Dubai developer Danube Properties plans to launch two to three projects every year through to 2026, worth as much as Dh1 billion ($272 million), with the aim of bridging supply gaps in the emirate's cheaper housing segment, its founder and chairman said.
Danube may increase the value of investments to as much as Dh1.4bn if the market continues its rapid recovery from the coronavirus-induced slowdown, Rizwan Sajan told The National in an interview.
“I will be launching, on an average, Dh1bn projects every year – Dh800m to Dh1bn,” said Mr Sajan, whose interests span the property development, building materials and home decor businesses.
“This is my plan. I am not rushing ... in spite of me selling projects so fast.”
The company launched Skyz, a Dh475m residential project, in Dubai last month and plans to launch its next project worth between Dh300m and Dh400m in the first quarter of 2022, he said.
“We are working on [details] of areas where we have plots; it could be Arjan, it could be Furjan or Warsan areas [of Dubai]," he said.
Danube Properties, which has a portfolio worth Dh5bn in Dubai, is bullish about business prospects in Abu Dhabi and is actively looking at plots of lands in the capital for future projects.
The developer is also open to joint ventures with landowners to export its “affordable luxury” brand to the emirate, Mr Sajan said.
The property market in the UAE, the second-biggest Arab economy, has made a strong recovery from the pandemic-driven slowdown, as the country’s economy improves on the back of fiscal and monetary measures.
Pent up demand and improved investor sentiment have also helped to drive property sales, especially in Dubai and Abu Dhabi, amid a pick-up in economic activity.
Dubai, the commercial and trading centre of the Middle East, recorded 37,537 sales transactions worth Dh88.12bn in the first eight months of the year, about 23 per cent more than the whole of last year, according to listings portal Property Finder.
Prices of residential properties in Dubai have risen 4.4 per cent on average in the eight-month period through to the end of August, the highest annual growth since February 2015, according to property consultancy CBRE.
Average prices of residential units in Abu Dhabi have risen 2.2 per cent over the same period, the consultancy said. The UAE capital registered property transactions worth Dh16.2bn during the third quarter of 2021 alone.
Danube has already sold more than 40 per cent of its Skyz project, its first after the Covid-19 pandemic, and expects to achieve 90 per cent of its sales target before the end of this year, Mr Sajan said.
When I get a good project and I know that the permissions will be easily achievable, I will definitely want to launch in Abu Dhabi,” he said
Rizwan Sajan,
founder and chairman of the Danube Group
“The market has recovered so well that we are now extra bullish,” he said. “I personally feel that the boom is now coming to the UAE market, especially if you look at the prices that have gone up in the last six months to one year."
Investors from all over the world have been “pumping money” into the UAE market and buying properties and “I feel the real estate prices will definitely go up further”, Mr Sajan said.
Danube Properties, which ventured into the real estate market in June 2014 with a Dh500m town house development in Dubai's Al Furjan district, currently has a development portfolio of 7,002 units.
It has so far delivered about 2,155 units with a combined sales value of Dh2.1bn.
The developer, which offers attractive payment plans, intends to focus on the cheaper housing segment of the market.
“I want to stay in the affordable sector because I am able to sell it very fast, Mr Sajan said.
“I still see a lot of potential [of growth] for this segment of the market.”
_________________________
Day one at Cityscape - in pictures
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Asia Cup Qualifier
Final
UAE v Hong Kong
Live on OSN Cricket HD. Coverage starts at 5.30am
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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RESULTS
5pm: Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Jawal Al Reef, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
Winner: AF Seven Skies, Bernardo Pinheiro, Qais Aboud
6pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: Almahroosa, Fabrice Veron, Eric Lemartinel
6.30pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Sumoud, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m
Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 (T) 1,400m
Winner: Adventurous, Sandro Paiva, Ali Rashid Al Raihe
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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More from Neighbourhood Watch:
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
UAE Team Emirates
Valerio Conti (ITA)
Alessandro Covi (ITA)
Joe Dombrowski (USA)
Davide Formolo (ITA)
Fernando Gaviria (COL)
Sebastian Molano (COL)
Maximiliano Richeze (ARG)
Diego Ulissi (ITAS)
Stage result
1. Jasper Philipsen (Bel) Alpecin-Fenix 4:42:34
2. Sam Bennett (Irl) Bora-Hansgrohe
3. Elia Viviani (Ita) Ineos Grenadiers
4. Dylan Groenewegen (Ned) BikeExchange-Jayco
5. Emils Liepins (Lat) Trek-Segafredo
6. Arnaud Demare (Fra) Groupama-FDJ
7. Max Kanter (Ger) Movistar Team
8. Olav Kooij (Ned) Jumbo-Visma
9. Tom Devriendt (Bel) Intermarché-Wanty-Gobert Matériaux
10. Pascal Ackermann (Ger) UAE Team Emirate
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Company%20Profile
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
Company%20profile
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
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'Joker'
Directed by: Todd Phillips
Starring: Joaquin Phoenix
Rating: Five out of five stars
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
