Foreign developers and investors will now be able to purchase key sites close to Al Maktoum Airport after Dubai’s ruler announced he would add three new land plots to the freehold area around it.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai, announced yesterday said that the three huge land packages in the area known as Dubai South would be available for non-UAE citizens to buy with absolute ownership and without a time limit.
Under the new decision, which covers plots numbered 205, 206 and 207, landowners will also be able to lease lands and properties for periods of up to 99 years.
The Dubai Government said that the move was part of its plans to “support Dubai Aviation City’s objectives to cater to the continuous growth of the aviation sector in Dubai, and to further cement its position as an international hub for aviation and logistics services”.
It said that the decision was effective from the date of issuance and would be published in the Official Gazette.
Dubai South, formerly known as Dubai World Central, was launched in 2006 as the world’s first “aerotropolis”, with Al Maktoum International at its core.
The airport is scheduled to be expanded from a current freight capacity of 1 million tonnes of cargo per year to 16 million tonnes and could handle 220 million passengers a year when it takes over as the city’s main airport.
Last year, planners revealed that the rebranded Dubai South would include a Dh25 billion middle-income residential project, which would be laid out as a cluster of villages.
lbarnard@thenational.ae
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
