UAE leaders congratulate Georgian President on Independence Day

ABU DHABI, President His Highness Sheikh Khalifa bin Zayed Al Nahyan, sent a congratulatory message to President Salome Zourabichvili of Georgia on her country’s Independence Day.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, sent similar messages to President Zourabichvili, as well as Irakli Garibashvili, Prime Minister of Georgia.

Source: Emirates News Agency

20th Airport Show concludes with focus on flexible technology in post-COVID-19 world

DUBAI, The 20th edition of the Airport Show concluded in Dubai after three days of successful run as key decision-makers from major airports in the Middle East, North Africa and South Asia (MENASA) met reputable exhibitors at the first international event of this nature since the outbreak of COVID-19 and bid goodbye with a renewed sense of optimism and positivity about regaining the lost tempo of growth and expansion.

As the landmark edition of the show took place in the hybrid format — physical and digital format, it also showcased unique solutions and latest technologies that can help the aviation industry overcome the COVID-19 crisis. The show presented a variety of the solutions that were defined by a strong focus on contactless technologies, Artificial Intelligence, biometrics, electronic bag tags and offsite processing. New technologies and clean mobility solutions ensuring hygiene and safety of passengers were also showcased prominently.

The Airport Show reflected the resilience of the important players in the Middle East aviation sector who also demonstrated willingness to adapt to the changing travel pattern and adopt new technologies to come up to the passengers’ expectations in the post-COVID-19 world.

The overwhelming response to the show simply reflected the observation of H.H. Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline and Group.

Soon after opening the show, Sheikh Ahmed said, “The aviation industry has a history of successfully bouncing back from crises and the COVID-19 pandemic is no different. The setback is temporary and it will again be on the tracks of transformation. As in the past, Dubai will in the future continue to lead in the industry’s resurgence through collaborations and cooperation.”

Daniyal Qureshi, Group Exhibition Director at Reed Exhibitions Middle East, which organises the trend-setting trade show, said that the exhibitors had significant meetings with representatives of various organisations from the UAE, other GCC countries as well as from the Middle East region. It was quite encouraging to note people’s zeal to return to normalcy as soon as possible and use the current period to get ready to meet the demand as the situation improves.

He said, “It was challenging to organise the show at such a critical juncture when the aviation industry has just started to show signs of recovery. But several national and international companies as well as regional buyers showed confidence and came in significantly big number considering the travel restrictions around the globe.”

Supported by Dubai Aviation Engineering Projects (DAEP), dnata, Dubai Air Navigation Services (dans), Dubai Police and GAL ANS and sponsored by emaratech, Ground Handling Logistics (GHL), Indra, Honeywell, Hog Technologies and Saab, the three-day exhibition at the Dubai World Trade Centre’s (DWTC) Halls 7 and 8 witnessed the participation of more than 95 exhibitors from 21 countries, 100-plus Hosted Buyers from over 20 countries and 36 exhibitors at five country pavilions by Switzerland, Germany, Italy, France and the UK.

“Everyone who came to the show was outstandingly happy to meet each other again. There were a lot of important conversations during the face-to-face meetings. Business-wise too it was quite encouraging. The exhibitors got good business leads that may soon turn into agreements,” said Qureshi.

Rocco Marcuccio, Managing Advisor of Air Tech Italy (ATI), the leading Trade Association representing Italian companies specialised in supplying products, technologies and services for airports and air-traffic control, said the participating companies were overwhelmed by the response received from regional aviation players during the show, which reflects the region’s eagerness to improve the situation.

“It is quite an interesting time for the aviation sector. The global situation is improving slowly but Middle Eastern countries are showing eagerness to get ready for the future. The show was successful as it brought international players to Dubai who wanted to create synergy with the local and regional players,” he added.

Source: Emirates News Agency

UAE achieves top rankings on global government development indices

DUBAI, The UAE Government has succeeded in advancing its global rankings to be one of the best in government development indices.

Most notably, the UAE ranked first globally on the Absence of Bureaucracy indicator and second on the Adaptability of Government Policy indicator in the IMD World Competitiveness Yearbook, while coming in third on the Government Responsiveness to Change indicator and fourth on the Government Long-term Vision indicator, according to the Global Competitiveness Report issued by the World Economic Forum (WEF).

Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, stated that this distinguished achievement is the product of the futuristic vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan.

He added that the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, enabled the UAE Government to continue its success story, despite the unprecedented circumstances and rapid changes the world witnessed over the past year.

Al Gergawi reiterated the UAE’s proactive mindset, which was reflected in the government’s ability to ensure services continuity by adopting state-of-the-art technological and digital solutions, and shifting smoothly to top-notch remote work and distance learning systems. Such measures guaranteed the continuity of government work and enabled various community members to adapt quickly to the change and overcome the adverse effects of the COVID-19 pandemic.

The Minister highlighted that the UAE government enhanced its global standing by reaching top ranks on several government development indices, monitored by the most credible global reports. He stressed that achieving such progress, despite the difficult challenges caused by the pandemic on governments worldwide, reflects the UAE government’s efficiency, proactivity, and ability to address future challenges, enabled by the UAE’s wise leadership that focuses on sustainable development, agility, flexibility and future readiness.

The UAE government achieved advanced positions on the global competitiveness indices, as it ranked ninth globally in IMD World Competitiveness Yearbook (WCY) 2020, fourth on the 2020 Edelman Trust Barometer, first in 121 of the most important global competitiveness reports, first among Arab countries on 437 indices, while maintaining its leading position among the top ten countries worldwide on 314 indices.

Source: Emirates News Agency

UAE to host inaugural 1000 Miglia Experience 2021

ABU DHABI, The inaugural 1000 Miglia Experience UAE 2021 will take place from December 5th-9th, 2021, for the very first time in the Middle East.

This invitation-only event is open to 100 owners of landmark automobiles, from legendary classics to iconic supercars of the modern era. Over five days, participants will cross all seven Emirates, driving their cars against the clock while enjoying the finest hospitality. Members of the public will have a rare opportunity to see these magnificent machines in the metal, being driven as they are truly meant to be experienced.

This extraordinary gathering will also coincide with the 50th anniversary celebrations of the UAE, which was formally formed on 2nd December, 1971. The staging of the race represents yet another proud achievement for this young nation, which has accomplished global fame as a centre for both business excellence and exotic luxury travel. The central hub for the event will be located in Abu Dhabi, while the race itself unfurling on a belt of tarmac across all seven Emirates of this nation.

A maximum of 100 participants from all over the world will take part in the race, where three classes of vehicles may be accepted: -1000 Miglia Era Class: This exclusive class for cars took part, or completed the entry, in one of the editions held from 1927 to 1957.

-Post 1000 Miglia Era Class: This class includes sports cars, grand touring and supercars built from 1958 to 1971.

-Supercar 1000 Miglia Travelling Collection Class: this class is dedicated to owners of the latest supercars and hypercars and reflect the UAE’s passion and appetite for these ultimate dream machines.

The staging of the race represents the pinnacle of a long-term collaboration between 1000 Miglia and Octanium, culminating in bringing the most famous historic race in the world to a region well known for its deep love of high-octane machinery and beautiful automobiles.

Of particular significance is the Golden Jubilee of the UAE. This unique moment, a celebration of 50 years since the founding of the country, coincides with the ongoing iconic Expo 2020 exhibition which attracts global interest, as well as the final race of the Formula One calendar at Yas Marina circuit in Abu Dhabi on 12th December. In this festive environment, the 1000 Miglia UAE Experience 2021 must count as one of the brightest lights on both the social and media calendars.

The Octanium team boasts more than a century of combined experience in the field of vintage cars, from creating rich retail environments, racing in classic motorsport, to building a complete support infrastructure for owners, in particular, CEO Martin Halder, who has been involved with classic-car related industries for two decades.

The preliminary event route is as follows: -Sunday, 5th December, Leg 1: Abu Dhabi to Dubai.

-Monday, 6th December, Leg 2: Dubai to Jebel Hafeet, Al Ain.

-Tuesday, 7th December, Leg 3: Jebel Hafeet, Al Ain to Fujairah.

-Wednesday, 8th December, Leg 4: Fujairah to Jebel Jais, Ras Al Khaimah.

-Thursday, 9th December, Leg 5: Jebel Jais to UAQ, Ajman, to Abu Dhabi.

Source: Emirates News Agency

April 2021 had 4,832 transactions worth AED 10.98 billion: DLD

DUBAI, Dubai’s real estate market continues to achieve record numbers in the number and value of real estate sales transactions, thus enhancing the emirate’s global position as the preferred, and most attractive and flexible real estate investment destination.

The 14th edition of Mo’asher, Dubai’s official sales price index, launched by Dubai Land Department (DLD), in cooperation with Property Finder shows that 4,832 sales transactions worth AED 10.98 billion were recorded in April 2021, the highest value in four years, specifically since March 2017.

The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012. April 2021 had 4,382 sales transactions worth AED 10.98 billion, 4.2 percent more than March 2021 in terms of volume and 0.6 percent more in terms of value. This brings the year to April total to 16,577 sales transactions worth AED 36.12 billion.

In April, 70 percent of the total transactions were up to AED 2M, while 23 percent were between AED 2M to 5M, four percent were between AED 5M to 10M and 3 percent above AED 10 Million.

In April 2021, 60 percent of sales transactions were for secondary/ready properties and 40percent were for off-plan properties. Apartment sales also accounted for 69 percent of the total, and 31 percent for villa / townhouse sales. When we look at the volume of transactions, the off-plan market transacted 1,934 properties worth AED 3.09 billion and the secondary market transacted 2,898 properties worth AED 7.89 billion.

Comparing this to March 2021, the number of off-plan sales transactions in April increased by 12.9 percent, the highest in 14 months and the secondary/ready property transactions decreased for the first time in 11 months by 0.92percent.

Since the start of the pandemic, we have seen apartment prices decline. This is partially due to more affordable housing coming into the market, more supply of apartments completed and an increase in demand shifting to villa/townhouses.

In the villas/townhouses sector, 18.5 percent of all sales in April 2021 took place in Mohammed bin Rashid City, followed by Dubailand (10.3 percent), Dubai Hills Estate (9.4 percent), Rukan (5 percent) and Town Square(4.9 percent).

Looking at apartments, 8.5 percent of all sales transactions took place in Dubai Marina followed by Jumeirah Village Circle (8.4 percent), Jumeirah Lake Towers (7.6 percent), DownTown Dubai (7.3 percent) and Business Bay (5.4 percent) according to data from Property Finder.

According to proprietary Property finder demand data, the top areas of interest in terms of searches for villas/townhouses in April 2021 were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Mohamed bin Rashid City and Damac Hills. As for apartments for the same period, the top areas of interest were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay and Jumeirah Village Circle.

Overall monthly Index recorded 1.072 and an index price of AED 1,002,667. Apartments monthly Index recorded 1.097 and an index price of AED 912,404. Villas/Townhouses monthly Index recorded 0.992 and an index price of AED 1,768,908.

Source: Emirates News Agency

Abu Dhabi Islamic Bank provides financing to Rasmala Long Income Fund for acquisition of Tesco supermarket in UK

ABU DHABI, Abu Dhabi Islamic Bank (ADIB) has provided structured Islamic financing to Rasmala Long Income Fund to support its acquisition of a supermarket investment in Hattersley, Greater Manchester.

The property, which was constructed in 2012, extends to 100,365 sqft and is leased to Tesco Stores Limited (the UK’s largest supermarket chain) on a 25-year full repairing and insuring lease with 15.8 years remaining (with no tenant break options), at a rent of £1.46m (AED 7.59M) per annum which is subject to 5 yearly index linked upwards only rent reviews.

Paul Maisfield, Head of UK Real Estate at ADIB, said: “We are delighted to have supported Rasmala on their latest transaction. There are clear synergies with our financing product and the objectives of the Long Income Fund to generate income and capital growth by investing in a Sharia compliant manner into a diversified portfolio of real estate assets benefitting from secure income derived from long leases.

“The UK grocery market has demonstrated strong resilience during the pandemic providing a secure investment alternative for our clients looking for long-term income security, particularly at a time when appetite for risk has faded in the face of an economic downturn. We are looking forward to continuing to support Rasmala in the execution of their UK commercial real estate investment strategy”.

Eric Swats, Senior Executive Officer of Rasmala, commented, “Tesco superstore is an excellent addition to Rasmala’s European real estate portfolio, taking our real estate AUMs to over USD 1 billion. We are delighted to partner with ADIB and look forward to working with them on expanding our international real estate portfolio.”

ADIB has strong track record in offering bespoke and competitive Sharia-compliant property financing solutions for its clients having built up a portfolio of financing assets in the UK of over AED 2 billion (£400M) over the last three years.

Rasmala Long Income Fund was established in 2018 and has a diversified portfolio of real estate assets covering the UK, Europe and North America with a current Net Asset Value in excess of $250M. The fund is managed by Rasmala Investment Bank Limited (RIBL) which is regulated by the Dubai Financial Services Authority (DFSA).

Rasmala Long Income Fund was advised by Eversheds and ADIB was advised by CMS Cameron McKenna Nabarro Olswang LLP and Collas Crill.

Source: Emirates News Agency