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The 2000 launch of the
master-planned multi-billion-dollar Dubai Marina complex
by property developer, Emaar, was a historic moment for
the city of Dubai.
For the
first time in the country non-GCC nationals were allowed
to own property on a 99-year lease basis. This bold move
attracted a big flow of foreign investment in the
country that paved the way for the current real estate
and construction sector boom. Currently, foreign
ownership of properties is widely offered in Dubai and
other emirates as well as other countries in the region
have followed into Dubai’s footsteps.
According
to data supplied by the Dubai Chamber of Commerce and
Industry (DCCI), the Dubai real estate sector achieved
86 per cent increase during the period 2001-2004,
achieving an annual growth rate of 16.7 per cent. The
DCCI expects boom to continue in the short and
medium-run as the value of the planned projects coming
up in the next five years reaches an estimated total of
USD30 billion.
The
construction sector in Dubai has grown with an annual
average growth of 37.4 per cent in the period from 2001
to 2004, according to DCCI statistics. In 2004, the
construction sector contributed 12.2 per cent to Dubai’s
gross domestic product (GDP), while the real estate
sector contributed 10.6 per cent to the emirate’s GDP.
This phenomenal growth would not have been possible if
Dubai Marina, one of the first freehold properties on
offer in the emirate, was not an outstanding success,
putting Dubai firmly on the world map.
Not only is
Dubai Marina a financial success but also it is an
engineering feat. The complex is one of the largest
man-made waterfronts in the world. According to media
statements by developer Emaar, Dubai Marina was planned
to be an urban centre on the water, comparable to the
most exclusive waterfront developments in the world's
most exciting cities. Located around a
3.6 km
man-made water channel, the development will eventually
cover a total area of more than 50 million square feet.
The latest reports say that the project is scheduled to
encompass more that 200 high-rise apartment towers as
well as a number of luxury villas and would be home to
nearly 100,000 people upon its completion.
The
developer’s idea for the complex revolved around the
fact that marina living has become one of the most
desirable lifestyles in the world. Judging by the high
levels of interest in the project, the idea seems to
have been
enthusiastically accepted by investors and potential
home owners. Other developers have followed into Emaar’s
footsteps, making
luxurious
water-front properties the hottest real-estate trend in
the region. Five years after the Dubai Marina project
was unveiled, many other developers in the emirate as
well as in other parts of the country and the region
p09are launching projects revolving around similar
concepts.
The
USD-10-billion,
man-made
marina is strategically located near Interchange 5 on
Sheikh Zayed Road, the city’s main transportation
artery. This unique city-within-the-city is ideally
positioned along Dubai's new growth corridor, close to
Dubai's well-known landmarks such as Dubai Internet
City, Dubai Media City, Knowledge Village, The American
University of Dubai and the Emirates Golf Club. Right
across the street, another luxurious water-front
development, Nakheel’s Jumeirah Lake Towers, where a
large number of luxurious high-rise buildings is also
coming up.
With about
700 berths, Dubai Marina is the ideal place for sailing
enthusiasts, while a large number of chic restaurants
and funky cafes already make the complex one of the
liveliest and most desirable addresses in the city.
Dubai
Marina has become a desirable location for starts and
socialites the world over. According to press reports,
former Real Madrid and Arsenal Football star Nicolas
Anelka bought up almost USD4.4m worth of Dubai real
estate on a recent trip to the emirate. His personal
investment portfolio reportedly includes a penthouse and
four apartments at Dubai Marina. Sources say that one of
the sons of slain former Lebanese Prime Minister Rafik
Hariri is another famous owner of an apartment at the
prestigious luxury complex.
As one of
the most forward-thinking business establishments in the
region, Al Habtoor Group has followed the dynamic
development of the country and has grown tremendously in
the past years thanks to investing in some of the
region’s most ambitious projects.
This trend
is set to grow as Al Habtoor Group pushes ahead with new
and exciting investment plans. Dubai Marina – one of the
most prestigious investment opportunities in Dubai – has
become a focus for the Group’s future growth
aspirations. Currently, Al Habtoor Group is pushing
ahead with the 35-storey Al Habtoor Grand Office Tower
at the Marina complex. The company has announced that
tower would be built at a cost of Dh335.44 million.
On 10
September this year, Al Habtoor’s latest and most
ambitious hotel project opened its doors just a
kilometre away from the Dubai Marina. The luxurious,
Dh714-million Habtoor Grand Resort & Spa, offers 442
deluxe rooms and suites at a prime location on the
Jumeirah Beach and offers breath-taking views over the
Arabian Gulf, Dubai Marina or the landscaped tropical
gardens.
The project
spreads to nearly 33,000 square metres and is inspired
by the architecture of Andalucian Spain. The development
boasts 13 restaurants and bars and banqueting for over
1,000 guests. In addition, the magnificent landscaped
gardens are an ideal setting for outdoor banquets in the
cooler months where there is ample room to host up to
5,000 guests. The resort’s signature restaurant is an
international fine dining experience called the 25th and
is appropriately situated on the 25th floor in one of
the resort’s towers. The restaurant’s terrace affords
panoramic views across the Dubai Marina and the Arabian
Gulf.
The guest
rooms and suites suit a variety of budgets but all rooms
have lounge areas and equipment such as 28” flat screen
TV sets, DVD players and wireless internet access points
as the standard.
There is a
fully-equipped business centre operating
round-the-clock, while guests have an extensive
end-to-end wireless network, which gives them Internet
access from over 230 wireless access points situated
around the hotel.
Travellers
looking for some fun and relaxation can choose from a
variety of activities – swimming, tennis, squash and
beach volleyball among others. For the ultimate in
pampering, a dip in the new Infinity pool or a visit to
the Elixir Spa and Health Club, is a must. The spa is
equipped with six designer treatment rooms, offering
more than a dozen different treatments, from
aromatherapy to dry flotation.
The Al
Habtoor Group owns and operates six other hotels in the
UAE, Beirut and the United Kingdom. In the UAE, there is
the Metropolitan Hotel Dubai, the Metropolitan Palace
Hotel Dubai and the Metropolitan Deira Hotel Dubai.
In Lebanon,
there is the Metropolitan Palace Hotel Beirut and the
new Habtoor Grand Hotel Conference Centre & Spa Beirut,
while in the UK the company owns the exclusive Monkey
Island Hotel located
near the village of Bray-on-Thames, a mile downstream
from Maidenhead, close to both Royal Windsor and London.
The company also owns and operates the
Habtoorland theme park in Beirut.
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