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.
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Brief scoreline:
Manchester United 0
Manchester City 2
Bernardo Silva 54', Sane 66'
MATCH INFO
BRIGHTON 0
MANCHESTER UNITED 3
McTominay 44'
Mata 73'
Pogba 80'
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
more from Janine di Giovanni
UAE currency: the story behind the money in your pockets
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
MATCH INFO
Fulham 0
Aston Villa 3 (Grealish 4', Hourihane 15', Mings 48')
Man of the match: Jack Grealish (Aston Villa)
JAPANESE GRAND PRIX INFO
Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday
Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
THURSDAY'S FIXTURES
4pm Maratha Arabians v Northern Warriors
6.15pm Deccan Gladiators v Pune Devils
8.30pm Delhi Bulls v Bangla Tigers
Al Jazira's foreign quartet for 2017/18
Romarinho, Brazil
Lassana Diarra, France
Sardor Rashidov, Uzbekistan
Mbark Boussoufa, Morocco
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
