JP Morgan sees long-term growth in Middle East

13 October 2019

JP Morgan, the biggest US lender by assets, is undeterred by a slowdown in Middle East economies and sees long-term growth for its business in the region, as sovereigns and corporates continue to issue debt, attract investment and drive mergers and acquisitions deals.

The lender, which has the biggest share of the global investment banking market, does not plan to alter its business strategy in hydrocarbon-rich economies facing headwinds on the back of oil price volatility and softening of global growth, … Read more ›

UAE Central Bank mortgage settlement rates dropped to just 1%

13 October 2019

The UAE Central Bank removed the 3 per cent early settlement fee for mortgages introduced last year and reverted to a 1 per cent, or Dh10,000, cap as part of a series of moves aimed at easing home loan rules.

A maximum age requirement, which stipulates that loan holders must be under 70 before their last repayment is due, was also lifted by the central bank, according to a statement released on Thursday. Age requirements will now be set by lenders … Read more ›

Exciting new mixed development gathers pace on Yas Island

03 October 2019

An 18,000 capacity indoor arena, dozens of cafes and restaurants, a pier, promenade, infinity pool, hotels and even room for a metro. Welcome to Yas Bay.

Work is advancing rapidly at Abu Dhabi’s Dh12 billion mega project on the southern end of Yas Island.

Thousands of workers are toiling at the site, while scores of cranes dominate the skyline.

On a tour of the site on Tuesday, the pace of development is clear. Yas Bay Arena – the emirate’s new indoor venue – … Read more ›

UAE’s market rebound! A positive outlook on UAE’s property market by financial journalist Peter Cooper.

02 October 2019

Housing markets always require a magic spark or catalyst that causes a recovery.

The UAE property sector has softened since December 2014 as oil prices tumbled. The decline came following the authorities’ doubling of fees on sale transactions to 4 per cent and significantly increasing the down payment required on mortgages to deter market speculation and flipping of property.

Since then, however, oil prices have rebounded and the speed at which property prices are declining has slowed, which is generally a good … Read more ›

Latest addition for the cultural district on Saadiyat Island

23 September 2019

It will be a place for religious tolerance and education, bringing faiths together and sending a message of unity to the world. The Abrahamic Family House, which was unveiled in New York on Friday before construction begins on Saadiyat Island next year, will be a physical manifestation of the Document on Human Fraternity signed by Pope Francis and Dr Ahmed Al Tayeb, the Grand Imam of Al Azhar, during the pontiff’s visit to Abu Dhabi in February.

The document called for … Read more ›

Mortgage rate drops offering more affordability and opportunity

22 September 2019

Lower interest rates in the UAE will incentivise borrowing particularly for mortgage products and spur economic growth, according to analysts, but savers will once again face lowers returns.

The Central Bank of the UAE cut the interest rate by 25 basis points (bps) to 2.25 per cent on Thursday following the US Federal Reserve’s decision to cut its benchmark rate by one quarter of a percentage point to a range of 1.75 per cent to 2 per cent as the US … Read more ›