Dubai permits citizens to sell ‘granted’ government homes

Dubai’s national housing body (MRHE) has been authorized to permit housing grant benefactors to “sell the house or land granted to him if the beneficiary owns another house or plot of land or if the house does not satisfy his requirements.” (Reuters)
Updated 02 February 2018
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Dubai permits citizens to sell ‘granted’ government homes

LONDON: The Dubai government issued a decree on Thursday that aims to “provide housing solutions for the beneficiaries of grants and their families and to preserve the demography of citizens’ residential areas,” said a report from state news agency WAM.
Dubai’s Ruler HH Sheikh Mohammed has authorized the emirate’s national housing body Mohammed bin Rashid Housing Establishment (MRHE) to permit housing grant benefactors to “sell the house or land granted to him if the beneficiary owns another house or plot of land or if the house does not satisfy his requirements.”
The decree stipulates, “The purpose of selling the house or land should be to buy another house or plot of land and the beneficiary must agree in writing to the transaction being supervised by the MRHE. The beneficiary will not be able to apply for another house or plot of land once the house or land granted to him is sold.”
The law also states that the buyer must be a UAE national and the property should not be attached to any legal or financial liabilities and the sale price should not be less than the market value.
The decree specifies the terms and conditions for selling inherited property, trading properties, purchasing adjacent government-owned property and renting a house built on granted land.
MRHE was established in 2007 with the aim of providing appropriate housing to Dubai nationals through various means, such as granting residential plots, governmental houses and giving housing loans.


Emirates Airline half-year profit slides 86% on oil hike

Updated 15 November 2018
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Emirates Airline half-year profit slides 86% on oil hike

DUBAI: Emirates Airline on Thursday posted an 86 percent drop in half-year profits as the Middle East's leading carrier was hit by a hike in oil prices and currency devaluations.
The Dubai-based airline in a statement its net profit in the six months to September 30 was also impacted by other challenges and expected tough months ahead.
Emirates said it recorded a profit of just $62 million in the first half of the 2018-2019 fiscal year compared with $452 million in the same period last year.
"The high fuel cost as well as currency devaluations in markets like India, Brazil, Angola and Iran, wiped approximately 4.6 billion dirhams ($1.25 billion) from our profits," said Sheikh Ahmed bin Saeed Al-Maktoum, chairman and chief executive of Emirates Group.
Emirates, one of the world's biggest airlines, said fuel costs rose by 42 percent compared with the same period last year.
The company, which flies to more than 150 destinations, said the cost of fuel amounted to a third of its expenses.
Emirates is the world's largest operator of Airbus A380s with more than 100 of the superjumbos in its fleet.
"The next six months will be tough, but the Emirates Group's foundations remain strong," Sheikh Ahmed said in a statement.
In the six months to September 30, the airline carried 30.1 million passengers, a rise of three percent on the last fiscal year, the company said.
Emirates' revenues were 10 percent higher than the previous year at $13.3 billion.
"We are proactively managing the myriad challenges faced by the airline and travel industry, including the relentless downward pressure on yields and uncertain economic and political realities in our region and in other parts of the world," said Sheikh Ahmed.
Profit for the Emirates Group, which also includes Dnata, a leading air services provider, was also down by 53 percent to $296 million.