Car showrooms in the Abu Dhabi city centre were asked last year to move from their original locations to Motorworld in Shamkah. Sammy Dallal / The National
Car showrooms in the Abu Dhabi city centre were asked last year to move from their original locations to Motorworld in Shamkah. Sammy Dallal / The National

Aldar agrees to waive Motorworld rents



Aldar has agreed to waive rents for 2012 at its newly-built Motorworld scheme in Shamkah, Abu Dhabi after tenants at the purpose-built car showroom complex said they were struggling.

In an interview with Abu Dhabi television, Talal Al Dhiyebi, the director of planning and infrastructure at Abu Dhabi's largest property developer, said the move had been made as "a token of support" to around 100 tenants at the recently built complex.

The response comes after tenants called for more support to attract business to the scheme, located close to Abu Dhabi International Airport, such as shops, banks, petrol stations and supermarkets.

"This gesture from Aldar was well received by the Motorworld tenants," Mr Al Dhiyebi told The National."We are hoping that 2013 will be a great year for all the tenants at Motorworld, especially with all the new facilities we have planned for opening up within the first few months.

"Since Aldar launched the motorworld marketing campaign a few months ago, tenants have reported positive results with increased activity and footfall," he added.

Aldar said that it would not collect any rent accrued by the businesses between the date in which they moved into the facility and December 31.

Aldar officials were unable to give the average rent for the complex but tenants interviewed by The National yesterday said that they were paying annual rents of around Dh150,000 (US$40,836) to Dh180,000.

The rent-free offer follows a number of meetings held between Aldar and Motorworld tenants demanding action from the developer to increase the number of visitors at the new complex which is also intended to ultimately include homes for 36,000 people, a three-star hotel and restaurants. Last year, showrooms in the city centre were asked to move from their original locations to the new facility as part of a plan to consolidate the Abu Dhabi car industry in one place, free up parking spaces and relieve congestion.

The showrooms estate, which was completed last year after being put on hold during the market slow down, is certainly modern with clean pavements and carefully laid out street lighting.

However, when visited yesterday lunchtime, only a handful of prospective buyers were seen to be looking at the rows of neatly parked cars.

"It is good but it is not enough," said Ahmed Al Zoubi, the owner of Al Jabri Car Sale & Purchase who moved his showroom to the gleaming new facility from its original location on Airport Road last year and who pays Dh167,000 a year in rent.

"We don't want to go back to Abu Dhabi but we want something to be done to increase the numbers of customers. We want more advertising and a sign in Arabic to tell people where we are. For too many people Motorworld sounds like it is a theme park like Ferrari World and not everybody speaks English."

He added that since the move, customer numbers at his business had fallen from around 15 a month to around five as customers avoided the long drive by visiting showrooms in Mussaffah or visiting car auctions. "There are no services for the cars," he said. "They have that in Mussaffah."

Despite admiring the facilities, customers also complained about the new location.

"It's really good to come and look at the cars here and it's probably the only place in Abu Dhabi where you can come and see the cars and test drive them but there is a problem with the distance," said Ahmed Bin Jabara, who was shopping for a Honda with his friend Saaf Al Shamsi. "We are locals, we live in Abu Dhabi but it has taken us a long time to reach here and we did spend about an hour trying to find it."

Aldar said that in March it would be opening a service centre at the scheme which would comprise banks, insurance companies, prayer rooms and other facilities and added that it had already embarked on a marketing campaign to promote the scheme.

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

MATCH INFO

First Test at Barbados
West Indies won by 381 runs

Second Test at Antigua
West Indies won by 10 wickets

Third Test at St Lucia
February 9-13

 

MATCH INFO

Uefa Champions League, last-16. first leg

Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports

While you're here ...

Damien McElroy: What happens to Brexit?

Con Coughlin: Could the virus break the EU?

Andrea Matteo Fontana: Europe to emerge stronger

THE SPECS

2020 Toyota Corolla Hybrid LE

Engine: 1.8 litre combined with 16-volt electric motors

Transmission: Automatic with manual shifting mode

Power: 121hp

Torque: 142Nm

Price: Dh95,900

Brief scores:

Manchester City 3

Bernardo Silva 16', Sterling 57', Gundogan 79'

Bournemouth 1

Wilson 44'

Man of the match: Leroy Sane (Manchester City)

Central Bank's push for a robust financial infrastructure
  • CBDC real-value pilot held with three partner institutions
  • Preparing buy now, pay later regulations
  • Preparing for the 2023 launch of the domestic card initiative
  • Phase one of the Financial Infrastructure Transformation (FiT) completed
Tips for avoiding trouble online
  • Do not post incorrect information and beware of fake news
  • Do not publish or repost racist or hate speech, yours or anyone else’s
  • Do not incite violence and be careful how to phrase what you want to say
  • Do not defame anyone. Have a difference of opinion with someone? Don’t attack them on social media
  • Do not forget your children and monitor their online activities
Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

57 Seconds

Director: Rusty Cundieff
Stars: Josh Hutcherson, Morgan Freeman, Greg Germann, Lovie Simone
Rating: 2/5

DUBAI CARNIVAL RESULTS

6.30pm Handicap US$135,000 (Turf) 2,410m

Winner Dubai Future, Harry Bentley (jockey), Saeed bin Suroor (trainer).

7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m

Winner Dubai Love, Patrick Cosgrave, Saeed bin Suroor.

7.40pm Dubai Dash Listed $175,000 (T) 1,000m

Winner: Equilateral, James Doyle, Charles Hills.

8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m

Winner Laser Show, Kevin Stott, Saeed bin Suroor.

8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m

Winner Glorious Journey, James Doyle, Charlie Appleby.

9.25pm Handicap $135,000 (D) 2,000m

Winner George Villiers, Tadhg O’Shea, Satish Seemar.

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

UAE v Zimbabwe A, 50 over series

Fixtures
Thursday, Nov 9 - 9.30am, ICC Academy, Dubai
Saturday, Nov 11 – 9.30am, ICC Academy, Dubai
Monday, Nov 13 – 2pm, Dubai International Stadium
Thursday, Nov 16 – 2pm, ICC Academy, Dubai
Saturday, Nov 18 – 9.30am, ICC Academy, Dubai

Company profile

Company name: Tuhoon
Year started: June 2021
Co-founders: Fares Ghandour, Dr Naif Almutawa, Aymane Sennoussi
Based: Riyadh
Sector: health care
Size: 15 employees, $250,000 in revenue
Investment stage: seed
Investors: Wamda Capital, Nuwa Capital, angel investors

UAE currency: the story behind the money in your pockets
Pakistanis at the ILT20

The new UAE league has been boosted this season by the arrival of five Pakistanis, who were not released to play last year.

Shaheen Afridi (Desert Vipers)
Set for at least four matches, having arrived from New Zealand where he captained Pakistan in a series loss.

Shadab Khan (Desert Vipers)
The leg-spin bowling allrounder missed the tour of New Zealand after injuring an ankle when stepping on a ball.

Azam Khan (Desert Vipers)
Powerhouse wicketkeeper played three games for Pakistan on tour in New Zealand. He was the first Pakistani recruited to the ILT20.

Mohammed Amir (Desert Vipers)
Has made himself unavailable for national duty, meaning he will be available for the entire ILT20 campaign.

Imad Wasim (Abu Dhabi Knight Riders)
The left-handed allrounder, 35, retired from international cricket in November and was subsequently recruited by the Knight Riders.

Where can I submit a sample?

Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.

Collection centres in Abu Dhabi include:

  • Abu Dhabi National Exhibition Centre (ADNEC)
  • Biogenix Labs in Masdar City
  • Al Towayya in Al Ain
  • NMC Royal Hospital in Khalifa City
  • Bareen International Hospital
  • NMC Specialty Hospital, Al Ain
  • NMC Royal Medical Centre - Abu Dhabi
  • NMC Royal Women’s Hospital.