Once an address reserved for top footballers and the ultra-wealthy, The Palm Jumeirah is targeting homeowners in a somewhat different league.
Nakheel is set to build 192 studio apartments on the Palm, catering to a younger and slightly less well-heeled generation.
"We identified a segment where we think there's going to be a demand," said Ali Rashid Lootah, the chairman of the Dubai developer. "Young people want to live on the Palm and at the moment a lot of them are sharing. It's not a question of affordability but dealing with all segments of different people."
Nakheel expects to hand over the apartments in the first quarter of 2014. They are located on the marina area of the Palm, overlooking Jumeirah Beach Residence. Called Palm Views East and West, the studios will be pied-à-terre style studios priced at Dh1million (US$272,242).
Nakheel hopes investors will buy the studio properties and rent them to young people but the rates are likely to be quite high if investors are to see a return on their investment.
Renters in Dubai currently have a huge amount of choice, with many prices 25 per cent below the peak of 2008, according to Jones Lang LaSalle (JLL), a property specialist.
Prices vary wildly depending on the development in Dubai but four-bedroom villas are available to rent in some areas for less than Dh100,000 a year, while two-bedroom apartments can be found in Dubai Marina, close to the Palm, for a similar price.
"This is something normal in big cities in Europe. To make studios available for business managers, regular visitors, young people, who want their own space," said Mr Lootah.
On the ground floor, there will be a selection of retail and food outlets. Mr Lootah said financing had already been put in place for the project, but would not disclose the cost.
Nakheel is offering a payment plan of a 20 per cent deposit, a further 20 per cent on handover and remaining 10 per cent each quarter thereafter for 18 months.
When first conceived, the Palm was expected to offer luxury high-end properties for the super-wealthy but the development mix has been reworked since the onset of the financial crisis.
Craig Plumb, the head of research at JLL, said buyers in the market were generally looking for developments that were already finished and that they were unlikely to buy off-plan.
"The market at the moment is determined by people who want something finished," he said. "I think the idea is to bring in some different products to the Palm. Previously, it was not necessarily high end, but larger units."
Nakheel last month announced a profit of Dh1.3 billion for last year, up 33 per cent on the year before, after the property market in the emirate slowly began to recover from its 2008 lows.
Mr Lootah said the company would report a increase in sales in the first quarter on the same period last year. "It's much better than the year before," he said.
Nakheel has embarked on a major expansion plan this year, particularly in retail, following the completion of its debt restructuring in August. It is now owned by the Dubai Financial Support Fund, which was set up to distribute $20bn of investment from Abu Dhabi and the Central Bank.
The developer is set to build a number of retail developments on the Palm.
[ rjones@thenational.ae ]
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A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
ENGLAND SQUAD
For Euro 2024 qualifers away to Malta on June 16 and at home to North Macedonia on June 19:
Goalkeepers Johnstone, Pickford, Ramsdale.
Defenders Alexander-Arnold, Dunk, Guehi, Maguire, Mings, Shaw, Stones, Trippier, Walker.
Midfielders Bellingham, Eze, Gallagher, Henderson, Maddison, Phillips, Rice.
Forwards Foden, Grealish, Kane, Rashford, Saka, Wilson.
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
The specs
Engine: 6.5-litre V12 and three electric motors
Power: 1,015hp
Torque: 1,500Nm (estimate)
Transmission: Eight-speed dual-clutch auto
On sale: Early 2024
Price: From Dh2 million (estimate)
Five calorie-packed Ramadan drinks
Rooh Afza
100ml contains 414 calories
Tang orange drink
100ml serving contains 300 calories
Carob beverage mix
100ml serving contains about 300 calories
Qamar Al Din apricot drink
100ml saving contains 61 calories
Vimto fruit squash
100ml serving contains 30 calories
THE SPECS
Engine: 3-litre V6 turbo (standard model, E-hybrid); 4-litre V8 biturbo (S)
Power: 350hp (standard); 463hp (E-hybrid); 467hp (S)
Torque: 500Nm (standard); 650Nm (E-hybrid); 600Nm (S)
Price: From Dh368,500
On sale: Now
Euro 2020
Group A: Italy, Switzerland, Wales, Turkey
Group B: Belgium, Russia, Denmark, Finland
Group C: Netherlands, Ukraine, Austria,
Georgia/Kosovo/Belarus/North Macedonia
Group D: England, Croatia, Czech Republic,
Scotland/Israel/Norway/Serbia
Group E: Spain, Poland, Sweden,
N.Ireland/Bosnia/Slovakia/Ireland
Group F: Germany, France, Portugal,
Iceland/Romania/Bulgaria/Hungary
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
RESULTS
Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)
Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)
Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)
Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)
Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)
Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)
Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)
Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
GULF MEN'S LEAGUE
Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2
Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers
Opening fixtures
Thursday, December 5
6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles
7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers
7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles
7pm, Pitch 5, Bahrain v Dubai Eagles 2
Recent winners
2018 Dubai Hurricanes
2017 Dubai Exiles
2016 Abu Dhabi Harlequins
2015 Abu Dhabi Harlequins
2014 Abu Dhabi Harlequins
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.