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News Brief 28 Sunday, 09 July 2017

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News Brief 28 Sunday, 09 July 2017 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF 28 SUNDAY, 09 JULY 2017 RESEARCH DEPARTMENT DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2017 asteco.com | astecoreports.com ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS UAE / GCC FIXED-TERM INVESTMENT PLANS ARE FAILING UAE CUSTOMERS, SAYS FRIENDS PROVIDENT ARABTEC WINS DH353M UAE PAVILION CONTRACT FOR EXPO 2020 ECONOMIC SLOWDOWN LIKELY TO HURT QATAR’S BANKING SECTOR ASSET QUALITY SOLID FUNDAMENTALS SUPPORT UAE’S CREDIT STRENGTH: MOODY’S UAE PMI DATA POINTS TO SOLID GROWTH IN Q2 QATARI PROPERTY INVESTORS KEEN TO OFFLOAD ASSETS IN UAE SAUDI-OWNED PARISIAN HOTEL REOPENS AFTER MULTI-MILLION MAKEOVER GENERATION START-UP: PROPERTYFINDER CHIEF A PIONEER OF ONLINE REAL ESTATE UAE SHINES AS SUSTAINABLE ENERGY PATHBREAKER DUBAI DUBAI REMAINS RELATIVELY STRONGER THAN ABU DHABI MARKET DUBAI PROPERTY MARKET DIRECTION DEPENDS ON SUPPLY, SAYS JLL DUBAI RESIDENTIAL SECTOR STABILISING DUBAI HOTEL OWNERS LOOK FOR NEW WAYS OF EARNING IN CROWDED MARKET BEWARE OF SPECIAL OFFERS ON OFF-PLAN PURCHASES DUBAI LANDLORDS OFFER ‘FREE’ RENT, MULTI CHEQUES DH90M: LATEST 'MEGA VILLA' DEAL IN DUBAI ONE DUBAI MASTER-DEVELOPER GETS CRACKING WITH LUXURY POTENTIAL HOME BUYERS IN DUBAI MUST MAKE UP THEIR MINDS FAST DUBAI’S OFFICE REALTY NEEDS TO MIX IT UP PROPERTY PRICES GO WITH THE FLOW ALONG DUBAI CANAL LOOK: DUBAI VILLAS SURROUNDED BY FOREST NEW DH5B TOWER COMPLEX PROJECT UNVEILED IN DUBAI NEW DUBAI REAL ESTATE CORP BOARD UNVEILED RIDE ALONG: NAKHEEL OPENS MONORAIL STATION ON THE PALM DUBAI HOMES: LIVE-IN THE DREAM DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2017 asteco.com | astecoreports.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS SHORT ON DOWN PAYMENT TO FINANCE YOUR PROPERTY IN DUBAI? RISING SCHOOL FEES HIT DEMAND FOR LARGER HOMES IN UAE VILLA AT EMIRATES HILLS FETCHES DH90M DUBAI'S TAMWEEL TOWER RESIDENTS HIT WITH OUTSTANDING SERVICE CHARGES SHEIKH MOHAMMED UNVEILS DH5BN EMIRATES TOWERS BUSINESS PARK DUBAI DEVELOPER AZIZI BEGINS WORK ON DHS12BN RIVIERA PROJECT IN MBR CITY DEWA AWARDS DH46M CONTRACT FOR PHASE 1 OF AL-SHERAA BUILDING RECORD INDICATOR FOR CONSTRUCTION COSTS UP 0.06 PERCENT IN DUBAI IN 2016 AZIZI BEGINS WORK ON DH12B RIVIERA PROJECT IN MBR CITY ABU DHABI ARABTEC’S TARGET LANDS FOUR CONTRACTS WORTH DH289M SOROUH PROFITS UP 75% ADIA TARGETS EMERGING MARKETS AS LONG-TERM GAINS SLOW JOB LOSSES HIT ABU DHABI REALTY HARD NEW DH170 MILLION PORT FOR DELMA ISLAND NORTHERN EMIRATES RAK PROPERTIES DELIVERS BERMUDA VILLAS PROJECT LOWER SHARJAH RENTS A BOON FOR TENANTS SHARJAH RENT DROPS 'LIKELY' ON TOP OF 5.5% DECLINE IN THE LAST 12 MONTHS, SAYS PROPERTY CONSULTANCY ILLEGAL CONSTRUCTION PULLED DOWN IN SHARJAH RAK TO HAVE SEVEN NEW POWER STATIONS WORTH DH750M INTERNATIONAL CANADA SEEKS UAE INVESTMENTS IN INFRASTRUCTURE PROJECTS TAXES TAKE THE HEAT OFF CANADIAN PROPERTY COST OF GETTING ON THE UK PROPERTY LADDER SURGES TO RECORD MANHATTAN APARTMENT PRICES HIT RECORD, AVERAGING $2.19 MILLION GULF INVESTMENT TO CONTINUE IN BOOMING US WAREHOUSE SPACE DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN DEFINING LANDSCAPES SINCE 1985 © Asteco Property Management, 2017 asteco.com | astecoreports.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION FIXED -TERM INVESTMENT PLANS ARE FAILING UAE CUSTOMERS, SAYS FRIENDS PROVIDENT Tuesday, July 4, 2017 One of the biggest providers of expensive fixed-term investment plans, the cause of a high number of complaints from UAE customers, has admitted that the products are not good enough. Philip Cernik, Friends Provident International’s chief marketing officer, said that the life industry “could do better”. He acknowledged the rise in complaints to the UAE Insurance Authority about life companies and the financial advisers that market the investment products, from customers frustrated by poor performance and very high costs. “There is no room for ‘one size fits all’ customer solutions today … If expats like to save for less than five years, why are there so few alternatives in the market that reflect this?” Mr Cernik said in a column penned exclusively for The National. FPI, owned by Aviva, is one the leading providers of fixed-term products in the UAE and other markets in the Middle East and Asia. The plans promise good returns but also come with high costs that include upfront commission fees and charges. To offer investors better protection, the IA confirmed in April that it was pushing ahead with tough new regulations to transform the way savings, investment and life insurance products are sold in the UAE. Among the proposals were plans to impose maximum limits on the upfront commission advisers can earn from life companies. Advisers will also have to clearly illustrate all fees and charges for which the client is liable. Mr Cernik said FPI has been working to raise the professional standards of advisers in the UAE, launching an Adviser Academy in 2015. “If customers are wary of advisers, isn’t it necessary for advisers to raise their professional standards?” Mr Cernik asked. To date 200 UAE-based advisers have passed through the Academy and FPI said this will help brokerages adjust their business models “to make them fit for purpose” when the new IA regulations are introduced – something experts expect to happen in the third quarter of this year. However, Sam Instone, chief executive of the fee-based financial advisory company AES International, said FPI’s proposals to transform its offering will not have an effect because “the system is broken”. “It’s too little, too late,” he said. “They are trying to reinvent themselves – but they can’t. In reality, investment- based insurance is expensive and opaque and ultimately doesn’t work because the funds available via life insurance companies themselves don’t work.” Source: The National Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN DEFINING LANDSCAPES SINCE 1985 © Asteco Property Management, 2017 asteco.com | astecoreports.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION ARABTEC WINS DH353M UAE PAVILION CONTRACT FOR EXPO 2020 Tuesday, July 4, 2017 Dubai-based Arabtec Construction has won the Dh353-million contract to build the UAE Pavilion at Expo 2020 Dubai, the firm and the National Media Council (NMC) announced on Tuesday. Arabtec Group CEO Hamish Tyrwhitt said in a statement to Dubai Financial Market (DFM), “The UAE Pavilion project marks yet another achievement on our road map to a sustainable and successful future. It highlights our strategic focus on the UAE as our core market and also demonstrates our commitment to building our future through the development of social infrastructure in addition to instilling a performance-based culture within our organisation.” Arabtec’s share prices climbed over 12 per cent on the news, leading gains on the Dubai bourse. The NMC, the government entity responsible for building and operating the UAE Pavilion, said in a press statement that Arabtec won the contract over three other shortlisted local and international companies, from a total of nine initial bids. Spanish architect Santiago Calatrava, whose work includes the WTC Hub in New York and Rio de Janeiro’s Museum of Tomorrow, has been chosen to design the pavilion following an international competition that saw nine international firms submit 11 designs. Arabtec, in its statement to DFM, where it is publicly listed, said Calatrava’s design was inspired by a falcon in flight. The NMC, in its statement, wrote, “The UAE pavilion will be one of the most important landmarks at the Expo 2020 Dubai, reflecting the authenticity and heritage of the UAE, its achievements in various sectors as well as the nation’s values of openness, communication and tolerance, which are in line with the main theme of the exhibition.” The 15,000-square-metre pavilion will be located opposite Expo 2020 DUbai’s central Al Wasl Plaza. Expo 2020 Dubai is expected to attract 25 million visitors from more than 180 countries. The upper floor of the pavilion spans an area of 2,000 square metres while the mezzanine floor will have an area of 662 square metres. The ground floor, with gardens and parking spaces, sprawls over 13,300 square metres. Another 3,000 square metres will be set aside for a plaza level and related facilities. The pavilion’s design and construction aim to achieve the highest Leadership in Energy and Environmental Design (LEED) rating. Source: The National Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN DEFINING LANDSCAPES SINCE 1985 © Asteco Property Management, 2017 asteco.com | astecoreports.com Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION ECONOMIC SLOWDOWN LIKELY TO HURT QATAR’S BANKING SECTOR ASSET QUALITY Wednesday, July 5, 2017 The recent sanctions on Qatar by a group of states led by Saudi Arabia, the UAE, Bahrain, Egypt, Libya, Yemen and a few other allied countries is expected to have huge consequences on Qatar’s economy and its financial sector if a resolution takes much time, according to rating agency Moody’s. “Weaker economic activity could lead to deteriorating asset quality in the banking system and together with an escalation involving sanctions against the financial sector could necessitate a step-up in government liquidity support,” said Steffen Dyck, Senior Credit Officer, Sovereign Risk Group of Moody’s. Although no such sanction has been applied to date, analysts say such a possibility can’t be completely ruled out. In addition to rising global interest rates, funding costs for the government and other Qatari-based issuers will increase further and the government’s balance sheet would deteriorate quicker in a scenario of a prolonged stalemate that extends well into 2018.
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