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.
UAE currency: the story behind the money in your pockets
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Short term
Establish logistics and systems needed to globally deploy vaccines
Intermediate term
Build biomedical workforces in low- and middle-income nations
Long term
A prototype pathogen approach for pandemic preparedness
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UAE currency: the story behind the money in your pockets
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
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Courtesy: Crystal Intelligence
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Canada
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
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MATCH INFO
Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')
Man of the match Son Heung-min (Tottenham)
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
