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"We are committed to the notion that quality matters and will never stop striving for perfection"

Dubai Islamic Bank To Offer 100% Mortgages

8/27/2013

 
The UAE lender seems to be ignoring impending regulations by the Central Bank to cap mortgages at 80 and 75 per cent.

Dubai Islamic Bank (DIB) has announced it is to offer UAE nationals mortgages worth 100 per cent of their property in conjunction with the Mohammed Bin Rashid Housing Establishment, a rare move by a UAE lender since the financial crash five years’ ago.

DIB will offer housing loans worth up to Dhs2 million over a 25-year period, with interest rates starting at 3.99 per cent.

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The move flies in the face of impending regulations from the UAE’s Central Bank that is expected to cap lending for local first-time homeowners to 80 per cent of the home’s value and 75 per cent for expatriates, with lending for additional homes expected to be capped at 65 per cent and 60 per cent.

The Central Bank initially announced the caps would be much tighter, at 70 per cent for UAE nationals and 50 per cent for expats, with subsequent homes at 60 per cent and 40 per cent.

Central Bank revised the figures after a proposal by the country’s leading commercial banks earlier this year.

The announcement by DIB is in partnership with the Mohammed Bin Rashid Housing Establishment (MRHE), which ‘aims to enhance the quality of life for UAE nationals living in Dubai by helping them access superior housing’.

Sami Abdullah Gargash, CEO, MRHE said: “We are delighted to welcome Dubai Islamic Bank as a home finance partner as we prepare to unveil housing alternatives under the MRHE program.

“These initiatives are part of the long-term commitment of delivering quality homes to UAE nationals.”

More Dubai tenants consider buying property

8/27/2013

 
Rising rents, low mortgage rates drive shift in attitude, industry experts say
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Dubai: The concept of renting and hopping from one apartment to another has become unrealistic for some tenants in Dubai and many are now warming to the idea of owning a home.

Property experts in the UAE have observed a change in attitude towards home ownership and say this shift is driven primarily by rising rents and easier mortgage terms.

Residential rents have been rising recently, owing to the recovery of the real estate market. During the first six months of the year, rental values across Dubai went up by 11.3 per cent.

Interest rates on mortgages in Dubai have dropped over the last three to four years from 9 per cent to 4.5 per cent per year. Banks are also offering other incentives to would-be homeowners, such as discounts on processing and valuation fees, and reduced interest rate during the first year.

Bluewaters Island: Dubai unveils Dh6b hot spot

8/27/2013

 
Bluewaters Island, a new Dh6 billion mixed-use development, destined to be one of the largest tourist hot spots in the world, has received the go-ahead from His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
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The development by Meraas Holding will be located off the Jumeirah Beach Residence (JBR) coastline. The Dh1 billion Dubai Eye that Meraas Holding has already unveiled will be a major component of the Bluewaters Island development. The world’s largest Ferris wheel is envisioned to be a must-visit experience for visitors and residents in the UAE and articulates Dubai’s long-term plan to be a key tourism hub in the world.

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Dubai begins countdown for Expo 2020 decision

8/26/2013

 
The final countdown to the Expo 2020 host city announcement has begun with less than 100 days to go until representatives from the 167 member nations of the Paris-based Bureau International des Expositions (BIE) cast their votes on November 27th.
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The Dubai Expo 2020 team is now focused on working towards the Theme Symposium in Dubai this October.

The Theme Symposium, which will be held by each of the candidate cities, is an opportunity for the UAE to further demonstrate to BIE delegates the global relevance and timeliness of the bid theme, Connecting Minds, Creating the Future. Delegates will have the chance to explore the three subthemes- Mobility, Sustainability and Opportunity - which represent key drivers of global development.

The event will also allow delegates to witness and experience first-hand the many unique advantages that the country offers as a potential host nation, including the country's robust infrastructure, warm hospitality and global connectivity.

As a result of the country's infrastructure and geographical positioning, Dubai Expo 2020 can expect to attract 25 million visitors offering a diverse and exciting international profile. For the first time in the history of World Expo more than 70 per cent of the visitors would stem from beyond the host nation.

An Expo in Dubai would take place on the eve of the UAE's 50th anniversary, starting countrywide celebrations. It would also be the first time that a World Expo would be held in the Middle East, Africa and South Asia region. More than 277,000 jobs are forecast to be created by Dubai Expo 2020 and for each one of these an additional 50 jobs are expected to be sustained across the wider region.

Dubai Expo 2020 will leave a powerful legacy, both in terms of the Expo site itself and also as an inspiration for future generations.

Dubai is competing against three other candidate cities in its bid to host the World Expo in 2020.

5.5m visit Dubai in busy H1

8/26/2013

 
More than 5.5 million tourists visited Dubai in the first half of 2013, representing an 11.1 per cent year-on-year increase, indicating that Dubai is on the way to achieving its Tourism Vision for 2020.

The first half visitor number results, released by Dubai’s Department of Tourism and Commerce Marketing (DTCM) on Wednesday, show increases across all key indicators, including hotel guests, hotel and hotel apartment revenues, room occupancy and average length of stay. 
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Announced earlier this year under the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and spearheaded by DTCM, Dubai’s Tourism Vision for 2020 sets out how the city will double its annual visitor numbers from 10 million in 2012 to 20 million in 2020.

Helal Saeed Almarri, Director-General of DTCM, said: “The figures for the first half of 2013 are extremely encouraging and indicate that we are on the way to achieving our Tourism Vision for 2020. Our strategy is to position Dubai as the foremost destination for both leisure and business travellers by continuously evolving our broad and diverse tourism offering, and attracting visitors from a range of source markets, including targeting a new generation of first-time travellers from emerging markets. The increase in visitors from each of our key source markets is particularly encouraging, with a number of these markets showing particularly strong growth, including the GCC countries, China, India, Australia and many countries in Europe.”

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Dubai Cares spends Dh6m in Haiti

8/25/2013

 
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More than three-and-a-half years and Dh6 million on, Dubai Cares has helped create some normality in the earthquake-ravaged impoverished country of Haiti, the organisation says.

More than 240,000 primary schoolchildren have benefitted from the work undertaken by the organisation, in conjunction with Unicef and charity CARE International, after the 7.0-magnitude earthquake which hit Haiti in January 2010, killing at least 100,000 people — though the death toll is still not exactly clear. An estimated three million people were directly affected by the quake. A Dubai Cares delegation recently conducted another field visit to Haiti to evaluate the impact made on the lives of the children and their families, marking the successful completion of its programmes in the country, the charity said in a Press release.

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Dubai population jumps 4.8 per cent to 2.17m

8/24/2013

 
Dubai: Dubai’s population has shot up 4.8 per cent to 2,174,000 people this month as compared to 2,068,000 people recorded as living in the emirate in August 2012, says Dubai Statistics Centre.

The findings were based on taking into account the daily and monthly estimation of Dubai permanent residents whether Emirati or expatriate.

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Dubai first crossed the two million people mark in December 2011 when its population rose by five per cent in comparison to 2010 to reach 2,000,072, an increase of 22,072 in less than three months.

The emirate has a high expatriate population because of work and business opportunities.


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Revealed: $130bn Dubai mega projects launched in the last year

8/21/2013

 
Dubai has unveiled a raft of construction projects in the past year worth more than $130bn, an analysis by Arabian Business has found.

The announcements by major developers includes a growing pipeline of mega projects in what has been touted as a resurgence in the development sector.

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However, property analysts say the ambitious construction agenda, which is set to be rolled out over the next few years, needed to be viewed cautiously after the 2008-10 economic crisis resulted in Dubai property prices plummeting by up to 60 percent and many projects being cancelled.

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Your property project cancelled? Watch out for developers' notices

8/20/2013

 
Move after government sets up committee to liquidate and settle claims on cancelled projects
Developers in Dubai have started putting notices of project cancellations in local dailies, a move that has gained pace after the government set up a committee to liquidate and settle claims on cancelled projects.

The notices being published are as per the regulation set by Dubai’s Real Estate Regulatory Agency (Rera), developers claim.

The notices give claimants two weeks' time from the first date of publishing of the notice to submit their claims with Rera’s liquidation department.

Claimants are asked to provide property reservation form, original property agreement, passport copy and original payment receipts.

Last month, the Dubai government issued Decree No. (21) of 2013 setting up a special legal committee for the liquidation of cancelled property projects and the settlement of rights disputes related to such projects.

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In the past two weeks, three developers have published project cancellation notices.

Earlier Rera said it would not release in public the list of cancelled projects, but stated investors in cancelled projects are notified through  email.


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New Property Launch | Own a Luxury Hotel Room in DubaiĀ 

8/20/2013

 
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A unique opportunity to own a luxury hotel room or suite, become a part of this flourishing hospitality market. But it’s not just about owning your piece of a prestigious property, it’s your gateway to creating considerable annual revenue. Our investment structure will ensure you a 40% share in room revenue.
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  • Home
  • ~ Dubai News ~
  • THOE
    • The Floating Seahorse
    • Portofino Family Hotel
    • Germany Island Villas
    • Monaco De Dubai Hotel
  • EMAAR
    • Aseel Golf Villas
    • Il Primo Penthouses
    • Palace Residences
    • Beachfront Apartments
    • Grande Downtown
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    • Creek Gate Apartments
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