Veteran developer Sameh Muhtadi was appointed the chief executive of Bloom Holding in April after a 30-year career at companies including Arabtec, Emaar Properties Misr and Orascom Contrack. Mr Muhtadi has been tasked with overseeing Bloom’s ambitious new projects including delivering Bloom Gardens, a partially completed villa project near Khalifa Park in Abu Dhabi; Soho Square, a collection of 302 homes next to New York University on Saadiyat Island; and a new office and hotel complex on Airport Road.
How would you describe your year?
The year was incredible for Bloom. We quadrupled our offering and achieved stellar results. Our projects are one of a kind and, as such, were less affected by general market trends. We believe that we have the right product, in the right location at the right price. This is our winning formula. Our projects are ideally located on Abu Dhabi island, which is a highly desirable location for Emiratis, and on Saadiyaat, a place destined to become Abu Dhabi’s premier residential district. None of our projects is on the outskirts of Abu Dhabi or more than five minutes from the city centre.
What effect is the fall of oil prices having on the property market?
The effect of oil prices may have an impact on the property and leasing market for a temporary period. Demand is directly linked to the economy and government expenditures. Should there be a reduction in investments it will likely impact the number of newcomers to Abu Dhabi, which in turn will affect demand. Similarly, uncertainty in the economic outlook will cause some investors to hold off on making investment decisions. However, the supply and demand in Abu Dhabi is balanced.
What are your predictions for the Abu Dhabi housing market over the coming year?
This is purely a supply and demand dynamic. The past few years, a relatively little supply has been added to Abu Dhabi, which in turn will moderate any downwards pressure on rental rates. We continue to witness strong rental demand for our Bloom Gardens, Bloom Central and Abu Dhabi Marina projects.
Why is there not more affordable housing in the UAE?
Bloom Properties is in advanced designs with the intent to offer an affordable housing option to the market. We believe that this market segment cannot be ignored and must be satisfied by real estate developers. We will be announcing significant initiatives on affordable housing at the upcoming Cityscape Abu Dhabi event.
What are your predictions for the UAE property market in 2016?
Our prediction is that there will most likely be a softening in the real estate sector in 2016, but we are confident that every downturn will bring new opportunities that should be capitalised upon, including acquisitions and diversifications into defensive economic sectors. Bloom has ambitious plans for its education and healthcare businesses that will help us balance any negative real estate market impacts.
lbarnard@thenational.ae
Follow The National's Business section on Twitter
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)
What is THAAD?
It is considered to be the US's most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Scoreline
Germany 2
Werner 9', Sane 19'
Netherlands 2
Promes 85', Van Dijk 90'
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
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
BUNDESLIGA FIXTURES
Friday Hertha Berlin v Union Berlin (11.30pm)
Saturday Freiburg v Borussia Monchengladbach, Eintracht Frankfurt v Borussia Dortmund, Cologne v Wolfsburg, Arminia Bielefeld v Mainz (6.30pm) Bayern Munich v RB Leipzig (9.30pm)
Sunday Werder Bremen v Stuttgart (6.30pm), Schalke v Bayer Leverkusen (9pm)
Monday Hoffenheim v Augsburg (11.30pm)
More from Neighbourhood Watch
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
Facebook | Our website | Instagram
RESULTS
6.30pm Al Maktoum Challenge Round-2 – Group 1 (PA) $49,000 (Dirt) 1,900m
Winner RB Frynchh Dude, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
7.05pm Al Bastakiya Trial – Conditions (TB) $50,000 (D) 1,900m
Winner El Patriota, Vagner Leal, Antonio Cintra
7.40pm Zabeel Turf – Listed (TB) $88,000 (Turf) 2,000m
Winner Ya Hayati, Mickael Barzalona, Charlie Appleby
8.15pm Cape Verdi – Group 2 (TB) $163,000 (T) 1,600m
Winner Althiqa, James Doyle, Charlie Appleby
8.50pm UAE 1000 Guineas – Listed (TB) $125,000 (D) 1,600m
Winner Soft Whisper, Frankie Dettori, Saeed bin Suroor
9.25pm Handicap (TB) $68,000 (T) 1,600m
Winner Bedouin’s Story, Frankie Dettori, Saeed bin Suroor
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
Facebook | Our website | Instagram
New Zealand 21 British & Irish Lions 24
New Zealand
Penalties: Barrett (7)
British & Irish Lions
Tries: Faletau, Murray
Penalties: Farrell (4)
Conversions: Farrell
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
