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UAE Economy to Grow by 4.3% in 2024, Central Bank Says

The UAE Central Bank expects the country's economy to grow by 4.3 percent in 2024 and has maintained its growth forecast of 3.9 percent growth for the current year. The banking regulator projects that the non-oil economy will grow by 4.6 percent and oil gross domestic product by 3.5 percent next year, state news agency Wam reported on Monday. It expects non-oil GDP to rise by 4.2 percent and oil GDP...

Q Holding and Egypt’s Ora to Build a Smart City in Abu Dhabi’s Ghantoot

Boating along the Corniche in Abu Dhabi. A number of new building projects have been launched in recent months. Khushnum Bhandari / The National Abu Dhabi investment company Q Holding and Egypt's Ora Real Estate Development Group have signed a partnership agreement to develop a smart and sustainable city in the Ghantoot area of the UAE capital. The mixed-use project will span more than 20 million...

Aldar, MOCCAE launch Real Estate Climate Pledge to support UAE Net Zero strategic initiative

ABU DHABI, 8th March, 2023 (WAM) – Aldar Properties (Aldar) and the Ministry of Climate Change and Environment (MOCCAE) recently co-hosted a real-estate focused National Dialogue for Climate Ambition (NDCA) meeting where 29 real-estate and construction companies from across the UAE signed Aldar and MOCCAE’s Real Estate Climate Pledge (the Pledge) By signing the Pledge, an initiative co-sponsored by...

UAE: ‘Credit Passports’ Make It Easy For New Expats In UAE

New expatriates in the UAE can avail of quick and easy loans and other financial services, thanks to an initiative being billed as a 'credit passport'. The initiative will enable newcomers to leverage their home country's credit history when applying for financial services upon arrival to the UAE. The move is also expected to give a fillip to the retail banking sector. Al Etihad Credit Bureau (AECB)...

Abu Dhabi Property Owners Confident In The Capital’s Real Estate Market, YouGov Study Shows

Of the Abu Dhabi property owners surveyed, 67% said they would consider selling their units this year in return for a good premium Abu Dhabi: The majority of Abu Dhabi homeowners polled (82%) would reinvest in the property market if they sold their current unit in return for a good premium, according to a YouGov survey commissioned by Metropolitan Capital Real Estate (MCRE), a full-service leading...

RAK Properties Reports Dh408 Million Revenues For 2022

RAK Properties PJSC, the largest listed property developer in Ras Al Khaimah, on Sunday reported annual revenue of Dh408 million for 2022. During the year, RAK Properties delivered 207 villas in Marbella, a luxury residential beachfront community on Hayat Island, as well as 266 apartments in Julphar Residence on Abu Dhabi’s Reem Island. In addition, RAK Properties successfully opened the 5 Star...

Abu Dhabi Office Rents Are Rising Amid Higher Employment, Growing Economy

Supply remains limited in UAE capital, while occupancy levels in prime buildings hover at 95%  Abu Dhabi’s strong economic rebound and expansion in employment levels are pushing office rents upwards in the UAE capital, according to a new report.  Leasing rates for office space in three out of the six prime submarkets in the UAE capital registered increases of 3.5% to 12% during 2022, Knight...

All 593 Homes In Key Phase Of Reem Hills Sold Out In Abu Dhabi

New phase boasts five clusters of luxury residential units Q Properties, a unit of UAE-based investment group Q Holding, has has announced that all available homes in its recently-launched phase of Reem Hills, an AED8 billion ($2.2 billion) gated community on Abu Dhabi's Al Reem Island, have been sold out. The new phase offers 593 residential units in all, including villas, twin villas and...

Emaar’s Mohamed Alabbar Announces $3.5bn island Project Off Abu Dhabi Coast

Arabian Business has revealed that Mohamed Alabbar, the Emaar founder and Americana chairman, will launch a new island project called Ramhan Island off the coast of Abu Dhabi. The project will include 1,800 beach villas, 1,000 branded residences, a hotel, and a marina, and will be developed by his privately owned Eagle Hills development company. Alabbar described the island as “natural, raw,...

Abu Dhabi Economy Growth Fastest In Mena At 10.5%

Abu Dhabi has launched a number of initiatives in recent years as it focuses on diversifying its economy away from oil The growth of Abu Dhabi's Gross Domestic Product (GDP) reached 10.5 per cent in the first nine months of 2022, the highest in the Mena region, compared to the same period of 2021, according to Statistics Centre - Abu Dhabi (SCAD). Through the provision of an enabling knowledge-based...

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