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Residential Rents Fall As Vacancy Rates Rise BUSINESS | Page 1 SPORT | Page 1 Yasir spins Pakistan to 133-run INDEX DOW JONES QE NYMEX QATAR 2-12, 32 COMMENT 30, 31 REGION 14 BUSINESS 1-7, 13-16 victory over UDC posts QR484mn 18,169.27 10,404.19 49.82 ARAB WORLD 14, 15 CLASSIFIED 8-12 -53.76 -2.08 -0.70 INTERNATIONAL 16-29 SPORTS 1-8 third-quarter profi t Windies -0.30% -0.02% -1.39% Latest Figures published in QATAR since 1978 WEDNESDAY Vol. XXXVII No. 10253 October 26, 2016 Muharram 25, 1438 AH GULF TIMES www. gulf-times.com 2 Riyals In brief Residential QATAR | Statement rents fall Quetta attack is condemned The State of Qatar yesterday condemned an attack that targeted a police training college in the as vacancy Pakistani city of Quetta, the capital of Balochistan province, and led to the killing and wounding of dozens of people. A statement released by the Ministry of Foreign Aff airs stressed that “such criminal acts are in no way connected to the principles rates rise of Islam”. The statement renewed It is unlikely that rents will Bay to approximately 17%. Quoted highlighting Qatar’s position “which increase again in the short term rents have, on average, reduced by be- rejects violence and terrorism in all due to the pipeline of new supply tween 10% and 15% for most buildings its forms regardless of its motives”. that is likely to come to the market in West Bay, as landlords compete for The statement stressed the solidarity between now and 2018, says DTZ, tenants, it also said. of Qatar and its government with the global real estate advisory DTZ said there is currently a to- the people of Pakistan. It expressed condolences to the government firm tal supply of 1.63mn sqm of offi ce and people of Pakistan as well as space in West Bay, of which almost the families of the victims, wishing he residential market in Doha 300,000sqm is available to lease. the injured a speedy recovery. has seen a drop in rental levels “The Qatar Petroleum district will add Emir and Father Emir in most areas following four more than 200,000sqm to this supply, Three masked gunmen burst into T the sprawling police academy, years of rental growth between 2011 however uncertainty remains as to pretending to be soldiers as they and 2015, DTZ said in its third-quarter how much, if any, of this be available targeted its sleeping quarters of 2016 property times report. to lease in the coming years,” it said. some 700 recruits. Page 27 receive condolences “It is unlikely that rents will in- A number of new offi ce buildings crease again in the short term due are also nearing completion in Lu- QATAR | Sport to the pipeline of new supply that is sail, which when completed, will see IAAF opts against QNA likely to come to the market between a signifi cant increase to the existing Doha now and 2018,” the global real estate supply of approximately 90,000sqm, bribery probe advisory fi rm said. according to DTZ. Athletics’ world body has decided It reported that a fall in demand for In total, DTZ estimates that up to not to investigate bribery claims H the Emir Sheikh Tamim bin residential accommodation in areas 2mn sqm of new offi ce accommoda- against Qatar after a preliminary Hamad al-Thani and HH the such as the Pearl-Qatar, West Bay, Al tion is planned for Qatar within the probe failed to find anything more HFather Emir Sheikh Hamad bin Sadd, and Bin Mahmoud, combined next decade, most notably in Lusail than “rumours” surrounding bidding Khalifa al-Thani yesterday received at with the completion of a large number Marina District, Energy City, West for the 2017 world championships. Al Wajba Palace Kuwait’s Emir, Sheikh of new buildings has resulted in a fall in Bay, and Msheireb. Sabah al-Ahmed al-Jaber al-Sabah, The IAAF was acting on testimony rents in many developments. “This is likely to increase vacancy from UK Athletics chief Ed Warner who off ered his condolences on the There has been an increase in de- rates, and potentially lower rents, un- that the world body’s then vice- death of HH the Grandfather Emir mand for both apartments and vil- less there is signifi cant uptake in de- president, and now president Sheikh Khalifa bin Hamad al-Thani. Sebastian Coe had told him about HH the Deputy Emir Sheikh Ab- las in more peripheral suburbs such mand from both the public and private the bribery allegations. But the dullah bin Hamad al-Thani was also as Ain Khaled, Abu Hamour, and sectors in the next fi ve years,” DTZ body’s ethics board said Coe, when present along with HE Sheikh Ab- Muaither, where cost-sensitive resi- said. questioned, couldn’t remember dulaziz bin Khalifa al-Thani, HH dents can lease units in modern pur- In the hospitality market, DTZ said hearing the rumour or making the Sheikh Abdullah bin Khalifa al-Thani, pose-built developments at substan- the supply of hotel rooms and apart- comment, and that nobody present HH Sheikh Mohamed bin Khalifa al- tially lower rents than are available in ment hotels in Qatar surpassed 20,700 had corroborated Warner’s claim. Thani and HE Sheikh Jassim bin Kha- central Doha. in 2016 after a surge in hotel openings “To date, none of the respondents lifa al-Thani. “The increasing provisions of ‘af- has increased the supply of keys by have had any relevant evidence The Emir of Kuwait was accompa- fordable housing’ on the outskirts of 30% since 2014. corroborative of Mr Warner’s nied by a high-level delegation. Doha is putting pressure on landlords “DTZ understands that more than recollection or relevant to the Meanwhile, the Kuwaiti Cabinet has in more central locations to provide 26,000 hotel rooms and hotel apart- alleged factual matters the subject of off ered its condolences to HH the Emir more fl exible lease terms for vacant ments, in 69 buildings, are currently the purported rumour,” a statement Sheikh Tamim bin Hamad, the Qatar units, with many off ering apartments at various stage of construction in Qa- said. London won the vote to host government and people on the death and villas at rents that are between 5% tar. On completion, this will increase the 2017 world championships, while of HH the Grandfather Emir, praising and 10% below what would have been overall supply to more than 47,000 Qatar will hold the following edition his role in standing by Kuwait during achieved in 2015. rooms,” it said. in 2019 after coming out on top in a the Iraqi invasion in 1990. “At the premium end of the market, The supply of retail accommo- ballot in 2014. This came during the weekly Cabi- rents in The Pearl-Qatar and West Bay dation is set to increase by almost net meeting chaired by Prime Minis- have been impacted by the exodus of 200,000sqm with the Mall of Qatar QATAR | Statement ter Sheikh Jaber Mubarak al-Hamad white-collar workers, many of whom scheduled to open in December, DTZ al-Sabah. Kuwait’s Minister of State for left Qatar at the end of the previous said. Ministry slams blast Cabinet Aff airs Sheikh Mohamed Ab- school year in June,” the report said. “The recent economic slowdown targeting Kenya hotel dullah al-Mubarak said in a statement The offi ce market, on the other hand, has impacted the retail sector howev- The Ministry of Foreign Aff airs reported by Kuna that the cabinet would yesterday expressed Qatar’s remember with appreciation the position continued to struggle over the summer er, with retail spending reported to be condemnation of an explosion of HH the Grandfather Emir in rejecting hamed bin Khalifa al-Thani and HE to convey his condolences. months as demand has been largely down by between 10% and 15% since that targeted a hotel in Mandera, the aggression of the previous Iraqi re- Sheikh Jassim bin Khalifa al-Thani. HH the Emir and HH the Father limited to the private sector, while de- 2015. The more challenging climate a city in the north-east of Kenya. gime on Kuwait and support to Kuwaiti The Saudi crown prince was ac- Emir also received the Adviser to mand from the government and hydro- for retailers has not yet been refl ected The explosion led to a number of legitimacy, as well as Qatar’s hosting of companied by a high-level delegation. Sultan Qaboos bin Said of Oman carbon sectors remains subdued, DTZ in a signifi cant increase in vacancy killings and injuries. The statement the GCC summit in December 1990. UAE Vice-President and Prime Sayyid Shihab bin Tariq al-Said, said. levels or reduction in rents, as retailers expressed condemnation to all The statement expressed the Ku- Minister and Ruler of Dubai Sheikh Representative of King Mohamed It noted that the fall in demand for will typically be subject to lease terms criminal acts that aim to terrorise waiti Cabinet’s condolences to Qatar’s Mohamed bin Rashid al-Maktoum VI of Morocco Prince Moulay Ra- offi ces, combined with the comple- of fi ve years and will take a longer term the peaceful and take the lives of Emir, government and people. and Crown Prince of Abu Dhabi and chid, and former president of Su- tion of new buildings has resulted in view on the prevailing economic cli- the innocent. The statement also HH the Emir and HH the Father Deputy Supreme Commander of the dan Field Marshal Abdel Rahman an increase in availability rates in West mate,” DTZ said.
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