We’re back with the biggest and most important stories from the last seven days in Dubai and Abu Dhabi property. From construction updates to money matters, project launches to deliveries, this is all you need to stay informed.
AED 772M of new transactions completed by residential REIT
The Residential REIT (real estate investment trust) concluded AED 772M worth of transactions with the combined REIT value touching AED 1.3B at the end of December 2017. This Sharia-compliant REIT is managed by Equitativa and is also incorporated in the Abu Dhabi Global Market.
165 properties from three towers on Al Reem Island were given by Abu Dhabi Islamic Bank to this REIT, while a Saudi company and Arcapita also provided three towers (a total of 285 units) on Saadiyat Island resulting in a combined Residential REIT value of AED 1.3B as of 31 December 2017.
The Chairman of Equitativa, Sylvain Vieujot said “This is our second REIT in the UAE to achieve critical size and attract key institutional investors. The Residential REIT has built an attractive and diversified portfolio providing the strong foundation needed to propel us to the next stage, where we prepare for further growth and a future IPO. We trust that 2018 will be a great year for both our UAE Reits — Emirates REIT and The Residential REIT.”
Shurooq (Sharjah Investment and Development Authority) and Eagle Hills have launched three upscale projects in Sharjah, valued at over AED 2.7B. These three projects are part of a new partnership aimed at invigorating the hospitality and real estate market in the emirate, Eagle Hills Sharjah Development.
These launches include Maryam Island (AED 2.4B), Palace Al Khan (AED 120M) and Kalba Waterfront (AED 160M) and will be a tribute to Sharjah’s history and culture in addition to boosting tourism. Work has already begun on the three projects, and each of them will be delivered within the next two years – starting with Kalba Waterfront in Q3 2019 followed by Maryam Island in Q4 2019 and Palace Al Khan in Q2 2020.
At the unveiling of the projects, Sheikha Bodour bint Sultan Al Qasimi, chairperson of Shurooq and Eagle Hills Sharjah Development, revealed that Sharjah will have several exciting projects from 2018.
Tiger Group has announced The Square in Dubai, a real estate project with 400 units and worth AED 500M. Part of the group’s real estate arm, Tiger Properties, The Square marks the first of 12 projects that they will launch this year, followed by six more by 2020 – resulting in a cost of AED 10B for property in both Dubai and Sharjah.
According to Walid Al Zoubi, Chairman of Tiger Group, the company also plans to launch projects in Abu Dhabi as well as an integrated city in Ajman, expanding its real estate portfolio. He also stated that 2017 saw Tiger hand over 2,000 units for both rent and sale and expect to deliver 2,000 more in 2018.
AED 26.4B budget approved by dewa
For 2018, the Dubai Electricity and Water Authority have signed off on a budget of AED 26.4B, over AED 2M more than their budget for 2017. Some of the budget has been allocated to both non-conventional and conventional energy sources, green tech, smart grid, energy efficiency, innovation, research and development, among others.
According to HE Saeed Mohammed Al Tayer, the MD & CEO of DEWA, “We have a holistic approach for the energy sector and we translated that into workable strategies. The budget supports the vision of our leadership to provide citizens and residents with excellent services in a smart and well-connected city, which is recognised as a world model for developing clean energy, inspiring innovation & creativity and promoting sustainability. Accordingly, our investment in disruptive technologies and the launch of the world’s first Sharia-compliant Green Fund are testimony to DEWA’s commitment to the aspirations of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai.”
new my city centre opens in ras al Khaimah
Majid Al Futtaim has opened My City Centre Al Dhait in Ras Al Khaimah, worth AED 68.5M. The third such ‘My City Centre’, the new mall in Al Dhait reaffirms the company’s promise to raise its investments in the UAE by AED 30B to AED 48B.
In addition to the world-class lifestyle, retail and F&B brands that the mall will offer, one of its more striking features is its commitment to sustainability. The mall uses LED lights, low-flow water fixtures, collects water from a/cs and vents for irrigation and even has solar panels on the shades in the parking bays to help conserve energy.
zaha hadid’s the opus Opens
The Opus, by the late, great Zaha Hadid officially opened. The breathtaking architectural marvel is Hadid’s only building in Dubai and will be home to offices, a club, restaurants, ME by Melia (the first in the Middle East) and residences.
The one to three bedroom hotel apartment residences have also been designed by Hadid, while lucky residents in the penthouses will have their own, lush gardens and balcony.
commercial property developer to accept cryptocurrency
Joining the ranks of real estate professionals who accept cryptocurrency as a form of payment is Star Business Centre. The company that rents out and operates offices revealed that they will now accept rents and service charges via digital currency as well as the usual methods.
According to Gulf News, the CEO of Star Business Centre, Imran Farooq said, “We have recently been watching the cryptocurrency revolution and that encouraged us to enhance our business capability and align them with our business offering.”
That’s all from us! But while you’re here, why not test your knowledge of Dubai with this quiz on the city’s most popular areas? Or if you’re still wondering what to do today, why not grab a few friends and head to one of these incredible camping spots in the UAE?