RAK-based Al Hamra Real Estate Development plans to release villas and apartments targeting Kuwait’s high net worth individuals at this years Cityscape Kuwait held from 9 to 11 December 2015. General manager at Al Hamra, Benoy Kurien, observed that Kuwait investors are well represented for such a small population. According to UAE Ministry of Finance, GCC ownership in the UAE amounted to 11,761 properties in 2012, an increase of 8% over 2011. In total, Kuwaiti citizens represented 59% of the total GCC property ownership that year. Furthermore, research by the Boston Consulting Group in their annual Global Wealth 2015 report…
Author: Paromita Dey
On 3 December 2015, Doha Bank along with Confederation of Indian Industry (CII) hosted a business session, Bilateral Opportunities between India, Qatar and Gulf Co-operation Council (GCC), at the ITC Maurya Hotel in New Delhi, India. The session was attended by key dignitaries and corporates from the National Capital Region (NCR) in India. Dr R. Seetharaman, CEO of Doha Bank, highlighted that Qatar’s economy is expected to grow by more than 4.7% in 2015. He talked about Qatar’s 4.8% rise in GDP in the second quarter of 2015, helped by robust growth in construction, financial services and hospitality sectors. “Qatar…
The thyssenkrupp Industrial Solutions business area appointed Boris van Thiel as new CEO of the MENA regional cluster effective December 1, 2015. In August 2014, the 41-year-old geography graduate joined thyssenkrupp as the head of business development MENA in the process technologies business unit until July 2015. Boris van Thiel has already been acting CEO of the MENA regional cluster for the past four months. Van Thiel said: “To achieve growth in a heterogeneous MENA market subject to sharp fluctuations, we need to set priorities for markets, portfolio segments, customers, staff requirements and office locations. Via a network of local…
The Council of Ministers in Saudi Arabia approved the proposed white land tax law on 30 November 2015. The speed at which the law has been approved emphasises the importance of addressing the current shortage of housing at the highest levels of government. Though many details of the tax have yet to be released, the following aspects of the law have now been approved: An annual tax of 2.5% of the value of the land will be applied. This tax will apply to all land designated for residential and residential/commercial use within urban boundaries. The tax will be deposited into…
Damac Properties announced topping up its 94-level tower Damac Heights. The façade work at the $653m project has reached level 69 and the block work is at level 76. Once completed, the tower will be the seventh highest residential tower in the UAE at a height of 335 metres and 94 levels, according to the International Council on Tall Buildings and Urban Habitat. Niall McLoughlin, SVP at Damac Properties, said: “Occupying top 40 storeys of 94-level tower, each of the luxury apartments at ‘Damac Residenze’ is fitted out with the latest furnishings from the FENDI Casa collection.” The tower will…
Juno Enterprises, a multi-product distribution company, showcased the latest addition to its product line, Arbor Lighting Towers. The compact design, includes a vertical mast tower that offers complete flexibility with fixture ground access and 360 degree mast or light rotation. “The product is distinct in the market because of various features such as the telescopic mast can extend up to 8 metres while it has a certified wind stability of up to 110km/h,” said Rohan Kapur, business development manager at Juno Enterprises. The product underwent almost two years for R&D and finding a manufacturer. The product has currently been in…
Fila Surface Care Solutions promoted its new rust stain remover and silicon residue remover during The Big 5. “There is a high demand for our products in the region as the quality of finishes has become essential to developers. We have been listening to their feedback -since our first participation in the Big 5 in 2006, and in answer to their demand we have developed two new products that are fast, effective and very easy to apply,” said Francesco Pettenon, Fila ME. “FILANO RUST is a ready to use rust stain remover applicable even on delicate surfaces. FILAZERO SIL is…
French manufacturer Atlantic, commercially launched its new solar water heater, a high-end forced circulation solar solution with indoor tank and outdoor solar panel. Utilising strengthened polyurethane insulation and low consumption pump integrated, Solerio Optimum allows users to save 70% energy and is A class with the new European Energy Efficiency Regulation (ErP). With tank capacities from 150 to 400L and equipped with steatite backup heating element and new elliptic solar exchanger, the product is described as a “user friendly water heater which is the optimal renewable energy solution for water heaters in the Middle East.” Atlantic dedicates an average of…
The building and construction sector in Jebel Ali Free Zone (Jafza), expects to double its growth over the coming four years, following results which demonstrate a 74% growth since 2010. Revealing the sector’s value has increased from AED10.7 billion in 2009 to AED18.6 billion over the same period, future growth will largely be driven by the continued focus of GCC countries on building economic infrastructure and stimulus generated by Dubai 2020-related infrastructure projects. HE Sultan Ahmed Bin Sulayem, chairperson of DP World and Ports, Customs and Free Zone Corporation, said: “Jafza’s evolution as a global business hub hinges around its…
MEA managing director Franz Freiherr von Redwitz, revealed the company has just signed its first contract with a partner in Iran since economic sanctions were eased, following years of restricted trading. Commenting on the deal, which will see a fleet of vehicles delivered in Q1, 2016, Redwitz said: “We are in the process of rebuilding [business] in Iran, as European brands have not done business there for some time. “We have a lot of new contracts and I have just this morning finalised a contract which has now been signed off between the German High Court and Iranian Embassy, and…