Tag Archives: arabic
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
World Expo 2020 bid and new market status buoy UAE economy
UAE presentation in Paris wins appreciation; Nation is awarded emerging market status Paris and Dubai: Wednesday was a red letter day for the UAE, marking a milestone in the nation’s march to economic progress and prosperity on the international stage. In Paris, the UAE ramped up its bid for World Expo 2020 with an impressive presentation. Dubai is competing against Turkey’s Izmir, Brazil’s Sao Paulo and Russia’s Yekaterinburg following the disqualification of Thailand’s Ayutthaya. The UAE also announced a €150 million (Dh726 million) aid package to support the developing countries’ participation at the Expo 2020 on Wednesday, in addition to the €100 million Partnership Fund to support innovative ideas for creating opportunities, mobility and sustainability as part of Dubai’s bid. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, was present at the presentation at the General Assembly of the Bureau of International Expositions (BIE). Shaikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Shaikh Abdullah Bin Zayed Al Nahyan, Minister for Foreign Affairs, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority and Chairman of the UAE Higher Committee for Expo 2020, Reem Al Hashemi, UAE Minister of State and Managing Director of the Higher Committee for Expo 2020 bid, and senior officials were present. In the presentation by Princess Haya Bint Al Hussain, wife of Shaikh Mohammad Bin Rashid, the UAE announced a key initiative, Expo Live, which includes funds to ensure greater participation and aid innovation. BIE officials were full of praise for Dubai’s presentation. “It’s impressive and Dubai is a very strong contender,” Ferdinand Nagy, President of BIE, told Gulf News. Vicente Gonzalez Loscertales, Secretary General of the BIE, is keen to see that the Arab world gets its fair share of exposure in the international exposition. “The UAE’s bid is excellent,” he told Gulf News. The final decision will be made at the next general assembly in Paris in November. In New York, the UAE was awarded the coveted emerging market status and inclusion in the MSCI Emerging Market Index. Both the UAE and Qatar were upgraded in a move that could see in infusion of $800 million in local markets, according to estimates from HSBC in London. UAE shares rose on Wednesday as the Abu Dhabi Securities General Index advanced the most since 2009. Dubai also ended in positive territory and Qatar’s benchmark QE Index surged to its highest level in almost five years. Continue reading
