Michael Fahy
Developer Gulf Related is bullish about the prospects for its US$1 billion Al Maryah Central development after announcing that 50 per cent of the retail space within the 2.8 million square feet project has already been let.
Ken Himmel, the company’s co-managing partner, yesterday acknowledged that as a result of the recent slowdown in the marketplace, it had “tempered some of our projections” for the mall’s performance from 2018-20.
However, he argued that Al Maryah Central had a low debt-to-equity ratio of about 50 per cent, and said that developers of competing schemes may find it difficult to get their projects off the ground.
He said that when forecasting sales, “we factored in what was a consistent amount of competition that was getting unleashed in the region.
“I really believe that’s going to stop. The supply side none of us have any control over, but one thing we know is that supply is not going up.”
Mr Himmel said that Gulf Related has about 125 people from its own firm working on Al Maryah Central, and that there are a further 4,000 people on site working either for contractor Brookfield Multiplex or its subcontractors. He expects to hand over the two anchor department store units – a 205,000 sq ft Macy’s and a 230,000 sq ft Bloomingdale’s – by the middle of next year for fit-out. The remaining retail units will be ready for fit-out by the end of next year, with the mall due to open in August 2018 – five months behind its initial completion target.
He expects a 230-unit residential tower on the north of the site, above Macy’s, to be complete within 12 months of that, and a hotel and luxury serviced residences building above Bloomingdale’s to open in 2020.
“Sometime by mid-2017 we’ll pick up on the hotel. Now is not an easy market to get financing for a hotel – it’s challenging. So the story here has to be a pretty spectacular to put all of that together.”
Despite this, he said an agreement is ready to be signed with W Hotels to manage a 225 to 250-unit hotel within the tower once it is ready to progress.
Gulf Related also announced deals for a series of licensed restaurants at the adjoining Galleria Mall, which is currently 100 per cent let. New venues will include a La Petite Maison, Roberto’s, Coya, Nusr-Et, Sawar and a Loca outlet, and Mr Himmel said that the mall was undergoing a “realignment programme” with more luxury brands moving into The Galleria, and mid-tier retailers moving to Al Maryah Central instead.
He said that contrary to popular belief, the luxury market was still performing well. “Literally, the best performing retail anywhere in Abu Dhabi is luxury at The Galleria. We’re seeing growth for some of these tenants at 15-60 per cent, year-on-year. And many of the brands that are in the luxury category are looking to double in size.” A report commissioned by Gulf Related from Australian retail consultancy Urbis stated that the Abu Dhabi retail market will be worth $12.18 billion by 2018 and $13.67bn by 2020.
Mr Kimmel said he expects that it will be able to grab a share of at least 20 per cent of this, and that its mall will be the only one to open in 2018, despite Reem Mall’s owner forecasting an opening date at the end of that year. It named Al Futtaim Carillion as the preferred bidder for its $1bn, 2 million sq ft mall in July.
“Someone would have to be exactly where I am to open in ’18. Look around – tell me who is where I am? Nothing has even started.”
A Reem Mall spokesperson said: “Construction of Reem Mall is continuing in line with the project timetable and further project announcements will be made in due course.”
mfahy@thenational.ae
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets
How to vote in the UAE
1) Download your ballot https://www.fvap.gov/
2) Take it to the US Embassy
3) Deadline is October 15
4) The embassy will ensure all ballots reach the US in time for the November 3 poll
SERIE A FIXTURES
Saturday (All UAE kick-off times)
Cagliari v AC Milan (6pm)
Lazio v Napoli (9pm)
Inter Milan v Atalanta (11.45pm)
Sunday
Udinese v Sassuolo (3.30pm)
Sampdoria v Brescia (6pm)
Fiorentina v SPAL (6pm)
Torino v Bologna (6pm)
Verona v Genoa (9pm)
Roma V Juventus (11.45pm)
Parma v Lecce (11.45pm)
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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Results
Ashraf Ghani 50.64 per cent
Abdullah Abdullah 39.52 per cent
Gulbuddin Hekmatyar 3.85 per cent
Rahmatullah Nabil 1.8 per cent
RESULT
Shabab Al Ahli Dubai 0 Al Ain 6
Al Ain: Caio (5', 73'), El Shahat (10'), Berg (65'), Khalil (83'), Al Ahbabi (90' 2)
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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UAE currency: the story behind the money in your pockets
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Day 3 stumps
New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)
Pakistan require another 139 runs with 10 wickets remaining
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Killing of Qassem Suleimani
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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