Anthony Penderis Property & Finance Articles
Egypt braces for huge job losses in tourism
http://gulfnews.com/news/gulf/uae/general/egypt-braces-for-huge-job-losses-in-tourism-1.350358
Egypt braces for huge job losses in tourism
By Anthony Penderis
Published: 00:00 March 16, 2003
More than one million Egyptians dependent on the tourism industry are bound to lose their jobs this year, should the pending war in Iraq become a reality. For a country already ravaged by economic problems and high unemployment, a threat to their tourism industry is not good news. Tourism, the country's single biggest foreign currency earner and job provider, is bracing itself for a 60 per cent downturn in foreign earnings this year in the event of a war in Iraq. Currently at least one million people are directly dependent on this industry for their jobs and a further 1.2 million indirectly, which together accounts for about 13 per cent of Egypt's total job market. "We expect a $2 billion loss in foreign earnings this year in the event of an Iraq war," said Dr. Mahmoud El Beltagi, Egypt's Minister of Tourism, in an interview with Gulf News in Cairo. "This is going to be more serious than the aftermath of September 11, where we saw the number of tourists dropping by almost one million from 5.5 million in 2002 to 4.6 million in 2001. "But we fought back and we're just about back to our previous record number with an excellent performance of 5.2 million tourists in 2002, when we have a new crisis looming. It is a pity that the success of the Egyptian tourism industry is always subject to crises in the Middle East," said Dr. Beltagi. Despite this gloomy forecast a mood of optimism still prevails in Egyptian tourism circles. Dr. Beltagi is confident that Egypt 'will ride this one out' just like they have done several times in the past. Tourism is Egypt's most important earner of foreign currency, accounting for 24.9 per cent of total income last year. The industrial sector was in second place (24.7 per cent) followed by worker's remittances (21.3 per cent) in the third place. The balance of foreign income is made up from Suez Canal dues (13.2 per cent), the petroleum industry (13.9 per cent) and the agricultural sector (2 per cent). The industry is regarded as the main driving force of the Egyptian economy, currently providing 2.2 million job opportunities or 12.6 per cent of total employment according to the latest figures released by the Egyptian Centre for Economic Studies (ECES). According to the World Fact Book, Egypt's estimated population was 72 million in 2002 and increasing by 1.2 million (1.66 per cent) per year. The unemployment rate was 12 per cent in 2001 whereas 22.9 per cent of the population lived below the poverty line. Despite the short-term gloomy forecast caused by a possible Iraq war, the long-term projections of the Egyptian tourism industry look very promising with an expected annual growth rate of 6.7 per cent up to the year 2020. Diversification in the tourism industry is also a high priority for Egypt whose tourism department is a bustling think tank of new ideas. Tapping into the sports and conference tourism market and introducing cultural and religious tours are but a few of the new ideas being explored. Egypt prides itself on the fact that it is generally a safe and peaceful country where Muslims, Christians and Jews have lived together in harmony for centuries. The low crime rate also makes it an ideal family tourist destination.
Egypt braces for huge job losses in tourism
By Anthony Penderis
Published: 00:00 March 16, 2003
More than one million Egyptians dependent on the tourism industry are bound to lose their jobs this year, should the pending war in Iraq become a reality. For a country already ravaged by economic problems and high unemployment, a threat to their tourism industry is not good news. Tourism, the country's single biggest foreign currency earner and job provider, is bracing itself for a 60 per cent downturn in foreign earnings this year in the event of a war in Iraq. Currently at least one million people are directly dependent on this industry for their jobs and a further 1.2 million indirectly, which together accounts for about 13 per cent of Egypt's total job market. "We expect a $2 billion loss in foreign earnings this year in the event of an Iraq war," said Dr. Mahmoud El Beltagi, Egypt's Minister of Tourism, in an interview with Gulf News in Cairo. "This is going to be more serious than the aftermath of September 11, where we saw the number of tourists dropping by almost one million from 5.5 million in 2002 to 4.6 million in 2001. "But we fought back and we're just about back to our previous record number with an excellent performance of 5.2 million tourists in 2002, when we have a new crisis looming. It is a pity that the success of the Egyptian tourism industry is always subject to crises in the Middle East," said Dr. Beltagi. Despite this gloomy forecast a mood of optimism still prevails in Egyptian tourism circles. Dr. Beltagi is confident that Egypt 'will ride this one out' just like they have done several times in the past. Tourism is Egypt's most important earner of foreign currency, accounting for 24.9 per cent of total income last year. The industrial sector was in second place (24.7 per cent) followed by worker's remittances (21.3 per cent) in the third place. The balance of foreign income is made up from Suez Canal dues (13.2 per cent), the petroleum industry (13.9 per cent) and the agricultural sector (2 per cent). The industry is regarded as the main driving force of the Egyptian economy, currently providing 2.2 million job opportunities or 12.6 per cent of total employment according to the latest figures released by the Egyptian Centre for Economic Studies (ECES). According to the World Fact Book, Egypt's estimated population was 72 million in 2002 and increasing by 1.2 million (1.66 per cent) per year. The unemployment rate was 12 per cent in 2001 whereas 22.9 per cent of the population lived below the poverty line. Despite the short-term gloomy forecast caused by a possible Iraq war, the long-term projections of the Egyptian tourism industry look very promising with an expected annual growth rate of 6.7 per cent up to the year 2020. Diversification in the tourism industry is also a high priority for Egypt whose tourism department is a bustling think tank of new ideas. Tapping into the sports and conference tourism market and introducing cultural and religious tours are but a few of the new ideas being explored. Egypt prides itself on the fact that it is generally a safe and peaceful country where Muslims, Christians and Jews have lived together in harmony for centuries. The low crime rate also makes it an ideal family tourist destination.
Dubai set to emerge TV, film hotbed
http://gulfnews.com/news/gulf/uae/general/dubai-set-to-emerge-tv-film-hotbed-1.354006
Dubai set to emerge TV, film hotbed
By Anthony Penderis
Published: 00:00 April 20, 2003
Is Dubai to become the hotbed of television and film production for the Middle East in the near future? It is quite possible. If top-notch clients such as Pepsi, Cadillac, Nissan Patrol, Dubai 2003 and Siemens, regard the local industry as competent enough to produce their television commercials, then more is sure to follow. On top of this the surge of local satellite television channels requiring tonnes and tonnes of original programming with local production support, has in itself given a sudden boost to the industry. "Dubai Media City has done a splendid job of attracting international attention and international media brands," says Suresh Dinakaran, President, Network Production FC LLC. "They can certainly also be credited for providing the right environment with the entire mix of media companies, be they broadcasters, publishers, production houses, event organizers, or advertising agencies." "This apart, the foresight, talent, ability to innovate and the expertise of the locally established companies have gone a long way into establishing Dubai as a destination of substance for film and television production. Until recently, most production work on advertising films use to find its way into markets such as India, Europe, South Africa, Egypt or Lebanon depending on film requirements and budgets available. The obvious availability of talent, crew, equipment and facilities, coupled with expertise in executing high quality filming and post-production work, determines the final choice of country. Though at this stage there are only a handful of production and post-production houses churning out internationally acceptable work in Dubai, Dinakaran stresses that the trend for improvement is encouraging. With Dubai Media City's strong influence, local advertising agencies were always using and experimenting with the medium to telling effect. Originally the lack of homogeneity in audience profile and demographics coupled with low penetration levels and small size of the market have made their case difficult. But top drawer production houses have seen sense in recruiting the brightest of both technical and managerial talent globally which were blended with local expertise to produce products hitherto completely imported. "Things are not exactly changing with the speed of light, but it is definitely happening. The indicators are strong enough to suggest that Dubai in a few years time, could happen to be the hotbed of television and film production for the region," says Dinakaran.
Dubai set to emerge TV, film hotbed
By Anthony Penderis
Published: 00:00 April 20, 2003
Is Dubai to become the hotbed of television and film production for the Middle East in the near future? It is quite possible. If top-notch clients such as Pepsi, Cadillac, Nissan Patrol, Dubai 2003 and Siemens, regard the local industry as competent enough to produce their television commercials, then more is sure to follow. On top of this the surge of local satellite television channels requiring tonnes and tonnes of original programming with local production support, has in itself given a sudden boost to the industry. "Dubai Media City has done a splendid job of attracting international attention and international media brands," says Suresh Dinakaran, President, Network Production FC LLC. "They can certainly also be credited for providing the right environment with the entire mix of media companies, be they broadcasters, publishers, production houses, event organizers, or advertising agencies." "This apart, the foresight, talent, ability to innovate and the expertise of the locally established companies have gone a long way into establishing Dubai as a destination of substance for film and television production. Until recently, most production work on advertising films use to find its way into markets such as India, Europe, South Africa, Egypt or Lebanon depending on film requirements and budgets available. The obvious availability of talent, crew, equipment and facilities, coupled with expertise in executing high quality filming and post-production work, determines the final choice of country. Though at this stage there are only a handful of production and post-production houses churning out internationally acceptable work in Dubai, Dinakaran stresses that the trend for improvement is encouraging. With Dubai Media City's strong influence, local advertising agencies were always using and experimenting with the medium to telling effect. Originally the lack of homogeneity in audience profile and demographics coupled with low penetration levels and small size of the market have made their case difficult. But top drawer production houses have seen sense in recruiting the brightest of both technical and managerial talent globally which were blended with local expertise to produce products hitherto completely imported. "Things are not exactly changing with the speed of light, but it is definitely happening. The indicators are strong enough to suggest that Dubai in a few years time, could happen to be the hotbed of television and film production for the region," says Dinakaran.
Cape Town leads CBD turnaround
http://gulfnews.com/business/property/cape-town-leads-cbd-turnaround-1.367033
Cape Town leads CBD turnaround
By Anthony Penderis, Staff Reporter
Published: 00:00 September 29, 2003
Cape Town, the Mother City of South Africa, is fast turning out to become the star performer in the government's urban renewal programme for its nine major cities. Leading the way with another Dh1.53 billion investment in its CBD (Central Business District) for the first six months of this year, the cumulative investment the city has attracted since the start of the programme (1999) now tops Dh5.75 billion. This comfortably exceeds the target of Dh5 billion set for the end of this year. The total investment for the first six months (Dh1.53 billion) was made up of capital value of new leases (Dh42 million), new developments (Dh950 million), new purchases (Dh96 million) and upgrades and renewals (Dh445 million). "Pleasingly, 88 per cent of all investments to date have been domestic, which is a positive sign for Cape Town's economy and de-monstrates that cities which are safe and clean with a well-managed public environment, inspire confidence. And domestic confidence is the necessary trigger for international confidence," says Michael Farr, chief executive of the Cape Town Partnership, the co-ordinating body for urban renewal. A recent investment by Eurocape Investments Limited, an Irish investment consortium, which has signed a deal to secure an entire city block consisting of eight buildings, certainly adds weight to these words. While not disturbing the historic character of the buildings, conversions and refurbishments will include a 130-suite 6 star hotel, a rooftop lifestyle centre, pool and gymnasium, a mini conference and business centre, 151 luxurious apartments, a structured car park (not visible from the street), and ground level international brand retail space. This is the largest private inner-city renewal project for South Africa in the past few years. The new developments since mid-1999 have channelled some 2 billion rand into construction which created at least 12,000 jobs over three years, 4,000 of which are associated with the new Convention Centre on the Foreshore. Indirect jobs created for the entire period since the Partnership's formation have not been calculated, but could easily double the overall job creation figures. The Cape Town Partnership has also led the way in South Africa by legally constituting a major Business Improvement District (CID), a new world-wide concept used to rejuvenate cities precinct-by-precinct. Creating a sense of civic pride and achievement by making the cities safer and cleaner to reverse capital flight and decentralisation is the major objective of CIDs. Upgrading accommodation in the city is also important as a residential population is critical to the success of the city. Young professionals living in the city spend their money in retail stores, frequent restaurants, art galleries and museums and spend time in their own city. This also makes the city attractive to visitors. The South African Cities Network has a number of specific programmes tied in with urban renewal which are: Metropolitan growth and development; Metro-politan transport and logistics; City HIV/AIDS mitigation; and City tourism. Such is Cape Town's perceived success that the international research group Jones Lang LaSalle, has listed Cape Town with 24 other cities world-wide as "future winners". The Unilever Institute of Strategic Marketing at the University of Cape Town together with Fortune Magazine have also concluded that the city is an ideal location for disaggregated business because of its high skills base and relatively low cost of doing business. CBD's importance to region and S. Africa Socially, politically and historically, the Cape Town Central City's importance to South Africa and the region cannot be understated. On its own, the CBD of Cape Town; - Generates over 15 per cent (R17.78 billion) of the Province's entire economy. - Generates over 15 per cent (R17.78 billion) of the Province's entire economy - Accounts for 27.2 per cent of all employment in the Metropole - Houses 22.8 per cent of all business in the Metropole. - Generates significant revenue for the City Council through rates every year, much of which is not spent in the Central City but re-distributed to those areas more in need. - Attracts 240,000 commuter movements each working day of the week. - Is the first port of call for many international investors, whether they intend placing their business in the Central City or elsewhere in the Metropole or the Province. It success, therefore, determines overall success for every area. Source: Cape Town Partnership
Cape Town leads CBD turnaround
By Anthony Penderis, Staff Reporter
Published: 00:00 September 29, 2003
Cape Town, the Mother City of South Africa, is fast turning out to become the star performer in the government's urban renewal programme for its nine major cities. Leading the way with another Dh1.53 billion investment in its CBD (Central Business District) for the first six months of this year, the cumulative investment the city has attracted since the start of the programme (1999) now tops Dh5.75 billion. This comfortably exceeds the target of Dh5 billion set for the end of this year. The total investment for the first six months (Dh1.53 billion) was made up of capital value of new leases (Dh42 million), new developments (Dh950 million), new purchases (Dh96 million) and upgrades and renewals (Dh445 million). "Pleasingly, 88 per cent of all investments to date have been domestic, which is a positive sign for Cape Town's economy and de-monstrates that cities which are safe and clean with a well-managed public environment, inspire confidence. And domestic confidence is the necessary trigger for international confidence," says Michael Farr, chief executive of the Cape Town Partnership, the co-ordinating body for urban renewal. A recent investment by Eurocape Investments Limited, an Irish investment consortium, which has signed a deal to secure an entire city block consisting of eight buildings, certainly adds weight to these words. While not disturbing the historic character of the buildings, conversions and refurbishments will include a 130-suite 6 star hotel, a rooftop lifestyle centre, pool and gymnasium, a mini conference and business centre, 151 luxurious apartments, a structured car park (not visible from the street), and ground level international brand retail space. This is the largest private inner-city renewal project for South Africa in the past few years. The new developments since mid-1999 have channelled some 2 billion rand into construction which created at least 12,000 jobs over three years, 4,000 of which are associated with the new Convention Centre on the Foreshore. Indirect jobs created for the entire period since the Partnership's formation have not been calculated, but could easily double the overall job creation figures. The Cape Town Partnership has also led the way in South Africa by legally constituting a major Business Improvement District (CID), a new world-wide concept used to rejuvenate cities precinct-by-precinct. Creating a sense of civic pride and achievement by making the cities safer and cleaner to reverse capital flight and decentralisation is the major objective of CIDs. Upgrading accommodation in the city is also important as a residential population is critical to the success of the city. Young professionals living in the city spend their money in retail stores, frequent restaurants, art galleries and museums and spend time in their own city. This also makes the city attractive to visitors. The South African Cities Network has a number of specific programmes tied in with urban renewal which are: Metropolitan growth and development; Metro-politan transport and logistics; City HIV/AIDS mitigation; and City tourism. Such is Cape Town's perceived success that the international research group Jones Lang LaSalle, has listed Cape Town with 24 other cities world-wide as "future winners". The Unilever Institute of Strategic Marketing at the University of Cape Town together with Fortune Magazine have also concluded that the city is an ideal location for disaggregated business because of its high skills base and relatively low cost of doing business. CBD's importance to region and S. Africa Socially, politically and historically, the Cape Town Central City's importance to South Africa and the region cannot be understated. On its own, the CBD of Cape Town; - Generates over 15 per cent (R17.78 billion) of the Province's entire economy. - Generates over 15 per cent (R17.78 billion) of the Province's entire economy - Accounts for 27.2 per cent of all employment in the Metropole - Houses 22.8 per cent of all business in the Metropole. - Generates significant revenue for the City Council through rates every year, much of which is not spent in the Central City but re-distributed to those areas more in need. - Attracts 240,000 commuter movements each working day of the week. - Is the first port of call for many international investors, whether they intend placing their business in the Central City or elsewhere in the Metropole or the Province. It success, therefore, determines overall success for every area. Source: Cape Town Partnership
La Riviera to offer guaranteed income
http://gulfnews.com/business/property/la-riviera-to-offer-guaranteed-income-1.357825
La Riviera to offer guaranteed income
By Anthony Penderis
Published: 00:00 June 2, 2003
Guaranteed rental income, unrelenting quality standards, and innovative design features may prove to make the new La Riviera Towers, to be developed by B&M FZCO in Dubai Marina, a blue chip investment. "Besides offering investors a minimum rental income, we deliberately did not take any short cuts to save ourselves expenses on construction costs, but rather focused on increasing value adding elements to offer the buyer more value for their investment," says Abdul Rauf Razzak, MD to the developing company of this 37-storey luxury residential tower which will be ready for occupation by July 2005. With 20 years of waterfront developments under his belt in Pakistan, Razzak knows what the customers wants and what ultimately leads to a good return on investment. He has broken away from the standard rectangular block style for high-rise buildings, introducing a broken-up facade where every apartment will be a corner unit offering great views. Views from the living room areas will also be optimised by glass panels stretching from the roof to the floor with no balconies in the way as these will only be at the corners of the building. All internal walls in the apartments will be flat without protruding elements, and in the three level basement hassle free parking will be achieved by using transfer columns instead of big pillars which normally obstruct these often neglected spaces. Other value adding features will include a three level entrance atrium, natural daylight lobbies on every floor, individually operated air-conditioning units for each apartment, high pressure ducts for kitchens to eliminate cooking odors and real cold water taps as water will be stored underground. Several other innovative touches in the kitchen designs – there are a choice of seven – as well as the living areas will certainly make this a desirable residential location. To top it all the building will have the taste and style of a French Riviera development for which the prestigious architect firm Holford Associates has been commissioned. The foundations contract has already been awarded to Middle East Foundation, one of the three specialist foundations firms in the UAE. The la Riviera Tower will be located in Zone 4 of Dubai Marina, and sold as freehold property to UAE Nationals, expats and foreign investors on easy payment terms along with financing facilities. Two, three and four bedroomed apartments will be up for sale as well as four bedroomed duplex suites. Prices for the two bedroom units start at Dh585,000 Each owner is entitled to a residential visa who in turn can act as a sponsor for families visiting. Building maintenance for the Tower is currently pegged at Dh5 per square foot per month. The developer will take care of the maintenance of the building through a management company for at least the first year or until the Home Owner's Association takes over. The 37th floor will be transformed into the Riviera Club, a fully equipped health club which features a rooftop eternity pool with a specially designed canopy that protects bathers from direct sunlight yet gives the feeling of an open pool.
La Riviera to offer guaranteed income
By Anthony Penderis
Published: 00:00 June 2, 2003
Guaranteed rental income, unrelenting quality standards, and innovative design features may prove to make the new La Riviera Towers, to be developed by B&M FZCO in Dubai Marina, a blue chip investment. "Besides offering investors a minimum rental income, we deliberately did not take any short cuts to save ourselves expenses on construction costs, but rather focused on increasing value adding elements to offer the buyer more value for their investment," says Abdul Rauf Razzak, MD to the developing company of this 37-storey luxury residential tower which will be ready for occupation by July 2005. With 20 years of waterfront developments under his belt in Pakistan, Razzak knows what the customers wants and what ultimately leads to a good return on investment. He has broken away from the standard rectangular block style for high-rise buildings, introducing a broken-up facade where every apartment will be a corner unit offering great views. Views from the living room areas will also be optimised by glass panels stretching from the roof to the floor with no balconies in the way as these will only be at the corners of the building. All internal walls in the apartments will be flat without protruding elements, and in the three level basement hassle free parking will be achieved by using transfer columns instead of big pillars which normally obstruct these often neglected spaces. Other value adding features will include a three level entrance atrium, natural daylight lobbies on every floor, individually operated air-conditioning units for each apartment, high pressure ducts for kitchens to eliminate cooking odors and real cold water taps as water will be stored underground. Several other innovative touches in the kitchen designs – there are a choice of seven – as well as the living areas will certainly make this a desirable residential location. To top it all the building will have the taste and style of a French Riviera development for which the prestigious architect firm Holford Associates has been commissioned. The foundations contract has already been awarded to Middle East Foundation, one of the three specialist foundations firms in the UAE. The la Riviera Tower will be located in Zone 4 of Dubai Marina, and sold as freehold property to UAE Nationals, expats and foreign investors on easy payment terms along with financing facilities. Two, three and four bedroomed apartments will be up for sale as well as four bedroomed duplex suites. Prices for the two bedroom units start at Dh585,000 Each owner is entitled to a residential visa who in turn can act as a sponsor for families visiting. Building maintenance for the Tower is currently pegged at Dh5 per square foot per month. The developer will take care of the maintenance of the building through a management company for at least the first year or until the Home Owner's Association takes over. The 37th floor will be transformed into the Riviera Club, a fully equipped health club which features a rooftop eternity pool with a specially designed canopy that protects bathers from direct sunlight yet gives the feeling of an open pool.
