Daily Archives: July 7, 2018

Local Press: UAE road safety standards are gradually improving

ABU DHABI, In an editorial on Saturday, the Gulf News said that the latest statistics on traffic fatalities from the emirate of Sharjah provide enough encouragement for all concerned with improving road and driving standards across the UAE.

“According to Sharjah Police’s traffic department, road fatalities have dropped by a third during the first six months of this year, compared to the same period in 2017. Last year, 61 people lost their lives on Sharjah’s road up to the end of June, and so far this year, there have been 41 road deaths.

“Sharjah Police cite not paying attention to other road users, negligence, lack of attention and speeding as the reasons for the fatalities, but attributes the 34 percent decline in deaths to better traffic safety awareness. The decrease in the number of accidents certainly seems to reinforce this change in attitude, with 277 road traffic accidents in the first six months of 2018, compared with 461 over the same time last year,” the English language daily added.

It went on to say that across the UAE, great efforts have been made to ensure that drivers are better trained before they get behind the wheel of any vehicle.

“Governments across the UAE too are investing heavily in better roads and infrastructure on our highways to make road travel as safe as it can be. Radars and heavy fines have certainly played their part too in changing drivers’ attitudes, and it is now socially unacceptable to speed or drive recklessly, putting other road users at risk. Law enforcement too has actively brought about an improvement, with more patrols on UAE roads providing a boost to overall traffic flows,” the paper continued.

The Dubai-based daily concluded, “Certainly, the hard work is paying off, but we can still do better. That’s a responsibility that rests with every motorist, every time she or he gets behind the wheel.”

Source: Emirates News Agency

Dubai real estate transactions reach AED111 billion in 2018

DUBAI, Dubai Land Department (DLD) has revealed that real estate transactions in the emirate for the first half of 2018 reached AED111 billion, reaffirming Dubai market’s attractiveness and ability to compete with global investment destinations. The strengths portrayed by Dubai’s real estate investments underscore the leadership’s mandate to ease business processes and procedures.

According to a report issued by DLD’s Department of Real Estates Studies and Research, 2018 recorded a total of 27,642 transactions, 18,191 sales worth about AED40 billion, 7,668 mortgage transactions worth over AED57.6 billion, and 1,783 other transactions valued at AED13.4 billion.

Commenting on the announcement, Sultan Butti bin Mejren, Director-General of Dubai Land Department, said, “The strategic decisions launched by the Government are in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, and have had a significant impact on sustainable growth and on strengthening the competitiveness of the national economy. Granting investors a UAE residency visa for up to ten years and reducing government fees included in previous initiatives will be of the most important incentives for economic growth in the Emirate, as they will have a positive impact on reducing business costs and will support Dubai’s position as one of the best investment destinations in the world.”

“We were also quick to adapt and align ourselves with these decisions; the four percent penalty that property owners were incurred for failing to register their developments within 60 days has been waived. This underpins the Government’s efforts to provide the best possible services to investors and developers alike,” he added.

Regarding the size of the investments, the report revealed that during 2018, the Dubai real estate market recorded 19,371 investments through 15,659 investors, totalling AED37 billion. UAE nationals topped the list with 2,986 investments worth AED6.8 billion, while Indian nationals ranked second with investments that amounted to AED5.9 billion through 3,218 investments followed by Saudi Arabians whose investments were worth almost AED3.7 billion through 1,415 investments. The list of top 10 investors by nationality also included Dubai residents from Britain, Pakistan, China, Egypt, Jordan and France, respectively.

The report revealed as well that the total volume of GCC nationals’ investments in Dubai’s real estate exceeded AED11.6 billion through 4,919 transactions made by 3,700 investors, while 2,094 investors from 16 Arab countries concluded 2,561 transactions worth more than AED4.115 billion. 2018 also saw 9,935 foreign investments from 143 nationalities making more than 11,889 transactions with a total value exceeding AED21 billion.

The value of properties registered by female investors, as recorded by DLD, reached AED9 billion through 5,526 transactions.

“If we were to identify the reason behind the strengthening real estate market, it would be the level of maturity it has reached to maintain its sustainable growth. Expo 2020 is close at hand, and developers in the market are expressing interest in aligning with the directives of the wise leadership to turn Dubai into a global pioneer and an attractive investment hub in support of Dubai Strategic Plan 2021,” Bin Mejren concluded.

Source: Emirates News Agency

Dubai real estate transactions reach AED111 billion in 2018

DUBAI, Dubai Land Department (DLD) has revealed that real estate transactions in the emirate for the first half of 2018 reached AED111 billion, reaffirming Dubai market’s attractiveness and ability to compete with global investment destinations. The strengths portrayed by Dubai’s real estate investments underscore the leadership’s mandate to ease business processes and procedures.

According to a report issued by DLD’s Department of Real Estates Studies and Research, 2018 recorded a total of 27,642 transactions, 18,191 sales worth about AED40 billion, 7,668 mortgage transactions worth over AED57.6 billion, and 1,783 other transactions valued at AED13.4 billion.

Commenting on the announcement, Sultan Butti bin Mejren, Director-General of Dubai Land Department, said, “The strategic decisions launched by the Government are in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, and have had a significant impact on sustainable growth and on strengthening the competitiveness of the national economy. Granting investors a UAE residency visa for up to ten years and reducing government fees included in previous initiatives will be of the most important incentives for economic growth in the Emirate, as they will have a positive impact on reducing business costs and will support Dubai’s position as one of the best investment destinations in the world.”

“We were also quick to adapt and align ourselves with these decisions; the four percent penalty that property owners were incurred for failing to register their developments within 60 days has been waived. This underpins the Government’s efforts to provide the best possible services to investors and developers alike,” he added.

Regarding the size of the investments, the report revealed that during 2018, the Dubai real estate market recorded 19,371 investments through 15,659 investors, totalling AED37 billion. UAE nationals topped the list with 2,986 investments worth AED6.8 billion, while Indian nationals ranked second with investments that amounted to AED5.9 billion through 3,218 investments followed by Saudi Arabians whose investments were worth almost AED3.7 billion through 1,415 investments. The list of top 10 investors by nationality also included Dubai residents from Britain, Pakistan, China, Egypt, Jordan and France, respectively.

The report revealed as well that the total volume of GCC nationals’ investments in Dubai’s real estate exceeded AED11.6 billion through 4,919 transactions made by 3,700 investors, while 2,094 investors from 16 Arab countries concluded 2,561 transactions worth more than AED4.115 billion. 2018 also saw 9,935 foreign investments from 143 nationalities making more than 11,889 transactions with a total value exceeding AED21 billion.

The value of properties registered by female investors, as recorded by DLD, reached AED9 billion through 5,526 transactions.

“If we were to identify the reason behind the strengthening real estate market, it would be the level of maturity it has reached to maintain its sustainable growth. Expo 2020 is close at hand, and developers in the market are expressing interest in aligning with the directives of the wise leadership to turn Dubai into a global pioneer and an attractive investment hub in support of Dubai Strategic Plan 2021,” Bin Mejren concluded.

Source: Emirates News Agency

DEWA awards over AED11 billion of electricity transmission contracts

DUBAI, The Dubai Electricity and Water Authority (DEWA) has awarded the contract for the construction of electricity transmission projects, worth AED1.05 billion, including a 400/132kV substations, two 132/11 kV substations, and 75km of 132kV ground cables. This is part of DEWA’s efforts to support and upgrade the capacity and efficiency of electricity transmission networks.

Commenting on the announcement, DEWA Managing Director and CEO, Saeed Mohammed Al Tayer, said, “We work to achieve the vision of our wise leadership and to implement the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, in line with DEWA’s vision to become a sustainable innovative world-class utility. DEWA’s necessary investments total AED81 billion over the next five years.

“In 2017, 21 400kV substations were completed, with 1,150km of ground cables. We aim to support and upgrade the capacity and efficiency of the transmission networks by providing a distinctive infrastructure and service facilities, to meet the sustainable development needs of Dubai, and provide electricity and water services according to the highest standards of availability, reliability and efficiency.”

He went on to say that DEWA seeks to support and raise the capacity and efficiency of transmission networks to meet the growing demand for energy and all the needs of sustainable development in the Emirate of Dubai.

There are currently 252 132/11kV substations, with 16 inaugurated in 2018, Al Tayer continued, adding that the authority is currently working to build 85 stations over the next three years at a total value of AED9 billion, and six 400/132kV substations worth AED2.4 billion.

“We consider the highest standards in quality and safety when building substations and we adopt the latest technologies, to serve Dubai’s ambitious urban and economic plans,” the DEWA Managing Director concluded.

Source: Emirates News Agency