Fore!!




Friday is Golf Day for many expats in Dubai and a day when the hard working non taxpayers let rip, and smash their little white balls down the centre of a well manicured fairway.

My course of choice is theErnie Els course at Victory Heights which i cannot say enough good about. The course is amazing, the houses will be great and the club is managed to a very high standard. It is so good i just can't believe they can make it pay. As you arrive the car park security guard salutes with so much gusto you can't help but look at your shoes and make sure their clean. Then you pull up and two attendants take your clubs out of the back of the car and wish you a 'good round Mr Mark' . I haven't even left the car yet. Then I meander up the path to the club house and the door swings open with a welcoming smile and another good morning Mr Mark through to the reception and I sign in for my round.

Two more people meet me in the changing rooms to give a locker key, towel, and as it a competition day some free gifts (more little white balls etc).

So a quick practice to loosen up and yet again every time I put my clubs down a new friend to clean my clubs and then carry them to the buggy. Little wonder I have gained the legendary Dubai Stone. All I need is roller skates and I could reduce my energy burning to zero.

After 18 holes and 7 attempts to give me drinks and food I sink my final put and yet agin another friend is at hand to replace the flag and direct us to the complimentary bbq.

This place is amazing and althouhgh it sounds a bit over the top I cannot thank the Els Club team enough for making my Friday's in 2008 very special.

Now for you investors out there who like your golf you will not make a mistake if you choose to buy at the Victory Heights which envelopes the Els course. There are some fabulous deals around which will prove to be a great little earner and you can play golf with me on a Friday. Or watch me kiss a bottle of budweiser on a friday afternoon.

Grand Lady of the seas arrives

A week after the Atlantis party it took the 'Grand Lady of the Seas' arrival to bring some class to the usually more over the top Dubai. With the glamour of last week still ringing in our ears the QE2 bought a touch of elegance to the Dubai shores.

Launched in 1969 she is undoubtedly going to need a full refit and Dubai will be responsible for this sensitive project. Mr Ursprunger, CEO of QE2 Nakheel, has this task and his new first lady seen by millions as a demure sophisticated lady is about to have a full Hollywood style extreme makeover. She is going to totter into the Beverly Hills drydocks 90210 of Port Rashid looking a bit saggy and after a couple of years come out completely transformed into the usual 'fur coat and no knickers' sparkler Dubai is famous for. For $250m of facelift lets hope they don't use the same surgeon as Cynthia Weinstein.


There are plenty of rumours surounding what the QE2 will offer so straight from the unenhanced lips of Mr Ursprunger here is my current take on what the new project will offer.

A spur of reclaimed land just past Al Khudrawi will be named the 'QE2 Precinct' where the liner will be docked. The liner will be converted into a 200 room hotel offering a theatre capable of supporting Broadway shows, 5 Reastaurants, a huge spa, and a maritime museum.

The land area will consis of 65 residences, English Gardens and marina facilities. All in all this project is a massive plus for the Palm Jumeirah and those of you who have invested in the Shorelines must be feeling very smug. When this project is finished the Palm will be a true resort and prices for real estate will be through the roof.

Property
The market is quiet at the moment but the hard core investors are pinching themselves with excitement. I spoke to one of our more cavalier clients a couple of days ago who is convinced that this 'correction has provided the opportunity to make some great deals and duplicate what he has achieved over the past 5 years'. Good Luck my friend but please show some loyalty and remember our number.

Amlak and Tamweel ( Mortgage Lenders) are now merging their businesses which in essence makes them the Fannae and Freddie of the UAE. I expect this power house to start lending again in the new year and kickstart the market. Over the past 4 weeks property sales have been slow but only because buyers are struggling to get finance. Once this nationalised mortgage lender gets started you will see prices firm up considerably. In addition to this Abu Dhabi have created their own lending arm, AD Finance, which will be run by our old friend Philip Ward ( ex Barclays). This guy knows how to set up mortgage departments and Abu Dhabi will pump mega money into this company to stimulate growth.

This is all the market needs to see a real difference as the rents are spiralling out of control and many of these over charged tenants are looking to buy.

I promised you some big news last week which has not materialised.. My collagen free lips will have to remain sealed a while longer before i spill the beans ....

Thanks for the comments last week and a big hello from the Villa to Louise.