Dubai's real estate sales rose 5 per cent to reach Dh21 billion in the first quarter of 2020 despite the coronavirus pandemic-driven economic headwinds, according to the latest report from the Dubai Land Department.
The total number of sales transactions during the period grew 13 per cent to reach 10,220, the report released on Saturday said.
“The performance of the real estate sector and its contribution to gross domestic product growth remains positive and was strongly reflected in the value of Dubai’s GDP during the first quarter of 2020,” the report said.
The real estate sector grew 3.7 per cent in the first quarter of 2020 compared to the same period last year, DLD said citing data from the Dubai Statistics Centre. In addition, it contributed 8 per cent (to GDP growth) during the first quarter of 2020, "the largest contribution ever since the first quarter of 2017".
"This positive trend of growth rates for the real estate sector is expected to continue in 2020 and [in] the coming years, underscoring its pivotal role in achieving Dubai’s economic leadership.”
Dubai has supported the local economy with stimulus packages worth Dh6.8bn. It first rolled a package worth Dh1.5bn in March and topped it with another one worth Dh3.3bn in the same month. The government provided further support worth Dh1.5bn in July and Dh500 million last month.
The UAE was the first in the Middle East and North Africa region to introduce economic stimulus measures, including zero interest funding to banks to boost lending growth. It also unveiled initiatives such as discounted utility bills and fee waivers.
In 2019, the value of real estate transactions rose 2 per cent annually to Dh221bn due to growth in the value of both sales and mortgages, according to the report. The value of real estate sales climbed 5 per cent to Dh81bn, while real estate mortgage value reached Dh125bn, up 4 per cent compared to the previous year.
Dubai Marina ranked first in terms of transactions in 2019 with 3,920 deals, followed by Business Bay with 3,508, Al Khairan First with 3,142 investments, Hadaeq Sheikh Mohammed Bin Rashid with 2,833 investments and Burj Khalifa with 2,721 investments.
england euro squad
Goalkeepers: Dean Henderson (Man Utd), Sam Johnstone (West Brom), Jordan Pickford (Everton)
Defenders: John Stones (Man City), Luke Shaw (Man Utd), Harry Maguire (Man Utd), Trent Alexander-Arnold (Liverpool), Kyle Walker (Man City), Tyrone Mings (Aston Villa), Reece James (Chelsea), Conor Coady (Wolves), Ben Chilwell (Chelsea), Kieran Trippier (Atletico Madrid)
Midfielders: Mason Mount (Chelsea), Declan Rice (West Ham), Jordan Henderson (Liverpool), Jude Bellingham (Borussia Dortmund), Kalvin Phillips (Leeds)
Forwards: Harry Kane (Tottenham), Marcus Rashford (Man Utd), Raheem Sterling (Man City), Dominic Calvert-Lewin (Everton), Phil Foden (Man City), Jack Grealish (Aston Villa), Jadon Sancho (Borussia Dortmund), Bukayo Saka (Arsenal)
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
SPEC%20SHEET
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000