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Mixed-Use Sharjah Project Handed Over to Alef with 819 Residences

May 1, 2024

Alef Group, the leading real estate developer in Sharjah, has announced the handover of 819 residential units to clients at the Al Mamsha Souks zone. Issa Ataya, CEO of Alef Group, expressed his pride in achieving this milestone, stating, “This accomplishment signifies a pivotal moment in the evolution of our community. It demonstrates the exceptional growth and development of both Al Mamsha and the Sharjah emirate. Our commitment to quality continues to benefit our customers and residents.” Read this also : Dubai’s Real Estate Projects Launched Every 18 Hours in Q1 2024 Ataya also highlighted the importance of Al Mamsha in Muwaileh, describing it as a lively center for both residents and businesses. The unique development has revitalized the area, enhancing the community with diverse offerings. Al Mamsha Souks offers a selection of one-, two-, and three-bedroom apartments. These residences are thoughtfully designed and outfitted to cater to the specific needs of their occupants while prioritizing aesthetic appeal. Read this also : Get Your Car Damage Certificate Online After Heavy Rains in Ajman Situated in the heart of New Sharjah, Al Mamsha Sharjah provides residents with an unparalleled lifestyle. The development showcases local talent and entrepreneurship, transforming the area into a modern destination for individuals of all ages. Drawing inspiration from the historic souks of Sharjah, Al Mamsha Souks combines sustainable design with shaded pedestrian pathways that seamlessly integrate with buildings. This approach ensures privacy, comfort, and safety for residents and visitors alike. Read this also : Waldorf Astoria Residences Dubai Downtown: The First Standalone Residence Outside the United States Al Mamsha Souks, also known as Al Mamsha Sharjah Zone 1, features 33 buildings, a retail center, and a variety of amenities such as children’s play areas and more. The mixed-use development serves as the centerpiece of the Al Mamsha project, offering a vibrant atmosphere reminiscent of traditional souks. It is rich in culture and heritage, evoking the charm and freshness of a bygone era. Residents can enjoy amenities such as parks, playgrounds, landscaped gardens, swimming pools, and fitness centers, enhancing their overall experience within the community.

Dubai’s Real Estate Projects Launched Every 18 Hours in Q1 2024

April 30, 2024

During the first quarter of 2024, Dubai has witnessed a surge in property development projects, with both local and international developers launching new projects at a remarkable pace—averaging more than one per day. According to preliminary data from Cavendish Maxwell’s Property Monitor, nearly thirty new off-plan projects were launched in March 2024, adding approximately 10,000 units to the market that month. “These projects now bring the total number of launches in the first quarter of 2024 to an astonishing 34,000 units across 120 projects—averaging a new launch every 18 hours,” stated Zhann Jochinke, director of marketing and research at Cavendish Maxwell. Read this also : Get Your Car Damage Certificate Online After Heavy Rains in Ajman “The substantial growth in the off-plan market is expected to persist, given the significant pipeline of projects currently in the planning phase, which includes more than 100 additional developments across existing master communities,” Jochinke noted in the monthly report. The surge in new projects is fueled by Dubai’s high demand for real estate, driven by investor confidence in the market and competitive pricing that remains lower than most major global cities. Major Projects in Dubai Among the significant projects introduced this year are the Dh55 billion Heights Country Club and Dh41 billion Grand Club Resort by Emaar Properties, the Dh2.4 billion Diamondz and Dh3 billion Bayz101 by Danube Properties, the Dh700 million tower in Jebel Ali by Deyaar Development, and the Dh22 billion Arabian Hills Estate by Aqua Properties. These developments highlight the extensive contributions of both local and international developers. Read This also : Waldorf Astoria Residences Dubai Downtown: The First Standalone Residence Outside the United States Sales Records Property Monitor reported a surge in sales transaction volumes, which rose by 14.7% in March to reach 13,664 transactions—setting a new record for March and marking the second-highest monthly sales volume ever. Residential transactions, including apartments, townhouses, and villas, comprised 92% of sales, totaling 12,565 transactions. Additionally, Dubai saw 7,768 off-plan Oqood transactions in March, representing a significant 21.7% increase from the previous month and a 3.3% increase in market share to 56.9%—the highest recorded since 2009. Challenges for New Developers “The abundance of projects and the accompanying choices may present challenges for developers due to intense competition, heightened buyer expectations, and greater scrutiny of investment options,” Jochinke explained. Read this also : Over 120 Wealthiest Families Call DIFC Home: 206 Centi-Millionaires & 15 Billionaires Reside in Dubai’s Financial Hub He advised that established and larger developers are best positioned to benefit across most price points, while niche developers focusing on luxury and ultra-luxury segments may also find strength with a focus on target markets. Newer entrants may struggle to differentiate themselves and may need to revert to traditional terms favoring buyers, such as incentives, post-handover payment plans, and developer-paid DLD transfer fees.

Get Your Car Damage Certificate Online After Heavy Rains in Ajman

April 30, 2024

If your car sustained damage during the recent heavy rain in Ajman, you can now apply for a ‘To Whom It May Concern’ certificate online to help process your motor insurance claim. Remember to take clear photos of the damage before utilizing the online service. On Wednesday, April 15, Ajman Police announced that residents could easily complete an application form on the official Ajman Police website www.ajmanpolice.gov.ae or through their mobile app, which is compatible with both Apple and Android devices. Read this also : Waldorf Astoria Residences Dubai Downtown: The First Standalone Residence Outside the United States How to Apply for a ‘To Whom It May Concern’ Certificate Online in Ajman To obtain a Vehicle Destruction Certificate from Ajman Police, follow these steps: Visit the official Ajman Police website at ajmanpolice.gov.ae. Navigate to the ‘Services’ section on the menu tab and locate the ‘To Whom It May Concern’ service. Click on the ‘Start Service’ button. Choose ‘Vehicle Destruction Certificate’ as the type of certificate you need. Enter your Emirates ID, email address, and mobile number. Provide the location and date of the incident involving your vehicle. Describe the damage and attach photos of the damaged vehicle. After completing the application, click ‘Submit’ for Ajman Police to review. Read this also : Saudi Arabia’s Diriyah Company Unveils Zallal in Bujairi District The processing time for the certificate is two working days, and it will be sent to your registered email address. If your vehicle was damaged in Dubai or Sharjah, you must apply for a ‘To Whom It May Concern’ certificate from the respective police authority in that emirate.

Waldorf Astoria Residences Dubai Downtown: The First Standalone Residence Outside the United States

April 30, 2024

Hilton and NABNI Developments have announced plans for Waldorf Astoria Residences Dubai Downtown, set to be completed by 2028. This development will be the first standalone Waldorf Astoria residential address outside the United States and will be located in the iconic Downtown Dubai district. The prestigious partnership marks a new era of luxury living in the heart of Dubai, redefining opulence in the Middle East. The project represents a major milestone for NABNI Developments, a prominent real estate developer known for creating some of Dubai’s most desirable residential and commercial properties. Read this also : Over 120 Wealthiest Families Call DIFC Home: 206 Centi-Millionaires & 15 Billionaires Reside in Dubai’s Financial Hub A Landmark Partnership for Luxury Living A signing ceremony celebrated the official partnership, attended by Abdulrahman Alsuwaidi, Chairman of NABNI Developments, Badr Alsuwaidi, CEO of NABNI Developments, and Daniel Wakeling, Hilton’s Vice-President of Development for Luxury and Residential in Europe and Africa. Abdulrahman Alsuwaidi emphasized NABNI Developments’ commitment to delivering high-end living experiences that elevate the luxury branded residences segment in the UAE. The Waldorf Astoria Residences project aims to set new standards for sophistication and personalized services in luxury living. Read this also : Saudi Arabia’s Diriyah Company Unveils Zallal in Bujairi District Architecture and Design The residences will be developed on a 1.5-acre (65,000-square-foot) site in Downtown Dubai, combining the luxury of a Waldorf Astoria-managed experience with interior design from renowned firm Hirsch Bedner Associates and world-class architecture by Carlos Ott Architects. Badr Alsuwaidi, CEO of NABNI Developments, expressed pride in bringing the Waldorf Astoria Residences to the Middle East, particularly Dubai. The partnership with Hilton aims to create a landmark that redefines modern luxury for those who appreciate timeless elegance. Read this also : Dubai’s Ultra-Luxury Real Estate Set to Soar with HNWI Surge Hilton’s Commitment to Luxury Dino Michael, Hilton’s Senior Vice-President and Global Head of Luxury Brands, highlighted the project’s significance in strengthening Hilton’s presence in the EMEA market. The collaboration reflects Hilton’s dedication to providing exceptional luxury experiences and confidence in the region’s growth potential. NABNI Developments’ aspirational expansion plans align with the creation of premium luxury homes. The developer is dedicated to preserving the refined essence of Waldorf Astoria and introducing its cozy and charming ambiance to Dubai’s luxury real estate market. Read this also : Emaar Properties Announces Dh4.4 Billion Dividend at Annual General Meeting Nearby Attractions and Amenities Waldorf Astoria Residences Dubai Downtown is just steps away from the Burj Khalifa and Dubai Mall. Residents will enjoy access to the city’s iconic attractions, luxury shopping, fine dining, and unique offerings. In addition to exclusive services and over a century of world-class hospitality, residents will receive special benefits such as elite Hilton Honors status and more. Conclusion The Waldorf Astoria Residences Dubai Downtown project brings together NABNI Developments’ expertise and Hilton’s renowned hospitality brand. The collaboration will create an innovative, luxury landmark that reimagines modern elegance and sophistication in the heart of Dubai.

Over 120 Wealthiest Families Call DIFC Home: 206 Centi-Millionaires & 15 Billionaires Reside in Dubai’s Financial Hub

April 30, 2024

The Dubai International Financial Centre (DIFC) serves as a global hub for many of the world’s wealthiest families and individuals. This international center is nestled among the top 22 wealthiest cities worldwide and is home to over 120 affluent families and individuals, with a combined net worth surpassing $1 trillion. The 2023 World’s Wealthiest Cities Report reveals that Dubai houses over 68,500 high-net-worth individuals (HNWIs) with at least $1 million in liquid assets, 206 centi-millionaires with a net worth of at least $100 million, and 15 billionaires within its population. Read this also : Saudi Arabia’s Diriyah Company Unveils Zallal in Bujairi District Dubai Family Businesses Thrive in DIFC With a workforce of over 41,500 and more than 5,500 registered companies, DIFC stands as the deepest financial center between London and Singapore. The center’s consistent 20-year growth culminated in a record-breaking 2023, further solidifying its position as a magnet for wealth in Dubai. To assist family businesses with their growth and succession planning in Dubai and beyond, DIFC established the world’s first Family Wealth Center last year. The center recently hosted its first anniversary luncheon, celebrating its achievements and the impact it has had in just one year. Esteemed guests included Essa Kazim, DIFC Governor, Arif Amiri, DIFC Authority CEO, and Minister of Economy Abdullah bin Touq Al Marri. Read this also : Qatar Ministry of Justice Drafts New Real Estate Registration Regulations Prominent Figures Highlight DIFC’s Success Minister Al Marri stated, “The UAE is the preferred destination for business and investment in the GCC and MENA regions. The UAE aims to establish itself as the regional hub for family businesses. Dubai offers unmatched opportunities and resources for family wealth growth and preservation.” Kazim emphasized DIFC’s rapid rise to becoming a premier destination for family businesses worldwide. He credited the center’s success to its nurturing of enduring legacies and empowerment of families for generations. Read this also : A Dh1 Billion Project Unveiled in Dubai’s Production City by Samana Amiri highlighted DIFC’s role as a global family wealth hub due to its commitment to fostering a growth ecosystem for the broader financial sector. This includes transparency, regulation, and knowledge-building. DIFC’s offerings have attracted 230 banks, including 27 of the top 29 globally systemic banks, and more than 350 reputable wealth and asset management firms. Growth in Family Wealth Management DIFC has seen increased interest in family wealth management, with over 440 registered foundations and more than 600 active entities connected to prominent family companies and individuals. In 2023, the center reported an 81% increase in single-family offices and a 12% increase in holding companies. This growth aligns with the center’s commitment to regulatory transparency and family confidentiality. To support this expansion, DIFC has launched “Prosperity Across Generations: Unlocking the Power of DIFC for Families.” This guide provides families with information on estate planning, wealth management, succession, and governance in Dubai and DIFC. Read this also : Sheikh Mohammed Approves Design Plans for New Passenger Terminal at Al Maktoum International Airport Regulatory Advancements and New Opportunities In 2023, DIFC replaced the Single Family Office (SFO) Regulations with the DIFC Family Arrangements Regulations. This shift aligns with the UAE’s aim to help family businesses maximize their economic contributions. The new regulations offer families a private registry option for enhanced privacy and confidentiality. Family businesses in DIFC benefit from certification under the UAE Family Business Law, which provides benefits and incentives. The establishment of DIFC Family Wealth Center in 2023 offers families customized solutions for governance, succession planning, asset allocation, philanthropy, and Sharia compliance. Additionally, the center’s collaboration with the Innovation Hub helps future generations stay at the forefront of technological advancements. Read this also : Dubai’s Ultra-Luxury Real Estate Set to Soar with HNWI Surge Family businesses in DIFC enjoy an internationally recognized legal system based on English common law and access to a variety of structures and regimes. The center’s cosmopolitan community provides networking opportunities, educational programs, and experiential events. Partnerships and Economic Contributions DIFC Family Wealth Centre recently signed a Memorandum of Understanding with STEP Arabia to support family businesses’ pursuit of multigenerational success and enhance advisors’ capabilities. Family businesses account for 60% of the UAE’s GDP, 80% of its workforce, and 90% of its private companies. As a social mechanism for wealth distribution, the DIFC Family Wealth Centre plays a pivotal role in supporting the local economy.

Saudi Arabia’s Diriyah Company Unveils Zallal in Bujairi District

April 29, 2024

Diriyah Company has announced its inaugural commercial office and retail project, Zallal, which is set to open in the Bujairi District during the first half of 2025. Read this also : Qatar Ministry of Justice Drafts New Real Estate Registration Regulations Upon completion, the development will encompass 12 mixed-use retail and dining establishments spanning 8,000 square meters, alongside two low-rise office buildings offering a combined leasable area of approximately 6,000 square meters. Zallal is situated adjacent to the prominent Bujairi Terrace and near the recently unveiled Diriyah Art Futures and the forthcoming Bab Samhan Hotel. The property provides a dynamic environment for both visitors and tenants. Read this also : A Dh1 Billion Project Unveiled in Dubai’s Production City by Samana Group CEO Jerry Inzerillo of Diriyah Company stated, “The enthusiastic response to Zallal from the business sector has been remarkable. We are currently in advanced discussions with international and local firms keen to leverage the prime location in the heart of Diriyah and the variety of retail, dining, and office spaces available.” Read this also : Sheikh Mohammed Approves Design Plans for New Passenger Terminal at Al Maktoum International Airport An underground parking facility with 1,400 spaces will be available at Zallal for guests and staff. This ensures convenient access to Wadi Hanifah, Al Imam Abdulaziz bin Muhammad ibn Saud Road, and public transportation options. Visitors can expect a seamless experience with pedestrian-friendly areas and dedicated coach drop-off points.

Qatar Ministry of Justice Drafts New Real Estate Registration Regulations

April 29, 2024

The Ministry of Justice (MoJ) is working on executive decisions and regulations for Law No. (5) of 2024, which governs real estate registration in Qatar. This initiative aims to implement the new law’s provisions and modernize the legal and service system in line with the directives of the Qatari leadership. Read this also : A Dh1 Billion Project Unveiled in Dubai’s Production City by Samana Saeed Abdullah Al Suwaidi, Assistant Undersecretary for Real Estate Registration and Documentation Affairs at MoJ, emphasized that this effort is part of the ministry’s commitment to enhance the standard of services provided by government authorities. It includes a push towards digital transformation and streamlining of transactions for citizens and residents. Read this also : Sheikh Mohammed Approves Design Plans for New Passenger Terminal at Al Maktoum International Airport The new law introduces several innovative provisions for real estate registration, offering robust protections for ownership rights and private investments. These legal guarantees represent a significant step forward for the real estate industry in Qatar, ensuring transparency and reducing disputes. Clients will soon have the ability to conduct real estate transactions online via the SAK mobile app, streamlining processes and enhancing convenience. Noting judicial decisions on the real estate page upon issuance will help combat fraud and improve transaction clarity. Read this also : Dubai’s Ultra-Luxury Real Estate Set to Soar with HNWI Surge A dedicated register at the Real Estate Registration Department will record registration applications and requests for documents and certificates in the order they are submitted. The law provides clear rules for registration measures and signature authentication, ensuring accuracy and reliability. The new law, comprising 55 articles, brings substantial changes to real estate registration procedures, replacing legislation in place for the last 60 years. It determines whether to approve or reject applications for registering unregistered properties and establishes procedures for updating registry data. These changes are designed to accommodate societal and state development while ensuring flexibility. Read this also : Emaar Properties Announces Dh4.4 Billion Dividend at Annual General Meeting Under the law, all transactions affecting ownership rights or other real estate interests will be registered, as will the documents supporting those rights. The law also aims to streamline procedures for the benefit of private citizens and corporate entities. The Ministry of Justice’s efforts are focused on safeguarding the rights of citizens and clients in the local real estate industry, aligning with the objectives of QNV 2030 and the third Qatar National Development Strategy 2024–2030.