Why world's rich are splurging money on Dubai real estate?

June 26, 2015

Dubai, Jun 26: The cosmopolitan nature of Dubai coupled with a strong lifestyle consideration is making the emirate an extremely attractive real estate market for the global super rich, according to Wealth-X and Sotheby’s International Realty.

Dubai real estateIn a report, titled, “The Europe, Middle East and Africa luxury residential real estate report 2015”, the companies reveal that the emirate has the potential to become fast-growing ultra high net worth (UHNW) hub in the Europe, Middle East and Africa (EMEA) region in the coming years.

It puts the number of UHNW individuals (those with $30 million or above in assets) in Dubai at 495 with 34 billionaires.

Prices of luxury properties in Dubai are almost 40 per cent cheaper than London with the emirate having 8 percent of luxury residential properties listed above $1 million (Dh3.67 million), it revealing, stating average listed price at $5.5 million, with average price per square foot being $834.

According to the report, Dubai is the modern oasis of extravagant luxury, home to the world’s tallest building, Burj Khalifa, and the only seven star hotel in the world, the Burj Al Arab, and over 300 days of sunshine a year.

“It is a prominent hub for finance, trade and tourism in the Middle East and has rapidly become home to an array of luxury stores, grand hotels and a large array of fine dining and entertainment.

“It has more billionaires than any other city in the Middle East, and the wide range of activities on offer encourages UHNW individuals from all over the world to visit Dubai,” it states.

However, the report says London remains the region's primary real estate hub and offers numerous compelling reasons to be living such has its role as the center of finance, generous tax treatment of non-domiciles, an array of cultural activities and world-class educational institutions for children of UHNW individuals.

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News Network
March 9,2020

Riyadh, Mar 9: Schools and universities will be closed in Saudi Arabia from Monday to control the spread of coronavirus.

The Saudi Ministry of Education said the “preventive and precautionary” measures were recommended by the health authorities and are designed to protect students and staff.

The decision covers all educational institutions, including public and private schools, and technical and vocational training institutions.

“The Minister of Education directed that virtual schools and distance education be activated while the schools are closed to ensure that the educational process continues in an effective and quality manner,” the ministry said.

The Kingdom's Education Minister, Hamad bin Mohammed Al-Asheikh, confirmed that the decision was a precautionary step and said that they are conducting daily and weekly evaluations before returning to school.

Meanwhile, the Minister of Health, Tawfiq Al-Rabiah, confirmed that there have been no coronavirus cases in any educational facility in the Kingdom.

“Thank God, the situation is reassuring, and there has been no case in any educational facility. However, the increasing cases in countries have made us keen to enhance the safety of our sons and daughters. So we coordinated with the Ministry of Education to close the schools temporarily,” he said in a tweet on Sunday.

The education ministry has set up supervision offices to help coordinate the distance learning, and respond to parents’ inquiries.

A new committee set up by the ministry will also ensure the virtual schools are functioning through the distance learning methods provided by the ministry.

These include the virtual school platform (Vschool.sa) and mwterials available from the Apple and Android stores.

It will also provide lessons through the “Ain” TV channeland as well as on YouTube via this link: www.youtube.com/dorosien.

The General Presidency for the Affairs of the Grand Mosque and the Prophet’s Mosque also said on Sunday that it will suspend the visitation programs in its external facilities as part of recommended precautions to prevent the spread of the coronavirus and ensure the safety of visitors.

The facilities include the King Abdulaziz Complex for the Covering of the Holy Kaaba, the Gallery of the Two Holy Mosques, and the Library of the Holy Mosque of Makkah.

“The presidency has taken a series of precautionary measures to prevent the spread of the virus, by intensifying sterilization work that is taking place around the clock, and has been keen on coordination and joint cooperation with all relevant government sectors,” it said in a statement issued on SPA.

It added that these preventive efforts come within the procedures that are being implemented by the Saudi government seeking to combat the spread of the new virus, to protect the people of the Two Holy Mosques in particular, and citizens and residents in the Kingdom in general.

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Agencies
February 27,2020

Riyadh, Feb 27: Saudi Arabia on Thursday halted travel to the holiest sites in Islam over fears about a new viral epidemic just months ahead of the annual hajj pilgrimage, a move coming as the Mideast has over 220 confirmed cases of the illness.

The extraordinary decision by Saudi Arabia stops foreigners from reaching the holy city of Mecca and the Kaaba, the cube-shaped structure the world's 1.8 billion Muslims pray toward five times a day. It also said travel was suspended to Prophet Muhammad's mosque in Medina.

The decision showed the worry about the outbreak potentially spreading into Saudi Arabia, whose oil-rich monarchy stakes its legitimacy on protecting Islam's holy sites. The epicenter in the Mideast's most-affected country, Iran, appears to be in the holy Shiite city of Qom, where a shrine there sees the faithful reach out to kiss and touch it in reverence.

"Saudi Arabia renews its support for all international measures to limit the spread of this virus, and urges its citizens to exercise caution before traveling to countries experiencing coronavirus outbreaks," the Saudi Foreign Ministry said in a statement announcing the decision.

"We ask God Almighty to spare all humanity from all harm." Disease outbreaks always have been a concern surrounding the hajj, required of all able-bodied Muslims once in their life, especially as pilgrims come from all over the world.

The earliest recorded outbreak came in 632 as pilgrims fought off malaria. A cholera outbreak in 1821, for instance, killed an estimated 20,000 pilgrims. Another cholera outbreak in 1865 killed 15,000 pilgrims and then spread worldwide.

More recently, Saudi Arabia faced a danger from a related coronavirus that caused Middle East respiratory syndrome, or MERS. The kingdom increased its public health measures in 2012 and 2013, though no outbreak occurred.

While millions attend the 10-day hajj, this year set for late July into early August, millions more come during the rest of the year to the holy sites in the kingdom.

"It is unprecedented, at least in recent times, but given the worldwide spread of the virus and the global nature of the umrah, it makes sense from a public health and safety point of view," said Kristian Ulrichsen, a research fellow at the James A Baker III Institute for Public Policy at Rice University. "Especially since the Iranian example illustrates how a religious crossroads can so quickly amplify the spread and reach of the virus." The virus that causes the illness named COVID-19 has infected more than 80,000 people globally, mainly in China. The hardest-hit nation in the Mideast is Iran, where Health Ministry spokesman Kianoush Jahanpour said 19 people have died among 139 confirmed cases.

Experts are concerned Iran may be underreporting cases and deaths, given the illness's rapid spread from Iran across the Persian Gulf. For example, Iran still has not confirmed any cases in Mashhad, even though a number of cases reported in Kuwait are linked to the Iranian city.

In Bahrain, which confirmed 33 cases as of Thursday morning, authorities halted all flights to Iraq and Lebanon. It separately extended a 48-hour ban overflights from Dubai and Sharjah in the United Arab Emirates, through which infected travellers reached the island kingdom off the coast of Saudi Arabia.

Iranian President Hassan Rouhani said there were no immediate plans to quarantine cities but acknowledged it may take "one, two or three weeks” to get control of the virus in Iran.

As Iran's 80 million people find themselves increasingly isolated in the region by the outbreak, the country's sanctions-battered economy saw its currency slump to its lowest level against the US dollar in a year on Wednesday.

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Agencies
May 7,2020

Dubai, May 7: Indians in the UAE have voiced scepticism about a "massive" operation announced by New Delhi to bring home some of the hundreds of thousands of nationals stranded by coronavirus restrictions.

"It is just propaganda," said Ishan, an Indian expatriate in Dubai, one of seven emirates in the UAE and long a magnet for foreign workers.

He was reacting to his government's announcement this week that it would deploy passenger jets and naval ships to bring home citizens stuck in a host of countries.

India's consulate in Dubai said it received about 200,000 requests from nationals seeking repatriation -- mostly workers who have lost their jobs in the pandemic.

One vessel was heading to the UAE, India's government said, while two flights were scheduled to depart the UAE for India on Thursday.

But the plans drew scorn from Ishan, who was a manager at a luxury services company before he was made redundant last month.

"It's like throwing a dog a bone," the 35-year-old complained on Wednesday, dismissing the Indian government's efforts as a drop in the ocean.

"Let's say they repatriate 400 people on the first day, and about 5,000 people in 10 days, what difference has it made?"

India banned all incoming commercial flights in late March as it imposed one of the world's strictest lockdowns to tackle the spread of coronavirus.

The UAE is home to a 3.3-million-strong Indian community, who make up around 30 per cent of the Gulf state's population.

To the anger of some Indian expatriates, the evacuees will have to pay for their passage home and spend two weeks in quarantine on arrival.

"We are upset over the failure of our government," Ishan said. "What about the people with no money? How are you helping them?"

The Indian consulate could not be reached for comment.

Ibrahim Khalil, head of the Kerala Muslim Cultural Center in Dubai, said the consulate had asked him to select 100 Indian nationals for repatriation.

"We are planning to pay for the tickets of those who cannot afford it," he said, adding that the elderly, pregnant and those suffering from illnesses were a priority.

But one Indian woman, eight months pregnant in the neighbouring emirate of Sharjah, was not one of the lucky ones chosen to go back home in one of Thursday's planned departures.

"We called them but nobody would pick up," the 26-year-old, who requested anonymity, told AFP.

She arrived in the UAE a few months ago to visit her husband, who lives in a shared apartment with another family to save money.

"We have no insurance here and the medical expenses are too costly," said the woman, who was anxious to leave to give birth at home.

"I just hope that I am chosen to go back to India. I don't know why I haven't been considered."

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