In the first half of this year, Abu Dhabi demonstrated the UAE’s market resilience, by recording $6.1 billion worth of real estate transactions. In July, Dubai reaffirmed this by registering $2.9bn transactions in a single week.
Despite month-on-month prices falling for the first time this year in June, they remained over 10 per cent higher compared with June 2021. This recent slowdown should be read as a welcome sign, as it indicates that the market is healthy and can maintain a sustainable pace.
Real estate activities generate about 5.5 per cent of the UAE’s overall gross domestic product and this is likely to continue, especially as the UAE remains focused on economic diversification. The use of solar roof technologies and other sustainable development practices will also contribute to the country’s goals.
The UAE’s real estate rebound from the Covid-19 pandemic has been due to numerous factors. One is flexibility; maintaining an adaptable mindset has served the UAE well in its pursuit of a green future. The country’s rapid growth over the past 50 years has rightly been attributed to pioneering leadership and a willingness to innovate. The real estate sector is no exception and the Dubai 2040 Urban Master Plan, for example, is set to maximise the country’s resources. One of the goals in the master plan is to grow green areas by over 100 per cent. Meeting this goal would also greatly contribute to UAE's goal of Net Zero 2050.
Property developers can contribute by integrating “clean” infrastructure and technologies within their developments – such as adding solar panels, that alone could save up to 28 per cent in energy output, and electric car charging stations. Developers providing such facilities promotes eco-friendly habits among residents and can foster collective collaboration towards the country’s green agenda.
Research by a global real estate services company shows that 63 per cent of leading investors strongly agree that green strategies can drive higher occupancy rates, higher rent prices, and higher tenant retention. If Dubai 2040 is a resounding success, it will drive overall higher value for property developments.
Property developers who exhibit a sustainable mindset will be better off for it. For instance, introducing vast areas of greenery in the design of the development, can be beneficial. It would reduce the area of hard surfaces and thereby decrease heat absorption. In a country like the UAE, where summer temperatures can rise fast, this is highly beneficial and can save long-term energy expenditures and associated costs.
Solar panels can save property developments up to 28 per cent in energy output. This trend has not gone unnoticed in the UAE. To encourage the use of solar panels, the country offers the lowest tariffs and Power Purchase Agreements (PPA) in the world.
The price of solar PV systems in the UAE has dropped by more than 76 per cent in recent years and this has spearheaded a number of projects, including in Abu Dhabi's Al Dhafra region; approximately 1.6 million houses in the UAE will be provided electricity while tariffs of $13.50 per megawatt-hour will make it one of the lowest solar PPA costs in the world.
With solar benefits becoming increasingly realised, the UAE is projected to hit a Compound Annual Growth Rate of more than 15 per cent by 2027. Property developers who strategically implement solar infrastructure will have much to gain.
Whether it be through architectural design, construction practices, waste management, there are several ways for developers to implement sustainability and reap the benefits.
In the same way that the UAE is addressing the growing concern of climate change, while simultaneously spurring real estate growth, it has also shaped regulatory frameworks around modern needs. Dubai recently having introduced property law is one prime example. The Dubai Land Department has mandated the appointment of approved and independent Real Estate Regulatory Agency appraisers to attract more foreign capital and ensure greater transparency. The city's real estate market has attracted new foreign investment of more than $27bn in 2021. Considering this, the new law will serve to maintain investors' interest and retain the UAE’s standing as a global destination for real estate investment.
The new brokerage law that was introduced in August also illustrates the UAE’s forward-thinking mindset. It will also ensure that brokers report all cash deals worth Dh55,000 and above.
A combination of these factors has led to a string of record-breaking transactions in 2022, as the UAE strives toward a greener, more secure and sustainable future.
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UAE currency: the story behind the money in your pockets
The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Results
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara (jockey), Mohamed Daggash (trainer)
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.
Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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.
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