The UAE property market is expected to recover in the second half of this year, driven by government initiatives and a widespread vaccination programme, according to a Dubai developer.
"The efforts of the government to continue with the vaccination ... are definitely having a positive impact on the market and we see that in the sales and the kind of site visits we have," Sobha Realty president Jyotsna Hegde told The National.
“I am very hopeful and positive on how 2021 is shaping up. By the middle of 2021, there should be a reasonable recovery.”
The UAE is moving ahead with its vaccination programme and intends to inoculate half of its population by the end of March. More than 5 million vaccine doses have already been administered, state news agency Wam reported on Saturday.
We had a good mix of international as well as domestic clients in January
Other countries should also “achieve some level of vaccination success by mid-2021, which could open up travel to a large extent in the second half of the year, which should also benefit us positively”, she said.
Government reforms such as the expansion of the 10-year golden visa initiative to encourage foreign professionals to settle in the UAE and the granting of citizenship to investors and talented people will help the market recover, she said.
“These are all exciting developments. This shows the world that Dubai is very investor-friendly and very dynamic," she said.
"The time taken from thought to action is extremely short and is very encouraging for people to build their businesses and a home here.”
Sobha, which is building the $4 billion Sobha Hartland project near Mohammed bin Rashid City in Dubai, plans to hit Dh2.5bn in sales this year.
It achieved Dh250 million in sales last month and February is “progressing well”, said Ms Hegde.
“We had a good mix of international and domestic clients in January."
Apart from the customers from the UAE, GCC countries, India and China, “there has been some active interest from markets that were not active before such as Europe and Canada”, she said.
“My assumption is that there is an increased interest in Dubai, considering the way the Covid situation has been handled and the kind of infrastructure that is provided here.
"There is a lot of interest from an international community looking for a destination ˗ especially people who are not bound by geographies and people who work out of any place.”
The UAE property market slowed after a three-year oil price slump that began in 2014.
Since then, property prices have remained depressed amid concerns about oversupply, with the coronavirus-induced slowdown mounting further pressure last year.
Dubai apartment prices fell by 9.5 per cent last year while rents declined by about 12.4 per cent.
Villa prices recorded a more moderate drop of 3.6 per cent while rents fell by 5.3 per cent, according to the latest report from Chestertons.
However, the market is showing signs of recovery and a weaker dollar makes it more attractive to foreign investors.
The residential market in Dubai had healthy transaction levels last month, fuelled by ready unit sales and mortgages, according to the latest report from EFG Hermes.
Sales of ready units in January more than doubled to Dh4.3bn from a year ago while the value of mortgage transactions rose more than seven-fold to Dh9.5bn.
Ms Hegde said the developer could only achieve 50 per cent of its Dh2bn sales target in 2020 due to the challenges posed by Covid-19.
Sobha Realty delivered 500 units last year and aims to deliver 1,300 units this year.
Ms Hegde said the developer plans to start work on new projects in new locations in Dubai but refused to divulge further details.
“All projects will be financed through a mix of debt and equity. All our funding requirements are being currently met by national and international banks.”
The company’s partnership with state-owned Dubai developer Meydan on the District One project in Mohammed bin Rashid City ended “in an amicable way” after the completion of the first phase of the project, she said.
Property in Dubai: beach villas in Jumeirah and Umm Suqeim
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More coverage from the Future Forum
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Abu Dhabi GP weekend schedule
Friday
First practice, 1pm
Second practice, 5pm
Saturday
Final practice, 2pm
Qualifying, 5pm
Sunday
Etihad Airways Abu Dhabi Grand Prix (55 laps), 5.10pm
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
One-off T20 International: UAE v Australia
When: Monday, October 22, 2pm start
Where: Abu Dhabi Cricket, Oval 1
Tickets: Admission is free
Australia squad: Aaron Finch (captain), Mitch Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, Darcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa, Peter Siddle
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
Volunteers offer workers a lifeline
Community volunteers have swung into action delivering food packages and toiletries to the men.
When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.
Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.
Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.
“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.
Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.
“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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Killing of Qassem Suleimani
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
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Second Test, Day 2:
South Africa 335 & 75/1 (22.0 ov)
England 205
South Africa lead by 205 runs with 9 wickets remaining
West Indies v India - Third ODI
India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)
India won by 93 runs
Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Representing%20UAE%20overseas
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars
COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets
Company%20profile
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