Aldar, Abu Dhabi biggest listed real-estate company, on Monday unveiled a Dh10 billion master plan for a new mixed-use project called Alghadeer located close to the Dubai border.
The 3-million-square-metre scheme is an extension of the company's existing Alghadeer neighbourhood near the Kizad Free Zone, Dubai’s Al Maktoum International Airport and the Expo 2020 site. The project will be Aldar’s first foray into a residential price bracket “even more affordable” than what the Abu Dhabi developer has tapped recently in response to a three-year oil slump that has tightened budgets and pushed-down property prices.
“We promised the market [two years ago] we would focus on affordable housing and saw some niche pockets of opportunity including our Water’s Edge and The Bridges schemes – for which there has been strong demand and we will continue to develop them,” Talal Al Dhiyebi, chief executive of Aldar, told reporters in Abu Dhabi.
“However, we also saw opportunities in an even more affordable sector. There has definitely been a softening [of prices] at the premium end and it is our duty to satisfy the market’s needs."
Aldar has priced units at Alghadeer “aggressively” in response to market conditions, he said, with prices for maisonettes – two storey homes where each floor is leased as an individual apartment – starting from Dh290,000 and townhouses from Dh899,900. A handful of detached villas will be priced between Dh1.4 million and Dh1.6m each. The first phase of 611 homes will be marketed off-plan at this week’s Cityscape Global exhibition in Abu Dhabi and is scheduled for completion in 2021. A construction tender is expected to be issued in October.
Average apartment and villa rents in Abu Dhabi declined by 10 per cent and 7 per cent year-on-year last year as the impact of low oil prices caused a slowdown in the UAE property market, while apartment and villa sales prices declined 10 per cent and 4 per cent, according to consultancy Asteco's fourth quarter 2017 market update.
Rents are forecast to drop by 4 to 7 per cent this year – a slower pace than last year as market sentiment improves on the back of stabilising oil prices and increased government spending, broker Core Savills said in a report earlier this month.
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Read more:
Abu Dhabi rental declines to slow in 2018, says Core Savills
Aldar fourth quarter profits fall 80 per cent on asset management charge
Aldar and Emaar shares climb after Dh30bn strategic alliance
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Aldar, which reported an 80 per cent drop in fourth quarter 2017 profits on a one-time charge related to its asset management business, last month entered into a strategic partnership with Emaar Properties, Dubai's biggest listed real-estate developer, to develop certain schemes. Mr Al Dhiyebi said Aldar was “open to collaboration” with Emaar wherever there was mutual benefit, but that there were currently no talks ongoing with Emaar to jointly develop Alghadeer.
Aldar will fund the scheme through a combination of internal reserves and bank financing, but the chief executive would not reveal the planned debt-to-equity ratio.
“The vast majority of the scheme will be financed through proceeds from sales,” he said. The developer is required to finance at least least 20 per cent of each phase before construction begins – Dh200m each in this case – under UAE real-estate laws.
Aldar does not issue bonds to support project financing, but it intends to refinance a non-project specific US$750m (Dh2.75bn) sukuk due to expire later this year, Mr Al Dhiyebi added.
Aldar said its existing Alghadeer community is 90 per cent occupied and comprises 2,130 completed homes first brought to market in 2014. The broader masterplan comprises a further 14,408 units – 1.3 million square metres of built-up residential space in total – including 449 villas, 2,174 townhouses and 11,784 maisonettes, delivered over a period of 15 years across three or four phases.
The second phase of 682 homes will start around six months after the completion of the first phase, subject to progress on sales, with the total investment value of those two phases reaching around Dh1.2bn, Mr Al Dhiyebi said.
The project sits close to the border of Abu Dhabi and Dubai within Aldar’s Seih Al Sdeirah landbank. As well as residential units, the master plan contains office space, retail space, hotels, schools and community amenities including a neighbourhood farm called Harvest with leasable allotments for growing fruit and vegetables, a dining outlet called The Hub, and a training and workshop facility called The Studio. There are also an equestrian centre, running tracks, swimming pools and gardens.
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Company%20Profile
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Company%20Profile
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
UAE currency: the story behind the money in your pockets
Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
Match info:
Portugal 1
Ronaldo (4')
Morocco 0
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
Zayed Sustainability Prize
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
BRAZIL%20SQUAD
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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
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
COMPANY%20PROFILE
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Company%20Profile
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Essentials
The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.
Palestine and Israel - live updates
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Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
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The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
