Sharjah-based real estate developer Arada recorded a 35 per cent increase in unit sales totalling Dh1.75 billion last year, the company said on Monday. The developer sold a total of 2,337 units across its two projects, Aljada and Nasma Residences, during the course of 2020.
The developer also signed new project financing agreements with two lenders – an initial Dh300m loan from Dubai Islamic Bank and a Dh37m facility with Ajman Bank. The two agreements follow earlier loans from lenders totalling Dh2bn, which were secured in 2017 and 2018.
“Against an incredibly difficult backdrop, Arada outperformed expectations over the course of 2020, awarding over Dh1bn in contracts and achieving exceptional sales results,” Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said.
“In particular, we see the closure of the new financing agreements with Dubai Islamic Bank and Ajman Bank as another vote of confidence not just in Arada, but also in the resilience of the Sharjah property market.”
Arada is a joint venture between KBW Investments – a firm controlled by Saudi Arabia's Prince Khaled bin Alwaleed – and Sharjah-based Basma Group. The company is targeting further increases in its sales pipeline to achieve annual sales of Dh3bn by 2025, its chief executive Ahmed Alkhoshaibi told The National in August.
The company said that although sales dipped at the height of pandemic-induced movement restrictions in April, they recovered strongly in the second half of the year, with the developer posting its best quarterly performance in the three months to September.
Arada sold 1,977 units at its Dh24bn mixed-use community Aljada last year and will hand over the first homes there this month. It awarded key construction contracts in Aljada, including for the project’s second residential phase, East Village, and the SABIS International School being built within the development.
New districts were also opened within the masterplanned community and a family entertainment destination known as Madar.
Within Nasma Residences, 993 homes were completed in the first five phases of the Dh1.3bn villa and townhouse community in Al Tay. The development, which contains a 13-acre park and a community centre that will open in the first quarter of this year, is now sold out after the remaining 360 units were sold last year, the developer said.
Property transactions in Sharjah increased by 10 per cent to Dh4.6bn in the third quarter of last year, the emirate's real estate registration department said in November. During the same period, average sale prices were 20 per cent lower year-on-year "mainly due to increased competition from Dubai with more affordable options", according to consultancy Asteco.
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How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
The five pillars of Islam
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How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
The%20specs%3A%202024%20Mercedes%20E200
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Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
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New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
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Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
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The%20Genius%20of%20Their%20Age
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
