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9 July 2019

Abu Dhabi records 10,000 property deals worth AED 31 billion in first six months of 2019

Al Reem Island proved to be the most sought-after location by investors, recording transactions worth AED 4.37 billion. It was followed by Al Reef with deals worth around AED 1.8 billion, and Yas Island with around AED 1.6 billion worth of transactions.
7 July 2019

Sobha Realty launches One Park Avenue residential tower in Dubai

The G+24-floor building will include 403 one-to four-bedroom apartments and feature Sobha’s designed noise-cancelling façades. The handover of units is scheduled for April 2023.
3 July 2019

Dubai Land Department launches new investment products for Dubai’s real estate market

Products include collective real estate investment funds, partial title deed procedures to register units owned by multiple partners, a lease-to-own system and investment portfolio applications. Dubai Land Department (DLD) also approved a special office to facilitate and unify all registration and follow-up procedures for this project DLD has announced the launch of the Real Estate Investment Opportunities (REIOs) initiative to attract a […]
2 July 2019

OPEC agrees to another nine months of oil production cuts

New curbs on oil production to continue until March 2020 OPEC and its allies currently lowering production by 1.2 million barrels per day Members of the Organization of the Petroleum Exporting Countries (OPEC) have agreed to extend their oil production cuts to support oil prices against a backdrop of weakening global demand and increasing US shale oil production. The 14-member group, […]
1 July 2019

Saudi Arabia’s residential loans jump 212% in May

12,949 mortgage contracts worth SAR 5,653 billion signed in May KSA aims to increase local home ownership rates to 70% by 2030 Residential loans awarded in the Kingdom of Saudi Arabia (KSA) jumped 212% in May 2019, compared to the same period a year ago, official data showed. According to data from Saudi Arabian Monetary Authority (SAMA), 12,949 mortgage contracts […]
30 June 2019

Noor Abu Dhabi, world’s largest single solar project starts commercial operations

Plant features 3.2 million solar panels and is installed across an 8 sq km site Plant’s capacity sufficient to cover the demands of 90,000 people Project to reduce Abu Dhabi’s CO2 emissions by 1 million metric tons The Emirates Water and Electricity Company (EWEC) announced that Noor Abu Dhabi, the world’s largest single solar project with a capacity of 1,177MW, has started […]
27 June 2019

Abu Dhabi announces new initiatives under Ghadan 21 to boost private sector

AED 4 billion fund announced to boost R&D ‘Instant Licence’ to improve ease of conducting business Government-backed loans scheme designed to promote lending to SMEs The Abu Dhabi government has launched a raft of new initiatives under the Ghadan 21 programme, announced last year, to further support private sector expansion in Abu Dhabi. The programme includes an AED 50 billion […]
26 June 2019

UAE’s Q1 2019 GDP expands 2.2% aided by non-oil sector growth

Non-oil sector expanded 1.6% in Q1 2019 Inflation declined and private sector employment rebounded The UAE registered GDP growth of 2.2% in Q1 2019 versus the same period last year, backed by continued momentum in the non-oil sector as a result of government spending, according to the Central Bank of the UAE. The non-oil sector expanded 1.6% during the period. […]
24 June 2019

Saudi Arabia launches permanent residency programme

Permanent residency available for SAR 800,000 Temporary, one-year renewable residency visa to cost SAR 100,000 Programme aimed to attract foreign investment and provides several benefits Saudi Arabia has opened applications for a permanent residency programme, with the aim of attracting foreign investment. The new scheme offers two options – one provides permanent residency for SAR 800,000, while a cheaper, one-year […]
23 June 2019

AED 2 billion plan to improve Dubai-Al Ain road links approved

Upgrade to lead to doubling of lanes in each direction over a 17km sector Capacity of road to be enhanced from 6,000 to 12,000 vehicles per hour Transit time from Emirates Road interchange to Oud Metha Street to be halved An AED 2 billion plan to upgrade road links between Dubai and Al Ain has been approved by Sheikh Mohammed bin […]
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