Aldar Properties has unveiled a residential development on Yas Island, as Abu Dhabi’s biggest listed developer continues to grow its property portfolio amid higher demand from buyers.
Comprising 234 apartments, duplexes and penthouses, Sama Yas will be available to buyers of all nationalities from February 2, Aldar said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Construction will begin in the third quarter of this year, with completion set for the third quarter of 2027, Aldar told The National.
The company said the development, conceptualised by architecture firm Woods Bagot, will have amenities such as shops, a boutique spa and a 24/7 concierge and lounge.
Other features of the 100,000-square-metre residential development include community gardens, cycling and jogging tracks, outdoor working pods, a library, kids play area and co-working spaces.
Kitchen designs are inspired by UAE-based culinary expert Chef Izu.
“The development will aim to achieve the Estidama 3 Pearl rating and will incorporate sustainability measures into its design to reduce energy, water, and waste consumption,” Aldar said.
Abu Dhabi’s Estidama Pearl ratings are related to the development of sustainable buildings in the emirate.
Aldar launched several projects last year, as demand for property continued to rise in the UAE amid government initiatives and overall economic growth propelled by higher oil prices.
Last month, the company sold out 420 units in the first phase of its residential development in Ras Al Khaimah for Dh1 billion ($272 million).
The first phase includes 357 units in the Nikki Beach Residences community, including one to five-bedroom apartments.
Following the success of phase one, Aldar has released an additional 150 units for sale.
Aldar also generated Dh3.1 billion from the sale of 786 villas and townhouses as the first two phases of its Dubai residential project sold out on strong demand from buyers, it said in November.
The company is developing the project in partnership with Dubai Holding.
In September, it sold three buildings within 24 hours in the first phase of its sustainability-focused Gardenia Bay project in Abu Dhabi.
Nearly 23 per cent of sales were completed by non-resident buyers, while foreign residents and Emiratis accounted for 40 per cent and 37 per cent of sales, respectively, Aldar said at the time.
In the first nine months of 2023, the company recorded total development sales of Dh19.4 billion, helping to boost its revenue and profit.
Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
First Person
Richard Flanagan
Chatto & Windus
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Company%C2%A0profile
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
UAE currency: the story behind the money in your pockets
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
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
