There are efforts underway to create a federal body to oversee the country's property sector, Mahmoud Haboush reports in The National. The Federal National Council debated the topic yesterday, discussing ways to control is "over-funding" of property projects and prevent developers from starting up a project and then fleeing with the money.
"We should protect the real estate sector in these difficult times," - Obaid Humaid al Tayer, the Minister of State for Financial Affairs
In other news ...
Nakheel is delaying its US$3bn mall expansion plans by a year. This isn't the first time Nakheel has "delayed something by 12 months". In January, the company did the same thing to its more than 1km tall tower.
Property and construction stocks had a good day, with Emaar Properties rising by 10.5 per cent and Deyaar increasing by 2.04 per cent. Analysts say that the Gulf markets are taking inspiration from a spike in confidence in the US because of the stimulus plan underway there.
The plan for the federal funds going to Dubai because of the financial crisis will come out in two weeks. A five-member committee has been put together to handle the crisis.
Al Madar Group is planning to start offering more flexible payment plans for projects that include Scala Tower in Business Bay.
The Dubai Fountain (of course, the biggest in the world) is being tested. It shoots water up 500 ft - the equivalent of a 50-storey building.
Results
2.15pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Arrab, Antonio Fresu (jockey), Ernst Oertel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Mahaleel, Antonio Fresu, Ernst Oertel.
3.15pm: Sheikh Ahmed bin Rashid Al Maktoum handicap (TB) Dh200,000 2,000m; Winner: Dolmen, Richard Mullen, Satish Seemar.
3.45pm: Handicap (PA) Dh40,000 1,200m; Winner: Amang Alawda, Sandro Paiva, Bakhit Al Ketbi.
4.15pm: The Crown Prince of Sharjah Cup Prestige (PA) Dh200,000 1,200m; Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel.
4.45pm: Handicap (PA) Dh40,000 2,000m; Winner: Al Jazi, Jesus Rosales, Eric Lemartinel.
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Killing of Qassem Suleimani
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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