Low-income families and bachelors in Abu Dhabi will have access to cheaper monthly rents under an initiative from Abu Dhabi Municipality announced on Saturday.
The Department of Municipal Affairs and Transport said the scheme will provide high-quality and affordable accommodations for low-income groups at rents ranging from Dh917 to Dh1,563 per month.
The initiative also offers an investment opportunity for commercial property developers in the city to construct new buildings or convert their existing properties into residential units for low-income residents.
“This initiative aims to provide proper and legal options of residential units befitting the financial means of low-income individuals and at the same time open an investment opportunity to owners of commercial properties in Abu Dhabi Emirate.
The initiative is in line with the vision of Abu Dhabi Government aimed to provide all means of decent and stable living for all spectrums of the community. It will also offer support to fixed income groups by availing them accommodation at affordable rents that commensurate with their annual income levels,” said Musabbah Al Murar, Acting General Manager of Abu Dhabi City Municipality.
The housing scheme is expected to eliminate congested bachelors’ accommodation with ADM targeting two categories of occupants.
The first is low-income segment earning a monthly income of Dh4,000 to Dh6,000 whose rents will range between Dh1,400 and Dh2,100 per month.
The second category is bachelors with fixed incomes. Those earning Dh2,00 to Dh4,000 a month will pay rents from Dh700 to Dh1,400 per month.
The rental value is calculated at a rate not exceeding 35 per cent of the individual’s total income; with consideration given to the number of occupants, according to statement from ADM.
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- 600-seat auditorium
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What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
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2.15pm: Handicap (PA) Dh60,000 1,200m.
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Torque: 881Nm at 4,800rpm
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Price: Dh380,000
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