JLT is not officially a free zone, says Dubai Municipality
Saturday, October 24, 2009
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The Dubai Municipality's latest statement regarding the free-zone status of Jumeirah Lake Towers (JLT) has marred the hopes of several thousands of residents who were under the hope of gaining housing fee exemptions.
According to an official at the Municipality, the status of JLT needs to be clarified by a decree, and that free zone claims by a developer does not imply exemption of housing fee for its residents.
The Head of Housing Fee Section at the Dubai Municipality, Abdullah Hashim, confirmed that JLT is not officially a free zone.
The residents of towers in the 'mini-Manhattan' around the man-made lakes by Nakheel have been questioning about housing fee exemption to the developer.
"Although several areas have been claimed to be free zones, they are not free zones. Media reports had stated that the free zone areas are exempt from housing fee, and JLT has been wrongly named as a free zone. But, we never said that, and this has created lot of confusion. None of the buildings there are considered to be part of a free zone," Hashim said.
He added that municipality is however, waiting for a list which could clearly stipulate the areas designated as free zones. The concerned authorities are likely to come up with such a list shortly.
According to an official at the Municipality, the status of JLT needs to be clarified by a decree, and that free zone claims by a developer does not imply exemption of housing fee for its residents.
The Head of Housing Fee Section at the Dubai Municipality, Abdullah Hashim, confirmed that JLT is not officially a free zone.
The residents of towers in the 'mini-Manhattan' around the man-made lakes by Nakheel have been questioning about housing fee exemption to the developer.
"Although several areas have been claimed to be free zones, they are not free zones. Media reports had stated that the free zone areas are exempt from housing fee, and JLT has been wrongly named as a free zone. But, we never said that, and this has created lot of confusion. None of the buildings there are considered to be part of a free zone," Hashim said.
He added that municipality is however, waiting for a list which could clearly stipulate the areas designated as free zones. The concerned authorities are likely to come up with such a list shortly.
Labels: Freezones, Jumeirah-Lake-Towers
Dubai free zones record significant drop in rent rates
Wednesday, May 06, 2009
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With the drop in demand owing to global economic crisis, rents for office spaces in Dubai Free Zones have also dropped considerably, noted an industry analyst.
The Research Analyst at CB Richard Ellis, Mohammed Faheem, said that the average rates of privately managed buildings in the free zones have dropped from the Dh.240-380 per sq ft range, to Dh.92-180 per sq ft during the first quarter of this year, thereby indicating a 52 to 61 percent drop.
This is a clear indication of decrease in demand. The free zones included in the survey were the Media City, Internet City, Dubai Silicon Oasis, Knowledge Village and Jumeirah Lake Free Zone.
Rents within the various zones vary from one another with few zones implementing rate restrictions to stimulate demand from occupiers. The buildings managed by free zone authorities have rents in the range of Dh.170-190 per sq ft.
The Dubai International Finance Center (DIFC), the special economic zone located in the central business district of the city, has fared much better, standing out above the rest of the prime locations in Dubai, with average rents ranging from $115-123 per sq ft. This is mainly because DIFC is a popular location among companies seeking to move in to Dubai.
Although, the lower rent rates in few of the free zones in Dubai, makes it more attractive, it really depends on the motive of the free zone managers. The rents are affected within the free zones mainly because the authorities have a different agenda than the commercial landlords, says Nicholas Maclean, Managing Director, C B Richard Ellis.
The Research Analyst at CB Richard Ellis, Mohammed Faheem, said that the average rates of privately managed buildings in the free zones have dropped from the Dh.240-380 per sq ft range, to Dh.92-180 per sq ft during the first quarter of this year, thereby indicating a 52 to 61 percent drop.
This is a clear indication of decrease in demand. The free zones included in the survey were the Media City, Internet City, Dubai Silicon Oasis, Knowledge Village and Jumeirah Lake Free Zone.
Rents within the various zones vary from one another with few zones implementing rate restrictions to stimulate demand from occupiers. The buildings managed by free zone authorities have rents in the range of Dh.170-190 per sq ft.
The Dubai International Finance Center (DIFC), the special economic zone located in the central business district of the city, has fared much better, standing out above the rest of the prime locations in Dubai, with average rents ranging from $115-123 per sq ft. This is mainly because DIFC is a popular location among companies seeking to move in to Dubai.
Although, the lower rent rates in few of the free zones in Dubai, makes it more attractive, it really depends on the motive of the free zone managers. The rents are affected within the free zones mainly because the authorities have a different agenda than the commercial landlords, says Nicholas Maclean, Managing Director, C B Richard Ellis.
Labels: Freezones, Office Space, Rentals
Virtual Offices form the latest trend, as companies are unable meet high costs
Friday, August 01, 2008
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Unable to manage high operating costs in Dubai, majority of the new companies are planning to begin operations in the free zones in UAE, such as Ajman Free Zone, Fujairah Free Zone, Ras Al Khaimah Free Trade Zone and Hamriyah (Sharjah) free zone.
According to a study by Jitendra Business Consultants, one of the prominent consulting firms in UAE, the four Emirates are making efforts to attract companies through their innovative offerings such as Flexi-Desk, e-Office and Virtual Office.
The "Virtual Office" in Fujairah Free Zone, bears the address of an office, the telephone numbers, the meeting rooms, of an office, except the fact that the determining factor, you, are not actually present in the office.
For instance, the Ajman's Free Zone e-office center, includes amenities such as high speed internet, and table space. The e-office center includes exclusive business desk with interiors and amenities such as board rooms, meeting halls, restaurant and high-speed internet connectivity.
Even the Sharjah (Hamriyah) Free Zone includes similar amenities.
Even the Sharjah (Hamriyah) Free Zone includes similar amenities.
The "Flexi-Desk" by RAK Free Trade Zone, is networked desk, which has been designed for single-person users such as self-employed businessmen or establishments. It offers a furnished semi-close office with an executive desk, chair and private email address, and an individual post box number.
The Managing Partner of JBC, Jitendra Gianchandani, said that the trend is on the rise, with new companies seeking economical options, as the emirates have realized that a huge business potential bridges the gap.
According to Gianchandani, Virtual Office is just right for investors who wish to operate a bank account with minimal resources, and just one or two visa requirement. With the e-office or virtual office, investors can open a bank account anywhere in UAE, and also import or export goods from any seaports or airports in UAE. In addition to this, annual audit is not compulsory and the presence of all shareholders is not necessary during incorporation, which further leads to cost savings.
Gianchandani revealed that his company has helped several companies to obtain Virtual Office, e-Office, and Flexi-Desk licenses till date.
Labels: Freezones, Ras Al Khaima, UAE
Masdar City Phase One, scheduled for completion by 2010
Tuesday, October 30, 2007
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The Chief Executive of Masdar has announced that the first phase of the proposed six square kilometer development, Masdar City, will be ready by 2010.
The Chief Executive of Masdar, Sultan Al Jaber, mentioned that Masdar City, located adjacent to Abu Dhabi Airport will be complete towards the fourth quarter of 2009. He said that the Masdar Special Free Zone (SFZ) will promote the synergy between research facilities, academic resources, family businesses, the financial community and entrepreneurs.
The zone will have upto 1500 companies with attractive incentive packages, transparent laws, a one-stop-shop programme, tax-free environment, 100 percent foreign ownership and intellectual property protection. The zone has the added advantage of being located close to suppliers, manufacturers and markets.
Masdar is designed to ensure that Abu Dhabi grows its own share of global energy market by fostering the development and commercialization of innovative and advanced technologies in alternative, renewable and sustainable energies for a safer, cleaner environment and future.
The Chief Executive of Masdar, Sultan Al Jaber, mentioned that Masdar City, located adjacent to Abu Dhabi Airport will be complete towards the fourth quarter of 2009. He said that the Masdar Special Free Zone (SFZ) will promote the synergy between research facilities, academic resources, family businesses, the financial community and entrepreneurs.
The zone will have upto 1500 companies with attractive incentive packages, transparent laws, a one-stop-shop programme, tax-free environment, 100 percent foreign ownership and intellectual property protection. The zone has the added advantage of being located close to suppliers, manufacturers and markets.
Masdar is designed to ensure that Abu Dhabi grows its own share of global energy market by fostering the development and commercialization of innovative and advanced technologies in alternative, renewable and sustainable energies for a safer, cleaner environment and future.
Labels: Abu Dhabi, Freezones, Masdar-city
DWC signs pact with Dubai Land Department
Friday, September 28, 2007
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Dubai World Central (DWC) recently entered into an MOU with Dubai Land Department (DLD) for providing land estimation, acquisition and sales, and legal and electronic services to DWC staff, developers and investors in the 140 sq km city in Jebel Ali.
The main investors across the DWC free zones are centered around, the Dubai World Central International Airport (JXB) -The DWC Aviation City and the Dubai Logistics City, and real estate units such as the DWC Residential City, DWC Golf City and DWC Commercial City, will collect information from the DLD.
The Dubai World Central, CEO-Real Estate, Khalid bin Harib said "The DWC project has received good support from the Dubai Government since its launch, which in turn has helped in continuing the development as per the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of UAE and Ruler of Dubai."
The agreement will enable the DWC and Land Department to together formulate a proper training programme, which enables the DWC real estate staff to understand the processes, systems and mechanisms of Land Sales and Management.
The electronic link between the two, will permit instant access and completion of procedures relating to land registration, and will facilitate legal proceedings pertaining to contractors and advisors.
At present, grading of the phase one in DWC Residential City is in progress, and the construction is expected to begin by January 2008.
"The Land Department has the right information, which we can share with this huge city, which is expected to be a landmark for the entire region," said Sultain bin Mujrin, the General Manager of Dubai Land Department.
DWC features mid-income housing at the DWC Residential City, while the Commercial City will have mixed-use development. The DWC Golf City, is designed for premium living and all DWC residents will have an access to the best amenities developing by DWC.
The main investors across the DWC free zones are centered around, the Dubai World Central International Airport (JXB) -The DWC Aviation City and the Dubai Logistics City, and real estate units such as the DWC Residential City, DWC Golf City and DWC Commercial City, will collect information from the DLD.The Dubai World Central, CEO-Real Estate, Khalid bin Harib said "The DWC project has received good support from the Dubai Government since its launch, which in turn has helped in continuing the development as per the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of UAE and Ruler of Dubai."
The agreement will enable the DWC and Land Department to together formulate a proper training programme, which enables the DWC real estate staff to understand the processes, systems and mechanisms of Land Sales and Management.
The electronic link between the two, will permit instant access and completion of procedures relating to land registration, and will facilitate legal proceedings pertaining to contractors and advisors.
At present, grading of the phase one in DWC Residential City is in progress, and the construction is expected to begin by January 2008.
"The Land Department has the right information, which we can share with this huge city, which is expected to be a landmark for the entire region," said Sultain bin Mujrin, the General Manager of Dubai Land Department.
DWC features mid-income housing at the DWC Residential City, while the Commercial City will have mixed-use development. The DWC Golf City, is designed for premium living and all DWC residents will have an access to the best amenities developing by DWC.
Labels: Dubai City, Freezones, Jebel-Ali, New Developments, Real Estate News, Real Estate Projects
New Grosvenor business tower from Asam Investments
Friday, November 03, 2006
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Asam Investments and Real Estate, a real estate investment and development-focused company revealed its plans to launch Grosvenor Business Tower at Dh450 million that will be located in the Tecom free zone.
International companies who seek to establish their businesses in free zones are drawn to Dubai. Free zones help customize policies and infrastructure. The tower will have a rooftop recreation zone called ‘The Unwind’ and will also have a health club and rooftop pool with sauna and steam rooms, and a retail zone.
International companies who seek to establish their businesses in free zones are drawn to Dubai. Free zones help customize policies and infrastructure. The tower will have a rooftop recreation zone called ‘The Unwind’ and will also have a health club and rooftop pool with sauna and steam rooms, and a retail zone.
Labels: Freezones
