Dubai Property News
Is a new property law set to be introduced?
New legislation has been proposed that will give Dubai property investors greater levels of protection.According to the Real Estate Investment Management and Promotion Centre of the Dubai Land Department (DLD), the Tanweer law has been set up and is now ready to be officially sanctioned, the National reports.The organisation said that legal experts had given feedback on the draft regulations last year.Head of the centre Majida Ali Rashed told the news provider the law – which protects the rights of real estate investors and aims to create more transparency across the sector – is the first of its kind in the world.”The [DLD] will issue in the coming period a fully integrated law that will protect the rights of real estate investors through a comprehensive framework based on transparency and clarity of the contractual relationship between the developers and the investors,” she was quoted as saying.Experts have welcomed the impending introduction of the law and stated that more information would be made available once it is officially put in place.Alexis Waller, partner at the legal firm Clyde & Co, said anything that enhances confidence in the city's property sector is to be welcomed and the rules have been set up in a way that balances the interests of both developers and investors.Several recent studies have highlighted the growing demand for property in the UAE and it is generally accepted that the government's proactive approach to stimulating investment activity in the country is one of the main reasons for its popularity.Earlier this month, Global Investment House's GCC Real Estate Quarterly report showed the UAE and Saudi Arabian property markets are still leading the way in the Middle East.The research indicated that Dubai landlords were able to hike their rents by ten per cent in the first quarter of 2013, while the hospitality and commercial property sectors also performed extremely well during the three-month period.With new legal safeguards in the pipeline as well, it is easy to see why Dubai is one of the most sought after investment hotspots on the planet at the moment. The First Group can find you some excellent properties in Dubai Continue reading
Dubai to stage F1 test events?
The state-of-the-art Dubai Autodrome could be set to host Formula 1 (F1) test races, it has been suggested.A meeting took place in Montreal earlier this month, where teams agreed to extend the in-season testing process.Although there has been no decision as to which venues will stage these trial races, there is a distinct possibility that Dubai will be a popular choice among F1 bosses.The Autodrome certainly ticks all the boxes, as a number of current drivers are familiar with the track.Indeed, Romain Grosjean, Jean Eric Vergne, Pastor Maldonado, Sergio Perez and Nico Hulkenberg have all taken a car around the course in the past, while Kamui Kobayashi holds the track's lap time record.The Japanese driver set the fastest time ever seen at the track – one minute and 41 seconds – during the GP2 Asia race in 2008.FIA (Federation Internationale de l'Automobile) F1 race director Charlie Whiting visited the site earlier this year and confirmed it was still worthy of its FIA Grade 1 Circuit License – allowing it to hold fully-fledged F1 testing events.General manager at Dubai Autodrome Richard Birch told the facility's Track Talk news website: “Of course we would welcome the opportunity to host F1 testing at our venue. We have the facilities and Dubai has all the infrastructure required for a week of testing.”At this stage it is merely talk and speculation as the final decision is not in our hands or even been made as far as we know.”Dubai is steadily building itself a strong reputation for hosting major sporting events and securing the rights to stage F1 testing would be a big coup.The emirate is renowned for being a glamorous playground for the rich and famous, which makes it a perfect destination for the extremely lucrative motor racing industry.Neighbouring city Abu Dhabi is set to host an F1 grand prix at its impressive Yas Marina track in November 2013. Continue reading
RTA could bring Dubai Metro expansion forward
Leaders at Dubai's Roads and Transport Authority (RTA) have confirmed that plans to expand the city's Metro network could be brought forward if the emirate's bid for the World Expo in 2020 is successful.The organisation is hoping to complete an AED 5 billion (£866 million) upgrade of the Red Line, but the project could be fast-tracked if the high-profile international event is staged in Dubai.Organisers of the city's bid have outlined potential sites to host the conference and it is likely to end up next to Dubai World Central Airport. If the showpiece is awarded to the sheikhdom, the RTA will be under pressure to provide Metro links between the airport and the rest of the region.Mattar Mohammad Al Tayer, chairman of the board and executive director of the RTA, said plans to expand the Red Line out towards the airport have been in place for some time, Gulf News reports.”As soon as the bid results are out and if we win – which we will Inshallah (God willing), we start the planning and development of the project,” he was quoted as saying.Dubai World Central has only been used to transport cargo to date, but the aviation facility is scheduled to launch passenger flights in October 2013.Conveniently, organisers of the World Expo 2020 are expected to announce the host city just one month later.Mr Al Tayer said the new-look Metro servive will also cover Jebel Ali, which is close to the Expo site, thus enabling even more people to travel to the venue.”We have already floated the tenders for the next stage of Etihad Rail's development. The entire project is expected to be completed by 2017, and that will bring additional traffic to the area,” he added.Earlier this week, the Bureau International des Expositions scrutinised each Expo 2020 bidder and confirmed that Dubai has moved on to the next stage of the process. Thailand's Ayutthaya has withdrawn from the competition, leaving just four contenders, including Izmir in Turkey, Sao Paulo in Brazil, Yekaterinburg in Russia and Dubai. Continue reading
