 million parking deck adjacent to the hotel on Davie Street. Also, a national chain — like a Wyndham or a Westin — must also agree to back the hotel. Without an upscale national brand and all the resources it would bring, Kaplan says his partners aren’t interested in going forward.
Yet even with all those hurdles, the proposed luxury hotel project remains in the race at the end of this long and confusing week. The finish line, though, appears much farther off

from - http://www.bizjournals.com/triad/stories/2010/01/25/tidbits1.html
link
http://meganfoxstar.blogspot.com/
http://elishasexycool.blogspot.com/
http://junkfoodtoday.blogspot.com/
http://japanesefoodyum.blogspot.com/

Monday, February 7, 2011

Dubai's 7-star hotel escapes crisis discounting

Dubai's 7-star hotel escapes crisis discounting
from- http://www.breitbart.com/
Dubai's Burj Al Arab Hotel -- billed as the first seven-star hotel in the world -- has escaped a room-discounting move by owner the Jumeirah Group to shore up demand during the global downturn.
As a result, occupancy in the imposing 321-meter (1,053-foot) high building is "less than last year but within our expectations," Jumeirah chief executive Gerald Lawless told AFP Saturday on the sidelines of a world tourism conference in Brazil.
He declined to give occupancy rates.
But he said for the rest of Jumeirah's properties, steep price cuts were being offered to maintain demand.
"At the end of November, bookings were slowing down, so we started offering healthy discounts up to 30 percent for our source markets in the UK, Germany and Russia to stimulate demand," he said.
Despite the crisis, the group was maintaining client numbers from those three key markets, he said, though he noted that reservations were increasingly coming later in a bid to secure cheaper prices.
He said: "The luxury sector is certainly resilient to the crisis but this is also motivated by promotions and prices."
Two of the group's properties in Dubai, the Jumeirah Beach Hotel and the Madinat Jumeirah, are keeping occupancy high, with 90 to 95 percent of the rooms filled between February and April at an average price of 570 dollars per night, Lawless said.
The group, which owns 11 hotels, in Dubai, Britain and the United States, plans to forge on with ambitious expansion plans that will see it running 60 properties by 2012.
"Despite the global economic downturn we maintain our objectives," Lawless said.
Jumeirah, part of Dubai Holdings owned by the ruling family of the Gulf emirate, intends to open its first Asian hotel in Shanghai this year, and has just signed a contract to open a hotel in Frankfurt, Germany.
Lawless would not give company forecasts for 2009, but said there was "close to double digit growth in 2008."
Several other international hotel groups have suspended their projects in Dubai after seeing its economy stall over recent months.
The real estate market has imploded but tourists -- for now -- appear to still be going, with hotels recording a five percent increase in check-ins in the first three months of this year
link
http://meganfoxstar.blogspot.com/
http://elishasexycool.blogspot.com/
http://junkfoodtoday.blogspot.com/
http://japanesefoodyum.blogspot.com/

Wednesday, February 2, 2011

Dubai Marina

Dubai is undoubtedly one of the most sought after tourist destinations in the world, what with its breathtaking architecture, scintillating beaches, modern amenities, luxurious lifestyle, world class accommodations & trendy shopping malls. Among the seven emirates that collectively make up the United Arab Emirates, Dubai ranks as the second most populous and boasts of being a cosmopolitan city.
Another Feather in their Cap
The creativity and high class quality of building architecture in Dubai has been greatly appreciated the world over and the Dubai Marina is yet another top class addition to the already impressive list of real estate and property in enchanting Dubai!
‘New Dubai’, the newest business centre of Dubai now prides itself as being home to the most stylish and spectacular manmade marina rightly termed as the ‘Dubai Marina’. This self sufficient, urban city on water is strategically located very close to some of the major landmarks of Dubai – the Dubai Internet City, Knowledge Village and the Dubai Media City among others and contains hundreds of high rise buildings, luxury furnished apartments, villas and exclusive towers. Some of them include the Dubai Marina Towers, Jumeirah Beach Residence, Al Marsa Tower, Emerald Residence, Elite Residence, Grosvenor, Infinity Tower, La Riviera, Manchester Tower, Marina Crown, Marina Diamond Towers, Marina Tower, Princess Tower, The Belvedere, Waterfront, and Yacht Bay etc.
Every year, a plethora of travelers visit Dubai for business, pleasure or both and hence, the demand for short stay accommodation is very high. Dubai Marina Apartments are a great choice for those interested in renting apartments for days, weeks or even months.  Such luxury furnished apartments such as the Dubai Marina Apartments combine the best of both worlds – awe inspiring views of the glistening marina as well as a high class ambience where you can entertain guests, draw business partnerships or simply enjoy luxurious moments with your family. Each Dubai Marina apartment is exquisite in its look and feel.
Technology has been used at its best in these apartments to give you a feel of a modern and uniquely automated cheaper and more convenient accommodation. Equipped with all kinds of amenities that you would look for in a five star hotel, the atmosphere at the Dubai Marina and its Apartments is energetic, lively and pulsating with energy. For those days when you seek some adventure, you can venture out to the Marina for some jogging, fishing or yachting.
Top class personalized service by the staff, huge choice of restaurants, cafes and swimming pools a stone’s throw away, convenience cannot be described more aptly. Those looking to experience the joys and spendour of marina living must seek short stay accommodation here at the Dubai Marina Apartments.
If you are looking for the most convenient hotel alternative accommodation, we can help! Holidays Shop offers state-of-the-art, customized services for your Dubai Marina Apartments rental needs. All you have to do is to give us your requirements – nature of stay and apartment rental period, and we will take care of the rest