The Abu Dhabi government's move to change a real estate rule to allow foreigners to own freehold property in designated zones is a step in the right direction to put the capital's property market on the global map and a boon for private developers and investors alike, market analysts and property developers say.
Foreign investors in Abu Dhabi’s real estate market were previously granted leasehold arrangements with a maximum 99-year time period, but the government on Wednesday amended the rule through a royal decree, a move aimed at supporting the capital’s real estate market, boosting foreign direct investment and strengthening its economy.
Until the changes, freehold ownership of property was only allowed for UAE and GCC nationals. Residential units in special designated investments zones, such as a designated area close to the international airport, will now be registered under Abu Dhabi’s freehold law, with property ownership deeds issued to buyers of property in the emirate.
“The modernisation of the real estate law reflects the government vision to support and develop the business environment in Abu Dhabi, along with the development of investor services and procedures,” Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, said.
The legal changes will also help to level the playing field between Abu Dhabi and Dubai, where foreigners are already allowed to buy freehold property in investment zones. The changes were enacted after a government study to examine the needs of the real estate sector, including meetings with investors, developers and others, according to the Abu Dhabi Executive Council.
Mounir Haidar, managing director of Jubail Island Investment Company
"The announcement by the Abu Dhabi government to amend the real estate law is a significant step towards achieving the economic diversification and sustainable development objectives outlined by the UAE Vision 2021 and Abu Dhabi Economic Vision 2030. The change is in keeping with the wide-ranging initiatives of the Tomorrow 2021 reforms – boosting the capital’s business environment and competitiveness.
"In addition to enhancing Abu Dhabi’s strong investment appeal, the amended law will play a key role in stimulating the real estate market, boosting business opportunities, driving economic growth and will attract foreign direct investment.”
Farhad Azizi, chief executive of Dubai-based Azizi Developments
"When things [rules] are in black and white it makes it so much more attractive for us, or for that matter, any other private developer. We are very happy with the way Dubai did it and Abu Dhabi is doing it as well. Dubai has been ahead in terms of some of the regulations and Abu Dhabi is catching up and they are doing a great job.
"Now you go anywhere in the world, Dubai and Abu Dhabi are standing out as property markets, while previously it was only Dubai. Abu Dhabi is certainly picking up and now everybody knows Abu Dhabi and they want to go there."
Sameh Muhtadi, chief executive of Bloom Holding
“It’s a very encouraging move and will make a tremendous difference in terms of widening market demand. Historically, property investors in Abu Dhabi have mainly been local [Emiratis], whereas the new law will allow for greater participation of foreign investors – whether from overseas, or living in the UAE – something that is badly needed."
“The logical next step will be to see some additions to the existing portfolio of investments zones, which are currently quite saturated.”
Sameer Barakat, executive director estate management at Provis, a fully owned subsidiary of Aldar Properties
“In a few words, it’s a boost to the economy and encouragement for the investors, especially the foreign investors to look at Abu Dhabi as potential investment zone for them. The investment zones are basically centralised in the most prominent development, such as Yas and Saadiyat Islands and known to everyone.
“On the last day of Cityscape we see more people coming to look for their future houses or the plots that they want to build their homes on. It is an encouraging thing. If you come to Cityscape today, you will see the difference, although normally it should slow down [being the third day of the event]."
Abu Dhabi is known for its leisure and entertainment facilities globally and “the legislation is putting Abu Dhabi [further] on the global map and it will encourage the investor to look at the market seriously to invest. The investors are both sub-developers and individual [property buyers]. Sub-developers will now look into buying plots and redeveloping them into new smaller developments. All-in-all, it is going to be a boost for the economy and real estate market of the capital”.
Edward Carnegy, director, head of Abu Dhabi office, Savills Middle East
"It is actually phenomenal [news]. It's a game-changer. It will encourage corporates to come here and build their headquarters. The cascade from this should be phenomenal.
"You have to remember that Abu Dhabi's objective is to diversify its investments and stimulate its economy and this is a massive step in the right direction."
"The aim of Executive Council is to make Abu Dhabi more investable and by doing this [enacting freehold regulation] they did it as foreign investors can own the land. Also, it levels the playing field with Dubai as Dubai has had freehold for a while".
Lynnette Abad, director of research and data at Property Finder
"This is very promising news for Abu Dhabi as this now puts them on par, real estate investment-wise, with Dubai. Of course, the devil is in the details. Therefore, we will need to wait for further information regarding the freehold structure.
“With that said, this is the basis of a maturing market in Abu Dhabi and will create a proper title deed structure for a property, which in turn should bring transparency to the market when it comes to transaction data. This will also entice further investment, especially foreign investment to Abu Dhabi."
Kamraan Khan, residential associate at Cavendish Maxwell Abu Dhabi
“We expect these changes [in the property law] to positively impact sentiment as they provide expats and end users greater security of tenure. This is proof of a continued increase in market maturity, and a willingness of the legislature to embrace positive regulatory change.
“How this relates to existing developments remains to be seen, although it may well tempt cautious buyers with a lower risk appetite back into the market. However, the timing of this announcement could not be better, considering the current appetite for land plots within investment zones.”
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.
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The specs
Engine: 3.0-litre six-cylinder turbo
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The specs
Engine: Four electric motors, one at each wheel
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
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UAE currency: the story behind the money in your pockets
MATCH INFO
Burnley 1 (Brady 89')
Manchester City 4 (Jesus 24', 50', Rodri 68', Mahrez 87')
The specs
Engine: 3.0-litre 6-cyl turbo
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
