NEWS

Dubai property owners are caught in the twin-grip of declining rentals and unsustainably high service fees being charged by developers, pushing their return on real estate investment further down. Maintenance fees at some locations, including for Downtown Dubai and the Burj Khalifa tower in particular, are as high as 45 per cent of the annual rentals, further adding to the woes of investors who have seen valuations of some of their properties decline by almost 50 per cent over the past couple of years.

Armani-branded residences in the Burj Khalifa are comparatively holding their sale value, despite other apartments in the world’s tallest tower seeing price declines of more than 70 percent, real estate brokers have said. Average sale prices for the tower’s 144 luxury Armani Residences are valued at AED4-5,000 per square foot; at their minimum, almost double the AED2,800 per sq ft commanded by the remainder of the skyscraper’s 900 apartments, said Catherine Clarke, head of residential valuations at real estate consultancy firm Colliers International.

With its numerous casinos, resorts, and showy leisure establishments, Macau has gained for itself the monicker “New Las Vegas” and has since been remembered, more than anything else, for this name. Among the famous international hotel chains looking in its direction are MGM Grand, Wynn Hotel and Casino, Four Seasons, and the Venetian to name a few. A trip to Macau is best remembered for the city’s vibrance and the spectacular lights of its imposing, multi-million casinos.

Armani Hotel Dubai’s Armani/Hashi Japanese restaurant and lounge has launched a Friday brunch boasting fresh fish flown in daily from across the globe and it has already proved to be a hit with diners. Speciality beverages will also be served up as part of the brunch from 12pm – 3.30pm for prices ranging from AED290 to AED585. Children can enjoy the food for AED145.

As part of Dubai's final preparations to host the shoot of the latest instalment of 'Mission: Impossible', His Excellency Ahmed Abdullah Al Sheikh, Director General of the Dubai Government Media Office met this week with movie star Tom Cruise, director Brad Bird and senior cast, crew, and officials from Paramount in the Czech capital, Prague. Dubai's landscape features beautiful natural beaches and deserts, as well as some of the most impressive man-made attractions and mega projects like Burj Khalifa, the tallest building in the world, the Burj Al Arab hotel, the world's only seven star hotel, and Meydan the largest horse racing track in the world.

In addition to KidZania, Emaar Retail LLC manages a strong portfolio of exclusive leisure and retail concepts including Dubai Aquarium & Underwater Zoo featuring over 33,000 aquatic animals and the world's largest acrylic viewing panel; the Olympic-sized Dubai Ice Rink; Reel Cinemas, the UAE largest megaplex with 22-screens; and the region's largest SEGA indoor theme park, SEGA Republic - all in The Dubai Mall. Reel Cinemas also recently introduced the first 'premier' Cineplex at Dubai Marina Mall.

Prime Hospitality announced, recently, that they are opening the first Chopsticks restaurant location in the UAE during the first fortnight of November at The Dubai Mall, to be located at Level 2 of the mall facing The Dubai Fountain. Plans to develop the Chopsticks brand in the UAE were initiated with the signing of a franchise agreement with Chopsticks Lebanon earlier this year.

The House of Cartier showcased unique jewellery creations in the UAE following the Paris Biennale des Antiquaires that took place from 15 to 22nd September at the Grand Palais. These unique creations were revealed in 2 magnificent, high-profile events in Abu Dhabi at the prestigious Emirates Palace held on October 5th to 7th and in Dubai on October 11th to 12th at the iconic Burj Khalifa.

For its Signature Collection treatment, Armani/SPA, the world's first Armani in-hotel spa, seeks inspiration from the resilience of unique volcanic minerals. Visitors to Armani/SPA at the elegant Armani Hotel Dubai, located in Burj Khalifa, the world's tallest building, can now challenge ageing with the Signature Collection treatment, featuring two specially designed products - Crema Nera for women and Skin Minerals for men.

Renting an apartment in Burj Khalifa, the tallest tower in the world, is now more affordable as studios are being leased for Dh80,000 a year compared to Dh110,000 in August. "As property prices have declined in the UAE, Burj Khalifa is no exception. However, units owners are hanging on to their investment and preferring to lease than sell at lower prices," Adam Farani, Burj Khalifa specialist, Better Homes, told Emirates 24|7.