January 26, 2020

Emaar Hospitality Group has continued its ambitious growth strategy with the official opening of the iconic Address Sky View, in Downtown Dubai.

The company opened Vida Emirates Hills, Vida Creek Harbour and Address Fountain Views in 2019.

And Emaar chairman Mohamed Alabbar told guests at the opening ceremony of the Address Sky View, the company’s 19th hotel opening in the UAE, that the expansion plans would continue unabated throughout the rest of 2020.

Among nine new openings to expect"...

January 23, 2020

2020 will be an 'important year' for the real estate sector in Abu Dhabi with more first-time buyers likely to enter the market as prices continue to become more attractive, according to property website Bayut.

Its latest report also said the trend of announcements coming out of the emirate, in terms of infrastructure, development and legal transparency is set to continue this year.

The report added that 2019 was a dynamic year for Abu Dhabi’s real estate sector, with significant developments from the government to create more viable conditions for investors,"...

January 22, 2020

Nakheel, the master developer of Palm Jumeirah, has reshuffled its board with Ali Rashid Lootah resigning as chairman and Mohammed Ibrahim Al Shaibani taking over.

Lootah resigned to join Dubai World board, which is headed by Sheikh Ahmed bin Saeed Al Maktoum.

Among the other new board members joining Nakheel are Sultan bin Sulayem, Khalifa Al Daboos and Issam Galadari. They will be added as directors to the current board comprising Khalid bin Bakhit Al Falasi, Ibrahim Hussain Al Fardan and Adel Khalifa Al Shaer, taking the total number of board members to seven.

Al Shaibani is also director-general of The Ruler's Court at Government of Dubai and also heads the sovereign wealth"...

January 21, 2020

A landmark hotel property in Dubai operated by Hong Kong’s Shangri-La Group of Hotels has sold for AED700.2 million ($190.62 million) according to results posted on an auction website.

The 42-storey tower on Sheikh Zayed Road, owned by Abu Dhabi-based family-owned conglomerate Al Jaber Group, was listed for sale earlier this month on UAE-based Emirates Auction, a company that manages public and online auctions in the Middle East for asset liquidation, real estate, automobiles, vehicle license plates, jewelry and various other items.

The luxury skyscraper received"...

January 21, 2020

The UAE’s new five-year tourist visa policy will add stability to the real estate market in the UAE, said Saleh Abdullah Lootah, CEO of Lootah Real Estate Development, one of the region’s most prominent real estate developers.

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai recently announced the new five-year multiple entry tourist visa for all nationalities, to support the country’s tourism economy and position itself as the preferred tourist destination in the region. This decision will be a game changer for many sectors in the country, he noted.

According to a reputed property portal, the real estate industry ended 2019"...

January 21, 2020

Real estate transactions totalled Dh24.2 billion ($6.58 billion) in the Emirate of Sharjah in 2019 increasing by 7.3 per cent in comparison to 2018, a media report said.

A total of 61,357 transactions were recorded in 2019, increasing by 13.4 per cent in comparison to 2018, reported Emirates news agency Wam, citing the Sharjah Real Estate Registration Department (SRERD) annual report.

SRERD director-general Abdulaziz Ahmed Al Shamsi stated that 11,535 title deeds transactions, worth Dh9.6 billion, were recorded in all the regions of the emirate. 'Other transactions recorded 3,760 mortgage transactions, worth Dh14.6 billion, 963 valuation transactions, and 5,272 initial sales transactions,”"...

January 21, 2020

Steel manufacturers in the UAE have called for increasing anti-dumping duty in order to safeguard local industry, according to a senior official of a leading steel manufacturer.

'It is an industry perspective to hike anti-dumping duty as more rebar and pipe producers are requesting for support from the ministry. It is a very clear mandate that there should be enough capacity to ask for this type of demand. And we have enough pipe-making and rebar-making capacity. That will allow us to survive for few years,' said Bharat Bhatia, CEO of Conares.

The UAE hiked"...

January 20, 2020

Real estate transactions in Sharjah jumped by 7.3 per cent year-on-year to Dh24.2 billion in 2019, according to the Sharjah Real Estate Registration Department.

The emirate registered 61,357 transactions last year, up 13.4 per cent on 2018.

Residential properties made up the majority of the sales transactions in 2019, some 69.4 per cent of the total, according to the organisation. Commercial transactions made up 15.9 per cent, industrial sales 11.8 per cent and agricultural deals 2.9 per cent.

Most"...

January 20, 2020

Ten years ago, real estate was considered a key barometer of GCC's economic affluence as rapid rise in per capita income, influx of expatriate population, and changing demographics fueled demand for both commercial and residential properties in the region. However, the 2008 financial crisis followed by the dip in oil prices in 2014 cultivated several challenges for the sector with property prices and rentals plummeting by as much as 40 per cent across the region. The slump in oil prices, fiscal consolidation measures, oversupply of housing units, introduction of mortgage cap, and geopolitical tensions have significantly weighed down on property demand in the GCC.

As"...

January 20, 2020

Arzan Wealth (DIFC) Limited (‘Arzan Wealth’), a Dubai-based advisory firm regulated by the Dubai Financial Services Authority, is pleased to announce that it has successfully advised its client on the sale of a Class A office building in the Hague, The Netherlands, achieving strong returns for investors.

The property was built in 2000 and serves as the headquarters of the Netherlands Organization for Scientific Research (NWO), a unit of the Dutch Government. The asset is a Class A building comprising of 13,635 m² office space and is located in a prime location in the center of the Dutch capital, The Hague.

The"...