Property News: Abu Dhabi News

Dubai resident Nilesh Jain switched his mortgage provider last year after realising he was paying 2.5 per cent more than the prevalent market rate for home loans in the UAE. He was paying a hefty 6 per cent interest rate to Dubai Islamic Bank for his mortgage, compared with the average market rate of about 3.5 per cent in 2020.

The Indian expat had originally taken out a Dh2.25 million mortgage for his Arabian Ranches villa from Tamweel in 2007. In … Read more ›

Developer Aldar Properties expects its fee-based revenue to increase as it expands its asset management business amid growing profitability.

The company manages about Dh2 billion in assets owned by third parties and is “taking on more asset management” projects, chief executive Talal Al Dhiyebi told Bloomberg TV yesterday.

Aldar Development, the unit responsible for developing its 7,500-hectare land bank in Abu Dhabi, also reported strong growth.

“Our development unit, which is normally more cyclical compared to our asset management [business], right now gives … Read more ›

2020 will go down as the year when global house prices should have crashed as Covid-19 sent the world hurtling into recession, but somehow didn’t.

A combination of monetary stimulus, near-zero interest rates and steady demand helped underpin the market, sustaining prices and activity.

Incredibly, the worldwide house price boom even accelerated in many countries across Europe, Asia-Pacific, the US and Canada, according to Globalpropertyguide.com. It found that prices rose in 45 out of 55 housing markets for the 12 months to September … Read more ›

A new megaproject on Abu Dhabi’s Yas Island is set to transform the capital into a global media and entertainment powerhouse.

Yas Creative Hub, which is expected to open towards the end of next year, will host some of the biggest names in the media, entertainment and gaming sectors, according to freezone twofour54 Abu Dhabi, which is behind the development.

The 270,000 square-metre project is expected to create roles for up to 16,000 professionals by the end of 2031, tripling the number … Read more ›

The UAE overhauled its commercial company ownership laws, annulling the need for an Emirati shareholder for onshore companies and opening up a number of sectors to foreign investors. This is aimed at boosting the country’s competitive advantage and attracting foreign capital to the Arab world’s second largest economy.

The President Sheikh Khalifa issued wide ranging and significant changes to the 2015 commercial companies’ law, amending 51 articles and introducing three new ones, the government said on Monday.

Among the amendments is the … Read more ›

Abu Dhabi-based Supreme Petroleum Council (SPC) has confirmed the discovery of an estimated 22 billion stock tank barrels (STB) of unconventional oil resources located onshore, and an increase in conventional oil reserves of 2 billion STB in the capital emirate.

The announcements were made following the SPC meeting presided over by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and vice-chairman of the SPC.

The announcement of the oil discovery exceeds some of Abu Dhabi’s major fields in terms … Read more ›