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Week 14 SUNDAY, 07 APRIL 2019 Week 14 SUNDAY, 07 APRIL 2019 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS UAE / GCC / MENA MENA 2020 GROWTH TO ACCELERATE TO 3.4% ON REFORMS, WORLD BANK SAYS UAE CONSTRUCTION MARKET SAID TO BE WORTH OVER $1TRN CATCHING THE UAE’S ‘SILVER DOLLAR MIDDLE EAST INVESTORS SEEK TO HEDGE RISK THROUGH PORTFOLIO DIVERSIFICATION, LOMBARD ODIER SAYS FIRST 'PROPTECH' COMPANY ESTATER LAUNCHES IN BAHRAIN SHAZA'S MYSK HOTEL BRAND PLANS SAUDI DEBUT DUBAI PROPERTY PRICES STABILISE IN DUBAI EXPAT HOTSPOTS DURING Q1 HOW DUBAI'S BIG NAMES DOMINATED PROPERTY SALES IN EARLY 2019 DUBAI DEVELOPERS LOG IN POSITIVE RESIDENTIAL SALES IN 2019 UAE'S SOBHA REALTY POSTS RECORD $136M SALES IN Q1 EMAAR CONFIRMS ELIE SAAB DESIGN PARTNERSHIP AT DUBAI PROJECT DANUBE PROPERTIES SALES SURGE 78.5% IN 2018 LATEST LA RIVE RESIDENTIAL UNITS SOLD OUT W HOTELS BRANDED RESIDENCES TO MAKE MIDEAST DEBUT IN DUBAI CONSTRUCTION OF PHASE 4 OF GIANT DUBAI SOLAR PARK 'ON TRACK' RTA SIGNS DH680M DUBAI METRO CONTRACT EXTENSION WITH UK’S SERCO WASL LINK LAUNCHED IN MUHAISNAH POST-EXPO EFFECT ON DUBAI REALTY WILL BE GREATER DUBAI DEVELOPERS PUSH POST-HANDOVER PLANS EVEN ON READY HOMES MORE FIRST TIME BUYERS SAID TO ENTER DUBAI PROPERTY MARKET DUBAI'S NAKHEEL DISMISSES 'UNFOUNDED' CLAIMS OVER NIGHT MARKET ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 1 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS DUBAI’S DRAGON MART ADDS EXTRA PARKING AS SHOPPER DEMANDS GROWS OPINION: THE PROFOUND IMPACT OF BLOCKCHAIN TECHNOLOGY ON THE REAL ESTATE SECTOR WHAT IF THE DEVELOPER HAS NO ESCROW ACCOUNT? ABU DHABI ABU DHABI PROPERTY PRICES, RENTS FALL MARGINALLY DURING Q1 ABU DHABI'S ADNOC DISTRIBUTION IS OPEN TO ACQUISITIONS AS IT PURSUES GROWTH DEVELOPER MIRAL REVEALS YAS BAY CONSTRUCTION PROGRESS NEW ABU DHABI ENTERTAINMENT HUB SET FOR 2020 COMPLETION ABU DHABI REVEALS PLAN FOR MEGA NURSERY TO BOOST CONSERVATION ABU DHABI FUND FOR DEVELOPMENT FACILITATED DH16.5BN OF DEALS FOR UAE COMPANIES INTERNATIONAL PROPERTY FINDER BECOMES LARGEST SHAREHOLDER IN TURKISH REAL ESTATE PORTAL LEBANESE BANKER WINS APPROVAL TO BUILD LONDON'S CONTROVERSIAL TULIP TOWER ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION MENA 2020 GROWTH TO ACCELERATE TO 3.4% ON REFORMS, WORLD BANK SAYS Monday, April 01, 2019 Economic growth in the Middle East and North Africa is set to accelerate in 2020 on the back of reforms, particularly in Egypt and the Arabian Gulf, despite lower per-capita gross domestic product, according to the World Bank. Mena growth in 2020 is forecast reach 3.4 per cent up from 1.5 per cent in 2019. Regional growth this year is projected to be slower than 2018’s 1.6 per cent because of a weaker global economy and financial-market volatility, the Washington-based lender said. “The expected upswing [in 2020] from previous growth is partially driven by ongoing policy reforms to diversify the economy and strengthen the business environment,” the bank said. “However, Mena’s modest recovery will be insufficient to change its long-standing low growth in per-capita GDP. External factors by themselves are unlikely to be able to pull the region out of its growth doldrums.” The Gulf and Egypt are undertaking various reforms to help buoy growth, lower the fiscal deficit and attract investments. In the Gulf, three countries have introduced 5 per cent VAT, some have increased their energy prices, while implementing other measures to contain the budget shortfall. Egypt has undertaken reforms as part of a $12 billion aid package provided by the International Monetary Fund. These measures include devaluing the pound in 2017 and raising energy prices. “We’re challenging the region to embrace ambitious reforms,” said Ferid Belhaj, World Bank vice president for the Middle East and North Africa region. “There’s an urgency today for reforms to improve productivity and encourage innovation and competition. We see that the countries that have taken difficult measures to implement policy reforms are the drivers of economic growth in Mena today.” Mena countries should be growing at least at twice the rates they currently do, according to Rabah Arezki, World Bank's chief economist for the Mena region and lead author of the report. Despite their economic diversification efforts, energy-rich Gulf region need to implement additional reforms to offset oil price fluctuations and cope with a lower oil price environment compared to the highs of 2014, when oil prices topped $100 a barrel. Though half of the Gulf economies grew faster than their peers during 2011-2014, all of them are forecast to expand at a slower rate than a typical high-income country during 2018-2021, the bank said. Growth in the Gulf is forecast to reach 2.1 per cent in 2019 and 3.2 per cent in 2021, up from 2 per cent in 2018 and compared to a 0.2 per cent contraction in 2017 that was sparked by oil production cuts and lower crude prices. “The revival of growth is partly and indirectly the result of policies that reduced the GCC’s reliance on oil revenues, the bank said. “Capital expenditure plans have been adopted by GCC countries that can afford it.” In its record 2019 budget, Saudi Arabia, the Arab world's largest economy, will increase capital expenditure year- on-year by 20 per cent to 246 billion riyals which will help to finance initiatives under Vision 2030 transformation initiative. ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION Egypt is forecast to be one of the fastest growing economies in Mena, with the growth rate in 2019 reaching 5.5 per cent, the strongest expansion since 2008. The economy is benefiting from an uptick in gas production, a resurgent tourism sector and higher government investment spending. “Because rising revenues from VAT and income taxes have outpaced expenditures and subsidies have been cut several times, the fiscal deficit in Egypt has been narrowing for the past two years,” the World Bank said. “The improvement in the fiscal accounts, however, has also been aided by the improvement in growth itself. This synergy between growth and fiscal reforms is expected to continue in the near term.” Source: The National Back to Index ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION UAE CONSTRUCTION MARKET SAID TO BE WORTH OVER $1TRN Monday, April 01, 2019 About 28 percent of the UAE's construction projects are currently on hold, according to research by Protenders. It said that the total value of the UAE construction sector is $1.01 trillion, with $284.7 billion on hold, without giving reasons or a comparative figure. The research also revealed that $420.1 billion worth of projects are currently under construction, making up 42 percent of the total. It added that $80.8 billion of projects are in the planning phase (8 percent), $152.7 billion are in the design phase (15 percent) with $72.6 billion at the tendering stage (7 percent). Of the ongoing projects, Protenders said urban buildings make up 57 percent of the total development ($238.3 billion) while oil and gas projects make up 24 percent ($100.5 billion) and infrastructure represent 19 percent ($81.3 billion). Of the upcoming $306 billion of projects, Protenders said that urban make up 42 percent, infrastructure 38 percent, oil and gas 20 percent. The report also identified the top five developers in the UAE, according to the value of their projects. It named Abu Dhabi General Services (Musanada) as the top developer, with 27 percent of the total value of the construction pipeline, followed by Emaar Properties (25 percent), Adnoc (22 percent), the Roads and Transport Authority (21 percent) and Abu Dhabi Department of Transport (18 percent). Last month, Dubai Municipality said that it approved 29,000 building permits in 2018, while 6,043 buildings were completed last year. Dawoud Al Hajri, director general of Dubai Municipality said that the total area of construction completed in 2018 was 100 million square feet, which is a 6 percent increase in Dubai's urban construction sector compared to that of 2017. The municipality also said it approved the registration of 802 new contracting companies of different types in Dubai. Source: Arabian Business Back to Index ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION CATCHING THE UAE’S ‘SILVER DOLLAR’ Thursday, April 04, 2019 With the under-35s accounting for more than half of its population, the Middle East and North Africa region has focused on supporting its youth with education and jobs. But the UAE – one of the most developed nations in the region – has set itself a new goal: to retain its sizeable cohort of maturing expatriates, who may otherwise take valuable skillsets - and spending power - elsewhere. Until now, expatriates could only stay in the UAE without a job if they were sponsored by their spouse or other entity, giving them little incentive to retire in the country. Last September, in a ground breaking move, the UAE Cabinet approved legislation to offer retiring residents aged 55 and over special five-year visas, with the option of renewing for a longer period of time if certain criteria are met.
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