Q Properties has appointed Abu Dhabi-based Royal Development Company to manage Reem Hills, its recently launched Dh8 billion ($2.1bn) gated community on Reem Island.
RDC, the property management unit of business conglomerate Emirates Stallions Group, will manage the entire project, from planning to implementation, including the design management and supervision of all contractors, ESG said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded.
The first phase of the luxury villa project is due for completion in December 2024, said ESG, itself a subsidiary of Abu Dhabi’s International Holding Company.
The contract highlights RDC’s “continuous growth in these large-scale projects”, ESG chief executive Kayed Khoma said.
Developers in Abu Dhabi have launched a number of new projects to cater to growing demand in the capital.
Earlier this month, Aldar announced the acquisition of 6.2 million square metres of land on Saadiyat Island to develop a Dh15bn mega mixed-use project.
The integrated community will include nearly 2,700 residential units, most of which are villas, and will be home to more than 15,000 people when complete.
Aldar also unveiled its Louvre Abu Dhabi Residences project last month, which offers views of the museum and the Arabian Gulf. It will comprise 400 apartments including studios, one, two and three-bedroom apartments as well as five penthouses.
Reem Hills, which is being developed by Q Properties, will cover an area of 1.8 million square metres and feature a man-made hill, private beach, parks, schools, mosques, a community centre and retail outlets.
The project is expected to offer “the lowest rates for service charges across the majority of real estate projects”, its developer said at the project's launch in March.
“As confidence in the UAE’s property sector builds momentum and shows strong growth, Reem Hills is a timely development to meet increasing demand,” said Majed Odeh, chief executive of Q Holding, the holding company of Q Properties.
UAE mega projects 2022
Abu Dhabi registered real estate transactions worth Dh71.5bn in 2021 as the UAE’s property market continued to rebound from the coronavirus-induced slowdown.
The total number of transactions across sales and mortgage deals stood at 14,958 last year, Abu Dhabi’s Department of Municipalities and Transport said.
Yas Island topped the list of best-performing areas, with Dh4.1bn in deals, followed by Reem Island (Dh3.2bn) and Saadiyat Island (Dh2.5bn).
The market has also recorded growth this year — residential prices increased by 1.5 per cent in the 12 months to March, according to a report by property consultancy CBRE.
Average apartment prices increased 1.6 per cent in the year to March, to Dh10,904 per square metre while average villa prices rose 1.1 per cent to Dh8,850 per square metre.
New supply in Abu Dhabi “remains limited”, with less than 200 new units delivered in the first quarter of 2022, the report said.
A further 9,588 units are scheduled for delivery during the remainder of the year, mostly in Al Raha Beach, Al Maryah Island and Reem Island.
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Titan Sports Academy:
Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps
Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE
Telephone: 971 50 220 0326
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200