Where the market meets

Middle East
Real Estate Forum 2017
Abu Dhabi | Jumeirah at Etihad Towers | 25 April
Dubai | Armani Hotel, Burj Khalifa | 26 April
In partnership with

In association with
 MIDDLE EAST
MARKET
LEADERS
With a strong reputation built over forty years in the
region, Cluttons is the property adviser that is trusted
throughout the Middle East.

Established in London in 1765, we now advise clients

though our offices in Abu Dhabi, Bahrain, Dubai,
Oman, Saudi Arabia and Sharjah.

We make it easy.

cluttons.com
A note from
the editor

Damian Wild
Editor

When we conceived EG’s Middle East Real Estate Forum many

months ago we set ourselves the challenge of delivering a forum
whose scale matched the ambition of the region. With the support
of the UK government, Cluttons, and of many other partners too,
we achieved that.
This event was certainly well timed. Macro uncertainty is rife, but so
are opportunities. The challenges of urbanisation are considerable,
but the ambition to deliver world-class cities is driving innovation.
And while disruptive forces are forcing fresh thinking, many are
uncovering new business models that will drive future success.
For this event, EG brought a UK delegation to Dubai for the first
time to meet and hear from investors and advisers in the region.
Delegates included UK government adviser Sir Edward Lister
and senior representatives from Legal & General Investment
Management, developer CapCo and emerging talent in the
proptech field.
We set a packed, varied agenda for the day and hope that
it helps businesses thrive in the months and years ahead.

3
EG | MIDDLE EAST REAL ESTATE FORUM 2017

Agenda Day 1 - Abu Dhabi | Jumeirah at Etihad Towers | 25 April

11:00am Building a Powerhouse

Chaired by Damian Wild, Editor of EG

11:15am Research Presentation - London Property Market: Outlook for 2017

By Faisal Durrani, Head of Research, Cluttons

Dubai hosts the 13th World Expo, a six-month showcase expected to attract 25 million visitors from 180
countries, who will come together under the headline theme: Connecting Minds, Creating the Future.
Expo 2020 aims to position Dubai as the world’s greatest tourism destination.
Taking shape over 438 hectares in Dubai South District, Expo 2020 is the biggest global venture on
the horizon for the emirate and will spur projects expected to generate $23 billion by 2021.
This keynote will outline the economic and cultural magnitude of Expo 2020 as well as how an
emirate of 2.7m people is going about delivering one of the biggest global showcases.

11.30am Panel Discussion: Building Powerhouse Cities

High quality investment from Abu Dhabi is vital to the UK’s position as a global economic force, with long-term
growth in real estate and infrastructure providing a compelling opportunity for investors to diversify their
wealth and secure enviable returns. In this discussion, UK government representatives and some of the biggest
names in UK real estate, discuss schemes in some of the fastest-growing cities and regions of the UK that are
ripe for investment.
They will also explain why there has never been a better time to invest in the UK. Plus, in recognition of Abu
Dhabi’s own evolution into a global tourism hub with major cultural attractions, experts discuss what it takes to
build a powerhouse city. Join us as commentators from both destinations outline their visions, challenges and
further opportunities to collaborate.

The session will cover

• UK’s political and economic climate including Brexit

• Abu Dhabi’s economic climate
• Diversification of wealth – where is the wealth going?
• Current investment opportunities in the UK
• Who is investing in the UK and why?
• Economic plans/growth strategies for UK and Abu Dhabi
• How are the UK and Abu Dhabi already collaborating?
• The symbiotic link between London and the UK regions
Chaired by
Damian Wild, Editor, EG

Panel
Sir Edward Lister, UK Government Adviser / Chairman,
Homes & Communities Agency / Former Deputy Mayor of London
Pete Gladwell, Head of Public Sector Partnerships, Legal & General Investment Management
Jackie Sadek, Chief Executive/Chairwoman,
UK Regeneration/Northern Gateway Development Zone - Cheshire
Steve Morgan, Senior Partner, Cluttons
Simon Marshall, Joint Chief Executive, Scarborough International Properties

12:30pm Networking Lunch

2:00pm Presentation On Abu Dhabi

3:05pm Refreshments And Networking

4 | See the coverage, click here

Partner profiles
Cluttons is an international real estate services company that
operates in the UK, Europe and throughout the Middle East.
Whether managing the portfolio of a global technology giant,
offering funding advice, advising on strategic development
projects, valuing an unusual property or selling a home, we
make it easy.
Founded in the UK in 1765, Cluttons is the oldest professional
surveying business in the world and with more than 40 years
in the Middle East, Cluttons has become a trusted advisor to
banks, developers and private investors across the region.
With a regional headquarters in Dubai, Cluttons services its
clients through its network of offices across the GCC, located
in Abu Dhabi, Bahrain, Oman, Saudi Arabia and Sharjah.
Nakheel is a world-leading developer – and a major
contributor to realising Dubai’s 2021 vision – with projects
across the residential, retail, hospitality and leisure sectors.
Master developments include the iconic, world-famous Palm
Jumeirah and a host of other communities that together span
more than 15,000 hectares and provide homes for over
270,000 people.
Nakheel’s current and future retail project portfolio covers
17 million sq ft of leasable space. Developments include the
globally-renowned Ibn Battuta Mall and Dragon Mart 1 and
2, and a growing collection of other retail projects – including
large-scale destination developments, souk-style complexes
and neighbourhood retail Pavilions throughout Dubai.
Our growing hospitality project portfolio comprises 18 hotels
and serviced apartment developments – including five-
star luxury hotels, family beachfront resorts and mid-scale
accommodation – with more than 5,800 rooms between
them at various locations in Dubai, including Palm Jumeirah,
Deira Islands, Ibn Battuta Mall, Jumeirah Village, Dragon City
and Discovery Gardens.
In association with
Al Marjan Island (AMI) is a collection of 4 reclaimed islands
covering an area of 2.7 square kilometres. Extending 4.5
kilometres into the Arabian Gulf, AMI offers a highly desirable
living and leisure experience, this ambitious venture
presents strategic partners with unprecedented investment
opportunities and lucrative returns. Globally connected and
culturally authentic, this destination offers a stunning and unique
landscape. AMI’s strategy is to work alongside its increasing
number of investors and development partners to ensure every
milestone is reached on Al Marjan’s journey to success. Located
just 30 minutes from Ras Al Khaimah International Airport,
and 50 minutes from Dubai International Airport, AMI is easily
accessible and ideally positioned for success.
Berwin Leighton Paisner (BLP) is an international law firm with
offices in 14 different countries around the world including in
Germany, Hong Kong, Russia, Singapore and UAE amongst others.
Over 50 Fortune 500 or FTSE 100 clients have relied on our
legal advice to protect their interests. We have completed over
47,000 projects for them in 130 countries, spanning over 70
different areas of law.
As a result of the work we do for these and other clients,
we have been named Law Firm of the Year eight times since
2004. We are ranked in a large number of legal disciplines
including Real Estate, Corporate Finance, Litigation and Dispute
Resolution, Tax and Finance. The Financial Times named BLP
as a top-five ‘legal game changer of the last decade’ in 2015.
BLP’s UAE Real Estate practice was also recently ranked Tier 1
for consecutive years by leading legal directory Legal 500.
We are responsible for promoting British trade across the
world and ensuring the UK takes advantage of the huge
opportunities open to us.
We are responsible for:
• Developing, coordinating and delivering a new trade and
investment policy to promote UK business across the globe
• Developing and negotiating free trade agreements and
market access deals with non-EU countries
• Negotiating plurilateral trade deals (focused on specific
sectors or products)
• Providing operational support for exports and facilitating
inward and outward investment
5
EG | MIDDLE EAST REAL ESTATE FORUM 2017

Agenda Day 2 - Dubai | Armani Hotel, Burj Khalifa | 26 April

8.30am-9.30am Breakfast networking

9.30am-9.40am Welcome from Damian Wild, Editor of EG and moderator of the event

9.40am-10.10am Keynote presentation – Expo 2020: ready to impress the world

By Simon Clegg, Chief Operating Officer, Expo 2020

Dubai hosts the 13th World Expo, a six-month showcase expected to attract 25 million visitors from 180
countries, who will come together under the headline theme: Connecting Minds, Creating the Future.
Expo 2020 aims to position Dubai as the world’s greatest tourism destination.
Taking shape over 438 hectares in Dubai South District, Expo 2020 is the biggest global venture on
the horizon for the emirate and will spur projects expected to generate $23 billion by 2021.
This keynote will outline the economic and cultural magnitude of Expo 2020 as well as how an
emirate of 2.7m people is going about delivering one of the biggest global showcases.

10.10am-11.00am Panel discussion

Growth Innovation Investment

Dubai and the UK are global economic powerhouses, international centres of tourism and ports of overseas
trade, but they must evolve and innovate to meet the challenges of population growth. How are authorities
and the private sector responding in terms of infrastructure and the built environment while maintaining
their reputations as global standard-setting centres of commerce and smart cities? Where and what are the
priorities, what are the opportunities for investment and who are the cities’ global rivals?

The session will cover

• Drivers of population growth

•

Public / sovereign / private sector investment /collaboration
• Hubs / financial centres / cluster effect

• Attracting international investment/ global occupiers

• Building a world class, smart city

• Transport infrastructure

• How important are skylines?

• Comparisons/lessons shared between UK and ME

• Impact of global economic environment

• Regeneration and urban planning

• Growth sectors

Chaired by
Damian Wild, Editor, EG

Panel
Steven Morgan, Senior Partner, Cluttons
HE Marwan bin Jassim Al Sarkal, CEO, Sharjah Investment and Development Authority (Shurooq)
Abdur Rahim Ghulam Nabi, Senior Advisor, Finance and Commercial Division, Dubai Airport Free Zone (DAFZA)
Mark Moody, Regional Sales Director, Al Marjan Island
Rob Jackson, Director, RICS Middle East & North Africa
Magali Mouquet, CEO, Equitativa / Executive Director, Emirates REIT CEIC

11.00am-11.15am Research Presentation – Dubai Property Market: 2020 and Beyond

By Faisal Durrani, Head of Research, Cluttons

11.15am-11.25am Coffee break

11.25am-12.15pm Panel discussion

The Power and the Potential of World-Class Aviation

Aviation has the power and the potential to drive economies. Major upgrades of ageing aviation hubs in
Muscat, Abu Dhabi and Doha, and Dubai’s new airport mega hub, billed as the world’s first aerotropolis, plus
bold expansion plans by Qatar Airways, signal ambitions in the Middle East to put itself at the heart
of global trade and tourism opportunities.
6 | See the coverage, click here

These Gulf hubs are perfectly placed to tap into many new and emerging markets in Asia and Africa. How
have they already delivered economically to their respective cities, and how will they continue to do so?
The session will cover

• What does the global mega airport hub of tomorrow look like?
• Aerotropolis vs airport
• Are Middle East Airports competing with each other or other world cities?
• What are the lessons for the UK as it wrestles with its own airport expansion plans?
• Projected capacity issues and impact of expansions
• What infrastructure investment is essential to the success of airport expansion?
• How crucial is airport infrastructure to a city’s global reputation?
• Where is the best place to put an airport?
• Impact on commercial property values of airport development.
Chaired by
Damian Wild, Editor, EG

Panel
Presentation by Peter Morris, Chief Economist, Flight Ascend Consultancy
Dorian Reece, Head of Aviation - Middle East, Deloitte
Christopher Bradley, Middle East Joint Ventures & Aviation, Chevron

12.15pm-1.15pm Networking lunch for all delegates

1.15pm-2.05pm Panel discussion

Dubai: A Place for Everyone
Dubai wants to attract 20 million visitors per year by 2021, trading on dramatic towers, mega-attractions
and major hotel and leisure facilities to draw them in. Access to a diverse workforce is essential to making
this happen, and that workforce needs housing that is affordable. Likewise in the UK where economic
and population growth have driven house prices out of the reach of average Londoners.
In this session, experts discuss nuanced plans to deliver housing to scale, the scope and innovation
that can be achieved through public private partnerships, the challenges in delivering, the investor
opportunities and more.

This session will cover

• Attraction of residential markets in the UK and ME to global investors

• Cost of living and the range of affordability

• Shared lessons eg. Policy/ public and private sector responsibilities

• Middle Eastern investment in the UK’s residential sector and vice versa

• The role of housing in attracting the right workforce

Chaired by
Damian Wild, Editor, EG
Panel
Sanjay Manchanda, Chief Executive Officer, Nakheel
Sir Edward Lister, UK Government Adviser / Chairman,
Homes & Communities Agency / Former Deputy Mayor of London
Maysa Sabah, Managing Director, MENA region, Affordable Housing Institute
Neil Walmsley, Director, Middle East Planning Leader, Arup
Richard Paul, Director – Residential Valuations, Cluttons
Hazel Shakur Quinn, Legal Director – Real Estate, Berwin Leighton Paisner

2.05pm-3.05pm Closing presentation

Innovative Leadership and Leadership Dubai Style
By Dr Tommy Weir, renowned adviser and author

3.05pm-4.00pm Refreshments and networking

See the coverage, click here | 7

EG | MIDDLE EAST REAL ESTATE FORUM 2017

Speaker profiles
H.E Marwan bin Jassim Al Sarkal
CEO
Sharjah Investment and Development Authority (Shurooq)
H.E. Marwan bin Jassim Al Sarkal, has been integral to the success of Shurooq since its inception in 2009, with the
guidance of HH Sheikh Dr Sultan bin Muhammad Al Qasimi, member of the Supreme Council and ruler of Sharjah,
and Sheikha Bodour bint Sultan Al Qasimi, chairman of Shurooq.
An independent government entity, Shurooq facilitates partnerships and connects investors, corporations, and
entrepreneurs with the right opportunities, and since its creation, Sharjah’s GDP has grown from AED 61bn in 2009
to AED 114bn today.
Shurooq’s portfolio of unique mixed-use developments – combining retail, cultural attractions, and F&B – offer
premium investment opportunities in exceptional master-planned destinations.

Christopher Bradley
General Manager Middle East Joint Ventures & Aviation
Chevron, UAE
Christopher leads a team responsible for Chevron’s jet fuel sales, marketing and operations to airlines throughout
EMEA. He holds directorships in Chevron’s JVs in the UAE and Qatar, which include terminals, pipelines, aviation &
lubricants sales and marketing. Also as country chairman, he overseas Chevron’s downstream engagements in the
UAE, including relationships with UAE government departments, embassy staff and industry bodies.
His previous career was with British Airways in London where he held roles including brand management, and
strategic development.

Simon Clegg
Chief Operating Officer
Expo 2020 Dubai
Simon Clegg is one of the UK’s most experienced sports and major events leaders, having been involved in the
European Games in Baku, Azerbaijan in 2015 as well as having managed British athletes at 12 Olympic and Olympic
Winter Games. He was chief executive of the British Olympic Association (1997 to 2008) and Ipswich Town Football
Club (2008 to 2013), and he has been chairman of Great Britain Badminton and an Executive Board member of the
British Olympic Association.
From 1997 to 2002 he led the campaign to persuade the British Government and Mayor of London to bid for the
2012 Olympic Games.

Faisal Durrani
Head of Research
Cluttons
Faisal is one of the leading commentators on the performance of the Middle East’s property markets and appears
regularly on radio and television programmes across the region, while also fronting Cluttons’ press conferences and
client events in London, Nigeria and throughout the Middle East.
He has six years’ experience in the London residential market, during which time he has provided strategic advice
to key clients, while also managing and producing a range of residential and commercial research reports, covering
both the UK and other international markets.
Having grown up and worked in Dubai, Faisal has an intimate understanding of the market dynamics.

8 | If you are interested in contacting any of the speakers please email info@estatesgazette.com with attention to Rebecca Kent
 Abdur Rahim Ghulam Nabi
Dubai Airport Free Zone (DAFZA)
Expo 2020 Dubai
Abdur Rahim has over 20 years’ assorted experience in the field of finance, accounting, banking, sales, marketing
and innovation. He has a proven track record of driving business growth through astute financial management
and delivers on multiple challenging strategic engagements across different functional verticals. He has also been
a key member of the scoping and deployment team for “The Big Conversation” initiative launched by DAFZA,
a “disruptive programme” challenging the way the Dubai government does business.

Rob Jackson
Director
RICS Middle East & North Africa
Rob joined the Royal Institution of Chartered Surveyors (RICS) as a director in 2013. Prior to this he spent over 20
years working in senior management roles in the Middle East, including the management of 24 multi-disciplined
businesses throughout the GCC, Asia and Asia Pacific with a team of over 1000 staff.
Rob sits on the global operating group and is responsible for the RICS strategic growth plan and delivery in
the Middle East and North Africa markets. He is working with governments and regulators to create sustainable
property markets underpinned by appropriate processes, standards and regulation.

Sir Edward Lister

Chairman
UK Government’s Homes & Communities Agency /
Former Deputy Mayor of London
Sir Edward Lister is chairman of the Homes and Communities Agency which is the government body responsible
for delivering housing in the UK. The chairman of the HCA is appointed by the Secretary of State for Communities
and Local Government and has responsibility for providing effective strategic leadership of the agency.
Sir Edward
has considerable experience of the housing sector. For five years he was London’s deputy mayor for policy and
planning and chief of staff at the Greater London Authority (GLA).

Sanjay Manchanda
Chief Executive Officer
Nakheel
Sanjay Manchanda is the chief executive officer of Nakheel PJSC, a world-leading developer and a key player in
realising the vision of Dubai for the 21st century.
Sanjay joined Nakheel as a consultant to advise the company through its USD 16bn debt restructuring programme,
which was successfully completed in August 2011. He assumed the role of CEO in 2012. He has been ranked in the
Forbes Middle East Top Executives listing and has featured in the Indian Super 100.
Prior to joining Nakheel, Sanjay spent 25 years working in the Middle East as a partner at leading global accounting
advisory firm - PricewaterhouseCoopers (PwC).

Steven Morgan
Senior Partner
Cluttons
Steve Morgan is senior partner of Cluttons, and when appointed to the position in April 2016 he was the youngest
senior partner in the company’s 250 year history, at 39 years old.
Steve joined Cluttons in the Middle East in 2003, initially working in Bahrain and then moving to Dubai where he
built Cluttons’ new residential valuation business.
His success in building the residential valuation business led to his appointment as head of UAE in 2009, with a
promotion to Middle East CEO in 2013.
Steve is actively involved in client work, including major infrastructure projects like the Arabian Canal and advising
international clients like Pepsi, FCO and Amlak.

If you are interested in contacting any of the speakers please email info@estatesgazette.com with attention to Rebecca Kent | 9
 Mark Moody
Regional Sales Director
Al Marjan Island
A UK national with a diverse 20-year career in property and finance sectors, Mark has been based in the UAE
for the past six years and is responsible for business development in the EMEA region on behalf of Al Marjan
Island, Ras Al Khaimah.

Peter Morris
Chief Economist
Flight Ascend Consultancy
Peter Morris is responsible for FlightAscend projects concerning airports, airlines, market demand analysis,
forecasting and new aircraft and product research.
Prior to joining Ascend’s consultancy team in 2003, Peter was IATA’s chief economist and headed the IATA research
consultancy department. Over the previous ten years he built up the Aviation Information & Research department
for IATA to be one of the Industry’s leading suppliers of market research, statistical and forecasting Information.
He has been responsible for the direction and management of more than fifty international studies ranging from
aviation strategy, to pricing research and performance benchmarking.

Magali Mouquet
CEO / Executive Director
Equitativa / Emirates REIT CEIC
Magali Mouquet is the co-founder and deputy chairwoman of the Equitativa Group. As well as holding the position
of CEO of Equitativa (AD) Limited, she is also executive director of the REIT.
In 2014, Magali managed the IPO of Emirates REIT on Nasdaq Dubai. She oversees the general operations and
investor relations.
Prior to her involvement in Equitativa Real Estate, she co-founded several companies including Freelanc.com
and Platre.com.
In 2005 she led the IPO of Freelance.com on the French Stock Market (Alternext of Euronext).

Richard Paul
Director Residential Valuations
Cluttons
Richard is a key member of the Cluttons team, providing consultancy and valuation experience in all asset classes
across the UK and the Middle East.
He is focused on overseeing and growing Cluttons’ residential valuation and consultancy business in the UAE, with
clients including local and international banks, local trading houses, developers, private investors, corporates and
owner occupiers.
Recent projects include a feasibility study on a residential villa development site in DuBiotech, Dubai, the ongoing
disposal strategy for multiple British Foreign and Commonwealth Office sites in Baghdad and Tunis, and the annual
valuation of the Amlak property portfolio throughout the GCC.

Hazel Shakur Quinn

Director – Real Estate
Berwin Leighton Paisner
Hazel Shakur Quinn is a UK qualified lawyer and joined BLP’s market-leading real estate practice as legal director in
2017. Hazel has over 15 years’ experience leading commercial real estate transactions in international law firms both
in the UK and UAE, and also on a consultancy basis as a partner in a Dubai-based project development consultancy
she co-founded.
Hazel has advised master developers, landlords, hotel operators/owners, investors and financiers in relation to a
broad spectrum of real estate investments and flagship development projects in the Middle East. She has also been
ranked as a leading real estate expert by Chambers and Partners for four consecutive years.

10 | If you are interested in contacting any of the speakers please email info@estatesgazette.com with attention to Rebecca Kent
 Dorian Reece
Head of Aviation - Middle East
Deloitte
Dorian is a director in Deloitte’s real estate team in the Middle East and is also the company’s head of aviation
in the Middle East.
He has over 16 years of real estate strategy experience, predominately in the transport sector and has also held
positions in England and Australia.
Dorian has assisted organisations and consortiums purchase airports throughout Europe and has also supported
governments with their national aviation strategies.
Previously he was an asset manager for Gatwick Airport Limited and a consultant for British Airways advising on their
real estate assets at Heathrow. Dorian was also involved in the masterplanning of Perth Airport’s commercial zones.

Maysa Sabah
Managing Director MENA Region
Affordable Housing Institute
Maysa leads AHI’s consulting work in the region, working with housing authorities, private entities, and international
non-government organizations in Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Lebanon, and Morocco.
Maysa began her affordable housing work in the US with various developers and lenders including New York
City’s Phipps Houses Group, one of largest affordable housing developers in the US, Mass Housing, a government
resource allocator and issuer of tax exempt government bonds, and Fenway Community Development Corporation,
a community based affordable housing builder.

Neil Walmsley
Director Middle East Planning Leader
Arup
Neil is a chartered civil engineer with a broad experience of planning, design and project management across
several engineering and development disciplines. He has 11 years of experience in the Gulf region.
Neil’s technical roots are in the realm of integrated multimodal transport planning. He has extensive experience
of leading and working in multidisciplinary master planning teams at all project stages and at all scales. His project
experience covers a broad spectrum of planning projects including development planning and policy, urban
design/public realm, multi modal transport integration, environment, energy, waste and sustainability.

Dr Tommy Weir
Best-selling author
CEO coach and founder of Emerging Markets Leadership Center
CEOs around the world turn to Dr Tommy Weir for trusted leadership advice on how to become the best they can
be, and since founding the Emerging Markets Leadership Center (EMLC), he has helped over 3,000 executives from
more than 80 nationalities achieve peak performance.
Dr Weir is equipped with rare insights coming from decades of experience and success stories ranging from
Fortune 500 companies and governments, to family businesses and newly established corporations in Africa, Asia,
and the MENA region.
He has authored book including Leadership Dubai Style, 10 Tips for Leading in the Middle East, and Going Global,
among others.

If you are interested in contacting any of the speakers please email info@estatesgazette.com with attention to Rebecca Kent | 11
 ANALYSIS I MIDDLE EAST

GULF STEAM
Complicated and volatile, the Middle Eastern real
estate market has not always been top of the list
for overseas investors. But three years out from
Expo 2020 in Dubai, and with a fresh focus on
tackling transparency across the emirates and
wider Gulf, fortune could favour the brave.
EG travelled to the region to find out more
ALAMY

22
 CONTENTS
A clear future
As the emirates woo overseas cash, investors must
understand the regulatory landscape page 24
Middle Eastern promise: home and away
Mapping property investment inflows and
outflows from the Middle East page 29
Sharia compliance: five need-to-knows
Anthony Pallet of Hogan Lovells Dubai explains
sharia-compliant finance page 32
IN PARTNERSHIP WITH
23
Bahrain buys British
Lured by a weaker pound, traditionally insular
investors are looking beyond the GCC page 36
The Donald of Dubai
Meet the man behind prolific Middle Eastern
developer Damac page 40
Middle East Real Estate Forum: Abu Dhabi
Market insights from the UK trade mission page 46
Middle East Real Estate Forum: Dubai
TMT drives Dubai office take-up page 48
IN ASSOCIATION WITH
 ANALYSIS I MIDDLE EAST
REX/SHUTTERSTOCK

Burj Khalifa tower, Dubai

24
 A CLEAR
FUTURE
With oil prices fluctuating, the emirates are
increasingly looking for cash injections from UK, EU
and US investors. But to help international investors
navigate a confusing market, experts say, states
must collaborate to create centralised regulations

Emily Wright was very badly hit in 2008 and of the region’s biggest and display of dedication to a
Global and features editor 2009. Since then the market best‑known developers and more open, transparent

“I
f you are really frank
about how transparent
real estate in the Gulf
region is, I think you would
say a lot more needs to be
done.”
Addressing a room full of
local developers, investors
and property players at EG’s
Middle East Real Estate Forum
in Dubai in April, director of
RICS Middle East & North Africa
Rob Jackson was not afraid to
tell it how it is.
For years, overseas investors
have been dancing around
the real estate opportunities
offered up by the Emirati states
and their neighbouring GCC
cousins. But a significant flow
of capital from the West has
never really got off the ground.
The 2008 crash, which affected
the entire region and Dubai in
particular, did nothing to help
matters. As Hussain Sajwani,
chairman of Dubai-based
luxury developer Damac,
puts it: “Dubai’s reputation
has recovered but investors
and fund managers are still
nervous.”
Part of the problem is that,
recovery or not, concerns
around transparency that
pre-dated the crash are
still a major blocker when it
comes to the GCC’s draw
as an investment option –
particularly for European and
US institutions. And Jackson
warns that significant changes
need to be made if the region
ever hopes to move past this
hurdle.
“How transparent are
we? Sadly, not very at the
moment – and we can’t rely
on petrochemicals to fund
development forever. We
need to create a much more
appropriate environment for
investors to work in this region.”
The good news is that the
locals not only agree, they
are taking steps to rectify
the situation. From the chief
executive of Nakheel, one
the company behind Palm
Jumeirah, to the chief executive
of the Sharjah Investment
and Development Authority,
the GCC’s major property
firms are actively addressing
the issues. And solutions are
slowly but surely being put
in place – from the creation
and promotion of real estate
investment trusts (REITs) to a
focus on tightening up laws
and regulations.
But will it be enough?
Just three years out from
Expo 2020, a six-month long
exhibition of trade, innovation
and products from around
the world held in Dubai on
a 1,193-acre site, the staging
of the world fair and the
preparations leading up to
it are expected to result in
277,000 new jobs in the UAE,
an injection of nearly $40bn
(£31bn) into the economy, and
an increase in visitors of up to
100m.
The hope is that a strong
region will be the boost the
Gulf needs to attract the
overseas institutional investors
it is missing. Particularly off the
back of fluctuating oil prices
and renewed concerns that
petrochemicals can no longer
be relied upon as the main
funding source for swaths of
Middle Eastern development.
“There needs to be a
concerted effort to move
away from the hydrocarbon
economy,” says Steve Morgan,
senior partner at Cluttons.
“There already has been in
Dubai and Abu Dhabi to a
degree. But it is very hard to
do. Still, oil prices now are
below what most companies
in the region need to balance
their books – around the high
$60s and low $70s a barrel.
All GCC countries have that
looming issue to deal with –
weaning themselves off that
hydrocarbon income.”
This is where attracting
overseas investment comes

25
 ANALYSIS I MIDDLE EAST
in. Once “nice to have”,
fluctuating oil prices mean
many Gulf countries are now
actively courting European and
American investors in the hope
of a buoying cash injection.

Attractive business model

Dubai-based Nakheel has had
a specific focus on attracting
money from the UK and
Europe over the past two
years. “There is an attractive
business model here in Dubai,”
says chief executive Sanjay
Manchanda. “Look at price per
square foot. If you compare
Dubai prices with those in
Hong Kong and Singapore,
New York and London, they
are very competitive. Then, of
course, investors want to know
the return on their investment.
And today the returns on real
estate in Dubai are around
5-10%.”
Despite the figures,
Manchanda concedes that the
Middle East is “missing” the
foreign institutional investors
Dubai marina
it needs because of a tough-
to-navigate market – not least
because of the complexities
that exist across the GCC We have come a long way. Back in 2008 there was no regulation
region. at all really and now there is a move towards a more federalised
“Sometimes navigating the
nuances between the different system. I think the mindset is there to deliver that
regions is quite a challenge,”
says Cluttons’ Morgan. “You Steve Morgan I Cluttons
never really know what you
are getting. There should be and, at the moment, there is no Mouquet, executive director was that everyone really
centralised regulations. federal body doing that.” of Emirates REIT – the first REIT appreciated the transparency,
“But we have come a long In the interim, measures in the region when it launched and we hope to see many
way. Back in 2008 there was no are being put in place to in 2010 – says she hopes it will more emerging in the region.”
regulation at all really and now create a more investment- spark the introduction of other, The UAE’s first residential
there is a move towards a more friendly landscape across the similar regulated investment REIT was established in
federalised system. I think the GCC, namely through the vehicles: “What we discovered February, when Equitativa – the
mindset is there to deliver that.” introduction of REITs. Magali when we set up the REIT company behind Emirates REIT
Marwan bin Jassim Al – teamed up with Al Hamra
Sarkal, chief executive of Real Estate Development
the Sharjah Investment and Tax rules favour growth in Ras Al Khaimah and National Bonds to create
Development Authority, says the investment trust that will
the drive from the emirates One of the lesser-known of the seven emirates, Ras Al Khaimah, comprise around 500 homes in
themselves is there, and agrees is emerging as one the UAE’s fastest-growing tourist destinations. Dubai and Ras Al Khaimah.
that collaboration across all The emirate recorded 820,772 visitors last year, up 8.3% on 2015, Beyond the transparency
seven states would be key to with a similar jump expected in 2017. Hotels clocked up 2.73m guest issues, there are also questions
attracting overseas interest. nights. The influx in visitors, and a plan to attract 1m tourists by 2018, around the attractiveness of
“Many things still need to has kick-started government backing of major hotel and resort the market itself. In Dubai, the
be fixed. We have maturity projects, including Al Marjan Island. The 2.7m sq m man-made island region’s most active market,
as a market and yet we have is made up of both residential and leisure schemes and now houses values across the freehold
policies and regulations that 45% of the five-star hotel rooms across the whole emirate. residential sector fell by 8.8% in
aren’t the same across all seven Ras Al Khaimah also happens to be geared towards overseas 2016, according to research by
emirates. They need to be the investment, where legislation and regulations favour international Cluttons, marking the market’s
same so we can be clear and investors who can open a local bank account, make investments weakest performance in five
attract investment. tax-free, and obtain mortgages for investing in UAE assets. years. In the offices sector,
“Every emirate has its own International individuals and companies are not liable to pay income, rents across the 24 submarkets
strategy but policies between sales, or wealth taxes and no corporate taxes are charged. There are remained steady but global
them need to stay the same. also no exchange controls, nor import or export taxes. economic anxiety and a
Someone has to take the lead subsequent scaling back of

26

SHUTTERSTOCK
short-term expansion projects,
particularly among international
corporate occupiers, is set
to take its toll. That and the
proposed introduction of value
added tax in the region in early
2018.
Nervousness
“Uncertainty stemming
from this is causing some
nervousness,” says Murray
Strang, head of Cluttons
Dubai. “For many international
occupiers, this is something
they will be able to take in their
stride, given they are used to
taxation regimes in their own
home markets. However, for
international occupiers from
the UK or Europe, the prospect
of a 5% tax on rental payments,
combined with a rise in
operational costs fuelled by the
strength of the US dollar, may
dampen take-up activity in the
short to medium term.”
Despite this, many agents
have now called the bottom
of the residential market and
the expectation is that rents will
start to rise across commercial
and residential, boosted by
the “expo” affect ahead of the
world event in 2020.
“While short-term prospects
appear relatively subdued, our
Zayed Sports City, Abu Dhabi
The Galleria, Abu Dhabi
view is that the market fortunes
remain tied to the looming
2020 World Expo,” says Strang.
“At this stage the mega event
is one of the primary upside
risks to our outlook. We know
from experience that the lag
between the take-up of office
space and the subsequent
impact on the residential rental
market is usually six to nine
months. Construction contracts
worth AED11bn (£2.2bn), linked
to Expo, are expected to be
announced throughout the
course of 2017, driving up the
rate of job creation and tenant
demand in its wake.”
The market remains strong
on the retail side given
the propensity in Dubai
specifically and the UAE in
general for shopping malls.
Last month Nakheel awarded
a construction contract valued
at £900m for the Deira Mall on
Deira Islands to Unec.
“Dubai continues to
cement its position as the
world’s leading shopping
destination and is already
home to Dubai Mall – the most
visited shopping mall in the
world,” says Cluttons head of
research Faisal Durrani. “The
Deira Islands mall will become
the fifth-largest in the world,
27
Ali Eid AlMheiri, executive director at
Mubadala Real Estate & Infrastructure
Mubadala’s plans
for Abu Dhabi
What is Mubadala’s overarching
strategy and vision for
development in Abu Dhabi?
Mubadala Investment Company
– formed as a result of the
merger between Mubadala
Development Company
and IPIC – is aligned with
the government’s vision to
diversify Abu Dhabi’s economy,
accelerating growth and
creating long-term returns.
Mubadala is active in 13
sectors over 30 countries around
the world, organised across
four investment platforms of
significant scale: petroleum and
petrochemicals; technology,
manufacturing and mining;
aerospace, information and
communications technology,
and renewables; and alternative
investments and infrastructure.
The Mubadala Real Estate
& Infrastructure unit, part of
the alternative investments
and infrastructure platform,
operates as an equity partner
and asset manager, focusing on
infrastructure projects and real
estate investment opportunities,
both within the UAE and
overseas.
Our core focus is developing
the physical and social
infrastructure required to
underpin a structured and
rapidly evolving society.
Our business ranges from
masterplanning and developing
Abu Dhabi’s business and
lifestyle destination, Al Maryah
Island, to building social
infrastructure that forms the
foundations of our knowledge-
based economy.
Al Maryah Island is an
investment and financial free
zone designed to meet Abu
Dhabi’s long-term commercial
and community growth needs.
Home to Abu Dhabi Global
Market, the world’s newest
international financial centre, it
features world-class commercial,
hotel, retail, leisure, healthcare,
and residential components.
Our social infrastructure
assets feature an emphasis on
educational infrastructure, with
Zayed University, UAE University
and Paris-Sorbonne University
Abu Dhabi all being part of our
portfolio. Zayed Sports City, a
sports and entertainment hub,
also sits within our portfolio,
alongside international
investments.
How is the company adapting
to the market and navigating
challenging times?
We know that the real estate
industry is cyclical in nature,
and we are accustomed to the
periodic fluctuations caused by
macroeconomics.
We continue to take a long-
term view with our investments,
and we project a continued
rise in Abu Dhabi’s population.
Therefore, our strategy very
much remains rooted in our
vision: to be a catalyst for the
development of Abu Dhabi’s
economy.
As a result, while we monitor
markets closely and remain
watchful, we don’t lose sight of
the bigger picture. Having said
that, we strategise in the same
way as all real estate developers
do: we evaluate our portfolio,
analyse the performance of our
yielding assets and plan future
investments.
We are currently primarily
focused on the UAE but we
are interested in exploring
investment opportunities in
the US and Europe, as well as
emerging markets around the
world.
How is Abu Dhabi likely
to progress in terms of
development and economic
growth over the next few years?
According to recent research
released by the First Abu Dhabi
Bank, the UAE is expected to
lead economic growth in the
region this year, driven largely
by the efforts of the government
to diversify the economy and
create expansion in the non-oil
sector.
Our vision is to contribute to
this growth through strategic
investments that drive long-
standing economic value and
create social benefits.
 ANALYSIS I MIDDLE EAST
nudging Dubai Mall into sixth As for investment
place globally in terms of net opportunities in the lesser-
leasable area.” known emirates, Sharjah could
In Abu Dhabi, Cluttons attract interest as it looks set to
research reports weak reposition itself as a tech hub
economic conditions, rising (see p32) and, beyond the
inflation, and the high cost UAE, Bahrain hopes its focus on
of living curbing demand, healthcare development could
resulting in high vacancy rates catch the attention of western
in both the residential and investors (see p40).
commercial markets. While the current state of
“Although market conditions the markets across the UAE and
look glum, rising vacancy rates the wider Gulf region might
GAVIN HELLIER/ROBERTHARDING/REX/SHUTTERSTOCK

and falling rents are creating not appear instantly attractive,

an excellent opportunity the combination of Expo
for occupiers to cherry-pick 2020 and a renewed local
from locations they have focus on addressing lingering
previously been priced out transparency issues could fuel a
of, while also remaining firmly resurgence.
in the driving seat during rent With Cluttons predicting the
negotiations,” says Durrani. The bottoming out of the Dubai
market outlook for spring 2017 market before the end of 2017,
indicates that 2016 saw capital opportunities for risk-tolerant
values across Abu Dhabi’s investors looking to get good
residential investment areas deals could be the catalyst that
The Dubai Mall and skyline
decrease by 6% on average.” sparks the region’s turnaround.

than their developed-market
counterparts. As an example, the
inclusion of provisions such as
the compulsory requirement to
appoint a designated investor
relations officer who must be
Andrew Tarbuck, partner, able to speak and write in English
Hogan Lovells Dubai and Arabic.
In the Middle East real estate
Improving market, the frequency, detail and
transparency quality of information available to
developers, suppliers, contractors
You may have the cash and and investors is certainly on
you may have found the value the increase. Several large real
proposition, but being able to estate companies in the UAE
make an informed investment have taken the step to become
decision is critical to getting a publicly listed – notably Emaar
real estate deal over the line. Malls, which listed on the Dubai
The level of disclosure and Financial Market in 2014, and
transparency in Middle East Damac Properties, which listed on
jurisdictions varies from country the DFM in 2015. Most recently,
to country, but it must be in March 2017, ENBD REIT (CEIC)
remembered that these are all listed on Nasdaq Dubai.
classified as frontier or emerging The level of prospectus
markets. There is no doubt that disclosure is particularly detailed.
the Middle East, as a region, The ENBD REIT prospectus
comprehends the need to contains a 130-page real estate
improve disclosure, transparency valuation report.
and corporate governance. And On the development side of
this is particularly relevant for real the real estate market, Orascom
estate companies that are publicly Construction listed on Nasdaq
listed. Dubai in 2015, resulting in the
Corporate governance codes provision of detailed information
such as those in the United to prospective investors
Arab Emirates and Saudi Arabia regarding some of the busiest
contain many provisions familiar construction and contracting
to investors in developed operating subsidiaries in the
markets, and, in the case of the Middle East.
UAE corporate governance And industry bodies have
code, actually go further gained significant traction in
the region. The Middle East
Investor Relations Association
promotes good investor relations
throughout its Middle East
chapter network and certifies the
investor relations officers of the
future.
This all bodes well for increased
transparency and disclosure,
certainly at the listed company
level. As a result, more information
is available to market participants
throughout the real estate chain,
from construction companies
such as Arabtec through to
interior design companies such
as Depa.
But there are still areas for
improvement, notably around
the provision of basic corporate
information. There is no equivalent
to the UK’s Companies House
and so finding basic corporate
information on unlisted private
real estate market participants is
difficult. Progress is being made,
but it can be hard to get clarity on
planning processes and seeking
all of the necessary permits in a
development scenario.
Generally, government land
departments across the Middle
East do not provide public access
to information relating to title
of real estate assets. But there
is provision of highly detailed
market data, such as property
price indexes and property
transaction data.
Certain countries though,
through wider policy initiatives,
are trying to bridge the gap
to assist industry sectors such
as real estate. The Smart Dubai
initiative is designed to promote
an efficient, seamless, safe and
impactful city experience for
residents and visitors, and this
includes enhancing interaction
with Dubai government real
estate entities such as the Real
Estate Regulatory Authority, the
Dubai Land Department and
Trakhees (planning).
This sort of easy-to-access
information can only assist
transparency in the market and
the ease of doing business
(Dubai now ranks 26th globally
in the World Bank Ease of Doing
Business Index). There is also
scope for Middle East countries
to establish their own law and
regulations as their real estate
markets develop. In 2017 Dubai
introduced its standard form
lease agreement to be used in
all residential and commercial
leases which, when combined
with its Ejari lease-registration
system, has created consistency
and transparency across the rental
market.
In emerging markets,
opportunity always exists and
many countries are grasping that
opportunity to improve regulation
and make the cultural shift
towards greater transparency and
disclosure.

28
 MIDDLE EAST I DATA
Middle Eastern promise: home and away
UK-GCC TOTAL TRADING SURPLUS
Rebecca Kent
Special projects editor
£bn Oman Bahrain Qatar Kuwait Saudi Arabia United Arab Emirates
Total trade between GCC coun- 14
tries and the UK has soared by
185% over the past 15 years.
According to Real Capital 12
Analytics, Middle Eastern real
estate investors favour the
West End to splash their cash,
investing £344.5m in the sub- 10
market, compared with £80m
and £70.3m in the City and
­Midtown, respectively. 8
In the GCC countries, Clut-
tons’ latest data shows that in
Abu Dhabi housing afforda- 6
bility has come into focus,
with high-end areas such as
Al Reem Island experiencing
4
rental weakness.
In Bahrain, a surge in residen-
tial development, expected
to  be bought by Gulf inves- 2
tors and filtered through
to  the   rental market, is likely
to  cause a correction in resi- 0
dential values. 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Cluttons

1m sq ft £50m £4bn £300m

Amazon warehouse in Edinburgh Paid by Sharjah fund to convert Qatar government’s UK Abu Dhabi investment in
bought by Rasmala and Kamco building to flats in Chelsea investment plan Liverpool shopping mall

RESIDENTIAL RENTS ON ABU DHABI’S AL REEM ISLAND INVESTMENT VOLUMES IN CENTRAL LONDON

000s Al Reem Island (Mid-range) Al Reem Island (High end) City West End Docklands
180 £M
1800
170 Midtown South Bank
1600
160
1400
150
1200
140
130 1000
120 800
110 600
100 400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 200
Source: Cluttons
0
Domestic United Other Hong Canada China Middle Other
BAHRAIN RESIDENTIAL SUPPLY PIPELINE States Europe Kong East ex. Europe
Source: Cluttons

Units Forecast
2500
DUBAI SNAPSHOT
2000

1500

1000
£
5% VAT on Freehold resi Jumeirah Lake AED11bn of
500 rental payments values in Towers rents construction
could dampen Dubai fell by have fallen by contracts are
0 demand from 8.8% in 2016 AED10-AED40 expected to
2017 2018 2019 2020 international per sq ft over be awarded
occupiers the past year this year
Source: Cluttons

29
cluttons.com
MIDDLE EAST
MARKET
LEADERS

With a strong reputation built over forty years in the

region, Cluttons is the property adviser that is trusted
throughout the Middle East.

We make it easy.
 ANALYSIS I SHARIA FINANCE

FIVE THINGS
YOU NEED TO
KNOW ABOUT
SHARIA
COMPLIANCE
IMAGEBROKER/REX/SHUTTERSTOCK

Islamic investors will only put their money to work

through instruments that abide by the teachings of
the Koran. Anthony Pallet of Hogan Lovells Dubai
sets out what you need to know about
sharia-compliant finance

32
1 There is no standard for sharia
compliance
Sharia, which literally means
“the way” in Arabic, is a set of
rules, principles and
parameters derived from the
primary sources of the Koran
and the practice of the Prophet
Muhammad.
Certain elements of
sharia are fairly specific (such as
the prohibition on interest) but
others are more akin to
principles or guidelines,
which are open to further
interpretation.
As a consequence, there are
no codified rules governing
sharia-compliance and the
structures and their
implementation in practice vary
depending on the jurisdiction
of parties and the approach of
their sharia supervisory boards.
The Accounting and Auditing
Organisation for Islamic
Financial Institutions
publishes ºagreed standards
for use in the context of Islamic
finance and these are
increasingly used by banks and
financial institutions but sharia-
compliant products continue to
evolve and adapt as the
industry grows.
2 It is not just about the prohibition
of interest
The prohibition on the
charging of interest (or riba) is
probably the most well-known
aspect of conducting business
in accordance with sharia
principles. The Islamic finance
industry has grown
exponentially in recent
decades to cater to the
increasing demand for sharia-
compliant finance.
But, sharia can have a
much wider effect on
33
commercial transactions. For
example, investments that
involve chance or
speculation, known in Arabic
as maisir, or prohibited
products such as pork
products, alcohol and
conventional finance, are
unacceptable or haram.
This can obviously take some
real estate developments, such
as casinos, out of the scope of
sharia-compliant investment
and cause issues for other asset
classes, particularly in the
hospitality, retail and banking
sectors.
Of particular relevance to the
property industry is the fact that
conventional insurance
products are haram and, as a
result, developers that are
operating strictly in accordance
with Islamic principles can be
required to purchase sharia-
compliant insurance products,
or takaful.
3 Relevance extends globally
Many of the sharia-compliant
structures used in business
have been developed in the
predominantly Muslim
countries of the Middle East
and south-east Asia.
However, in recent years,
Islamic finance has become
much more of a global
phenomenon as investors
from Islamic countries have
looked to put their money to
work overseas and
governments and corporates
from countries outside the
Muslim world have issued
sharia-compliant bonds (or
sukuk) to tap into alternative
sources of funding.
The UK is a prime example of
this and a number of real estate
investments in London (for
example, Chelsea Barracks
and the Shard) have relied
on sharia-compliant
investment. Several non-Islamic
countries have issued
sovereign sukuk, including
Singapore, the UK and
Hong Kong, and this trend is
set to continue as other parts
of the world, such as Africa,
follow suit.
4 There are challenges integrating
with local laws and customs
In most countries, including
some in the Muslim world, the
legislative and regulatory
frameworks do not expressly
cater for sharia-compliant
products. In particular, the fact
that many Islamic finance
structures rely on the sale and
leaseback of real property,
practitioners need to be careful
to avoid additional stamp duty
or other taxes that would not
arise in conventional finance.
A number of countries, such
as the UK, France, Malaysia and
Singapore, have introduced
legislation to deal with these
issues, and this has helped the
development of Islamic finance
in those jurisdictions, as
discussed above.
5 Real estate is a natural fit for
sharia-compliant investment
Sharia encourages
investment in assets that are
for the benefit of society as
whole. The combination of
this core principle, and the
fact that many Islamic finance
structures need to be asset-
based or asset-backed, means
that the real estate sector is
ideally placed for sharia-
compliant investment and that
growth in this area is set to
continue.
cluttons.com
ASSET
MANAGEMENT

With a heritage built on managing Central London

portfolios and a market leading business in the Middle
East, Cluttons is uniquely placed to manage capital
flows between the two markets and provide long term
advice to increase asset performance.

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ANALYSIS I MIDDLE EAST

BAHRAIN BUYS
Emily Wright
Features and global editor

“N
ever before have I
seen more money

BRITISH
The Gulf state has had a close relationship with
the UK for hundreds of years but has traditionally
been a reserved investor outside of the GCC.
Now, lured by a weaker pound following the EU
referendum, the flood gates look set to open
flowing from this
part of the Middle East to
the UK,” says Majed Al Khan,
looking out over the vast,
turquoise expanse of Bahrain’s
bay from the 28th floor of his
financial harbour district office.
And the chief executive of
investment bank GFH Financial
Group’s property arm adds that
this sudden spike in interest is
far from business as usual.
“Bahrainis are normally very
closed,” he says.
“We are not outgoing and

36

we don’t readily invest outside
our local market.
“But since Brexit, we have
been crazy about the UK.
Everybody I know is buying
there now.
“There is a lot of individual
interest but it is corporate too.
Lots of banks and institutions
are now looking – including
us. There is about to be a big
rush.”
Given GHF holds assets
worth around $1.7bn (£1bn),
the players themselves look set
to be just as big.
One year since the UK voted
to leave the EU, still no one
really knows what Brexit will
mean for UK plc and property
values once it becomes a
reality.
For now though, amid the
concerns and uncertainty
– in May, Goldman Sachs
boss Lloyd Blankfein warned
London could stall because of
Brexit risks – it looks as though
the separation is not putting off
overseas investors.
If anything, the opposite is
true as they take advantage of
the weaker pound.
Back in March, family-owned
Saudi investment management
company Sidra Capital
announced plans to invest
£1bn in prime central London.
37
Bahraini investors are looking further afield
In the same month, Qatar
revealed a £5bn UK play over
the next three to five years
targeting energy, healthcare,
infrastructure and IT services.
Bahraini investors
But Al Khan warns that Bahraini
investors are different from
others in the Gulf – and not just
because of their relative
inactivity in the UK market thus
far. He says they think
differently, invest differently
and are looking for different
assets.
Here he reveals what those
assets are and explains why
he thinks the influx of cash to
ALAMY
the UK will be a significant but
short-lived phenomenon.
It should come as little
surprise that the time-specific
nature of the Bahraini interest
in UK property comes down
to the weaker pound and the
attractive value proposition
currently available.
“Bahrainis are now fully
aware of the great window
of opportunity to invest in the
UK while sterling is weak,” says
Harry Goodson-Wickes, head
of Bahrain at Cluttons.
“There was little appetite 12
months ago.”
Al Khan confirms that
the currency benefits are
 ANALYSIS I MIDDLE EAST
the main driver behind the
interest.
“We don’t feel that will
stay for long as we believe
the pound will gain power
again. There is a window of
opportunity and this is why the
rush is happening.”
He adds that Bahraini
investors looking for UK
opportunities are most likely to
play it as safe as possible and
avoid trophy assets. “We know
that the most volatile markets
are those trophy assets. We
will target more usable assets.
Good, decent, well-located
properties.
Investment potential
“Then there is student
accommodation. That is always
a very hot line of business that
real estate investors, especially
at the corporate level, have
been looking at.
“And the stories that I have
heard, or come across, were
successful. I think countries
other than Bahrain in the Gulf
region focus on those trophies.
“If you divide the segments
regionally here, and look at
Al Khan on opportunities for UK
buyers and investors in Bahrain
Two-way traffic
“Over the past few months
we have seen interest from
UK-based pension funds and
contracting companies who are
willing to go into partnership
in developments in Bahrain
– I think maybe because the
returns they are getting in their
home base are not meeting their
expectations. And with Brexit
I think they are looking more
towards exploring new markets,
other than Europe. These two
elements contributed a lot to
where the money goes, I
think Qatari money goes most
towards the trophy assets.
“Bahrain focuses on
growth potential. We are
not flippers. If the money
leaves Bahrain, it’s there for
the long term.
As for his own investment
plan, Al Kahn is still on the
look-out. “We would look
for bulk buyouts and try to
38
Al Khan: “Window of opportunity”
their initiatives. And Bahrain has
always had a special relationship
with the UK, compared with the
other GCC countries.
“But there is work to be
done. We need to give good
experiences to whomever is
investing with us, and that’s
what brings others. So, I think
the investors who saw the
opportunity, and took the risk
during the difficult times in
Bahrain are the best ambassadors
for the real estate market. They all
made their money back, and they
all made some profit. In other
countries they are lucky if they
got their initial investment back.
down-sell in the region –
basically benefiting from
supply in the London
market, and getting it at a
certain level of discount.
“We aren’t set on a particular
area of the city but we are
more attracted to areas where
we can expect more realistic
pricing.
“We’re not talking about
areas where you reach
We have the market rates today
reaching peak even though we
are in a semi global economic
crisis. But I think we need to be
creative on the projects that
we launch. A UK investor will
not be interested in a freehold
apartment, but will, I believe, be
interested in investing in a more
comprehensive property that
offers added value.
This is where we think
specialised properties will trigger
those international investors. We
need to offer more complex
products for them, to meet their
expectations and to meet their
returns.”
£3,000-£4,000 per sq ft. We’re
interested in areas which can
be sold between £800 and
£1,400. Our initial focus would
be on residential.”
In terms of interest beyond
the UK capital, Al Kahn says
that London remains his
target. But he adds that he
can see the attraction of
Manchester.
“This has been a great

area for Bahrainis,” he says.
“A lot of money went to
Manchester – that’s from
personal experiences that I
have been hearing about in
the market.
“And the reason for
that comes down to the
difference between the prices
per square foot between
Manchester and London –
and having the connectivity
from the area. We have a lot of
flights arriving there directly. I
think it’s the only place other
than London that we fly to
without a stop. And it’s a
known city – mainly because
of the football clubs.”
Just how significant the influx
of Bahraini cash into UK real
estate will be still remains to
be seen.
But with big players such
as GFH Financial Group
setting out their stalls, the
rush to make the most of the
window of opportunity that
the Brexit vote has left in its
wake looks to be well and
truly on.
LISTEN TO EG’S INTERVIEW WITH MAJED AL
KHAN AT HTTP://BIT.LY/2PFWMRF
Faisal Durrani, Cluttons’
head of research
Are UK/Middle
East relations
Brexit-proof?
Commercial property investment
volumes into the UK were initially
curtailed by the uncertainty
created in the aftermath of the
EU referendum. Total commercial
property investment volumes
dipped to a little over £51bn at
the end of 2016, from £71bn a
year earlier, according to the
latest figures from Property Data.
Similarly, total investment
volumes into London commercial
real estate dipped by 36% to
£20.7bn over the same period.
However, investors from the
Middle East have retained their
strong appetite for London
39
commercial property and the
drivers behind the continued
appeal for London assets goes
well beyond the links the UK has
to the EU. Deep-rooted trading
relationships between the
Middle East and the UK, along
with the safe haven appeal of
London, have helped to cement
what is a well-trodden
investment pathway. On a
national basis, Middle East
investors accounted for 6.6% of
all commercial property
investment last year, or about
£3.4bn, with £2.1bn committed
to London alone.
The substantial oil price
correction that took place three
years ago has forced the hand of
many Gulf governments, with 5%
VAT now in the final stages of
discussion before its
implementation next year – a
sharp deviation from previous
policies of fostering a tax-free
haven.
This maturing attitude has
meant that overseas property
investment is very high on the
agenda for the region’s
IMAGEBROKER/REX/SHUTTERSTOCK
UK links to Bahrain go back 300 years
sovereign wealth and
institutional funds. The lure of a
20-25% “discount” thanks to the
strong US dollar (to which most
Gulf states retain a fixed peg)
has meant that UK assets are at
their most appealing since at
least before the great recession
of 2008.
The island nation of Bahrain
and the UK share a particularly
close history, dating back to
1616, when the East India
Company was established in the
kingdom. The UK continues to
draw in funds from Bahrain at a
significant rate. Tadhamon
Capital, for instance, spent
£100m in 2013 on a Paul Street
acquisition in central London,
EC2, which consisted of student
housing, retail and office space,
taking its total UK investment
portfolio to £240m. More
recently, Bahrain-based
Investcorp purchased a $160m
industrial portfolio in Boston and
Chicago, highlighting the
importance being placed on
income diversification by
Gulf‑based funds.
 ANALYSIS I MIDDLE EAST

THE DONALD
OF DUBAI
The man behind developer Damac has made his
name in the Middle East with 18,000 luxury homes
and twice that number in the pipeline. Now he is
ready to write a “big cheque” for London

Emily Wright of Dubai-based residential real managed by the Trump And those figures look set to
Features and global editor estate giant Damac Properties Organisation on home turf in grow exponentially: “Last year

H
ussain Sajwani wants
to have a candid
discussion. A chat
about property, yes. But also
a frank conversation about
the reality of doing business
transparently in the UAE, his
concerns around the western
“misconception” of the Middle
East and his “aggressive” plans
to invest millions of pounds
into the UK capital over the
next 12 months. The chairman
– the man often referred to
as the “Donald of Dubai” – is
ready to talk about it all.
Perhaps best known for
aggressive growth through
high-profile, often celebrity-
endorsed schemes and
a seemingly bottomless
marketing budget, there is
nothing understated about
Damac’s development
strategy. From the Tiger
Woods-designed golf course
Dubai, to the Versace-branded
apartments at Aykon London
One at Nine Elms in Battersea,
SW8 – the group’s debut
£300m foray into the UK back
in 2015 – it is very much a case
of more is more. With figures
to match.
Founded by Sajwani in 2002,
Damac has developed just
under 18,000 homes over the
past 15 years and now has a
market cap of around £3bn.
we did about $1.9bn [£1.4bn]
worth of sales off plan,” says
Sajwani. “This year we are
expecting something similar.
And we have a portfolio of
44,000 units at various stages.”
The Damac way may have
delivered the goods for the
man at the top – with a 72%
stake in the company and a
net worth of $3.8bn, Sajwani
made it into the Forbes World
Billionaires List for the first

40
 Thinking big: Hussain Sajwani
time in 2015 – but is such an
aggressive growth strategy
sustainable? And are flats
endorsed by Italian designers
really what London buyers
want?
Big cheque
“We invested £300m on our
first London project,” says
Sajwani, keen to address
the future of Damac’s UK
investment strategy as a
priority. “Our future projects
will be in the same ballpark.
Between £200m and £400m –
and we want to do more than
one. We are ready to write a
big cheque in London.
“We believe in the city and
we believe in the future of the
UK. We think the Brexit issue is
temporary and we are focused
on acquiring a big parcel of
land in London to do a big
project.”
Unlike some other Middle
Eastern investors who are
eyeing the UK real estate
market for a set window of
41
Damac Towers hotel and residential complex in Dubai
opportunity to make the most
of the weaker pound, Sajwani
says that Damac’s interest in
London will be long-term. He
considers the Nine Elms project
a success – “we have sold
nearly 50%” – and is ready to
build off the back of his initial
investment.
“I am looking at London as a
very long-term investment,” he
says. “We look at a number of
markets globally and London
still offers things other can’t. It
is a very challenging and very
competitive market. But there
are three reasons it’s the right
place for us. First, the taxes are
reasonable compared with
some other countries – 20%,
compared with 35% in the US
and even higher in France.
Second, we find the courts,
laws and regulations in the
UK very clear and transparent.
And finally, we feel like we
are in our second home – we
understand the culture, there is
no language barrier.”
But is the feeling mutual?
ANALYSIS I MIDDLE EAST

The Aykon City development overlooking Dubai Canal

42
A Versace-themed apartment
concept might fly in Dubai, but
is it compatible with the more
traditional London market?
Keeping up the “candid
discussion” side of the bargain,
Sajwani says that the buyers on
the Nine Elms scheme have
been a mix: some from London
but many from the Middle East,
Hong King, Singapore and
China.
And while he won’t be
drawn on whether he would
repeat the designer-branded
model with his upcoming
investments, he has a set idea
of what he is looking to deliver
next. “We will stay high-end
but we are now looking at
around £1,500-£2,000 per sq ft
and we are looking for big
projects.
“Our mandate is not to
go into Knightsbridge or
Mayfair looking for buildings
with 20 5,000 sq ft units. The
price might be good but the
number of apartments is too
small. So, for us, it needs to be
hundreds of units – a couple
of hundred at least. This means
we will have to look away from
deep prime areas. But we are
happy to look at all of zone one
and some of zone two.”
As for setting his sights
further afield, beyond the UK
capital? “Honestly we don’t
know much about the UK
outside London,” he says. “We
haven’t looked and we aren’t
planning to. I’m not closing the
door on the idea completely,
but it is not our area of focus.”
Focus on Dubai
Back on home turf, 85% of
Damac’s Middle East projects
are in Dubai: “Our focus
continues to be Dubai and we
will expand a bit into Qatar
and Saudi Arabia,” says Sajwani.
“We don’t foresee any growth
or new business in the rest of
the Middle East beyond the
GCC, though – politically we
feel the risk is just too high. In
the GCC currency is pegged
to the dollar and there is more
political stability.”
On whether he thinks
such uncertainty and the
continued view of the Middle
Eastern region, including
GCC countries, as emerging
markets is putting off overseas
investors, Sajwani is frank: “The
Middle East is definitely not an
$100m piece of land, it takes
24 hours. You don’t even need
lawyers. You just go to the Land
Department,” he explains.
While there is no denying
the relative ease and speed of
a transaction completed in this
way, a legal-less transaction
over a 24-hour period is a
world away from the markets
western investors are used
to. And it could make them
nervous.
“Maybe that is the issue,”
concedes Sajwani. “That lack
of understanding. And maybe
in Dubai we need to put
more emphasis on the overall
laws and court systems. They
need to be more efficient and
maybe sometimes the big
fund managers get concerned.
They want to see better laws
and regulations and better
execution of court judgments.
I know these are more
advanced in a country like the
UK or the US.”
Aykon London One, the debut London development at Battersea Nine Elms, SW8
Free trade
But he is quick to point out the
Sajwani on global political unrest areas where he thinks the GCC,
and Dubai in particular, retain
“I see change in some of the political landscape in Western Europe an edge.
from watching Macron’s success – a young guy, 39 years old, an He says: “In Dubai we have
investment banker. And the amazing part is that he doesn’t have the no unions, which I think is
support of a big political party – or any party, as a matter of fact. It’s a good. In New York, you try to
major change, and I think this will lead to more changes in Europe. build something and you have
My view is that people are sick and tired of the old politicians, and a nightmare with the unions.
they get tired of getting promises and more taxes and more deficits Dubai is a very free-trade city.
and unemployment and all that. It’s new blood and, in my view, You can import from anywhere
more open-minded leaders. Hopefully they don’t come with a lot of in the world, any material you
luggage, where the party tells them what to do.” want, with no restrictions. And
then there are no taxes.”
But what happens when
attractive place for people to but I think, one day, they will Dubai and the GCC are no
invest,” he says. “I think Dubai come.” Any bets on when? longer able to operate in a tax-
is different, but the big fund Sajwani pauses: “I don’t know. I free system?
managers from the US, the UK really don’t know.” “I’m not sure it’s going to
and Europe still haven’t put any So does he think more last,” he says. “VAT is already
big investments here. I think needs to be done to attract coming in. But even if tax
they still have an idea of Dubai western investors who might comes in at 5%, 7%, even 10%,
as the Middle East and I think find the UAE market tough we will still be in a very low
they are watching the television to navigate – and who bracket. I remember in Oman
and reading the news and might have questions over when I did business there 30
associating it with terrorism and transparency and issues over years ago there were zero-tax
political unrest. corruption? Sajwani responds zones. And then they started
“Some fund managers were by pointing to what the bringing them in – but even
looking here in 2007 and then government has already done. at 12% it is still very reasonable.
came 2008 and everyone “I think great strides have Taxes will be much lower than
shied away. Dubai’s reputation been made on the rules other countries.
was very badly hit. Since then and regulations of the Land The real problem, he
it has recovered but people Department. If you want to buy concedes, is Dubai’s image.
are still nervous. But if they did a piece of property in London “I really do think there is a
their homework they would or New York or Paris, it takes perception problem with
see you can buy an apartment between six and 12 weeks Dubai,” he says. “Particularly
or a tower or a villa and make between lawyers and due among the US and European
a 6-7% yield. The investors are diligence. If you buy a billion- institutional investors. I hope
sitting on the sidelines for now dollar property in Dubai, or a that changes.”
43
 MIDDLE EAST REAL ESTATE FORUM I ABU DHABI
Regional returns tempt
investors beyond London
Emily Wright
Features and global editor
London’s success as an invest-
ment hub for overseas money
has been to the detriment of the
rest of the UK, delegates heard
at the EG Middle East Real Estate
Forum in Abu Dhabi in April.
Jackie Sadek, chief execu-
tive of UK Regeneration and
chairman of the Constellation
Partnership, said overseas investors
should look beyond the UK capi-
tal for investment opportunities.
She said: “London is a very
compelling offer. It has been
punching above its weight for
30 or 40 years, arguably to the
detriment of the rest of the UK.
But it’s a problem other countries
would kill for. It’s a great gateway
to other cities.”
Sir Edward Lister, special
We get that as a first foray you will look to London as it is an easy
market to understand. But when you look at yield and price points,
you are getting much better yields out of London”
Sir Edward Lister I Special adviser to the UK DIT and chairman of the HCA
Faisal Durrani, head of research,
Cluttons
Abu Dhabi’s
silver lining
The stability of rents in Abu
Dhabi’s office market has given
way to a widespread softening of
rents.
The cascading impact of
economic fragility in the form of
a widescale reduction in
requirements and enquiries has
contributed to weaker rents
across the board.
During Q4 2016, prime (AED
1,850 [£389] per sq m), secondary
(AED 1,050 per sq m) and tertiary
(AED 750 per sq m) rents all
declined by AED 50 per sq m.
The liquidity squeeze faced by
the public sector as a result of the
adviser to the UK DIT, chairman
of the Homes & Communities
Agency and former deputy
mayor of London, added that
overseas investors should con-
sider the returns in regional cities
compared to London.
“Now has never been a better
time to invest in the UK and we
are absolutely looking for over-
seas investment,” he said.
“We get that as a first foray you
will look to London as it’s an easy
market to understand. But when
you look at yield and price
points, you are getting much
better yields out of London.”
In terms of alternative cities
currently being targeted, Steve
Morgan, senior partner at Clut-
tons, said that Manchester still
topped the list among Middle
Eastern investors.
fall in oil revenues has resulted in
the cancellation or delay of a
multitude of high profile projects
across Abu Dhabi.
As a result, a number of
businesses reliant on public sector
spending are being forced out of
the market due to a lack of
lucrative contracts, which is
adding to the diminished number
of enquiries and requirements.
The city’s grade-A market,
which had been relatively well
insulated to the downturn
previously, is beginning to show
cracks, with rents in most prime
buildings dipping back
throughout 2016.
Some landlords have begun to
respond reactively to the
softening conditions by
increasingly offering rent-free
incentives and being open to
negotiating headline rents,
depending on the covenant
strength of potential occupiers.
Clearly the rising vacancy rates
and falling rents are creating an
excellent opportunity for
46
He said: “Manchester is the
obvious one. Birmingham is
equally as important, but Manchester
is at the forefront because of the
links to the football club.”
Pete Gladwell, head of public
sector partnerships at Legal &
General Investment Manage-
ment Real Assets, added that the
UK is becoming increasingly
“multi-polar” and Simon Marshall,
joint chief executive of Scarbor-
ough International Properties,
made the point that Scarborough
is the location of the biggest
spec office development out-
side of London and funded by
Singaporean money – proof that
overseas investors are already
looking outside the UK capital
for real estate opportunities.
WATCH THE DEBATE AT
HTTP://BIT.LY/2PCAUQY
occupiers to cherry pick from
locations they may have
previously been priced out of,
while also remaining firmly in the
driving seat during rent
negotiations.
With this in mind, it is our view
that rent corrections of between
5% and 10% are likely across the
board by the end of 2017 and the
market’s performance will remain
hinged on the ability of the
economy to shake off the drag
generated by the low oil price
environment.
Elsewhere in the city’s
commercial landscape, the
warehouse sector appears to
have emerged as a relative
bastion of stability, with headline
rents across the city’s main
industrial estates holding steady
over the last six months.
IN PARTNERSHIP WITH
 UK cities need
more than a brand
UK cities’ power in attracting
overseas investors should “go
beyond the branding”,
according to Pete Gladwell,
head of public sector
partnerships at Legal &
General Real Assets.
Speaking to EG at the
Middle East Real Estate Forum
in Abu Dhabi, he said that
getting the word out to
foreign investors about what
cities such as Manchester,
Newcastle and Liverpool offer
on a cultural and human level
was just as important as
having a strong brand such as
the Northern Powerhouse or
Midlands Engine.
Gladwell added that
London remains a gateway
for investment – but that
other UK cities were starting
to draw interest in their own
right.
He said: “There is no doubt
in my mind, particularly when
you look at Legal & General’s
investments over the last few
years, that while we continue
to invest in London, a lot of
where we are breaking new
ground and pushing the boat
out in terms of the types of
properties we are investing in,
that’s happening in the
regions.”
LISTEN TO THE FULL INTERVIEW AT
HTTP://BIT.LY/2PQ4MOW
Portrait by Bahr Karim

47
 MIDDLE EAST REAL ESTATE FORUM I DUBAI
Dubai needs transparency
to attract investment
Emily Wright
Features and global editor
Doing business in Dubai must
become more transparent if
the region hopes to attract sig-
nificant overseas investment,
delegates heard at the EG
Middle East Real Estate Forum
in April.
Rob Jackson, director of RICS
Middle East & North Africa, said
that a transparent market will
be key to driving growth. “If
everyone in the room is really
frank about real estate here and
whether it’s connected globally,
a lot more needs to be done.
We need to ask, ‘Is the market
clear? Are standards clear?’
“How transparent are we?
Sadly not very at the moment
and we can’t rely on petro-
chemicals to fund development
forever. We need to create
a much more appropriate
TMT drives Dubai
office take-up
The tech, media and telecoms
sectors are the “star performers”
in Dubai’s offices sector, driving
take-up levels and showing no
sign of a slow-down in a market
that is otherwise correcting itself.
According to the spring issue
of Cluttons’ Dubai property
market outlook, the TMT sector
has seen high levels of activity,
while international corporate
occupiers in other sectors have
delayed decisions to expand
their office footprints.
Recent high profile deals in
Dubai reflect the surge of interest
in tech, driven by strategic
government initiatives such as
the Dubai Future Foundation, the
Hyperloop transportation
IN PARTNERSHIP WITH
environment for investors to
work in this region.”
Marwan bin Jason Al Sarkal,
chief executive of the Sharjah
Investment and Development
Authority, added that more col-
laboration across the emirates
would be key to attracting over-
seas interest.
He said: “Many things still
need to be fixed. We have
maturity as a market and yet we
have policies and regulations
that aren’t the same across all
seven emirates. They need to be
the same so we can be clear and
attract investment.
“Every emirate has its own
strategy but policies need to
stay the same. Someone has to
take the lead and at the moment
there is no federal body doing
that.”
But the panel agreed that
steps have been made towards
system, and 3D printed
skyscrapers.
In April it was reported that
Dubai’s largest publicly traded
property developer, Emaar, made
a $500m (£387m) bid against
Amazon for online retailer Souq.
com, reflecting the investment in
technology in the region.
Dubai-based construction
technologies firm Cazza
announced plans in March to
build the world’s first 3D-printed
skyscraper.
Faisal Durrani,head of research
at Cluttons, said: “TMT is the only
part of the office market still
expanding, with stability in rents
supported by a limited supply
pipeline. Global uncertainty, with
Brexit and Donald Trump’s
election, have meant that
international corporate occupiers
48
a more transparent market in the
UAE. Magali Mouquet, exec-
utive director of Emirates REIT,
which was the first REIT in the
region when it launched in 2010,
said the emergence of more
REITs was a good sign of things
to come.
She said: “What we discov-
ered when we set up [the] REIT
was that everyone really appre-
ciated the transparency and we
hope to see many more REITs
emerging in the region.”
Steve Morgan, senior partner
at Cluttons, added: “Sometimes
navigating the nuances
between the different regions
is quite a challenge. Huge steps
have been made but more
transparency would really give
confidence to international
investors.”
READ MORE FROM THE FORUM AT
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have stalled their expansion plans,
and consolidation activity has
slowed, but the TMT, along with
the pharmaceuticals sector, are
the star performers.
“Free-trade zones such as
TECOM’S Internet City and Media
City are in high demand as rates
are minimal, and while rents are
holding steady now, they will
creep up as occupier expansion
plans are brought forward.”
The Cluttons report also cites
Dubai’s financial hub, the DIFC,
as a key area for the TMT sector,
with occupier demand reflected
in its eight-storey Gate Village 11
Building, The Exchange, which
has been reportedly pre-leased,
with completion not expected
until late 2017 or early 2018.
LISTEN TO THE DEBATE IN FULL AT
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IN ASSOCIATION WITH
 UK and UAE show
REIT appetite
The UK and the UAE have
taken a leaf out of the same
book when it comes to the
safe, transparent provision of
housing.
Magali Mouquet, head of
investor relations at Emirates
REIT, which was launched in
2010 in the UAE, said:
“Recently we opened a resi
REIT and we have two more in
the pipeline. We are
incubating hospitality and
logistics REITs. We decided to
keep them all as separate
vehicles to ensure nice yields
for our shareholders as resi
yields are significantly lower
than commercial.”
LISTEN TO THE INTERVIEW AT
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Portrait by Bahr Karim

49
EG | MIDDLE EAST REAL ESTATE FORUM 2017

Meet the delegation of UK real estate leaders

Jackie Sadek
Chief Executive, UK Regeneration/Chairwoman
Northern Gateway Development Zone – Cheshire
Jackie Sadek started her career in urban regeneration at the London Docklands Development Corporation before
joining Stanhope plc, where she worked on Broadgate, Stockley Park, Chiswick Park and Kings Cross.
In the 1990s she joined the site acquisition team at Tesco plc, pioneering the “homes above shops” format, before
forming the Paddington Regeneration Partnership in 1988 on behalf of all the Paddington developers and creating
a fully integrated mixed use development at a national transport hub. She went on to lead a number of large scale
projects in the public sector, notably Kent Thameside and Park Royal, before serving as Head of Regeneration for
CB Richard Ellis from 2007 to 2010.
Jackie has more than 20 years’ experience in property development, managing large-scale urban regeneration
projects and public-private sector partnerships. She is expert in stakeholder engagement and in the development
of complex land ownership partnerships to bring forward difficult sites, including securing funding for local
economic benefits arising from the development process. As a national spokesperson on regeneration matters and
a speaker and broadcaster on regeneration issues, she is chief executive of UK Regeneration. Jackie Sadek was the
policy adviser to Greg Clark MP, the Minister for Cities, between March 2014 to 2015.
In 2016 Jackie was appointed Chair of the Northern Gateway Development Zone. The Zone was launched at MIPIM
UK by Housing Minister Brandon Lewis and Northern Powerhouse Minister Baroness Williams. It brings together two
Local Enterprise Partnerships (Stoke-on-Trent and Staffordshire, Cheshire and Warrington) and seven local councils,
with the explicit mission of breaking down the barriers to business growth and enterprise, supercharged by the
stimulus of High Speed 2 investment. Since then the Northern Gateway has gained further significant backing from
Government at the highest levels. With HS2 connectivity, astride the M6, and focused around the key urban growth
pillars of Crewe, Stoke-on-Trent and Stafford, it fuses the powerhouses of the north and the midlands.

Pete Gladwell
Partner
Charles Russel Speechleys
Pete leads L&G’s direct investments into partnerships with RIO/UKTI, Registered Providers, Universities, NHS Trusts,
Local Authorities, and central government. Pete was formally a Senior Analyst in DTZ Research and enjoyed an
erstwhile life as a youth worker for seven years.
Pete is a Member of Oxford University, holding an MA (Oxon) in Computation. He is also a Trustee for the Young
Foundation, which works to create a more equal and just society through social innovation.

Simon Green
Best-selling author
CEO coach and founder of Emerging Markets Leadership Center
Simon is the head of Charles Russell Speechlys’ Doha office and the head of Real Estate in the Middle East. Having
been based in the Middle East since 2008, Simon specialises in real estate and construction matters. His main areas
of expertise are large scale mixed use developments and infrastructure projects (particularly PPPs), city centre
redevelopments, real estate investment, real estate management, real estate finance and hotels and hospitality.
Simon advises a variety of corporates, financial institutions, government and quasi-government entities, high profile
individuals, contractors and consultants in Bahrain, Qatar and across the GCC. He has also advised on the financing
of acquisitions and developments using both conventional and Islamic finance structures.

Simon has co-authored a number of recent publications relating to real estate in the GCC, is a regular contributor
to one of Bahrain’s leading property journals and has spoken at a number of real estate events over the last several
years including the Bahrain Property Exhibition, Gulf Engineering Forum and The Hotel Technology Forum.

12
Duncan Sutherland
Chief Executive
Sigma Capital/HS2 board member
Duncan Sutherland is the Group Regeneration Director for Sigma Capital PLC and Chairman of Sigma Inpartnership
Ltd. Sigma works in partnership with local government and has just announced an innovative fund for a £1b new
private rented sector housing portfolio for 10,000 houses throughout the North and the Midlands.
Duncan is a Non- Executive Director on the Board of High Speed 2 and sits on Birmingham CC’s Curzon St
Regeneration Board; was a NED on the board of British Waterways; is a member of the RIO Advisory Board (part
of UKTI); and a Trustee of the South Bank Sinfonia. Previously, Duncan was Director of City Development for
Coventry City Council; Director at Inner City Enterprises PLC; and was also the Chief Executive of The EDI Group Ltd.
Foundation, which works to create a more equal and just society through social innovation.

Paul Marsh
CEO
Holistic Capital
Paul Marsh is a private sector specialist in major capital projects, most recently heading the team delivering a
€850 Million GDV mixed use development in the CEE Region. Having successfully led multi-national teams, on
highly demanding and technical projects, demonstrating communication skills of the highest standards, Paul has
developed a strong and clear focus on the strategic objectives required to deliver complex development projects.
With a strong background in both project Finance and Delivery, Paul brings extensive experience to lead the
Holistic Capital team, across all areas of major strategic development projects.
Paul has recently completed a very successful commission with the UK Government, assembling a UK- wide
portfolio of major real estate investment opportunities.
Since 2013, Paul has led the team to assemble a portfolio of £175BN of UK Real Estate investment assets, and
together with colleagues in the UK and Overseas, facilitated over £8.45BN of investment into these projects.
Paul also had responsibility for developing new strategic initiatives across Whitehall departments to accelerate
successful investment and development activity.
Paul brings this experience to Holistic Capital, combining the expertise in investment, commercial real estate with a
comprehensive understanding of Government relations.

Savannah de Savary
Founder & CEO
Built-ID
Savannah is hot property in Property tech. She founded Industry Hub, an online platform and professional
community that connects real estate developers with consultants. The platform is Built-ID, which enables members
to instantly identify the project teams behind properties and to showcase their work and collaborations to an
international audience of potential clients, investors and joint venture partners.
Savannah was working as a developer at a NYC-based development firm when she set up the tool in 2016 after
discovering the absence of a trusted shortcut for connecting to the right professionals.
She is now able to take the tool fully to market after securing £1.1m investment from a range of backers in the US and
UK including Nick Leslau, Nigel Wray and Sandy Gumm, and property technology venture capital group, Pi Labs.
Built-ID has signed up a number of firms from across the property spectrum, including CBRE, Capital & Counties, SOM,
FARRELLS and Lipton Rogers. To date, the site has amassed over 19,000 developments listed across 110 countries.

13
EG | MIDDLE EAST REAL ESTATE FORUM 2017

Simon Marshall
Joint Chief Executive
Scarborough International Properties
Simon works across all divisions of the Scarborough Group on major strategic and capitalraising projects and
currently heads up the China growth opportunities business. He is a senior investment professional with over 16
years’ experience across multiple disciplines, including private equity, corporate, project, real estate and leveraged
finance. Prior to joining Scarborough, Simon held roles as a senior executive at private equity firm, Beaubridge LLP
and as an investment director with US hedge fund, D.E. Shaw & Co. Simon is a graduate of Magdalene College,
Cambridge with a BA and MA in Modern Languages.

Eram Ayub
Director
Lansdowne Property Auctions
Eram Ayub is the founder of Lansdowne Auctions and Asset Management, one of the fastest growing property
company in the UK. Last year Lansdowne had 153% growth, providing the best service to their client’s. Lansdowne
has an 85% success rate ranked as one of the highest.
Before setting up Lansdowne, Eram worked as a property trader for 10 years selling over £200 million worth of
property predominantly in London While trading property, Eram realised the market is vastly changing and the
buyers did not have to be “cash buyers” to purchase property in an auction, they were able to be “first time buyers”
making the auction business the best platform to buy and sell. This encouraged Eram to set up the auction making
her the first woman in the UK to own and run a property auction company.

Ash Mohammad
Partner
Lansdowne Auctions and Asset Management
Ash has a strong background in property development and management internationally which is evident by his
extensive property portfolio.

Damian Wild
Editor
EG
Damian Wild became editor of Estates Gazette in September 2009. Before joining, he was group editor in chief of
Incisive Media’s business and finance titles, including Accountancy Age and Financial Director, as well as a number
of related websites. Prior to that, he spent five years as editor of Accountancy Age. During his time with the group,
the titles won several awards for their innovative use of online media.
Damian had previously written for a number of newspapers, magazines and online publications in the UK and
Hong Kong including CNN’s financial news website in London. He also worked on the South China Morning Post’s
business desk during the handover to China in 1997.

14
Dubai property market:
Outlook for 2017
Market showing signs of bottoming out
Dubai’s residential and office market appear to be nearing the While the short-term prospects appear relatively subdued,
bottom of the current property cycle. The shock collapse in oil our view is that the rental market’s fortunes remain tied
prices almost three years ago did not directly impact Dubai’s to the looming 2020 World Expo. At this stage, the mega
property market and the economy remained resilient in the event is one of the primary upside risks to our outlook. We
face of mounting pressure on other oil dependent economies know from experience that the lag between the take up of
around the Middle East. In the same way that London is office space and the subsequent impact on the residential
a gateway city for Europe, Dubai is a gateway city for the rental market is usually six to nine months.
Middle East and arguably Africa. However, with the region’s
Construction contracts worth AED 11 billion (£2.4 billion),
governments actively working to diversify income streams,
linked to the Expo, are expected to be announced
economic growth has been undoubtedly curtailed and this
throughout the course of 2017, driving up the rate of job
filtered through to some of Dubai’s critical economic sectors
creation in its wake. New jobs that follow are likely to be
such as banking and finance, which directly undermined
centred on low to middle income groups, which will likely
demand both for residential and commercial property.
drive up competition for more affordable stock.
Things do appear to have stabilised over the last quarter,
with indications that some residential submarkets may in fact
be bottoming out.

15
EG | MIDDLE EAST REAL ESTATE FORUM 2017

Office market
Office rents come under pressure,
but TMT sector shines
Rents across most of the 24 submarkets we monitor remained
relatively steady throughout 2016, following strong growth in the
preceding 12 to 18 months. However global economic anxiety and a
subsequent scaling back or delaying of short term expansion projects,
particularly amongst international corporate occupiers, has begun to
impact on the resilience of rents.

At the start of the year we reported on the high levels of activity

from the technology-media-telecoms (TMT) sector and this trend
has persisted throughout the first quarter with a number of notable
deals being handled by our commercial agency team for high profile
international TMT corporates, in addition to the continuing activity in
the healthcare and pharmaceuticals sector.

Aside from macroeconomic downside risks to the commercial

occupier market, we view the introduction of a Value-Added Tax
(VAT) as having a potentially significant impact on the Dubai market.
Its introduction across the Gulf as at 1 January 2018 was designed
to maintain competitiveness across the region, however a lack
of understanding on how, if at all, the new VAT is likely to impact
commercial occupiers is starting to cause nervousness amongst some
existing tenants.

the Expo, are expected to be announced throughout the course of

2017, driving up the rate of job creation in its wake. New jobs that
follow are likely to be centred on low to middle income groups,
which will likely drive up competition for more affordable stock.

Average rental values during Q1 2017

400,000

350,000

300,000
AED / annum

250,000

200,000

150,000

100,000

50,000

0
Studio 1 Bed 2 Bed 3 Bed 4 Bed Studio 1 Bed 2 Bed 3 Bed 4 Bed Studio 1 Bed 2 Bed 3 Bed
High End Mid Range Low End

Low end – International City, IMPZ, Discovery Gardens, Jumeirah Village Circle, Jumeirah Village Triangle, Sports City, JLT, Dubai Land Apartments
Mid range – Business Bay, The Views, Greens, Dubai Marina, JLT, Green Community-DIP
High end – Downtown Dubai, Dubai Marina, Palm Jumeirah, DIFC Villas Apartments

Source: Cluttons

16
 Dubai office market heat map (Q4 2016)

1 3 Central Dubai 9 11 14 15
2 4 5 8
6 7 10 Old Dubai
New Dubai 16
12 13 17
AED psf 19 20 23
300+
251-300
Fringe Dubai
201-250
151-200 18 21
101-150
50-100
22

Indicative map, not to scale. Colours represent upper limit.

Lower limit (AED psf) 12 month % change Upper limit (AED psf) 12 month % change
New Dubai 1. Dubai Marina 100 11.1% 140 -12.5%
2. JLT* 60 -14.3% 140 -22.2%
3. Tecom DIC/DMC/DKV* 165 0.0% 210 -6.7%
4. Tecom 65 -13.3% 90 -10.0%
5. Al Barsha 65 0.0% 90 -18.2%
Central Dubai 6. Business Bay 60 -14.3% 120 -14.3%
7. Downtown Dubai 120 0.0% 190 -5.0%
8. DIFC* 160 -8.6% 370 5.7%
9. Sheikh Zayed Road (Trade Centre) 110 10.0% 275 -8.3%
10. One Central free zone* 170 -10.5% 200 0.0%
11. One Central non free zone 150 -11.8% 170 -5.6%
12. Dubai Design District (D3) free-zone* 140 -6.7% 160 -3.0%
13. Dubai Design District (D3) non-free-zone 135 3.8% 155 3.3%
Old Dubai 14. Bur Dubai 60 0.0% 140 0.0%
15. Deira 60 0.0% 100 -16.7%
16. Garhoud 70 -12.5% 90 -18.2%
17. DAFZA* 160 0.0% 180 0.0%
Fringe Dubai 18. Dubai South* 70 -6.7% 90 -10.0%
19. Dubai Investments Park 40 0.0% 65 -7.1%
20. IMPZ* 60 0.0% 70 0.0%
21. Dubai Studio City* 140 0.0% 160 0.0%
22. Dubai Silicon Oasis* 50 11.1% 120 -14.3%
23. Dubai Science Park 110 - 145 -

Source: Cluttons *Free-zone. **Reflective of initial off-plan price offers at project launch

17 17
EG | MIDDLE EAST REAL ESTATE FORUM 2017

Airline analysis: How significant is

the Gulf’s slowing capacity growth?

Expansion by the big Gulf carriers has been a dominant
theme in the airline industry over the past decade.
Few airlines have not had to respond – whether by
embracing or by battling – to these new rivals as their reach
spread into every continent.
Dubai-based Emirates, Qatar Airways, and latterly Abu
Dhabi’s Etihad Airways, with their mandates to develop
transport and tourism in their key hubs, have placed huge
aircraft orders and expanded at breakneck speed.
A decade ago, Emirates was still outside the 10 biggest
airlines by traffic, as measured in revenue passenger-
kilometres. Qatar was the 41st biggest and Etihad was just
emerging among the 100 biggest airlines. Between them,
the three carriers transported almost 28 million passengers
in 2006. The same trio handled getting on for 100 million
passengers by 2015, and all three now rank among the top
20 biggest airlines by traffic – with Emirates now the fourth
biggest in the world.
But a combination of the competitive environment, market
climate and impact of a strong US dollar is threatening to
take the momentum out of this growth. Given the capacity
they have brought into the market – and will bring in over
the next few years – this could have a significant impact
on the wider market if it turns out to be a more prolonged
slowing in Gulf carrier growth. Factoring in the separate
challenges in Istanbul that Turkish Airlines faces, that could
mean that the region’s key emerging transit hubs face the
prospect of slowing growth.

Snapshot: Gulf carriers 2005 v 2015

2005 2015
Airline Ranking RPKs (bn) Pax (m) Ranking RPKs (bn) Pax (m)
Emirates 13 77.9 17.5 4 255.2 51.9
Qatar Airways 41 24.1 7.4 14 114.5 26.7
Etihad Airways 89 9.8 2.7 19 83.2 17.5
Total 111.8 28 452.9 96.1
Source: Flight Airline Business. World Airline Rankings; traffic ranking base on RPKs

18
Warning signs
Signs of a more challenging environment – both in cost and
revenue terms – in the region have been emerging over the
past six months.
Emirates was the first to signal a change in fortunes when
it disclosed in November that the airline’s profit had fallen
75%, to Dh786 million ($214 million), in the six months ended
30 September. It linked the result to “the double impact of a
strong US dollar and challenging operating environment”.
Emirates Group chief executive Sheikh Ahmed bin Saeed Al
Maktoum cited increased competition as well as sustained
economic and political uncertainty in many parts of the
world as hitting yields and dampening travel demand. “The
bleak global economic outlook appears to be the new
norm, with no immediate resolution in sight,” he added.
At the end of 2016 it emerged that Emirates was to defer
delivery of 12 Airbus A380s that had been due to arrive over
the next two years. While Emirates had previously disclosed
temporary technical gripes centred on wear in the Rolls-
Royce Trent 900 engine, to which it had newly switched, the
deferral came at a point when the Gulf region was having
to cope with reduced demand and a consequent need to
rein-in capacity.
Much of the focus on Etihad’s challenges have been with the
performance of its European equity partners. But carrier has
also announced likely job cuts of its own and conceded that
2017 will be “another challenging year”.
Group chief executive James Hogan said on 1 February
that despite 2016 having been “tough” for Etihad, the
airline’s financial results for the year would be “positive”.
But he acknowledged that in 2017 the airline would need
to “navigate the challenges of competition, capacity – that
means we have to tackle our cost base”.
In December Etihad confirmed it was planning to make
redundancies as part of “managed, controlled restructuring”
in light of what it calls the “increasingly competitive
landscape” and “weakened global economic conditions”.
Wider region challenges
Nor are the challenging conditions restricted to the big Gulf
carriers’ long-haul operations. Since the turn of the year,
the more challenging outlook has been evident in reports
from short-haul carriers in the region – including Emirates’
sister carrier Flydubai, which disclosed a sharp fall in full-year
profits to Dh31.6 million and, citing downward pressure on
yields, is planning to keep capacity flat this year.
Operating profit was down a third at Kuwaiti budget carrier
Jazeera Airways last year. It says it has experienced yield
pressure from a “slowing” macroeconomic environment and
overcapacity on its network.
Air Arabia’s net profit for 2016 came in at Dh509 million, a
4% slip on the previous year’s figure. The carrier similarly
highlighted “challenging” market conditions and the
“economic and political uncertainty” affecting the industry.
Emirates reaction
Emirates Airline is undertaking what its president Tim Clark
terms a “major exercise” to adjust its business amid changing
customer demand.
Speaking at a media briefing during the ITB travel fair in
Berlin on 9 March, Clark conceded that the full-year results
would be below those of 2014. He said adverse currency
effects had been a significant factor. An appreciation of the
dollar has itself created pressure for the Dubai-based carrier,
and also triggered secondary effects as weak currencies in
other markets declined versus the US currency.
Clark notes that markets in Emirates’ home region – such
as Iraq, Libya and Syria – have disappeared as a result of
conflicts. “The Middle East is a different place now to when
we started to fly in 1985,” he says.
However, he argues that wider geopolitical, socioeconomic
and industrial developments have made the business
environment less certain. Following the UK’s decision to exit
the European Union, Emirates took an “18% whack in the
summer” in that country, which Clark describes as a “high-
production market”.
When US President Donald Trump signed an executive
order in January temporarily banning citizens of seven
majority-Muslim countries from entering the USA, Emirates’
rate of ticket sales growth fell by more than a third versus
previous years, Clark says.
He adds that efforts by European airlines to establish low-
cost long-haul subsidiaries are also having an effect on the
industry and on Emirates’ business.
“Airline communities are reacting to, basically, much lower
yield,” is how Clark sums up the overall development. “We
are trying to… understand better what has been going on
[and] why it has been going on.
“I honestly believe that the nature of demand… in regional,
domestic and long-haul is going to change over time, and
therefore we have to adapt and adjust our business model
accordingly.”
19
EG | MIDDLE EAST REAL ESTATE FORUM 2017
Etihad and Qatar
Etihad boss Hogan says the group will “expand prudently
and efficiently, reflecting the nature of the economic
environment”. He adds: “We remain optimistic and have
every belief that our robust business model will succeed
and, most importantly, stand the test of time.”
The group though is continuing its major strategic review
and further adding to the uncertain environment is a change
in leadership at the Abu Dhabi carrier. Hogan and chief
financial officer James Rigney leave later this year after a
decade leading the group’s expansion drive.
Of the three big Gulf carriers, Qatar Airways appears the
most bullish. The airline has not disclosed its financial or
traffic performance for 2016, but Qatar’s hub of Doha
Hamad International airport bucked the regional trend,
reporting 37.3 million passengers in 2016 compared with
31 million in 2015 – even faster growth than seen in the
previous year.
By contrast Abu Dhabi International airport reported a 5%
rise in passenger numbers for 2016, following double-digit
growth previously. Dubai International airport’s passenger
numbers grew 7% in 2016, a slight drop from almost 11%
growth in 2015.
But delays to the Airbus A350 and A320neo programmes
have held back Qatar Airways’ plans to expand its network
says chief executive Akbar Al Baker.
Also speaking at ITB, Al Baker said the delays meant his
airline was “nearly 10” aircraft behind in its fleet expansion
programme and had consequently been unable to open
“nearly eight” planned new routes, adding: “We hope that
this will be resolved this year.”
The airline nonetheless continues to increase capacity at
“double-digit” rates, says Al Baker. But he insists: “Qatar
Airways has been very prudent in the way we grow capacity.
We don’t grow capacity that the market does not digest.”
Qatar Airways is scheduled to receive four or five Boeing
777s and 10 A350s this year, says Al Baker. “Unfortunately, we
will not receive any narrowbodies due to the still-ongoing
issues.” The carrier has 46 A320neo-family jets on order, with
options for 30 more.
What is at stake
A 2015 report by Kristian Coates Ulrichsen for the Baker
Institute of Public Policy warned that capacity growth was
vital for the region’s big three carriers.
“Questions nevertheless remain over whether three such
aggressive and expansionary airlines can co-exist in such a
concentrated region, no matter how global their activity,” his
report says. “So long as Emirates, Etihad and Qatar Airways
are taking market share from international rivals, they are
likely to continue to grow.
“However, should the aviation market ever reach saturation
point or the host emirates begin to experience long-term
20
fiscal challenges, this will put to the test the Gulf carriers’
ability to turn a profit and operate as genuine standalone
entities independent of any state support.”
While it remains too early to judge whether the Gulf market
is reaching its saturation point, it is clear that capacity growth
for 2017, at least, has been checked.
In February, Lufthansa Group’s chief executive, Carsten
Spohr, speaking at an event to mark a tie-up between
Lufthansa and Etihad, said that the region’s airlines might
need to trim their capacity plans. He suggested limited
growth would be the issue that would “play a bigger role in
the next 12 months than in the last 10 years” in the region.
FlightGlobal schedules data for 2017 illustrates the loss of
pace. Data for the second quarter shows all three carriers
increasing capacity at their slowest rate for five or more years
– albeit off larger base figures.
Emirates is lifting its second-quarter capacity by just over 7% –
compared with an 11% increase in the same period last year.
Qatar Airways is increasing capacity by 9.5% in the second
quarter – the fastest rate of the three carriers, though from a
smaller base than Emirates. This still represents slower growth
than the double-digit levels seen in the previous four years.
Etihad is meanwhile making the sharpest changes to
capacity. The airline’s second-quarter capacity growth has
been running at 15% or above in each of the previous four
years. But for the second quarter of 2017, Etihad is increasing
capacity by only 1%.
Similar trends in the growth rates also apply to capacity data
for the full year 2017.
At ITB, Emirates’ Clark acknowledged that there was a
“degree of flatlining” by Middle Eastern airlines in terms of
capacity, but noted that it is still being increased and sees no
danger of overcapacity in the long term.
He reflects that airlines in the past had to respond to one or
two critical events per year, such as economic slowdowns in
individual markets or flying bans due to volcanic ash clouds.
“[Now] the pace of change is accelerating and is quite
destabilising,” he says. “The world is in a high degree of
volatility for all sorts of reasons. And the way people travel,
their decision to be travelling, the amount of money they are
prepared to pay, new entrants coming to the market… this is
all changing.”
Fleeting the impact?
Potentially compounding weakening capacity growth for each
airline are fleet strategies geared towards aggressive expansion
in the near future. Emirates and Etihad are set to take 42 and 32
aircraft in 2017-18, respectively, Flight Fleets Analyzer shows – or
roughly a fifth of each airline’s respective total orders.

Snapshot: Middle East airline orders

Airline Total aircraft orders Intake (2017-18) Types (2017-18) % of orders (2017-18)
Emirates 223 42 A380s and 777 19%
Qatar Airways 221 74 A320neos, A350s 33%
Etihad Airways 177 32 787s, A350s and 2 A380s 18%
Turkish Airlines 170 13 737 Max, A320neos and 777s 8%
Flydubai 77 16 737NG and Max 21%
Saudia 44 43 A320s, A330s and 787s 98%
Oman Air 37 11 787s 737NG and Max 30%
Kuwait Airways 31 6 777-300s 19%
Source: Flight Fleets Analyzer (Mar 17)

All of these aircraft are widebodies, meaning that Emirates and Etihad are essentially relying on
sustained capacity growth to make their fleet strategy work.

Qatar is taking 74 aircraft over the next two years, roughly a third of its total order. However, the
carrier is not pursuing the widebody-only strategy of Emirates and Etihad; Airbus A320neos will
complement the Oneworld carrier’s planned A350 intake.

Reporting by Jamie Bullen, Graham Dunn, Michael Gubisch and David Kaminski-Morrow

This article was published in FightGlobal’s Flight Airline Business publication on 15 March 2017

21
EG | MIDDLE EAST REAL ESTATE FORUM 2017

EG online

Stirling weakness stokes interest in London office market

By Faisal Durrani, head of research, Cluttons in Abu Dhabi
Watch

Investors should look beyond the UK

for investment opportunities
Watch the Watch the
full debate analysis

UK cities need more than a brand

Pete Gladwell, head of public sector partnerships,
Legal & General Real Assets Listen

22
Coverage in the Middle East

Recovery in prime London property expected to

overcome ‘hard Brexit’ fears
Read

Middle East Real Estate Forum

26 April 2017 | Cluttons and EG
Watch

BREXIT Not a Barrier for Middle Eastern

Property Investors in UK
Read

UK delegation seeks to ink investment

deals in UAE
Read

UK investors to visit UAE, reinforce

trade relations
Read

UK increase Investments in UAE

Read

Recovery in prime london property expected

to overcome ‘hard brexit’ fears
Read

UK delegation seeks to ink investment

deals in UAE
Read

UK delegation seeks to ink investment

deals in UAE
Read

23
EG | MIDDLE EAST REAL ESTATE FORUM 2017

Delegates 2017
Karim Abdallah Andrew Barrowman Felicity Davey Faun Peter Gebara
Strategy& (Formerly Booz & Company) Aston Developments Ltd Knight Frank Realopedia
Marwan Abdulaziz Dominic Beales Riyadh Davids Alexis Georghiades
TECOM Foreign & Commonwealth Office Nasser Lootah Real Estate Abu Dhabi Islamic Bank
Dhanu Abhyankar Viren Bhatia Savannah de Savary Uday Ghelani
DMCC Neerav Investment Advisory services Built-ID Sharjah Cement and Industrial
Tayo Adeyinka Manzoor Bhatti Clint Dempsey Development Co PJSC
Amethyst Developers Premier Syndicate Investments LLC Eversheds Joseph Giblin
Hussameddin Adwan Darshan Bhinde Rob Devereux Consulate General of the
Abu Dhabi Commercial Bank House of Patels ICD Brookfield United States of America

Mayank Agarwal H.E. Marwan bin Jassim Al Sarkal Amit Diwan Marc Gilligan
Asteco Shurooq SinoGulf (DIFC) Limited Real Estate at Abu Dhabi
Financial Group
Abhishek Ahuja Dr. Hussain Binghatti Al Jbori Suliman Dockrat
Cluttons Binghatti Holding Urban Spectrum Property Management Pete Gladwell
L&G Investment Management
Ayo Ajayi Ahmed BinGhatti Aljbori Michael Dowds
Gardiner & Theobald LLP Binghatti Holding Deloitte & Touche Middle East Ian Gladwin
Cluttons
Naseer Aka Muhammad BinGhatti Marites Duca
Rasmala Investments Holdings Binghatti Holding Metropole Properties Harry Goodson Wickes
Cluttons
Ali Akbar Sanjib Biswas Malik Dulepa
Frank & Chimo Partners JBergue Consult Group Emirates Peter Greatrex
Trowers & Hamlins LLP
Yousuf Akbar Ali Charles Blaschke Faisal Durrani
Dubai Investments Taka Solutions Cluttons Simon Green
Charles Russell Speechlys
Walid Khalid Al Alami Kristina Bobs Rajiv Dutta
Al Madaien Group Svaja LTD Telematics Riyaz Gulamani
Madain Properties PJSC
Mohammad Al Baz Philippe Boue Michael Dyson
Al Hilal Bank Schindler Abu Dhabi Finance Samer H. Zabian
AFGRE
Abdul Salam Al Jassmi Christopher Bradley Mohamed El Tahan
LIMITLESS Chevron Abu Dhabi Commercial Bank Anas Halabi
Core Savills
Mohammad Al Kassim DIFC Shane Breen Sofie Elliceflint
Cluttons Dubai Holding Mitchell Ham
Ameen Al Mughrabi ADCB Meraas Holding
Mohammed Al Tahri Edd Brookes Mohamad Elsayed
DTZ MAZ Investment Co LLC Ms. Rana Hariz
Al Raya Investment Palma Holding
Zahed Albattarni Lucy Bush Ahmed Elsenbawy
Cluttons THOE John Harris
Racine Real Estate Transdev
Inam Ali Angus Campbell Panicos Euripides
Bahrain Financial Harbour Holding Al Jaber Group L.L.O Saeed Hashmi
Abu Dhabi Commercial Bank Hashmi Aston Developments Ltd
Company BSC Suzanne Eveleigh
Marwan Alichla Greg Hastings
Invest In Sharjah Edward Carnegy Cluttons
Cluttons PRO Partner Group
Matt Allen Muhammad Faisal Iqbal
Hazem Chalhoub Emirates NBD Scott Hay-Roberts
Cluttons Cluttons
Al Falah El Fatih Said
Sultan Almusallam Sean Heckford
Naif Alrajhi Investment Co. Steven Charlton Abu Dhabi Business HUB
Perkins+Will Parsons
Mouza Alqumzi Richard Fenne
Laura Choueri Woods Bagot Rashpal Heer
TDIC DTZ
Realopedia Eamon Fitzpatrick
Shoaib Alrahimi Firas Hnoosh
Dubai South Beverley Churchill MAK Dubai
Capital & Counties Properties Perkins+Will
Ahmed Alsafadi Brant Fletcher
Michael Clark ICD Brookfield Ali Hossain
Dubai Holding - Jumeirah Central Select Group
EG Scott Flint
Alicia Alvarez Jack Hu
EG Simon Clegg Clyde & Co LLP
Expo 2020 Farglory Group
Joice Ann Gomez Stephen Forbes
Charles Clifton Al Naboodah Real Estate Investment Keun Huh
Marya Group Midas International Asset
PwC LLC
Thomas Arnold Management Ltd.
Silverback Capital Group Ltd. Gwendal Cobert Jonathan Fothergill
Al Futtaim Cluttons Scott Hutton
Aftab Attari Squire Patton Boggs
Dubai Investments Park Development Co. Joshua Cohen Mark Fraser
Gowling WLG (UK) LLP Taylor Wessing Achraf Ibrahim
Farah Ayoub Marya Group
DIFC Emer Conneely Rob Garrett
ICD Brookfield Hezar Ventures Asha Jackson
Shaikha Azam Usafi Health Care Limited
Government of Dubai Kirsty Coventry Prateek Gautam
Norton Rose Fulbright LLP Century Financial Brokers Rob Jackson
Yasser Baher RICS Middle East & North Africa
MAZ Investment Co LLC Klarissa Crasto Adam Geal
Cluttons Meed Alex James
Roland Bakos Knight Frank LLP
EG Stephen Cutts Paul Gebara
Binghatti Holding paul.gebara@realopedia.com Dimple Jansari
Regus

24
Michael Johnston-Smith Paul Marsh Naoufal Rahhouti Ammar Tahboub
Bin Drai Enterprises Holistic Capital Ltd DIFC Zaya Reality
Manal Jweiles Andrew Marshall Abdur Rahim Ghulam Nabi Mehdi Taher
Elia Bayt Dubai South DAFZA Foreign & Commonwealth Office
Saed Kamal Simon Marshall Shivam Rajgaria Ahmad Talaat
Bassel FZ Scarborough Group International Om Tower Metropole Properties
Pooja Kapur Ben McGregor Adam Ralph Kassem Tawil
Kaps International ICD Brookfield Turner & Townsend International Al Nowais Investments LLC
Aakarshan Kathuria Larry Mcguiness Rana Hariz Tarek Tessawak
EstateUp Ted Jacobs Engineering Group Palma Holding Al Futtaim Automotive Group
Mahasti Kavari Ross McKenzie Anuj Ranjan Gina Thomas
Omniyat Honeywell Brookfield DMCC
John Kemkers Will McKintosh Kashif Raza Andrew Thomson
Eversheds Jones Lang LaSalle (KS) West End Zain Avenue Reality Real Estate Gowling WLG (UK) LLP
Rebecca Kent Hesham Meawad Mohammed Raza Jamil Dr Tommy Weir
EG Heart Of Europe Meraas Holding Author & Entrepreneur
Lilly Kerawalla Ankush Mehta Matthew Reason Asif Usmani
Madain Properties PJSC Bespoke Connecions Knight Frank Abu Dhabi Commercial Bank
Prabhakar Kesavan Chung Min Lee Paul Rebeiro Ashwath Vikram
Voltas Limited Midas International Asset AMSAF Investment LLC- Private Office ICD Brookfield
Sarah Khalifa Management Ltd. of an Eminent Douglas Wade
Clyde & Co Jasvinder Moman Dorian Reece Duff & Phelps
Abdullah Khalil DWF (Middle East) LLP Deloitte Mohamed Waheed
Binghatti Holding Mark Moody Iseeb Rehman Maz Investments
Animesh Khandelwal Al Marjan Island SIP Properties Brokers LLC Simon Wallace
Al Nasser Properties L.L.C. Steve Morgan Alexis Reuben Georghiades The Whole Thing
Talal Khreis Cluttons ADIB Neil Walmsley
Emirates Property Investment Co Peter Morris Syed Rizvi Arup
Thomas Kimber FlightAscend Consultancy Silversun Invest Paula Walshe
Al Hilal Bank Magali Mouquet Alan Robertson Cluttons
Declan King Equitativa & Emirates REIT CEIC Jones Lang LaSalle Michael Waters
ValuStrat Abir Moussa Maysa Sabah Herriot Watt University
Aditya Kotibhaskar Regus Affordable Housing Institute Nichola West
Trussbridge Advisory (DIFC) Limited Fadi Moussalli Jackie Sadek DENTONS UKMEA LLP
Nick Kramer Jones Lang LaSalle (JLL) Northern Gateway Development Zone Damian Wild
Nabarro Faisal Mujeeb El Fatih Said EG
Chaitra Kumar KPMG Abu Dhabi Business HUB Paakow Winful
Al Naboodah Real Estate Dr. Nasir Khan Dr. Saiqa Khan Duff & Phelps
Investment LLC Pakistan Consulate Dubai Pakistan Consulate Dubai Emily Wright
Niraj Kumar Nejoud Nasr Ghulam Sarver EG
HSBC Meedar Real Estate DAMAC PROPOERTY Mark Wrong
Laudy Lahdo Pradeep Navre Naveed Sarwar PBP Capital Ltd
Servcorp LLC Utmost Properties Meraas Holding Mark Wrong
Bridgett Lau Joe Neilson Michael Selby Norman Asset Management
Project Partners Trowers & Hamlins LLP Duff & Phelps Dmitry Yakhlakov
Florence Le Fur David O’Hara Dildora Shah DVM Management, DMCC
Emirates Reit Cluttons U.N.FASHION INC. Melissa Younan
John Leavesley David Offord Mahmood Shah Gowling WLG (UK) LLP
Myrce REIT plc Buro Four Project Services Ltd U.N.Cargo & Logistics LLC Edwin Young
Elliot Lewis Hamdi Osman Parita Shah Urban Development & Estidama Sector
General Electric Solitaire International Foreign & Commonwealth Office Zuzar Yusuf
Jonathan Lister General Trading LLC Tanvir Shah Thani Investments LLC
EG Francis Otieno The Partnerships Neveen Zaid
Sir Edward Lister SPF Realty Real Estate Broker LLC Shakeel Shakkeer The Heart of Europe
DIT & HCA Nandakumar Pandalai Gemseducation Tore Zeidler
Fay Lloyd Utmost Properties Hazel Shakur Quinn ICD Brookfield
Cluttons Theo Paradise Hirst Berwin Leighton Paisner LLP Ali Zerktouni
Nick Lunt ChapmanBDSP Imran Sheikh ADI Services FZE
Instinctif Mushtaq Parkar Emirates Reit Martin Zerola
James Lynch Sanco Global Properties Ltd Amit Shukla ADCB
Cluttons Jerry Parks Miral Mariana Zureikat
David M Benn Taylor Wessing (Middle East) LLP Holly Smith Alrajhi United
HH Sheikh Sultan Bin Khalifa Bin Philip Paul Cluttons
Sultan Al Neyahan Cluttons Shan Soni
Euan Mackinven Richard Paul Luxlo Property Ltd
Scottish Development International Cluttons Kamal Soussi
Mahmoud Mahmoud David Pereira Arabtec Construction
The Heart Of Europe Abu Dhabi Commercial Bank Michelle St Clair
Mohammed Majid Simon Perrin Foreign & Commonwealth Office
Nabarro LLP Project Partners Murray Strang
Sanjay Manchanda Melisa Pezuk Cluttons
Nakheel Dubai International Financial Centre Duncan Sutherland
Sajith Manohar Wayne Pitman Sigma Capital Group
Fortune Abu Dhabi Commercial Bank Sean Swinburne
Alina Maria Andrew Powell Cushman and wakefield
Al Fajer Properties Economic Zones World

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