Abu Dhabi’s biggest developer Aldar Properties plans to launch five new projects this year as the UAE's property market continues to recover from the coronavirus pandemic-driven slowdown.
The planned new projects on Reem, Saadiyat and Yas Islands are a mix of villas, plots and apartments, Jonathan Emery, chief executive of Aldar Development told The National in an interview.
“At the moment we are planning about five new launches this year ... that’s more or less the benchmark number we are aiming at and that will be a range of different price points and products as well,” Mr Emery said.
“We will also be relaunching a couple of projects as well in a fresh way. So lots of new, exciting products coming [to the market] this year.”
Aldar Development is responsible for building out the company's 75 million square metre land bank and oversees the company's Aldar Projects, Aldar Ventures and Aldar Egypt subsidiaries.
Mr Emery did not disclose the value of the planned projects or how much the company is investing in them. He said Aldar is "preparing all these projects and going through the design, procurement and all the research and actual commitment”.
It plans to finance the new developments through a mix of debt and equity, he added.
Earlier this week, the company launched the third phase of its Noya development on Yas Island containing 189 villas, following the sale of the first and second phase in November 2020 and in April this year, respectively.
The first phase of Noya, valued at Dh940 million ($256m), was sold out within four hours of its launch while all units in the second phase were booked within 48 hours.
Mr Emery said the company aims to equal or surpass 2020 sales of Dh3.6 billion this year.
“We are preparing to continue to meet the demand from our [existing] and new customers ... [as] the strength in the UAE and Abu Dhabi market will continue this year.”
The UAE's property market, which softened in the wake of a three-year oil price slump that began in 2014 and on oversupply concerns, is showing signs of a revival as end-users look to upgrade to larger spaces amid a rise in remote working and learning due to the pandemic.
Economic support measures and government initiatives, including visas for expatriate retirees, remote workers and the expansion of the 10-year golden visa scheme, have also helped to improve sentiment.
“[The] UAE and Abu Dhabi have [shown] a great resilience, economically and the way they dealt with the health crisis," Mr Emery said.
These measure have boosted investors' confidence and "one of the primary asset classes" they are choosing to invest is the real estate, he added.
The market in 2021 "is going to be better than last year and certainly for Abu Dhabi and Aldar", he said.
"I think this is a very positive year for investors, hopefully, an opportunity for customers, whether they are investors or whether they are looking to secure a new home for their families ... 2021 looks like [a] win-win.”
Average villa sales prices in Abu Dhabi grew 1 per cent on quarterly basis at the end of the first quarter in 2021, while apartment sales prices remained unchanged, according to the latest report from Asteco.
The government’s focus on “growth industries, economic development and attracting talent through various visa programmes” is also helping the property market to bounce back, Mr Emery added.
Aldar Properties is still keen to expand its footprint to Egypt, the Arab world's third-biggest economy. Earlier this year, Aldar said it is looking to buy a majority stake in Egypt's Sixth of October for Development and Investment Company (Sodic).
It expects to have more clarity on the Sodic deal by the end of the second quarter, he said.
“We hope to have Egyptian business [established] by the end of 2021 whether we are able to offer Aldar products in Egypt by 2021, that’s undecided and will be determined by the timing of our entry into the market.”
Aldar also aims to expand to Saudi Arabia, which is "obviously an attractive market and something we continue to review", Mr Emery, said.
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Killing of Qassem Suleimani
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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UAE currency: the story behind the money in your pockets
THREE
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Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
A German university was a good fit for the family budget
Annual fees for the Technical University of Munich - £600
Shared rental accommodation per month depending on the location ranges between £200-600
The family had budgeted for food, books, travel, living expenses - £20,000 annually
Overall costs in Germany are lower than the family estimated
As proof that the student has the ability to take care of expenses, international students must open a blocked account with about £8,640
Students are permitted to withdraw £720 per month
Killing of Qassem Suleimani
The specs: 2018 Maserati Ghibli
Price, base / as tested: Dh269,000 / Dh369,000
Engine: 3.0-litre twin-turbocharged V6
Transmission: Eight-speed automatic
Power: 355hp @ 5,500rpm
Torque: 500Nm @ 4,500rpm
Fuel economy, combined: 8.9L / 100km
RESULTS
Tottenham 1
Jan Vertonghen 13'
Norwich 1
Josip Drmic 78'
2-3 on penalties
Killing of Qassem Suleimani
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
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The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
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Alan Rushbridger, Canongate
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
UAE currency: the story behind the money in your pockets
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