Buying a property is probably the biggest investment many people will make. And for those who decide to purchase in the UAE, the process can be daunting, especially if you're far from home.
Although there are plenty of options when it comes to mortgages, the latest fixed-rate offer from Barclays may provide the added security you're looking for.
According to Barclays, the 300-year-old global financial services provider, the idea is to make your monthly payments as predictable as possible, allowing clients to budget and plan ahead in an unpredictable economy. It offers access to a fixed-rate mortgage rate as low as 5.99 per cent with an option to freeze the rate for up to three years.
After that, the bank says, the interest rate reverts to the "prevailing Barclays mortgage rate".
"We expect our fixed-rate mortgage offer to be a breath of fresh air for customers as they protect themselves from fluctuating interest rates," says Mark Elliott, the bank's director of sales for the UAE.
"Borrowing from an established financial services provider is an important factor for our customers and this offer highlights our strategy of offering value to our customers as well as easy and transparent mortgage products."
The scheme includes a variety of other perks, such as a full refund of valuation charges, no processing fees, no application fee and free life insurance for the first year.
Prospective buyers can borrow up to 75 per cent of the cost of the property. The minimum mortgage term is five years and the maximum is 25 years. You must be at least 21 years old and be a UAE resident to apply for the loan.
The fixed-rate mortgage offer is available until December 2. Check out the bank's website (www.barclays.ae) for more information, or text "FREEZE" to 3652.
Meanwhile, Barclays and Dubai Silicon Oasis have signed an agreement whereby the bank can offer three attractive price options to buyers interested in the Dubai's new Cedre Villas development: zero per cent interest for two years, 2.5 per cent interest for three years, or 4.35 per cent interest for five years and free insurance for the first year.
Mohammed al Zarooni, the vice chairman and chief executive of the Dubai Silicon Oasis Authority, says the partnership with Barclays should provide added security and confidence in the development.
According to Dubai Silicon Oasis, the Cedre Villas development is a gated community offering a community centre, clubhouses, nursery, schools, swimming pools and interconnected courtyards.
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
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Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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SPECS
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
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