Dubai Properties Group Becomes Member of United Nations Global Compact

07.02.10

With the UNGC membership, Dubai Properties Group joins an elite list of over 5,500 business participants and other stakeholders from more than 130 countries.

 

Launched in July 2000, the UN Global Compact acts as a policy platform and a practical framework for companies throughout the world and provides a leadership initiative endorsed by chief executives. Through a 10-point plan, it seeks to align business operations and strategies with 10 universally accepted principles in the areas of human rights, labour, environment and anti-corruption.

 

Khalid Al Malik, Group CEO, Dubai Properties Group, said: “This membership strongly reflects our continuous commitment to achieving international standards in pursuing our corporate responsibility goals. By adopting the highly effective principles recommended by the United Nations, DPG aims to demonstrate its ability to identify manage and implement environmental, social and governance initiatives to the benefit of the community and our stakeholders.

Source: Al-Bawaba

Oversupply with commercial properties in Dubai

Rents expected to drop further

According to the Jones Lang LaSalle’s ‘Dubai Real Estate Market Overview’ report last month, Dubai’s current stock of office space stands at 43.6 million square feet. The current vacancy level is estimated to be 33 per cent of that or about 14.4 million square feet. In addition, the 2010-2012 pipeline of new supply has been revised 33 per cent  due to delays and project cancellations to 40 million square feet from 60 million square feet. Roughly  54.4 million square feet  will most certainly remain vacant, that calculates  to a vacancy rate of 65 per cent.

Average Grade A rentals such as in  Downtown Burj Khalifa or Dubai International Financial Centre, are currently at Dh250 per square foot and are estimated to decrease even further before stabilizing by 2011 at the earliest.

Approximately  54.4 million square feet priced at a Dubai average of Dh150 would yield roughly Dh8.2 billion of annual revenue for landlords. So what do you do when you can’t rent all this space?

Another report from property consultancy firm CB Richard Ellis, Dubai Market View, also predicts that commercial and residential property rents in Dubai will continue to decline this year due to oversupply and rising vacancy rates.  Lease rates for commercial space in newer areas of Dubai, which have already dropped 50%, are expected to head lower ‘as competition for tenants continues to lead landlords towards greater incentive packages’, the report said. Residential units are also likely to see ‘a further small contraction during the course of the next year as a substantial volume of new residential accommodation reaches the final stages of construction’, it said.

Source: Oversupply with commercial properties in Dubai

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