The former chief executive of Dubai’s Al Barari property development has struck out on his own to launch a competing development company.
Mohammed bin Zaal, whose father Zaal Mohammed Zaal is the founder and chairman of the 18-million-square foot Al Barari green villa community, has said that his new venture, Koa, will develop residential, commercial and retail spaces “that are regionally unmatched” in terms of their approach to design.
“I’m incredibly excited by what Koa means for real estate in the region,” said Mr bin Zaal.
“I feel that it is the next step in the evolution of property development in Dubai. It’s about the real estate industry catching up with the demands of a new generation of residents, and the long-term vision of the region.”
He has said that his first project will be a building known as “Canvas” containing 70 apartments and co-working spaces that will be built near Mohammed bin Rashid Gardens, off Emirates Road.
It will also house a “gourmet market”, day care facilities, a fitness studio, pool and landscaped areas using indigenous plants.
Sales of studios, one, two and three-bedroom apartments at Canvas are due to get under way in November, and the project has a scheduled completion date of the end of next year.
According to property portal Bayut.com, average rents across Dubai in August fell by 5 per cent month-on-month, and average yields stood at 5.6 per cent. The average rent for a studio dropped by Dh3,000 to Dh54,000, but rents for one-bedroom apartments increased slightly by 1 per cent to Dh93,000. Rents for two-bed apartments dropped by 2 per cent to Dh142,000, and rents for three-bed units fell by 4 per cent to Dh197,000.
mfahy@thenational.ae
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Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
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UAE currency: the story behind the money in your pockets
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
