UAE in deal for $100m power plant in Yemen

The new Yemeni plant could provide energy to 2.5 million people. Above, Shuweihat power plant in Abu Dhabi. (Supplied)
Updated 12 June 2019
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UAE in deal for $100m power plant in Yemen

  • The deal was signed between the Khalifa bin Zayed Al-Nahyan Foundation and Yemen’s Electricity and Energy Ministry
  • Around 2.5 million Yemeni citizens are expected to benefit from the power plant

LONDON: The UAE has signed an agreement to build a $100 million power plant in the southern Yemeni city of Aden, the state-run news agency WAM reported on Wednesday.
The deal was signed between the Khalifa bin Zayed Al-Nahyan Foundation and Yemen’s Electricity and Energy Ministry, it was reported.
Around 2.5 million Yemeni citizens are expected to benefit from the power plant, according to Ahmed Juma Al-Zaabi, minister of the Federal Supreme Council. The plant will have a capacity of about 120 megawatts and be connected to an associated electricity network, he added.
The plant is due to be operational by late 2019, WAM reported.


Singapore luxury apartment sales surge to 11-year high

Updated 20 September 2019

Singapore luxury apartment sales surge to 11-year high

  • Sales of such apartments also exceeded the numbers racked up for each full year from 2011 to 2018, the consultants’ analysis of transaction data shows

SINGAPORE: Sales of Singapore apartments worth at least S$10 million ($7.3 million) have hit an 11-year high, fueled by increased demand from Chinese millionaires seeking safe-haven assets, say property consultants OrangeTee & Tie.

Investors have long viewed Singapore as an island of stability that attracts the super-rich from its less developed Southeast Asian neighbors, as well as multimillionaires from mainland China.

In the first eight months of 2019, 68 condominium units in the wealthy Asian city-state were sold for S$10 million and more, the highest tally since the corresponding period of 2008.

Sales of such apartments also exceeded the numbers racked up for each full year from 2011 to 2018, the consultants’ analysis of transaction data shows.

Some buyers may have sought an alternative to rival financial hub Hong Kong, hit by protests, while others may have shifted funds from China after its yuan currency was devalued in a trade war with the US, an OrangeTee expert said.

“This may explain why we have observed more foreign buyers, especially mainland Chinese, coming into Singapore lately,” said Christine Sun, its head of research and consultancy.

Mainland Chinese are the biggest group of foreign buyers of Singapore luxury homes.

In Singapore’s prime districts, Chinese citizens bought 76 apartments worth more than S$5 million from January to August, versus 75 purchases by Singaporeans, data until Sept. 19 show.

Expensive apartments in premium neighborhoods are mainly bought by foreigners, because at such high prices Singaporeans have the option to buy landed property, such as bungalows and mansions.

Singapore does not allow foreigners to buy landed homes, except for those on the resort island of Sentosa.

“We do see that even though the stamp duties have increased .... we are still seeing people putting big money on these apartments, predominantly it is more for stability than anything else,” said Boon Hoe Leong, chief operating officer of high-end realtor List Sotheby’s International Realty.

He was referring to measures Singapore adopted last year to cool its real estate market, such as hiking additional stamp duties for foreign buyers to 20 percent from 15 percent.

“They are parking their money here — they know that the Sing dollar won’t depreciate overnight,” he added.