The developer behind the planned US$1 billion Al Maryah Central mall in Abu Dhabi is searching for investors to help finance the construction of two towers next to the shopping and entertainment complex.
Gulf Related, a joint venture between Gulf Capital and the US developer Related Companies, has said that it is on the lookout for two institutions or high-net-worth individuals to help fund the high rises, to be built at either end of the 2.3-million-square foot mall.
Speaking at a press tour of the mall, which is expected to open in Autumn 2018, Kevin Ryan, Gulf Related’s chief operating officer and managing director, said it expected in the coming weeks to launch marketing for the two towers, one of 35 storeys and the other of 42.
According to Mr Ryan, the residences at Al Maryah Central will be made up of 234 high-end one, two and three-bedroom apartments in a tower that will include direct walkway access to the new shopping mall and is expected to be completed in 2019.
The second tower, which is expected to be operated by W Hotels, is to include about 360 rooms as well as 3,900 square feet of meeting rooms and a 3,200 square feet ballroom.
Mr Ryan said that he expected to be able to find investors to fund the two projects as well as buyers for the apartments, despite the slowing Abu Dhabi market, because there was a lack of high-quality investment product in the capital.
Last week, the property broker Core Savills said apartment values in Abu Dhabi are set to fall by 7 per cent this year while prime and mid prime villa values could fall by at least 15 per cent as the city continues to feel the effects of the global slump in oil prices.
“Despite a softening in the Abu Dhabi market we are confident that we can find investors to fund the development of these two towers,” Mr Ryan told The National.
“We succeeded in finding a collection of more than 10 high-net-worth and institutional investors to fund the development of Al Maryah Central in this way, which was a lot more complicated, and we think we can fund the towers with the backing of just two investors.”
Mr Ryan declined to say how much he was hoping to raise or how much the new apartments would eventually cost.
In September, Taiwan’s largest listed property developer, Farglory, said it would resume work on its 153,000-square-metre Richard Rogers-designed Maryah Plaza, which it said would be the first major housing development on Al Maryah Island. Farglory had hoped to achieve off-plan prices of Dh3,000 per square foot but had to mothball the project for 18 months while it went through a redesign to make it more affordable to buyers.
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Farasan Boat: 128km Away from Anchorage
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Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
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Call of Duty: Black Ops 6
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Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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Abu Dhabi Sustainability Week
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Name: Almnssa
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Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Squid Game season two
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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