The softening rental market in Abu Dhabi has granted its tenants more bargaining powers. House prices are now more aligned with salaries and housing allowances and landlords are being flexible in terms of a number of cheques they are willing to accept. “We believe that the market is stabilizing for tenants in Abu Dhabi,” says Kika Pavese, General Manager, MD Real Estate. Sameer Barakat, Executive Director, Provis also agrees that the higher level of availability of properties is attracting tenants … Read more ›
Two old friends contacted me for a chat about buying property this week. This time, however, they were actually doing it and not just talking about it.
The conversation was more along the lines of whether you should ever issue a cheque before signing a MoU (no, is my answer) than theorising about the prospect of a recovery in house prices. However, this was my first experience of what could potentially turn into a Spring recovery.
Perhaps I see this as more … Read more ›
Abu Dhabi has introduced a Dh500 million campaign to promote the emirate as a global tourist attraction.
The three-year project will be aimed at countries such as China, Saudi Arabia, India and Russia, along with the domestic market as Abu Dhabi makes a sustained push to attract more visitors.
The campaign was revealed on Tuesday by Saif Ghobash, undersecretary at the Department of Culture and Tourism Abu Dhabi.
Mr Ghobash confirmed that major Saadiyat Island projects including the Zayed National Museum and the … Read more ›
Aldar Properties, the Abu Dhabi real estate developer, posted a 2 per cent revenue rise for full-year 2018, attributed to higher returns from revenue raising assets and new acquisitions.
Net profit attributable to equity holders slipped 5 per cent year-on-year to Dh1.8 billion in 2018, while revenues rose to Dh6.3bn, boosted by Dh2.6bn of development sales, the company said in a filing to Abu Dhabi stock exchange, where its shares are traded, on Wednesday.
The net profit decline was partly due to … Read more ›
State-owned Abu Dhabi National Oil Company has awarded a contract worth Dh5 billion to a UAE-based company for dredging, land reclamation and marine construction for artificial islands being developed as part of its offshore ultra sour Ghasha concession.
The National Marine Dredging Company (NMDC) will execute the project for the first phase of the scheme which includes construction of ten new islands, two causeways as well as expansion on an existing island, Al Ghaf over the course of 38 months.
“This award … Read more ›