GULF STATES- ECONOMICS & FINANCE
UAB to offer housing finance solutions to uae nationals
United Arab Bank (UAB) recently signed a memorandum of understanding (MoU) with the Mohammed Bin Rashid Housing Establishment (MBRHE), under which UAB would offer housing finance solutions to UAE nationals who are under the umbrella of Al Yusr program.
Al Yusr program is one of MBRHE’s initiatives aiming to provide financial options for UAE national beneficiaries to obtain MBRHE-owned ready properties via partner banks. The MoU was signed at the MBRHE headquarters by Sheikh Mohamed Al Nuaimi, deputy chief executive officer of UAB and Sami Abdullah Gargash, CEO of the MBRHE. Under this partnership, UAB will offer UAE nationals financing up to 100 per cent of the property’s value, with a tenure of up to 25 years, and attractive profit rates. Additionally, UAB will provide beneficiaries with two Shariah-compliant segments of facilities including, the finance up to Dh750,000 with no interest rates, and a second financing option according to the UAB’s policy for financing and interest rates. The initiative stems from UAB’s keenness on building strategic partnerships with the government sector and enhancing means of mutual cooperation, thus driving the UAE’s sustainable development.
Sheikh Mohamed Al Nuaimi said: “We, at UAB, believe that serving our nation is a joint responsibility between both government and private sectors. This motivates us to work together towards enhancing community responsibility values to promote the quality of life of the UAE nationals. Our partnership with MBRHE is affirming our strong commitment to providing innovative solutions to finance the UAE national houses, in line with the vision and aspirations of our wise leadership that spared no effort to provide UAE nationals with all means of happiness, prosperity and good living.”
Sharjah chamber to organise UAE-Russia forum
The Sharjah Chamber of Commerce & Industry (SCCI) has announced that it will be organising the UAE – Russia Forum from September 3-6, in Russia.
The SCCI delegation will be headed by Abdullah Sultan Al Owais, SCCI’s chairman accompanied by Sheikh Majid Faisal Khalid Al Qasemi, SCCI’s first vice chairman; Jamal Bu Zinjal, head of Media Department, SCCI; Jassim Al-Mutawa, consultant of Relations with the Commonwealth of Independent States; Lamia Abdulrahman Al Jasmi, senior executive of National Industries Development; Sultan Abdullah Al Ali, National Industries Development executive, Sharjah Export Development Center; and representatives from the private sector in the emirate of Sharjah.
The forum aims to explore and showcase the new investment opportunities in both countries, as well as to contribute to enhancing trade exchange and discuss areas of joint cooperation. This comes as part of the SCCI’s role towards serving the business community and enhancing their business and activities, in addition to developing the export of productive facilities in Sharjah.
DED Ajman holds photography workshop
The Department of Economic Development in Ajman recently organised a training workshop for entrepreneurs titled ‘Art of Products Photography’ in cooperation with the National Program for Small and Medium Enterprises and Establishments and the Dubai Entrepreneurship Academy.
The workshop, presented by photographers Khaled Al-Shehhi and Ahmad Al-Zarouni, aims at enhancing the entrepreneurial skills in products photography and selecting their most appropriate means; which contributes to the development of marketing methods for their projects and products.
The workshop included a practical explanation of the modern methods and techniques in the products’ photography. During the workshop, the difference between photography types and requirements of each type were clarified. Moreover, the participants learnt the basics of negotiation and concluding contracts with photographers and photography companies, and the frameworks and aspects to pay attention to during the drafting these contracts. Additionally, improving the skills of photography and publishing through social media platforms and professional methods of images’ evaluation and analysis were demonstrated, especially since social media platforms are currently the key marketing window for entrepreneurs in the state.
Sobha realty announces sales of DH1b
Sobha Realty has announced Dh1 billion in sales in 2019, covering half of its projected target of Dh2 billion, owing to a strong investor uptake for its flagship project Sobha Hartland.
Sobha Hartland is an eight million square feet waterfront community located along the idyllic Dubai Canal, and consists of luxurious apartments, premium villas as well as high-end townhouses, including Sobha Creek Vistas, One Park Avenue, Sobha Hartland Garden Houses, Canal Villas, Gardenia Villas and Forest Villas.
During the course of the year, Sobha Realty sold 800 units, comprising a net area of 614,902 square feet, with Sobha Creek Vistas emerging among the most popular projects within the development, followed by Hartland Greens and Hartland Estate villas. The year to date results mark a 165 per cent increase in sales value over the same period in 2018.
PNC Menon, founder and chairman of Sobha Realty, said: “We are immensely proud of the sales results achieved in 2019. The numbers are testimony to Sobha Hartland’s value proposition of an exclusive sustainable living experience in the heart of the city. The quality and luxurious craftsmanship, coupled with our inherent ability to backward integrate the project lifecycle, enables Sobha to deliver prime real estate that resonates with our local and international buyers, as is evident from this remarkable performance. “The year on year increase in sales revenue and the positive results issued by Dubai Land Department reinforce the bullish outlook for Dubai’s real estate market with the number of transactions across the city registering a 33 per cent growth over the same period last year.”
Dubai takes flight to affordability
Once the mere mention of Dubai conjured up images of some of the world’s most luxurious properties, and projects which only the well-heeled, overtly ambitious and aspirational would call home.
Now, however, the real estate landscape is changing as the city moves to ensure market maturity and sustainability. Dubai’s real estate is moving towards a more balanced mix of homeownership. Responding to demand, the shift towards affordability is changing the development landscape. Apartments are taking the lion’s share of development potential, as they are the more affordable option for residents prepared to invest in the emirate they call home. The Affordable Housing Institute points to the fact that in 2017, of Dubai’s total real estate transactions, 85 per cent were for apartments with demand mostly in the Dh1-2 million price range.
Affordable housing is also leading to a switch in Dubai’s residential fortunes with reverse migration now evident. UAE residents who previously worked in Dubai but lived in other more affordable emirates are now finding their way back. Affordable housing projects have sprung up around the city at Jumeirah Village, Dubai South and Studio City for example, and they have been snapped up.
World energy congress in Abu Dhabi to attract thousands of visitors
Energy output, supply and diversification from oil and gas to renewables and nuclear, transport and finance will be the main focus of discussion at the world biggest energy meeting to be held in the UAE capital next month.
More than 500 CEOs from across the world will among the 4,000 delegates to participate in the 24th World Energy Congress scheduled to take place from September 9-12 at Abu Dhabi National Exhibition Centre (ADNEC). The World Energy Congress, which will be hosted in the Middle East for the first time, is the world’s largest and most influential energy event covering all aspects of the energy agenda. Set to welcome more than 66 ministers and more than 15,000 visitors from around the world, the prestigious congress presents a unique platform for exploring the state of the energy sector in Abu Dhabi, and showcasing the investment opportunities it presents.
An exhibition for energy products and services, taking place across a space of 35,000 square metres, will feature over 200 exhibitors, representing more than 150 countries. The congress will see more than 300 speakers among the thousands of global attendees during the four-day event.
Saudi Arabia’s pharma market to top $10.74b by 2023
The rapid growth of Saudi Arabia’s pharmaceutical market will be placed under the spotlight at the forthcoming CPhI Middle East and Africa event, as the latest industry data reveals the Kingdom’s pharmaceutical market is expected to be valued at $10.74 billion by 2023.
The event, sponsored by the Ministry of Health and Prevention (MoHaP), returns to the Abu Dhabi National Exhibition Centre from September 16-18 and will explore the rapid reform of the country’s healthcare system at both regulatory and service provision levels, in line with Saudi Arabia’s Vision 2030 and the National Transformation Programme. According to the latest IQVIA Market Prognosis – Saudi Arabia report, the kingdom’s pharmaceutical market is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.5 per cent until 2023.
Cara Turner, brand director – Pharma, UBM EMEA, the organisers of the event, said: “Saudi Arabia is one of the largest pharmaceutical markets in the Middle East, and its expansion over recent years can be attributed to a growing population, an increase in non-communicable diseases and strong state support for health services, with major government investment in new hospitals and clinics.”
According to UN figures, Saudi’s population stands at an estimated 34 million, 32 per cent of which are under 14 years and is growing at around two per cet annually. Life expectancy has increased from 69 years in 1990 to over 75 years. Saudi Arabia covers 2.15 million square kilometres and Riyadh and Jeddah are home to 6.5 and four million residents respectively, almost a third of the entire population, creating their own unique healthcare dynamics. This is in sharp contrast to over 12 million Saudis who live in isolated or sparsely populated areas, challenging consistent healthcare delivery.
“Putting that into perspective, geographically Saudi is the 12th largest country in the world, but in terms of population density, it is ranked 209,” said Turner.
IQ fulfillment opens in Dubai
IQ Fulfillment, the Middle East and North Africa (Mena) region’s first robotic fulfillment centre, has opened in Dubai.
Launched by IQ Holding, the centre provides full back-end solutions using the latest in robotics, AI and software platforms to support the supply chain and logistics industry. IQ Fulfillment supports the needs of small and medium enterprises, incubators, accelerators and e-commerce players, enabling them to accelerate their business growth. Using the latest in technology and robotics to integrate seamlessly with clients’ online platforms, IQ Fulfillment delivers fulfillment, storage, package protection and other services.
Fadi Amoudi, founder and chief executive officer of IQ Fulfillment, said: “IQ Fulfillment fills a distinctive niche in the region, especially with the focus of the Mena region to build its e-commerce ecosystem. Today, the UAE is at the forefront in driving digital technologies and in supporting SMEs to achieve transformational growth. This presents a strong growth environment for innovative tech-companies such as ours. We chose the UAE and Dubai for this pioneering initiative due to the strong digital infrastructure present, and the focus of the leadership to drive digital transformation through forward looking technology and innovation. With the city preparing for Expo 2020, we see the opening of IQ Fulfillment as meeting a need in the market to support SMEs and other enterprises to build their digital enterprises in the most cost-effective manner.”
Ensuring end-to-end services, IQ Fulfillment will help address logistical challenges experienced by SMEs such as large number of orders during seasonal peaks, which can lead to bottlenecks during that period. IQ Fulfillment helps address these gaps through their unique service.