The changes brought in by the newly-formed real estate committee in Dubai will “add value” to the type of projects coming online in the future, an executive of developer Nakheel told Bloomberg TV in an interview on Thursday.
“The changes that I expect out of this committee’s mandate will add value to the type of projects that will come forward, going ahead, whether it is the hospitality side of the business, the retail, the commercial - all of these will come under the mantra of this committee,” said Aqil Kazim, chief commercial officer of Nakheel.
He also said the committee will set a strategy for Dubai, aligning the property market to the economic objectives of the emirate. A decree to set the committee’s mandate is expected soon, he added.
Nakheel is a member of the new higher committee announced by Vice President and Ruler of Dubai Sheikh Mohammed Bin Rashid on Monday, which is aimed at providing a better supply balance in the emirate's real estate market through greater collaboration between government-related entities and private sector firms. Other committee members include Emaar Properties, Wasl Properties and Dubai Properties. The General Secretariat of the Executive Council of Dubai and Dubai Land Department are also part of the committee, which will be led by Dubai’s Deputy Ruler Sheikh Maktoum bin Mohammed.
Dubai's real estate market has slowed in the wake of a drop in oil prices that began in 2014, as well as ongoing concerns about an oversupply of properties.
In a report last month, Dubai real estate listings portal Property Finder said a record number of residential units are expected to come online in the second half of this year, which will push Dubai property prices lower, making apartments more affordable.
Other experts are forecasting a recovery in the market, however, on the back of changes being made across the UAE, including new long term-visas.
On Tuesday, S&P predicted that Dubai's economy would pick up this year, with GDP set to grow 2.4 per cent, up from below 2 per cent in 2018. It also forecast growth of 2.5 per cent next year.
"A boost to tourism and related spending linked to Expo 2020 should drive somewhat stronger growth in 2020,” the report said.
It said new economic stimulus plans to promote small and mid-size enterprises and public- private partnerships, announced recently by the government, could gradually increase Dubai's long-term growth potential.
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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Hunger and Fury: The Crisis of Democracy in the Balkans
Jasmin Mujanović, Hurst Publishers
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
