Dubai Construction Update

Monday, January 11, 2010

70 German Companies to participate in World Future Energy Summit in Abu Dhabi

70 German Companies to participate in World Future Energy Summit in Abu Dhabi

Deutsche Bank, E.ON Climate & Renewables, Siemens AG, BASF SE among those participating
Jürgen Becker, State Secretary to the Minister of Environment, Nature Conservation and Nuclear Safety, Federal Republic of Germany to attend

More than 70 companies from Germany have confirmed their participation in the World Future Energy Summit, clearly demonstrating the nation’s strength in renewable energy.

Global banking leader Deutsche Bank is principle sponsor of the summit. Other German energy leaders taking part include E.ON Climate & Renewables, one of the most innovative companies in Europe, Siemens AG, known globally for their leadership in technology and BASF SE, one of the world’s leading chemical companies.

Frank Mastiaux, Chief Executive of E.ON Climate and Renewables will be joining Hans-Jorg Bullinger, President of Fraunhofer-Gesellschaft, the largest organization for applied research in Europe, to speak in a session on the challenges and solutions facing the World Future Energy Industry.

Other speakers from Germany include Jürgen Becker, State Secretary to the Minister of Environment, Nature Conservation and Nuclear Safety, Federal Republic of Germany, who will take part in the Energy Ministers’ panel discussion. Eicke Weber, Director, Fraunhofer Institute for Solar Energy Systems who will be speaking on advanced solar systems and Werner Sobek, Architect and Engineer at Werner Sobek Stuttgart who will be participating in a discussion on sustainable architecture.

“Abu Dhabi represents an energy producer who focused on the development and application of low carbon energy technologies very early. The World Future Energy Summit organized in Abu Dhabi offers an excellent opportunity to present solutions for a modern and sustainable energy system. Siemens with its innovative technologies is proud to attend an event of this scale, reflecting our commitment to develop renewable and sustainable energy sources as well as being part of tomorrow’s solutions”, said Wolfgang Dehen, CEO of the Energy Sector and member of the Managing Board of Siemens AG.

Germany was also heavily involved in the United Nations Climate Change Conference, which aimed to agree on a new framework for a coordinated international approach to climate change, beyond 2012. On December 11th 2009, EU leaders agreed to commit 2.4 billion euro (3.6 billion US dollars) a year until 2012, with Germany, Britain, and France each contributing about 20 percent, to help developing nations combat global warming.

Germany is aiming to become a leading market for electric-mobility with the government planning to have one million electric vehicles on German roads by 2020. The government has announced an investment of US$ 705 million in the necessary infrastructure .

Sunday, January 10, 2010

Proactive government intervention empowers brokers to deliver bespoke offerings, reignite investor confidence

Proactive government intervention empowers brokers to deliver bespoke offerings, reignite investor confidence

Leo Sterling expects first half of 2010 to be tough on industry players, gradually easing out run-of-the-mill brokers from the market

January 11, 2010

Leo Sterling, UAE’s premier select property portfolio managers, has revealed that it has shored up its offerings in the ready property segment as it expects demand to gradually pick up within the next six months, driven in part by proactive government intervention, such as the planned move in the UAE to allow foreigners 100 per cent ownership of businesses. Leo Sterling further revealed that the next few months will remain a characteristically tough period for the property industry in general, although it will be in tune with an ongoing trend of market correction and stabilisation.

Furthermore, Leo Sterling pointed out that the UAE economy's positive growth trajectory will provide additional leverage that will enable the property market to weather the lingering effects of the global recession. The UAE Minister of Economy H.E. Sultan Bin Saeed Al Mansouri has earlier revealed that the UAE is expected to achieve a real growth of 1.3 per cent in 2009, which will increase to 3.2 per cent in 2010, paving the way to complete recovery for the UAE economy.

Laura Martorano, CEO and Founder, Leo Sterling said: "We need to focus on the actual picture to be able to determine the genuine prospects that await us in the future. In real terms, there has been no significant growth at the height of the economic depression. However, with proactive government intervention such as the move to allow 100 per cent foreign ownership, I believe that brokers are now being empowered to provide bespoke offerings and services that are designed to reinforce investor confidence in the local property market."

"In this regard, while others will struggle to survive in this period of transition, fundamentally strong and quality-driven brokerage companies can take advantage of the market lull to focus on more strategic investments such as Leo Sterling's recent expansion initiative in the UK, where we set up a new office to target fresh markets and bolster our portfolio. These measures have given us greater leverage to capitalise on the excellent business prospects that will be unlocked when the market turns around within the next six months," added Martorano.

To underline its point, Leo Sterling cited the recent statistics from the Real Estate Regulatory Authority (RERA) which shows that there are now around 2,088 approved brokers in Dubai, which is already half of the total number in 2008. Leo Sterling expected this number to further decrease within the coming year and be reduced to a few dozen brokers as a result of the natural process of elimination.

"We believe that 2010, particularly the first half of the year, will be critical to industry players as the ongoing price corrections and the stabilising effect of the market shake-up will eliminate weak, run-of-the-mill brokers that have relied heavily on speculative investors and overpriced property offerings. We have anticipated this situation, which is why Leo Sterling continues to emphasise on long-term value in our property offerings. As such, we have fortified our portfolio in the ready segment, which has remained relatively stable and hugely attractive to genuine buyers and investors, who will be increasingly coming onboard within the next few months," concluded Martorano.

Powered by a highly experienced, multilingual team of global experts and professionals, Leo Sterling has been aggressively consolidating its market presence through a comprehensive, long-term growth strategy in the UAE's property sector. Leo Sterling has also established a new regional office in London, seeking to further strengthen its growing client base in the UK and Europe.

Silverene Towers construction pictures ,Dubai Marina , 08/January/2010

Sulafa Tower construction pictures ,Dubai Marina , 08/January/2010

Princess Tower construction pictures ,Dubai Marina , 08/January/2010

Crown Prince of Spain confirms participation in Abu Dhabi’s World Future Energy Summit

Crown Prince of Spain confirms participation in Abu Dhabi’s World Future Energy Summit

The Crown Prince of Spain, Felipe de Borbón y Grecia has confirmed his participation in the upcoming World Future Energy Summit in Abu Dhabi. His Royal Highness will be a keynote speaker in the Plenary welcome session on the first day of the Summit on January 18th.

President Obama recently named Spain, Germany and Japan as three countries that have made a "real investment in renewable energy". The investment has resulted in the Spanish renewable energy market growing tremendously over the last eight years.

H.E. Gonzalo de Benito, Ambassador of Spain in the United Arab Emirates said: “Spain represents one of the leading countries worldwide in the renewable energy industry. Spain strongly supports the International Renewable Energy Agency (Irena) in Abu Dhabi. We foresee a strong Spanish presence at the third edition of the World Future Energy Summit in Abu Dhabi, through the presence of H.RH. Prince Felipe, Crown Prince of Spain; together with a larger number of Spanish leading companies.”

In his role as Crown Prince he has played a very active role in the promotion of Spain's economic and commercial interests. His Royal Highness graduated from University of Georgetown (Washington DC) with a Master's degree in International Relations at the Edmund Walsh School of Foreign Service.