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

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

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.

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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

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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. The DPM declined to provide comparative figures for the 2018 period. "Mortgages [value] is higher than sales, an indication of confidence in the [property] sector," Mr Al Jaberi said. Aldar, Abu Dhabi's biggest-listed property developer, said the new report "reflects their [DPM's] unwavering commitment to transparency and will undoubtedly contribute to enhancing investor confidence". Government reforms and initiatives, such as the Ghadan 21 and a new land freehold law, are "already impacting the economy and enhancing Abu Dhabi’s reputation as an attractive destination to live, work and invest", said

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Talal Al Dhiyebi, chief executive of Aldar, adding that the developer expects the momentum of sustained sales growth to continue in the coming months.

Earlier this year, Abu Dhabi for the first time allowed foreigners freehold ownership of properties in designated free zones as it seeks to attract foreign direct investment into its real estate market. The new freehold regulation replaces the lease-hold law. "We will start to see investors we have not seen before, which is the aim of the [new] law . We will start to get investors, newcomers to the market, who are interested in freehold," Mr Al Jaberi said. "We can't say whether there will be a rise or not [in real estate transactions] but we have a lot of queries on our market and the laws from people who are newcomers." The UAE property consultancy Bayut.com in a separate report on Sunday echoed the findings of the DPM data, saying prime areas such as Al Reem Island, Yas Island and Saadiyat Island were the firm favourites for sales in the first half of 2019. Affordable suburbs such as Mohamed bin Zayed City, Khalifa City A and Al Muroor take the lead for rental deals in Abu Dhabi, according to the Bayut.com report. Property advisory firm JLL said in its first quarter market report in April that conditions in Abu Dhabi remained subdued but that an uplift in sentiment was expected on the back of Ghadan 21 reforms. Rental and sales prices fell in the first three months of this year amid falling transaction volumes, JLL said. Source: The National Back to Index

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DAMAC TO REMAIN UNDER PRESSURE, EFG HERMES SAYS Tuesday, July 09, 2019 The property sector in Dubai is expected to remain stable this year, helped by government initiatives in the pipeline to prop up the market but, unlike some of its peers, Damac Properties is unlikely to benefit from the positive trend. “We believe the property market in Dubai will be stable in 2019 and that there would be some initiatives to revive the sector ahead of the Expo 2020,” Mai Attia, an analyst at Egyptian investment bank EFG Hermes, wrote in a note to investors. “We think Damac will not be in a position to leverage on this positive trend [relative to its peer Emaar Development], should it materialise.” EFG Hermes, one of the biggest listed investment banks in the region, has cut its target-price for Damac shares to Dh0.95 each from its previous recommendation of Dh1.60, which reflects continued lacklustre operating and financial results of the company. The developer, which owns and operates the Middle East's sole Trump-branded golf club, has reported “disappointing numbers” over the past two quarters. Its first-quarter sales came in line with the previous quarters’ average, and yet there is minimal upside, which puts pressure on on the company’s future sales and Damac’s profitability. “Hence, we see no positive trigger that can support the stock performance over the coming 12 months, especially with unattractive trading multiples and dividend yield,” Ms Attia said. Damac has struggled to maintain profit growth amid softer property market conditions as supply outweighs demand. The company, like other developers, is realigning its business priorities to cut costs and continue to deliver projects to maintain healthy revenue streams. Property prices in Dubai dropped over the past two years, which has crimped the earnings of developers and construction companies. In May Damac reported a 94 per cent plunge in its first quarter net income, extending a decline in profitability from last year. Net profit for the first three months to March 31 fell to Dh31.1 million, it said at the time in a statement to the Dubai Financial Market, where its shares trade. The earnings missed the lowest estimate of analysts polled by Bloomberg and quarterly revenues also declined, by 53 per cent to Dh896m. The financial performance of the company is not forecast to change in the immediate future, EFG Hermes said. “We expect the company to report disappointing numbers in 2019-21, with a year-on-year slump in revenue in 2019 [due to lower sales] and, consequently, margins pressure,” Ms Attia said. This would hit the net income of the developer, which EFG Hermes estimated at would be Dh207m this year, down from Dh1.21 billion 2018. The bottom line is expected to drop further to Dh35m in 2020, it added. Damac did not pay dividends for 2018 although it has indicated that it targets deliveries of 4,000 units in 2019 with cash releases from the escrow account estimated at $500m, which might indicate a possibility of paying out dividends, especially with no pending debt obligation up until 2022. “However, we opt not to assume dividend payment in 2019-21, given our operational forecast, which entails continued pressure on sales,” EFG Hermes said.

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Source: The National

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JEBEL ALI FREE ZONE'S RATING REFLECTS RESILIENT BUSINESS MODEL, MOODY'S SAYS Monday, July 08, 2019 The business model of Dubai’s Jebel Ali Free Zone, one the of the biggest trading hubs in the region, and it strategic location gives it a competitive edge and ‘reliance’ to weather business cycles, which is reflected in its credit rating, according to Moody’s Investors Service. Jafza's long-term issuer rating of Baa2 underpins the advantages it gets through its connectivity with Dubai's Jebel Ali Port and it has continuous cash flow from contracts with tenants at the free zone, Moody's said in a report on Monday. The rating "combines the resilience of its business model with sustainable competitive advantages as an offshore business and logistics hub connected to the Jebel Ali mega-port as well as a reliable recurring cash flow base backed by a large pool of rental contracts", Moody's said. Dubai-based global ports operator DP World operates the Mina Rashid port and Jebel Ali port in the emirate. It plans to spend between Dh500 million and Dh1 billion to expand facilities at the Jebel Ali port - a major transshipment port and the largest port in the UAE - this year, which will further benefit the adjacent trade zone. The UAE introduced a series of economic measures and reforms to attract foreign investors, as it looks to create jobs and diversify its economy away from oil. Jafza said last month it is offering its customers services to obtain long-term visas as part of Dubai's efforts to attract more investors and specialised talent to the country. The Dubai government-owned Jafza in May also said it will return cash and bank guarantees to clients through a new initiative meant to inject Dh1.3bn into the emirate’s economy. The rating reflects Moody's expectation that DP World will maintain financial policies that will not affect Jafza's credit profile, it said. However, Moody's expects that DP World will "upstream" Jafza's excess cash flows through dividend payments. The credit rating agency released comments after it completed a periodic review of the Jebel Ali Free Zone ratings. "Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodologies, recent developments, and a comparison of the financial and operating profile to similarly rated peers," it said. Source: The National Back to Index

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IS DUBAI ABOUT TO EMBRACE THE CONCEPT OF CO-LIVING? Tuesday, July 09, 2019 Co-living projects, a relatively new concept in the Dubai real estate market which offers common spaces to socialise and interact, are seeing good buyer demand, according to data from Property Finder. Responding to the crowded market, developers in Dubai have launched co-living projects to cater to young professionals and millennials. “We have started and will continue to see this trend grow here. Not only is it affordable, but it’s also popular with millenials as they want to be part of a community, yet have their own personal space,” said Lynnette Abad, director of Research & Data, Property Finder. She said Emaar projects Collective, Collective 2.0 and Socio at Dubai Hills Estate in Mohammed Bin Rashid City account for most sales in the co-living segment. UNA, developed by Nshama at Town Square, is also a co-living and co-working project featuring 192 studios and 764 1-bedroom apartments while KOA’s Canvas project off Mohammad Bin Zayed Road is also targeted at millennials. In terms of registered transactions, Emaar’s Collective has seen 372 deals in total since launch, Socio is at 200, Collective 2.0 is at 135, KOA’s Canvas is at 7 and Nshama’s UNA is at 183. In total, Dubai has seen 902 registered transactions (both off-plan and secondary) for co-living spaces to date. Since all the co-living projects are under construction, the focus is on off-plan sales. In 2019, Collective 2.0 has seen 123 off-plan transactions, Emaar has sold 221 off-plan homes in Collective, 193 homes in Socio and Nshama has sold 9 such homes in UNA this year. Collective and Socio topped Q1 in terms of off-plan sales volume. The co-living phenomenon should not be confused with sharing rooms, a practice that is not legal in the UAE. While residents live in private apartments within a co-living project, they come together in shared vibrant common spaces to socialise and interact. Co-living projects are targeted at small business owners and entrepreneurs who can work in the common areas and meet with like-minded people. “We have also seen some creative schemes with Emaar and DMCC offering a trade licence and residency with a unit within a co-living project. This is an excellent incentive for those with small, home-based businesses or freelancers,” added Abad. In terms of sales price, Property Finder said Nshama’s UNA is priced most competitively among co-living projects, with a studio costing around AED450,000 to buy. By comparison, a studio at Collective is priced at approximately AED680,000. For a 1-bedroom apartment, the price is most competitive at UNA again (AED558,000), followed by Socio at AED673,000 and Collective at around AED700,000. A 1-bedroom in KOA’s Canvas is more expensive at AED982,000. Two-bedroom apartments in all these co-living projects are priced at around AED1 million, with Canvas bearing a higher price tag of AED2.75 million.

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Property Finder said that although all co-living projects in Dubai are currently under construction, the units, once ready, are likely to be cheaper to rent than a regular apartment. This is the trend in bigger cities where co-living spaces offer a significant discount compared to regular apartments. Source: Arabian Business Back to Index

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MIDDLE EAST'S LARGEST AQUARIUM SET TO OPEN IN ABU DHABI IN 2020 Wednesday, July 10, 2019 The largest aquarium in the Middle East, The National Aquarium at Al Qana in Abu Dhabi, is now 70 percent complete and will open by early 2020, it was announced on Wednesday. The 10-zone aquarium measuring over 7,000 sq m is expected to welcome an estimated 1 million visitors per year and will form one of the key anchor features at Al Qana, the waterfront destination in the heart of Abu Dhabi. It is being developed by Al Barakah International Investment and is set to fully open by the final quarter of 2020, a statement said. Home to more than 33,000 marine creatures, responsibly and ethically sourced from around the world, The National Aquarium will be led by a team of 80 marine experts and specialists. Through themed zones of learning, the journey will highlight the conservation required to protect the planet, it added. Paul Hamilton, general manager of The National Aquarium, who is also the man behind Dubai Aquarium, said: “This is the 12th public aquarium that I’ve worked on and probably the most exciting, in terms of the scale, uniqueness and attention to detail. This will bring the excitement and wonder of the oceans to the doorsteps of Abu Dhabi’s community and to visitors from all around the world. "Through accredited educational programs and accessible information, people of all ages will be able to understand more about the marine world at The National Aquarium, fostering a deeper appreciation of the creatures, corals and plants that make the underwater realm so fascinating and worth protecting.” Fouad Mashal, the CEO of Al Barakah International Investment, added: “Al Qana is more than just a dining and entertainment waterfront destination. When we conceptualized the project, our objective was to make a social impact and improve the standard and quality of living in Abu Dhabi. "We want to bring happiness to our community and encourage social interactions between residents and visitors, and support Abu Dhabi’s vision of becoming one of the most liveable cities in the world by 2021." The National Aquarium will have a whole department dedicated to education and capacity to welcome 50,000 school children a year to visit and learn at the site. Al Qana, which spans over 2.4km and will also offer waterside eateries, cinema, marina and a wellness hub and outdoor skatepark, is located on the historic natural Khor Al Maqta, the waterway bordering the mainland close to the Sheikh Zayed Grand Mosque and will dedicate over 50 percent of the leasable area to entertainment. Source: Arabian Business Back to Index

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BAHRAIN TO LAUNCH KINGDOM'S LARGEST MALL ENTERTAINMENT FACILITY Wednesday, July 10, 2019 Bahrain’s Mall of Dilmunia is set to include the kingdom’s largest mall entertainment facility, including rollercoasters and an ice skating rink, it was announced this week. Funscape World will include four separate zones and development and fit-out on the project is currently 40 percent complete, according to a report by the Bahrain This Week website. The Funscape Ice zone will include an ice-skating rink which will be open all year round. Funscape Play will be a 2,210 square metre zone which will include indoor rollercoasters, bumper cars and other amusement park rides. Funscape Adventure will be aimed at getting children active and will include a zipline, climbing frames and other rope-based activities. Funscape Sport will be a 1,848 sq m space that will include basketball courts, indoor sports halls and a robo-goalkeeper challenge. Announced in April 2017, Mall of Dilmunia is being developed by the Dilmunia Mall Development Company. The 26,754 sq m project on Dilmunia Island will cost 52 million Bahraini dinars ($138 million) to build is reportedly set to open in October this year. Source: Arabian Business Back to Index

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WORK TO BEGIN ON OMAN'S $2BN MINA AL SULTAN QABOOS PROJECT IN Q3 Monday, July 08, 2019 Construction work will begin in November on the $2 billion Mina Al Sultan Qaboos Waterfront (MaSQ) project in Oman, the developers have announced. Damac is building the waterfront project with Oman Government's tourism development arm Oman Tourism Development Co (Omran) through their joint venture, Muttrah Tourism Development Company. The project will include hotels, residences, F&B and leisure options, with the first package tendered this month. A number of preparatory activities have been conducted in accordance with a master plan approved by Oman’s tourism and housing ministries. According to a report in Muscat Daily, “final discussions with concerned ministries regarding the project development agreement are under way.” An ‘experience and promotion centre’ on the Muttrah Corniche is almost finished and is expected to be open to the public in Q3. The centre – which will also include a seafood restaurant and an Omani art gallery – will allow visitors to inspect the MaSQ’s master plan and the residential developments. “The MaSQ project will give us Omanis the chance to showcase our rich culture to the world,” a Muttrah Tourism Development Company spokesperson was quoted as saying by the newspaper. The company has also completed the clearance of the project site and rerouted services and utilities away from its path. The company has also liaised with the Royal Oman Police on a security study and has secured police approval to isolate the project’s under-construction area from the port’s operational area to ensure smooth progress. Additionally, a pre-qualification exercise has been concluded for more than 100 companies who have expressed an interest in the project’s various construction and installation packages. Omani authorities and the developers have also conducted a traffic, social and environmental impact studies regarding the project. “Along with transforming the area into a vibrant tourist destination, it is extremely important that sustainability studies are conducted while developing such an iconic location,” the spokesperson added. “Along with adding value to Muttrah’s economic infrastructure, it is also necessary to protect the essence and well-being of the surrounding community.” Source: Arabian Business Back to Index

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AJMAN GRANTS FIRST GOLD CARD RESIDENCY VISA TO RETAIL BOSS Wednesday, July 10, 2019 Nesto operates 69 outlets in the UAE, Saudi Arabia, Bahrain, Kuwait and Oman and is a part of Western International Group. Ajman’s first golden card residency visa has been granted to Siddique Pallolathil, director of Nesto Group, a retail company based in the emirate. Nesto operates 69 outlets in the UAE, Saudi Arabia, Bahrain, Kuwait and Oman and is a part of Western International Group. The visa was presented to the Nesto Group director by Brigadier Mohamed Abdullah Alwan, executive director of the General Directorate for Residency and Foreigners Affairs (GDRFA) in Ajman. The golden card holders are entitled to a host of privileges and facilities including a residency visa without a sponsor to them and their families (spouse and children). The holders can also sponsor up to three workers and obtain a residency visa for one of his/her senior employees. Last month, it was announced that 400 people have so far been granted the gold card residency visas. The UAE plans to issue a further 6,400 gold card visas by the end of the year. The UAE's new permanent visa is intended to generate foreign investment and attract top engineers, scientists, and star students. The gold card visa is renewed automatically every 10 years, so long as holders satisfy terms and conditions. The UAE also announced an extension of the scheme to make foreign executive directors eligible if they earn a monthly salary of AED30,000 ($8,200). Applicants will also need a bachelor’s degree and no less than five years of work experience to apply for a 10-year residency visa, according to a presentation by the Federal Authority for Identity and Citizenship. Source: Arabian Business Back to Index

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SAUDI APPROVAL OF E-COMMERCE LAW WILL STRENGTHEN, GROW ECONOMY, SAYS MINISTER Wednesday, July 10, 2019 Saudi Arabia’s approval of the new e-commerce law will strengthen the kingdom’s national economy, according to the Minister of Commerce and Investment Majed Al-Qasabi, reported the Saudi Gazette. The new law allows individuals with no commercial registration to practice business in the e-commerce space in line with certain regulations which protect consumer rights. However, they are required to identify their place of business, ensure consumer data protection and privacy and document all business activities. “The law aims to enhance the reliability of business transactions, stimulate and develop e-commerce activities and protect all rights of consumers and safeguard them from fraud, deception…” Al-Qasabi said, adding that it includes 26 articles that protect both consumers and e-traders from fraud. Under the new legislation, service providers are requested to disclose trade, goods and services data to consumers, guarantee consumer rights, protect personal data, address product delivery delays, and regulate censorship of e-commerce advertising to prevent fraud. It also gives consumers the right to return a product or service within seven days under certain circumstances, and cancel the purchase if delivery is delayed beyond 15 days. The Council of Ministers had earlier approved the establishment of an e-commerce board comprising government and private sector representatives responsible for implementing 39 initiatives supporting the sector. The law also requires the formation of one or more committees to monitor violations and apply penalties or fines of up to SR1 million ($267,000). Source: Arabian Business Back to Index

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BIGGEST IKEA IN DUBAI SET TO OPEN IN DECEMBER Tuesday, July 09, 2019 The biggest IKEA store in Dubai is set to open its doors at the end of this year. Based in Al-Futtaim’s Festival Plaza in Jebel Ali, which is scheduled to open in December, the store will be the second in the emirate and will be spread over 30,000 m sq with an added focus on sustainability and an international training centre for IKEA employees. IKEA will be joined at Festival Plaza by ACE, M&S and Lulu Hypermarket, which will have 85 percent of space allocated to grocery food and fresh foods. They will be complemented by an additional 120 stores within the 64,800 m sq retail precinct, while there will also be a 500-seat food court, over 40 dining and eating options, a Stay and Play, family entertainment kids club and over 2,300 parking spaces. Timothy Earnest, group director of Al-Futtaim Malls, said: “Festival Plaza is built around its customers’ needs, which were identified through extensive research; so, this truly is a mall that directly addresses customer demand. The convenience of its location gives it a distinct advantage as well as providing customers with access to anything they may need in their everyday lives. With this destination, we are bringing to life the Festival City brand of celebration, but in a lively and convenient way that appeals to the community that surrounds it.” Source: Arabian Business Back to Index

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SHANGRI -LA HOTELS EYES SAUDI EXPANSION AND RESORT PROPERTIES Wednesday, July 10, 2019 Shangri-La Hotels is examining a number of opportunities in Saudi Arabia, including resort-style properties on the Red Sea as part of an ambitious expansion drive in the Gulf, according to John Northen, the firm’s executive vice president for the Middle East, India and the Indian Ocean. Shangri-La already has plans to open a property in Jeddah in 2020, a 65-storey tower that will include 236 keys and 122 branded and services residences. In an interview with Arabian Business, Northen said that the property is already in an “advanced state of construction.” “At this point, we are looking at further opportunities in Saudi Arabia, besides Jeddah,” he added. “We do get approached quite often for potential developments and I think there will be a lot of things.” Northenadded that Shangri-La is also looking at “resort-type” opportunities on the kingdom’s Red Sea coast, as well as in Riyadh. “It [Saudi Arabia] has some very untapped natural landscape and interesting archaeological sites and marine and ocean life,” he added. “It’s a country we’re also interested in working with.” Any additional developments, he added, would only be three to five years away. Additionally, Northen said that Shangri-La is looking at new opportunities in the UAE to bolster its three properties in the country, and is eying new properties in North Africa and “possibly Oman” in the future. In 2022, the company also plans to open a 250-key property in Bahrain’s Marina area. Shangri-La In mid-June, Shangri-La re-opened its hotel in the Sri Lankan capital of Colombo, which was struck during a series of coordinated terrorist attacks in the country on April 21. “We weren’t in a hurry to re-open. I think we could have re-opened the building a bit sooner, but we really wanted to make sure we took care of all our guests and employees,” Northen said. “That was the priority.” Shangri-La has worked with private security consultants and Sri Lankan authorities to improve security at the property, one of two the company has in Sri Lanka. “We feel very comfortable and confident with the measures we’ve taken going forward,” Northen added. Immediately following the attacks, Sri Lankan authorities said they expected tourist arrivals to drop by as much as 50 percent for several months. “This is a setback, but we have long-term faith in the destination,” Northen said. “Our investment in Sri Lanka is a long-term investment. We believe in the island. Source: Arabian Business Back to Index

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‘IT’S THE BEST YEAR FOR OFF-PLAN’ Tuesday, July 09, 2019 When investing in Dubai real estate, the diversity of choices remains an important attraction. “Whether you want to stay in a golf villa or next to a clubhouse, live by the beach, seafront, island living or canal living, or looking for horse riding nearby or need to live close to theme parks, the beauty of this city is that it has everything and anything that a buyer might desire,” says Emad Haq, vice chairman of Haqsons Group. Dubai’s off-plan market is a key area, according to Haq, particularly for overseas investors. “2019 is the best year for off-plan sales in Dubai,” Haq declares, noting how H&S Real Estate Dubai, a subsidiary of Haqsons Group, is gaining traction from international real estate buyers. “In the earlier years, developers were not offering any post-handover payment plans on apartment and villa sales, hence, the buyers had to pay 100 per cent at the time of handover. Now payment plans are given by most developers, making property investment in Dubai attractive for overseas buyers. For an international buyer, a developer’s payment plan makes property buying more lucrative as otherwise foreign investors are unable to obtain a bank loan.” Dubai also offers solid rental yields, which is an important factor for investor-buyers. “Per-square-foot prices of property in Dubai is much lower than most of all developed markets,” says Haq. “For example, Downtown is the centre of Dubai, where the average cost for a property in Burj Khalifa is Dh1,500-Dh1,800 per square foot, whereas in central London it is not less than Dh3,500. Then for a seafront property anywhere in the world, you will get not less than Dh3,000, but in Dubai it is Dh1,300-Dh1,600 per square foot, which is again less than half.” Haq highlights the critical industry trends in an interview with Property Weekly. Which price point is attracting most property buyers at the moment: less than Dh1.5 million or higher? The trend on the type of properties a buyer wants changes every month. Some months the properties for a mid- income group like those at Dh1 million to Dh1.5 million is selling the most and sometimes those Dh6 million to Dh7 million and above are selling a lot. It generally varies from launch to launch but off-plan sale is thriving in 2019. Emaar has done its highest number of sales and broken all its records for the first quarter when compared to the same period in the previous year. Meraas has also broken its [records], and even other small developers are doing well. H&S Real Estate Dubai also made the highest numbers of sales this year in the first two quarters – combined sales were over Dh1 billion, up by 20 per cent compared to the same period last year. We are hoping to break last year’s sales numbers this year. The most significant factors for this are attractive payment plans, and what the rulers of the country have done by bringing in new visa rules like the golden visa and making business environment easy, creating Dubai as investor’s haven. Dubai is the most lucrative place to do real estate investment as the rental yield is highest in the world right now. What do people want? More space or less space but well-designed homes? Everyone would want a spacious villa or apartment to live in, but if it is vast, it’s going to be more expensive. So ideally, the practicality of the space is what matters the most to the buyer these days. In the past, people did not care about the ticket sizes (the price of the property) and would buy big homes when they have enough cash. However, now developers are building small-size, well-designed spaces, making the market affordable and attractive to the needs of the broader population.

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For instance, previously the market saw studios with an average size of 450-500 sq ft and now developers are coming up with a 550-sq-ft one-bedroom apartment, so small families can affordable it. These well-designed properties are attractive for end users and investors alike. Tell us about the payment plans and offers in the market. Big developers are giving up to five years post-handover payment plans, wherein the buyer pays 40 per cent over the next three years till handover and the remaining amount to be paid post-handover in instalments for up to five years. This also increases the buyer’s return on investment (ROI) exponentially. For example, when someone buys a villa for Dh2 million without a post-handover plan and the property is rented out for Dh120,000 per year, the rental income will be 6 per cent. When the same Dh2 million property is purchased with a payment plan of 40 per cent on handover and the rest for three to five years post-handover, the buyer pays only Dh800,000 up to transfer. And when this property is rented for Dh120,000, the buyer gets a much higher rental income. Developers, in some cases, are also offering to waive service charges for three years, which is another significant savings for the buyers. Schemes offering zero service charges for three years amount to savings of Dh10,000 to Dh25,000 depending on the size of the property. Moreover, Emaar also gives a six-year payment plan to its signature clients, like someone who has Dh60 million to Dh70 million in investments with Emaar. These types of loyalty programs by big developers make buyers feel like a VIP. These in-house payment plans from the developers benefit the people, especially the non-residents without a visa, who cannot be eligible to bank finance. Moreover, the developers here have not added the interest in the price when offering payment plans. Some private developers, along with their five-year payment schemes, also offer net guarantee rental return of 8- 9 per cent for five years. For example, if you bought a property for Dh1 million, you pay only Dh500,000 up to the handover, and for next five years, the developer guarantees you 8 per cent rental yield on your Dh500,000, that is Dh40,000 per year and Dh200,000 over the next five years. This also means you get Dh200,000 on the purchase price of Dh1 million, plus the advantage of a five-year payment plan. With Emaar, you get a payment plan like 25 per cent till handover and the balance in three to five years post transfer. Meraas’ Bluewaters offers 20 per cent till transfer and 80 per cent in three to five years. These post- handover payment plans are like rent-to-own schemes, where you are paying rent for five years and become the owner of the property. For the investors, it’s a way of paying overtime to increase your rental income. What trends have you seen in the rental market? Tenants who were earlier living in two-bedroom units have moved into three-bedders at the same price, and those in three beds have moved into a four-bedroom property for a similar price. This has worked out in favour of the tenants, and we are also seeing a lot of people from other emirates moving into Dubai. The only properties you will ever see empty in Dubai are the ones where landlords are asking for unrealistic rents. Otherwise, nothing is vacant. Over the last six to seven months, we have seen even the hardest of landlords have realised that they have to come to actual rental prices and they have done that. What are the services you offer to your clients? When the buyer purchases property, we manage the entire payments, and once the property is ready, we take care of the handover, renting it out and maintaining it. And we are the only company in Dubai that will not charge for these services if you bought the property with us, as this is part of the package. I have never thought of myself as a real estate agent but have a mentality of an investor. We view what problems or issues a homebuyer faces, and we take care of all those issues. Last year was very good for us; H&S Real Estate Dubai was number one with Emaar in number of sales. Again in 2019, we are still at the top with Emaar. With

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Dubai Holding and Meraas, we were number three for the number of sales last year. The reason this is happening is that the market is good and is getting better.

Source: Gulf News Back to Index

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EMIRATES REIT TO SEE BETTER PERFORMANCE IN 2019, EFG-HERMES SAYS Saturday, July 13, 2019 Emirates Reit, the UAE’s largest real estate investment trust, is expected to perform better this year after a "tough" 2018 but risks remain due to market conditions, according to Egyptian investment bank EFG-Hermes. The company is projected to record a 9.6 per cent year-on-year rise in revenue to $76.6 million (Dh281.3m) in 2019 following its acquisition of the Lycee Francais School in May last year and an increase in the overall average occupancy at The Index tower in Dubai, EFG-Hermes said in a report last week. Net operating profit is forecast to jump to $37m in 2019 from $33m last year. "We expect 2019 to be a better year for [the] reit’s operational performance, with no major negative surprises in the asset portfolio," EFG-Hermes said. Reits are listed funds that own income-producing commercial real estate and are legally obliged to distribute a proportion of their income, usually 80 or 90 per cent, as dividends to shareholders. The investment vehicles are becoming increasingly popular in the Arabian Gulf as investors seek more liquid real estate assets than standalone buildings. Despite a better year than last so far, some risks remain, particularly with more re-evaluation losses, the report said. "The overall market conditions weighing down on occupancies and lease rates, especially in the office segment, will result in muted revenue growth rate - assuming no acquisitions - and offer some downside risk to our bottom-line estimate due to possible further revaluation losses, though we think this is a low-probability scenario," EFG-Hermes said. In 2020, The Index tower retail space is expected to show its impact for Emirates Reit. "Management has recently indicated that the ground floor of the retail space is already 50 per cent leased, with preparation in the garden area undergoing and, potentially, the start of leasing of the first floor; thus, we assume overall occupancy of 45 per cent in 2020," EFG-Hermes said. It estimates rental revenue of $3m from The Index retail space and $20.9m from the office space in 2020, assuming occupancy of 50 per cent. The bank's estimates assume no new acquisitions, it said. Source: The National Back to Index

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UAE'S MINISTRY OF ECONOMY CANCELS FEES ON 102 GOVERNMENT SERVICES Saturday, July 13, 2019 The UAE Ministry of Economy cancelled fees on more than 100 government services and reduced the charges for others as the second-biggest Arabian Gulf economy continues to lower the cost of doing business. The ministry has amended the fee and fine structure for 110 services, cancelling fees of 102 and reducing them for eight services by as much as 50 per cent, state news agency Wam said. The initiative is part of the Cabinet Resolution No. (51) of 2019, will and will be implemented on the services extended by ministry’s customer happiness centres and through its website, it added, without giving details of the services on which fees no longer apply. The amended fees constitute 47 per cent of the total fees levied by the ministry, Wam cited Minister of Economy Sultan bin Saeed Al Mansouri as saying. The latest amendments will provide a boost to the business community in the country as the cost of conducting trade and investment activities will drop for both Emiratis and resident business owners, including large, medium and small enterprises. The move, the minister said, is part of his ministry’s drive to create a business-friendly environment where private sector companies can grow and flourish. ''The latest move comes within a series of policies and resolutions decided by the federal and local governments to stimulate and strengthen economic growth, provide new incentives to increase the attractiveness of the local business climate, generate more job opportunities and promote the UAE as a favoured investment destination which supports economic growth and advances UAE rankings on the global competitive indexes,'' he noted. The reduction of fees follows the announcement last week that the UAE will further reduce or cancel federal government fees in another round of economic measures to ease the cost of doing business, boost its competitiveness and enhance its appeal to investors. The cabinet issued a decision to cancel or reduce certain charges by up to 50 per cent on about 1,500 federal services for three ministries starting on July 1, according to a statement by the Ministry of Finance on Thursday. The measure was implemented following a study of fees compared to international best practices. The UAE is implementing a series of reforms aimed at attracting foreign investors, creating jobs and diversifying the economy away from oil. The UAE has allowed 100 per cent foreign ownership of companies in 13 sectors from manufacturing to renewable energy, eased visa restrictions and provided incentives for small and medium enterprises (SMEs). The services, on which the Ministry of Economy has reduced fees, range from registration of trademark and announcements by companies to charges for mergers and acquisitions of foreign companies. The fee of a dispute between agents, appointed representatives and collector from a trade agent, is reduced to Dh8,040 from Dh12,000. For the registration and renewal of a trademark or trademarks for a group of goods, products or services is cut to Dh6,700 from Dh10,000, according Wam. The fee of auditors’ three-year registration for branches of national companies has been reduced to Dh10,050 from Dh15,000. The fee for publishing official announcements by foreign private joint stock companies has been

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cut to Dh10,000 from Dh20,000, while the fee of sale, merger and acquisition of foreign companies has been cut from Dh15,000 to Dh10,050, Wam said.

Source: The National Back to Index

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NEW HOMES REVEALED IN DUBAI'S RIVIERA-STYLE COASTAL PROJECT Saturday, July 13, 2019 A new residential project has been revealed in Mina Rashid, the new Riviera-style coastal destination set in the historic port of Dubai. Seashore will feature a limited collection of 1, 2 and 3-bedroom apartments. Following its unveiling in May by Emaar and P&O Marinas, a subsidiary of global trade enabler DP World, Mina Rashid aims to become the world’s leading sailing destination with 430 wet berths that can welcome the largest yachts. The mega-development is also home to Queen Elizabeth, the famous ocean liner that is now a 13-deck floating hotel. Sirdhana, the first phase of residences in the free zone development, received strong investor response from the UAE and international markets. Seashore residents will have easy access to The Dubai Mall by the Sea, a waterfront retail, dining and leisure destination, a floating yacht club, a sandy beach of over 12,600 square metres and Dubai’s longest swimming pool at 500 metres. Other amenities include hotels, a private beach club, a community park, splash park, a community podium with a gym and kids’ play area, boardwalk promenade, and a waterfront plaza brimming with a range of retail and F&B choices. A statement said the apartments have glass facades, floor-to-ceiling windows, and generous balconies to maximise views. Source: Arabian Business Back to Index

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AVERAGE DUBAI PROPERTY PRICES NOW NEARLY 30% LOWER THAN 2014 PEAK Saturday, July 13, 2019 Average Dubai property prices are now nearly 30 percent lower than their peak in mid-2014, according to new research. Real estate consulting firm ValuStrat said in a new report that citywide values in the second quarter of 2019 are 29.3 percent lower than five years ago when prices were at their highest. The Q2 ValuStrat Price Index displayed an overall 11.5 percent annual fall in capital values, with quarterly declines decelerating to 2.9 percent. All established freehold locations monitored by the VPI witnessed price drops since the last quarter, ranging from 1.2 percent to 4.2 percent. On an annual basis, only three out of 26 locations measured saw single-digit declines - villas in Palm Jumeirah and Al Furjan, as well as apartments in Dubai Sports City. Capital values dropped more than 15 percent annually for apartments in Palm Jumeirah, Discovery Gardens, and The Greens, the report said. “As capital values continue to soften, there was a relatively strong quarterly sales volume performance for nine months in a row, off-plan up 5.5 percent, ready sales stable, when compared to Q1,” said Haider Tuaima, head of Real Estate Research at ValuStrat. The VPI also analyses residential rentals and showed a decline of 26.1 percent since mid-2014, dropping 3.4 percent quarterly and 10.7 percent annually. Dubai’s net yields averaged 5.7 percent, with apartments at 5.9 percent and villas at 4.7 percent. The average residential occupancy rate stood at 84 percent. As far as residential supply is concerned, 8,487 residential units, just 25 percent of the total estimated supply for 2019, have been completed so far, the report added. Source: Arabian Business Back to Index

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DUBAI PROPERTY INVESTORS WIN FIVE- YEAR VISAS AFTER $54M COMMITMENT Friday, July 12, 2019 Dubai Land Department (DLD), in coordination and cooperation with the General Directorate of Residency and Foreigners Affairs (GDRFA), has granted five-year renewable visas to 20 foreign investors from across the world. The investors, from Tunisia, the US, Commonwealth of Dominica, India, Iraq, China, Libya, Jordan, Iran, Pakistan, Kazakhstan, and Saint Kitts and Nevis, are responsible for direct real estate investments in Dubai exceeding AED200 million ($54.4 million). A ceremony was held at DLD in the presence of Major General Mohammed Al Marri, director general of GDRFA Dubai and Sultan Butti bin Mejren, director general of DLD. During the ceremony, the five-year golden visas were given to real estate investors whose individual investments in the local real estate market exceeded AED5 million. This visa also benefits their family members including wives and children, DLD said in a statement, adding that the conditions for obtaining the golden visa without a sponsor includes investing in one or more existing properties that satisfy the total value condition, regardless of whether the property is owned by an individual or a group of investors. Bin Mejren said: “We would like to thank GDRFA for cooperating with us in this project that will greatly benefit Dubai and the UAE, consolidating the emirate’s position at the forefront of destinations capable of attracting capital and foreign direct investment.” In May, the Federal Authority for Identity and Citizenship announced the implementation of the UAE Cabinet’s decision to issue five-year residency visas for entrepreneurs. The move is part of the UAE's aim to enhance the ease of doing business in the country. Source: Arabian Business Back to Index

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UAE'S GOLD CARD VISA IMPROVING INVESTMENT SENTIMENT - SURVEY Thursday, July 11, 2019 A survey of UAE investors and residents show that the recently implemented Gold Card permanent residency scheme has created a positive sentiment. The poll of over 1,000 respondents indicated that existing investors have more appetite to increase their portfolio, while would-be investors are now more open to start investing. Seventy-nine percent of UAE investors say that with the launch of the permanent residency scheme, they will consider expanding their investments in the country, according to a survey conducted by Lootah Real Estate Development, the real estate development arm of Lootah Holding. Sixty-eight percent of the UAE expat investors said they plan to grow their investment portfolio by investing in property, more specifically in properties located in Dubai. Property leads the investment class option (68 percent), followed by business (26 percent), and stocks (4 percent), the survey showed. Of those who expressed interest on property investments, 79.7 percent said that they prefer investing in Dubai. The optimism also extends to those who do not have investments yet. As per the survey, among the 819 respondents who are not yet investors, 29 percent said that they will consider investing in the UAE because of the permanent residency scheme. Saleh Abdullah Lootah, CEO at Lootah Real Estate Development, said: “The growth in the number of expats who are interested in real estate investments signify that they are becoming more confident of the market. The property sector is one of the major sectors that drive the UAE economy and the shift of their mindset to buying from renting is definitely a great boost.” He added: “The permanent residence visa is a great initiative by the government to stabilize the country’s economy, most especially the real estate market. An increase on the interest of foreign investors and expatriates in buying properties in the UAE is expected which will eventually drive the real estate sector to a boom." Last month, it was announced that 400 people have so far been granted the gold card residency visas. The UAE plans to issue a further 6,400 gold card visas by the end of the year. The UAE's new permanent visa is intended to generate foreign investment and attract top engineers, scientists, and star students. The gold card visa is renewed automatically every 10 years, so long as holders satisfy terms and conditions. The UAE also announced an extension of the scheme to make foreign executive directors eligible if they earn a monthly salary of AED30,000 ($8,200). Applicants will also need a bachelor’s degree and no less than five years of work experience to apply for a 10-year residency visa, according to a presentation by the Federal Authority for Identity and Citizenship. Source: Arabian Business Back to Index

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DUBAI PROPERTY PRICES, RENTS CONTINUE TO SOFTEN IN Q2 Wednesday, July 10, 2019 Dubai’s tenants and home owners are continuing to benefit from reduced apartment and villa sales prices, as well as a softening rental market, according to new research. Chestertons' Dubai Market Report Q2 2019 said this trend is expected to continue for the remainder of the year. The declines are a result of continued oversupply to the emirate’s residential real estate market, where an anticipated 47,502 apartments, villas and townhouses are set to be completed this year, almost double of that delivered in 2018, the report noted. In the sales market, prices for both apartments and villas witnessed a decrease of 4 percent in the second quarter of 2019. From a villa perspective, Palm Jumeirah remained the most resilient, softening by 1 percent while The Lakes witnessed the highest price decline at 6 percent. In the apartment sales market, The Greens, Dubailand and Dubai Motor City showed relative levels of resilience, only witnessing a 2 percent decrease from the previous quarter. The Views and Downtown Dubai witnessed the highest declines of 9 percent and 7 percent respectively. At the value end of the scale, International City witnessed no movement in prices. Nick Witty, managing director, Chestertons MENA, said: “In the short term, oversupply will continue to dampen the value of Dubai’s residential real estate market. This is being compounded by several developer incentives including five-year post-handover payment plans, registration fee rebates, freezing property service charges and guaranteed rental returns. Similarly, landlords are offering prospective tenants rent-free periods, multiple rent cheques, and even short term leases. “The bottom line is Dubai will continue to be tenant and home buyer-friendly for the foreseeable future, until demand has caught up with supply.” In the rental market, there was a more marked weakening compared to Q1, with average apartment rates declining by 5 percent and villas by 8 percent. Dubai Silicon Oasis saw the largest decline with a typical two-bedroom apartment now 12 percent below the Q1 price. Established communities including Dubai Marina and Business Bay, which in the past have weathered price reduction to a certain extent, witnessed declines in Q2 of 5 percent. “Jumeirah Village Circle, Business Bay, Dubailand and Mohammed Bin Rashid City is where the largest rent reductions are likely to be felt going forward due to the expected supply in these locations,” said Witty. In the villa rental market, Jumeirah Islands, The Meadows and Arabian Ranches all witnessed declines of 11 percent, on average while Palm Jumeirah was the most resilient with a 2 percent decline. The value of transactions completed in Q2 rose by 31 percent from AED5.64 billion in Q1 to AED7.37 billion in Q2, with Downtown Dubai the most popular location in terms of transaction value at AED1.13 billion.

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“Despite price declines across the board, the emirate’s property market is displaying some positive sentiment as a result of increased transaction volumes in the completed unit and off-plan sectors. The increase in transaction values alludes to the fact end-users are still active and purchasing homes in Dubai,’ added Witty. Source: Arabian Business Back to Index

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DUBAI CAN 'SET THE BAR' FOR HIGH-END CO-LIVING DEVELOPMENTS, SAYS REAL ESTATE EXPERT Thursday, July 11, 2019 Dubai could become the benchmark for the rest of the world when it comes to quality co-living projects, according to a leading real estate expert. Nick Witty, managing director, Chestertons, spoke following a report from Property Finder, which revealed, although co-sharing projects are relatively new to the Dubai market, there is growing demand. Responding to the crowded market, developers in the emirate have launched co-living projects to cater to young professionals and millennials. Witty told Arabian Business: “Whilst co-living and co-working is a growing global trend, it’s possible Dubai could set the bar for high-end, technology-enabled co-living solutions. With its commitment to deliver smart technologies and nurture tech entrepreneurship, coupled with developers increasingly focusing on this new form of residential living, there is no doubt we could see this trend taking a hold in the UAE’s residential market in the coming years.” Emaar projects Collective, Collective 2.0 and Socio at Dubai Hills Estate in Mohammed Bin Rashid City account for most sales in the co-living segment. UNA, developed by Nshama at Town Square, is also a co-living and co-working project featuring 192 studios and 764 1-bedroom apartments, while KOA’s Canvas project off Mohammad Bin Zayed Road is also targeted at millennials. In terms of registered transactions, Emaar’s Collective has seen 372 deals in total since launch; Socio is at 200, Collective 2.0 is at 135, KOA’s Canvas is at 7 and Nshama’s UNA is at 183. In total, Dubai has seen 902 registered transactions (both off-plan and secondary) for co-living spaces to date. In terms of sales price, Property Finder said Nshama’s UNA is priced most competitively among co-living projects, with a studio costing around AED450,000 ($122,500) to buy. By comparison, a studio at Collective is priced at approximately AED680,000 ($180,000). For a 1-bedroom apartment, the price is most competitive at UNA again (AED558,000/$151,000), followed by Socio at AED673,000 ($183,000) and Collective at around AED700,000 ($190,500). A 1-bedroom in KOA’s Canvas is more expensive at AED982,000 ($267,000). Two-bedroom apartments in all these co-living projects are priced at around AED1 million ($272,000), with Canvas bearing a higher price tag of AED2.75m ($748,600). Adapting Linda Mahoney, chairman of Better Homes, said co-living was another way of developers adapting to the market. She said: “As the population has grown, the age of the work force has fallen, and it is a positive move on the part of developers to look for innovative solutions that cater for these changing demographics.”

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Witty added: “Essentially co-living and co-working spaces are rising in popularity because they instil a sense of community, shared experience and above all offer convenience, which is something millennials place significant importance on. This is a sizeable cultural shift and something developers are picking up on.” The co-living phenomenon should not be confused with sharing rooms, a practice that is not legal in the UAE. Like-minded While residents live in private apartments within a co-living project, they come together in shared vibrant common spaces to socialise and interact. They are targeted at small business owners and entrepreneurs who can work in the common areas and meet with like-minded people. Lynnette Abad, director of Research & Data, Property Finder, said: “We have also seen some creative schemes with Emaar and DMCC offering a trade licence and residency with a unit within a co-living project. This is an excellent incentive for those with small, home-based businesses or freelancers.” However, Mahoney warned that the new trend is not without its drawbacks and believes it may only be a stop-gap solution. She said: “It is not a 100 percent alternate for private living or the office environment and these spaces can get noisy at times, which can disturb users, and it offers less privacy. As the numbers grow within a household or business, the co-living or co-working spaces no longer offer the best value for users and they may move towards more traditional working and living spaces.” Source: Arabian Business Back to Index

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ALDAR, APPAREL GROUP INK DEAL TO ADD 23 BRANDS TO UAE MALLS Saturday, July 13, 2019 The retail unit of Aldar Properties has finalised a major agreement with the global fashion and lifestyle retail conglomerate, Apparel Group, for 23 stores across three of its malls. Yas Mall and The Mall at World Trade Centre in Abu Dhabi plus Al Jimi Mall in Al Ain will launch international brands such as Aldo, Inglot, Tommy Hilfiger, Charles & Keith, Call it Spring, TOMS, Athlete's Co, Skechers, Birkenstock, Dune, Nine West, Anne Klein, as a result of the agreement. The deal, a strong confidence indicator for Abu Dhabi’s retail sector, represents over 100,000 square feet of retail space across the three malls, Aldar said in a statement. Talal Al Dhiyebi, CEO, Aldar Properties, said: “This agreement represents a solid investment and reaffirms the confidence in our mall destinations to deliver quality footfall and positive future growth. "This further expansion of Apparel brand stores across Aldar’s portfolio of retail properties, is great news for all of our visitors and great news for Abu Dhabi, as we continue to elevate our offering for residents and visitors.” Nilesh Ved, CEO, Apparel Group, added: “We consider Aldar to be a strong strategic partner to secure a successful future for our brands. We also feel that these three flagship properties are well aligned with our long-term goals. We have great confidence in the Abu Dhabi market and with Aldar retail properties.” Under the deal, Apparel Group has opened the first UAE store of CCC, the Polish multi-brand footwear destination, at The Mall WTCAD, as well as the first store for the Polish kids fashion brand, SMYK, at Al Jimi Mall, Al Ain. Another first will be the opening of Rituals Cosmetics stores in both Yas Mall and The Mall WTCAD. Source: Arabian Business Back to Index

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LUXURY ABU DHABI HOTEL REGAINS FIVE STAR RATING AFTER REVAMP Saturday, July 13, 2019 Abu Dhabi Tourism & Culture Authority has bestowed its five star rating once more on Le Méridien Abu Dhabi, after completing its renovation. One of Abu Dhabi’s original urban resorts dating 40 years, Le Méridien Abu Dhabi was inaugurated in 1979 by the late Sheikh Zayed and Queen Elizabeth II. The hotel has regained its five star ratings after owner Abu Dhabi National Hotels completed a comprehensive renovation, which included a transformation to all 248 guestrooms, suites and public spaces. The newest addition to the hotel is Le Méridien Hub, a modern reinterpretation of the traditional hotel lobby, offering an array of opportunities for guests to gather, connect and simply savor the moment, a statement said. “As a leading hospitality company, our strategy has always been to restore and modernize our existing hotels and I am pleased to see the outcome of the comprehensive renovation of Le Méridien Abu Dhabi” said Khalid Anib, CEO of Abu Dhabi National Hotels. "We are satisfied with nothing less than excellence throughout our growing hotel portfolio, and I am grateful to the board of directors of Abu Dhabi National Hotels (ADNH) for all their support in making these projects a reality.” Source: Arabian Business Back to Index

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IHG REVEALS PLAN TO BUILD WORLD'S LARGEST VOCO HOTEL IN MAKKAH Thursday, July 11, 2019 InterContinental Hotels Group (IHG) has announced the signing of Voco Makkah in partnership with Maad International to build the largest Voco in the world. Once operational in early 2020, the hotel will cater to the growing number of religious tourists in Saudi Arabia and will feature 4,200 rooms to take IHG’s portfolio in the country to over 19,500 rooms. Voco Makkah will occupy a premium location within the greater Maad Hospitality Towers Development, a mega mixed-used development that includes restaurants, lounge areas, event halls and separate male and female prayer halls. Voco, IHG’s upscale brand, has enjoyed rapid growth with multiple signings across the Middle East. After the signing of Voco Al Khobar earlier this year, Voco Makkah will be the second branded hotel in Saudi Arabia and IHG’s fourth hotel in Makkah. Pascal Gauvin, managing firector, India, Middle East & Africa, IHG said: “We are honoured to enter into this agreement with Maad International... which has a unique vision not only for the hotel sector but also for Saudi Arabia as a sought-after destination.” He added: “Religious tourism is expected to increase further year on year to gradually reach 30 million visitors by 2030. We look forward to catering to the influx of pilgrims at voco Makkah, which will provide a welcoming, comfortable and a reliably different experience during the Hajj and Umrah seasons.” Abdulaziz Al Yamani, chairman, Maad International, said: “We are excited to be partnering with IHG for this landmark property... we are confident that together with IHG we will offer pilgrims visiting Makkah a unique experience. IHG currently operates 92 hotels in the Middle East, with a further 38 in the development pipeline due to open within the next three to five years. Source: Arabian Business Back to Index

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IN DUBAI, PROPERTY BUYERS LEARN TO LIVE WITHOUT MORTGAGES AS DEVELOPERS GUNG HO ON MONTHLY INSTALMENTS Saturday, July 13, 2019 Finding it difficult to get a mortgage? That doesn’t seem to be bothering property owners in Dubai all that much. The latest data from the Dubai Land Department bear this out — in the first six months, the share of property purchases involving a mortgage comes to 62 per cent. That still looks good, but not when you compare this with what it was last year. In the first six months of 2018, mortgage-backed property deals made up 81 per cent of overall registrations. Clearly, more property owners are not waiting around to clear all the paperwork required to get banks to release funds. Also, mortgage rates had shot up in the last 12 months, which too could have prompted buyers to dig deeper into their own funds rather than tap bank finance. Mortgage rates are currently pegged at 3.75 per cent for the first year in the UAE. From the second year, the rate is now at 4-5 per cent. But mortgage rates are expected to see a slight dip when the US Federal Reserve cuts its base rate, expected later this month, by 0.25 per cent. In the first six months this year, 4,073 mortgage transactions were recorded, a 26.5% drop against 5,539 deals same time last year and 5,396 deals in the first-half of 2017. For developers, the move to offer generous post-handover payment plans and gain buyers has proved a winning strategy … at least so far. Because the alternate scenario — falling sales and high mortgage rates — would have been a nightmare for developers and the wider property market. “The drop in mortgage-related purchases from 81 per cent to 62 per cent has happened in the ready property space,” said Sameer Lakhani, Managing Director at Global Capital Partners. “But if we include off-plan sales as well, the percentage of sales done through post-handover payment schemes now rises to above 50 per cent of overall transactions conducted. Gung-ho on monthly instalments “In other words, mortgage’s share in off-plan too is coming down significantly. Clearly, buyers are responding enthusiastically to this payment mechanism, which is also why there is a rebound across the board in property value terms rather than being just restricted to the mid-market segment.” The average post-handover payment tenor is now at 3.5 years. (Developers too are pulling back from extending these plans to “unsustainable” five to 10 years.)

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So, where are buyers picking up homes in Dubai? When it comes to completed homes, Jumeirah Village Circle, Jumeirah Village Triangle, Al Furjan and communities within Dubailand accounted for more than 20 per cent of deals struck in the first-half of this year. If off-plan sales too are added into the mix, these locations make up 30 per cent of all purchases during the period. “The emphasis on mid-market housing has gathered momentum, accelerated by the “discounting model” where units are being offered at attractive levels compared to 2014-15.” Developers are also going gung ho with monthly instalment schemes, typically set at around Dh4,000 or so. Damac recently introduced one for just under Dh7,000 at its latest tower launch along the Water Canal. 'Bargains' to be had For those buyers wanting a ready property, there are locations where prices still remain under pressure. According to Cavendish Maxwell’s Property Monitor tracker, in the 12 months to end June, house prices declined by more than 16 per cent on average in the following locations: ▪ Arabian Ranches ▪ Emirates Living ▪ Discovery Gardens, and ▪ Dubai Silicon Oasis There is also new supply that will put further pressure on prices. For instance, the latest releases at Arabian Ranches III is going for Dh1.2 million and over, with 30 per cent of the payments bundled into two years after completion. Going forward, Jumeirah Village Circle could see prices under some sort of pressure, as the latest completed homes are put up for rent. But market sources say that the extreme fear of unsold or untenanted homes is misplaced, at least for now. “Concerns about the build-up in inventory have been expressed for awhile now, but unlike 2008, we do not yet see a high number of vacancies,” said Lakhani. “This suggests that the discounting model is working for both tenants as well as investors/end users. While investors have recalibrated their expectations, it is clear that the demand side of the spectrum remains relatively healthy.” Landlords paying the commission? There may come a time when landlords end up paying a share of the rental commission. The current tradition is for the tenant coughing up the cost to the broker. But Arif Mubarak, CEO, Dubai Asset Management (DAM), reckons that nothing in the real estate business is set in stone. “As we transition into a consumer-focused market, we foresee a trend towards the shift in commissions whereby it will be either split between the tenant and the landlord or absorbed completely by the landlord,” he said. “This is in line with recent RERA initiatives including the Real Estate Self Transactions (REST) that focus on digitisation and transparency to facilitate direct consumer transactions.

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“Given the current market scenario, we have seen increased interest from residents to upgrade their existing home for a larger unit whether in the same community or across the DAM portfolio. We are the only institutional landlords that offer residents the unique opportunity to move anywhere within our portfolio, any time during their contract period without any penalties.” Source: Gulf News Back to Index

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DUBAI LAND DEPARTMENT ROLLS OUT ‘LAWYER’ INITIATIVE Sunday, July 14, 2019 The Dubai Land Department is partnering local law firms to offer access to data and other information to help with property investment decisions. In particular, the “Real Estate Lawyer” initiative will help with: * Due diligence - The initiative will permit certain licensed law firms to remotely access the Land department’s registers online and access information relevant to an investment or transaction. This is to provide greater transparency when making an informed investment decision. * Simplify documentation and reporting process - This would help with complex corporate documentation required for any real estate transaction, including having it translated into Arabic. Licensed law firms will be able to fast-track this process by preparing a report that certifies the ownership structure. * Escrow agent - The certified law firm will be able to provide and act as an escrow agent, administering the escrow account for the payment of deposits or purchase funds. “Facilitating and streamlining procedures is an important incentive to attract investors,” said Sultan Butti bin Mejren, Director-General at the Land Department. “We will continue to work with our partners from the public and private sectors to facilitate investment in Dubai real estate and launch more incentives. “Dubai is embarking on ambitious strategies to encourage real estate investment, beyond the expectations of global investors, to make Dubai the ideal choice.” For the launch, the government department has partnered the law firm of Al Tamimi & Company. Source: Gulf News Back to Index

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DUBAI WILL CONTINUE TO BE TENANT AND HOMEBUYER FRIENDLY FOR REST OF THE YEAR Thursday, July 11, 2019 Dubai’s tenants and end users will continue to benefit from lowering apartment and villa prices, as well as a softening rental market, a trend that will continue for the rest of the year, says international real estate services firm, Chestertons, in its recently released Q2 Dubai Market Report. The declines are a result of continued oversupply in Dubai’s residential real estate market, where an anticipated 47,502 apartments, villas and townhouses are set to be completed this year, almost double of that delivered in 2018. The need to undertake necessary steps to mitigate any challenges posed by upcoming supply have also been highlighted recently in a report by Richard Paul, head of professional services and consultancy, Savills Middle East, who said the Dubai property market needs better planning to address oversupply challenges. Demand and supply mismatch Nick Witty, managing director of Chestertons Mena, said that in the short term, oversupply will continue to soften the value of Dubai’s residential real estate market. This is being compounded by several developer incentives including five-year post-handover payment plans, registration fee rebates, freezing property service charges and guaranteed rental returns. Similarly, landlords are offering prospective tenants rent-free periods, multiple rent cheques, and even short-term leases. “The bottom line is Dubai will continue to be tenant and home buyer-friendly for the foreseeable future, until demand has caught up with supply.” In the property sales market, prices for both apartments and villas witnessed a decrease of 4 per cent in the second quarter. From a villa perspective, Palm Jumeirah remained the most resilient, softening by 1 per cent to Dh1,967 per square foot. In contrast, The Lakes witnessed the highest price decline at 6 per cent to Dh1,038 per square foot, while declines in The Meadows/Springs dropped 5 per cent to Dh854 per square foot, followed by Jumeirah Park softening by 4 per cent to Dh827 and 3 per cent in Arabian Ranches to Dh833 per square foot. This could be attributed to the fact that many older villa communities are showing signs of fatigue and are in need of refurbishment. This has sparked higher demand for newer properties. Dubai apartment sales In the apartment sales market The Greens, Dubailand and Dubai Motor City showed relative levels of resilience, only witnessing a 2 per cent decrease from the previous quarter to Dh907 per square foot in The Greens and Dh706 per square foot in Dubailand and Dh700 per square foot in Dubai Motor City. The Views and Downtown Dubai witnessed the highest declines of 9 per cent and 7 per cent resulting in prices of Dh1,090 per square foot and Dh1,401 per square foot respectively, which is likely a result of oversupply. At the value end of the scale, International City witnessed no movement with prices remaining at Dh481 per square foot.

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“To remain competitive, we have seen developers becoming increasingly innovative. For example, in partnership with Dubai Multi Commodities Centre (DMCC), Emaar is offering buyers of its Executive Residences in Dubai Hills

Estate a free three-year renewable business license, a free three-year renewable family residency visa as well as 100 per cent business ownership for some industry sectors,” said Witty. Capital values Dubai-based real estate consultancy ValuStrat has also published its second quarter ValuStrat Price Index (VPI) for residential properties, which displayed an overall 11.5 per cent annual fall in capital values, with quarterly declines decelerating to 2.9 per cent. This downward trend resulted in 29.3 per cent citywide capital value loss since the peaks of mid-2014. All established freehold locations monitored by the VPI witnessed price drops since the last quarter, ranging from 1.2 to 4.2 per cent. Three out of 26 locations measured by ValuStrat saw single-digit declines annually — villas in Palm Jumeirah and Al Furjan, as well as apartments in Dubai Sports City. Capital values dropped more than 15 per cent annually for apartments in Palm Jumeirah, Discovery Gardens and The Greens. Haider Tuaima, head of real estate research at ValuStrat, said, “As capital values continue to soften, there was a relatively strong quarterly sales volume performance for nine months in a row. The off-plan sales are up 5.5 per cent, ready sales are stable, when compared to Q1.” Rental property market The Chestertons report also said that in the rental market, there was a greater softening compared to the first quarter, with average apartment rates declining by 5 per cent and villas by 8 per cent quarter-on-quarter. As a result, many tenants have seen an increase in potential property options. Dubai Silicon Oasis saw the largest decline with a typical two-bedroom apartment now 12 per cent below the quarter-one price at Dh60,000 per annum. Dubailand and Discovery Gardens saw average declines of 8 per cent with a typical two-bedroom renting for Dh51,000 and Dh75,000 respectively. The Views, The Greens, Dubai Sports City and Jumeirah Lakes Towers recorded an average softening of between 1 per cent and 3 per cent, with prices of Dh120,000, Dh100,000, Dh68,000 and Dh89,000 respectively for a two-bedroom apartment. Established communities, including Dubai Marina and Business Bay, which in the past have weathered price reduction to a certain extent, witnessed declines of 5 per cent in the second quarter, with a two-bedroom apartment in the Marina now available for Dh110,000 and in Business Bay for Dh100,000. “As such, Jumeirah Village Circle, Business Bay, Dubailand and Mohammad Bin Rashid City are where the largest rent reductions are likely to be felt going forward due to the expected supply in these locations,” added Witty. In the villa rental market, Jumeirah Islands, The Meadows and Arabian Ranches all witnessed declines of 11 per cent on average, with prices for a typical four-bedroom unit now Dh210,000, Dh180,000 and Dh160,000 respectively. Palm Jumeirah was the most resilient location in the villa rental market, denoting a 2 per cent decline, which was closely followed by The Springs, which fell by 3 per cent. ValuStrat also reported that Dubai’s net yields averaged 5.7 per cent, with apartments at 5.9 per cent and villas at 4.7 per cent. The average residential occupancy rate stood at 84 per cent. Source: Gulf News Back to Index

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DUBAI NEEDS GREATER ‘TRANSPARENCY ON REAL ESTATE SUPPLY’ Tuesday, July 09, 2019 The oversupply in Dubai’s residential real estate is coupled with an oversupply in the education sector as well, say property and education consultants in the emirate. While an estimated 60,000 to 65,000 residential units are likely to be completed or handed over to the market between 2019 and 2020, according to research from international real estate consultancy Savills, it is the downward pressure on property prices that is one of the important parameters to gauge oversupply in a particular market. Reports from Savills say there has been a drop of 8-10 per cent in asset prices across both apartments and villas in Dubai between June 2018 and June 2019, while the percentage drop in 2018 when compared to 2017 has been around 12 per cent. In the education sector as well there continues to be a mismatch between new school supply and the income and demand levels of its residents, says Shaun Robison, partner and director of the Dubai-based Education Intelligence Group, which recently produced the Knowledge Economy Report. “Most of these new schools have come up along Al Barsha South and Dubailand and these are all premium schools,” says Robison. According to the report, two of the largest expenses families in the UAE have to budget for are housing and schooling. In recent years, there has been an increase in new school supply, but on the other hand there have been a higher number of families relocating back home where schooling is often free. School operators, therefore, have to deal with empty seats and have been forced to offer significant discounts and incentives to parents, explains Robison. Residential The property market needs further transparency on supply control to address oversupply challenges, says Richard Paul, head of professional services and consultancy, Savills Middle East. In major global cities, this is done by having planning and development guidelines that are reviewed periodically. “This ensures that the planning intention of developments translate to a better-built environment and regulates the introduction of new supply only when needed,” says Paul. “Industry stakeholders need to acknowledge the current situation and undertake the necessary steps to mitigate any challenges posed by upcoming supply. To initiate stability, any new projects should only be announced once the current under-construction stock is absorbed and handed over, and benefits from sufficient occupancy levels.” While Dubai has introduced several controlling measures in real estate, “a more robust city planning and development regulation could be established to contain risks associated with oversupply and speculative investments,” adds Paul. The message of oversupply, according to Paul, “can have an adverse influence on the investor psyche. With so many new projects coming up, investors and buyers are often spoilt for choice, and hence are more likely to put their decision on hold.” Furthermore, Savills notes that even though Dubai continues to witness steady population growth, it is not directly correlated with real estate demand as not everyone moving to the city may be interested to purchase real estate. Robison adds here that for both developers and school operators, while success in the past came easily from the “build it and they will come” mentality, the market is different now. According to Data Finder, a real estate insights and data platform in Dubai, between now and 2020, around 45,595 units stand 70 per cent completed and are expected to be handed over to the market. The amount of new

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supply entering the market will continue to put pressure both on sales and rental prices, says Lynnette Abad, director of research and data, Data Finder.

A focus on handovers “The city can immensely benefit from the upcoming Expo 2020. It has excellent infrastructure and there is sufficient availability across established and upcoming residential communities where visitors can invest,” explains Paul. “Instead of launching new projects, developers should focus on handovers and upkeep of their current stock. This will go a long way in appealing to the international investors.” Research data from Savills has shown that in the first half of the year there has been a 3 per cent increase in off- plan transactions — 9,990 units — as against 9,660 in H1 2018. On the other hand, secondary sales has remained almost flat, with 6,560 units sold in H1 2019 as against 6,760 units in 2018. “There is clearly an appetite for off-plan property,” says Paul. “This has been whetted by the long-term payment plans that have been introduced by developers since last year, which are now being positively regulated over a maximum of three years. These payment plans have allowed a lot of purchasers, who struggle with the initial 25 per cent down payment, to access the market. This is one of the reasons why we have witnessed an increase in off-plan transactions.” According to him, properties in price brackets below Dh1.5 million are proving to be the most attractive. “This is a price point that people are able to manage and pose attractive returns.” Affordable schools Meanwhile, despite more seats coming up in already existing schools, 16 new schools opened in 2018, adding an additional 25,000 more seats. Only two of these schools could be defined as “affordable”, with the remaining schools offering fees within the premium or mid-market segment. Majority of the new supply which have entered the market are in locations where there are existing schools offering similar price points and curriculum, the Knowledge Economy Report points out. “Our report highlights that developers are not accurately surveying parents within master communities. The market is different now, and property developers can’t expect high returns on new schools that are taking longer to fill up,” says Robison. Embracing the new Dubai Developers, Robison says, need to embrace the “New Dubai”, which he defines as an education ecosystem where developers and operators have shared goals, rather than simple landlord-and-tenant arrangements. He adds that it is critical that the price point of a school is aligned with the residential community. “Investors now have to delve deep and explore what residents in Dubai really want,” says Robison. “Investment expectations have to shift towards long-term goals, as parents clearly want to stay in Dubai and educate their children. In our focus groups parents have stated they want schools that are sustainable and closer to home. The long-term residency initiatives are definitely a plus for parents and they hoped this was rolled out for everyone. I am hoping investors will learn more about these expectations, and education will become more affordable, much like the residential real estate sector.” Source: Gulf News Back to Index

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WORKS ON ROADS TO DUBAI HILLS MALL ON COURSE Saturday, July 13, 2019 Construction work on the bridges and roads leading to Dubai Hills Mall at the junction of Umm Suqeim Street and Al Khail Road are 45 per cent complete, officials announced on Saturday. Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA) said: “The project encompasses the construction of 12 bridges spanning 3,700 metres, with a width varying from 11 to 22 metres, in addition to ramps connecting the bridges measuring 2,500 metres.” The project is undertaken by RTA in coordination with Emaar Properties at a cost of Dh780 million and is expected to be completed in the first half of 2020. The main objective of the project is to ensure smooth flow of traffic from and towards Dubai Hills Mall as well as on Umm Suqeim Street and Al Khail Road. The new bridges, which consist of four lanes in each direction, will separate the traffic from Umm Suqeim Street and Al Khail Road, leading to increase in the traffic capacity in the area. The existing four lanes of Umm Suqeim Street will be maintained in both directions to ensure a seamless vehicular flow. “The project covers the construction of internal roads at Dubai Hills Estate to ease the movement of residents of Al Barsha South 1 and 2, and link them with new roads and bridges. Works also include the installation of traffic signals, shifting of utility lines, and landscaping.” Dubai Hills Mall is one of the biggest destinations developed by Emaar as a joint venture with Meraas. It is an integral feature of Dubai Hills Estate and a destination that complements the development’s residential and commercial community. Featuring two million square feet of leasable space spread out over two floors, it is home to more than 650 retail and F&B outlets including family entertainment offerings, a Cineplex and hypermarket. Dubai Hills Mall is easily accessible from Downtown Dubai, Emirates Hills, Dubai Marina, Arabian Ranches and other nearby communities via Al Khail Road and Umm Suqeim Street. Source: Gulf News Back to Index

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DUBAI SECURES 118 WINS TO HOST BUSINESS EVENTS Wednesday, July 10, 2019 Dubai Business Events, the city’s official convention bureau, secured 118 wins in the first half of 2019 for events to be hosted in Dubai over the coming years. The events include conferences and meetings, and are expected to attract 75,288 delegates from around the world. The number of delegates attending marks a 17 per cent increase from the number of those attending events hosted in Dubai in the first half of 2018. Essam Kazim, chief executive officer of Dubai Corporation for Tourism and Commerce Marketing, said the events bureau is working with stakeholders to ensure that the city has enough capabilities to cater to various business events. Bids won in the first half of this year are for events that include the Amway China Leadership Seminar 2020, World Hospital Congress, Geospatial Week and the AIPPI World Intellectual Property Congress, among others. Source: Gulf News Back to Index

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SHORT -TERM RENTALS HOLD SWEET SPOT Monday, July 08, 2019 With an ever-growing number of tourists and business travellers in the UAE, Christian Mischler, co-founder and executive chairman of GuestReady, knew his tech-enabled hospitality service would get a huge response in the short-term rental market. GuestReady Group is a global short-term rental management company, which provides professional services to property investors, homeowners and Airbnb hosts in the UAE, the UK, France, Portugal, Malaysia and Hong Kong. "We take care of everything from property maintenance to 24/7 guest communications, to listing optimisation on booking platforms such as Airbnb, Booking.com and HomeAway," Mischler explains. "We officially launched our services in Dubai in the summer of 2018. The first couple of months were challenging, and it was not until we signed the first five properties that things really started to take off," says Mischler. "Our in-house property management software has allowed us to offer personalised services to all our property owners and guests. Today, we manage over 100 properties in prime locations in Dubai and have plans to expand our services in the GCC region," he continues. GuestReady Group, raised an additional Dh22 million in Series A funding last month, bringing the total funds raised to Dh35 million. Dubai-based VentureSouq led the round. The company said the funds would be used to further invest in product development and to fuel growth across the GCC, Europe and Asia. "Within the next year, we are looking to launch our services into one or two new countries. We have been lucky to receive the support of Dubai's VentureSouq and additional partners in the region such as OPM and Business Incubator and Accelerator Company from Saudi Arabia. The strong investor support is helping us open more doors, not only for further funding rounds but for business development as well," he says. Mischler says the company is still investing a lot of money into product development even though its software is probably one of the best in the industry. "There are plenty of smaller operational processes that we can either automate or make smarter. We are investing resources into creating data-driven algorithms to optimise performance and ultimately increase guest and property owner satisfaction," he explains. In addition to product investments, GuestReady is looking to build meaningful partnerships with selected property developers to enhance their competitiveness in the market. "We receive a lot of interest from property developers to collaborate on projects with GuestReady to enable their real estate with our technology. In Dubai, we recently on-boarded over 40 units that will be exclusively managed by us on behalf of the developer. These types of partnerships have been very fruitful and we are looking to do more of these types of partnerships going forward," he says. Sinan Abdel Sattar, global marketing manager, claims that GuestReady's ability to serve customers individually has made it unique. "Our advanced software solution allows us to focus on building one to one relationships with each of our customers while investing in the care of their properties as if they were our own. We offer our clients peace of mind," Abdel Sattar says. Maan Eshgi, partner at VentureSouq, says the investors have been following GuestReady since it was launched in Dubai.

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"The real estate market has been calling out for a solution like this for some time, and we could see very clearly that GuestReady is a superior operator in terms of attracting qualified talent and in building and using technology to streamline operations. Tech is key to building a scalable organisation, and it is one of the main criteria we focus on at VentureSouq, and by occupying a sweet spot where real estate and technology meet, the company has proven to be extremely relatable to many of our investors. I believe there is a huge opportunity that GuestReady is in a position to capture across the entire Gulf region," Eshgi says. Source: Khaleej Times Back to Index

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DUBAI MULLS RENT-TO-OWN, MULTIPLE OWNERS SCHEME IN REALTY Sunday, July 07, 2019 Dubai is working on a host of new initiatives and regulations such as a rent-to-own system, partial title deeds that will allow multiple ownerships in a property, the launch of collective real estate investment funds and investment portfolio applications in order to give fillip to the local real estate market. These initiatives will bring in more liquidity into the real estate market which has been persistently going down due to falling demand over the last few years. Rent-to-own system, already in place in developed markets, will significantly enhance the emirate's position among top realty markets. Interestingly, some of the developers are already offering this facility to tenants in the UAE. Abu Dhabi-based Aldar Properties was the latest to foray into this as it announced launch of new rent to own scheme for a limited number of homes in its West Yas community last week. Marwan bin Ghalita, CEO of the Real Estate Regulatory Agency (Rera), said these initiatives will help Dubai emerge from the traditional patterns of property buying, selling, and registration. "These processes require us to embrace technology and change, both of which paved the path to launching real estate products with the participation of developers to attract new investors. Previously, the real estate market targeted a certain class of investors: the wealthy. Today, however, through these four products, we seek to cover a larger segment of investors, both inside and outside the UAE, and allow them to own properties in Dubai and benefit from high returns on investments," Bin Ghalita said. Majid Saqr Al Marri, CEO of the registration and real estate services sector at the DLD, said partial title deeds system means equal ownership of properties between two to four investors, and will initially be available for hotel facilities. Talal Al Dhiyebi, chief executive officer of Aldar, said there is real demand for a rent-to-own scheme at communities. Source: Khaleej Times Back to Index

ASSET MANAGEMENT SALES LEASING  VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

FREEHOLD AREAS DOMINATE INVESTOR ATTENTION IN ABU DHABI Sunday, July 07, 2019 Interest has soared for freehold areas in Abu Dhabi like Al Reef, Al Raha Beach and Masdar City, data in Bayut's H1 Market report for 2019 has shown. According to the Abu Dhabi Investment Office, the UAE currently ranks 27th globally for foreign direct investment. Moving into the second half of 2019, Abu Dhabi's recent decision to open up the freehold property market has widened the pool of investors in the region. When comparing property trends from H2 of 2018 to H1 of 2019, Bayut revealed that prime areas such as Al Reem Island, Yas Island and Saadiyat Island are firm favourites for sales while affordable suburbs such as Mohammed Bin Zayed City, Khalifa City A and Al Muroor take the lead for rentals in Abu Dhabi. In terms of ROI, Saadiyat Island delivers the highest average rental yield at 8.7 per cent, based on the property type owned, proving to be a healthy option for investors. Real estate trends for Abu Dhabi in H1 2019 show that prices for apartments sales and rentals declined on average between 4-11 per cent. As per Bayut's data, Al Reem Island remains the most popular area in Abu Dhabi to buy and rent apartments, followed by Al Raha Beach for villa sales and MBZ City for villa rentals. Freehold communities such as Al Reef and Al Raha Beach have witnessed decreases in prices around the 13 per cent mark, allowing investors to buy property in these mainland areas close to Dubai at affordable price points. On the other hand, emerging areas like Al Ghadeer are seeing an uptick in prices with 2-bedroom units going up by 6.7 per cent. This can be attributed to the recent off-plan deliveries of larger units in the neighbourhood, leading to greater price fluctuations. Meanwhile, for apartment rentals, Al Muroor has seen a decrease of 10.7 per cent for 1-bedroom units, followed by Khalifa City A, where prices for studios dropped by 9.7 per cent. For villas in Abu Dhabi, the well-connected development of Al Reef continues to be a favourite with potential investors while Mohammed Bin Zayed City leads the rental market. "In the first half of 2019, we've seen Abu Dhabi take significant steps to cement its position as an attractive option for global investors by opening up its freehold market. In recent years we have seen Abu Dhabi gain more global exposure by playing host to notable international events including the Specials Olympics and the Formula One. These, I believe, will lead to an increase in expat and foreign interest in investing in Abu Dhabi real estate and prime locations like Yas Island and Saadiyat Island stand to benefit," said Haider Ali Khan, CEO of Bayut. "The competitive pricing of the housing market, combined with ongoing development in infrastructure and tourism will not only bolster Abu Dhabi's position as a global investment destination but also as a place for residents to establish roots." Source: Khaleej Times Back to Index

ASSET MANAGEMENT SALES LEASING  VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

DEVELOPMENT ON REPORTAGE PROPERTIES' PROJECTS ON FAST TRACK Sunday, July 07, 2019 Reportage Properties is going ahead on the fast track with its projects in Abu Dhabi, mainly in Masdar City and Al Raha Beach. "The company recently completed the delivery of the units at "Leonardo Residence" in Masdar City, which offers 177 apartments, including 122 studios, 48 one-bedroom apartments, 16 two-bedroom apartments and one 3- bedroom apartment, and covers a land area of 4,250 square meters," said Islam Ahmad Sulaiman, CEO for Operations at Abu Dhabi-based developer. Sulaiman added that the project in Masdar city, one of the most sustainable cities in the world, provides sustainable services to the residents. He said that the project was sold and fully occupied. Sulaiman conveyed that the company is also in the process of developing "Al Waha Residence" project in Masdar City, where the construction works are on schedule, and the delivery of the units will start during the second quarter of 2021. The project offers 612 apartments, including 310 studios, 256 one-room, 44 two-room apartments and only two 3-room apartments, covering an area of 8,371 square metres. Sulaiman said that the company's projects in Masdar City include "The GATE" (understudy), which will provide about 420 apartments. There is also another project in Masdar City being under study. He also said that "Reportage" is interested in starting another project in Masdar City, which is one of the most important investment areas in Abu Dhabi. The company is keen to develop sustainable urban projects that provide sustainable housing solutions that contribute to the preservation of the environment and meet the objectives of sustainable development. The CEO of "Reportage Properties" also stressed the importance of the recent law on the amendment of some articles of Law No. 19 of 2005 relating to real estate ownership in Abu Dhabi to support the real estate market and to promote activity in the investment zones in Abu Dhabi. Under the new law, non-citizens are allowed full ownership in properties. Listed companies, which do not exceed 49% of non-UAE nationals, are also allowed to own real estate projects. Sulaiman said that the construction of their project in Al Raha Beach is in progress. The company is developing "AL RAHA LOFTS 1" which provides 164 units, including 14 studios, 96 one bedroom apartments, 31 two bedrooms apartments and 8 apartments of 3 and 4 bedrooms, covering an area of 6,663 square meters. There is also "AL RAHA LOFTS 2", with a total of 110 apartments, including 22 studios, 52 one- bedroom apartments, 24 two- bedroom apartments and 12 three- bedroom apartments, Covering an area of 5,364 square meters. The construction works at "AL RAHA LOFTS 1" and "AL RAHA LOFTS 2" exceed 20% and are expected to be delivered during the first half of 2021. The two projects include retail space, facilities and services such as swimming pools, jacuzzi, gym and tennis court. The company is also considering projects in a number of key investment areas in Abu Dhabi, including Al-Mariya Island, Al Reem Island and Yas Island. Sulaiman added that the company is interested in developing quality projects and providing unique and non-traditional services to customers.

ASSET MANAGEMENT SALES LEASING  VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

He concluded that the real estate sector in Abu Dhabi is witnessing a period of improvement in activity, amid positive signs of increased demand, especially with the launch of many initiatives and incentives to support the market. Source: Khaleej Times Back to Index

ASSET MANAGEMENT SALES LEASING  VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

DIFC INTRODUCES NEW LICENCES CATEGORIES, REDUCES FEES Thursday, July 11, 2019 Dubai International Financial Centre (DIFC) on Wednesday announced four new licences including short-term and dual licence categories at a reduced fees to make it more competitive at the global level and attract foreign multinationals. The four new licences are categorised in to short-term licences, restricted licences, commercial permissions and dual licences which would allow more firms to conduct business from the centre. Under the new short-term licencing category, retail businesses and other non-financials will be able to operate their businesses with flexible rates over shorter timeframes. This includes a priced registration fee of $100 and licence fee ranging from $300 to $5,100 depending on the duration. The dual licence category allows Dubai's Department of Economic development (DED)-licensed non-financial and non-retail firms with an affiliate in the DIFC to operate from the centre. This licence will cover law firms, audit companies, consultancy firms, family businesses, holding companies and corporate service providers, who will benefit from an annual fee of $1,000. The commercial permissions category licence will allow both DIFC and non-DIFC entities such as event companies, retail outlets, training providers or educational services to conduct their main business activities within the DIFC at competitive rates ranging from $100 to $2,000, depending on the nature of activity and duration. Lastly, DIFC has introduced restricted licences category for firms which want to develop or test new and innovative products. DIFC introduced reduced registration fee of $100 and annual licence fees ranging from $1,000 to $4,000. Khalid Al Zarouni, senior vice president and registrar of companies at DIFC Authority, said new licences and fees are a first of its kind in the region and will enable DIFC businesses to grow, whilst also encouraging a more diversified portfolio of businesses to establish in the financial centre. "Not only do these changes strengthen our position in international markets, but they also support Dubai's vision to be the number one city for ease of doing business by 2021," he said. In June, DIFC introduced a new cost-effective regime which allowed certain firms to establish in the financial free zone with more flexible office requirements. Under a newly introduced regime, structures such as Intermediate Special Purpose Vehicles (ISPVs) and Special Purpose Companies (SPCs) will now be classified as Prescribed Companies which would make structuring and financing faster, economical and more flexible. Source: Khaleej Times Back to Index

ASSET MANAGEMENT SALES LEASING  VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

CONSTRUCTION SECTOR DRIVES DUBAI'S GROWTH TO NEARLY 4-YEAR HIGH Tuesday, July 09, 2019 Dubai's non-oil economic growth picked up in the second quarter of 2019, reaching nearly four-year high, which would result in the emirate's economy growing faster this year as compared to 2017-18. Khatija Haque, head of Mena Research at Emirates NBD, said there was little change in Dubai Economy Tracker (DET) Index for the month of June survey relative to May, but the data for second quarter of 2019 points to a sharp acceleration in Dubai's economy, with the average DET index reading at the highest level since first quarter of 2015.

"However, this growth in the volume of output has been on the back of continued price discounting and as a result is not translating into more jobs or higher salaries in the private sector. Nevertheless, the survey data so far this year supports our view that Dubai's GDP growth is likely to be faster in 2019 compared with 2017 and 2018," Haque said in a statement. Earlier, Emirates NBD Research had said in a note that Dubai's GDP will grow three per cent in 2019, rising to 3.7 per cent in 2020, underpinned by construction and real estate and business services, hotels and restaurants and transport and logistics. Monica Malik, chief economist at Abu Dhabi Commercial Bank, predicted that the economy will strengthen this year and the next as compared to last year, mainly due to stronger investment activity and increased tourist inflow. Manjeet Singh Chhabra, managing director of credit rating agency CRIF UAE, had said that there was strong government spending, and improved credit growth. The oil prices have climbed up in the last few days due to geopolitical risks that will drive economy and spending related to Expo 2020.

ASSET MANAGEMENT SALES LEASING  VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

According to Emirates NBD Research, the seasonally adjusted DET Index was little-changed from May's 52-month high of 58.5 to 58.4 in June. The elevated level of the headline figure reflected further marked increases in total activity and new business, in contrast to a neutral contribution from employment. Emirates NB Research said rising output failed to generate higher employment, with staffing broadly unchanged since May. This continued the weak overall trend in the labour market seen over the past year-and-a-half. It said the strongest overall performance was again registered in wholesale and retail (59.9), although growth slowed for the first time in 2019. The headline figure for tourism and recreation also eased since May (58.9), but to a smaller degree. In contrast, construction posted its best overall performance since last November (57.0). Source: Khaleej Times Back to Index

ASSET MANAGEMENT SALES LEASING  VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

VALUATION & ADVISORY With over 30 years of Middle East experience, Asteco’s Our professional advisory services are conducted by Valuation & Advisory Services Team brings together a suitably qualified personnel all of whom have had group of the Gulf’s leading real estate experts. extensive real estate experience within the Middle East and internationally. Asteco’s network of offices in Abu Dhabi, Al Ain, Dubai,

Northern Emirates, Qatar, and the Kingdom of Saudi Our valuations are carried out in accordance with the Arabia not only provides a deep understanding of the local Royal Institution of Chartered Surveyors (RICS) and markets but also enables us to undertake large International Valuation Standards (IVS) and are instructions where we can quickly apply resources to meet undertaken by appropriately qualified valuers with clients requirements. extensive local experience.

Our breadth of experience across all the main property sectors is underpinned by our sales, leasing and The Professional Services Asteco conducts throughout investment teams transacting in the market and a wealth the region include: of research that supports our decision-making. • Consultancy and Advisory Services

• Market Research John Allen BSc MRICS • Valuation Services Executive Director, Valuation & Advisory +971 4 403 7777 SALES [email protected] Asteco has established a large regional property sales division with representatives based in UAE, Saudi Arabia, Qatar and Jordan. Jenny Weidling BA (Hons) Our sales teams have extensive experience in the Manager, Research & Advisory negotiation and sale of a variety of assets. +971 4 403 7789 [email protected] LEASING Asteco has been instrumental in the leasing of many high-profile developments across the GCC.

ASSET MANAGEMENT Asteco provides comprehensive asset management services to all property owners, whether a single unit (IPM) or a regional mixed use portfolio. Our focus is on maximising value for our Clients.

OWNER ASSOCIATION Asteco has the experience, systems, procedures and

manuals in place to provide streamlined comprehensive Association Management and Consultancy Services to residential, commercial and mixed use communities throughout the GCC Region.

BUILDING CONSULTANCY The Building Consultancy Team at Asteco have a wealth of experience supporting their Clients throughout all stages of the built asset lifecycle. Each of the team’s highly trained Surveyors have an in- depth knowledge of construction technology, building pathology and effective project management methods

which enable us to provide our Clients with a Comprehensive Building Consultancy Service.