Property Review Real Estate Report Q4 2018

In the Middle East for over 30 Years 2 • • • • • • 2009 -2011 RECESSION

Index Base 100 = March 2010 100 120 140 160 180 200 220 240 40 60 80 Many projects were delayed, put on holdorcancelled. delayed, were Many projects by theendof2011. slightly picked up remained subdued although activity transaction levels Sales rental ratesinDubai. due todecreased Emirates Tenant noticeable migration fromneighbouring also recorded Asteco of fundamentals collapse underpinning the RealEstatemarket. in significantvaluecontractionsandthe This resultedultimately market. from the driven were capital andspeculators drying-up ofliquidity, of of confidence,erosion loss of theglobalfinancial With theonset crisis, speculation. Investor returns) and, digit rentalgrowthand more problematically, Investor from a (leading todouble rapidly expanding and economy workforce by bothstrongdemand launches. TheRealEstatemarketwasfuelled and project was markedbylargescaledevelopments This period substantial growthup until Q1 2009. Ownership in2002, the marketrecorded International Freehold allowing the introductionofa decree Following the years. over The DubaiRealEstatemarkethas gone through significant fluctuations DUBAI |HISTORICREVIEW ApartmentSales a u e Dec Sep Jun Mar 2009 VillaSales a u e Dec Sep Jun Mar 2010 OfficeSales a u e Dec Sep Jun Mar ApartmentRentals 2011 a u e Dec Sep Jun Mar • • • • • 2012 -2014 RECOVERY ANDGROWTH

rules to limit property speculation. property to limit rules 4%, and introduced newloan-to-value to fee doubled theland registration demand, the DubaiGovernment In anticipation ofthegrowingInvestor Northern Emirates. to the upsurge inrelocations Dubai andinan thus resulted within to move Residents restricted to upgrade, rapid rentalgrowthalso market confidencepromptedTenants and increased jobsecurity Whilst enhancements ininfrastructure. take-up inlinewith saw improved demand and developments newer increased buildings experienced communities and Established quality and increased sales rental rates. launches and in newproject to growthinmarketconfidence,a rise awarded tohostExpo2020, which led 2013, In Dubai was November in. and ’safe’ haventoinvestlive and being an alternative attractive and Arab Spring conflict ledtoDubai in 2012 when theEuroCrisis recovery The marketbegan to showsignsof VillaRentals 2012 a u e Dec Sep Jun Mar OfficeRentals 2013 a u e Dec Sep Jun Mar • • • • STABILISATION 2015

mortgaged property. Bank fora by theCentral required the minimum 25% downpayment option comparedto more attractive a also madeoff-plan sales Developers stipulated by deposits Lower stage. post-completion payment plansduring the such as extended incentives offer and affordable housingsector,to to focusonthemidand Developers motivated high-end properties lack ofdemand particularly for and concerns ofan years, oversupply in theprevious launches witnessed Due tothesubstantialnumber of than anticipated. slower as thehandoverofnewsupplywas Rental ratesremainedbroadlystable and a strong USdollar. prices oil reduction inLTV low ratios, combination offactorssuch as the due toa thereafter corrected The marketpeakedinQ2 2014 and 2014 a u e Dec Sep Jun Mar The linegraphabovedemonstrates theaveragepercentagesales andrentaltrendonaquarterlybasis. 2015 a Jun Mar • • • • • 2016 - 2018 2016 DOWNTURN

in thesecondarymarket. volumes in transaction lead toa rise the increasedaffordability launches and in newproject but the slowdown properties, in a drop indemand this resulted for completed Initially, ladder duetohigh down payments. unable to jump on theproperty previously who were people to became moreaccessible End-users ashomeownership and Buyers in an in first-time increase plans, whichresulted payment post-completion price pointswithflexible lower off-plan unitsat smaller, offered increasingly Developers accommodation oftransactionactivity. in terms outperforming luxury in affordabledevelopments resulted options for value-for-money looking number of people by Tenants and A marketdrivenand an Investors increased Buyers. to motivate tried Developers to retain Tenants tried and take-up, whilst increase The number increased asLandlords and range ofincentives on rates. downward effect eased offin2018, additional supplycontinuedtohavea announcements new project and Whilst prices rental rates. in sales declines in steady resulting launches and deliveries 2016 and 2017 a significant amount recorded of newproject 2016 e Dec Sep Mar Dubai Real EstateReport - Jun 2017 e Mar Sep Dec Jun 2018 Q2 2018 Sep Dec DUBAI SUPPLY

COMPLETED IN COMPLETED IN EXPECTED IN Q1 - Q3 2018 Q4 2018 2019

9,250 2,835 24,300 APARTMENTS NO. OF UNITS

2,195 550 8,500 VILLAS NO. OF UNITS

1.36 1.5 3.6 OFFICES MILLION SQ.FT.

3 Dubai Real Estate Report - Q4 2018 DUBAI HIGHLIGHTS AND OUTLOOK

2018 HIGHLIGHT 2019 OUTLOOK

• Asteco recorded the delivery of nearly 15,000 residential units over the course of • Construction activity during 2019 (for committed projects) is expected to continue SUPPLY 2018, comprising 12,000 apartments and 2,750 villas. unabated, despite a slowdown in new project launches. This is largely due to • Office supply volumes picked up towards the end of the year adding 2.86 million sq.ft. construction-linked and post-completion payment plans, which ensure payments are in total. only received when milestones are met. • As forecasted at the end of 2017, the pace of new project launches eased over 2018 • This supply, in addition to many project handovers previously scheduled for 2018 as Developers adopted a more cautious approach in response to lower demand and spilling over into 2019, will contribute to the total delivery of over 30,000 residential growing supply. units. • Commercial supply is earmarked to account for 3.6 million sq.ft. of office space.

• Despite lower than anticipated handover volumes, the additional supply was still • Dubai’s Real Estate market will continue to mature throughout 2019 in line with RENTAL RATES significant and resulted in steady rental rate declines across all asset classes increased transparency and improved regulatory conditions. throughout the year. • Whilst the additional supply earmarked for 2019 will put further pressure on rental • Average declines of 10% for apartments, 10% for villas and 5% for offices were rates, the rate of decline is expected to slow towards the end of the year. recorded for 2018, although some areas significantly under/outperformed. • Lower rental rates will enable more Tenants to upgrade in term of size/quality and/or • Landlords continued to offer incentives such as rent-free periods and multiple cheque location. payments.

• Similar to the leasing market, apartment, villa and office sales prices continued their • Further sale price declines are expected in 2019 and although the focus will remain SALES PRICES downward trajectory during 2018, declining by an average of 13%. on affordable developments, transaction volumes are anticipated to rise as Residents • Emphasis continued to be unit price points, as opposed to the rate per sq.ft. take a longer-term view on living in Dubai. • A number of off-plan projects received a positive response from Investors. • Whilst market conditions mean that it is unlikely LTV ratios will change, we believe that • The steady decline in sales prices for completed projects has improved affordability Developers, banks and other financial institutions will become more creative and and hence opened the market to a wider Investor pool and facilitated a rise in introduce solutions to bypass the high down payment required to avail a mortgage. End-users and first-time Buyers.

TRENDS SALES PRICES RENTAL RATES PROJECT LAUNCHES INCENTIVES SUPPLY DEMAND - OFF PLAN DEMAND - COMPLETED

2018

2019

4 Dubai Real Estate Report - Q4 2018 DUBAI APARTMENT RENTAL RATES

(All figures in AED 000’s p.a.)

TYPE 1 BEDROOM 2 BEDROOMS 3 BEDROOMS

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

HIGH TO LUXURY END DIFC - - - 73 80 103 113 113 105 100 90 - - - 115 130 158 173 158 160 145 120 - - - 145 170 198 235 230 190 190 175 133 85 70 68 80 98 118 115 115 95 83 185 120 100 100 125 160 170 175 160 130 115 275 165 150 150 180 228 245 240 225 190 170 PALM 200 113 90 90 95 135 150 135 130 110 98 228 145 120 120 140 175 208 198 175 155 138 300 200 170 170 190 223 243 255 235 200 180 SHEIKH ZAYED ROAD 160 83 70 68 83 98 113 100 95 90 80 203 130 105 100 110 148 148 130 125 115 110 290 175 120 120 135 195 200 175 165 150 125 MID TO HIGH END - - 55 45 60 90 93 93 85 70 65 - - 85 70 85 130 135 135 125 105 90 - - 115 100 125 178 180 185 170 150 140 130 78 63 63 75 105 113 98 90 70 68 180 110 90 80 100 140 158 143 125 105 98 245 160 125 115 135 178 210 205 190 155 145 GREENS 120 65 58 55 65 85 83 95 95 75 68 160 88 78 75 100 135 148 143 130 115 100 180 130 115 105 130 155 173 175 175 145 135 JUMEIRAH BEACH RESIDENCE 115 85 73 70 80 108 118 115 105 95 80 168 118 95 90 100 135 163 148 140 115 103 203 148 115 110 140 175 200 193 185 160 140 JUMEIRAH LAKES TOWERS 110 65 50 45 55 83 90 90 75 65 58 160 85 65 65 75 110 133 125 115 95 83 210 118 85 85 100 148 168 153 150 130 110 AFFORDABLE DEIRA 88 48 40 37 35 68 65 65 60 50 48 103 55 55 53 53 85 90 90 85 70 63 138 83 75 70 75 135 133 113 115 95 88 100 58 45 38 45 70 70 72 65 55 48 135 85 70 53 70 83 80 80 85 85 83 ------DUBAI SPORTS CITY - - - 35 40 59 65 74 65 55 48 - - - 45 55 88 98 105 90 75 68 ------125 100 85 INTERNATIONAL CITY 70 44 27 23 24 43 46 50 45 40 35 93 63 39 38 38 65 63 65 63 55 53 ------75 JUMEIRAH VILLAGE - - - 35 45 70 65 73 60 55 50 - - - 53 70 95 103 105 95 80 70 - - - 80 90 120 130 138 135 110 100 DUBAI AVERAGE 118 68 57 53 61 85 91 90 85 74 65 157 96 82 75 88 118 127 127 118 102 91 216 131 114 107 128 159 170 172 162 142 127 ANNUAL % CHANGE - -42% -16% -7% 15% 39% 7% -1% -6% -13% -12% - -39% -14% -8% 16% 35% 8% 0% -7% -14% -11% - -39% -13% -6% 19% 24% 7% 2% -6% -13% -11% % CHANGE SINCE PEAK (2008) -45% -42% -41% % CHANGE SINCE MARKET LOW (2011) 23% 21% 19% % CHANGE SINCE 2ND PEAK (2014) -29% -28% -25%

5 Dubai Real Estate Report - Q4 2018 DUBAI APARTMENT SALES PRICES

AED per sq.ft.

0 500 1,000 1,500 2,000 2,500 3,000 0 500 1,000 1,500 2,000 2,500 3,000 0 500 1,000 1,500 2,000 2,500 3,000

2,050 1,800 2,000 1,000 1,100 1,100 750 1,000 925 700 925 925 900 1,050 1,000 1,225 1,900 1,525 1,300 1,750 1,625 1,210 1,600 1,370 BUSINESS BAY

1,300 DUBAI MARINA 1,450 1,300 1,175 1,250 1,200

975 1,125 JUMEIRAH BEACH RESIDENCE 1,025

2,700 1,600 1,400 1,600 700 850 1,500 550 700 1,300 550 650 1,350 600 750 1,875 825 1,200

DIFC 1,875 975 1,250 1,700 950 1,150 1,750 900 1,150

1,650 DUBAI SPORTS CITY 850 1,125 1,425 725 975 JUMEIRAH LAKES TOWERS

1,250 1,700 1,100 550 1,050 600 500 825 500 450 775 475 450 950 500 825 1,400 875 885 GREENS 1,375 925 850 1,365 950 855 1,350 900

800 1,250 JUMEIRAH VILLAGE 800 DISCOVERY GARDENS 650 1,050 725

2,700 1,050 2,800 1,400 500 1,500 1,300 425 1,175 1,100 325 1,100 1,300 350 1,400 2,200 675 2,000 2,325 710 2,000 2,200 700 1,720 1,900 700 1,700 PALM JUMEIRAH 1,700 650 1,500 DOWNTOWN DUBAI

1,525 INTERNATIONAL CITY 550 1,350

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

6 Dubai Real Estate Report - Q4 2018 DUBAI VILLA RENTAL RATES

(All figures in AED 000’s p.a.)

TYPE 3 BEDROOMS 4 BEDROOMS 5 BEDROOMS

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

ARABIAN RANCHES 275 140 125 125 155 213 215 203 195 155 145 335 180 160 160 220 285 300 243 235 190 183 425 265 250 250 285 365 343 303 285 250 220 DUBAI SILICON OASIS (CEDRE VILLAS) - - - 150 175 220 223 205 170 165 150 - - - 170 200 230 225 213 195 170 168 - - - 180 260 275 253 235 200 190 190 DUBAI SPORTS CITY (VICTORY HEIGHTS) - - - 150 155 205 195 180 175 155 150 - - - 165 180 220 250 215 210 180 175 - - - 220 275 320 313 305 300 245 220 JUMEIRAH 325 160 140 140 155 195 215 190 190 175 163 400 190 160 160 185 238 275 253 210 195 185 450 225 200 200 220 310 350 285 270 230 215 JUMEIRAH PARK - - - - - 195 220 218 210 175 165 - - - - - 250 290 245 245 200 188 - - - - - 295 340 290 275 255 230 JUMEIRAH VILLAGE - - - 90 125 155 163 160 160 145 120 - - - 110 150 165 178 170 170 145 125 - - - 145 165 180 210 208 185 160 150 MEADOWS 325 180 180 180 210 230 238 233 210 195 190 350 240 200 200 225 250 275 260 260 225 210 425 265 225 225 265 285 310 285 285 250 230 240 100 80 80 90 138 133 130 120 105 93 260 120 110 105 115 165 155 150 150 130 115 275 165 125 125 140 175 175 175 170 150 135 PALM JUMEIRAH 375 270 275 275 325 350 350 333 320 275 245 550 340 315 315 400 495 485 420 400 390 350 800 450 450 450 500 723 725 675 600 500 465 SPRINGS 250 125 105 105 140 163 195 180 180 145 135 ------THE LAKES - - - 170 200 220 228 223 220 190 175 - - - 260 280 290 283 275 270 245 235 - - - 340 350 350 400 363 350 330 260 325 160 140 135 160 215 250 195 190 180 170 400 190 160 160 180 290 275 260 240 220 210 490 230 210 210 220 313 305 290 270 245 235 DUBAI AVERAGE 314 179 162 152 179 213 225 206 195 175 152 388 223 204 186 219 261 271 244 231 206 183 482 274 246 224 259 311 314 290 274 245 222 ANNUAL % CHANGE - -43% -9% -6% 18% 19% 5% -8% -5% -11% -13% - -43% -8% -9% 18% 19% 4% -10% -5% -11% -11% -43% -10% -9% 15% 20% 1% -8% -6% -11% -9% % CHANGE SINCE PEAK (2008) -52% -53% -54% % CHANGE SINCE MARKET LOW (2011) 0% -2% -1% % CHANGE SINCE 2ND PEAK (2014) -32% -33% -29%

7 Dubai Real Estate Report - Q4 2018 DUBAI VILLA SALES PRICES

AED per sq.ft.

0 500 1,000 1,500 2,000 2,500 3,000 0 500 1,000 1,500 2,000 2,500 3,000

2,200 1,100 850 600 750 500 750 475 950 550 1,225 850 1,150 975 1,000 950 1,150 850 1,100 750 JUMEIRAH VILLAGE ARABIAN RANCHES ARABIAN 950 650

1,000 2,200 700 1,000 550 850 475 850 500 1,000 725 1,300 850 1,350 825 1,150 MEADOWS

(CEDRE VILLAS)(CEDRE 800 1,300 750 1,200

DUBAI SILICON OASIS SILICON DUBAI 725 1,000

1,500 2,750 850 1,800 750 1,550 750 1,500 900 1,800 1,125 3,000 1,250 2,850 1,150 2,475 1,150 2,500 PALM JUMEIRAHPALM

(VICTORY HEIGHTS) 1,050 2,400 DUBAI SPORTS CITY 925 2,100

1,500 1,800 725 850 650 650 550 650 800 900 1,175 1,100 1,175 1,075

1,100 SPRINGS 950 1,100 1,100 JUMEIRAH PARK 1,000 1,000 800 825

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

8 Dubai Real Estate Report - Q4 2018 DUBAI OFFICE RENTAL RATES

(All figures in AED per ft2 p.a.)

TYPE

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

BARSHA HEIGHTS (FORMER TECOM) 350 105 75 60 55 85 100 110 95 95 85 360 150 110 90 80 95 105 108 100 100 85 BUSINESS BAY - - - 75 70 100 103 88 90 90 75 DIFC 525 370 230 220 225 220 235 255 250 245 215 JUMEIRAH LAKES TOWERS 235 100 60 50 50 90 95 98 95 95 80 SHEIKH ZAYED ROAD 425 215 160 140 140 175 180 185 165 150 120 DUBAI AVERAGE 350 173 114 96 94 117 126 130 127 122 114 ANNUAL % CHANGE - -51% -34% -16% -2% 24% 8% 3% -2% -4% -7% % CHANGE SINCE PEAK (2008) -67% % CHANGE SINCE MARKET LOW (2012) 19% % CHANGE SINCE 2ND PEAK (2014) -10%

9 Dubai Real Estate Report - Q4 2018 DUBAI OFFICE SALES PRICES

AED per sq.ft.

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

2,500

1,100 850 750 750 825 975 975 900 (FORMER TECOM) (FORMER BARSHA HEIGHTS BARSHA 800 725

2,200 1,250 900 750 700 975 1,225 1,250

BUSINESS BAY BUSINESS 1,250 1,000 875

4,250 1,900 1,900 1,800 1,700 1,800

DIFC 1,875 1,925 1,900 1,650 1,500

2,000 900 650 550 550 925 1,075 975 850 800 675 JUMEIRAH LAKES TOWERS

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

10 Dubai Real Estate Report - Q4 2018 DUBAI PROPERTY MAP

1 Akoya 32 2 Al Barari 33 Green Community Arabian Gulf 3 1 34 International City 4 35 JBR 5 Al Nahda 36 Jumeirah 6 37 Jumeirah Golf Estates 7 Al Warqaa 38

50 8 Arabian Ranches 39 Jumeirah 51 9 Barsha Heights Lakes Towers (Tecom C) 40 Jumeirah Park 36 10 Bur Dubai 41 Jumeirah Village Circle 35 10 62 26 12 11 11 Business Bay 42 Jumeirah Village 39 55 14 54 58 9 15 12 City Walk Triangle 11 3 11 59 17 13 43 Living Legends 5 40 38 11 16 32 14 Deira 44 Liwan 44 11 18 56 4 22 15 DIFC 45 Meydan 20 13 6 16 Discovery Gardens 46 Mirdif 44 45 42 311 23 49 17 Downtown Dubai 47 MotorCity 41 27 33 21 18 Downtown 48 Mudon

44 19 Harbour 49 311 19 37 64 20 Dubai Design District 50 Palm Jumeirah 30 To Abu Dhabi To Sharjah 47 24 21 Dubai Festival City 51 Pearl Jumeirah 22 Dubai Healthcare 52 29 57 311 63 8 43 2 City Phase 2 53 Residential City 1 311 46 23 Dubai Hills Estate 54 Rigga 7 52 31 24 Dubai Investment 55 Sheikh Zayed Road 48 611 34 53 Park 56 Springs / Meadows 44 60 28 61 25 Dubailand 57 Studio City

25 Residential Complex 58 The Greens 26 Dubai Marina 59 The Lakes 611 27 Dubai Production 60 The Villa City (IMPZ) 61 Town Square 611 28 Dubai Silicon Oasis 62 Umm Suqeim

611 29 Dubai South 63 Uptown Mirdiff 30 Dubai Sports City 64 Victory Heights 611 31 Dubailand

11 Dubai Real Estate Report - Q4 2018 About Asteco

The Middle East’s largest full service Real VALUATION & ADVISORY SALES BUILDING CONSULTANCY Estate Services Company, Asteco was formed Our professional advisory services are Asteco has established a large regional The Building Consultancy Team at Asteco have in Dubai in 1985. Over the years, Asteco has conducted by suitably qualified personnel property Sales division with representatives a wealth of experience supporting their Clients gained enormous respect for consistently all of whom have had extensive Real Estate based in the UAE, Qatar and Jordan. Our throughout all stages of the built asset lifecycle. delivering high quality, professional, value- experience within the Middle East and Sales teams have extensive experience in the Each of the team’s highly trained surveyors added services in a transparent manner. It is internationally. negotiation and sale of a variety of assets. have an in-depth knowledge of construction also widely recognised for its involvement with technology, building pathology and effective Our valuations are carried out in accordance many of the projects that have defined the LEASING project management methods which enable landscape and physical infrastructure of the with the Royal Institution of Chartered Asteco has been instrumental in the Leasing us to provide our clients with a comprehensive Emirates. Surveyors (RICS) and International Valuation of many high-profile developments across the building consultancy service. Standards (IVS) and are undertaken by GCC. Asteco has an essential combination of local appropriately qualified valuers with extensive FRANCHISE knowledge and international expertise. local experience. ASSET MANAGEMENT Our brand, network, system and procedures A deeply established brand, renowned for Asteco provides comprehensive Asset are now available in territories across the its application of the latest technological The Professional Services Asteco conducts Management services to all property Owners, MENA region. Our Licensing services currently advances, its commitment to transparency, throughout the region include: whether a single unit (IPM) or a regional include Real Estate Brokerage Franchising and winning strategies and human expertise. mixed-use portfolio. Our focus is on maximising associated support services with many of the • Consultancy & Advisory services Undisputed Real Estate experts, Asteco value for our Clients. key elements designed specifically around represents a significant number of the • Market research the Franchisee, making it a truly unique and region’s top property Owners, Developers and • Valuation services OWNERS ASSOCIATION bespoke franchise opportunity. Investors. 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.

Elaine Jones John Stevens John Allen James Joughin Jenny Weidling Ghada Amhaz Tamer Ibrahim Chaaban FRICS MSc, BSc (Hons), MRICS BSc, MRICS BSc (Hons), MRICS BA (Hons) MSc BE Executive Chairman and Managing Director/ Executive Director - Senior Associate Manager - Research and Manager - Research and Associate Director / Founder / Director - Director - Asset Management Valuation & Advisory Director - Head of Valuations Advisory, Dubai Advisory, Abu Dhabi General Manager - Al Ain Transactional Services +971 4 403 7777 +971 4 403 7777 +971 4 403 7777 +971 4 403 7777 +971 2 626 2660 +971 3 766 6097 +971 4 403 7777 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

DISCLAIMER: The information contained in this report has been obtained from and is based upon sources that Asteco Property Management believes to be reliable; however, no warranty or representation, expressed or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. Asteco Property Management will not be held responsible for any third-party contributions. All opinions and estimates included in this report constitute Asteco Property Management’s judgment, as of the date of this report and are subject to change without notice. Figures contained in this report are derived from a basket of locations highlighted in this report and therefore represent a snapshot of the UAE market. Averages, however, represent a wider range of areas. Particularly exclusive or unique projects have been excluded from the data to avoid distorting averages. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecasts and any variation may be materially positive or negative. Forecasts, by their very nature, involve risk and uncertainty because they relate to future events and circumstances which are beyond Asteco Property Management’s control. For a full in-depth study of the market, please contact Asteco Property Management’s Research team. Asteco Property Management LLC. Commercial License No. 218551. Paid-up Capital AED 4,000,000. | ORN 180

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