^^ The hottest girls I've ever met are a couple of Albanian sisters I know from Gjirokaster.

^^ Woah and you can PM me any indecent pics you have of them whenever you get a chance Hollie Maea;) :cheers: :lol:

And if you never hear from me again you can definitely assume that my girlfriend has seen them!:lol: :lol:

I'm not being biased here mate but I believe that the country of my birth has the HOTTEST girls on the planet!!!

BRAZIL!!!:banana: :banana: :banana: :banana: :banana: :banana: :banana:

I was born in Copacabana in Rio to a :crazy2: Irish father and an :angel: french mother.:)

Hottest girls on the planet: Brazil, Columbia, Argentina, West Indies and Ukraine.:yes: :D

^^ I used to have a picture of them but I can't find it :bash: That's ok I'm going back to the Balkans in September so I should see them in person :cheers:. I've been to Brazil once, there were one or two good ones ;)

Dang, I'm in big trouble when Krazy sees this thread.:runaway:

^^ That's cool mate, they'd most likely get me into even more trouble anyway than I'm already in.:lol: Got caught in the act today checkin' out this girls butt... oh man what a scene!:ohno: :lol: I live with a Ukranian girl who is very jealous and who would scare the pants off Godzilla and who also wants to keep me on a very short lead...:ohno: She's awesome though and I wouldn't have her any other way.:) Her tough feisty side I mean... the jealousy is hard to deal with at times though...:ohno:

So you're off to the Balkans next month, right? Have a riot mate!:) And don't forget to pack the movie camera:lol: Only kidding, I've pushed the boat out far enough for one day!:nuts: :lol: Next time I'll just make sure to wear very dark shades.:lol: :lol:

Yeah, could we be more off topic!? :lol: Oh well, have to expect things to deviate at some point, right? Not the end of the world, a bit of light-hearted humour on here isn't such a bad thing.

If you're lookin' for real hot girls then check out Barranquilla, Columbia sometime. You will not be disappointed. Went there again from Barbados after new year. Awesome!:D

^^ i leave you all for a few hours and this is what you discuss...:lol:

(.) (.)

^^ The hottest girls I've ever met are a couple of Albanian sisters I know from Gjirokaster.

My Grandfather (mother side) was from that town ... don't worry they would not be my cousins :lol:

^^ i leave you all for a few hours and this is what you discuss...:lol:

(.) (.)


My Grandfather (mother side) was from that town ... don't worry they would not be my cousins

^^ :lol: :lol: :lol: ^^

:horse:

you are leaving the topic.

^^ Shut up Flo and join the discussion :D

why should i be interested in a discussion about hot girls?

I have Nelly :cheers:

^^ Yeah when you're alone in the dark ... :runaway:

^^ Yeah when you're alone in the dark ... :runaway:

I thought her name was Rosie? :dunno:


:D

^^ Shut up Flo and join the discussion :D

why should i be interested in a discussion about hot girls?

I have Nelly

Yeah when you're alone in the dark ...

I thought her name was Rosie?

No, it's Neddy!;) :lol: :lol:

Why have a discussion about hot girls??? Woah man you've been out in the Dubai sun for waaaaaaaaaaaaaaay too long mate!:lol: :lol:

Take a trip to Rio my friend and just party on down from dusk till dawn!!! :cheers: :banana: :banana: :banana:

That should sort you out no problem! ;) :lol: :lol:

Ernst & Young to provide corporate finance services
Staff Report
Published: August 11, 2007, 23:04


Dubai: Global professional services firm, Ernst & Young on Saturday announced the formation of Ernst & Young Corporate Finance (EYCF), a region-wide network of dedicated corporate finance professionals under one brand.

The move follows the issuance of a Category 4 licence to Ernst & Young by the Dubai Financial Services Authority (DFSA).

The new network, which is part of Ernst & Young's Middle East Business Advisory Solutions Group, will execute the firm's corporate finance services for clients across the region.

From the DIFC, EYCF's services include private placements, divestitures, arranging debt and equity finance, mergers and acquisitions advisory, IPO services, privatisation, securitisation and restructuring.


--------------------------------------------------------------------------------


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Omar Bitar, managing partner, business advisory solutions, Ernst & Young, Middle East."The establishment of the EYCF Middle East network creates a powerful group of dedicated corporate finance entities that draw upon the history of Ernst & Young and its considerable resources.

"Our team of seasoned corporate finance professionals, who now function under the EYCF network, will work out of our 17 offices in the Middle East and extend into our global networks in Europe, South East Asia, North America and Australia.

"The DIFC is an ideal location for us to reach out to our clients in Dubai and throughout the Middle East region."

Welcoming Ernst & Young into its portfolio of licensed companies, Nasser Al Shaali, chief executive officer, DIFC, said: "Ernst & Young's establishment of a regional Middle East network and providing corporate finance services from the DIFC is recognition by the professional services industry of our position as the financial hub of this region.

"We are very pleased to welcome Ernst & Young to the DIFC, which continues to provide the infrastructure that is vital to the ongoing economic expansion of Dubai and the wider region."

arabi emirati and dubai is no1 the world.
no coment!

new?

http://img411.imageshack.us/img411/7320/difcju3.jpg (http://imageshack.us)

^^ The render yes.

so these are the National Islamic Bank Towers?

Not bad looking towers.....don't look all that tall though.

They look nice with the dusit

DIFC forum to highlight Mideast financial trends
Staff Report
Published: August 14, 2007, 23:35


Dubai: The Middle East's capital markets and the emerging markets of India and China will be the topics of two full-day events at the DIFCweek forum that will be held during November 17-23.

The DIFC Economic Forum (November 17) will include both a global macroeconomic outlook and the DIFC's economic outlook on the Middle East, Central Asia and North Africa region (Camena).

The conference will feature live research and polling, and the data will be made available to DIFCweek delegates in real time.

The conference will highlight the growing global impact of foreign direct investment (FDI) from emerging multinationals, particularly from China, India and the GCC, while these same markets continue to attract increasing investment from developed countries.


--------------------------------------------------------------------------------


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"The world's economic geography is changing and its epicentre is moving East. The GCC and Camena countries are uniquely positioned to benefit from this global shift in activity and investment," said Nasser Saidi, chief economist of the DIFC.

The Middle East Capital Markets Forum on November 22 will cover the theme 'Innovation, Reform and Abundant Liquidity'.

The full-day event will explore how investors and financiers can capitalise on the region's public and private markets, booming real estate sector and the world's largest project finance market.

so these are the National Islamic Bank Towers?

Dubai Islamic Bank Towers

Looks more in the range of 25F-30F

They look nice with the dusit

I agree, pity they're not 50 floors at the least though! They just seem to have this squashed look about them....

^^ I couldn't agree more. I wouldn't even mind a redesign even if the heights are not increased.

^^ I couldn't agree more. I wouldn't even mind a redesign even if the heights are not increased.

I'm with you here Gregorious! If the height is not increased they should definitely go for a redesign! They would look so much better at 50-60 levels!

http://i13.tinypic.com/66ovzvn.jpg

^^ That's really cool!:cheers:

By Babu Das Augustine, Banking Editor
Published: August 27, 2007, 23:06


Dubai: The Dubai Financial Services Authority (DFSA) on Monday withdrew the licence of Forsyth Partners Global Distributors Limited (Forsyth) to carry on financial services activities in or from the Dubai International Financial Centre (DIFC).

According to a statement posted on the website of the regulator, Forsyth failed to meet the applicable regulatory capital requirements and was unable to demonstrate a capacity to remedy that breach.

The withdrawal of the licence follows a show cause notice issued by DFSA to Forsyth on August 22. A source said that the cancellation follows a regulatory investigation by DFSA into Forsyth's activities and the minimum capital requirements.

The company held a licence as a Category 4 firm authorised to arrange credit or deal in investments and to advise on financial products or credit.


--------------------------------------------------------------------------------


--------------------------------------------------------------------------------


According to the DFSA rules, Category 4 firms need to maintain a minimum capital of $10,000 or the expenditure base capital minimum, which is six divided by 52 weeks of the annual audited expenditure of the company.

DFSA's investigations have found that the company did not maintain the above requirement. The DFSA also withdrew the licence of Forsyth's subsidiary Forsyth Partners (Middle East) Limited, which was also licenced as a Category 4 company.

Forsyth Partners said in an emailed statement that following discussions with the DFSA, it has agreed to the cessation of its financial services activities in Dubai.

Forsyth's chief executive Paul Forsyth was not available for comment. It also said that its UK-based investment management, research and client service operations are unaffected by events in Dubai.

Category 4 firms are not authorised to accept client money and thus, withdrawal of the licence does not place DIFC client funds at risk.

hey, i made this today (all taken today) sorry first time in photoshop.

http://img168.imageshack.us/img168/9683/difcpp1.jpg
By joobn (http://profile.imageshack.us/user/joobn) at 2007-08-31

Thanks, it's great. You might wanna scale that down a bit next time though. ;)

hehe your right! but i will seriously work on my photoshop skills, there sh** atm

http://img118.imageshack.us/img118/581/difcsmallct1.jpg
By joobn (http://profile.imageshack.us/user/joobn) at 2007-08-31

What is that large cloud that always forms in the distance.. I guess it one of the power stations cooling towers... You can clearly see it in your pic

umm maybe. we always get MASSIVE cumulonimbus clouds in the distance, where the mountains are, so i dont think its the power station, just big clouds

Japanese bank gets DIFC licence
Staff Report
Published: September 01, 2007, 23:35


Dubai: The Bank of Tokyo-Mitsubishi UFJ, Ltd (BTMU), Japan's leading bank, has received a licence from the Dubai Financial Services Authority to start operation as an authorised firm in the Dubai International Finance Centre (DIFC).

The bank's new Dubai office will liaise with its existing Bahrain branch and four representative offices in the Middle East (Abu Dhabi, Istanbul, Cairo, Tehran), as well as the Japan Desk of the National Bank of Abu Dhabi, located in Dubai.

The new office will also access the network of 73 BTMU offices in Europe, Africa and Asia, areas which have deep financial ties with the Middle East, and which provide support and expertise for BTMU's customers in the region.


--------------------------------------------------------------------------------


--------------------------------------------------------------------------------


"The long and fruitful history of capital flows between the markets of East Asia and the Middle East continues with the opening of BTMU's office at the DIFC. BTMU's arrival here will contribute immensely to the corporate, government and project financing relationship between Japan and the wider Gulf region," said Nasser Al Shaali, Chief Executive Officer, DIFC Authority.

Hideki Gohbara, General Manager of the BTMU Dubai office, said: "The opening of an office at the DIFC, which has already attracted a number of international financial institutions and investors, will allow us to expand on new opportunities in this dynamic market as well as meet the growing needs of our existing customers."

The licence for BTMU is in line with the bank's strategy of achieving the highest level of service, reliability and coverage for its customers across the globe

Why are all DIFC towers so slow?? Any idea??

Why are all DIFC towers so slow?? Any idea??

Limestone house/Ritz Carlton is an exception - expect the structure to be complete by the end of the year, based on the current rate of progress. Index and Sky Gardens coming along nicely too.

Why are all DIFC towers so slow?? Any idea??

Becouse all of them will be joined by an common underground complex that was build by someone else.

DIFC featured in this months Economist :)

A bouquet of desert flowers
Sep 13th 2007
From The Economist print edition

Where sand and finance mix


IF YOU want to see what it takes to set up an entirely new financial centre (and what is best avoided), head for Dubai. This tiny, sun-baked patch of sand in the midst of a war-torn and isolated region started with few advantages other than a long tradition as a hub for Middle Eastern trade routes.

But over the past few years Dubai has built a new financial centre from nothing. Dozens of the world's leading financial institutions have opened offices in its new financial district, hoping to grab a portion of the $2 trillion-plus investment from the Gulf. Some say there is more hype than business, but few big firms are willing to risk missing out.

Dealmaking in Dubai centres around The Gate, a cube-shaped structure at the heart of the Dubai International Financial Centre (DIFC). A brainchild of the ruling al-Maktoum family, the DIFC is a tax-free zone for wholesale financial services. Firms licensed for it are not approved to serve the local financial market. The DIFC aims to become the leading wholesale financial centre in the Gulf, offering one-stop shopping for everything from stocks to sukuk (Islamic) bonds, investment banking and insurance. In August the Dubai bourse made a bid for a big stake in OMX, a Scandinavian exchange operator that also sells trading technology to many of the world's exchanges.

Dubai may have generated the biggest splash thus far, but much of the Gulf region has seen a surge of activity in recent years. Record flows of petrodollars have enabled governments in the area to spend billions on infrastructure projects and development. Personal wealth too is growing rapidly. According to Capgemini and Merrill Lynch, the number of people in the Middle East with more than $1m in financial assets rose by nearly 12% last year, to 300,000.

Qatar, Bahrain and Abu Dhabi also have big aspirations for their financial hubs, though they keep a lower profile than Dubai. They, too, are trying to learn from more established financial centres what they must do to achieve the magic mix of transparent regulation, good infrastructure and low or no taxes. Some of the fiercest competition between them is for talent. Most English-speaking professionals have to be imported.

Making oil money stick
Each of the Gulf hubs, though, has its own distinct characteristics. Abu Dhabi is trying to present itself as a more cultured, less congested alternative to neighbouring Dubai, and is building a huge Guggenheim museum. Energy-rich Qatar is an important hub for infrastructure finance, with ambitions to develop further business in wealth management, private equity, retail banking and insurance. Bahrain is well established in Islamic banking, but it is facing new competition from London, Kuala Lumpur and other hubs that have caught on to Islamic finance. “If you've got one string to your bow and suddenly someone takes it away, you're in trouble,” says Stuart Pearce of the Qatar Financial Centre about Bahrain.

Saudi Arabia, by far the biggest economy in the Gulf, is creating a cluster of its own economic zones, including King Abdullah City, which is aimed at foreign investors seeking a presence in the country. Trying to cut down on the number of “suitcase bankers” who fly in from nearby centres rather than live in the country, the Saudis now require firms working with them to have local business licences. Yet the bulk of the region's money is still flowing to established financial centres in Europe, America and other parts of Asia.

The financial hubs there offer lessons for aspiring centres in other parts of the developing world. Building the confidence of financial markets takes more than new skyscrapers, tax breaks and incentives. The DIFC, for instance, initially suffered from suspicions of government meddling and from a high turnover among senior executives. Trading on its stockmarket remains thin, and the government seems unwilling to float its most successful companies there. Making the desert bloom was never easy.

^^ all the GCC countries have their own nice niches :lol:

http://www.up.ae/uploadedImages/Property_Portfolio/Limestone_House/Images/logo_limestone.gif


http://www.up.ae/uploadedImages/Property_Portfolio/Limestone_House/Construction_update/pic1.jpg

http://www.up.ae/uploadedImages/Property_Portfolio/Limestone_House/Construction_update/pic2.jpg

http://www.up.ae/uploadedImages/Property_Portfolio/Limestone_House/Construction_update/pic3.jpg

http://www.up.ae/uploadedImages/Property_Portfolio/Limestone_House/Images/topimg_limestone.jpg

Oh no ... the "shower head" again. :runaway:

^^ :lol: :lol:

Looks good, but its a night render so i will hold judgement.

That stuff masqurading as a building to the left of the gate is damn fugly, even for dubai.

I like it, this is quite an interesting building but I'd like to see a day time render to really make my mind up. All those trees along the front are very nice though.:)

http://www.up.ae/uploadedImages/Property_Portfolio/Limestone_House/Images/topimg_limestone.jpg

Here are some images taken by Imre Solt on 15 October 2007. They are meant only to show The Index, but you can see Liberty House in the first small image (it is on the left; blocking Jumeirah Emirates Towers Hotel).

http://img89.imageshack.us/img89/6262/imresolt02ri1.jpg (http://imageshack.us)

http://img518.imageshack.us/img518/2485/imresolt05qp6.jpg (http://imageshack.us)

http://img509.imageshack.us/img509/5165/imresolt08td6.jpg (http://imageshack.us) http://img89.imageshack.us/img89/7400/imresolt01gj4.th.jpg (http://img89.imageshack.us/my.php?image=imresolt01gj4.jpg) http://img509.imageshack.us/img509/4301/imresolt03kd3.th.jpg (http://img509.imageshack.us/my.php?image=imresolt03kd3.jpg) http://img509.imageshack.us/img509/3791/imresolt04vt7.th.jpg (http://img509.imageshack.us/my.php?image=imresolt04vt7.jpg) http://img509.imageshack.us/img509/5553/imresolt06dg0.th.jpg (http://img509.imageshack.us/my.php?image=imresolt06dg0.jpg) http://img509.imageshack.us/img509/8393/imresolt10iw5.th.jpg (http://img509.imageshack.us/my.php?image=imresolt10iw5.jpg)

From The Times
November 5, 2007

DP World listing boosts Dubai exchange

Dubai edged closer towards its goal of becoming a global financial hub yesterday, aiming to raise up to $4.32 billion (£2.07 billion) through a partial flotation of DP World, one of the world’s biggest ports companies.

The state-owned shipping giant, which bought the British company P&O last year, announced it would sell 2.822 billion shares in an initial public offering, priced between $1 and $1.30 each. The company retains the option of issuing an additional 498 million shares, representing a 20 per cent stake in total.

It is the first time a major domestic company has chosen to list on the DIFX, representing a major boost for Dubai's fledgeling global stock exchange. The listing is seen as a test for other state-owned companies that are considering a float to drum up capital, including Emirates, the airline owned by the royal family.

Mohammed Sharaf, chief executive of DP World, said: “We are the first jewel in Dubai's crown to go. This opens the way and it is something others will be looking at.”

The ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, is trying to diversify the city-state's economy away from dwindling oil revenues.

Dubai-based tourist, real estate and shipping companies have been encouraged to seek local financing to fund ambitious expansion projects that will transform the tiny emirate into a capital markets hub.

Mr Sharaf said proceeds from the DP World float would be used to pay off a loan used to buy P&O. Valued at up to $21.6 billion, based on its IPO, the company plans to tap into the emerging markets of Latin America and Africa and double its capacity in the next ten years. DP World owns 42 ports in 22 countries.

Mr Sharaf said the new funds would fuel that expansion, ruling out a secondary listing on another stock exchange in the “foreseeable future”.

He said: “If we listed on other markets, we would be a small player. Here we are going to be getting 1,000 per cent attention.”

DP World's final offer price will be determined by a process of bookbuilding. The sale of existing shares will close on November 15 and the company will list on the DIFX on November 26, according to sources.

Per Larsson, chief executive of Bourse Dubai, the holding company behind the DIFX and DFM stock exchanges, described DP World as an “anchor listing” that would encourage others to follow suit. Soud Ba'alawy, executive chairman of Dubai Capital, the investment arm of Dubai Holding which owns 20 per cent of Bourse Dubai, said there were more than 400 companies that could go public in the region with a market cap of between $5 billion and $20 billion.

http://www.hok.com/

pictures of difc

When walking by I noticed that the foundation slab of a tower next to the DIFC Area was poured, It's called Rosewood Dubai... is there already a thread for it? Didn't find any though...
9 concrete pumps were in use... almost as many as last week at Ocean Heights... :D

see this http://www.skyscrapercity.com/showthread.php?t=213345

OK. Maybe a Mod can shift my post to the 'The Buildings' thread (the worst name ever!!).

Hey guys, good news... seems that DIFC will announce up to 5 more projects in spring 2008... and this will definitely not only be a new Costa Cafe and a Subways! ;)

Does anyone know where DME [Dubai Mercentile Exchange] is located within the area?

^^ Isn't that a comodity exchange (if it reffers to oil) if then shouldn't it be under DMCX or whatever the new name might be?

Thats what i thought, but upparenly this is located in DIFC.

Its owned 1/3 by Dubai [tatweer], 1/3 by oman, and 1/3 by NYMEX i belive.

there is a pic of the gate on their website: http://www.dubaimerc.com/about_dme.html

it gives its adress as

Building 2
Dubai International Financial Centre

^^ Having NY involved would explain the NYC car parking charges they apply on those buildings: 20 AED/h :D

whats the name of the hexagon tower?
has it got its own thread?

^^ It's called--wait for it--The Hexagon. I think you can probably find a thread for it in the "Never Built" section...:cheers:

HELP
does anyone know the name of this tower??
http://i9.tinypic.com/6z6i352.jpg please help

^^ it is the centerpiece of this project....i think that this isnt the design what will be build......they are still searching after the final design for it......

other forumers here feel free to correct me if i am wrong.

Dubai real estate soon to be the most expensive in the world?

The idea that Dubai will soon boast the most expensive real estate in the world is not as absurd as it sounds. All it takes is a modest extrapolation of growth trends for rentals in the Dubai International Financial Centre, and a continuation of the current cooling off in markets like London Prime and this is a fact.

Dubai's office market continues to suffer from an acute shortage of space, with 98 per cent occupancy in the new financial zone, the Dubai International Financial Centre, which has been hugely successful in attracting global financial firms to the emirate.

The latest recruit this week is Thames River Capital, a boutique fund-of-funds investment manager based in Berkeley Square. The latter told AME Info that rents in this prime London location had fallen by around 30 per cent and that the rent it had just agreed in Dubai was not far off the rent it had just paid for additional space in Mayfair.

It requires only a little imagination then to see that if the UK enters a recession, and the financial services sector already seems to be in one, then rents in Mayfair will fall further. Meanwhile, new companies are arriving in Dubai every day, particularly in the financial services industry as the attractions of Gulf oil revenues are magnetic.

Dubai calling
The DIFC is the most expensive district in Dubai followed closely by the nearby offices of the Sheikh Zayed Road, actually the closest Thames River Capital could get to the DIFC which is effectively full.

A new report from local investment bank Shuaa Capital suggests that new commercial space coming on stream this year will be picked up rapidly.

'Starting in 2009 we expect to start witnessing a more rapid switch for many companies from the older CBD to the new one along the Sheikh Zayed Road and further down to the Tecom area,' says the report. 'These large office supplies are expected to apply downward pressure on rents, especially around the Bur Dubai and Deira area.'

London falling
However, that would still leave very high rental levels in the DIFC in 2009 at a time when in the global financial markets rents may be tumbling due to the impact of a bear market. The poor start to 2008 in global equity markets is already leading analysts to project a bear market, with the US likely to officially declare a full bear market as soon as this week.

In a bear market financial companies fire staff with enormous speed and so the demand for office space shrinks, particularly for new space. This exerts a powerful downward pressure on rents which have become inflated during the bull market.

Colliers International last week produced a report showing office space in the DIFC lagging only marginally behind London Prime in cost. So all it really takes is further weakness in London rents and modest growth in Dubai and the emirate will have the most expensive office space in the world.

Dubai's best kept secret revealed

Posted: 31-01-2008 , 14:39 GMT

The Dubai International Financial Centre (DIFC) today opens its doors to the public, with the first phase of DIFC Lifestyle. Inaugurated by Sheikh Mayed Bin Mohammed Bin Rashid Al Maktoum and and attended by His Excellency Dr Omar Bin Sulaiman, Governor of the DIFC, DIFC Lifestyle offers a unique environment comprising high-end retailers, world-class restaurants and the best in international contemporary art and entertainment.

Beyond the landmark Gate building lies ‘The Gate District’, an eclectic mix of art, culture and stunning architecture, alongside chic eateries and fashionable shops. This unique integration of iconic buildings and contemporary living is fast becoming the epicenter of Dubai and a lifestyle people aspire to. Within a welcoming and relaxing environment, DIFC Lifestyle will provide an experience to fulfil every aspect of weekday and weekend life.

His Excellency Dr. Omar Bin Sulaiman, Governor of the DIFC, said: “DIFC Lifestyle signals the beginning of a new era at the DIFC, which promises an avant-garde experience for Dubai’s residents and visitors alike. Originally created as a financial district, through DIFC Lifestyle, the DIFC will ensure the centre is accessible for all to enjoy and will act as an exciting retail and cultural magnet for the city. In line with the Dubai Strategic Plan, social development through creating a world-class environment, provides a better quality of life and an enriched cultural environment. As such, the DIFC is committed to contributing to the development of Dubai as a lifestyle choice as well as a professional hub.”

Considered “Dubai’s best-kept secret”, the exclusive, self-contained precinct currently includes high-end retailers, as well as artistic exhibitions and performances. The public are invited to enjoy the unique environment at the DIFC which is open on weekdays from 10am to 10pm and on weekends from 10am to midnight. Parking will be provided and will be free after 5pm and on weekends.

Mr Abdulla Bin Sugat, Executive Director of Retail for the DIFC added: “DIFC Lifestyle is more than just a concept; it is a way of life. As the fastest emerging financial centre in the world, the DIFC has established itself as a leading international destination for those wanting to do business in the region. However, there is more to the DIFC than just business. DIFC Lifestyle offers 360˚ living, with high end fashion, fine dining, rich culture and entertainment; there is something for everyone at the centre. With over 175 nationalities working in a variety of sectors within the DIFC community, this diversity will be reflected in the assortment of activities and experiences on offer. As such, we are confident that DIFC Lifestyle will no longer remain Dubai’s best kept secret but will be appreciated by everyone living in and visiting the city.”

In celebration of the concept of DIFC Lifestyle, there will be a selection of activities and entertainment commencing today and continuing every day onwards. These will include classical and world music performances, mime artists, magic, living art and natural theatre.

Furthermore, today will see the official opening of the De Beers boutique in the DIFC. De Beers is widely recognised as the world’s leading diamond experts, after introducing in 1938 the “4Cs” (Cut, Colour, Carat, and Clarity) - the four most popular factors used to measure diamond quality which have now been adopted universally.

In addition to this, today there will be the book launch of “India Chalo” by Brij Singh, followed by a book signing at Borders bookshop in the DIFC. The book, published by Harper Collins, with the title meaning “Let’s go to India”, takes a lighter look at more serious topics, focusing on current economic opportunities in India. Booming sectors, such as media and telecoms, as well as economic trends, including growth rates and consumption demand, are captured in a light-hearted way by the author. Mr. Singh was previously the CEO of Julius Baer Middle East, the first bank to receive a licence at the DIFC, and then went on to become the founding CEO of Baer Capital Partners, an India-focused asset management and advisory business, with its global headquarters in the DIFC, and offices in London, Zurich, Mumbai and Delhi.


About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.

In just three years, over 500 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.

great article tate :)

DIFC puts judges on front line


http://img127.imageshack.us/img127/2502/060208adifcxb1.jpg


Dubai International Financial Centre (DIFC) Courts last week equipped itself with six new judges to prepare for the increasing business activities at the centre. The court will have its hands full during this year as an anticipated flood of share issues and listings are likely to boost trading on the exchange, giving rise to potential disputes over transactions.


Sir Anthony Evans, Chief Justice at DIFC Courts, said the court has handled several important cases over the past year, including the Forsyth case. He said the Forsyth Partners case, which saw the Dubai Financial Services Authority (DFSA) withdraw the company’s DIFC licence in August, gave rise to a number of smaller claims from employees looking to recover losses, cementing the need for a small claims’ tribunal at DIFC Courts.



The court has also flexed its muscles abroad, with an order to freeze the bank account of a Malaysian national who successfully used an American website to pretend as DIFC to obtain funds from investors.

In an interview with Emirates Business, he talks about the cases handled by the court and about his new team, which includes the first female judge in the UAE.



What has occupied DIFC Courts’ time over the past year?

At the beginning of 2007 we had a couple of requests from DFSA for freezing injunctions in cases that were outside the purview of DIFC. They had detected a scam, where a Malaysian individual was operating through a US-based website pretending to be DIFC. They called themselves the Dubai Commodities Exchange, which doesn’t exist.


The Malaysian national, through the website, requested would-be investors to place their money in a Malaysian bank account. Money came from places such as Australia and Singapore and the account swelled within a week.



So we issued an order to freeze the bank account. It gave rise to a jurisdictional problem because this was happening outside the centre and not within it, but, on the other hand, it was clearly causing damage to DIFC. This is just an example of a case where we were able to issue an order to protect the exchange from damage.

DIFC Courts’ order was respected by Malaysian authorities and the Malaysian police closed the bank account. Another major case was over a shareholder dispute in the ownership of a firm registered at DIFC in 2006. The judgment was issued in July 2007 and it was not appealed.



The Forsyth case and the number of subsequent disputes arising from it threw the spotlight on the court last year. How has this changed the way you operate?

The Forsyth liquidation threw up an interesting situation. There were quite a few employees who were worried about their own position, so they brought individual claims and some of those involved a relatively small amount of money.



The minimum claim amount is Dh100,000, but suppose someone said he or she was owed Dh90,000 but there’s a lot more to come in future, then you might have difficulty in saying whether the claim was under the limit or not. We already had a few small cases but the Forsyth liquidation paved the way for 10 or 12 smaller cases. That made us realise that we should open a small claims’ tribunal. So we now have a simplified, cheaper procedure for small claims.



To date, the tribunal has handled 31 small claims, with as many as 20 arising out of the Forsyth case. The initial stages of a small claim is held in private meetings between the two parties, but any hearing before the court is in public.



What powers do the court have?

We enforce our judgments and orders through the Dubai Courts. We are not a criminal court, there’s no way we can send people to prison, but we would be able to do this through the Dubai Courts.



The courts are here, in one sense, to provide a service. Our job is to deal with disputes and the project we are currently engaged in is to make sure we’re ready for any disputes that arise in future.



DIFC has reached a stage where there are lots of companies and transactions and we are the people to whom they will bring their disputes to. In that sense our business will increase, but we’re not here to make money from the disputes. The fewer the disputes the better. But we are prepared to handle bigger number of cases with the appointment of six new judges.



What kind of cases do you expect at the court this year?

We all have a feeling that there might be cases arising out of all the business activities that are happening in DIFC now. Most of the businesses are obviously going to be property, banking or insurance-related.



The court was originally founded on the basis that there would be an exchange here. The transactions on the exchange are likely to throw up disputes. There’s been relatively little transactions on the exchange so far, although with the DP World initial public offering and maybe several others to follow that’s going to change soon.”





Sir Anthony Evans

Chief Justice, DIFC Courts



Sir Anthony Evans was appointed Chief Justice of the DIFC Courts in April 2005. He was a High Court judge in England and Wales from 1984 until 1992 and a Lord Justice of Appeal (a member of the Court of Appeal) from 1992 until his retirement in 2000.



Before being appointed as judge, Sir Anthony Evans practised as a barrister, specialising in commercial cases. He became Queen’s Counsel in 1971 and a Recorder of the Crown Court in 1972. As a High Court judge, he sat regularly in the Commercial Court, and from 1990 until 1992 he was judge in-charge of the Commercial List.



Since 2000, he has continued to sit from time to time in the Court of Appeal and as a member of the Judicial Committee of the Privy Council. He is also a member of the Court of Appeal in Bermuda. Sir Anthony has extensive recent experience as an arbitrator, with particular emphasis on international commercial arbitration.





DIFC courts



Established in December 2004, the DIFC Courts is an independent judicial system that has jurisdiction over matters arising within the financial centre. It is not a criminal court and has no direct powers to enforce its judgments. It acts, instead, through the Dubai Courts.



The appointment of six new judges sees the first two Emirati judges become common law international judges and the UAE’s first female judge, Tan Seri Dato Siti Norma Yaakob from Malaysia. She was previously Chief Judge of Malaya and has also acted as judge on the Malaysian Court of Appeal and the Federal Court of Malaysia.



The new judges will interpret laws and issue orders for the enforcement of laws in the DIFC.



Dubai’s financial regulator, the Dubai Financial Services Authority (DFSA), threw two subsidiaries of global asset management group Forsyth Partners out of DIFC last August. DFSA withdrew the licence of Forsyth Partners Global Distributors since it “failed to meet the applicable regulatory capital requirements and was unable to demonstrate a capacity to remedy that breach”.

Article: http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=1849

http://www.emaratalyoum.com/uploads/wejhaa.JPG

«دبي المالي العالمي» يعدل قانون التحكيم



أصـدر مركــز دبي المـالي العالـمي أمس مسودة استشارية بشأن قانـون تحكــيم جديد، وسيتم طرحها للــمشورة العامة والتوصية لمدة شهر كامل ابــتداء من 17 فبراير الجاري من خــلال نشـرها على الموقع الإلكـتروني للمركـز.


وتأتي هذه الخطوة تمهيداً لإقرار القانون المقترح قبل إحلاله مكان قانون التحكيم الحالي بهدف تسهيل الإجراءات أمام مركز التحكيم المزمع تأسيسه في مركز دبي المالي العالمي. وتتوخى التغييرات المقترحة، التي تم إعدادها بالتشاور مع خبراء عالميين مشهود لهم بالكفاءة في مجال التحكيم، إضفاء صبغة عملية وشمولية على قانون التحكيم بحيث يكون واضحاً ومفهوماً من قبل جميع العاملين في هذا المجال. وسيلتزم قانون التحكيم المقترح بأفضل ممارسات التحكيم العالمية، ما يجعل النظام القانوني في مركز دبي المالي العالمي أكثر بساطة ومرونة وجاذبية لمجتمع الأعمال الدولي.


وقال محافظ مركز دبي المالي العالمي، عمر سليمان: «يضمن القانون المقترح تزويد الشركات بحل سريع ومنخفض التكلفة بدلاً من اللجوء إلى تسوية النزاعات عبر المحاكم».


وتشمل التغييرات الرئيسة المقترحة في مسودة قانون مركز دبي المالي العالمي للتحكيم، اعتماد قواعد تحكيم لجنة الأمم المتحدة للقانون التجاري الدولي (يونسيترال) مع التعديلات الهادفة إلى تحسين شروطها، وهناك تغيير مهم آخر يهدف إلى توسيع نطاق عمليات التحكيم الخاضعة للقانون، بحيث يشمل جميع أنواع التحكيم والأطراف التي تختار حل نزاعاتها عن طريق التحكيم أو التوسط عبر مركز دبي المالي العالمي.


وتغطي مسودة قانون التحكيم الجديد جميع الجوانب القانونية الضرورية للوفاء بمتطلبات الاختصاص القضائي والإطار القانوني الفريدين لمركز دبي المالي العالمي، والتغلب على جميع الصعوبات الناشئة عن ظروف وآليات السوق الفريدة.

^^«Dubai International Financial» amended Arbitration Act



The Dubai International Financial Centre yesterday a draft law on the advisory arbitration again and will be put up for the advice and recommendation for a full month starting from February 17 through ongoing posted on the website of the Centre.


This step comes in preparation for the adoption of the proposed law brought before the Arbitration Act aimed at facilitating the current proceedings before the Arbitration Centre to be set up in Dubai International Financial Centre. Envisages the proposed changes, which have been developed in consultation with global experts recognized competence in the area of arbitration, to the nature and comprehensiveness of the Arbitration Act to be clear and understood by all workers in this area. And will abide by the law of the proposed arbitration arbitration global best practices, which makes the legal system in the Dubai International Financial Centre simpler, more flexible and attractive to the international business community.


The Governor said Dubai International Financial Centre, Omar Suleiman: «ensure the proposed law firms to provide a quick solution and low cost rather than resorting to settle disputes through the courts».


The changes include the President proposed in the draft law of Dubai International Financial Centre for Arbitration, the adoption of Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL) with the amendments aimed at improving conditions, and there is another important change is aimed at expanding the scope of arbitration under the law, so as to include all types of arbitration The parties that choose to resolve their disputes through arbitration or mediation through the Dubai International Financial Centre.


The draft law covers all aspects of the new arbitration law necessary to meet the requirements of the jurisdiction and the legal framework unique to the Dubai International Financial Centre, and to overcome all the difficulties arising from the circumstances and the unique market mechanisms.
__

Dubai top financial hub in gulf says report

Friday, February 29 , 2008

Dubai has retained its position as the leading financial centre in the region in the latest Global Financial Centres Index (GFCI).

The emirate also came in first out of five global cities that were singled out as likely to become “significantly more important” over the next two to three years.

GCC financial centres have recorded significant ratings increases in the third GFCI, released on Thursday by the City of London Corporation, which represents British financial services.

Dubai was identified as a key and growing regional hub, while Bahrain and Qatar experienced the biggest jump in the ratings, by 59 and 51 points, respectively.

Dubai’s rating increased by 10 points, moving it into 24th position globally. It was a 15-point jump in ratings since the first report was published in March last year.

Dubai International Financial Centre’s Chief Economist Nasser Saidi, speaking to Emirates Business recently, attributed Dubai’s emergence as a world-class financial centre to several factors, mainly due to investment in the infrastructure of the financial markets.

Bahrain and Qatar, which initially failed to enter the top 50 GFCI ranking in March last year, have improved their performance since September.

Bahrain, which was ranked 44th with 455 points, improved its performance and its position by three spots. Qatar on the other hand gained 51 points and remains in 47th position with 491 points, compared to 440 points in September.

The index has rated and ranked each major financial centre in the world in terms of competitiveness.

London and New York continue to hold their first and second positions respectively, leading by 90 points ahead of the next two centres. Singapore, in fourth place, is quickly catching up Hong Kong.

Elsewhere, the rankings show Sydney, Australia, has lost ground and moved down to the 10th spot, losing 15 points compared to the previous index published in September last year.

The bi-annual report was first published in March last year. The new report updated some of the external indices used in the previous model and added eight new indices of features contributing to competitiveness.

The report provides ratings for centres using a total of 62 external indices and a total of 18,878 assessments from 1,236 respondents.

Although London maintained its overall lead in all five areas of competitiveness – people, business environment, market access, infrastructure and general competitiveness – its lead over New York weakened, dropping from 806 points to 795 out of 1,000.

The capital of England currently has a reduced lead of nine points over the financial centre of United States due to proposed income-tax changes and the collapse of Northern Rock bank.

The British Government’s proposal to raise more tax from foreigners living or working in Britain will have a negative impact on London, said the report.

Meanwhile, Dubai continues to remain in the lead among the list of cities that have been identified as centres most likely to increase in importance over the next two to three years. Others in the list are Shanghai, Malta, Beijing and Singapore.

Dubai, according to the authors, is the clear leader in perceptions of potential growth as a financial centre.

Overall, Dubai was mentioned 22 times by respondents when asked about the top five financial centres where organisations may open new operations in the next two to three years.

The authors also noted the growth of Bahrain and Qatar highlights their role as key regional hubs in the Middle East and beyond.

“The consistently high price of oil and massive investments by national governments in the creation of financial hubs have helped to raise these two centres in the Index.”

There are a few things in this image that I have questions about:

http://img256.imageshack.us/img256/5233/imresolt032uh7.jpg

What is in front of Liberty House (to the left of The Index)?

And the "line" that goes from the Islamic Bank Towers, past The Index, toward The Gate; what is it?

Voltas wins AED 260 million cooling plant contract in Dubai

April 04, 2008

Trade Arabia News Service reported that Emirates Central Cooling Systems Corporation has awarded an AED 260 million contract to TATA Group’s Voltas for the construction of a cooling plant at the Dubai International Financial Centre. Mr Ahmad Bin Shafar CEO of Emirates Central Cooling Systems Corporation and Mr Shaukat Ali Mir regional director and deputy COO of Voltas has signed the deal.

Under the contract, Voltas will complete civil, mechanical, electrical and plumbing works in addition to the construction of the 66,000 refrigeration tonne district cooling plant. The project will provide the financial centre with green and environment friendly district cooling that will effect substantial savings in energy consumption. The project is expected to be completed in 15 months.

Mr Bin Shafar said that "Voltas was chosen for its successful track record in implementing massive projects. As one of the major engineering solutions providers for a wide spectrum of industries such as heating, ventilation and air conditioning, Voltas brings substantial expertise to our project deliverables."

Spread over 110 acres, the Dubai International Financial Centre is the world’s fastest growing international financial centre, being developed on the lines of other global centers such as in New York, London and Hong Kong.

http://steelguru.com/news/index/2008/04/04/NDExMzc%3D/Voltas_wins_AED_260_million_cooling_plant_contract_in_Dubai.html

There are a few things in this image that I have questions about:

What is in front of Liberty House (to the left of The Index)?

And the "line" that goes from the Islamic Bank Towers, past The Index, toward The Gate; what is it?

Not sure about the tower (have a look at the plot map)

The 'line' is a service tunnel that links the area, including the Burj.

this was the site in 2003:
http://farm4.static.flickr.com/3224/2405462612_16b36f557c_o.jpg

nothing much has changed :lol::lol::lol:

yes, only a little bit :D

Not sure about the tower (have a look at the plot map)

The 'line' is a service tunnel that links the area, including the Burj.

The 'line' is something very special which might go one day from the WTC to the Burj Dubai... inshallah... ;)

Are you sure it is a service tunnel? I think I heard a while back that they were building a tunnel, but I thought it was for cars. And if it is just a service tunnel, why would GOL2007 call it "something very special?"

http://www.findmeapropertyindubai.com/images/difc/difc2.jpg

:okay:Fantastic picture Bizzy!!! Good eye and well setup. :applause::applause::okay:

Are you sure it is a service tunnel? I think I heard a while back that they were building a tunnel, but I thought it was for cars. And if it is just a service tunnel, why would GOL2007 call it "something very special?"

It's called 'Retail Spine' and will consist of shopping, restaurants and other Dubai-stuff. Currently it's on hold and under redesign but is planned to go one day from WTC to Burj Dubai. The idea comes from Sheikh Mo himself.
But unless they put someone in charge who knows how to handle such project it will take forever to build that.
Needless to say that it's not a high priority project for the DIFC guys because the ROI is quite low... :lol:
And the entry ramps are for trucks, not for cars. Cars will enter directly at the ring road around DIFC.

It's called 'Retail Spine' and will consist of shopping, restaurants and other Dubai-stuff. Currently it's on hold and under redesign but is planned to go one day from WTC to Burj Dubai. The idea comes from Sheikh Mo himself.
But unless they put someone in charge who knows how to handle such project it will take forever to build that.
Needless to say that it's not a high priority project for the DIFC guys because the ROI is quite low... :lol:
And the entry ramps are for trucks, not for cars. Cars will enter directly at the ring road around DIFC.

ahh..i stand corrected.
something similar to that in Singapore? always wondered why they didn't do something similar in Dubai. Guess that ends that wondering!

Thanks GOL2007!

Bank staff to fuel autumn Dubai real estate shortage

The Dubai International Financial Centre continues to staff up operations as the oil boom grows and the need to recycle petrodollars becomes more critical. Last week Deutsche Bank said it was relocating another 185 bankers to Dubai. Other international banks are also on an expansion track and local banks will not be far behind as their profits surge this year.
http://i32.tinypic.com/o759ua.jpg
United Arab Emirates: Monday, May 12 - 2008 at 09:55

It is remarkable to think that the DIFC only came to life five short years ago in 2003, and that its debut was marred by controversy over a sacked regulator and then a local stock market crash in 2006.

Yet the number of financial firms in the DIFC passed 100 over a year ago, and the staff numbers are surging too. Support firms are mushrooming as well, with London commercial lawyers Herbert Smith for instance up from 10 to more than 50 staff in the first year of operation.

You do have to credit Dubai with astutely spotting another market opportunity: an international financial hub regulated to global standards with its law in English. Getting the big international banks involved at an early stage made success just a matter of time.

New buyers
Now consider the impact on the Dubai residential real estate market. These new professionals are largely expatriates from other financial centres and used to paying high rents for accommodation.

That is why they do not flinch at the high office rents in the DIFC where all space under construction is committed, and finding offices within the surrounding district challenging and expensive. It is the same story for residential property.

Bankers relocating to Dubai are pleasantly surprised by the cost of local rents, unlike long-standing residents who find them appallingly high. They are also likely to have access to low-cost, dollar-based housing finance to buy in Dubai.

Indeed, many bankers and DIFC support services staff are savvy enough to read the market correctly. Rental inflation has been high in Dubai and shows no sign of slowing down, so buying as a hedge against inflation of rent makes sense and is also probably a good capital investment as rental yields are high by global standards.

Past precedent
There are also good past precedents to consider. Bankers moving to Hong Kong in the early 1990s, for example, had the opportunity to buy property into an ongoing boom, and many kicked themselves later for not having bought when they had the chance.

Therefore, perhaps as the hot weather of summer subsides this year we are going to see a wave of new buyers in the residential market from Dubai’s growing financial sector. They will be hoping for a rising market to carry their investment forward and their own buying could make this a self-fulfilling proposition.

For the smart money will not only be moving to Dubai but buying property in the city while prices remain below comparable financial centres whose immediate outlook is not too bright.

http://www.ameinfo.com/156373.html

Whenever I tell my bank/financial services buddies about the DIFC and how many companies are setting up, their answer is the same: "Where is all the business going to come from?". 185 bankers to dubai just from db?.

I used to be in the wealth management/private banking field a
and a collegue recently told me that business is now cutthroat in dubai than a few years ago. Earlier a good private banker got 1-2 clients a month, made 40-50k a month and went home happy. Business too was restricted to the biggies- UBS, Credit Suisse, Citi, ML and HSBC. Everybody else ie Barclays PB, Goldman Sachs, MS, JP, all had what were know as "briefcase bankers"- took the previous nights flight out of heathrow or geneva, met clients all morning, prospective ones from drinks in the evening and back home on the night flight.

At last count now, there are over 50+ private banks with swiss or jersey jurisdictions. Business is now drying up. Everybody has already been taken, or have their money tied up with Private Equity. Venture capital or a down DFM. All the banks now in the wealth management field when recruiting specify "must have transferrable client base", which is asking a lot and quite hard.

Even India/Pakistan/S.Arabia, places where dubai bankers used to fly to get customers have no need- banks are setting up shops there too so its no longer a hub for the indian subcontinent, and more of a regional base for the GCC rather than Asia head office like companies have in Singapore.

Same for Investment banking/ Corporate Finance. I though the govt. and big institutions (futtaims, habtoors, rostamani, fardans etc) all are in bed with the local banks. Why should they run to high street banks after 2-3 decades of deep relationships?.

me thinks that while Dubai is everybody's darling now, Singapore & Hong Kong are still gonna call the shots for not only SE Asia but the Middle East as well for a long time to come.

Dubai plans low carbon-emission project
Published: 13 May 2008 14:00 GMT Author: Christopher Sell More by this Author Last Updated: 13 May 2008 17:52

Dubai is planning its second low carbon-emission development project which, like the first, will be located at Dubai International Financial Centre (DIFC).

Canada's Busby, Perkins & Will won the contract to design the project in December. The design features two towers, with a uniquely-designed wind turbine placed between them.

RWDI, the Canadian-based wind engineering consultants, which carried out work for the Burj Dubai, were also involved in the design.

The towers will be the second office-block development in Dubai that incorporates wind turbines into the structure following the Lighthouse Tower, designed by the UK's Atkins, also being built in DIFC.

The 400-metre office tower aims to reduce energy consumption compared to a conventional design by up to 65 per cent and water consumption by up to 40 per cent. This will be achieved using solar technology including photovoltaic awnings, a series of low energy and low water use solutions, as well as recycling systems for energy and water reuse. As well as the wind turbines, the building will supplement its power supply using 4,000 solar panels incorporated into the structure (MEED 27:4:07).


Author: Christopher Sell.

R

^^

http://img156.imageshack.us/img156/2160/imresolt046pf5.jpg

WOOOOOOOOOOOOOOW

I found this with google. I don't know if it's posted before.

http://www.difc.ae/press_centre/archive/2007/images/376.JPG

http://funatics.blogspot.com/2007/05/dubai-international-financial-centre.html

I like it!

that's the Lighthouse Tower, we have a thread for it anywhere here.
BTW: great musical taste!:)

HolySweetMotherOfGod
That canadian thing is spectaculasticly übercool:banana:
The spiral windmill is going to look awesome in real life

any more info on that project?????? hope it gets built,
I love DIFC!! they have so unique designs and a great variety of styles

General photos and stuff that I don't know what it is. :)
All by Imre, 30th May.

http://farm3.static.flickr.com/2028/2540799434_5a2a2c37c0.jpg?v=0

http://farm4.static.flickr.com/3295/2540804270_9522c44b25.jpg?v=0

http://farm3.static.flickr.com/2225/2539983773_253bfe700c.jpg?v=0

http://farm3.static.flickr.com/2238/2539984401_04f132e7f2.jpg?v=0

http://farm3.static.flickr.com/2291/2539984529_b0c693900e.jpg?v=0

http://farm4.static.flickr.com/3208/2540807200_ea2dd33c07.jpg?v=0

http://farm3.static.flickr.com/2046/2540807322_4805dfa3b7.jpg?v=0

Oooooo K?
http://farm3.static.flickr.com/2345/2539986487_09def5501b.jpg?v=0
http://farm3.static.flickr.com/2346/2539986675_abeb79a5dd.jpg?v=0

http://farm4.static.flickr.com/3227/2540808326_4cd8dcefc2.jpg?v=0

I really like the cladding in the second last photo. Classy.

In the fourth and fifth pictures of Imre's that I reposted. What is the building with the blue formwork? :

30/05/08
http://farm4.static.flickr.com/3156/2547610495_077b2216f8_o.jpg
http://farm3.static.flickr.com/2413/2548433300_8e34227efd_o.jpg
http://farm4.static.flickr.com/3268/2548434042_c127109b2a_o.jpg

Nice shots. That skyline looks so nice.

Dresdner Bank to join the Dubai International Financial Centre (DIFC)

Posted: 05-06-2008 , 13:38 GMT


Dresdner Bank to join the Dubai International Financial Centre (DIFC)

• New subsidiary key to expansion of Bank’s Private Wealth Management business
• DIFC office is platform for further growth in the Near and Middle East region


Dresdner Bank has expanded its presence in the Near and Middle East region with the formation of a subsidiary in Dubai. The new company “Dresdner Bank (DIFC) Limited” has received a license from the Dubai Financial Services Authority to establish its office the Dubai International Financial Centre.

Dresdner Bank is one of the top ten players in Europe’s private banking industry, and in Germany ranks number two in this segment. In total, the bank manages assets worth about 130 billion Euros (USD 201 billion) for its affluent and wealthy private clients. .

Dresdner Bank is not new to the region having maintained a representative office in Dubai for over 12 years. Building on this experience, the new company has been established to serve as a platform for further growth throughout the GCC region specifically to take advantage of one of the most attractive and fastest growing private wealth management markets in the world. Dresdner Bank (DIFC) Limited will be part of Dresdner Bank’s Private Wealth Management Division.

Welcoming Dresdner Bank to the DIFC community, Nasser Al Shaali, CEO of the DIFC Authority said: “With the exceptional growth of private wealth in the Middle East, the demand for wealth management services has experienced a tremendous surge. Institutions like Dresdner Bank with vast expertise in this sector have access to a large number of new market opportunities. Their office in DIFC gives the company the strategic platform to establish new relationships with customers, gain competitive edge and increase their share of the regional market.”

Andreas Georgi, who represents this Division on Dresdner Bank’s Board of Managing Directors said “The formation of a subsidiary in Dubai is a further step within the international expansion strategy of Dresdner Bank’s Private Wealth Management”

Clients will be able to access the comprehensive offering within the Allianz Group, which now encompasses two Shariah-compliant mutual funds managed by Allianz Global Investors (“Allianz RCM Islamic Global Equity Opportunities“ and “Allianz RCM Islamic Global Emerging Markets Equity“) to meet the high demand of Shariah-compliant investments in the entire region.

The new company will be run by Nigel Putt, who has managed client relationships in the Near and Middle East for many years and who offers comprehensive experience in regional and international private wealth management. The Team will be supported by the addition of further relationship managers in the coming months.

Dresdner Bank’s Private Wealth Management Division has been expanding recently. Last year, the bank increased the number of offices in Germany dedicated to this sector from 7 to 22 and enlarged its international footprint through the acquisition of two asset managers in Belgium. In addition, new offices have been opened in three locations in Great Britain. Kleinwort Benson, the British subsidiary, was recently awarded “Best Private Bank in UK” by Financial Times and Investors Chronicle. The establishment of Dresdner Bank (DIFC) Limited further complements the expansion of the division on a global basis.

© 2008 Al Bawaba (www.albawaba.com)

Sky Gardens dispute ends

http://i32.tinypic.com/mrbxjp.jpg

By Bradley Hope
Last Updated: June 10. 2008 2:54PM UAE / June 10. 2008 10:54AM GMT

Amlak Finance, the country’s largest mortgage provider, has ended its dispute with Kuwaiti company Mazaya Holding and will go ahead with its Dh1.65bn (US$449.2 million) purchase of units in a Dubai residential tower.

Arif Alharmi, the chief executive of Amlak, said in a statement this morning that the two companies had resolved their differences. “We have decided to move ahead with the definitive agreement,” Mr Alharmi said. “From our perspective all pending issues were cleared.”

The deal broke down last week with both companies accusing the other of failing to live up to the original agreement.

The company announced last week that it threatened to take legal action and said it would seek Dh82m in damages from Mazaya, against Mazaya Holding the owner of Sky Gardens in the Dubai International Financial Centre, after the deal had collapsed.

Amlak in turn accused Mazaya of failing to meet because it was not able to meet the terms of the agreement.

Mazaya responded by saying that it too would seek damages, because Amlak had pulled out of the deal at the last minute.

Arif Alharmi, the chief executive of Amlak, said in a statement this morning that the two companies had resolved their differences. “We have decided to move ahead with the definitive agreement,” Mr Alharmi said. “From our perspective all pending issues were cleared.”

Neither company would clarify say what had changed to bring the deal back to life.

Amlak is buying 80 per cent, or 360 of the 450 apartments in Sky Gardens. It is one of the first residential buildings in the DIFC area to reach completion.

http://www.thenational.ae/article/20080610/BUSINESS/946349031/1005&profile=1005

Amlak, Mazaya salvage Skygardens deal

http://i30.tinypic.com/sv3z88.jpg

by Sean Cronin on Tuesday, 10 June 2008

Amlak Finance has agreed to buy 80% of Mazaya Holding’s Skygardens tower in Dubai for $449 million after resolving a disagreement that threatened to derail the deal.

“From our perspective all pending issues were cleared with the assistance of the Dubai International Financial Centre (DIFC), paving the way for this transaction to be finally concluded,” Amlak CEO Arif Alharmi said in an emailed statement on Tuesday.

The 160 metre-high Skygardens tower is being built within DIFC and will include a mixture of business and residential space.

Amlak said last week it was seeking 82 million dirhams ($22.33 million) in damages from Mazaya after an initial agreement to buy Skygardensi fell through.

The Islamic home finance firm said the deal collapsed because a unit of Kuwait-based Mazaya was unable "to honour the terms and conditions stipulated in the MoU".

The unit, First Dubai Real Estate Development Company, subsequently said it was willing go ahead with the sale, despite the lapse of a May 31 deadline, and if the sale fell through it would keep Amlak's 82 million-dirham deposit.

Amlak has moved into property development in an effort to diversify its revenue base. It holds more than $1.2 billion in real estate investments.

Following a restructuring, Amlak Finance has focused on its core business of home finance and real estate investments.

Amlak shares have risen about 36% over the last year.

http://www.arabianbusiness.com/521636-amlak-mazaya-salvage-skygardens-deal?ln=en

new tower coming in the DIFC, front of the Index Tower ( between the Index and the Sheikhs Palace) , around 60 floors, so one day the Burj View from the Index will be gone.

sorry for the bad news:)

Imre, where did you hear this from? How sure are you?

new tower coming in the DIFC, front of the Index Tower ( between the Index and the Sheikhs Palace) , around 60 floors, so one day the Burj View from the Index will be gone.

sorry for the bad news:)

it is indeed bad news if true. but it will be outside DIFC area right? ( looking at the master plan, Index is last tower in DIFC)

any news about this tower though? name, height?

^^ here's more info
http://www.skyscrapercity.com/showthread.php?t=647979

^^ Really don't think it's the same

No it's not the same obviously.

Sheikh Zayed Road, Dubai (SZR) and Dubai International Financial Center ( DIFC) construction update by Imre Solt, 18/July/2008

http://www.flickr.com/photos/imresolt/sets/72157606251680841/

reposts welcome

it is indeed bad news if true. but it will be outside DIFC area right? ( looking at the master plan, Index is last tower in DIFC)

any news about this tower though? name, height?

60 or 65 floors, Al Futtaim Hotel Tower or similar

http://i38.tinypic.com/2njc7qe.jpg

Do we have this tower at DIFC .... It's called " Providence Tower "

source
http://en.wikipedia.org/wiki/Providence_Tower
http://www.emporis.com/en/wm/bu/?id=providencetower-dubai-unitedarabemirates

http://www.conserconsulting.com/album/index.html

link to the architect....

I think this Providence Tower is more located towards Lam Tara Towers

Isn't Providence Tower canceld??

An extract of an interview with the CFO of Union Properties published in the Gulf News today:

"We do know that if an investor buys in the Difc and then rents it out, he will be charged a percentage of that rent".

This is the first that I have heard of it. Can anyone confirm if this is correct, and if so, what the percentage is?

Thanks

http://i38.tinypic.com/53uz5s.jpg
http://i36.tinypic.com/v6j05c.jpg

Property weekly 14/8/08 page 74

:nuts:

count 130floors needs to be added to the 3D model and glad it replaced that one with the red spots like mumps

Btw, way plot in front of Index is currently 50 floors according to affection plan, This could be modified upto any hieght with the right permissions.. Depends if that large palace/ villa stays.. Looking at the space around DIFC, the land next to Sky Gardens has had fesability plans done.. It was sold from national investments to Dubai Investments so expect an extra 60 tall towers around DIFC or maybe another new district.

Dubai is only 25% released so expect lots of new citiscape launches.

Are we sure that is not an old proposal?
This article clearly says 2 towers.

Dubai plans low carbon-emission project
Published: 13 May 2008 14:00 GMT Author: Christopher Sell More by this Author Last Updated: 13 May 2008 17:52

Dubai is planning its second low carbon-emission development project which, like the first, will be located at Dubai International Financial Centre (DIFC).

Canada's Busby, Perkins & Will won the contract to design the project in December. The design features two towers, with a uniquely-designed wind turbine placed between them.

RWDI, the Canadian-based wind engineering consultants, which carried out work for the Burj Dubai, were also involved in the design.

The towers will be the second office-block development in Dubai that incorporates wind turbines into the structure following the Lighthouse Tower, designed by the UK's Atkins, also being built in DIFC.

The 400-metre office tower aims to reduce energy consumption compared to a conventional design by up to 65 per cent and water consumption by up to 40 per cent. This will be achieved using solar technology including photovoltaic awnings, a series of low energy and low water use solutions, as well as recycling systems for energy and water reuse. As well as the wind turbines, the building will supplement its power supply using 4,000 solar panels incorporated into the structure (MEED 27:4:07).


Author: Christopher Sell.

R

http://i38.tinypic.com/53uz5s.jpg
http://i36.tinypic.com/v6j05c.jpg

Property weekly 14/8/08 page 74

:nuts::nuts::nuts: :)

:omg: What a monster. Looks like 450-500 meters :eek:

Btw, way plot in front of Index is currently 50 floors according to affection plan, This could be modified upto any hieght with the right permissions.. Depends if that large palace/ villa stays.. Looking at the space around DIFC, the land next to Sky Gardens has had fesability plans done.. It was sold from national investments to Dubai Investments so expect an extra 60 tall towers around DIFC or maybe another new district.

Dubai is only 25% released so expect lots of new citiscape launches.

If they start building towers behind sky gardens that'll be great for the skyline.
Do you know who the architect is of that big proposal?

It looks very femiliar to the proposal of shanghai center
http://i245.photobucket.com/albums/gg64/z0rgggg/sg-37G.jpg

I saw the magazine article from where the pictures were taken. It says nothing about this tower or any other DIFC central tower, it actually concentrated more on The Index.

I would think this was one of the (loosing) competition entries and the guys at the magazine just got hold of those renders and looked cool anough to them for ilustrating the article.

In height , it's Double Rose Rotana Hotel ! could be 150F

http://i38.tinypic.com/53uz5s.jpg
http://i36.tinypic.com/v6j05c.jpg

Property weekly 14/8/08 page 74

^^
There is a new model of the Difc district in the Gate building. The tall circular tower next to the Limestone house is on there as well. As Malec mentions, there was mention of a twin tower comlplex with wind turbines on that site - so not sure if that is cancelled or if the model is out of date.

The entire difc district west of the DIFC drive only had one place holder (between the Index and the Park Lane towers). Other than this, the entire site is spoken for with underconstruction/or announced buildings. The retail spine will in all likelihood open when the majority of the towers are complete, but in 3-5 years this area will be complete.

^^ And you didn't take pictures? :D:D:D

Sorry to be off topic, but someone can put there a link with dubai metro (the transport line)

Thanks :cheers:

^^^^ And you didn't take pictures? :D:D:D

:lol:I need to start carrying the camera along, and also figure out how to post the pics. Suppose once you get started there is no stopping!

^^ It's easy to do so
Look here:
http://www.skyscrapercity.com/showthread.php?t=339254

By the way, were there any other towers that we don't know about yet?

No new towers on there, other than the one with the placeholder which hasn't been announced yet.

The plot with the Sheikh's palace was clearly marked on the model as well, and it is a lot bigger than I thought it was. This could well be a cluster of towers.

^^
Just saw the film of the Difc gardens, the movie is displayed on a panel adjacent to the model in the gate building. Pretty impressive! The tall circular tower must have replaced the other proposal of the twin towers with the wind turbines, as it is on the model and the film. Also there are two additional placeholders adjacent to the sky gardens - I saw a site boarded up with branding of Zabeel investments. Don't think either of these has been announced yet.

No new towers on there, other than the one with the placeholder which hasn't been announced yet.

The plot with the Sheikh's palace was clearly marked on the model as well, and it is a lot bigger than I thought it was. This could well be a cluster of towers.

Hey so what is the masterplan model actually indicating for the Sheihk's palace? For it to remain as it is at the moment? Is the palace to remain but towers to be built up around it? Or is the whole site to be converted into tower(s)? Can anyone post any information they have on this matter. Cheers!

http://www.alec.ae/Uploads/Images//DIFC%20Perspective_01.jpg

http://www.alec.ae/Uploads/Images//DIFC%20Perspective_02%20(2).jpg

17.07.08 - ALEC awarded DIFC contract

The design and construct contract for a mixed use development in the Dubai International Finance Centre has been awarded to ALEC by our partner Al Jaber on the 17th of July.

#1 Park Avenue is a 400m+ mixed use high rise development comprising commercial, residential and a 5+ Star hotel with retail/F&B throughout. The operator of the 5 Star hotel is yet to be announced and will be located in the upper portion of the building. The lower podium areas will contain numerous retail and F&B outlets which will be accessible via bridge connections from the surrounding area.

Bulk earth works will begin in November 2008 and structure is planned to start by January 2010. Total site area is 18,381m2 and project GFA is approximately 285,000m2. Project completion is being targeted for mid 2013.

http://www.alec.ae/newsdetail.asp?uri=31&s=7


... a different one :banana::banana:

which one is the One Central Park Tower?

or is it just an old name?

I thought The Index was called One Central Park before they decided to change it.

^^ Correct

^^
Could this be the one next to Sky Gardens? Where the Zabeel boarding is now. It does not seem to be the tall circular one next to the Limestone house.

^^ Nope, it's just across the road from the big one
http://img388.imageshack.us/img388/8679/wholegardenviewtopan7.jpg

http://up.ae/uploadedImages/Property_Portfolio/index/INDEX_-_Construction_update/july-pic3.jpg

http://i35.tinypic.com/14t07cl.jpg

That's the Daman guys "The Buildings" project next to the Sky Gardens right? Also, the plot right below Sky Gardens, is it going to be used for anything?

Does anyone know what building is gonna be built right in front of Park Towers at Park Avenue area?

^^ Check post 631

http://i36.tinypic.com/16byd0j.jpg
http://i38.tinypic.com/21l0rqe.jpg
Final Selection of design in 3 days.

This is Perkins+will, same as buildings by daman..

Appolgy to them for breaking their model,, sorry..

This is lead platinum, with a wind generator in the middle,, hope it gets selected..

nice one. about 450 metres or more? about 85 to 95 Floors

You broke their model? Lol. How'd that happen?

Nice design by the way. Platinum leed rating, nice.

You broke their model? Lol. How'd that happen?

Nice design by the way. Platinum leed rating, nice.

which tower broke? I don't see it.

we need some experts for this pic:
27/09/08
http://farm4.static.flickr.com/3282/2933540743_d3446879ef_o.jpg
Source: http://www.flickr.com/photos/michelle_d/2933540743/

Looks like the Index is almost Topped-Out.

What's that building that's about 3 floors high at the moment and is in the top right hand corner?

http://farm4.static.flickr.com/3254/2958826132_8be8b4025a_o.jpg

i think i walked there back in June and i remember crossing the street to see what it was. As far as I know it was a DEWA substation for electricity or/and water

It's a district cooling plant

http://i359.photobucket.com/albums/oo34/melkor_gds/DSCN0011.jpg?t=1224583351

I am not sure where is the best place to ask this (please redirect me if you know of such a thread):

What is the area outlined in orange? Is it Sheikh Mohammed's palace? If not, whose is it? And then where is Sheikh Mohammed's palace in relation to this image?

If it is a palace of some sort, are the streets (outlined in blue) open to the public? Would I be arrested or questioned for walking around the area?

http://img205.imageshack.us/img205/4852/29588261328be8b4025aopm5.jpg

I think it is not his major palace which is locaded in Nadd al Sheba. This could well be a palace of a family member though...

http://i34.tinypic.com/290whh0.jpg

Nice overview of DIFC. From Nader on picasa

http://img233.imageshack.us/img233/2042/helicoptertour01nov0811so8.jpg (http://imageshack.us)
http://img233.imageshack.us/img233/helicoptertour01nov0811so8.jpg/1/w1600.png (http://g.imageshack.us/img233/helicoptertour01nov0811so8.jpg/1/)

DIFC lends support to Islamic finance industry’s unification initiative

http://www.gowealthy.com/gowealthy/wcms/en/home/news/economy/DFC.JPG

The Dubai International Financial Centre (DIFC), in association with the International Islamic Finance Market (IIFM), has organized a project briefing session to reaffirm support for the Master Agreements for Treasury Placement (MATP), a major initiative that facilitates the unification and growth of the Islamic financial services industry.

Nasser Al Shaali, CEO, DIFC Authority, said, "The MATP represents a significant milestone in the development of the global Islamic Finance industry. As part of DIFC's mission to catalyze the growth of the regional capital market, we will be seeking to raise awareness and understanding of the MATP not just within the financial district but across the region."

The MATP is a benchmark document and a global first for the Islamic finance industry. The adoption of the MATP will enhance cost, time and operational efficiencies of Shari'ah compliant deposit arrangements. The initiative caters to the Shari'ah compliant commodities market, which represents, in some cases, 90% of commodity Murabaha transactions.

http://www.gowealthy.com/gowealthy/wcms/en/home/news/economy/DIFC-lends-support-to-Islamic-1225870086625.html

http://farm4.static.flickr.com/3184/3066713381_59a2375e97_o.jpg

http://farm4.static.flickr.com/3008/3067553250_6e125fba75_o.jpg

DIFC Investments repays US$500m syndicated loan before maturity


http://www.gowealthy.com/gowealthy/wcms/en/home/news/interviews/DIFC_sx_Dec4.jpg

DIFC Investments, the investment arm of the Dubai International Financial Centre (DIFC), announced that it has repaid its US$500 million syndicated loan facility in full. The loan was due to mature on December 5, 2008.

DIFC Investments manages the Dubai International Financial Centre's commercial operations and the investments. DIFC Investments' rating have been reviewed and reconfirmed few weeks ago by S&P at A+ and also reviewed and reconfirmed by Moody's around the same period at A1.

The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. In just four years, over 750 firms have registered at the DIFC.

http://www.gowealthy.com/gowealthy/wcms/en/home/news/editorial/DIFC-1228283309658.html

I think in general DIFC area will be always in Demand there are only few towers in this area the project that are going to be completed in a year are among the best in terms of the quality and design. In terms of area you can compare DIFC to 5th avenue in New York.

14/12/08
http://img370.imageshack.us/img370/4540/3123239228098b283af8ohz9.jpg
Source: http://www.flickr.com/photos/24304430@N07/3123239228/in/set-72157611381567393/

of all the projects in Dubai, this has to be my favorite as it has the potential to become another canary wharf or madison avenue. I especially like some of the interiors the private banks and other finance firms are putting up,

http://www.cityspace.ae/library/default.asp?categorycode=ART00053

Credit Suisse has an amazing office of all of the ones I've seen

http://www.woodsbagot.com/en/Pages/CreditSuisse.aspx

http://www.ambb.net/Interior.pdf

--

http://i40.tinypic.com/14k8cg8.jpg

http://i42.tinypic.com/9unszp.jpg

Out of focus,, arrrhh

from 11th, february 2009
http://i39.tinypic.com/jgm6vb.jpg

Source:http://www.flickr.com/photos/rosbiffer/3363074350/sizes/o/

http://i43.tinypic.com/jq10qq.jpg
http://i42.tinypic.com/2b8fax.jpg
http://i41.tinypic.com/15ds1mf.jpg
http://i42.tinypic.com/nx8jrq.jpg
http://i41.tinypic.com/35k775w.jpg

http://i39.tinypic.com/34il01k.jpg

http://i40.tinypic.com/vd1x4x.jpg

http://i44.tinypic.com/29v136c.jpg


The site of the proposed super-tall

http://i39.tinypic.com/1pccx0.jpg

Linking DIFC to Emirates Towers.

Al Waha Bridge Link - artist's impression. Competition winning design to link the Emirates Tower's in Dubai to the DIFC gateway building.

Video (http://www.flickr.com/photos/hakesassociates/3379622316/)

http://farm4.static.flickr.com/3323/3250006039_1098b9b972_b.jpg
Original size (http://farm4.static.flickr.com/3323/3250006039_0290ee8bb1_o.jpg)

^^ Much better than the first proposals from A***** to build a 3 level underground tunnel/mall to connect the two buildings... this bridge looks good! :cheers:

Interesting design, but is that bridge really needed? I mean is not that it seams to be closed and air conditioned or something.

Does anyone have photos of what the retail spine looks like or the interiors of the gate village office complex. would like to see how those turned out

^^ I think the retail spine has been delayed, but don't take that as a solid fact.

ETA Star begins delivery of Liberty House in DIFC district

Posted: 16-06-2009 , 12:29 GMT

ETA Star begins delivery of Liberty House in DIFC district
The 42-storey tower, consisting of offices and furnished-residences, is among the first to be delivered in the financial district by private property developer

ETA Star, a leading property developer in the UAE, today announced that it has started to deliver the offices and residences to owners of Liberty House. The stunning 42-storey tower is located in the heart of the Dubai International Financial Centre (DIFC) district. A premier freehold office and residential development, Liberty House is situated on the DIFC's main thoroughfare, Gate Drive.

The Liberty House offers a full range of select freehold residential accommodation, with apartment types including studios, one-bedroom, two-bedroom, one-bedroom duplex and two-bedroom duplex.

Mr. Abid Junaid, Executive Director, ETA Star, said, “With great pride, we are pleased to say that we are amongst the first private property developers to deliver a project in the DIFC district. Keeping in mind to the current scenario, the delivery of the magnificent Liberty House holds strong significance in our hearts as this validates our trust and commitment towards our loyal patrons and customers. We will continue to strive towards completing our projects as per schedule.”

He added, “Living close to the DIFC has multiple advantages -- it’s strategically located to Dubai’s financial district and is a walking distance away from the phenomenal shopping and entertainment destination, Dubai Mall. With modern design using a select palette of high quality materials and finishes both inside and out, Liberty House will always stand out as the prized possession for all its owners."

The flexible, high quality, freehold office accommodation at Liberty House provides for offices from 900 sq ft to 24,000 sq ft. Liberty House also boasts of a club house, and retail and dining options for its residents.

The area of residences varies between 448 sq ft to 1724 sq ft. All the residences are fitted with very high quality furniture imported from Italy and Belgium. The studio furnishings include king-size beds with an Italian leather feel, a love-seat-sofa made of Grande Ville Textured fabric, a lounge chair, coffee table, a side-table, a full length mirror, a night stand and a reading desk with two chairs. One and two-bedroom apartments have added fittings which included two-seater sofas with cushions, a TV stand, dining-table, dresser, bar-table, standing lamp and night lamp. The leather, black oak furnishings and frosted glass look gives the Liberty House apartments a contemporary yet sophisticated look and represents a lifestyle that is chic and refined.

Liberty House consists of ten floors of offices above which are twenty floors of luxurious residential accommodation, apart from providing six levels of car parking. The majority of the office space is located around a central atrium space providing a bright and lively atmosphere, and the apartments are designed with modern living in mind, with balconies and terraces providing an extra level of sophistication while accentuating the architectural design of the building. Also in the complex is a state-of-the-art gymnasium, swimming pool, a restaurant and an art café.

ETA Star is currently developing millions of square feet of premium property in countries across the Middle East and South-East Asia, including UAE, India, Sri Lanka, Qatar, Oman and Turkey. ETA Star has built thousands of beautiful homes and living communities, as well as, world-class business and commercial developments across the region -- all excellent investment opportunities, which are fast reshaping the urban skyline. Keeping this track record in mind along with a distinctive ETA Ascon lineage, the regional banks have developed confidence in ETA Star Properties and a strong credibility has been established with the leading financial institutions of the region.

© 2009 Al Bawaba (www.albawaba.com)

http://www.albawaba.com/en/countries/UAE/248192

http://www.archdaily.com/wp-content/uploads/2009/06/contreplonge-grosse2.jpg

http://www.archdaily.com/wp-content/uploads/2009/06/pointe-bassin-final-max-318x450.jpg http://www.archdaily.com/wp-content/uploads/2009/06/img_6637-300x450.jpg

http://www.archdaily.com/wp-content/uploads/2009/06/axo-04.jpg

http://www.archdaily.com/wp-content/uploads/2009/06/difc_etages-type-copy2-528x341.jpg

http://www.archdaily.com/26035/dubai-international-financial-center-acdf-architects/


Design Architect: ACDF* architectes-urbanisme-intérieur

Architects and Engineer: ACDF* architects - msdl - ibrdli

Design Team: Maxime Frappier, Benoit Dupuis, Joan Renaud, Patrick Morand, Yien Chao, Mathieu Cadoret, Fahed Hammami, Yves Dagenais, André Dupras, Patrick Bourget, Essam Ibrahim

Location: Dubai - UAE

Client: Dubai International Financial Centre

Area: Tower A: 78 780m2, Tower B: 28 025m2

Project Year: 2008-2009


Canadian-based ACDF Architects have designed an International Financial Center for Dubai (DIFC). The DIFC draws inspiration from geographical and geological properties to create a structure that becomes a natural extension of the site. ACDF Architects work to link the architecture with the region to “give the impression that the building takes root from these natural components instead of simply being an imposing object on the DIFC properties.”

The complex consists of two towers which are connected by an elevated horizontal platform. The main tower emerges from the ground while the second tower rests atop the platform. The underside of the platform provides circulation space so the site is accessible from all sides, and the upper surface offers a continuation of the main street that incorporates a green environment and cafes and restaurants. Light is diffused to the underside through perforated angled pre-cast concrete panels and a reflective pool. With this connection, ACDF Architects have created a complex that not only consists of the two towers, but also the space in between.

The facade of the main tower is clad in a triangulated reflective skin that provides texture to the structure while emphasizing the structure’s sculptural nature. The triangulated pattern, which is inspired by Islamic geometry, is comprised of three glass panels that have different properties. The top panels, shaded by serigraph, reduce solar glare and minimize heat gain, the side photovoltaic panels absorb solar energy to provide power for most of the public zones, while the bottom clear glazed panels provide views. The skin of the smaller tower lays flat to provide a strong contrast that creates a “seductive dialogue between a polish and textured triangulated glazed facade”.

The torsion of the main tower creates pockets in the structure for varying programs. These specific spaces reveal the “sculptural qualities to the viewer, becoming moments in the building that express materiality, color, light, and mystery,” explained the architects.





Tower on architects site (http://www.acdf.ca/site/en/projet/8-Competition/94-Dubai-International-Financial-Centre/e)- Also a video that gives clues to the location.
States; "nacreous curtain wall aligned with Fosters tower". Is there a unreleased plot near the Index?

Looking at the renders for a while I thought this could be the location.
What do you guys think. I don't think anything is planned there.

http://f.imagehost.org/0431/Untitled11.jpg

Could well be...

yes, that looks like the right location :banana:

^^ It might look so, but finding the location is the last of the problems.

http://i31.tinypic.com/5vdv2a.jpg
http://i31.tinypic.com/2h39z75.jpg

What will be built between Liberty house and Ritz Cartlon? How many plots are there?

Also, what will be on that strip of land between Park Towers and Lighthouse plot? It seems that nothing will fit into such limited space...

Whats with the metal bars sticking out of the side walk? are they building an elevated walkway or something?

Some images of DIFC area from today.

http://gallery.me.com/jbadcock/100246/P1020358/web.jpg?ver=12513221680001

http://gallery.me.com/jbadcock/100246/P1020360/web.jpg?ver=12513221760001

http://gallery.me.com/jbadcock/100246/P1020362/web.jpg?ver=12513221860001

http://gallery.me.com/jbadcock/100246/P1020363/web.jpg?ver=12513221930001

http://gallery.me.com/jbadcock/100246/P1020364/web.jpg?ver=12513222000001

http://gallery.me.com/jbadcock/100246/P1020365/web.jpg?ver=12513222060001

http://gallery.me.com/jbadcock/100246/P1020366/web.jpg?ver=12513222150001

http://gallery.me.com/jbadcock/100246/P1020375/web.jpg?ver=12513222630001

http://gallery.me.com/jbadcock/100246/P1020376/web.jpg?ver=12513222690001

http://gallery.me.com/jbadcock/100246/P1020377/web.jpg?ver=12513222750001

http://gallery.me.com/jbadcock/100246/P1020379/web.jpg?ver=12513222790001

http://gallery.me.com/jbadcock/100246/P1020380/web.jpg?ver=12513222870001

And behind really dirty windows from Dusit Hotel:
http://gallery.me.com/jbadcock/100246/P1020372/web.jpg?ver=12513222410001
http://gallery.me.com/jbadcock/100246/P1020374/web.jpg?ver=12513222580001

Please advise how to upload the pictures. Thanks.

I'm not clear about the jurisdiction of the DIFC courts when it comes to real estate in DIFC. The reason for asking is that RERA/Land Department is accepting a ludicrous interpretation of LIBOR for a developer operating in the DIFC.

Mad interpretation goes as follows:-

The LIBOR rate that applies to a debt is the 90 day Libor rate on the date that the debt is cleared, and that date of repayment is at the choice of the debtor.

This means that even if the debt has been outstanding throughout a period of high interest rates, if, on the date the debt is cleared, the Libor rate is much lower, then the interest on the entire period is at that lower interest rate.

If such an interpretation is allowed to stand then my guess is that DIFC will have no chance of succeeding in the international financial markets.

Any thoughts??

Very nice buildings. Dubai surprise me every day!!!

http://gallery.me.com/jbadcock/100246/P1020363/web.jpg?ver=12513221930001

Very nice angle. :cheers:

Does anybody have any images of the proposed 'retail spine' which runs above the 'service spine' through the DIFC area? I'm presuming it will be masterplanned to link up with all the building podiums? And will form a pedestrian route through the area? When is this likely to be finished?

^^ It doesn't seams like any work is being done there at the moment.

Property prices near Metro start showing positive signs

October 01, 2009

Residential and commercial properties in the immediate vicinity of the Metro stations could see a potential uplift of 10 to 20 per cent, an international real estate advisory firm said yesterday.

"If the Metro proves popular and efficient then it is very likely we will see a significant impact on the values around stations. The early signs have been positive. We consider the potential uplift in the immediate vicinity of the Metro stations, that is less than 400 metres, could be in the region of 10 to 20 per cent for both residential and commercial uses, but this impact will not be even across the station network," said Andrew Edwards, Associate Director at DTZ in a report on the impact of the Dubai Metro on real estate values.

.
.
.
The impact is also likely to be more significant at certain destinations such as Jumeirah Lake Towers (JLT) for residential and Dubai International Financial Centre (DIFC) for commercial. This is because there is a high concentration of residential use at JLT and commercial use at DIFC, which is likely to translate into a high level of trip generation..
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http://www.business24-7.ae/Articles/2009/10/Pages/30092009/10012009_88694131dc884afe82d46bb39f4de141.aspx

file:///C:/Users/Jon%20Morrison/Desktop/IMG_1280.JPG

Office rents in Dubai have declined 13 per cent in the third quarter of 2009 compared to the previous quarter due to increased supply of office space in the emirate, said Asteco.

Only the Dubai International Financial Centre (DIFC) has seen a positive movement in office rentals marking an increase of about six per cent in the last one quarter, it added.

According to the latest third quarter report on Dubai real estate market by the Dubai-based property consultancy, the average office rental rates ranged around Dh350 per square feet per annum for private developments, while in DIFC the rental rates were about Dh500 per sq ft per annum in the third quarter of this year. "This is due to the fact that there are very few small units available as companies tend to lease long-term."

http://www.business24-7.ae/Articles/2009/10/Pages/18102009/10192009_8e2b0060a2bc461e83a5fe1640da8c9c.aspx

file:///C:/Users/Jon%20Morrison/Desktop/IMG_1280.JPG

Nice. But what you need to do, is go to http://imageshack.us , upload a picture there, and paste back here the links to the immage that appear after you do that.

http://i35.tinypic.com/30m4waq.jpg

I use tinypic.com,, quote an image to see the special code.

Office rents in Dubai have declined 13 per cent in the third quarter of 2009 compared to the previous quarter due to increased supply of office space in the emirate, said Asteco.

Only the Dubai International Financial Centre (DIFC) has seen a positive movement in office rentals marking an increase of about six per cent in the last one quarter, it added.

According to the latest third quarter report on Dubai real estate market by the Dubai-based property consultancy, the average office rental rates ranged around Dh350 per square feet per annum for private developments, while in DIFC the rental rates were about Dh500 per sq ft per annum in the third quarter of this year. "This is due to the fact that there are very few small units available as companies tend to lease long-term."

http://www.business24-7.ae/Articles/2009/10/Pages/18102009/10192009_8e2b0060a2bc461e83a5fe1640da8c9c.aspx

I'm not surprised that the DIFC office rents are out performing commercial rents in any other district in Dubai. Quite apart from the capital value boost that will inevitably follow from the superb Dubai metro access the DIFC enjoys - I think this recent rental data confirms that the DIFC is THE optimal property investment project in Dubai - a view also advanced by 2dayDubai.com in their DIFC property investment review:

“A familiar refrain of developers in Dubai is that you have a historic opportunity of buying in early on a rapidly developing city.
Who would not have wanted to buy in on the evolving Mayfair or Wall Street 30 years ago?
But nowhere in Dubai is this value proposition more valid than in the DIFC - which is a rapidly evolving international financial centre - in a region bulging with wealth, and still in its first half decade of growth.
For this reason, combined with the exceptional intrinsic architectural and planning merits of the DIFC master project, an investment in one of the DIFC residential, commercial, or mixed use developments - is arguably a stake hold in the best investment locality in twenty first century Dubai.” http://www.2daydubai.com/pages/difc.php#H2

The only drawback with this project seems to be a DIFC Authority lease fee - a type of monopoly tax on rental income - which is providing the Authority with an unconscionable 20% cut on all DIFC rentals including renewals - which seems a hefty premium to what even the top international commercial leasing agents charge.

Hopefully - this will soon be reviewed and rendered more equitable - as it does not sit well with the Dubai Government's traditional commitment to free market principles - but until then this 20% revenue impost needs to be factored into any DIFC investment.

Regardless of this, the small 80 acre DIFC autonomous site can only take a limited number of office towers, so its space will attract an increasing premium in years to come as the DIFC continues to increase its regional stature,and so probably still represents the best commercial investment project in Dubai.

Thanks to Pentimo.com (http://panorama.pentimo.com/360_dubai_panorama.php)

A 360degree photo (http://panorama.pentimo.com/panos/dubai_360.php?panorama=panorama_360_DIFC_night_ant_attack&id=42&sort=1&categ=99) of DIFC.

Thanks to Pentimo.com (http://panorama.pentimo.com/360_dubai_panorama.php)

A 360degree photo (http://panorama.pentimo.com/panos/dubai_360.php?panorama=panorama_360_DIFC_night_ant_attack&id=42&sort=1&categ=99) of DIFC.

great very cool :cheers:

30/October/2009

Sheikh Zayed Road and DIFC ,Dubai

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The latest edition of the Global Financial Centres Index, issued by the City of London Corporation, said Dubai has continued to consolidate its position moving up to the 21st position from the 23rd among the leading world financial centres as reported earlier in March 2009.

Bloomberg's own survey put Dubai on top. Five per cent of responsdents in the quarterly poll of investors, traders and analysts who subscribe to Bloomberg terminal said Dubai is the best place for financial services.

http://www.business24-7.ae/Articles/2009/11/Pages/31102009/11012009_27f99ed8e3f64b67921fc39d7a95073f.aspx

20/November/2009

Sheikh Zayed Road and DIFC

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Does anyone know who the master developers of the DIFC area? Who is responsible for the retail spine link which connects all the building podiums together?

Its not progressing very well!!

Master developer is the DIFC, the retail area stopped in 2008, no progress there.

The DIFC and its landlords may have to re-think their business strategy - the retail area was very quiet when I last visited - the food in the food hall very average - and tenants are moving out - some to neighbouring districts like TECOM where the rents are only a third of those of DIFC.

The rents of the DIFC district are now more expensive than Mayfair office per sq foot - see The National article below:

"Rents force rethink at DIFC as firms move:"

Dubai’s financial hub is witnessing a wave of departures as companies curb expenses and seek lower rents elsewhere during the global downturn.

At least 37 companies, including the international law firm DLA Piper, have cancelled licences in the past year or are in the process of doing so, according to accountants assisting them in leaving the Dubai International Financial Centre (DIFC). Before the beginning of last year, only 13 companies had formally dissolved its operations within the DIFC, the centre’s records show.

“It’s a clean-up of the system,” said Hisham Farouk, a partner at Grant Thornton UAE, a DIFC-licensed liquidator. “From our perspective, it’s just a cleaning-up of the market. You’re not seeing Deutsche Bank walk out.”

While many companies have left in recent months, the DIFC’s registry shows, 116 companies have registered to practise at the centre since January of last year. But it is not clear how may of these have opened offices at the centre.

Companies that have left include branches of international powerhouses that went bankrupt – the likes of the US investment bank Lehman Brothers, which used to have a DIFC office, and Babcock and Brown, a defunct Australian investment bank that ran an aircraft leasing business in the centre – and small companies and branches of family businesses that could no longer afford to stay.

“The DIFC Authority is conscious of industry needs and continues to ensure that it listens to the industry’s feedback,” a DIFC representative said. “Therefore the DIFC Authority will carefully plan the strategy for the next phase of growth, keeping in mind the industries’ priorities.”

Some companies, such as Ansbacher,a private banking and yacht financing business that was in the DIFC for four years before dissolving its operations there last July, left simply because “we decided that the market wasn’t important to us”, said Gavin Fox, the company’s chief financial officer.


Others, such as Commander Asset Management, retrenched because of the downturn but hope to come back when the time is right.

“We had a very good relationship with both the DIFC and the [DIFC’s regulator] and we would be delighted to come back if the opportunity arises,” said Mark Randall, the chief executive of Commander.

Still others, such as DLA Piper, decided to cancel their licences but have maintained a presence in Dubai. The law firm has offices in Emaar Square near the Burj Khalifa and is allowed to advise firms in the DIFC.

For many companies, though, the high cost of maintaining an office in the centre ranks at the top of the list of reasons for leaving, executives say.

“If you compare the office space costs to any other area in Dubai, even compare them to New York, it’s way up there,” said Ezzat Jallad, the chief executive of Silver Rock Holdings, a small arm of a family office that had its operations in the DIFC formally dissolved by the centre last November. “It makes no sense.”

Registration and licensing fees in the DIFC vary depending on the type of business and whether it is regulated by the Dubai Financial Services Authority. For regulated firms, annual fees range from US$10,000 (Dh36,731) for an Islamic finance business to $70,000 for a company that accepts deposits and extends credit.

Rents in the DIFC are a far bigger expense. According to the property consultancy CB Richard Ellis, space in the centre goes for about Dh400 per square foot, or three to four times the prices in Jumeirah Lakes Towers or the TECOM free zones, which include Dubai Media City and Dubai Internet City. At those rates, a 10,000-sq-ft office in the DIFC would cost Dh4 million a year. Rent for top-end space in London was £44 (Dh258) per sq ft at the end of last year.

“In a market where people are conscious of costs, it is inevitable that people would ask themselves why they are paying three times the cost of something in TECOM for the DIFC,” said Craig Plumb, the head of research at Jones Lang LaSalle in Dubai.

Officials at the DIFC are considering reducing fees to keep businesses in the centre for the long haul. Fees for fund managers and real estate investment trusts have already been lowered, and a source close to the DIFC said there were proposals on the table to help businesses cope with steep rents.

The closings at the DIFC are gradually changing its mix of companies as new firms from India, Russia, China and other emerging markets take their place, with more than 100 new registrations in the past year.

“Rents force rethink at DIFC as firms move”: The National
http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100130/BUSINESS/701309912

Does anyone know who the master developers of the DIFC area? Who is responsible for the retail spine link which connects all the building podiums together?

Its not progressing very well!!

Its a Dubai government entity - which was gifted the land by the Ruler - and operates semi autonomously within its designated 80 acre district.

Last weekend

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^^ Great shot.

Today:

http://dxbae.com/images/DIFC_5315_1k_wm.jpg

Nice one. What body and lense did you use for this?

Nice one. What body and lense did you use for this?
Cheers.

Canon 5D Mk II, 17mm TS-E.

Project Profile
Project Name: DIFC Truck Tunnel

Duration:20 months

Client:Tecom/DIFC

Construction Cost: AED387 Million

Consultant: Cansult Maunsell/Aecom

Project Description

The DIFC Truck & Service Tunnel is situated in the centre of the DIFC development between Emirates Towers and Al Murooj Rotana Hotel, which in turn is under the shadow of the record breaking structure, Burj Dubai Tower.

The Truck & Service Tunnel is an underground structure running approximately 1.5 kilometres along the spine of the DIFC development. The tunnel structure is an independent piled multi-level box, comprising of reinforced and pre-stressed concrete elements enclosed by reinforced walls extending to level +2.5 DMD and completely separated from surrounding developments.

The tunnel is designed to allow the one-way passage of trucks through the entry ramp at the southern end of the site to the main spine at the lowest most level of –8.00 DMD to serve all of the adjacent developments through specified loading bays, which in turn relieves the surrounding road arteries of heavy goods vehicles, therefore easing congestion.

The upper level of the tunnel contains all the services for running the tunnel and some services for adjacent developments. Directly above the tunnel, there is provision for a retail structure running three quarters the length of the entire tunnel. This retail structure is currently under design but provisions have already been made within the structure of the tunnel for the services that this development will require.

Again, for Dubai and the DIFC this is a very unique project and all of the adjacent and surrounding parcels to the Truck & Service Tunnel, including the retail development above, will greatly benefit from what it has to offer.

http://www.arabtecuae.com/ProjectDetails.aspx?id=6

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J3NdFze5fzI

View of DIFC Buildings from the roof of liberty house

We usually see things from the ground floor up. Its nice to see it the other way around. Thanks 234sale.

also is a video from currency house. Will upload tomorrow.

3g9hRQmxFCQ

Another View of DIFC

Former DIFC chief's arrest confirmed

Bin Sulaiman questioned after investigations show that he gave himself Dh50 million in bonuses

WAM
Published: 21:20 March 24, 2010

Dubai: The Public Funds Prosecution is interrogating the former governor of the Dubai International Financial Centre (DIFC) Dr Omar Bin Sulaiman for alleged violations that took place during his tenure.

Gulf News on Wednesday reported the detention and interrogation of Bin Sulaiman for alleged abuse of public office.

The suspect had been detained and is being questioned over preliminary charges of abusing public service.

The investigation is based on a report by the Financial Control Department of the Dubai Ruler's Court, which confirmed that such violations took place during the tenure of Bin Sulaiman and accused him of abusing his position in appropriating public funds.

The Public Prosecution decided to detain him during the investigation, which is being carried out by prosecutor Salem Bin Khadem under the supervision of Esmail Madani, head of the Public Funds Prosecution.

http://gulfnews.com/news/gulf/uae/government/dubai-prosecution-questions-former-difc-governor-1.602571

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Shehab Gargash (middle) said he was looking forward to starting The Buildings development

Daman appoints Al Habtoor for 'The Buildings'

by Elizabeth Broomhall on May 10, 2010

Daman Investments has appointed Al Habtoor Leighton Group as the main contractor for its large-scale development ‘The Buildings’, at the Dubai International Financial Centre (DIFC).

The project, which includes a 225m-high, 60-floor residential and commercial complex, encompassing freehold apartments, offices, luxury hotel rooms, community areas and retail space (with 148,644.8m2 of GFA) is one of Daman’s most prestigious developments this year.

Located in the heart of DIFC precinct, the structure will be built on 20,438.6m2 plot of land which Daman won through a tender in 2004.

Daman’s managing director Shehab Gargash said: “As announced at the end of January, we have bid the work on the building and have gone through a rigorous process of tender, evaluation and finally, the appointment of Al Habtoor Leighton Group as our new main contractor.

“We are extremely pleased to be working with a group of their quality and track record here in the UAE. We all look forward to rapid completion.”

For the commercial offices, the Dubai-based developer has announced plans for a unique floor layout which will yield around five times the commercial floor space of the average footprint for Sheikh Zayed Road properties.

Meanwhile, the residential apartments will be geared towards user convenience, with temperature control units in every room and pre-delivered recessed lighting with individual lighting controls, in each apartment.

Speaking about the appointment, Al Habtoor Leighton’s group chairman Riad Tawfiq Al Sadek said: “We are very happy to have been appointed as the new main contractor on this prestigious project."

"This is a landmark location, a superb design and we are sure the building will be a new icon on the Dubai skyline. We are looking forward to a smooth takeover and start of operations.”

A phased delivery schedule for the project will be released in the coming weeks. >> Source (http://www.constructionweekonline.com/article-8307-daman-appoints-al-habtoor-for-the-buildings/)

Sorry, I'm lost. What are "The Buildings"? Rosewood?

Yes, Rosewood Dubai.

Which were these two???

UK firm sues Dubai Properties for $7.3m
by Elsa Baxter on Sunday, 27 June 2010

A UK architecture firm has lodged a case against Dubai Properties for more than AED27m ($7.3m) over alleged unpaid fees and costs for work on a pair of delayed towers in Dubai International Financial Centre, the National reports on Sunday.

Hopkins Architects has filed the case at the DIFC Courts over the Central Park 08 buildings, the paper reports.

The architecture firm was employed by Dubai Properties in 2005 on a AED50.8m contract for the twin 50-storey towers. According to the report, Hopkins alleges it is owed AED27m in outstanding payments, including expenses and overtime.

The firm raised the issue with Dubai Properties in January last year, according to court documents cited by the paper. Hopkins halted work sometime afterwards claiming it had received no payment.

On April 7 of the same year, Dubai Properties notified the firm is wished to cancel the contract because of the project delay.

http://www.arabianbusiness.com/591474-uk-firm-sues-dubai-properties-for-73m

R

aa

Central Park, is the name for the towers listed on here as Dubai Islamic Bank Towers, i.e. the two developments close to INdex and behing Murooj Rotana. Developer is Arady which is a company made up between Dubai Properties and Deyaar. Central Park is due for completion in June 2011 and will be launching to investors shortly - good luck to them...

oh...ok...thanks! Well this story takes another turn

Dubai Properties plans to counter-sue UK firm
(with inputs from agencies)

30 June 2010
DUBAI — Property developer Dubai Properties said on Tuesday that it would counter-sue British firm Hopkins Architects, which is claiming damages over the termination of a contract.

The British architecture firm has lodged a case against Dubai Properties for more than Dh27 million over alleged unpaid fees and costs for work on a pair of delayed towers — the Central Park 08 project — in Dubai International Financial Centre, the onshore financial hub.

Dubai Properties spokesman was quoted by Reuters said on Tuesday as saying that the company had terminated the contract but had paid in full for the work done and were disputing the additional amounts the architects were claiming.

“We intend to counter-claim in relation to the services provided by Hopkins,” the agency quoted the Dubai Properties spokesman as saying. Officials of Hopkins were unavailable for comments on the reported move by Dubai Properties, which part of the conglomerate Dubai Holdings.

The architecture firm was employed by Dubai Properties in 2005 on a Dh50.8 million contract for the twin 50-storey towers close to the Gate building in the DIFC. Hopkins, which also designed the Gate Village next to the DIFC, alleges it is owed Dh27m in outstanding payments, including expenses and overtime.

The firm raised the issue with Dubai Properties in January last year, according to court documents. Hopkins halted work in February 2009, on the project, alleging Dubai Properties had stopped paying it.

On April 7 of the same year, Dubai Properties notified the firm it wanted to cancel the contract because of the project delay.

In its suit, Hopkins argues that it was not been paid its “proper entitlements” as per the contract that was wrongfully cancelled by Dubai Properties.

http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2010/June/business_June555.xml&section=business&col=

R

Fees eliminated for 61 categories and slashed for 10

By Waheed Abbas | Published Thursday, September 30, 2010

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The fee cut came into effect from September 5, 2010, says DIFC statement (AP)

Dubai International Financial Centre (DIFC) Authority has abolished or slashes Registrars of Companies (RoC) fees in order to attract new investments and reduce the cost of doing business followings its review in the first quarter this year.

In a statement on website, it announced elimination of fees in 61 categories and reduction in 10 categories but slightly raised fees in 12 categories. It left fees for 46 categories unchanged.

The changes made by DIFC Authority came into effect from September 5, 2010.

In addition there were also amendments to DIFC Limited Liability Partnership Regulations, General and Limited Partnership Regulations and Special Purpose Company Regulations.

The changes to its Registrar of Companies (ROC) fees cover retail and non-retail companies and are part of financial centre’s campaign to make it an attractive place for the regional and international companies to set up their offices.

During the first six months of 2010, the number of companies registered in the DIFC remained constant despite the economic downturn, according to a statement issued recently. DIFC has 745 registered companies of which 297 are regulated and 374 are non-regulated, it said. The centre also has 74 retailers.

Abdulla Al Awar, CEO of the DIFC Authority said: “This review process is part of our wider initiative to reduce the cost of doing business in the DIFC. We are committed to working closely with our clients in order to help them achieve their business goals. These proposals are designed to help our clients grow their businesses by making the DIFC a more competitive business hub.”

The changes followed a review conducted in the first quarter of 2010 in relation to the fees imposed by the Centre’s ROC. The review’s aim is to make the DIFC a more attractive and cost effective centre for companies establishing and maintaining a presence in the region.

DIFC is facing stiff competition from neighbouring regional financial centres in Bahrain and Qatar. But Dubai continues to stay as the regional financial centre, according to a recent survey.

A Z/Yen Group’s global survey of 1,800 financial professional revealed that Dubai remained regional financial centre and the emirate is expected to emerge even more important player in the coming years. The emirate was also termed global specialist in asset management along with Geneva and Shanghai.

Emirates 24|7 (http://www.emirates247.com/news/emirates/difc-authority-abolishes-cuts-fees-2010-09-30-1.297503)

Revised rents range between Dh160 and Dh280 per sq ft, compared with up to Dh500 earlier

By Vicky Kapur | Published Sunday, December 12, 2010

http://www.emirates247.com/polopoly_fs/1.328214.1292143721!/image/3120793793.jpg
The new pricing structure will stimulate economic growth by creating a cost competitive business environment. (FILE)

The Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East and South Asia region and the world, announced today that it was slashing the rents for offices located within the centre by up to 50 per cent in a bid “to enable new and existing companies operating from the centre to continue the growth and expansion of their businesses”.

According to a media statement, the DIFC said the revised pricing structure, which also includes a reduction in operational fees that the centre charges its tenants, is expected to stimulate economic growth by creating a cost competitive business environment in the global financial sector.

Emirates 24|7 (http://www.emirates247.com/business/corporate/difc-office-rents-slashed-by-50-2010-12-12-1.328194)

By Shuchita Kapur

18 Dec 2010

Driven by a decline in demand and an increase in supply of office units in the emirate, selling price of commercial spaces in Dubai recorded a drop of more than 20 per cent in the first 10 months of 2010.

An 'Emirates 24|7' analysis of Better Homes data reveals the average selling price for offices has dropped from Dh1,425 per square feet (psf) in January this year to Dh1,137 in October, registering a drop of 20.54 per cent.

This in effect makes it less expensive for existing and new businesses to expand or set up shop in Dubai even as a number of businesses relocate their existing offices to better locations within the emirate, and more entities from neighbouring emirates and countries once again eyeing office space in Dubai.

DIFC and Downtown Burj Dubai saw similar declines. DIFC office selling rates fell 16.66 per cent from Dh1,800-3,000 psf to Dh1,800-2,200 psf. Downtown Burj Dubai rates fell by 17.77 per cent from Dh2,000-2,500 psf to 1,200-2,500 psf.

http://www.zawya.com/story.cfm/sidZAWYA20101218045020/Business%20Allure

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By Ed Attwood | Monday, 27 December 2010 3:32 PM

Carlyle Group, the world’s second-biggest buyout firm, is to establish an investment vehicle in Dubai International Financial Centre under a new legal and regulatory process.

The firm is the first to trial the scheme, which allows firms based outside the tax-free business park to establish and advice investment funds from inside the zone.

Under the old regime, Carlyle’s Dubai investment team was only allowed to offer advisory services to funds based outside the emirate.

The new rules – which were introduced in July this year – will see Carlyle establish an investment vehicle to partner with its existing fund, Carlyle MENA Partners, and manage funds for larger investors in DIFC.

http://www.arabianbusiness.com/carlyle-manage-investment-funds-from-difc-369509.html

By Staff | Published Sunday, February 06, 2011

A total area of approximately two million square feet of commercial office space is expected to be delivered by third party developers over the next 18 to 24 months at the Dubai International Financial Centre (DIFC), a statement said.

Demand for space at DIFC continued to grow during the second half of 2010 fuelled by the Centre’s attraction among new regional and international clients and the appetite of existing clients for business expansion.

http://www.emirates247.com/business/corporate/difc-to-add-2msqft-office-space-2011-02-06-1.352403

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The open plan reception area at Jones Day.

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The intricate wooden 'fins' stand at the entrance.

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A view of the reception from the mezzanine level.

by CW Staff on May 4, 2011

Outcast has completed its first office interior regarding a design that has pushed the boundaries of a typical commercial space, using a solution rooted in the traditions of hospitality.

Jones Day is not your average American law firm. It has approximately 2,500 lawyers across 37 locations worldwide and earlier this year announced it was opening three associate offices in the Kingdom of Saudi Arabia in Riyadh, Jeddah and Alkhobar.

It moved to a new office in Dubai this month where it commissioned Outcast to create a complex blend of hospitality and commercial interior design for the 33rd floor of Currency Tower, Dubai International Financial Centre (DIFC).

http://www.constructionweekonline.com/article-12193-law-order/

6 June 2011

As part of its ongoing support of art, the Deutsche Bank Middle East Foundation announced today the opening of “Global Balance”, an open air display of 25 balancing sculptures dotted across the Dubai International Financial Centre (DIFC) and suspended from wires from its buildings, including the DIFC's iconic headquarters The Gate.

The exhibition features statues depicting circus jugglers, trapeze artists, birds of prey and the human form in its various manifestations.

The statues are the brainchild of Polish artist Jerzy "JOTKA" Kedziora, the only artist in the world who produces such unusual pieces of art that focus on the kinetic properties of sculpture. The sculptures achieve balance as their centre of gravity lies below the fulcrum, making it impossible for them to capsize.

Henry Azzam, Chairman of the Deutsche Bank Middle East Foundation and the Bank's regional Chairman, said “As part of our social responsibility commitment in the Middle East, we aim to promote art, and grant regional audiences access to such memorable experiences as “Global Balance”. If the aim of art is to give perspective and provide inspiration thus giving us insight and a fresh different view, then we feel that we have succeeded in achieving this both literally and figuratively through this exhibition.”

The exhibition will run for 3 months from 6 June 2011, until 6 September 2011. As part of its CSR commitment towards education, Deutsche Bank has also arranged with the artist to hold seminars and workshops for art students . In addition, a unique sculpture from the collection will be auctioned at a charity event organized by the Bank.

Abdulla Mohammed Al Awar, CEO of DIFC Authority said: "We, at DIFC, place an emphasis on setting the art scene and developing an arts culture that is appreciated by the growing population within our community. We are delighted to host this unique art exhibition at the Centre."

Established in 2008, The Deutsche Bank Middle East Foundation is the latest initiative to join the family of the Bank's foundations in Asia, Africa and the Americas.

The Deutsche Bank Middle East Foundation focuses on funding investments in arts, education, community development, sustainability, and volunteering in the Middle East North Africa region.

http://www.difc.ae/news/deutsche-bank-sponsors-magnificent-display-suspended-sculptures-its-regional-headquarters-difc

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http://www.flickr.com/photos/dmcl/5813389564/

http://farm4.static.flickr.com/3373/5813351158_193ffeef11_b.jpg
http://www.flickr.com/photos/dmcl/5813351158/

http://farm6.static.flickr.com/5261/5812794287_832152c5b4_b.jpg
http://www.flickr.com/photos/dmcl/5812794287/

http://farm3.static.flickr.com/2487/5812799539_92668ccd6b_b.jpg
http://www.flickr.com/photos/dmcl/5812799539/

http://farm3.static.flickr.com/2402/5813373392_cffd253232_b.jpg
http://www.flickr.com/photos/dmcl/5813373392/

http://farm6.static.flickr.com/5102/5812791407_e195ca7878_b.jpg
http://www.flickr.com/photos/dmcl/5812791407/

Those are very nice. I wish they were permanent.
Thanks Dubaiiscool for sharing.

Very elevating exposition! Thanks to all involved!

Excellent pics. :cheers:

When Does DIFC plan to finish the corredor which suppose to conect the whole area? It doesn't even make any sense they are keeping this area like this for this long. How the hell DIFC plans to atracct companies and investors to this area if they show it unfinished and full with dust. How DIFC plans to become one of the most important financial centres if the show this patetic image to any investor that comes to this place. I think it comes a moment that DIFC should really take some action in this area before Abu Dhabi finish its project and make it better, taking the name as the main international financial centre in Emirates... if that happens it won't be a second chance for DIFC.

^^ DIFC, is a Free Zone allowing for 100% foreign ownership. Abu Dhabi has nothing of this nature and does not have any intention to ... plus the business and trade happens in Dubai, not in Abu Dhabi.

^^ DIFC, is a Free Zone allowing for 100% foreign ownership. Abu Dhabi has nothing of this nature and does not have any intention to ... plus the business and trade happens in Dubai, not in Abu Dhabi.

But that's not an excuse to keep the area completly unfinished and abandoned. So, as you said, since DIFC is the business, financial and trade hub of the whole Emirates, its image should be different.

^^ Lack of money is the excuse ... and I said Dubai, not DIFC.

A couple of recent pics from DIFC

http://th07.deviantart.net/fs71/PRE/i/2011/296/2/0/urban_geometry_iii_by_verticaldubai-d4dmla9.jpg


http://th02.deviantart.net/fs70/PRE/i/2011/295/b/2/emirates_towers_station_by_verticaldubai-d4dmmxl.jpg


http://th00.deviantart.net/fs71/PRE/i/2011/295/c/9/urban_geometry_by_verticaldubai-d4dmpj7.jpg


http://th00.deviantart.net/fs71/PRE/i/2011/296/5/3/urban_geometry_ii_by_verticaldubai-d4dpzof.jpg

Cheers,
Sebastian

^^very VERY nice work.

Is there any chance that the Dubai International Financial Centre is gonna be built out soon?

02/01/2012
good overview of the DIFC, but not very motivating to see all those unfinished/empty plots. Better details in High-Res.
http://farm8.staticflickr.com/7011/6654073579_b346c52354_b.jpg
Source: http://www.flickr.com/photos/arminrodler/6654073579/in/set-72157628731865279
High-Res: http://www.flickr.com/photos/arminrodler/6654073579/sizes/o/in/set-72157628731865279/

11/February/2012

DIFC

http://i41.tinypic.com/3468few.jpg

http://i42.tinypic.com/34o3hnl.jpg

http://i43.tinypic.com/2m4ppcp.jpg

http://i44.tinypic.com/2znvgnc.jpg

http://i41.tinypic.com/2gvskrc.jpg

http://i39.tinypic.com/1zlawco.jpg

http://i39.tinypic.com/57hft.jpg

Property investors put off by DIFC’s ‘inflated’ registration fees

By Parag Deulgaonkar
Published Wednesday, February 29, 2012

The Dubai International Financial Centre (DIFC) is charging buyers a much higher registration fees for real estate transactions within its jurisdiction.

Notwithstanding the fact that the DIFC charges the buyer a 3.5 per cent transfer fees (as opposed to 2 per cent elsewhere in Dubai’s freehold property landscape), the real estate section of the regional financial hub does not recognize a property’s market value (as assessed by RERA-approved valuation firms) or even the actual transaction price.

http://www.emirates247.com/property/property-investors-put-off-by-difc-s-inflated-registration-fees-2012-02-29-1.445738

http://www.ablazewithlight.com/cityscapes_dubai_DSC_9235_sRGB_y.jpg

Something going on in the plot adjacent to the currency house opposite the Ritz. Apparently a retaining wall is being constructed. They started digging last week with a couple of cranes and are dumping the earth on the site.

By Staff | Published Tuesday, April 10, 2012

The Legatum Group, a Dubai-based private investment firm, has acquired Precinct Building 6, which is at core of the Dubai International Financial Centre (DIFC).

http://www.emirates247.com/property/real-estate/legatum-buys-difc-precinct-building-6-2012-04-10-1.453186

Opus: re new Currency House/Ritz plot activity.

Any idea what is planned here? To my (completely untrained) eye there seems to be a BIG pile of earth building up.

Opus: re new Currency House/Ritz plot activity.

Any idea what is planned here? To my (completely untrained) eye there seems to be a BIG pile of earth building up.

I was told that they are building a retaining wall. Whatever it is they have been at it all week. I was hoping that they would plant and landscape the area until construction is recommenced on the vacant plots.

Opus: re new Currency House/Ritz plot activity.

Any idea what is planned here? To my (completely untrained) eye there seems to be a BIG pile of earth building up.

What was originally planned for the plot adjacent to the Currency house was the new DIFC building. Stunning architecture with 3 wind turbines at the top, and 80 odd stories if I remember correctly. It was meant to be the signature building of the development - much in the same way as the Gate building is today.

^^

It was a plan :

http://www.skyscrapercity.com/showthread.php?t=465555&page=10

[QUOTE=markmywords;3391233]Some construction photos that I took today evening..

http://img212.exs.cx/img212/1874/gate14ou.jpg

http://img228.exs.cx/img228/8292/gate30zi.jpg
thats lighthouse tower!!

^^ DO YOU HAVE FINAL LAYOUT OF THIS CONSTRUCTION...?

The construction that starts from the Lighthouse tower plot and goes all the way along the concrete retail spine, has been in full swing for over a month now. Including on weekends. I hope they are getting the infrastructure sorted prior to starting construction in earnest.

Staff Report | Published: 15:54 July 16, 2012

Dubai: Union Properties PJSC Monday announced that the company has completed the registration of the Bodies Corporate for Index Tower and Limestone House in Dubai International Financial Centre. These developments are the first fully registered developments under DIFC’s Law No 5 of 2007 commonly known as the DIFC Strata Law. The achievement positions Union Properties at the forefront of Dubai’s master developers in the registration of completed iconic developments.

http://gulfnews.com/business/property/union-properties-complete-registration-of-difc-properties-1.1049707