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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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    Azerbaijan, Iraq discuss prospects of relations

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    Oman inks pack to bolster role of SMEs in food systems

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      Miral’s premier Abu Dhabi waterfront project work on track

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        Investments in renewables in Egypt reach LE6 bn: Official

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Saudi to be among world’s big leisure tourism hubs by 2030

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          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

          MAFWR, Port of Duqm sign MoU

          MAFWR, Port of Duqm sign MoU

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

            Local, Italian companies partner up to establish food retail chain in Egypt

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            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Abu Dhabi real estate bucks regional trend

              Oxford Business Group

              August 12, 2015
              in Real Estate
              0

              The residential property market in Abu Dhabi is defying the broader trend of declining prices in the UAE, as steady demand and a limited supply of new units drives up rental costs. Sales may be more limited in the latter half of the year, however, as weaker oil prices prompt a shift in foreign demand.

              Up and away
              Rental costs in Abu Dhabi gained momentum in the second quarter, rising 6% over the period, with up-market residences in prime locations seeing hikes of up to 12%, according to a report by real estate service company Asteco from July.

              Jerry Oates, the company’s general manager for Abu Dhabi, said the acceleration is being driven by the limited stock of residential units on the market.

              “We’ve seen a spike in this quarter, mainly because of a lack of supply,” Oates told local media. “There’s been growth in some areas but not in others, and it’s this lack of supply in certain areas that is driving things.”

              These market dynamics appear unlikely to change, at least in the medium term, according to a first-quarter market report from real estate consultancy JLL. A 2% increase in stock is expected over the year, compared to annual population growth of around 7%.

              Tackling the problem
              The jump in rental rates has prompted the government to consider reinstituting restrictions on rent hikes. On July 9, local media reported that authorities were considering implementing a rental index, setting out limits on increases in various districts of the city.

              A 5% annual cap on rent adjustments was introduced in 2009 but was subsequently removed in late 2013. Since then, price increases have gained pace, feeding into inflation and putting affordable residential accommodation out of reach for many, according to local press.

              The Department of Municipal Affairs confirmed it has drafted legislation to regulate the real estate sector, which is expected to come into effect at the beginning of 2016. While the organization is developing indicators for residential rentals, details of any restrictions on increases have yet to be released.

              Sales forecast
              Meanwhile, sales activity in the residential market is forecast to cool somewhat in the remainder of the year, as economic growth slows on weaker energy prices and less appetite from some foreign investors, notably those from Russia as a result of international sanctions and a weaker rouble.

              Indeed, the UAE’s residential market is expected to soften from 2015 into early 2016, Standard & Poor’s noted in June, with residential market prices in Dubai tipped to fall by around 10%. Abu Dhabi could also experience the effects of a correction, according to the agency.

              There is some evidence this is already taking place, with a report by real estate information firm Reidin showing a slight decline in residential property prices in May. According to the report, apartment sale prices were down 4.5% year-on-year (y-o-y) and 0.52% for the month. While this was balanced somewhat by a 0.8% month-on-month increase in villa sale prices, over the past year these too have slipped, down 1.2% y-o-y.

              Any flattening in the market is likely to be short lived, however, with the narrow supply of new residential units setting the market up for further growth once excess stock is absorbed.

              On the foreign investor front, weaker demand from Russia could be offset by renewed Iranian interest. The preliminary international agreement signed in mid-July could see sanctions on Iran progressively lifted, creating potential for a flow of new investment into Abu Dhabi as Iranians seek out holiday residences and businesses look to set up shop and secure housing for managers and staff.
              Oxford Business Group
              12 August

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