Dh8 billion SRK Boulevard project revival on cards

August 6, 2014

SRK BoulevardAbu Dhabi, Aug 6: As the UAE’s real estate stages a strong rebound from historic lows after the global financial crisis, Bollywood superstar Shah Rukh Khan is seen to be an active player in the emirate’s fast-growing industry.

The legendary film star, entertainment mogul, sports magnate and the business-savvy actor is going to be back in the emirate’s property business with a bang by launching a Dh2.4 billion The Royal Estates by SRK project in Dubai today.

The superstar, also known as “King Khan” and owns Red Chillies Entertainment and the Kolkata Knight Riders, is also expected to be part of another landmark development in coming days by announcing a revival of seven-year old mega project in Ras Al Khaimah.

In an exclusive interview with Khaleej Times, Khan expressed his desire to revive Dh8 billion SRK Boulevard project “very soon”. The mega development was launched in 2007 but put on hold later in the wake of the global financial crisis. It was not the only development that was halted as several other projects across the UAE were also put on hold because of the financial crisis that badly hit the property business in Dubai.

“I’m not well versed with the real estate business. I did participate in a wonderful venture called SRK Boulevard and I hope I can restart the project soon,” Khan said.

Khan, who also owns a villa on Palm Jumeirah, didn’t rule out a property business venture in the future and said if there is an “exciting proposal” like SRK Boulevard, he might consider it positively.

“SRK Boulevard was really very exciting because I was designing the project and hopefully, maybe, we will be able to revive it again very soon,” Khan said. SRK Boulevard, comprising multiple residential towers on Dana Island off Ras Al Khaimah, was to house several hotels, a shopping centre and commercial complexes spread across 6.3 million sqm. King Khan, who was actively involved in from start to finish of SRK Boulevard, contributes extensively to the conceptualisation and design of the residential complex that bears his name and is expected to have a home in it.

According to industry sources, the project is likely to be re-launched under a new developer and its design concept is being currently reworked to add or remove certain components from the original plan.

Los Angeles-based architect Tony Ashai of Ashai Design Corporation, who was previously engaged to design SRK Boulevard, is now involved in The Real Estate by SRK to execute the Bollywood star’s dreams features in affordable housing project in Dubai’s booming market.

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News Network
May 5,2020

Dubai, May 5: A Saudi ministerial decision issued on Monday allows companies in the private sector to reduce salaries by 40 per cent and allows termination of contracts owing to the economic hardships resulting from the COVID-19 pandemic, according to daily newspaper Al Sharq Awsat.

The new decision was still not published by the cabinet according to the newspaper.

The decision which the newspaper saw a copy of was signed by Saudi Ministry of Human Resources and Social Development to regulate the labour contract in the current period, allows employers to reduce the employees salaries by 40 percent of the actual effective wage for a period of 6 months, in proportion to the hours of work and allowing the termination of employee contract after 6 months of the COVID-19 circumstances.

The new decision has also included a provision in which the employer would be allowed to cut wages even he or she benefits from the subsidy provided by the goverment, such as those for helping pay workers wages or exemption from government fees.

The decision also stressed that employers are not allowed to terminate any employee, unless three conditions are met.

1.            First the passing of six months since the measures of salary cut has been taken

2.            Reducing pay, annual leave and exceptional leave were all used

3.            Company proves that its facing financial troubles due to the circumstances.

The memo, which goes into affect as soon as its published in the government’s official newspaper, ensures that the employee will receive his/her salary if on annual leave within the period of 6 months.

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News Network
May 20,2020

Cairo, May 20: A senior Kuwaiti lawmaker has called for imposing a tax on expatriates’ remittances to shore up the country’s finances.

MP Khalil Al Saleh, the head of the parliament’s Human Resources Committee, has presented a draft law on the proposed tax to the legislature.

“Imposing fees on expatriates’ transfers will have a role in improving the state's revenues and diversify sources of income,” he told Al Rai newspaper.

Migrant workers transfer about 4.2 billion dinars annually from Kuwait, he added, citing figures from Kuwait’s Central Bank.

“This system is in effect in most countries of the world and in more than one Gulf country. Expats there have not objected to it. Allowing this money to exit the country is very dangerous and has a direct effect on economy,” MP Al Saleh said.

“We do not target brotherly expats because imposing symbolic fees on financial transfers will not affect their money, but will have a positive effect on the state’s sources,” he said. “This has become a necessity after the money transferred outside Kuwait has reached 4.2 billion dinars annually without the state [Kuwait] making any benefit from this.”

Foreign workers make up 3.3 million of Kuwait’s 4.6 million population.

Several Kuwaiti public figures have recently pushed for redrawing the demographic imbalance in the country, accusing expatriates of straining health facilities and increasing the Covid-19 threat.

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May 24,2020

Abu Dhabi: A senior Hindi teacher at Sunrise School in Abu Dhabi has died of coronavirus, it has been confirmed. Anil Kumar, 50, passed away on Sunday morning, May 24.

The sad and shocking demise of Mr Kumar, a senior Hindi teacher of Sunrise School on May 24, has left the entire Sunrise family in a pall of gloom, read a statement.

“The management, administrators, other faculty members, students and the school as a whole is struck with intense sorrow and is speechless.

“The bond that he had developed over the years, just as how we have with each faculty, makes the loss unbearable. The entire SEPS family is shaken and finds it hard to come to terms with this most saddening news.

“Anil Kumar was a very inspiring teacher. He always brought a creative aspect to the classes he handled and would make it an enjoyable class to attend to. Mr. Anil Kumar had a great way of motivating his students to do their best, and pushed them to be the best they could be. He was a great strength and support to the Department of Hindi, always willing to scaffold and mentor students and teachers. He was a very approachable man, warm and friendly at heart and that is something I will truly miss about Mr. Anil.

“Mr Anil Kumar has left behind his wife and two children. Mrs. Rajini, his wife is also a member of the school family. She is a faculty of the maths department. Our prayers and sincere condolences to each and every one of the family. May God give the strength to endure and face this most challenging phase of their life.”

It is learnt Mr Kumar fell ill with COVID-19 and had been in hospital since May 7.

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