The President of Abu Dhabi, His Highness Shaikh Khalifa Bin Zayed Al Nahyan recently held talks with Iraqi Prime Minister Nouri Al Maliki on bilateral ties and the situation in Iraq. In an attempt to restore a full diplomatic mission in Baghdad, evidence of Iraq's improved security and growing acceptance of its Shiite-led government.
According to media sources, during the meeting, held in the presence of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Shaikh Khalifa told Al Maliki about the UAE's decision to write off the Iraqi debt and interest worth $4 billion (Dh14.b)"The UAE's decision to write off the Iraqi debt is an expression of brotherhood and solidarity between the two countries.
It also aims to assist the Iraqi government in the implementation of reconstruction plans and the rehabilitation of state institutions and various facilities," the President said .He also added that the decision would help improve the Iraqi economy, back the restoration of security and stability in Iraq and ease the burden on Iraq's economy, institutions and people.
Shaikh Khalifa reaffirmed that the UAE would spare no effort to provide all forms of financial and moral support to Iraq.Shaikh Khalifa also noted that "the restoration of security in Iraq is the cornerstone in rehabilitation and resumption of its active regional and international roles" adding that there was a need to assist Iraq to achieve those goals, citing that the UAE had decided to re-open its embassy in Baghdad.
The president called on the Iraqi people and political spectrums to "back their legitimate government and eschew sectarian violence to help Iraq regain its stability and security."Al Maliki expressed his gratitude for the UAE's initiative and said: "It reflects the fraternity between the peoples of UAE and Iraq.
The UAE's decision to write off the debt will enhance the credit position of the Iraqi economy and spur the restoration of security and stability."The Abu Dhabi government announced the debt relief and the naming of a new ambassador to Baghdad shortly after Iraqi Prime Minister Nouri al-Maliki began a visit to the wealthy Gulf nation.
As was reported in the media, "The news was sure to bolster al-Maliki's government, which has been urging Iraq's Sunni Arab neighbors to forgive loans made during Saddam Hussein's regime and restore diplomatic relations.
Al-Maliki, who has been in office since May 2006, thanked the UAE for the debt cancellation, telling local businessmen it was a "swift and courageous" decision."The Emirates' official news agency, WAM, quoted the president, Sheik Khalifa bin Zayed Al Nahyan, as saying he "hopes canceling the debt would lighten the "economic burden" facing Iraqis and he urged the country to unite behind al-Maliki's government."
As is reported worldwide, "Iraq has been appealing for relief of at least $67 billion in foreign debt - owed mostly to Arab nations that have been reluctant to forgive Iraq's belligerence during Saddam Hussein's regime."
White House spokesman Gordon Johndroe said the U.S. welcomed the UAE decision to cancel the Iraqi debt, appoint an ambassador and reopen their embassy in Baghdad. As he states: "We appreciate the Emiratis' recognition that a secure and prosperous Iraq is in the interests of everyone in the region.
Prime Minister Maliki and the government of Iraq should also be applauded for their continued outreach to their neighbors, and their efforts to advance a positive agenda through regional diplomacy," said Johndroe.
However, this positive move is not supported by all faction sin the region, as it has been reported that "Sunni militant groups like al-Qaida in Iraq, mistrustful of the government, have warned Arab states not to open embassies in Baghdad."In response to these reports, Al-Maliki chided his Arab "brothers" at an April conference of Iraq's neighbors in Kuwait, saying he found it "difficult to explain why diplomatic exchange has not taken place."
As the mood is positive for change and reconciliation, one can hope for the best, and that the political parties involved in this positive mode of change be true to their words, further ensuring that the UAE remain a country of great opportunity and positive reform.
Source: articlebase.com
A sharper correction in Dubai’s real estate sector could have a ripple effect on its neighbours in the Middle East, with shares of 12 regional property firms dropping an average 35 per cent, Morgan Stanley said in a research note.
In a worst-case scenario, Dubai property prices would follow the pattern of Singapore in the late 1990s, when real estate prices plunged 80 per cent in 18 months, Morgan Stanley said, calling this a “low probability event”. Morgan Stanley further added:
“We expect oversupply to hit Dubai in 2009, leading to a period of price
declines. While we expect these price declines to be limited to Dubai given the
level of undersupply in surrounding markets, we cannot rule out a ‘contagion’
effect on Middle East, North Africa property shares prices, as investor
confidence suffers.”
The bank initiated coverage of 12 Middle East property firms, including the region’s largest by market value, Emaar Properties, whose shares trade more than 100 per cent below Morgan Stanley’s 21.4 dirham ($5.83) target price. Home to man-made palm-shaped islands and an indoor ski slope in the desert, Dubai kicked off a regional property boom in 2002 when it first invited foreigners to invest in real estate. Since then, regional economic growth supported by a six-fold rise in oil prices has attracted streams of investors.
Last month, Standard Chartered Bank said Dubai was overheating because speculators were inflating prices of real estate still under construction. It recommended the emirate introduce a capital gains tax to deter short-term investors.
According to Morgan Stanley’s price index, Dubai property prices soared 25 per cent in the first half of 2008, and are up 79 per cent since the beginning of 2007. “Prices have been driven by a combination of genuine demand, speculation and, most recently, escalating construction costs,” it said. “For 2009, we expect prices to start coming under pressure as oversupply becomes evident. We forecast a 10-per cent decline between 2008 and 2010 in our base case.”
Some developers in Dubai are trying to weed out short-term investors. Palm island developer Nakheel is requiring buyers at its Trump International Hotel to wait a year before they can sell their units on the secondary market, UAE daily The National reported on Tuesday. While Dubai is the “bellwether” for the Gulf property market, slight easing of prices in the emirate may not impact Abu Dhabi and Qatar, whose property sectors should remain undersupplied until at least 2012, Morgan Stanley added.
UAE, 6 August, 2008: Aber Group, the prime real estate developer in the UAE and Middle East today said that its current investments in the sector have touched AED 1.5 billion.
The investment portfolio comprises free hold, villas, hotels, commercial tower, warehouses and various labor camps projects spread across Dubai and Abu Dhabi and the Northern Emirates. Aber Group said that the construction work for two hotels, warehouses and labor camp is complete.
Aber Khalfan Al Hameli, Chairman of Aber Group said: “We are glad to see the construction work for most of our projects getting completed with minor delays occurring due to business hiccups beyond anybody’s control. As a four year young company we have accomplished our set goals and we are now aiming for the next level of growth. With the new projects coming on stream, we believe we will have delivered significant value to our investors and other stakeholders.”
Samir Patni, General Manager, Aber Group said: “Our two hotel projects will be opened for guests through early next year. We have already signed a hotel operating management contract with Millennium Hotels & Resorts Middle East (MHR). MHR will manage Aber Group's newly-built Mazoon House Hotel in Dubai by the end of this year.”
The hotel operating management contract was signed by Ali Hamad Lakhraim, president and CEO of Millennium & Copthorne Hotels and Resorts Middle East and Aber Khalfan Al Hameli. The signing ceremony took place in the presence of Kwek Leng Beng, Chairman of Millennium & Copthorne Hotels.
With a mission to deliver world-class projects and developments, Aber Group develops projects that range from luxury residential apartments to furnished hotel apartments, from showrooms to commercial warehouse and from villas to labor accommodations.
Source: EmiratesWeek.com
Location:
The project is located in Dubai Sports City and is a walking distance from a world class 18-hole golf course, sports academies, swimming pools, spas, fitness centers and state-of-the-art stadiums to count a flex activity you can enjoy with your family.
Each of this towers comprises Studios, 1-Bedroom and 2-Bedroom Apartments with panoramic views of the golf course and waterfront park.
- Immaculately styled by expert designers, each home elevates that great experience called LIFE to a matchless level.
- Maximum space utilization.
- Customized interiors with warm, natural colors.
- Fixed Interior fittings.
- Matchless facilities.
- Swimming Pool, Sauna, Jacuzzi, Gym and Health Club.
- All-proof security systems.
- World class amenities.
- Easy finance terms.
While investors from pension funds in Paris to middle-class property speculators in Las Vegas have been stung by problems in the American residential real estate market, plenty of individual and institutional investors are gobbling up real estate in other sectors. Just this week, in fact, the government of Abu Dhabi bought a 90% stake in New York City's iconic Chrysler building for $800 million.
Dubai, as a property investment destination is poised to be a top choice property for a while yet, according to research from an overseas investment portal.
Enquiries to the website from over 170,000 visitors in January 2008 give an early indication that Dubai is one of the most sought-after locations, according to the company.
The research also points to an investor trend towards lower-priced properties. ”Over 50 per cent of visitors to the site were seeking property in the overseas market for Ј60,000 or less.”
With the average cost of a property in Dubai still remaining reasonable, it is of no wonder why Dubai was voted the top investment hotspot for January 2008 - with many clients coming from the British Asian community - despite the region witnessing a development slowdown as new laws take effect.
“Interest in the United Arab Emirates from visitors on the web has soared over the last month, with the progressive Federation breaking into the top ten of our ‘Top of the Props’ chart for the first time…”
This is a positive reflection, as one can see that the property sector in Dubai is progressively growing, and has maintained profitable margins whilst continually providing lucrative opportunities for keen property investors.
In conclusion, as is perfectly worded by the authors’ of a large property portal: “Never content to rest on its laurels, the UAE’s defining characteristic seems to be its unshakeable quest for continuous improvement – something that has underpinned the success of States like Dubai and Abu Dhabi. And with major infrastructure investment occurring across the Emirates, it’s an exciting time for prospective investors.”
One thing is clear, as en emerging and steadily progressing property sector, Dubai has become a force to be reckoned with.
Dubai has been at the forefront of most property news portals for quite some time now, reflecting the immense popularity and strength of economy the country is experiencing at present.
An affirmation by media and real estate mogul, Donald Trump, in which he personally announced recently his long term commitment to Dubai property, bodes incredibly well for the emirate, especially when one considers the fact that when it comes to real estate the name Donald
Trump is synonymous with “both investment success and luxury grade property and what’s more, the name carries a great deal of weight in terms of providing investors with deep confidence in a given project, a location and even an entire nation.”
So far Trump has remained dedicated to Nakheel and together the corporate-empires are entering into a strategic joint venture for the construction and implementation of the Palm Trump International Hotel and Tower on Palm Jumeirah.
Trump’s commitment to create “the most luxurious residences and hotel-condominiums that Dubai has ever seen,” is the force guiding the accurate construction of the developments – ensuring benefits for the country as well as the developers.
Trump’s certitude to enter Dubai now simply translates into how he is amply confident in the emirates and the status of property in Dubai, its economy and government and it appears that Trump is also personally quite sure of the long term appeal of Dubai as well.
Trump recently advised that to him “it is the government’s commitment to building a first-class economy with a first-class infrastructure that makes Dubai so appealing” and that he is “excited about Dubai’s growth potential long into the future because Dubai is now becoming the gateway between Europe and Asia.”
In these comments he manages to summarize exactly what it is about Dubai that is actually drawing unswerving heights of continued international investment into the property sector. Time will also prove how Trumps words of positive reinforcement will only mean that even more global interest will be focused on property in Dubai from now on.
One matter, however, that will always be cause of trepidation, especially in a country as hot as Egypt is, remains the supply of water.
Great news for Egypt, its inhabitants and investors alike is that it the once prevalent problem of water supply now appears to be taken care of, as it was announced that Dubai will have the worlds’ largest reservoir.
“The Mammut Group begins work on giant storage tanks to hold 180 million gallons of water. Construction of the reservoirs will take 15 months with preliminary prefabrication work being carried out at Mammut Group 's 300,000 square metre facilities at Dubai 's Technopark.”
According to DEWA statistics, “Dubai currently has a water capacity of 262 million gallons a day – due to rise to nearly 800 million gallons a day by 2015. The Mushrif reservoirs will expand DEWA 's current water storage capacity from 235 million gallons to 415 million gallons.”
Announcing the package of expansion projects, Saeed Mohammad Al Tayer, Managing Director and CEO of DEWA, said they would "satisfy the unprecedented growth in demand for DEWA 's services for the ambitious projects in progress."
According tom reports presented to the media, the three giant Mushrif reservoirs will cover a total area of approximately 165,000 square metres, whilst measuring 372 metres in length, by 169 metres in width and 5.6 metres in depth. They are expected to consume 270,000 cubic metres of concrete and to make use of 27,000 tonnes of reinforcing steel.
This is another positive move made by the political authorities of Egypt, to ensure the adequate and necessary infrastructure be put in place – in order to sustain the emergent and ever-flourishing Egyptian economy and property in Egypt sector.
It is plain to see that Egypt is still on the rise, and with its ever-growing economy, one should not be surprised with an increase in even more developments on the rise, as investors clamber to Egypt’s shores in hopes of staking claim to their own private haven in the land of pharaohs’.
Source: Content for Reprint
Dubai was the first emirate of the United Arab Emirates (UAE) to get involved in freehold real estate, at a time when UAE and GCC nationals were only permitted to own property in the United Arab Emirates. Buying real estate in the Emirates is slowly changing and becoming more available to expats.
History of Freehold Real Estate in DubaiIn 2001, the Dubai government agreed to allow expats to have a 99-year lease of particular Dubai property, but in May 2002, the crown prince of Dubai, Sheikh Mohammed bin Rashid Al Maktoom, issued a decree allowing foreigners to buy property on freehold ownership. After Sheikh Maktoum's decree, this sparked the real estate boom in Dubai's residential property.
The purchase of property on freehold basis means that the property is put in the owner's name for life, and the owner has the right to sell, lease or rent his/her property at their own discretion. Property owners and their immediate family, will obtain renewable Dubai residence visas for life, which can cost Dhs. 5,000 per person. Freehold property in Dubai is currently limited to areas of Bur Dubai closest to the end of Dubai, where Dubai connects with Abu Dhabi. Some of these areas include Sheikh Zayed Road, Jumeirah, Jebel Ali, and Dubailand.
Damac PropertiesPopular freehold company that has property in the Dubai Marina, The Palm Jumeirah, and The Palm Jebel Ali. Below is a list of their sale freehold projects.
Marina Terrace - This waterfront tower is Damac's first luxury project located in the Dubai Marina with apartments starting at Dhs. 550,000 (US$ 150,690).
The Waves - Also located in Dubai Marina consists of two freehold residential towers. Tower A is 27-floors and Tower B is 10-floors with a total of 230 apartments.
Lake Terrace - Designed by the award winning architects responsible for Burj Al Arab, Jumeirah Lake Terrace comprises of waterfront apartments, which will be located inside of the Jumeirah Lake Towers.
Palm Terrace - Situated on oceanside of the trunk of The Palm Jumeirah, consisting of 1, 2, and 3 bedroom apartments and penthouses.
Palm Springs - Situated between two world-class hotels on the crescent island of The Palm Jebel Ali, consisting of 1, 2, and 3 bedroom apartments.
Other Damac Properties Projects - Lake View, and Park Towers.
Source: TheEmiratesNetwork
