Week 27 SUNDAY, 07 JULY 2019
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Week 27 SUNDAY, 07 JULY 2019 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS UAE / GCC / MENA UAE MORTGAGE APPLICATIONS UP BY NEARLY 80 PER CENT STABLE OIL PRICE LIFTS GCC BANKING SECTOR OUTLOOK, SAYS FITCH FIRST BANKING M&A WAVE IN GCC SUBSIDES BUT UAE STILL RIPE FOR CONSOLIDATION, SAYS S&P UAE DEFINES INDUSTRY SECTORS ELIGIBLE FOR UP TO 100% FOREIGN OWNERSHIP UAE CONSTRUCTION PROJECTS' VALUE HITS DH3 TRILLION IN JUNE UAE TIPPED TO BE BEST GULF ECONOMY IN 2020 DUBAI BIGGEST BENEFICIARY OF VAT REVENUE DUBAI FIRST RESIDENTS MOVE INTO DAMAC'S AKOYA MEGA PROJECT IN DUBAI DUBAI HOLDING SEES STRONG PERFORMANCE IN 2019 ON NEW PROJECTS SOBHA UNVEILS LUXURY ONE PARK AVENUE RESIDENTIAL PROJECT IN DUBAI DUBAI LAUNCHES NEW INITIATIVE TO OPEN UP PROPERTY INVESTMENT MARKET EXPO 2020 WILL DELIVER 'HUGE CHANGE' TO UAE ECONOMY, SAYS DANUBE BOSS WORK STARTS ON PHASE 2 OF DUBAI AUTODROME BUSINESS PARK BUILDER PICKED FOR NEW DUBAI CRUISE TERMINAL PROJECT REVEALED: HOW DUBAI CANAL MARINE TRANSPORT WILL LOOK IN 2030 WALDORF ASTORIA HOTEL OPENS ITS DOORS IN DUBAI'S DIFC NAKHEEL SET TO OPEN OBSERVATION DECK ABOVE PALM JUMEIRAH PARTIAL TITLE DEEDS LAW OPENS UP INVESTOR POOLS FOR DUBAI DUBAI’S SHORT-TERM RENTERS NEED HOMEOWNERS’ BACKING DUBAI RESIDENTS REVEAL THEIR PROPERTY PRIORITIES POST DUBAI EXPO 2020, THE FOCUS WILL BE ON SUSTAINING GROWTH ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 1 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS YIELDS ARE IN INVESTORS’ FAVOUR IN DUBAI REALTY ICD BROOKFIELD PLACE: THREE TENANTS SIGN LEASE FOR A COMBINED 55,000 SQUARE FOOT SPACE ABU DHABI SNOW ABU DHABI THEME PARK SET TO OPEN IN 2020 ALDAR LAUNCHES RENT TO OWN SCHEME FOR YAS ISLAND RESIDENTIAL PROJECT TENDER ISSUED FOR WORLD'S BIGGEST SOLAR PROJECT IN ABU DHABI AS ABU DHABI OPENS FREEHOLD TO EXPATS, WHERE SHOULD YOU BUY YOUR HOME? INTERNATIONAL BAHRAIN'S INVESTCORP SEALS $96M DEAL FOR GERMAN PROPERTY NRIS DRIVE INDIA’S LUXURY REAL ESTATE BOOM ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION FIRST RESIDENTS MOVE INTO DAMAC'S AKOYA MEGA PROJECT IN DUBAI Monday, July 01, 2019 Damac Properties said on Monday that it has commenced handovers at the Claret cluster of its landmark 55 million square-feet master development, Akoya. The first residents are now moving into Claret, which consists of 315 townhouses, the developer said in a statement. It added that following the handovers at Claret, Damac is committed to delivering over 1,300 homes across other clusters in the coming months. Construction works at Akoya, Damac’s largest development project, has been spurred by a slew of contracts that the developer has awarded over the last two years, the company said. All internal roadways have been constructed, and the community centre is in the final stages of completion. The community will also see the opening of a Carrefour market by the end of this year. Surrounded by the Trump World Golf Club, the mixed-use development also features amenities such as health clubs, swimming pools, schools, pharmacy, and dining and shopping options. Ali Sajwani, general manager of operations at Damac Properties said: “Akoya is a very special project, and we are thrilled to welcome the first residents to their modern townhouses in Claret.” Source: Arabian Business Back to Index ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION SNOW ABU DHABI THEME PARK SET TO OPEN IN 2020 Monday, July 01, 2019 Snow Abu Dhabi will include 13 rides and attractions when it opens in the UAE capital in 2020, according to a report by the WAM state news agency. The 125,000 square foot snow play park – which developers claim will be the world’s largest destination of its kind – will be built as part of the Reem Mall development on Abu Dhabi’s Reem Island. The park will include rides and attractions with names such as Blizzard’s Bazaar, Snowflake Garden and Flurries’ Mountain, the report said. The park is being developed by Al Farwaniya Property Developers, Majid Al Futtaim Ventures and Thinkwell. Construction on the $1.2 billion Reem Mall development began in 2017 and when complete in 2020 it will include offer 2 million sq ft of leasable area comprising of 450 stores, including 100 dining options and a range of entertainment options. Dubai-based retail developer Majid Al Futtaim was also behind Ski Dubai, which opened at the Mall of the Emirates in 2005 and Ski Egypt - Africa’s first indoor skiing slope - which opened at Cairo’s Mall of Egypt in 2017. Source: Arabian Business Back to Index ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION DUBAI HOLDING SEES STRONG PERFORMANCE IN 2019 ON NEW PROJECTS Thursday, July 04, 2019 Dubai Holding foresees growth over the next five years and “continued strong financial success” for the rest of 2019, driven by recurring revenue assets and the expected delivery of a pipeline of schemes over the coming months. “As we look ahead, we will diligently deliver on our five-year business plan that sets clear goals for all our companies,” Abdulla Al Habbai, chairman of Dubai Holding, which is the investment vehicle controlled by Sheikh Mohammed bin Rashid, Vice President of the UAE, Prime Minister and Ruler of Dubai. “For the rest of the year, our focus will continue to be on achieving strong financial success underpinned by the performance of our recurring income business, delivery of existing pipeline projects and executing prudent operational efficiency.” Dubai Holding’s companies include hospitality firm Jumeirah Group – which owns the flagship Burj Al Arab hotel – Tecom Group, Dubai Properties, Dubai Asset Management, Arab Media Group and Dubai Retail. The investment firm is set to play an important role in the staging of Expo 2020 Dubai through its hospitality and real estate offerings, providing a further boost to the group’s performance, Mr Al Habbai said. The diversified investment holding company operates across 12 business sectors in more than 10 countries across the world. In its operational statement for the first half of 2019 – marking its 15th year of operations – Dubai Holding said it has been “instrumental in developing Dubai’s economy”. “Overall, we had a robust operational performance in the first half of the year,” Mr Al Habbai added. During the past six months, the group delivered several key projects, including the second and third phases of Madinat Jumeirah Living, a 3.85 million square-feet residential development overlooking the Burj Al Arab. In addition, D-Marin Dubai, a joint venture between Dubai developer Meraas, Dubai Holding and D-Marin, one of the largest marina chains in the Eastern Mediterranean, commenced operations and now manages the Al Seef, Marasi and Jaddaf Waterfront marinas. Another Dubai Holding company, Dubai Asset Management, expanded its footprint at Jaddaf Waterfront residential scheme with the addition of the Dubai Wharf and Manazel Al Khor communities. Average occupancy levels have reached 95 per cent, with approximately 100,000 residents, it said. Dubai Properties released more than 500 units for sale across two projects in Dubai, including La Rosa at Villanova in Dubailand, while continuing to hand over other units. Jumeirah Hotels and Resorts continued its expansion with the opening of two new hotels in Abu Dhabi – Jumeirah at Saadiyat Island Resort and Jumeirah Al Wathba Desert Resort & Spa – as well as the Jumeirah Guangzhou in China. The company also announced a refurbishment of its flagship London hotel, the Jumeirah Carlton Tower. Tecom Group, the operator of 11 free zones, this year secured a Dh120 million investment from EnviroServe to build the first integrated electric and electronic waste recycling facility in Dubai Industrial City. Source: The National Back to Index ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION UAE MORTGAGE APPLICATIONS UP BY NEARLY 80 PER CENT Tuesday, July 02, 2019 Mortgage applications in the UAE increased by 78 per cent over the year to April and enquiries rose by 59 per cent in the same period, a sign that end users are increasingly seeking long-term solutions for their housing needs, according to data from consultancy Mortgage Finder. The average size of a home loan, however, decreased from Dh1.67 million in May 2018 to Dh1.31m in the same month this year, reflecting the relatively weak property market, said the consultancy, which is part of the real estate portal Property Finder Group. “We have seen a shift from an investor-led market to an owner-occupied market, with more end users buying to live in the property,” said Chris Schutrups, managing director of Mortgage Finder. “This is likely due to the downward shift in prices which has made home ownership more affordable and achievable.” Real estate prices in the UAE have remained weak since 2015, according to a report last year from Property Finder. Data from real estate consultancy ValuStrat finds Dubai residential capital sales values decreased by 12.4 per cent and rental values by 9 per cent for the first quarter of this year, when compared to last year.