Dubai property developer Deyaar has launched Rivage, its first residential project on Abu Dhabi’s Al Reem Island, marking the company's entry into the capital’s real estate market.
Deyaar said construction is set for completion by the last quarter of 2027 but did not disclose the project’s financial details.
Developed in partnership with Arady Properties, Rivage will offer resort-style waterfront living with a variety of luxury homes, including one to three-bedroom units, duplexes, “sky villas and sky palaces”, the Dubai-listed company said in a statement on Tuesday.
Rivage is a “blend of vibrant city life and peaceful waterfront serenity, providing stunning views and top-notch amenities ideal for families seeking both excitement and tranquillity”, Saeed Al Qatami, Deyaar’s chief executive, said.
Located near Zayed International Airport, with healthcare facilities, educational institutions and shopping centres, Rivage aims to appeal investors and families. The development will also include a sky pool, spa, fitness facilities and smart home technology for sustainable living.
“We are confident that Rivage will become one of the most sought-after luxury and lifestyle developments on the island,” said Khaled Al Fahim, chairman of Arady Properties.
“The combined blend of urban sophistication and the tranquil waterfront living offers an unparalleled lifestyle experience to the residences and families,” Mr Al Fahim added.
The UAE’s property market continues to grow on the back of government initiatives such as residency permits for retired people and remote workers, as well as a strong expansion in its non-oil economy.
Deyaar has a share capital of Dh4.38 billion ($1.19 billion). Since its establishment in 2002, the company has delivered an extensive portfolio of commercial and residential properties.
In February, it launched a Dh700 million project in Dubai’s Jebel Ali, ranging from studios to three-bedroom flats. In January, it launched Rosalia Residences in Al Furjan, which has sold out.
Abu Dhabi’s property market, in particular, is booming. In the first half of the year, the emirate recorded 12,439 property transactions valued at Dh36.2 billion, with Dh23.7 billion worth of sales and purchase deals and Dh12.5 billion comprising mortgage transactions, according to the Abu Dhabi Real Estate Centre.
Investors from 75 countries including the US, the UK, China, Russia and Kazakhstan bought property worth Dh3.28 billion in the emirate during the six-month period, the latest data shows.
Notable Yas events in 2017/18
October 13-14 KartZone (complimentary trials)
December 14-16 The Gulf 12 Hours Endurance race
March 5 Yas Marina Circuit Karting Enduro event
March 8-9 UAE Rotax Max Challenge
57%20Seconds
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Western Region Asia Cup Qualifier
Results
UAE beat Saudi Arabia by 12 runs
Kuwait beat Iran by eight wickets
Oman beat Maldives by 10 wickets
Bahrain beat Qatar by six wickets
Semi-finals
UAE v Qatar
Bahrain v Kuwait
Switching%20sides
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Start-up hopes to end Japan's love affair with cash
Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.
Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.
Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.
Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.
Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.
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