UAE In-Focus — Aldar buys hotel and two islands; Dubai takes step to boost real estate market

In February and March, Aldar acquired Rixos Bab Al-Bahr resort and Al-Hamra mall in Ras Al-Khaimah for 410 million dirhams and 770 million dirhams, respectively.
In February and March, Aldar acquired Rixos Bab Al-Bahr resort and Al-Hamra mall in Ras Al-Khaimah for 410 million dirhams and 770 million dirhams, respectively.
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Updated 05 July 2022

UAE In-Focus — Aldar buys hotel and two islands; Dubai takes step to boost real estate market

UAE In-Focus — Aldar buys hotel and two islands; Dubai takes step to boost real estate market

DUBAI: Aldar Properties, an Abu Dhabi developer, acquired two islands for residential development and the Nurai Island Resort hotel. 

The purchase came after acquiring land on Saadiyat island worth 3.7 billion dirhams ($1 billion) to build 2,700 units with a gross development value of 15 billion dirhams, according to MEED.

In addition, Aldar plans to renovate and expand the hotel. The two new islands purchased in Abu Dhabi will be used to build high-end luxury beachfront villas.

Along with the hotel, Nurai island includes water and estate villas owned by third parties.

In February and March, Aldar acquired Rixos Bab Al-Bahr resort and Al-Hamra mall in Ras Al-Khaimah for 410 million dirhams and 770 million dirhams, respectively.

Rental check payments

Emirates NBD, a leading bank in the the Middle East North Africa and Turkey region, and Dubai Land Department have partnered to boost and strengthen the UAE’s real estate market, according to a statement

Rental check payments will soon be automated and digitized through use of the Direct Debit System of the Central Bank of the UAE to support the rental market.

By eliminating the administrative activities required to manage post-dated checks manually, this collaboration aligns with Dubai’s vision of paperless payment ecosystems as well as the Dubai 10X initiative, the statement added.

In addition, tenants will be able to pay their rent using their bank account rather than issuing checks. In addition, their landlords or property management companies will be able to offer them flexible payment plans.

The Emirates NBD offers non-resident savings accounts that will facilitate investor purchases in Dubai and allow them to manage their property and collect rent conveniently.

A dedicated relationship management team will support overseas investors through the account opening process, the statement concluded.


Qatar sees 12-fold jump in surplus on energy profit

Qatar sees 12-fold jump in surplus on energy profit
(Getty)
Updated 19 August 2022

Qatar sees 12-fold jump in surplus on energy profit

Qatar sees 12-fold jump in surplus on energy profit

RIYADH: Qatar witnessed a 12-fold jump in its budget surplus to 47.3 billion riyals ($12.8 billion) in the first half of 2022, compared to 4 billion riyals in the same period last year, driven by soaring energy revenues.

Oil and gas revenue surged 58 percent to 150.7 billion riyals during the period, recompensating the increased government spending on wages and salaries, Bloomberg reported citing data.

Qatar revenues are mainly generated by long-term contracts to supply liquefied natural gas, typically tied to the price of oil. 

The Gulf country is benefiting from Europe’s interest in diversifying its gas supply away from Russia in the long-term. Qatar tries to tie up buyers for new LNG contracts for very long period, Bloomberg said.

The International Monetary Fund projected the country’s economy will grow 5.4 percent this year and generate a surplus equivalent to about $45 billion. 

Qatar is preparing to host this year’s soccer World Cup.

The World Cup organizers have said they’re anticipating a $17 billion boost to the country from hosting the soccer tournament.


Abu Dhabi eyes double money through Miami Hotel record selling price

Abu Dhabi eyes double money through Miami Hotel record selling price
(Shutterstock)
Updated 19 August 2022

Abu Dhabi eyes double money through Miami Hotel record selling price

Abu Dhabi eyes double money through Miami Hotel record selling price

RIYADH: Abu Dhabi sovereign wealth fund is exploring the sale of the Miami Beach Edition Hotel in which the property could fetch more than $580 million, as it is seeking to more than double its money.

This deal would mark a record on a price-per-room basis for the Miami market, Bloomberg reported citing people familiar with the matter.

Abu Dhabi Investment Authority, also known as ADIA, acquired the Edition for $230 million in 2015 from Marriott International. 

The hotel has 294 rooms and suites including oceanfront bungalows, and restaurants designed by Jean-Georges Vongerichten, according to its website.

ADIA is working on exploring the interest of potential buyers with an adviser, one of the people said, asking to be anonymous. ADIA spokesman declined to comment to Bloomberg. 


Saudi Arabia, Uzbekistan sign agreement in the energy field

Saudi Arabia, Uzbekistan sign agreement in the energy field
Updated 19 August 2022

Saudi Arabia, Uzbekistan sign agreement in the energy field

Saudi Arabia, Uzbekistan sign agreement in the energy field

JEDDAH: Saudi Arabia’s Ministry of Energy signed a memorandum of understanding with its Uzbek counterpart on August 18, to develop cooperation and exchange information and experiences between both countries, in the energy field, Saudi Press Agency reported.

This comes on the second day of the Saudi-Uzbek Business Council in Jeddah, that was held on the sidelines of the visit of the Uzbek President Shavkat Mirziyoyev to the Kingdom.

This deal covers the areas of petroleum, gas, electricity, renewable energy, energy efficiency, petrochemicals, and hydrogen.

It also includes the circular carbon economy and its technologies with the aim of limiting the effects of climate change, such as carbon capture, reuse, transport and storage.

Saudi Arabia and Uzbekistan have already signed over 10 investment agreements, worth over SR45 billion ($12 billion), on Wednesday, covering different sectors.


IsDB, Uzbekistan strengthen cooperation

IsDB, Uzbekistan strengthen cooperation
Updated 19 August 2022

IsDB, Uzbekistan strengthen cooperation

IsDB, Uzbekistan strengthen cooperation

JEDDAH: Islamic Development Bank President Mohammed Al-Jasser met with Uzbekistan President Shavkat Mirziyoyev on August 18 to discuss strengthening cooperation between both parties, Saudi Press Agency reported.

A letter of intent was signed during the meeting to provide a framework for facilitating cooperation, promoting rapid processing and approval of projects and operations that are part of the work program of the IsDB Group for Uzbekistan in 2022.

The meeting comes on the second day of the Uzbek President's visit to the Kingdom.

Mirziyoyev stressed that his government has implemented comprehensive reforms with the aim of improving the business and investment environment, enhancing regional cooperation, improving the agricultural sector, and promoting innovation and entrepreneurship to reach the goal of achieving dignity for all people by 2026.

Both parties reviewed views on the National Development Strategy of Uzbekistan 2026, and agreed on the need to align the bank's country strategy with the national document, a task that will be worked on as a priority, according to Al-Jasser.

The two sides also emphasized the need to facilitate the joining of more co-financiers to participate in financing larger projects.


Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 
Updated 19 August 2022

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

RIYADH: Standard Chartered Bank appointed on Friday Ayesha Abbas as Head of Consumer, Private and Business Banking in the UAE. 

Abbas will be responsible for executing the bank’s strategy and building the business in the retail banking business across the UAE, a statement showed.

She will also focus on growing the Bank’s digital offering, wealth management and affluent proposition in addition to strengthening client relationships. 

Abbas has over two decades of experience spanning wealth management, priority and consumer banking. 

She joined Standard Chartered in February 2019 serving as General Manager, Head of Priority and Premium Banking and Branch Network in the UAE, also covering Pakistan, Oman and key African markets. 

Prior to joining Standard Chartered, Abbas spent 18 years at HSBC, the statement said.