Tag Archives: environment
Projects to improve roads in Godolphin and Zabeel areas
Projects to improve roads in Godolphin and Zabeel areas Staff Reporter / 26 January 2014 Directives issued to rename Al Khail First Road as Al Saadah Road. The Al Saada Road extends about 7.5km linking Shaikh Rashid Road and Mohammed bin Rashid Boulevard Road. — Supplied photo Inspired by the nature of the district, Al Khail First Road has been renamed Al Saada Road which means happiness in Arabic. His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has also ordered improvement of two parallel road projects in the Godolphin and Zabeel areas costing about Dh1 billion, according to the Roads and Transport Authority (RTA). The now Al Saada Road extends about 7.5km linking the Shaikh Rashid Road and the Mohammed bin Rashid Boulevard Road and is inspired by the nature of the district which harbours towering facilities including the Executive Council of Dubai, Dubai World Trade Centre, Burj Khalifa, The Dubai Mall in addition to an array of hotels and tourist attractions. Starting from a point nearby the World Trade Centre, Al Saada Road passes by the Dubai Financial Center and stretches up to the downtown Burj Khalifa. “These vital facilities bring welfare and happiness to citizens, residents and tourists alike,” said Mattar Al Tayer, Chairman of the Board and Executive Director of RTA. “This classifies the UAE as one of the happiest countries on earth,” Al Tayer said that the Parallel Roads Improvement Project in Godolphin area would be undertaken in the last quarter of this year. “It requires about 30 months to complete and costs about Dh900 million,” he added. The project comprises construction of several roads, bridges and tunnels to ensure smooth traffic flow on the parallel roads and alleviate congestions in the neighbourhood. “It is considered an extension to Al Asayel Road and Al Saada Road aimed to support the existing roads in the Business Bay district improve the traffic services and provide entry and exit options for the area stretching along the Shaikh Zayed and Al Khail Roads besides linking with the surrounding communities such as Al Qouz, Zabeel and Jumeirah,” continued Al Tayer. The eastern Parallel Roads Project at Zabeel will be an extension of the Al Asayel Road and will cost about Dh100 million. Work on the project is set to start as early as February 2014 and will continue for 210 days. “The project links the Business Bay district with the existing Oud Metha Road through the underpasses of the Financial Centre Road and Zabeel 2 Road. This new road extends 3km and comprises three lanes in each direction,” said Al Tayer. “In future it will be linked with the Shaikh Rashid bin Saeed crossing through a bridge passing over Oud Metha Road to link Bur Dubai with The Lagoons, Al Warqaa, Nad Al Hammar and the International City. The project works include ceramic cladding and lighting of the underpasses of the Financial Centre Road and Zabeel Road,” he added. news@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
Dubai real estate brokers earn Dh1.8b in commission
Dubai real estate brokers earn Dh1.8b in commission Staff Report / 26 January 2014 Total real estate sales for 2013 accounted for Dh93.2 billion Buoyant property sector helped earned Dubai real estate brokers Dh1.8 billion in commission last year, the Dubai Land Department (DLD) revealed in a statement on Saturday. The figure encompasses the amount of commission earned by property brokers registered in the Real Estate Regulatory Agency (Rera), DLD’s regulatory arm, with the sum representing two per cent of the total value of recorded deals. “We have seen these high commissions because of the increased activity in the real estate market and in other economic sectors across Dubai,” said Yousif Al Hashimi, deputy chief executive officer of Rera. “The impressive figure is mainly due to the optimistic atmosphere among investors, particularly over the past few months period ….. that saw many regulatory initiatives launched by DLD and also witnessed Dubai’s winning bid to host Expo 2020,” he added. A recent report issued by DLD revealed that the total real estate sales for 2013 reached Dh93.2 billion, with transactions comprising all sales operations, such as selling usufruct, registering deferred sales and registering land addition by sale. The figure was calculated from the recorded buying and selling of different types of real estate units, including apartments, hotels and commercial offices in freehold areas. “We are keen to follow the highest standards of quality in order to guarantee the rights of all dealers in the market, as well as ensuring the implementation of transactions in an easy, smooth and accurate way,” said Al Hashimi. “We are able to achieve this by tracking all activities through our comprehensive database, which records all real estate activities across the emirate,” he added. Al Hashimi reiterated that no individual or company is permitted to work in real estate brokerage unless they are officially registered with Rera, pursuant to Regulation No 85 issued in 2006. This mandatory requirement identifies the names of individuals and companies engaged in property brokerage and records the rights and responsibilities of all stakeholders in the market. This stipulation, he said, is essential to ensure maximum transparency and competitiveness within Dubai’s property sector, as well contributing significantly to DLD’s efforts to be the first choice global real estate environment for attracting investment. — abdulbasit@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
Dubai is third most dynamic city in the world
Dubai is third most dynamic city in the world Staff Reporter / 23 January 2014 The new City Momentum Index released by Jones Lang LaSalle names San Francisco, London and Dubai as the three most vibrant cities. Not just steady GDP growth but a soaring real estate industry and the halo of Expo 2020 have combined to catapult Dubai to third place in the list of the world’s most dynamic cities compiled by Jones Lang LaSalle. The new City Momentum Index released by the realtor names San Francisco, London and Dubai as the three most vibrant cities, displaying strong short-term socio-economic and commercial real estate momentum as well as longer-term foundations for success. Chinese cities Shanghai and Wuhan complete the group of the top five. Describing the yardsticks for the index, Jeremy Kelly, LaSalle’s director for global research, said highly dynamic cities are characterised by their speed of innovation and creation of cutting-edge businesses. New building construction, property price movement and investment in real estate from cross-border investors and corporations are the other factors. Dubai is also among the eight elite cities that together accounted for one-fourth of the world’s direct commercial real estate investment activity in 2012-2013 and wield “clear economic might on the global stage”. The other seven are San Francisco, London, New York, Hong Kong, Singapore, Los Angeles and Tokyo. The index also clubs Dubai, which will host World Expo 2020, with Tokyo, that will stage the Olympics the same year, calling them resurgent cities gearing up for their respective events with renewed vigour. However, there’s a note of caution as well. Investors and corporates should note that high momentum poses both opportunity and risk. The index assesses 111 cities, basing the score on 34 short-term and longer-term variables. The remaining cities in the Global Top 20 are New York, Austin, Hong Kong, San Jose, Singapore, Shenzhen, Jakarta, Beijing, Chengdu, Los Angeles, Tianjin, Boston, Seattle, Tokyo and Lima. news@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
