Week 28 SUNDAY, 14 JULY 2019
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Week 28 SUNDAY, 14 JULY 2019 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS UAE / GCC / MENA BAHRAIN TO LAUNCH KINGDOM'S LARGEST MALL ENTERTAINMENT FACILITY WORK TO BEGIN ON OMAN'S $2BN MINA AL SULTAN QABOOS PROJECT IN Q3 AJMAN GRANTS FIRST GOLD CARD RESIDENCY VISA TO RETAIL BOSS SAUDI APPROVAL OF E-COMMERCE LAW WILL STRENGTHEN, GROW ECONOMY, SAYS MINISTER SHANGRI-LA HOTELS EYES SAUDI EXPANSION AND RESORT PROPERTIES EMIRATES REIT TO SEE BETTER PERFORMANCE IN 2019, EFG-HERMES SAYS UAE'S MINISTRY OF ECONOMY CANCELS FEES ON 102 GOVERNMENT SERVICES UAE'S GOLD CARD VISA IMPROVING INVESTMENT SENTIMENT - SURVEY IHG REVEALS PLAN TO BUILD WORLD'S LARGEST VOCO HOTEL IN MAKKAH DUBAI DAMAC TO REMAIN UNDER PRESSURE, EFG HERMES SAYS JEBEL ALI FREE ZONE'S RATING REFLECTS RESILIENT BUSINESS MODEL, MOODY'S SAYS IS DUBAI ABOUT TO EMBRACE THE CONCEPT OF CO-LIVING? BIGGEST IKEA IN DUBAI SET TO OPEN IN DECEMBER ‘IT’S THE BEST YEAR FOR OFF-PLAN’ NEW HOMES REVEALED IN DUBAI'S RIVIERA-STYLE COASTAL PROJECT AVERAGE DUBAI PROPERTY PRICES NOW NEARLY 30% LOWER THAN 2014 PEAK DUBAI PROPERTY INVESTORS WIN FIVE-YEAR VISAS AFTER $54M COMMITMENT DUBAI PROPERTY PRICES, RENTS CONTINUE TO SOFTEN IN Q2 DUBAI CAN 'SET THE BAR' FOR HIGH-END CO-LIVING DEVELOPMENTS, SAYS REAL ESTATE EXPERT IN DUBAI, PROPERTY BUYERS LEARN TO LIVE WITHOUT MORTGAGES AS DEVELOPERS GUNG HO ON MONTHLY INSTALMENTS 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 LAND DEPARTMENT ROLLS OUT ‘LAWYER’ INITIATIVE DUBAI WILL CONTINUE TO BE TENANT AND HOMEBUYER FRIENDLY FOR REST OF THE YEAR DUBAI NEEDS GREATER ‘TRANSPARENCY ON REAL ESTATE SUPPLY’ WORKS ON ROADS TO DUBAI HILLS MALL ON COURSE DUBAI SECURES 118 WINS TO HOST BUSINESS EVENTS SHORT-TERM RENTALS HOLD SWEET SPOT DUBAI MULLS RENT-TO-OWN, MULTIPLE OWNERS SCHEME IN REALTY DIFC INTRODUCES NEW LICENCES CATEGORIES, REDUCES FEES CONSTRUCTION SECTOR DRIVES DUBAI'S GROWTH TO NEARLY 4-YEAR HIGH ABU DHABI ALDAR GETS DH5BN WORTH OF CONTRACTS TO DELIVER THREE ABU DHABI PROJECTS REEM ISLAND SEES MOST PROPERTY DEALS IN ABU DHABI IN FIRST HALF MIDDLE EAST'S LARGEST AQUARIUM SET TO OPEN IN ABU DHABI IN 2020 ALDAR, APPAREL GROUP INK DEAL TO ADD 23 BRANDS TO UAE MALLS LUXURY ABU DHABI HOTEL REGAINS FIVE STAR RATING AFTER REVAMP FREEHOLD AREAS DOMINATE INVESTOR ATTENTION IN ABU DHABI DEVELOPMENT ON REPORTAGE PROPERTIES' PROJECTS ON FAST TRACK 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 ALDAR GETS DH5BN WORTH OF CONTRACTS TO DELIVER THREE ABU DHABI PROJECTS Wednesday, July 10, 2019 Aldar Properties was awarded contracts worth Dh5 billion from multiple Abu Dhabi government entities to deliver three projects in the capital as the emirate continues to spend on infrastructure and economic development schemes. Aldar, the biggest listed developer in Abu Dhabi will appoint contractors “immediately” to commence works on Saadiyat Island, Yas Island and in Al Falah area, the developer said in a statement to Abu Dhabi Securities Exchange, where it shares trade. The phased completions of the projects will begin as early as 2021, it added. "These contracts reflect the government’s commitment to partnering with the private sector to deliver its ambition of making Abu Dhabi the best city to live, work, visit and invest in," said chief executive Talal Al Dhiyebi. "This is a testament to the solid economic growth the emirate is witnessing." Abu Dhabi's property market and the economy faced headwinds in the wake of the 2014 drop in oil prices. However, the economic momentum has since picked up pace and the multiple initiatives by the government, including continued spending on social, economic and infrastructure development projects, has added to economic stability. The Abu Dhabi government last year outlined details of Ghadan 21, a Dh50bn three-year programme driving economic development, innovation, ease of doing business and liveability in the UAE capital. One of the key tenets of the programme is to develop infrastructure, including transportation, communication and urban development. Steps such as the economic stimulus package and the long-term visa system, offering residency for up to 10 years to specialists in technical fields, are expected to boost the non-oil economy of the emirate and its real estate sector. In April, the government also made changes to related laws allowing foreigners to own freehold property in designated zones. Foreign investors in Abu Dhabi’s real estate market were previously granted leasehold for a maximum period of 99 years. The projects on Saadiyat Island, Yas Island and at Al Falah, Mr Al Dhiyebi said, are a continuation of the government policies and will play a major role in supporting Abu Dhabi’s sustained growth and diversification. The Abu Dhabi government appointed Aldar to complete the remaining infrastructure and public works on Saadiyat Island. The deal worth Dh2bn will facilitate further integration of Saadiyat Island into the broader Abu Dhabi metropolitan area with the construction of roads and utilities. “This will ensure Saadiyat Island is equipped with the best infrastructure attracting further investments to one of the most sought-after destinations in Abu Dhabi,” Aldar said in the bourse filing. 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 The Abu Dhabi Housing Authority awarded Aldar a contract for the expansion of Al Falah, a master-planned community developed for UAE nationals. The project will add an additional 899 villas to the existing stock of 4,898 with a total development value of Dh2bn. Abu Dhabi’s media free zone, twofour54, also awarded Aldar a Dh1bn contract to develop its new campus located on Yas Island. This new development will bring a working population of 10,000 to the island. It will play a key role in encouraging further investment into the UAE capital’s thriving media and entertainment industry, Aldar noted. Apart from working on the government contracts, Aldar is busy in launching its own projects. Last month the developer launched a Dh1.7bn residential project, its third this year, featuring plot sales to tap demand for land in the capital’s property market. Alreeman II in Al Shamkha will be available for purchase to Emiratis only. The project follows the success of Alreeman, launched in January, which generated Dh1.6bn in sales. Also last month, Aldar said it is partnering with India's Anarock Group to sell real estate in Abu Dhabi to Indian investors, extending the UAE developer's reach outside its home market for the first time. "India is a very important market for Aldar and a core part of our strategy for international sales," Mr Al Dhiyebi said at the time. 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 REEM ISLAND SEES MOST PROPERTY DEALS IN ABU DHABI IN FIRST HALF Sunday, July 07, 2019 Reem Island recorded the most real estate transactions in Abu Dhabi in the first half of 2019, according to official statistics released for the first time as part of a government initiative to boost transparency and provide the private sector with more data for decision making. Abu Dhabi's real estate sector overall saw 10,000 transactions in the first six months of this year worth Dh31 billion. With deals totalling Dh4.37bn, Reem Island topped the volume of transactions in the capital, according to a report by the Department of Urban Planning and Municipalities (DPM). "This is the first government report on this topic and the aim is to increase the level of transparency and disclosure," Majed Ahmed Al Jaberi, acting executive director of real estate sector at DPM, told reporters on Sunday. The report follows the government's commitment to an "open data" initiative, which aims to offer more transparency to businesses, giving them access to government-collected information. Boosting transparency for investors and businesses alike is part of a nine-point policy programme under the Ghadan 21 initiative, which was announced by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, in 2018. The open data programme will enable potential investors and businesses to ask the Abu Dhabi Data Authority for information held by various government entities to help them make informed decisions and create an “open data culture”. The debut real estate transactions report has compiled data on the value and volume of transactions for plots of land and real estate units spread across different areas of the emirate as well as the number of mortgage deals done in the reporting period. The DPM is studying the addition of more data categories in its upcoming reports, based on feedback from industry stakeholders. The report aims to provide official information that, as well as helping buyers, sellers, developers and brokers make informed decisions, will raise confidence in the market, Mr Al Jaberi said. In terms of locations with the most sales activity, Reem Island was followed by Al Reef with transactions worth Dh1.78bn and Yas Island with Dh1.59bn worth of deals. Abu Dhabi's real estate sector saw a total of 6,374 property sales worth Dh12.5bn, while the number of mortgages in the emirate reached 3,712 with a total value of Dh18.5bn.