Dmg world media FINAL October 09 Confidential GCC Interior Design Contracting & Fit-out Industry Overview For dmg world media This report contains 39 pages and prepared by Ventures Middle East LLC Oct. 25, 09 Feedback: Our clients’ satisfaction is our utmost concern. We welcome all feedback regarding our studies, appraisals, and products. Please send us your notes on this report, what you found useful in it and future research directions or requirements that would help in your business should be addressed to: Ventures Middle East LLC Abu Dhabi, United Arab Emirates P.O. Box: 32094 Tel: (971-2) 622 2455 Fax: (971-2) 622 2404 Email: [email protected]Web Site: www.ventures-uk.com
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Dmg world media FINAL October 09
Confidential
GCC Interior Design
Contracting & Fit-out
Industry Overview
For
dmg world media
This report contains 39 pages and prepared by
Ventures Middle East LLC
Oct. 25, 09
Feedback:
Our clients’ satisfaction is our utmost concern. We welcome all feedback regarding our studies, appraisals, and products. Please send us your notes on this report, what you found useful in it and future research directions or requirements that would help in your business should be addressed to: Ventures Middle East LLC Abu Dhabi, United Arab Emirates P.O. Box: 32094 Tel: (971-2) 622 2455 Fax: (971-2) 622 2404 Email: [email protected] Web Site: www.ventures-uk.com
7. GCC Building Sector – Main Contracts Awards ......................... 16
8. Top 100 Building Projects in the GCC ...................................... 17
9. List Of Major Planned Hotel & Mall Projects (GCC) .................. 25
10. Industry Structure................................................................... 28
11. Major Clients ........................................................................... 29
12. Major Consultants ................................................................... 32
13. Major Contractors .................................................................... 35
14. CODE of ETHICS....................................................................... 38
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1. METHODOLOGY
The methodology adopted for the purpose of this research study reflects the diverse range of inter-related factors which impact the overall estimations to the spending on interior design contracting and fit-outs for the various segments within the GCC real estate sector.
Since interior design contracting and fit-outs are often decided towards the end of the project’s lifecycle, the analysis made to estimate the spending on interior design contracting and fit-outs considers the ‘completion dates’ of projects, Therefore, only projects with completion dates between 2008 and 2010 were considered to extract an estimate of IDC and fit-out’s spending during the same period. In other words, the values of projects stated in this report are not the announced and expected investments on projects between 2008 and 2010. It is the value of projects with completion dates within that specified period.
The estimates to the spending on IDC and fit-outs were taken as a percentage from the total project values. Different percentages were considered for the different segments. Those percentages are provided by industry experts working in the fields of interior design contracting, general contracting, and major fit-out contractors/suppliers.
The following are the percentages taken from the project1 values as provided by IDC and fit-out industry experts.
% from total project value
Pessimistic Optimistic
Hospitality 20 30
Commercial – Offices 10 12
Retail – Shopping Centers 20 25
Residential Developments 10 12
1 Projects with completion dates between 2008 – 2010
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2. EXECUTIVE SUMMARY
Despite the financial turmoil, the interior design contracting (IDC) and fit-out industry prospects in the GCC remains promising with total expected conservative spending on the IDC and fit-outs to all segments (hospitality, commercial, retail and residential) across the GCC exceeding US$25.67 throughout the period between 2008 and 2010.
The following graph presents the total estimated GCC spending per year on IDC and fit-outs for the different segments of the industry.
The analysis in this report refers to the IDC term, to the works of hard-finishes, i.e. floorings, ceilings, walls, etc…and accounts to an average of 15 – 17% of the total project’s value. The term Fit-out on the other hand refers to furniture and fixtures, electrical, kitchen and laundry equipment, sanitary and light fittings and garbage disposal system, which account for additional 5 – 8% from the total project’s value.
Analysis and industry experts confirm that despite the financial crisis effect on the industry, 2009 and 2010 will witness a higher spending on IDC and fit-outs than 2008, adding that the number of requests for IDC and fit-outs have dropped in 2009 versus 2008, yet the value of IDC and fit-out contracts awarded during 2009 and the expected ones during 2010 will be higher than 2008 due to major strategic projects that are being completed throughout the period of 2008 and 2010 with full international commitment towards the mega projects in the different segments (hospitality, commercial, retail and residential).
The following table lists the total value of projects with completion dates between 2008 and 2010 - US$Mn.
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Table 2.1 GCC Total Value of Projects with Completions Dates (2008 – 2010) 2008 2009 2010
The following table lists in brief the total expected GCC spending on IDC and fit-outs per sector per country, US$ Million. Spending estimates taken as percentage of total value of projects with completion dates between 2008 and 2010 and assuming the spend on IDC and fit-outs would be made towards the last year of construction, or as conveyed by developers, after 60 – 75% from the total projects life-cycle.
Table 2.2 GCC Total Spending on IDC and Fit-outs (2008 – 2010)
Research and interviews with industry experts revealed that bedrooms and public areas in hotels have a refurbishment cycle of five to seven years. Spending on refurbishments however is not derived, only an estimate to the total overall spends on interior design and contracting from the projects budget are addressed in the report.
The spend on hotel fit-outs and furniture is often decided towards the end of the project (new & refurbishment) and depends on the amount left in the budget.
UAE
The UAE’s hotel industry is entering a phase of sharp growth in capacity, with the country accounting for nearly half of all new hotel rooms being built or planned in the Middle East.
Considering the new hospitality developments, 2008 has witnessed the completion of $2.39 billion worth of projects in the sector whereas, by the end of 2009 new hotel projects worth $5.1 billion will be supplied to the market, with another subsequent $8.6 billion expected by 2010 end. IDC and complete fit-outs for the new projects are allocated by the developers as percentage of the total project value that could range between 20 – 30%.
Refurbishment and Fit-outs:
Hotel refurbishment projects are almost invariably budget-driven, and the main task of the project team is to achieve the optimum balance between the hotelier's vision and the constraints imposed by the budget, time scale and condition of the building. According to Abu Dhabi Tourism Authority and Dubai Department of Tourism; hotel stock in UAE at the end of 2009 will total to about 95,0002 rooms. Based on the refurbishment cycle of seven years for bedrooms, an estimated 9,5003 will be refurbished each year. Where 40% of the estimated number turn to refurbishment with an average cost of US$200/room and 60% turn to complete fit-out. According to industry norm, the cost for complete fit-out per room for five stars hotels ranges between $1000-$2000/sqm.
The total value of hospitality projects with completion dates between 2008 and 2010 in the GCC adds to US$23.2bn. Interviews with major developers and interior design contractors revealed that the new hospitality projects in GCC will spend an estimated US$6.97bn on the overall IDC and fit-outs. This figure however does not include the considerable estimated budget for refurbishment requirements of hotels.
2 Dubai, Abu Dhabi, and Al Ain only. 3 10% from total stock – according to STR Global, a market firm specializing in the hotel industry
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The following graphs present in details the expected spending on IDC and fit-outs for the new hospitality projects during the period 2008 to 2010.
KSA –Hotel’s Spending on IDC & Fit-outs US$Mn Kuwait –Hotel’s Spending on IDC & Fit-outs US$Mn
Qatar –Hotel’s Spending on IDC& Fit-outs US$Mn Bahrain –Hotel’s Spending on IDC & Fit-outs US$Mn
Oman –Hotel’s Spending on IDC & Fit-outs US$Mn GCC –Hotel’s Spending on IDC & Fit-outs US$Mn
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KSA: The increase in tourism is expected to keep the investments growing in this segment, with over US$2.68bn worth of hotel projects are to be completed between 2008 and 2010. The estimated spending on IDC and fit-outs for the said projects is estimated to reach US$804Mn. Qatar: Qatar currently has approx 4,800 hotel rooms in the 5-star and 4-star categories and additional total luxury room capacity is estimated at about 7,000 rooms. Qatar is targeting a 400% rise in hotel capacity by 2012. The total value of projects in the sector that to be completed between 2008 and 2010 reaching US$1.88bn resulting to a total accumulative spending on IDC and fit-outs for those projects by US$564Mn. The plan drawn up by the QTEA includes construction of luxury hotels, resorts and other leisure facilities, with a total of up to 29,000 luxury rooms by 2012. A total of 80,000 hotel rooms in various ranges will be available by 20164. Oman: The emerging popularity of Oman is boding well for its hospitality segment. It had ten 5-star and eighteen 4-star hotels as at the end of 2007 with a total capacity of 2,100 rooms (2,812 beds) and 2,027. The estimated total spending on IDC & fit-out for the hospitality projects with completion dates between 2008 and 2010 exceed US$113Mn. Bahrain: The Bahrain Ministry of Culture and Information has sketched out the Kingdom's plans to double the percentage of the country's GDP income from tourism. Tourism plays a big role in Bahrain’s GDP and currently represents 12% of total income, with this figure expected to rise to 25% over the next ten years. Both the government and private sector have made considerable investments in to the country’s tourism infrastructure, with more than 10 five-star hotels expected to come online between 2008 and 2010 with a total value of US$1.64bn resulting to a total accumulative spending on IDC and fit-outs for those projects by US$493Mn.
4 Source: Qatar Tourism and Exhibition Authority (QTEA)
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4. COMMERCIAL SECTOR Companies are increasingly in need of complete commercial solutions that can provide maximum floor utilization with the primary need for more comfortable as well as compact designs. According to leading interior design and contracting contractors, an average of 10 - 12% of the total commercial/offices projects value is allocated for interior design and contracting and major fit-outs for office space. The estimated figures shown in the graphs below include only the overall project’s requirements. i.e. excluding the considerable spending on interior design and contracting and fit-outs made by companies leasing the space.
UAE: Research estimates the total office stock in Abu Dhabi Metropolitan area stood at 1.3Mn sqm Gross Leasable Area, (GLA). Of this, 13% of the office stock is Grade A that would require high-end interior design and contracting and complete fit-outs. Dubai however has a total office stock of approximately 3.1Mn sqm as of Q2 2009 spread across various projects in Dubai. Overall additional new office space in UAE equate to US$25.12bn worth of projects to be supplied between 2008 and 2010, estimating overall IDC and general standard fit-out spending to reach US$3bn throughout the said period.
KSA: Office space of around 8.0mn sqm in the Kingdom is expected to grow by 20% to 30% by 2012. Riyadh being the area with largest office space does not hold adequate supply to fulfill the demands of all business classes, raising the demand for interior design and contracting and fit-out requirements. Ventures ME GCC Projects data-base estimates US$5.5bn worth of new commercial office projects to supply the KSA market between 2008 and 2010.
Qatar: Doha’s office market has also experienced significant growth with demand. Doha is currently facing a strong demand for office spaces specifically in the new CBD (Central Business District). The new office units are located in West Bay, C – ring road & D – ring road; this is because of the accessibility and superior quality of building. The total commercial office projects worth US$3.7bn are expected to be completed between 2008 and 2010. 10 towers currently under construction in the Diplomatic District are due for completion in 2009. These will create additional office supply in the district of 255,000 square meters.
Bahrain: The total office stock in Bahrain is approximately 500,000sq.m and research estimates that there is currently demand for approximately 80,000sqm of space premises in Bahrain. The market is currently 92% occupied in the “Bahrain Class A” category. Given that in a normal and stable market the occupancy rate should be somewhere between 85% and 90%, the “Bahrain Class A” market is effectively undersupplied and hence, additional office space projects worth US$1.83bn are to supply the market between 2008 and 2010.
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Oman: Out of the total 142,916 plots distributed as at the beginning of 2008; 4,102 plots or 2.9% were used for commercial purposes. Additionally, about 3.9% of the plots existed as residential cum commercial use properties. The majority of office supply and demand is concentrated around the Muscat governorate. The governorate already has about 80,000 sqm of office net leasable area available. Oman will add office project worth US$ 847Mn throughout the period of 2008 to 2010 KSA –Offices Spending on ID & Fit-outs US$Mn Kuwait –Offices Spending on ID & Fit-outs US$Mn
Qatar –Offices Spending on ID & Fit-outs US$Mn Bahrain –Offices Spending on ID & Fit-outs US$Mn
Oman–Offices Spending on ID & Fit-outs US$Mn GCC –Offices Spending on ID & Fit-outs US$Mn
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5. RETAIL SECTOR: SHOPPING CENTERS
The analysis to estimate the spending of IDC and fit-outs for shopping centers considers only the general IDC and fit-outs requirements for the project as a percentage from the total project’s value and excludes retailer’s spending on their outlets fit-outs. It is worth to note that no certain percentage estimate can be taken on what retailers could spend on their outlet’s interior design and contracting requirements.
UAE: The recent addition to Dubai’s retail’s scene was Dubai Mall, which opened in 2008 with a total GLA of 344,000 sqm. Another large scale development which is scheduled to launch in 2010 is Mall of Arabia (Phase 1), which will add an additional GLA of 400,000 sqm. The following table lists the major forthcoming retail supply which will likely hit the Dubai market in 2009, and 2010. The shown graph indicates the approximate expected spending on interior design and contracting and fit-outs for the project excluding the retailer’s spending on their leasable retail space. According to industry experts, 25% of the total project’s value can be assumed for interior design and contracting and fit-out requirements. Table 5.2 Dubai major forthcoming retail supply (2008 – 2010)
Project Year GLA (sqm)
Dubai mall 2008 344,000
The Walk(JBR) 2008 71,500
Oasis Mall 2008 60,000
Mirdiff City Centre 2009 183,000
Dubai Marina Mall 2009 77,000
Mall of Arabia (Phase I) 2010 400,000
Total new supply (GLA) 1,135,500
Shopping mall supply in Abu Dhabi however is expected to increase from the current GLA of 820,000 sqm to 1.4mn sqm by 2010 according to research findings and Plan Abu Dhabi 2030. The following table lists the major forthcoming retail supply which will likely hit the Abu Dhabi market between 2008 – 2010.
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Table 5.2 Abu Dhabi major forthcoming retail supply (2008 – 2010)
Project Year GLA (sqm)
Marina Mall (Phase III) 2008 39,000
Al Jaber Mall 2009 20,000
MBZ City Mall 2009 23,200
Rotana Khalifa Park 2009 11,000
Darwish Island City 2010 70,000
Al Reem Mall 2010 130,000
Central Market 2010 60,000
Total new supply (GLA) 353,200
US$3.7bn worth of retail/shopping centers projects is set to supply the market between the period 2008 and 2010. Considering an average US$1,500/sqm the cost of interior design and contracting per square meter for outlets within the mall; the additional GLA of 2.2Mn sqm between Abu Dhabi and Dubai only, would equate to approximately US$3 – 4bn to be spent on interior design and contracting and fit-out for the said area.
Qatar: Doha currently has about 700,000sq.m of retail space which is expected to increase by about 1,130,000sq.m as several projects are expected to come up over the next five-six years. We believe that as the sizeable amount of supply is expected to enter the retail market between 2008 and 2010 with shopping centers value projects of approximately US$ 497Mn including major projects such, Le Villaggio, the Muaither Mall, and two other mega malls at Al Khor and Al Rayyan. Spending on interior design and contracting and fit-out for the new retail supply is estimated by US$124Mn excluding retailer’s spending on their outlets interior needs. KSA: An estimated gross leasable area of 2.4mn sqm is expected to be complemented by another 4mn planned over the next 5years. As per market sources, retail sector projects of more than US$1.63bn are projected to supply the market between 2008 and 2010. Among the major ones is the mega Central Park Mall in Jeddah costing around US$1bn and expected to be completed by year-end of 2009. Excluding
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retailers spending on their outlets IDC requirements, the expected spending from the mentioned project’s values would reach US$408Mn by year end 2010.
Bahrain: around 18 malls supply the market currently, with estimated stock at approximately 280,000sqm of GLA. Looking to future supply, retail mall space in Bahrain is set to more than double between 2008 and 2012. According to Ventures ME GCC projects data base, it is estimated that there is around 375,000sqm of retail space (GLA) in the development pipeline. Among the major ones are Wadi Mall, Mall Al A’ali, Riffa Mall, and the extension of Isa Town Mall. The value of malls which are seen to supply the market between 2008 and 2010 exceed US$128Mn and the expected total spending on the general interior design and contracting of the malls would approximately cost US$32Mn.
Oman: The largest shopping mall in the city, Muscat City Centre has a size of about 60,000sqm. The retail leasable area in Muscat is approximately 200,000sq.m at the beginning of 2008. We expect that there should be an addition of about 80,000sq.m in 2009 and the total project’s values with completion dates between 2008 and 2010 exceed US$362Mn and the expected spending on IDC would reach US$91Mn throughout the said period.
Kuwait: Thus lots of malls are expected to be launched in the near future with the local group Tamdeen Shopping Centre Development Company (TSCD) is planning the new 360º Kuwait mall project, which will boast 75,000 meter square of retail space. In addition the planned Mall of Kuwait will introduce more retail space of 150,000 square meters by 2009. Year 2008 witnessed supply of US$135Mn shopping centre’s value and US$227Mn on the pipeline for 2009 and US$118Mn for 2010. The total accumulated spending on IDC and fit-outs estimated by US$120Mn throughout the period 2008-2010. GCC: The total expecting spending on retail (shopping centers) projects across the GCC exceed US$6.8bn throughout the period between 2008 and 2010 leading to an estimated total spending of around US$1.7bn excluding retailers spending on their leased outlet interior and fit-out requirements.
Project Developers in the GCC typically do not spend generously on IDC and fit-out in residential projects. Instead, it is the end-user, owner or tenant, who is responsible for Interior Design Contracting and fit-out investment for the unit. According to industry experts and interior design contractors, 10 – 12% can be estimated from a project total value as interior design and contracting budget set by the developer. The analysis below does not consider any additional cost born by tenants/end-users on interior design and contracting and fit-outs for the units (apartments and villas). UAE: Whilst Dubai has an over-supply of residential units, Abu Dhabi is estimated to require over 120,000 additional units by the end of 2012. The period between 2008 and 2010 will supply the market with high-end residential properties in the capital that would require high-end interior design. The middle-income segment units however, will stay unmet till the year 2012. The total residential developments value that would supply the market between 2008 and 2010 in the UAE exceeds US$67.95bn and the expected spending on IDC in the segment according to industry sources and analysis would exceed US$12.2bn. The graph on the side shows the breakdown of expected spending on interior design and contracting for the years 2008, 2009 and 2010. KSA: KSA is projects in excess of (US$800bn) currently underway and planned. Although the Kingdom may be selective in announcing further projects during 2009, project spending is expected to pick pace post 2010. Saudi Arabia being one of the largest construction markets in the Middle East is estimated to have the total real estate investments of around US$300bn, which is expected to cross US$400bn mark by 2010. Value of residential projects to be completed during 2008 and 2010 amount to US$13.8bn out of which, industry sources are expecting a total spend of US$1.66bn on IDC requirements for the said residential developments throughout the said period. We believe that the residential segment will continue to present under supply situation for the near future. Qatar: Doha will continue to experience strong residential demand over the term 2009 and 2012. The research reveals that Qatar has residential development worth US$10.23bn to be completed throughout the years 2008, 2009 and 2010, resulting in a conservative US$1.23bn budget to be spent on IDC requirements over the same period. Kuwait: Research shows that there are approximately US$ 1.85bn worth of projects currently in the pipeline to be delivered between 2008 and 2010, which excludes projects that have been cancelled or placed on hold. The estimated spending on IDC is around US$ 222Mn throughout 2008 to 2010. The breakdown of the spending per year shown on the following graphs.
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Bahrain: Research estimates an excess of 60,000 residential units under construction or planned as part of the announced mega projects in Bahrain. The total residential developments that are on the pipeline and expected to supply the market between 2008 and 2010 have a value of US$6.75bn. Concurrently, according to research findings and analysis, a total of US$811Mn is expected to be allocated for interior design and contracting requirements.
Oman: According to research, the supply situation for residential developments (apartments and villas) throughout the period 2008 to 2010 would exceed US$1.35bn, with estimated US$162Mn as allocation to interior design and contracting needs. KSA –Residential Spending on IDC US$Mn Kuwait –Residential Spending on IDC US$Mn
Oman –Residential Spending on IDC US$Mn GCC –Residential Spending on IDC US$Mn
Qatar –Residential Spending on IDC US$Mn Bahrain –Residential Spending on IDC US$Mn
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The findings of the research show that the IDC and fit-out
industry still holds a high potential in the GCC region. The
commitment made by the major developers in the region to
proceed with the strategic projects in the pipeline.
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7. GCC BUILDING SECTOR – MAIN CONTRACTS AWARDS
The following table illustrates the total contracts awarded to main contractor in the GCC Countries in 2008 and the expected main contractor awards for 2009 and 2010. Table 7.1 GCC Total Contracts Awards (2008)
Country
2008 2009 2010
UAE 66,441 38,423 46,345
Saudi Arabia 22,152 36,584 46,638
Qatar 10,018 9,382 12,968
Kuwait 2,117 1,987 2,686
Bahrain 2,199 1,462 2,248
Oman 4,714 3,876 5,526
All values in US$ Million
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8. TOP 100 BUILDING PROJECTS IN THE GCC
The below table list the top 100 projects in the GCC Buildings sector by value of projects. The projects in full or part are either in the design phase or early stages, thus can be considered to have scope for interior design consultants.
Table 8.1 Top 100 Building Projects in the GCC
Project Name Country Client Consultant
Project Value (US$ M)
Madinat Al Hareer (City of Silk)
Kuwait Tamdeen Real Estate Company (TREC); Madinat Al Hareer Corporation;
Eric Kuhne and Associates (UK)
132000
The Mohammed Bin Rashid Gardens in Dubai
UAE Dubai Properties Eric Kuhne and Associates (UK)
60000
Bawadi in Dubailand UAE Tatweer RTKL (US) 54496
Sudair Industrial City Saudi Arabia
Saudi Organization for Industrial Estates and Technical Zones (SOIETZ)
Jurong International, Abu Dhabi
40000
Yas Development in Al Habl Al Abbyad Island
UAE ALDAR Properties Jack Rouse Associates
40000
Mega Tourism project on Saudi Red Coast
Saudi Arabia
Supreme Commission for Tourism, Saudi Arabia
40000
Jizan Economic City (JEC)
Saudi Arabia
Saudi Binladin Group, Saudi Arabia; MMC Corporation Berhad (Malaysia); A. K. Al Bakri & Sons; Western Way for Industrial Development Company
(WWIDC); Pan Kingdom Investment Co. (PKIC); Malakoff Berhad; Project Management & Development Company (PMDC); Dar International F.E.F.Ltd; Saudi Arabian General Investment Authority.
MMC Corporation Berhad (Malaysia)
30000
Economic City in Jeddah
Saudi Arabia
Saudi Arabian General Investment Authority (SAGIA)
30000
Sabah Al Ahmed Township
Kuwait Public Authority for Housing Welfare (PAHW)
International Financial Advisors (IFA), Kuwait; Al Dowailah Eng.
27600
Saadiyat Island Development Project
UAE Abu Dhabi Tourism Authority (ADTA); Tourism Development & Investment Co. (TDIC);
23500
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Project Name Country Client Consultant
Project Value (US$ M)
Al Khairan City Project
Kuwait Public Authority for Housing Welfare (PAHW)
20000
King Abdullah Economic City (KAEC) - Residential District
Saudi Arabia
Emaar Middle East Properties, Saudi Arabia
20000
Downtown Project in Jebel Ali
UAE Limitless Burt Hill 19073
Lagoons Project UAE Sama Dubai Halcrow Group, Dubai
18000
Mixed-Use Development in Bawadi
UAE Bawadi; Emaar Properties, Dubai; 16348
Dana Island in Ras Al Khaimah
UAE Rakeen Development COWI, Dubai 16300
Re-development of Mina Zayed
UAE ALDAR Properties 15000
Mudon in Dubailand UAE Dubai Properties Dewan Al Emara Engineers & Architects
15000
Jeddah Kingdom City Saudi Arabia
Kingdom Holding Company; Emaar Properties, UAE;
Pickard Chilton Architects; Omrania & Associates (O&A), Saudi Arabia;
14000
Middle East Museum of Modern Art (MEMOMA)
UAE Dubai Properties 13624
Qasr Khozam Saudi Arabia
Dar Al Arkan Development Company, Jeddah; Jeddah Development and Urban Regeneration Company;
Dar Al Handasah Shair & Partners, Makkah
13000
Al Wasl Development in Riyadh
Saudi Arabia
Limitless, Riyadh 12000
Jeddah Hills Project Saudi Arabia
Emaar Middle East Properties, Saudi Arabia; Al Oula Development Co.;
11200 Jeddah Hills
Project
Lulu Island Development
UAE Sorouh Real Estate Martha Schwartz Partners (USA)
11000
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Project Name Country Client Consultant
Project Value (US$ M)
Al Raha Beach Development
UAE Aldar Laing O' Rourke (JV); ALDAR Properties;
AECOM, Abu Dhabi
10450
Subiya Township Kuwait Ministry of Public Works (MPW), Kuwait
10000
King Abdullah Economic City (KAEC) - Industrial District
Berjal City in Ajman UAE Al Rashed Real Estate; Berjal Real Estate;
Adnan Saffarini, Dubai
4087
Emirates City in Ajman
UAE R Holdings Adnan Saffarini, Dubai
4087
Al Markaz in Mussafah
UAE Waha Capital 4087
Al Helio in Ajman UAE Real Estate Investment Est.; Dseco Company Limited;
4000
The Palisades in Dubai Investment Park
UAE Pearl Properties 4000
Majan Mixed-Use Development in Dubailand
UAE Mizin 4000
Al Zahira City in Jeddah
Saudi Arabia
Ezhaar Real Estate Development & Investment
Zuhair Fayez & Partners
4000
King Abdullah Sports City Complex in Jeddah
Saudi Arabia
Saudi Aramco Laceco Architects and Engineers; Zuhair Fayez & Partners;
4000
Mohammed Bin Zayed City on Abu Dhabi - Al Ain Road
UAE Department of Municipalities & Agriculture-Abu Dhabi
3815
Lusail Phase II - Fox Hills
Qatar Qatari Diar Real Estate Investment Company ( QDREIC )
3800
Mixed-Use City in Ajman
UAE Dubai Investments Real Estate Co. (DIRC); Aqaar;
3500
Al Sidra - Golf Residential Project in
Lusail
Qatar Qatari Diar Real Estate Investment Company ( QDREIC ); Arcapita
Bank; Al Imtiaz Investment Company;
3500
224 Storey Tower AD UAE Landau (US) 3500
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Project Name Country Client Consultant
Project Value (US$ M)
Mixed-Use Development in the World
UAE Aspire Real Estate; Nakheel Corporation;
3400
Failaka Tourism Island Expansion
Kuwait Ministry of Public Works (MPW), Kuwait; Mega Projects Agency (MPA);
Al Dabous Engineering
3320
Grand Central in Dubai World Central Commercial City
UAE Department of Civil Aviation, Dubai Dar Al Handasah, Dubai
3300
Mushrif Heights in Mushrif
UAE Emaar Properties, Dubai 3270
Diyar Al Muharraq Bahrain Diar Al Muharraq; Kuwait Finance House (KFH), Bahrain;
Scott Wilson, Bahrain
3200
Al Khiran Township Kuwait Executive Authority for the Development of Kuwaiti Islands, Divided Zones & Major Projects
Gulf Consult; Atkins, Kuwait;
3000
New Kuwait University
Kuwait Kuwait University WZMH Architects (Canada); Salem al-Marzouk & Sabah Abi-Hanna (SSH);
3000
Central Park in Jeddah
Saudi Arabia
Jowharah Al Babtain Holding Group; INMAIA, Riyadh; Solidere; Urban Development Co.LTD (UDC); Venture Capital Bank, Saudi; Siraj Capital Ltd., Saudi;
3000 Central Park in Jeddah
Metropolitan Development Strategy (MEDSTAR) at Riyadh
Saudi Arabia
Arriyadh Development Authority Dar Al Riyadh Architecture & Engineering; Shankland Cox; Urbis;
3000
Ajyad Project in Makkah
Saudi Arabia
Ajyad Company 3000
Bahra Land Project in Makkah
Saudi Arabia
Jeddah Municipality Creative Kingdom (US)
3000
Economic City in Northern Province
Saudi Arabia
Saudi Arabian General Investment Authority (SAGIA)
3000
Economic City in Eastern Province
Saudi Arabia
Saudi Arabian General Investment Authority (SAGIA)
3000
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Project Name Country Client Consultant
Project Value (US$ M)
Tourism City Development on Al Uqair Coast
Saudi Arabia
Supreme Commission for Tourism, Saudi Arabia
3000
Ajmakan City in Riyadh
Saudi Arabia
Al Shoula Group; The Land Real Estate Investment & Development; Tameer Holding Investment;
Saudi Consulting Services (SaudConsult)
3000
International Humanitarian City at Jebel Ali Airport
UAE Engineers Office Dar Al Handasah, Dubai
3000
Ajman Marina UAE Tanmiyat Investment Group, Dubai; Government of Ajman;
Hellmuth Obata Kassabaum (HOK), Dubai
3000
MGM Grand in Abu Dhabi
UAE Mubadala Development Company; Sorouh Real Estate;
Rafael Vinoly Architects (US)
3000
Riyadh Marriland Leisure Park
Saudi Arabia
Grand Real Estate Projects Ltd, Saudi Arabia
Hotelequip Consultants; International Projects Consultancy (IPC);
3000
Presidential Office in Khalidiya
UAE WSP Group, Abu Dhabi; Ewan Architectural Engineering Consultancy;
3000
Mixed-Use Project in Doha
Qatar Al Futtaim Group 3000
Redevelopment of Al Jadaf
UAE Dubai Properties Halcrow Group, Dubai
2920
International Hospitality Trade and Training Zone
UAE RAK Government and Development Department
2725
Emirates Lake Towers in Ajman
UAE Chapal World LLC Adnan Saffarini, Dubai
2725
Al Ghurair Shopping
Mall in Bawadi
UAE Al Ghurair Investment 2700
Mina Al Arab Project UAE RAK Properties 2700
Manama Central Market
Bahrain Manama Municipality 2700
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Project Name Country Client Consultant
Project Value (US$ M)
North Haram Development
Saudi Arabia
Al Shamiyah Real Estate Development Company
Dar Al Omran, Saudi; Gensler
2665
Rawabi Abraj Al Dar in Makkah
Saudi Arabia
Grand Real Estate Projects Ltd, Saudi Arabia
2600
Jebel Hafeet Glacier Development in Al Ain - Phase 1
UAE Tamouh Investments Wenzel & Wenzel (Germany)
2501
Shaza Hotel's Mixed Use Development
Bahrain Shaza Hotels Ltd Tilke GmbH, Bahrain
2500
Dubai Logistics City UAE Department of Civil Aviation, Dubai Dar Al Handasah, Dubai
2500
Ruwaad Development UAE Ruwaad Holdings 2500
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9. LIST OF MAJOR PLANNED HOTEL & MALL PROJECTS (GCC)
The below table list few of the major Hotel and Shopping Mall projects in the GCC by value of projects. The projects are either in the design phase or early stages, thus can be considered to have scope for interior design consultants. Table 9.1 List of Major Planned Hotel & Mall Projects in GCC
Project Name
Country Client Consultant Project Value(US Mn$)
MGM Grand in Abu Dhabi
UAE Mubadala Development Company; Sorouh Real Estate;
Rafael Vinoly Architects (US) 3000
Al Ghurair Shopping Mall in Bawadi
UAE Al Ghurair Investment 2700
Brad Pitt Designed Hotel Complex in Dubai
UAE Zabeel Properties 1700
Jabal Al Kaba Development
Saudi Arabia
Abdul Lateef Jamil Real Estate
Dar Al Handasah Shair & Partners, Makkah
1600
Hotel on Marjan Island
UAE ACW Holdings Al Hawraa Engineering Consultants
1300
Expansion of Atlantis on Palm Jumeirah
UAE Kerzner International 1000
Avenue Shopping Mall Expansion -
Phase 3
Kuwait Mabanee Company, Kuwait Pan Arab Consulting Engineers (PACE); Gensler Associates, Kuwait;
908
Al Zawra Tourism Development Project
UAE Ajman Government 900
Five-Star Resort in Water Front
UAE Cirrus Developments 900
Al Jazayer Resort
Bahrain Ithmaar Bank; Economic Development Board;
800
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Project Name
Country Client Consultant Project Value(US Mn$)
Khasab Family Resort
Oman Majan Gulf Properties 779
The Great Mall in International City
UAE Nakheel Corporation Cubellis Costa International 700
America Hotels and Resorts at Bawadi
UAE Zabeel Properties 504
Five Star Hotel and Resort in Durrat Al Bahrain
Bahrain Durrat Khaliji Bahrain W. S. Atkins, Bahrain 500
Aperion Offshore Hotel in Dubai
UAE Sybarite Architects 490
Dusit Thani on Palm Jumeirah
UAE Al Osaimi Group Khatib & Alami Consolidated Engineering Company, Sharjah
Marriott Abu Dhabi Resort & Spa on Saadiyat Island
UAE WSP Group, Abu Dhabi 350
Hotel in West Bay
Qatar Ritaj Iproplan Planners Co; 130
Four Seasons
Hotel in Pearl Qatar
Qatar Advanced Tourism Investment Company; United
Development Company (UDC);
150
Gulf Mall at Gharafa
Qatar Sheikh Nasser Bin Abdulla Al Thani
200
Palaces Bawadi
UAE Galadari Investments LLC 327
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Project Name
Country Client Consultant Project Value(US Mn$)
Eco - Resort at Ras al- Hadd
Oman Ministry of Tourism, Oman; Qatari Diar Real Estate Investment Company, Oman;
Dar Al Handasah, Oman; Spillis Candela DMJM;
300
Al Reem Mall in Najmat on Reem Island
UAE National Real Estate Company
KEO International Consultants, Abu Dhabi
300
5-Star Hotel at Al Furjan
UAE JOZ Properties Maks & Partners 300
India Mart in Dubai
UAE Nakheel Corporation Cubellis Costa International 300
Marriott European Hotel in Abu Dhabi
UAE Ithmaar Development Co (IDC)
300
Ramada Hotel & Suites in Ajman
UAE V. Five Continents 300
Four Star Hotel in Bisha
Saudi Arabia
Abha Chamber of Commerce & Industry
300
Al-Khobar Hotel & Office Towers
Saudi Arabia
Al-Othman Group 300
Salalah Movenpick Hotel - Phase 1 - Salalah Beach
Oman Muriya Tourism Development Company
300
Jeddah Riviera Mall
Saudi Arabia
Al Ghazzawi Group; MAF Group;
Saudi Consulting Services (SaudConsult); Leigh & Orange (L&O) Architects (Hongkong);
297
Dubai Bazaar in Dubailand
UAE The Leader Group Parsons International, Dubai 272
Grand Millennium
in Adnec
UAE National Corp. for Tourism & Hotels (NCTH)
RMJM, Dubai 272
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10. INDUSTRY STRUCTURE
The below flow-chart explains the IDC industry structure and clearly presents the role of each profession within the industry including the decision making process.
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11. MAJOR CLIENTS The below table lists few of the major developers or clients in the GCC real estate sector. Table 10.1 Major Developers or Clients in GCC RE Sector
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