RAS AL KHAIMAH / WAM The total value of real estate transactions in Ras al-Khaimah rose to AED2.7 billion in the first half of 2018, an increase of 33 percent compared to the corresponding half of 2017, according to a report issued by the Lands and Properties Sector at the emirate’s municipality. The bi-annual report indicated that 2,632 real estate …
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Bloomberg Oil fell to the lowest in more than a week amid a surprise jump in US crude inventories and an escalating trade dispute between the US and China. Futures in New York fell as much as 1.4 percent. The American Petroleum Institute was said to report US stockpiles rose 5.59 million barrels last week. Meanwhile, the US will propose …
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Abu Dhabi / WAM The Federal Tax Authority (FTA), has called on persons dealing with commercial real estate to apply the basic Value Added Tax, VAT, rate of five percent on all sales and rent of such properties, urging buyers to pay the due VAT before proceeding with the transfer of ownership. The Authority had organised an awareness tour for …
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Bloomberg OPEC and its allies gave the final sign-off to an oil-production increase, sealing a victory for Saudi Arabia and Russia. Major producers outside the Organization of Petroleum Exporting Countries — including Mexico and Kazakhstan — met ministers from the cartel on Saturday and endorsed a nominal output increase of 1 million barrels a day, said Ecuador’s Minister of Hydrocarbons …
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Dubai / WAM Dubai Properties, a member of Dubai Holding, is drawing high interest for its upscale projects from investors and potential buyers in China as part of its participation at Luxury Property Showcase (LPS) Beijing 2018, the leading luxury property show that is currently underway in the Republic’s capital city. Dubai Properties, a member of Dubai Holding, is drawing …
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Bloomberg Sales of previously owned US homes unexpectedly fell in May for a second month as a lack of inventory and elevated asking prices weighed on demand, National Association of Realtors (NAR) data showed. The drop in sales was led by declines in purchases of single-family homes and cheaper properties, according to NAR, indicating that the market is being driven by …
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JEDDAH / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Deputy Prime Minister, Minister of Defense of the Kingdom of Saudi Arabia and President of Saudi Council of Economic and Development Affairs chaired the first meeting …
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Abu Dhabi / WAM The Abu Dhabi City Municipality has called upon property developers to expedite the registration of their real estate development projects under the Real Estate Regulatory Law No. 3/2015. A statement to this effect was made during a meeting with escrow account managers and developers and licensing of property units team at the Municipality. Attendees of the …
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Bloomberg Sun Hung Kai Properties Ltd.’s record HK$25.2 billion ($3.2 billion) purchase of a coveted plot near Hong Kong’s former airport signals that the city’s developers are brushing off concern that expected rate increases will damp the red-hot housing market. Sun Hung Kai beat out bidders including units from CK Asset Holdings Ltd. and Henderson Land Development Co., paying almost …
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Dubai / Emirates Business Dubai Land Department (DLD) announced a new cooperation and strategic partnership agreement with Medallion Associates LTD. The agreement was signed by His Excellency Sultan Butti bin Mejren, Director General of DLD, and Masood Al Awar, Chairman and CEO of Medallion Associates LTD, in the presence of senior officials from the two companies and a number of …
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