In a very short span of time, Dubai has become a global phenomenon. A major part in this ascent has been played by the booming property market of Dubai. Not only has it attracted the huge gush in oil-generated wealth from the region, but this market has also attracted individuals and institutions from across the globe.

Before entering this market, it is important to know and understand all the players here. Some of the key names to remember are:

Master Developers

§  Emaar

§  Nakheel

§  Limitless

§  Dubai Properties

Developers

Over 800 developers registered with RERA

Regulatory Authority

§  Real Estate Regulatory Authority (RERA)

Brokers and Real Estate Agencies

§  Asteco

§  Better Homes

§  Dynasty Zarooni

§  Landmark

Of the real estate brokerages, the most interesting is Dynasty Zarooni.

The group, formed in 2007, the company Dynasty Zarooni Inc is the merger of the businesses of Mr. Hilal Al Zarooni and Mr. Kabir Mulchandani in 2007. The combined synergies of these two organizations have resulted in the creation of one of the most prominent & profitable real estate companies in the United Arab Emirates.

§  Dynasty Zarooni Inc (Investment Company)

§  Dynasty Al Zarooni Real Estate LLC (Real Estate Brokerage Subsidiary)

§  Premier Car Parks Inc (Car Park Asset Management Subsidiary)

Summary

The Dynasty Zarooni Group has successfully invested in development and acquisition/disposition in the United Arab Emirates Real Estate Sector. The Group has net equity of over AED 1.2 billion.

The Group’s Promoter’s and Dynasty Zarooni Inc.’s combined net worth is over AED 3.5 Billion.

The Group has a Professional, Strong and Experienced Management Team to lead it into the future.

www.dynastyzarooni.ae

Overview

 
The group, formed in 2007, the company Dynasty Zarooni Inc is the merger of the businesses of Mr. Hilal Al Zarooni and Mr. Kabir Mulchandani in 2007. The combined synergies of these two organizations have resulted in the creation of one of the most prominent & profitable real estate companies in the United Arab Emirates.

• Dynasty Zarooni Inc (Investment Company)


• Dynasty Al Zarooni Real Estate LLC (Real Estate Brokerage Subsidiary)


• Premier Car Parks Inc (Car Park Asset Management Subsidiary)

Summary

The Dynasty Zarooni Group has successfully invested in development and acquisition and disposition in the United Arab Emirates Real Estate Sector. The Group has net equity of over AED 1.2 billion.

The Group’s Promoter’s and Dynasty Zarooni Inc.’s combined net worth is over AED 3.5 Billion.

The group has a professional, strong and experienced management team to lead it
into the future.

Invests in real estate in the U.A.E.

Acquires and disposes of real estate on a strategic basis through Dynasty Zarooni Inc. with a goal of realizing capital gains and income. Returns of over 440% annualized from Jan 2008 to June 2008.

Acquisitions are primarily in commercial, residential and retail.

As a hedging strategy, the Group also owns high cash flow generating assets such as car parks.

Investment Division

The companies Investment activities have strategically involved acquisitions of key Real Estate assets in Dubai & Abu Dhabi within the United Arab Emirates.

The range of investments include a prime commercial property assets within Dubai & Abu Dhabi’s prevalent central business districts, prestigious Residential property assets located in award winning development (see Annexure A).

Furthermore the DZ Investment Division has an asset portfolio of over 2500 Car Parking units located within prime development projects.

To date over AED 1.6 Billion Real Estate development projects have been delivered within the UAE from a total exceeding AED 20 Billion of executed transactions to date.

Brokerage Division

From its inception in Jan 2008, the group Corporate & Retail Brokerage Sales & Marketing division has successfully evolved into one of the industry’s most dynamic and agile brokerage teams within the Emirate of Dubai.

Located at the Dynasty Zarooni Inc. corporate headquarters at Jumeriah Lakes Tower; Dubai Managed by a seasoned team of professionals with specialist skills in the operational components of brokerage sales, marketing, consulting and accounting operations.

Our diverse Brokerage Real Estate Sales team are connected into the pulse of the UAE property market, through an extended network of over 2500 cross-country and International Broker network extending reach into key investment markets in UK, Ireland, Germany, Russia/CIS, Indian sub-continent, Pakistan, North America .

The Brokerage business unit has a proven agility and finely-tuned a process of engagement with our Real Estate development partners, rapidly assess the project potential based upon our in-depth market knowledge and derive a clear sales and marketing strategy to successfully.

The Brokerage business has grown phenomenally in 2008 and currently achieves sales transactions in excess of AED 1 Billion monthly.

Executive Management Team

Hilal Al Zarooni President

A seasoned entrepreneur originating from a background in real estate and retailing of luxury goods. He has established the largely successful retail chain “ Le Paris Diamonds.” He has also managed and delivered prestigious developments at Jumeirah Lakes Towers such as One Lake Plaza, HDS Towers and HDS Business Center.

Kabir Mulchandani Chairman

A seasoned entrepreneur, originating from a background in manufacturing & distributing consumer electronics across India. Established and operated Dynasty Enterprises Inc. achieving total returns of over 2000%, with net and cumulative net profits of about AED 985.87 Million since 2005.

Nikesh Vishram Chief Executive Officer

Over 14 years experience within the Investment Banking arena, with key global management responsibilities held with Swiss Bank Corp, Union Bank of Switzerland and most recently Credit Suisse for the Fixed Income Derivatives and Banking business units.

Rajesh Gupta (MBA) Chief Financial Officer

Over 12 years of Corporate / multi-national companies in India & EU with profit center responsibilities. Positions held include General Manager (Ranbaxy Labs) & EU - Director of Sales & Business Development.

Jaydeep Anand (MBA) Chief Operating Officer

Over 12 years of corporate global experience in operations, manufacturing, sales, consulting and M&A. Experience in consumer electronics, consulting, chemicals, medical device and packaged gases. Engineering background with an MBA from Cornell University. Served in various positions including Vice President & CEO.

Neeraj Sehgal Senior Vice President, Structured Products

Has rich experience of over 14 years in Banking, Financial Services, Insurance and Wealth Management business. He has expertise in new business development , marketing & product development and sales & distribution. Prior to joining Dynasty Zarooni he has worked with leading Multi National Banks and Insurance company in strategic and leadership roles

Aloki Batra Vice President, Sales & Marketing

Over 8 years of experience in equity financial markets, consumer electronics & B2C portals. Experienced in sales, marketing & investments. Specialty in designing & implementation of systems & processes to enhance end user experience. Experience in designing and managing media campaigns.

Deven Shah Vice President, Operations

Over 24 years of experience in multinational companies. Experienced in operations, manufacturing, supply chain & total quality management(TQM). Specific focus and experience in ISO 9000 systems & implementation.

www.dynastyzarooni.ae

BULGARIAN BLACK SEA COAST
EXCLUSIVE RE INVESTMENT PROJECT
ALL PERMITS & BUSINESS PLAN AVAILABLE
INTERESTED INVESTORS OR JV PARTNERS
INQUIRE FOR FULL DETAILS

Dubai has emerged as a wondrous world, offering a multitude of attractions, an inevitable sense of security and above all the overall ambience that triggers energy and excitement. It is no wonder why more and more people are opting to settle down in Dubai or to pay a visit to this culturally strong and hospitable part of the world.

Although considered as one of the most expensive cities of the world, Dubai still is a magnet that attracts rather compels people to take a bite of its suaveness.

The Initiation!
In 2001 Dubai Property Market changed. The government agreed to allow foreign investors and buyers to take 99-year leases on apartment and villa property in Dubai. At the time when this law was passed in 2001 the population was close to 1 million people. In May of 2002, the crown prince of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, stated that Dubai would allow foreign investors to buy Dubai properties on freehold ownership. The statement just jumpstarted the market and it has been booming ever since.


Now during last three years Dubai has emerged as the ultimate destination for international and local property investors. The boom was triggered by the ‘freehold property scheme’, unveiled in 2003 by Dubai government, allowing foreigners to own property for life, with the right to sell, lease or rent it at their own will. Along with this, the increase in population, flourishing tourism and readily available mortgage facilities from banks and financial institutions have given vent to an extraordinary real estate boom in Dubai. Real estate projects of almost $30 billion are currently under development in Dubai.

Since the new laws were passed, capital growth in Dubai has been on the up and capital growth that exceeds 20% is expected as Dubai continues to nurture its attraction to be the NO1 tourist and leisure country. This coupled with achievable 8% rental income return; it is clear why Dubai is considered one of the top investment property hot spots in marketplace.

The Law
In the case of Dubai and the UAE, property law is very young and still taking its long-term shape, although the key elements are straightforward to understand. The Law No. 7 that legalizes freehold ownership of land and property for UAE and GCC citizens, while allowing the same rights to non-GCC expatriates to pre-designated areas that will be approved by the Ruler of Dubai.

Non-GCC expatriates will be given the right to acquire freehold and 99-year lease property, in areas designated by the Ruler. The law comes almost four years after the government first announced freehold ownership to expatriates, grouped under three Dubai-government owned entities Emaar Properties, Nakheel and Dubai Properties.  The new property law entitles the investors and buyers to the following clauses:

Summary
* The foreigners will have the right to lease or purchase the land, after getting approval from the three master-developers, Emaar, Al Nakheel, and Dubai Properties.

* A land will be registered in the name of a foreigner only after the developers submit a no-objection letter, stating that all the payments for the transaction have been made in full.

* There are three kinds of ownership proposed in the legislation: freehold, usufruct, and common hold. The owner will have complete ownership rights over a free hold property and the building in this case will be in the owner's name.

 * The second category is usufruct or long-term lease. The law characterizes 'usufruct' as the right to use another's property short of destruction or waste of its substance. The right of usufruct, as per the law, should not be for less than five years. This will most probably be a long-term lease whose maximum validity period will range from anywhere between 50 to 99 years

 * Common-hold allows leaseholders to dispense with their landlord and obtain a share of the freehold.

* The registration fee for the transaction will be two per cent of the total value of the property, of which 1.5 per cent has to be paid by the purchaser and the rest by the seller. After the payment of the whole amount, the owner is free to either bequeath the property or sell it.

* The most important and probably extremely consequential component of the law is the clause that those who already purchased property will have to legalize their purchase by registering it with the authorities.  Another important feature of the law is the recognition of the land development lease.

* The confidence of the investors and buyers as the new Dubai property law ascertains on them the 100% foreign ownership for the expatriates. More banks will begin the facility of home finance as there is a guarantee in the ownership of the properties.

* The law also specifies the functions and responsibilities of the Department of Land and Property, which has so far been doing all the work by virtue of practice, sans legal clarity. As per the law, the department will determine the survey areas; approve the land map and the fees for the services provided by the department.

Excerpt from Law No.7 of 2006

Article No.3
Provisions of this law are applied to properties located in Dubai.

Article No.4
The right to own properties within the Emirate shall be limited to UAE and GCC citizens, to the companies wholly owned by them, as well as to the public stock companies. Pursuant to the Ruler’s consent, non-UAE nationals may be granted the following rights in designated areas:

a) Freehold ownership of the property for an unlimited period;
b) Usufruct over the Property or 99-year lease thereof.

Article No.5
The original documents and judicial rulings upon which properties are registered are to be kept at the Lands and Properties Department.

It bans the removal of documents from the department. Judicial bodies or any expert or committees assigned are authorized to review the documents and get attested copies.

Article No.6
The Lands Department is solely assigned to register property rights and long-term leasing contracts as stipulated in Article No.4 of this law.

Under the law, the department will carry out the following duties:

1- Specifying survey areas or re-con­ducting surveys and attesting location maps.
2- Specifying rules related survey and releasing maps related to property units.
3- Preparing model property contracts.
4- Setting rules related to regulating, keeping and destroying documents.
5- Setting rules related to the use of Computer in data entry and saving.
6- Setting rules related to the regulation and keeping the records of property brokers.
7- Setting rules related to the assessment of properties.
8- Setting rules related to the sale of properties in auctions, and supervising the auctions.
9- Fixing fees for services offered by the department.
10- Setting up branches of the depart­ment upon the director’s discretion.

Article No.7
A property register at the Dubai Lands and Properties Department shall be set up for documenting property rights and their amendments. Its records hold the ultimate evidence against all without exceptions. Its records cannot be challenged except in the case of forgery.

Article No.8
Documents of the property register which are electronically saved, have the same evidential value of the original documents.

Article No.9
All property transactions and deals that result in giving, moving, changing or removing property rights, must be registered with the property register. And so must all the final rulings that prove such dealings, which are not considered valid until they are registered.

Article No.10
To undertake transferring any property rights is limited to the contractor’s commitment to the guarantee if he defaulted on his contractual duties whether compensation was stipulated in the undertaking or not. FEATURES

Article No.11
The inheritance notification must be registered with the property register, in case heirs have property rights within their inheritance. And, no dealings will be admitted unless registered.

Article No.12
The department has the authority to look into applications submitted by owners of unregistered lands seeking to settle their legal status.

Article No.13
The department can correct purely financial errors in the property register upon a request by applicants or on its own, with informing concerned parties.

Article No.14
The department coordinates updating property data with parties concerned.

Article No.15
The registration of property areas and units at the property register must be based on typographic, property unit and property area maps. It also reads that each property area must have an independent map, manifesting all property units in the area and their numbers.

Each property unit must also have a separate map, showing its location, boundaries, length, area and buildings, and the numbers of neighboring units.

The law also stipulates that any amendment to the property unit, whether by dividing or merging units must be registered with the property register.

The department issues ownership certificates regarding property rights, which are considered ultimate evidence to prove property rights.

The above-mentioned certificates must include any terms, conditions, undertakings or any other commitments.

The provisions of federal civil transactions law No.5 of 1985 and its amendments are still valid in the cases not stipulated by this law.

Any agreement or deal concluded in violation of this law is invalid. Any person, department or public prosecution has the right to contest such a deal.

This law abrogates the provisions of the decree concerning legal and penal suites related to land transactions in Dubai, dated November 6, 1997

The Chairman of the department issues the necessary regulations and rules to put this law into effect.

The law shall be published in the official gazette, and is to be taken into force from the date of its issuance.

Article No.22
The Department shall issue title deeds of Real Property Rights in accordance with the current records in the Real Property Register.

Article No.23
Subject to the provisions of any other law, a multi floor or apartment real property shall be considered as a single Real Property Unit and a folio shall be designated thereto in the Real Property Register. Supplementary folios in the names of the owners of such apartments and floors and common areas shall be added to the original folio.

Article No.24
(1) Title deeds referred to under Article 22 of this Law shall have absolute power of evidence to establish Real Property Rights.

(2) Any conditions, undertakings, encumbrances or any other liabilities related to Real Property Rights shall be stated in the designated folio of the Real Property Unit.

Article No.26
(1)Any agreement or disposal made in violation to the provisions of this law or with the intent to circumvent its provision shall be null and void.

(2) Gives any interested third party, the Land Department and the Public Prosecution he right to request the court to declare such a transaction void. This is aimed at so called ‘sham arrangements’.

Article No.27
Law specifically repeals a Decree dated 6th November 1977. That 1977 Decree prevented any property-related disputes from being filed at court unless the case was referred to it by the Land Department. Now that Decree has been repealed, any aggrieved party can now file a claim direct with the Dubai courts or implement any agreed arbitration process.

If you're looking to make some money, consider investing in real estate. According to the National Association of Realtors, 23 percent of all homes purchased in 2004 were acquired as investment properties. But real estate mogul and "Good Morning America" contributor Barbara Corcoran has one of the sharpest eyes in the field. Here are her picks for the Top 5 hottest areas across the country.

What makes it great: If you want a big house for a small price, go to Enid. Nationwide, the average home price is $216,000. In Enid, you can pay less than half of that for a nice, spacious house. The town is experiencing a business boom — in the last three years, private business has brought in 900 new jobs. The downtown area has recently been rebuilt, and lots of wealthy families from Austin, Texas, and Houston have moved there for the small-town charm.

What you can learn: Look for an upturn in rental prices. If they're going up, then that means people are moving there because they have jobs and they're renting first and then buying. So, you should buy now.

South Bronx, N.Y.

Average home: $380,000

What makes it great: The South Bronx is the last housing frontier close to New York City. It lost 57 percent of its population in the 1970s; now people are coming back. Public money is flowing in, and developers are really starting to lay their bets. Most importantly, it's attracting creative energy — artists and musicians are moving there — which can really revitalize an area.

What you can learn: Here are three tips from the South Bronx that apply to any depressed area. One, track the number of classified ads selling property each week. They should double every month. Second, assess an area at night. A night life — like clubs and cafes — is a good sign that a neighborhood is on the rise. Third, look for the price of a cup of coffee to rise. Up-and-coming neighborhoods draw expensive coffee sellers.

Sitka, Alaska

Average home: $331,000

What makes it great: Sitka's scenery is breathtaking — you can actually see whales from the town's boardwalks. It also offers charming houses, some of the cleanest air and water in Alaska, and great health-care facilities. The town has a terrific vibe and offers a great mix of people — young families and retirees.

What you can learn: The tip here is all about land. Sitka is an island, and only 5 percent of its land can be developed. Most of it has been built on already. So, real estate is a scarce commodity that's only going to become more valuable. Looking for similar situations in other areas is a good strategy.

Jacksonville, Fla.

Average home: $166,000

What makes it great: One of the last affordable markets left in Florida, Jacksonville is really gaining momentum. The city is split by a river and surrounded by the ocean, so there is a waterfront on three sides and miles of beach. Check out the Springfield neighborhood. It used to be called "Pornshop Row." Now it's a hub of arts and culture.

What you can learn: Go dump-hunting: Go to an undesirable area that's next to a prestigious area. Soon, the neighborhoods' lines will get blurred.

Oxford, Miss.

Average home: $214,000

What makes it great: Cheap but chic, Oxford is full of university-town charm and Southern graciousness. It's still quaint enough to be considered a small town, but it's distinguished enough to become a vacation destination. Mississippi is about 10 percent cheaper than the rest of the country, so your dollar goes further.

What you can learn: Oxford is one of the Top 3 places where wealthy people from New Orleans moved after Hurricane Katrina. Anytime there's been a mass migration like that, a real estate boom is bound to follow.

Another tip: When vacant lots start selling like hot cakes, the market is ready to take off.

by Barbara Corcoran

Looking for a new real estate opportunity? While most markets are crumbling, the island of Grand Cayman is enjoying quite a boom. The combination of a thriving financial services industry and buoyant tourism led prices 10% higher last year, according to Kim Lund, owner of ReMax Cayman Islands, and should push values up another 15% to 20% this year.

Don't, however, expect any bargains. The Ritz-Carlton, for example, is offering two-bedroom condos starting at $2.9 million. If that seems high to you for a Caribbean island, you're not alone.

In fairness, Mr. Lund points out that the Ritz-Carlton properties are on the island's most prestigious shore, known as Seven Mile Beach, and they offer the high-end amenities available at the Ritz's 365-room luxury resort next door. They are also a favorite destination of the hedge fund types who frequent the place.

Grand Cayman, the largest of the three Cayman Islands, has emerged as one of the top five financial centers in the world — no small achievement for a spit of land measuring only 22 by 8 miles, and for a place nearly obliterated by Hurricane Ivan in 2004. A local realtor, Donnita Moist, recalls, "85% of all the structures of the island were destroyed. It was a Category 5 hurricane, and it sat on us for three days. It was very traumatic."

Ironically, the storm undoubtedly helped pave the way for the current real estate boom. "We had a billion-dollar face-lift," said Mr. Lund. "Nearly everything was covered by insurance."Indeed, the island has been substantially rebuilt. In its refurbishment Cayman ended up with state-of-the-art communications capabilities, luxury resorts and condos, and spruced-up roads and airports. A broker for a leading development firm, Butler Properties, Douglas Sell, adds that the most significant addition to the island in the storm's aftermath was the $500 million Ritz-Carlton, which has attracted deep-pocket travelers from all over the world.



Over the past decade, though, a more profound makeover has been taking place. Once reputed to be a choice spot for money laundering, Cayman (not "the Caymans") has instituted world-class banking regulations and oversight to prevent fraud and criminal activities. A positive review of these measures by the IMF is proudly quoted on the government's Web site.

The result is that over 40 of the world's top 50 banks are registered in Cayman, with assets estimated at $1.6 trillion, as well as more than 7,000 mutual funds, 800 insurance companies, and over 60% of the world's hedge funds. A thriving professional population has arrived, boosting real estate values.

The attractions are simple. Cayman is a British Overseas Territory, pretty much guaranteeing the islands' stability and rule of law. The population is a mix of peoples from Britain, Scotland, and Africa, who appear to be extremely pleased with the status quo. "No one here is interested in independence," said Mr. Gund.

English is the official language in Cayman, Miami is only 480 miles north, and the average temperature is 75 degrees during the winter (giving Cayman a distinct advantage over the Channel Islands, for example, or Luxembourg). Also, island residents boast that Cayman is safe; there is little crime of any kind.

More important, the government of Cayman has worked to attract business. The territory describes itself as tax-neutral; it collects no corporation tax, capital gains tax, or property tax. Instead, revenues come from a stamp tax assessed on property purchases, various fees levied on registered corporations, and monies collected from the large number of cruise ships that visit the island each year. Also, regulation is meant to be sufficient to prevent illegal activities, but relaxed enough to allow easy start-up of new businesses. Currencies are freely imported and exchanged, and the government guarantees confidentiality of client information. Confidentiality is only breached when there is evidence of criminal activity.The accommodating business climate and the success of the local stock market (CSX), begun in 1997, translate into a continuing inflow of new financial products, such as structured finance. The Cayman government cites FactSet data showing that structured finance transactions in the Cayman Islands tripled from 837 in 2003 to 2,512 in 2006. Of the 1,250 listings on the CSX, over 25% are securitized debt offerings.

Of course, it is more than finance that drives the economy of Cayman. Tourism is still the no. 1 business, accounting for some 70% of GDP. Other than the weather and the natural beauty of the island's beaches, Cayman is also known for its superb scuba diving and snorkeling.

Like many tourist destinations, Cayman was hard hit by the onetwo punch of the dot-com recession in 2000 and then the terrorist attacks of September 11, 2001. The economy was just recovering when Ivan knocked the islands flat. The past two years have seen a remarkable recovery. Ms. Moist said "People here are very resilient. They started to clean up and rebuild right away."



Butler Properties has been in the forefront of the rebuilding effort, and currently has three luxury condominium projects under way, which are selling out fast. Caymanians have learned that units acquired during the "prebuild" selling period usually turn a nice profit, so some 25% of the units under contract are probably speculative, according to the aptly named Mr. Sell. Also encouraging early purchase (and possible flipping) is the government's 7% stamp tax, which is paid only at closing. Nonetheless, the firm's 41-unit Beachcomber property, which should be completed in November 2008, has only 4 units remaining despite prices of around $2 million per unit.

Which, in the dead of winter, begins to seem more and more reasonable. (by Liz Peek)

‘As your jet starts its descent, you are glued to your window. The scene below is astonishing: a 24-square-mile archipelago of coral-coloured islands in the shape of an almost-finished puzzle of the world. In the shallow green waters between continents, the sunken shapes of the Pyramids of Giza and the Roman Colosseum are clearly visible. In the distance, three other large island groups are configured as palms within crescents and planted with high-rise resorts, amusement parks and a thousand mansions built on stilts over the water. The ‘Palms’ are connected by causeways to a Miami-like beachfront crammed with mega-hotels, apartment skyscrapers and yachting marinas.


‘As the plane slowly banks toward the desert mainland, you gasp at the even more improbable vision ahead. Out of a chrome forest of skyscrapers soars a new Tower of Babel. It is an impossible half-mile high: taller than the Empire State Building stacked on top of itself. You are still rubbing your eyes with wonderment as the plane lands and you are welcomed into an airport shopping emporium where seductive goods entice: Gucci bags, Cartier watches and one-kilogram bars of solid gold. The hotel driver is waiting for you in a Rolls Royce Silver Seraph. Friends had recommended the Armani Inn in the 170-storey tower, or the 7-star hotel with an atrium so huge that the Statue of Liberty would fit inside it, and service so exclusive that the rooms come with personal butlers; but instead you have opted to fulfill a childhood fantasy. You always have wanted to play Captain Nemo in Twenty Thousand Leagues Under the Sea.

‘Your jellyfish-shaped hotel, the Hydropolis, is, in fact, exactly 66 feet below the surface of the sea. Each of its 220 luxury suites has clear plexiglass walls that provide spectacular views of passing mermaids and of the famed ‘underwater fireworks’: a hallucinatory exhibition of ‘water bubbles, swirled sand and carefully deployed lighting’. Any initial anxiety about the safety of your sea-bottom resort is dispelled by the smiling concierge. The structure has a multi-level fail-safe security system which includes protection against terrorist submarines as well as missiles and aircraft.

‘Although you have an important business meeting at Internet City with clients from Hyderabad and Taipei, you have arrived a day early to treat yourself to one of the famed adventures at the ‘Restless Planet’ themepark. After a soothing night’s sleep under the sea, you board a monorail for this Jurassic jungle. Your first encounter is with some peacefully grazing brontosaurs. Next you are attacked by a flock of velociraptors, the animatronic beasts—designed by experts from the British Natural History Museum—so flawlessly lifelike that you shriek in fear and delight. With your adrenaline pumped up by this close call, you round off the afternoon with some snowboarding on the local indoor snow mountain (outdoors, the temperature is 105°). Nearby is the world’s largest mall—the altar of the city’s famed Shopping Festival, which attracts millions of frenetic consumers each January—but you postpone the temptation. Instead, you indulge in some expensive Thai fusion cuisine. The gorgeous Russian blonde at the restaurant bar stares at you with vampirish hunger, and you wonder whether the local sin is as extravagant as the shopping . . . ’

Fantasy levitated

Welcome to a strange paradise. But where are you? Is this a new Margaret Atwood novel, Philip K. Dick’s unpublished sequel to Blade Runner or Donald Trump on acid? No. It is the Persian Gulf city-state of Dubai in 2010. After Shanghai (current population 15 million), Dubai (current population 1.5 million) is the planet’s biggest building site: an emerging dreamworld of conspicuous consumption and what the locals boast as ‘supreme lifestyles’. Despite its blast-furnace climate (on typical 120° summer days, the swankier hotels refrigerate their swimming pools) and edge-of-the-war-zone location, Dubai confidently predicts that its enchanted forest of 600 skyscrapers and malls will attract 15 million overseas visitors a year by 2010, three times as many as New York City. Emirates Airlines has placed a staggering $37-billion order for new Boeings and Airbuses to fly these tourists in and out of Dubai’s new global air hub, the vast Jebel Ali airport. [1] Indeed, thanks to a dying planet’s terminal addiction to Arabian oil, this former fishing village and smugglers’ cove proposes to become one of the world capitals of the 21st century. Favouring diamonds over rhinestones, Dubai has already surpassed that other desert arcade of capitalist desire, Las Vegas, both in sheer scale of spectacle and the profligate consumption of water and power.

Dozens of outlandish mega-projects—including the artificial ‘island world’ (where Rod Stewart has reportedly spent $33 million to buy ‘Britain’), the earth’s tallest building (Burj Dubai, designed by Skidmore, Owings & Merrill), the underwater luxury hotel, the carnivorous dinosaurs, the domed ski resort and the hyper-mall—are already under construction or about to leave the drawing board. [3] The 7-star hotel, the spinnaker-shaped Burj Al-Arab—looking much like the set of a James Bond film—is already world-famous for its $5,000 per-night rooms with 100-mile views and an exclusive clientele of Arab royalty, English rock stars and Russian billionaires. And the dinosaurs, according to the finance director of the Natural History Museum, ‘will have the full stamp of authority of the Museum in London, and will demonstrate that education and science can be fun’; and profitable, since the ‘only way into the dinosaur park will be through the shopping mall’.

The biggest project, Dubailand, represents a vertiginous new stage in fantasy environments. Literally a ‘themepark of themeparks’, it will be more than twice the size of Disney World and employ 300,000 workers who, in turn, will entertain 15 million visitors per year (each spending a minimum of $100 per day, not including accommodation). Like a surrealist encyclopaedia, its 45 major ‘world class’ projects include replicas of the Hanging Gardens of Babylon, the Taj Mahal and the Pyramids, [5] as well as a snow mountain with ski lifts and polar bears, a centre for ‘extreme sports’, a Nubian village, ‘Eco-Tourism World’, a vast Andalusian spa and wellness complex, golf courses, autodromes, race tracks, ‘Giants’ World’, ‘Fantasia’, the largest zoo in the Middle East, several new 5-star hotels, a modern art gallery and the Mall of Arabia.

Gigantism

Under the enlightened despotism of its Emir and ceo, 58-year-old Sheikh Mohammed al-Maktoum, Dubai has become the new global icon of imagineered urbanism. Multi-billionaire Sheikh Mo—as he is known to Dubai’s expats—has a straightforward if immodest goal: ‘I want to be Number One in the world’.  Although he is an ardent collector of thoroughbreds (the world’s largest stable) and super-yachts (the 525-foot-long ‘Project Platinum’, which has its own submarine and flight deck), his consuming passion is over-the-top, monumental architecture. [8] Indeed, he seems to have imprinted Scott and Venturi’s bible of hyper-reality, Learning From Las Vegas, in the same way that pious Muslims memorize the Qur’an. One of his proudest achievements, he often tells visitors, is to have introduced gated communities to Arabia, the land of nomads and tents.

Thanks to his boundless enthusiasm for concrete and steel, the coastal desert has become a huge circuit board upon which the elite of transnational engineering firms and retail developers are invited to plug in high-tech clusters, entertainment zones, artificial islands, glass-domed ‘snow mountains’, Truman Show suburbs, cities within cities—whatever is big enough to be seen from space and bursting with architectural steroids. The result is not a hybrid but an eerie chimera: a promiscuous coupling of all the cyclopean fantasies of Barnum, Eiffel, Disney, Spielberg, Jon Jerde, Steve Wynn and Skidmore, Owings & Merrill. Although compared variously to Las Vegas, Manhattan, Orlando, Monaco and Singapore, the sheikhdom is more like their collective summation and mythologization: a hallucinatory pastiche of the big, the bad and the ugly.

The same phantasmagoric but generic Lego blocks, of course, can be found in dozens of aspiring cities these days (including Dubai’s envious neighbours, the wealthy oil oases of Doha and Bahrain), [9] but al-Maktoum has a distinctive and inviolable criterion: everything must be ‘world class’, by which he means Number One in the Guinness Book of Records. Thus Dubai is building the world’s largest theme park, the biggest mall (and within it, the largest aquarium), the tallest building, the largest international airport, the biggest artificial island, the first sunken hotel and so on (see below). Although such architectural megalomania is eerily reminiscent of Albert Speer and his patron’s vision of imperial Berlin, it is not irrational. Having ‘learned from Las Vegas’, al-Maktoum understands that if Dubai wants to become the luxury-consumer paradise of the Middle East and South Asia (its officially defined ‘home market’ of 1.6 billion), it must ceaselessly strive for visual and environmental excess. If, as Rowan Moore has suggested, immense, psychotic assemblages of fantasy kitsch inspire vertigo, then al-Maktoum wants us to swoon.



by Mike Davis

Mention the United Arab Emirates these days and most likely your listeners think of Dubai, that glitzy upstart along the Gulf coast.

Yet north of the shiny new towers at Dubai Marina, Jumeirah Beach and dozens of other mega-projects, is a land - or actually, a series of lands - that only now are starting to draw the kind of interest from overseas investors that Dubai already enjoys.

"Drive up the coast from Dubai and it's like going back in time," said Michael Grant of Cluttons, an international real estate agency with offices throughout the region. "It all begins to look like Dubai did 20 years ago."

First along the Emirates Highway is Sharjah, a conservative, industrial emirate, that literally surrounds the more liberal Ajman. Farther on lies Umm al Qaiwain, with its small fishing port and laid-back atmosphere, while farther north still is Ras al Khaima, popularly called RAK, perched on the coast in front of the Hajar Mountains.

And, over on the Indian Ocean, lies Fujaira, as well as more of Sharjah - the only emirate that fronts both the Gulf and the Indian Ocean.

Now, with available space dwindling and prices jumping in Dubai, these lesser-known areas are experiencing a rush of new investment.

"We calculate Dubai showing a 103 percent commercial occupancy rate," said Nicholas Maclean,managing director in Dubai for the real estate company CB Richard Ellis. "The Dubai Financial Center, for example, has a waiting list for 200,000 square feet."

The results are evident. Sheik Zayed Road, going north from Dubai, is a growing traffic nightmare as some of the 2.6 million office workers and residents of the United Arab Emirates head north for larger and cheaper spaces.

"Ras al Khaima is around 25 to 30 percent cheaper than the other major emirates," said Izzat Dajani, chief executive of the RAK government's Investment and Development Office. "The cost of land, rents, living - it's all much cheaper, plus the quality of life is better. There are beautiful mountains, less traffic, good educational and health care facilities, all for much less cost - and all a 45-minute drive from Dubai."

Sharjah's nearness to Dubai has long made it a bedroom community and secondary office location for its flashier neighbor. "It has always been cheaper here, even though it's only a couple of kilometers up the road," said Lesley Preston, the Cluttons office chief in Sharjah. "Here A-grade office space rents for around 90 dirhams a square foot, while similar space in Dubai nowadays is around 250 dirhams a square foot."

Or roughly $24.50 to $68 a month.

"The problem here is supply," Preston said. "Demand has jumped so much in Sharjah in the last few years that you can't get office space even if you have the money."

With no letup in sight, "nowadays, you have to look beyond Sharjah too for desirable, out-of-town places," Grant said. RAK, he said, would be a good spot for a summer or weekend home.

"RAK Properties are developing a major beach master plan of hotels, villas and apartments," he said. It includes Julfa Towers, a 500 million dirham twin-tower development due for completion in June 2008. Some 60 percent of its apartments were sold for 490,000 dirhams to 990,000 dirhams before a brick was laid.

Nine beachfront hotels also are planned for some 100 million square feet, or 9.3 million square meters, of land that was given to RAK Properties by the emirate for development. RAK Properties is a publicly listed company but the government is a shareholder.

The plan also includes a marina, a welcome project for boat lovers. "I'm buying a boat myself," Grant said, "but there are no spare berths in Dubai. RAK is where I'll end up putting it."

The emirate also boasts the Cove, primarily a collection of hotels but there also are residential and commercial elements; the beachfront Al Hamra development of hotels, golf courses and villas, is now largely completed.

"The buyers come from all over," said Mohammed Sultan Al Qadi, managing director of RAK Properties. "Europeans, Indians, Americans. As a foreigner, you can buy here at our projects freehold."

That is an important point. In Sharjah, foreigners cannot buy land or property unless the Royal Court allows it and even then a resident must be part of the leasing arrangement; in Ajman, a 99-year renewable lease is available for specific projects.

But lawyers caution that the emirates' federal law still bars foreign ownership so, in case of a dispute, it is not clear which law would take precedence.

Some sector analysts also are cautious about future demand throughout the region.

"Much of the northern emirates depend on spinoff from Dubai and Abu Dhabi," Maclean said. "For example, at present there is some 26 million square feet of office space in Dubai, with most of it full, so people look elsewhere."

"But in the next five years, there will be 26 million square feet more coming on the market in Dubai, along with many more apartments and villas. Most people still want to be in Dubai, too, and it has a formidable PR machine for the other emirates to match," he said.

Instead of trying to go head-to-head with Dubai, the other emirates may have to carve niches of their own.

"It's about lifestyle," Dajani said. "We're not selling a villa or an apartment, but a different way of life. Up the coast you can get great beaches, mountains, good security, health care and educational facilities, there are no taxes and no traffic jams." ... by Jon Gorvett