Abu Dhabi’s property developers are looking for banks to extend facilities as some tenants struggle to make rent payments during the current economic crisis caused by the outbreak of coronavirus.
In a virtual meeting held with top officials from the Abu Dhabi Department of Economic Development and Abu Dhabi Council for Economic Development, developers asked the government to direct banks to grant them more loans to “alleviate their financial burden”. A suggestion was made that the recently-established 'lending options review' committee that was set up as part of the emirate's stimulus measures could review companies' applications for extended loans and forward suitable requests to banks.
The Covid-19 pandemic has hit the global economy, which is set to contract 3 per cent this year and is projected to slide into the deepest recession since the Great Depression of the 1930s. The outbreak has hindered international trade and paralysed the airline and hospitality industries. It has also led to stresses in the real estate industry, as the pace of transactions slow and tenants face difficulties in making rent payments.
The UAE was the first country in the Mena region to roll out fiscal and monetary support now totalling more than Dh282 billion. The Central Bank of the UAE has provided Dh256bn of support, including Dh50bn in zero cost collateralised loans as well as loosening capital and liquidity buffers in a bid to encourage bank lending.
In March, the Abu Dhabi government unveiled measures to support businesses in the emirate, including the exemption of Tawtheeq real estate registration fees for commercial and industrial entities for the rest of the year.
It also set up the lending options review committee led by the Department of Finance, with members from the Department of Economic Development and local banks.
During the virtual meeting, developers said many companies renting offices have been unable to fulfil their rental obligations as their businesses had been adversely affected by the Covid-19 pandemic. Some firms also reported that executing projects on site had been difficult, but they collectively expressed their optimism on the sector's ability to recover with government support already extended, such as liquidity measures facilitating sales and leasing activity.
“The authorities recognised that the real estate sector, like other economic sectors, was directly affected by the spread of Covid-19 pandemic which had impacted the global economy and that the Abu Dhabi government has been in cooperation with the private sector,” the Department of Economic Development said in a statement.
“The authorities spare no time to help accelerate the recovery of affected sectors through proactive and immediate measures and finding smart solutions to address the losses caused by the current situation.”
Businessmen from the tourism industry who took part in the meeting called for government entities in the emirate to speed up the process of providing support through the economic stimulus package by reducing the relevant fees and taxes.
The Department of Economic Development and the Department of Culture and Tourism said they were closely monitoring the fate of the tourism industry around the world and discussed support measures, such as using unoccupied hotel facilities to help with precautionary measures to prevent the spread of Covid-19.
They also discussed other steps that can be taken to reduce losses incurred by tourism companies in Abu Dhabi.
The World Travel & Tourism Council in March said up to 75 million jobs were at risk in the travel and tourism sector because of travel restrictions and other measures put in place to stop the spread of the pandemic. It forecast a $2.1 trillion (Dh7.71tn) hit to global gross domestic product in terms of lost tourism revenue in 2020.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The years Ramadan fell in May
Zayed Sustainability Prize
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
WWE Evolution results
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- Nia Jax won a battle royal, eliminating Ember Moon last to win
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- Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Killing of Qassem Suleimani
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Belong%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Michael%20Askew%20and%20Matthew%20Gaziano%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Technology%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20%243.5%20million%20from%20crowd%20funding%20and%20angel%20investors%3Cstrong%3E%3Cbr%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%3C%2Fp%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
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“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Team Angel Wolf Beach Blast takes place every Wednesday between 4:30pm and 5:30pm
The biog
Family: wife, four children, 11 grandchildren, 16 great-grandchildren
Reads: Newspapers, historical, religious books and biographies
Education: High school in Thatta, a city now in Pakistan
Regrets: Not completing college in Karachi when universities were shut down following protests by freedom fighters for the British to quit India
Happiness: Work on creative ideas, you will also need ideals to make people happy
