Friday, September 30, 2011

Work on Dh 2bn Phoenix Mall to begin soon


A new development spanning more than eight million square feet, located on the outskirts of Dubai, will help attract from foreign direct investments into the UAE, said the developer of the project, Meraas Holding.

The Dubai-based real estate firm Meeraas Holding  will begin work on the Phoenix project, including the Phoenix Mart Mall, on signing the Dh.2bn investment deal with Chinese company, China Longines.

The development will be built adjacent to Dragon Mart, and is due for completion in two years time, said Sina Al Kazim, Chief Business Development Officer, Meeras Holding.

The Dh.2bn investment will be contributed in the ratio 70:30, with 70percent coming from Chinese government, while 30percent will be given by China Longines. A BOT deal has been signed for operation of the mall for next 30 years before transferring the project to Meraas Holding.

He also said that several areas of US, China and India will help secure foreign direct investment into Dubai, and will include a range of sectors, including real estate, industrial and recreation, which will complement the growing Dubai economy.

The Phoenix project will include a five star hotel and car parking amenities, and will be three times the size of the current Dragon Mart Complex. The mall will include 6000 outlets, and vast majority will be new brand names from China.

The mall will be operational at a higher level than Dragon Mart and will be appealing to expatriates of all nationalities, although majority of mall’s clientele will be Chinese expats.

According to CBRE Head of Research and Consultancy for UAE, Matthew Green, the project is just right for the locality, as the demographics of the catchment fits well with the mall.

The Phoenix Mart will cater to a niche market, and will benefit due to its location, adjacent to nearly 25,000 units at International City and Silicon Oasis Development.

Thursday, September 29, 2011

Latest Dubai property market update: CBRE


During the ongoing Cityscape Global Exhibition 2011 being held in Dubai, Matthew Green, Head of Research and Consultancy for CBRE Middle East, summarized the latest developments in the Dubai property market.

The prime office rents in the Central Business District (CBD) have stabilized, as stable growth has been reflected during three consecutive quarters, which indicates the strength of central office area among wider market weaknesses. New supplies have been limited, and therefore, the vacancy rates have been comparative low over the past 12 months, although there is still 45% vacancy reported across the market.
Outside the prime CBD, office rents exhibit deflationary pressure. This is largely due to migration of tenants from older areas of the city, which pressurizes landlords to compete for tenants and ultimately drive down rents.

A similar situation has also been noticed in Jumeirah Lakes Towers and Business Bay, with major influx of new commercial supplies, which is pushing down prices, leading to huge incentives for tenants.

Metro Green Line
Opening of the new Metro Green line is a huge step in the development of Dubai, with the emirate and UAE in general, continuing to invest heavily into infrastructure, Matthew Green said. This new Metro Line is just another step ahead in evolution of Dubai, as it offers companies with fast and efficient business set-up. This fact was further highlighted during the recent Global Competitiveness Report 2011-12, with UAE being ranked 8th overall for quality of infrastructure.

DIFC
Dubai International Financial Centre (DIFC) has several projects from private developers that have now achieved handover, while others will be ready in a span of one year. The increased supply at the DIFC estate continues to add pressure to rentals for non-DIFC managed buildings. However, occupancies and rents at the DIFC Gate developments continue to add the precedent for the entire market in terms of rents and occupancies. Prime rental levels in DIFC Gate Building are currently in the range Dh.240-330, inclusive of service charge.

Other Free Zones
The Dubai Freezone will continue to outperform the wider market, by maintaining higher rental levels and occupancy rates within the Freezone Authority buildings, in comparison to that of the private managed counterparts.

The occupiers have expressed satisfaction over quality of office accommodation, and also the standards of property management and amenities from the Authorities, as they are of better quality than the majority of privately managed buildings.

Future
Speaking about the future market, Matthew Green said that an uptick in activity is likely to happen in the final quarter of this year, particularly in office agency and investment markets. For the first time, Dubai’s prime income generating assets will enter the market for sale, and this will generate huge interest in the global investment community.

Wednesday, September 28, 2011

Damac to deliver maximum property units in UAE in 2011


Damac Properties, leading luxury developer, during the ongoing Cityscape Global 2011, announced that it has delivered more number of units in the UAE, that delivered by any other developer this year.

Having completed 21 buildings comprising nearly 4,072 units till date this year, Damac mentioned that its primary focus has always been construction and delivery.

Speaking during the event, the Senior Vice President of Damac, Niall Mc Loughlin, pointed out that no other developer in Dubai has been able to sustain the high standards of quality and quantity of construction that Damac has accomplished so far, despite the onset of recession.

Damac has completed a total of 36 buildings, with 7,364 units, ever since its establishment in 2002. Among these completed buildings, at least 30 have been completed after the onset of recession in 2008.

The notable handovers in 2011 by Damac are the 84-storey luxurious Ocean Heights tower in Dubai Marina, comprising 612 units handed over at the start of this year. This was shortly followed by delivery of ‘Lago Vista’ at I.M.P.Z, comprising 1020 units.

Mc Loughlin pointed out that Damac has a track record of having constructed atleast 15 units a week since its incorporation. Being a company which has been in operation for less than ten years, Damac has achieved considerable milestones.

The major projects completed by Damac since the onset of recession in 2008 are The Crescent, Ocean Heights, Emirates Garden, Business Tower, Lago Vista, XL Tower, Park Towers, Smart Heights, and Tuscan Residence.

There have been improved sales enquiries since the end of Ramadan. The developer feels that this could be partly due to increased investor confidence in the region, and also due to selection of quality inventory by Damac.

Apart from the completed projects portfolio, the developer has another 50 buildings, comprising 9849 units, under construction, across the region.

Tuesday, September 27, 2011

Cityscape real estate expo 2011, 27 to 29 September 2011


The Cityscape real estate exhibition 2011 will be unveiled at the Dubai International Convention and Exhibition Centre from 27th September, and will run until 29th September 2011.

The global event is being unveiled this year amidst indications about an oversupplied property market on its way to recovery. On the other end, the global economic backdrop is seen further moving downwards, thereby tightening industry investments and launch of fresh projects.

The real estate sector in general and Dubai in particular, is operating in post-crash mode for the past two to three years, said Chiheb Ben-Mahmoud, Executive Vice President, JLL.

During the years of real estate boom in Dubai, the Cityscape Exhibition saw the launch of most ambitious real estate projects, including a list of super-rich and famous. Among the high profile developments that were unveiled during this period were the likes of Burj Khalifa, and The World. Participants even got the opportunity to meet Holywood stars like Antonio Banderas and sporting legends like Michael Schumacher, as they promoted various developments.

However, this year’s three-day event will be celebrity-free, and according to analysts, the event will be considered as a bellwether for local market sentiment. The market will get to see the progress made on some of the major projects in the emirate, although any new major developments may be unlikely to be announced. However, details about some stalled projects will be revealed, said Matthew Green, Head of research, CBRE.

The Cityscape Global this year will be more realistic, with focus on construction, said Wouter Molman, Exhibition Director at Cityscape. More realist projects that are commercially viable, can be expected, said an executive.

Although future projects may not be seen in the agenda, but there are opportunities for investments in existing developments. However, a higher turnout is not expected for the event, as UAE realty sector is continuing to experience downward pricing pressure in comparison to last year, said a senior analyst at Rasmala Investment Bank in Dubai.

5% rise in Dubai villa prices, apartments hit bottom in Q3 2011


Villa prices in Dubai has grown five percent during third quarter of this year, owing to limited supply, and the trend is likely to continue in short to medium term, say the latest report from Jones Lang LaSalle (JLL), the leading global real estate consultancy.

However, JLL has clarified that the growth in villa prices are unlikely to continue into the broader residential market during rest of the year.

The chance of recovery in 2012, will depend on the rate of economic growth, and demand for residential properties in Dubai by end-users, JLL said.

Dubai will witness completion of at least 5000 units by the end of this year, with another 27,000 units due for completion next year. This will lead to increased supplies and thereby, delay in price recovery, the report points out.

During the third quarter alone, new completions totalled to 4000 units, bringing total residential properties to 326,000 units. Majority of completions during this quarter were in Grosvenor House Residence in Dubai Marina, Masak in Jumeirah Park, and La Riviera in Jumeirah Village.

Fresh supplies are likely to come in from Dubai Marina, Dubailand, and Sports City during the fourth quarter. In September alone, nearly 11,000 units, constituting 56percent have been completed.

JLL said an improvement in sentiment in Dubai residential market has been witnessed during first nine months of the year, based on reports from property agents and valuers.

As for apartments, Dubai has seen slight drop or rather stable prices, indicating that market is almost hitting its bottom.

Thursday, September 22, 2011

Tanmia - new real estate development plan to strengthen property market


The Dubai Land Department (DLD) has launched Tanmia, a real estate development plan, which will cover nearly 100 projects in 2012, spanning next three to four years, a senior official revealed.

The Director General of Land Department, Sultan bin Butti bin Mejren, revealed that one of the projects have already received approval under the initiative, and two more will be agreed this week.

Already several developers have applied under this programme, but only 100 projects are considered for next year. Bin Mejren, however, clarified that the developers will not be allowed to bring in investors on their own.

Currently, there are 225 projects under progress in Dubai, and will be delivered in next three years.

The department needs to protect the right of investors and the developer, and therefore, it needs to be involved in these deals. This initiative aims to address the issue faced in completion of faltering projects in the domestic market in the emirate, he said.

Very soon, deals will be signed with developers and investors who wish to gain benefits of initiative, including uncompleted projects, irrespective of their achievement rate. The DLD will monitor implementation of the initiative.

The Real estate Development plan will supplement other initiatives too like Tayseer, which has signed nearly 48 projects. The number of projects registered under Tayseer, the guaranteed funding plan, has touched 114 so far. One of the projects has been funded through the initiative.

Tayseer was launched in June last year and 40 projects in Dubai Marina, Business Bay, and Jumeirah Lake Towers were approved in the first phase. This move is hoped to boost liquidity in the market, and strengthen the confidence in Dubai real estate sector.

Wednesday, September 21, 2011

New deal between DLD, Wasl to focus on off-plan investments


The Dubai Land Department (DLD) will soon identify, propose and evaluate off-plan investments, according to latest deal of the DLD with Wasl Asset Management Group.

Wasl, is the subsidiary of the Govenment-owned Dubai Real Estate Corp. This new deal is hoped to restore the lost confidence in Dubai’s property market and promote government and private institutions to sign similar deals as per their Tanmia initiative.

The Senior Director at DLD, Majida Ali Rashid, mentioned that the organization will study the inventories of all stalled Dubai projects, and determine the ratio of achievement, prior to assessing the legal status of these projects and offering them on sale or lease to interested parties.

The proposal will help in identifying the property, proposal for purchasing intended project, and the evaluation. The proposal will recommend appropriate price, and necessary measures will be taken with respect to liquidation of projects, settlement of rights and legal hassles associated with the project, the DLD revealed.

According to analysts, this initiative by DLD will help restore confidence in Dubai property market, although investors are still hesitant over purchasing off-plan properties, and are more focussed on purchasing tangible income generating assets, and in-demand office space, said Matthew Green, Head of Research, CBRE.

Tuesday, September 20, 2011

Nakheel to open Central Park at the Palm shortly


One of the leading master developers in Dubai, Nakheel, has announced that the Central Park, located at the heart of Palm Jumeirah, will open to residents and public shortly.

Located between Golden Mile and Shoreline Apartments, the park stretches across 1.4 kilometers, covering one million square feet in area. The infrastructure works in the park will begin during October 2011, and the park will have facilities aimed for public use.

The Nakheel Chairman, Ali Rashid Lootah, mentioned that the opening of the Central Park on the iconic Palm makes Palm Jumeirah a symbol of Dubai’s incredible growth, ambition and energy. The Central Park will soon grow to be a major attraction for residents and public visitors alike.

The Park has been designed to include a reflective of local desert landscape, an environment theme, and a unique themed recreation and leisure amenity, on par with international standards. There are also plenty of playgrounds for children, while the adults get to relax at the casual sitting, enjoying the scenic beauty of the park.

The other major attractions and features in the park are wadi, water features, pedestrian promenade, and jogging track shaded with date palm trees.  

Construction of the park will begin on October 2011.

Friday, September 16, 2011

New supplies continue to add pressure on Dubai realty market


With new supplies continuing to hit the market, the real estate sector in Dubai will continue to be under pressure, states the leading commercial real estate advisory firm, CB Richard Ellis (CBRE).

The latest CBRE report mentioned that prime locations with well-developed infrastructure and community amenities will continue to draw investors and tenants alike, and will continue to outperform other markets during the rest of the year.

The commercial office market will continue to reel under pressure, although better stability will be witnessed in the second quarter of the year. Rentals in the prime business locations including the CBD area were largely unaltered during the quarter, despite having fallen 18percent year-on-year, the report pointed out.

The CBRE report also observed that the current lease rates are applicable to office towers in the CBD, but, the lease rates at Dubai International Financial Centre are in the range Dh.110 to Dh.180 per square feet per annum, thereby reflecting lower levels than those that prevailed in 2005.

The privately owned buildings in DIFC have begun to feel the pinch of new supplies, as the rents for strata office range from Dh.160 to Dh.200 per square foot, marking 30 percent decrease in the past one year.

According to CBRE, weak outlook for global economy and the current regional unrest have led to further constraints on the capital expenditure spend, thereby delaying the decision making process for corporate occupiers.

Last month, CBRE reported that it anticipates a quite real estate market in Ajman, Sharjah and Ras Al Khaimah for second half of the year, with new supplies likely to increase vacancy levels in residential sector, marking further decline in rental rates.

The office market at Sharjah, Ajman and RAK will feel the pressure for rest of the year, with new office supply, existing vacant spaces, and growing competition from landlords further exacerbating lease rates.

Jones Lang LaSalle (JLL), leading real estate consultancy company in its report, mentioned that office rents and occupancy levels in Dubai stabilized during second quarter. However, this is only temporary, as anticipated supply deliveries will apply downward pressure in the short-term.

During 2011 alone, nearly 600,000 square meters of new space is likely to be added into the current office stock of 5.6mn square meters. Within next three years, office supply will grow by more than 30 percent, bringing about a tenant-friendly market in the coming years, JLL said.

According to JLL, in Dubai, housing prices are already 60percent off their peak levels, and they are likely to drop by another 10percent before stabilizing.

By the end of 2011, real estate market will witness an additional 18,000 homes being added up to the already oversupplied market of the emirate, thereby pushing prices further down. Nearly 2000 new homes have been completed in Dubai during second quarter, with another 18000 likely to be ready by the fourth quarter, bringing total residential stock in the current market to 32,000, said the JLL report.

Thursday, September 15, 2011

Meadows villas witnessing 20 percent growth in prices


Huge demand for villas in Meadows has led to growth in prices by 15 to 20 percent since the start of this year, say real estate agents.

The data from the Dubai-based Better Homes, said that three bedroom villas are now offered for Dh.3.2mn to Dh.3.3mn, in comparison to Dh.2.5mn to Dh.2.6mn.

The four bedroom villas are now listed for Dh.3.4mn to Dh.3.5mn, in comparison to Dh.2.8mn to Dh.2.9mn. The five bedrooms are available for Dh.4.2mn to Dh.4.4mn in comparison to Dh.3.6mn to Dh.3.7mn.

The leading real estate agency, PropSquare Real Estate, mentioned that the three bedroom villas are now open for Dh.3mn instead of Dh.2.6mn. Meanwhile, the price for four bedrooms (type 14) touched Dh.4mn, up from Dh.3.5mn, while five bedrooms (type 13) in Meadows are now costing Dh.4.3mn instead of Dh.3.7mn.

As pointed out by Propertyfinder.com, a nominal three to ten percent growth is noticed in villa prices.  According to agents, the prices will continue to grow based on the view, location and up-gradation of the villas.

The Manager – Residential Sales & Leasing at Better Homes, Jan Tabrizi, said that the days of distress sales have long gone from the market. Several local and global real estate consultancies have agreed in their reports about villa prices being stable during the past six months, while in established communities, a price hike has been recorded.

UAE accounts to 56percent of total project cancellations in the region

The total value of cancelled projects in the UAE touched $170bn, marking an increase of 13percent since July, according to a recent Citi report.

Nearly 56percent of total cancelled and delayed projects are in the UAE. Saudi Arabia is the largest construction market in the MENA region, with $630bn worth projects under construction, recording a dip in project pipeline of nine percent. Kuwait, however, recorded a growth of 38percent, touching $88bn, based on a re-definition of previously cancelled and delayed projects.

Qatar registered a $7bn growth in its pipeline, touching $57bn. However, the total project pipeline in the MENA market grew three percent, touching $648bn due to growth in oil and gas processing, and construction projects.

The projects on hold in the main MENA markets touched $1.69trillion, in comparison to $1.7trillion in July.

The report pointed out that nearly $5.5bn worth of projects, were awarded across MENA, which translated to a 13.5percent growth year-on-year.

Dubai among world’s worst performing realty markets

A new global property report has rated Dubai as being one of the worst performing realty markets in the world, although the rate of prices are slowing down.

The real estate market in Dubai has witnessed a 64percent decline in prices in certain location, and was recorded as the ninth worst performing markets in the world last year, said the Global House Price Index from Knight Frank. Being one of the worst performing real estate markets in the Gulf over the past three years, the rents and prices have more than halved from their peak in 2008, although residential costs have further to go, analysts said.

The survey, which included 50 biggest property markets in the world, named Ireland as the worst performing realty market, with 12.9percent decline in housing prices within a span of twelve months to June 2011. Dubai recorded a 4.7percent decline. Oversupply continued to be the major reason for fall in rentals and prices.

Another 13,000 new units are likely to hit the market by the end of this year, followed by 27,000 properties in 2012, says a Colliers report. In the month of June along, Dubai has cancelled 217 real estate projects, following review of more than 450 projects. Another 237 developments are likely to be completed in due course, it is said. However, an analysis based on first half of this year, showed that the prices have slowly improved, and grew 0.1percent between January 2011 and June 2011.

 Asia continued to be the top performing continent in terms of house price inflation, maintaining its position which it held for seven consecutive quarters, the report said. The survey also indicated that rate of decline in Dubai has begun to slow down.

Sunday, September 11, 2011

Rent-to-buy schemes quite popular among buyers


The rent-to-buy property schemes are proving to be one of the popular methods for buyers to enter the UAE property ladder, say analysts.

Under this scheme, the tenants get to convert the rent paid into equity towards purchase of their unit.
Aldar Properties, the leading real estate developer in Abu Dhabi, has launched a rent-to-own programme this week for its units at Raha Beach development. The tenants pay a rent for two years, wherein 100percent of first year’s rental and 90percent of second year’s rental is then converter into equity for purchase of the unit.

The tenant, therefore, has no obligation to purchase, apart from being provided with option to transfer the equity into another tenant if they decide not to buy following the two-year period.

Similarly, Sorouh Real Estate had launched its first rent-to-buy scheme in Abu Dhabi this year for its Sun Tower apartments on Reem Island, while Emaar Properties launched this scheme in November 2008 for developments in Downtown Dubai.

The idea has proved to be quite popular already, and it can be more successful, provided, the developers are clear and transparent with terms and conditions, said Priyesh Patel, real estate agent at Aston Pearl Real Estate in Dubai.

The Head of Research and Consultancy at CBRE, Matthew Green, said that although it is good to note the growth of such schemes, tenants should ensure that the rental rates and end sale prices offered by developers are realistic.

Dubai was one of the worst hit markets following the global economic turmoil, with several projects being put on hold or with prices dropping by nearly 60percent from their peak.

Therefore, developers began to consider such schemes to try and inspire confidence among the buyers and reduce the risk factor of purchasing properties within UAE market.

However, Patel cautioned that buyers should purchase such schemes directly from the developers, rather than from individual landlords.

Saturday, September 10, 2011

RAK Free Trade Zone ranked among top five best Middle East Free Zones


The Ras Al Khaimah Free Trade Zone (RAK FTZ), one of the fastest growing free trade zones in the UAE has made an entry into the top five best overall Middle East Free Zones of the Future listing. This major industry recognition is given by the fDi Magazine and Financial Times Business.

Being in the fourth place among 115 international free zones, this award was revealed during the recent fDi Magazine Middle East Free Zone rankings for 2011-12.

RAK FTZ was also rated as the third best overall, for economic potential across the Middle East, being the second best in UAE, and the fifth best free zone in the Middle East for cost effectiveness.

Nearly 115 free zones were evaluated in the annual free zone rankings and awards across six individual categories, including best incentives, best facilities best transportation links, best economic potential, and best FDI promotion strategy and the most cost-effective free zone.

The CEO of RAK FTZ, when speaking about the top free zones across the Middle East this year, said that the recognition proves the strong credentials of RAK FTZ across various attributes including cost-effectiveness and economic potential. This gives a clear message to the global business community that RAK FTZ is the Home for Business in the Middle East.

The international panel of judges have used a range of criteria laying strong emphasis on the major incentives offered by special economic zones, apart from facilities, cost effectiveness, economic potential and transportation links.

Friday, September 09, 2011

Dubai realty market found to be stable in Q2 2011


Dubai real estate market reflected stability during second quarter 2011, with a slowdown in pace of decline of selling prices and rentals. Meanwhile, Abu Dhabi, continued to record declines, owing to oversupply in the market, said a new report.

The first quarter report by Global Investment House revealed that apartment rentals in Dubai fell two percent during the first quarter, while villa rentals remained stable without any significant decline than the mere percent in the fourth quarter of 2010. 

The Downtown Dubai apartments, recorded maximum declines with eight percent fall quarter-on-quarter, while Dubai International Financial Centre recorded seven percent decline owing to new supply.

In Abu Dhabi, the sale of villas and apartments fell at a fast pace, owing to negative impact of surplus deliveries. While the apartment rents during the first quarter fell by eight percent, villa rents saw only a modest decline on certain “ready to move in” properties, Global said.

During the month of March, Rasmala Investments had already predicted that house prices in the UAE may fall by 25 to 30 percent, with stagnation in population growth, as more properties are being constructed. Further, according to Jones Lang LaSalle (JLL), the housing prices in Dubai will fall further, when another 54,000 homes will enter the market by 2014.

According to a senior official at the Dubai Land Department, Dubai is unlikely to get more than 10,000 new units, including residential and commercial this year. 

As for office rents in Dubai, it fell six percent over the previous quarter, with Dubai Investment Park registering a decline of 15percent, while in Jumeirah Lakes Towers it dropped by 12percent. 

In the Capital, however, office rents dropped by only four percent, following nine percent decline in the first quarter. However, the Grade B and C offices continue to underperform, as tenants begin upgrading to better office space at affordable rates. 

The Head of Research at JLL, Craig Plumb, mentioned that future office supply in Dubai will be about 1.8mn square meters, roughly 30percent less than expected between 2011 and 2013. Meanwhile, Abu Dhabi will get an additional office supply of 1.2mn square meter by the end of 2012.


Tuesday, September 06, 2011

Ajman Real Estate Regulatory Authority brings relief to investors

Bringing much needed relief to investors in several stalled projects, the Ajman Real Estate Regulatory Authority (ARRA) has announced that it has settled claims worth Dh.1.4bn on Al Helio Downtown Project.

The Executive Director at Arra, Yafea Eid Al Faraj, revealed that it took nearly eight months to settle the claims by co-ordinating with various stakeholders. Several of the investors were based outside the country, and to identify their claims and to overcome the obstacles in negotiations with the developer, was quite taxing.

ARRA had undertaken the move to resolve claims of investors in Al Helio project in April 2010. The customers, and investors who had claims on Al Helio project were asked to report to ARRA either personally or via e-mail or by registered post within 30 days between 1st and 30th April. The Dh.4bn master development, Al Helio Downtown, was launched in June 2008 and was due for completion by 2013.

The development was supposed to cover an area of 115 acres with 65 freehold plots including residential, commercial and mixed-use. ARRA was however working on a plan to help investors who lost money to dodgy developers in the emirate, and intervened to resolve disputes.

ARRA was established in December 2008, under the provisions of the Emiri Decree No8 of 2008.

Friday, September 02, 2011

Salam project to be ready by year-end

 The Dh.5bn Salam project in Abu Dhabi, which involves one of the longest traffic tunnels in the region will be officially unveiled by the end of this year, the Abu Dhabi Municipality revealed.

 Parts of the giant road development project, which was launched more than three years ago, will be opened to traffic following Eid Al Fitr holidays, the operators announced. Parts of the project, which connects Salam street near the Tourist Club area to Hamdan Street in the town centre and Defence road one kilometre away, have been completed. The Municipality statement said that the road works, when opened to traffic following Eid, will help immensely in easing congestion.

About 90percent of the project is ready now, and the rest will be opened on schedule by end of this year. The salam street tunnel, which was due for completion last year, was delayed due to technical and topographical reasons. The project is being carried out by Samsung Construction of South Korea. The mainland will be linked to nearby Reem Island. The causeway to the island is already complete.

 More than 2000 workers are already working on this project. The three kilometre tunnel, which begins at the eastern end of Abu Dhabi city, under Alsalam street, runs towards Port Zayed on the western end of the capital. About 2kms of the tunnel will be embedded 15mts underground, while the rest will open near the surface level.

 According to officials, the tunnel forms part of a long-term blueprint by Abu Dhabi to expand its inhabited areas and road networks to cope with growing population which is likely to triple in next 20 years.

Thursday, September 01, 2011

Increase in registered properties by GCC nationals in UAE

According to Ministry of Finance in UAE, the number of registered properties held by GCC nationals in UAE, grew touching 4,604 in number, from 4,024 registered in the previous year.

According to the Ministry, the gross cumulative rates of GCC nationals who owned the properties grew from 29,425 in 2009 to 34,029. The Ministry also revealed that the number of GCC nationals working in the UAE touched 4,190 in comparison to 3,589 the previous year.

Moreover, the GCC nationals working in UAE public sectors were 789 in number, in comparison to 605 in 2009. On the other hand, the number of GCC nationals working in private sectors, fell to 2,906 from 3,080.