The largest aquarium in the Middle East, The National Aquarium at Al Qana in Abu Dhabi, is now 70% complete and will open by early 2020. The ten-zone, giant aquarium measuring over 7000 sq. metres will welcome an estimated 1 million visitors per year. The aquarium will form one of the key anchor features at Al Qana, the much-anticipated waterfront destination in the heart of Abu Dhabi. It is being developed by Al Barakah International Investment and is set to fully open by the final quarter of 2020. Home to more than 33,000 marine creatures, responsibly and ethically sourced from…
Author: Kasun Illankoon
Dubai Aerospace Enterprise (DAE) Ltd. today announced its 1H 2019 key strategic and operational highlights for its leasing division, DAE Capital: Strategic and operational highlights: Delivered and committed to deliver over US$1.1 billion in aircraft assets Grew managed assets portfolio to 51 aircraft valued at US$1.3 billion Boosted liquidity by adding a new US$440 million revolving credit facility Increased Unsecured-Debt-To-Total-Debt ratio to nearly 60% Repurchased shares held by EMAAR – now 100% owned by ICD Operational metrics: Owned, managed and committed aircraft in fleet: 357 Customers: 110; Countries: 56 Portfolio utilization: 99.2% New aircraft purchased: 8 Aircraft assets…
Slow economic conditions have resulted in short term price and rental declines in the capital’s residential real estate market. However, according to research from leading international real estate services firm, Chestertons latest Observer: Abu Dhabi Market Report Q2 2019, medium to long term, the new freehold law coupled with the introduction of a 10-year residency visa, are expected to strengthen many areas of the economy, particularly the real estate sector. Short term, price and rental costs have experienced downward corrections across the board, a continuation of the trend experienced in Q1 with average sales prices for apartments and villas…
Signify, the world leader in lighting, and Diamond Developers, the real estate developers of one of the worlds’ first fully sustainable communities, have signed a memorandum of understanding (MoU) as part of their mutual commitment to utilize creative and innovative technologies and solutions designed to promote sustainability. The signing took place at Sustainable City, a Diamond Developers project and the first fully sustainable community of its kind, modeled to become an international showcase for high quality sustainable living. The agreement is a testament to a collaborative approach that seeks to accelerate innovation in sustainable energy and vertical farming. The partnership…
The latest figures released by the Arab-Brazilian Chamber of Commerce (ABCC) revealed sustained robust trade relations between the South American country and Arab markets, with both Brazil’s import and export volumes surging to reach double digits during the first half of 2019. The Brazilian trade balance with Arab countries reached USD 2,390 million during the period. Brazil’s total exports to the Arab countries jumped 15.1 per cent during the first six months of the year to hit the USD 6 billion mark. Around 1,180.22 thousand tons of Brazilian goods amounting to USD 1,080.54 million were exported to the UAE market,…
Emirates Green Building Council (EmiratesGBC), an independent forum aimed at conserving the environment by strengthening and promoting green building practices, has highlighted its strong role in driving the sustainable development narrative globally with its senior leaders elected to key international positions. Saeed Al Abbar, Chairman of EmiratesGBC, has been elected Treasurer of the World Green Building Council’s (WorldGBC) Board of Directors. A highly influential group, the Board is made up of global leaders on green building in the building and construction industry. Further, Khaled Bushnaq, Vice Chairman of EmiratesGBC, has been re-appointed Regional Chair of the WorldGBC Middle East and…
A survey of UAE investors and residents show that the recently implemented UAE Permanent Residency Scheme has created a positive sentiment in the investment community. A random survey of 1,012 respondents indicate that existing investors have more appetite to increase their portfolio, while would-be investors are now more open to start investing. Seventy-nine per cent of UAE investors say that with the launch of the permanent residency scheme (golden card), they will consider expanding their investments in the country, according to a survey conducted by Lootah Real Estate Development, the pioneering real estate development arm of Lootah Holding and…
Dubai Industrial City, one of the largest industrial hubs in the region and a member of TECOM Group, has partnered with Baofeng Grain Mills LLC, part of the Chinese Baofeng Grain & Oil Group, to open the region’s first fresh rice noodle factory. China is one of the UAE’s top trade partners, along with India, USA, and Saudi Arabia. Dubai Industrial City is home to a growing number of Chinese manufacturing and industrial companies, including Lesso Middle East General Trading LLC, China State Construction Engineering Corporation Middle East (CSCME), and CSC Asphalt Manufacturing. The new manufacturing facility is set to…
Live by the longest Venetian-style canal pool in Dubai and enjoy an all-round waterfront lifestyle at the Seashore (Sirdhana by Emaar) residences launched in Mina Rashid, the new Riviera-style coastal destination set in the historic port of Dubai. Following its unveiling in May by Emaar, the developer of icons, and P&O Marinas, a subsidiary of global trade enabler DP World – UAE Region, Mina Rashid has emerged as one of the most sought-after residential developments in the city. Sirdhana, the first phase of residences in the free zone development, received strong investor response from the UAE and international markets. Now,…
More than 200 of the most respected energy experts, pioneers and decision makers from around the globe have now been lined up to lead the discussions at the 24th World Energy Congress in Abu Dhabi. Held from 9th to 12th of September at Abu Dhabi National Exhibition Centre (ADNEC), the event will mark the first time it has taken place in the Middle East. The event will witness an impressive list of Energy and business leaders who will lead discussions and debates on the latest hot topics in the sector. The 24th World Energy Congress will see the presence of high…