abu dhabi real estate market analysis q3 2013
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Real estate marketTRANSCRIPT
Dubai Real Estate Market Overview
Abu Dhabi
Q3 2013
Market highlights – Q3 2013 • The third quarter of 2013 saw the continued recovery of the prime residential
market, while the retail, hospitality and prime office sectors all remained
relatively stable and poised for future recovery.
• The residential market recovery remains restricted to prime locations, with
secondary sub-sectors continuing to decline.
• Despite the market-wide over supply in most sectors, there remains a
shortage of high quality stock. This is driving product differentiation and
creating two-tier performance, between high grade and low grade property.
• Short-term demand will be fuelled by progress on major new projects (such as
the Airport expansion, Etihad Rail, the Saadiyat Island museums and other
major infrastructure, economic and social development initiatives).
• Long-term market recovery will be dependent on the government’s ongoing
initiatives to diversify the economy and generate sustainable demand growth.
• A sustainable recovery also requires the government to implement further
supply controls, as a key trend during 2013 has been developers re-looking at
schemes that had been placed on hold following the market downturn.
• There were no major completions in the office market with rents remaining
unchanged for both Grade A and B space during Q3 2013. Significant
additions to supply are expected in Q4 that will continue to place downward
pressure on rents for secondary space.
• Residential stock increased by around 2,700 units in Q3. Additions to supply
included buildings within Rawdhat and Danet on Airport Road, Mangrove
Place on Reem Island, the Khor Al Raha apartments by ADNIC at Al Raha
Beach, Al Reef Downtown in Al Reef and additional units within Aldar’s Al
Falah scheme.
• The residential sales market witnessed 5% price growth during Q3 2013
(prime product in Investment Areas), following on from a similar (5%) growth
during Q2 and 8% growth during Q1.
• Prime residential rents remained unchanged at AED 130,000 (average rent
for 2 bedroom apartment) in Q3, while secondary residential rents continued
to fall.
• Retail stock increased by approximately 112,000 sqm of GLA this quarter,
with the delivery of The Collection at the St.Regis on Saadiyat Island, the
Galleria at Sowwah Square on Al Maryah Island and Deerfields Townsquare
in Al Bahia.
• A further 143,000 sqm of retail GLA is scheduled for handover in the last
quarter of 2013, although some of these projects are likely to delayed into
2014.
• The hotel sector continues to witness new supply with the St.Regis hotel at
Nation Towers delivering around 300 new keys this quarter.
• The hotel market is approaching the bottom, with occupancies increasing to
64% (year to August), and RevPAR up by 9% compared to 2012. Although
ADR’s are still under pressure, the hotel market has also benefited from a
slow down in new supply.
2
3
• The Abu Dhabi Executive Council has approved housing loans and
infrastructure projects worth AED 15.8 billion, with AED 3.1 billion of
this total being allocated as housing loans to 1,554 Emirate families.
• The Government has adjusted its policy of reducing commuting from
Dubai by allowing government employees to request exemptions.
According to the General Secretariat of the Abu Dhabi Executive
Council, special cases will be considered with decisions made on a
case by case basis.
• TDIC has invited contractors to pre-qualify for the main contract to
build the Guggenheim museum. Arabtec, the contractor building the
Louvre museum, has announced its intention to also bid for the
Guggenheim project.
• Drake & Scull has been awarded a AED 415 million contract for the
mechanical, electrical and plumbing (MEP) work for the Louvre
museum.
• TDIC has also announced the sale of a 91,000 sqm land plot on
Saadiyat Island to Bin Otaiba Investment Group for the development
of a five-star luxury resort. The project comprises 366 hotel rooms and
beach villas, scheduled for completion in late 2015.
• Abu Dhabi has become the world’s first city to house two St. Regis
hotels, with the opening of its new property at Nation Towers on the
Corniche in Q3.
• Also in the hospitality sector, Jannah Hotels and Resorts, a UAE-
based management company, has been appointed to operate
TDIC’s Eastern Mangroves Suites, comprising 88 serviced
apartments.
• Etihad Rail announced the signing of a Memorandum of
Understanding (MoU) with Bertschi, a leading Switzerland-based
logistics company specialising in liquid and dry bulk products for
the chemical industry. The MoU will enable Bertschi to use the rail
network to transport equipment and products
• Abu Dhabi is seeking to attract more telecommunication companies
through an agreement with the Telecommunication Regulatory
Authority to streamline the procedure for gaining commercial
licences.
• The new financial freezone at Al Maryah Island known as Abu
Dhabi Global Marketplace has continued to develop its legal
framework to provide an enhanced regulatory regime, comparable
with other major global financial hubs.
Talking points – Q3 2013
Abu Dhabi prime rental clock
*Hotel clock reflects the movement of RevPAR.
Note: The property clock illustrates where Jones Lang LaSalle estimates each prime market is within its individual rental cycle as at end of the relevant quarter.
Source: Jones Lang LaSalle
4
Rental Growth
Slowing
Rents
Falling
Rental Growth
Accelerating
Rents
Bottoming Out
Q3 2012
Rental Growth
Slowing
Rents
Falling
Rental Growth
Accelerating
Rents
Bottoming Out
Q3 2013
Retail Residential Office Hotel *
Abu Dhabi office market overview
6
Office supply
• Abu Dhabi’s office stock remained unchanged with no major deliveries
in Q3 2013. However, an additional 143,000 sqm of office GLA is
expected to enter the market by the end of 2013.
• Several major projects are scheduled to be handed over before the
year end, including Capital Tower at Capital Centre, the Landmark
Tower on the Corniche and others potentially. However, it is possible
that some of these projects will experience further delays due to a
combination of construction overruns, contractual issues and delays in
obtaining final development approvals.
• As much as 967,000 sqm of office GLA could enter the market by the
end of 2015, increasing the total office stock to approximately 3.9
million sqm. This new supply is primarily within masterplanned areas
but also includes major corporate HQs such as ADNOC.
• Leasing of the office buildings on Al Maryah Island within Sowwah
Square are currently on hold while the freezone legislation is finalised.
Abu Dhabi Office Stock (2012 – 2015)
Source: Jones Lang LaSalle, Q3 2013
2,877 2,953 3,096 3,606
143
510 314
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2012 2013 2014 2015
GLA
(In
000
's)
Completed Future Supply
Awaiting handover
7
Recent and near term office completions
Capital Tower – Capital Centre
Landmark Tower
ADIB HQ
World Trade Centre
8
Office demand
• Government-backed entities remain the principal source of demand.
Many government organisations have committed to purpose built
headquarters, with other major HQ buildings in the pipeline for banks
and government-backed corporates such as ADIB HQ and ADNOC,
whereas others have leased space in private developments such as
Finance House at Capital Centre and Nation Towers on the Corniche.
• There remains limited demand from the private sector, with most
requirements for relatively small areas of between 300 sqm and 400
sqm. The lack of fitted out options in this size range is proving a real
inhibitor to transactions.
• While there is limited demand from new entrants, many companies
already located in Abu Dhabi are now moving to newer buildings.
• This flight to quality will place further pressure on secondary office
buildings that will struggle with the oversupply of new office buildings
and will consequently face declining rentals.
• Approximately 64% of current occupied office space is occupied by
local companies, mostly financial firms and government related
entities.
Source: Jones Lang LaSalle
Office Floor Space Occupied by Nationality
30%
6% 64%
International
Regional
Local
9
Office rental performance
• Average net effective rents for Grade A office space have remained
stable for the last five quarters at AED 1,540 per sqm. Average Grade
B office rents have also remained stable this quarter at AED 1,200.
• Tenants are clearly in a strong negotiating position, which is likely to
strengthen even further as supply increases over the remainder of
2013. This dynamic is expected to drive secondary rents down even
further, while Grade A rents appear to have stabilised.
• With no new supply and limited net absorption, the vacancy rate
has remained stable this quarter at 38%. Vacancies are expected
to increase further over the next 12 months as handovers
continue. A large portion of vacant space is now in recently
completed buildings, which will attract tenants looking to upgrade.
This will leave higher vacancies in older, poorly managed buildings.
• Rents and vacancy trends are expected to continue to diverge
over the next 12 months, increasing the performance gap between
prime and secondary buildings.
* Average Grade A Effective rents
Source: Jones Lang LaSalle, Q3 2013
Average Grade A Office Rents* (Q4 2008 – Q3 2013)
3,800
3,190 3,000
2,800 2,800
2,500
2,200 2,200 2,000 1,900 1,850 1,750 1,700 1,700 1,600 1,540 1,540 1,540 1,540 1,540
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Q42008
Q12009
Q22009
Q32009
Q42009
Q12010
Q22010
Q32010
Q42010
Q12011
Q22011
Q32011
Q42011
Q12012
Q22012
Q32012
Q42012
Q12013
Q22013
Q32013
Ave
rage
Ren
ts (
AE
D/s
qm)
Indicator Level Comment / Outlook
Current Office Stock 2.95 million sqm The majority of existing office space is Grade B and Grade C.
Future Supply
(by end 2015) 967,000 sqm
The proportion of Grade A office space is increasing
significantly as new stock is delivered to the market.
Current Vacancy Rate 38%
Vacancy rate remained unchanged this quarter
but is expected to rise further as new supply is
added over the next 12 months.
Average Grade A Rent
AED 1,540 per sqm
per annum
Grade A rents have remained stable for the last
five quarters and are expected to remain stable.
Average Grade B Rent
AED 1,200 per sqm
per annum
Grade B rents remained stable this quarter but
are expected to decrease further.
10
Office market summary
Abu Dhabi residential market overview
Residential supply
• Approximately 2,700 residential units were delivered in Abu Dhabi
during Q3. The majority of these units were within Rawdhat and
Danet on Airport Road, Al Reef Downtown, Mangrove Place on Reem
Island, Al Falah and the Khor Al Raha apartments at Al Raha Beach.
These deliveries bring the total residential stock to approximately
213,000 units.
• An additional 4,000 units are scheduled to be delivered to the market
by the end of 2013. These include additional apartments in Rawdhat
and Danet on Airport Road, Al Bustan Complex on 29th Street, the
Landmark Tower on Corniche, the Gate Towers on Reem Island and
Al Reef Downtown in Al Reef. As with other projects, the completion
of many of these schemes may be delayed.
12
Note: Including Units scheduled for completion in Q4 2013
Source: Jones Lang LaSalle, 2013 Source: Jones Lang LaSalle, Q3 2013
42%
• There are also a number of units scheduled for handover by the end
of 2013 within National Housing communities including Al Falah and
Watani developments.
• Although a large proportion of the residential pipeline announced
prior to 2008 has since been delayed, the aggregate supply could
still reach 254,000 units by the end of 2015. The majority of this
additional supply is located within masterplanned areas such as
Reem Island, Saadiyat Island, Danet, Saraya and Rawdhat.
Residential Units by the end of 2013 Abu Dhabi Residential Stock (2012 – 2015)
206 213 217 240
4 23
14
0
50
100
150
200
250
300
2012 2013 2014 2015
Num
ber
of U
nits
(In
000'
s )
Completed Future Supply
33%
67%
Villa
Apartment
Completed Q3 2013
Awaiting handover
6
13
3
The Mangrove Place –
Reem Island
Al Bustan Complex
The Gate Towers –
Reem Island
Saadiyat Beach Residences
Landmark Tower
Al Rawdah Residence - Rawdhat
Al Nasr Tower -
Danet Abu Dhabi Aabar Buildings - Rawdhat
ADNIC apartments
Rawdhat Building - Rawdhat
Al Reef Downtown (phase 4)
Recent and near term residential completions
• Average residential asking prices within Investment Areas have
increased by 5% during Q3 2013 to reach approximately AED 12,100
per sqm, following 8% and 5% growth during Q1 and Q2 2013
respectively.
• Average asking prices for both apartments and villas have both
increased to AED 14,200 per sqm and AED 10,500 per sqm
respectively.
• These increases are restricted to prime buildings within Investment
Areas and do not represent a market-wide recovery, price growth has
not been witnessed elsewhere.
Residential performance – sales price
• The growth in sales prices and transaction volumes over the past
three quarters can be attributed to various factors including:
- Both Abu Dhabi and Dubai are benefiting from the UAE’s status
as a safe haven following political unrest in the wider region;
- Limited stock available for purchase within high grade schemes;
- Expectations of further price growth due to improved demand
(driven by government infrastructure and economic development
initiatives) and limited quality supply;
- Greater levels of job security post - downturn.
14
*Asking prices
Source: Jones Lang LaSalle, Q3 2013
Note: Sales prices pertain to Investment Areas only.
Sales Price* of Residential Units (Q4 2009 – Q3 2013)
17,222
15,070 13,455
11,840 11,840 11,840 11,840 11,000 11,000 10,900 10,500 10,200 10,200
11,000 11,500 12,100
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Prim
e S
ales
('0
00 A
ED
/sqm
)
Residential performance - rents
• While high quality developments have performed well, secondary stock
has been affected by major increases to supply, with rents continuing to
decline as people move to newer developments. This divergence in
performance is expected to continue into 2014, with prime
developments (those that are well located with efficient designs, quality
management and providing high quality amenities and facilities and
sufficient parking) achieving an increased premium.
15
• Average asking rents for prime two bedroom apartments remained
unchanged at AED 130,000 per annum during Q3 2013.
• Demand has remained strong due to a variety of factors including:
- Government spending initiatives leading to job growth – such as
the airport expansion, the Etihad railway and the museums on
Saadiyat Island;
- Government entities requiring Dubai-based employees to relocate
to Abu Dhabi in response to the new regulations;
- The rental differential between Abu Dhabi and Dubai has reduced
as rents have increased in Dubai;
- Continued improvements to Abu Dhabi’s urban offering.
*Asking rents
Source: Jones Lang LaSalle, Q3 2013
Average Two-bedroom Rents* (2008 – Q3 2013)
188
231
198
180 170 168 163
153 150 145 140 140 135 135 126 121 120 120
130 130 130
100
120
140
160
180
200
220
240
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Ave
rage
Ren
t ('0
00 A
ED
per
ann
um)
Residential market summary
Indicator Level Comment / Outlook
Current Residential Stock 213,000 units
Good quality residential stock is set to increase further with the
delivery of the Landmark Tower and additional units within
Saadiyat Beach Residences.
Future Supply
(by end 2015) 41,000 units
Concentrated within master developments such as Rawdhat,
Danet, Reem Island and Saadiyat Island in addition to sizeable
National housing developments.
Average Prime 2 Bed
Apartment Rent
AED 130,000
per annum
Rents for prime apartments remained stable
this quarter, while rents for poorer quality
properties continued to fall.
Average Prime 2 Bed
Apartment Sale Price
AED 14,200
per sqm
Sale prices for 2 bedroom apartments
continued to increase in selective projects,
particularly in investment areas, albeit not
market – wide.
Average 3 Bed Villa Rent AED 170,000
per annum
Rents for 3 bed villas remained stable this
quarter and are expected to remain relatively
stable in most locations
16
Abu Dhabi retail market overview
Retail supply
• As of Q3 2013, total retail space across the Abu Dhabi metropolitan
area stands at approximately 1.89 million sqm.
• Retail stock increased by around 112,000 sqm in Q3 2013 with the
delivery of The Galleria at Sowwah Square on Al Maryah Island, The
Collection at the St.Regis on Saadiyat Island and Deerfields
Townsquare in Bahia.
• Further deliveries are scheduled for Q4 2013 with approximately
143,000 sqm of retail GLA expected to enter the market by the end of
2013. This includes World Trade Centre Mall which opened on
October 23rd at Central Market and Capital Mall in Building Materials
City.
• In addition to these new malls, a number of retail centres within
mixed-use developments are expected to enter the market by the
end of 2013. These include units within Al Reef Community and the
Eastern Mangroves Promenade.
• By the end of 2015, total retail space across Abu Dhabi is expected
to reach around 2.6 million sqm of GLA with the delivery of major
malls such as Yas Mall, Saadiyat Mall, Sowwah Central and Reem
Mall.
Source: Jones Lang LaSalle, Q3 2013
18
Abu Dhabi Retail Stock (2012 – 2015)
1,770 1,895 2,037 2,349
143
311 224
-
500
1,000
1,500
2,000
2,500
3,000
2012 2013 2014 2015
GLA
in '0
00s
sqm
Completed Future Supply
Awaiting handover
19
Capital Mall
Emporium Mall –
Central Market
Deerfields Townsquare
Nation Towers
The Galleria – Sowwah Square
The Collection at the St.Regis –
Saadiyat Island
Completed Q3 2013
Recent and near term retail completions
Retail performance
• A continuous growth in retail spending (derived from both the
resident population and higher tourist levels), is supporting demand
for additional retail space in Abu Dhabi.
• Average rents in retail centres on Abu Dhabi Island have remained
stable this quarter at AED 2,887 / sqm per annum, average rents of
retail centres outside Abu Dhabi Island have also remained
unchanged at AED 1,900 / sqm per annum this quarter.
• Vacancies remain minimal within established centres on Abu Dhabi
Island, such as Marina Mall and Abu Dhabi Mall. Vacancies are
much higher in newly completed centres, with some opening with
significant levels of vacant space.
• While there are a number of large malls in the supply pipeline, the
majority are expected to materialise between 2017 and 2018. This
additional supply could however cause rents to soften in the short to
medium term as developers compete to secure the best retailers.
Source: Jones Lang LaSalle, Q3 2013
20
*Average retail rents for line shops in regional and super regional malls on Abu Dhabi Island
Source: Jones Lang LaSalle, Q3 2013
Rental Rates: Regional and Super Regional Malls - Abu Dhabi
F&B (AED / sqm) Casual Dining: 2,000 to 3,000
Food Court: 2,500 to 4,500
Line Shops (AED / sqm) 1,500 - 4,000
Anchor (AED / sqm) 500 - 1,500
Kiosk (AED/per annum) 60,000 to 180,000
Retail Rental Performance* (Q4 2008 – Q3 2013)
2,500
3,000
3,500
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Ret
ail R
ent
(AE
D/s
qm/a
nnum
)
Retail sector summary
Indicator Level Comment / Outlook
Current Retail Space (GLA) 1.89 million sqm The proportion of high quality retail is increasing as a percentage
of total GLA.
Additional Supply
(by end 2015) 678,000 sqm
There is a significant number of retail projects expected to open by
the end of 2015, although some delays are expected.
Current Vacancy Level
(Regional and Super Regional
malls on Abu Dhabi Island)
2%
Malls on Abu Dhabi Island have very high
occupancy rates which are expected to decrease in
line with new supply.
Average Rents
(Regional and Super Regional
malls on Abu Dhabi Island)
AED 2,887 per sqm
per annum
Rents are expected to remain stable in the short
term but decrease due to increased competition from
new high quality malls in 2015.
Average Rents
(outside Abu Dhabi Island)
AED 1,900 per sqm
per annum
Average rents have remained stable this quarter
outside of Abu Dhabi Island and are expected to
stabilise at current levels.
21
Abu Dhabi hotel market overview
23
Hotel supply
• The third quarter of 2013 witnessed the opening of St. Regis Abu
Dhabi on the Corniche, providing almost 300 additional rooms. This
adds to the extensive new supply seen in recent years, with more
than 1,700 rooms added in the first three quarters of 2013.
• The third quarter also saw the opening of the Eastern Mangroves
Suites, which added 88 hotel apartments.
• Two major projects, the Novotel and the Premier Inn Abu Dhabi
Airport, are still expected to open by the end of 2013.
• Despite delays and cancellations of projects, around 5,700 additional
rooms are scheduled to enter the Abu Dhabi market by the end of
2015.
• The recent oversupply situation has resulted in limited recent
announcements of new hotel projects.
• Overall supply is expected to reach about 23,100 rooms by the end
of 2015, representing a CAGR of 15% from 2013 levels Source: Jones Lang LaSalle
Expected Future Supply (2013 – 2015)
15,700 17,350 17,950
19,800
600 1,850
3,300
0
5,000
10,000
15,000
20,000
25,000
2012 2013F 2014F 2015F
Num
ber
of R
oom
s
Existing Supply Future Supply
Completed Q3 2013
Awaiting handover
St. Regis -
Nation Towers
Novotel and Adagio – Al
Bustan Complex
Capital Centre Arjaan
by Rotana
24
Eastern Mangroves Suites
Premier Inn Abu Dhabi Airport
Recent and near term hotel completions
55%
64%
58% 64%
0%
20%
40%
60%
80%
0
250
500
750
1,000
2010 2011 2012 2013
AD
R (
AE
D)
ADR (AED) Occupancy
25
Trading performance
• Abu Dhabi hotels recorded a 16% increase in revenue and a
10% increase in guest arrivals between January and June 2013,
compared to the same period of 2012. However, the benefit of
increased visitor arrivals has again been offset by significant
increases in supply.
• The hotel market now appears to be stabilising, with occupancy
levels increasing 6 percentage points to 64% in the year to
August 2013.
• Average daily rates have continued to remain under pressure,
declining by 2% as hotels have relied on significant discounting
to push up occupancy levels.
• Due to the positive growth in occupancies, RevPAR levels in the
year to August 2013 have experienced an increase of 9%
compared to the same period in 2012.
• While tourism in Abu Dhabi continues to be driven by the
corporate and MICE (Meetings, Incentives, Conferencing,
Exhibitions) segments, efforts are being made to diversify tourism
demand by focusing on the leisure segment. Developments
include multiple museums and leisure entertainment venues on
Saadiyat Island and Yas Island together with the expansion of
the airport.
Source: STR Global
Hotel Performance 2010 – 2013 YT August
26
Hotel Sector Summary
Indicator Level Comment / Outlook
Current Hotel Room
Supply 17,350 keys
One internationally branded hotel opened in Q3 2013–the St. Regis hotel,
located within Nation Towers, Corniche.
Future Supply
(by end 2015) 5,750 keys
Remaining quality hotel openings expected in 2013 include the Novotel &
Premier Inn Abu Dhabi Airport. Supply pipeline has experienced a
reduction, with multiple project delays.
2013 YTD Occupancy 64%
Occupancy levels have witnessed a notable increase during YTD 2013
period, owing to a much improved performance in the months of February-
August, with only a slight dip in July during Ramadan.
2013 YTD ADR AED 520
ADR levels continued to contract, declining by 2% in YT August 2013
compared to the same period in 2012. The negative growth in ADR was
offset by the substantial increase in occupancy, resulting in a year-over-
year RevPAR increase of 9%.
Definitions and methodology
Residential:
• Residential buildings are considered handed over once they are
ready for tenant occupation. This data excludes labour
accommodation.
• Residential performance data is based on asking prices from a
basket of selected developments.
Retail:
• Retail space is considered handed over once it is open and
operational.
• Classification of Retail Centres is based upon the ULI definition as
published in Retail Development, 4th Edition published by ULI.
• Prime Rent Shopping Centre represents the top open market net
rent that could be expected for a notional standard line unit shop
situated in a specified shopping centre - preferred in a inner city
location -, as at the survey date (normally at the end of each
quarter period).
Office:
• Office buildings are considered handed over once they are ready for
tenant fit-outs.
• Average Grade A Office rents represent the average effective rents
taken from a basket of selected buildings defined as superior in the
current market. The Average Rent reflects values captured in
occupational leases that is standard for the local market. It is an
effective rent that accounts for ‘rent free’ periods only (and not the
financial impact of any other tenant incentive/s) and excludes service
charges and local taxes.
Hotels:
• Hotels are considered handed over once they are open and
operational.
• Hotel room supply is based on existing supply figures provided by
ADTCA as well as future hotel development data tracked by Jones
Lang LaSalle Hotels. Room supply includes all graded supply and
excludes serviced apartments.
• Hotel performance data is based on monthly survey conducted by
STR Global on a sample of international standard midscale – upscale
hotels.
27
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David Dudley
Head of
Abu Dhabi Office
Peter Stebbings
Head of Valuation Advisory
Abu Dhabi
Chiheb Ben-Mahmoud
Head of Hotels & Hospitality
MENA
Andrew Williamson
Head of Retail
MENA
Barry McGettigan
Senior Agent, Agency
Abu Dhabi
Craig Plumb
Head of Research
MENA
Dunia Joulani
Senior Analyst
Abu Dhabi
Mai Hassan
Research Assistant
Abu Dhabi
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