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

Dubai property growth to slow to single-digit levels, says Damac founder

11/28/2014

 
Growth in the Dubai property market will slow to single-digit levels for the foreseeable future, according to Hussain Sajwani, the founder and chairman of Damac Properties, one of the UAE’s flagship developers.
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Mr Sajwani, speaking exclusively to The National in an interview, said that the days of 20 to 30 per cent annual increases in the property market were over, and that the “price levelling” experienced by Damac and other developers in the past six months would continue.

“The drop during the crisis was dramatic, but so has been the recovery, with 20 to 30 per cent increases in 2012 and 2013,” he said. “To have that level of increase for a third year would be a bad thing. At Damac we see it close to single digits for the current year and beyond – between 8 and 10 per cent.”

Damac’s business has boomed along with the increase in prices, with big projects launched in Dubai over the past 12 months. But the firm is unlikely to embark on further “mega-projects” over the next five years, unless more land becomes available.

“We always look for new opportunities, but you’ve got to find the right one. If another parcel of land becomes available, we might be interested, but as things stand we have sufficient land and financing for the next five years,” he said.

Damac has three big projects under development in Dubai: two big villa and apartment complexes – Akoya and Oxygen – on adjoining sites, as well as the Damac Tower project with the Hollywood group Paramount near the Burj Khalifa area.


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Dubai voted world's top city to live and work

11/21/2014

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1,000 people polled by graduate business school Insead chose city ahead of campuses in France, Singapore and Abu Dhabi.
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Dubai is the best city in the world for expatriates and professionals to live and work in, beating New York, London and other most prominent cities, according to a new research.

A survey released on Wednesday by the Alumni Association of graduate business school Insead, which polled nearly 1,000 respondents, has ranked Dubai as the most attractive place to live in in terms of professional and private life. Insead has campuses in France, Singapore and Abu Dhabi.

The survey asked respondents of 35 different nationalities to rate 15 key cities in the world in terms of economic dynamism (quality of labour, access to funding); quality of life (sports and cultural facilities, air quality); cost of living (real estate, dining, entertainment) and overall attractiveness (young talent, access to technology).

Dubai emerged as the overall winner and ranked first in economic dynamism, third in overall attractiveness and fourth in terms of quality of life and cost of living.

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Dubai innovation strategy gets approval

11/15/2014

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Dubai Crown Prince calls on all residents to join efforts to make the city an innovation hub. 
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Shaikh Hamdan bin Mohammed chairs a meeting held to discuss the Dubai Strategy for Innovation on Monday, as Mohammed Abdullah Al Gergawi and another senior official look on. — Wam

Following the directives from His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, has approved the Dubai Strategy for Innovation.

The strategy includes 20 initiatives that will be rolled out over three years aiming to make the emirate the most innovative city in the world.

In the presence of Shaikh Hamdan, Mohammad Abdullah Al Gergawi, Minister for Cabinet Affairs and Director-General of the Executive Office of Shaikh Mohammed bin Rashid; and Abdullah Al Basti, Director-General of the Executive Office, briefed Shaikh Hamdan on the details, objectives and initiatives of the strategy and the implementation time frame.

The Dubai Strategy for Innovation is built in coordination with the National Strategy for Innovation as Shaikh Mohammed has tasked Shaikh Hamdan with leading the innovation efforts in Dubai.

Shaikh Hamdan has affirmed that Dubai Strategy for Innovation is the fruit of Shaikh Mohammed’s directives to make Dubai a global hub for innovation. Shaikh Hamdan said, “Dubai has all requirements to become the world’s most innovative city. We have Shaikh Mohammed’s vision and unlimited support for innovation, and we have the tools to lead the world in this aspect. We also have an integrated teamwork from the public and private sectors. We are on the way to achieve our objectives.”

He added, “Through Dubai Strategy for Innovation, we hope to catalyse the city’s ability to innovate and open the door for individuals and organisations to generate new ideas to develop performance and achieve better results.”

He also asserted that Dubai expects its residents and visitors to take part in this drive, and the all Dubai’s community elements must join efforts. Shaikh Hamdan directed all parties concerned to coordinate efforts and work like one team to achieve the strategy’s objectives.

The Dubai Strategy for Innovation generally aims to make Dubai the most innovative and creative city in the world through introducing 10 major pillars supported by a number of initiatives that will expand cooperation between the public and private sectors, education sector, entrepreneurship and global networks in addition to Dubai’s citizens, residents and visitors.

Dubai’s 10 major innovation pillars includes inspiring leadership with innovative vision, innovative and integrated government, proactive private sector, qualified and informed citizens, an environment that promotes creativity and teamwork, innovation is a public responsibility, positive energy that can overcome challenges, risk assessment and management, resources management and international network. 

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Goldman Leads $1.15bn Project Loans For Dubai Theme Parks

11/15/2014

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The project financing will fund construction of the parks, along with equity provided by Meraas investment group and the $689 million initial public offering (IPO) of 40 per cent of Dubai Parks and Resorts.
Goldman Sachs is expected to sign a $1.15 billion project financing loan for Dubai Park and Resorts this week, which will finance the construction of a $2.9 billion amusement park complex in Dubai, banking sources said on Wednesday.

The loan has been underwritten by Goldman Sachs, which led and structured the deal, Abu Dhabi Commercial Bank, Commercial Bank International, Emirates National Bank of Dubai, and Noorbank, the sources said.
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Dubai Park and Resorts is part of property developer Meraas Holding, which is owned by Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum.

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Dubai Will Need 51 New Schools By 2020 – Report

11/12/2014

 
A booming population, rise in income levels and improved returns on investment in education are boosting growth in Dubai's school sector.
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Dubai will need an additional 77,000 student places, translating into 51 new schools by 2020, according to a new report.

Total additional investment required to meet these needs will total $2 billion over the next six years, research firm Colliers International, the report author, found.


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Dubai government repays Dh7.1 billion loans

11/3/2014

 
Repayment in time reflects government's commitment to repay all liabilities as per schedule: Al Saleh
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Dubai said Monday it has repaid $1.93 billion (Dh7.1 billion) raised from Islamic bonds known (sukuk) and renewed its commitment to pay back billions of dollars worth of debt on time.

Dubai repaid Dh2.5 billion ($68 million, 54 million euros) in dirham sukuks and $1.25 billion (Dh4.6 billion) in dollar sukuks, the official Wam news agency reported, citing a government statement.

It said both sukuks matured on Monday.
In August, the emirate's real estate giant Nakheel repaid all of its $2.15 billion (Dh7.9 billion) bank debt almost four years ahead of schedule.

Abdulrahman Al Saleh, director general of its finance department, said the Nakheel repayment demonstrated Dubai's commitment to honour its financial obligations on time.

He said the repayment in time reflects the government's commitment to repay all liabilities as per schedule.

The government, Al Saleh said, was keen to pay all the financial liabilities in accordance with the schedule, noting that "it is a huge step, which highlights the clarity of vision of the government about the future. It also reflects great confidence reposed by regional and international business communities on the Emirate of Dubai."

Dubai Police Supercars - Brabus B63S, Aventador, SLS, Roush, Bentley, R8

11/1/2014

 
The world famous fleet of police cars from Dubai gather in the car park at the Grand Parade before leading the pack on a tour around the city.

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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
    • Expo Golf Villas
    • Maple Villas
    • Creek Gate Apartments
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