Property stocks rallied yesterday after the UAE Government extended the length of visas for foreign homebuyers.
Shares in the sector accounted for almost half of the trades on the Dubai bourse as investors anticipated that the move would provide a much-needed lift to the housing market, which has struggled to rebound from a crash at the end of 2008.
Mohamed Alabbar, the chairman of Emaar Properties, said the move would "significantly enhance" confidence and drive the growth of the UAE's property sector."
He said the sector played a solid role in driving foreign direct investment."The Cabinet decision will enhance the appeal of the UAE as a preferred destination for safe investments in property," he said.
The extension of the residence period for foreign property investors from six months to three years was among measures introduced by the Government in a three-year plan.
Investors looked to Dubai's market, which ended the trading session 0.6 per cent higher, as the main beneficiary of the decision.
The country's property market was hit hard by the global economic crisis, but Dubai in particular was left struggling as property prices plummeted more than 50 per cent in some places after the crash set in.
The government plan revives promises of a long-term residency visa that contributed towards a major drive of second-home purchases in the years before the crash, analysts said. The move "could significantly boost demand in the UAE's residential real estate sector, particularly in Dubai", wrote Farouk Soussa, the chief economist of Citi's Middle East unit.
In the capital, major property stocks rose for the first time in more than a week. Aldar Properties, the most heavily traded developer in the country, clocked its first gain in more than a week, rising 1.6 per cent to Dh1.24. It has lost 10 per cent over the past week.
Emaar Properties, the developer of the world's tallest tower, the Burj Khalifa in Dubai, climbed 2.7 per cent at the opening. Other heavily traded stocks in the sector also clocked gains: Arabtec ticked up 2.4 per cent and Deyaar rose 1.4 per cent to 29 fils.
Analysts said the most dramatic reaction would be confined to the capital markets, with any direct impact on the property market not coming into effect for some time.
"It's a small step in the right direction," said Chet Riley, a property analyst at Nomura who has "buy" ratings on both Emaar Properties and Sorouh Real Estate.
"Before we take the leap of faith, there are no details beyond the headlines … There is a lot of work to do to shore-up confidence across the direct real estate market," Mr Riley said.
[ fhalime@thenational.ae ]
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
The biog
Full name: Aisha Abdulqader Saeed
Age: 34
Emirate: Dubai
Favourite quote: "No one has ever become poor by giving"
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE (+4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
Price: From Dh750k
On sale: via special order
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
Scotland v Ireland:
Scotland (15-1): Stuart Hogg; Tommy Seymour, Huw Jones, Sam Johnson, Sean Maitland; Finn Russell, Greig Laidlaw (capt); Josh Strauss, James Ritchie, Ryan Wilson; Jonny Gray, Grant Gilchrist; Simon Berghan, Stuart McInally, Allan Dell
Replacements: Fraser Brown, Jamie Bhatti, D'arcy Rae, Ben Toolis, Rob Harley, Ali Price, Pete Horne, Blair Kinghorn
Coach: Gregor Townsend (SCO)
Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy
Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour
Coach: Joe Schmidt (NZL)
Biography
Favourite book: Zen and the Art of Motorcycle Maintenance
Holiday choice: Anything Disney-related
Proudest achievement: Receiving a presidential award for foreign services.
Family: Wife and three children.
Like motto: You always get what you ask for, the universe listens.
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
Specs: 2024 McLaren Artura Spider
Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now
The specs
Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September
SPECS: Polestar 3
Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September
Asia Cup Qualifier
Final
UAE v Hong Kong
Live on OSN Cricket HD. Coverage starts at 5.30am
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Avatar (2009)
Director: James Cameron
Stars: Sam Worthington, Zoe Saldana, Sigourney Weaver
Rating: 3/5
Brief scoreline:
Burnley 3
Barnes 63', 70', Berg Gudmundsson 75'
Southampton 3
Man of the match
Ashley Barnes (Burnley)
Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
THE SCORES
Ireland 125 all out
(20 overs; Stirling 72, Mustafa 4-18)
UAE 125 for 5
(17 overs, Mustafa 39, D’Silva 29, Usman 29)
UAE won by five wickets
Asia Cup Qualifier
Final
UAE v Hong Kong
TV:
Live on OSN Cricket HD. Coverage starts at 5.30am
The Secret Kingdom
Director: Matt Drummond
Stars: Alyla Browne, Alice Parkinson, Sam Everingham
Rating: 3/5
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
Disturbing facts and figures
51% of parents in the UAE feel like they are failing within the first year of parenthood
57% vs 43% is the number of mothers versus the number of fathers who feel they’re failing
28% of parents believe social media adds to the pressure they feel to be perfect
55% of parents cannot relate to parenting images on social media
67% of parents wish there were more honest representations of parenting on social media
53% of parents admit they put on a brave face rather than being honest due to fear of judgment
Source: YouGov