Salalah Tourism Festival (STF) 2012 - Children's Special 18 Apr 2012 11:17 PM (13 years ago)
The Salalah Tourism Festival is best described as an annual cultural extravaganza in Oman’s summer paradise of Salalah. Slated to begin on 21 June 2012 during the region’s Khareef Festival, the STF 2012 will continue till 21 July, just before the holy month of Ramadan.
Shaikh Salim bin Oufait Al Shanfari, Head of Dhofar Municipality and of the STF organizing committee, said that this year’s edition of the Salalah Tourism Festival would introduce many new events and shows, aimed particularly at children. He said, “Giving more attention to childhood has become a pressing necessity. There is a need to raise awareness of individuals and the society about the importance of encouraging the creative capabilities of children.”
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Sakana to provide Sharia-compliant home finance 11 Apr 2012 10:31 PM (13 years ago)
Signing a memorandum of understanding (MoU) with the developers of Fontana Towers in Juffair, Sakana Holistic Housing Solutions will provide Sharia-compliant home finance to end users.
This agreement will allow Bahrainis and non-Bahrainis to own a luxury home in Fontana Towers, a residential freehold tower consisting of 400 apartments and penthouses.
Sakana will offer attractive home finance packages up to 90 per cent of property value with finance term up to 30 years and maximum finance restricted to BD350,000.
It will also provide home financing to customers of all nationalities residing in Bahrain, the GCC and outside GCC subject to terms and conditions.
"We are pleased to partner with Fontana Towers, which has set a new benchmark for property development in Bahrain," said Sakana chief executive R Lakshmanan.
"Our partnership with Fontana Towers was a natural choice as we are both dedicated to quality and innovation."
Designed as four interconnected skyscrapers, Fontana Towers consists of 400 freehold apartments - studios, one, two and three bedroom apartments and exclusive penthouses.
"Sakana is the ideal partner to provide our valued customers with mortgage finance options and we are glad to conclude this arrangement now as the Fontana Tower is ready for handover," said partner in the developers Abdulghaffar Al Kooheji.
"Despite tough market conditions we have successfully completed this high quality residential freehold development without compromising on its facilities.
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$30bn worth of shelved projects restarted in Abu Dhabi 10 Apr 2012 1:30 AM (13 years ago)
Making the most of its surging petrodollars and large overseas assets, Abu Dhabi is looking to restart some of its shelved projects estimated at $30bn.
According to the latest GCC economic review of the National Commercial Bank (NCB), a major part of the projects involve construction, roads and the planned metro, estimated at around Dh26 billion.
“The increased spending will be supported by rising revenues. Abu Dhabi oil production rose to an average of 2.5 mbd in 2011, up from 2.2 mbd in 2009 and 2.34 mbd in 2010,” the report said.
Citing official data, the report showed that Abu Dhabi had earned a whopping Dh278bn from its hydrocarbon exports in 2010, up on Dh188.8bn in 2009. While no figures were available for 2011, the emirate’s income is expected to have grown sharply as oil prices soared by at least 50 per cent over their 2010 level.
“In general, the government’s fiscal position is likely to remain strong. The Abu Dhabi Investment Authority has an estimated $627bn in assets and the government boasts substantial reserves,” NCB said.
“Nonetheless, the recent Dh16.8bn bail-out of Aldar Properties highlights the risk still posed by contingent liabilities. The total debts of government-related entities in the UAE were recently estimated at 54% per cent of GDP.”
The report noted that although authorities in Abu Dhabi and other UAE emirates had begun to reverse some of the “largesse” in their fiscal plans for 2011, the onset of the Arab Spring led to a partial reversal. This led to a delay in the consolidation agenda to this year. It said the consolidated UAE budget is now estimated to require a fairly high break-even price of approximately $85/barrel.
Recalling the events in January 2012, the report mentioned that the Abu Dhabi Executive Council unveiled a plan marked by a great deal of continuity in government spending and general commitment to the strategic objectives of Abu Dhabi’s Vision 2030.
The NCB said that of the several projects put on hold last year, out of the estimated $30bn worth of projects, a number of them have now received a go-ahead.
The Abu Dhabi government also reiterated its commitment to certain key projects such as the Abu Dhabi metro venture and allocated funds to a new Dh25bn Midfield Terminal for the Abu Dhabi airport and the Khalifa Port and Industrial Zone.
The Dh10bn Mafraq- Ghuweifat Road project, originally conceived as a public-private partnership, was revived by the government.
The report said that the execution of the metro project should give a fillip to the plans for the development of the Reem Island, which is nearing completion with an expected occupancy of over 100,000 people.
“In general, the plans to build 50,000 homes over the coming 20 years appear to be on track. The government allocated funds to the North Wathba project which will have more than 13,000 resident plots, while the government hopes to deliver more than 7,600 villas this year. Beyond this, the Louvre, National Museum, and Guggenheim museum projects for Saadiyat Island were funded.”
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Dubai’s real estate deals see rise, signs of recovery: Dubai Land Dept 3 Apr 2012 10:33 PM (13 years ago)
While Dubai's villa and land market was dominated by British and Indian buyers in 2011, the apartment sector saw the biggest investments from GCC nationals.
Dubai's Land Department issued its annual report yesterday, claiming that a 20 per cent increase in property transactions in 2011 at a value of Dh143 billion is a sign that the real estate market is recovering and growing.
Sultan Butti Bin Mejren, Director General of the Land Departmentm said: "The transactions' quantity, quality and procedures reflect the recovery and growth of the real estate market in Dubai."
In 2011, the department's transactions reached 35,297, inclusive of sales, mortgages, ijarah (online registration fee), mortgage portfolios, deferred sales and other transactions.
The mortgages increased by 12 per cent in 2011 over those in 2010. 60 per cent of the transactions conducted in 2011 were mortgages.
Bin Mejren added that this trend indicates recovery for property financing.
Managing director of Harbor Real Estate, Muhannad Al Wadiya, said that the real estate sector in Dubai is witnessing positive sentiment.
"Moreover, 90 per cent of the developers are back to the market, and in the next five years they will be completing their projects," he said. Wadiya added that while challenges including confidence and access to liquidity still remain, rental returns were stable.
Al Wadiya said: "The rental returns in some areas of Dubai were estimated to be between 5 and 7 per cent in 2011 and it will continue the same this year."
Wadiya said that he was expecting a 10 to 15 per cent drop in office rents in the next three years due to oversupply.
"The demand for villas is high as there is limited supply. That is why prices have jumped."
Bin Mejren said that the value of transactions reflected the return of the real estate market to normal levels. It also indicated the exit of speculators, the maturity of the real estate market and increased investor awareness.
"This demonstrates the ability of Dubai to fully recover from the challenges of the international crisis and prove once again the strength of Dubai's economy," he said.
Bin Mejren emphasized that the market has seen a state of stability and increased demand from investors in buying properties and grasping investment opportunities in the last two years.
Land Department figures reveal that the heaviest investment was in apartments through sales and mortgages, accounting for 26,465 transactions worth Dh43 billion.
Sales of land stood at a value of Dh22 billion with a total of 2,961 transactions.
The value of mortgage transactions amounted to Dh69 billion from a total of 3,315 transactions.
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Festival Marina to host Dubai Dragon Boat Festival on April 6th and 7th 2 Apr 2012 4:13 AM (13 years ago)
The popular and much-awaited Dubai Dragon Boat Festival is back on 6th and 7th April 2012! Running into its fifth year this April, the festival brings two days of thrilling boat races and a gamut of onshore entertainment activities.
Bernice Boshoff, General Manager of Festival Centre, said: “We are delighted to be hosting the fifth annual Dubai Festival City Dragon Boating Festival this April. We have seen this community event grow from strength to strength and are looking forward to welcoming back the UAE Dragon Boating competitors to Festival Marina for what promises to be a fun filled weekend, with activities both on and off the water.”
The stunning creek side of Festival Center Dubai Festival City comes to life as thousands of teams of boat racers vie for victory with excited spectators cheering them on. If you plan to participate, brace yourself for an action-packed weekend!
Among Dubai’s favorites, the Dragon Boat Festival is hosted by Festival Centre, Dubai Festival City, the UAE Dragon Boat Association, Siren Events, UAE Sailing and Rowing Federation, and Crowne Plaza Dubai Festival City, in association with Mourjan Marinas IGY, the luxury marina developer and managerWith its state-of-the-art facilities, the Mediterranean inspired Festival Marina comprises 74 permanent berths to accommodate 15 to 35 metre yachts. The custom-designed marina several special features including extra wide pontoons, a helicopter pad and WiFi.
Dragon Boating is a thrilling water sport that can get your adrenaline pumping. What’s more, this sport also involves sportsmanship, strategy and technique. It’s also about positive team spirit, staying healthy, making new friends and just enjoying yourself! Given that this sport is enormously popular, companies are encouraged to make entries for their corporate teams early on.
The entry tickets to the Dubai Dragon Boat Festival are priced at AED 10,000 per team for Corporate/Social teams, AED 2,000 per team for School/University teams and AED 500 per team for individual teams.
If you participate with your team, you are entitled to a dedicated training session with an international Dragon Boat Coach, a Dragon Boat and all requisite equipment, entry and participation for up to up to 20 team members per boat and 20 tickets to the Dragon Boat Party at the Belgian Cafe Garden at Crowne Plaza on April 6, 2012. You can also make an advance purchase of additional tickets to the Dragon Boat Party or pay Dhs 150 per person inclusive of a buffet dinner. And of course, you get a chance to win generous prizes!
Jason Mackenzie, Technical Director of the UAE Dragon Boat Association, said: “This event is in its fifth year and is more popular than ever. It is a fantastic sport and a wonderful day out for the family. The atmosphere onshore as the teams compete is an experience not to be missed and we encourage everyone to join us for a great couple days at one of Dubai’s favourite water sports events.”
The festival will include entertainment for the entire family, on and off the water, including DJs, sports physiotherapy tent, kid’s corner and many other activities. The Dragon Boat community festival brings together corporate, university, school and community groups from across the UAE.
A Belgian Garden Cafe will be organized by the Belgian Beer Cafe at Crowne Plaza Dubai Festival City on 6th and 7th April offering premium Belgian beverages and tasty, sumptuous food. The Dragon Boat after-race party will be hosted at the Belgian Garden Cafe on Friday 6th April.
Yannis Anagnostakis, Area General Manager at InterContinental Hotels Group Dubai Festival City, said: “We’re very proud to be supporting the fifth Dubai Festival City Dragon Boat Festival again, which promises to be a fantastic day for all involved. We are very keen to be involved in events that support the community and we’re sure the Belgian Garden Café will provide a chance for everyone to come together and enjoy this special day.”
Matthew Bate, Director of Operations for Mourjan Marinas IGY, the operator of Festival Marina said: “We are very proud of this event and of its growing popularity within our community. It is important for us to play a fundamental part of the community we are a part of and to make sure that we are offering more than just a marina.”
Festival Centre, which overlooks Festival Marina, has become a major hotspot for the yachting circuit. This retail resort houses more than 375 shops, 8 and cafés, a 12-screen Grand Cinemas complex and Bowling City. The waterfront promenade connects Festival Marina to the world-famous InterContinental and Crowne Plaza Dubai Festival City and Events Centre, all with prime waterfront views over Festival Marina, Dubai Creek and the city’s skyline.
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BoCom sees 30% rise in full-year net income in 2011 28 Mar 2012 10:28 PM (13 years ago)
Bank of Communications (3328), which is planning the world's biggest share sale since May, posted a 30 percent increase in full-year net income to 50.7 billion yuan in 2011.
The net interest income at China's fifth largest bank soared 21 percent to 102.6 billion yuan from 2010 with the net interest margin widening to 2.59 percent. The fee income from services such as credit cards, trade finance and custodial services grew 35 percent to 19.5 billion yuan.
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Work in progress at Aldar Projects 28 Mar 2012 12:37 AM (13 years ago)
Aldar Properties director of estates Mohammad Al Za'abi said during a media tour of the properties in Abu Dhabi yesterday that Al Muneera and Al Zeina, the company’s two beachfront residential developments at Al Raha Beach, would be completely ready for handover to owners and tenants by the end of the second quarter.
According to Al Za'abi, the first tenants at the two developments took possession in December 2011 and the delivery continued in phases.
The 1445-unit Al Muneera extends over the island and mainland, connected via two bridges and one pedestrian bridge. It houses a total of 1,286 apartments, 148 town-houses and 11 villas. The community also houses a 12-storey office building called the Al Noor Tower.
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Investors prefer villas over apartments at Emaar Properties 25 Mar 2012 11:27 PM (13 years ago)
Emaar Properties noted an 85 per cent dip last year in revenue from apartment sales and a simultaneous 85 per cent rise in villa sales. This information was disclosed in the company’s annual financial statement yesterday.
The complete results posted on Dubai's stock market yesterday reveal that income from apartment sales fell to Dh1.11 billion in 2011 compared to Dh7. 56 billion in 2010. Villa sales rose from Dh517.3 million to Dh958.7 million in the same period.
Analysts claim that villas are now in greater demand than apartments in Dubai's residential market.
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London Olympics 2012 15 Mar 2012 11:07 PM (13 years ago)
London has been chosen for the 2012 Olympic Games. Officially known as the Games of the XXX Olympiad, the event will kick start from 27 July to 12 August 2012. London had previously hosted two Olympic Games in the years 1908 and 1948. And it will become the first city to host Olympic Games thrice.
During the 117th IOC Session held in Singapore in July 2005, London was elected as the host city defeating Moscow, New York City, Madrid and Paris. The 2012 Olympic is going to lend a new look of London with many developed areas where the games are to be occurred. The Olympics 2012 will be followed by the London 2012 Paralympics Games, starting from 29 August to 9 September 2012. The Paralympic Games are meant for the physically challenged persons, which includes athletes with mobility disabilities, amputations, blindness, and Cerebral Palsy.
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Dubai Property Market in 2011/2012 11 Jan 2012 1:33 AM (13 years ago)
For those who like to live it up in style, Dubai offers some of the best lifestyle options – excellent golf courses, shopping malls, beaches, luxurious hotels and spas, making it one of the most vivacious cities in the world. This lifestyle makes it all the more desirable to purchase real estate in Dubai. With the lowest crime rate worldwide, practically every real estate in Dubai is a safe place for families to live.
There are many agencies dealing with Dubai real estate. As one of the largest and most experienced service providers for Dubai real estate, Halcon offers both residential and commercial properties in Dubai for rent, sale and lease. It provides an authentic and informative platform for Dubai real estate companies as well as local and global customers to facilitate buying or renting properties in Dubai with ease.
Dubai, which has recently emerged as an important real estate hub, is now setting standards for property development across the world. Noted builders and developers thrive in Dubai by competing with each other in building the best villas and apartments anyone can offer.
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More than 300 villas in Jumeirah Golf Estate ready next year 8 Nov 2011 9:00 PM (13 years ago)
Jumeirah Golf Estate, the luxury residential golf community, will witness the completion of its dedicated power substation, infrastructure work and more than 300 villas — all before the end of next year, 'Emirates24|7' can reveal.
Work has already started on the 132KV power substation and is expected to be completed next year, a Nakheel spokesman told this website.
The company also expects completion of 160 villas in Whispering Pines in November 2012, while 99 villas in the Flame Tree Ridge and 47 mansions in Fireside are likely to be finished in December 2012.
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UAE planning new rules on short-selling 7 Nov 2011 9:15 PM (13 years ago)
The UAE's market regulator has published new draft rules on short-selling and borrowing, asking investors for feedback, as it looks to boost dwindling trade and attract more foreign investment.
The Securities and Commodities Authority (SCA) posted on its website the draft regulations on short-selling through authorised brokers, security lending and borrowing and other market regulations. Suggestions on the draft can be given until November 17.
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Delayed oil industry projects must race to meet demand 6 Nov 2011 9:20 PM (13 years ago)
About $140 billion (Dh514.15 billion) worth of engineering and construction contracts have been either awarded by the national oil companies (NOCs) or are planned throughout the Middle East in 2011, according to research conducted by Deloitte, a global consultancy firm.
The research shows that over the next five years, the Middle East will witness strong growth in hydrocarbon production as the world's dependence on fossil fuels continues.
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Deyaar posts Dh45m profit as revenues rise, costs fall 2 Nov 2011 11:13 PM (13 years ago)
Deyaar Development made a profit of Dh45 million in the first nine months of 2011 and is poised to deliver two towers by year-end, the company said in a statement to Dubai's bourse yesterday.
The real estate firm was affected by the collapse of Dubai's property sector and posted a net loss of Dh489 million in the corresponding period last year.
Deyaar did not provide separate results for the third quarter but said revenues for the nine months to September 30 rose 54 per cent to Dh665 million from Dh432 million in the year-before period.
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Emerging nations' oil consumption to grow 2 Nov 2011 1:53 AM (13 years ago)
The global demand for oil will continue to grow, reaching more than 109 million barrels per day in 2035, Ali Obaid Al Yabhouni, UAE Governor for the Organisation of Petroleum Exporting Countries (Opec), said Tuesday.
"By 2035, fossil fuels will still comprise more than 80 per cent of global supply. Gas use is expected to grow steadily to 25 per cent, while coal use is expected to remain unchanged at 29 per cent. Oil's share is bound to fall behind coal, from 34 per cent to 28 per cent of the global energy mix," Al Yabhouni said, speaking at an industry conference at the Emirates Centre for Strategic Studies and Research (ECSSR).
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Falling rents a double-edged sword 20 Oct 2011 10:14 PM (13 years ago)
The news that rents are continuing to fall in Abu Dhabi as more property comes online would come as a surprise to few in the capital.
While construction appeared to slow down during the summer, the completion of the flagship project on Sowwah Island, the Abu Dhabi Stock Exchange, the long-awaited Salam Street and the Sorouh's Sun and Sky Towers certainly seems to have got the ball rolling again.
But falling rents are always a double-edged sword. While it bodes well for residents — who for years have had to pay over the odds for sub-standard housing — concerns over a second global economic recession have constrained demand in the third quarter of 2011, causing worry among developers who have projects almost ready to come online.
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Abu Dhabi to launch rental guidance index 19 Oct 2011 10:24 PM (13 years ago)
Rents in the capital will soon be guided by an index providing information about the true rental value of properties, a senior municipal official said in the capital yesterday.
The index will determine the rental value of a unit based on indicators like location, number of bedrooms and how old it is, Ali Al Hashemi, manager of Tawtheeq at the Municipality of Abu Dhabi City, told Gulf News.
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DPA calls for preserving national identity among Emiratis 18 Oct 2011 9:52 PM (13 years ago)
Education's role as a catalyst in deepening the sense of national identity among the youth was the dominant theme of the second session of the Dubai Partnership Agenda (DPA), a strategic government initiative to facilitate collaboration between the public and private sectors.
Heads of various organisations and public and private stakeholders in the education sector discussed the challenges at hand and the role that education can play in preserving national identity and thus furthering development goals.
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Saudi banks record 37.5% profit rise in Q3 17 Oct 2011 9:45 PM (13 years ago)
Saudi Arabia’s banks recorded a whopping 37.5 per cent increase in their net earnings in the third quarter of 2011 as they benefited from a surge in public spending and government contracts awarded in the first half.
The combined net profits of the Gulf kingdom’s 12 commercial bank stood at nearly SReight billion in the third quarter and the income is projected to remain high through the year, Saudi Arabia’s largest bank said.
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Saudi's NCB posts 87pct rise in Q3 net profit 12 Oct 2011 9:21 PM (13 years ago)
Saudi Arabia's National Commercial Bank (NCB), the country's biggest bank by assets, posted a 87 per cent rise in its third-quarter net profit, the lender said on Wednesday.
State-owned NCB made a net profit of 1.5 billion riyals ($412m) in the three months to end September, compared with 828m riyals in the same period a year earlier.
The unlisted lender's assets grew by 13 per cent to 307 billion riyals from 271bn riyals at the end of the same period last year, it said.
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Abu Dhabi GDP to top Dh1.5trn in 2030 10 Oct 2011 10:49 PM (13 years ago)
Abu Dhabi’s real GDP could rocket above Dh1.5 trillion in 2030 while the non-oil sector will leap to nearly Dh976 billion to maintain its share of more than half the overall economy, according to government data.
The GDP in 2030 will be more than five times its level of Dh285bn in 2005 and nearly triple the 2010 GDP of Dh517bn, showed the figures by the Abu Dhabi Department of Economic Development (DED).
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UAE has largest Arab banking system 9 Oct 2011 10:35 PM (13 years ago)
The UAE maintained its position as having the largest banking sector in the Arab world for the third consecutive year while the country’s Emirates NBD emerged as the top bank in the region, according to banking data. At the end of the first half of 2011, the UAE controlled just over 18 per cent of the combined assets of the nearly 470 banks grouped in the Union of Arab Banks (UAB) and around 28 per cent of their capital.
Figures by the Beirut-based UAB showed the UAE, the second largest Arab economy, also had the highest deposits and credit level in the region’s banking sector after it overtook Saudi Arabia three years ago.
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Dubai opens property lifeline to owners and investors as well 3 Oct 2011 11:10 PM (13 years ago)
Property owners and investors in stalled projects across Dubai can approach the Dubai Land Department to seek inclusion of their project under the Tanmia initiative, Emirates 24|7 can reveal.
“Investors or property owners of stalled projects can come to us. We will look at their petition after taking into account all the technical and legal details,” said Majida Ali Rashed, Senior Counsel Strategy, DLD.
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Dh1.4 billion property deal struck in Ajman 2 Oct 2011 10:14 PM (13 years ago)
A major property deal – over a billion dirhams - has been struck in Ajman, according to a statement posted on the Plus Stock Exchange in London by one of the parties involved.
Dubai-based Bonyan International Investment Group has sold 67 out of 109 plots in its Dh3.5-billion Eye of Ajman project to Prime Investments International Group Limited.
The information was disclosed by Prime, a Cayman Island-incorporated company, in statements posted on the Plus Stock Exchange in London.
The purchase price of $396 million (Dh1.4bn) for the 67 plots has been settled in full by allotment of shares in Prime, it said.
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UAE gains ‘tailwinds’ from Middle East unrest 30 Sep 2011 3:11 AM (13 years ago)
The UAE, in particular Dubai, will continue to benefit from its safe-haven status at a time of continued Middle East unrest although the deteriorating global outlook spells risks for the country, Citigroup said.
The expected surge in the inflow of tourists and investments into the UAE in the backdrop of unrest in some countries in the region will “provide significant tailwinds” to the country’s tourism and banking industries, Citigroup said its Global Economic Outlook and Strategy.
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