Week 22 SUNDAY, 02 JUNE 2019
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Week 22 SUNDAY, 02 JUNE 2019 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS UAE / GCC / MENA UAE ECONOMY EXPECTED TO GROW 2 PER CENT THIS YEAR, CENTRAL BANK SAYS KUWAIT'S SOVEREIGN WEALTH FUND ASSETS GROW DESPITE OIL PRICE VOLATILITY UAE GLOBAL COMPETITIVENESS EDGES UP IN 2019, SAYS IMD STUDY SPINNEYS PLANS EIGHT NEW UAE SUPERMARKETS BY END-2019 COMMITTEE OF UAE PRESIDENT INITIATIVES APPROVES FUNDS FOR $245M PROJECTS UAE TO SLASH OR WAIVE FEES FOR 1,500 BUSINESS SERVICES JEDDAH FORECAST TO SEE 4,000 NEW HOTEL ROOMS BY 2022 RICH KEEPING LARGE CHUNK OF THEIR WEALTH IN UAE GEMS BUYS SAUDI SCHOOL GROUP MA'ARIF SAUDI ARABIA’S REAL ESTATE NEEDS A NEW SET OF IDEAS DAMAC TO OPEN DISCOVERY HUB OF OMAN'S MINA AL SULTAN QABOOS IN Q3 SAUDI ARABIA CONSTRUCTION CONTRACT AWARDS GROW 113% TO $13BN IN Q1 DUBAI'S ENOC REVEALS EXPANSION PLAN AHEAD OF EXPO 2020 SAUDI ARABIAN RETAIL MARKET IS 'REBOUNDING', SAYS PATRICK CHALHOUB OMAN'S SALALAH GRAND MALL SET TO OPEN BY END-2019 HOMEFRONT: 'MY OFF-PLAN PROPERTY IS DELAYED. HOW DO I SEEK COMPENSATION?' SAUDI ARABIA'S DIRIYAH TO BE THE 'BEVERLY HILLS' OF RIYADH, SAYS CEO SAUDI ARABIA'S SRC REDUCES RATES FOR LONG-TERM, FIXED RATE MORTGAGES DUBAI DUBAI LAND DEPARTMENT AND MASHREQ BANK SIGN E-MORTGAGE DEAL GOLD CARD VISA RESIDENCY SYSTEM A 'GAME CHANGER' FOR UAE PROPERTY MARKET ARABTEC SUBSIDIARY BAGS DH192M DEAL TO BUILD TWIN RESIDENTIAL TOWERS DUBAI'S EMAAR DENIES PLAN TO SELL DISTRICT COOLING BUSINESS ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 1 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS UAE'S AZIZI OFFERS $2.7M BONUS TO DRIVE DUBAI PROJECT COMPLETIONS NEARLY 430 NEW RESTAURANTS, CAFES OPEN IN DUBAI IN 2019 DUBAI COMPLETES PROJECT TO REVIVE DEIRA MARKETS IN HERITAGE PUSH OVER 4,000 COMPANIES OPERATE IN DUBAI'S GOLD SECTOR, SAYS DED $1.4BN ROYAL ATLANTIS ON TRACK TO OPEN NEXT YEAR DUBAI'S DAMAC HANDS OVER FIRST SHARIA COMPLIANT PROPERTY INVESTORS IN DUBAI'S HEART OF EUROPE TO QUALIFY FOR MOLDOVAN PASSPORTS UAE'S AZIZI OFFERS $2.7M BONUS TO DRIVE DUBAI PROJECT COMPLETIONS DEVELOPER SAYS $410M DUBAI PROJECT ON TRACK FOR END-2019 COMPLETION DUBAI’S HOMEOWNERS WANT THEIR SAY ON SHORT-TERM RENTS CASH-BASED TRANSACTIONS CONTINUE TO DOMINATE DUBAI REALTY NEW DOWNTOWN EMERGING IN DUBAI: AREAS IN DEMAND AROUND EXPO 2020 DUBAI HAS OVER 15,000 CHINESE INVESTORS, SAYS DED REPORT DIC TARGETS EMERGING MARKETS ENBD REIT POSTS $270M NET ASSET VALUE AND PROPOSES DIVIDEND ABU DHABI ABU DHABI HOTEL REVENUES RISE TO $460M IN Q1 ABU DHABI RESIDENT BECOMES FIRST FOREIGN PROPERTY BUYER TO RECEIVE FREEHOLD TITLE DEED ABU DHABI NATIONAL HOTELS LOOKS TO GLOBAL ACQUISITIONS AND JOINT VENTURES AFTER EMAAR DEAL ABU DHABI OFFICE LANDLORDS BECOME 'INCREASINGLY FLEXIBLE' ON RENTS MIRAL'S $100M CLYMB SPORTS FACILITY TO OPEN IN EARLY 2020 CHINESE FIRM TO INVEST DH36.7B IN KIZAD ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS INTERNATIONAL DUBAI'S EMAAR INKS DEAL TO DEVELOP MEGA PROJECT IN BEIJING DUBAI'S COVE BEACH EYES US, EUROPEAN EXPANSION OVER NEXT 2-3 YEARS DUBAI-BACKED SMARTCITY KOCHI EYES $575M IN NEW FUNDS ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION U AE ECONOMY EXPECTED TO GROW 2 PER CENT THIS YEAR, CENTRAL BANK SAYS Wednesday, May 29, 2019 The UAE Central Bank revised its forecast on economic expansion this year to 2 per cent from a projected 3.5 per cent, as Opec’s third-largest producer reduced output and the global economy is slated to slow down due to escalating trade tensions between the world's two largest economies. The UAE economy accelerated 1.7 per cent last year, according to the latest data from the central bank. “Signs of weaker economic growth in advanced economies as well as in some emerging markets have emerged towards the end of 2018,” the central bank said in its 2018 annual report. “From the supply side of the global oil markets, Opec and non-Opec members proceeded with a decision for further reduction of their oil production.” Crude production in the UAE, the second biggest Arab economy, averaged 3 million barrels per day in 2018, increasing by 1 per cent compared to a decline of 3.9 per cent in 2017, the banking regulator noted. The central bank estimates oil production to continue declining this year to an average of 3.1 million bpd, down from an average of 3.285 million bpd in the fourth quarter of 2018. It will consequently push the oil-GDP growth to 2.7 per cent, lower than 3.7 estimates released in March. In the wake of a slump in oil prices that began in the mid-2014, Opec+, as the alliance led by sovereign producers Saudi Arabia and Russia is called, undertook measures to reduce oil supplies at the start of 2017. The conditions of the pact were reset at the start of January this year with members agreeing to collectively cut oil production by 1.2 million bpd for six months. Opec+ will meet at the end of June in Vienna to decide whether to extend the pact. The indications are the group will take the production cuts deeper into the second half of this year. Compliance by Opec and its allies with voluntary cuts in crude production, rose to 168 per cent in April, the highest level since output curbs were agreed in 2017, Suhail Al Mazrouei, the UAE Minister of Energy and Industry said earlier this month. The conformity of the group, coupled with the gloomy global economic outlook, is dampening economic growth in some of the oil producing nations. In April the International Monetary Fund revised its global growth forecasts for 2019. The Washington-based lender estimates the global economy to grow 3.3 per cent, compared with a previous forecast of 3.5 per cent. The revision was the third by the IMF within six months. The 2019 outlook is the weakest since the 2007-08 financial crisis, and reflects a slowdown in most advanced and some emerging economies, as reciprocal export tariffs introduced by the US and China last year continue to weigh on trade and dampen demand. The central bank projects the UAE’s non-oil GDP, which rose 1.3 per cent in 2018, to climb to 1.8 per cent in 2019 and continue on “its upward trajectory in the subsequent years”. The central bank had previously forecast a 3.4 per cent rise in non-oil GDP in its quarterly report in March. “The announced fiscal stimulus packages and the new investment law will encourage economic growth, increase consumption, reinvigorate the property market, and improve the labour markets as the investors and consumer sentiments continue to solidify,” the banking regulator said in the report. ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION To boost economic growth in the non-oil sector the government rolled out stimulus packages in line with the UAE Vision 2021. The federal government relaxed foreign ownership requirements and also introduced ten-year visas to stimulate the private sector and promote tourism. The new regulation also included job seekers who can now obtain a six month visa, which will support companies and organisations in attracting and retaining talent. In addition, the government announced a landmark law allowing foreign investors to own 100 per cent of companies in selected sectors in the UAE. Last year Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi, and Deputy Supreme Commander of the UAE Armed Forces, approved a Dh50 billion economic stimulus package, with a fund of Dh20bn allocated to the 2019 development package. The measures will help reduce the UAE’s dependence on oil revenues and help create new industries while attracting foreign investment. Dubai's government also rolled out several initiatives of its own to stimulate growth while reducing costs in key industries like aviation, real estate and education. The emirate also reduced the cost of doing business and lowered taxes by reducing service fees for commercial entities by 50 per cent, cancelling 19 fees related to the aviation industry and aircraft landing permits, and waiving 4 per cent late property registration fees imposed by the Dubai Land Department. Source: The National Back to Index ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION KUWAIT'S SOVEREIGN WEALTH FUND ASSETS GROW DESPITE OIL PRICE VOLATILITY Wednesday, May 29, 2019 Assets of the Kuwait Investment Authority (KIA), the oldest sovereign wealth fund (SWF) in the world, have continued to grow despite the oil price shocks, according to Moody’s Investors Service. Future Generations Fund (FGF), one of two funds managed by the KIA, which receives mandatory transfers of funds equivalent to 10 per cent of the government's revenue has continued to grow with solid profitability that has seen it rise to about 309 per cent of Kuwait's gross domestic product, Moody’s said in a report.