Mubadala Real Estate, the property division of Abu Dhabi’s state investment fund Mubadala Investment Company, is in talks with potential joint venture partners to develop future projects, and plans to launch a real estate investment trust (Reit) as it prepares for an expected uptick in the UAE property market from 2019.
"We're in discussions with two or three developers to do joint ventures with them on a plot-by-plot basis," Ali Eid Al Mheiri, executive director of Mubadala Real Estate, said in an interview with The National. "Those talks have yet to be finalised, [but] we should be able to announce them in 2018."
The company would not merge with another developer, he said.
Last month, the UAE’s two biggest developers, Aldar and Emaar Properties, entered into a strategic partnership to develop future schemes in the UAE and beyond. The announcement “sends a good signal to the market that there will be coordination in terms of control of supply”, Mr Al Mheiri said.
The UAE real estate market has witnessed a slowdown due to an oil price slump that has crimped purchasing power and weakened demand. An abundance of new supply despite tough conditions has pushed residential rents down by almost 10 per cent year-on-year in Abu Dhabi and sales prices by around 2 per cent, according to consultancy Asteco.. Prices are expected to continue to decline throughout 2018 before recovering in 2019, according to consultancy Asteco.
Mr Al Mheiri said he sees growing demand for Reits especially while the market is tough. Compared to equity investing in a real estate company, which involves “taking the share price risk of the company, driven by the sentiments of the market”, investing in Reits is more appealing.
“A lot of people would like to invest in real estate assets but can’t afford to buy a portfolio of buildings or even a building. But when you invest in a Reit, you’re investing in the income generated by the assets, the long-term leases,” he explained. “I think people are hungry in the region for investment into Reits.”
Mubadala’s proposed Reit would initially incorporate assets from the half-developed Al Maryah Island, the free zone that houses Abu Dhabi Global Market (ADGM).
“Once we have critical mass – once our [buildings] at Al Maryah are leased at a certain level – we may consider doing a Reit and listing it to the market,” the executive director said, whithout specifying where the listing will take place.
The plans are likely to be implemented within the next two years and the investment vehicle will probably include a combination of residential and commercial properties, he said.
Reits are listed funds that own income-producing commercial real estate and are legally obliged to distribute a proportion of their income, usually 80 or 90 per cent, as dividends to shareholders.
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Read more:
Aldar and Emaar Properties enter into Dh30 billion strategic partnership
Listing of Etihad REIT ‘postponed until next year’
ENBD Reit reports 88% occupancy across Dubai portfolio
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The investment instruments are gaining popularity in the Arabian Gulf as investors seek more liquid real estate assets than standalone buildings. The largest Reit in the UAE, Emirates Reit, which is owned by Dubai-based fund manager Equitativa, has more than $1 billion of real estate assets under management. Alternative investment fund, Abu Dhabi Financial Group, plans to launch its sharia-compliant Etihad Reit in the first half of 2018, subject to regulatory approvals.
Mubadala Real Estate aims to complete 60 per cent of building and infrastructure works at Al Maryah by around the end of 2019. The free zone houses La Galleria Mall, four office towers, the Four Seasons and Rosewood hotels, the Al Maryah Central mall, and two residential towers yet to be be completed. Work is expected to start on the remaining 40 per cent of the mega development in the next 12-24 months once the developer hits 80 per cent of phase-one sales target.
“We’ve seen a great softening in the UAE [property market],” Mr Al Mheiri said. In Abu Dhabi, the consolidations have caused some people to be more cautious in how they spend their income; we have seen people going from bigger to smaller units, and people moving from villas to apartments because the cost of living went up.”
Price softening will continue in 2018 but the market is likely to recover in 2019 subject to greater equilibrium between supply and demand and local economic growth. The office sector is currently 30 per cent oversupplied, he noted.
As well as Al Maryah Island, Mubadala Real Estate is revising the masterplan, unveiled last April, for its Arzanah project, a proposed 1.9 million square metre mixed-use community near Zayed Sports City in the emirate.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
THE DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
Four stars
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
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.
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Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
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Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
COMPANY%20PROFILE
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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
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
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.
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
Heather, the Totality
Matthew Weiner,
Canongate
SNAPSHOT
While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.
Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4
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
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
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
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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