Dubai developer Sobha Realty plans to build a $4 billion mixed-use project in the emirate as it taps into the continuing recovery in the UAE’s property market.
The project, spanning11 million square feet, will be built next to its current project Sobha Hartland in the MBR City, PNC Menon, founder and chairman of Sobha Realty, told The National in an interview at the Cityscape Global in Dubai.
“We are planning to have a large project close to Sobha Hartland and will be launching it some time in July next year,” Mr Menon said. “This is a big project and may take about six to eight years to complete.”
Sobha Hartland is an 8 million-square-foot project and was first announced in 2014. The master development is being built in phases and is expected to be complete by 2025.
The new project, named Hartland Sanctuary, will be financed through a mix of debt and equity, Mr Menon said. The company will also consider tapping bond markets to raise money to fund the project.
The launch comes as the UAE’s property market continues to rebound from the coronavirus pandemic on the back of government initiatives and the accelerated vaccination programme.
“We didn’t expect this (the market recovery),” Mr Menon said. “There was also pent-up demand because for two years it was slow and the government initiatives really helped the market to improve.”
The UAE government has rolled out a number of new initiatives to support the economy in the last year, including visas for expatriate retirees and remote workers, and the expansion of the 10-year golden visa programme to encourage foreign professionals to settle in the UAE.
The country also overhauled its commercial companies law last year to attract more foreign capital and annulled the requirement for onshore companies to have an Emirati shareholder.
Expo 2020 Dubai and the Dubai 2040 Urban Master Plan, which aim to make the city the world’s best to live in, are also expected to further boost its property market.
“Apart from the market (improvement), Dubai has become one of the top 10 cities to live in,” Mr Menon said. “People who are reasonably well to do, want to live here.”
Sobha has a target of more than $1bn in sales next year and the company is aiming for net sales worth $1bn by the end of 2021, according to Jyotsna Hegde, president of Sobha Realty.
“The bulk of our sales will come from customers in the GCC, India, China, Africa and Russia. A lot of customers from the US, Canada, Germany and France are also keen to buy the property. We are very positive about next year,” she said.
Residential transactions in Dubai hit an eight-year high in the first half of 2021 as demand for bigger homes increased amid the continuing recovery of the property market.
Total transactions in the six months to the end of June surged 69.2 per cent compared with the same period in 2020, according to CBRE Research.
Sobha Realty is also exploring new opportunities in Saudi Arabia, the Arab world’s largest economy, as well as in the UK.
“We have plans to start a new residential project in the UK in 2024. Saudi Arabia is also a potential market for us to expand,” Ms Hegde said, without divulging further details.
UAE currency: the story behind the money in your pockets
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Do not put them in a recycling bin
Take them home with you if there is no litter bin
- No need to bag the mask
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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%3Cul%3E%0A%3Cli%3EThe%20loss%20of%20sodium%20chloride%20in%20our%20sweat%20can%20lead%20to%20confusion%20and%20an%20altered%20mental%20status%20and%20slurred%20speech%3C%2Fli%3E%0A%3Cli%3EBody%20temperature%20above%2039%C2%B0C%3C%2Fli%3E%0A%3Cli%3EHot%2C%20dry%20and%20red%20or%20damp%20skin%20can%20indicate%20heatstroke%3C%2Fli%3E%0A%3Cli%3EA%20faster%20pulse%20than%20usual%3C%2Fli%3E%0A%3Cli%3EDizziness%2C%20nausea%20and%20headaches%20are%20also%20signs%20of%20overheating%3C%2Fli%3E%0A%3Cli%3EIn%20extreme%20cases%2C%20victims%20can%20lose%20consciousness%20and%20require%20immediate%20medical%20attention%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Sunday's games
All times UAE:
Tottenham Hotspur v Crystal Palace, 4pm
Manchester City v Arsenal, 6.15pm
Everton v Watford, 8.30pm
Chelsea v Manchester United, 8.30pm
Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
BUNDESLIGA FIXTURES
(All games 4-3pm kick UAE time) Bayern Munich v Augsburg, Borussia Dortmund v Bayer Leverkusen, Hoffenheim v Hertha Berlin, Wolfsburg v Mainz , Eintracht Frankfurt v Freiburg, Union Berlin v RB Leipzig, Cologne v Schalke , Werder Bremen v Borussia Monchengladbach, Stuttgart v Arminia Bielefeld
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
Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
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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
RESULTS
Dubai Kahayla Classic – Group 1 (PA) $750,000 (Dirt) 2,000m
Winner: Deryan, Ioritz Mendizabal (jockey), Didier Guillemin (trainer).
Godolphin Mile – Group 2 (TB) $750,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar
Dubai Gold Cup – Group 2 (TB) $750,000 (Turf) 3,200m
Winner: Subjectivist, Joe Fanning, Mark Johnston
Al Quoz Sprint – Group 1 (TB) $1million (T) 1,200m
Winner: Extravagant Kid, Ryan Moore, Brendan Walsh
UAE Derby – Group 2 (TB) $750,000 (D) 1,900m
Winner: Rebel’s Romance, William Buick, Charlie Appleby
Dubai Golden Shaheen – Group 1 (TB) $1.5million (D) 1,200m
Winner: Zenden, Antonio Fresu, Carlos David
Dubai Turf – Group 1 (TB) $4million (T) 1,800m
Winner: Lord North, Frankie Dettori, John Gosden
Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m
Winner: Mishriff, John Egan, John Gosden
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