The Salalah Tourism Festival is best described as an annual cultural extravaganza in Oman’s summer paradise of Salalah. Slated to begin on 21 June 2012 during the region’s Khareef Festival, the STF 2012 will continue till 21 July, just before the holy month of Ramadan.

Shaikh Salim bin Oufait Al Shanfari, Head of Dhofar Municipality and of the STF organizing committee, said that this year’s edition of the Salalah Tourism Festival would introduce many new events and shows, aimed particularly at children. He said, “Giving more attention to childhood has become a pressing necessity. There is a need to raise awareness of individuals and the society about the importance of encouraging the creative capabilities of children.”

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Signing a memorandum of understanding (MoU) with the developers of Fontana Towers in Juffair, Sakana Holistic Housing Solutions will provide Sharia-compliant home finance to end users.

This agreement will allow Bahrainis and non-Bahrainis to own a luxury home in Fontana Towers, a residential freehold tower consisting of 400 apartments and penthouses.

Sakana will offer attractive home finance packages up to 90 per cent of property value with finance term up to 30 years and maximum finance restricted to BD350,000.

It will also provide home financing to customers of all nationalities residing in Bahrain, the GCC and outside GCC subject to terms and conditions.

"We are pleased to partner with Fontana Towers, which has set a new benchmark for property development in Bahrain," said Sakana chief executive R Lakshmanan.

"Our partnership with Fontana Towers was a natural choice as we are both dedicated to quality and innovation."

Designed as four interconnected skyscrapers, Fontana Towers consists of 400 freehold apartments - studios, one, two and three bedroom apartments and exclusive penthouses.

"Sakana is the ideal partner to provide our valued customers with mortgage finance options and we are glad to conclude this arrangement now as the Fontana Tower is ready for handover," said partner in the developers Abdulghaffar Al Kooheji.

"Despite tough market conditions we have successfully completed this high quality residential freehold development without compromising on its facilities.

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Making the most of its surging petrodollars and large overseas assets, Abu Dhabi is looking to restart some of its shelved projects estimated at $30bn.

According to the latest GCC economic review of the National Commercial Bank (NCB), a major part of the projects involve construction, roads and the planned metro, estimated at around Dh26 billion.

“The increased spending will be supported by rising revenues. Abu Dhabi oil production rose to an average of 2.5 mbd in 2011, up from 2.2 mbd in 2009 and 2.34 mbd in 2010,” the report said.

Citing official data, the report showed that Abu Dhabi had earned a whopping Dh278bn from its hydrocarbon exports in 2010, up on Dh188.8bn in 2009. While no figures were available for 2011, the emirate’s income is expected to have grown sharply as oil prices soared by at least 50 per cent over their 2010 level.

“In general, the government’s fiscal position is likely to remain strong. The Abu Dhabi Investment Authority has an estimated $627bn in assets and the government boasts substantial reserves,” NCB said.

“Nonetheless, the recent Dh16.8bn bail-out of Aldar Properties highlights the risk still posed by contingent liabilities. The total debts of government-related entities in the UAE were recently estimated at 54% per cent of GDP.”

The report noted that although authorities in Abu Dhabi and other UAE emirates had begun to reverse some of the “largesse” in their fiscal plans for 2011, the onset of the Arab Spring led to a partial reversal. This led to a delay in the consolidation agenda to this year. It said the consolidated UAE budget is now estimated to require a fairly high break-even price of approximately $85/barrel.

Recalling the events in January 2012, the report mentioned that the Abu Dhabi Executive Council unveiled a plan marked by a great deal of continuity in government spending and general commitment to the strategic objectives of Abu Dhabi’s Vision 2030.

The NCB said that of the several projects put on hold last year, out of the estimated $30bn worth of projects, a number of them have now received a go-ahead.

The Abu Dhabi government also reiterated its commitment to certain key projects such as the Abu Dhabi metro venture and allocated funds to a new Dh25bn Midfield Terminal for the Abu Dhabi airport and the Khalifa Port and Industrial Zone.

The Dh10bn Mafraq- Ghuweifat Road project, originally conceived as a public-private partnership, was revived by the government.

The report said that the execution of the metro project should give a fillip to the plans for the development of the Reem Island, which is nearing completion with an expected occupancy of over 100,000 people.

“In general, the plans to build 50,000 homes over the coming 20 years appear to be on track. The government allocated funds to the North Wathba project which will have more than 13,000 resident plots, while the government hopes to deliver more than 7,600 villas this year. Beyond this, the Louvre, National Museum, and Guggenheim museum projects for Saadiyat Island were funded.”

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While Dubai's villa and land market was dominated by British and Indian buyers in 2011, the apartment sector saw the biggest investments from GCC nationals.

Dubai's Land Department issued its annual report yesterday, claiming that a 20 per cent increase in property transactions in 2011 at a value of Dh143 billion is a sign that the real estate market is recovering and growing.

Sultan Butti Bin Mejren, Director General of the Land Departmentm said: "The transactions' quantity, quality and procedures reflect the recovery and growth of the real estate market in Dubai."

In 2011, the department's transactions reached 35,297, inclusive of sales, mortgages, ijarah (online registration fee), mortgage portfolios, deferred sales and other transactions.

The mortgages increased by 12 per cent in 2011 over those in 2010. 60 per cent of the transactions conducted in 2011 were mortgages.

Bin Mejren added that this trend indicates recovery for property financing.

Managing director of Harbor Real Estate, Muhannad Al Wadiya, said that the real estate sector in Dubai is witnessing positive sentiment.

"Moreover, 90 per cent of the developers are back to the market, and in the next five years they will be completing their projects," he said. Wadiya added that while challenges including confidence and access to liquidity still remain, rental returns were stable.

Al Wadiya said: "The rental returns in some areas of Dubai were estimated to be between 5 and 7 per cent in 2011 and it will continue the same this year."

Wadiya said that he was expecting a 10 to 15 per cent drop in office rents in the next three years due to oversupply.

"The demand for villas is high as there is limited supply. That is why prices have jumped."

Bin Mejren said that the value of transactions reflected the return of the real estate market to normal levels. It also indicated the exit of speculators, the maturity of the real estate market and increased investor awareness.

"This demonstrates the ability of Dubai to fully recover from the challenges of the international crisis and prove once again the strength of Dubai's economy," he said.

Bin Mejren emphasized that the market has seen a state of stability and increased demand from investors in buying properties and grasping investment opportunities in the last two years.

Land Department figures reveal that the heaviest investment was in apartments through sales and mortgages, accounting for 26,465 transactions worth Dh43 billion.

Sales of land stood at a value of Dh22 billion with a total of 2,961 transactions.

The value of mortgage transactions amounted to Dh69 billion from a total of 3,315 transactions.

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The popular and much-awaited Dubai Dragon Boat Festival is back on 6th and 7th April 2012! Running into its fifth year this April, the festival brings two days of thrilling boat races and a gamut of onshore entertainment activities.

Bernice Boshoff, General Manager of Festival Centre, said: “We are delighted to be hosting the fifth annual Dubai Festival City Dragon Boating Festival this April. We have seen this community event grow from strength to strength and are looking forward to welcoming back the UAE Dragon Boating competitors to Festival Marina for what promises to be a fun filled weekend, with activities both on and off the water.”

The stunning creek side of Festival Center Dubai Festival City comes to life as thousands of teams of boat racers vie for victory with excited spectators cheering them on. If you plan to participate, brace yourself for an action-packed weekend!

Among Dubai’s favorites, the Dragon Boat Festival is hosted by Festival Centre, Dubai Festival City, the UAE Dragon Boat Association, Siren Events, UAE Sailing and Rowing Federation, and Crowne Plaza Dubai Festival City, in association with Mourjan Marinas IGY, the luxury marina developer and managerWith its state-of-the-art facilities, the Mediterranean inspired Festival Marina comprises 74 permanent berths to accommodate 15 to 35 metre yachts. The custom-designed marina several special features including extra wide pontoons, a helicopter pad and WiFi.

Dragon Boating is a thrilling water sport that can get your adrenaline pumping. What’s more, this sport also involves sportsmanship, strategy and technique. It’s also about positive team spirit, staying healthy, making new friends and just enjoying yourself! Given that this sport is enormously popular, companies are encouraged to make entries for their corporate teams early on.

The entry tickets to the Dubai Dragon Boat Festival are priced at AED 10,000 per team for Corporate/Social teams, AED 2,000 per team for School/University teams and AED 500 per team for individual teams.

If you participate with your team, you are entitled to a dedicated training session with an international Dragon Boat Coach, a Dragon Boat and all requisite equipment, entry and participation for up to up to 20 team members per boat and 20 tickets to the Dragon Boat Party at the Belgian Cafe Garden at Crowne Plaza on April 6, 2012. You can also make an advance purchase of additional tickets to the Dragon Boat Party or pay Dhs 150 per person inclusive of a buffet dinner. And of course, you get a chance to win generous prizes!

Jason Mackenzie, Technical Director of the UAE Dragon Boat Association, said: “This event is in its fifth year and is more popular than ever. It is a fantastic sport and a wonderful day out for the family. The atmosphere onshore as the teams compete is an experience not to be missed and we encourage everyone to join us for a great couple days at one of Dubai’s favourite water sports events.”

The festival will include entertainment for the entire family, on and off the water, including DJs, sports physiotherapy tent, kid’s corner and many other activities. The Dragon Boat community festival brings together corporate, university, school and community groups from across the UAE.

A Belgian Garden Cafe will be organized by the Belgian Beer Cafe at Crowne Plaza Dubai Festival City on 6th and 7th April offering premium Belgian beverages and tasty, sumptuous food. The Dragon Boat after-race party will be hosted at the Belgian Garden Cafe on Friday 6th April.

Yannis Anagnostakis, Area General Manager at InterContinental Hotels Group Dubai Festival City, said: “We’re very proud to be supporting the fifth Dubai Festival City Dragon Boat Festival again, which promises to be a fantastic day for all involved. We are very keen to be involved in events that support the community and we’re sure the Belgian Garden Café will provide a chance for everyone to come together and enjoy this special day.”

Matthew Bate, Director of Operations for Mourjan Marinas IGY, the operator of Festival Marina said: “We are very proud of this event and of its growing popularity within our community. It is important for us to play a fundamental part of the community we are a part of and to make sure that we are offering more than just a marina.”

Festival Centre, which overlooks Festival Marina, has become a major hotspot for the yachting circuit. This retail resort houses more than 375 shops, 8 and cafés, a 12-screen Grand Cinemas complex and Bowling City. The waterfront promenade connects Festival Marina to the world-famous InterContinental and Crowne Plaza Dubai Festival City and Events Centre, all with prime waterfront views over Festival Marina, Dubai Creek and the city’s skyline.

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