Damac has become the latest property company to announce that it is building new homes close to the Dubai Expo 2020 site.
The London listed, Dubai-based company is currently developing a block of 270 serviced flats in the residential quarter in the north east corner of the 140 square kilometre Dubai World Central district around the city's new Al Maktoum Airport where the Expo will also take place.
In a statement, Damac said that it had started selling apartments in the 10 storey Tenora block today, with prices starting at Dh610,000.
The company added that construction of the block was already “well advanced” and was expected to be completed by summer 2015.
“Tenora is designed specifically to support the influx of people to the Dubai World Central area of Dubai – not only during the exhibition itself, but also the many thousands of people who will be working on the project in the lead up to the event,” said Niall McLoughlin, senior vice president, DAMAC Properties.
Since the official body, the Bureau International des Expositions, awarded Dubai the right to host the 2020 World Expo two weeks ago, property companies have announced a rush of new developments in and around the Dubai World Central megasite.
Last week Emaar signed a deal with Dubai World Central to develop a 13.63 million square metre scheme comprising villas, a golf course, hotels and a mall on the DWC site.
The Abu Dhabi-based property investor Tasweek has said that it has also signed a joint venture with a landowner to develop 800 new townhouses close to the site.
Last month Nakheel began selling 500 plots of land to smaller developers to build housing at its Al Furjan project, which is a five-minute drive from the Expo site. And Dubai Properties Group reported a “marked increase” in demand from other developers to buy plots of land at its 278-square kilometre Dubailand district. The Arjan, Marjan and Liwan areas of Dubailand are just a few minutes’ drive from the Expo venue.
lbarnard@thenational.ae
'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
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The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
UAE currency: the story behind the money in your pockets
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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