SODIC to Showcase Six Projects at Cityscape Global 2010 in Dubai

SODIC, a leading real estate developer with a large and diversified portfolio in Egypt and Syria, today announced it will showcase six of its projects at Cityscape Global 2010 in Dubai, one of the largest business-to-business real estate investment and development event in the world.

Representatives from SODIC will be present at the 300-sq metre booth that replicates the developer's iconic sales centre theme. It will be equipped with mock ups, images and iPad devices fully loaded with brochures, films and floor-plans for all projects allowing visitors to gain a better understanding of the various developments.

Projects that will be in the spotlight this year include Westown, a mixed use development covering over 1.2 million sq metreson the Cairo-Alexandria Desert Road and comprising an office park, residential neighbourhoods, shopping options and entertainment and hotel facilities.

The first two projects launched in Westown are The Polygon, a business park with 70,000-sq metresof premium office space, and Forty West, an exclusive high-end development offering spectacular apartments, offices, a large art gallery, boutiques, as well as world-class restaurants and a luxurious 50-room Angsana hotel operated by the Banyan Tree Group, a leading international hospitality brand.

Youssef Hammad, Chief Commercial Officer of SODIC, said: "We are pleased to participate for the fourth consecutive year at Cityscape Global 2010. Our previous experiences at this event have led to favourable outcomes and opened up interesting networking opportunities that complement our business objectives.

"Cityscape shows normally attract prominent industry leaders who have shown a huge interest in our flagship projects, and we are looking forward for similar responses this year as well."

Launched in the fourth quarter of 2009, construction work on Forty West and The Polygon Business Park commenced in March 2010 with the handover scheduled for 2013.

Eastown, another project that will be showcased, comprises 860,000 sq metre of land with a built up area of 920,000 sq metre. It will include 1,600 residential units, 1,000 'Class A' offices, 2,000 boutiques and retail outlets and up to five hotels. SODIC will additionally place a special focus on Kattameya Plaza, a gated community with over 83 per cent dedicated to green and landscaped areas. Construction on Kattameya Plaza started in 2007 while sale of the development commenced in July 2008.

Visitors to SODIC's stand at Cityscape Global will also learn about Allegria, an upscale residential project characterised by its emphasis on community, family life and entertainment and located in the fast growing suburb of West Cairo. The delivery of the Allegria homes is significantly ahead of schedule, with a large number of units expected to be delivered in Q4 of 2010. The British International School in Cairo (BISC), relocated from Zamalek and opened in Allegria in 2008, and the Allegria Greg Norman Signature Golf Course were completed in record time.

SODIC expanded its real estate ventures in mid-2010 to neighbouring Syria through acquiring 50 per cent of Palmyra Real Estate and Development Company.

SODIC has taken full management control of the company and plans to focus on residential projects in key areas around Damascus, Aleppo and Lattakia. It is actively converting all existing 8.9 million sq metre of its land bank in Egypt and Syria into highly profitable and diversified projects encompassing retail, commercial, residential and hotel components.

Emaar’s high earnings give market a boost

Emaar Properties is likely to be heavily traded on Sunday on news that the company soared past analysts’ earnings forecasts. But long-term investors may find that there is value for them beyond what is included in the earnings.

Judging by the value of the company’s separate units, according to a recent Deutsche Bank analysis, the stock price accounts for only the revenue generated by its portfolio of malls and hotels, as well as its minority stakes in a number of development projects in the Middle East and beyond. The company’s considerable property projects in and around Dubai and its undeveloped land in the emirate was not factored into the current price. In other words, investors pay for the income-producing assets and get a bonus – the Dubai development projects and land bank.

Emaar closed at Dh3.9 on Wednesday, up 2.8 per cent. The company reported earnings after the market close. Emaar announced that its net profit more than tripled from a year earlier to Dh760 million from Dh237m from a year ago, driven largely by revenue from its mall and hotel operations. The company emphasised the success of its projects abroad in an attempt to remind investors that it is more than just a UAE property firm.

Emaar’s latest release did not quantify all of its holdings, but the company reported last year that it owned 51,600 hectares of land, which it valued at Dh79bn. It also has several property projects in Dubai at various stages of completion.

Dubai’s property woes have been well-chronicled – and Emaar’s drive to diversify is commendable – but it is hard to imagine the company will not be able to wring some value out of its Dubai assets, especially given the generally forward momentum in the Dubai World debt restructuring talks.

Source: The National

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Emaar blocks merger plan with Dubai Holdings

Emaar Properties, which is anticipated to inaugurate the world's tallest tower Burj Dubai in four weeks, called off a merger plan with the real estate entities of Dubai Holding that could have created a $52.8 billion property giant.

Emaar Properties, which is 32.5 per cent owned by the Dubai Government, said it will not go ahead with its merger with Dubai Holding, which was publicized a few months ago.

The merger was announced by the Dubai Government in June and led to repositioning among the property entities of Dubai Holding, including Sama Dubai, Dubai Properties and part of Dubailand.

Emaar, Dubai Properties and Nakheel have been reshaping the real estate landscape of Dubai for the last few years, in line with the government's vision to strengthen Dubai's position as a leading regional hub.

The three entities have, over the last five years collectively developed "New Dubai" — home to thousands of national and expatriate families.

Nevertheless, since the global economic crisis impacted Dubai's real estate market late last year, these developers have been forced to change growth strategies, including the option to merge, as collectively they hold a large chunk of landmass.

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