Property News: Developments
16 February 2021
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 ›
26 November 2020
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 ›
25 November 2020
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 ›
23 November 2020
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 ›
17 November 2020
Dubai and Abu Dhabi rose in a global ranking of the most transparent real estate markets in the Middle East and North Africa (Mena) on the back of new government initiatives, according to the consultancy JLL.
Dubai, the commercial and trading hub of the Middle East, jumped three spots to 36 to maintain its position as the most transparent market in the Middle East, while Abu Dhabi moved up to 48, becoming one of the top performers globally due to sustainability … Read more ›
02 November 2020
Dubai: Leading UAE cities Abu Dhabi and Dubai are on a rapid economic growth trajectory and in the post-COVID era both the cities are fully geared to maintain their momentum and the hub status for the region, HSBC said in a series of reports on key cities in the region.
Published on UN World Cities Day, the HSBC City Reports on Abu Dhabi, Cairo, Dubai, Istanbul and Riyadh stress the need for city and business leaders to use the COVID-19 pandemic … Read more ›