The Ras Al Khaimah Tourism Development Authority (RAKTDA) announced over 20 ecotourism initiatives under an AED 500 million sustainable tourism investment plan yesterday. The announcement was made at the ongoing Arabian Travel Market 2021, in partnership with RAK Hospitality Holding and RAK Chamber of Commerce and Industry. 

The investment plan highlights a “new brand identity, based on the destination’s natural topography,” RAKTDA CEO Raki Phillips said.

“This multi-million investment plan further demonstrates our resolve and commitment to tourism, despite the global challenges faced this past year that continue to shake our industry today,” Phillips added.

The new strategy focuses on nature, leisure, adventure, making ecotourism in Ras Al Khaimah both accessible and authentic.

MOUNTAIN, BEACH, DESERT: ECOTOURISM IN RAS AL KHAIMAH

The new projects will involve a number of mountain and land experiences, in addition to a mega-beachfront development by Marjan, and a scallop diving ranch at Al Hamra Marine.

Several of these projects will be situated in Jebel Jais, including sustainable glamping at Cloud7 Camp Jebel Jais, an F&B Village at Jais Yard, paragliding at Jais Wings, and an Instagrammable swing with views at Jais Swing.

The mountain-side projects will also feature Earth Hotels Altitude, a sustainable pop-up hotel concept, and curated Highlander hiking experiences.

Closer to land, tourists can dabble in agriculture at a luxury glamping experience at Cloud7 Camp AlSawan, or go sight-seeing at two new installations at Manar Mall – the Flying Arch, a 130-metre aerial structure, and a light maze titled Luminaze.

The investment plan also makes way for four new hotels – Mövenpick Resort Al Marjan Island, Hampton by Hilton Al Marjan Island (one of the largest Hampton by Hilton properties in the world), Radisson Al Marjan Island, and InterContinental Mina Al Arab.

SUSTAINABLE TOURISM IS JUST A PART OF THE BIGGER PICTURE

The ecotourism initiatives at Ras Al Khaimah are the latest in the emirate’s efforts to double down on tourism. 

Several projects are underway to further cement Ras Al Khaimah’s position as a tourism hotspot. These include Sky Room, the UAE's highest meeting room, 1484 By Puro, the UAE's highest restaurant, the region’s longest toboggan ride, Jais Sledder, and the world’s only Bear Grylls Explorers Camp.

Ras Al Khaimah was voted as the Gulf Tourism Capital a second time by Bureau Veritas, in addition to being named globally as the first city to have the ‘Safeguard Assurance’ label from the certification company. The emirate has also received the Safe Travels stamp from the World Travel and Tourism Council.

_{Photo credit: www.corporate.visitrasalkhaimah.com}

 

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Environmental, Social, and Governance (ESG) refers to a framework against which the sustainability and social responsibility of companies are measured. These standards have gained a lot of traction over time, as climate change and ethical business take precedence.

Several studies have linked companies’ ESG performances to long-term profitability and financial resilience. As a result, more investors in the MENA region are looking at ESG investing as a lucrative asset class for their portfolios. 

KEY ESG CONSIDERATIONS FOR MENA REAL ESTATE INVESTORS

Environmental issues concerning the demand for oil, change in temperatures, and disruptions to the region’s water supply, are key factors prompting an increased focus on ESG investing in the MENA region. 

Sustainable infrastructure stands out amidst ESG investment opportunities for issuers and investors in the Middle East. Of these, energy technologies (especially renewable energy and low carbon fuels), and water and wastewater management systems are the most popular.

At the same time, the main issue with ESG persists here too — that there is no standardisation. A lack of comparability of ESG data is a major barrier to ESG investing in the region.

Moreover, new ESG investors may also struggle with creating a coherent policy that covers their ESG goals. One of the best ESG investing practices, Brie Williams, Head of Practice Management, State Street Global Advisors, previously said, is “incorporating ESG factors in investment decisions and active ownership asset stewardship.”

EARLY DAYS FOR ESG INVESTING IN MENA REAL ESTATE

A study of CFA Institute members revealed that the number of investors keen on ESG investing has been on the rise. It was estimated that by 2020, 94% of retail investors in the UAE would be interested in ESG investing.

Earlier this year, the UAE launched its first sustainable real estate investment trust (REIT) to enable investing in sustainable real estate. Saudi Arabia’s efforts towards renewables and green infrastructure, such as through its mega-city project NEOM, add more incentive to green real estate investing in the region.

The push for smart cities and buildings, especially in Dubai, Riyadh and Doha, further draw attention to energy efficiency and sustainable building materials, strengthening the case for ESG investing in the real estate sector.

It’s still early days for ESG investing in the MENA region. However, the fact that ESG funds outperformed amidst a global stock market crash during the onset of the pandemic last year serves as a valid proof point of the viability of this asset class – something that MENA real estate investors will want a piece of.

 

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Amidst the COVID-19 pandemic, streetscape in urban design finds increased relevance as cities are reimagined.

Streetscape spaces are markers of a bustling metropolis. They represent public life within a city, say much about its cultural dispensations, and play a visual and functional role as shared public spaces.

But streetscapes have a much more substantial role to play in urban design and planning amidst COVID-19. In the post-COVID era, planners and architects are rethinking how cities are designed, especially those that stand in as financial and cultural hubs. 

From cycling lanes and sidewalks, to safe open spaces, the standards for what makes an efficiently run and well-designed city have drastically changed with the pandemic.

STREETSCAPE SPACES AND URBANISATION

In key urban sprawls such as Hong Kong, Paris, Barcelona or Manhattan, streetscape spaces take up a third of overall land, as compared to 15-20% by parks and plazas. 

If well-designed, these streetscapes can bring down ambient temperatures, control flooding and light pollution, promote sustainable mobility, provide clean air and water, and co-exist with biodiversity hotspots.

With more than half the global population living in urban areas, urban planners are now contending with making street spaces more flexible, sustainable and adaptable, aiming for wider pedestrian spaces, lesser motor traffic, and increased cycling lanes.

A POST-COVID TAKE ON STREETSCAPE IN URBAN DESIGN

Early into the pandemic, Milan announced its Strade Aperte plan aimed at reducing car use by allocating street space for cycling and walking. This was after motor congestion and air pollution dropped in the city during a nationwide lockdown.

In Paris, a 50-kilometre stretch of roads used by cars were converted to cycling lanes temporarily due to a rise in the number of cyclists in the pandemic. These will be made permanent, according to a recent statement.

Closer to home, Sibyl Design Studio’s ‘The Mamsha of Al-Tahliya Street’ project aims to develop a multi-layered pedestrian system in Jeddah as a response to movement restrictions and social distancing. This is on top of other initiatives, such as a 170-kilometre long eco-friendly and high-speed public transportation system in the planned megacity of NEOM.

In the UAE too, Dubai municipality has been relying on technology to keep its streetscapes safe, using drones to sterilise streets and public spaces.

Ultimately, increasing urbanisation has given way to the need for urban cities that can adapt to evolving local and expat expectations, and a rapidly changing climate landscape. Thoughtful streetscape design that meets these needs will enable a subtle but resilient transformation across mobility and walkability, heritage, technology and sustainability.

 

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In early 2020, hotel construction contracts were estimated to be worth over USD 23 billion and were expected to go to the MENA region by 2023.

But this was before the full global scale of the COVID-19 pandemic took shape. Since then, in a survey of major hotel investors in the MENA region, nearly 80% of respondents were forced to shut shop due to low occupancy rates.

On average, hotel occupancy rates across the MENA region fell 43% per 2020 estimates by Colliers International. In Saudi Arabia, revenue per available room plunged due to the pandemic. Dubai-based hotel operators expect to take 18-24 months before they return to pre-pandemic business.

A year into the pandemic, the hotel and hospitality landscape looks very different. Here’s a look at post-COVID investment opportunities in the MENA hospitality industry.

UAE AND KSA LEAD INVESTMENT OPPORTUNITIES IN MENA'S HOSPITALITY INDUSTRY

The UAE and Saudi Arabia are forecast to rebound the strongest in MENA’s hospitality industry. This is due to initiatives in tourism and infrastructure, Colliers International reported, with high hopes for Egypt’s hotel sector as well.

New hotel properties are set to open in four emirates in the UAE this year. These include Hilton Abu Dhabi Yas Island, St Regis The Palm, Address Fujairah Resort, and Hampton by Hilton Marjan Island. 

While these were already in development, there is also news of a fresh deal for the stalled Marina 101 project. That Expo 2020 is scheduled to take place this year is also expected to boost travel and tourism for the hospitality industry.

In Saudi Arabia, new announcements could give a boost to investment opportunities for the country’s hospitality industry. One such project is the recently announced USD 15 billion Journey Through Time Masterplan in AlUla city. The regeneration project aims to have 5,000 hotel keys by 2035. 

Combined with other similar masterplans, AlUla is expected to have potential for 9,400 keys by 2035. Investors are also looking closely at Saudi hotel investment opportunities, as the country doubles down on infrastructure projects to boost tourism and diversify the economy.

Elsewhere in the MENA region, signs of recovery are becoming apparent despite a tough 2020. In October 2020, hotels in the region recorded their highest ever occupancy levels since the start of the pandemic. 

Opportunities, such as an influx of Israeli tourists, and diversification beyond the metropolitan luxury hotels space, will only aid recovery for MENA’s hospitality industry, buffering the industry against oversupply and travel restrictions.

 

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After the outbreak of the COVID-19 pandemic, for every single day that passed in 2020, near 50 brick-and-mortar stores in the UK were nudged into closure. The global total for the same remains somewhat enigmatic, but by the middle of November retail bankruptcies around the world totalled well over anything seen in the last decade.

Iconic brands such as Brooks Brothers, JCPenny, J. Crew, Lord & Taylor, Neiman Marcus — the list goes on, really — fell off the retail map. In the US alone, over 9,300 retail outlets permanently shut their doors. British department store Debenhams just announced it would close its London high street doors for the final time in May, after 242 years of doing business.

They are calling it ‘the Great Retail Apocalypse’. Well, they were already calling it ‘the Retail Apocalypse’ in the rippled-down aftermath of the financial crisis of 2007-08, but it was the pandemic that broke the camel’s back. The question now hangs: should investors count out retail real estate for foolhardy? And if still keen, what should be the revised retail real estate investment strategy, tailored of course to the ‘new normal’?

A SNAPSHOT OF THE UAE'S RETAIL SECTOR

By the end of 2020, Dubai’s total retail space stock — or gross leasable area — amounted to 4.2 million square metres. And Abu Dhabi’s retail space stock totalled 2.8 million square metres. By the end of 2021, Dubai is expected to add 761,000 square metres of gross leasable area to the market. And Abu Dhabi, around 293,000 square metres.

This might resonate with some as a continuing case of oversupply, but latest projections by the Dubai Chamber of Commerce and Industry (DCCI) have it the UAE’s retail sales will hold steady at a 6.6 per cent annual growth rate in the medium term to reach USD 70.5 billion by 2025, with store-based retail growth calibrated at a compound annual growth rate (CAGR) of 5.7 per cent.

The reason: the UAE’s tourist and retail sectors are both expected to receive a boost from the speed of the national vaccination programme. The UAE’s immunisation has been clocked at 55 to 60 per cent of the population, the highest in the region, and the second highest globally. This, say experts, will likely help attract consumers back to stores. And in Dubai’s case, there’s the Expo as well, expected to act as an added catalyst in the recovery of the retail sector.

THE FUTURE OF RETAIL IN THE MENA REGION

A Cityscape survey conducted near the end of 2020 to measure real estate sentiment in the Middle East and North Africa (MENA) region found 91 per cent of respondents believed traditional brick-and-mortar stores will remain vital, even in the face of continuous growth in online shopping.

But that’s not all: Majid Al Futtaim, the largest operator of malls in the Middle East, expects revenues to return to pre-pandemic levels by the end of 2022. In line with this, the group will unveil its biggest mall-project ever in Riyadh before the end of the year, as well as what will become the largest mall in Oman. According to the group’s CEO, the UAE, Saudi Arabia and Egypt are likely to see the fastest retail sector recoveries.

And Emaar Malls, meanwhile, has posted a net profit of USD 87 million in the first quarter of 2021, marking a 169 percent increase from the last quarter of 2020. Tenant sales have also recovered with a 14 per cent growth. Retail destinations are witnessing guests returning for shopping, dining and leisure experiences, driving up average spend, said an official statement.

So what is the future of retail? Will shoppers return to brick-and-mortar stores? Yes, answer experts — that’s exactly why they’re now calling retail’s emergence from the pandemic ‘the Great Reset’.

 

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London-based Hopkins Architects has completed work for the brand new Khor Kalba Turtle and Wildlife Sanctuary in Sharjah. Located in Kalba city, the nature reserve has been commissioned by the Environmental Protected Areas Authority of Sharjah (EPAA). 

Comprising a group of squat, round-roofed buildings, the Khor Kalba Turtle and Wildlife Sanctuary is designed to serve as a multi-functional nature reserve for turtles and endangered birds.

The nature reserve also has visitor facilities aimed at growing awareness and engagement around conservation and preservation efforts.

Further, as an operational base, the Khor Kalba Turtle and Wildlife Sanctuary will support research and monitoring of the reserve’s natural resources, and those of the wider east coast of the UAE and Oman.

HOW THE KHOR KALBA TURTLE AND WILDLIFE SANCTUARY IS DESIGNED

The reserve is made of seven, interconnected pods. They house a range of facilities, from aquaria, exhibition areas, staff offices, and veterinary facilities, to classrooms, a gift shop and a café, in addition to amenities for visitors. 

 The reserve also features a terrace offering panoramic views of Kalba’s mangrove forests hemmed by mountains in the distance. 

Visitors can avail a nature trail that runs through indigenous mangrove forests and mud flats. Species that can be found here include turtles, stingrays, gazelles, and the Arabian Collared Kingfisher, a rare bird with a distinctive teal hue.

Urchin exoskeletons inspire the skeletal structure of the pods. It resembles that of the Buhais Geology Park Interpretive Centre, another property designed by Hopkins Architects and located in the outskirts of Sharjah. 

The pre-fabricated cantilevered concrete structures are built on elevated concrete foundations. White, pre-cast concrete, shaped to resemble shells, envelops the pods and provides an undulating interplay of light and texture.

Overall, the architecture of the Khor Kalba Turtle and Wildlife Sanctuary is designed to minimise disturbance to the local terrain while holding out against its coastal conditions, according to Hopkins Architects.

THE NATURE RESERVE BOOSTS SHARJAH'S ECO-TOURISM

The Khor Kalba Turtle and Wildlife Sanctuary is an addition to Sharjah’s rapidly growing architectural landscape, and its reputation as an eco-tourism destination. This serves well for the city, which has a number of biodiversity spots and protected areas, including Khor Kalba.

The Khor Kalba Turtle and Wildlife Sanctuary joins the ranks of several other nature reserves commissioned by the EPAA, such as Al Hefaiyah Mountain Conservation Centre. 

The wildlife sanctuary also complements projects by Sharjah Investment and Development Authority, or Shurooq, to grow eco-tourism efforts in the region.

_{Photo credit: www.designboom.com}

 

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The real estate market in Abu Dhabi secured USD 3.13 billion in the first quarter of 2021. According to a report by the Department of Municipalities and Transport (DMT), this was spread across 3,847 land, building, and unit deals.

Here’s a look at the top winners in Abu Dhabi’s real estate market 2021.

Q1 2021: ABU DHABI'S REAL ESTATE MARKET IN NUMBERS

Of the USD 3.13 billion, real estate accounted for about USD 1.36 billion from 1,755 transactions. 

Land deals made up 66% of sales in Abu Dhabi’s real estate market, reaching USD 90 million from 777 transactions. Real estate units contributed to the remaining 34%, with USD 46 million from 978 transactions.

Mortgages, worth over USD 1.77 billion from 2,092 transactions, accounted for the remainder of the USD 3.13 billion. 

Here too, land deals emerged in majority, comprising 96% of total mortgage value at USD 1.69 billion. Real estate units contributed to the residual 4%, bringing in about USD 65 million from 156 transactions.

 A strong performance in the mortgages sector reflected “banks’ confidence” and “positive outlooks” for Abu Dhabi’s real estate market, the report noted.

In line with last year’s trends for best-selling locations in Abu Dhabi, Al Reem Island clinched the top spot, with sales of about USD 440 million. Abu Dhabi Island was a close second with around USD 246 million. 

They were followed by Yas Island with about USD 176 million in sales, Saadiyat Island with about USD 121 million, Khalifa City with about USD 61 million, and Al Raha Beach with about USD 53 million.

BIG PLANS IN THE PIPELINE

"Led by our leadership vision and support, these developments will ensure creating an attractive investment environment aligned with Abu Dhabi Plan and the Abu Dhabi Government Accelerator's Program 'Ghadan 21’ through more stimulus packages and opportunities,” Executive Director, Real Estate at the DMT, His Excellency Dr. Adeeb Al Afeefi said about the Q1 results.

The Abu Dhabi Plan, or Plan Abu Dhabi 2030, is a government framework to address key issues in the city’s real estate, such as land use and transportation. Ghadan 21 is an accelerator program aimed at bringing in more foreign investment into Abu Dhabi’s real estate market.

Other initiatives, such as a USD 8 billion capital projects framework, are also underway. At the same time, Abu Dhabi’s real estate market could face an oversupply of residential stock as it adjusts for the global economic shock of 2020.

 

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The global smart buildings market is forecasted to increase 13% in annual value, growing by USD 19.17 billion by 2024, according to a latest report by Technavio.

Despite steep switching and installation costs, growing demand for building automation systems emerged as a key driver for this growth trend. The market for these systems had already picked up tailwinds in 2019, the report noted. But industry-wide developments continue to push the growth of building automation systems forward. 

These include industrial growth, commercialisation, and energy and building optimisation.

Technological innovation also plays a fundamental role in driving adoption for building automation systems, the report noted. Internet of Things (IoT), analytics, and cloud computing technologies all contribute to help monitor, control, and operate building facilities.

Meanwhile, smart buildings have also emerged as a small but rapidly growing segment of the real estate sector in the MENA region. Here’s what lies ahead for this sector.

MENA FOCUS: SMART BUILDINGS AND BUILDING AUTOMATION SYSTEMS

According to the IESE Cities in Motion Index 2020,  Dubai and Abu Dhabi are two of the top-ranking smart cities for technology. Doha and Riyadh also find a place in the index. Smart buildings shore up this technological prowess, and make buildings more efficient, sustainable, and safe.

Amid the COVID-19 pandemic, interest in smart buildings has surged. In addition to building automation systems, the market is also keen on technologies such as contactless access control systems, facial recognition and heat sensors, advanced HVAC systems and even drones.

Developments on this front are already underway. AI-based O&M platform Felicia and HVAC field devices manufacturer Belimo, for instance, announced a joint solution for IoT-based building operations and management.

Another report by Honeywell points that smarter building regulations have helped propel Doha and Dubai ahead for their smart building capabilities. Regulations such as the Dubai Civil Defence 24x7 Smart Monitoring System for real-time life and safety alerts have been around as far back as the early 2010s.

At the same time, the report also suggests that the region needs to catch up with vertical system integration and asset uptime. Most industries in the region, including hotels, hospitals, retailing and offices, have poorly integrated building assets and lower annual functional service time for assets.

In order to push for progress, developers and governments in the MENA region will need to adopt integrated building technologies and maximise operational uptime for smart building assets, the report added.

 

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US-based mobility company Hyzon Motors and Saudi conglomerate Modern Industrial Investment Holding Group have announced plans to construct an assembly facility for hydrogen-powered vehicles in Saudi Arabia. Developed under a newly announced joint venture, the facility will be located in the futuristic zero-carbon Saudi mega-city NEOM.

The joint venture, which will be called Hyzon Motors Middle East, aims to drive the supply of Hyzon-branded zero-emission commercial vehicles across Saudi Arabia and GCC countries. The facility is expected to have an annual capacity of 10,000 locally built vehicles.

SWITCHING TO A HYDROGEN ECONOMY

Saudi Arabia has been doubling down on renewable energy. Earlier this year, Crown Prince Mohammed bin Salman announced that by 2030, the kingdom aims to generate half its energy needs from renewables.

The joint venture between Hyzon Motors and Modern Group is driving at the city's goal of net carbon zero emissions by 2030.

The two companies are looking to work closely with developer NEOM Company over the next 18 months to finalise plans and specifications for the new facility. The parties have already signed an MoU to this end. The MoU outlines a “shared interest” in building a demonstration fleet of heavy duty hydrogen-powered mobility solutions in the city.

“This project is showing the way for resource-rich GCC countries to achieve the energy transition, and Hyzon's partnership with Modern will help to make this a reality,” CEO and Co-Founder of Hyzon Motors, Craig Knight said about the new joint venture.

ACCELERATING TOWARDS SUSTAINABILITY WITH NEOM

Located in northwest Saudi Arabia, NEOM is the country’s flagship sustainable mega project, as the country continues to push its sustainability agenda that can help diversify its economy. The city’s ambitious goals aim to bring in foreign capital as an economic leg-up for the country.

Global corporations have already ploughed billions into green hydrogen initiatives in the city. This includes a recent partnership, Air Products, and ACWA Power to build a USD 5 billion green hydrogen plant.

"NEOM is developing a multi-dimensional hydrogen ecosystem and is a perfect location to activate hydrogen-based technologies and applications for use in NEOM and beyond,” Executive Director for Hydrogen & Green Fuels at NEOM Company, Roland Kaeppner said.

“Partnering with Hyzon and Modern Group will expedite NEOM's self-sufficiency ambitions and is a great opportunity to showcase hydrogen-electric applications that are complementary to battery electric solutions, in particular for heavy duty and long-range logistics,” Kaeppner added.

_{Photo Credit: www.investableuniverse.com}

 

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Egypt’s rapidly developing transport sector is all set to benefit from a first of its kind monorail project.

The USD 4.5 billion mass transit project will connect Greater Cairo with the country’s planned government hub New Administrative Capital, and 6th of October City.

The contract for the project was signed in 2019 by a developers’ consortium and the National Authority for Tunnels, in the presence of Egyptian Prime Minister Dr. Moustafa Madbouli. The consortium includes Bombardier Transportation, Arab Contractors and Orascom Construction.

So, what does the project mean for the New Administrative Capital and Egypt’s ambitious infrastructure plans?

THE LONGEST MONORAIL IN THE WORLD

The project will feature 70 four-car fully automated and driverless trains across two lines. The first will run from East Cairo to the New Administrative Capital. The second line will connect 6th of October City to Giza.

Work on the New Administrative Capital line is expected to complete by 2022, about a year ahead of the 6th of October City line. Transit time for the New Administrative Capital line, which is 56.5 kilometres long, is pegged at 60 minutes. It will link the Stadium station at Cairo Metro Line 3, Salah Salem Street, with New Cairo and the New Administrative Capital. In all, the line will comprise 21 stations.

Overall, the monorail’s two lines will cover a total of 98.5 kilometres, deeming it the longest such system in the world. China’s Chongqing monorail is currently the longest monorail worldwide, covering a distance of 98 kilometres.

EGYPT IS BUILDING FOR THE FUTURE

In 2016, Egypt announced its Vision 2030, a national agenda aimed at "'comprehensive sustainable development” and “balanced regional development.”

In line with these objectives, the monorail project is visualised as a fast, modern, safe and sustainable transport system. The project is expected to bolster connectivity between Egypt’s cities and its urban communities, and reduce congestion and fuel consumption.

The monorail will aim to transport a peak capacity of 45,000 commuters per hour. Further, it will feature a total 34 elevated and at-grade stations, intersecting at Cairo Metro Line 3 and Cairo’s High Speed Rail network. It will also allocate space for maintenance facilities, depots, and an Operations Control Centre.

In addition to being automated and driverless, the tech-forward monorail will feature advanced communications technology, intelligent power management, and unified ticketing as well. The monorail is expected to be officially launched in 2023.