Every week in UAE real estate is one of progress and excitement. Take this week’s main news – the opening of Louvre Abu Dhabi – as an example. The grand-scale museum will contribute to boosting both the Abu Dhabi’s real estate and tourism sector, but also help improve everyone’s cultural education, a type of self-development aspect we tend to neglect in our success-driven lives. Here are some of the other UAE property news that left the biggest impression this past week.
Shortlisted Projects for Construction Week Awards 2017 revealed
Construction Week Online announced 27 projects nominated for their yearly award. The main four awards categories are Commercial Project of the Year, Hospitality Project of the Year, Infrastructure Project of the Year and Residential Project of the Year. Among the nominees are Motiongate Dubai, Hotel Damac Maison Royale The Distinction, Dubai Water Canal, Etihad Museum and Marasi Floating Homes.
More updates are to come regarding the awards, while the big ceremony will take place at the Rixos Premium hotel Dubai on Wednesday, 6th December. Are you working on one of the nominated projects? Congratulations!
Rules for Off-Plan Properties to Become More regulated
His Highness Shaikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai has ordered the issuing of Law No. (19) which amends the 2008 law on interim property registration in Dubai, otherwise known as Law No. (13). The updates to the law aim to safeguard investors and developers across the emirates. If the off-plan property buyer makes a breach of the sales contract, the developer is obligated to notify the Dubai Land Department (DLD) which will then give a 30-day notice to the buyer. Read more about the property registration law.
Emaar reports soaring profits in 2017 compared to last year
The UAE property market is challenging for some developers, but not for EMAAR. The UAE’s leading property developer raked in a total of AED 1.51bn ($411.16m) of net profit in Q3 which is 32 pc higher than in the same period last year. Their 9-month period soared 20 pc (AED4.35bn), compared to previous year.
On the occasion of the company’s financial triumph, EMAAR’s chairman Mohamed Alabbar said: ‘The impressive growth in sales of our Dubai residential property launches this year puts us in a strong position to generate strong cash flows for the coming years. The sustained demand for projects in Dubai is a strong indicator of the investor trust in Dubai, which is today one of the fastest-growing hubs for business and leisure.’
Property Developer Omniyat Secures AED 445m of Financing
This Dubai property developer is perhaps most famous for their One Palm development expected to be completed next year. One Palm consists 3, 4 and 5-bed luxury residences on the one and only Palm Jumeirah. Omniyat’s secured financing comes from the progressive Islamic bank, Al Hilal Bank.
The CEO and executive chairman of Omniyat, Mahdi Amjad said: ‘Securing these facilities for Dhs445m emphasise the progress Omniyat has made across its project portfolio and the plans ahead as we lead into the completion and handing over of our Opus and Pad projects this year and the One Palm project next year.’
A new bridge linking Sharjah to Dubai to be ready by next year
A new, 9-lane bridge will connect the UAE’s third largest emirate to Dubai by August 2018. More precisely, the bridge will connect Sharjah’s Al Badea area to Dubai’s Emirates Road. The impressive infrastructure project will cost AED 200 M.
The Director of the roads department at MoID, Ahmad Al Hammadi said: ‘The project will be completed by the third quarter of 2018 and once completed, will increase the capacity of the road from 9,900 vehicles per hour to 17,700 vehicles per hour.’
Now that you’ve received the full scoop on UAE property news, happy Friday! Before you leave, find more Dubai property news and UAE property insights.