13
Saudi developer Akwaan is due to complete construction on a UAE
US$60 million building materials mall in Riyadh. The company Aldar Properties is behind several of the major projects in Abu
also plans to expand in the eastern province of the country – it Dhabi, such as the US$40 billion Yas Island and US$15 billion Al
is developing another building materials mall and a four-million- Raha Beach. Ousama Ghannoum, media and marketing director,
square-metre mixed-used complex with residential, commercial says that Aldar is taking a pragmatic approach to delivering
and, possibly, educational elements. developments: “In truth, there really are no timelines – they
keep changing. Our developments are based on the economic
CEO and managing director Mohammed Alkhalil admits that project situation and supply and demand.
timeframes have been adjusted: “For our future projects, the timings
have shifted slightly due to the uncertainty of the market, but it’s not “In the case of Al Raha Beach, for example, if the entire master
a big issue. We need to revisit the studies, and make some changes plan is built it will accommodate up to 100,000 people. However,
accordingly.”Yet Alkhalil believes that the Saudi Arabian real estate we might be convinced that there is only a need to accommodate
market is in a healthy state. “The market is driven by the high growth 60,000. So, we might hold and continue at a later stage. We work
rate, and also the economics of Saudi Arabia – this is down to the phase by phase – we thoroughly evaluate each phase, as any
government. There’s strong domestic demand, not an artificial or real developer will do, based on the current economic situation
foreign demand. The Saudi market is one of the biggest in terms of and the forecasts for the demand.”
area and population, and one of the best in terms of the application
of the law – the Saudi government is very strict and always uses a Ghannoum confirms that Aldar is currently concentrating
very conservative approach, and this helps a lot.” its efforts on making the deadline for the Grand Prix on Yas
Island. He says: “We have a big delivery on November 1
st
– a big
Saudi Arabia’s long-awaited mortgage law is expected to be phase of Yas Island for the race day. We have to deliver seven
implemented this year, and Alkhalil believes that this will help the to eight hotels, a track, a marina, a links golf course, and the
real estate market: “We are willing the government to issue the infrastructure. So, all of our main efforts are on delivering this.
mortgage law – at the moment there isn’t a lot of leverage in the This is a date we have to meet, and we are very comfortable.”
real estate market in Saudi Arabia as the banks do not lend for Ghannoum has complete confidence in the Abu Dhabi market: “In
real estate. In a couple of years from now I think that most people terms of development in Abu Dhabi, it’s only just started so it’s a
will be free from their debts and we will have a good situation for new market. I know from external reports, and from the market
individuals to have mortgages.” reports that we do, that there is still a big demand for office and
PREVIEW Cityscape Dubai
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69