Dubai – Mubasher: Union Properties, a leading property developer in the UAE, announced that it has completes 30% of the second phase of Dubai Autodrome Business Park.

Business Park Phase 2 is set to be delivered on schedule in February 2020, according to a press release.

Foundation work at the 100% pre-booked phase 2 has been completed by 95% with progress in the erection of steel structure at 60%, Union Properties highlighted.

The groundbreaking on the Dubai Autodrome Business Park Phase 2, dedicated to racing teams and other motorsport related businesses, took place in June 2019.

The project’s scope of work will cover the construction of two utility buildings comprising seven units spanning an area of 33,900 square metres situated next to Phase 1, the company indicated.

Ahmad Ibrahim, marking and communication director at Union Properties, commented: “The construction work of Dubai Autodrome Business Park Expansion is on track and we expect to complete 50% of the project within the upcoming month as we commit to delivering it in Q1-2020.”

“Securing a 100% booking of all our units before we begin construction reaffirms our successful strategy in supplying the right product in the market, and we are currently conceptualizing the design of Phase 3,” Ibrahim added.

In proximity to the 5.39-kilometre race circuit at Dubai Autodrome, the Dubai Autodrome Business Park project that records a total investment of AED 25.5 million plans for Motor City Phase 2, Union Properties noted.

For his part, Dubai Autodrome’s general manager Faisal Al Sahlawi said: “We aim to continually support the motorsport industry in the UAE and the region. This project presents equipped facilities designed to serve this niche industry and our expansion efforts are driven by strong market demand and the success of Phase 1 of the Business Park.”

Motorcity is a master development by Union Properties that encompasses six projects; namely Avenue District, Dubai Autodrome, OIA Residence, Uptown MotorCity, Green Community MotorCity, and Business Park MotorCity.

Dubai - Mubasher: Deyaar Development, a leading property developer and real estate service provider in the UAE, on Thursday reported its financial results for the first nine months of 2019.

The Dubai-based developer has recorded a net profit of AED 53 million for the nine-month period ended 30 September of 2019, according to a press release.

The company has generated revenues of AED 483.3 million for the January-September period of 2019, up by 3.6% from AED 466 million in the corresponding period of 2018.

Saeed Al Qatami, CEO of Deyaar, said: “This year has seen Deyaar’s hospitality portfolio well and truly established, with the opening of the Millennium Atria Business Bay and Millennium Al Barsha. These three premium projects will deliver future recurring income.”

“The Afnan District, part of our first integrated urban community, Midtown, is completed, which will mark a momentous occasion as we prepare to welcome residents into this outstanding family-friendly development,” Al Qatami added.

The Afnan District features 659 apartments across seven buildings, ranging from studios through to three-bedroom units, all of which are sold out and getting ready for delivery.

Meanwhile, Dania, the second of Midtown’s six districts, has 579 apartments and is expected to be completed by the end of 2019.

In the first half of 2019, Deyaar had posted a net profit of AED 36.7 million, compared to AED 65.2 million in H1-18.

By: Enas Bahgat

Abu Dhabi – Mubasher: Aldar Properties’ stock, listed on the Abu Dhabi Securities Exchange (ADX), has moved upwardly during Thursday’s trading session following the successful placement of its US dollar-denominated sukuk.

By 12:30 pm UAE time, the stock rose by 1.38% to AED 2.2, its highest level since September 2019.

The stock has seen a trading volume of 8.6 million shares that were exchanged at a turnover of AED 18.86 million through 289 transactions, acquiring 36% of the ADX’s total liquidity.

On Wednesday, Aldar Investment Properties, a wholly-owned subsidiary of Aldar Properties, announced it had raised a nominal amount of $500 million by placing a fixed rate US dollar-denominated sukuk with a tenor of 10 years.

The transaction represents the first 10-year public sukuk issue by an issuer based in Abu Dhabi and has a coupon rate of 3.875%, which is the lowest rate ever achieved by Aldar.

Dubai – Mubasher: Emaar, the Dubai-based property developer, announced that it will launch EMR, a new blockchain-based referral and loyalty platform, by the end of 2019.

The new platform will reward customers of the global real estate firm with tokens for their loyalty and business referrals, according to a press release.

Customers will be able to redeem EMR tokens in Emaar’s real estate, hotels, e-commerce operations, and malls, as well as trade them with other users, Emaar highlighted.

Through the use of blockchain technology on a mobile application, the world’s first-of-its-kind Tokenisation of loyalty points platform will offer customers digital tokens for loyalty and real monetary value through external trading platforms.

Mohamed Alabbar, chairman of Emaar, said: “We didn’t become Emaar by standing still, or by thinking small. By launching the EMR utility token ecosystem, Emaar is expanding the concept of connection. We aren’t just looking into the future — we are building it.”

Hadi Kabalan, director of Tokenisation at Emaar, said: “We have an existing ecosystem and a large customer base, as well as millions of further potential users globally who have yet to discover Emaar.  Our blockchain token platform positions us to grow our user engagement with today’s digital-native, mobile-first generation who expect a fairer internet and want to be part of the conversation.”

The platform, which is built on Quorum, the JPMorgan variant of Ethereum, is are expected to be launched prior to the end of this year, with an early sale of rights having been conducted by Bitcoin Suisse AG and ending in October.

Mubasher: Investment in the global real estate market is showing faster growth than any other region, while outbound investment in properties from the Middle East region has soared by 62% during the first half of 2019, Savills said.

In a high-profile event at the UK Embassy in Egypt, and in association with the Department for International Trade, Savills Middle East, together with Her Britannic Majesty’s Ambassador to Egypt, Sir Geoffrey Adams, hosted Egyptian investors on 16 October.

Steven Morgan, CEO ME of Savills pinpointed, “Middle East investors are increasingly drawn towards global real estate assets as long-term investments.”

He further added, “That interest has translated into a sharp increase in cross-border transactions, particularly into mature global destinations such as Northern Europe and North America, with US$8.9 billion crossing borders in H1 2019 – an increase of 62% compared with H1 2018.”

Real Estate Market in the UK

Followed by Germany, the United Kingdom is considered the most popular country that attracts capital investment; London is traditionally holding the title of the most popular city for global investors, while it is keen on taking advantage of currency exchange rates.

World leading real estate advisor, Savills, noted that GBP 5 million worth of investment into prime central London real estate would effectively have a 40% cost that is less today than five years ago, pre-tax.

Research shared by Savills during the event showed that “London leads the way for cross border investment into real estate. Our research indicates London is the third most resilient city in the world, so while there is undoubtedly some volatility around Brexit, the underlying strength of the UK capital as a global business hub means it will remain a powerhouse.”

It further added, “Average prime central London prices are around 20% lower than five years ago and combined with current dollar-pound exchange rates, Middle East investors are already taking advantage of very favourable terms with a view on the medium to long-term fundamentals of the London market.”

Post-Brexit scenario

Prime London residential property values are forecast to show recovery in a post-Brexit scenario; Savills expects the values to increase by 12.4% over the next five years. The UK’s gross domestic product (GDP) is set to show steady growth, with a 27% rise within ten years between 2019 and 2029, with London being one of the prime beneficiaries, as it is responsible for nearly a quarter of all of the country’s economic output.

Savills’ research also said that “This is only set to increase as major global companies are incentivized to locate in the UK capital, already Google is investing GBP 1 billion into a new King’s Cross HQ which will generate 3,000 jobs by 2020, and Apple is creating another 1,400 jobs to fill its new world-class hub at Battersea Power Station HQ.”

It is worth noting that on 16 October, Savills announced new building and project consultancy services, for the first time, across its Middle East operations.

Mubasher: Companies invest into the real estate market in London, so too are developers, by offering increasingly attractive opportunities, the leading real estate advisor, Savills Middle East, said.

In a high-profile event at the UK Embassy in Egypt, and in association with the Department for International Trade, Savills Middle East, together with Her Britannic Majesty’s Ambassador to Egypt, Sir Geoffrey Adams, hosted Egyptian investors on 16 October.

Savills Middle East presented a research that showed the major trending investment opportunities that can be found in London; these include:

King’s Road Park

Developed by St. William, Berkeley Group, “This multi-phase new development hosts top of the range facilities including two in-house cinemas, 25m swimming pool, gym, spa, and golf simulator.”

Grand Union

Developed by St George PLC, Berkeley Group, “This new canalside residence in Alperton is part of a GBP 13bn regeneration project, set amongst 11 acres of public green spaces including landscaped gardens and waterside walks.  These regeneration facilities will offer local employment hubs and work spaces.”

Battersea Power Station

“This riverside mixed-use regeneration project has transformed an iconic Art Deco masterpiece into a fully functioning, thriving community with a range of apartment and penthouse options, and wellbeing spaces.”

Triptych Bankside

“A transport hub with an enviable location near to Borough Market, Shakespeare’s Globe Theatre and The Shard, this residential scheme is developed by Sons & Co JTRE and is within easy commuting distance to The City of London.”