Emaar Properties recorded property sales of Dh10.5 billion in the first five months of 2021. The company is forecasting even higher growth for the first half of 2021. courtesy: Emaar
Emaar Properties recorded property sales of Dh10.5 billion in the first five months of 2021. The company is forecasting even higher growth for the first half of 2021. courtesy: Emaar
Emaar Properties recorded property sales of Dh10.5 billion in the first five months of 2021. The company is forecasting even higher growth for the first half of 2021. courtesy: Emaar
Emaar Properties recorded property sales of Dh10.5 billion in the first five months of 2021. The company is forecasting even higher growth for the first half of 2021. courtesy: Emaar

Emaar records property sales of Dh10.5bn in first five months of 2021


Fareed Rahman
  • English
  • Arabic

Dubai’s biggest listed property developer Emaar Properties recorded a 250 per cent jump in property sales in the first five months of 2021 as the economy recovers from the pandemic-driven slowdown.

The company’s total property sales during the period rose to Dh10.5 billion ($2.85bn), compared to Dh3bn in the same period last year, the company said in a statement on Sunday.

“I am confident that the Dubai property market is once again a growth story for developers, in light of the UAE's wise policies, with Emaar perfectly positioned to capitalise on this,” the company's founder and managing director, Mohamed Alabbar, said.

The UAE's property market, which softened in the wake of a three-year oil price slump that began in 2014 and subsequent oversupply concerns, is showing signs of a revival as end-users look to upgrade to larger spaces amid a rise in remote working and learning due to the pandemic.

Economic support measures and government initiatives, including visas for expatriate retirees, remote workers and the expansion of the 10-year golden visa scheme, have also helped to improve sentiment.

In April, the value of Dubai’s property sales transactions hit a four-year high of Dh10.97bn, the highest monthly value since March 2017.

The developer behind Burj Khalifa, the tallest building in the world, is the third-biggest company on the Dubai Financial Market, with a market capitalisation of Dh29bn.

Emaar has launched a number of new developments this year including Golf Place Terraces at Dubai Hills Estate, Caya and Bliss in Arabian Ranches 3, and Palace Beach Residence at Emaar Beachfront, the company said. The developer also delivered other residential units at Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai and Emaar South.

Last month, the company reported an 8 per cent jump in first-quarter net profit to Dh657m as revenue climbed 12 per cent to nearly Dh6bn.

In other signs of a recovery, payment processor Network International said the UAE's restaurant industry achieved almost the same levels of dine-in spending in the first three months of 2021 as it did in the same period last year.

Overall dine-in spending was 1 per cent lower year-on-year during the first-quarter, according to the company on Sunday.

The quick bites restaurant category, which includes fast food, street food, food trucks and bakery outlets, witnessed the biggest growth in dine-in point of sale transactions during the quarter.

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

Lewis Hamilton in 2018

Australia 2nd; Bahrain 3rd; China 4th; Azerbaijan 1st; Spain 1st; Monaco 3rd; Canada 5th; France 1st; Austria DNF; Britain 2nd; Germany 1st; Hungary 1st; Belgium 2nd; Italy 1st; Singapore 1st; Russia 1st; Japan 1st; United States 3rd; Mexico 4th

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PROFILE BOX

Company name: Overwrite.ai

Founder: Ayman Alashkar

Started: Established in 2020

Based: Dubai International Financial Centre, Dubai

Sector: PropTech

Initial investment: Self-funded by founder

Funding stage: Seed funding, in talks with angel investors

The specs

Price: From Dh529,000

Engine: 5-litre V8

Transmission: Eight-speed auto

Power: 520hp

Torque: 625Nm

Fuel economy, combined: 12.8L/100km

A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Red Joan

Director: Trevor Nunn

Starring: Judi Dench, Sophie Cookson, Tereza Srbova

Rating: 3/5 stars

Other must-tries

Tomato and walnut salad

A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.

Badrijani nigvzit

A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.

Pkhali

This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.

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