Week 29 SUNDAY, 21 JULY 2019

ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

REAL ESTATE NEWS

UAE / GCC / MENA

HOMEFRONT: 'I'M LEAVING THE UAE. HOW DO I ENSURE MY APARTMENT HANDOVER GOES SMOOTHLY?'

MENA START-UP DEALS RISE TO A RECORD IN FIRST HALF OF THE YEAR

INDIA'S OYO LAUNCHES CAPITAL O HOTELS IN THE UAE

UAE CHANGES SPONSORSHIP RULES FOR LOW-PAID WORKERS

AMID UAE VISA REFORMS, HOME BUYERS AWAIT WHAT’S NEXT

HOW TO USE YOUR RENTAL PAYMENTS TO BECOME AN OWNER IN UAE

DUBAI, ABU DHABI OUTLOOKS IMPROVE SUBSTANTIALLY

UAE REALTY SET TO STABILISE

UAE HEADED TOWARDS A 'BUYER'S MARKET' IN THE RESIDENTIAL SECTOR

SAUDI ARABIA'S NON-OIL SECTOR TO GROW 2.9% IN 2019 ON GOVERNMENT SPENDING, IMF SAYS

REVEALED: UAE RESIDENTS' MOST PREFERRED SPOTS FOR STAYCATIONS

DUBAI

DUBAI BEEFS UP TRANSPORT SYSTEM TO SERVE 25 MILLION VISITORS TO EXPO 2020

EMAAR PROPERTIES ACCOUNTS FOR ONE-THIRD OF DUBAI DEALS IN FIRST HALF OF 2019

THE NEXT EVOLUTION IN REAL ESTATE IN DUBAI

WHERE ARE THEY NOW? DUBAI HEART WATER PARK RESORT

WHERE ARE THEY NOW? DUBAI'S TECHNOSPHERE

MONTENEGRO'S 'BLESSED BY NATURE' PAVILION AT EXPO 2020 DUBAI

WHERE ARE THEY NOW? BRAD PITT'S ECO-FRIENDLY DUBAI PROJECTS

CHINA STATE TO BUILD EMAAR'S MARINA VISTA PROJECT IN DUBAI

WHERE ARE THEY NOW? DUBAI'S UNDERWATER TENNIS STADIUM

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

REAL ESTATE NEWS

WORLD'S FIRST ROPELESS ELEVATORS TO FEATURE AT EXPO 2020

INFRASTRUCTURE PROJECT WORTH $212M FOR NEW DUBAI MALL 45% COMPLETE

RENTING A HOUSE IN DUBAI: LEARN HOW EJARI WORKS

DUBAI TOURISM HAS STRONG GROWTH POTENTIAL FOR NEXT DECADE

AVERAGE DUBAI HOUSE PRICE FALLS TO $670,000 IN JUNE

REVEALED: EMAAR'S PLAN TO BUILD ITS FIRST 3D PRINTED HOME IN DUBAI

WHERE ARE THEY NOW? DUBAI'S INTERNATIONAL CHESS CITY

JUMEIRAH PARK PERFECT FOR LUXURY LIVING

ABU DHABI

NEW PAYMENT PLANS ROLLED OUT FOR SIX DEVELOPMENTS IN ABU DHABI

ADX COMMISSION FEES CUT TO BOOST ABU DHABI FURTHER

BUYERS AND TENANTS CALLING THE SHOTS IN ABU DHABI REAL ESTATE MARKET

$490M ABU DHABI HOMES PROJECT FOR EMIRATIS REVEALED

ABU DHABI GETTING AFFORDABLE, SO IT'S A GOOD TIME TO NEGOTIATE

INTEREST SOARS AFTER ABU DHABI OPENS UP PROPERTY MARKET, PRICES FALL

WORK STARTS ON $41M AL AIN ZOO UPGRADE PROJECT

ABU DHABI HOTELS SET TO POST HIGHEST JUNE OCCUPANCY FOR FIVE YEARS

INTERNATIONAL

LONDON HOUSE PRICES TUMBLE AT FASTEST RATE IN 10 YEARS

LONDON HOUSING MARKET WEAKENED LONG BEFORE BREXIT VOTE

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

LONDON HOUSE PRICES TUMBLE AT FASTEST RATE IN 10 YEARS Wednesday, July 17, 2019 House prices in London fell at the fastest rate in almost 10 years in May, according to data that also showed consumer price inflation held at the Bank of England's 2% target for a second month running in June. House prices in the capital fell 4.4 per cent in annual terms, marking the biggest fall since August 2009, the Office for National Statistics (ONS) said. Extending a period of weakness in the property since the Brexit vote more than three years ago, house price growth across the United Kingdom slowed to 1.2 per cent, matching February's six- year low. Some other surveys have suggested recently that the housing market might be past the worst of its slowdown. London house prices are now 6.4 per cent below their July 2017 peak, a disappointment to some homeowners but a much smaller fall than the 17.8 per cent peak-to-trough hit during the global financial crisis. Furthermore, the current downturn in the capital represents only a small hit given that London house prices have almost doubled since the financial crisis, leaving the city unaffordable for many buyers. Separate data from the ONS showed not only stable consumer price inflation but also a reduction in pipeline price pressures for British factories. Households, whose spending drives Britain's economy, have been helped by modest rates of inflation combined with the lowest unemployment rate in 44 years and rising wages. The ONS said producer input costs, which eventually feed through into prices on the high street, fell 0.3 per cent in annual terms in June, the first decline in three years. Source: The National Back to Index

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HOMEFRONT: 'I'M LEAVING THE UAE. HOW DO I ENSURE MY APARTMENT HANDOVER GOES SMOOTHLY?' Wednesday, July 17, 2019 I'm leaving the UAE at the end of this month. Can you give me a checklist for all the things I need to do to ensure handing over my apartment to the landlord goes smoothly. I have lived in a two-bedroom apartment in a tower in Jumeirah Lakes Towers for the last three years and want to ensure everything is done in the correct manner to secure my deposit. I also want to make sure the paperwork is in order ahead of my residence visa cancellation. I have a good relationship with the landlord but I still hear horror stories about when people move out. TM, Dubai The first thing that needs to be done is to inform the landlord that you will not be renewing your lease, for this I suggest you check your contract to see what the clauses say in terms of notice. Law 33 of 2008 amended Law 26 of 2007, which is the law that governs the relationship between landlords and tenants. The updated law did away with the need to give any notice when not renewing, however one must abide by the agreed terms in the rental contract which is binding. The property has to be returned in the same condition it was given at the start of the lease so if it was freshly painted and cleaned this is how you have to give it back. Ensure you repair any minor issues that fall under the tenant's responsibility as per your contract. Typically any maintenance items that require a cost less than Dh500 per item fall under the responsibility of the tenant. A few days before vacating, contact your utility companies explaining your departure. You will be given final bills for water, electricity, gas and cooling (if applicable) and internet/home services. Once all paid up, keep receipts and clearance letters/certificates for proof of nothing further outstanding. Don’t forget to visit your nearest happiness centre to cancel the Ejari too. Cancelling the Ejari is often a forgotten part of leaving a rented property by the tenant, mainly because it doesn't really affect the outgoing tenant as such. The Ejari cancellation is however very important for the landlord because a new Ejari cannot be issued until the old one is terminated. The cost to close the file is Dh40 and some landlords insist on the cancellation before releasing any residual tenancy deposit. Once all of the above is done, arrange for the landlord to visit the property with you just before departure in order to inspect it and organise for the return of your deposit. If one has already left the country, the landlord can send the remaining deposit owed through a bank transfer to the home country bank account of the tenant. Mario Volpi is the sales and leasing manager at Engel & Volkers. He has worked in the property sector for 35 years in London and Dubai. The opinions expressed do not constitute legal advice and are provided for information only. Source: The National Back to Index

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

NEW PAYMENT PLANS ROLLED OUT FOR SIX DEVELOPMENTS IN ABU DHABI Monday, July 15, 2019 Aldar Properties on Monday introduced new post-handover payment plans at six of its projects in Abu Dhabi. Customers will be able to buy villas, townhouses and apartments with no registration fee and payments spread over four to five years after handover for up to 60 per cent of the development value. The plan is applicable at its Mamsha, Jawaher, Yas Acres, Mayan, Alghadeer and Reflection developments. “Under the terms of the new post-handover payment plans, customers will be able to buy dream homes on beneficial terms at a choice of six prime developments in Abu Dhabi,” Maan Al Awlaqi, Executive Director, Commercial at Aldar said in a statement. The development comes as Abu Dhabi focuses on boosting the property market with a new real estate law that allows foreigners to own freehold property in designated zones. Earlier, ownership of property was only allowed to UAE and GCC nationals. Abu Dhabi government also launched a Dh50 billion Ghadan 21 programme that is expected to have a positive impact on the real estate sector in the emirate. Long-term visas are also being granted by the government for investors. In the first six months of this year, Abu Dhabi's real estate sector overall saw 10,000 transactions worth Dh31bn, according to a report by the Department of Urban Planning and Municipalities. Reem Island topped the volume of transactions in the capital with deals totalling Dh4.37bn. Source: The National Back to Index

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ADX COMMISSION FEES CUT TO BOOST ABU DHABI FURTHER Wednesday, July 17, 2019 Abu Dhabi has, in a relatively short period, developed into an advanced city and one of the leading financial locations not just in the Middle East and North Africa but also globally. According to the Global Financial Centre’s Index (GFCI), Abu Dhabi ranks 26th out of 102 financial centres, ahead of Paris and Geneva, which occupy the 27th and 28th places, respectively. Economically, the emirate is in a strong position, with gross domestic product (GDP) at current prices (nominal GDP) growing to Dh931 billion in 2018, up 14.4 per cent up from Dh814bn in 2017. Furthermore, S&P Global recently affirmed the emirate’s AA/Stable/A-1+ credit rating, stating: “the exceptional strength of the government’s net asset position provides a buffer to counteract the effect of oil price swings on economic growth.” This solidifies our aspiration for the UAE to advance further and to become globally competitive. At Abu Dhabi Securities Exchange (ADX), we are proud to play an essential part of this ambition. One of ADX’s first actions to help realise Abu Dhabi’s vision to make its economy even more dynamic and globally integrated was to incentivise investment on its exchange by reducing trade commission fees. This reduction starts at 50 per cent and goes up to 90 per cent. There are a number of upsides and advantages to this momentous step. When the board sat down many months ago, the reasons put forward for the the reduction in transaction fees were as follows: 1) Performance-driven: by reducing its commission fees, ADX confirms its commitment to increasing liquidity and overall activity in its capital market. The initiative is a significant shift towards promoting long-term investment that will create new economic opportunities. 2) Create an efficient market environment: the reductions of the commission fees recently announced by ADX are designed to act as a magnet for foreign investments, which will help the emirate to diversify its economy. The ADX initiative is considered as the first pivotal step toward achieving this goal. 3) Contribution to Abu Dhabi economic development: the reductions of ADX’s commission fees reflect a broader drive to deepen capital markets by providing more options for investors and great opportunities for government entities to raise capital. It will lead to wealth creation, whether in terms of generating new business and sparking bigger traded volumes on the stock market. 4) Unique value proposition: by reducing its commission fees, ADX now boasts the lowest rate in the region, enhancing Abu Dhabi’s reputation as a great place to invest. By removing barriers and costs of doing business, ADX is making its investment platform attractive. We are confident that reducing the trading commission fees will enhance the business and investment environment in Abu Dhabi even further. Through this initiative and the introduction of other investment opportunities, ADX is providing additional incentives for both local and international investors to invest on the exchange. The collective efforts of ADX will help to support improving the Abu Dhabi business and investment environment, alongside other core tenets including society, knowledge and innovation, and lifestyle.

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We hope to make a big contribution towards creating a brighter world for Abu Dhabi.

Khalifa Salem Al Mansouri is acting chief executive of ADX. Source: The National Back to Index

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MENA START-UP DEALS RISE TO A RECORD IN FIRST HALF OF THE YEAR Monday, July 15, 2019 The number of investment deals for start-ups in the Middle East and North Africa climbed to a record 238 transactions in the first half of this year, attracting $471 million (Dh1.73 billion) in funding led by investors from Asia. The volume of deals grew 28 per cent year-on-year, while the amount raised surged 66 per cent in the first six months of 2019, according to start-ups platform Magnitt’s Mena Venture Investment report. About 130 institutional investors invested in Mena-based start-ups in the first half, 30 per cent of which were headquartered outside that region, it noted. Financial technology (FinTech) retained its position as the most active industry by number of deals, accounting for 17 per cent, including $8m to Yallacompare, $6m invested in Souqalmal and $4m in Beehive, according to the report. E-commerce ranked second with 12 per cent of all deals, followed by Delivery & Transport, making up 8 per cent of all deals in Mena. “The acceleration of funding we saw in the latter half of 2018 has continued into 2019," Philip Bahoshy, the founder of Magnitt said. "There are many signs of an ever-maturing ecosystem. As start-ups grow, we have seen more start-ups raising larger tickets, more exits and a continued interest from international investors in the region, especially from Asia.” Separately, about 15 start-up exits took place during the first six months of 2019, with Careem’s $3.1 billion acquisition by Uber being the first unicorn exit in the region. The deal follows Amazon’s acquisition of Souq last year and transactions such as these will act as a catalyst to encourage the region’s entrepreneurial environment, Mr Bahoshy said. The UAE, the second-biggest Arab economy, remained the most active start-up ecosystem, accounting for 26 per cent of all deals and two-thirds of total funding in the region. Egypt ranked second in terms of number of total deals accounting for 21 per cent of the Mena transaction volume, followed by Lebanon at 13 per cent. Saudi Arabia was one of the fastest growing ecosystems in the Arabian Gulf, recording 26 investments in the first half, a 1 per cent year-on-year rise. Start-ups in the UAE secured $31.36m in funding last year and accounted for 88 per cent of the entire value of deals in the Mena region. Firms in local services, e-commerce and financial services made up nearly half of the deal count (44 per cent), with logistics, software, media, education and transportation comprising the remainder, according to data from Aim Start-up, a platform set up by the UAE’s Ministry of Economy. Promoting start-ups and helping them go through initial stages of growth is among the top priorities of the UAE. There are several initiatives, incubators and accelerator programmes at the federal and emirate level to help in the development of these companies, especially in financial technology, media, government services and e- commerce sectors. “As an early adopter of entrepreneurship, the UAE government has embraced initiatives to help foster founders," Mr Bahoshy told The National.

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"Scale is the name of the game in 2019 as seen from the acquisitions of Souq and Careem. Creating an environment where start-ups can penetrate cross boarder activities effectively, both entering the UAE and those looking to expand out, will create further interest in the Mena start-up landscape from international investors.” Silicon Valley’s 500 Startups, which has a Mena investment team, remained the most active venture capital firm, especially in early stage investments, while Flat6Labs in Abu Dhabi was the most active accelerator programme. EMPG pulled in the highest amount by a single start-up, raising $100m in February this year, followed by Yellow Door Energy which secured $65m investment and Swvl at third with $42m in funds raised, according to Magnitt. Source: The National Back to Index

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DUBAI BEEFS UP TRANSPORT SYSTEM TO SERVE 25 MILLION VISITORS TO EXPO 2020 Sunday, July 14, 2019 Dubai is building an advanced transport system through several projects that will serve the expected 25 million visitors of Expo 2020 Dubai. "Expo 2020 Dubai is cooperating with government institutions to provide a unique transportation experience to all visitors," Ahmed Al Khateeb, chief executive of Real Estate Development at Expo 2020 Dubai, told UAE state news agency Wam. "Plans have been drafted according to the highest international standards, to provide visitors with a leading mass transportation system, which includes the Dubai Metro, buses, and taxis, as well as private cars." Mr Al Khateeb added that the expo’s three main entrances and the Dubai Metro entrance, as well as the availability of 30,000 parking lots, will help smooth entry and departure to and from the site. Expo 2020, which will take place under the slogan "Connecting Minds, Creating the Future", is expected to attract 25 million visitors during its six-month duration and the location is designed to accommodate 300,000 people at any one time. Ahmed Hashim Bahrozyan, chief executive of the Public Transport Agency and chairman of the Readiness Committee for hosting Expo 2020 Dubai, said that the Road and Transport Authority (RTA) drafted a detailed plan to provide safe and easy transportation to Expo 2020 visitors. The plan includes the implementation of "Route 2020", a 15 kilometre extension of the Red Line of Dubai Metro to Expo 2020, to transport 44,000 people in both directions every hour, he added. Mr Bahrozyan said the RTA completed its airport road project to increase the road’s capacity, to handle the expected 95 million passengers travelling through Dubai International Airport in 2020. Also, the development of nine-km-long Al Yalayis road with a capacity of four tracks in each direction, while work is under way to develop the roads leading to Expo 2020, which cost more than Dh3 billion. He also said that the RTA will have available 724 buses to transport passengers from specific stations in Dubai and other parts of the country, at the rate of one bus every 15 minutes. The emirate's economy is estimated to grow 2.1 per cent in 2019 and 3.8 per cent in 2020 driven by the Expo 2020, which is expected to contribute to tourism, telecommunications, financial services, transportation, real estate and retail, the Department of Economic Development said in June. Source: The National Back to Index

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EMAAR PROPERTIES ACCOUNTS FOR ONE- THIRD OF DUBAI DEALS IN FIRST HALF OF 2019 Tuesday, July 16, 2019 Emaar Properties accounted for 4,756 deals worth $3.2 billion (AED12.1bn) in the first six months of 2019. Figures released by Property Finder reveal that the Dubai Land Department (DLD) registered a total of 18,681 transactions in the first half of the year, with Emaar responsible for 30 percent. Transactions worth $10.7bn (AED40.3bn) were registered in Dubai over the same timeframe, according to DLD statistics - Emaar accounted for almost 40 percent. Emaar units were primarily sold in projects such as Downtown Dubai, Dubai Hills Estate, Dubai South, Dubai Creek Harbour, Dubai Harbour and Arabian Ranches 2. A distant second, Damac Properties accounted for 1,476 registered real estate transactions worth $453m (AED1.7bn), with buyer interest in projects like Damac Hills and Aykon City in Business Bay. Nakheel accounted for 1,129 registered property deals worth $599.9m (AED2.25bn) in H1, mostly in Palm Jumeirah and International City. Meanwhile, Dubai Properties Group had 868 registered transactions worth $479.9m (AED1.8bn), in Dubailand (Arjan, Mudon), Business Bay (Executive Towers), Jumeirah Beach Residence, Remraam and Madinat Jumeirah Living. Off-plan In terms of off-plan transactions, Emaar also dominated the volume of this segment, accounting for the lion’s share of 46 percent. It also contributed 61 percent of the value of off-plan transactions in H1 2019. The developer registered 3,590 off-plan transactions worth $2bn (AED7.6bn). Dubai Hills Estate LLC came second, taking up 11 percent - the Emaar-Meraas JV saw 1,092 off-plan registered transactions worth $399.9m (AED1.5bn). Damac Properties was responsible for eight percent of the volume of registered transactions. In H1, the developer registered 840 off-plan transactions valued at $229.8m (AED861.9m). This was followed by Azizi Developments, which registered 682 transactions worth $115.2m (AED432.4m). Dubai Properties Group saw 441 registered transactions worth $205.9m (AED772.5m). Figures include residential (apartments, villas/townhouses) and commercial properties. Source: Arabian Business Back to Index

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THE NEXT EVOLUTION IN REAL ESTATE IN DUBAI Monday, July 15, 2019 We live in an increasingly digital world – one in which technology now touches every aspect of our lives. Over the years, we have welcomed fintech, retailtech and martech – all of which have radically disrupted their respective industries, altering the status quo to empower the end-user through intuitive, personalised services backed by big data. And yet to date, the real estate industry has been, by and large, slower to adopt new technologies; despite the overwhelming number of advantages that such innovative solutions could bring to regulators, owners, landlords and tenants alike. Proptech is defined by a wave of technological innovations that will revolutionise the real estate industry in the short to medium term. By bringing together digital innovation and data, the technology driving this change will ensure better efficiency and increased profitability across the entire sector. Technology, including smart buildings, robotic process automation, machine learning, AI, internet of things (IoT), augmented reality and blockchain will play an instrumental role in advancing the industry: They will also play a crucial part in further enhancing Dubai’s reputation as a key investment hub, whilst enabling quicker purchases – supported by analytics, which is of particular interest to overseas buyers. Dubai is the epitome of a modern metropolis. It’s a smart city that utilises the world’s most innovative technology to provide the best possible quality of life. It is also a leading investment hub attracting the biggest multinationals from around the globe due to its strategic location and world-class business environment. Expo 2020 will bring millions of people to Dubai, who have not yet visited its shores. And, in doing so, it will bring many new investment opportunities. Proptech will prove instrumental in providing would-be investors with everything that they need to make informed, data backed business decisions to grow their organisations in the emirate. It will be a crucial tool for the entire real estate sector to show the world what Dubai has to offer businesses and residents alike. Like with all technology, the success of proptech is entirely dependent upon the skill of those using it. When employing the use of new technology, it is important that the consultant is fully aware of the limitations of any solution, analyses the information that it provides, and constantly questions the findings. There are many solutions on the market and whilst some will indeed provide unrivalled support, many will not prove quite so helpful. In addition, it is vital that when promising solutions are found they are fully integrated into the process by the whole industry as opposed to being considered as an afterthought. It is also important that the end-user understands the limitations of such technology: Human error must still be accounted for, even when using the most innovative solutions that the industry has to offer. Ensuring that the needs of all stakeholders are met is an important factor in the success of a technology. Proptech firms must ensure that they are completely aligned with the priorities of their end-user. The real estate sector must too evolve to ensure that it is well positioned to take advantage of the digital transformation that is slowly infiltrating the industry. Proptech should be embraced, but that’s not to say that the role of consultant should in any way be diminished. Residential property market in Dubai

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Mainstream residential prices in Dubai fell by 4.1 percent over the year to November 2018, according to the latest Property Monitor Index.

Prices for villas continue to fall at a faster pace at 6.1 percent, compared to prices for apartments which fell by 4.8 percent over the same time period. On a community wide basis, data as at November 2018 shows that of the 61 communities and property types tracked in Dubai by Property Monitor, only one area has registered an annual increase in prices, this is down from Q1 2018, where five areas had registered increasing prices in Dubai. The current gap between the top and bottom ranking communities, in terms of annual price performance, currently stands at 9.1 percent, up from the 7.6 percent registered in March 2018. These price movements show that we are continuing to see a fragmented market operate in Dubai. Compared to the mainstream market, the prime market has performed better in relative terms, however there still has been pressure on prices, with prime residential prices in the year to November 2018 falling on average by 3.3 percent. Rental rates across Dubai fell on average by 7.7 percent in the year to November 2018 with apartment rents falling by 8.4 percent and villa/townhouse rents by 8.3 percent over the same time period. Source: Arabian Business Back to Index

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BUYERS AND TENANTS CALLING THE SHOTS IN ABU DHABI REAL ESTATE MARKET Sunday, July 14, 2019 Average sales prices for apartments and villas in Abu Dhabi dropped by 5 percent and 3 percent respectively in Q2, while rents were also down 6 percent for apartments and 3 percent for villas, according to the latest report from Chestertons. However, Nick Witty, managing director, Chestertons MENA, believes recent legislation and government action will provide a huge boost to the real estate sector in the capital, in the long-term. He said: “Downward price corrections in this quarter are expected to continue throughout the rest of this year as over 11,000 units are scheduled to be delivered, which is creating a highly competitive market in favour of both tenants and home-buyers, to the detriment of property prices and rents. “There is, however, reason to be optimistic. The recently announced freehold law is expected to generate a marked improvement in the capital’s real estate sector. The UAE ministry has also recently cut work permit fees by between 50 percent and 94 percent, while the 10-year residency visa should enable people to put down roots in the country and encourage them to invest in property for the long-term.” According to Chestertons’ Observer: Abu Dhabi Market Report Q2 2019, the sales market witnessed a shift towards affordability and competitive pricing. This was reflected in the apartment sector by an 8 percent Q-on-Q price decrease in Saadiyat Island - the largest decrease in all communities - with apartments now available for AED1,400 per sqft. This was followed closely by Al Raha Beach and Al Ghadeer, which both saw negative adjustments of 6 percent Q-on-Q to AED1,300 per sqft and AED750 per sqft respectively. Al Reef was the most resilient, witnessing a 1 percent decline to 814 per sqft in Q2. The villa sales market witnessed further declines in Q2, with Al Raha Beach and Al Ghadeer experiencing price corrections of 5 percent to AED1,160 per sqft and AED700 per sqft respectively. Al Reef witnessed a further 3 percent drop in Q2 with average sales prices now AED628 per sqft, a result of all communities becoming more in line with market affordability and demand. While Khalifa City was the only villa location to maintain the same price as Q1, at AED872 per sqft. “In the short term we expect prices to drop further, however, with the introduction of new laws, it is likely expatriates will have the confidence to stay in the market for a longer period of time. Flexible payment plans have also become the norm while developers appear to be at the early stages of implementing co-working and co-living concepts into developments, a trend that has been successfully implemented in Dubai and many other countries around the world. These will all provide some much-needed stability to the real estate market in the capital,” added Witty. Reduced demand Rental rates in Q2 continued to be hampered by new supply entering the market, reduced demand, ongoing redundancies - potentially a further 2,000 redundancies as part of the ADCB merger - and companies providing lower rental allowances. The greatest rental declines for apartments were in Al Muroor which has now seen a 16 percent decline since the turn of the year to AED65,000 per annum for a typical two-bedroom apartment. And Mohammed Bin Zayed City

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where rates fell 10 percent Q-on-Q to AED50,000 for the same size accommodation. The Corniche Road and Al Reem Island also witnessed declines; however, these were more subdued at 5 percent, with a three-bedroom apartment renting for AED155,000 and AED130,000 per annum respectively. Average apartment rates in Al Reef fell by just 2 percent with a typical two-bedroom apartment available for AED71,000, making it the most resilient apartment location. Underscoring the demand trend for more affordable rental options in the villa market, Al Reem Island’s four and five-bedroom villas recorded the biggest rental decline Q-on-Q of 8 percent and 7 percent respectively. A five- bedroom is now available for AED275,000 per annum. Al Raha Gardens saw a 5 percent average drop with a four-bedroom now available for AED165,000, while Al Khalidya and Al Reef were the most resilient with a nominal 1 percent decline to AED179,000 and AED132,000 per annum respectively for a four-bedroom apartment. Source: Arabian Business Back to Index

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WHERE ARE THEY NOW? DUBAI HEART WATER PARK RESORT Thursday, July 18, 2019

The designs included a cafeteria, restaurant, roof garden bars, marina, children water zone, sky lounge, amphitheatre, jogging walkway, water sports area and family Jacuzzi area. As part of our new summer series, we will be looking back at some of the most colourful and extraordinary proposals pitched in Dubai and the wider region and investigating what happened to them. Earlier in the week, we looked at plans for an underwater tennis stadium pitched by a Polish architect, Hollywood actor Brad Pitt’s ideas for a series of environmentally-friendly projects across Dubai, a Swedish firm’s designs for a moving statue and on Wednesday we looked at a Chinese team’s ambitions for a globe-shaped, technologically- advanced neighbourhood. Today, we are looking at the Dubai Heart Water Park Resort. Water parks are very popular in the United Arab Emirates. Statistics from the Themed Entertainment Association show that last year Dubai had two parks in the top ten of the most popular in Europe, the Middle East and Africa. In second place was Aquaventure at The Atlantis The Palm Hotel, which attracted 1,397,000 in 2018, and in joint eighth was Jumeirah's Wild Wadi, which had 720,000 visitors last year.

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Therefore, it is no surprise that Dubai decided it wanted to capitalise on this trend and put out requests for another a bigger, better water park. The result was Dubai Heart Water Park Resort.

According to the design plans, the resort was to sit on a 46,050 square metre island off the coast of Dubai’s Jumeirah Beach. The main theme demanded by Dubai Municipality was that the symbolic letter written in Arabic, ‘Heart’ was to be used throughout the design.

The final design was submitted by Hong Kong-based architecture firm THEEAE in December 2017. “The main theme Dubai Heart was given from The Dubai Municipality and we developed as to be meet their given concept to achieve the world’s highest water slide and the greatest man-made waterfall,” a spokesperson told Arabian Business. The designs also included a cafeteria, restaurant, roof garden bars, marina, children water zone, sky lounge, amphitheatre, jogging walkway, water sports area, family Jacuzzi area, and so on. Despite the popularity of other parks in the area, THEEAE said the project has so far not advanced any further than the drawing board. “We don’t have further information to answer. It was the invited competition and we have no further information,” the spokesperson added. Source: Arabian Business Back to Index

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WHERE ARE THEY NOW? DUBAI'S TECHNOSPHERE Wednesday, July 17, 2019 Dubai's Technosphere, a sphere-shaped neighbourhood pitched in 2009 and meant to be located in Technopark, an industrial complex in west Dubai.

As part of our new summer series, we will be looking back at some of the most colourful and extraordinary proposals pitched in Dubai and the wider region and investigating what happened to them. Earlier in the week, we looked at plans for an underwater tennis stadium pitched by a Polish architect, Hollywood actor Brad Pitt’s ideas for a series of environmentally-friendly projects across Dubai and yesterday we looked at a Swedish firm’s designs for a moving statue, which included a golden nightclub in its head. Today, we are looking at the Technosphere.

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Circular or dome-shaped buildings are relatively common, such as the Aldar headquarters in Abu Dhabi, the Eden project in the United Kingdom, the Reichstag building in Berlin and Expo 2020 Dubai will have a dome-shaped building – Al Wasl Plaza – as the centrepoint for the whole site when it opens next year. However, the Technosphere took the idea to a whole new level. According to the design documents, “the concept of this iconic building for the Technopark of Dubai, is a building which will reflect the state of Planet Earth in the current and future times”. Essentially, the building was to be a sphere-shaped, mixed-use neighbourhood - with residential, office and hotel areas - and would include solar power and “technology systems and architectural spaces that will enable the building to generate a self breathing environment”. The project was designed by Chinese firm James Law cybertecture and launched in 2009 as the winner of an international design competition for a focal point for Technopark, an industrial complex to be built in western Dubai. “The competition called for a new iconic city centre for the Technopark masterplan in UAE. Instead of conceiving an energy sapping and wasteful urban district of buildings, we decided to take a super compression approach of compacting the entire brief into a single entity, a man-made planet that saves on commuting, energy, and building materials. The land around the site that is released by this super compression, is then conceived as public parks for citizens,” designer James Law told Arabian Business. Law said the building was given the green light in 2009 but work ground to a halt very quickly. “Site work just began when the financial tsunami of 2009 hit, and the project, along with many, were put on hold,” he said. “In 2013, there was some discussions from our client, the Technopark, that the project may be revived. However, this was not yet happened,” he added. Source: Arabian Business Back to Index

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MONTENEGRO'S 'BLESSED BY NATURE' PAVILION AT EXPO 2020 DUBAI Wednesday, July 17, 2019 Montenegro is the latest country to unveil its Expo 2020 Dubai pavilion. Located in the Sustainability District, the Matija Vokovic-designed pavilion will have a theme of 'Blessed by Nature'. The pavilion will allow visitors to explore Montenegro’s rich cultural history and its sustainability-driven future, and with its national parks, water resources and diverse ecosystems, while celebrating it as an open and safe investment destination. It will also highlight the richness of Montenegro’s biodiversity, its innovative efforts to strike a balance between man and nature, and its strategy for rapid economic development that seeks to preserve the environment for future generations. Source: Arabian Business Back to Index

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WHERE ARE THEY NOW? BRAD PITT'S ECO- FRIENDLY DUBAI PROJECTS Monday, July 15, 2019 As part of our new summer series, we will be looking back at some of the most colourful and extraordinary proposals pitched in Dubai and the wider region and investigating what happened to them. Yesterday, we looked at plans for an underwater tennis stadium pitched by a Polish architect. Today we are looking at the Hollywood actor Brad Pitt. Pitt’s real estate link to Dubai began in late 2007 when it was reported that the American actor and his then partner Angelina Jolie had bought their own private island within Dubai's ‘The World' development. Reports later claimed the couple had bought the Ethiopia Island on The World and planned to turn it into a showpiece for environmental issues, with the hope that it would encourage people to live a "greener life". While the 2007 stories appeared to be just rumours, a few months later bigger plans were announced when it was revealed that the Hollywood heartthrob-turned-architect was part of a team that had partnered with developer Zabeel Properties to design and build an environmentally-friendly hotel in Dubai. “Whilst acting is my career, architecture is my passion. Selecting this development as my first major construction project has been a simple decision," Pitt was quoted as saying in a statement. “We will be unveiling precise plans in the next few months, but you can expect something that is not only stunning to look at, but will also be an incredible attraction to visit or stay at." While the media release said the location of the project will be unveiled in the "near future", things went quiet pretty quickly. In a bit to realise his passion for architecture, Pitt had teamed up with Graft, a Los Angeles-based architecture firm which also has offices in Berlin and Beijing. The company’s website still lists two projects in Dubai the company had worked on as part of its partnership with the actor. Vertical Village (pictured below) is described as “a residential, hotel and entertainment development that harnesses the most powerful renewable energy source in the desert: the sun”.

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Another project, the Desert Canyon Resort (images below), was described as the potential new venue for the Dubai film festival.

“The lively mix of theatres, cinemas, restaurants and bars have been organized into an urban canyon that brings people from the street, down into shaded entertainment district, culminating in an enclosed oasis, completely removed from the context of surrounding developments. This canyon space is filled with opportunities to see and be seen and is configured to also function as a single huge venue with a meandering red carpet processional route,” the plans claim. When contacted by Arabian Business, a spokesperson for Graft was not confident the Pitt-related projects would see the light of day. “The projects are currently on hold, and we don’t know if they will ever be revived,” she said. Source: Arabian Business

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CHINA STATE TO BUILD EMAAR'S MARINA VISTA PROJECT IN DUBAI Monday, July 15, 2019 China State Construction Engineering Corporation (CSCEC) has won the contract to build the new Marina Vista project for Emaar Development. Situated along Emaar Beach Front, the deal involves the construction of two residential buildings – a 35-storey tower and a 45-storey tower. It also includes mechanical, electrical and plumbing (MEP) works, according to a report by MEED. Located along Emaar Beach Front, the contract covers the construction of two residential buildings. The first is a 35-storey tower and the second a 45-storey tower. The scope also includes the mechanical, electrical and plumbing (MEP) works. Launched by master developer Meraas in 2017, Emaar Beach Front is being developed as part of the Dubai Harbour project. The overall project covers more than 1.86m² and includes a 1,400-berth marina as well as a cruise ship port and terminal, a 325,000m sq shopping mall, an events arena, residential buildings, hotels, offices, retail stores, public services, restaurants and cafes, and the Dubai Lighthouse - a 135-metre-tall tower. UAE-based construction group ASGC was recently appointed to build the new Dubai Cruise Terminal at Dubai Harbour, the first dedicated cruise port in the region. Located between Bluewaters and Palm Jumeirah, Dubai Cruise Terminal will become the main hub for international cruise ships visiting or deployed in the region and is part of Dubai Harbour, the maritime neighbourhood being developed in the emirate. Work conducted by ASGC on the project will include the construction of two main cruise terminal buildings on a 1km quay in addition to service buildings, a central unit building with all associated fit-out works, external works, and all fixtures, fittings and equipment. Source: Arabian Business Back to Index

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WHERE ARE THEY NOW? DUBAI'S UNDERWATER TENNIS STADIUM Sunday, July 14, 2019 The Middle East has had many outlandish projects over the years. As part of our summer series, we will be looking back at some of the most colourful and extraordinary proposals and investigating what happened to them. The first project, which made global headlines back in April 2015, was a proposal to build an underwater tennis stadium off the Dubai coast. The plans were pitched by Polish architect Krzysztof Kotala, who has a Master of Science in Architecture from Kraków Polytechnic and owns the 8+8 Concept Studio in Warsaw. He completed initial designs for the ambitious project, but admitted he had not made much progress in attracting investors or gaining official approvals from Dubai authorities. “There is not an investor but I would like to get interest as I think it is a good idea,” he told Arabian Business in April 2015. The design proposal involved seven arenas, with a carbon-glass glazed dome above the court and located in the seabed within a reef off the coast of Dubai, near the famous Burj al Arab hotel. Kotala said he believed the idea had strong commercial potential and would combine the best of “technology, ecology and sport.” Plans went quiet until Kotala told Arabian Business in January 2016 he was in talks with potential backers in the United States to make the project a reality and he was working on the final designs for the concept. "This process takes a few months," he conceded. Again, things went quiet. Arabian Business contacted Kotala in May this year and he said he had created a website and a Youtube video in order to help generate interest in the project but he admitted he still had “no money to build it” and may look to develop a smaller arena first. He said he was hoping to try and drum up funding in Cannes this summer to help finance his underwater dream. Source: Arabian Business Back to Index

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WORLD'S FIRST ROPELESS ELEVATORS TO FEATURE AT EXPO 2020 Sunday, July 14, 2019 The world’s first ropeless elevator for skyscrapers by Thyssenkrupp will feature at Expo 2020. Known as Multi, the system can move multiple cars in a single shaft, vertically and horizontally, and has been selected as one of the lighthouse projects to be presented in the German Pavilion during Expo. “Dubai is both a significant global business hub and a tourist destination. It’s a city that provides a platform for new inventions, attracting people and businesses from around the world. Multi will support this aim, demonstrating to those at Expo 2020 precisely how technology can support the growth of urban mobility,” said Peter Walker, CEO at Thyssenkrupp Elevator. Multi requires fewer and smaller shafts than conventional elevators and can decrease a building’s elevator footprint by up to 50 percent - current elevator-escalator footprints can occupy up to 40-percent of a high-rise building’s floor space. When EXPO 2020 opens its doors in Dubai in October 2020, the world's first ropeless elevator for skyscrapers will be featured prominently. thyssenkrupp Elevator's pioneering system was selected as one of the EXPO's lighthouse projects. (PRNewsfoto/thyssenkrupp Elevator AG) As well as moving vertically and horizontally, Multi also moves on inclines. And instead of one cabin per shaft, it offers multiple cabins operating in a loop, resulting in a 50 percent higher transport capacity, as well as reduced waiting times for passengers. The new technology, which was first revealed in 2017, removes height limitations and can be used for skybridges to shuttle from one building to another. It can be also used to open up new directions of travel in underground transport hubs. Multi moves with a top speed of five to six m/s and requires dramatically lower peak power – as much as a 70- percent reduction when compared to conventional elevator systems. Source: Arabian Business Back to Index

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INFRASTRUCTU RE PROJECT WORTH $212M FOR NEW DUBAI MALL 45% COMPLETE Sunday, July 14, 2019 The AED780 million ($212m) project to build roads and bridges to the new Dubai Hills Mall is 45 percent complete. The work, at the junction of Umm Seqeim Street and Al Khail Road, is being carried out by Dubai’s Roads and Transport Authority in coordination with Emaar Properties and is due to finish in the first half of 2020. HE Mattar Al Tayer, director general and chairman of the board of executive directors at the 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 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 the traffic capacity in the area. The existing four lanes of Umm Suqeim Street will be maintained in both directions. “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,” added Al Tayer. Dubai Hills Mall features two million square feet of leasable space spread out over two floors. It is home to over 650 retail and F&B outlets including family entertainment offerings, a Cineplex and hypermarket. Source: Arabian Business Back to Index

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$490M ABU DHABI HOMES PROJECT FOR EMIRATIS REVEALED Saturday, July 13, 2019 The Abu Dhabi Housing Authority will develop an integrated housing complex at the cost of AED1.8 billion ($490 million) for Emiratis. The project in Al Falah, on the outskirts of the city, with 899 new residences is expected to be completed for delivery at the end of 2021, state news agency WAM reported. The authority and Aldar Properties signed a contract to implement the project. Jabr Mohammed Ghanem Al Suwaidi, chairman of the Abu Dhabi Housing Authority, said that providing appropriate housing for UAE citizens are top among the priorities of the country’s leadership. The masterplan for the project also includes public facilities such as parks, schools, shops, medical centres and community centres. The project will also include a mosque that can accommodate nearly 2,000 worshippers. Source: Arabian Business Back to Index

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INDIA'S OYO LAUNCHES CAPITAL O HOTELS IN THE UAE Tuesday, July 16, 2019 Oyo Hotels & Homes, the India-based global hospitality chain, announced on Tuesday the launch of its premium offering for business travellers – Capital O – in the UAE market. Oyo has launched its premium segment with the opening of two hotels - Capital O 187 Action Hotel in Ras Al Khaimah and Capital O 167 Moon Valley Hotel Apartment in Bur Dubai. “Since Oyo's launch in UAE last year, several business travellers have shared their feedback and thoughts with us on hotels that cater to their needs. Capital O, therefore, was launched keeping their requirements in mind," said Manu Midha, regional head, Middle East, Oyo Hotels & Homes. "We plan to rapidly expand this segment of our portfolio by the last quarter of 2019,” Midha added. Oyo's Capital O product prices will be range of AED200–300 inclusive of all the amenities that are integral for corporate travellers. The company said it has received an overwhelming response to the Capital O offering in India and currently it has 700 hotels in 200+ cities across the country as part of its growing portfolio. Oyo has launched its Capital O hotel in Ras Al Khaimah in partnership with Action Hotels, an owner, developer and asset manager of branded three and four-star hotels in the Middle East and Australia. With the launch of its Capital O brand, Oyo has further expanded its growing presence in the UAE and is on track to achieve its target of offering 12,000 rooms in 150 hotels in the country by 2020. Launched in October 2018 in the UAE, Oyo has welcomed over 225,000 guests across 105 hotels and homes and 1,800 rooms in five emirates, including Dubai, Sharjah, Ras Al-Khaimah, Fujairah and Ajman. The hospitality chain also launched the Oyo Home brand earlier this year and already boasts of over 70 homes in Dubai. Source: Arabian Business Back to Index

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UAE CHANGES SPONSORSHIP RULES FOR LOW-PAID WORKERS Monday, July 15, 2019 Potential beneficiaries must provide proof of appropriate housing and health insurance for their families, as well as their registration in the national population database. Photo for illustrative purposes. Low-paid workers in the UAE will be able to bring their families to the country, thanks to a new resolution from the Federal Authority for Identity and Citizenship (ICA). The resolution allows foreigners living in the UAE to bring family members, classified as wife or husband, sons under the age of 18 and unmarried daughters, to the country, as long as the total family income is AED3,000 per month and their employer provides housing, or AED4,000 per month without housing. Potential beneficiaries must provide proof of appropriate housing and health insurance for their families, as well as their registration in the national population database. They must also apply for IDs for every family member, according to a report by Emirates News Agency (WAM). Major General Saeed Al Rashidi, Director-General of Foreigners Affairs and Ports at the ICA, said that the resolution aims to ensure the stability of foreign workers in the UAE by allowing them to bring their families to the country. He explained that the sponsor, whether male or female, must present a certified marriage certificate and their children’s birth certificates translated into Arabic, as well as proof of their monthly income. A wife wishing to sponsor their children must attach a certified written agreement from her husband. Major General Al Rashidi pointed out that widowed and divorced women can also sponsor their children, but they must present a recently issued divorce or death certificate to prove custody. The resolution requires families to declare one sponsor, either a husband or wife, to prevent multiple sponsors. Source: Arabian Business Back to Index

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RENTING A HOUSE IN DUBAI: LEARN HOW EJARI WORKS Tuesday, July 16, 2019 As a Dubai resident, you may have come across the term “Ejari” in the context of tenancy agreements. Here's everything you need to know about the system. What does 'Ejari' mean? Simply put, it means “my rent” in Arabic. It is the government’s registration system for residential and commercial leases aged less than 10 years. Why is it mandatory for tenancy? Under Dubai’s Landlord and Tenant Laws, all properties must be registered at Dubai’s Real Estate Regulatory Agency (Rera). Since March 1, 2017 a pre-requisite for registration has been that a standard form ejari contract is entered into between the parties to a lease. While this standard form is compulsory, it is possible for the parties to agree to supplement its terms and conditions. The registration requirement and the subsequent standard form is considered as positive steps in Dubai’s transition towards a fully developed business hub and provides tenants with further protection and security in their properties, as well as allowing the authorities to record lease transactions. In simple words, Ejari can help tenants and landlords get legal security and protection during the contract period while also allowing the government to keep tabs on the number of rental agreements being entered into in the emirate. Why should you register? 1. It is legally compulsory It is mandatory for every lease in Dubai to be registered, whether commercial or residential. 2. It guarantees rights The registration safeguards the rights of all parties to a tenancy contract. Once the tenancy contract is registered, its validity is accepted by all government agencies, providing protection to landlords and management companies, as well as their tenants, regarding the enforcement of terms of each tenancy contract. The standard ejari contract also ensures that key commercial terms, such as rental amount, payment terms and duration, are clear. The ejari contract also serves as an official record of the agreed rent, making it difficult for landlords to circumvent Dubai’s rental cap regulations by indiscriminately increasing the rent on renewal. Judicial bodies such as the Dubai Court’s Rent Disputes Settlement Centre (known as the Rent Committee) is not able to hear any action or claim based on a lease unless that lease has been registered at Rera. 3. Helps with utility connections

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The Dubai Electricity and Water Authority (Dewa) requires tenancy contracts to be registered on Ejari, in order to connect electricity and water services. You will only be able to activate electricity and water services as soon as you have the unique Ejari number, which is obtained once the tenancy contract is logged into the Ejari system. 4. Incorporation of entity Ejari is usually required to complete the incorporation of companies or establish a branch in the mainland of Dubai, and for the future when renewing any trade licences of such entities. 5. Visa application You will require Ejari registration for the purposes of obtaining a UAE sponsorship in Dubai, in terms of both new applications and renewals. How to register and cost The responsibility to register with Ejari is both with the tenant and the landlord, but in most cases, it is the real estate agent or the tenant who completes the process and meets the Ejari fees. You can register either through one of the approved typing centres or online through the Ejari portal. Large-scale landlords and letting agents will often have access to the online portal. The Ejari registration fee is currently Dh220 (inclusive of VAT) if you apply through the approved centres. If registration is carried out online through the Ejari portal, you will need to upload all copies of the necessary documents. The Ejari registration fee is currently Dh170 inclusive of VAT, for online registration. Documents needed to register Ejari • Previous Ejari (for renewal) • Tenant’s passport, UAE visa and Emirates ID • Tenancy contract plus any supplementary contract • Title deeds of the rented property • Property details undertaking form • Dewa bill (if renewal)/final bill (if new registration) • Landlord’s passport • For commercial entities, trade license is required Once the Ejari registration is complete, you will receive the official Ejari contract, which comprises the main terms and conditions, an attestation acknowledging that your contract is registered with Ejari and a breakdown of your payment. The process of Ejari registration is becoming increasingly quick and easy for landlords and tenants alike. Peter Greatrex is a partner in the real estate and hospitality team at law firm Clyde & Co in Dubai. The views expressed here are his own. Source: Gulf News Back to Index

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AMID UAE VISA REFORMS, HOME BUYERS AWAIT WHAT’S NEXT Tuesday, July 16, 2019 The year has witnessed some notable announcements with several wealthy investors, entrepreneurs and professionals in the UAE being granted 10-year residency visas under the country’s golden card scheme. The availability of long-term visa options for foreigners has overall boosted the appeal of the country among expat residents and overseas investors looking to invest in real estate. “2019 has started well for some in the real estate industry,” says Rakesh Mirchandani, director, KGR Real Estate. “Emaar had announced a 53 per cent surge in its first-quarter sales. Meraas, a developer known for having built some amazing developments such as Jumeirah Bay, has had a promising start with the sale of the luxury residential units in the iconic Bluewaters Island. Other developers are trying hard not to reduce prices and at the same time to improve their sales targets by offering attractive payment plans and other incentives”, he added. Reforms boost growth Citing Dubai Land Department figures, Mirchandani says the value of transactions in Dubai’s property market has increased 33 per cent to more than Dh34 billion so far this year, an increase that is “probably due to the introduction of new policies, as these new visa laws are sure to stimulate the property market and attract more investments over time.” The visa reforms The UAE now offers renewable five or 10-year visas for eligible entrepreneurs, investors, professionals and executives. The golden card holders are also allowed to stay out of the UAE for longer than six months - something that other residents cannot do without risk of losing residency. “The recent addition to the golden card is the category of chief executives earning Dh30,000 or more per month and with a valid contract, who can now also avail of the 10-year visa,” says Mirchandani. “This is a huge leap forward, which is in line with the Green Card in the US and PR [permanent residency] in Australia or Singapore. These initiatives help the expat community to think and plan with a longer-term perspective and to stay here permanently. It also attracts overseas investors and clients.” Moreover, some developers are offering generous payment plans of up to eight years. “These post-completion payment plans equally attract investors irrespective of whether the property is an apartment or a villa,” says Mirchandani. “In a 25-75 payment plan on a completed property, where 25 per cent is paid [on completion] and 75 per cent spread on a payment plan, the investors can achieve a return of 10-15 per cent in the first year and an average of 25-30 per cent over three years. With such payment plans, developers need not reduce the prices and investors who are keen to look for less-risky investments with higher returns would be attracted.” Kunal Puri, managing director of La Capitale Real Estate Broker, says the government should also entice property investors with a longer visa term of at least three years instead of two, “allowing them at par status with any free zone company as properties are also freehold”.

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Puri also believes the current visa reforms will have more impact on high-ticket and luxury properties. “It will have a positive effect on the market. However, this positive effect will fade by the time it reaches the bottom line,” says

Puri. As such, he suggests additional visa schemes saying, “For instance, an individual who owns a property of Dh2 million with a bank mortgage should be allowed to get a visa.” Puri also proposes giving long-time residents greater flexibility in applying for a visa. “For instance, if an individual stays in Dubai for over 10 years and is financially independent and can put up a deposit of say Dh100,000, then he/she should be allowed to get a visa without the need of a [sponsoring] company,” says Puri. “This will allow these individuals to be more confident on their capabilities and social security.” Source: Gulf News Back to Index

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HOW TO USE YOUR RENTAL PAYMENTS TO BECOME AN OWNER IN UAE Wednesday, July 17, 2019 Arecent Property Finder research survey found that 47 per cent of those polled who rent wish to continue to do so and are not interested in purchasing a home. A smaller percentage are either actively looking to buy or are considering to do so in the medium term, but nearly all are finding difficulty with the down payment requirement and the current options for financing. For many, the idea of owning an expensive asset in a foreign country is daunting. Yet many are spending tens of thousands of dirhams each year on rent, and while we are receiving something in return - a home to live in for a defined period of time - that money could be invested in an asset. As property prices have come down, many are thinking this could be a good time to buy, but are hindered by the down payment requirement. As developers are grappling with how to sell unsold stock that just keeps piling up, we have seen the re-emergence of a previous concept called rent-to-own, which was originally introduced to the market in 2003 by Emaar in The Greens. A potential buyer would pay what is considered rent for two to three years, and that amount is held as the down payment and the buyer then has the option to pursue traditional financing from the banks or a payment plan with the developer. With the current supply and demand, we are seeing the re-emergence of rent-to-own as it is an excellent way for both buyers to become homeowners in a more affordable way and for developers to sell some of their available, ready stock. Currently, developers are offering payment plans on off-plan units for five or seven years whereby the buyer owes a percentage upon booking and then various amounts due along completion stages of that property. Upon completion of the property and full payment by the buyer, ownership is transferred from the developer to the owner with a title deed. For the payment plans developers are offering right now, ownership is still held by the developer even after handover, while the payments are being made, and a transfer happens when the property is paid off. Many buyers experience difficulty with purchasing a property this way as they are already paying rent on the property they're living in and are further extending themselves by owing installments on a second property that is not yet ready. With rent-to-own, the property is already completed and can be moved into and the repayment period is almost triple that of traditional developer post-handover payment plans. One agency in particular has introduced a payment scheme where owners have 20 years to pay off a ready property. Options range from paying in 10, 15 or 20 years, which mirrors the time frames many banks offer on mortgages. Properties that are available with this new rent-to-own payment plan are in locations like Motor City and Dubailand for both apartments as well as villas or townhouses. Under the supervision and with the guidance of the Dubai Land Department led by Sultan Butti Bin Mejren, the DLD has created a new type of title deed through a rent-to-own scheme whereby buyers have up to 20 years to pay off the property while having the title deed in their name. This specific title deed reads that "this is a title deed registered against a payment plan".

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Participating in the rent-to-own scheme means that buyers can affordably purchase a property with no down payment, or as little as 5 per cent, without the hassle of interest rates or hidden fees. Additionally, the amount due can be settled early without any penalty and at that point, a standard title deed will be given in place of the one that says the title deed is against a payment plan. In the event a buyer paying off a property as a rent-to-own wants to sell that property, it can be offered for sale and the new buyer can continue the same payment plan. A local bank account with cheques is required. Like many of Dubai's accomplishments, rent-to-own with a title deed registered in the owner's name is a first for the larger Middle East and North Africa region and sets a trend for other markets to follow. Lynnette Abad is director of research and data at Property Finder. Views expressed are her own and do not reflect the newspaper's policy. Source: Khaleej Times Back to Index

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DUBAI, ABU DHABI OUTLOOKS IMPROVE SUBSTANTIALLY Sunday, July 14, 2019 Dubai and Abu Dhabi's outlook in terms of personal well-being, long-term investment, GDP growth, innovation, transparency and ease of doing business has improved substantially over the last one year, thanks to the host of reforms and measures taken at the federal and emirate level. AT Kearney's Global Cities Index 2019 has raised the outlook of Dubai by 10 positions to 32nd while Abu Dhabi's ranking leapt even higher by 30 positions to 20th, one of the best improvements in outlook ratings among 130 global cities. Dubai's outlook is better than the capitals and developed cities of Asia, Europe and the US including Seattle, Atlanta, Beijing, Los Angeles, Seoul, Rome and Hong Kong, among others. The UAE capital, meanwhile, is rated even higher, beating the likes of New York, Washington DC, Frankfurt, Houston, Montreal, Brussels and Taipei, among others.

Analysts attribute the improvement in rating to the initiatives announced by the two emirates such as reduction in public services fee, 100 per cent foreign ownership, long-term visas, free tourist visas for tourists under the age of 18, introduction of e-services by the public sector and a stimulus package to create jobs, among others, over the past year, which improved their attractiveness, quality of life and governance and ease of doing business.

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Last month, the UAE jumped from fifth to seventh place in the IMD World Annual Competitiveness Report, with strong performances in the government (second) and business (first) efficiency factors. One of the main determinants in IMD's report was a substantial improvement in business legislation. On a year-on-year basis, Dubai's rating in the Global Cities Index improved one position to 27th while Abu Dhabi slipped one rank to 69th. Naresh Manchanda, partner at Mayur Batra Group, said reforms are a key direction that any city needs to follow continuously to stay relevant and both Abu Dhabi and Dubai continue to evolve based on continuous feedback from the market, as well as regional and global developments. "The FDI law, tax laws, new long-term visa, annual theme of tolerance at the country level, government summit or technology advancements - these are some of the key measures that will place the UAE at the next level of growth where country is bound to lead the entire region in times to come," Manchanda said. Krishnan Ramachandran, CEO of Barjeel Geojit Financial Services, noted that the significant improvement in the rankings recorded by Abu Dhabi and Dubai in the Global Cities Outlook reconfirms the fact that both the cites are committed and poised for an overall growth in the future as they have been taking proactive steps and measures in this respect, especially in areas such as healthcare, education, capital flows, promoting startups and innovation, and creating a conducive atmosphere to do business. "The UAE is well-positioned to attract top-notch human capital and investments, especially with the recent changes to the residency laws and other business-friendly initiatives, such as 100 per cent foreign ownership across 13 sectors. These initiatives are bound to take both Abu Dhabi and Dubai to a much improved rankings in the next one to two years," said Ramachandran. "Dubai has been acknowledged as the top notch city in the world in infrastructure is a clear validation of the vision and efforts of the rulers to establish the emirate as the most preferred city for investments and long-term stability." However, the two emirates boast the best outlook among the Arab world. Regionally, Muscat also saw massive jump in its outlook as it rose 41 positions to 58th in the AT Kearney report. Jeddah and Riyadh improved three and six positions to 84th and 85th, respectively. Doha slipped four positions to 66th while Kuwait City fell nine positions to 67th. Mike Hales, partner at AT Kearney, said the Middle Eastern cities are gaining ground as openness in the region is propelling cities towards greater prominence on the global stage. Globally, London dethroned San Francisco from first place. New York saw a massive decline in its outlook, falling from second to 24th. The top 10 cities with best outlook are London, Singapore, San Francisco, Amsterdam, Paris, Tokyo, Boston, Munich, Dublin and Stockholm. Source: Khaleej Times Back to Index

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ABU DHABI GETTING AFFORDABLE, SO IT'S A GOOD TIME TO NEGOTIATE Wednesday, July 17, 2019 The Abu Dhabi real estate review issued by ValuStrat reported that the emirate's residential capital values in the second quarter of 2019 were 13.3 per cent lower than last year and 3.3 per cent than the previous quarter. Residential rents softened by another 2 per cent over the last three months. Abu Dhabi's declining residential capital values were 19.5 per cent lower than the same period in 2017, 13.3 per cent lower than last year and 3.3 per cent below the previous quarter. The weighted average residential value this quarter was Dh9,795 per sqm (Dh910 per sqft); apartments stood at Dh10,861 per sqm (Dh1,009 per sqft) and villas at Dh7,244 per sqm (Dh673 per sqft). All 10 locations monitored by the VPI witnessed single-digit quarterly declines in capital values of less than 5 per cent on a quarterly basis. Highest quarterly price falls ranging 3.7 per cent to 4.3 per cent were registered in Hydra Village and Al Reef. On an annual basis, most areas lost an average 12 per cent in capital values, however, two locations were slightly less affected by the negative trend and they were apartments on Saadiyat Island and villas located in Mohamed Bin Zayed City, with capital values for typical units declining 10.2 per cent and 6.9 per cent, respectively. The residential rental VPI is a 100-index with a base set for the first quarter of 2016, it monitors five apartment and five villa locations within Abu Dhabi's investment zones and compares similar units within those locations on a quarterly basis. The second-quarter 2019 residential rental VPI in Abu Dhabi stood at 75.5 points, declining 24.6 per cent since 2016, softening 2 per cent quarterly and 7.9 per cent annually. Abu Dhabi's gross yields averaged 7.5 per cent, for apartments at 7.4 per cent and villas with 6.7 per cent. The average occupancy rate among a sample of 31,073 residential units stood at 79 per cent. "Abu Dhabi city is increasingly becoming more affordable, and with the recently announced freehold law, investing in Abu Dhabi real estate has become more attractive. This is at a time when prices and rents can be further negotiated. Investors can also expect relatively high yields and tenants have the upper hand to upscale their rental property," said Haider Tuaima, head of real estate research at ValuStrat. As far as residential supply was concerned, expected deliveries for this year has been adjusted upwards to 8,872 units. 16 per cent of estimated supply were completed during the first half of the year. These included Leonardo Residence in Masdar City (175 units), Al Qudra Danet Abu Dhabi (228 units) and a thousand villas completed in West Yas. During the 13th edition of Cityscape Abu Dhabi, Lea at Yas Island was sold out. Office asking rents in primary commercial districts fell of 9.8 per cent quarterly and 17 per cent annually. The average citywide asking rent for offices sized between 93 sqm to 186 sqm (1,000 sqft to 2,000 sqft) stood at Dh818 per sqm (Dh76 per sqft). As at March 2019, Abu Dhabi city has a total stock of 29,400 keys within a mix of 139 different hospitality establishments. The average occupancy rate during the first three months of 2019 achieved a heathy rate of 81 per cent, which is an uptick of 0.5 per cent from the previous year. The average room rate and revenue per available room displayed strong performance and jumped 16 per cent and 16.6 per cent year-on-year, respectively, on foot of various growth drivers during January-March 2019. Source: Khaleej Times

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UAE REALTY SET TO STABILISE Tuesday, July 16, 2019 After facing headwinds during the first half of 2019, the UAE real estate sector is likely to stabilise over the next 12 months on the back of a series of government initiatives aimed at boosting sentiment and drive demand, property experts said. "Overall market sentiment should improve in the long run with the announcement of stimuli such as the new visa regulations. While the benefits of these initiatives are not likely to have an immediate impact, we do expect some sectors of the real estate industry to pick up in the run up to 2020," said Dana Salbak, research associate at JLL Mena. "While the residential sector in, both, Abu Dhabi and Dubai witnessed subdued performance overall, new initiatives to drive expat home ownership will likely boost demand. The office sector, too, will witness potential upside from these new initiatives launched to stimulate the economy," Salbak said. While average sales prices and rents softened across most communities in Dubai in the second quarter over the 12-month period from the second quarter 2018, the average rate of price decline has slowed, Cavendish Maxwell's UAE Property Market Report said. "Average apartment prices declined 15.1 per cent and villa/townhouse prices declined by 14.7 per cent in Q2 2019 from a year ago. During the same period, rental declines for apartments in Dubai averaged 12.5 per cent and villas/townhouses similarly registered a fall of 12.6 per cent," it said. "Off-plan transfers continued to dominate in Q2 2019, accounting for more than 52 per cent of total transfers. In Abu Dhabi, average sales prices declined by 12.6 per cent for apartments in major investment zones, from Q2 2018 to Q2 2019. Villa/townhouse prices registered a similar average decline of 12.1 per cent over the same period. Rents in Abu Dhabi continued to fall in Q2 2019, for both apartments and villas/townhouses. Sharjah, Ajman and Ras Al Khaimah remain affordable alternatives for buying and renting of properties in the UAE," said the Cavendish Maxwell report. Aditi Hariharan, Senior Consultant, Strategic Consulting and Research at Cavendish Maxwell, said the first half of the year remained challenging for the UAE property sector, as rents and prices continued to decline. "Conditions remain conducive for tenants who are well-positioned to demand rent-free periods, fee waivers and flexible payment terms from property owners, and potentially upscale to bigger units which may have previously been beyond their reach." "While we have noticed a slower rate of price declines in some areas over the last 12 months, this is still contingent on new supply and actual materialisation rates, which have averaged 40-50 per cent over the past few years. The government continues to introduce measures to stimulate the market, with Abu Dhabi recently opening up investment zones to expat property buyers for the first time," said Hariharan. Consulting firm ValuStrat reported that the second quarter ValuStrat Price Index (VPI) for residential properties 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 per cent to 4.2 per cent," said the report. Source: Khaleej Times Back to Index

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DUBAI TOURISM HAS STRONG GROWTH POTENTIAL FOR NEXT DECADE Tuesday, July 16, 2019 Dubai has balanced dynamics for the growth of its tourism sector over the next decade, thanks to its readiness, tourism infrastructure and additional avenues for visitor growth without straining its urban landscape. The emirate has been ranked at par with Beijing, Hong Kong, Munich, Osaka, Shanghai, Singapore, Tokyo and Washington DC for balanced dynamics of tourism growth by JLL and the World Travel and Tourism Council's (WTTC) latest report, Destination 2030. Balanced dynamics cities are often business centres with a lower share of leisure compared to business travel, but they also have an established tourism infrastructure and potential for travel and tourism growth. Citing an example, the study highlighted that Dubai's tourism department has developed a sustainability strategy to ensure the continual development of sustainable tourism, along with a Dubai Green Tourism Awards scheme. The study rated the emirate highly for supportiveness of policies in terms of fostering a sustainable tourism growth, scale of travel and tourism market and concentration and density of tourists and visitor activity. Ross Veitch, CEO of Wego, said the travel and tourism industry in Dubai continues to expand with more focus on leisure and entertainment. "As the number of millennials and Generation Z travelling for business increases, we see 'bleisure' as a growing trend where more people are looking at combining their business trips with leisure. Dubai's vibrant leisure market is attracting more business travellers who are following this trend. Researches show that more than 60 per cent of business trips are extended for leisure. A key measure that cities need to take is to balance between leisure and business travelers to address the demand," he said. Veitch pointed out that some of the other key tips for cities to attract more leisure travellers are building on the success of the lifestyle offerings for the country developing a repertoire of unique experiences, focusing on both leisure and business markets tapping into the bleisure trend and delivering personalised packages for travellers. Laurent Voivenel, senior vice-president for operations and development for the Middle East, Africa and India at Swiss-Belhotel International, said in addition to being a leading leisure and shopping destination in the Middle East, Dubai is also a financial hub, a knowledge hub, a technology hub, a wellness hub and a centre for MICE. "Dubai is shaping up extremely well with the development of state-of-the-art retail and hospitality projects, fabulous global airline connectivity and world-class infrastructure," he said. Dubai Tourism's figures for the first five months showed that total international visitors reached 7.16 million, same as last year, despite stronger dirham and slowing regional economic growth. Tourists from traditional markets of India, Saudi Arabia, the UK and Russia fell but other markets compensated with higher number such as Germany, Oman, the Philippines, France and Nigeria. Christopher Lund, head of hotels at Colliers International Mena, said the number of visitors in Dubai has been increasing during January until April but fell in May due to the holy month of Ramadan. He confirmed that the strengthening of the dollar versus foreign currencies such as euro and pound has influenced the buying power in the UAE for certain EU countries and the UK. "Currency factors could be a potential reason for decline in visitations from various source markets," he said.

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He blamed Brexit uncertainty for the decline in tourists from the UK and general elections in India. Saudi Arabia, meanwhile, is fast developing its domestic tourism industry.

"On a positive note, other source markets such as China have seen an increase in visitor numbers into Dubai in the first five months of 2019 versus last year with an 8 per cent increase." Given all the global challenges, Ahmed Soliman, managing director at TCA, believes that Dubai has successfully adapted its offerings to attract a substantial share of leisure travelers and this is further supported by the increased numbers of leisure travellers from 2018. He said Dubai's current market matrix is approximately 80 per cent leisure and it is set to grow further. "If we are to look at Dubai's success as a reference point, it's driven by the strong public and private partnerships in place. To develop on the same, the government supports a holistic approach to advance opportunities across the private sectors allowing for a homogenous tactic to ensure the travellers experience is maintained. This is not limited to arrival experiences, accommodation options and or activities," he added. Source: Khaleej Times Back to Index

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AVERAGE DUBAI HOUSE PRICE FALLS TO $670,000 IN JUNE Friday, July 19, 2019 The average house price in Dubai has fallen to AED2.46 million ($670,000) in June, a decrease of $10,000 in the past two months, according to new research. Real estate data platform Property Monitor's Dubai House Price Index for June also showed that values in the emirate have fallen by 15.3 percent annually and 1.6 percent month-on-month. The average house price continued to fall in June with apartment and villa prices down to AED1.67 million and AED4.35 million, respectively. The report said that in June, the annual house price decline was more pronounced in communities such as IMPZ, Arabian Ranches, Emirates Living, Discovery Garden and Dubai Silicon Oasis, where house prices declined by more than 16 percent on average. It added that transfers for off-plan apartments were higher than secondary market transfers, continuing the trend seen for over 12 months. The total volume of residential transactions in the first six months of 2019 was 2 percent lower than the same period in 2018, while the volume of apartment transfers decreased by 11 percent over the same period. The Dubai House Price Index tracks residential sales prices for the same selection of properties from September 2015. As of June, apartment and villa/townhouse prices declined by 21.4 percent and 22.4 percent respectively, compared to average prices of AED2.1 million and AED5.6 million in September 2015. Source: Arabian Business Back to Index

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INTEREST SOARS AFTER ABU DHABI OPENS UP PROPERTY MARKET, PRICES FALL Friday, July 19, 2019 Abu Dhabi’s recent decision to open up its property market has widened the pool of investors in the region, with interest soaring for freehold areas like Al Reef, Al Raha Beach and Masdar City. According to Bayut’s H1 Market report for 2019 which compared property trends from the second half of 2018 to the first half of 2019, 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. Abu Dhabi Government modernised real estate laws in April to allow foreign ownership of freehold property in designated investment zones. Previously, foreign investors in Abu Dhabi property were generally limited to leasehold arrangements with 99-year leases. In terms of return on investment (ROI), Bayut said Saadiyat Island delivers the highest average rental yield at 8.7 percent. Bayut added that prices for apartments sales and rentals declined on average between 4-11 percent during the first six months of the year. 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. The report said freehold communities such as Al Reef and Al Raha Beach witnessed decreases in prices around the 13 percent mark, allowing investors to buy property in these mainland areas close to Dubai at affordable price points. It also showed that emerging areas like Al Ghadeer are seeing an uptick in prices with 2-bedroom units going up by 6.7 percent, an increase attributed to the recent off-plan deliveries of larger units in the neighbourhood, leading to greater price fluctuations. For villas in Abu Dhabi, Al Reef continued to be a favourite with potential investors while Mohammed Bin Zayed City led the rental market, Bayut said. Prices to buy and rent villas in Abu Dhabi have also seen declines. For villa sales, the most notable decrease was seen in Al Reef, where 3-bedroom and 5-bedroom villas have dipped by 5.9 percent and 7.8 percent respectively. For rentals, both Saadiyat Island and Al Mushrif have seen decreases of 9.1 percent for certain units. Haider Ali Khan, the CEO of Bayut, said: “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.” He added: “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.”

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Source: Arabian Business

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REVEALED: EMAAR'S PLAN TO BUILD ITS FIRST 3D PRINTED HOME IN DUBAI Thursday, July 18, 2019 Real estate developer Emaar Properties has announced plans to build its first 3D printed home in Dubai. This is the first step towards Emaar’s ambition to be a leading adopter of advanced construction technologies, the company said on Thursday. Following a global competition, Emaar said it has awarded the contract to 3D print a model home in Arabian Ranches III, adding that the construction will be facilitated using a local contractor. Emaar said its use of 3D printing technology will promote the sustainable use of resources by reducing waste of construction materials and noise pollution. Upon completion, the 3D printed model home will serve as a reference point for investors to further understand the concept and appreciate the value add that advanced technology brings to the real estate sector, Emaar added. Mohamed Alabbar, chairman of Emaar Properties, said: “As the pioneer of integrated communities in Dubai and the trend-setter in the region’s property sector, our plans to embrace 3D printing of homes is an integral part of our digital-first and customer-first strategy. "Through this, we are not only positioning ourselves as an early adopter of advanced technology but also creating long-term value for our customers as 3D printing brings numerous advantages such as reduced cost of construction, more efficient use of materials and higher levels of sustainability.” Emaar said it aims to set the region’s benchmark in construction best practices as 3D printed homes bring several benefits including accelerated delivery of homes and more flexibility in design. Emaar has delivered communities such as Downtown Dubai, Dubai Marina, Arabian Ranches and Emirates Living and is also shaping the future of the city with iconic projects such as Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Emaar Beachfront, Arabian Ranches III and the recently unveiled Mina Rashid. Arabian Ranches III, which was launched last year, will feature a central park, a 4 km long boulevard, a lazy river and a wide choice of outdoor sports facilities. Source: Arabian Business Back to Index

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DUBAI INITIATIVES SET TO BOLSTER OFFICE RENTAL MARKET, SAYS JLL Thursday, July 18, 2019 Office space tenants can increasingly expect landlords to offer appealing terms from landlords in Dubai as sentiment in the office real estate sector improve, according to real estate consultancy JLL. According to a Q2 report from JLL on the UAE’s property market, the completion of phase I of Dubai Internet City’s Innovation Hub and one tower of Dubiotech Headquarters in Dubai Science Park brought the total office stock to around 8.6 million sq m of gross leasable area. By the end of 2021, office supply is expected to reach 9.26 million sq m, with notable projects including ICD Brookfield Place in DIFC and Dubai Hills Square. In an interview with Arabian Business, Mena research associate Dana Salbak said that the UAE – particularly Dubai – have introduced a number of initiatives that have helped bolster business sentiment in the office sector. These include the ‘One Free Zone Passport’ announced by the Dubai Free Zone Council, which allows companies registered with any single free zones to operate in other zones in Dubai without additional licenses. Additionally, Dubai Municipality has reduced market fees imposed on businesses from 5 percent to 2.5 percent and changes to laws that will allow 100 percent foreign ownership of businesses outside free zones. “In terms of the initiatives that are being introduced in the office market, they’ve been more effective than what was been introduced in the residential market so far,” Salbak said. “These initiatives…have more of an impact to improve business sentiment.” Additionally, Salbak said that the initiatives will be particularly beneficial for entrepreneurs and SMEs. “That’s the direction of Dubai, focusing on entrepreneurs and SMEs,” she added. “This all helps these sectors and benefits them by cutting back on costs and allowing them to operate more freely in the emirate.” Co-working Space The JLL report noted that at the moment less than 1 percent of all office space in Dubai is taken up by co-working space. In other global cities, such as London, the figure hovers around 10 percent. Salbak said that the amount of co-working office space in Dubai is likely to grow over the coming years. “It’s a global trend, and we’re seeing the impact of that in Dubai,” she said. “It’s part of being more flexible and encouraging businesses and start-ups, tapping into that market. If you allow co-working spaces, you don’t have to worry about rent and certain registration fees. It promotes demand and we do expect it to grow.” Source: Arabian Business Back to Index

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UAE HEADED TOWARDS A 'BUYER'S MARKET' IN THE RESIDENTIAL SECTOR Wednesday, July 17, 2019 With residential sale prices falling at a slower rate than rents, the UAE’s property market is likely to see an increasing number of end users buy properties rather than rent them, according to real estate consultancy JLL. According to a Q2 report from JLL on the UAE’s property market, rent prices for apartments fell by approximately 11 percent, while sales prices fell by about 9 percent compared to the same time period last year. A similar downward trend was observed in villas, with rent prices falling by 5 percent and sales prices falling by 9 percent compared to Q2 2018. With limited demand and ample supply available, the residential market is expected to continue to face downward pressure over the next 12 months. “With sales prices dropping at a slower rate, we’re more likely to see the market shift to a buyer’s market as opposed to a renter’s market, especially for the end users – the people who live here – and not just investors,” JLL Mena research associate Dana Salbak told Arabian Business in an interview. “We’re going to see people buy and own properties, rather than just rent them.” Salbak added that the trend is “complemented by different payment plans and schemes that developers are launching to attract demand.” The Expo factor Additionally, Salbak added that there is unlikely to see any significant uptick in the market related to the upcoming Expo 2020 Dubai. “There’s this huge hype about Expo and the impact of Expo, and I think that’s already been taken into account in the market. The impact has already been absorbed,” she said. “I don’t think we’re necessarily going to see an uptick on the back of Expo. At best, the market will stabilise.” Salbak said that declines are expected to continue over the next several quarters, with rents “probably” beginning to stabilise in mid-2020 ahead of the Expo. “That’s purely on the back of sentiment,” she added. “This is how the market operates and has been operating since 2008 and 2009.” New initiatives During Q2, the UAE government announced a number of initiatives aimed at driving economic and stimulating weakened demand in the market. These included a long-awaited freehold law in Abu Dhabi that allows foreigners to own land within the emirate’s investment areas on a freehold basis for the first time as well as a new permanent residency “golden card” scheme in Dubai that is granted to investors and exceptional workers in a number of sectors. “These things definitely improve sentiment and are a step in the right direction,” Salbak said. “But they’re not expected to tip the market.” Salbak added that JLL believes that the UAE needs “some sort of supply controls” as opposed to demand stimulating initiatives.

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“There needs to be some regulations to tightly control the growing future supply, particularly in the residential market,” she said. “This could be any kind of control over building permits, for example, to control the level of supply that’s coming.” Source: Arabian Business Back to Index

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WHERE ARE THEY NOW? DUBAI'S INTERNATIONAL CHESS CITY Sunday, July 21, 2019 As part of our ongoing summer series, we will be looking back at some of the most colourful and extraordinary proposals pitched in Dubai and the wider region and investigating what happened to them. Last week, we looked at plans for an underwater tennis stadium pitched by a Polish architect, Hollywood actor Brad Pitt’s ideas for a series of environmentally-friendly projects, a Swedish firm’s designs for a moving statue, a Chinese team’s ambitions for a globe-shaped, technologically-advanced neighbourhood and on Thursday we focused on a Hong Kong designer’s ambitions for a water park containing the world’s highest water slide and man-made waterfall. Today we are focusing on one of my favourite of all the crazy projects from this era in Dubai’s history before the global financial crisis brought things back down to reality: International Chess City. The project was the brainchild of Kirsan Ilumjinov, former president of the Russian republic of Kalmykia, who announced the project while on a visit to Dubai in August 2004. According to a report by The Khaleej Times, the project was to include 32 buildings in the shape of pieces from a chessboard. The largest towers - in the shape of the king piece - would stand 64 storeys tall and the city's buildings would be marked out in the traditional black and white design of the board. The entire city was to cover an estimated 64,000 square metres and Ilumjinov claimed the project could generate investment of up to AED9.6 billion ($2.6 billion). Ilumjinov, who was also president of the World Chess Federation at the time, said he had picked Dubai as the location for the project because of the city’s “international reputation as a place where imaginative projects such as the International Chess City can come to life”. “Dubai will play host to over 60 million amateur and professional chess followers from around the globe annually. They will have a permanent venue where they can congregate and play 24-hour championships throughout the year, while some other 500 million lovers of the game will have the chance to follow the excitement via interactive electronic screens,” he added. While Ilumjinov claimed that work on the project was underway, nothing happened until the project was raised again in 2006, according to a 2015 article on the project by Esquire Middle East magazine. Ilumjinov was president of the World Chess Federation from 1995 until he departed in 2018. “I am afraid I have no first-hand information about the chess city in Dubai,” a spokesperson for the World Chess Federation said when contacted by Arabian Business. Early reports claimed that Dubai’s Armada Group had been involved in the project, but attempts to contact them have also proved fruitless. Ilumjinov himself has not responded to attempts to contact him through his official website. Source: Arabian Business Back to Index

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WORK STARTS ON $41M AL AIN ZOO UPGRADE PROJECT Saturday, July 20, 2019 Abu Dhabi General Services Company (Musanada) has started construction of four development projects at Al Ain Zoo, including construction of a reptile park, elephant safari, gorilla sanctuary and sand cat conservation exhibit. These AED152 million ($41.3 million) projects form part of plans by Abu Dhabi government towards being globally leader in conserving wildlife, state news agency WAM reported. Musanada said that the AED30 million reptile park project is being constructed over a total area of 11,500 square metres and will involve the demolition of the existing reptile house. The AED93.5 million elephant safari project aims to create a natural habitat for 15 African elephants, as well as construction of a natural safari exhibition for visitors across a 17.5 hectare area, which will be connected to the existing Al Ain Safari and the lions exhibition along with a ‘feeding’ experience which will be unique in the Gulf region. Musanada added that it is currently constructing the AED17.8 million gorilla sanctuary project across an area of 8,725 square metres. The project involves construction of new exhibition courts and wooded areas along with facilities for five female and one male gorillas. WAM said the AED10.7 million sand cat conservation exhibit project will involve construction of visitor corridors and areas. Source: Arabian Business Back to Index

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ABU DHABI HOTELS SET TO POST HIGHEST JUNE OCCUPANCY FOR FIVE YEARS Friday, July 19, 2019 Hotels in Abu Dhabi are set to post the highest absolute occupancy level for June for five years. STR’s preliminary June data for the UAE capital indicates high performance due to double-digit demand growth. Based on daily data from June, Abu Dhabi reported a 5.4 percent increase in supply but a 23 percent jump in demand. STR said occupancy is set to soar by 16.8 percent to 62.9 percent, the highest mark for June since 2014. The data also revealed a 7.2 percent rise in average daily rate (ADR) to AED339.31 and a 25.2 percent increase in revenue per available room (RevPAR) to AED213.43. STR analysts noted that following the end of Ramadan on June 4, performance levels rose significantly with June 6 seeing the highest year-on-year percentage changes in the three key performance metrics - occupancy (up 102.3 percent), ADR (up 60.5 percent) and RevPAR (up 224.7 percent). STR will release full June results later this month. Source: Arabian Business Back to Index

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LONDON HOUSING MARKET WEAKENED LONG BEFORE BREXIT VOTE Thursday, July 18, 2019 The number of houses brought and sold in London has dropped since 2014, long before Britain’s vote to leave the European Union. This is mainly due to reforms on stamp duty, a tax on residential properties worth £125,000 (Dh573,200) or more in the UK. The rate at which buyers pay stamp duty increases in line with the value of a property; while houses on the lower end of the property price spectrum between £125,000 and £250,000 incur taxes worth 2 per cent of any given property value, anyone purchasing property worth more than £1.5 million can expect to pay an additional 12 per cent stamp duty rate, equivalent to an extra £180,000 or more. Homeowners pay the stamp duty tax when a freehold property, a new or existing leasehold, or a property through a shared ownership scheme is purchased. First-time buyers are entitled to a discount. Reforms between 2014 and 2016 appear “to have had a much bigger effect on the market”, according to a new report by Indosuez wealth management. In December 2014, the stamp duty structure was overhauled and buyers of homes worth more than £937,500 saw their purchase costs increase. London saw a marked fall in the number of houses sold on the back of tax changes, and because of the high number of expensive property in the capital compared to the rest of the UK. A second change in 2016 meant sales in London tumbled, after a surcharge for anyone buying a second home was introduced by the UK government. Despite low interest rates, landlords have been put off from owning buy- to-let properties with the phasing out of tax relief. Meanwhile, average house prices in central London have spiralled down 19 per cent since 2014. Prices in the capital slumped by 4.4 per cent year-on-year in May, according to the UK’s Office for National Statistics (ONS), representing the biggest fall since August 2009 amid the global financial crisis. “Over the past three years, there has been a general slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England,” the ONS said on Wednesday. London house prices are expected to continue dropping as Brexit uncertainty and the possibility of Britain leaving the European Union without a deal appears increasingly likely. The average home owner in the city has lost £20,000 in the slump so far. Source: The National Back to Index

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SAUDI ARABIA'S NON-OIL SECTOR TO GROW 2.9% IN 2019 ON GOVERNMENT SPENDING, IMF SAYS Saturday, July 20, 2019 Saudi Arabia’s non-oil sector is projected to grow 2.9 per cent this year, boosted by government spending and reforms. The overall economic output will also accelerate in 2020 after a dip this year due to oil production cuts, according to the International Monetary Fund. The Arab world’s largest economy’s growth is estimated to expand by 3 per cent in 2020, up from a projected 1.9 per cent growth this year, as the country presses on with its reform agenda, the IMF said in a report after its executive board completed an Article IV Consultation with Saudi Arabia. The IMF directors said ongoing efforts to strengthen the business environment and careful implementation of industrial policies could encourage the development of new sectors of the non-oil economy. Saudi Arabia has been working on developing its nascent local manufacturing industry in a range of sectors, from military production to making aircraft parts. “Growth is expected to pick up over the medium-term as ongoing reforms take hold,” the fund said. “The authorities are continuing to implement their reform agenda.” Saudi Arabia is enacting a series of economic and social reforms heralded by Crown Prince Mohammed bin Salman under his Vision 2030 blueprint for less dependence on oil. The kingdom has implemented fiscal measures aimed at reducing its budget deficit, introduced a 5 per cent VAT levy in January last year, as well as energy price reforms. It has also introduced reforms to its capital markets, laws to encourage investment, improve its business environment and support the small-and-medium enterprises. Saudi Arabia’s fiscal deficit is projected to decline to 5.1 per cent of gross domestic product in 2020, from 6.5 per cent of GDP in 2019, the IMF said. Fiscal consolidation is still key with actions to contain government wage bill and a “more measured increase in capital spending” helping the government generate fiscal savings, the IMF said. The fund urged Saudi Arabian authorities to continue improving and managing expenditure, saying that despite important reforms, spending has increased. Last week, Saudi Arabia approved a law on government tendering and procurement procedures aimed to improve transparency, competition and fairness in order to streamline its budget, according to the finance ministry. The law is meant to help the government balance its fiscal position through efficient financial planning and resource management. The IMF praised the government’s reforms to strengthen public procurement, which will make government spending more efficient and reduce the risks of corruption and boost fiscal transparency.

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The IMF also added that policies to develop new economic sectors will be successful if “Saudi workers have the needed skills for the private sector and the incentives to offer them at competitive wages”.

There is a need to make sure that wages and productivity are “well aligned”, that labour market policies focus on setting clear expectations about limited employment opportunities in the public sector and that female employment is increased, the Washington-based lender said. The unemployment rate among Saudi Arabian nationals declined to 12.7 per cent last year and is projected to drop to 12.5 per cent, according to the report. The IMF said, considering the resilience of the financial sector and capital market reforms in the kingdom, developing FinTech could help broaden the channels of financial access. Executive board directors at the IMF agreed that given the current structure of the economy, the exchange rate peg to the US dollar “continues to serve the economy well”. Source: The National Back to Index

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JUMEIRAH PARK PERFECT FOR LUXURY LIVING Thursday, July 18, 2019 Dubai expats with high salary packages or successful businesses naturally lean towards family-friendly neighbourhoods like Meadows, Springs, Al Wasl, Umm Suqeim and Mirdif. Though, there are newer and more unique neighbourhoods that are catching the eye of residents who are willing to spend more than Dh150,000 on annual rent. Nakheel's Jumeirah Park (JP), for instance, has 2,000 villas spread across 357 hectares. It's in a strategic location within the emirate - close to areas such as Jumeirah Islands, Jumeirah Lake Towers, Springs, Discovery Gardens and Jumeirah Village Triangle (JVT). There are four types of villas available - Legacy, Heritage, Regional and Nova - and offer three to five bedroom options, making it ideal for residents in search for a family-friendly neighbourhood. Rents for these villas start from Dh160,000 and can go all the way up to Dh375,000. The size ranges from 3,527sqft to 10,283sqft. A JP resident, Graham Beale, said: "We have been living in a four-bedroom villa for four years now. It was brand- new when we moved in and we were the first residents in our street. Our landlord is superb and on the day we moved in, a new garden was created for us complete with trees, bushes and grassed lawn. "Rents have certainly dropped recently and are far more realistic now. The landlords who do well will be the ones who are willing to be sensible about the market and realities and to negotiate with tenants. Several of our neighbours have negotiated substantial drops in their rents recently. "Both my wife and I find living in JP to be very convenient as we both work at this end of Dubai. For me - I am just five minutes away from my work as Principal of The Arcadia Preparatory School in JVT. We have several families who live here with their children attending our school as it is very close by." In terms of the facilities available at JP, there is a gym, restaurants, parks, jogging and cycling trails, a daycare centre, kids play areas, mosque and a new community clubhouse and a community centre. "It is great to see that finally, we will be enjoying our own Jumeirah Park club and shopping centre which is being developed now in District 7. For now, we are members of the Jumeirah islands club, but once the new JP club becomes available we are hoping to move our membership over, and get to know even more of the great people who live in JP," Beale added. Another JP resident, Brendon Fulton, said the quality of housing "compares favourably" to other communities in the area. However, there is a "lack of facilities", such as small shops. "To get to a shop, you have to get in the car and drive, which is a shame for such a large community. Likewise, there is a distinct lack of other facilities like a swimming pool, which you would normally expect for such a large residential community in Dubai. Many residents complain that the community is not a gated community, but we personally do not find this to be an issue," said Fulton, the principal of the Dubai British School, which is also located in JP.

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"The rent is slightly higher than what you could get in some comparable areas. However, we have successfully negotiated cheaper rent for the last two years, which is in line with the broader Dubai economy. For a community with no communal facilities, I think that the rent is generally a little higher than it could be. However, the location is very convenient." Source: Khaleej Times Back to Index

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REVEALED: UAE RESIDENTS' MOST PREFERRED SPOTS FOR STAYCATIONS Monday, July 15, 2019 More than half of UAE residents (54 per cent) said they prefer taking staycations visiting an amusement or water park in the country, new YouGov research revealed on Monday. In the recent times, there has been an affinity among travellers globally towards a staycation - a shorter holiday within the country or day trips exploring destinations in one's own city. The research showed that after amusement parks, a trip to a nature or wildlife retreat is the second most preferred type of staycation by UAE residents (45 per cent), followed by an adventure or sports-related outing (40 per cent). Furthermore, more than a third (35 per cent) like taking luxury related trips and just more than a quarter (28 per cent) prefer going to special events or concerts in the county. Comparatively, staycations that are wellness-related (19 per cent) and spiritual in nature (18 per cent) are less popular among people. Survey results showed that the preference for a staycation seems to vary according to one's place in the family life cycle. Although an amusement park is the top preference of all, singles and married couples without children are more likely than families (with children) to choose an adventurous outing (45 per cent vs 36 per cent), while families are more likely than those without children to pick nature (48 per cent vs 42 per cent) and luxury related trips (38 per cent vs 32 per cent) for short getaways. At present, around seven in ten people (69 per cent) said they have taken a staycation at least once in the last year, with just under a third (29 per cent) claiming to have taken such a break two to four times a year. Arab expats seem to be the most rejuvenated and just over a fifth (21 per cent) said they took more than ten staycations in the last year. Spending time with family (said by 56 per cent) and relaxing and unplugging (54 per cent) are the biggest pulls for a staycation. Some people even plan to explore places and meet new people (31 per cent) or to celebrate special occasions (24 per cent). Moreover, the affordable nature of a staycation makes it the most ideal holiday option for the majority (60 per cent), especially families, who are more likely than the singles or couples to choose a staycation for its pocket-friendliness (65 per cent vs 56 per cent). Most popular amusement parks With an array of tourist offerings, it is not surprising that most of the surveyed respondents (45 per cent) are likely to consider Dubai for their next trip within the Emirates. Large numbers are also considering Ras Al Khaimah (39 per cent), Abu Dhabi (37 per cent) and Fujairah (34 per cent). While more men than women said they are considering Dubai for their next staycation (49 per cent vs 38 per cent), a higher proportion of women are planning to visit Ras al Khaimah (47 per cent vs 36 per cent). Focusing on perceptions of the UAE's amusement parks over the past 12 months, YouGov BrandIndex, the daily brand tracking tool, revealed that Global Village is the top amusement park in the UAE with an Index score of 38.9, followed by Ferrari World Abu Dhabi (27.6) and Yas Waterworld Abu Dhabi (20.6). Despite being a seasonal destination, Global Village is one of the most popular attractions in the UAE.

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The Ferrari-themed park and Yas Waterworld are some of the other hotspots with a range of family-friendly rides and attractions.

The survey data was collected online by among 1,007 respondents in the UAE between April 22 and 29. Source: Khaleej Times Back to Index

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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.