Emaar Hospitality, the hospitality arm of Emaar Properties, and Sharjah-based real estate developer Arada have teamed up to develop a Dh600 million residential project and a hotel in Sharjah, the two companies said.
Vida Residences Aljada project will come up in Arada's Dh24 billion master development in the emirate, the companies said in a statement on Tuesday.
“The introduction of Sharjah’s first branded residences and our partnership with Emaar Hospitality Group is yet more evidence of our determination to bring high-quality partnerships and competencies to Aljada,” Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said. “Vida Residences Aljada buyers will benefit not only from exceptional amenities and the perfect design and location, but also from the world-class service for which the Vida brand is renowned.”
"The partnership is to bring a superb brand to Sharjah," Arada chief executive Ahmed Alkhoshaibi told The National in an interview.. "This was signed in 2018 and we were waiting for the right time (to launch)."
Construction on Vida Residences Aljada and the adjacent Vida Aljada hotel will commence in the second quarter of 2021 and is set to be completed by the end of the second quarter of 2023.
Off-plan sales of the project's first phase which includes 168 residential apartments kicked off on Tuesday.
Arada is a joint venture between KBW Investments – a company controlled by Saudi Arabia’s Prince Khaled bin Alwaleed – and Sharjah-based Basma Group.
The new project will be financed through a mix of debt, equity and proceeds from sales, Mr Alkhoshaibiadded.
Arada is targeting to sell 2,600 units next year with a sales revenue of Dh2.3bn from its Aljada master development as well as the new project with Emaar.
"We will be launching another big project which will be announced in the next few weeks. We feel that there is still a solid area for more growth and as long as you deliver a product, that is high quality with all the amenities and accessible price there is always going to be a market.”
The company is aiming to start a new project in Saudi Arabia next year is looking for new opportunities in Dubai as well, he said.
"Sharjah (property market) has been able to grow as you saw from their Q3 results, they grew 10 per cent. Sharjah has been resilient when compared to its neighbours."
“This is a great example of the collaborations we foster to create iconic destinations of the future,” Mohamed Alabbar, founder of Emaar, said. “Our hotel brands have set a high industry standard and Vida Residences Aljada will be a valued addition to Aljada.”
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Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
