UAE announces citizenship for investors, medical doctors, skilled professionals, scientists and tale
The amendment to the law also includes the option to hold dual citizenship Dubai – In a historic move, the UAE on Saturday announced major changes to the citizenship law, to allow for the naturalisation of foreign investors, doctors, scientists, artists and talented people and their families. The decision to give people with exceptional talents […]
UAE sets out legal overhaul of personal and family law
New regulations cover divorce, inheritance and alcohol, as well as tougher punishments for men who harass women and a Good Samaritan law A raft of changes will ensure that UAE laws cater for people of all backgrounds, religions and nationalities. The National The UAE government has embarked on one of the biggest overhauls of the […]
UAE allows 100% ownership of businesses for foreign nationals from December 1, 2020
President signs new Decree that updates 2015 Commercial Companies Law In one of the most consequential changes to the business landscape, UAE now allows foreign nationals to own their companies in full. Dubai: The UAE has scrapped the need to have UAE nationals as sponsors, thus allowing expatriate investors 100 per cent ownership with effect […]
Dubai prime residential secondary market sales volume doubles
Total volume of transactions in the prime residential market stood at Dh7.4 billion compared to Dh5 billion in Q2 2020, an increase of 49 per cent. Prices of prime residential market fell 10 per cent from Dh1,327 to Dh1,194 per square feet. Dubai’s prime residential property market is witnessing strong transaction volumes, especially the secondary […]
Dubai property owners need to clear all service fee dues to rent or sell their units
Rental Disputes Centre to hear cases as property management companies get tough on payment Property owners in Dubai must clear off their service charge dues – and not just for the year-to-date alone. Dubai: Property owners who have fallen behind on service charge payments in Dubai will not be given official clearance to rent or […]
Property developer Meraas to become part of Dubai Holding
Meraas is joining Dubai Holding in a move expected to create synergies and develop a diversified conglomerate with operations in several sectors. The move, which is in accordance with the directives of Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, “is set to combine a complementary suite of services and expertise to […]
Dubai shows double-digit growth in residential sales
Haider Tuaima, head of real estate research at ValuStrat, confirms that a positive buyer sentiment has been observed in the market and this has boosted investor demand. “This is likely due to attractive prices, fewer off-plan launches and delayed project completions. Annually, cash sale volumes of ready homes grew 29.7 per cent and off-plan sales […]
Shroff claims he’s still the developer of Dubai’s Marina 101 project
Indian businessman says he’s ready to complete project, but banks aren’t responding to him Centre, The Marina 101 Tower in Dubai Marina, Dubai. Dubai: Abu Ali Shroff, the founder of Sheffield Holdings Limited, claims he’s still the developer of the Marina 101 tower in Dubai Marina and that banks have not taken over the project, […]
Dubai developer Deyaar announces $416.6m losses
Financial results reveal revenues fell six percent in 2019 compared to previous year Saeed Al Qatami, CEO of Deyaar. Dubai-based developer Deyaar has announced accumulated losses of AED1.53 billion ($416.6m). As a result, the board has recommended capital reduction to offset the amount. Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank […]
Dubai property prices forecast to stabilise in 2020, rebound in 2021
Property Finder research says rate of decline in property prices in Dubai slowed considerably in the second half of 2019 The report said it is likely that prices will stabilise in 2020, before recovering in 2021, as delivery rates of new supply start to fall. The rate of decline in property prices in Dubai slowed […]
