• The town centre at Bloom Living. Courtesy Bloom Holding
    The town centre at Bloom Living. Courtesy Bloom Holding
  • The Bloom Living master plan. Courtesy Bloom Holding
    The Bloom Living master plan. Courtesy Bloom Holding
  • Bloom Living Toledo townhouses. Courtesy Bloom Holding
    Bloom Living Toledo townhouses. Courtesy Bloom Holding
  • A rendering of a three-bedroom villa in phase one at Bloom Living. All images courtesy Bloom Holding
    A rendering of a three-bedroom villa in phase one at Bloom Living. All images courtesy Bloom Holding
  • A rendering of a six-bedroom villa in phase one at Bloom Living.
    A rendering of a six-bedroom villa in phase one at Bloom Living.
  • A rendering of a three-bedroom villa in phase one at Bloom Living.
    A rendering of a three-bedroom villa in phase one at Bloom Living.
  • A rendering of a two-bedroom villa in phase one at Bloom Living.
    A rendering of a two-bedroom villa in phase one at Bloom Living.

Business

Property

Bloom Holding launches second phase of 4,000-unit project in Abu Dhabi

Prices start from $435,670 and completion is due in the second quarter of 2025

Ian Oxborrow
Ian Oxborrow

September 06, 2022

  • English
  • Arabic

Abu Dhabi developer Bloom Holding launched the second phase of its Bloom Living project, which on completion will offer more than 4,000 residential units.

The second phase, called Toledo, includes town houses and detached villas and is named after the ancient Spanish city.

Prices start from Dh1.6 million ($435,670) and completion is due in the second quarter of 2025, the developer said in a statement on Monday.

The latest launch comes after the project's first phase, Cordoba, “sold out within four hours of release” to the market, Bloom Holding said.

“The encouraging sales to date is a testament to our approach of offering a community that sets a benchmark in mixed-use luxury … and we are confident that these units will be equally well-received,” said Carlos Wakim, chief executive at Bloom Holding.

Bloom Living, which will span an area of 2.2 million square metres, will include a clinic, two international schools and a plaza with shops, cafes and restaurants.

The project will be close to Abu Dhabi International Airport and Zayed City, also known as Khalifa City C, and the first phase is scheduled for completion by October next year.

A large lake in the heart of the district is intended to be a focal point around which residents can walk, run and cycle.

Abu Dhabi recorded 7,474 property transactions worth more than Dh22.51 billion in the first six months of the year, as the UAE’s property market continues to rebound from the coronavirus-induced slowdown.

Bloom Living is one of a number of significant property projects announced in Abu Dhabi this year.

Others include Aldar's Yas Golf Collection and Yas Gate Park on Yas Island, plus apartments at Grove District on Abu Dhabi's Saadiyat Island.

Aldar is also developing The Louvre Residences on Saadiyat Island, while Reem Hills, an Dh8bn gated community, was announced for Reem Island and Imkan is developing the second phase of its Riviera development on the coast between Abu Dhabi and Dubai.

______________________________

UAE megaprojects 2022: 30 new developments in Dubai, Abu Dhabi and Northern Emirates

  • The Atlantis The Royal hotel in Dubai. It is set to open in March 2023. Getty Images
    The Atlantis The Royal hotel in Dubai. It is set to open in March 2023. Getty Images
  • The Mohammed bin Rashid Al Maktoum Solar Park Phase 5 in Dubai. Pawan Singh / The National
    The Mohammed bin Rashid Al Maktoum Solar Park Phase 5 in Dubai. Pawan Singh / The National
  • The Dubai Urban Tech District is slated to create 4,000 jobs. Photo: URB
    The Dubai Urban Tech District is slated to create 4,000 jobs. Photo: URB
  • Nakheel, the Dubai-based master developer, has unveiled a new vision for Dubai Islands. Photo Nakheel
    Nakheel, the Dubai-based master developer, has unveiled a new vision for Dubai Islands. Photo Nakheel
  • Uptown Tower is a new skyscraper set to open in Dubai later this year. Victor Besa / The National
    Uptown Tower is a new skyscraper set to open in Dubai later this year. Victor Besa / The National
  • Al Quoz Creative Zone meeting to approve the master plan. The zone is to expand on a large scale.
    Al Quoz Creative Zone meeting to approve the master plan. The zone is to expand on a large scale.
  • The AlJurf project on the coast between Abu Dhabi and Dubai. Courtesy IMKAN
    The AlJurf project on the coast between Abu Dhabi and Dubai. Courtesy IMKAN
  • First look at the Mohammed Bin Rashed Library in Al Jaddaf, Dubai. Chris Whiteoak / The National
    First look at the Mohammed Bin Rashed Library in Al Jaddaf, Dubai. Chris Whiteoak / The National
  • The Natural History Museum Abu Dhabi's design alludes to natural rock formations, reflecting on the its mission of engaging the public with the natural world. Photo: DCT – Abu Dhabi
    The Natural History Museum Abu Dhabi's design alludes to natural rock formations, reflecting on the its mission of engaging the public with the natural world. Photo: DCT – Abu Dhabi
  • The Louvre Abu Dhabi Residences by Aldar will come with spectacular views. Photo: Aldar
    The Louvre Abu Dhabi Residences by Aldar will come with spectacular views. Photo: Aldar
  • Reem Hills on Reem Island. Courtesy Q Properties
    Reem Hills on Reem Island. Courtesy Q Properties
  • Masaar is a 19 million square foot project in Sharjah that will include 4,000 villas and townhouses in total. Courtesy Arada
    Masaar is a 19 million square foot project in Sharjah that will include 4,000 villas and townhouses in total. Courtesy Arada
  • Aldar's Saadiyat Island mixed-use development. Credit: Aldar Properties
    Aldar's Saadiyat Island mixed-use development. Credit: Aldar Properties
  • Al Hamra, the leading lifestyle developer and investment company in Ras Al Khaimah, has announced the launch of an exclusive freehold luxury villa project – the Falcon Island - within the award-winning Al Hamra Village residential community. Photo: Al Hamra
    Al Hamra, the leading lifestyle developer and investment company in Ras Al Khaimah, has announced the launch of an exclusive freehold luxury villa project – the Falcon Island - within the award-winning Al Hamra Village residential community. Photo: Al Hamra
  • Museum of The Future lights up in Dubai. Antonie Robertson / The National
    Museum of The Future lights up in Dubai. Antonie Robertson / The National
  • Blizzard’s Bazaar, Snowflake Garden and Flurries’ Mountain are just some of the unique attractions that will welcome visitors at Snow Abu Dhabi at Reem Mall. Wam
    Blizzard’s Bazaar, Snowflake Garden and Flurries’ Mountain are just some of the unique attractions that will welcome visitors at Snow Abu Dhabi at Reem Mall. Wam
  • The steel structure that is Al Wasl Plaza - the heart of the Expo site. Courtesy: Expo 2020 Dubai
    The steel structure that is Al Wasl Plaza - the heart of the Expo site. Courtesy: Expo 2020 Dubai
  • Groundbreaking of Meydan One Mall took place in 2017. Courtesy The Meydan Group
    Groundbreaking of Meydan One Mall took place in 2017. Courtesy The Meydan Group
  • A dining area at Al Qana in Abu Dhabi. The waterfront destination is was about 90 per cent complete during the early months of 2021. Courtesy: Al Barakah International Investment
    A dining area at Al Qana in Abu Dhabi. The waterfront destination is was about 90 per cent complete during the early months of 2021. Courtesy: Al Barakah International Investment
  • The Rixos Marina Abu Dhabi dominates the skyline out towards Marina Mall. Victor Besa / The National
    The Rixos Marina Abu Dhabi dominates the skyline out towards Marina Mall. Victor Besa / The National
  • Jubail Island will eventually house 5,000 residents.
    Jubail Island will eventually house 5,000 residents.
  • SeaWorld AbuDhabi will include six distinct realms which tell a unified and immersive “One Ocean” story and one of the world’s largest and most progressive indoor aquariums. Courtesy Abu Dhabi Government Media Office
    SeaWorld AbuDhabi will include six distinct realms which tell a unified and immersive “One Ocean” story and one of the world’s largest and most progressive indoor aquariums. Courtesy Abu Dhabi Government Media Office
  • Both towers of One Zaabeel in Dubai have been topped out.
    Both towers of One Zaabeel in Dubai have been topped out.
  • The first new hotel to have opened on Yas Island in 12 years, the Hilton Abu Dhabi Yas Island is located on Yas Bay, beside the Etihad Arena. Courtesy Hilton
    The first new hotel to have opened on Yas Island in 12 years, the Hilton Abu Dhabi Yas Island is located on Yas Bay, beside the Etihad Arena. Courtesy Hilton
  • Hatta is being transformed into an attractive local and international destination for business, investment and tourism. Photo: WAM
    Hatta is being transformed into an attractive local and international destination for business, investment and tourism. Photo: WAM
  • Ciel wil be open by 2023 and is set to be the world's tallest hotel. Courtesy The First Group
    Ciel wil be open by 2023 and is set to be the world's tallest hotel. Courtesy The First Group
  • Dubai CommerCity's first phase has been launched. Reem Mohammed / The National
    Dubai CommerCity's first phase has been launched. Reem Mohammed / The National
  • Foundation work and tunnelling is being completed at the Abu Mureikha site in Abu Dhabi of the country's first traditional Hindu stone temple. Courtesy: BAPS Hindu Mandir
    Foundation work and tunnelling is being completed at the Abu Mureikha site in Abu Dhabi of the country's first traditional Hindu stone temple. Courtesy: BAPS Hindu Mandir
  • An artist's illustration of the Abrahamic Family House to be built on Saadiyat Island in Abu Dhabi. Courtesy Edelman
    An artist's illustration of the Abrahamic Family House to be built on Saadiyat Island in Abu Dhabi. Courtesy Edelman
  • The Ruler of Sharjah, Sheikh Dr Sultan bin Muhammad Al Qasimi, opened Khor Kalba Fort and also viewed plans for a new museum. Wam
    The Ruler of Sharjah, Sheikh Dr Sultan bin Muhammad Al Qasimi, opened Khor Kalba Fort and also viewed plans for a new museum. Wam
  • Progress at the Dibba Fujairah Sports Club Stadium project in Al Ras, Dibba Fujairah.
    Progress at the Dibba Fujairah Sports Club Stadium project in Al Ras, Dibba Fujairah.
  • Railroad laying works for the second phase of the Etihad Rail project. Wam
    Railroad laying works for the second phase of the Etihad Rail project. Wam
  • The Guggenheim Abu Dhabi is on track to be completed in 2025. Photo: Guggenheim Abu Dhabi
    The Guggenheim Abu Dhabi is on track to be completed in 2025. Photo: Guggenheim Abu Dhabi
Stuck in a job without a pay rise? Here's what to do

Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.

“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”

Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.

Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.

“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”

For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.

“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”

 

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Rating: 4.5/5

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Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

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Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

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Related

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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

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GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport. 

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

Company Profile

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

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 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
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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In the box: iPad mini, USB-C cable, 20W USB-C power adapter

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On Women's Day
Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded 

Updated: September 06, 2022, 3:30 AM
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