real estate

July 12, 2020

Amancio Ortega

After making a fortune in clothing, Amancio Ortega has turned his attention to real estate.

The Spanish billionaire’s property holdings have soared to €15.2 billion (Dh63.2bn), his firm revealed, giving him the largest real estate portfolio among Europe’s super-rich.

Mr Ortega, 84, the founder and owner of fashion label Zara, invested €2.1bn in real estate last year through various subsidiaries of his holding company Pontegadea, according to an emailed"...

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July 9, 2020

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has officially inaugurated the operations of AED11 billion ($2.9 billion) Route 2020 project, which involves the 15 km extension of the Dubai Metro Red Line from Jebel Ali Station to Expo 2020 linking seven stations. It will be open to the public in September this year.

The project is part of RTA’s master plan to provide integrated multi-modal mass transit systems comprising of the metro, tram, buses and marine transport.

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July 8, 2020

The UAE banking sector is well-capitalised and resilient to absorb significant macro-financial shocks, the Central Bank said on Tuesday.

The apex bank said the UAE banking system entered 2020 from a strong position despite the significant uncertainties from the Covid-19 pandemic.

'Capital ratios and liquidity buffers of the banking sector remained adequate and well above regulatory requirements. The banking system remained profitable with improved cost-efficiency benefitting from efficiency gains related to recent mergers in the sector,' the central bank said"...

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July 8, 2020

Dubai should be the 'first city of choice' for the investors and all the stakeholders in the economy are working towards that, this was positive message sent by the top real estate players at the unveiling of Invest in Dubai on Tuesday.

The Dubai Land Department (DLD), through the Promotion and Real Estate Investment Management Sector, launched its new 'Invest in Dubai', a year long virtual initiative under the theme 'Discussing the opportunities that arise from Dubai as a real estate investment destination'.

The initiative aims to highlight"...

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July 8, 2020

DUBAI, 7th July, 2020 (WAM) -- The Dubai Land Department, DLD, through the Promotion and Real Estate Investment Management Sector, launched its new ‘Invest in Dubai’ initiative under the theme ‘Discussing the Opportunities that Arise from Dubai as a Real Estate Investment Destination’.

The initiative aims to highlight Dubai’s position in real estate on a global front. It also sets out to confirm the vision and aspirations of Dubai, being a leading city in the world underpinning various real estate investment projects through an automated, virtual platform that features everyone operating in this field, including"...

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July 7, 2020

DUBAI, 6th July, 2020 (WAM) -- H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, has issued directives to exempt business tenants of Dubai Developments Group properties in the emirate, including small firms and entrepreneurs, from paying rents for periods ranging from three to six months.

The relief package worth AED200 million is an initiative from H.H. Sheikh Hamdan bin Rashid aimed at supporting the economy as well as the entrepreneurial and real estate sectors. The gesture is aimed at mitigating the financial pressures faced by tenants due to the novel coronavirus, COVID-19, pandemic and its repercussions"...

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July 5, 2020

Dubai Electricity and Water Authority (Dewa) said it will be organising the eighth edition of Future Engineer summer camp online, in collaboration with Emirates Science Club.

The event, which kicks off tomorrow (July 5), will covers several ey topics such as electronics, cyber-security, robotics, 3D printing and augmented reality.

Around 30 Dewa staff children, in the age group of 12 and 15 years, are attending"...

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July 5, 2020

Ras Al Khaimah Department of Antiquities and Museums said it has completed major restoration works to one of the emirate’s historic watchtowers.

Located just outside Al Jazirah Al Hamra - an ancient maritime village renowned for its fishing, pearl diving and boat building - the watchtower is about 100 years old and was a crucial part of the area’s defense system.

The tower was constructed using traditional"...

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July 1, 2020

The real estate industry is a key pillar of the UAE economy, and it has been going through a correction phase in recent years due to the widening gap between supply and demand.
Leading property developers had been rushing to complete their development projects ahead of Expo 2020, which has now been rescheduled to next year in the wake of the coronavirus outbreak.

The delay of Expo 2020 could be a positive catalyst for the real estate industry, as it will help attract investors for ready residential units in the market. Developers have held on new projects and slowed down the pace of work on existing developments so they will be able to"...

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March 12, 2020

UAE-based Danube Properties has announced the launch of Olivz, a Dh400 million ($108 million) master-planned cluster of buildings offering 741 residential units and a number of retail and recreational facilities located close to the International City, Dubai.

The project will be developed in Al Warsan First area close to the International City and Dragon Mart with the easiest access to Mohammed Bin Zayed Road.

The"...

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