NEWS BRIEF 36 - Asteco Property Management · DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA...

DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN

© Asteco Property Management, 2017 asteco.com | astecoreports.com IN THE MIDDLE EAST FOR 30 YEARS

ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

RESEARCH DEPARTMENT

NEWS BRIEF 36

SUNDAY, 03 SEPTEMBER 2017

DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA

© Asteco Property Management | 2017 | asteco.com

IN THE MIDDLE EAST FOR 30 YEARS



REAL ESTATE NEWS UAE / GCC

SOME UAE HOTELS EXPECT FULL OCCUPANCY DURING EID AL ADHA HOLIDAYS

SAUDI ARABIA WILL WANT TO SHOWCASE ITS TRANSITION

PROPERTY SCAMMERS DEFRAUD PEOPLE OF RENT, DEPOSIT MONEY

VISIT CITYSCAPE AND SIGN YOUR HOME SALES DEAL

STERLING OPPORTUNITY: UAE INVESTORS CHERRY-PICK IN THE UK

MENA POSTS $31.9B M&A DEALS IN H1 2017

HOTELS, RESTAURANTS GEAR UP FOR EID RUSH

LANDMARK INKS DEAL WITH EMIRATES HOSPITAL FOR ICARE CLINICS

EMAAR UNVEILS '17 ICON BAY' RESIDENCES

POST-BREXIT BANKING SHAPE-UP TO BENEFIT UAE FINANCIAL CENTRES

SAUDI, BAHRAIN HOTELS SUFFER OCCUPANCY, RATES SLUMP IN JULY

DUBAI

MULTIPLE CHEQUES OPEN UP POSSIBILITIES FOR DUBAI TENANTS

DUBAI REALTY BROKERS NET DH820M IN H1 COMMISSIONS

INDIANS, PAKISTANIS POUR DH27B INTO DUBAI REAL ESTATE

WHY INDIANS AND PAKISTANIS LOVE TO CALL DUBAI HOME

MALAYSIAN FIRMS SET FOR HALAL EXPO DUBAI

DUBAI PROPERTY MARKET OUTLOOK REMAINS STABLE

DUBAI RESIDENT STRUGGLING TO VERIFY TITLE DEEDS FEARS LANDLORD RENTAL

SCAM

MBRSC SUBMITS OFFICIAL BID TO HOST 2020 INTERNATIONAL ASTRONAUTICAL

CONGRESS IN DUBAI

EMAAR ANNOUNCES EXHILARATING TOURIST ATTRACTION FOR ADVENTURE SEEKERS

DUBAI MUNICIPALITY OPENS OFFICE IN AL LUSAILY

MOHAMMAD BIN RASHID APPROVES RTA PROJECTS

DUBAI'S NAKHEEL MULLS FIVE BIDS TO BUILD DRAGON TOWERS PROJECT

NAKHEEL TRANSFORMS JEBEL ALI CLUB INTO NEW ENTERTAINMENT HUB


© Asteco Property Management, 2017 asteco.com | astecoreports.com

DEFINING LANDSCAPES SINCE 1985



REAL ESTATE NEWS ABU DHABI

ABU DHABI PROPERTY FIRMS PLAN MERGER AS MARKET STRUGGLES

HOTEL GUESTS IN ABU DHABI INCREASE BY 4% IN JULY

ESHRAQ, REEM TO CREATE ABU DHABI'S 2ND LARGEST PROPERTY DEVELOPER

NORTHERN EMIRATES

SHARJAH HOSPITALITY SECTOR REVENUES NOW WORTH DH372M

RAS AL KHAIMAH WOOS BRAZILIAN INVESTORS

RAS AL KHAIMAH TO OPEN WORLD’S LONGEST ZIP LINEIN IN DECEMBER

SHARJAH YOUNG LADIES’ GROUP RENOVATES 72 HOMES

EAGLE HILLS INKS $81M LOAN DEAL FOR FUJAIRAH HOTEL PROJECT

INTERNATIONAL

MICRO IS A NICE WAY TO MAKE OUTSIZED RETURNS

GERMAN INFRASTRUCTURE FUND MAY BE DOUBLED

WHY PAKISTANIS NEED TO SEND MORE MONEY

CHINESE DEVELOPER EVERGRANDE POSTS 250 PER CENT RISE IN PROFITS

ASIAN INVESTMENT IN GLOBAL REAL ESTATE PICKS UP STEAM IN 2017

U.S. CITIES HAVE A GLUT OF HIGH-RISES AND STILL LACK AFFORDABLE HOUSING

HOME SALES DROP—AGAIN—AND WILL CONTINUE ‘UNLESS SUPPLY MIRACULOUSLY

IMPROVES’






SOME UAE HOTELS EXPECT FULL

OCCUPANCY DURING EID AL ADHA

HOLIDAYS Wednesday, August 30, 2017

Planning to enjoy a short Eid break at a hotel in UAE this weekend? You might want to ring up your favourite

resort fast, as rooms are filling up and deals are being snapped up. Hotels are preparing for a busy long weekend,

as thousands of Eid Al Adha holidaymakers visit the UAE and many residents take advantage of free time and

enjoy a staycation.

Some hoteliers said rooms have been selling fast in the run up to the holidays and they are expecting to be fully

booked starting tomorrow, Thursday. Given the huge demand and more last-minute bookings coming their way,

operators are already reporting a 25 per cent to 35 per cent increase in the summer rates.

“We have already observed a considerable pickup for the Eid period with our occupancy rates steadily rising to an

additional 15 per cent to 20 per cent over the past few days,” said Wael El Behi, general manager at First Central

Hotel Suites on Tuesday.

“We have kept our rates competitive, with a slight increase of 25 per cent to 35 per cent in comparison to our

previously offered average summer rates.” Starting Thursday, August 31, private and public sector employees in

the UAE are getting three and four days off, respectively, for the Eid Al Adha holidays.

Islamic holidays are usually a busy time for many hotels in the UAE. Not only do properties enjoy a boost in local

demand, there’s also a huge influx of regional tourists who are drawn to the UAE’s mega shopping malls, popular

landmarks and family-friendly attractions. The popular Downtown Dubai alone is expected to see more than one

million visitors during the holiday period. Glenn Nobbs, general manager at Copthorne Hotel in Dubai, said they

are expecting guests from the neighbouring GCC states, especially Saudi Arabia, Kuwait and Oman. “We again

expect to be running at 100 per cent occupancy over the Eid weekend, and maybe even extending a few days into

the following week,” Nobbs told Gulf News.

At the properties operated by Rove Hotels, rooms are filling up quite quickly and rates are inching up. “We expect

to be full during the Eid period, though we still have a few rooms left. Traditionally, the booking window for the

Eid holidays is quite last minute,” said Paul Bridger, corporate director of operations at Rove Hotels.

“Room rates have slightly gone up from the summer rates, however, [they] have stayed true to our promise of

providing great value,” added Bridger. Starting rates across the hotelier’s properties still average around Dh215.

Millennium Plaza hotel in Dubai is likewise expecting their guest list to include travellers from Saudi Arabia, Oman,

Kuwait, in addition to UAE nationals and residents. “We are also expecting the rates to increase further during Eid,

due to the trend of last-minute bookings online,” said Greg D'Souza, director of sales and marketing at Millennium

Plaza Dubai. At Al Bustan Centre and Residence, there will be an influx of staycationers who will be taking

advantage of the Eid Al Adha promotions and kids’ activities around Dubai, according to Moussa El Hayek, COO at

Al Bustan Centre & Residence.

Source: Gulf News

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SAUDI ARABIA WILL WANT TO SHOWCASE

ITS TRANSITION Saturday, September 2, 2017

Saudi Arabia’s economy remains a net beneficiary from the annual Haj inflow, both on the back of investments

from government entities and spending by pilgrims. This year’s pilgrimage is noted for a number of developments

including the return of pilgrims from Iran, who are noted for their willingness to spend on gifts.

Also, the government has made headway in infrastructure development in and around Mecca via investments on

trains and road networks. Understandably, Saudi officials are paying particular attention to Umrah. Officials do

not allow Umrah prior, during and immediately after the Haj. However, this year was an exception, as officials

extended the Umrah season by a month to June 10, with untold benefits to Saudi businesses.

In 2016, the kingdom issued 6.4 million visas to perform Umrah, up by 7 per cent from 2015. Yet, the actual

numbers performing Umrah is higher when adding nationals from Saudi Arabia as well as those from the Gulf,

who do not require permits or visas to perform the “little” Haj. The Saudi vision 2030 calls for tripling the number

of people performing Umrah. Undoubtedly, the move is popular with the Saudi business community, especially

the hospitality sector, as this ensures the arrival of pilgrims on a steady basis to the holy shrines.

Four cities in western Saudi Arabia generate substantial benefits from the Haj, namely Makkah, Madinah, Jeddah

and Taif. The King Abdul Aziz Airport in Jeddah serves as gateway to Makkah. Yet, others from within the kingdom

and other GCC countries travel to the holy sites via Taif.

The advantages go further than the four cities, as Saudi firms throughout the kingdom get the opportunity to

market their products to pilgrims. The practice of selling goods during Haj plus during the popular Ramadan

Umrah do not require extraordinary marketing skills. Moreover, the Haj season provides employment

opportunities to a vast number of Saudi nationals. Some sell food and prayer beads to pilgrims, while others,

including even foreign residents, use their private vehicles to transport pilgrims.

Unfortunately, not all these trading activities are recorded properly in the absence of tax system. Yet, changes are

on the way, as the country prepares to introduce VAT at the start of 2018. Of all GCC countries, only Saudi Arabia

and the UAE have revealed plans for implementing VAT from January 2018. Understandably, the Vision 2030

places emphasis on strengthening and broadening the role played by private investors. This is vital in the light of

challenges posed by the phenomenon of low prices and the need for streamlining public spending where

possible.

The authorities like to see greater involvement of private sector investors assume leadership in critical

installations. A plan is underway to privatise the kingdom’s airports. In fact, Saudi officials are racing against time

ahead of a major summit. A diplomatic source has disclosed to me that the kingdom wants to showcase its

socioeconomic achievements when hosting the summit of G-20 leaders in 2020 for the first time ever. Two

countries are scheduled to host the summit before Saudi Arabia — Argentina in 2018 and Japan in 2019.

The summit should provide the Saudi leadership a golden opportunity to put on display successes made in terms

of infrastructure projects and business development plus on overall reforms.

Source: Gulf News

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PROPERTY SCAMMERS DEFRAUD PEOPLE

OF RENT, DEPOSIT MONEY Saturday, September 2, 2017

A new form of 'property' fraud is on the rise in the UAE. A large number of people have been defrauded by

scammers posing as property agents or brokers dealing in residential units.

Using fake IDs, tenancy contracts and false names to trick their victims, the fraudsters' modus operandi involves

showing homes and apartments to several prospective tenants, without the knowledge of the property owners,

obtaining rent and commission fees from the former and then vanishing.

The police have warned that this type of real estate fraud is especially common in Sharjah and the phenomenon

increases during times of high rental demand. Several scammers have been arrested by the police, after being

caught posting ads offering apartments for cheap rents.

Lieutenant-Colonel Faisal bin Nassar, deputy director of Sharjah Police's CID department, revealed that the

swindlers showed their victims under-construction or partially-completed apartments that are usually left open,

or empty flats in older buildings lacking security supervision. Once the victim agreed to rent and handed over

cheques or cash deposit amounts, they would promptly disappear.

The perpetrators will be charged with posting fake ads, forging documents, trespassing on property and

committing fraud, among others.

The police have asked the public to be cautious when checking out online ads and report any information they

may have about such scammers.

One recent case involved an Asian man who listed cheap studio apartments online and in classified ads. He took

callers to a newly-constructed apartment, claiming it was a sample unit of the other studios he was renting and

demand an advance amount to book the flats.

After different police stations received multiple complaints, the police arrested the suspect, even though he used

a fake name and different phone numbers to carry out his scam.

Victims share experiences

Anoop Pashnath said: ""I was looking for a studio flat for my family and saw an ad listing an apartment "on the

Dubai border with free parking, studio in 25k, call 058-2335088". When I called the number, the guy sent one of

his 'staff', a 'Mr Amir' to show me the place. Amir asked me to pay Dh2,000 as booking fee, for which I got a cash

receipt from a 'Central Hills' real estate company.

"After three days, I called the same number and another man who called himself 'Shafiq' answered. He asked to

meet at Filli Café in Al Twar and pay Dh4,150 in cash and give a cheque for Dh4,166. I went with my wife and met

him and signed a contract as well. After that, the mobile number was unreachable. I later learnt that this same

man was arrested by the Sharjah Police."

Another victim, Adil Ali Khan, said: "A man called me offering to a studio for rent in Skycourts Towers. The person I

met, supposedly an apartment owner's agent, showed me the unit, asked for Dh2,000 booking fees and Dh8,000

as three months' rent, after which he gave me the keys and contract for the flat. This was my first time renting an

apartment here and I did not know what a real contract looked like. Later, I found out the keys were fake as well.

The door to the apartment had been left open when he showed it to me.






"Just like that, I lost Dh10,000 of my savings in a few minutes. I'm absolutely devastated and hope the police catch

the people behind this fraud."

A similar story happened to resident Kanwal Gulzar. "I found a few numbers on Dubizzle and called them and one

agent offered to show me some flats. After he showed me a few with only window ACs, I asked for a flat with

central air-conditioning. He claimed those were in high demand and that I had to book immediately if I wanted

one. After showing me a 2bhk in the Sharjah Corniche area, we had a back-and-forth on the rent and booking

amounts. I hadn't made up mind and wanted to show my family the flat before deciding to rent.

"After they saw it, he kept insisting for the documents and a Dh1,000 booking fee, claiming that many people

were vying for the same flat. Possession of the flat could be taken within a week's time, he said and after I paid

him, I called him two days later to check. He said he was negotiating with the landlord, who was out of town, on

the rent amount. After three more days, his mobile was switched off. When I called the number on the receipt

he'd given me, there was no real estate company in that name."

How to avoid falling for such rental scams:

· For landlords and real estate managements - keep empty apartments secure and locked. Ask the building's

security personnel to keep an eye on it and hand over the key only on prior approval from the

owner/management

· For prospective tenants - Avoid dealing with unofficial brokers or someone who claims to be a representative of

the owner or real estate company

· Do not make advance payments for booking a unit

· Avoid paying cash and use only cheques which can be traced in case of fraud

· Always ask for a power of attorney if dealing with a company or owner's representative

Source: Khaleej Times

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VISIT CITYSCAPE AND SIGN YOUR HOME

SALES DEAL Tuesday, August 29, 2017

Cityscape Global opens its doors to the public from September 11 to 13 this year at the Dubai World Trade Centre

(DWTC). But what makes this edition of the property exhibition different is that developers are allowed to make

on-site sales to visitors. This opens a whole gamut of opportunities to developers who have been trying to

generate momentum in the Dubai market with flexible payment plans that allow purchasers to spread the cost of

their investment over a longer period after handover. Visitors can expect exclusive offers for properties at

Cityscape Global, with several deals thrown in to sweeten the mix.

"Approximately 30 per cent of last year's attendees were home buyers and investors, while 68 per cent of visitors

confirmed they intended to make a purchase or conduct business with a company that they met during the

exhibition," says Tom Rhodes, exhibition director at Informa Middle East, organisers of Cityscape Global.

The bid to allow on-site sales is a joint effort by the Real Estate Regulatory Agency (Rera), Cityscape and DWTC.

Therefore, visitors can rest assured that all projects have been properly vetted. Each project that will be promoted

at Cityscape Global has to be submitted to the Rera through its online system.

All exhibitors showcasing projects in surrounding emirates are also required to submit approval forms from the

relevant Land Department or Municipality, the executive points out.

"All companies require full approvals, including escrow account number, trustee account number, etc., before

going out to the market to promote the project. These implementations as well as the development of Rera's

online approval system Trakheesi in October last year have allowed us to support the promotion and now sales of

properties at Cityscape," adds Rhodes.

Show-specific deals

"It is quite likely that developers will introduce exclusive offers at Cityscape this year," reckons Craig Plumb, head

of research, JLL Mena. While Cityscape Global has hitherto been used as a barometer to gauge market sentiment

after the traditional summer lull, the shift in the nature of the exhibition this year from B2B to B2C is a sign of the

changing times. With the surging popularity of off-plan property sales, developers are likely to leverage the event

to launch and display new off-plan products.

"I believe Cityscape is a good catalyst for generating property sales and allowing on-site sales will draw more end-

users to the event, which is ideal for developers who wish to reach and speak with their target audience directly.

They will be able to offer specific deals and payment plans," observes David Godchaux, CEO of Core Savills.

Off-plan sales accounted for almost 65 per cent of total sales recorded in Dubai over the first half of the year.

With attractive payment plans and stabilising prices, the time is opportune for end-users to get their foot on the

Dubai property ladder. What better platform than Cityscape Global to gain a foothold into the sector?

"Average prices have fallen around 15 per cent over the past two years but now appear to have stabilised, with

very little further decline recorded over the past few months. While it is always difficult to predict the exact

bottom of any market, it does appear that the Dubai residential sector is now close to its cyclical trough, making

this a good time for potential purchasers to buy," suggests Plumb.

Register early






Organisers are encouraging visitors to pre-register online in advance to avoid paying a Dh100 entry fee for those

who register on the same day. They can also check out the Cityscape Online portal where exhibitors have

uploaded project and service information.

Besides the presence of local developers such as Azizi Developments, Danube Properties, Dubai South, MAG PD,

Jumeirah Golf Estates, Sobha Group, Deyaar and Union Properties with projects targeting the affordable section

of the market, this year's edition of Cityscape Global will see a strong developer contingent from countries such as

Pakistan (12 per cent), Turkey (nine per cent), the UK (six per cent), Bahrain and Cyprus (four per cent).

"Pakistan will once again see a large international presence with around 25 developers showcasing their projects.

This is a great match for the Cityscape Global visitor base, as Pakistani nationals ranked second on our list of

international visitors in 2016," adds Rhodes.

Till date, 300 exhibitors from 23 countries have registered to exhibit at Cityscape Global 2017, spread across

42,000sqm of space, or nine halls of DWTC. New participants this year are from China, Korea, Georgia and the

United States.

"We registered approximately 38,000 participants from 179 countries at the event in 2016 and we expect to see

similar figures this year," says Rhodes, referring to the visitor footfall.

A selection of real estate experts will also be at hand to guide visitors on how to maximise real estate investment

and important information before finalising a purchase.

"Cityscape is a large platform for developers to help potential buyers make an informed decision - buying a home

is a lifetime investment. Too often in the past, buyers have made a rushed decision based on limited information

as they didn't receive proper sales support. This is a chance for end-users to evaluate what is currently available in

the market, to be educated on their choice of property and to evaluate the developer based on reputation and

credibility to bring the project on time. Advisors will be present to give insights on the overall market and, having

all the major developers in one place will help to get a comprehensive view of the variety of products on offer,"

concludes Godchaux.


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STERLING OPPORTUNITY: UAE INVESTORS

CHERRY-PICK IN THE UK Saturday, September 2, 2017

The British pound has resumed its slide against the UAE dirham of late, making the UK market more attractive for

investments for UAE investors, especially for expats from the United Kingdom residing in the UAE.

The real estate investment activity in the UAE from UK investors has reduced compared to previous years in terms

of total value, primarily due to the devaluation of the British pound since Brexit. Moreover, the UK market has

also become more attractive for investment specifically for expats from the United Kingdom residing in the UAE,

said Ryan Fansa, director - head of real estate, Al Masah Capital.

"Regional buyers also have been active in the UK market as the weakened pound has enabled dollar-based

investment institutions in the region to acquire real estate assets at a 10 to 15 per cent discount compared to the

pre-Brexit market," Fansa added.

Schon Properties COO Noorul Asif doesn't see much impact of the decline in the value of the British pound on

investments in the UAE, claiming that it's merely psychological.

"Price of properties vary depending mostly on the demand-supply situation. When the British pound loses value,

properties become cheaper in Britain, regardless of any other development. Investors take advantage of the

situation mostly through buying and selling of currency," he said, adding that "real estate is a long-term

investment - it's not a stock market and an investor should not treat real estate like one. If you have money and a

long-term goal, then invest in real estate in Dubai - simply because the property price is at the right level. And

hold it for three years at least. Then exit - if you have to benefit from capital gains. Otherwise, enjoy the rent

windfall since Dubai offers some of the best rental returns," he added.

As per a recent report from real estate advisory Savills, Middle East and Far Eastern investors nearly doubled their

capital investment in the UK's regional markets in 2016 to around £1.9 billion (Dh8.92 billion).

The UAE and Britain are keen to take bilateral trade to £25 billion per annum by 2020. There are more than

200,000 British passport holders working in the UAE. In 2016, Dubai attracted Dh25.5 billion in foreign direct

investment (FDI) inflows in 247 projects. UK, Canada, France, Spain and the US were among the leading sources of

capital and together, the US, UK, India, Germany and Italy accounted for 152 FDI projects, which was 59 per cent

of the total.

In H1 2017, Indian, Pakistani, British, Chinese and Canadian nationals took the first five places in terms of

investment in Dubai, with 15,062 investors generating a total value of Dh28.6 billion. According to the Dubai Land

Department, investments by 3,372 British nationals in Dubai's real estate reached Dh5.8 billion last year.

Promoth Manghat, CEO, UAE Exchange, said property in the UK is still a reliable segment to invest in. Since the

stock market is expected to stay volatile right through 2017, it's better to stay cautious there. Meanwhile,

investors can explore the possibilities of investing in various avenues worldwide, including the UAE. They can also

transfer funds to get more pounds back home, though there is a risk that it could trigger inflation. Sudhesh

Giriyan, COO, Xpress Money, noted that a fall in the price of the pound is making the UK a less expensive market

to buy into from overseas.

"So, for British expats and other investors in the UAE, the period leading up to Brexit will yield opportunities for

investment in assets. There has also been a cooling of house prices in the UK, which means opportunities will be






thrown up. A favourable exchange rate between the dirham and pound also means it's a good time for

expatriates to top up their pensions and saving plans back home."

Pound outlook

Adeeb Ahamed, managing director, Lulu Exchange Holdings, said the sterling pound has already taken its hardest

hit since the EU referendum on Brexit was announced and he does not see any radical fluctuations and expects

the pound to move between 4.50 and 4.95 range against the dirham in the coming months.

"With no major movement in the currency expected, this is an ideal time for British expats to remit money home.

As mentioned earlier, the choice remains with the sender and their needs. According to the trend noticed in the

GCC, there is a slight surge in remittances when the home currency weakens. If opportunities are available for

British expats to invest back home, I do not see the reason why they should not," he added.

Manghat explained that a weaker British currency means more pounds for less dirhams, which is advantageous,

therefore, UK expats in the UAE should think of remitting more.

"However, cheaper currency could lead to inflation. Its negative effects will take time to impact, whereas currency

exchange gain is instant. And the pressure on the GBP is expected to continue for some time to come. So, it

should be favourable for UK expats residing in the UAE to remit more," he added.

Giriyan said the forecast remains subdued for the GBP, which is expected to shed more of its value in the build-up

to Brexit being completed.

When Britain decided to divorce the European Union on June 26, 2016 in a referendum, it shook not just Britain

but also the whole global financial community and international markets, with the British pound plunging over 8.2

per cent from 5.474 to 5.025 against the UAE dirham in a single day on June 24. The trouble didn't stop there for

Brits as currencies slipped further to 4.734 against the Emirati currency on July 7 last year.

It recovered a bit over the next few months before its slide resumed when Theresa May became prime minister

on July 13, hitting a low of 4.478 against the dirham on October 28. It hit a record low of 4.424 on January 16,

2017. Since August 1, it has slid from 4.849 to 4.731 against the dirham on Friday.

"More weakness in GBP is possible. But it's best to be vigilant. The UAE dirham is pegged to the dollar, which has

seen a very strong run over the last few months on the back of positive economic views. But bad news from the

source market could send the dollar lower, which would make GBP more expensive in dirham terms."

Remittances

Giriyan said remittances can be quite resilient to currency fluctuations because they're based around financial

plans, mortgages and the needs of families back home.

"While the GBP might lose a little more value against the dirham in the medium turn, we're not going to see the

precipitous crashes that happened just after the referendum result," he noted.

For regular remitters sending money home every month, there's no need to change their schedule but power

remitters waiting for the right moment to send large sums might want to adopt a wait-and-watch approach, he

elaborated.


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MENA POSTS $31.9B M&A DEALS IN H1

2017 Saturday, September 2, 2017

Mergers and acquisitions activity in the Middle East and North Africa in the first half recorded a deal value of

$31.9 billion, of which Dubai Aerospace Enterprise's (DAE) acquisition deal accounted for nearly a quarter.

DAE's $7.5 billion acquisition of Awas Aviation Capital was the largest deal announced during the first half. Of the

192 deals in the Mena region in the first half, the top 10 contributed over 76 per cent to the total deal value

registered in the first half of 2017.

Oil and gas was the top-performing sector by deal value reaching $11.5 billion (Dh42.2 billion). The airline industry

followed with $ 7.5 billion, power and utilities deals with a total deal value of $3 billion, and the chemicals sector

with deals amounting to $2.2 billion in value. The banking and capital markets industry, which accounted for $1.9

billion in deal value, was the fifth-highest performing M&A sector in the first half.

The number of deals and their value in the first half represented a decline of 23 per cent and 17 per cent

respectively compared to the same 2016 period. Announced deal value also dropped to $31.9 billion, down from

$38.9 billion in the same period of 2016. Out of the total deals, outbound deals accounted for the highest deal

value reaching a total of $19.6 billion from 61 deals. Domestic deals generated the highest amount of activity in

the first half of the year with a volume of 93 deals and value of $5 billion. Inbound M&A activity reached a volume

of 38 deals with a value of $7.3 billion.

Phil Gandier, Mena transaction advisory services leader at EY, said in the first half, 61 per cent of the acquisition

capital was allocated outside Mena, making the region a net exporter of capital. "We expect this trend to continue

for the remainder of the year as investors continue to see more value and lower risk in non-Mena markets."

Anil Menon, Mena M&A and equity capital markets leader, said there is significant deal activity in retail and

consumer products as well as oil and gas, and a secular shift in capital allocation to the e-commerce and tech

sectors in the Mena. "The market is loading up for a spate of deal announcements soon after summer."

The average deal value of inbound deals rose by 36 per cent and outbound value by 123 per cent in the first half

when compared with the same 2016 period. On the contrary, the average deal value of domestic deals witnessed

a significant decrease of 74 per cent in the first half of 2017 when compared to the first half of 2016.

The second quarter of 2017 experienced an overall decline in the volume and value of deals when compared to

second quarter of 2016. Announced deal values in the quarter reached 80 deals with a value of $12.7 billion, a

drop from the 135 deals reaching $20.1 billion announced in the same 2016 quarter.


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HOTELS, RESTAURANTS GEAR UP FOR EID

RUSH Friday, September 1, 2017

With many families across the UAE opting not to travel outside of the country for the Eid break, hotels and

restaurants across the emirates are gearing up for the influx of visitors.

Olivier Harnisch, chief executive officer of Emaar Hospitality Group, noted that staycations have become a

popular trend among UAE residents, and that the growing number of entertainment attractions and leisure

activities has been a key driver in enhancing the popularity of staycations.

Making the most of the Eid rush, several hospitality and F&B brands in the region have rolled out a series of

special offers, discounts, and promotions to tempt visitors and travellers.

"To offer additional value for all staycation enthusiasts, this Eid Al Adha we are offering an exceptional array of

benefits to visitors at our hotels under Address Hotels + Resorts, Vida Hotels and Resorts and Rove Hotels,"

Harnisch told Khaleej Times.

"Guests can visit any of our 11 hospitality destinations in Dubai's most attractive locations, combined with leisure

and retail experiences such as the Burj Khalifa, The Dubai Mall and indulge in an array of dining options. They can

also 'Experience More for Less' with our special summer offers on the respective hotel websites."

Similarly, Mark Sawkins, general manager at Fairmont The Palm, spoke about how hospitality brands will focus on

various offerings that are designed to tempt residents and stand out from the competition.

Towards that end, Fairmont The Palm recently launched its 'Be. Your. Best' summer initiative - a promise made by

Fairmont to inspire their guests to transform themselves through a programme of healthy living and wellbeing

activities.

"The resort has significantly boosted initiatives around this ethos, from dining and nutrition to health, fitness and

relaxation to add value to the guest experience and local community," Sawkins said. "Fairmont The Palm fully

supports health and wellbeing for our guests and colleagues alike, and we are proud to be bringing breakthrough

experiences, specialised experts and the latest in international trends to the Middle East market - placing us firmly

as innovators in the region."

When it comes to dining out during staycations, F&B outlets will also have something up their sleeve, Chef

Roberto Segura of Waka Restaurant & Bar noted.

"Dubai is a very tricky market as there are so many options to have dinner in the city, but not many venues offer

an overall standout dining experience. You have to be able to offer great food but then you realise that people

don't want to just go out for dinner but they also want a social experience," he explained.

"The market here is always looking for something new, and that is what we aim to offer in Waka - great food,

great service and a night to remember," he added. "Any kind of long weekend, holiday or big event, which brings

new people into the city, offers us a chance to showcase the talent in our team and the unique menu we have

worked so hard on, so we look forward to these times of the year."


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LANDMARK INKS DEAL WITH EMIRATES

HOSPITAL FOR ICARE CLINICS Tuesday, August 29, 2017

Landmark Group, the pioneering retail and hospitality company, has announced a strategic equity partnership

with Emirates Hospital Group (EHG) for their healthcare business, iCARE Clinics.

It's important for an employee to know the labour laws of a country. Despite working for several years in UAE

many employees wouldn't take initiatives to study the labour laws of the country. Khaleej Times helps you

understand some of the important features of the labour law in UAE.

Sanjay Dube, chief executive officer, Landmark Hospitality, said: "To chart out the next stage of iCARE Clinic's

growth, we have decided to form a strategic partnership with EHG. This alliance is a positive step forward that will

make the clinics operations more robust, add additional fresh expertise from EHG, and continue to provide the

exceptional value that Landmark Group's clients have come to expect across all our business lines."

"After five years of constant evolution, the alliance with EHG will open new doors and offer new insights as we

keep delivering a patient-centred, family-friendly service to residents of Dubai," he added.

Pramod Balakrishnan, CEO - Emirates Hospital Group, said: "We are confident that this partnership with iCare

Clinics will be a win-win for all stakeholders, particularly the patients and the employees. Going forward, all the

operations of iCare Clinics business will continue as usual and all clinical teams will be absorbed under our

management."

EHG's business model is built around a specialty-focused delivery of healthcare services through an integrated

platform. This platform encompasses three key synergistic segments, namely: Medical Segment called Emirates

Hospitals and Clinics, Cosmetic Segment through its CosmeSurge and Rehabilitation and Homecare Segment

through its distinguished brands.

The group currently operates over 40 world class facilities under the three segments with over 15 new facilities

under development. EHG is aggressively pursuing a high-quality healthcare delivery agenda and is investing in

state of art facilities, EMR and potentially disruptive e-health technologies.


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EMAAR UNVEILS '17 ICON BAY' RESIDENCES Tuesday, August 29, 2017

Emaar Properties commenced sales of 17 Icon Bay residences today in Dubai and Abu Dhabi. The development

comprises 43-storey residential tower. With about 300 apartments featuring 1, 2 and 3 bedrooms, 17 Icon Bay is

strategically located by the tip of the Central Park neighbourhood, and offers access to a wide range of retail, F&B

and leisure that are set along a 4.5 km-long Creek Boardwalk.

It is also in close proximity to event spaces, galleries, parks, water attractions and a trendy Vida hotel in Dubai

Creek Harbour. Furthermore, 17 Icon Bay is located within walking distance from Dubai Creek Tower, the new

icon that will feature the world's highest observation decks.

Ahmad Al Matrooshi, managing director of Emaar Properties, said: "Dubai Creek Harbour is one of the most

sought-after residential destinations in the city, its value underpinned further by the Dubai Creek Tower, the new

global icon, and a dedicated retail district. 17 Icon Bay, our newest residential project, offers three distinctive

advantages - its central location on the Island District, spectacular views of the Dubai skyline, the iconic Dubai

Creek Tower, the historic creek and the Ras Al Khor Wildlife Sanctuary, and ease of access to a wide range of

wellness and leisure amenities. The homes will offer a serene getaway right in the heart of the city."


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POST-BREXIT BANKING SHAPE-UP TO

BENEFIT UAE FINANCIAL CENTRES Saturday, September 2, 2017

While European capitals are battling it out to woo London's bankers post-Brexit, the cities that stand to gain the

most could be far further afield, including New York, Hong Kong and Dubai, according to Miles Celic, chief

executive of TheCityUK. The chief executive of the influential financial lobby group told The National that a so-

called "hard Brexit" could cost London up to 75,000 jobs, and there is no guarantee that these will end up moving

to the likes of Frankfurt, Paris and Dublin. "A likely destination is New York," Mr Celic said, arguing that many

American firms with a large presence in the UK will just repatriate jobs after the country leaves the European

Union , rather than look for another hub on the continent. "That's where the first tranche of jobs will go." The

second tranche will go to Asia, he said. "That is more about the economic shift of activity," he explained, citing

strong growth rates in Asian economies compared to a relatively stagnant growth profile in the UK and other

western nations. There is also a growing middle class which will support future economic expansion. Brexit has

been the "catalyst" for a whole range of business decisions that might otherwise not have been taken for years,

according to Mr Celic. The shift of capital to Asia is one such decision. The Middle East also stands to benefit from

the shake-up of financial centres in the wake of Brexit. "It's something we are very conscious of," Mr Celic said. He

argues that the timezone of GCC states will play a major factor in this, as firms are increasingly keen to have 24

hour coverage which supports the argument to open offices in the likes of Dubai or Abu Dhabi.

Financial free trade zones and enterprise areas also make Middle Eastern centres an attractive place to do

business, as do new incubator programmes for start-ups, such as the fintech hive which was recently opened in

the Dubai International Financial Center and Abu Dhabi Global Market's new Reglab. Islamic finance is another

area of "huge potential growth", Mr Celic said, and hubs in the Middle East are by far the leaders in this area.

London is the biggest centre for Islamic finance outside of the Middle East, and it is an area that he says the city is

keen to develop further. The third tranche of London's banking roles will simply be discontinued after Brexit, as

they will no longer be required by firms, Mr Celic said. Meanwhile, the fourth and final batch of jobs are likely to

shift to the EU, but even these will be fragmented across lots of centres, rather than concentrated in just one city.

"It is not a zero sum game," he argued. "This idea that Paris gains at the expense of London, or Frankfurt... it

doesn't stack up."

However, Mr Celic insisted that he is not complacent about the risk posed to London's status as a leading financial

hub after Brexit. "I am not complacent - London has no God-given right to business," he said. Much will depend

on what kind of deal is eventually struck with the EU. TheCityUK has been hosting regular delegations to Brussels,

and has presented a list of priorities to the government stating what the financial industry wants to achieve from

the Brexit talks. Mutual market access between the UK and the EU is of utmost importance, Mr Celic said, in order

to allow financial firms to continue their cross-border business activity. A transitional period is also critical to

avoid a "cliff-edge" once the UK officially leaves the bloc in March 2019. He also stressed the importance of

maintaining access to talent and ensuring robust regulation. In a blue-sky scenario, however, he believes Brexit

could be a major opportunity for London's position on the world stage. "We could have the most comprehensive

free trade deal that's ever been done. If we manage to get a free trade agreement that covers goods as well as

services, this could be a model for all other future trade agreements."

Source: The National

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SAUDI, BAHRAIN HOTELS SUFFER

OCCUPANCY, RATES SLUMP IN JULY Saturday, September 2, 2017

Hotels in both Bahrain and Saudi Arabia saw declines in occupancy and room rates in July, according to new

figures from analysts STR.

Bahraini hotels saw occupancy fall by 1 percent to 49.3 percent while Saudi hoteliers experienced a heftier 5.2

percent slump to 48 percent, the data showed.

In Saudi Arabia, STR said average daily rates (ADR) plummeted by nearly a third (31.6 percent) to SR625.78 while

revenue per available room (RevPAR) fell even further - by 35.2 percent to SR300.14.

Analysts at STR said in a statement: "Saudi Arabia’s performance declines followed a weak first half of 2017, and

July year-to-date RevPAR is down 15.1 percent."

They noted that although the country’s hotel performance is typically lower during the summer months, the

double-digit declines for July reflect the impacts of low oil prices and high hotel supply growth.

In Bahrain, ADR fell by 11.5 percent in July compared to the same month last year to BD64.91 while RevPAR

dropped by 12.4 percent to BD32.03.

STR said: "Following performance increases in June boosted by post-Ramadan celebrations, Bahrain hotels saw

sharp declines in July. Those decreases fell more in line with recent trends in the country, as RevPAR through July

was down 6.9 percent compared with the first seven months of 2016."

For the wider Middle East region, occupancy fell by 2.8 percent to 56.1 percent in July while ADR slumped by 16.1

percent to $134.00 and RevPAR dropped by 18.4 percent to $75.20.

Source: Arabian Business

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MULTIPLE CHEQUES OPEN UP

POSSIBILITIES FOR DUBAI TENANTS Wednesday, August 30, 2017

Tenants needn’t stick with single-cheque rent payments if they don’t feel like it. More residential options are

opening up across the city that allow rents to be split over four cheques ... and even more. In August, 88 per cent

of lease contracts entered into at Damac Hills (formerly known as the Akoya) were tied to four cheques, and

followed by the homes at Jumeirah Village Circle, where 79 per cent of leases inked had this facility. Sixty-seven

per cent of Motor City signings during the period had a similar payment structure, as did 46 per cent in Arabian

Ranches and 33 per cent in Sports City, according to the database from Property Monitor, a Cavendish Maxwell

venture.

Trend spreading

And the trend of multiple cheques is spreading as Dubai’s landlords believe this is an incentive that potential

tenants are more than likely to be attracted to. Plus, of course, the actual rental value.

“Forty per cent of rental contracts agreed to in July were with one cheque whereas 43 per cent were with four

cheques,” said Lynette Abad, Head of Property Monitor. “If we compare this to July 2016, 66 per cent of agreed

rental contracts were with one cheque and only 4 per cent were had four cheques. If we drill down further, we are

seeing the majority of rental contracts — 90 per cent plus — negotiated in four cheques or more in Layan, Falcon

City of Wonders and Al Waha. “We are seeing the market shift to four cheques being the norm over one cheque

and — as more supply hits the market — this trend will probably continue increasing the number of cheques to

six or even 12 in the upcoming years.” Property Monitor bases these findings from the rental contract data

supplied by leading estate agencies in Dubai.

12 cheques

The consultancy says that the Layan community in Dubailand did see instances of the landlord allowing 12-

cheque payments. The last time mentions of 12-cheque rental payments happened was in the immediate

aftermath of the 2009 financial crisis. And a few landlords did even experiment with it as Dubai’s property market

went into a crisis.

There was also significant new supply of homes that got delivered in 2007 and 2008 and were suddenly bereft of

tenants. During the crisis years, landlords were taking all sorts of action to reduce the chances of their properties

remaining empty for a long stretch. This time out the market situation is quite different, but Dubai’s realty should

still see a high proportion of handovers this year and all the way up to 2020. Individual property owners wanting

to see a return on investment cannot be seen as sitting around demanding a high rental and without generous

payment schemes. And the pressure will be even more intense on landlords with newly delivered homes in the

city’s emerging freehold clusters.

“The pendulum has certainly shifted from a landlord-driven market to a renter’s,” said Abad. “With new supply

causing rental prices to drop, tenants have the power to negotiate on pricing and in number of cheques. “We have

seen this across all areas in Dubai, especially in the suburbs where new supply has been released. It started to

gain traction in Q1-17, which correlates to the new supply released into the market. We have seen this with both

individual- and company-owned properties in freehold and leasehold areas.






“We are also seeing a trend over the past year where landlords are offering rent-free months, zero commissions

and free air-conditioning (to add to the) flexible payment plans. Individual landlords are more prone to offer

multiple cheques whereas company-owned are more inclined to give incentives such as rent-free month, include

air-conditioning fees in rent, and waive fees.”

Off-plan sales will remain the pacesetter in Dubai realty

* Demand for off-plan property could end the year at around 25,000 units, according to Cavendish Maxwell

estimates. “With Cityscape Global coming up, we expect developers launching further projects at the event with

attractive payment plans,” said Lynette Abad, Head of Property Monitor. “The total number of off-plan

transactions year-to-date in 2017 has already surpassed the corresponding number for the whole of 2016. As Q4

is creeping closer, and a traditionally busy time for transactions in the market, we can assume that that this trend

will continue until the end of the year.”

* If we look at overall transfers in 2017 (secondary and off-plan), 71 per cent have been above Dh1,000 a square

foot, Cavendish Maxwell data finds. Specifically, in the secondary market, 65 per cent are above Dh1,000 a square

foot whereas off-plan units charge a higher price per square foot as 74 per cent are above Dh1,000.”

Source: Gulf News

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DUBAI REALTY BROKERS NET DH820M IN

H1 COMMISSIONS Tuesday, August 29, 2017

Dubai’s real estate brokers did well for themselves in the first six months, recording Dh820 million in

commissions. There are now 5,866 brokers operating in the emirate, with 2,340 offices.

According to Yousuf Al Hashemi, deputy executive director of Rera, the regulatory arm of the Land Department,

“Our brokers come from a variety of different nationalities, so they have the ability to provide a true picture of the

global investment environment that characterises Dubai. As part of their rights, there is a set of laws that defines

and regulates their commissions.”

Source: Gulf News

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INDIANS, PAKISTANIS POUR DH27B INTO

DUBAI REAL ESTATE Tuesday, August 29, 2017

Indian and Pakistani nationals put in a combined Dh27 billion-plus into Dubai property over the last 18 months,

with the number of transactions they were involved in totalling 16,000.

Indian buyers continue to make up the largest contingent of overseas buyers, with Dh20 billion. Saudi investors

bought Dh12 billion-plus of property during the same period, while Jordanian and Egyptian citizens pumped in

more than Dh4 billion. But UAE nationals are still the highest spending grouping, with Dh37.4 billion, according to

data from the Dubai Land Department.

Clearly, many of these buyers felt there were some good deals going around as developers started getting extra

generous on their incentives. These combined investments helped secure a turnaround in market fortunes,

particularly since mid-2016. Currently, many of the key freehold clusters are showing slight value gains, or where

they haven’t, managed to arrest the slide. The bulk of the freehold investments continue to be generated from

offplan.

In all, 217 nationalities generated Dh151 billion worth of deals in the 18-month period from January 2016. In all,

there were 71,000 deals registered with the Land Department. “This list has been unveiled at a time when our real

estate market is preparing for a new phase of growth in the run-up to Expo 2020,” said Sultan Butti Bin Mejren,

Director-General of Dubai Lands and Properties Department.

In a sign of where Dubai’s developers could be looking more closely in future, Chinese investors came in eighth in

the nationality rankings, with 2,177 transactions adding a combined Dh3.1 billion.

Some of the biggest developers have been doubling their marketing and sales efforts in China, and tying up with

brokerage firms there.

For the moment, the Chinese interest is swirling around premium properties, including serviced apartment

offerings from branded entities.

While there is no break-up given on how many of the Indian buyers are based locally and in the wider Gulf region,

the Dh20 billion plus is still quite a significant total.

More so as India demonetised Rs500 and Rs1,000 notes in November last year, which resulted in domestic

property sales taking a dive in the subsequent three-to-four months.

Market sources said overseas Indian buying was quite steady during the first six months of the year, particularly

on the offplan side.

On the ready property side, some of the options on the Palm are finding buyer support, and similar is the case on

Dubai Marina.

Emirates Hills — with the odd deal fetching Dh100 million — is of constant interest for a certain type of buyer.

And for these buyers who want offplan and in an even more secluded island setting, there are the Bvlgari

Residences on Jumeirah Bay.

Source: Gulf News

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WHY INDIANS AND PAKISTANIS LOVE TO

CALL DUBAI HOME Tuesday, August 29, 2017

The strength of the Indian rupee against the US dollar has helped Indian investors looking to expand their

investment footprint into Dubai.

The lure of Dubai property has always been too good to resist for investors from the Sub-Continent. No surprise

then that Indians have yet again topped the list of non-Arab investors pumping in money into Dubai real estate.

According to statistics from the Dubai Land Department (DLD), Indian investors deployed more than Dh20.4

billion through 10,628 transactions in Dubai property in the past 18 months. Pakistani nationals also made their

way into the list of top five nationalities, with 5,398 real estate transactions worth approximately Dh7 billion from

January 2016 till the end of June 2017.

"Indian investors are typically from older, well-established families in Dubai known in the textile industry/gold

manufacture/retail business," says Cheryl McAdam, residential valuation manager, ValuStrat.

Several Indian investors look at Dubai as a home away from home, with family and friends living here. The ease of

doing business in Dubai with good regulation that protects investors and high yields compared to what they can

achieve back home are some of the main drivers of demand for Indians.

"They have heard and experienced the successful Dubai real estate story over the years. The UAE airlines, being a

big connector for people from the Sub-Continent to the West, play a positive role as many people do a fly-by-

Dubai and with each visit, get more familiar with well-marketed projects such the Palm Jumeirah, Downtown and

Marina," explains Sanjay Chimnani, managing director, Raine & Horne Dubai.

The strength of the Indian rupee against the US dollar in the past year has also helped Indian investors looking to

expand their real estate investment footprint into Dubai.

Meanwhile, Emirati investors topped the list of nationalities deploying money into Dubai real estate in the past 18

months. They made approximately 12,000 investment transactions worth Dh37.4 billion. They lead the pack both

in terms of the number and value of registered property transactions in Dubai.

"Emiratis buy all kinds of real estate - across all price ranges, from development land, to villas in both local

ownership and freehold areas, hotels, blocks of offices and apartments, warehouses, schools and hospitals,"

observes Declan King, managing director and group head real estate, ValuStrat.

While Emiratis have traditionally been the biggest investors in non-freehold areas, they are now making

significant investments in Dubai's freehold areas too.

"Emiratis love the real estate class of investment over other asset class like stocks and bonds. Many Emirati

families have large real estate portfolios. They develop full buildings and lease out units. Similarly, they buy a plot

of land and build a gated community of villas [Jumeirah and Barsha]. Many of them don't necessarily sell to make

a quick profit, they take a long-term view of steady rental income. Besides, many of them keep adding to their

land bank for future developments," adds Chimnani.

According to McAdam: "Emiratis tend to favour villa/compounds or alternatively legally converting villas into

apartments where the investment provides for primary residence, secondary residence for extended families or

alternatively as an income-generating investment."






The DLD also revealed that 217 nationalities invested Dh151 billion cumulatively into the city's real estate market

through 71,000 transactions.

Among Gulf investors, Saudi nationals topped the list with 5,366 transactions worth Dh12.5 billion while Brits took

pole position among European investors with 4,188 transactions worth Dh9 billion.

Sultan Butti bin Mejren, director-general of DLD, said: "This demonstrates the confidence the world has in our real

estate environment."

Investors from Egypt, Jordan, China, Lebanon and America accounted for the other five top nationalities buying

Dubai real estate.

"Many of the foreign nationalities counted in DLD statistics are resident in Dubai - earning their income in

dirhams. Therefore, they are somewhat immune to currency fluctuations at the time of a property purchase.

However, depreciation of foreign currencies has a definite impact on those generating earnings in their home

countries - making Dubai real estate significantly more expensive for those transferring funds from some

locations abroad," concludes King.


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MALAYSIAN FIRMS SET FOR HALAL EXPO

DUBAI Saturday, September 2, 2017

Exporters from Malaysia, the world's largest producer and exporter of halal food products, are going to showcase

the country's multi-billion dollar halal industry, which last year recorded $9.79 billion worth of exports worldwide,

at the ninth edition of Halal Expo Dubai on September 18 and 19.

Malaysia will be represented by 15 ready-to-export entrepreneurs at the national pavilion at the expo. Malaysia's

Ministry of Agriculture and Agro-based Industries is leading the country's participation, representing halal food,

cosmetics and the pharmaceutical sectors.

Globally, Muslim expenditure on food and beverage was estimated at $1.12 billion in 2014 and potentially rising

to $1.58 billion in 2020. Muslim expenditure makes up 16.7 per cent of global expenditure on F&B in 2014.

Malaysia's external halal F&B sector is of critical importance, as F&B was Malaysia's top halal export in 2015,

followed by palm oil derivatives ad halal ingredients.

Globally, the Muslim market for pharmaceuticals and cosmetics is valued at $54 billion or seven per cent of global

expenditure. The cumulative average growth rate for this sector is 6.8 per cent between 2014 and 2020, in which

Malaysia ranks just behind Singapore and Egypt.

"Halal products exposition always evokes a strong interest amongst Malaysian producers of halal products due to

the country's leadership in this sector. Malaysia, a pioneer in the global halal movement, will demonstrate its

leadership in halal food, beverage, cosmetics and pharmaceutical products at Halal Expo Dubai this year," Shahid

bin Abu Bakar, Consul of Agriculture at the Consulate-General of Malaysia, said.

The UAE is one of Malaysia's largest trading partners among the GCC countries with a total trade around Dh21.6

billion.

Halal Expo Dubai is the largest business-to-business halal exposition in the Middle East for the $2.3 trillion global

halal industry. The event, which attracted participation from 13 countries in its previous edition and registered

3,700 trade visitors from 40 countries, expects larger trade participation where buyers and sellers of halal

products and services are expected to do brisk business.


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DUBAI PROPERTY MARKET OUTLOOK

REMAINS STABLE Thursday, August 31, 2017

Damac Properties, the operator of the only Trump-branded golf club in the Middle East, is confident it will reach

its pre-sales forecast for Dh7 billion ($1.91 billion) this year due to good demand and a stable Dubai property

market, its chairman said.

"We are very, very comfortable in achieving that target," Hussain Sajwani, chairman and founder of the firm, said

in an interview in his office on Wednesday.

Damac booked sales of Dh4 billion worth of properties in the first half of this year and previously projected its

total pre-sales for the year will be stable versus Dh7 billion in all of 2016. In pre-sales, a developer sells a property

before the project is completed.

Average industry-wide sales prices for villas and apartments in Dubai dropped to between 5 and 10 per cent in

the 12 months to mid-2016, but the fall slowed to under 1 per cent in the 12 months to mid-2017, according to

industry consultants JLL. Sajwani said like-for-like prices had not come down significantly but the size of

apartments have been cut to cater to investor demand for smaller units.

"I don't agree that we have oversupply and the market is going down. On the contrary, if you look at our sales in

the first half, it was better than the last time."

Asked about Damac's outlook for next year, Sajwani said the Dubai market was expected to remain stable in

2018. "I don't see major jumps up or down."

He also said Damac's international arm was exploring opportunities in Canada and parts of Europe for new

projects, although finalising these deals would take time.


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DUBAI RESIDENT STRUGGLING TO VERIFY

TITLE DEEDS FEARS LANDLORD RENTAL

SCAM Wednesday, August 30, 2017

I am looking to move into a new apartment and have found a great deal, however, I have some doubts about the

transaction and the way it is being carried out. This property is located in Downtown Dubai and I have received

scanned copies of:

1. Rera (Real Estate Regulatory Agency) licence of the company

2. Rera licence of the owner of the company

3. Passport of both landlords

4. Title deed of the property

According to the agent, the owner currently lives in Oman and will only travel to Dubai to sign the contract. I

would not have access to the original documents until then. Based on several blogs and articles, I have tried to get

the title deed verified by several entities but they will not agree to do it. The registration trustees said they only do

it for clients and the Dubai Land Department (DLD) said they only provide such a service to the owner or the

Power of Attorney (PoA). Using the provided title deed, I entered the data on the DLD e-service portal, which did

not return any result. I believe I haven’t completed the details as required as I could not verify the apartment I am

currently residing at either. How can I proceed on this issue?

The only way to verify a title deed is exactly how you have already tried, ie via the e-services portal. If this is still

not bringing you the desired results, I suggest you personally visit the DLD to explain your concerns about

verifying documents to ensure you will be writing cheques to the correct people. Despite the DLD offering this

service only to owners or PoAs, you will most probably be able to get clarification. The only other suggestion

would be to make the verification of the title deed a condition of you signing the rental contract, therefore putting

the burden of proof back on to the owner. If he is not willing to do this, I suggest you look for another property.

Rental scams are becoming rarer but they do still happen, so it is important to be vigilant and carry out due

diligence. If a deal looks too good to be true, it often is. I moved out of my apartment in November last year, and

received an e-mail confirmation of the amount of money we were due to get back from the landlord. Since then,

they have used every excuse under the sun to not return the deposit to us. Is there anything we can do to legally

to get them to pay us back? VH, Dubai

I do not know exactly what sort of communication you have had with the landlord, but what I can see is that you

have been legitimately waiting for the return of your deposit since last year. The only way of attempting to legally

close this chapter would be to initially threaten to file a case at the Rental Dispute Settlement Committee. Then if

that doesn’t work, you need to actually file the case. The cost to do so is 3.5 per cent of the annual rental amount.

From an economical point of view, you will have to weigh up the cost of opening the case against the value of the

deposit. In reality, the party that wins is also normally awarded costs too but this is not always guaranteed.


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MBRSC SUBMITS OFFICIAL BID TO HOST

2020 INTERNATIONAL ASTRONAUTICAL

CONGRESS IN DUBAI Monday, August 28, 2017

The Mohammed bin Rashid Space Centre, MBRSC, announced the submission of the official bid proposal to the

International Astronautical Federation, IAF, to host the 71st International Astronautical Congress, IAC, in Dubai in

2020.

The IAF will announce the IAC’s 2020 hosting city on the final day of the coming edition, which will take place in

Adelaide, Australia between 25th and 29th September, 2017.

The MBRSC’s bid proposal includes a thorough explanation about the UAE space sector, the Centre’s proposed

plan to host the Congress, the importance of hosting the IAC for the first time in an Arab and Islamic country, and

its positive impact on the space sector in the country and the region. Further, the bid proposal also mentions

financial details and information about Dubai's economic, cultural and tourism advantages.

"We have applied to host this global event in Dubai, which stems from our strong international presence in the

space field and our ambitious future vision for the space industry, research and sciences," said Yousuf Hamad Al

Shaibani, Director-General of the MBRSC.

Al Shaibani pointed out that the Centre "has the support of a large number of local and international entities to

host the conference, which includes federal and local organisations, space agencies, space companies, in addition

to a number of universities in the UAE."

He stressed the coordination and co-operation with the UAE Space Agency in this regards, praising the Agency’s

steps in boosting the UAE space sector into more leading positions on the global space map.

"Dubai has several distinguished features and capabilities that make the city ready to host important and

prestigious international conferences. It has world-class infrastructure, logistic services, transportation systems,

strategic geographic location and a long history of organising and hosting events.

"The UAE’s sustainable space programme and the vision to attain the sector’s development are among the main

pillars that distinguish us," Al Shaibani concluded.

Eng. Salem Humaid Al Marri, Assistant Director-General for Scientific and Technical Affairs at MBRSC, said that a

committee was established to prepare the official bid proposal, and it will be responsible for all future procedures

and requirements.

He further praised "the efforts and support of the Department of Tourism and Commerce Marketing."

"Our success in hosting the IAC 2020 will be an added value to the UAE's space sector and showcase our

capabilities and potentials to attract world-class conferences to Dubai and the UAE," Al Marri noted.


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EMAAR ANNOUNCES EXHILARATING

TOURIST ATTRACTION FOR ADVENTURE

SEEKERS Thursday, August 31, 2017

Emaar Properties announced the launch of an exhilarating tourist attraction that will especially appeal to

adventure lover with the new Sky Walk, a 200-metre high cantilever observation corridor in the Address Sky View

development in Downtown Dubai. Sky Walk offers the unique experience of taking in spectacular views from a

height of 200 metres as the visitors navigate the observation corridor in safety harnesses, walking literally ‘outside

the building.’

Sky Walk joins the league of Emaar’s other iconic attractions such as At the Top, Burj Khalifa SKY. It opens to the

entire expanse of Downtown Dubai including its famed attractions such as Burj Khalifa and The Dubai Fountain.

The views expand further afield to the upcoming new icon Dubai Creek Tower and of the Arabian Gulf. At level 53

of Address Sky View, and suspended at the imposing height of 200 metres, Sky Walk is another first-of-its-kind in

Downtown Dubai.

Address Sky View, a residential and hospitality project, also features the iconic 85-metre-long Sky Bridge, at 220

metres high, featuring eight units of luxurious Sky Collection Duplexes, a 70-metre-long infinity pool and other

amenities.

A global team of over 300 engineering, construction and design experts worked on the project over a period of

one year to achieve a new milestone as the Sky Walk, weighing over 350 tonnes of structural steel, has been lifted

to position using customised strand jacking technology.

The 30-metre long cantilever Sky Walk, fixed to the structure of one of the two Address Sky View towers, is a half-

oval structure offering 45 metres of walking distance. To ensure maximum comfort level of visitors, high-tech

tuned damping parts are being fixed underneath the Sky Walk.

Mohamed Alabbar, Chairman of Emaar Properties, said: “Address Sky View is one of the prestigious upcoming

developments in Downtown Dubai that not only features a world-class hotel and serviced residence but also the

iconic Sky Bridge and now a new Sky Walk. Appealing to adventure seekers, Sky Walk will add to the touristic

appeal of the city and offer visitors a never-before experience. Lifting the Sky Walk in place is a true engineering

feat accomplished seamlessly by a team of experts from across the world. Sky Walk is another demonstration of

the global collaboration that our nation promotes.”

The international team working on the project had to address several design challenges for Sky Walk from the use

of extensive loads of steel to the ambient temperature difference. They introduced several innovative approaches

for the on-schedule progress of Sky Walk construction.

Among the engineering features, a 4-metre high steel girder was designed to hold the huge load of the Sky Walk

that will be transferred to the core walls of the Address Sky View tower. The main body was assembled and

erected in situ using high-capacity cranes that are not commonly used in the region.






The Sky Walk Steel Structure was divided into two main pieces, the girder with a total weight of almost 250

tonnes, and the Sky Walk with a total weight of almost 350 tonnes. Special high-capacity hydraulic jacks were

imported from Switzerland to lift the two main steel pieces.

Each element was assembled on the ground over a period of three months from May to August 2017 and lifted

into position using Strand Jacking Technology. The Sky Walk truss, the heaviest component, was lifted to the

height of 200 meters using high-capacity hydraulic jacks and cables.

The lifting of Sky Walk was accomplished through detailed planning, team work and the use of advanced

technology. It had to take into consideration high wind speeds and the high ambient temperature during

summer. Each element was lifted and erected following the highest standards of safety and security.

Linked directly to The Dubai Mall Metro station through a travellator, the 60-floor Address Sky View towers are

260 meters high, and offers spectacular views of Downtown Dubai and the city. It is designed by Skidmore,

Owings and Merrill, the architects of Burj Khalifa, and will feature 169 luxurious hotel rooms on 12 levels with

amenities including restaurants, lounges, a world-class event venue, meeting rooms, three pools including a

rooftop pool and a spa. Address Residences Sky View will have 551 serviced residences that are fully furnished

with floor-to-ceiling windows.

Source: Emirates 24/7

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DUBAI MUNICIPALITY OPENS OFFICE IN AL

LUSAILY Saturday, September 2, 2017

Dubai Municipality has opened its Al Lusaily office in the Merghem area, near Al Jamal Hospital.

The municipality branch office will provide many services such as public health services, building inspections,

waste management and food inspections as part of the decentralisation policy adopted by the civic body in

providing services to the public and facilitating the delivery of services.

The new branch spans a total area of 2,125,001 square feet and a built-up area of 11,357 square feet. The building

consists of two floors and has all the elements of modern buildings including covered parking and an air-

conditioned rest area for 71 workers, with external toilets.

The latest environmentally friendly technologies were employed to reduce water consumption in the building,

which can accommodate 76 employees, the municipality said.

The office, which has been constructed in such a manner as to serve as a transit point for field staff is affiliated to

Al Kifaf Centre.

The idea of establishing external offices stems from the municipality’s keenness to overcome all obstacles and

constraints faced by the public, in addition to ensuring constant follow-up plans to maintain cleanliness, public

health and the beauty of the emirate.

The project was implemented in accordance with the unified design concept of municipality offices. This is to

provide a unified image of these offices and to activate them in line with the important role of the municipality in

raising the level of environmental, health, infrastructure and social services. It also reflects the civic body’s

commitment to the highest standards of environmental protection and public health.

Moreover, the improvement of the performance and services provided by the municipality is in line with the

continuous growth and development of Dubai, taking into account the population increase in the city. Therefore,

full-time employees have been appointed to work during and after official working hours, the municipality stated.

“These offices have a prominent role in coordinating with the departments concerned for providing services to

the public, facilitate all matters related to the offices, and provide administrative support for them to carry out

their tasks to the fullest,” it added.

Source: Gulf News

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MOHAMMAD BIN RASHID APPROVES RTA

PROJECTS Tuesday, August 29, 2017

A number of future development projects by the Roads and Transport Authority were approved yesterday

(Tuesday) by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the

UAE and Ruler of Dubai.

Shaikh Mohammad approved a host of road and public transportation projects to meet the expected demand for

Dubai Expo 2020.

The approval came during Shaikh Mohammad’s visit to the RTA’s main office in Umm Ramool. Shaikh Hamdan Bin

Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince, and Shaikh Maktoum Bin Mohammad Bin Rashid Al

Maktoum, Deputy Ruler of Dubai, were present.

Shaikh Mohammad and his delegation were received upon their arrival by Engineer Mattar Mohammad Al Tayer,

Chairman and Executive Director of RTA, and a number of department heads and officials.

Shaikh Mohammad was briefed by Al Tayer and his assistants on vital projects being implemented by the

authority, and which are due to be completed prior to Dubai Expo 2020. The six-month event is expected to

attract around 20 million visitors.

Among the projects include the building of crossing in Dubai Creek, developing Dubai-Al Ain Road and other

projects connected to Dubai Expo 2020.

The project to develop Al Khawaneej interchange, which will in turn develop the interchange on Airport Road by

linking it to Dubai International Academic City Road and Emirates Road. The project will link Al Awir and Al

Khawaneej via an interchange.

As for the project concerning the Shaikh Rashid Bin Saeed Crossing, it will extend from Wafi interchange to Al

Manama Street, and involve the setting up of the sixth crossing on Dubai Creek.

Another project involves the development of interchanges on Shaikh Rashid, Al Khail, Nad Al Hammar,

Mohammad Bin Zayed and Al Awir roads. Shaikh Mohammad was briefed on the Dubai-Al Ain road project, which

aims to increase the capacity of the road from 6,000 vehicles per hour to 12,000 in each direction. It will be

developed to accommodate the expected traffic flow up to 2030. The 66km project will include six lanes in each

direction.

Shaikh Mohammad approved the project for paving internal roads within Dubai from 2018 to 2024. The project

extends over 320km in length to meet the city’s growing population. Shortly before leaving RTA’s main office,

Shaikh Mohammad met with Emirati female employees and congratulated them on Emirati Women’s Day. He

congratulated them on their achievements in their various positions. He referred to the major role played by Her

Highness Shaikha Fatima Bint Mubarak, Chairperson of the General Women’s Union, Supreme Chairperson of the

Family Development Foundation and Chairwoman of the Supreme Council for Motherhood and Childhood, in

empowering Emirati women and encouraging them to pursue excellence.

Shaikh Mohammad then took a commemorative photo with the RTA’s 600 female employees.

Al Tayer expressed his gratitude for Shaikh Mohammad’s visit and for approving a host of future projects that

form a part of RTA’s long-term strategy.






Expansion of five metro stations

Capacity of at least five Metro stations, including Burj Khalifa, Mall of the Emirates, Dubai Internet City, Damac in

Dubai Marina and Emirates Exchange in Jebel Ali, will be increased to cope with the increasing rush of passengers.

The RTA says that the project aims to increase the capacity of these stations to meet the growing demand for

Dubai Metro passengers. Regarding Dubai Expo 2020-related projects, Shaikh Mohammad reviewed RTA’s plans

to provide 750 green buses and 3,000 taxis for the event’s guests and visitors.

The Vice-President was briefed on a plan to set up bicycle tracks throughout the city of Dubai. The total length of

the tracks is expected to reach 500km by 2021.

Source: Gulf News

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DUBAI'S NAKHEEL MULLS FIVE BIDS TO

BUILD DRAGON TOWERS PROJECT Friday, September 1, 2017

Master developer Nakheel has revealed that it is assessing five proposals, with bids starting at just under AED900

million, for the construction of Dragon Towers, its twin-building residential complex at Dragon City in Dubai.

Dragon Towers will comprise 1,140 one and two bedroom apartments across two buildings directly linked to the

Dragon Mart retail and trading hub.

The complex will have two retail floors, four parking floors and a podium level swimming pool, restaurant and

gym, Nakheel said in a statement.

Nakheel added that it expects to award the contract by the end of 2017, with construction completion in 2020.

Dragon Towers is a key element of Dragon City, Nakheel’s 11 million sq ft mixed-use master development,

currently best known for Dragon Mart, the world’s largest Chinese trading hub outside mainland China.

The Dragon City transformation began in 2012 with the construction of Dragon Mart 2, which opened in 2015,

doubling the size of the original Dragon Mart to more than 3.5 million sq ft.

Dragon City also includes two hotels – a 251-room ibis Styles that opened in February 2016 and a 304-room

Premier Inn under construction – and a 375,000 sq ft showroom complex and car park, also under construction.


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NAKHEEL TRANSFORMS JEBEL ALI CLUB

INTO NEW ENTERTAINMENT HUB Friday, August 29, 2017

Jebel Ali Club by Nakheel, one of Dubai’s oldest leisure venues, has been transformed into a new entertainment

destination.

Part of Nakheel Hospitality’s growing collection of clubs and restaurants across Dubai, the new Jebel Ali Club is a

stone’s throw away from the original and forms part of a 500,000 square foot dining destination at Nakheel’s Jebel

Ali Village community.

Other venues coming to Nakheel’s new Jebel Ali entertainment hub are a four-screen dine-in movie complex from

Reel Cinemas, Seafood Kitchen, a new concept from Nakheel Hospitality, C House Milano, an Italian restaurant,

and Andalucia, serving Spanish tapas.

Nakheel said in a statement that Jebel Ali Club, which turns 40 years old this year, is now split into two sections -

one that retains its old charm and character by using some of the furniture, fixtures and fittings from the original

club, and a second offering family-friendly dining and entertainment.

Together, they span 13,000 sq ft and accommodate 350 diners.

Thorsten Ries, managing director, Nakheel Hospitality, said: “Jebel Ali Recreation Club is a Dubai institution and a

second home to many people, some of whom have been regular guests since it opened in 1977. We were

determined to retain its original look and feel while at the same time broadening its appeal to a wider audience.

"As a result, Jebel Ali Club now boasts the best of both worlds: a brand new family destination with a separate

section that’s a mirror image of the original.”

All of the restaurants have indoor and outdoor dining space, with a 55,000 sq ft landscaped terrace with water

features and entertainment area offering extensive views.

The complex, which accommodates up to 1,500 diners in total, also has onsite parking.


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ABU DHABI PROPERTY FIRMS PLAN

MERGER AS MARKET STRUGGLES Wednesday, August 30, 2017

Two major Abu Dhabi real estate developers, Eshraq Properties and Reem Investments, said on Wednesday they

aimed to merge as an economic slowdown in the emirate puts the housing market under pressure.

The companies said discussions were at an advanced stage for Reem to receive new shares in Eshraq in exchange

for Eshraq acquiring Reem’s entire business and assets. They said this would create Abu Dhabi’s second largest

listed developer.

The deal remains subject to conditions, including a final agreement on the terms including price, as well as

obtaining regulatory approvals, the companies added. Proposed terms were not disclosed.

Eshraq, which had assets of Dh1.46 billion ($398 million) at the end of June, reported a net profit of Dh636,000 for

the second quarter compared to a year-earlier loss of Dh101.4 million. Its shares gained 2.4 per cent early on

Wednesday in response to the merger announcement.

Unlisted Reem had net assets of Dh5.3 billion at the end of last year, when its annual net profit edged up 2 per

cent to Dh216 million, according to its website.

Low oil prices are weighing on Abu Dhabi’s economy; average selling prices for prime apartments sank 11 per

cent from a year earlier in the second quarter of this year, according to consultants JLL.

Abu Dhabi’s two biggest property firms, Aldar Properties and Sorouh Real Estate, merged in 2013 to create a firm

with about $15 billion in assets.

Eshraq is being advised in its merger talks by Shuaa Capital and Reem by First Abu Dhabi Bank.

Source: Gulf News

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HOTEL GUESTS IN ABU DHABI INCREASE BY

4% IN JULY Wednesday, August 30, 2017

Hotel guest numbers in Abu Dhabi went up by 4 per cent in July compared to the same month last year with

396,548 guests checking into the emirate’s 164 hotels and hotel apartments delivering 928,502 guest nights, Abu

Dhabi Tourism and Culture Authority (TCA Abu Dhabi) said on Wednesday. Hotel revenues for the month were

Dh327 million ($89 million) from a total of almost 33,000 available rooms.

Year to date guest arrivals climbed to 2.6 million in the first seven months of the year with a growth of 7 per cent

on the year.

According to the authority, all three regions of the emirate, Abu Dhabi city, Al Ain and Al Dhafra posted guest

arrival increases on the back of strong domestic tourism visitors from within the UAE, with 138,273 arrivals

accounting for 35 per cent of all monthly visits.

“The launch of a full programme of Abu Dhabi Summer Season events has helped underpin these figures,” said

Saif Saeed Ghobash, Director General, TCA Abu Dhabi.

Additional ground to cover

“July’s growth in visitors from China, UK, and USA, and the month’s UAE visitor arrivals total of 138,000 is

encouraging and compares favourably when adjusted to take into account the Eid Al Fitr boost contained in the

July 2016 figures.”

“India and Saudi Arabia continue to perform well. Though there is still additional ground to cover, we have to

consider the advances that are being made against the backdrop of a destination which has seen a nine per cent

increase in hotel room inventory this year compared to last.”

China is the leading international source market. For the year-to-date, 213,000 Chinese have stayed in Abu Dhabi’s

hotels, representing a 59 per cent increase.

India is the emirate’s second largest overseas market with 192,000 Indians checking into Abu Dhabi from January

to July, which is an increase of 7 per cent year-on-year. Guests from the UK remain in third, with 136,000 Britons

arriving in the capital.

Source: Gulf News

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ESHRAQ, REEM TO CREATE ABU DHABI'S

2ND LARGEST PROPERTY DEVELOPER Wednesday, August 30, 2017

Abu Dhabi-based developers Eshraq Properties and Reem Investments are in advanced merger talks to create the

second-largest property development company in the UAE capital.

The companies said in a press statement that Reem will subscribe to new shares issued by Eshraq and then the

latter will acquire the former's entire business and assets.

Mohanad Alwadiya, CEO of Harbor Real Estate, Senior Instructor and Advisor at Dubai Land Department, is of the

view that this merger is the new regional trend and it's a good sign for the Abu Dhabi property market.

He believes that a successful merger will result in increase in the company's market share and have a better

strategic focus and deliver better quality projects.

"There is a strong demand for affordable housing not in just in Abu Dhabi but in the whole of UAE and market is

hungry for such housing. I think the new entity will also focus on affordable housing as there is strong demand

from services industries," Alwadiya told Khaleej Times in a telephonic interview.

Such mergers have strategic focus and a lot of synergies to deliver bigger quality projects, Alwadiya said, adding

that but there is a downside to such mergers also like downsizing.

Abu Dhabi Securities Exchange-listed Eshraq Properties' shares jumped 3.5 per cent on Wednesday after the

news about the merger broke, with nearly 18 million shares changing hands worth Dh15.44 million.

Eshraq had assets of Dh1.46 billion in June 2017 while Reem had net assets of Dh5.3 billion by the end of last

year. Eshraq posted net profit of Dh0.636 million in Q2 2017 as compared to loss in the same quarter last year.

Reem reported Dh216 million profit, an increase of two per cent.

Aldar Properties and Sorouh Real Estate were the first two Abu Dhabi developers to announce merger in 2012,

creating the largest property development company in the UAE capital with Dh13.61 billion in assets as of

December 2011.

John Stevens, managing director, Asteco, said earlier that approximately 600 apartments were handed over

during the second quarter, and more than 2,000 additional units are expected to be delivered over the next six

months in Abu Dhabi.

The Abu Dhabi residential market, according to Craig Plumb, Head of Research for Mena at JLL, is currently

experiencing a softening of rents and prices as potential investors and tenants have an increased number of high

quality projects from which to choose.

"In more competitive market conditions, it is natural to experience mergers and consolidations and this is

occupying in both the government and private sectors of the market. The latest such consolidation (between

Eshraq and Reem) should create a stronger company with a significant portfolio of existing assets and a sizeable

land bank for further expansion," he concluded.


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SHARJAH HOSPITALITY SECTOR REVENUES

NOW WORTH DH372M Tuesday, August 29, 2017

Sharjah’s hospitality sector saw a 7.8 per cent increase in revenue during the first half of 2017, with its value

reaching Dh372 million, according to the Sharjah Commerce and Tourism Development Authority.

The SCTDA reported a 70 per cent occupancy rate from January to June this year. The total number of guests for

the first half of the year reached 885,000, representing a 3.5 per cent increase versus the same period in 2016.

Saudi nationals occupied many of the local hotels’ lists of top guests. During the first two quarters of the year

alone, hotels welcomed at least 72,000 Saudi travellers.

Source: Gulf News

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RAS AL KHAIMAH WOOS BRAZILIAN

INVESTORS Saturday, September 2, 2017

The Arab Brazilian Chamber of Commerce (ABCC) hosted a delegation from the Ras Al Khaimah Economic Zone

(RAKEZ) as part of the emirate's move to attract more Brazilian investments into the UAE.

The delegation delivered a presentation showcasing potential investment opportunities in RAK to Brazilian

business owners during a meeting recently organised by the ABCC in Sao Paulo.

RAKEZ, the organisation in charge of Ras Al Khaimah's investment authority and free trade zones, threw the

spotlight on the many benefits and advantages to be gained from investing in the UAE. RAKEZ offers key access to

large markets, attractive tax incentives, 100 per cent ownership, modern infrastructure, transparent government

processes and wide access to a large variety of product suppliers and service providers.

Dr Michel Alaby, secretary-general and CEO of the ABCC, said: "Brazilian investors have expressed key interest in

exploring business opportunities in the UAE, especially across its different emirates. Ras Al Khaimah proves to be

a very strategic location for Brazilian companies - offering the option of using the free zone as a hub to serve the

Gulf market, as well as those of Pakistan, India and the former Soviet republics."

RAKEZ oversees three industrial parks, as well as zones for foreign trade businesses to operate from, services,

consulting firms, educational organisations and media companies.

The hub is currently home to some 13,000 companies from 100 different countries and active in over 50

industries.

In 2014, representatives from the Ras Al Khaimah Free Zone held a similar presentation in Sao Paulo, which

shared that there were 25 Brazilian companies in the emirate at that time.

Aside from the ABCC-hosted meeting in Sao Paulo, the RAKEZ delegation also delivered a presentation to

members of the Federation of Industries of the State of Minas Gerais in Belo Horizonte. The group was joined by

Dr Alaby, who delivered a lecture on how to negotiate with Arab countries.


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RAS AL KHAIMAH TO OPEN WORLD’S

LONGEST ZIP LINEIN IN DECEMBER Thursday, August 31, 2017

Ras Al Khaimah Tourism Development Authority (RAKTDA), has announced that the world’s longest and highest

zip line will officially open on the UAE’s highest peak, Jebel Jais, in December.

The longest zip line in the world in Ras al-Khaimah will open the first week of December and will be one of several

eco-friendly products on Jebel Jais, the UAE’s highest peak, which is set to become the adventure tourism hub of

the Middle East.

With the exact length of the zip line remaining a closely-guarded secret until the multi-million dollar adventure

tourism product’s opening, the zip line will propel the UAE’s most northern emirate into the major leagues of

global adventure tourism and cement Jebel Jais as the region’s leading active adventure tourism destination.

RAKTDA has partnered with Toro Verde, the world’s leading zip line operator to develop its latest active adventure

tourism product, which is due to break the current Guinness world record zip line of 2,200 metres held by 'The

Monster' in Puerto Rico, a site also developed and operated by Toro Verde.

The Ras Al Khaimah zip line will also be a case study for eco-tourism, using solar energy and locally-sourced

natural materials ensuring visitors enjoy the natural experience in the emirate’s mountain landscape.

Speaking at a press conference to launch emirate's flagship tourism product, Haitham Mattar, CEO of RAKTDA,

which develops the emirate’s tourism infrastructure, regulates its hospitality sector and initiates its domestic and

overseas promotions, revealed the currently unnamed zip line will be longer than 28 soccer fields in length.

"Building on the success of last year’s launch of the Jebel Jais Via Ferrata adventure product, the new zip line

represents Ras Al Khaimah’s most significant tourism product opening since Al Marjan Island, our coral-shaped

leisure tourism archipelago.

This key product launch will further enhance Ras Al Khaimah’s unique mountain-beach-desert offering as the

emirate moves towards its goal of attracting one million visitors next year, under the guidance and vision of H.H.

Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras al-Khaimah," said Mattar.

With RAKTDA aiming to secure Guinness World Records status for the world’s longest and highest zip line, Toro

Verde UAE, a subsidiary of the Puerto Rico based Magno Genesis Holding Group, has been appointed to construct

and operate the attraction.

"Jebel Jais’ dramatic and beautiful landscape offers an iconic backdrop for what will be a bucket list experience for

people all around the world. The mountains also provide a strong and very challenging base for construction and

through our experience and the expertise of our team, we are already making good progress," said Jorge Jorge,

CEO of Toro Verde Ras al-Khaimah.

"Opening within the heart of the UAE’s highest and most iconic natural mountain range, the Jebel Jais zip line

experience will consist of two lines, allowing friends and family to take part in the flight together.

On arrival at the Welcome Centre, which features a lounge, restaurant, lockers, equipment storage and offices,

participants will be given a pre-briefing and then escorted to the launch platform and fitted with a special suit and

equipment for this adventure," commented Ricardo Lizano, COO of Toro Verde Ras Al Khaimah.






The zip line will be open to all ages, providing participants meet required minimum weight of 35kg and maximum

weight of 150kg, and a minimum height of 120cm.

Expecting to attract a high-end clientele, a dedicated VIP Lounge and Welcome Centre will provide an enhanced

experience. In addition to private parking and the option to fast track their zip line flight, a helicopter transfer will

be available, flying guests from Ras Al Khaimah’s pristine coast line, taking in the views of the dramatic Al Hajar

Mountains from above.

"This zip line will be like no other experience out there. Once harnessed to the zip line in a horizontal superhero

position, participants will soar through the sky as if they’re a bird.

It’s the closest you can get to the experience of flying.

The flight will take them to a suspended landing platform where they will be transferred to a second line to

complete their journey back to the ground," Mattar explained. "In its first phase of operations, the zip line will be

able to accommodate 250 people a day, that’s 100,000 in a year.

Nothing like this exists in the world – let alone this region – it is a true first for Ras Al Khaimah and adds another

amazing attraction to the UAE’s diverse tourism portfolio."

In line with RAKTDA’s commitment to sustainability as a sponsor of the United Nations International Year of

Sustainable Tourism for Development 2017, construction of the zip line and its supporting structures and facilities

have been designed to have a positive impact on the environment.

Local expertise and materials have also been sourced where possible, with the addition of utilizing

environmentally friendly resources in specific areas of the site, such as LED lighting and photovoltaic fabric

materials, that will allow for the generation of clean energy for operations.

"We want visitors to enjoy the pleasure of experiencing the stunning mountains and nature without impacting the

environment," commented Jorge.

Source: Emirates 24/7

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SHARJAH YOUNG LADIES’ GROUP

RENOVATES 72 HOMES Saturday, September 2, 2017

Sajaya Young Ladies of Sharjah concluded its ‘100 Hours of Giving’ summer programme and honoured many of its

members who helped renovate 72 homes for families in need across the emirate.

The group, which is a subsidiary of the Rubu’ Qarn Foundation for Creating Leaders and Innovators (Rubu’ Qarn),

is dedicated to developing the talents of girls aged 13-18 years in all creative spheres. During the programme,

around 800 young ladies renovated 32 houses in Sharjah, 24 in Kalba and 16 in Khor Fakkan, in the process

ensuring that the occupants of the houses could be assured their fundamental rights to decent living standards,

healthy surroundings and happiness.

The initiative aimed to instil the values of volunteering and philanthropy in the young ladies as well as foster a

strong sense of responsibility towards members of the community in need.

“Through this programme, it has been a priority to enhance not just the values, but the acts of giving and, with

these volunteering initiatives, the young ladies understand more and more that it is a social duty and community

commitment,” said Shaikha Aisha Khalid Al Qasimi, Director of Sajaya.

She pointed out that selfless voluntary work is one of the true virtues that reflect patriotism and sense of

belonging to the country. “It represents collaboration, support and perseverance, and Sajaya is reinforcing those

supreme values into its members,” she added.

Speaking about the programme, thirteen-year-old Aisha Omar said that through the programme she had made

new friends and gained self-confidence.

“I saw a completely new way of how some people live their lives and conditions that I have never come across

before. It was very fulfilling to visit the houses of families in need and be able to help them,” she said.

Another participant, Aliah Al Kaabi, 13, said the programme was an excellent way to make the most of the

summer and gain new insights both personally and within the groups she worked with. “It was a real learning

experience and seeing such different living conditions is something I will never forget,” said Al Kaabi.

Amani Al Za’abi, also 13, said: “I have learned so many things in this programme, particularly humility and respect.

It gave us an enormous sense of pride to work as part of a team and develop different skills. I learned to believe

in everything I do and understand that the community comes first. I also realised that helping others is a great

reward in itself.”

The ‘100 Hours of Giving’ programme’s activities received support from several government entities, including

Sharjah Chamber of Commerce and Industry, and Emirates Transport and Sharjah Cooperative Society.

Source: Gulf News

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EAGLE HILLS INKS $81M LOAN DEAL FOR

FUJAIRAH HOTEL PROJECT Saturday, September 2, 2017

Eagle Hills, an Abu Dhabi-based private real estate investment and development company, has signed a AED300

million ($81.6 million) facility with the National Bank of Fujairah (NBF) to finance the ongoing construction of a

luxury hotel and residential development in Fujairah.

Located in Sharm in Fujairah, the The Address Fujairah Resort + Spa project comprises The Address Hotel with a

range of five-star amenities and four residential buildings that include 170 branded apartments, five beach villas

and five garden villas.

The development also features a 500-metre promenade, beach access, and a plaza, the developer said in a

statement.

It added that the agreement also ensures a smooth mortgage model for customers and investors looking to

purchase the luxury properties, and who wish to finance their purchases through the National Bank of Fujairah.

Low Ping, CEO of Eagle Hills said: “This strategic agreement with a trusted bank represents an important

milestone in the development of The Address Fujairah Resort + Spa. It will further reassure customers about their

investments in a project that will be delivered in a timely fashion, whilst adhering to the world-class standards of

Eagle Hills and The Address Hotels & Resorts.

“We are committed to giving back to the communities in which we operate, and we believe it is absolutely vital

that we work in partnership with local organisations. The National Bank of Fujairah represents a strong local

financial partner for us.”

In 2016, Eagle Hills announced the launch of The Address Fujairah Resort + Spa ahead of starting the necessary

ground and marine works. The construction is well underway and completion is on track for 2019.


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MICRO IS A NICE WAY TO MAKE OUTSIZED

RETURNS Wednesday, August 30, 2017

There has been much written about micro-apartments in recent years, not all of it positive. But given the surge of

recent interest, should you consider this unique asset type? We have all read articles about “rabbit hutch” housing

in the world’s most expensive cities. We have all seen images of apartments where inhabitants can cook their

dinner, watch television and hang the washing up while not leaving the comfort of their beds.

However, for savvy property investors, the micro-apartments that are being developed and in planning are far

from the nightmarish images we are used to seeing online. These are leading the way when it comes to design

and fast becoming a must-have for those who are looking to dip their toes in a new city. That’s welcome news for

developers.

The units — known as micro-apartments, apodments or microflats — typically measure under 25 square metres

and are self-contained living spaces which are purpose-built by developers to accommodate sitting, dining and

sleeping spaces for one or two people, a bathroom, kitchenette and a balcony. They are usually located in

expensive city centres such as London, Singapore, Hong Kong, San Francisco and New York, but up and coming

locations where the units are being rapidly developed include Munich and Stockholm.

The surge in demand for micro-apartments both from owner occupiers and from investors will come as good

news to developers and is due to a number of factors. The increasing population in city-centres is a key driver.

Across Europe, the populations of large cities is expanding by an average of 1.5 per cent per year and in Asia

there is a similar pattern emerging with the population of Singapore increasing 1.3 per cent year-on-year.

Similarly, younger demographics — and even start-up entrepreneurs who aspire to live in large cities as a lifestyle

choice — find the properties attractive because they are more concerned with getting out and exploring new

places than spending time indoors. The limited space in the apartments also make them the perfect choice for

those who live alone or moving away from home for the first time and don’t yet have lots of possessions.

These groups appreciate the unique design of the apartments and the innovative storage solutions that can be

found in just about every corner of the unit. But what returns can micro-apartments offer property investors and

are they a safe bet for developers?

For investors, looking to purchase micro-apartments the main draw is the very attractive rental yields they offer.

The small square-footage allows owners to rent them out at costs that, compared to the average property or a

full-sized home, are relatively high per square metre. But they are affordable to tenants who might not be able to

afford to live in a larger property in a central location.

Those new to the property investment market can also benefit from the relatively low initial capital investment

required to acquire a micro-apartment making them a great way to get a foot on the property ladder. Further,

those who chose to invest can rest assured that demand for the properties largely outstrips supply.

So when the time does come to sell, they will not be burdened with a lengthy sales process before they reap the

benefits of the investment. In Berlin, IP Global recently purchased dozens of units from a developer in Neukölln, a

district which just five years ago was notorious for crime but is now experiencing widespread gentrification. With

its newfound popularity has come welcome news for investors.






Neukölln has the second highest rental growth in Berlin and only behind Friedrichshain, its more developed

neighbour. The popularity keeps increasing as more shops, restaurants, bars and cafés keep opening week on

week. As a result, the studio apartments have high yields — up to 6.4 per cent compared to the 3-3.5 per cent

average in Berlin. Far from fearing the micro-apartment, they could be the perfect next purchase for investors

who want a slice of some of the most lively and attractive capitals in the world.

Source: Gulf News

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GERMAN INFRASTRUCTURE FUND MAY BE

DOUBLED Saturday, September 2, 2017

A planned fund to improve urban transport infrastructure in Germany may be doubled in size to a billion euros

when Chancellor Angela Merkel meets on Monday with representatives of towns particularly affected by diesel

emissions, media reported.

Germany's car industry, which employs about 800,000 people and is the country's biggest exporter, is under

intense pressure to cut diesel fumes almost two years after Volkswagen admitted to deliberately cheating US

pollution tests.

Regional newspapers Stuttgarter Zeitung and Stuttgarter Nachrichten said the volume of the fund, which is to be

used to build more charging stations for electric cars and for switching to electric buses among other things, was

likely to be doubled as long as Germany's federal states bear some of the costs.

Merkel had previously said about ?500 million or more would be made available to the planned fund.

After the media reports, Volker Kauder, a senior member of Merkel's conservatives, told Focus magazine that

perhaps more help was needed.

"Local communities can't do it on their own. We in the federal government must support them and to do that, we

need additional funds from the federal budget," said Zypries, a member of the junior partner in Merkel's ruling

coalition.

Merkel told Der Spiegel magazine that she was furious about how the German car industry misled customers, in

an interview published on Friday.

But she said she continues to oppose a call by Environment Minister Barbara Hendricks to retrofit diesel cars

because such measures would be expensive and technically extremely challenging.

"We have to think very carefully about whether such retrofit requirements for engines would really bring about

the results we need because we would reduce the industry's ability to invest in new and modern technologies,"

she said.


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WHY PAKISTANIS NEED TO SEND MORE

MONEY Saturday, September 2, 2017

In spite of the global business slowdown, overseas Pakistanis sent home close to $20 billion in FY-2017, banking

data indicates. But a more conservative government estimate put the inflow at around $19.5 billion in the same

period. However, in order to raise the overall inflow, the State Bank of Pakistan (SBP) is projecting the amount to

move faster and go beyond $20 billion in the months ahead. "We are hoping and praying that the economic

situation, particularly in the Middle East and the GCC region, bounces back in FY-2018, employing more Pakistani

workers and ensuring higher inflow of remittances to help our current projection come true," an SBP spokesman

told Khaleej Times. The government also says that "after international oil prices improve, it will help the oil-based

economies into a more comfortable situation to resume and carry on their development and programmes, and

employ an increasing number of Pakistani workers," a spokesman for the Ministry of Commerce said.

The Pakistan Bureau of Statistics puts the FY-2017 inflow of remittances at $19.303 billion, which is 3.3 per cent

lower than FY-2016, when the amount was $19.91 billion. It has brought several government ministries - including

finance, overseas Pakistanis and commerce - to think ways and means to help overseas Pakistanis send a higher

amount of remittances. While the credit goes to less than three million Overseas Pakistani workers, particularly

those employed in the UAE, to send home larger amounts of remittances, the irony is that the rest of the entire

home-based Pakistani manpower in this nation of 200 million has together been able to export $20 billion worth

of goods annually for the last four years.

While this has been the state of home remittances, Pakistan is also beset with the problem of the value of its

rupee. There is persistent demand, especially by exporters, who claim the rupee is overvalued by 10 per cent

against the US dollar. The high tariff on energy and high cost of doing business in Pakistan plus the over-valued

rupee, they claim, are the reasons that they are facing a tough competition from exporters of other countries.

This they claim is the reason for the overall export figure of Pakistan stagnating at around $20 billion for the last

four years.

There is disagreement as to how for the rupee is overvalued, but even the International Monetary Fund also says

that the rupee is overvalued. These demands and reasoning apart, the government of outgoing Prime Minister

Nawaz Sharif did not allow lowering the value of the rupee against the greenback. Finance Minister Ishaq Dar,

who will continue in his role in incoming Prime Minister Khaqan Abassi's cabinet, has been a strong opponent of

any devaluation. This is the government stand even now.

The currency was down to Rs109 to a dollar in the open market last month, in the wake of moves for removal of

Sharif, while the dollar was also inching up in the inter-bank market. Dar then asked the SBP to intervene. As a

result of the SBP intervention, and after it poured an undisclosed amount of dollars in the market, the currency

looked up. But it is still quoted at around Rs107.50 to a dollar in the open market, and Rs105.80 in the inter-bank

market. What does the future hold for overseas Pakistanis and others and what exchange rate will they get?

"The dollar trades flat, both in the inter-bank, as well as in the open markets as both markets remain dull," the

analysts said. In a forex-related development, the SBP has directed all commercial banks "to take extra measures

to minimise money laundering through banking channels". It said: "The banks should implement an in-house

system to detect differences between the value declared in foreign trade documents and prevailing market prices.

In addition, banks need to set out escalation procedures to manage transactions where significant differences in






prices are identified. The money laundering method was also being used for funding terrorists in [certain

countries]," an official said.

Government sources said "we are helping overseas Pakistanis to send larger amounts of their remittances, and

we are plannng to introduce more steps to help them."


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CHINESE DEVELOPER EVERGRANDE POSTS

250 PER CENT RISE IN PROFITS Monday, August 28, 2017

China Evergrande Group, the developer controlled by the billionaire Hui Ka Yan, reported a 250 per cent jump in

core first-half profit as property sales soared and prices climbed.

Core profit was 27.3 billion yuan (Dh15.06bn), the company said in a filing to Hong Kong’s stock exchange

Monday. Revenue gained 114.8 per cent to 188bn yuan. Evergrande cited higher selling prices and a jump in sales

- and said it expected to beat a 450bn yuan sales target for the year. Core profit excludes one-time items.

The company, targeted by short sellers this year for its high debt levels, pledged a switch to low levels of debt,

leverage and costs. It targets net gearing of 70 per cent from 2020, compared with about 240 per cent now, it said.

Evergrande’s share price has climbed more than 370 per cent this year, dealing a blow to short-sellers who

wagered against the company after its debt soared during an acquisition spree. The gains have been fuelled by

share buybacks and the firm’s plans for a backdoor listing on the mainland.

Separately, China will allow participants in its interbank bond market to trade government debt ahead of its

issuance, its foreign exchange market operator said on Monday.

The introduction of so-called "when-issued" trading for Chinese treasuries will have benefits for price discovery

and strengthening of the government bond yield curve, the China Foreign Exchange Trade System (CFETS) said in

a statement on its website.

When-issued debt refers to debt that has been announced but not yet issued.

All participants in China's interbank bond market will be able to conduct when-issued trading on Chinese

government bonds from four working days before their issue date until one working day before, the statement

said.

CFETS will issue announcements five working days before each government debt issuance, the statement said.


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ASIAN INVESTMENT IN GLOBAL REAL

ESTATE PICKS UP STEAM IN 2017 Wednesday, August 30, 2017

According to the latest research from CBRE, global real estate continues to serve as an attractive asset class for

investors, with Asian outbound investment into the sector posting significant year-on-year gains in the first half of

2017.

Approximately $45.2 billion of Asian outbound capital was directly invested into global property in the first half of

2017, representing a 98.4% rise year-on-year against $22.8 billion allocated in the first half of 2016.

Strength in Asian outbound investment was led largely by the preference of investors for big ticket deals in the

global real estate sector. In the first half of 2017, over 74% of committed investments were deployed into

transitions valued at $250 million and over, versus 56% in the corresponding period in 2016.

Geography-wise, Asian investors remain bullish on Europe, Middle East and Africa (EMEA) and the Americas,

which drew $21.9 billion--driven largely by a single $13.2 billion from the logistics portfolio purchase--and $11.3

billion in capital, respectively. The top five global destinations for Asian investment in H1 2017 were London (10%),

New York (8%), Hong Kong (5%), Shanghai (4%) and Singapore (4%).

Intra-Asia investments continue to grow, finishing the first half at $10.4 billion and representing a 23% growth in

total capital. Pacific markets were less attractive to Asian Investors, dropping 25% year-on-year to $1.6 billion.

"The appetite of Asian investors for high quality cross-border real estate assets remains solid and sustainable for

the foreseeable future. The type of transactions and the geographic and sectoral diversity is where we see the

most significant change in 2017, said Tom Moffat, Executive Director, Capital Markets, CBRE Asia. In the first half

of 2017, institutional investors from Asia continued to act as more influential players in the international real

estate sector, supported by several marquee transactions in EMEA and the Americas. CBRE estimates that

approximately 64% of all EMEA capital deployments and 35% of Americas capital deployments originating from

Asia were committed by institutional investors.

Sectoral diversity also continues to be a major theme within asset strategies, with Asian outbound investors

rebalancing real estate portfolios internationally. Office and logistics represent the most attractive commercial

real estate sectors for Asian investors, accounting for 44% and 34% of all committed capital throughout H1 2017,

respectively. Residential (7%), hotels (7%), retail (6%) and alternative sectors like aged-care housing (2%) remained

niche investments globally.

Outbound investment from China remains the region's largest despite heightened regulation, with a new group of

investors more active over the first half. Chinese sovereign wealth funds (SWFs) emerged as the largest single

outbound investor class in the first half of 2017, driving total capital deployment to $25.6 billion versus $10.1

billion year-on-year. China-based property companies and conglomerates have also been considerable buyers of

offshore real estate assets in the first six months of 2017. A new round of capital controls was issued by the State

Council and the National Development and Reform Commission (NDRC) on August 18, with a focus on offshore

real estate investments. According to CBRE, this regulatory move may not affect the medium to longer term

appetite for outbound investment, but potentially re-shape investment strategies going forward.

"Our data shows that China remained the largest source of cross-border commercial real estate investment

capital (both new and capital already circulating offshore) from Asia in H1 2017. New regulations should help to






ensure that future outbound investment is more financially sound and strategically focused, but the impact of

Chinese capital on key global real estate markets should continue for some time," said Robert Fong, Director of

Research, CBRE Asia Pacific.

Additional key findings include:

Non-Chinese investors more active: Outbound investors from Singapore ($6.8 billion), Hong Kong ($6.6 billion)

and South Korea ($2.9 billion) remain active outbound investors and continue to deploy capital as Chinese

investors rebalance portfolios.

Number of portfolio deals rising: Asian outbound investors are now more likely to deploy capital via portfolio

transactions. In the first half of 2017, 26 portfolio deals were committed versus 13 in the first half of 2016.

Destinations becoming more diverse: Asian outbound investors are now looking beyond gateway cities when

deploying capital into real estate. In the first half of 2017, the top five urban destinations comprised of 31% of all

total Asian outbound capital compared to 54% in the first half of 2016.

China outbound diversity: Chinese capital continues to be deployed differently relative to the region. In the first

half of 2017, the primary destinations of outbound investment were office (Americas), logistics (EMEA) residential

(Japan) and hotels (Australia), representing the pull of diverse and quality real estate assets globally.

Source: World Property Journal

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U.S. CITIES HAVE A GLUT OF HIGH-RISES

AND STILL LACK AFFORDABLE HOUSING Wednesday, August 30, 2017

Perhaps nothing thrills mayors and urban boosters like the notion of endless towers rising above their city

centers. And to be sure, new high-rise residential construction has been among the hottest areas for real estate

investors, particularly those from abroad, with high-end products accounting for 8o% of all new construction.

Yet this is not an entirely high-end country, and these products, particularly the luxury high-rises in cities, largely

depend on a small segment of the population that can afford such digs.

No surprise, then, that we see reports of declining prices in areas as attractive as New York, Miami and San

Francisco, where a weakening tech market is beginning to erode prices, much as occurred in the 2000 tech bust,

John Burns Real Estate Consulting notes. There have been big jumps in the number of expired and withdrawn

condo listings, particularly at the high end; last year, San Francisco saw a 128% spike in the number of withdrawn

or expired listings for condos over $1.5 million.

Several factors suggest the high-rise residential boom is over, including a growing recognition that these

structures do little to relieve the housing affordability crisis facing middle-class residents, the inevitable aging of

millennials and their shift to suburbs and less expensive cities, and the impending withdrawal of some major

foreign investors who have come to dominate the market in many cities.

Cost And Affordability

One common refrain among housing advocates and politicians is that high-rise construction is a solution to the

problem of housing affordability. The causes of the problem, however, are principally prohibitions on urban fringe

development of starter homes. Critics also note that high-rises in urban neighborhoods often replace older

buildings, which are generally more affordable.

One big problem: High-density housing is far more expensive to build. Gerard Mildner, the academic director of

the Center for Real Estate at Portland State University, notes that development of a building of more than five

stories requires rents approximately two and a half times those from the development of garden apartments.

Even higher construction costs are reported in the San Francisco Bay Area, where the cost of townhouse

development per square foot can double that of detached houses (excluding land costs) and units in high-rise

condominium buildings can cost up to seven and a half times as much.

Almost without exception, then, the most expensive areas are precisely those that have the most high-rise

buildings: New York, San Francisco, Seattle and Miami. More to the point, these buildings don’t tend to be

occupied by middle-class, much less working-class, families. And in many cases, these units are not people’s

actual homes; in New York, as many as 60% of new luxury units are not primary residences, leaving many

unoccupied at any given time.

Source: Forbes

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HOME SALES DROP—AGAIN—AND WILL

CONTINUE ‘UNLESS SUPPLY

MIRACULOUSLY IMPROVES’ Wednesday, August 30, 2017

After a brief improvement in June, home sales continued their downward slide in July, with buyers signing fewer

contracts to purchase existing homes.

An index of so-called pending home sales, which represent closings one to two months from now, fell 0.8 percent

compared with June, according to the National Association of Realtors. That is the fourth monthly drop in the past

five months. June's reading was also revised lower. The index is now 1.3 percent below a year ago and has fallen

on an annual basis in three of the past four months.

"Buyer traffic continues to be higher than a year ago, the typical listing has gone under contract within a month

since April," said Lawrence Yun, chief economist for the Realtors. "The reality, therefore, is that sales in coming

months will not break out unless supply miraculously improves. This seems unlikely given the inadequate pace of

housing starts in recent months and the lack of interest from real estate investors looking to sell."

The supply of homes for sale at the end of July came in at 2.11 million, 9 percent lower than a year ago. That has

fallen year over year for 26 consecutive months.

"The housing market remains stuck in a holding pattern with little signs of breaking through. The pace of new

listings is not catching up with what's being sold at an astonishingly fast pace," Yun added.

Closed sales to buy existing homes fell more than expected in July, with Realtors citing the lack of supply as the

primary reason. Prices are also a factor though. The median price of a home sold in July hit $258,300, the highest

July price on record. Mortgage rates have been falling through the summer and are now sitting at 2017 lows, but

they are still slightly higher than one year ago. Rates have been so low for so long that they provide little relief

from the fast-rising prices.

California, which boasts the priciest and tightest housing market in the nation, saw sales slip across the board in

July. The number of homes for sale fell yet again and prices hit decade highs.

"The San Francisco Bay Area posted modest year-over-year gains in home sales this May and June, but a tight

inventory and waning affordability have taken a toll, and July 2017 sales fell to the lowest level for a July in six

years," said Andrew LePage, research analyst at CoreLogic.

Pending home sales in the Northeast fell 0.3 percent for the month and were 2.4 percent above a year ago. In the

Midwest, sales decreased 0.7 percent for the month and were 2.8 percent lower than July 2016. In the South, sales

declined 1.7 percent from June and were 0.2 percent below last July. In the West, sales rose 0.6 percent for the

month but were 4.0 percent below a year ago.

Yun noted that national sales numbers could weaken more than expected this fall, due to the disruption in the

Houston housing market from Hurricane Harvey.

Source: CNBC

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With over 30 years of Middle East experience,

Asteco’s Valuation & Advisory Services

Team brings together a group of the Gulf’s

leading real estate experts.

Asteco’s network of offices in Abu Dhabi, Al Ain, Dubai,

Northern Emirates, Qatar, and the Kingdom of Saudi

Arabia not only provides a deep understanding of the local

markets but also enables us to undertake large

instructions where we can quickly apply resources to meet

clients requirements.

Our breadth of experience across all the main property

sectors is underpinned by our sales, leasing and

investment teams transacting in the market and a wealth

of research that supports our decision-making.

John Allen BSc MRICS

Director, Valuation & Advisory

+971 4 403 7777

[email protected]

Jenny Weidling BA (Hons)

Manager – Research and Advisory

+971 4 403 7789

[email protected]

VALUATION & ADVISORY

Our professional advisory services are conducted by

suitably qualified personnel all of whom have had

extensive real estate experience within the Middle

East and internationally.

Our valuations are carried out in accordance with the

Royal Institution of Chartered Surveyors (RICS) and

International Valuation Standards (IVS) and are

undertaken by appropriately qualified valuers with

extensive local experience.

The Professional Services Asteco conducts throughout

the region include:

• Consultancy and Advisory Services

• Market Research

• Valuation Services

SALES

Asteco has established a large regional property sales

division with representatives based in UAE, Saudi

Arabia, Qatar and Jordan.

Our sales teams have extensive experience in the

negotiation and sale of a variety of assets.

LEASING

Asteco has been instrumental in the leasing of many

high-profile developments across the GCC.

ASSET MANAGEMENT

Asteco provides comprehensive asset management

services to all property owners, whether a single unit

(IPM) or a regional mixed use portfolio. Our focus is

on maximising value for our Clients.

OWNER ASSOCIATION

Asteco has the experience, systems, procedures and

manuals in place to provide streamlined

comprehensive Association Management and

Consultancy Services to residential, commercial and

mixed use communities throughout the GCC Region.

SALES MANAGEMENT

Our Sales Management services are comprehensive

and encompass everything required for the successful

completion and handover of units to individual unit

owners.

NEWS BRIEF 36 - Asteco Property Management · DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA...

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