Latest news with #luxurydevelopment
Zawya
2 days ago
- Business
- Zawya
Omniyat unveils $980mln ultra-luxury project in Dubai
UAE - Omniyat, a leading developer in Dubai's luxury real estate landscape, has launched Lumena, an ultra-luxury commercial development located on Sheikh Zayed Road in the Burj Khalifa district, at the intersection of Business Bay and Downtown Dubai. A work of architectural mastery where every line draws upward, and every space is designed to inspire clarity, confidence, and command, the 48-storey tower will set a new benchmark for workplace environments in the region upon its completion in Q4 2029. Lumena, which boasts a Gross Development Value of AED3.6 billion, was yesterday (June 18) launched at the Museum of the Future with a stunning sound and light show. Its architectural model will be on display at Studio 12 at The Opus by Omniyat from 19-22 June, providing a glimpse into the future of Dubai's commercial spaces, it stated. Founder and Executive Chairman Mahdi Amjad said: "Lumena is the future of commercial real estate in Dubai. With its location, design, and integrated amenities, we are creating a new paradigm for commercial real estate that aligns with how the next generation of leaders want to work and live." "Leveraging technology, innovation and future-proof design, Lumena's sculpted form reflects both architectural brilliance and the effortless flow of ideas, ambition, and enterprise. This exceptional project reflects Omniyat's ongoing commitment to shaping the commercial landmarks of tomorrow," he stated.. Drawing from the Latin word 'lumen' for illumination and 'ena', a Japanese word suggesting blessing, Lumena symbolises clarity, purpose, and forward momentum. The tower's design integrates panoramic views with natural materials and biophilic elements, bringing light, greenery, and airflow into the workspace to promote wellbeing, productivity, and performance. Every element, from its sculpted façade to double height glazing and natural textures, is engineered for both form and function. With its slender form and elevated architectural profile, Lumena is strategically designed to maximise views of Burj Khalifa, Downtown Dubai, and Jumeirah Beach. A series of cantilevered structures throughout the tower introduces unique vantage points and shared amenities that enhance the experience for all occupants. Uniquely located near Business Bay metro station, it is well connected to Dubai's prime business, retail and lifestyle hubs. Close to Downtown and Burj Khalifa, it is minutes away from major attractions, yet with its soaring form, also boasts Jumeirah, Burj Al Arab & ocean views. Lumena brings together functional precision and spatial sophistication. The tower comprises 91 shell-and-core office units across three categories: 59 offices (three per floor plate), 30 half floor offices (two per floor plate), and 2 full-floor offices, said Amjad. With an internal office area of 582,184 sq. ft., Lumena is engineered for optimal efficiency, featuring flexible floorplates with minimal columns, a rear-core layout, and clear ceiling heights of 3m within office spaces. Units are offered with full fit-out flexibility, so buyers and tenants can customise layouts, while a palatial use of space, including high ceilings and full height windows, ushers openness and light, he stated. Lumena is strategically located just 10 minutes from Burj Khalifa and 13 minutes from Dubai International Airport, with dual vehicular access points. It offers over 1,000 parking spaces, including designated areas for office use, retail operations, and visitors.
BBC News
11-06-2025
- Business
- BBC News
A Belgrade landmark bombed by Nato could get Trump makeover
One of the first sights that greets arrivals to the centre of Serbia's capital Belgrade are government buildings in an advance state of collapse. Nato planes bombed them back in 1999 – and they remain in much the same message they deliver to visitors could be "welcome to Serbia, our recent history has been tumultuous and complicated – and we still haven't quite finished processing it".Like a smile with a row of broken teeth, the Defence Ministry buildings are still standing. But they clearly took a serious hit when Nato intervened to stop Serbia's then military campaign in a member of the Western military alliance, the US was implicated in the bombing. Given that history, last year it came as something of a jolt for Serbians when the government struck a deal with a company called Affinity Global to redevelop the site into a $500m (£370m) luxury hotel and apartment tower just because the business concerned is American, but due to the fact its founder is Jared Kushner, best-known as Donald Trump's son-in-law. And because the planned development is due to be called Trump Tower these has now been a major twist in the tale that puts the scheme in some doubt, the Serbian government's decision to strike the deal wasn't too he became US president in 2016, Donald Trump himself expressed interest in building a hotel on the move also fits a government pattern - as alleged by the Serbian opposition - of allowing foreign investors to profit from public cite, as a prime example, the Belgrade Waterfront residential and retail project, constructed by Emirati developers on land owned by Serbia's there used to be rusting rolling stock and derelict sidings, there is now a swish shopping centre, smart restaurants and the oddly bulbous, 42-storey Belgrade Tower. It is not to everyone's taste. That, however, was a brownfield site, rather than a city centre landmark. The Defence Ministry complex is an entirely different proposition – not least because it acts as a memorial to the casualties of the 1999 bombing is also a highly visual reminder of why the vast majority of Serbians remain opposed to Nato, and feel sympathetic towards that context, granting a US developer a 99-year lease on the site, reportedly for no upfront cost, is a bold Serbia's president, Aleksandar Vucic, is unapologetic. "It's important to overcome the burden from 1999," he tells the BBC."We are ready to build better relations with the US – I think that is terribly important for this country." That view garners a degree of sympathy from Belgrade's international business direct investment inflows have more than tripled over the past decade. But GDP per capita remains low compared to EU member states. It stands at just one third of the bloc's keep those figures moving in the right direction, attracting new investors is vital. And while the financial details of the Ministry of Defence development have not been revealed, the New York Times has reported that the Serbian government will get 22% of future profits. "For a small and specific market – ex-Yugoslavia, outside the EU – all publicity is good publicity," says James Thornley, a former senior partner at KPMG Serbia, who is now a partner at financial consultants KP Advisory in Belgrade."If you have major international players coming in, it's a pull, it's a draw. You're getting the name and opportunity out there."Mr Thornley has lived in Serbia for 25 years and is fully aware of the sensitivities surrounding the Defence Ministry complex. But he believes that views would change once people saw the benefits of the development."That site is an eyesore and should be resolved," he says. "Nothing's happened for 26 years, let's get it sorted out." But not everyone involved with international investment in Serbia is so Peirson was the managing director of global real estate giant CBRE in Southeast Europe, and now holds the same role at iO Partners, which focuses entirely on the admits that the shattered state of the Defence Ministry complex is "not good for the city's image", and that the deal to develop the site is "probably good news, because it shows the country can attract big investments".But he has serious qualms about how the government struck the deal with Affinity Global. Mr Peirson says that there was no open tendering process that would have allowed other firms to bid for the site."With state-owned land, you should be able to prove you're getting market value for the site. The way you usually do that is to run a proper tender process," says Mr Peirson."If it had been in UK, Germany, Hungary or even Romania or Bulgaria, there would have been a process; it would have gone through the open market. Developers that were looking to enter Serbia, or already active, would have been given the chance to buy it themselves."Back in 2023 Vucic said he met with Kushner and had an "excellent conversation" with Jared Kushner regarding the "potential for large and long-term investments."And Donald Trump Jr has since made follow up visits to Belgrade after Affinity Global announced that a Trump International Hotel would form part of the development. The role of Trump Jr and the family business is thought to be limited to the have been raised about the Trumps making commercial deals while Donald Trump is in the White House but his press secretary has rejected any suggestion he is profiting from the Peirson is concerned that the nature of the Ministry of Defence building deal may irk businesses which have already committed to Serbia."If I'm an investor already putting tens or hundreds of millions into the country, I would feel sad that I hadn't been given the chance," he Affinity Global and the Serbian government did not respond to requests for comments about how the deal over the site was agreed, and whether or not there was an open tendering process. Then there is the question of whether a commercial development should be taking place at all. The site, even in its current state, remains architecturally and historically buildings were originally constructed to welcome visitors to the capital of Tito's Socialist Federal Republic of Yugoslavia. Architect Nikola Dobrovic created two structures on either side of Nemanjina Street which, viewed together, took the form of a design also echoes the contours of Sutjeska Gorge, the site of the Yugoslav Partisans' pivotal victory over Nazi forces in 1943. And in 2005, it was granted protected status under Serbia's cultural heritage laws."No serious city builds a modern future by demolishing its historical centres and cultural monuments," says Estela Radonjic Zivkov, the former deputy director of Serbia's Republic Institute for the Protection of Monuments."For Serbia to progress, it must first respect its own laws and cultural heritage," she insists. "According to Serbian law, it is not possible to revoke the protection of this site." But just when it seemed the site's fate was sealed, Serbian organised crime prosecutors delivered a twist worthy of a Hollywood 14 May, police arrested the official who had given the green light for the lifting of the Defence Ministry complex's protected said Goran Vasic, the acting director of the Republic Institute for the Protection of Cultural Monuments, had admitted to fabricating an expert opinion which had been used to justify the change of status. He faces charges of abuse of office and forgery of official admission has been seized on by those opposed to the project as evidence Kushner got preferential treatment. The Serbian government denies this leaves the Affinity Global project – Trump International Hotel and all – is not entirely efforts to arrange an interview with the company have been unsuccessful, though it did issue a statement insisting that Mr Vasic had "no connection to our firm", adding that it would "review this matter and determine next steps".Vucic, meanwhile, denies there is any problem with the development. During a meeting of European leaders in Tirana, he said "there was not any kind of forgery".Still, it seems the Defence Ministry's shattered visage will remain unchanged for a while at least. And thanks to the Trump connection, it will offer even more of a talking point for first-time visitors to Belgrade.
Arabian Business
11-06-2025
- Business
- Arabian Business
Royal Development Holding announces its maiden project on Al Reem Island
Royal Development Holding, a recently formed boutique real estate development company of Emirates Stallions Group, is launching its inaugural project – an AED 1.6 billion (US$440 million) branded residence development on Abu Dhabi's Al Reem Island alongside the UAE-based SAAS Properties. The project is part of the prestigious Autograph Collection by Marriott. No other details of the project, like the number of units, specifications, prices, or amenities, were mentioned. Royal Development Holding launches branded residences Tariq Nazzal, General Manager of Royal Development Holding, commented: 'We're proud to tie up with the leading name in the luxury real estate sector, SAAS Properties, for the development of Abu Dhabi's first Autograph Collection Residence. 'This collaboration reflects the legacy of trust our brand carries in delivering high-end properties, including branded residences. Our new venture with Marriott is just the beginning of a series of luxury developments that will showcase our innovation, creativity, and craftsmanship in evolving spaces and elevating lives.' Ahmed Al Qassimi, Chief Executive Officer of SAAS Properties, added: 'This marks our second partnership with Marriott. With a well-established presence in Abu Dhabi, particularly on Al Reem Island, we are excited to further strengthen our contribution to one of the capital's most dynamic and sought-after destinations. We aim to enrich the Capital's evolving skyline and deliver a distinctive lifestyle offering that embodies our signature approach to luxury and design excellence.' Sandeep Walia, Chief Operating Officer, Middle East and Luxury, Europe, Middle East and Africa, Marriott International, said: 'Our Autograph Collection Residences are known for their creative vision, heartfelt design and authenticity – and this property is no exception. With a unique spirit, it is reflective of the original, careful craftsmanship of each handpicked residential property within the growing Autograph Collection portfolio.'
Arabian Business
10-06-2025
- Business
- Arabian Business
UAE real estate: One Group launches ELEVATE as it eyes $1bn project pipeline
One Group has announced its ELEVATE brand, which it says is dedicated to creating lifestyle-centric luxury developments in the region. This strategic launch marks the Group's most ambitious regional expansion to date. ELEVATE announces UAE beachfront development The first chapter of ELEVATE's journey in the UAE will begin with a flagship branded beachfront development. Although full project details remain confidential for now, the project will be unveiled in the coming weeks. Zeeshaan Shah, Chairman of One Group, said: 'I'm thrilled to officially begin our development journey in the UAE. I started my career in this extraordinary country 18 years ago, and witnessing its incredible transformation has been deeply inspiring. 'Today, the UAE stands as a global benchmark for lifestyle, ambition, and opportunity—a true reflection of the vision and dedication of its great leadership.' With a 15-year legacy of delivering more than $2.5bn in global real estate transactions and a portfolio spanning across three continents, One Group has proven its expertise in luxury developments. The launch of ELEVATE represents the Group's most significant regional move, with a robust development pipeline worth more than $1bn set to roll out in the next 12 months. Shah said: 'In every market we enter, we forge our own path—not by following trends, but by introducing a distinct, lifestyle-led approach to design and development. 'At its core, great real estate isn't just about space—it's about creating a way of life. Our focus is on crafting environments that elevate everyday living by integrating community, connection, wellness, and meaningful experiences.'
Zawya
02-06-2025
- Business
- Zawya
Saudi: Naif Alrajhi Investment, Aljazira Capital launch $453mln real estate fund
Riyadh – Naif Alrajhi Investment joined forces with Aljazira Capital to launch a closed private real estate investment fund valued at SAR 1.70 billion, according to a recent press release. The newly established fund will focus on developing two high-impact real estate projects in Riyadh and Jeddah to bolster the Saudi real estate market. In Riyadh, the fund will back the development of a luxury residential project in Al Khuzama district, featuring a diverse range of private residences, premium services, and architectural designs aligned with Saudi Arabia's modern vision. In Jeddah, the fund will support a mixed-use development in North Jeddah along King Abdulaziz Road. The development scheme will feature residential and commercial towers, a luxury hotel, office spaces, retail outlets, and dining destinations. Naif Saleh Alrajhi, Chairman and CEO of Naif Alrajhi Investment, commented: 'This collaboration reflects our ongoing commitment to developing distinctive real estate projects that enhance quality of life.' Naif Al-Mesned, CEO and Managing Director of Aljazira Capital, stated: 'The launch of this fund, in partnership with Naif Alrajhi Investment as a specialized real estate developer, reflects our strategy to diversify our investment offerings and reinforce our active presence in the real estate sector.' Bandar Al-Hogail, Head of Real Estate Assets at Aljazira Capital, noted: 'The launch of this fund marks an important milestone in Aljazira Capital's strategy to offer a diversified portfolio of high-quality real estate investment products.'
