It’s that time of the week again where MyBayut brings you a weekly update of all the trending real estate updates in the UAE. Here are the highlights of all the UAE real estate news updates this week.
this week’s UAE real estate news updates
As always, there have been several interesting Abu Dhabi and Dubai real estate news stories covered this week. Let’s take a look at the trending topics in the UAE property news sector that investors in particular should take note of.
DUBAI LAND department LAUNCHES SMART PAYMENT SERVICES
Our first pick for trending UAE real estate news updates comes from the Dubai property market. The Dubai Land Department (DLD) announced that its finance department has activated the smart payment feature, which uses applications like Apple Pay and Samsung Pay.
This UAE real estate news update announced by the DLD aims to facilitate their objective of switching to paperless transactions to allow smart channels of payment.
Saad Abdulla Alhamadi, Director of Finance Department at DLD, said: “In light of the widespread use of smartphones across our society, it has become essential to adopt this technology to facilitate procedures in daily business activities. We have added this service to better serve our customers and provide them with added value.”
The switch to using applications like Apple Pay and Samsung Pay will enhance the ease of doing property-related business in the emirate and make it more convenient for the customers. This move will also help improve Dubai’s ability to compete with other investment destinations around the world.
Azizi awards aed 572m contract for Riviera project
Second on our list of trending UAE real estate news updates comes from the Azizi Group. Azizi Group is a regular feature of Dubai real estate news as they have been making headlines in the UAE real estate market with their wide range of innovative projects. This time, the group, one of the UAE’s leading real estate developers, has announced that they have appointed Majid Hilal Contracting Company to develop the fourth phase of its Dubai real estate project “Azizi Riviera” in Meydan One.
Under the contract, the company has been appointed with investments worth AED 572M to develop and construct 11 buildings with canal views, which will represent half of the Phase IV buildings of the project. It was also announced that the fourth phase of the project will provide 4753 housing units, including a mix of apartment units, from studios to 3-bedroom apartments.
The Azizi Riviera is a waterfront project that is located along the Dubai Canal and construction is due to start at the end of July. Mirwais Azizi, chairman of Azizi Group, said: “We recognise a growing interest in Dubai’s real estate market – and particularly in buying off-plan – and aim to match that with timely delivery.”
Abu DHABI UNIVERSITY invests AED 300m in a new campus
Next on our roundup of UAE real estate news updates is the announcement of Abu Dhabi University (ADU) investing AED 300M for the construction of its new university campus in Al Ain. The new university campus will span an area of 28,000 sq. m. and is scheduled for completion by September 2019.
The campus, upon completion, will accommodate 5,000 students and will have gender-segregated areas with world class facilities such as sports halls, clinics, a library and a restaurant. The campus will also feature 70 classrooms, 137 teaching and administrative offices; all designed and constructed to the highest international standards. The aim of this project is enhance the university’s status as a pioneering national institution based in Abu Dhabi, providing an exceptional educational environment while keeping up with the current times.
When the announcement was made, His Excellency Ali Saeed Bin Harmal Al Dhaheri, Chairman of ADU’s Board of Directors said: “Today’s milestone announcement reinforces ADU’s status as a world-class national academic institution. The new campus aims to provide a modern holistic educational environment and meet the growing student demand at a time when the university has earned several international accolades.”
THREE NEW UAE FREE ZONES ARE NOW VAT FREE
Our last pick for trending UAE real estate news updates is the announcement of three new free zones where the new 5% VAT will not be imposed. The UAE’s Federal Tax Authority (FTA) announced that Al Ain International Airport Free Zone, Al Bateen Executive Airport Free Zone in Abu Dhabi, and International Humanitarian City – Jebel Ali in Dubai, will be outside the scope of VAT, effective from June 18, 2018.
The UAE houses one of the highest numbers of free zones globally – 45 with another 10 under construction. Dubai now houses around 30 free zones. If you are an investor looking start a business in Dubai you may like to know about the difference between free zone vs. freehold properties in Dubai.
Now that you’re all caught up with the all the property news in the UAE, check out these events happening in July or take a shot at this 2018 World Cup Quiz to see if you can guess all the answers correctly.