Day: November 21, 2022

DUBAI, Arada has unveiled its first project in Dubai with the launch of “Jouri Hills” at Jumeirah Golf Estates, a villa collection in the heart of one of the Emirate’s most-sought-after residential and leisure communities.

The latest phase in the 40 million square foot Jumeirah Golf Estates master plan, Jouri Hills contains 294 high-end homes located close to two world-class golf courses. Construction on Jouri Hills will start in 2023, with the first homes scheduled to be handed over by June 2025.

With a range of units from three-bedroom town-houses to six-bedroom mansions, homes at Jouri Hills at Jumeirah Golf Estates all feature contemporary architecture designed to make the most of natural light, with floor-to-ceiling windows and double-height spaces, as well as smart home solutions.

Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said, “This move into the high-demand Dubai property market cements Arada’s reputation as the region’s fastest-growing master developer. The latest phase at Jumeirah Golf Estates, Jouri Hills is our chance to showcase to a new range of buyers the exceptional quality and design for which Arada communities have become well-known. In addition, Jouri Hills represents just the start of our journey in Dubai, and we continue to finalise plans for further projects to take advantage of the strong performance of the local sector.”

Jouri Hills will be anchored by its own community park, which contains a variety of sports facilities, including cycling and running tracks, swimming pools and a fitness centre operated by Wellfit, the rapidly growing gym brand owned by Arada.

Since launching in 2017, Arada has launched three successful master communities in Sharjah, Aljada, Masaar and Nasma Residences and has already sold nearly 11,000 homes. The master developer has also completed over 2,600 units, with another 7,500 currently under construction.

Source: Emirates News Agency

ABU DHABI, President His Highness Sheikh Mohamed bin Zayed Al Nahyan sent a congratulatory message to Kassym-Jomart Tokayev, President of Kazakhstan, on his re-election as President.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has dispatched similar message to Tokayev.

Source: Emirates News Agency

DUBAI, Dubai Financial Market (DFM) today launched its new general index culminating the successful accomplishment of a comprehensive transformation of its indices’ methodology. The developed indices provide various market participants with world-class investable and tradeable benchmarks for the DFM equity market. S&P Dow Jones Indices acts as the calculation agent of the indices.

The new general index provides a series of enhancements for investors including 10 percent threshold caps, quarterly rebalancing, independent methodology oversight and index calculation based on actual free-float. The transformation also includes eight sectoral indices as well as the DFM Sharia Index.

To celebrate this milestone, the DFM hosted a special bell-ringing ceremony in the presence of Hamed Ali, CEO of DFM and Nasdaq Dubai, and Charbel Azzi, Head of Asia Pacific, Middle East, Africa at S&P DJI, as well as other senior officials from both sides.

Prior to shaping the final methodology, the DFM offered market participants the opportunity to counsel on its draft during a consultation period between 3rd and 17th of October 2022.

Hamed Ali said, “This significant milestone underscores DFM’s commitment to constantly develop its services as part of Dubai’s strategy to develop its financial markets. The index transformation caters to the ever-growing demand from various investors’ categories towards DFM’s investment opportunities whether to participate in the thriving IPOs that placed us at the center stage globally or to trade on the market. DFM indices align with best practices, providing its expanding base of local and international investors with transparent indices for both equities and equity futures. We would like to thank S&P Dow Jones Indices for collaborating with us as the calculation agent of the new index.”

For his part, Azzi commented, “We are very pleased that DFM has selected S&P Dow Jones Indices as the calculating agent for its indices. Our aim is to offer rules-based and robust index solutions that suit the needs of the local markets and enable market participants to meet their investment objectives.”

Key features of the new methodology of DFM indices include:

– Capping the threshold of a DFM index individual constituent at 10 percent of the index weightage instead of 20 percent currently, hence limiting the effect of limited number of companies on the index.

– Index calculation based on actual free float adjusted market capitalisation.

– Quarterly rebalancing of the index replacing the current semiannual review.

– A DFM independent index committee oversees current and future methodology changes.

– The alignment of DFM’s sectors with the Global Industry Classification Standard (GICS) that are tracked by institutional clients.

– The new sectors include; Communication Services, Consumer Staples, Materials, Real Estate, Utilities, Financials, Industrials, and Consumer Discretionary.

Source: Emirates News Agency

DUBAI, The Race to Dubai is, of course, a familiar name having previously been the title of the points-based ranking from 2009 until 2021.

It was renamed the DP World Tour Rankings in Partnership with Rolex for the 2022 season, when DP World became the title partner of the European Tour group’s main Tour.

Now, with the support of Dubai’s Department of Economy and Tourism, it will revert back to the Race to Dubai brand from next season when the leading eight players will share an increased bonus pool of US$6 million as part of an overall US$144.2 million prize fund across a minimum of 39 tournaments in 26 countries on the DP World Tour’s 2023 global schedule.

Speaking about the new agreement Guy Kinnings, Deputy Chief Executive and Chief Commercial Officer of the DP World Tour, said, “The Race to Dubai is a strong narrative for us, reflecting our season-long contest which builds towards the final Rolex Series event of the year in Dubai, our DP World Tour Championship, where we crown our Number One player. We are therefore pleased to be bringing it back with the support of Rolex and today’s announcement further cements the long-standing relationship between the DP World Tour and the Emirate of Dubai – a relationship that dates back to the first staging of the Dubai Desert Classic in 1989.

“Our partnership continues to drive significant exposure for Dubai and its leading businesses on a global scale. The 2023 DP World Tour season promises to be one of our most exciting yet, with a record prize fund on offer. We look forward to seeing which player earns the right to be named the Race to Dubai champion at the DP World Tour Championship next November.”

Issam Kazim, CEO of Dubai Corporation for Tourism and Commerce Marketing, added, “We are delighted with the unveiling of a new Race to Dubai season that will turn the spotlight on Dubai’s world-class golf offering and further reinforce its position as a global sports tourism and events hub in line with the vision of His Highness, Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to make Dubai the most visited destination and the best city in the world to live and work in.

“The Race to Dubai Rankings in Partnership with Rolex is also a testament to the long-standing collaboration between leading domestic and international partners that has helped transform Dubai into the most popular global destination. Indeed, at a time when people are looking forward to unique new travel experiences, the pivotal role played by DP World in bringing this golfing concept to life has made Dubai a compelling value proposition for golf tourists as the Race to Dubai brand, with its growing global appeal, will significantly contribute towards ensuring that Dubai remains top-of-mind among international travellers.”

Past Race to Dubai champions include star names such as Rory McIlroy, Jon Rahm, Tommy Fleetwood and Collin Morikawa. The 2023 Race to Dubai will begin from 24th-27th November, 2022, with two tournaments – the Fortinet Australian PGA Championship and the Joburg Open in South Africa – co-sanctioned with the DP World Tour’s strategic alliance partners the ISPS HANDA PGA Tour of Australasia and the Sunshine Tour respectively.

It will conclude with the US$10 million DP World Tour Championship which will take place at Jumeirah Golf Estates for the 15th consecutive year from 16th-19th November, 2023.

Source: Emirates News Agency

ABU DHABI, President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of condolences to President Joko Widodo of Indonesia, over the victims of the earthquake that struck the island of Java, which resulted in hundreds of casualties.

In his message, President His Highness Sheikh Mohamed wished a speedy recovery for all the injured.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, sent a similar message to President Widodo.

Source: Emirates News Agency