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THE DEFINITIVE GUIDE TO THE REGION'S CONSTRUCTION PROFESSIONALS AWARDS Innovation in Facilities Managements Awards 2022 PROJECT Timeless luxurious design TALKING POINT AI driven ‘SuperAgent REAL/ESTATE Leading Real Estate Developers discuss real estate trends, sustainability practices both in construction sites and within their own organizations, and the rise of the affordable luxury market in the UAE J U L Y 2 0 2 2 | C B N M E . C O M
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CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 3 REAL ESTATE GIANTS 12 AWARDS INNOVATION IN FACILITIES MANAGEMENTS AWARDS 2022 The awards strive to recognise individual excellence, corporate strengths, projects, technology and innovation success. Companies were invited to nominate the people, projects, and initiatives of which they are most proud of, across 26 categories. 48 Q&A TRANSFORMATIONAL LEADER Mohammed Alsharaf, Divisional CEO at iFM holdings, was recently awarded the CEO of the Year at the CBNME MEP Awards 2022. Construction Business News ME spoke to Mohammed to discuss his leadership attributes, how he is driving the growth and expansion of iFM, and so much more. 50 HOSPITALITY PROJECT TIMELESS LUXURIOUS DESIGN The highly anticipated property, set to open in Summer 2022, will be an unrivalled destination for prestige and luxury. Here are five unique things to expect from Waldorf Astoria Kuwait 56 AWARDS SUSTAINABILITY INNOVATION AWARDS 2022 The awards strive to recognise individual excellence, corporate strengths, and project success from all sectors. Companies are invited to nominate the people, projects, and initiatives of which they are most proud of. 64 TALKING POINT AI DRIVEN ‘SUPERAGENT’ In conversation with Christophe de Rassenfosse, Chief Product Officer at Property Finder 66 REPORT RESIDENTIAL RENTS IN DUBAI increase at the fastest rate since late 2014, says CBRE Leading Real Estate Developers discuss real estate trends, sustainability practices both in construction sites and within their own organizations, and the rise of the affordable luxury market in the UAE 36 IN THIS ISSUE CBNME 50 64
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10 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM EDITOR’S NOTE CBNME I n October last year, the UAE announced the ‘UAE Net Zero by 2050 Strategic Initiative’, a national drive to achieve net-zero emissions by 2050, making the Emirates the first Middle East and North Africa (MENA) nation to do so. The above is aided with the fact that the global green construction market size is expected to reach a value of more than US$ 774 billion by 2030 increasing at a CAGR of more than 11.8% over the next 8 years, providing more incentives for future projects to be green and sustainable. Green construction focuses on limiting negative effects on the environment and even adding some positive benefits from the design stage to the assembly stage to the functionality of the structure after completion. The development of reliable building rating and performance-measurement systems, such as Leadership in Energy and Environmental Design (LEED) grading scheme, for new construction and renovations has aided in the transformation of business attitudes toward sustainability. Most construction and real estate developers see sustainability not as forced compliance but a necessary need to stand out take responsibility to achieve UAE’s goal in achieving a Net Zero future. CEO Wissam Younane wissam@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net GROUP PUBLISHING DIRECTOR Joaquim D'Costa jo@bncpublishing.net +971 50 440 2706 BUSINESS DEVELOPMENT DIRECTOR Rabih Naderi rabih.naderi@bncpublishing.net +966 50 328 9818 MANAGING EDITOR Kasun Illankoon kasun@bncpublishing.net ASSISTANT EDITOR Jochebed Menon EDITORIAL DESIGN Christian Harb MARKETING EXECUTIVE Aaron Joshua Sinanbam aj@bncpublishing.net PHOTOGRAPHER Alexander Bungas Keep up to date with all the latest news, features and much more on our website and social media platforms CBNME.COM Kasun Illankoon Managing Editor kasun@bncpublishing.net SUBSCRIBE subscriptions@bncpublishing.net For all commercial enquiries, contact jo@bncpublishing.net T +971 50 440 2706 All rights reserved © 2022. Opinions expressed are solely those of the contributors. Construction Business News ME and all subsidiary publications in the MENA region are officially licensed exclusively to BNC Publishing in the MENA region by Construction Business News ME. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher. Images used in Construction Business News ME are credited when necessary. Attributed use of copyrighted images with permission. All images not credited courtesy Shutterstock. Printed by UPP PO Box 502511 Dubai, United Arab Emirates P +971 4 4200 506 | F +971 4 4200 196 CBNME @CBNME CONSTRUCTION BUSINESS NEWS ME GREEN CONSTRUCTION
12 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME INNOVATION IN FACILITIES MANAGEMENT 2022 AWARDS TECH PARTNER
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 13 INNOVATION IN FACILITIES MANAGEMENT AWARDS 2022 Innovation in Facilities Management Awards 2022 is one of the leading events applauding the achievements of the region’s facilities management professionals. 26 winners and 16 Highly commended were awarded at Sofitel Dubai the Palm. The awards strive to recognise individual excellence, corporate strengths, projects, technology and innovation success. Companies were invited to nominate the people, projects, and initiatives of which they are most proud of, across 26 categories.
14 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME O ver the last couple of years end users have realized how much they rely on FM teams to keep the facilities going and supporting them when crisis hits. Ejadah leadership thrives to reflect pioneering leadership, adaptability, and responsiveness during the pandemic and that continued during the new normal of 2021 and in 2022, where Ejadah focused to put our clients’ facilities and communities safely and operationally to full occupancy levels as pandemic restrictions eased. In 2005, Ejadah became the first FM brainchild of the Dubai Holding Group. Today, Ejadah consists of three operating verticals that span all segments of the FM cycle- Idama (Facilities Management), Arkan (Security Management) and Shabaka (Unit Services). And then Ejadah position itself as a forefront of the facilities management industry specializing in both simple and complex projects across the Middle East. Through its operating entities, Ejadah delivers total community solution to commercial, residential, retail, and mixed- use developments in the UAE. With 14,000+ colleagues and over 1,400 contracts managing over 160m Sqmt of land area, making Ejadah one of the leading FM providers of the region. FM COMPANY OF THE YEAR EJADAH
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 15 INNOVATION IN FACILITIES MANAGEMENT AWARDS 2022 “We are delighted and honoured to receive the Technology and Innovation Award in recognition of our years of work and service in the industry. We would like to thank the organizers of Innovation in FM awards and the industry for acknowledging our journey and exceptional services by nominating us for this prestigious award. As one of UAE’s leading facility management organisations, we have given high priority to provide top-quality maintenance, engineering, cleaning, and ancillary services that fulfil the requirements of our clients. Our strategy of maintaining a perfect balance between technology and human assets, streamlining and regulating the maintenance, along with a quick response process, enables us to offer seamless services. Receiving this award is a great motivation for us as we commit to a better performance and will continue to offer top quality FM solutions. We are enthusiastic to provide best solutions, which stems from our perspective that technology can change the inevitable. Technology inspires innovation, and innovations create better and enhanced FM services and cost-effective operations. Through this achievement, we look forward towards better growth and expansion opportunities in the future.” Gary Reader, GM at ServeU TECHNOLOGY AND INNOVATION IN FM SERVEU
16 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME I mdaad is the Middle East’s leading Integrated Facility Management Company. It is a founding member of the Middle East Facilities Management Association (MEFMA) and employs a multi-cultural workforce of over 6,000 skilled workers from 37 countries. Imdaad’s Sanitation and Waste Management services has 33+ years of experience and offers a full range of sustainable solutions Whilst Imdaad offers waste management to all industries, they recognize that certain industries and segments have specific requirements. Imdaad are proud to have developed market leading solutions to address these requirements in the Healthcare, Construction and Property Management sectors. Imdaad is trusted by many communities, buildings, shopping centers, hotels, retail outlets, theme parks, commercial developments, and mixed-use projects. Imdaad provide customised municipal solid waste management for these clients, planned, and arranged to avoid disrupting their operations whilst keeping them compliant and safe. SANITATION AND WASTE MANAGEMENT COMPANY OF THE YEAR IMDAAD
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 17 INNOVATION IN FACILITIES MANAGEMENT AWARDS 2022 ACCIONA FACILITY SERVICES | A STEP (ACCIONA SUPERVISORY TALENTS EXCELLENCE PROGRAM) EDUCATION AND DEVELOPMENT INITIATIVE OF THE YEAR ENOVA | HSE APP HSE INTIATIVE OF THE YEAR
18 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME ABDULGAFOOR DURUG | FARNEK FACILITIES MANAGER OF THE YEAR AMEERA AL AMERI | KHANSAHEB FACILITIES MANAGEMENT YOUNG FACILITIES MANAGER OF THE YEAR
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 19 INNOVATION IN FACILITIES MANAGEMENT AWARDS 2022 CLEANING COMPANY OF THE YEAR ISNAAD (IMDAAD) ENGINEERING SERVICE OF THE YEAR ADEEB GROUP
20 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME I ntegrated facilities management provider EFS Facilities Services Group (EFS) has started 2022 on a high note by announcing its financial results for the first financial quarter of 2022. The people-first organization amassed strategic contract wins worth AED 1.2 billion in the first quarter, strengthening its leadership position within the industry and reinforcing the Group’s ethical business practices recognition. The recent contract awards include a mega soft services contract for Jeddah Airport and multiple iconic projects in UAE, Saudi, and others in the Group’s GCC operations. For EFS technology preparedness is an important factor to reckon with, as technology has its scalability limitations, and the company can come to a standstill if the choice of technology is not implemented correctly. The various new systems and applications are quickly changing the FM executive’s routines with more productive outcomes. For instance, the new age CAFM systems and mobile apps are helping executives and field teams to monitor live operations through dashboards and webcams. These provide critical information to manage off-site supervision and surveillance through live dashboards during the COVID crisis. Its compliances have pushed the industry to think beyond and align FM in express technology mode. Despite the market downturn and being 10% over the budget, EFS was able to retain 100% employees with zero deductions and also create more job opportunities, offer sustainable service delivery, as well as develop technology integration along with proactive client and staff engagement. INNOVATIVE FM COMAPNY OF THE YEAR EFS FACILITIES SERVICES GROUP
SERVICE DELIVERED WITH PASSION For queries please call 800 DEYAAR ( 339227 ) www.deyaarfm.com Our services are available across all seven Emirates Deyaar Facilities Management is a company built on excellence and for over 16 years, it has delivered services with unparalleled commitment and highest international standards. Across the Emirates, it has won the hearts of its customers and various stakeholders along with industry accolades.
22 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME VISIONARY LEADER OF THE YEAR W ith more than twenty years of experience working in the GCC’s facilities management industry, Mohamad held senior positions in various local and multinational organisations. He is known for his passion towards his customers and the service quality delivered to them. Mohamad has a proven track record in implementing international best practices, improving safety standards, increasing profitability, and driving efficiency. For the past four years, Mohamad has held the position of CEO at Deyaar Facilities Management and is also the recipient of CEO of the Year 2021 by CBNME. Under his leadership, Deyaar FM has seen an increase focus on staff productivity and moving forward with its technological ambitions to improve the services Deyaar can offer. Deyaar FM recorded a 60% increase in manpower for the year 2021 achieving an 18% overall business growth where it signed 29 new contracts. MOHAMAD ABOU LABAN, CEO | DEYAAR FACILITIES MANAGEMENT
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 23 INNOVATION IN FACILITIES MANAGEMENT AWARDS 2022 D uring the past few years, BK Gulf Facilities Management (BKG FM) has undertaken several major energy saving retro-fit projects, in line with the Emirates Supreme Council of Energy plans to cut carbon emissions by 30% by the end of 2030, as part of the UAE’s efforts to reach net-zero emissions by 2050. One of these projects, completed in the past 12 months, has been a major energy retrofit at the iconic award-winning JA Beach Hotel at JA The Resort, one of the oldest hotels in UAE. Our client, JA Resorts and Hotels (JA) is an international, award winning hotel operator with a portfolio of world-class 5 stars hotels in the UAE, Maldives and the Seychelles. The group was established in the late 1970s with an ambitious vision to be recognized as the leading provider of unique getaway experiences in remarkable locations around the Indian Ocean and in key global destinations. Being appointed as the TFM service provider for JA Resorts and Hotels, BKG FM’s objectives also covered the facility condition, system reliability, energy efficiency, water efficiency, waste management, indoor environmental quality. The energy savings because the retrofit cut electricity costs by AED 475,000 annually, while guests can benefit from more efficiently functioning rooms. This results in a significant positive impact on the hotels sustainability drive to reduce its carbon footprint and waste, to meet modern and future building standards. SUSTAINABLE INITIATIVE OF THE YEAR BK GULF FACILITIES MANAGEMENT | IMPLEMENTING SUSTAINABLE ACTIONS TO MAKE JA BEACH HOTEL ENERGY-EFFICIENT
24 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME MANPOWER SERVICE PROVIDER OF THE YEAR EJADAH WORKPLACE OF THE YEAR EJADAH
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 25 INNOVATION IN FACILITIES MANAGEMENT AWARDS 2022 M ohammad Abdul Karim Khamis is a young Emirati from Dubai and one of the visionaries, energetic and respected facilities management experts in the UAE marketplace. His 15 years of journey in the industry with both govt. and private sectors has driven with leading innovation and business excellence activities focusing in launching the innovative ideas and cost-effective solutions leaving positive impact on end users. Presently manages EnFM covering all the functions. He reports to the board and responsible for the strategic growth of the business in UAE. EnFM has witnessed highest growth in terms financials and overall organizational development ensuring the progressive customer satisfaction with increase in confidence with its clients. EnFM has won 20 contracts by entering energy, oil and gas sectors. Further, inhouse service delivery capability has been increased with addition of delivering of engineering solutions, chillers, and façade cleaning divisions. CEO OF THE YEAR MOHAMMAD ABDUL KARIM KHAMIS, CEO | EMIRATES NATIONAL FACILITIES MANAGEMENT (ENFM)
26 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME FM CONSULTANCY OF THE YEAR EJADAH SECURITY COMPANY OF THE YEAR W ith more than 15,000 certified and trained employees, Transguard Security is the UAE’s largest, most established and widely recognised security provider in the country. With all personnel qualified under SIRA and/ or PSCOD/ASSD, Transguard is tasked with protecting an impressive list of clients, key landmarks and attractions all over the UAE. TRANSGUARD GROUP
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 27 INNOVATION IN FACILITIES MANAGEMENT AWARDS 2022 T ony Martin, appointed as CEO at Al Bonian Facilities Management (ABFM) in July 2018 has been working in senior roles in the region since January 2008 starting out at BK Gulf, QBG FM and Idama to now ABFM. Tony put emphasis on personal progression and the building of all aspects FM to the ABFM team, ensuring that training was funded, and individuals had the opportunity to learn and progress their careers. ABFM in the previous 12 months driven by the leadership of Tony, have been extremely successful in contracts wins and retention. 2021, was an extremely challenging period, and as such, proactive strategies and measures had to be aggressively implemented to ensure business continuity, and progression toward and into 2022. Tony has brought to ABFM, focus, a desire to be successful, deliver quality services and grow exponentially within the region. Leading by example and showing his team that anything is possible. Even though the competition is either global funded or nationally led FM organisations, do not let this intimidate. Use this in the quest, and fuel for success. 2022, is proving to be under the leadership of Tony Martin, a very exciting and successful year for ABFM in its continued growth within the region. The company under the stewardship of Tony for these past 4 years has quadrupled its revenue, showing healthy profits, continued success and increasing of its portfolio with some very high- profile clients. PERSONALITY OF THE YEAR TONY MARTIN, CEO | AL BONIAN FACILITIES MANAGEMENT
28 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME CLIENT - CONTRACTOR PARTNERSHIP OF THE YEAR AL BONIAN FACILITIES MANAGEMENT SOFTWARE SOLUTIONS PROVIDER OF THE YEAR FACILIO “We are delighted that Facilio was recognised as the Software Solution Provider of the Year at the Innovation in FM awards 2022. It is a testament to our leadership and drive to innovate in this space. The recognition comes at a pivotal point in our journey, as we front-end the movement towards data-driven property operations and shape the future of facilities management. At Facilio, we believe the future belongs to buildings that become operationally digital- native. To make this a reality, we need an innovative approach to connect people, processes & systems so that real estate owners managing large portfolios gain real-time visibility & control over the O&M process. Facilio’s product is built to realize this vision.” Prabhu Ramachandran, Founder & CEO, Facilio Inc.
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 29 INNOVATION IN FACILITIES MANAGEMENT AWARDS 2022 HARD SERVICE PROVIDER OF THE YEAR SERVEU FACILITIES MANAGEMENT WOMAN PROFESSIONAL OF THE YEAR JAVERIA AIJAZ | FARNEK
30 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME INNOVATIVE LEADER OF THE YEAR TARIQ CHAUHAN, GROUP CEO | EFS FACILITIES SERVICES GROUP T ariq Chauhan is a Harvard alumnus, entrepreneur, and well-known Indian businessman. He is the CEO and Co- founder of EFS Group, a visionary leader in the industry, having built EFS in less than a decade from 100 million to crossing a billion in revenues. Mr Chauhan is also well- acclaimed as a thought-leader, writer, columnist and visionary in global facilities management. Tariq’s work in FM and Business Prudence is well acknowledged. He has authored over 100 articles in various publications, including his regular columns in UAE Major dailies. Tariq is among the Top CEOs ranked in 2021 by Forbes Middle East and the Top 5 Indian Executives in the Forbes Ranking from 2014 to 2019. He is ranked 12th by Construction Business News amongst the Top Business Leaders. He was awarded the Industry Leader of the Year 2020 by Innovation in Construction & FM Awards and ranked second in Construction Business News FM Power 30 (2021). Tariq is relentlessly working to build the case of upskilling in the FM industry and raising the bar in built environments and workplaces. He has set new benchmarks in facilities management through quality service delivery, people initiatives and innovation.
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32 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME SMART BUILDING SOLUTIONS PROVIDER OF THE YEAR NETIX C MS - Century Mechanical Systems Company is a 40-year-old company in UAE, spread across globally. CMS as a group has been involved in the HVAC industry for over fifteen years. With its innovative high performance air filters one can improve the IAQ by upgrading the air filtration of a building and at the same time with such a low pressure drop, the energy consumption can be reduced drastically. This helps in reducing the overall carbon footprint of a building. “Elated to be recognized as the Smart Building Solutions Provider of the Year by CBNME, a respected media house reporting on the real estate industry. This award comes as Netix continues its aggressive global expansion, having made a foray into key markets such as the Netherlands, Italy, Croatia, Singapore, India & Americas. Our smart building platform, developed on a use case with leading developer Emaar, has gained meteoric traction in the last four years. By providing practical solutions to systemic challenges in buildings, Netix has catered to sectors as diverse as hospitality and aviation. On behalf of the Netix family, I thank CBNME for recognizing our impact and furthering our cause of driving the Middle East’s smart building revolution.” Sanjeevv Bhatia, Chairman of SB Group & CEO of Netix Global SUPPLIER OF THE YEAR CMS GLOBAL
34 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME LIFETIME ACHIEVEMENT AWARD J amal Abdulla Lootah is an accomplished business leader, widely hailed for establishing their organization as a regional powerhouse and a premium facilities management brand. Jamal has led the company to a phenomenal rise and has set the benchmark of quality services and efficiency across the Middle East, constantly expanding the scope of its services, and dramatically growing its prestigious client base. A big believer in innovation and foreseeing change, Jamal is a lifelong learner who reads extensively about past and present business and technology leaders like Steve Jobs and Jack Welch. A father of seven children and a frequent participant in local marathons and equestrian adventures, Lootah enjoys spending quality time with his family, and is an avid fan of classic cars, Arabian horses, and motorcycles. Lootah was previously the Director of Human Resources and General Administration at Dubai World, a global investment company launched in 2006 with more than 50,000 employees in over 100 cities and a revenue of US$18 billion (2008), Lootah started his career with the Security Department of Dubai Port Authority and is highly renowned for his outstanding leadership style, excellent administrative skills, and the ability to build and maintain a company culture with a 95+% employee satisfaction rate. Inspired by the “Be Number One” approach of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Lootah’s unwavering focus on excellence through diversification and a personalized business model, has led to Imdaad winning several prominent industry awards and recognitions. JAMAL ABDULLA LOOTAH, GROUP CEO | IMDAAD
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 35 INNOVATION IN FACILITIES MANAGEMENT AWARDS 2022
36 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM Leading Real Estate Developers discuss real estate trends, sustainability practices both in construction sites and within their own organizations, and the rise of the affordable luxury market in the UAE CBNME ROUND TABLE 36 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM REAL/ESTATE
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 37 C BNME conducted its third Real Estate Giants round- table at Jumeirah Emirates Towers. We spoke to Atif Rahman - ORO24 Developments, Amira Sajwani - DAMAC Properties; Raja Alameddine - Lootah Real Estate Development; Madhav Dhar - ZaZEN Properties on a variety of topics. The real estate market has seen a exponential boom since the start of Expo 2020. According to JLL, over 40,000 expected residential units will be handed over by the end of 2022, showcasing the emirate’s strong and resilient sector, especially with how it was able to bounce back from the pandemic two years ago. The number of Dubai residential units in total, including apart- ments and villas, has been reported to be at a total of 657,000 on March 31st, 2022 with the expected delivery of 42,000 addi- tional residential units by the end of the year. The supply of completed residential units is based on quarterly surveys of the entire Abu Dhabi and Dubai metropolitan areas that reflect units that have been handed over for immediate oc- cupation, with the expectation for the year ahead being another successful one with continuous increase in demand, transaction volume and new project launches. Property Finder also reported that following the conclu- sion of Expo 2020, 6,983 real estate sales transactions worth AED 18.2 billion were recorded in April, the highest ever for the month since 2009. Secondary market sales transactions, comprising 60% of the total, constituted 4,212 transactions worth AED 12.86 billion, while off-plan properties, comprising the remaining 40%, constituted 2,771 properties worth a total of AED 5.33 billion. Compared to April 2021, April 2022 witnessed 45.48% more transactions, resulting in a 66.62% spike in value. This is broken down into a 46.2% increase in the sec- ondary volume and a 63.86% increase in value, as well as a 44% increase in off-plan sales transactions and a 73.68% increase in value. As a result of the growing market Jochebed Menon and Kasun Illankoon sat down with leading real estate developers to discuss real estate trends, sustainability practices both in construction sites and within their own organizations, and the rise of the affordable luxury market in the UAE. Opposite page, left to right: Madhav Dhar, Co-founder & COO of Zazen Properties Atif Rahman, Founder & chairman of Oro24 Developments Amira Sajwani, General Manager – Sales and Development of DAMAC Properties Raja Alameddine, CEO of Lootah Real Estate Development. VENUE PARTNER
38 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM Founder & Chairman | Oro24 Developments Atif Rahman CBNME It’s not a sentiment, it’s a belief that is driving the real estate market. It is strongly regulated, and backed by government policies and wise leadership. ROUND TABLE
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 39 REAL ESTATE TRENDS It’s a globally known fact that the Dubai economy is the first to bounce back after any crisis. And the performance of the Dubai real estate market is the talk of the entire world. On that note, it is important to recall and applaud what the government has done over the last decade and a half – the kind of trade liberalisation, immigration reforms, and the sort of crisis management during the pandemic has increased the global ranking and investor confidence in Dubai and the emirate’s real estate market. Hosting the Expo in the aftermath of the pandemic was the best proof of Dubai’s resilience. Opening in October 2021, I doubt any other country would have the ability to put together and pull off such a global event with more than 24 million visitors. Many countries had still not received their first round of vaccination in October 2021, but Dubai was leaps and bounds ahead with the completion of four rounds of vaccination, efficiently handled the crisis and attracted the world to Expo 2020 Dubai. Dubai has created a belief system – not just for the region but for the whole world – that you can recover from the biggest disasters efficiently. The city’s real estate has picked up quite well in the past decade or so – even more so post pandemic. You could literally launch anything in Dubai’s real estate market today and it is immediately sold out. It sells like hot cakes. I think it’s here to stay, and it’s because of these reasons. It’s not a sentiment, it’s a belief that is driving the real estate market. It is strongly regulated, and back by gov- ernment policies and wise leadership. TORINO is a modern Gated Community located in Arjan, close to Miracle Garden, off the popular Umm Suqeim Road. The project comprises of contemporary homes with unique conveniences of modern living, along with a host of posh amenities. IT’S NOT A SENTIMENT, IT’S A BELIEF THAT IS DRIVING THE REAL ESTATE MARKET. IT IS STRONGLY REGULATED, AND BACKED BY GOVERNMENT POLICIES AND WISE LEADERSHIP.” VENUE PARTNER
40 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME TRAINING & DEVELOPMENT What I’ve believed in and implemented over the last 21 years of my career is extensive importance to training and knowledge development within the workforce. It’s not just making statements, it’s our reality – your employee is your real capital. The most premium asset an organisation has is its workforce. You can come up with a vision, you can spend on marketing; but ultimately it boils down to them to execute it and implement it. The smarter, the more educated the workforce is the faster the results are delivered in a more ef- ficient manner. Furthermore, it results in retention. Invariably people stick around with a company not just for financial gains but also for intellectual gains. At Oro24, we have implemented a mandatory 10-day training course for every new employee irrespective of the department they join. I’m not a believer of hire and fire policies. Once we select a candidate its about how we can work together to uplift each other. What is a company? A company is nothing without its staff. They are the people who implement a company’s strategies and who deliver the results. When a company incorporates such a practice it brings a higher level of expertise within an organisation. I want my Salespeople to understand the technicalities of a project, not just the Engineering department which consists of the Project Management team, the Tender & Contracts team, the Procurement team, and the Interior Design and Architecture team – all these teams need to be in sync so a project we’re all working together on runs smoothly. The more you create your organization into a knowledge database, the more you focus on implementing training programmes, I think it converts your company into a strong workforce in a short span of time. Training and education lead to knowledge which is the big- gest asset an organisation can have. TORINO is a unique project providing residents a rare combination of comfortable internal space and lavish outdoor living, packaged in modern architecture with sustainability at its core. ROUND TABLE
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 41 An acknowledged expert and thought leader in the Real Estate & Construction industry, Atif Rahman is a sought-after name for sustainable development and innovative financial engineering in the real estate sector. A multi-awarded and recognised entrepreneur; Atif Rahman is credited with initiating a renaissance in the property development market by bringing unique modular strategies of providing “real estate solutions for all” thus fulfilling the dreams of millions of owning a property in Dubai. Under his stellar stewardship, his previous ventures have achieved success in a short span of time making him a leader of property development in the region. He comes with two decades of pioneering experience in successful Real Estate Development across Residential, Commercial and Hotel & Serviced Apartment sectors. With an unblemished track record, he has carved a brand name for himself and has established harmonious relationships with key stakeholders across Government entities, High Net Worth individuals and financial markets. His robust experience and expertise in land procurement, world class project design, successful sale & marketing campaigns, and most importantly, timely delivery with quality construction puts him on a unique platform helping him run the property development business 360 degrees. An “on the toes” thinker and solution provider, he envisages to create a surreal and dynamic real estate market that will be the hallmark of innovation, growth, resilience and sustainability. AFFORDABLE LUXURY The mid-income sector is the back- bone of any economy like the SME or MSME is in the corporate world. We have to the understand the econom- ics of the real estate and construction business. It is very simple – the cost of the land, construction, utilities, convey- ancing, and profit margin – add these together and you’ll get the value of a project. Margin is the only thing that is directly under the control of the developer. When a market matures everyone operates on an optimised margin. With regards to land costs – its not as costly in Dubai as it should be because of the quality of infra- structure. But the challenge is land availability – good quality land is not that easily available. When you look at the overall mathematics of any real estate project, the highest outlay is towards construction. There is very little you can do in terms of optimising construction costs at the top - if you segregate the costs of construction there are three portions – the structure, MEP and finishes. The structure depends on the land you’ve purchased and the kind of project you’re building. If it’s a high rise, the structure costs increase. With mid- and low-rise buildings, the structure costs can be controlled, MEP costs depend on many factors such as the level of modern innovations. Finishes depends on the aesthet- ics and the ambiance the developer is looking to create. The supply chain, suppliers, and sub-contractors all these factors contribute to quality of finishes and cost of the total project. Another factor is that one can buy the best materials and have the best designs but if the execution isn’t right, or the contracting partners aren’t right which means they don’t have the cor- rect experience or skilled manpower to execute it – the project is bound to fail and be a disaster. By default, Dubai has a different level of standard for everything whether it be restaurants, airlines, or hotels, the overall lifestyle here is quite upscale. I think affordable luxury is a key seg- ment of the real estate market. THE STRUCTURE DEPENDS ON THE LAND YOU’VE PURCHASED AND THE KIND OF PROJECT YOU’RE BUILDING. IF IT’S A HIGH RISE, THE STRUCTURE COSTS INCREASE.” VENUE PARTNER
42 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM REAL ESTATE TRENDS The real estate industry in Dubai has shifted – back in 2008-09 the type of investments that were happening in the city were different than what we see today. Back in those days when the regulations weren’t as clear and there were speculations about Dubai and this bubble, there were many people who wanted to make a quick buck, enter and flip a property and put down whatever they had and hope to sell it off in between, and then actually have the money to continue. This led to a lot of debt and defaults in the next few years and a downturn of the market as people were selling at a loss – this brought the entire market down. But today, the type of investment coming in very different. These are real investors – wealthy people with genu- ine businesses who are moving their companies here. Dubai has become a technology hub – not just of the Middle East but Asia too, where a lot of compa- nies after the pandemic are starting to move their hubs to Dubai. I know many founders of global start-ups who are shifting their bases to Dubai as the regulations here are business-friendly, the city is a great place to live, and it’s not as expensive as other metropolitan cities. SUSTAINABILITY We have a large project department, where the senior product management team handle projects, tenders, and quality assurance control internally. We put in effort to manage sustain- ability by educating them – encourag- ing them to attend courses that kept them updated on the latest sustain- ability trends in the real estate sector. In addition to this, we have a dynamic and diverse team. And I think this really helps, because when they sit around a table to discuss a project and tender – it’s not in the hands of one person to make the decision – we get inputs from all the team regarding sustainability. General Manager – Sales and Development | DAMAC Properties Amira Sajwani CBNME ROUND TABLE
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 43 We have our technical and develop- ment departments and each project’s course goes through so many different eyes and many of them point of differ- ent things – as basic as have a certain amount of external space in our developments or the type of glass that needs to be used before even the pro- ject is tendered. We’ve split our project across several stages, and this allows teams to pick up different aspects of the project which then culminates into one final tender. AFFORDABLE LUXURY When you look at Dubai, most of the projects here are affordable luxury. Because today Dubai is on the same level as London, New York, Hong Kong, and Paris. We’re no longer competing with emerging markets. We are now on the same playing field as developed markets that have the biggest financial markets, tech incubators, real estate giants, etc. So, our comparison table has changed. When you look at other metropolitan cities, Dubai is still the cheapest in real estate. In New York and London, a studio apart- ment costs the same as a five-bed- room house in Dubai. When you define affordable luxury, we also have to keep in mind the ticket price of affordable luxury. Dubai has slightly excessive supply but in a way that is beneficial to the end-user. Because when there is more supply, us a developer we have to ensure that our property has an edge, is opulent, and has competitive pricing. Dubai has affordable luxury – when you look at the project and the finishes that are available in the city, there are apartments that are quite luxurious for the definition of affordable luxury at Dhs1.3 or Dhs1.2 million. In my opinion that is very affordable, at the end of the day it is luxury. Dubai offers a lot of luxury proper- ties which are affordable across all developers. The city has exceeded all expectations of affordable luxury globally. If you look for affordable luxury properties in cities like New York or London, you won’t even be in the parameter of the city, whereas in Dubai you can be located centrally for a cost of just over a million dirhams and that is without even approaching the secondary market. Dubai has done a phenomenal job with affordable luxury, because they’ve set the benchmark so high that the basic projects today are affordable luxury. I don’t see any project launched in Dubai in the past one year that is any- thing but an affordable luxury property in the ticket price of Dhs1.5 million upwards. I think developers are doing a great job in that segment. We have a large project department, where the senior product management team handle projects, tenders, and quality assurance control internally. Amira Sajwani is a graduate of University College London (UCL), where she majored in Project Management for Construction. She holds a Masters in Finance from the London School of Economics (LSE). Amira has always been talented in both her academic studies and extracurricular activities. She has served as Student Council Treasurer, Class President, Head of her House, and Valedictorian of her graduating class. She is a great fitness enthusiast who enjoys many sports, especially tennis, fencing and boxing. She also promotes healthy living and enjoys activity-based travelling, including skiing and hiking. DAMAC Lagoons Villa I DON’T SEE ANY PROJECT LAUNCHED IN DUBAI IN THE PAST ONE YEAR THAT IS ANYTHING BUT AN AFFORDABLE LUXURY PROPERTY IN THE TICKET PRICE OF DHS1.5 MILLION UPWARDS.” VENUE PARTNER
44 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CEO | Lootah Real Estate Development Raja Alameddine CBNME REAL ESTATE TRENDS At one point people were buying real estate off-plan not even know- ing what they were purchasing and were buying in bulk. However, today post pandemic investors and end users are doing a thorough check before buying a property. Properties today are bought to live in – not just for investment purposes. Perhaps they’re looking for bigger apart- ments or villas, good location, and they’re now much more aware of sustainability. The younger genera- tion are prioritising sustainability. And developers are looking at fol- lowing this path. Furthermore, there are new trends where buyers are looking at co-living and co-working spaces. I believe the future is mixed-use developments, people want that integration of use in one space. Affordable luxury is an important topic, and it has nothing to do with materials used but with amenities and experiences offered. I think Dubai’s real estate market is chang- ing – there are niche projects in the market. There are a lot of opportuni- ties for every income range, and everyone is welcome here. Looking at the definition of af- fordable luxury – it can be divided into two segments. One, usage of materials and the quality of finishes you’re offering in the project. And the second is the amenities offered at the property. The project can be a normal standard development, but it has phenomenal amenities – such as co-working spaces, a CrossFit gym, USB sockets in the apart- ments, the lobby of the building is a usable space with work pods and other uses, a mini theatre, a pool/ billiards room, and other amenities which you typically you don’t find in regular developments. ROUND TABLE
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 45 Raja is an executive real estate professional with a vast experience in various asset classes including master planned cities, mixed-use communities, and innovative lifestyle developments. Having worked for large family offices as well as regional/ international developers and investment banks, Raja possesses a strong real estate development expertise coupled with a deep proficiency in the investment/ financial/legal side of the business, offering a diversified and unique skill set. His career is characterized by strong geographical mobility, particularly in the GCC region with a focus on the UAE, contributing to his ability to adapt and succeed in different work-cultures. As the CEO of Lootah Real Estate Development, Raja is looking to further enhance its real estate offerings and also look into suitable partnerships or joint ventures as a business strategy for expansion into new markets and development of new product portfolios. My definition of affordable luxury is being able to provide high level of amenities in a standard-finishes build- ing. What makes it affordable is the location – such developments can’t be situated in the heart of the city. This segment is still untapped in this market, it is still underdeveloped. And it is a segment worth exploring. The chal- lenge for the buyers and end-users is that such developments are located in the outskirts of the city. SUSTAINABILITY The sustainability goals for a devel- opment need to be defined from the beginning. Instead of going into de- sign and then mid-way somewhere changing plans or then incorporat- ing eco-friendly concepts. No, don’t do that. Define all the processes from day one and put targets for the designers, and ensure they have people who can implement that. Find out if it’s been implemented before, work with the contractor, check if the design is achievable, etc. Work with contractors during the design process and get their feedback. We’ve implemented this on our projects, and we hear a lot of interesting things from our contractors – about sustainability, different opinions and options, what is do-able, what is not and cost among other. It’s all about working is a linear man- ner – you set your goals, get a proper designer in place who has relevant ex- perience, you engage with contractors, and set environment-friendly targets for each department and set KPIs. My definition of affordable luxury is being able to provide high level of amenities in a standard-finishes building. AFFORDABLE LUXURY IS AN IMPORTANT TOPIC, AND IT HAS NOTHING TO DO WITH MATERIALS USED BUT WITH AMENITIES AND EXPERIENCES OFFERED.” VENUE PARTNER
46 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME REAL ESTATE TRENDS For me as a private developer when we entered the market in 2017, what we realised is the trend in Dubai is people who want to buy property instead of renting. I think that shift is massive, and it shows that the market is maturing. The mortgage rates were at an all-time low which spurred people who were renting properties to invest in getting their own place. This is a trend that we have seen across our development. Many people are purchasing properties to live in rath- er than for investment purposes. And our strategy was clear – we were catering to a community of buyers who want larger spaces and plenty of amenities. I believe this will continue and sustain- ability is a big part of it and what we as a developer want to focus on. Whether that’s in the construction process or what we offer back to the customer (us- ing solar energy to reduce 30% of the service charges), we’re doing our best to ensure our developments are more user friendly. This sort of integration is something we implemented three-four years ago when we came into the market, and luckily for us along with all the benefits the government has given, the pandemic too has made it a perfect storm. This will continue not with just investors coming to Dubai but with end-users buying property in the city. SUSTAINABILITY Because we decided to make our de- velopment a LEED-certified building and use solar power at the design stage so that impacted everything right from the material to contracting. We also went down to the blue-collar staff who were doing the block work and paint and plas- ter and have a monthly group meeting with them and educated them on what they’re doing and why they’re doing it and how it leads to sustainability. In the long run, is it feasible for larger projects and big construction companies? I don’t Co-founder & COO | ZaZen Properties Madhav Dhar ROUND TABLE
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 47 know. I look at it on a single project basis and how you define to your team on that project the benefits of sustainability, so they buy into it from the start. They need to understand from the start to separate the wood, steel and recyclable materials so that it gets disposed efficiently. For me it’s that micro level of making my people understand and that hope- fully led to a more sustainable lifecycle for the entire project and the teams involved. AFFORDABLE LUXURY Affordable luxury is more of an experi- ence more than anything else and includes amenities, finishes and the lifestyles that you want to create as a brand. Every micro market within Dubai has a set price so if you’re in Jumeirah Village, you can’t go above Dhs 1,000 per square foot. Maybe four to five years ago some developers would go above that price, but you can’t do that now. But as you get into the centre of Dubai the prices will increase. The middle-class population in Dubai has been expanding continuously so affordable luxury is targeted to some- one who earns Dhs 25,000 to Dhs 35,000 a month. What can they afford? With the mortgages rates being what they are, with the micro market being what it is and with land prices being what it is. I don’t believe it’s affordable to put up something in the centre of Dubai. For me, spending Dhs100 million on Palm Jumeirah for a 100,000 square foot plot doesn’t make sense, because even if I sell it at Dhs3000 a square foot my net margin would be 30%. Do I really want to take that risk spending Dhs100 mil- lion on a plot which I will only deliver in two years? I don’t think so. It’s important to understand that the micro market that you’re in where you have a landbank will dictate what you can do in terms of luxury. Amenities of course are essential, mixed-use buildings are the future. But that also includes having a catchment of 10-12 buildings, a sort of a mini master com- munity. How do you do affordable luxury in one building? Because people want to live close to where they work, they don’t want to travel much. I think affordable luxury needs to be broken down into which sector you’re in, which market you’re targeting and marrying ameni- ties with sustainability and good fin- ishes. All of them combined is not easy. Hosting a wealth of knowledge in the field, Dhar co-founded ZāZEN Properties and took the role of Chief Operating Officer, handling the real estate product development; from conception through to delivery. Being a hands-on leader, Dhar is involved in creating, executing and managing the company’s formation, from strategy, government relations, to marketing sales efforts, and customer relationship management. Dhar is currently leading the first development, ZāZEN One, carving out niche living spaces in the vibrant Jumeirah Village Triangle (JVT) community. With ZāZEN One, and in-line with the Dubai 2040 vision, Dhar aims to create a sustainable community lifestyle within a building, across all of ZāZEN’s developments. The management team aims to provide contemporary residences that are spacious, green conscious, well designed and have all the facilities you would need for the modern lifestyle. With a core belief to always design simple, clean spaces, and deliver quality products as promised and on time, Dhar aims to position ZāZEN as a homegrown brand that pushes the limits of what a ‘mid- market product’ should look like. IT’S IMPORTANT TO UNDERSTAND THAT THE MICRO MARKET THAT YOU’RE IN WHERE YOU HAVE A LANDBANK WILL DICTATE WHAT YOU CAN DO IN TERMS OF LUXURY.” Affordable luxury includes amenities, finishes and the lifestyles that you want to create as a brand. VENUE PARTNER
48 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME Q&A TRANSFORMATIONAL LEADER MOHAMMED ALSHARAF, DIVISIONAL CEO AT IFM HOLDINGS, WAS RECENTLY AWARDED THE CEO OF THE YEAR AT THE CBNME MEP AWARDS 2022. CONSTRUCTION BUSINESS NEWS ME SPOKE TO MOHAMMED TO DISCUSS HIS LEADERSHIP ATTRIBUTES, HOW HE IS DRIVING THE GROWTH AND EXPANSION OF IFM, AND SO MUCH MORE. What were the initial goals and objectives that you set out when you were appointed the divisional CEO for iFM Holdings? It is essential to look at the bigger picture and promote a future-driven agenda for one’s business. With so much to look forward to, my first few days as Divisional CEO at iFM ensured that there were strategies put in place for the business that were aligned with Eltizam Group’s plans. With renowned companies Tafawuq, 800TEK and Inspire Integrated within the business, it was vital to seek balance and development and help each of the directors, so they can enhance the business. For our company to grow, we needed to devise an outline of ‘what winning means’ and integrate the business entities to be as efficient as possible. Tell us about your leadership style and how it helps the individuals around you to achieve those initial goals and objectives for iFM Holdings? I consider myself a transformational leader and believe it is a vital quality to have, especially while we are integrating a new business within our company. Leadership requires one to communicate effectively, be it internally or externally; this attribute supports the business most during an integration, where multiple challenges arise and need to be dealt with vigilantly. From director level to blue collar employees, we all realise the importance of effective correspondence; all the employees at iFM are coached to encounter challenges with exceptional communication skills to ensure an outstanding customer experience. I try to use motivation and inspiration to boost high morale across the organisation. I believe this elevates the value of a relationship, enhances performance and therefore, aligns everyone’s vision towards a shared goal. How do you see this brand filling a gap in the market and what are the growth plans put in place for the brand? The business entities under iFM Holdings have the flexibility to provide solutions to clients and end-users, whether it is a total facilities management solution or just one of our services. The world of facilities
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 49 TRANSFORMATIONAL LEADER | MOHAMMED ALSHARAF management demands competent and skilled manpower - we meet these requirements with qualified staff across the layers of our organisation. Additionally, we have developed training and assessment plans to support our employees to widen their horizons and increase their level of industry related expertise. Furthermore, we are steering the implementation of technology on ground, the way forward is all about tech-oriented equipment and we are moving with the times and educating ourselves towards a more tech- savvy tomorrow. We are known for our proficiency in introducing a new service offering to our clients every year, as we truly believe in growing horizontally as we grow vertically too. As part of our growth strategy, we have expanded some facilities management services to Egypt, where the operations have now been running smoothly for the past year and we intend to continue to move across borders to take iFM Holdings and Eltizam to the next level. What attracted you to Eltizam and what are the unique challenges you faced and what changes you have introduced? Eltizam means commitment and as a company, it is committed – to its vision, ambition and mission across all business entities. It was crucial for me to join a company that has a well-defined visualisation of where they want to be. I wouldn’t say I faced any major challenges however, I do believe that my colleagues and I were able to transform FM operations through the implementation of technology such as the cleaning robots, I-traps and more. Another successful change that was brought to the organisation was diversification of the market sectors that we serve; today we operate across a range of industries including hospitality, leisure, education, aviation, commercial, residential, infrastructure, industrial and many more. What are some of the key trends in the facilities management industry? Today’s customers are drawn towards technology, cost efficiency, transparency and environmental impact. We, as FM companies, need to increase the standard of our services based on what our customers want. I believe the key trends in our industry at the moment are information management, technology, sustainability, resilience and staff welfare and we ensure that we constantly shift our boundaries to accommodate the emerging trends within the industry. With your vast experience in the facilities management industry, how has the industry evolved in the past 10 years and where do you see it going in the next decade? Our profession is a demanding one that requires people to have a diverse set of skills in order to be successful. We hail from a time where FM was just about preventative maintenance and it wasn’t normal to see a technician with a handheld device which is extremely common today. I believe that the next decade will see more and more usage of IoT and smart building solutions, direct interaction with the end-user through mobile applications and working smarter to provide solutions. You were recently awarded the CEO of the Year at the CBNME MEP Awards. Tell us what this achievement means to you and how this reflects well on the company as well. I am honoured to be recognised as CEO of the Year and have my colleagues and company to thank - without their support it wouldn’t have been possible to be where I am today. The award will allow me to push my limits further, to do and achieve more, every day. The award is not just for me but it is for the entire team of iFM Holdings, it motivates us to elevate our game, take it up a notch and propel forward. “Leadership requires one to communicate effectively, be it internally or externally; this attribute supports the business most during an integration, where multiple challenges arise and need to be dealt with vigilantly.”
50 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME HOSPITALITY PROJECT THE HIGHLY ANTICIPATED PROPERTY, SET TO OPEN IN SUMMER 2022, WILL BE AN UNRIVALLED DESTINATION FOR PRESTIGE AND LUXURY. HERE ARE FIVE UNIQUE THINGS TO EXPECT FROM WALDORF ASTORIA KUWAIT C onnected to The Avenues, the country’s largest retail, entertainment and lifestyle destination, the highly anticipated Waldorf Astoria Kuwait is gearing up to open its doors to the public this Summer. From its prime location, timeless luxurious design, to its bespoke wellness offering and world-class dining experiences, here are five things to know about the highly anticipated luxury property. Waldorf Astoria Kuwait is owned by Mabanee, a leading real estate developer known for its modern vision and excellence in innovation projects. Connected to The Avenues, the country’s largest retail, entertainment and lifestyle destination, Waldorf Astoria Kuwait will feature 200 contemporary deluxe rooms and suites with panoramic views of the vibrant city. Guests will enjoy a transformative journey of the senses at this ultra-luxurious property, from exquisite dining venues to the awe-inspiring 13,560sqft Waldorf Spa that will leave them feeling relaxed and TIMELESS LUXURIOUS DESIGN
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 51 TIMELESS LUXURIOUS DESIGN rejuvenated. Meanwhile, beautiful meeting and event spaces – including a spectacular Grand Ballroom – will provide idyllic venues for unforgettable celebrations or tailored corporate events. THE BEATING HEART OF THE CITY Connected to the famous Avenues, the largest shopping mall in Kuwait, where guests can treat themselves to an impressive array of shops, restaurants and entertainment options, Waldorf Astoria Kuwait is an unrivalled destination for prestige and luxury. Just 11km and a 15-minute drive from Kuwait International Airport, the property’s prime location offers guests convenient access to beloved local attractions such as the Kuwait Opera House, Sheikh Jaber Al-Ahmad Cultural Centre, and the Grand Mosque. LOCALLY INFUSED LUXURY Emulating the luxury of this vibrant city, the walls of the lobby, guestrooms and suites are all adorned with fine art prints from renowned local and international artists and galleries. The interiors reflect a sense of timeless luxury with traditional elements such as the iconic Waldorf Astoria Lobby Clock and Peacock Alley. A stand-out element of the hotel lobby is the Waldorf Astoria Clock, which was meticulously crafted to reflect the significance of the solar system to the Islamic world. Until today, it is the most accurate way to determine the direction of Mecca by using the pole star and time-keeping when to pray. Astronomy was also used as a tool for navigation, whereby Arab nomads studied the sky in detail, calculated positions of stars and found their way around in the desert. With this inspiration, the Waldorf Astoria Clock was designed in two parts: the solar system was modelled into the top half of the clock as a world globe, and the bottom half as the actual clock face which functions regularly. EXCLUSIVITY AT ITS FINEST From the signature Waldorf Astoria Spa, a Technogym-equipped fitness centre and the family-friendly Waldorf Astoria Kids’ Club, to an eclectic array of first-class restaurants such as Mediterranean restaurant, AVA, and Roka, award-winning Japanese Robatayaki, Waldorf Astoria Kuwait offers an incredible, tailored exclusive experience to guests of all ages and interests. Guests in the Ikaros Club rooms, Ikaros Club Suites, Presidential Suites or the Royal Suite have access to the Ikaros Club, where they can enjoy contemporary luxury in a majestic setting. The Ikaros Club offers an exclusive dining experience including breakfast, lunch, afternoon tea, dinner, dessert and complimentary beverages. Club members enjoy private check-in/out, a complimentary selection of international newspapers and magazines, a personalised concierge to provide travel assistance and help manage bookings and reservations across the city, high- speed internet and access to the Library, business centre and a private meeting room. WORLD-CLASS DINING EXPERIENCES Waldorf Astoria Kuwait also offers a spectacular range of dining options, from formal dining, romantic dinners in our cabanas, poolside refreshments, family gatherings, to a cosy café setting – the property offers a dining option for all guests. >>>
52 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME HOSPITALITY PROJECT Most notably, ROKA, the award- winning Japanese robatayaki restaurant, brings one of the world’s finest dining experiences to Waldorf Astoria Kuwait. Its design is rooted in the Japanese fishing culture of cooking the catch on boats using various charcoals and sharing it with other fishermen. Meanwhile, the property’s Mediterranean restaurant, Ava, offers a taste of the Mediterranean lifestyle. Inspired by the relaxed lifestyle along the coast, the cuisine is light, fresh and delicious. In this laid back, yet stylish venue, the best of the three coastal regions in the Mediterranean - from the French Riviera, the South of Italy, and the Greek Islands - are showcased for diners to explore. Other dining outlets within the property include the NYC cafe with Parisian influence Peacock Alley, an ideal venue for both sophisticated and informal gatherings, OXIO Poolside Lounge and Bar offering a refreshing retreat for people looking to escape the city until sunset, later transforming into Kubbar Poolside Restaurant, surrounded by foliage and greenery and offering pristine Levantine cuisine. A WELLNESS HAVEN At Waldorf Astoria Kuwait, guests have everything they need for the perfect escape. Guests are invited to take a much- needed break from the bustle of everyday life and indulge in calming treatments offered at the Waldorf Astoria Spa. The guests can enjoy the ultimate relaxing experience in lavish separate male and female spa areas with private arrival and consultation lounges. Meanwhile, the Suite provides private changing and bathroom facilities, a double treatment zone with therapy performed on warmed water pillows or warmed quartz crystal for maximum relaxation, with seated foot ritual area, lounging zone, bathing experience, private hammam, and steam room. Guests in the Ikaros Club rooms, Ikaros Club Suites, Presidential Suites or the Royal Suite have access to the Ikaros Club, where they can enjoy contemporary luxury in a majestic setting.
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54 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM WWW.CBNME.COM 2022 SUSTAINABILITY Innovation Awards Sustainability Innovation Awards 2022 is one of the leading events applauding the achievements of the region’s sustainability initiatives and projects from all sectors in the Middle East. The awards strive to recognise individual excellence, corporate strengths, and project success from all sectors. Companies are invited to nominate the people, projects, and initiatives of which they are most proud of. With the COVID-19 pandemic in 2020, the slowdown in the economy of several countries had a negative impact on the regional market for sustainable and renewable energy. With countries in the region having an oil-dependent economy, a strong revival in the oil & gas sector became the priority for several nations, leading to a temporary shift in focus away from renewables. Factors such as various government’s plan to diversify the energy mix and increase investments in renewable energy and sustainability initiatives are expected to be significant contributors to the growth of the market. However, the increasing penetration of natural gas for power generation purposes, along with its lower prices is expected to hinder the market growth during the forecast period. The UAE is expected to witness a significant growth in the Middle-East renewable energy and sustainability market during the forecast period, owing to the upcoming projects and government targets.
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56 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM WWW.CBNME.COM D iamond Developers was founded by a team of visionary entrepreneurs, architects, and civil engineers. It was one of the first companies in Dubai to enter the freehold property and real estate development market since the introduction of freehold property ownership in 2002 and is a pioneer of the world’s first fully sustainable community. Its flagship project Dubai Sustainable City is the first operational net zero energy city in the emirate, modelled to become an international showcase for high quality sustainable living. The masterplans amalgamate green, energy efficient designs with a people-centric philosophy that includes nature and animals thus ameliorating public space. The development includes 500 villas, 89 apartments and a mixed-use area consisting of offices, retail, healthcare facilities, a nursery and food and beverage outlets. SUSTAINABLE DEVELOPER OF THE YEAR DIAMOND DEVELOPERS
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 57 I n September 2021, TRANSCO successfully connected Unit 2 of Barakah Nuclear Power Plant to the UAE transmission grid. Delivering its first megawatts of carbon-free electricity from the second of four units, this milestone was the result of close planning and collaboration between TRANSCO and its partners, Emirates Nuclear Energy Corporation, and operators Nawah Energy Company and EWEC. The Barakah Plant will produce up to 25% of the UAE’s electricity needs when fully operational and will prevent over 22.4 million tons of carbon emissions annually, equivalent to the emissions of 4.8 million cars. By 2025, the plant will generate more than 85% of Abu Dhabi’s clean electricity, making it the largest contributor to reducing the emirate’s carbon emissions by 50%. UTILITIES PROJECT OF THE YEAR TRANSCO 2022 SUSTAINABILITY Innovation Awards
58 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM WWW.CBNME.COM T he Saudi Electricity Company PEAK Program is an integrated and global best practice corporate talent accelerator presented for the utilities sector. The aim of PEAK is to build corporate capability and talent of the company towards leading an integrated, efficient, and sustainable macro utility business. This is done through a custom-made program of several components comprising digital assessment, simulated learning, video-enabled content, individual performance coaching and action application over the course of seven months. Technology and digitisation play a central role in program delivery. Successful candidates receive a certificate of completion through fitt and the University of Cambridge. PEAK demonstrates SEC’s commitment to sustainability through a key strategic pillar: people capability and leadership. SUSTAINABILITY LEADERSHIP PROGRAM OF THE YEAR SAUDI ELECTRICITY COMPANY | PEAK PROGRAM
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 59 2022 SUSTAINABILITY Innovation Awards T he first-of-its-kind project is the first system to be fully manufactured in the UAE. It’s a solar-powered charging system with a large network of charging stations that can satisfy all the charging demands of both the automobile and maritime industries, with a charge period of about 25 minutes. The plug-and-play system can be set up in remote areas and has the capacity to charge multiple types of vehicles at the same time, which includes cars, buses, trucks, and marine vessels. The smart internet-based charging station consists of one DC fast charger with a dual outlet, two battery energy storage systems, a solar PV power plant, and electrical distribution and control systems, all designed with adequate sustainability standards in place. It has an automatic matching voltage fluctuation for stable charging. INNOVATIVE SMART ELECTRIC CHARGING SOLUTION AWARD SHAMS PLUS | AL MASAOOD POWER DIVISION
60 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM WWW.CBNME.COM T his company has achieved key milestones in 2021, exceeding targets for energy, water, carbon footprint and monetary savings for its clients in the GCC with accumulated cost savings exceeding USD30 million. They continue to invest in local skills, latest technologies, drive industry best practices, and maintain a leadership role in the energy transition in the region. As a leader in low- carbon energy solutions, this company has set itself the goal of being Net Zero Carbon by 2045 and of supporting its customers’ decarbonisation with a target of 45Mt CO2-eq per year. ENGIE SOLUTIONS MIDDLE EAST ESCO COMPANY OF THE YEAR
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 61 Z āZEN Properties’ flagship development, ZāZEN One, located in the vibrant JVT community, efficient equipment and fixtures were selected to reduce energy and water waste, as well as guarantee the building lives up to its promise of sustainability and provides the best facilities for occupants. The orientation and shape of the building was specifically designed to allow a part of it to be always shaded, and lower overall sun exposure. Hard surfaces used have an SRI (solar reflectance index) value of more than 78, which helps reflect heat. Additionally, solar panels on the roof double as shade elements and as an environmentally friendly source of energy for the building. SUSTAINABLE REAL ESTATE PROJECT OF THE YEAR ZAZEN ONE | ZAZEN PROPERTIES 2022 SUSTAINABILITY Innovation Awards
62 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM WWW.CBNME.COM A ECOM is a true green consultant; ESG is embedded in the company’s core and the nearly 4,000 professionals across the Middle East & Africa bring this passion to life every day, no matter their role in the company, to deliver a better world. As a purpose-driven organisation, AECOM’s industry-leading ESG strategy that was launched one year ago integrates four key pillars that embed sustainable development and resilience across the company’s work, improve social outcomes for communities, achieve net zero carbon emissions, whilst enhancing governance. Included in the company’s updated strategy are more ambitious net zero targets that are among the first in the world to be approved by the Science Based Targets initiative. More locally in the region, AECOM have been leaving a greener legacy behind, which can be seen in the LEED Platinum Mall of Oman project, as well as the soon to be completed MOTC Bus Infrastructure program in Qatar which will contribute to the transformation of the long-term sustainability of the State of Qatar. Following the meaningful accomplishments made over the past year, AECOM are excited to continue the next phase of their ESG strategy, especially as they partner with clients on their own increasingly complex, multi- decade sustainability initiatives. A LEC Energy, established in 2015 is a related business division of ALEC Engineering and Contracting and offers a complete turnkey solution for both rooftop and ground mounted solar PV plants. In a country where solar is the natural solution for clean power, ALEC Energy has established itself as a reliable provider that combines technical know- how and experience to deliver a cost- effective solution for its clients. ALEC ENERGY AECOM ENERGY COMPANY OF THE YEAR GREEN CONSULTANT OF THE YEAR
64 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME SUPPLIER I ndoor air quality is a major concern, and air purifiers are becoming increasingly popular as a result. Daikin air purifiers keep their promise to provide cleaner and healthier indoor environments in homes, offices, and commercial spaces all over the world. The Daikin MC55VB air purifier is a high-quality air purifier. With indoor air quality having a significant impact on people’s performance and well- being, Daikin’s air purifier aids in the purification of indoor air by circulating it through the unit and allowing the air to pass through a variety of filters and purifying technologies. The units are commonly found in residential settings, small offices, retail stores, classrooms, medical waiting rooms, and doctor cabinets. (1,785 AED). It’s a great addition for any space because of its compact size and sleek looks. It catches fine dust particles and has a powerful suction system. The streamer unit, which uses high- powered plasma discharge technology, decomposes harmful substances* within the unit. These contaminants are either trapped on the HEPA filter or adsorb to the deodorising filter element. 2. The Active Plasma Ion generation unit purifies the space further by adding purifying elements to the cleaned air. These could help to deodorise odorous curtains and carpets, for example. The purifier is equipped with a high- sensitivity dust sensor that distinguishes between small particles like PM2.5 and larger dust particles and reacts accordingly. There is triple detection of dust, PM2.5, and odour. Furthermore, according to tests conducted at the Institut Pasteur de Lille, Daikin’s air purifier eliminates 99.98 percent of the human coronavirus HCoV-229E in 2.5 minutes. This virus is related to SARS-CoV-2, the Coronavirus that caused the COVID-19 pandemic. Design Middle East also spoke to Tuna Gulenc, vice president of Daikin Middle East & Africa, as he discussed the emphasis on indoor air quality and why clean air is more important now than ever before. Air pollution is a severe environmental problem with a determinantal impact on human health. Each year, seven million lives are lost due to air pollution, while a sizeable number of children around the world experience stunted development. In a research conducted in 2020, scientists found that air pollution is a leading cause of death, accounting for more loss of life than smoking, malaria, and HIV/AIDs. Associated with an increase in cardiovascular diseases, such as heart attacks and strokes, as well as acute and chronic respiratory related illnesses such as asthma, figures from the World Health Organization (WHO) suggest that 43% of chronic obstructive pulmonary disease (COPD) cases and deaths, 29% of all lung cancer cases and deaths and 19% of cardiovascular deaths are caused by air pollution. Those over the age of 60 are most at risk. According to the WHO, today, 99% of the global population is breathing in unhealthy levels of polluted air, with people in low and middle-income countries suffering the highest levels of exposure. The phenomenon of air pollution is especially important in the GCC region, predominantly caused by the combustion of fossil fuels such as carbon emissions from the burning of coal, non-electric vehicles, and factories. In a catch-22, these emissions not only cause air pollution but exacerbate climate change. This leads to even poorer air quality with rising temperatures leading to phenomena such as smog and pollen. It is not, however, only the air outdoor that is contaminated with pollutants. Indoor phenomena such as dust and mould, building material, cleaning products and poor ventilation can all Here is why Daikin’s MC55VB air purifier should be your first choice DAIKIN MC55VB Air Purifier
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 65 DAIKIN MC55VB AIR PURIFIER contribute to poor air in our homes. In fact, research has demonstrated that the air within our homes can be more seriously polluted than the air outdoor between two to five times. With people spending up to 90% of their time indoors, we must pay attention to the quality of air both indoors and out. Among the most common biological indoor air contaminants are bacteria, mould, mildew, viruses, animal dander, dust mites and pollen. Contaminated central air handling systems can also become breeding grounds for biological contaminants such as mould and mildew, which then spreads throughout the home. Other significant sources of indoor air pollution include smoking, while household products such as paints, varnishes, wax and cleaning, disinfecting, cosmetic and degreasing products also have toxic potential. To help us better manage the quality of the indoor air in our homes and places of work for better health, there are numerous solutions to quickly improving air quality by eliminating or controlling the sources of pollution, increasing ventilation, and installing air cleaning devices. Here are several quick tips to ensure we breathe the clean air in our homes on which our very health depends. 1. Don’t smoke at home Smoking at home impacts your health and those around you, with children exposed to smoking at greater risk of respiratory tract infections. While ventilation can reduce the risks that smoking poses, smoking causes large amounts of pollutants to build up over time which cannot be eliminated by simply opening your windows. As such, it is better to avoid smoking at home altogether. 2. Manage your humidity levels From drying your clothes outside to ensuring your kitchens and bathrooms are well ventilated, ensuring humidity levels are at an optimum level can go a long way to reducing biological contaminants in the home, such as mould. 3. Keep your home free of dust Regular cleaning dust around the home and bedsheets at hot temperatures will ensure that dust mites, pollen, and animal dander, likely to aggravate respiratory conditions, are kept to a minimum. 4. Ensure your air conditions units are cleaned regularly If not regularly cleaned, air filtrations systems can become a sign of contaminants and a breeding ground for mould, fungi, bacteria, and germs to thrive. These, in turn, then contaminate your indoor air exposing those in your home to a variety of respiratory infections. 5. Use an air purifier And finally, use an air purifier. From airborne particles including viruses, bacteria, mould, fine dust and hazardous gases, state-of-the-art air purifiers capture harmful airborne substances and decompose them by high-speed electrons. An air purifier can also ensure optimised airflow for the perfect temperature and humidity levels and reduces odours. A quick, effective, and lasting solution for clean indoor air, an investment in the right air purifier will provide long lasting health benefits for you and your family. Tuna Gulenc, vice president of Daikin Middle East & Africa.
66 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM AI DRIVEN ‘SUPERAGENT’ When did Property Finder decide to introduce the ‘SuperAgent’ and why do you think this was a necessary addition for the company? At Property Finder, we are working hard to empower people in their home search journey. People use Property Finder to make two of the most important decisions in their lives: first - where they live and second - to find a property they can rent or buy. We believe both of these decisions can be made more efficiently with data and top performing agents, which is how the idea to launch SuperAgent came into play. In line with our goal of creating a hassle-free home finding experience for our customers and driving agents to make this journey seamless for the home seeker, we introduced SuperAgent to reward agents that are client obsessed. The label SuperAgent is granted by an AI driven ranking system, powered by an in-house data platform - Agent Data Assistant (ADA). With SuperAgent we seek to make this power available and accessible to the millions of individuals that are using Property finder every month, it enriches the home seekers’ journey with transparency and unbiased information. The new launch also aims to propel brokerage real-time digital experience, enriching home-finding journeys in GCC. Tell us about the features of the ‘SuperAgent’? How does Agent Data Assistant assist the SuperAgent? SuperAgent is the MENA region’s first artificial intelligence driven ranking system, powered by an in-house data platform - Agent Data Assistant (ADA). Custom-developed by Property Finder, the new system uses millions of data points and aims to help home-seekers find the most responsive agents with up-to-date and improved knowledge of the properties and the community. Property Finder has a gold mine of information with the millions of units that are advertised on our site, we engage our audience with almost all the agents in the UAE. Through ADA we researched quality pattern by combining agent responsiveness, quality of property listings, and agent reports, to identify top-performing ones as SuperAgents. ADA adds a layer of AI algorithm to the analytics workflow, surfacing quality scores, and rewarding the best-in-class agents for In conversation with Christophe de Rassenfosse, Chief Product Officer at Property Finder CBNME TALKING POINT
CONSTRUCTION BUSINESS NEWS ME | JULY 2022 | 67 market-leading consumer experiences, thereby improving customer experience, and establishing trustworthy relationships. The agent becomes a SuperAgent at Property Finder once they meet the guidelines of excellence and offer high-quality services to the customers. SuperAgents are property seeker obsessed, always looking to provide the best quality property listing and respond faster than any other agents to the home seeker’s needs. Choosing a super-qualified agent is a 100% automated process that depends on the individual agent’s performance; It’s not something a client can buy, it’s just data-based decisions to guarantee a real SuperAgent. What are the frameworks that the ADA uses to rank each real estate agent? ADA is an in-house data assistant platform that is supporting agents to consistently be the top performers. It is an independent algorithm built to identify agents that are property seeker obsessed, always looking to provide the best quality property listing and respond faster than any other agents to the home seeker’s needs. Based on certain parameters that define response rate, response time, quality of listings, and the number of removed listings from consumer reports, ADA creates a score for all agents which is then used to promote the best-qualified agents in the market higher in the Property Finder’s search ranking to ensure that property seekers are directed towards high-quality listings from highly responsive agents. Prior to the use of the SuperAgent - how did Property Finder identify the best real estate agents? Since its launch in 2006, Property Finder has always been at the forefront of driving change in the real estate sector through transparency and adoption of new technologies. Earlier we had an option to get ‘verified’ as the best agent on our Property Finder portal – which used to help ‘Verified Agents’ get more exposure and more leads on the portal than their non-verified peers. We, at Property Finder, always put emphasis on quality listings and agent profiles and therefore recognise and promote agents who go the extra mile. Before the launch of SuperAgent, we gave verified agents the opportunity to feature on one of the most visited sections of our website propertyfinder. ae – the Find Agent section. The Find Agent section provides the professional directory of verified, best- in-class and active real estate agents in the UAE. How have Real Estate Agencies reacted to the addition of the ‘SuperAgent’? What are the benefits they gain from being a part of the SuperAgent list? The launch of SuperAgent has received an overwhelming response from other real estate agencies and developers. Being a part of the list allows them to be quickly identified by the property seekers and investors looking for credible leads. With SuperAgent, Property Finder is looking to increase trust between the property seekers and the agents. Through the launch of this pioneering system, Property Finder aspires to raise the bar in the real estate industry, driving agents towards creating an improved experience for home seekers. Ensuring that home seekers enjoy a seamless, hassle-free home-finding journey, the ecosystem is designed to help them identify high-quality listings with the agents who respond to their queries in time. AI DRIVEN ‘SUPERAGENT’ | CHRISTOPHE DE RASSENFOSSE
68 | CONSTRUCTION BUSINESS NEWS ME | JULY 2022 WWW.CBNME.COM CBNME REPORT T he total volume of transactions in Dubai’s residential market reached 5,542 in May 2022, up 33.0% from a year earlier. Over this period, off- plan sales increased by 55.4% and secondary market sales by 18.0%. Total transaction volumes in the year to date to May 2022 reached 30,903, this is the highest total recorded since 2009, over this period. Average prices increased by 10.9% in the year to May 2022. Over this period, average apartment prices increased by 9.6% and average villa prices by 19.8%. As at May 2022, average apartment prices in Dubai stood at AED 1,102 per square foot and average villa prices stood at AED 1,307 per square foot. Compared to the highs witnessed in late 2014, these rates per square foot are 25.9% and 9.5% below the peak, for apartments and villas respectively. In the apartments segment of the market, Downtown Dubai recorded the highest average sales rate per square foot at AED 2,045. Whereas in the villas segment of the market, Palm Jumeirah recorded the highest average sales rate per square foot at AED 3,207. Average rents in the 12 months to May 2022 have increased by 19.1%, with average apartment and villa rents increasing by 18.3% and 24.3% respectively. As at May 2022, average apartment and villa rents stood at AED 83,485 and AED 249,677 per annum respectively. In the rental market, the highest average annual apartment and villa rents respectively were found in Palm Jumeirah, where asking rents on average were AED 213,761, and in Al Barari, where asking rents on average were AED 874,171. Taimur Khan, Head of Research – MENA at CBRE in Dubai, comments: “Transaction activity in Dubai’s residential market continues to remain on a strong footing, with total transactions volumes in the year to date to May 2022 reaching 30,903, the highest total recorded since 2009. Price growth has also remained robust, despite the rate of growth slowing marginally from a month earlier, where average sales prices grew by 10.9% in the 12 months to May 2022. The rate of growth for rents has continued to increase on a year-on-year basis, where in the year to May 2022 average rents increased by 19.1%, up from 16.2% recorded a month earlier, this is the fastest rate of growth since October 2014.” RESIDENTIAL RENTS IN DUBAI INCREASE AT THE FASTEST RATE SINCE LATE 2014, SAYS CBRE “AVERAGE RENTS IN THE 12 MONTHS TO MAY 2022 HAVE INCREASED BY 19.1%, WITH AVERAGE APARTMENT AND VILLA RENTS INCREASING BY 18.3% AND 24.3% RESPECTIVELY.”
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