Saudi investors to remain confident in Dubai property sector, developer says

The biggest GCC property investors in Dubai other than Emiratis were Saudis who made a total of 5,366 transactions worth Dh12.5 billion. (AFP)
Updated 13 September 2017
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Saudi investors to remain confident in Dubai property sector, developer says

DUBAI: Saudi Arabian investors will continue to put their faith in Dubai real estate because the emirate’s property market has a proven reputation for delivering long-term benefits, a developer said on Wednesday.
Okbah Abdulkarim, Chief Operating Officer of ARTAR Real Estate Development, said Dubai’s status as a safe haven for real investors remains intact and major developments driving the economy are building investor interest, particularly from Saudi Arabia.
“Many Saudis still see Dubai as a desirable city to visit because it’s close by, there are shared religious and cultural values and a superb lifestyle here,” Abdulkarim said.
“There’s a lot of diversification in the investment opportunities here in Dubai and it’s a city that Saudis know well, and trust,” he said, whose company is building Mada Residences tower in Downtown Dubai and is due for completion by the second quarter of next year.
Official Dubai Land Department figures show that in the 18 months to June this year, the biggest GCC property investors in Dubai other than Emiratis were Saudis who made a total of 5,366 transactions worth Dh12.5 billion.
“Dubai has built protection from negative economic effects by creating an infrastructure for business, investment and living. It is still regarded as a city where residential property provides long-term financial security,” Abdulkarim said.


Air France, Emirates maintain Cairo flights after British Air suspension

Updated 29 min 33 sec ago
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Air France, Emirates maintain Cairo flights after British Air suspension

  • British Airways, a unit of IAG, said it was suspending flights to Cairo for seven days “as a precaution”
  • Germany’s Lufthansa later said it had canceled its flights to Cairo from Munich and Frankfurt and would resume its connection

PARIS: Air France, Emirates and Etihad Airways are continuing to operate flights to Cairo after British Airways and Lufthansa suspended services to Egypt’s capital.
International Airlines Group’s British Airways suspended flights on Saturday for seven days “as a security precaution” as it reviews security at Cairo airport.
Germany’s Lufthansa later said it canceled services from Munich and Frankfurt to Cairo and would resume flights on Sunday.
“In liaison with the French authorities and the local authorities in Egypt, Air France has decided to maintain its service to Cairo,” a spokesman said in a statement sent to Reuters.
An Emirates spokeswoman said its flights were operating to schedule.
“We are closely assessing the situation and are in contact with the relevant aviation authorities with regards to our flight operations to Egypt,” the spokeswoman said.
The website for Abu Dhabi’s Etihad showed its services were also operating.
“Etihad Airways is monitoring the security situation in Cairo,” an airline spokesman said.