Indian investors ‘very active in Dubai property sector’

Updated 05 April 2014
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Indian investors ‘very active in Dubai property sector’

International Property Show (IPS) will have a large Indian participation under the umbrella of the National Real Estate Development Council (NAREDCO), a leading real estate body in India.
IPS organizers said India is reinforcing its stature not only as one of the leading investors in the Dubai realty market but also as a country that offers diverse realty offerings to investors based in the Middle East.
India tops the number of foreign investors and investment transactions in Dubai’s real estate market according to the leading real estate show that take place in Dubai from 8 – 10 April 2014 at the Dubai International Convention and Exhibition Center.
Dubai Land Department (DLD) said earlier that more than 8,092 investors from India notched AED17,939 billion transactions in Dubai real estate during 2013, surpassing all foreigner investors in the Emirate’s property sector.
NAREDCO has announced that the Indian pavilion that will include some of finest properties from across India from developers in Mumbai, Delhi, Bangalore, Goa, Noida and Gurgaon.
Some of the participating developers are Raheja Developers, Nahar Group, Mantri Realty, Godrej Properties, Heritage Group, Kalpataru, Patel Realty, Artha Properties, Landmark Group, Paramount Buildwell, Sunteck, Kanakia Spaces, HDFC Home Loans and others.
“Indian investors are very active in Dubai property sector,” said Sultan Butti bin Mejren, director general of the Dubai Land Department.
“Investing nearly AED 18 billion in Dubai reflects the huge interest from Indian investors in the Dubai market and their confidence in the lucrative returns,” he said.
“It is obvious that the Gulf region has presented itself as a key investments player in the world. The well developed infrastructure and strategic location of Dubai will drive this sector to greater success.”
Dawood Al-Shezawi, CEO, Strategic Marketing & Exhibitions, organizers of IPS, said: “A visit to the NAREDCO India Realty Pavilion will offer Indian expatriates living in the UAE and the Gulf a unique opportunity to select a place back home at a time the real estate is becoming one of the most lucrative investment options for NRIs.”
Sunil Mantri, president NAREDCO added: “For Indians in the Gulf, investing in India is a sentimental decision. As it is driven by a need to remain connected to their roots. The ‘NAREDCO Indian Pavilion’ would give you an opportunity of owning your own place back in India. With definitive pick up in the economy, as the GDP has improved, inflation has moderated, growth in industrial production is seen with other positive triggers, that has driven the stock markets to the current levels, investment in properties in India would be an lucrative Investment option.”
Al Shezawi added: “The India Realty Pavilion at IPS will serve as unique platform for Gulf Indians, HNI’s, investors, consultants and home buyers to check out exclusive deals offered by participating developers.”
National Real Estate Development Council (NAREDCO) is a premier body of Indian developers which works under the aegis of Ministry of Housing & Urban Poverty Alleviation (MHUPA), Govt. of India.
The council board represents a combination of Government representatives and Private Developers. Most of the reputed developers across the country are members of the council.
NAREDCO promotes ethical practices and inclusive growth of real estate industry in India.


Libya’s National Oil against paying ‘ransom’ to reopen El Sharara field

Updated 14 December 2018
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Libya’s National Oil against paying ‘ransom’ to reopen El Sharara field

  • Ransom payment would set dangerous precedent
  • NOC declared force majeure on exports on Monday

BENGHAZI: Libya’s state-owned National Oil Corp. (NOC) said it was against paying a ransom to an armed group that has halted crude production at the country’s largest oilfield.
“Any attempt to pay a ransom to the armed militia which shut down El Sharara (oilfield) would set a dangerous precedent that would threaten the recovery of the Libyan economy,” NOC Chairman Mustafa Sanalla said in a statement on the company’s website.
NOC on Monday declared force majeure on exports from the 315,000-barrels-per-day oilfield after it was seized at the weekend by a local militia group.
The nearby El-Feel oilfield, which uses the same power supply as El Sharara, was still producing normally, a spokesman for NOC said, without giving an output figure. The field usually pumps around 70,000 bpd.
Since 2013 Libya has faced a wave of blockages of oilfields and export terminals by armed groups and civilians trying to press the country’s weak state into concessions.
Officials have tended to end such action by paying off protesters who demand to be added to the public payroll.
At El Sharara, in southern Libya, a mix of state-paid guards, civilians and tribesmen have occupied the field, camping there since Saturday, protesters and oil workers said. The protesters work in shifts, with some going home at night.
NOC has evacuated some staff by plane, engineers at the oilfield said. A number of sub-stations away from the main field have been vacated and equipment removed.
The occupiers are divided, with members of the Petroleum Facilities Guard (PFG) indicating they would end the blockade in return for a quick cash payment, oil workers say. The PFG has demanded more men be added to the public payroll.
The tribesmen have asked for long-term development funds, which might take time.
Libya is run by two competing, weak governments. Armed groups, tribesmen and normal Libyans tend to vent their anger about high inflation and a lack of infrastructure on the NOC, which they see as a cash cow booking billions of dollars in oil and gas revenues annually.