Union Properties is predicting an improved first quarter when it reports its results, after property transactions in Dubai surged 53 per cent.
"The first quarter looks positive, much better than 2011 … and if there is a continuation of that trend it should benefit the sector in the medium term," said Khalid bin Kalban, the chief executive in Dubai.
Investors made 654 land sales, which include apartments, villas and townhouses, between January 1 and March 31, official data from the Dubai Land Department shows, compared with 426 transactions in the year-earlier period.
Dubai's developers have struggled to deal with a drop in property prices since the downturn in the third quarter of 2008, when the global financial crisis froze credit markets and blocked access to funding. Union Properties reported a profit of Dh22.3 million in the first quarter of last year.
"We as Union Properties have two things to deal with: fair value of properties; and the operations of the company," Mr bin Kalban said. "From an operations perspective, we have managed to do well even in the most difficult of years, but it is up to the market to determine what the fair value of these assets will look like."
Union Properties' full-year loss widened from Dh1.53 billion in 2010 to Dh1.57bn last year. But revenue climbed from Dh2.87bn Dh4.92bn in the same period.
The Dubai developer secured a loan of Dh400m in February from Emirates NBD, its largest shareholder, to complete two stalled hotels under construction in Dubai's MotorCity. In January, Union Properties reached an accord with the lender to reschedule Dh2.7bn worth of debt, extending maturities by five years.
The developer is preparing to tender a contract to finish the Renaissance hotel and the Marriott Courtyard, which are about 70 per cent complete, Mr bin Kalban said.
Dubai's stock market has already started to rally, up 25.8 per cent, he added.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
MATCH INFO
Tottenham Hotspur 0 Everton 1 (Calvert-Lewin 55')
Man of the Match Allan (Everton)
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
'Ghostbusters: From Beyond'
Director: Jason Reitman
Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace
Rating: 2/5
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
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Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
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The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
The specs
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