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Dubai/UAE News
UAE cabinet approves 3 year multiple entry visa for property Investors    

Responding to a long standing demand from Investors, Developers and Real Estate players, UAE cabinet has taken the bold move to allow Investors in Real Estate Property to get 3 year Multiple-Entry Visit Visa, without the need to exit the country within the 3 years.

Further details are awaited but this has energized the Real estate Sector significantly at a time when UAE/Dubai has started demonstrating good economic progress in other sectors as well.

 
DUBAI PROPERTY MARKET – FOREIGN INVESTORS ARE POSITIVE

Dubai’s real estate is now offering investors greater value for money.

Overseas investors are showing renewed interest in Dubai’s property sector, giving a further fillip to the recovery hopes of the Emirate’s Real Estate Market.

The Foreign Investment Office of Dubai Economic Department states that more than 80 per cent of investors are planning to maintain or increase their investment in Dubai.

According to property watchers, although some delays are likely, it has been said that no major cancellations are expected to happen to the projects targeted for completion.

Analysts feel despite current market challenges, Dubai continues to offer attractive mid to long-term investment opportunities with well-laid infrastructure, an investor-friendly business environment and well-structured real estate laws.

 

RERA AUDITS 70% OF REALTY PROJECTS

   

The Real Estate Regulatory Agency (RERA), the regulatory arm of the Dubai Land Department, said it has completed receipt of financial statements for 70 per cent of real estate projects registered at RERA. This was achieved by creating a new auditing system that is being implemented for the first time in the Middle East, and is complaint with the best international accounting standards and auditing practices for real estate projects.

With the beginning of every year, RERA started receiving audited financial statements for the year ended December 31, 2010.

This new system aims to confirm the accuracy of monitoring environments in real estate development companies, as well as evaluate the risks involved in their projects, the efficiency of the company’s operational systems and the accuracy of the financial data for sold off-plan projects.

In addition, the system aims to confirm real estate developers’ commitment to relevant real estate laws and regulations.

As per the Head of the Escrow account section, most real estate developers are committed to submitting their financial reports to RERA and the agency has received reports for 70 percent of the registered real estate projects. RERA believes in the importance of these reports as a highly professional monitoring and supervision tool that keeps them informed and aware of all developments in real occurring in escrow accounts. The new auditing and evaluating system for registered real estate projects in Dubai marks a major step in enhancing market confidence and transparency.

 

 

DUBAI ISLAMIC BANK (DIB) - PROFIT HITS DH 806M AS ASSET RISE 7%

 

 

Dubai Islamic Bank, the largest Islamic bank in the UAE, have released that its net profit for the last financial year 2010 stood at Dh806 million.

Core business growth continues to be strong with net operating income nearly Dh1.9 billion, adding its total assets growth by 7 percent during the year to nearly Dh 90 billion with customer deposits remaining stable at Dh63.4 billion.

 

 

FIRST LOAN SECURED UNDER DUBAI GOVERNEMNT REAL ESTATE PLAN

   
The first loan secured by a Dubai Developer under new Dubai government scheme aimed at encouraging investments in Emirates Real Estate Sector.

According to Dubai Land department, Al Manal Development had successfully secured an Aed.65m loan from Mashreq Bank to finance its Lakeside Residence Project. The department also informed that the loan was the first to be secured under the Tayseer Real Estate Programme, launched by Land Department last year.

 

WORLD’S TALLEST HOTEL TO OPEN 2012 – DUBAI

   
365-metre high Marriott Marquis Hotel slated to open in 2012

Dubai, which is home to the world’s tallest building and the largest shopping mall, is now set for another attraction which is the world’s tallest hotel and has targeted to open in mid-to-late 2012.

Spread across two iconic towers, the 1,614-room JW Marriott Marquis Hotel Dubai is set to become one of the region’s most desirable destinations.

This property is owned by Emirates Group with an investment of around Dh2 billion in the property.

JW Marriott Marquis Hotel will encompass two iconic towers and will feature an enticing array of 13 distinctive restaurants, bars and lounges; a luxurious Saray spa; 4015 square metres of conference and event space including two ballrooms and 22 breakout rooms; exclusive executive floors and six presidential suites.

 

DEWA INKS DH 1B PROJECTS

   
The Dubai Electricity and Water Authority (DEWA), recently signed five new contracts worth Dh1 billion for power and water projects.

The new projects will support the Dubai’s utility’s infrastructure and also boost the efficiency of grids and networks to meet the growth and demand for its services.

The first contract includes the construction of Al Ghafat Reservoirs Phase 1&2 with capacity of 120 Million Imperial Gallons (MIG) and at a total cost of Dh285 million.

The second contract was signed with APINA, Spain, to set up and construct an inlet air chilling for Gas Turbines at “L” Station, Phase I at Jebel Ali.

As for the third contract, it includes 132 KV cable laying works at a cost of Dh100 million and at a total length of 230 km.

The fourth contract was made with Siemens LLC. It includes the supply, installation, testing, commissioning of five nos. series reactor stations at generating stations with 400KV OHL, at a cost upto Dh 372 million.

 

INTERNATIONAL CERAMIC CITY IN DUBAI - REGIONAL TRADING HUB

   
A new trading hub that specializes in building materials will open in Dubai’s Jebel Ali this year with primary focus by the promoters being ceramics.

The International Ceramic City (ICC) will have investments of $120 million (Dh440.4 million) and take up a built-up area of around 400,000 square feet. Al Rashid Investments, which has interests in real estate and consumer goods distribution, owns the concept.

Besides the cost of the core-and-shell building, the majority of the remaining cost is in interiors, and ceramics, in particular, accounts for a large percentage of this cost. ICC realized that there does not exist a single destination which facilitates this trade. ICC will act as a permanent international destination for international manufacturers and brands.

 

WORLD’S 1ST ALL-ELECTRIC ZERO EMISSIONS BUS TO RUN IN ABU DHABI

   
Commercial vehicles Middle East 2011 will see UAE-based Liberty Automobiles and US-based Design Line revealing details of their plans to manufacture the world’s first all-electric, zero emissions bus in Abu Dhabi. The companies have signed a Dh110 million joint venture deal to build a 100,000 square-foot plant, due to open later this year. The factory will create 300 jobs and produce up to 300 hybrid and all-electric buses per year, with first-year revenues expected to top Dh290 million. The revolutionary all-electric bus will also be on show at the Liberty stand. In the long run such technology must come to reduce the impact on our environment  

DTCM SHOWCASES DUBAI’S TOURISM

   
The Department of Tourism and Commerce Marketing (DTCM, Government of Dubai, has participated at the International Tourism Bourse (ITB) 2011 being held in Berlin, with 87 co-participants in a double-decker stand spanning 528 square metres. This is Dubai’s 22nd consecutive participation at the global event that attracts more than 180,000 visitors, among these 108,000 trade visitors, and over 10,000 exhibitors from 180 countries. Germany is a very important tourism source market for Dubai. As many as 281,483 German tourists stayed in Dubai’s hotel establishments, including 247,562 in the emirate’s luxury hotels and 33,921 stayed in hotel apartments. Dubai, the one of the largest tourism markets in the world, has positioned itself as a successful all-year-round destination. The increasing number of visitors from all over the world and, in particular, from Germany has underlined Dubai’s efforts to become the world’s leading tourism destination.  
     
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