The Latest news from Select Property http://www.selectproperty.com/ http://www.selectproperty.com/invest/ras-al-khaimah/investment-property/ras-al-khaimah-news/rakeen-completes-reclamation-of-usd-1-billion-al-marjan-island-development-in-2408 Yesterday, 6th April, Rakeen, one of Ras Al Khaimahâ��s most dynamic property developers and master planners, and the real estate development arm of the Ras Al Khaimah Government, announced that it has recently completed reclamation work of the USD 1 billion Al Marjan Island, the first man-made island in the emirate of Ras Al Khaimah and favourite for property in Ras Al Khaimah effectively expanding the emirate's coastline by an additional 21 kilometres. Rakeen also revealed that infrastructure work for Phase One of the 2.7 million square metre project is underway, covering water, electricity, district cooling, sewerage, storm water service drainage, telecommunication, roads, channel crossings and street lighting facilities. Phase One of the infrastructure works comprises the peninsula, Island No.1 and Island No.2 of the four-island cluster project. Rakeen is responsible for the reclamation and infrastructure works of Al Marjan Island and is also developing Bab Al Bahr, the island's inaugural development project that will serve as a gateway to the integrated island community. Leading regional and international developers have been awarded contracts for other prestigious development projects on Al Marjan Island, including Select Property & Select Groupâ��s Pacific project. Rakeen completed the reclamation work of the entire Al Marjan Island after finalising the sand filling and rock work of Island No.3 in January 2009. Reclamation works of Island No.2 and Island No.4 were completed in 2008. When Rakeen took over as master developer of Al Marjan Island from the Public Works Department in May 2007, the Peninsula, Island No.1 and about 40 per cent of Island No.2 had been reclaimed. The beach formation for Islands No. 3 and 4 has been completed as part of the dredging contract. For the Peninsula and the Islands No. 1 and 2 the beach formation will be performed at a later stage and after construction of most of the developments on these islands. http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/ba-unveiled-’09-schedule,-with-35-increase-to-middle-east-routes2407 April 3rd 2009 British Airways' biggest-ever regional summer schedule comes at a time when several leading regional and global carriers have reduced seasonal schedules to combat the current economic downturn. However, the airlines commercial manager of the Middle East, Paolo De Renzis said the region was vital in its long term strategy growth. Running from 29th March to the end of October, 2009, British Airways' Middle East summer schedule sees a pair of Boeing 777s and a single Boeing 747 operate three daily flights from Dubai to London Heathrow. "The Middle East continues to show robust growth and remains an important market for the airline," said De Renzis, in his first major announcement since taking the regional hot seat in February. "It's no secret the aviation industry is in the worst trading environment it has ever faced and several carriers have folded already this year, following the 30-plus airlines that went bust in 2008. "However, while not immune from the tightening market conditions brought about by falling passenger numbers, we believe we are well positioned to navigate any turbulence." http://www.selectproperty.com/invest/turkey/investment-property/turkey-news/turkish-property-investment-attracting-more-british-buyers2406 April 2nd 2009 The Turkish investment property market could be in for a boost as British buyers head to the country seeking lower priced property and exchange rates. According to the Daily Mail, the Institute for Public Policy Research says one in eight British people over 55 will be living abroad by 2010. Development hubs like Bodrum in Turkey look likely to attract Turkish Investment and retirement home buyers. Cumberlandâ��s director Eric Kaya was quoted by the Mail saying: â��Thereâ��s no building work in summer because this is where rich and influential Turks have their holiday homes, so itâ��s protected.â�� Turkish developers have recently shown a new approach to investors, providing flexible payment options and various property investment offers. Gaining particular attention for its off-plan investment property is Beycik and Bodrum, as well as other coastal areas. http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/media-reports-on-dubais-demise-speak-too-soon2405 April 2nd 2009 Contrary to many reports in the media, Dubai and the Dubai property market is not facing the collapse that many are reporting. Whilst the global financial crisis was believed to have bypassed Dubai, the delayed effects when they actually hit were therefore made to appear far worse than reality. As with all other major cities globally, analysts agree that 2009 will prove difficult but will soon see a turnaround. The press loves a story of failure as much as one of success and the same outlets that were lauding the emirate while it was riding the crest of the boom are the same that are now circling, eagerly predicting the demise of the 'Dubai Dream'. Ian Ohan, Jones Lang Lasalle's head of Investment Transactions for the Mena region told AME Info commented on investment in Dubai 'There's a lot of negative media attention, both from a regional and an international basis being paid to Dubai in particular,' 'Investor confidence globally is obviously very dramatically affected currently. Going forward we obviously have some work to do to repair that. There are a number of government initiatives taking place today that are coming to the forefront that we think will go some way to repairing investor confidence.' http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/dubai-no.1-for-competitive-economy2404 31st March 2009 Ranking higher for its competitiveness than Japan, Germany, France and New Zealand, according to a new study, Dubai has the most competitive economy in the Middle East. Dubai recently ranked 16 out of 65 economies surveyed as part of the National Competitiveness Report 2009, published by the Institute for Industrial Policy Studies at the National University of Seoul, in South Korea. The Korean institute has published the National Competitiveness Report annually since 2001, but this the first time that it has included Dubai, according to WAM news agency. http://www.selectproperty.com/invest/ras-al-khaimah/investment-property/ras-al-khaimah-news/indonesian-coal-to-power-ras-al-khaimah2402 March 23rd 09 Ras al Khaimah Minerals & Metals Investments (RMMI) is to supply coal from Indonesia to power Ras al Khaimahâ��s first coal-fired power plant. The RAK investment is part of a $1 billion major mining project taking part in Indonesia, Congo and Armenia and aims to promote long term energy supplies to the emirate. The demand for power in the northern emirates has increased due to the economic growth and this investment in RAK will supply energy to future projects in the northern emirates. RMMI will supply the Government of Ras al Khaimah with five million tonnes of coal for the power plant and plans to send excess production to India and Japan who are in need of energy supplies. http://www.selectproperty.com/invest/turkey/investment-property/turkey-news/turkish-exports-to-iraq-rise-by-75-per-cent2401 23rd March 09 Turkey has witnessed a 75 per cent increase in exports to Iraq in the first two months of 2009 it was reported today. Compared to January and February 2008 export figures of $473 million, 2009 has seen export figures sore to $830 million over the same period, with a 75 per cent increase in exports to Iraq. This Turkish investment in Iraq exports has increased due to a demand for electrical machinery and equipment, animal and vegetable oil, iron-steel goods, machinery and equipments, cement and furniture. The Turkish invewstment in Iraq and other neighbouring countries is seen as a win win situation by the Government. As neighbouring countries continue to develop, their demand for Turkish exports increases, helping the country to prosper. http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/north-north-east-england-celebrate-new-direct-air-link-from-newcastle-to-dubai2400 23rd March 09 Emirates airline and One North East, the development agency for North East England celebrated the new direct air link between Dubai and Newcastle International Airport with an event at a luxury hotel in Dubai. Emirates representatives joined One North East members as well as several Dubai business profiles at the exclusive launch party. The direct air link is set to boost Dubai tourism by making travel to the emirate more accessible from the North East. This joint investment in Dubai and the North East of England has also boosted the number of Dubai tourists visiting the North East. The region is becoming an attractive destination for Dubai businesses looking to establish a presence in Europe. http://www.selectproperty.com/invest/turkey/investment-property/turkey-news/aegean-coast-of-turkey-new-retirement-hotspot2399 Britons looking to retire abroad are flocking to the Aegean Coast of Turkey it has been reported. Turkeyâ��s climate and euro free currency are obvious attractions to the region, persuading many Britons to invest in Turkish property and move overseas. It has been reported that one in eight British people over 55 will live abroad by next year, But the increase in the strength of the euro has made many wary of moving to popular retirement destinations such as the Costa del Sol, and the collapse of the US property market has also made would be retireesâ�� think about alternative destinations. People are now looking to invest in Turkish property on the Aegean Coasts which is where a large quantity of the 20,600 British owned properties are located and where the cost of living is said to be 60% cheaper than the UK. http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/flydubai-crew-ready-for-take-off2398 19th March 09 In preparation for its launch this year, low cost airline Flydubai has now completed selecting its pilots and crew it was announced yesterday. Over 11,500 keen pilots and crew members applied for positions within the Dubai airline in time for their first flight in mid 2009. 61 Captains and 18 First Officers were picked from a selection of 8000 candidates. These 79 members represent more than 12 nationalities. Flydubaiâ��s newly selected crew is now undergoing extensive training to ensure their safety and customer service skills are exceptional. Flydubai are confident that their airline will boost Dubai tourism by offering tourists a high frequency of flights at low prices. They will operate a fleet of brand new Next-Generation Boeing 737-800s, each with 189 economy class seats. Routes will include destinations within 4.5 hours flying time of Dubai. Flydubai will operate from a modernised and enhanced Terminal 2 located on the north side of Dubai International Airport. http://www.selectproperty.com/invest/turkey/investment-property/turkey-news/turkish-banks-invest-in-energy-projects-2397 18th March 09 Banks in Turkey are to provide funds for energy projects by utilising their own resources and those of the European Investment Bank and the World Bank as well as foreign lenders and development agencies. Turkish banks have been lending support to the energy projects after demand in the industry surged and cash boosts worth billions have been supplied over the past five years. Renewable energy projects such as geothermal, hydro, solar and wind stations have received several Turkish investments in the past years. Turkish lender, Garanti Bank who are co-owned by General Electric, have provided loans worth $1.5 billion for energy projects. Authorization has also just been given for another $500 million investment in energy. Turkeyâ��s largest bank Isbank have also unveiled that they will be providing further support to the energy industry. This investment in Turkey is welcomed as the energy surge increases due to economic demand and will help maintain a healthy growth until 2010. http://www.selectproperty.com/invest/ras-al-khaimah/investment-property/ras-al-khaimah-news/poti-free-industrial-zone-project-unveiled-by-rakia2396 16th March 09 RAKIA, an affiliate of state owned real estate company Rakeen, have announced a USD 200m investment in to Poti Free Industrial Zone (FIZ) in Georgia. This Ras al Khaimah investment is set to boost the project, which is the first Free Industrial Zone in Georgia and the Caucasus Region. The project will span over 300 hectares of the land plot adjacent to the Black Sea Port of Poti and is said to be expecting initial applications from companies at the end of 2009. RAKIA were among 11 contenders bidding for the project and now own 100 per cent of the project agreeing to a 49 year management programme. The Ras al Khaimah investment is set to transform Georgia into a regional financial hub by attracting millions in investments. http://www.selectproperty.com/invest/turkey/investment-property/turkey-news/turkish-counsellor-awarded-the-‘golden-needle’2395 12th March 2009 On the first day of the International Tourism Exchange (ITB) exhibition in Berlin, the Project Leader of the ITB Messe Berlin GmbH awarded the â��Golden Needleâ�� to Erol Ozudogru, the Counsellor of Turkey. This was awarded to highlight the special commitment of the Counsellor for his successful work for the ITB. This event was hosted by the German tourism industry and co-hosted by Turkish tourism ministry. Besides his commitment, Turkeyâ��s Counsellor provided ITB with a new ideas, opinions and hard work in promoting Turkey. The ITB Berlin is also being attended by the Turkish Tourism ministry. http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/dubai-tops-in-hotel-occupancies-and-revpar2394 11th March 2009 The latest report by Deloitte Touche on the global top rankings for hotels based on their revenue per available hotel room (RevPAR), occupancies and their average room rate is evidence of the robust Dubai tourism market. The report ranked Dubai high up on the top 20 global list for all three categories researched. Despite the global economic climate, Dubai still managed to secure places in the top 20 of all three of the hotel rankings list. This feat was only achieved by five other cities around the world, which included New York and Paris. Dubai also continued to achieve the highest RevPAR and average room rates in the Middle East. The revenue earned by the Emirateâ��s hospitality sector was a significant contribution towards Dubai's economy. Overall, Dubai ranked as the third highest in terms of the best average room rate and the second highest RevPAR in the world. http://www.selectproperty.com/invest/dubai/investment-property/spain-news/spain-receives-€600m-injection-to-boost-tourism-industry2393 Tuesday, 10th March 2009 â�¬600m is to be injected into Spainâ��s tourism and property sectors, the Spanish Government has announced today. This contributes to a total of â�¬1 billion of investments announced in the past months. The money will be invested in existing hotels in the countryâ��s most popular resorts in order to compete with the more contemporary destinations in Europe. This cash injection will create thousands of jobs in the construction sector who are set to give the Spanish resorts a modern facelift. As the worldâ��s second largest tourist destination, the Spanish Government are confident that the â�¬600M investment will play a key role in boosting tourism figures further.