Property market surges – shortage of certain property types

16 September 2020

Despite a downward trend in property prices, sentiments in Dubai’s real estate sector are high owing to the recent developments in UAE-Israel relationships and pent-up demand over the last few months leading to an uptick in sales. The historic UAE-Israel peace deal was signed in Washington yesterday and this will play a positive role in attracting investments in real estate, say industry experts.

Andrew Cummings, co-founder and managing director of luxuryproperty.com says both the UAE and Israel share many synergies. The … Read more ›

Positive economic outlook for Abu Dhabi

03 September 2020

Abu Dhabi remains focused on sustaining the expansion of its non-oil economy and the emirate will emerge stronger from the Covid-19-driven economic uncertainty, the chairman of the Abu Dhabi Department of Finance said.

“Historically and repeatedly, Abu Dhabi has weathered such global macroeconomic headwinds whilst remaining resilient and positioned for growth,” Jassem Al Zaabi told The National on Wednesday. “I stand firm in my belief that the Abu Dhabi economy will emerge from this period of uncertainty in a stronger position.”

Abu Dhabi is … Read more ›

Abu Dhabi focuses on boosting economy

10 August 2020

A new economic collaboration committee made up of senior public and private sector figures in Abu Dhabi has been created to focus on the development of seven key sectors of the economy.

The body, which contains four representatives from government departments and 22 private sector organisations, was approved by the chairman of Abu Dhabi’s executive office, Sheikh Khalid bin Mohamed bin Zayed, on Sunday after reviewing the Department of Economic Development’s latest five-year plan.

Sheikh Khalid gave directions to create “a comprehensive … Read more ›

Abu Dhabi property market update

11 June 2020

Residents across the UAE have faced difficult financial decisions in recent months amid the upheaval caused by the coronavirus pandemic.

Among them is whether they could save on what is likely to be the biggest expense in their budget – rent.

But has the market shifted enough to justify the cost of moving? Rents in Dubai and Abu Dhabi have been declining for the past few years on the back of lower oil prices and a property supply glut, although research showed … Read more ›

Abu Dhabi shows strength for growth and development

07 June 2020

Dubai: Getting hit by the COVID-19 outbreak does not mean Abu Dhabi will have to alter its economic and growth priorities, according to a top official at the emirate’s Department of Finance.

What it has done is raise Abu Dhabi’s “commitment to future-proofing our revenue streams by prioritizing diversification while increasing returns on public investments is the right approach,” said Jassim Mohammed Buatabh Al Zaabi, Chairman.

“Our fundamentals really speak for themselves: We have a net asset position exceeding 200 per cent … Read more ›

Imkan awards construction contract to Al Jurf.

04 May 2020

Imkan, an Abu Dhabi-based developer, awarded a contract worth Dh236 million to Dhabi Contracting to build the first phase of Al Jurf Gardens a project along the UAE’s coast between Dubai and Abu Dhabi.

The first phase of the project will include villas, a private beach, a marina and a wellness retreat.

Dhabi Contracting will construct 146 residential and two show villas over a total area of 5.78 hectares at Sahel al Emarat, Imkan said on Sunday. The project is scheduled to be completed in 2022.

“Our priority … Read more ›