The Latest news from Select Property http://www.selectproperty.com/ http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/going-green-in-dubai2093 Currently taking on the responsibility of 'Going Green' is the tourism sector in Dubai , which is growing rapidly and is positively driving employment and income levels. Presently 8.5 percent of jobs in the UAE are travel and tourism based and it is therefore important that this growing area is sustainable. The ‘Green’ debate takes the lead in the latest issue of the CSR Al Youm newsletter published by the Dubai Chamber of Commerce & Industry's Centre for Responsible Business. It looks at hotels and resorts that have made the sustainable model work in the UAE by adopting environmental measures while emphasizing on why responsible sourcing is important for businesses in Dubai. It also includes an article on designing a sustainability policy. The newsletter includes news about the launch of the 4th round of the Mohammed bin Rashid Al Maktoum Business Award new category of Corporate Social Responsibility that is dedicated to recognizing companies that successfully implement socially responsible initiatives. Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/metro-to-put-dubai-on-the-world-stage2092 The previous mayor of London, Ken Livingstone has said that the new Dubai Metro will help Dubai realise its goal of becoming a major financial player on the world stage. The new public metro in Dubai, the first Red Line of which is set to open by September 9th, 2009, will help Dubai prepare for a shift in economy from the West to Asia, one that could happen within 10 years earlier than originally predicted. One of the founding members of C-40 (a group of the top cities around the world), Livingstone urged Dubai to get involved in such organisations to expose the city to new and modern advancements in municipal planning. Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/new-brands-at-dubais-ibn-battuta-mall2091 Ibn Battuta Mall in Dubai is developing its portfolio of retailers and has attracted two high profile brands. Australian brand Zu Shoes and N.Bar, the region's first chain of nail bars have opened in the mall. The N.Bar, with four pedicure rooms, never fails to deliver 'fast glamour for nails' and despite having a string of imitators, both locally and in the gulf region, it remains the most-prominent, dedicated and successful concept for nail care in the Middle East. Shoe lovers all over Dubai now have the launch of ZU. Australia's best loved footwear chain has launched its very first international store in Ibn Battuta Mall's Persia Court. ZU brings with it high fashion for your feet with the very latest designs of gorgeous footwear, accessories and trends. In addition to these new openings the Ibn Battuta Mall will welcome several more international retailers to Dubai before the end of 2008, including Body Shop, Cortefiel, L'Occitane, Costa Blanca, Nautica and Borders. Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/dubai-world-to-invest-in-commodities2084 Dubai World announced on Sunday it has formed a new subsidiary, Dubai Natural Resources World, to invest in energy, mining and agriculture. The new company would invest in a broad range of commodities, from gas and oil to minerals and food crops, and look at both sourcing of natural resources and processing facilities like refineries and mills in an effort to capitalise on the growing worldwide demand for commodities. Sultan Ahmed bin Sulayem, the chairman of Dubai World, said the new company would take advantage of booming demand “to produce very high, long-term income streams”. “In this hi-tech world, natural resources are keenly sought after in order to maintain, support and develop this growing population. Because of this, resources of all types are rocketing in value as their availability and economics are constantly being challenged,” he said. Mr Sulayem said Dubai Natural Resources World would invest in emerging markets in which Dubai World already had a presence. The firm, which Mr Sulayem said this spring owned US$100 billion in assets, is wholly owned by the Dubai Government. Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/dubai-tower-reaches-new-heights2083 Even as the Burj Dubai , expected to become the world’s tallest building nears completion, plans have been announced for a new kilometre-high tower in the city of Dubai. The new project, inspired by Islamic design and geometry, will have four individual towers within a single structure. The new development will be located at the upcoming New Dubai development area near Jebel Ali and cover an area of more than 270 hectares. It will include 250,000 square metres of hotels and hospitality space, 100,000 square metres of retail space and huge expanses of green spaces including canal walks, parks and landscaping. The iconic development plans to minimise car use and maximise train, bus and water transportation for the expected millions of visitors each year. Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/new-dance-phenomenon-comes-to-dubai-2082 The Silent Disco is the latest trend on the party scene. At a Silent Disco each clubber gets a pair of wireless headphones, two DJs play from the same booth offering a completely different style broadcast in FM, each person can control what they hear from their headset and the club runs as normal with lights and dancing but no sound from external speakers. The Dubai clubbing scene will experience the Silent Disco experience over three nights with free entry for all. DJ Andy Buchan, Mark Evans, DJ Solo, Rude Larry, DJ Elle, DJ Cem and James Clar will provide the music. The first Dubai event will be hosted at Mina Salam beach on October 31st. The second party on November 12th will be held at Dubai Marine Beach Hotel and Resort before moving on to the Dubai International Rugby Sevens on November 28th. Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/haile-gebrselassie-to-run-in-the-dubai-marathon2076 In January, Haile Gebrselassie will compete in the $2 million Dubai Marathon, the world's richest running race, the organizers confirmed yesterday. Setting his 26th world record, the Ethiopian long-distance runner became the first man to run a marathon under two hours four minutes last week in Berlin and will have the chance to win a $1-million bonus if he sets a world record in Dubai. Last year in Dubai, the 35-year-old Ethiopian won in two hours four minutes 53 seconds. Ahmed Al Kamali, Dubai Marathon general co-ordinator and president of the Emirates Athletics Federation said, "His appearance in Dubai in January this year took the standing of the Dubai Marathon to a new level." Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/the-phoenix-rises-in-dubai2075 A musical epic has been enchanting theatre-goers in Dubai during the Eid break, ‘The Return of the Phoenix’, which ends its run at Airport Expo Dubai tonight, is the latest production from the Rahbani family, the Lebanese theatre dynasty who brought their extravagant production of Xenobia: Queen of the Desert to Dubai last year. The Return of the Phoenix tells the story of rival kingdoms warring for control of the city of Byblos in Lebanon, which is believed to be the oldest continually inhabited city in the world. The director, Marwan Rahbani, said the tale addresses universal themes of political power, love, betrayal and sacrifice, set against the backdrop of war. Staged outdoors in Byblos, the play had a successful run and although the set was scaled down for the indoor performance in Dubai, The Return of the Phoenix has remained a huge show, with 80 actors and more than 500 costumes. Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/dubai-enters-world-top-ten-office-price-index2074 Dubai has entered the top ten list of the world's most expensive office market for the first time with London's West End remaining number one. The latest Global Market Rents survey from CB Richard Ellis shows a number of changes as Asia emerge as a major player in the commercial property market. Moscow has moved into second place with Paris as the only other non Asian city in the top ten at number eight. With Dubai moving into tenth place for the first time this market is now ahead of previous giants like Hong Kong and New York. 'Office occupancy costs are continuing to defy sluggish economic conditions and the credit crunch, as they rise faster than global inflation,' said Dr Raymond Torto, CB Richard Ellis's Global Chief Economist. ‘These cost increases are dominated by emerging markets, caused by both supply and demand imbalance and the depreciation of the dollar relative to local currencies.’ Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/dubais-booming-retail-sector-2069 As tourism in Dubai thrives, bringing in visitors from various countries and of different tastes, the variety of retailers is growing as well. From unknown brands to internationally acclaimed names a host of retailers are dotting the malls. Eisa Adam Ebrahim, the chairman of the Dubai Shopping Malls Group said, "Bloomingdale's is now coming to Dubai as a second big anchor for malls here, following Saks Fifth Avenue and Harvey Nichols and Debenhams, not to mention the hundreds of mono brands and boutiques and flagship stores opening up in the malls of Dubai." Dubai is seen globally as a shopping resort, reflected in the acres of shopping space being constructed in the emirate. "Over 50 per cent of Dubai's retail revenues are driven by tourism inflows," said Ian Albert, regional director at Colliers International. The sudden burst in retail space has triggered a surge in retail spending. Dubai's retail spending could cross Dh27.89 billion ($7.6 billion) by the end of 2009, according to Retail International. By 2009, retail activities in shopping centres would contribute about 50 per cent to Dubai's gross domestic product. Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/dubai-attracts-foreign-banks-2068 With the global credit crunch and banking crisis in the West more international banks are setting up business in Dubai . Geneva-based Amas Bank, Credit Europe Bank and leading Russian investment bank, the Renaissance Investment Management Dubai, are opening offices at the Dubai International Financial Centre (DIFC). Two Indian players, Corporation Bank and State Bank of Travancore, have already established themselves in Dubai. The Russian Investment Bank, Renaissance Investment Management Dubai recently appointed a new chief executive officer and other senior officials to expand its investment management business in Dubai. Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/dubai-to-launch-rugby-sevens-world-series2067 The International Rugby Board (IRB) has announced the award-winning Emirates Airline Dubai Rugby Sevens will once again launch the IRB Sevens World Series. The IRB confirmed the dates of the eight international tournaments to form the 2008/2009 IRB Sevens World Series. As in previous years eight tournaments are packaged into pairs with two tournaments played a week apart. The Emirates Airline Dubai Rugby Sevens, which this year moves to Emirates’ purpose built sports facility ‘The Sevens’, will kick-start the series from November 28th-29th, four months before hosting the Rugby World Cup Sevens 2009 in March. Gary Chapman, President Group Services and Dnata, Emirates Group said, “Preparations are in full swing and we are extremely pleased with the huge progress which has taken place to be ready for this year’s Sevens and then the Rugby World Cup Sevens in March next year.” Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/-eid-in-dubai-celebrations-at-dubai-festival-city2060 Crowds flocked to Dubai Festival City as ‘Eid in Dubai’ celebrations started with a dazzling laser and water-fountain show and a 25-minute fireworks display. The show was part of numerous events organized in the ‘Eid District’, a specially set-up venue in Dubai Festival City. The Fun Fair, featuring electronic games and rides attracted vast crowds of children and their parents to the venue. The Heritage Zone provided the cultural aspect, with an insight into all the elements of a traditional Eid celebration through exhibits, cuisine, and music. The Festival Centre stage in the mall attracted the most crowds with Arab singers and a huge ensemble of musicians playing various songs and music from countries across the Middle East. The Eid District was also the venue for the Fuwallat, a custom of greeting and welcoming visitors during Eid celebrations, with around 50 volunteers in the mall offering tea, dates, and even incense to visitors. Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/dubai-multi-commodities-centre-to-host-diamond-and-jewellery-summit-2059 The Dubai Multi Commodities Centre hosted about 100 guests from leading Chinese jewellery and diamond trade communities at a reception in Hong Kong recently. The reception served as a platform to announce and to officially launch the Middle East-China diamond and jewellery summit which is set to take place in Dubai from November 8th to 9th. The first diamond and jewellery summit aims to enhance trade relationships across the entire value chain of the fast-growing diamond and jewellery industry between the Middle East and China. The summit has received tremendous response from the manufacturing, trading and retail jewellery communities in the Middle East, China and Hong Kong. Dubai Investment Property Dubai Property News http://www.selectproperty.com/invest/dubai/investment-property/dubai-news/qe2-to-set-sail-for-dubai-after-farewell-voyage2058 The world-famous passenger liner the QE2 is to complete a farewell tour of the British Isles. The vessel will make a brief appearance in the Isle of Man on Friday morning on her way from Cork to Liverpool. The QE2 will be retired in November to be converted into a luxury hotel in Dubai after more than 40 years in service. The QE2 was bought by investment group Dubai World for $100 million and will arrive at the Dubai port on the 28th November. During her 41 years at sea, the QE2 has broken records, transported troops and hosted royalty. She has travelled more than 5.6 million nautical miles, carried more than 2.5 million passengers and crossed the Atlantic more than 800 times. Dubai Investment Property Dubai Property News