Bahrain’s Diyar Al Muharraq, a US$2.5 billion waterfront city development at Bahrain Bay comprising seven islands, reflects sustained investor appetite for the region’s property sector, its chief executive says.
Maher Al Shaer, the chief executive of Diyar Al Muharraq, will present the development at the Cityscape Global in Dubai, which runs from Spetmeber 6 to 8. “Real estate still remains a safe investment option, especially in this region,” he says.
“The GCC still holds its place as an attractive investment haven, especially for international investors. There is a fast-expanding population, high spending power and the quality of life remains very appealing for foreigners looking for better employment opportunities. All these factors provide a great framework for the real estate industry to thrive.”
Bahrain is proving resilient in the face of the global slowdown, according to recent reports from Reidin, a property business analysis firm, which says the construction industry posted 4.5 per cent year-on-year growth rate last year. Some 11.6 million tourists visited the island, an increase of 11 per cent on the previous year.
“If we look at Bahrain, there has been a surge in real estate projects as well as construction and retail industries with new malls, luxury hospitality offerings and the recovery of mixed-use developments previously put on hold,” says Mr Al Shaer.
“There has also been a surge in tourism motivated by a local drive to further Bahrain’s attractiveness as an exciting, all-encompassing destination for regional and international visitors. This is a great booster for the real estate sector.”
According to Reidin, Bahrain’s tourism sector is expected to continue to expand, generating revenue of $1bn by 2020. This trend, combined with the government decision to allowing foreigners to acquire 100 per cent ownership of businesses in Bahrain, will spur growth in the property sector, it said.
Gagan Suri, the director and chief executive of Bahrain Bay Development, says it is the size of such mega-projects that is a part of their resilience, despite global volatility. “Large real estate master developments are planned with longer-term durations and longer investment horizons,” he says.
“As such, Bahrain Bay Development, as a master developer, is able to overlook short-term blips in the market including fluctuations in oil prices. Master planned developments are unlike consumer goods, which are quick to produce and quick to get absorbed. Real estate products take time to plan, develop and get absorbed. Bahrain, like most GCC countries, is also exposed to a cyclical market.
“Bahrain Bay Development has already sustained two economic cycles and is currently on its third. Currently, there is positive momentum in the construction sector, especially in and around our development which will change the face of the heart of Manama.”
Almost 85 per cent of land plots at Bahrain Bay were snapped up within a week of going on sale, while the entire infrastructure is complete and several projects of third-party developers are also finished, the company says.
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Brief scores:
Manchester City 3
Bernardo Silva 16', Sterling 57', Gundogan 79'
Bournemouth 1
Wilson 44'
Man of the match: Leroy Sane (Manchester City)
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
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Dubai Bling season three
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Honeymoonish
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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
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
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UAE currency: the story behind the money in your pockets
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
