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Dmg world media FINAL October 09

Confidential

GCC Interior Design

Contracting & Fit-out

Industry Overview

For

dmg world media

This report contains 39 pages and prepared by

Ventures Middle East LLC

Oct. 25, 09

Feedback:

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TABLE OF CONTENTS

1. METHODOLOGY ......................................................................... 2

2. EXECUTIVE SUMMARY ............................................................... 3

3. HOSPITALITY SECTOR ............................................................... 5

4. COMMERCIAL SECTOR ............................................................... 8

5. RETAIL SECTOR: Shopping Centers ......................................... 10

6. RESIDENTIAL SECTOR ............................................................. 13

7. GCC Building Sector – Main Contracts Awards ......................... 16

8. Top 100 Building Projects in the GCC ...................................... 17

9. List Of Major Planned Hotel & Mall Projects (GCC) .................. 25

10. Industry Structure................................................................... 28

11. Major Clients ........................................................................... 29

12. Major Consultants ................................................................... 32

13. Major Contractors .................................................................... 35

14. CODE of ETHICS....................................................................... 38


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1. METHODOLOGY

The methodology adopted for the purpose of this research study reflects the diverse range of inter-related factors which impact the overall estimations to the spending on interior design contracting and fit-outs for the various segments within the GCC real estate sector.

Since interior design contracting and fit-outs are often decided towards the end of the project’s lifecycle, the analysis made to estimate the spending on interior design contracting and fit-outs considers the ‘completion dates’ of projects, Therefore, only projects with completion dates between 2008 and 2010 were considered to extract an estimate of IDC and fit-out’s spending during the same period. In other words, the values of projects stated in this report are not the announced and expected investments on projects between 2008 and 2010. It is the value of projects with completion dates within that specified period.

The estimates to the spending on IDC and fit-outs were taken as a percentage from the total project values. Different percentages were considered for the different segments. Those percentages are provided by industry experts working in the fields of interior design contracting, general contracting, and major fit-out contractors/suppliers.

The following are the percentages taken from the project1 values as provided by IDC and fit-out industry experts.

% from total project value

Pessimistic Optimistic

Hospitality 20 30

Commercial – Offices 10 12

Retail – Shopping Centers 20 25

Residential Developments 10 12

1 Projects with completion dates between 2008 – 2010


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2. EXECUTIVE SUMMARY

Despite the financial turmoil, the interior design contracting (IDC) and fit-out industry prospects in the GCC remains promising with total expected conservative spending on the IDC and fit-outs to all segments (hospitality, commercial, retail and residential) across the GCC exceeding US$25.67 throughout the period between 2008 and 2010.

The following graph presents the total estimated GCC spending per year on IDC and fit-outs for the different segments of the industry.

The analysis in this report refers to the IDC term, to the works of hard-finishes, i.e. floorings, ceilings, walls, etc…and accounts to an average of 15 – 17% of the total project’s value. The term Fit-out on the other hand refers to furniture and fixtures, electrical, kitchen and laundry equipment, sanitary and light fittings and garbage disposal system, which account for additional 5 – 8% from the total project’s value.

Analysis and industry experts confirm that despite the financial crisis effect on the industry, 2009 and 2010 will witness a higher spending on IDC and fit-outs than 2008, adding that the number of requests for IDC and fit-outs have dropped in 2009 versus 2008, yet the value of IDC and fit-out contracts awarded during 2009 and the expected ones during 2010 will be higher than 2008 due to major strategic projects that are being completed throughout the period of 2008 and 2010 with full international commitment towards the mega projects in the different segments (hospitality, commercial, retail and residential).

The following table lists the total value of projects with completion dates between 2008 and 2010 - US$Mn.


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Table 2.1 GCC Total Value of Projects with Completions Dates (2008 – 2010) 2008 2009 2010

Hotels Offices Retail Residential Hotels Offices Retail Residential Hotels Offices Retail Residential

UAE 2,391 2,838 1,139 8,689 5,111 7,823 837 18,188 8,617 14,461 1,741 41,068

KSA 380 729 188 720 760 551 1,250 1,905 1,539 4,256 195 11,222

QATAR 298 595 184 866 661 1,534 46 3,929 922 1,585 267 5,437

KUWAIT 61 389 135 473 226 679 227 621 241 989 118 757

BAHRAIN 269 403 15 1,286 1,060 573 15 2,527 314 858 98 2,943

OMAN 66 137 91 284 113 302 23 337 196 408 248 731

TOTAL 3,464 5,091 1,750 12,318 7,932 11,463 2,398 27,507 11,829 22,557 2,668 62,158

The following table lists in brief the total expected GCC spending on IDC and fit-outs per sector per country, US$ Million. Spending estimates taken as percentage of total value of projects with completion dates between 2008 and 2010 and assuming the spend on IDC and fit-outs would be made towards the last year of construction, or as conveyed by developers, after 60 – 75% from the total projects life-cycle.

Table 2.2 GCC Total Spending on IDC and Fit-outs (2008 – 2010)

2008 2009 2010

Hotels Offices Retail Residential Hotels Offices Retail Residential Hotels Offices Retail Residential

UAE 717 341 285 1,043 1,533 939 209 2,183 2,585 1,735 435 4,928

KSA 114 87 47 86 228 66 313 229 462 511 49 1,347

QATAR 89 71 46 104 198 184 12 471 277 190 67 652

KUWAIT 18 47 34 57 68 82 57 75 72 119 30 91

BAHRAIN 81 48 4 154 318 69 4 303 94 103 24 353

OMAN 20 16 23 34 34 36 6 40 59 49 62 88

TOTAL 1,039 611 438 1,478 2,380 1,376 599 3,301 3,549 2,707 667 7,459


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3. HOSPITALITY SECTOR

Research and interviews with industry experts revealed that bedrooms and public areas in hotels have a refurbishment cycle of five to seven years. Spending on refurbishments however is not derived, only an estimate to the total overall spends on interior design and contracting from the projects budget are addressed in the report.

The spend on hotel fit-outs and furniture is often decided towards the end of the project (new & refurbishment) and depends on the amount left in the budget.

UAE

The UAE’s hotel industry is entering a phase of sharp growth in capacity, with the country accounting for nearly half of all new hotel rooms being built or planned in the Middle East.

Considering the new hospitality developments, 2008 has witnessed the completion of $2.39 billion worth of projects in the sector whereas, by the end of 2009 new hotel projects worth $5.1 billion will be supplied to the market, with another subsequent $8.6 billion expected by 2010 end. IDC and complete fit-outs for the new projects are allocated by the developers as percentage of the total project value that could range between 20 – 30%.

Refurbishment and Fit-outs:

Hotel refurbishment projects are almost invariably budget-driven, and the main task of the project team is to achieve the optimum balance between the hotelier's vision and the constraints imposed by the budget, time scale and condition of the building. According to Abu Dhabi Tourism Authority and Dubai Department of Tourism; hotel stock in UAE at the end of 2009 will total to about 95,0002 rooms. Based on the refurbishment cycle of seven years for bedrooms, an estimated 9,5003 will be refurbished each year. Where 40% of the estimated number turn to refurbishment with an average cost of US$200/room and 60% turn to complete fit-out. According to industry norm, the cost for complete fit-out per room for five stars hotels ranges between $1000-$2000/sqm.

The total value of hospitality projects with completion dates between 2008 and 2010 in the GCC adds to US$23.2bn. Interviews with major developers and interior design contractors revealed that the new hospitality projects in GCC will spend an estimated US$6.97bn on the overall IDC and fit-outs. This figure however does not include the considerable estimated budget for refurbishment requirements of hotels.

2 Dubai, Abu Dhabi, and Al Ain only. 3 10% from total stock – according to STR Global, a market firm specializing in the hotel industry


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The following graphs present in details the expected spending on IDC and fit-outs for the new hospitality projects during the period 2008 to 2010.

KSA –Hotel’s Spending on IDC & Fit-outs US$Mn Kuwait –Hotel’s Spending on IDC & Fit-outs US$Mn

Qatar –Hotel’s Spending on IDC& Fit-outs US$Mn Bahrain –Hotel’s Spending on IDC & Fit-outs US$Mn

Oman –Hotel’s Spending on IDC & Fit-outs US$Mn GCC –Hotel’s Spending on IDC & Fit-outs US$Mn


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KSA: The increase in tourism is expected to keep the investments growing in this segment, with over US$2.68bn worth of hotel projects are to be completed between 2008 and 2010. The estimated spending on IDC and fit-outs for the said projects is estimated to reach US$804Mn. Qatar: Qatar currently has approx 4,800 hotel rooms in the 5-star and 4-star categories and additional total luxury room capacity is estimated at about 7,000 rooms. Qatar is targeting a 400% rise in hotel capacity by 2012. The total value of projects in the sector that to be completed between 2008 and 2010 reaching US$1.88bn resulting to a total accumulative spending on IDC and fit-outs for those projects by US$564Mn. The plan drawn up by the QTEA includes construction of luxury hotels, resorts and other leisure facilities, with a total of up to 29,000 luxury rooms by 2012. A total of 80,000 hotel rooms in various ranges will be available by 20164. Oman: The emerging popularity of Oman is boding well for its hospitality segment. It had ten 5-star and eighteen 4-star hotels as at the end of 2007 with a total capacity of 2,100 rooms (2,812 beds) and 2,027. The estimated total spending on IDC & fit-out for the hospitality projects with completion dates between 2008 and 2010 exceed US$113Mn. Bahrain: The Bahrain Ministry of Culture and Information has sketched out the Kingdom's plans to double the percentage of the country's GDP income from tourism. Tourism plays a big role in Bahrain’s GDP and currently represents 12% of total income, with this figure expected to rise to 25% over the next ten years. Both the government and private sector have made considerable investments in to the country’s tourism infrastructure, with more than 10 five-star hotels expected to come online between 2008 and 2010 with a total value of US$1.64bn resulting to a total accumulative spending on IDC and fit-outs for those projects by US$493Mn.

4 Source: Qatar Tourism and Exhibition Authority (QTEA)


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4. COMMERCIAL SECTOR Companies are increasingly in need of complete commercial solutions that can provide maximum floor utilization with the primary need for more comfortable as well as compact designs. According to leading interior design and contracting contractors, an average of 10 - 12% of the total commercial/offices projects value is allocated for interior design and contracting and major fit-outs for office space. The estimated figures shown in the graphs below include only the overall project’s requirements. i.e. excluding the considerable spending on interior design and contracting and fit-outs made by companies leasing the space.

UAE: Research estimates the total office stock in Abu Dhabi Metropolitan area stood at 1.3Mn sqm Gross Leasable Area, (GLA). Of this, 13% of the office stock is Grade A that would require high-end interior design and contracting and complete fit-outs. Dubai however has a total office stock of approximately 3.1Mn sqm as of Q2 2009 spread across various projects in Dubai. Overall additional new office space in UAE equate to US$25.12bn worth of projects to be supplied between 2008 and 2010, estimating overall IDC and general standard fit-out spending to reach US$3bn throughout the said period.

KSA: Office space of around 8.0mn sqm in the Kingdom is expected to grow by 20% to 30% by 2012. Riyadh being the area with largest office space does not hold adequate supply to fulfill the demands of all business classes, raising the demand for interior design and contracting and fit-out requirements. Ventures ME GCC Projects data-base estimates US$5.5bn worth of new commercial office projects to supply the KSA market between 2008 and 2010.

Qatar: Doha’s office market has also experienced significant growth with demand. Doha is currently facing a strong demand for office spaces specifically in the new CBD (Central Business District). The new office units are located in West Bay, C – ring road & D – ring road; this is because of the accessibility and superior quality of building. The total commercial office projects worth US$3.7bn are expected to be completed between 2008 and 2010. 10 towers currently under construction in the Diplomatic District are due for completion in 2009. These will create additional office supply in the district of 255,000 square meters.

Bahrain: The total office stock in Bahrain is approximately 500,000sq.m and research estimates that there is currently demand for approximately 80,000sqm of space premises in Bahrain. The market is currently 92% occupied in the “Bahrain Class A” category. Given that in a normal and stable market the occupancy rate should be somewhere between 85% and 90%, the “Bahrain Class A” market is effectively undersupplied and hence, additional office space projects worth US$1.83bn are to supply the market between 2008 and 2010.


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Oman: Out of the total 142,916 plots distributed as at the beginning of 2008; 4,102 plots or 2.9% were used for commercial purposes. Additionally, about 3.9% of the plots existed as residential cum commercial use properties. The majority of office supply and demand is concentrated around the Muscat governorate. The governorate already has about 80,000 sqm of office net leasable area available. Oman will add office project worth US$ 847Mn throughout the period of 2008 to 2010 KSA –Offices Spending on ID & Fit-outs US$Mn Kuwait –Offices Spending on ID & Fit-outs US$Mn

Qatar –Offices Spending on ID & Fit-outs US$Mn Bahrain –Offices Spending on ID & Fit-outs US$Mn

Oman–Offices Spending on ID & Fit-outs US$Mn GCC –Offices Spending on ID & Fit-outs US$Mn


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5. RETAIL SECTOR: SHOPPING CENTERS

The analysis to estimate the spending of IDC and fit-outs for shopping centers considers only the general IDC and fit-outs requirements for the project as a percentage from the total project’s value and excludes retailer’s spending on their outlets fit-outs. It is worth to note that no certain percentage estimate can be taken on what retailers could spend on their outlet’s interior design and contracting requirements.

UAE: The recent addition to Dubai’s retail’s scene was Dubai Mall, which opened in 2008 with a total GLA of 344,000 sqm. Another large scale development which is scheduled to launch in 2010 is Mall of Arabia (Phase 1), which will add an additional GLA of 400,000 sqm. The following table lists the major forthcoming retail supply which will likely hit the Dubai market in 2009, and 2010. The shown graph indicates the approximate expected spending on interior design and contracting and fit-outs for the project excluding the retailer’s spending on their leasable retail space. According to industry experts, 25% of the total project’s value can be assumed for interior design and contracting and fit-out requirements. Table 5.2 Dubai major forthcoming retail supply (2008 – 2010)

Project Year GLA (sqm)

Dubai mall 2008 344,000

The Walk(JBR) 2008 71,500

Oasis Mall 2008 60,000

Mirdiff City Centre 2009 183,000

Dubai Marina Mall 2009 77,000

Mall of Arabia (Phase I) 2010 400,000

Total new supply (GLA) 1,135,500

Shopping mall supply in Abu Dhabi however is expected to increase from the current GLA of 820,000 sqm to 1.4mn sqm by 2010 according to research findings and Plan Abu Dhabi 2030. The following table lists the major forthcoming retail supply which will likely hit the Abu Dhabi market between 2008 – 2010.


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Table 5.2 Abu Dhabi major forthcoming retail supply (2008 – 2010)

Project Year GLA (sqm)

Marina Mall (Phase III) 2008 39,000

Al Jaber Mall 2009 20,000

MBZ City Mall 2009 23,200

Rotana Khalifa Park 2009 11,000

Darwish Island City 2010 70,000

Al Reem Mall 2010 130,000

Central Market 2010 60,000

Total new supply (GLA) 353,200

US$3.7bn worth of retail/shopping centers projects is set to supply the market between the period 2008 and 2010. Considering an average US$1,500/sqm the cost of interior design and contracting per square meter for outlets within the mall; the additional GLA of 2.2Mn sqm between Abu Dhabi and Dubai only, would equate to approximately US$3 – 4bn to be spent on interior design and contracting and fit-out for the said area.

Qatar: Doha currently has about 700,000sq.m of retail space which is expected to increase by about 1,130,000sq.m as several projects are expected to come up over the next five-six years. We believe that as the sizeable amount of supply is expected to enter the retail market between 2008 and 2010 with shopping centers value projects of approximately US$ 497Mn including major projects such, Le Villaggio, the Muaither Mall, and two other mega malls at Al Khor and Al Rayyan. Spending on interior design and contracting and fit-out for the new retail supply is estimated by US$124Mn excluding retailer’s spending on their outlets interior needs. KSA: An estimated gross leasable area of 2.4mn sqm is expected to be complemented by another 4mn planned over the next 5years. As per market sources, retail sector projects of more than US$1.63bn are projected to supply the market between 2008 and 2010. Among the major ones is the mega Central Park Mall in Jeddah costing around US$1bn and expected to be completed by year-end of 2009. Excluding


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retailers spending on their outlets IDC requirements, the expected spending from the mentioned project’s values would reach US$408Mn by year end 2010.

Bahrain: around 18 malls supply the market currently, with estimated stock at approximately 280,000sqm of GLA. Looking to future supply, retail mall space in Bahrain is set to more than double between 2008 and 2012. According to Ventures ME GCC projects data base, it is estimated that there is around 375,000sqm of retail space (GLA) in the development pipeline. Among the major ones are Wadi Mall, Mall Al A’ali, Riffa Mall, and the extension of Isa Town Mall. The value of malls which are seen to supply the market between 2008 and 2010 exceed US$128Mn and the expected total spending on the general interior design and contracting of the malls would approximately cost US$32Mn.

Oman: The largest shopping mall in the city, Muscat City Centre has a size of about 60,000sqm. The retail leasable area in Muscat is approximately 200,000sq.m at the beginning of 2008. We expect that there should be an addition of about 80,000sq.m in 2009 and the total project’s values with completion dates between 2008 and 2010 exceed US$362Mn and the expected spending on IDC would reach US$91Mn throughout the said period.

Kuwait: Thus lots of malls are expected to be launched in the near future with the local group Tamdeen Shopping Centre Development Company (TSCD) is planning the new 360º Kuwait mall project, which will boast 75,000 meter square of retail space. In addition the planned Mall of Kuwait will introduce more retail space of 150,000 square meters by 2009. Year 2008 witnessed supply of US$135Mn shopping centre’s value and US$227Mn on the pipeline for 2009 and US$118Mn for 2010. The total accumulated spending on IDC and fit-outs estimated by US$120Mn throughout the period 2008-2010. GCC: The total expecting spending on retail (shopping centers) projects across the GCC exceed US$6.8bn throughout the period between 2008 and 2010 leading to an estimated total spending of around US$1.7bn excluding retailers spending on their leased outlet interior and fit-out requirements.


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6. RESIDENTIAL SECTOR (RESIDENTIAL BUILDINGS & DEVELOPMENTS)

Project Developers in the GCC typically do not spend generously on IDC and fit-out in residential projects. Instead, it is the end-user, owner or tenant, who is responsible for Interior Design Contracting and fit-out investment for the unit. According to industry experts and interior design contractors, 10 – 12% can be estimated from a project total value as interior design and contracting budget set by the developer. The analysis below does not consider any additional cost born by tenants/end-users on interior design and contracting and fit-outs for the units (apartments and villas). UAE: Whilst Dubai has an over-supply of residential units, Abu Dhabi is estimated to require over 120,000 additional units by the end of 2012. The period between 2008 and 2010 will supply the market with high-end residential properties in the capital that would require high-end interior design. The middle-income segment units however, will stay unmet till the year 2012. The total residential developments value that would supply the market between 2008 and 2010 in the UAE exceeds US$67.95bn and the expected spending on IDC in the segment according to industry sources and analysis would exceed US$12.2bn. The graph on the side shows the breakdown of expected spending on interior design and contracting for the years 2008, 2009 and 2010. KSA: KSA is projects in excess of (US$800bn) currently underway and planned. Although the Kingdom may be selective in announcing further projects during 2009, project spending is expected to pick pace post 2010. Saudi Arabia being one of the largest construction markets in the Middle East is estimated to have the total real estate investments of around US$300bn, which is expected to cross US$400bn mark by 2010. Value of residential projects to be completed during 2008 and 2010 amount to US$13.8bn out of which, industry sources are expecting a total spend of US$1.66bn on IDC requirements for the said residential developments throughout the said period. We believe that the residential segment will continue to present under supply situation for the near future. Qatar: Doha will continue to experience strong residential demand over the term 2009 and 2012. The research reveals that Qatar has residential development worth US$10.23bn to be completed throughout the years 2008, 2009 and 2010, resulting in a conservative US$1.23bn budget to be spent on IDC requirements over the same period. Kuwait: Research shows that there are approximately US$ 1.85bn worth of projects currently in the pipeline to be delivered between 2008 and 2010, which excludes projects that have been cancelled or placed on hold. The estimated spending on IDC is around US$ 222Mn throughout 2008 to 2010. The breakdown of the spending per year shown on the following graphs.


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Bahrain: Research estimates an excess of 60,000 residential units under construction or planned as part of the announced mega projects in Bahrain. The total residential developments that are on the pipeline and expected to supply the market between 2008 and 2010 have a value of US$6.75bn. Concurrently, according to research findings and analysis, a total of US$811Mn is expected to be allocated for interior design and contracting requirements.

Oman: According to research, the supply situation for residential developments (apartments and villas) throughout the period 2008 to 2010 would exceed US$1.35bn, with estimated US$162Mn as allocation to interior design and contracting needs. KSA –Residential Spending on IDC US$Mn Kuwait –Residential Spending on IDC US$Mn

Oman –Residential Spending on IDC US$Mn GCC –Residential Spending on IDC US$Mn

Qatar –Residential Spending on IDC US$Mn Bahrain –Residential Spending on IDC US$Mn


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The findings of the research show that the IDC and fit-out

industry still holds a high potential in the GCC region. The

commitment made by the major developers in the region to

proceed with the strategic projects in the pipeline.


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7. GCC BUILDING SECTOR – MAIN CONTRACTS AWARDS

The following table illustrates the total contracts awarded to main contractor in the GCC Countries in 2008 and the expected main contractor awards for 2009 and 2010. Table 7.1 GCC Total Contracts Awards (2008)

Country

2008 2009 2010

UAE 66,441 38,423 46,345

Saudi Arabia 22,152 36,584 46,638

Qatar 10,018 9,382 12,968

Kuwait 2,117 1,987 2,686

Bahrain 2,199 1,462 2,248

Oman 4,714 3,876 5,526

All values in US$ Million


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8. TOP 100 BUILDING PROJECTS IN THE GCC

The below table list the top 100 projects in the GCC Buildings sector by value of projects. The projects in full or part are either in the design phase or early stages, thus can be considered to have scope for interior design consultants.

Table 8.1 Top 100 Building Projects in the GCC

Project Name Country Client Consultant

Project Value (US$ M)

Madinat Al Hareer (City of Silk)

Kuwait Tamdeen Real Estate Company (TREC); Madinat Al Hareer Corporation;

Eric Kuhne and Associates (UK)

132000

The Mohammed Bin Rashid Gardens in Dubai

UAE Dubai Properties Eric Kuhne and Associates (UK)

60000

Bawadi in Dubailand UAE Tatweer RTKL (US) 54496

Sudair Industrial City Saudi Arabia

Saudi Organization for Industrial Estates and Technical Zones (SOIETZ)

Jurong International, Abu Dhabi

40000

Yas Development in Al Habl Al Abbyad Island

UAE ALDAR Properties Jack Rouse Associates

40000

Mega Tourism project on Saudi Red Coast

Saudi Arabia

Supreme Commission for Tourism, Saudi Arabia

40000

Jizan Economic City (JEC)

Saudi Arabia

Saudi Binladin Group, Saudi Arabia; MMC Corporation Berhad (Malaysia); A. K. Al Bakri & Sons; Western Way for Industrial Development Company

(WWIDC); Pan Kingdom Investment Co. (PKIC); Malakoff Berhad; Project Management & Development Company (PMDC); Dar International F.E.F.Ltd; Saudi Arabian General Investment Authority.

MMC Corporation Berhad (Malaysia)

30000

Economic City in Jeddah

Saudi Arabia

Saudi Arabian General Investment Authority (SAGIA)

30000

Sabah Al Ahmed Township

Kuwait Public Authority for Housing Welfare (PAHW)

International Financial Advisors (IFA), Kuwait; Al Dowailah Eng.

27600

Saadiyat Island Development Project

UAE Abu Dhabi Tourism Authority (ADTA); Tourism Development & Investment Co. (TDIC);

23500


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Al Khairan City Project

Kuwait Public Authority for Housing Welfare (PAHW)

20000

King Abdullah Economic City (KAEC) - Residential District

Saudi Arabia

Emaar Middle East Properties, Saudi Arabia

20000

Downtown Project in Jebel Ali

UAE Limitless Burt Hill 19073

Lagoons Project UAE Sama Dubai Halcrow Group, Dubai

18000

Mixed-Use Development in Bawadi

UAE Bawadi; Emaar Properties, Dubai; 16348

Dana Island in Ras Al Khaimah

UAE Rakeen Development COWI, Dubai 16300

Re-development of Mina Zayed

UAE ALDAR Properties 15000

Mudon in Dubailand UAE Dubai Properties Dewan Al Emara Engineers & Architects

15000

Jeddah Kingdom City Saudi Arabia

Kingdom Holding Company; Emaar Properties, UAE;

Pickard Chilton Architects; Omrania & Associates (O&A), Saudi Arabia;

14000

Middle East Museum of Modern Art (MEMOMA)

UAE Dubai Properties 13624

Qasr Khozam Saudi Arabia

Dar Al Arkan Development Company, Jeddah; Jeddah Development and Urban Regeneration Company;

Dar Al Handasah Shair & Partners, Makkah

13000

Al Wasl Development in Riyadh

Saudi Arabia

Limitless, Riyadh 12000

Jeddah Hills Project Saudi Arabia

Emaar Middle East Properties, Saudi Arabia; Al Oula Development Co.;

11200 Jeddah Hills

Project

Lulu Island Development

UAE Sorouh Real Estate Martha Schwartz Partners (USA)

11000


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Al Raha Beach Development

UAE Aldar Laing O' Rourke (JV); ALDAR Properties;

AECOM, Abu Dhabi

10450

Subiya Township Kuwait Ministry of Public Works (MPW), Kuwait

10000

King Abdullah Economic City (KAEC) - Industrial District

Saudi Arabia

Emaar Economic City,Saudi WATG Consultant; Skidmore, Owings & Merrill (SOM);

10000

Ghantoot Green City UAE International Capital Trading LLC KEO International Consultants, Abu Dhabi

10000

Makkah Gate Project Saudi Arabia

Jeddah Municipality; Sumou Real Estate Company;

10000

Al Ruwais Development in Jeddah

Saudi Arabia

Al Ruwais Union Company for Real Estate Development

10000

Barwa Al Khor Project – Urjuan

Qatar Barwa Real Estate Company Cansult-Maunsell Limited, Qatar

9600

Festival City in Abu Dhabi

UAE Abdullah Al Futtaim Group; Al Futtaim Investments;

9537

Boulevard Park and Canal district

UAE Nakheel Corporation 9000

Prince Abdulaziz Bin Mosaed Economic City

Saudi Arabia

Al-Mal Kuwaiti Company; M. A. Kharafi & Sons, Kuwait; Saudi Arabian General Investment Authority (SAGIA);

8000

Najmat Abu Dhabi in Reem Island

UAE Reem Investments 8000

Water Garden City Bahrain Albilad Real Estate 7000

Rawabi Rumah in Riyadh

Saudi Arabia

Emaar Middle East Properties, Saudi Arabia; Al Shoula Group;

7000

Knowledge Economic City in Madina (KEC)

Saudi Arabia

Quad International Real Estate Development Company; King Abdullah Bin Abdulaziz Foundation

for Housing Development; Savola Group; Madinah Knoweledge Economic City(KEC); Taibah Holding Company;

Hellmuth Obata Kassabaum (HOK), Dubai;

IBI Group;

6700


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Boubyan Island Development

Kuwait Ministry of Public Works (MPW), Kuwait; Mega Projects Agency (MPA);

Hellmuth Obata Kassabaum (HOK); Gulf Consult; Mouchel, Kuwait;

6640

Al Rayis Resort Town in Jeddah

Saudi Arabia


6000

Tareeq Al-Mawazee Project in Makkah

Saudi Arabia

Dallah Albaraka Group 5600

Khabary City at Fahaheel

Kuwait Khabary Holding Company Arup, Kuwait; Najeeb Al-Humaidhi Engineering;

5500

Jebel Jais Mountain UAE Rakeen Development Halcrow Group, Dubai

5500

Heart of Doha Project Qatar Dohaland Aedas, Dubai; Burns & McDonnell, USA;

5500

Alghadeer at Saih As Sidirah

UAE Sorouh Real Estate 5400

Arjan Mixed-Use Development in Dubailand

UAE Mizin 5045

Al Hillal City in Fujairah

UAE Fujairah Municipality 5000

Al Khiran - Pearl City Development

Kuwait La Ala Al-Kuwait Real State Company Buro Happold, Kuwait; Gulf Consult;

5000

Nujoom Islands in Sharjah

UAE Al Hanoo Holding Company Diar Consult, Dubai; AECOM, Dubai;

5000

King Abdullah Economic City (KAEC) - Education Zone

Saudi Arabia


5000

Capital District in Abu

Dhabi

UAE Urban Planning Council 5000

Mixed-Used Development in Jeddah

Saudi Arabia

Dar Al Arkan Development Company,Riyadh

5000


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North Bahrain New Town Project

Bahrain Ministry of Works & Housing, Bahrain 4500

Sharjah Marina UAE Burooj Properties, Abu Dhabi Khatib & Alami Consolidated Engineering Company, Sharjah

4087

Berjal City in Ajman UAE Al Rashed Real Estate; Berjal Real Estate;

Adnan Saffarini, Dubai

4087

Emirates City in Ajman

UAE R Holdings Adnan Saffarini, Dubai

4087

Al Markaz in Mussafah

UAE Waha Capital 4087

Al Helio in Ajman UAE Real Estate Investment Est.; Dseco Company Limited;

4000

The Palisades in Dubai Investment Park

UAE Pearl Properties 4000

Majan Mixed-Use Development in Dubailand

UAE Mizin 4000

Al Zahira City in Jeddah

Saudi Arabia

Ezhaar Real Estate Development & Investment

Zuhair Fayez & Partners

4000

King Abdullah Sports City Complex in Jeddah

Saudi Arabia

Saudi Aramco Laceco Architects and Engineers; Zuhair Fayez & Partners;

4000

Mohammed Bin Zayed City on Abu Dhabi - Al Ain Road

UAE Department of Municipalities & Agriculture-Abu Dhabi

3815

Lusail Phase II - Fox Hills

Qatar Qatari Diar Real Estate Investment Company ( QDREIC )

3800

Mixed-Use City in Ajman

UAE Dubai Investments Real Estate Co. (DIRC); Aqaar;

3500

Al Sidra - Golf Residential Project in

Lusail

Qatar Qatari Diar Real Estate Investment Company ( QDREIC ); Arcapita

Bank; Al Imtiaz Investment Company;

3500

224 Storey Tower AD UAE Landau (US) 3500


Confidential 22



Mixed-Use Development in the World

UAE Aspire Real Estate; Nakheel Corporation;

3400

Failaka Tourism Island Expansion

Kuwait Ministry of Public Works (MPW), Kuwait; Mega Projects Agency (MPA);

Al Dabous Engineering

3320

Grand Central in Dubai World Central Commercial City

UAE Department of Civil Aviation, Dubai Dar Al Handasah, Dubai

3300

Mushrif Heights in Mushrif

UAE Emaar Properties, Dubai 3270

Diyar Al Muharraq Bahrain Diar Al Muharraq; Kuwait Finance House (KFH), Bahrain;

Scott Wilson, Bahrain

3200

Al Khiran Township Kuwait Executive Authority for the Development of Kuwaiti Islands, Divided Zones & Major Projects

Gulf Consult; Atkins, Kuwait;

3000

New Kuwait University

Kuwait Kuwait University WZMH Architects (Canada); Salem al-Marzouk & Sabah Abi-Hanna (SSH);

3000

Central Park in Jeddah

Saudi Arabia

Jowharah Al Babtain Holding Group; INMAIA, Riyadh; Solidere; Urban Development Co.LTD (UDC); Venture Capital Bank, Saudi; Siraj Capital Ltd., Saudi;

3000 Central Park in Jeddah

Metropolitan Development Strategy (MEDSTAR) at Riyadh

Saudi Arabia

Arriyadh Development Authority Dar Al Riyadh Architecture & Engineering; Shankland Cox; Urbis;

3000

Ajyad Project in Makkah

Saudi Arabia

Ajyad Company 3000

Bahra Land Project in Makkah

Saudi Arabia

Jeddah Municipality Creative Kingdom (US)

3000

Economic City in Northern Province

Saudi Arabia


3000

Economic City in Eastern Province

Saudi Arabia


3000


Confidential 23



Tourism City Development on Al Uqair Coast

Saudi Arabia


3000

Ajmakan City in Riyadh

Saudi Arabia

Al Shoula Group; The Land Real Estate Investment & Development; Tameer Holding Investment;

Saudi Consulting Services (SaudConsult)

3000

International Humanitarian City at Jebel Ali Airport

UAE Engineers Office Dar Al Handasah, Dubai

3000

Ajman Marina UAE Tanmiyat Investment Group, Dubai; Government of Ajman;

Hellmuth Obata Kassabaum (HOK), Dubai

3000

MGM Grand in Abu Dhabi

UAE Mubadala Development Company; Sorouh Real Estate;

Rafael Vinoly Architects (US)

3000

Riyadh Marriland Leisure Park

Saudi Arabia

Grand Real Estate Projects Ltd, Saudi Arabia

Hotelequip Consultants; International Projects Consultancy (IPC);

3000

Presidential Office in Khalidiya

UAE WSP Group, Abu Dhabi; Ewan Architectural Engineering Consultancy;

3000

Mixed-Use Project in Doha

Qatar Al Futtaim Group 3000

Redevelopment of Al Jadaf

UAE Dubai Properties Halcrow Group, Dubai

2920

International Hospitality Trade and Training Zone

UAE RAK Government and Development Department

2725

Emirates Lake Towers in Ajman

UAE Chapal World LLC Adnan Saffarini, Dubai

2725

Al Ghurair Shopping

Mall in Bawadi

UAE Al Ghurair Investment 2700

Mina Al Arab Project UAE RAK Properties 2700

Manama Central Market

Bahrain Manama Municipality 2700


Confidential 24



North Haram Development

Saudi Arabia

Al Shamiyah Real Estate Development Company

Dar Al Omran, Saudi; Gensler

2665

Rawabi Abraj Al Dar in Makkah

Saudi Arabia

Grand Real Estate Projects Ltd, Saudi Arabia

2600

Jebel Hafeet Glacier Development in Al Ain - Phase 1

UAE Tamouh Investments Wenzel & Wenzel (Germany)

2501

Shaza Hotel's Mixed Use Development

Bahrain Shaza Hotels Ltd Tilke GmbH, Bahrain

2500

Dubai Logistics City UAE Department of Civil Aviation, Dubai Dar Al Handasah, Dubai

2500

Ruwaad Development UAE Ruwaad Holdings 2500


Confidential 25

9. LIST OF MAJOR PLANNED HOTEL & MALL PROJECTS (GCC)

The below table list few of the major Hotel and Shopping Mall projects in the GCC by value of projects. The projects are either in the design phase or early stages, thus can be considered to have scope for interior design consultants. Table 9.1 List of Major Planned Hotel & Mall Projects in GCC

Project Name

Country Client Consultant Project Value(US Mn$)

MGM Grand in Abu Dhabi

UAE Mubadala Development Company; Sorouh Real Estate;

Rafael Vinoly Architects (US) 3000

Al Ghurair Shopping Mall in Bawadi

UAE Al Ghurair Investment 2700

Brad Pitt Designed Hotel Complex in Dubai

UAE Zabeel Properties 1700

Jabal Al Kaba Development

Saudi Arabia

Abdul Lateef Jamil Real Estate

Dar Al Handasah Shair & Partners, Makkah

1600

Hotel on Marjan Island

UAE ACW Holdings Al Hawraa Engineering Consultants

1300

Expansion of Atlantis on Palm Jumeirah

UAE Kerzner International 1000

Avenue Shopping Mall Expansion -

Phase 3

Kuwait Mabanee Company, Kuwait Pan Arab Consulting Engineers (PACE); Gensler Associates, Kuwait;

908

Al Zawra Tourism Development Project

UAE Ajman Government 900

Five-Star Resort in Water Front

UAE Cirrus Developments 900

Al Jazayer Resort

Bahrain Ithmaar Bank; Economic Development Board;

800


Confidential 26

Project Name


Khasab Family Resort

Oman Majan Gulf Properties 779

The Great Mall in International City

UAE Nakheel Corporation Cubellis Costa International 700

America Hotels and Resorts at Bawadi

UAE Zabeel Properties 504

Five Star Hotel and Resort in Durrat Al Bahrain

Bahrain Durrat Khaliji Bahrain W. S. Atkins, Bahrain 500

Aperion Offshore Hotel in Dubai

UAE Sybarite Architects 490

Dusit Thani on Palm Jumeirah

UAE Al Osaimi Group Khatib & Alami Consolidated Engineering Company, Sharjah

409

Fairmont Abu Dhabi Resort

UAE National Investor Corporation (NIC)

Dewan Architects & Engineers Abu Dhabi

408

Holly Bolly Hotel in Bawadi

UAE Plantation Holdings Creative Kingdom, Dubai 354

Marriott Abu Dhabi Resort & Spa on Saadiyat Island

UAE WSP Group, Abu Dhabi 350

Hotel in West Bay

Qatar Ritaj Iproplan Planners Co; 130

Four Seasons

Hotel in Pearl Qatar

Qatar Advanced Tourism Investment Company; United

Development Company (UDC);

150

Gulf Mall at Gharafa

Qatar Sheikh Nasser Bin Abdulla Al Thani

200

Palaces Bawadi

UAE Galadari Investments LLC 327


Confidential 27

Project Name


Eco - Resort at Ras al- Hadd

Oman Ministry of Tourism, Oman; Qatari Diar Real Estate Investment Company, Oman;

Dar Al Handasah, Oman; Spillis Candela DMJM;

300

Al Reem Mall in Najmat on Reem Island

UAE National Real Estate Company

KEO International Consultants, Abu Dhabi

300

5-Star Hotel at Al Furjan

UAE JOZ Properties Maks & Partners 300

India Mart in Dubai

UAE Nakheel Corporation Cubellis Costa International 300

Marriott European Hotel in Abu Dhabi

UAE Ithmaar Development Co (IDC)

300

Ramada Hotel & Suites in Ajman

UAE V. Five Continents 300

Four Star Hotel in Bisha

Saudi Arabia

Abha Chamber of Commerce & Industry

300

Al-Khobar Hotel & Office Towers

Saudi Arabia

Al-Othman Group 300

Salalah Movenpick Hotel - Phase 1 - Salalah Beach

Oman Muriya Tourism Development Company

300

Jeddah Riviera Mall

Saudi Arabia

Al Ghazzawi Group; MAF Group;

Saudi Consulting Services (SaudConsult); Leigh & Orange (L&O) Architects (Hongkong);

297

Dubai Bazaar in Dubailand

UAE The Leader Group Parsons International, Dubai 272

Grand Millennium

in Adnec

UAE National Corp. for Tourism & Hotels (NCTH)

RMJM, Dubai 272


Confidential 28

10. INDUSTRY STRUCTURE

The below flow-chart explains the IDC industry structure and clearly presents the role of each profession within the industry including the decision making process.


Confidential 29

11. MAJOR CLIENTS The below table lists few of the major developers or clients in the GCC real estate sector. Table 10.1 Major Developers or Clients in GCC RE Sector

Company Name PO Box

City/ Country

Telephone Fax Email

Ministry of Public Works

(MPW)

13226 Kuwait 00965-25385520

00965-25395427

[email protected]

Nakheel Corporation

17777 Dubai, UAE 009714-3903333

009714-3903314

[email protected]

Department of Municipalities & Agriculture

2663 Abu Dhabi, UAE

009712-6788888

009712-6774919

[email protected]

Dubai Municipality

67 Dubai, UAE 009714-2215555

009714-2246666

[email protected]

Ministry of Health

11176 Riyadh Province,

KSA

009661-4015555

009661-4029876

Emaar Properties

9440 Dubai, UAE 009714-3993366

009714-3673000

[email protected]

ALDAR Properties

51133 Abu Dhabi, UAE

009712-6964444

009712-6417504

[email protected]

Abu Dhabi Municipality

Abu Dhabi, UAE

009712-4066999

Ministry of Works & Housing

5 Manama,

Bahrain

0097317-545555

0097317-533000

Dubai Properties

500272 Dubai, UAE 009714-3900094

009714-3904640

[email protected]

Ministry of Public Works &

Housing

1828 Dubai, UAE 009714-2125555

009714-2125544

[email protected]

Ministry of Higher

Education


KSA

009661-4415555

009661-4419004

[email protected]

Damac Properties

2195 Dubai, UAE 009714-3322005

009714-3325335

[email protected]

Qatari Diar Real Estate

Investment Company (QDREIC)

23175 Doha, Qatar 00974-4974444 00974-4974333

[email protected]

United Development

Company (UDC)

7256 Doha, Qatar 00974-4361542 / 4463444

00974-4438971

[email protected]


Confidential 30

Company Name PO Box

City/ Country

Telephone Fax Email

Ministry of Health

Oman 00968-24604758

Qatar Real Estate

Investment Company

22311 Doha, Qatar 00974-4086000 00974-4325354

[email protected]

Police Projects Committee

253 Abu Dhabi, UAE

009712-6779990

009712-6966134

Tourism Development & Investment Co.

(TDIC)


009712-4061400

009712-4061500

[email protected]

Department of Civil Aviation

2525 Dubai, UAE 009714-2162525

009714- 224438

Mubadala Development Company

45005 Abu Dhabi 009712-4130000

009712-4130001

[email protected]

Deyaar 30833 Dubai, UAE 009714-2955844

009714-2955122

[email protected]

Tameer Real Estate

23936 Sharjah, UAE

009716-5775711

009716-5995111

[email protected]

Union Properties

24649 Dubai, UAE 009714-8851555

009714-8852666

[email protected]

Qatar Foundation for Education Science & Community Development

5825 Doha, Qatar 00974-4927000 00974-4906117

[email protected]


8299 Makkah Province,

KSA

009662-6999555

009662-6999988

[email protected]

Jeddah Municipality

Makkah Province,

KSA

009662-6149999

009662-6149292

[email protected]

NDIA Steering Committee

22441 Doha, Qatar 00974-4679888 00974-4679816

Almasah Real Estate

182109 Dubai, UAE 009714-4224200

009714-4224203

Sorouh Real Estate


009712-4440006

009712-4440066

[email protected]

General Authority for Civil Aviation (GACA), Saudi

Arabia


KSA

009662-6405000

009662-6401477

[email protected]

Abu Dhabi Commercial

939 Abu Dhabi, UAE

009712-6973697

009712-6109785

[email protected]


Confidential 31

Company Name PO Box

City/ Country

Telephone Fax Email

Properties (ADCP)

Public Authority for Housing

Welfare (PAHW)

23385 Safat, Kuwait

00965-5301000 00965-5387464

[email protected]

New World Investment

74023 Dubai, UAE 009714-4270596

009714-4270597

Tanmiyat Investment Group, Dubai

118246 Dubai, UAE 009714-2833296

009714-2833297

[email protected]

Emirates Post, Dubai

Dubai, UAE 009714-2031464

Green Emirates, Abu Dhabi


009712-6354444

009712-6354645

Dohaland Qatar 00974-4548251 00974-4548263

Tatweer 65999 Dubai, UAE 009714-3302222

009714-3302233

Tamouh Investments


009712-6442218

009712-6459979

[email protected]

Reem Investments


009712-6444455

009712-6444463

[email protected]

Masdar dubai 54115 Abu Dhabi, UAE

009712-6988000

009712-6988006

Meraas Development

122112 Dubai, UAE 009714-5114500

009714-5114995

Limitless 261919 Dubai, UAE 009714-3601818

009714-3601819

[email protected]

Sama Dubai 72527 Dubai, UAE 009714-3300055

009714-3304466


Confidential 32

12. MAJOR CONSULTANTS

The below table lists few of the major consultants or architects in the GCC real estate sector.

Table 11.1 Major Consultants or Architects in the GCC RE Sector.

Company Name PO Box City/

Country

Telephone Fax Email

Adnan Saffarini 4000 Dubai, UAE

009714-2222002

009714-2239902

[email protected]

National Engineering Bureau (NEB)

26644 Dubai, UAE

009714-3242020

009714-3244255

[email protected]

Dimensions Engineering Consultants

31530 Dubai, UAE

009714-4355776

009714-4355765

[email protected]

Arab Engineering Bureau

41148 Qatar 00974-4477969

00974-4477868

[email protected]

W. S. Atkins 5620 Dubai, UAE

009714-4059300

009714-4059301

[email protected]

Saudi Consulting Services

(SaudConsult)


KSA

009661-4659975

009661-4647540

[email protected]

Arif & Bintoak Consulting

3670 Dubai, UAE

009714-3372888

009714-3370352

[email protected]

Dar Consult Design & Architecture

Bureau

31122 Dubai, UAE

009714-2828800

009714-2828877

[email protected]

Khatib & Alami Consolidated Engineering Company

688 Sharjah, UAE

009716-5722444

009716-5722224

[email protected]

Qatar Design Consortium

517 Qatar 00974-4425269

00974-4433873

[email protected]

Mohamed Salahuddin Consulting Engineering

Bureau (MSCEB)

111 Manama, Bahrain

00973-17216777

00973-17240199

[email protected]

RMJM 6126 Dubai, UAE

009714-3314120

009714-3314199

[email protected]

Aref Sadiq Design Consultants

11614 Bahrain 00973-17722211

00973-17722212

[email protected]

Halcrow Group 360 Dubai, UAE

009714-3370380

009714-3379239

[email protected]

Zuhair Fayez 5445 Makkah [email protected]


Confidential 33


Country

Telephone Fax Email

Gulf Consult 22412 Kuwait 00965-24843565

00965-24849532

[email protected]

Dewan Architects & Engineers

2967 Abu Dhabi, UAE

009712-6655599

009712-6655375

[email protected]

GHD Global 14352 Qatar 00974-4289444

[email protected]

M. Z & Partners 5785 Qatar 00974-4363813

00974-4363812

[email protected]

Modern Architects 32431 Bahrain 00973-17591691

00973-17593354

[email protected]

Dewan Al Emara Engineers & Architects

60990 Dubai, UAE

009714-3956566

009714-3956900

[email protected]

Al Turath Engineering Consultants

11676 Dubai, UAE

009714-3555859

009714-3555405

[email protected]

Arenco 2622 Dubai, UAE

009714-3370550

009714-3378349

[email protected]

Mazen Al Umran Consulting Engineers

26062 Bahrain 00973-17713873

0973-17712901

[email protected]

Dar Al Handasah 55624 Dubai, UAE

009714-3355502

009714-33530121

[email protected]

Norr Group Consultants

53150 Dubai, UAE

009714-3304400

009714-3304401

[email protected]

KEO International Consultants

18108 Qatar 00974-4626400

00974-4626500

[email protected]

Arch Group 38390 Dubai, UAE

009714-3341449

009714-3357449

Al Torath Engineering Consultants

4644 Abu Dhabi, UAE

009712-6775900

009712-6788620

[email protected]

Horizon International

3436 Sharjah, UAE

009716-5616666

009716-5616555

[email protected]

Al Naem Engineering Consultants

KSA 009661-4731170

009661-4761141

Consulting

Engineering Group

3971 Qatar 00974-

4420020

00974-

4416044

[email protected]

KEO International 3679 Kuwait 00965-24616000

00965-24616001

[email protected]

Pan Arab Consulting

1301 Kuwait 00965-22669600

00965-22656830

[email protected]


Confidential 34


Country

Telephone Fax Email

Salem al-Marzouk & Sabah Abi-Hanna

(SSH)

1913 Kuwait 00965-22265600

00965-24745811

[email protected]

Aedas 49927 Dubai, UAE

009714-3557233

009714-3557232

[email protected]


Confidential 35

13. MAJOR CONTRACTORS

The below table lists few of the major contractors in the GCC real estate sector.

Table 12.1 Major Contractors in GCC RE Sector

Company Name Po Box City/ Country

Telephone Fax Email

Arabtec Construction

3399 Dubai, UAE

009714-3400700

009714-3404004 [email protected]

Saudi Binladin Group


KSA

009662-6400004

009662-6643221

Al Habtoor Leighton

320 Dubai, UAE

009714-2857551


Al Shafar General Contracting

13164 Dubai, UAE

009714-3366605


Khansaheb Civil Engineering

2716 Dubai, UAE

009714-2857251


Galfar Engineering & Contracting

533 Oman 00968-24591055


Dutco Balfour Beatty

233 Dubai, UAE

009714-8801010


Al Basti & Mukta 2393 Dubai, UAE

009714-3439444

009714-3439445

Dubai Contracting Company

232 Dubai, UAE

009714-3337100


ETA Ascon (Associated

Construction & Investment Co.)

5238 Dubai, UAE

009714-2713333


Saleh Constructions

3741 Dubai, UAE

009714-2828880


Al Harbi Trade & Contracting Company


KSA

009661-4775252

009661-4775350

United Engineering Construction

(UNEC)

7510 Dubai, UAE

009714-2828242


Belhasa Engineering & Contracting

5450 Dubai, UAE

009714-2663925



Confidential 36


Telephone Fax Email

Bu Haleeba Contracting

10874 Dubai, UAE

009714-3370000


Ahmadiah Contracting & Trading Co.

446 Kuwait 00965-24814477


Midmac Contracting

1758 Qatar 00974-4529452


Al Rostamani Pegel LLC

26649 Dubai, UAE

009714-2898090


Al Nekhreh Contracting

11072 Dubai, UAE

009714-3400004


Al Futtaim Carillion LLC

1811 Dubai, UAE

009714-3331200


Charilaos Apostilides (Chapo)

1987 Bahrain 00973-17830190


Al Meraikhi General

Contracting

211 Abu Dhabi, UAE

009712-6770590


Mohamed Abdulmohsin Kharafi & Sons

886 Safat, Kuwait

00965-24813622

00965-24813740

Commodore Contracting

2023 Abu Dhabi, UAE

009712-6265222


Dubai Civil Engineering

(DCE)

21706 Dubai, UAE

009714-2974335


Engineering Contracting

Company (ECC)

62393 Dubai, UAE

009714-3736777


Arabian Construction

Company (ACC)

2113 Abu Dhabi, UAE

009712-6771225


Al Madar 2329 Qatar 00974-4674466


Al Huda Engineering

Works

17015 Qatar 00974-4694890


Ali Moosa & Sons 22484 Sharjah, UAE

009716-5311444



Confidential 37


Telephone Fax Email

Fujairah National Construction Company

16269 Dubai, UAE

009714-3938888


Saudi Pan Company for

Trading, Industry & Contracting

(Sapac)

Riyadh Province,

KSA

009661-4770598

009661-4769208


Confidential 38

14. CODE OF ETHICS

Ventures Middle East and its employees adhere to the practices and ethical standards established by the American Marketing Association (AMA), Charter Institute of Marketing (CIM), and the Society of Competitive Intelligence Professionals (SCIP). The firm and its employees abide by the applicable laws for the jurisdiction of the research, Ventures Middle East, and the client organization. Additionally, any request or requirements are incorporated into the practices of Ventures Middle East for the client’s engagement.

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