W10

http://www.gulfnews.com/Articles/Bus...ticleID=174247

Who fancies living in Umm Al Quwain?

Isn't this a bit of a risk to be taking with the rights issue cash? Although I presume someone has done some serious research which suggests people are just clamouring to move into a mega project in UAQ.

MJC

I think the words Jump and bandwagon come to mind...

W10

I'll be interested to see how the market reacts (well I won't really but this is the kind of thing you're supposed to say, right?)

Seriously though. Emaar stock fell by 5% the other day when they announced quarterly profits of Dh(insert ludicrous figure here), wonder what will happen today.

W10

http://www.7days.ae/feature/new-beginning.html

7days getting at another decent angle in the story again.

TA5

I think this pretty much sums up the problem with the UAE property market. They expect construction to transform their market, and think that by building more they are developing a 'market'.

In the real world, markets dictate construction and growth, not the other way around...

Sitting on a bag of cash waiting for the big crash.

Border Reiver

As regular readers will know, I'm pretty positive about the property market in Dubai. Dubai has the transport links, the marketing, the hotels and for want of a better expression the "brand". Most people I speak to in the UK have heard of Dubai and recognise it as a holiday destination or even a place for a second home.

UAQ, I'll bet, nobody has ever heard of and this is quite an ambitious starter project. It might work, but it will have to be signifigantly cheaper than Dubai and very well marketed. With backing from the Saudis and the UAQ government they are unlikely to run out of money. As MJC says, there is definitely a bandwagon rolling along here.

Face81

As far as I know, this is all part of a bigger master plan, that Sheikh you know who, has.... its some sort of agreement with the crown princes of all the emirates to follow in the footsteps of Dubai. The ultimate goal is to turn the U.A.E into a tourist destination.....

I'd say places like Fujeirah and Hatta have managed to achieve this with some degree of success, as tourists visiting Las Dubai often opt for a get away in the mountains....

And as a young country, it is only natural that it develops, of course this development is un natural and as TA5 pointed out, goes against normal market forces, but it has worked so far......

If u build it, they will come.

W10

My favourite bit of the story is this:

"Mohammad Ali Al Abbar, EME chairman, said the location was selected because it was an unspoiled haven of natural beauty."

Everywhere else in the world this is a the primary reason why you WOULDN'T build an enormous concrete developement there. Not in the UAE

Face81

Exactly what I thought.....

After wrecking Dubai's coast, this time it is EMAAR and not Nakheel that will attempt to "transform" UAQ.

The one good thing about the development is that there will be no skyscrapers from what I can tell..... it consists of low rise buildings only. I guess that is some consellation.

Welivehere

If things carry on at this rate we are going to end up with the coast line as one huge Emirate.

You already have:

Abu Dhabi pushing commercial development up as far a Jebel Ali
The borders of Sharjah and Dubai are almost indefinable,
The borders of Sharjah and Ajman are becoming blurred
This announced development for UAQ (which will pretty much link Ajman and UAQ)
The huge them park they are planning for RAK (150,000 visitors a day??? , which is more than Disneyland)

Soon the only natural coastline will be that which is just not ecomomically viable to build on...