Arady, an Abu Dhabi-based private equity group focusing on the property sector, will cut prices at The Helix towers on Reem Island by about 20 per cent to pass on savings from lowered construction costs to buyers.
"The market needs to be sustainable and the new prices reflect that," said Jassem Saleh Busaibe, the new chief executive of Arady. "We are lucky we did not tender the project yet, so we could pass on the savings to buyers."
Mr Busaibe said the company would also change the payment plans so they adhered to construction milestones.
The move is among the first from developers in Abu Dhabi to address the slowing market. Prices in the capital have fallen an average of 15 per cent in recent months, according to property brokers.
Last week, Bloom Properties said it would let buyers revise their payment plans and renegotiate the prices of its Bloom Gardens project to reflect falling construction costs.
"This is not taboo for us," said Hani Shammah, the chief executive of Bloom Properties. "We have revisited the prices in line with the construction costs. We are passing on the declining construction costs to the end-user."
Mr Busaibe said he could see a new period of opportunities for his two-year-old investment group, especially in Abu Dhabi.
"Despite the current market, there is still an undersupply of housing and hospitality," he said. "There are opportunities in turbulence... Building a good project for end-users will still give you a reasonable profit."
The market would see some major changes this year as the credit squeeze and lower sales hit developers, he said. "A lot of people are going to have to go back to the drawing board. The parameters have changed."
Arady is raising money for a US$550 million (Dh2.02bn) Abu Dhabi development fund called Al Reem Fund LP.
The fund would spread its investments across the property economy, but focus on niches that were undersupplied, Mr Busaibe said. The investment group is in talks with several major developers about buying up plots on Reem Island and Al Raha Beach.
Arady is also expanding its direct investments in infrastructure and core services in Abu Dhabi.
One of its larger projects is a joint venture called NCP Gulf Services, which has been awarded a contract from the Abu Dhabi Department of Transportation to construct and manage more than 70,000 street parking spaces with meters. Initially, 2,500 parking meters will be installed on the most congested streets.
Mr Busaibe said he also planned to build multi-storey car parks around the capital to relieve traffic.
Arady, a Shariah-compliant group, is mostly funded by sovereign wealth funds and high-net worth businessmen and dignitaries in the region. Sheikh Hamdan bin Mubarak, Minister of Public Works, is its chairman and Ali Lakhraim is the executive vice chairman and founder.
bhope@thenational.ae
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The Sheikh Zayed Future Energy Prize
This year’s winners of the US$4 million Sheikh Zayed Future Energy Prize will be recognised and rewarded in Abu Dhabi on January 15 as part of Abu Dhabi Sustainable Week, which runs in the capital from January 13 to 20.
From solutions to life-changing technologies, the aim is to discover innovative breakthroughs to create a new and sustainable energy future.
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
PRESIDENTS CUP
Draw for Presidents Cup fourball matches on Thursday (Internationals first mention). All times UAE:
02.32am (Thursday): Marc Leishman/Joaquin Niemann v Tiger Woods/Justin Thomas
02.47am (Thursday): Adam Hadwin/Im Sung-jae v Xander Schauffele/Patrick Cantlay
03.02am (Thursday): Adam Scott/An Byeong-hun v Bryson DeChambeau/Tony Finau
03.17am (Thursday): Hideki Matsuyama/CT Pan v Webb Simpson/Patrick Reed
03.32am (Thursday): Abraham Ancer/Louis Oosthuizen v Dustin Johnson/Gary Woodland
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Manchester City 4
Otamendi (52) Sterling (59) Stones (67) Brahim Diaz (81)
Real Madrid 1
Oscar (90)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
%3Cp%3EMATA%0D%3Cbr%3EArtist%3A%20M.I.A%0D%3Cbr%3ELabel%3A%20Island%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
FULL%20RESULTS
%3Cp%3E%3Cstrong%3EMiddleweight%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEslam%20Syaha%20(EGY)%20bt%20Robin%20Roos%20(SWE)%20%0D%3Cbr%3E%3Cstrong%3E%0D%3Cbr%3EWelterweight%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAlex%20da%20Silva%20(BRA)%20bt%20Bagyash%20Zharmamatov%20(KGZ)%20%0D%3Cbr%3EMurodov%20Samandar%20(TJK)%20bt%20Lucas%20Sampaio%20(BRA)%20%0D%3Cbr%3EShakhban%20Alkhasov%20(RUS)%20bt%20Salamat%20Orozakunov%20(KGZ)%0D%3Cbr%3EKhotamjon%20Boynazarov%20(UZB)%20bt%20Mikail%20Bayram%20(FRA)%20%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EBantamweight%20%3C%2Fstrong%3E%0D%3Cbr%3EJieleyisi%20Baergeng%20(CHN)%20bt%20Xavier%20Alaoui%20(CAN)%20%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EFlyweight%20%3C%2Fstrong%3E%0D%3Cbr%3ERashid%20Vagabov%20(RUS)%20bt%20Lun%20Qui%20(CHN)%20%0D%3Cbr%3EYamato%20Fujita%20(JPN)%20bt%20Furkatbek%20Yokubov%20(UZB)%20%0D%3Cbr%3EAaron%20Aby%20(WLS)%20bt%20Joevincent%20So%20(PHI)%20%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3ECatchweight%20176lb%20%3C%2Fstrong%3E%0D%3Cbr%3EMark%20Hulm%20(RSA)%20bt%20Erkin%20Darmenov%20(KAZ)%20%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3ECatchweight%20160lb%20%3C%2Fstrong%3E%0D%3Cbr%3ERustam%20Serbiev%20(BEL)%20bt%20Anar%20Huseyinov%20(AZE)%20%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3ECatchweight%20150lb%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EIslam%20Reda%20(EGY)%20bt%20Ernie%20Braca%20(PHI)%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EFlyweight%20(women)%3C%2Fstrong%3E%20%0D%3Cbr%3EBaktygul%20Kurmanbekova%20(KGZ)%20bt%20Maria%20Eugenia%20Zbrun%20(ARG)%20%0D%3Cbr%3E%3C%2Fp%3E%0A
The years Ramadan fell in May
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Alaan%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Parthi%20Duraisamy%20and%20Karun%20Kurien%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%247%20million%20raised%20in%20total%20%E2%80%94%20%242.5%20million%20in%20a%20seed%20round%20and%20%244.5%20million%20in%20a%20pre-series%20A%20round%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EGlobal%20Islamic%20economy%20to%20grow%203.1%25%20to%20touch%20%242.4%20trillion%20by%202024%3C%2Fa%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fuk-economy-plunges-into-worst-ever-recession-after-record-20-4-contraction-1.1062560%22%20target%3D%22_self%22%3EUK%20economy%20plunges%20into%20worst-ever%20recession%20after%20record%2020.4%25%20contraction%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EIslamic%20economy%20consumer%20spending%20to%20increase%2045%25%20to%20%243.2tn%20by%202024%3C%2Fa%3E%3C%2Fp%3E%0A
Results
6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m, Winner: RB Frynchh Dude, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
7.05pm: Maiden (TB) Dh82,500 (D) 1,400m, Winner: Mnasek, Dane O’Neill, Doug Watson.
7.40pm: Maiden (TB) Dh82,500 (D) 1,600m, Winner: Grand Dubai, Sandro Paiva, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh87,500 (D) 2,200m, Winner: Meqdam, Sam Hitchcock, Doug Watson.
8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m, Winner: Thegreatcollection, Pat Cosgrave, Doug Watson.
9.25pm: Conditions (TB) Dh120,000 (D) 1,900m, Winner: Sanad Libya, Richard Mullen, Satish Seemar.
10pm: Handicap (TB) Dh92,500 (D) 1,400m, Winner: Madkhal, Adrie de Vries, Fawzi Nass.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5