Deyaar Development is launching a Dh700 million ($191 million) project in Dubai and has plans to start its first scheme in Abu Dhabi in the second quarter, amid higher demand for property in the UAE.
The new project in Jebel Ali, ranging from studios to three-bedroom flats, will be financed through debt and revenues from sales, Deyaar’s chief executive Saeed Al Qatami told The National in an interview.
The new 33-storey project, named Eleve, is expected to be completed in three years.
“It is a medium-sized building, situated in Jebel Ali, next to the metro station. We are developing a nice community there, with full amenities and services for our residents and investors,” Mr Al Qatami said.
This is the second project launched by the Dubai-listed developer this year following last month's launch of Rosalia Residences in Al Furjan, which has fully sold out.
“The overall performance of the market … has been fantastic. It’s booming,” Mr Al Qatami said.
“People want to become residents in Dubai … it's now easier.”
Dubai has been recording “fundamental growth” in its property market and is “not a bubble”, he added.
The UAE property market has been booming in recent years on the back of government initiatives such as residency permits for retired and remote workers and the expansion of the 10-year golden visa programme.
Overall growth in the UAE’s economy due to economic diversification efforts is also supporting the property market.
The UAE’s non-oil foreign trade hit a record Dh3.5 trillion in 2023, compared with Dh2.23 trillion in 2022, as the Arab world’s second largest economy signed new comprehensive economic partnership agreements with countries, the latest government data showed.
All sectors, “whether it’s the business sector, whether trading” have been performing well to support the economy, Mr Al Qatami said.
Dubai registered a record 1.6 million property transactions across all market segments last year, up 13 per cent on the previous year, while the value of deals rose 20 per cent annually to Dh634 million.
The demand for property, especially in the affordable sector, is expected to continue growing this year, with prices rising by 10 per cent to 15 per cent, Mr Al Qatami said.
Meanwhile, prices of luxury homes will stabilise, said the chief executive, who has been leading Deyaar since 2010.
The company plans to start its first project in Abu Dhabi in the second quarter of this year, as property demand continues to be strong in the emirate, Mr Al Qatami said, without revealing further details.
In the fourth quarter, Abu Dhabi recorded 2,238 off-plan sales transactions – up 39.4 per cent compared to the same period last year, while ready home sales volume rose 36.5 per cent to 740, according to a recent ValuStrat report.
For the full year, the total volume of residential transactions in Abu Dhabi jumped 77.8 per cent year-on-year to 11,235 on the back of a 104 per cent growth in off-plan market sales and a 27.7 per cent increase in secondary market sales, a report from CBRE said this month.
On the supply front, a total of 2,961 units were delivered in Abu Dhabi in 2023, with nearly 60 per cent of them in Shams Abu Dhabi and Najmat Abu Dhabi.
In 2024, an additional 4,438 units are expected to be completed, with about 69 per cent of this new stock expected to be delivered in Yas Island and Al Maryah Island, the report said.
End users are buying the property in the secondary or ready home market, Mr Al Qatami said, while investors dominate the off-plan sector, mostly hailing from India and Pakistan, as well as Emiratis.
Indian nationals “have a strong outlook for the real estate market in Dubai” and are boosting investments, he said.
Customers are buying ready homes using mortgages, with 20 per cent to 25 per cent of the payment being made in cash.
Deyaar reported a more than threefold yearly jump in its 2023 net profit, fuelled by new projects and increased revenue on the back of the UAE’s vibrant property market.
The company, majority-owned by Dubai Islamic Bank, expects its revenue to rise 30 per cent annually this year, Mr Al Qatami said.
UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
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Dubai World Cup draw
1. Gunnevera
2. Capezzano
3. North America
4. Audible
5. Seeking The Soul
6. Pavel
7. Gronkowski
8. Axelrod
9. New Trails
10. Yoshida
11. K T Brave
12. Thunder Snow
13. Dolkong
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
COMPANY%20PROFILE
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IPL 2018 FINAL
Sunrisers Hyderabad 178-6 (20 ovs)
Chennai Super Kings 181-2 (18.3 ovs)
Chennai win by eight wickets
THE SPECS
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Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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
UAE currency: the story behind the money in your pockets
Specs
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Newcastle United 0 Tottenham Hotspur 2
Tottenham (Alli 61'), Davies (70')
Red card Jonjo Shelvey (Newcastle)
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
Indian origin executives leading top technology firms
Sundar Pichai
Chief executive, Google and Alphabet
Satya Nadella
Chief executive, Microsoft
Ajaypal Singh Banga
President and chief executive, Mastercard
Shantanu Narayen
Chief executive, chairman, and president, Adobe
Indra Nooyi
Board of directors, Amazon and former chief executive, PepsiCo
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
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Listen to Extra Time
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Revival
Eminem
Interscope
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BlacKkKlansman
Director: Spike Lee
Starring: John David Washington; Adam Driver
Five stars
Mental%20health%20support%20in%20the%20UAE
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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
