Dubai signs deal to target Chinese property buyers

DLD said that since 1996, some 4,475 Chinese buyers have completed 8,259 real estate deals in Dubai. (Reuters)
Updated 13 September 2017
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Dubai signs deal to target Chinese property buyers

DUBAI: Dubai Land Department (DLD) has signed an agreement with UC Forward, the Chinese parent company behind the Fang.com property portal, to promote the emirate’s property market to Chinese investors.
DLD said that the parties have set a joint objective of securing Dh1 billion worth of investment from Chinese buyers.
Under the deal, UC Forward will promote the Land Department’s work through Chinese channels and foster cooperation between Chinese and Dubai real estate companies. It will also offer consultancy services regarding investments, transactions and rental disputes and provide Dubai Real Estate Institute-certified courses in Chinese for training brokers.
UC Forward will also establish its own counter at DLD’s offices in Al-Fahidi Hall, where it will provide free consultancy services both in Chinese and in English to Chinese investors.
DLD said that since 1996, some 4,475 Chinese buyers have completed 8,259 real estate deals in Dubai. Figures published by last month state that Chinese buyers completed 2,177 of these deals between January 2016 and July this year, spending Dh3.14 billion in the process.
DLD’s director-general, Sultan Butti bin Mejren, said in a press statement on Tuesday: “UC Forward will play an important advisory role, including raising awareness of the advantages of investing in Dubai’s real estate market, and helping to protect investors and their rights by clearly communicating our laws and regulations in both Chinese and English.”


Iraq to ask US for exemptions on some Iran sanctions

Updated 22 August 2018
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Iraq to ask US for exemptions on some Iran sanctions

BAGHDAD: Iraq’s economy is so closely linked to Iran that Baghdad is going to ask Washington for permission to ignore some US sanctions on its neighbor, Iraqi government and central bank officials said.

US President Donald Trump withdrew the US from an international deal aimed at limiting Iran’s nuclear program earlier this year and reimposed trade sanctions.

Washington has said there will be consequences for countries that do not respect the sanctions.

Baghdad is in a difficult position. Iraq imports crucial supplies from ally Iran, but its other major ally is the US, which provides security 
assistance and training.

The request would mark an 
important change in political tactics for Iraqi Prime Minister Haider Al-Abadi. He initially said Baghdad would respect all the US sanctions, but faced heavy criticism from rivals.

The officials told Reuters a delegation will travel to Washington to ask for exemptions in applying the sanctions. They did not say when that trip would take place.

“The government plans to ask Washington for a waiver. It’s going to happen soon,” one central bank 
official said.

An official in Abadi’s office declined to comment. An official in the US State Department said it was discussing Iran policy with its partners around the world.

“We have given the same message to all countries around the world that the President has said, the United States is fully committed to enforcing all of our sanctions,” the official said.

“Iraq is a friend and important partner of the US and we are committed to ensuring Iraqi stability and prosperity.”

Iraqi officials fear shortages of key items if Baghdad complies with all the sanctions, which could lead to political turmoil at a delicate time in Iraqi politics.

Iraq imports a wide range of goods from Iran including food, agricultural products, home appliances, air conditioners and spare car parts. The goods element of Iranian imports to Iraq was about $6 billion for the 12 months to March 2018, about 15 percent of Iraq’s total imports for 2017.

Energy contracts between the two countries contributed to a volume of trade of $12 billion last year.

The officials said they were asking each ministry to put together a list of imports that are essential for Iraq’s economy. Those items will make up the request for exemptions.

The US sanctions that came into 
effect earlier this month target Iran’s trade in gold and other precious metals, its purchases of US dollars and its car industry. Other sanctions will come into force in November.