Tag Archives: sports
Dubai’s real estate sector gets ‘smarter’
Dubai’s real estate sector gets ‘smarter’ Issac John / 11 February 2014 World Expo will have limited direct effect in 2014 because of restricted short-term activity, says real estate advisory firm. Expo 2020 will have a positive impact on the UAE over the long-term with hospitality, logistics and retail being the major winners, Jones Lang LaSalle, a leading real estate investment and advisory firm, said on Monday. However, the World Expo will have limited direct effect in 2014 because of restricted short-term activity, the real estate advisory firm said while warning that both price expectations and excessive new supply would require careful management leading up to 2020. In its “2014 top trends for UAE real estate” report, Jones Lang LaSalle (JLL) brushed aside concerns that Dubai would experience another bubble with unsustainable price growth in the residential market, increasing cost pressures and return of speculative activity. On the other hand, JLL said there are many differences this time around that makes for a ‘smarter’ market with investors getting more cautious, better regulations, and phased out property development in line with demand. “There is also less reliance on pre-sales and sub-developers and significant levels of new supply are being provided,” JLL noted. The International Monetary Fund has cautioned that Dubai might need to intervene in its property market if there are signs of overheating to prevent another boom-and-bust cycle. “When you see rapid increases in any asset prices then you just need to be prepared to act,” Masood Ahmed, the IMF’s director for the Middle East and North Africa, has said. In its report, JLL said mega projects that were either put on hold, significantly slowed or were not initiated during the financial crisis are a reality again because of growing confidence in the UAE’s market. “The plans are more measured and there is an increased focus on phasing projects over many years in line with end user demand. In Dubai, these master-plan communities include Dubai Canal, Mohammad Bin Rashid City and Dubai Waterfront. In Abu Dhabi, they include Saadiyat Island and Capital District, now known as Zayed City.” JLL predicted more varied approaches to funding real estate. It expects that equity would be a preferred funding approach in 2014 rather than debt. Pre-sales will remain important in the residential market and pre-leases and build-to-suit will be funding many new office projects, it said. “Sale and leasebacks, REITs (real estate investment trust) and IPO’s (initial public offering) and last mile financing will become increasingly popular options for funding as banks remain cautious to enter into new relationships. There may be some further IPO’s and bond issuances in 2014, but these are not expected to be widespread and to be limited to just a few major real estate players,” it said. Overall, JLL expects that 2014 will remain primarily a tenants’ market with little decline in the current excessive vacancy levels in Dubai or Abu Dhabi. However, with pent-up demand increasing from corporates who are now freeing up more capital for expansion of their business, JLL sees an increase in corporate activity in the UAE in 2014. “The current two-tier market is likely to continue, with the best buildings experiencing increased take up and little demand for secondary space. As corporates focus on more innovative workplace solutions, such as hot desking and open floor plans, efficiencies are being achieved that will result in the demand for real estate growing less quickly than employment levels.” JLL also expects more investment sales in the hotel sector across the UAE, as owners now have more realistic expectations and hotels continue to perform strongly. “There remains strong interest from investors in this sector and the willingness of owners to make strategic disposals will allow this interest to be converted into more sales than have been experienced in recent years.” Dubai became the first country to back new international property measurement standards (IPMS) in September 2013, and this should help better regulate the market in 2014, the real estate advisory firm observed. According to JLL, Dubai is growing towards the South with Dubai World Central, which includes the Expo 2020 site and Al Maktoum Airport, driving this trend. There is also a notable trend towards development closer to central Dubai, in filling some of the gaps left by the previous scattered development. “Mohammed Bin Rashid City is a good example of this trend, incorporating many of the components originally envisaged for Dubailand.” — issacjohn@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
Expat parents not spending quality time with children
Expat parents not spending quality time with children Staff Reporter / 10 February 2014 TV and Internet primary culprits followed by daily chores, finds out 999 survey. Parents are spending much less time with their children compared to when they were growing up, according to a survey of more than 1,200 expatriates conducted by 999 magazine. The survey, conducted in January, points out that on average, expatriate parents in the UAE spend just 50 minutes of quality time with their children on a normal working day with a slight improvement on Thursdays (75 minutes). A variety of pressures of modern life — including increased workloads of parents and children, longer commuting time, and a near invasion of the lives by TV and the Internet — is eating into family time, maintain parents. The new poll shows that the UAE’s expatriate families have a little more than 11 hours together in total each week, with weekends the best time for family bonding. Even when families do get together, more than 62 per cent say the quality of time spent is not great as most of it is spent either in front of the TV, doing homework, reading, playing computer games or some other tasks that don’t qualify as quality family time. Experts are warning against the dangers of not spending enough quality time with children, maintaining that family time can be therapeutic and acts as a deterrent to potential serious problems. There are a number of issues that can come up when children receive little parental involvement and guidance, insists Dr Mehvash Ali, a licensed clinical psychologist in the US, who is currently working as Director for the Academic Centre at the American University of Sharjah. These include attention issues, acting out behaviour or conduct disorders, low self-esteem, low academic achievement, lack of religious values, and social problems, she maintains. “In later life, such children are at higher risk of developing mental health issues including mood disorders, anxiety, eating disorders, and substance abuse. They are also more at risk of dropping out of school/college or having lower than expected academic achievement,” explains Dr Ali. According to the survey results, longer working hours in general and longer commuting time are the primary culprits for UAE families spending less time together as a majority of respondents cited these as the number one reason. Television and the Internet are among major reasons why expatriate families don’t spend quality time together, cited by 14 and 11 per cent of respondents, respectively. Household chores were the top reason for eight per cent of respondents while five per cent of the parents said that their children were of an age where they did not want to spend time with their parents. Lt-Colonel Awadh Saleh Al Kindi, Editor-in-Chief of 999, says, “Time spent with family results in fewer bouts of depression as members feel secure in being part of a supportive family. In addition, parental involvement helps parents themselves to de-stress because this provides them with an opportunity to be away from work-related activities.” (With inputs from Wam) news@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
Sharjah Light Festival: Spotlight on heritage
Sharjah Light Festival: Spotlight on heritage 9 February 2014 Nights will glow in Sharjah until February 14 as part of the Sharjah light Festival, changing the city into one of dreams. A symphony of lights, images, sounds and colours change the architectural designs of 12 sites, including five mosques, three of which are located on the East coast. The Sharjah commerce and tourism development authority has been reinventing history and monuments to shed light on the emirate’s rich heritage. The nine-day festival, which had its grand opening on February 6, showcases the Islamic culture and heritage as the emirate celebrates being the “capital of Islamic culture” in the world, says Kt senior photographer M Sajjad. sajjad@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
