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Green transport, green hotels: The next steps in Qatar’s sustainable agenda for FIFA

Article-Green transport, green hotels: The next steps in Qatar’s sustainable agenda for FIFA

Qatar FIFA 2022

About a decade ago, in answer to Qatar’s bid to host the 2022 World Cup, the head of FIFA’s inspection team said the Gulf state might just be too small, that its size rather than its fierce summers could prove the thing that would eliminate it from the running. But Qatar argued its small size was a good thing: think of the expenses fans will save on domestic air travel and hotel hopping, as matches move from one stadium to the next, think of the reduced carbon emissions.

Now, along with hosting the Middle East’s first-ever World Cup, come winter next year, Qatar will also stage the most compact edition of FIFA ever: 64 matches in 28 days, with the distance between any two of its eight stadiums never exceeding 75 kilometres. This has translated into one of the major environmental benefits of the 2022 FIFA World Cup, the elimination of flights between matches.

In fact, with its total ‘tournament footprint’ coming in at just over 600 square-kilometres — less than half the size of Greater London — the most you will ever have to travel to get from one of Qatar’s stadiums to the other is about an hour. And the least, five minutes. And this travel between stadiums, or that to and from hotels and nearby tourist attractions, will use Qatar’s lately introduced low-carbon public transport network.

QATAR'S GREEN TRANSPORT SOLUTIONS

Since winning the World Cup bid and pledging a carbon-neutral event, Qatar has launched its new metro and light-rail system: the Doha Metro, an electric train system leveraging regenerative braking systems, LED lighting and optimised ventilation systems, all for the sake of increased energy efficiency. The metro stations, meanwhile, have their own green credentials — each is designed and operated under a green building certification.

Then, there’s the fleet of fuel-efficient buses. About 20 per cent of Qatar’s public buses are now electric — this will grow to about 25 per cent by 2022. And the rest of the buses conform to Euro 5 emissions standard, which means they emit lesser pollution than regular vehicles. Qatar is also planning to introduce a rail-less bus rapid transit (BRT) system, driven by electric propulsion and designed for quick recharging.

So 1,100 electric buses and some 700 recharging stations. There’s also bus depots like the one at Lusail, powered by solar panels, as well as hundreds of charging points for electric cars across the city. Plus, electric scooters and bicycles for hire, and uninterrupted cycle and pedestrian pathways connecting major destinations.

QATAR'S GREEN HOTELS

But transport is not the only major contributor to the World Cup’s carbon inventory, there’s also the hospitality sector. Qatar is expecting near 1.5 million visitors next year — that’s significant environmental stress. Which is why the Qatar Green Building Council (QGBC) has graduated to one of the event’s largest stakeholders, working to reduce the hospitality sector’s environmental impact during the World Cup and to drive responsible, efficient operations.

The QGBC has turned Qatar’s hotels onto Green Key, an international eco-label for the hospitality sector, a global scheme designed to boost sustainability practices across tourism establishments. So far, 11 Qatari hotels have been certified under Green Key. Some for tapping into Doha’s recycled water network and other sustainable sources for landscape irrigation and building cooling, some for installing solar panels, and some for incorporating waste management principles.

Qatar is adding around 105 new hotels and hotel apartments to its portfolio ahead of FIFA. Here, too, the focus is on sustainable construction practices, and designing energy and water-efficient buildings. Basically, Qatar is looking at next year’s World Cup as an opportunity, a window, to create a green legacy for FIFA, and for itself.

 

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Bahrain’s GFH Financial Group acquires USD 200 multifamily residential sites

Article-Bahrain’s GFH Financial Group acquires USD 200 multifamily residential sites

MultiFamily US

Bahrain-based Islamic investment bank GFH Financial Group has acquired two multifamily residential sites in partnership with US-based real estate investment specialist Carroll for USD 200 million, according to a recent statement.

The multifamily residential sites are located at prime locations in Las Vegas, the statement said. They consist of Emerald Springs and The Meadows, two community multifamily residential compounds near suburban Las Vegas. The sites feature 819 garden-style units together, and facilities for residents include swimming pools, football fields, fitness centres and clubhouses.

“Our recent multifamily residence deal alongside Carroll in the US is testament to our strong relationships across a diverse range of sectors and markets. We worked closely with our partners to see the acquisition come to fruition,” Razi Al Merbati, CEO of GFH Capital KSA , said in the statement.

“This sector has proven its resilience with a more than 90% rental collection rate during Covid and has continued to witness significant investor interest. Around USD 140 billion was invested in multifamily in 2020, with 0.6% year-on-year growth in multifamily rents and growth in average sales price of US single-family homes,” Al Merbati also said.

The statement noted that Las Vegas was a top US high growth secondary market. Occupancy rates in the city were the highest, standing at 96.5%, and the city also had the second highest population growth, at 2.2% year on year, the statement said. Further, Las Vegas also had the second highest annual rental growth of 3.7%. 

THE MULTIFAMILY RESIDENTIAL ACQUISITION TOPS UP A SERIES OF LATEST ACQUISITIONS BY GFH FINANCIAL GROUP

The acquisition of the multifamily residential sites is the latest in a string of such deals that GFH Financial Group has been striking this past year.

In July, it acquired a USD 100 million student housing portfolio in the US in partnership with Atlanta-based Student Quarters. The portfolio included student housing buildings and facilities close to the University of Arkansas, Florida State University and University of Tennessee. 

Just a month before, it had acquired a warehousing and distribution logistics facility, leased to FedEx and situated in Ohio, for USD 100 million. It also acquired a mission-critical distribution facility in Chicago, leased to Michelin, for over USD 135 million in February this year.

Regionally, GFH Financial Group announced in January that it had purchased 80% of Hidd Mall in Bahrain, in partnership with a strategic investor. The mall is leased to retail chain Lulu Hypermarkets.

Photo credit: www.gfh.com/press-release/gfh-signs-200m-multifamily-residential-deal-in-the-us/

 

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UAE proptech platform SmartCrowd sets AED 500 investment minimum

Article-UAE proptech platform SmartCrowd sets AED 500 investment minimum

SmarttCrowd Platform1

DFSA-regulated proptech platform SmartCrowd launched the lowest ever entry point for its online property investment platform in Dubai, the company said in a recent statement.

At a new minimum pricing of AED 500 (approximately USD 136), the proptech company will be accessible to retail investors from more diverse income brackets to own a share of real estate in Dubai.

SmartCrowd also said in the statement that its proptech platform has enabled thousands of users to make investments in more than 40 properties in Dubai, including Downtown, Marina, Jumeirah Lake Towers, and Jumeirah Village Circle. Investment opportunities are also available in Jumeirah Beach Residence and City Walk, the statement said.

Meanwhile, rental incomes earned on the platform amount to over AED 1.3 million (or USD 354,000), the company said.

“We want to make property investment affordable and accessible to everyone. For the same price as a brunch or a round of golf, everyday investors can now own a part of the vibrant city of Dubai,” CEO and co-founder of SmartCrowd Siddiq Farid said. “This is a chance for regular hard-working people to build wealth and savings for the future. They are no longer restricted to only investing in stocks and bonds.”

The investment offer was open to tourists as well, Farid said.

Properties on the proptech platform can be funded in as little as two hours, the statement noted. Further, 65% of users on the platform were repeat investors, holding an average of more than three investments, the company claimed.

SmartCrowd is a UAE-based proptech startup with offices at the Abu Dhabi Global Market and DIFC FinTech Hive. It graduated from the Dubai Financial Services Authority’s regulatory sandbox in 2019, with a full license.

ONLINE INVESTING TAKES OFF IN THE MENA REGION

The pandemic last year prompted a global retail investment boom, with the MENA region seeing offshoots of the same. These new amateur investors are looking to invest in more traditional asset classes such as mutual funds, but also aim to diversify their portfolios by investing in a mix of asset classes.

This has led to an influx of online investment and wealth management platforms such as SmartCrowd’s proptech investment platform. For instance, Singaporean wealth management platform StashAway expanded to the UAE last year, while local startups Sarwa and baraka both recently raised funding for their investment platforms. Institutional incumbents such as Saxo Bank and Ava Trade also have a presence in the MENA region.

SmartCrowd Platform2.jpg

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What to know before investing in the UAE real estate market

Article-What to know before investing in the UAE real estate market

New Dubai skyline

Typically, the real estate market is cyclical – property values move up and down, sometimes even like a roller coaster ride with peaks and troughs; with shooting stars of housing booms (and busts). We have seen that the property market cycle has three well-recognised recurring phases of boom, slump, and recovery.

Thoughtful investors look for a market offering some stability, good growth potential and a promising economic outlook. I believe the United Arab Emirates tick all these boxes, showing all the signs of being in a boom cycle. The local property market has matured into a regulated, internationally respected environment, with best practice legislation in place to protect buyers, sellers and developers. To facilitate smooth real estate transactions, the UAE offers a variety of corporate setups and visa options for potential domestic and international investors.

Anyone providing sufficient personal funds can buy property in Dubai – however only UAE residents can apply for a mortgage (mandatorily with a local bank) to finance a real estate transaction. In fact, there is no visa requirement to live or work in the Emirate in order to acquire property. From a foreign investment perspective, properties referred to as “freehold” in Dubai are those located in “designated areas” in which non-nationals are allowed to own an absolute interest.

DUBAI'S MOST POPULAR AREAS

The owner of such a property enjoys free indefinite ownership and can use the property for any purpose (in accordance with the local regulations). There are currently more than 60 freehold areas across the city-state. Among the most searched areas are Dubai Marina, Business Bay, Jumeirah Lake Towers, Downtown Dubai and La Mer.

As HE Sultan Butti bin Mejren, Director-General of Dubai Land Department (DLD) told delegates at a recent event in Dubai: “The performance of Dubai's real estate market during COVID-19 affirmed its maturity and solid position and proved its readiness and resilience in the face of global crises, thanks to the directives and initiatives of the wise leadership.”

The UAE property market has become a strong domestic market. It doesn’t rely on international investors. While it certainly welcomes them, it has survived, thrived and recently even broken records thanks mainly to local transactions. But we are now seeing increasing international interest, with the UAE’s handling of COVID-19 supporting post-lockdown demand from buyers drawn by visa reforms, the emirate’s quality of life and comparatively attractive pricing.

At the time of writing, figures from Property Finder research, reveal that 2021 H1 saw a total of 31,757 sales transactions in the UAE worth AED73.15 billion. In just the first seven months of 2021, the value of real estate sales transactions has surpassed 2020 as a whole. Last year, the real estate market saw 35,401 sales worth AED71.87 billion.

Leading international real estate firm Chestertons, reporting on Q2 2021, said total transaction value in Dubai saw a near 50% rise quarter-on-quarter , topping AED31 billion, up from AED 20.77 billion the previous quarter.

JLT Skyline

EXPO 2020

With Expo 2020 Dubai just around the corner, the property market is further set to grow - not only in the residential property sector, but with interest in buying, renting and leasing office space seeing a noticeable upswing.

In short, Dubai and the UAE are seeing a boom cycle that looks set to extend well into 2022 and 2023.

This clear improvement in market sentiment has seen more UAE residents keen to purchase ahead of anticipated property price rises, alongside favourable mortgage rates and generous developer incentives.

PURCHASING PROPERTY IN THE UAE

In the UAE, real estate can either be purchased individually or through certain corporate structures. Free zone companies and structures allow 100% company *and* property ownership. While there may be numerous complexities here, many of the free zones have agreements in place with the relevant UAE government land departments, and our experts can help you avoid the regulatory pitfalls.

Investors keen to gain a foothold in Dubai and the UAE’s lucrative property market can take advantage of a range of different property linked visas, a new and growing sector of the country’s residency laws.

In short, options range from a six-month multiple entry visa to allow potential residents to complete paperwork and applications for other visa types, to three- and five-year residency visas depending on the property investment value. The 10-year residency ‘Golden Visa’ is issued on the basis of an AED10m investment, AED4m of which must be in real estate. Such property-related visas do not, however, allow the visa holder to work in the UAE.

 

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Built environment retrofits face funding challenges: JLL MENA Sustainability Head

Article-Built environment retrofits face funding challenges: JLL MENA Sustainability Head

Hanife Ymer

The sustainability impacts of the built environment are being widely discussed, as climate change considerations in construction and real estate gather steam.

Built environments contribute over a third of global carbon emissions, and operational emissions (from heating, cool and lighting requirements) are responsible for 28%.

Hanife Ymer, Head of Sustainability Services MENA at JLL, discussed the impact of the built environment, and its sustainability considerations, on The Business Breakfast at Dubai Eye this week.

When you look at greenhouse emissions, the built environment is a glaring issue. How does one go about solving this issue to reduce emissions, and respond to concerns of climate change, but still stay in your houses and offices?

HF: It's a multi-faceted answer. All stakeholders have to play a role, including government, private sector, and even the residents have their part. We're seeing incredible movement in the built environment we're seeing commitments to net zero coming up almost every week now by major players. That entails having a close look at your portfolio and footprint in terms of the built environment. Most industries, if not all industries, have to look at the building portfolio, and look at how to reduce embedded energy efficiencies. 

It's not even just the emissions factor that's playing out. With COVID, there's been some changes in the way people want to work and live. So there is a big innovation part that also needs to play out[in terms of] what the built environment and cities look like not just now, but into the future.

Sustainability Carbon Emissions

Is it a company's responsibility, or is it something that should be mandated by city or authorities or federal authorities? Who bears the brunt of the responsibility?

HF: I think everyone has to take responsibility when it comes to sustainability. It doesn't matter how big or small you think your role might be, we all have a role to play. Governments can definitely play a key role in incentivising industries to transition.

[This can help] to quantify and value the impacts we are having on the environment, climate change, etc. [It can also help] to transition capital markets to start allocating capital based on innovation, new industries and informed decisions about the total value of a green building versus our building that doesn't have any of the 'sustainability smarts' built into it... There are good examples of where mandatory requirements have pushed the built environment in green buildings specifically to embed energy and resource efficiency requirements. There are other markets where you have a really active investor community that's demanding developers and consultancies in the industry to start looking at this.

Is it more difficult to convert to a greener and more net zero embracing outlook, than from a new build?

HF: There are some challenges with retrofit. One of the biggest challenges is funding. So, there might be less appetite to do [retrofits]. But when you're wanting to do it, and go to market to try and get some funding for that, the financial mechanisms aren't there, or there doesn't seem to be as much appetite for retrofitting buildings from banks, capital markets and investors. But we're starting to see, with just some of the things that are happening in the UK with Mark Carney's work on the Task Force on Climate-Related Financial Disclosures, that they're really looking at transitional instruments. Retrofitting a building is deemed a transitional activity within responding to climate change. 

And so we're starting to see banks look at transitional bonds or linked loans to try and create funding opportunities for those who want to retrofit buildings. The takeaway from this I would say is if you are looking at new builds and new constructions, think about the efficiencies and smarts that can be built in now. If legislation doesn't exist now it's probably going to come sooner or later. And if you're going to build a building now, you want to extract as much value as much as we possibly can from that building. So think about the emerging legislation that's coming, try and build those smarts in, and try and extract value out of the long term for the life of that building.

At the moment, [there are] fewer people going to offices and commuting into built environments. Is that a win or a loss when it comes to sustainability and reducing emissions, and just how long is that sustainable at the moment?

HF: There's definitely a lot of evidence to show that emissions have dropped during the COVID pandemic. We've even seen animals come back into the city which has been quite interesting, but the predictions are that once economies start to normalise, we will see those emissions go up again. It's about making sure that governments, investors, everyone plays their bit. We are starting to see increasing pressure on investors not just by social media, retail investors or, investors in pension funds. We want to see our money used in a much, much more responsible way and I think COVID has driven a lot of that social accountability and responsibility of corporations. I think the pressure will not go away. 

Even as emissions might go up, I think the pressure to act by all big corporations, investors, and governments will still be there. And again, there is a landscape of increasing legislation that's coming through, and most of it is becoming mandatory. We're seeing the EU obviously tighten up a lot in the ESG sustainability space as well. You could run but I don't think you can hide from sustainability requirements going forward.

 

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In conversation with: Founder and chairman of the board, Coldwell Banker Middle East [Part 2]

Article-In conversation with: Founder and chairman of the board, Coldwell Banker Middle East [Part 2]

Mohamed Abdullah

For part one of the interview click here.

What are your thoughts on Egypt’s New Capital?

I wasn’t really for it in the beginning — not the concept, but the location. We ran some studies, and we felt the location of the New Capital should give it some sort of an edge. There should be a rationale behind where it’s built, perhaps some commercial reason, perhaps it should be near Suez or Sokhna. But my view has changed since. The capital is about 50 kilometres from Sokhna and Suez, and the same distance from Cairo, the Old City. This leaves it connected, but with room for expansion, so it can grow as people start moving in.

And the land between the New Capital and these areas has naturally become prime real estate?

Exactly — so it has created value, even across the surrounding land. Actually, this marks quite a special period in Egypt’s growth. Our resources have grown after the recent gas exploration, our gas reservoirs have become larger. The government is also slowly stepping away from subsidies, energy is now sold at market price. And simultaneously, the quality of infrastructure has improved — we have trains, now the monorail, and not to mention the improvements to the quality of our roads. We’ve recently jumped up 90 positions in the rankings of countries by the quality of their roads. All this has positively affected the real estate sector.

Egypt New Capital.jpg

Which industries are most affected by fluctuations in the real estate market?

The real estate market is linked to approximately 90 other industries, from cement to steel, to glass. If the industry is dynamic, as it is in Egypt, other industries will flourish in conjunction with it. Mortgages, in particular, can be big business. Especially now, with the price difference between primary versus secondary. With a mortgage player around, you would have never seen the kind of considerable price difference we’re seeing — it’s unique to the Egyptian market.

So how does this compare to an established, orthodox market like Europe, for instance?

If you were to buy a new primary in say England, you would pay 10 per cent down, and 90 per cent at handover. So the developer is not building with your money but his own. By virtue of the system here, the developer is the mortgage player, and the price, paid out over a specified period, has interest built into it. This, of course, benefits the developer. That’s something that should change.

On a more personal note, how do you measure your success?

I’m proud to have been a part of two major industries in Egypt as they developed. The first is the stock market — I was one of the first few to join up with Hermes, which later became EMG Hermes. I then became CEO of a company called Inter Capital, and stayed with them until 2000. That’s when I sold my shares and left the stock market to enter the real estate sector and brought the Coldwell franchise to the region. These are some of the milestones by which I measure my success.

What advice would you give a young professional, aspiring to become a leader such as yourself?

Above all, have a vision. And manage your time well. It’s important to strike just the right balance between stagnating and leaping head-first. The journey is important, learn during each step. Sometimes, there’s a world of a difference between academic and real-life learning — some fields require you to learn on the job, and acquire and hone your skill set as you go along. And, of course, do what you like. I graduated a mechanical engineer, but fell in love with the stock market and then real estate. You don’t have to follow a manual.

 

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Entrada: State-of-the-art residential development in Egypt’s New Capital

Article-Entrada: State-of-the-art residential development in Egypt’s New Capital

Entrada Project

  • PROJECT NAME: Entrada
  • LOCATION: New Capital
  • SIZE: 72 Acres
  • COMPLETION/COMPLETED DATE: Phase One Delivery will be in Sep, 2022
  • DEVELOPER: Sorouh Developments
  • ARCHITECT: Ingaz
  • PROJECT DESCRIPTION: Mixed use project
  • UNIQUE FEATURES OF THE PROJECT: Water features, lakes and swimming pools, commercial strip and landscape
  • WHAT GAP IN THE MARKET IS THIS PROJECT FULFILLING? Outstanding Architectural design

Entrada Project Egypt

Entrada is an integrated mixed-use development, located alongside the New Administrative Capital City.

This extraordinary development is home to state-of-the-art residential apartments and a commercial strip with a mix of facilities, leisure and entertainment that is set to change the face of urban living.

Entrada, by Sorouh Developments has been perfectly designed to accommodate equilibrium of buildings, landscapes and walkways creating a flawless and harmonious balance with spacious areas, extensive greenery and water features.

All residential units are meticulously designed to capture as much of nature as possible with appealing sunlit designs to brighten their homes with widespread areas between each building. 

Sorouh Developments, a young ambitious real estate developer that was established in 2018 by a group of visionary shareholders, is a proud Platinum Sponsor of Cityscape Egypt 2021.

The focus of the company is to develop real estate projects in Egypt's new cities where the infrastructure will be progressive. Sorouh is currently developing 3 flagship projects in New Capital: Entrada, Entrada Avenue and Citadel worth over 11 billion Egyptian pounds investment value.

 

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In conversation with: Founder and chairman of the board, Coldwell Banker Middle East [Part 1]

Article-In conversation with: Founder and chairman of the board, Coldwell Banker Middle East [Part 1]

Mohamed Abdulla Coldwell Banker

How has the Egyptian real estate market evolved in the years you’ve been a part of the industry?

We started in 2001 — so we’ve been a part of Egypt’s real estate market for 20 years now. When we started, there weren’t even official books, we were the first company to register with the tax department. It was all hole-in-the-wall operations. In terms of developments, there were no private residential compounds as there are now — everything was in Cairo. But the city was much smaller too, and business was often limited to brokering resale deals. We had an arm that handled auctions — incidentally, it still exists and is still performing well. We were selling land and complete buildings and larger properties, because that’s what the market was about back then. It was largely unregulated, and getting clients to sign even simple contracts could be a challenge.

So what turned things around?

Somewhere between 2006 and 2007, there was an influx of foreign developers, particularly from the UAE, coming in and buying up big pieces of land. Simultaneously, Egyptian developers started using the Egyptian stock market to increase their equity, so they had more capital to work with. It was quite the race up until the financial crisis, everyone in the market was trying to build up a land bank. Some developers had total areas larger than some small countries. Some of them had land reserves the size of Lebanon.

And what happened after the financial crisis?

Things slowed down. 2008 dealt a huge blow to the real estate market everywhere. Here in Egypt, we didn’t experience the same sort of severity they did in the US and Europe, that they did in PIGS — that is, Portugal, Ireland, Greece and Spain. But things did slow down. We didn’t have the issue of mortgages, so people weren’t desperate to sell, but we certainly didn’t have enough buyers compared to sellers. Then, the market rebounded in 2010. That’s about the time European developers and big regional developers like DAMAC and Emaar entered Egypt. Our population growth rate is pretty high, and our population young — this translates into a healthy, growing demand. At the same time, people started looking beyond the city for property, realising they could get larger spaces for lesser prices. Private compounds came up on the outskirts. This put pressure on properties within the city. That’s when price appreciation in some of the most expensive areas within the city — Zamalek, for example — dipped and stalled.

What were some of the other major turning points after the rebound?

There was another pivot in 2016, with the devaluation of the currency, with the devaluation and floatation of the Pound. It became so, if properties did not increase in price, they basically amounted to bad investments. Problem is, properties inside the city — in areas such as Zamalek, Maadi, Heliopolis — tend to appreciate at a modest rate. So, again, this sent people away from the city. And then in 2017, the government stepped in with its own developments. Infrastructure improved, even the private sector became a lot more competitive. New areas, new developments started cropping up, and we started working on the New Capital.

Continue reading the 2nd part of the interview here.

Photo credit: www.medium.com/myegyptrealestate-com

 

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JLL MENA appoints Khawar Khan as new head of research

Article-JLL MENA appoints Khawar Khan as new head of research

Khawar Khan

Real estate and investment management firm JLL MENA has appointed Khawar Khan as its new Head of Research for the Middle East, Africa and Turkey (MENAT) region, according to a recent statement. 

Khan has over a decade’s experience in covering the real estate sector in the region, and will be taking the place of Dana Salbak. Salbak, meanwhile, will take over as Director, EMEA Living Research and Strategy at JLL MENA, with the role based in London. She has delivered reports such as Developing Asset Resilience for JLL MENA.

Prior to joining JLL MENA, Khan was employed with Emirati multinational logistics company DP World, and with real estate consultancy Knight Frank Middle East prior to that. At DP World, Khan worked with Business Development - International Park amid Economic Zones. Meanwhile, at Knight Frank Middle East, Khawar worked within Development Consultancy and Research.

While there, he delivered reports such as Knight Frank Dubai Residential Research: Autumn 2014, and the Dubai Real Estate Investment Report 2015. He has also been with Davis Langdon and Experian before.

The statement noted that Khan is proficient in delivering research studies for a number of high profile clients in the Middle East.

KHAN WILL BRING 13 YEARS OF EXPERIENCE TO JLL MENA

Overall, Khan has 13 years of experience spread across various roles covering the built environment in the EMEA region. This includes a professional economist, researcher and a client-side advisor. A member of the Royal Institution of Chartered Surveyors, Khan holds an undergraduate degree from the University of Liverpool, and a master’s degree from University College London.

At JLL MENA, he will manage market research and commentary on the region, and develop localised content for the firm’s research publications.

“Khawar joins us with an impressive portfolio of experience that we believe will add tremendous value to the work we are doing in the region,” Thierry Delvaux, CEO, MENAT at JLL, said. “Our clients continue to rely on us for leading-edge research that informs and helps to reshape the way we live our lives. With the world of real estate changing so rapidly, the importance of data and insights is needed like never before and we’re excited to have Khawar on board to lead our team.”

Photo credit: www.constructionweekonline.com

 

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Construction begins on Egypt's high speed rail costing USD 9 Billion

Article-Construction begins on Egypt's high speed rail costing USD 9 Billion

Egypt High Speed Rail

Construction on Egypt's high speed rail project has commenced, according to recent news reports. This is the first such project to be undertaken in Egypt.

Contractors have begun to implement the high-speed train project in Egypt, which runs from Ain Sokhna on the Red Sea coast to Marsa Matrouh on the Mediterranean coast.

Preparations for a road path on which the train will run is being completed by Egyptian contracting companies. Meanwhile, construction of stations for Egypt’s high speed rail project is also commencing, reports said.

When Egypt’s high-speed rail was announced last year, it was reported that the rail would run a total length of 543 kilometres. According to latest reports, however, the project will have a total length of 660 kilometres, and cost nearly USD 9 billion. Operating at a speed of 250 kilometres per hour, the rail will pass through Sixth of October city, Burj Al-Arab and Alexandria as well.

NINE INTERNATIONAL BIDS WERE RECEIVED FOR EGYPT'S HIGH SPEED RAIL

Siemens has been charged with implementing signalling and communication systems for the project. The German multinational will also be supplying the trains that will operate on Egypt’s high-speed rail after its implementation, reports added.

It was reported last year that an Egyptian-Chinese consortium won the tender for the designing, financing and operation of Egypt’s high speed rail. The tender was launched internationally, with bids from a total of nine international consortia received towards the project. Bids were examined by a committee from the ministries of housing and transport.

Egypt Mono rail

The consortium is led by China Civil Engineering Construction Corporation, and involves Samcrete Engineers and Contractors, Arab Organisation for Industrialisation, and China Railway Construction Corporation as well.

A Chinese partner has been roped in to jointly manufacture train coaches for Egypt’s high-speed rail, Samcrete CEO and Managing Director Sherif Nazmy told a local news channel. A factory will be set up in east Port Said for the manufacture and transfer of technology to Egypt.

Egypt’s high-speed rail represents a “major turning point” for the country, Nazmy noted. It places Egypt on a list of countries with express trains, and helps the country tap into substantial opportunities in Egypt’s transportation, infrastructure and development sectors. These include a monorail in the New Administrative Capital, as well as what would potentially be the longest road in Africa.

Referring to Egypt’s high-speed rail as a second Suez Canal, the rail would connect the Red Sea and Mediterranean Sea in a three-hour trip, Nazmy added.

Photo credit: www.cairo360.com, www.arabnews.com/node/1919611/business-economy

 

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