Binghatti Developers said it launched a Dh200 million ($54.5m) residential project in Jumeirah Village Circle in Dubai, betting on the emirate's economic and legal incentives boosting the real estate sector.
The Binghatti Mirage is scheduled for handover starting from March 2022, the company said in a statement on Saturday.
"It reflects the company's continued expansionary approach in the real estate sector in the emirate of Dubai, as well as great confidence in the sector’s recovery this year," Muhammad Binghatti, chief executive of the company, said.
The Covid-19 pandemic has had an impact on the real estate market, with subdued demand and oversupply weighing on sales and rental prices. As a result, landlords have had to contend with lower rents and weaker yields. However, some communities in the UAE have managed to buck the trend.
The Binghatti Mirage is the company’s third project to be offered for sale in Jumeirah Village Circle, taking the number of apartments offered by the company in the area to 500. The developer's latest offering will contain 160 apartments spread over a project area of 300,000 square feet.
"We are betting on the future of real estate investments in Dubai amidst economic and legislative incentives, as well as government initiatives that strongly support the sector, which include granting citizenship to foreigners, and the ... Dubai Expo 2020, in addition to the Dubai Industrial Strategy for the next 10 years," Mr Binghatti said.
The chief executive also said the company had "large and ambitious" expansion plans for Dubai's real estate market, without elaborating.
A one bedroom apartment in the development with an area of 722 square feet will be priced at Dh485,000 after a 30 per cent discount in advance, while a two bedroom apartment with an area of 856 square feet costs Dh689,000, the company said.
Average apartment rents in Jumeirah Village Circle declined 16.1 per cent last year and villa rents in the community fell 3.1 per cent, in line with levels experienced across Dubai, according to Cavendish Maxwell's fourth quarter UAE property market report.
"With an abundance of options now available at more affordable rates, many tenants have chosen to move into bigger spaces or better communities, or both," the report said.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
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