DUBAI, 8th January, 2020 — The UAE has so far invested AED1 trillion (US$270 billion) in airport infrastructure development projects highlighted the General Civil Aviation Authority’s Director-General.
In a statement released by the UAE aviation authority, Saif Mohammed Al Suwaidi said such investments span development projects across the country and a fleet of 884 commercial aircraft.
The aviation sector is experiencing significant and rapid growth in air transport and airport construction and expansion, leading to the growth of regional and global economies, particularly in the Asia-Pacific region and the Middle East, the world’s fastest growing market, although Europe still maintains strong growth prospects until 2040.
According to forecast reports issued by the International Air Transport Association, IATA, passenger numbers will rise to 4.72 billion in 2020, up four percent from the 4.54 billion passengers recorded in 2019.
“I believe there is a need to inject more money in order to keep pace with massive and successive developments in the sector,” Al Suwaidi noted.
The GCAA Director-General’s remarks come ahead of the upcoming Global Investment in Aviation Summit, GIAS 2020, set to take place on 27th and 29th January. The summit, taking place in Dubai, will spotlight airport development projects and infrastructure investments as part of its two-day agenda.
ABU DHABI, 8th January, 2020 — The International Media followed with great interest the Resolution of the UAE Cabinet that approved the multi-entry tourist visa for the UAE for a period of five years for all nationalities, which will have a significant impact regionally and globally in this important time.
The Resolution delivers many promising messages to the UAE community and the whole world, the first and most effective one is the stability and sustainability of the national economy and its ability to address the fluctuations and changes that affected the region over the past decades.
Last October, the UAE ranked first regionally and 33rd globally in tourism and travel in 2019, according to 52 competitive indicators, the most notable of which is the stability of the country’s economy.
The United Arab Emirates has achieved this accomplishment as tourism in the country is an institutional work that has a solid base in the formation of the UAE society which is based on hospitality and tolerance which are deeply rooted inside Emiratis.
What attracts the attention of researchers in the global tourism sector is that the UAE has excelled in the innovation accelerators such as information and communication technologies, labour market efficiency, business dynamism and innovation potential.
The country received about 21 million tourists in 2019, including 15 million during the first half of the year. The contribution of the Tourism sector in the country’s Gross Domestic Product exceeded AED161 billion, which is a huge achievement in “UAE Vision 2021” and in the forecasts for 2027 targeting AED234 billion.
In consideration of the development sustainability, sectoral contributions figures are taken with the GDP, accompanied by employment figures, and the innovative potential to engage the public and private sectors.
In the employment field, the tourism and travel sector provides about 325,000 job opportunities distributed in a wide range of tourism products, starting with hotels that includes about 125,000 rooms.
The competitiveness of the Emirati tourism sector is enhanced by innovation that added, in the past few years, new patterns such as environmental and agricultural tourism, which comprises of 151 sites.
These new patterns are based on distinguished infrastructure during the past decades and is still in shopping and entertainment areas, as well as the industry of hosting international and regional conferences and events that will be highly represented in the Expo 2020 Dubai.
In addition to the country’s accumulative achievements that ranked the country first regionally, the Resolution of the five years multiple entry tourist visa for all nationalities, not only enhances the absolute precedence of the country as a tourist hub, but also delivers a message of confidence in the UAE economy in the light of a turbulent region which is full of crisis that undermine the ability to plan and to achieve sustainable development.
It was no coincidence that the Resolution of five years multiple entry tourist visa came at the first meeting of the Cabinet in the new year.
In 2020 the UAE had a commitment to designing its future for the second half of its centenary, based on the legacy of the late Sheikh Zayed bin Sultan Al Nahyan, to be a Union which is based on a humanitarian message, economic stability and tolerance as well as an open tourism sector protected by security and innovation.
DUBAI, 6th January, 2020 — Reed Exhibitions will organised SiTL Middle East, a brand-new trade show focused on showcasing the latest developments in the transport and logistics sector, at Dubai South from 16th to 18th November, 2020, to allow government and industry stakeholders from across the Middle East, Africa and South Asia to access leading technologies that increase efficiency and reduce costs in logistics operations.
The debut edition of SiTL Middle East is set to welcome over 120 exhibitors and more than 2,000 visitors, including regional distribution managers and logistics professionals keen to take advantage of the latest trends in innovation and solutions that could boost business efficiency and profitability.
In addition, the event will be an important venue for key officials from various countries to hold bilateral discussions, while the UAE Government and other leading commercial entities will highlight the country’s major efforts in building a global hub supported by world-class facilities and services.
Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation and Dubai South, said, “Through SITL ME, we will be gaining new insights and opportunities to grow in terms of technology and innovation, which are essential in the drive towards efficiency and sustainability in business operations and management. We are confident the event will bring about these key focus areas which are highly important for both the government and private sectors.”
Nadia Abdul Aziz, President of Dubai-based National Association of Freight and Logistics, said, “The UAE’s logistics sector has been an early adopter of modern technologies which positioned the Arab world’s second-biggest economy as a world-class business hub. Dubai has taken a proactive role in planning its development in terms of logistics facilities, zones and investments. We have the best connectivity in the region to reach out to more than three billion people via our air and sea/rail connectivity.”
SiTL Middle East will feature seven major segments, including intra-logistics, robotics and automation; packaging and pallet; technologies, IoT and information systems; new energy and transport equipment; real estate and logistics infrastructures, and safety and cybersecurity.
It will also hold a conference supported by key partners from Reed’s global networks during its logistics events, including a Demo Zone, where one can experience world-class equipment and solutions, including customised tours.
Daniyal Qureshi, Group Exhibition Director, Reed Exhibitions, said, “SiTL ME is poised to bring a valuable portfolio of activities to the well-established SiTL Europe which leverages the global recognition of the SiTL brand and shares their best practices in the Middle East. Across its current portfolio of leading market events in Dubai and Abu Dhabi, Reed Exhibitions brings nearly 4,500 exhibitors and over 109,000 visitors from 170 countries to the UAE and SiTL ME will be a new major event that would boost the country’s global position as a strategic venue for major events.”
Look: These airlines are standouts in the industry according to the AirlineRatings.com
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1) Qantas | AirlineRatings.com has highlighted the airlines it considers the safest in the world. Australian airline Qantas tops the list.Image
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2) Air New Zealand | Air New Zealand comes in second, while Taiwan’s EVA Air is third. UAE’s Etihad Airways is ranked fourth and Emirates comes in sixth.Image
ABU DHABI, 31st December, 2019 — Etihad Rail, the developer and operator of the UAE’s national railway, has launched a new training and employment programme, as part of the company’s continuous commitment to support Emiratisation.
Etihad Rail is a positive contributor to the UAE government’s initiative to employ its citizens in a meaningful and efficient manner in both the public and private sector, by continuing to create jobs and provide the necessary training, development programmes and vocational guidance as a way of encouraging employment among citizens, boosting their opportunities in the job market, and empowering them to make a significant contribution to the UAE economy.
As one of the steps involved in Etihad Rail’s Emiratisation programme, the contractors and joint venture partners working on the Design and Build elements of Stage Two of the Pan-Emirates railway network will train and hire fifty suitably qualified UAE nationals in various disciplines and fields in the industry.
Speaking on the project, Saeed Al Ahbabi, Chief Corporate Support Officer at Etihad Rail, said, “We are very proud to be opening up 50 additional job opportunities to Emirati employees through our local partners, in line with the directives of our Chairman, H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Executive Council Member and Chairman of Abu Dhabi Crown Prince’s Court. As of today, approximately 80 percent of our higher management structure is Emirati. Now that Stage Two of the national project is under way, we shall be recruiting from across all seven Emirates and the training, followed by suitable employment, will equip each one of them technically and professionally to facilitate their growth, enable them to become leading proponents of the transport and infrastructure industry.”
Al Ahbabi added, “The main goal of the programme is to provide UAE national engineers with the necessary experience to implement strategic projects. It complements Etihad Rail’s existing employment, training and development strategies to recruit and develop UAE Nationals, ensuring that they become the leaders of tomorrow. Further opportunities and initiatives in support of Emiratisation will be introduced in the future as the national railway project progresses.”
For this latest initiative, Etihad Rail will be recruiting male and female university graduates with majors in engineering for three-year training programme that will equip them with global certification on completion.
Etihad Rail’s contractors will be required to submit a detailed training scheme proposal within 30 days of receiving their notice to proceed, and employment of the trainees must commence within three months.
The Emirati trainees will be constantly assessed according to their Personal Development Plans which will be formalised within 60 days of placement. The plan will support various aspects of trainee development, including design, project management, quality assurance, quality control, construction, stakeholder management, contract management and HSE skills
DUBAI, 31st December, 2019 — Strengthening Dubai’s position as the leading “cruise hub of the region”, the emirate welcomed six international cruise liners on 29th December 2019, via the Mina Rashid cruise terminal.
The terminal dealt with over 60,000 cruise passengers, as they handled all the processes for the smooth arrival of TUI Cruises’ Mein Schiff 5, Pullmantur Cruises’ Horizon, MSC Cruises’ MSC Lirica, Jalesh Cruises’ Karnika, as well as the maiden calls from Costa Cruises’ Costa Diadema and Royal Caribbean’s Jewel of the Seas.
Mohammed Abdul Aziz Al Mannaei, CEO P&O Marinas and Executive Director of Mina Rashid, said, “The flawless handling of more than 60,000 cruise visitors on a single day testifies to the operational efficiencies we have put in place. Welcoming six cruise ships simultaneously also reflects the immense trust that cruise operators place in our capabilities. At Mina Rashid, we constantly invest in enhancing the services and support systems for today’s fleet of ultra-modern cruise vessels. We aim to help build on the increasing popularity of luxury cruise tourism and strengthen Dubai’s position as the ‘cruise hub of the region’. This is what Mina Rashid is being continuously developed for.”
Hamad bin Mejren, Senior Vice President, Dubai Tourism, said, “As testament to the emirate’s position as the leading hub for cruising in the region, this milestone is a sound reflection of how far Dubai has come on its journey to becoming the preferred destination of choice for international cruise travellers and cruise operators alike. As we increase momentum and continue our efforts to raise the bar even higher for the city’s cruising industry, the support and collaboration we receive from our stakeholders will be paramount to our sustained success and will allow us to ensure that we can provide enriching, world-class services to cruise visitors from across the globe.”
The 2019-2020 cruise season will also see increased efforts to promote cruise tourism in the region by the Dubai Cruise Committee, comprising leading industry partners, Dubai’s Department of Tourism and Commerce Marketing, DP World UAE Region, operator of the Mina Rashid Cruise Terminal, Emirates Airlines, the General Directorate of Residency and Foreigners Affairs – Dubai, and Dubai Customs.
SHARJAH, 30th December, 2019 — The Sharjah Academy for Astronomy, Space Sciences and Technology at Sharjah University hosted a joint Emirati-Japanese workshop on planetary exploration, in cooperation with the UAE Space Agency, the Chiba Institute of Technology and CITJAMSS.
The workshop aimed to introduce the UAE’s key developments and achievements in the global space sector to space scientists and those interested, as well as present several research outcomes monitored using the UAE Astronomical Camera Network.
The workshop also aimed to empower students and researchers in the area of space exploration, through the exchange of expertise and knowledge and the launch of joint scientific projects, which will reinforce the academy’s stature as a leading scientific research centre serving the space sector of the UAE and the rest of the world while improving the scientific ties between the UAE and Japan.
Dr. Humaid Majoul Al Nuaimi, Director of Sharjah University and Director-General of the Academy, thanked H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, for supporting the academy, which was founded by Sheikh Sultan as a national project and research centre that will raise the community’s awareness of all areas of space science and reinforce the stature of Sharjah, as well as the UAE, as a leading scientific centre of space research in the Gulf region and the rest of the world.
He also highlighted the academy’s keenness to achieve Sheikh Sultan’s visions, through working on relevant scientific projects, in cooperation with leading national and international scientific authorities, as well as establishing efficient research labs, such as the CubeSat and the Sharjah Center for Astronomy and Space Sciences.
The workshop covered topics related to space science and astronomy, which were discussed by researchers from the academy and several experts from the agency, CITJAMSS and the institute.
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RAS AL KHAIMAH, 30th December, 2019 — This year, Ras Al Khaimah is ready to create history with its fireworks show as part of the New Year’s Eve celebrations that will feature two record-breaking bids: the use of the most unmanned aerial vehicles launching fireworks simultaneously (190) and the spell-binding sight of the “longest firework firewall”.
Preparations have entered the final stages for the fireworks display, measured against stringent guidelines set by adjudicators from Guinness World Records. Every aspect of the 190-drone record attempt is being fine-tuned to perfection, while specifics are being finalist to create the “longest firework waterfall”, with the fireworks hung on wires at a distance measuring 4,000 meters, in the hope of breaking the current record of 3517.23 meters recorded in Fukuoka, Japan.
The pyro-drones theme will also entail recreating the key monuments of Ras Al Khaimah through laser displays and pyrotechnics as the display builds to its grand finale.
A spokesperson for the organising committee for RAK NYE 2020 said, “While Ras Al Khaimah’s New Year’s Eve has set Guinness World Records in the past two years, this year, the innovative two record bids are the first-of-a-kind, assuring a magnificent display. We are putting the final touches and are working closely with the adjudicators to ensure the show will be unlike any other.”
In addition to the fireworks display, Ras Al Khaimah New Year’s Eve promises to be spectacular, with a wide range of activities to enthral people of all ages.
At Al Marjan Island, the main venue for the event, there are activities for children that will keep audiences engaged until the countdown to the fireworks show.
A high-level organising committee comprising members of Marjan, Ras Al Khaimah Police, Ras Al Khaimah Government Media Office, Ras Al Khaimah Tourism Development Authority, Ras Al Khaimah Chamber of Commerce, Public Works, Ras Al Khaimah Municipality, Al Hamra and others, is leading preparations for the event.
ABU DHABI, 26th December, 2019 — The Ministry of Foreign Affairs and International Cooperation, MoFAIC, highlighted the importance for UAE citizens wishing to travel abroad to review country specific travel advice and hunting laws on the ministry website or via its smart application, ‘UAEMOFAIC’.
In a statement, the ministry said on Thursday that it aims to raise UAE citizen’s awareness of the latest travel updates for the sake of their personal safety and security.
MoFAIC also urged citizens desiring to travel to sign up to the ‘Twajudi’ service, and register their families, senior citizens and children. Twajudi, a service provided by MoFAIC, facilitates communication between Emiratis and UAE embassies abroad in cases of crises or emergencies.
The ministry also urged UAE nationals to sign up to the ‘Musafir’, a health insurance policy programme that assists Emiratis to gain health care in case of a medical emergency while abroad.
It also noted that emergency passport application services are readily available in case of loss, theft or expiry throughout UAE embassies abroad. Emiratis can also utilise the ministry website or smart application to apply for an emergency passport, MoFAIC concluded.
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December 30, 2019 at 12:30 pm
ALMATY, Kazakhstan, 27th December, 2019 — Fifteen people have died after a passenger jet from Kazakh airline Bek Air crashed during take-off, Kazakh news agency Kazinform said on Friday.
The Fokker 100 aircraft carrying 95 passengers and five crew members broke through a wall before hitting a residential building. The plane was flying from Almaty and was headed to the Kazakh capital, Nursultan.
Rescue teams are currently working to retrieve injured persons from the crash site.
According to Kazinform, the Kazakh government has set up a commission to investigate the accident.
All Bek Air flights have been suspended for the day, the agency concluded.
DUBAI, 28th December, 2019 — A new survey on local perceptions of Dubai’s brand has revealed that the city is home to the most vibrant creative sector in the region.
The survey, which looked at perceptions of Dubai’s creative sector among UAE-based arts and culture professionals and consumers in comparison to other countries in the region, was commissioned by the Dubai Culture and Arts Authority based on the parameters of an international index. In its key findings: 95 percent of respondents saw Dubai as having a vibrant creative sector, the highest rating in the region.
90 percent defined the emirate as “innovative” and 89 percent as “creative”.
82 percent of consumers favour Dubai’s homegrown culture and arts production to their home countries, while 90 percent are highly engaged in local culture and arts activities.
76 percent of Dubai-based art and culture professionals and 60 percent of art and culture professionals based in other emirates agree that Dubai’s ecosystem has developed enough for the creative sector to flourish, which marks the progress of the emirate in recent years.
H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority, said: “Dubai’s ambitious cultural strategy puts the emirate on the fast track to become on par with global creative hubs, whether as a centre for culture, an incubator for creative ideas and businesses, or a forum for local and international talent to express and actualise their ambitions. Research to gain feedback on the sector’s successes, opportunities and challenges from locally-based creative professionals and enthusiasts is one of the most invaluable tools we have to work towards this vision.”
“The fact that our survey’s respondents ranked Dubai as the most vibrant creative city in the region is a true testament to the homegrown passion and talent we witness here. These results show that we are on the right path, and they also help us to identify the steps we need to take to support the ongoing development of the sector, such as investing in talent and creatives and setting new policies that facilitate a flourishing creative ecosystem. Through initiatives like the Global Grad Show, the Dubai Art Season, the Emirates Airlines Festival of Literature, and Dubai Next, apart from new initiatives launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, as part of Dubai Culture’s new direction, we are working to maintain Dubai’s position as the number one creative sector in the region, enhancing our position as a global cultural centre,” She added.
The survey explored two key elements of Dubai as defined by the FutureBrand Country Index 2019: purpose (which include the country’s value system, quality of life, and business potential) and experience (heritage, culture, tourism, products and services, made in).
The FutureBrand index measured perceptions of Dubai among international communities, ranking it at 16th place in the 2019 Country Brand Ranking among 75 countries (coming up three places from 2014 and maintaining its 1st place within the Middle East) as well as ranking at 11th place on the ‘Most Influential City’ list. Dubai Culture’s survey mirrored the index’s approach to capture a complementary view of perceptions of Dubai among locally based creative communities.
The survey built on and customised the pillars of purpose and experience as defined by the index, to achieve an understanding of how Dubai’s cultural sector is perceived by UAE residents. Respondents then shared their opinions on the emirate’s creative sector, specifically relating to its offering, variety, evolution, and ecosystem.
The survey was conducted online, in English and Arabic, among 100 UAE residents who work in the creative sector across the different emirates, and 200 UAE residents between 21 and 65 years who have visited cultural attractions such as museums, theatres, and arts institutions (like Art Dubai, d3 and Alserkal Avenue) at least twice in the past 12 months.
The creative sector participants included architects, artists, film and TV producers, writers, fashion, graphic and interior designers, as well as advertising and marketing professionals.
ABU DHABI, 29th December, 2019 — The UAE has jumped ten spots on the list of most competitive countries in the world during four years, acquiring 5th place in 2019 compared to the 15th spot in 2016, according to the annual World Competitiveness Ranking 2019 published by the IMD Business School.
The UAE has proven its standing as one of the world’s most competitive economies, going above and beyond in areas such as productivity, digital transformation and entrepreneurship.
The IMD World Competitiveness Rankings, established in 1989, incorporate 235 indicators from each of the 63 ranked economies. Information gathered from the indicators are then filtered into four core areas – economic performance, infrastructure, government efficiency and business efficiency.
The young nation also ranked in the top 5 in various sub-factors of the report, including tech regulatory frameworks, wireless broadband connectivity, management of cities, public-private partnerships and attitudes towards globalisation.
To become a global leader in international competitiveness arenas, the UAE government set out the UAE National Agenda, developed by over 300 officials from 90 federal and local government entities. The Agenda includes a set of national indicators in the sectors of education, healthcare, economy, police and security, justice, society, housing, infrastructure and government services.
These indicators are long-term, measure performance outcomes in each of the national priorities, and generally compare the UAE against global benchmarks. The national indicators are periodically monitored by Government leadership to ensure their targets are achieved by 2021 in which the UAE will celebrate its Golden Jubilee.
Indicators, like that of the IMD World Competitiveness Rankings, highlight the UAE’s growing ability to compete with advanced economies and join the list of top ten countries in the dynamic global landscape.
ABU DHABI, 26th December, 2019 — The construction sector has taken the lead in the top ten list of business activities that acquired licences in the UAE in 2019, according to the latest statistics issued by the UAE Ministry of Economy.
Three licences were being issued daily for both construction contracting and general commerce activities, following by restaurants, which acquired two licences daily, reflecting an increase after a period of slowdown.
The return of activity in various national economic sectors encouraged the UAE’s banking system to provide more financial support to these sectors in 2019.
A total of 1,050 licences were issued by local economic departments in all emirates for construction contracting businesses in 2019 while some 1,004 licences were issued to general commerce businesses.
Some 868 licences were also issued for hot and cold drinks businesses, as well as around 755 for new restaurants and 671 for dessert businesses.
The top ten list includes the transport sector, with 521 licences issued for transporting general materials by light trucks and 508 by heavy trucks, along with 429 licences to sell perfumes, 403 for retail clothing, and 390 for building cleaning services.
The total number of licences issued for the top ten businesses activities amounted to 6,599, accounting for 14.6 percent of new licences issued for all economic activities in the country in 2019.
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December 28, 2019 at 12:52 pm
DUBAI, 28th December, 2019 — A new survey on local perceptions of Dubai’s brand has revealed that the city is home to the most vibrant creative sector in the region.
The survey, which looked at perceptions of Dubai’s creative sector among UAE-based arts and culture professionals and consumers in comparison to other countries in the region, was commissioned by the Dubai Culture and Arts Authority based on the parameters of an international index. In its key findings: 95 percent of respondents saw Dubai as having a vibrant creative sector, the highest rating in the region.
90 percent defined the emirate as “innovative” and 89 percent as “creative”.
82 percent of consumers favour Dubai’s homegrown culture and arts production to their home countries, while 90 percent are highly engaged in local culture and arts activities.
76 percent of Dubai-based art and culture professionals and 60 percent of art and culture professionals based in other emirates agree that Dubai’s ecosystem has developed enough for the creative sector to flourish, which marks the progress of the emirate in recent years.
H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority, said: “Dubai’s ambitious cultural strategy puts the emirate on the fast track to become on par with global creative hubs, whether as a centre for culture, an incubator for creative ideas and businesses, or a forum for local and international talent to express and actualise their ambitions. Research to gain feedback on the sector’s successes, opportunities and challenges from locally-based creative professionals and enthusiasts is one of the most invaluable tools we have to work towards this vision.”
“The fact that our survey’s respondents ranked Dubai as the most vibrant creative city in the region is a true testament to the homegrown passion and talent we witness here. These results show that we are on the right path, and they also help us to identify the steps we need to take to support the ongoing development of the sector, such as investing in talent and creatives and setting new policies that facilitate a flourishing creative ecosystem. Through initiatives like the Global Grad Show, the Dubai Art Season, the Emirates Airlines Festival of Literature, and Dubai Next, apart from new initiatives launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, as part of Dubai Culture’s new direction, we are working to maintain Dubai’s position as the number one creative sector in the region, enhancing our position as a global cultural centre,” She added.
The survey explored two key elements of Dubai as defined by the FutureBrand Country Index 2019: purpose (which include the country’s value system, quality of life, and business potential) and experience (heritage, culture, tourism, products and services, made in).
The FutureBrand index measured perceptions of Dubai among international communities, ranking it at 16th place in the 2019 Country Brand Ranking among 75 countries (coming up three places from 2014 and maintaining its 1st place within the Middle East) as well as ranking at 11th place on the ‘Most Influential City’ list. Dubai Culture’s survey mirrored the index’s approach to capture a complementary view of perceptions of Dubai among locally based creative communities.
The survey built on and customised the pillars of purpose and experience as defined by the index, to achieve an understanding of how Dubai’s cultural sector is perceived by UAE residents. Respondents then shared their opinions on the emirate’s creative sector, specifically relating to its offering, variety, evolution, and ecosystem.
The survey was conducted online, in English and Arabic, among 100 UAE residents who work in the creative sector across the different emirates, and 200 UAE residents between 21 and 65 years who have visited cultural attractions such as museums, theatres, and arts institutions (like Art Dubai, d3 and Alserkal Avenue) at least twice in the past 12 months.
The creative sector participants included architects, artists, film and TV producers, writers, fashion, graphic and interior designers, as well as advertising and marketing professionals.
ABU DHABI, 25th December, 2019 — The Government of Abu Dhabi and Aldar Properties have agreed on an exchange of land assets in a transaction that will see the redistribution of land resources suitable for development in accordance with both the Abu Dhabi Government and Aldar’s respective strategic priorities.
The agreement, implemented by the Abu Dhabi Department of Municipalities and Transport, contributes to the Government of Abu Dhabi’s strategy of closely collaborating with the private sector to manage real estate supply and ensure stable and sustainable development of the market. The real estate sector is a key enabler of sustainable growth and economic diversification in Abu Dhabi.
As per the agreement, which will be implemented from December 2019, land with total developable gross floor area, GFA, of approximately six million sqm will be exchanged.
The Government of Abu Dhabi will receive land on Al Raha Beach, Lulu Island and other land parcels on Abu Dhabi island in non-investment zones. Aldar will receive infrastructure enabled land plots in the Saadiyat Cultural District and Mina Zayed, which closely match the company’s key areas of focus for future development.
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December 26, 2019 at 12:13 pm
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