Aldar Properties is partnering with banks in Abu Dhabi to offer home finance at low interest rates at some of its developments in the capital.
The company, which is Abu Dhabi's biggest developer, is teaming up with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and First Abu Dhabi Bank to offer finance at a fixed rate of 1.99 per cent for three or five years with no application or valuation fees, Aldar said in a statement.
The offer, which is valid for 30 days, also includes three- to six-months' payment deferral when purchasing homes at developments including Yas Acres, The Bridges, Mamsha and Jawaher, according to the company.
“We remain confident and optimistic about the opportunities available within Abu Dhabi’s real estate market, and we look forward to a long and successful relationship with all of our customers for many years to come,” said Rashed Al Omaira, executive director – commercial at Aldar Properties.
Customers can also benefit from Abu Dhabi Municipality’s recent waiver of the 2 per cent property registration fees as well as a service charge waiver from Aldar for the first year, the company said.
“We are ... committed to finding new ways in which we can deliver more value to our communities – from enhancing the surrounding destinations, reducing service charges and improving service levels within the communities,” Mr Al Omaira said.
Aldar has also made virtual home tours available for its customers and is carrying out specialised disinfection services to ensure a safe handover of homes in the wake of the outbreak of coronavirus pandemic.
The Central Bank of the UAE has relaxed lending limits for mortgages in the wake of the coronavirus pandemic as part of a series of measures that includes a Dh256 billion stimulus injection into the economy.
Loan to value ratios were eased by 5 per cent, meaning the deposit required to buy a new home decreased to 20 per cent from 25 per cent for first time expatriate buyers, and to 15 per cent, from 20 per cent, for Emiratis.
Aldar last month announced its own Dh100 million commitment to support residents, customers and partners as part of Abu Dhabi's wider efforts to cushion the blow faced by the global economy due to the coronavirus. The company also set aside Dh4bn to ensure timely payment to its contractors and suppliers.
The overall economy and the real estate market are expected to face strong headwinds in the near term due to the coronavirus pandemic and low oil prices, consultancy Core recently said in a report.
“While the real impact is impossible to quantify and the recovery timeline unknowable, we are seeing demand drop drastically as most organisations adjust to social and travel restrictions,” Core said.
“Limitations to physically view properties and conduct businesses are leading to extended transaction timelines; however, we expect technology to be used to connect parties and reduce some of the barriers to execution.”
Aldar reported an 81 per cent surge in fourth quarter net profit on the back of higher revenues for 2019. Net profit attributable to shareholders for the period ending December 31, climbed to Dh577m, while revenue jumped 17 per cent to Dh2.1bn.
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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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Global state-owned investor ranking by size
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)
- Arrive with a thank you gift, or make sure you have one for your host by the time you leave.
- Offer to buy groceries, cook them a meal or take your hosts out for dinner.
- Help out around the house.
- Entertain yourself so that your hosts don’t feel that they constantly need to.
- Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
- Offer to strip the bed before you go.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
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Match info:
Portugal 1
Ronaldo (4')
Morocco 0
more from Janine di Giovanni
Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
MATCH INFO
Final: England v South Africa, Saturday, 1pm
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Killing of Qassem Suleimani
