Dubai’s largest developer is temporarily halting new projects amid a property glut that, combined with the coronavirus pandemic, has come down nearly a third off house prices in the past six years, reports Gulf Business.
“We don’t build anymore,” Emaar Properties chairman Mohamed Alabbar said at a conference in Dubai on Monday. “The government entities decided to stop new developments almost a year back, but Covid definitely put the brakes on.”
According to the Gulf Business report, the comments marked a rare admission from Emaar, which for years has resisted calls to stop construction even as new properties flooded the market and drove down values.
Home prices in Dubai, the Middle East’s main business and financial hub, have slumped by more than 30 per cent since 2014, forcing the government to set up a committee to manage supply and demand.
The Emirates Nuclear Energy Corporation, ENEC, has announced that its operating and maintenance subsidiary, Nawah Energy Company, Nawah, has successfully achieved 100% of the rated reactor power capacity for Unit 1 of the Barakah Nuclear Energy Plant. This major milestone brings the Barakah plant one step closer to commencing commercial operations, scheduled in early 2021.
100% power means that Unit 1 is generating 1400MW of electricity from a single generator connected to the UAE grid. This milestone makes the Unit 1 generator the largest single source of electricity in the UAE.
The Barakah Nuclear Energy Plant is the largest source of clean baseload electricity in the country, capable of providing constant and reliable power in a sustainable manner around the clock. This significant achievement accelerates the decarbonisation of the UAE power sector, while also supporting the diversification of the Nation’s energy portfolio as it transitions to cleaner electricity sources.
The accomplishment follows shortly after the UAE’s celebration of its 49th National Day, providing a strong example of the country’s progress as it continues to advance towards a sustainable, clean, secure and prosperous future. As the Nation looks towards the next 50 years of achievements, the Barakah plant will generate up to 25 percent of the country’s electricity, while also acting as a catalyst of the clean carbon future of the Nation.
Mohamed Ibrahim Al Hammadi, Chief Executive Officer of ENEC said: “We are proud to deliver on our commitment to power the growth of the UAE with safe, clean and abundant electricity. Unit 1 marks a new era for the power sector and the future of the clean carbon economy of the Nation, with the largest source of electricity now being generated without any emissions. I am proud of our talented UAE Nationals, working alongside international experts who are working to deliver this clean electricity to the Nation, in line with the highest standards of safety, security and quality.”
The Emirates Red Crescent Authority, ERC, celebrated the 49th UAE National Day, taking into consideration all the precautionary measures of the Covid 19 pandemic, to ensure that everyone enjoys happiness and security as they celebrate this memory.
On this occasion, the Emirates Red Crescent Authority, ERC, stated: “The 49th UAE is celebrated as we live in an era of remarkable achievements and great peace, it is a mixed feeling of joy and pride, and it reflects the amount of love, loyalty and belonging to this country. In this day we pledge to remain loyal to our wise leadership and preserve the achievements and gains of our homeland.”
Emirates Red Crescent
The audience interacted with the orchestral playing as soon as it was launched on YouTube, in addition to all other ERC social media accounts. The video of the national anthem was shared by the followers, expressing their joy, and appreciation as it reflected patriotism, a sense of loyalty and gratitude to the founding leaders.
The Emirates Red Crescent Authority launched “Our Union lights our homes” initiative targeting all citizens and residents celebrating the 49th UAE National Day, by sharing a video showing their celebration of 49th National Day, such as decorations, traditional clothes, etc.., to its official social media accounts.
Sheikha Dr. Shamma bint Mohammed bin Khalid Al Nahyan, Chairperson of the Board of Directors of the Sheikh Mohammed bin Khalid Al Nahyan Cultural and Educational Institutions and Honorary President of the Emirates Women Award of the Dubai Quality Group, launched a national initiative, entitled, “New Home,” which aims to raise the awareness of parents about positive children’s education, coinciding with the country’s 49th National Day.
Sheikha Shamma also inaugurated a virtual seminar held by the group, titled, “The Role of Parents in Continuing Remote Learning,” with the participation of Dr. Jamila Sulaiman Al Khanji and Dr. Khalid Maqlad. The seminar was moderated by Dr. Huda Al Matroushi.
“There are certain events that happen in our lives and change our perspective, so when the coronavirus pandemic began, the world fell into a state of confusion, raising the question, ‘How can we adapt to this pandemic until science contains it?’ The answer involves solving many challenges facing the world, most notably how to continue the education process,” Sheikha Shamma said.
The UAE’s leadership is keen to ensure the continuity of the education process, even though some countries have suspended their academic systems, she added while highlighting the role of advanced technologies in facilitating people’s lives and the value of communication networks, despite the restrictions imposed on movement.
“Our main challenge is ensuring the success of this process and benefitting students, as would have happened through traditional education. To realise this, there is a need for genuine cooperation between schools and families, as they play a key role in achieving psychological balance for students, in addition to supporting the remote education process,” she said in conclusion.
UAE Welcomes Israeli Tourists; ‘New Home’ National Initiative Launched; US Court Scraps Trump’s H1-B Restrictions; NATO names China as a threat in coming decade – all in Asian Lite Daily Digital Dubai – please click here to read.
The launch was also attended by the UAE Ambassador to Australia, Abdulla Al Subousi, the Australian co-chair, the Hon Christopher Pyne, and the UAE co-chair, Badr Al-Olama, …reports Asian Lite News
The Prime Minister of Australia, the Hon Scott Morrison officially launched in Sydney the first-ever Australia-United Arab Emirates Business Council aimed at deepening bilateral trade and investment and expanding opportunities for Australian and UAE businesses.
Dr. Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, followed the Australian Prime Minister in welcoming the launch of the Business Council.
“Since the establishment of diplomatic relations in 1975, the UAE and Australia have been bound together by strong and longstanding ties, ranging from trade, tourism, investment, and culture, to people-to-people contacts, ultimately leading to a mutual benefit for both our nations,” said Dr. Anwar Gargash in a video message.
“I would like to welcome the decision to inaugurate this Business Council despite the pandemic. I truly believe that this Council will accelerate the growth of our economic cooperation in the years to come, as well as enhance investment and trade exchange,” he added.
The launch was also attended by the UAE Ambassador to Australia, Abdulla Al Subousi, the Australian co-chair, the Hon Christopher Pyne, and the UAE co-chair, Badr Al-Olama, who provided a video message of support from the UAE.
Australian Co-Chair, Mr Pyne, said that the establishment of the business council was long overdue for the two nations.
“I was surprised to learn during my time in politics that there has never been a business council before between Australia and the UAE. Our countries have so much to offer each other and it is our interest to promote mutual prosperity,” said Pyne.
“The Council will allow Australian and Emirati businesses an unparalleled chance to connect with decision makers in both government and enterprise to better foster and understand future requirements and opportunities.”
UAE Co-Chair Badr Al-Olama, said: “Establishing an Australia UAE Business Council has long been overdue, since our two great nations have been great allies and great friends over the many years.
“The depth and breadth of this long-standing relationship is demonstrated by the standing of the UAE as Australia’s largest trading partner in the Middle East, and the appeal of Australia as one of the top real estate investment destinations for the UAE.”
Al Rumaihi affirmed the depth and breadth of the partnership between the two countries in reinforcing security, peace and stability in the Middle East countries…reports Asian Lite News
Ali bin Mohammed Al Rumaihi, Minister of Information Affairs of Bahrain, commended the historical partnership between the UAE and Bahrain and their steadily growing political, economic, social and media relations, noting their fraternal ties and mutual keenness to protect Arab national security and promote tolerance and peaceful coexistence among different religions and cultures.
In statements to the Emirates News Agency, WAM, on the occasion of the UAE’s 49th National Day, Al Rumaihi highlighted the pride of Bahrain, under the leadership of King Hamad bin Isa Al Khalifa, and other Arab and Islamic countries of the UAE’s march of the union, established by the late Sheikh Zayed bin Sultan Al Nahyan, continued by the leadership of President Sheikh Khalifa bin Zayed Al Nahyan, supported by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
Al Rumaihi affirmed the depth and breadth of the partnership between the two countries in reinforcing security, peace and stability in the Middle East, as well as their coordination with Saudi Arabia and Egypt in uniting Arab and Islamic countries against foreign interventions in their internal affairs and combatting hate speech, extremism and terrorism, and their joint efforts to support international scientific research aimed at combatting the coronavirus pandemic.
Israir’s inaugural flight is part of a broader engagement between the UAE and Israel to further peace, dialogue and stability and promote sustainable development..reports Asian Lite News
Dubai International, DXB, added a new member to its airline family with the arrival of Israeli carrier Israir’s inaugural flight from Tel Aviv on Tuesday.
Flight 6H 663, which departed Tel Aviv-Yafo at 10.00 am local time arrived at DXB at 5:10 pm UAE time on Tuesday with 166 passengers on board, made Israir the first Israeli carrier to operate a commercial flight into Dubai, a DXB statement said on Tuesday.
Israir’s inaugural flight is part of a broader engagement between the UAE and Israel to further peace, dialogue and stability and promote sustainable development. The engagement has resulted in organisations of both countries commencing new economic and trade partnerships across sectors.
Israel’s Israir announces first flight to Bahrain
Israir will operate up to 14 weekly flights using its Airbus A320 aircraft between the two destinations. The launch of the new service coincides with the beginning of the holiday season during which DXB typically witnesses an uptick in passenger volumes passing through the airport.
Israir’s flight will boost DXB’s international connectivity by linking two of the region’s major trade and tourism destinations, bringing more choice and convenience for travellers and expanding trade and logistics opportunities between the two countries.
Dubai International Airport maintained its position as the world’s busiest hub for international passengers for the sixth consecutive year in 2019, handling 86.4 million passengers last year. The airport continues to be one of the world’s most prominent travel and logistics hubs despite the challenges faced by the global travel and aviation sectors due to the pandemic.
The MEA Finance Awards honors banking and financial institutions from across the Middle East and Africa region for their excellence in creating robust financial systems through innovation and digital transformation as well as advancing the overall industry…reports Asian Lite News
Commercial Bank of Dubai, one of the leading banks in the UAE, has won the “Best Commercial Bank” award and “Best Digital Transformation” award at the MEA Finance 2020 Awards.
The award was received by Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, along with Abdul Rahim Al Nimer, General Manager – Corporate Banking, Amit Malhotra, General Manager – Personal Banking Group, Stefan Kimmel, Chief Operating Officer and Hassan Al Redha, General Manager – International & Transaction Banking, at a ceremony held recently at CBD Headquarters in Dubai.
The MEA Finance Awards honors banking and financial institutions from across the Middle East and Africa region for their excellence in creating robust financial systems through innovation and digital transformation as well as advancing the overall industry.
Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, said: “It is a matter of immense pride that CBD has won the “Best Commercial Bank in the UAE” and “Best Digital Transformation in the UAE” by MEA Finance Awards. We are a pioneering financial institution operating for over 50 years and have been at the forefront of developing advanced banking solutions to meet the needs of our customers based on an in-depth understanding of their requirements and a consistent focus on providing exceptional customer service.”
The meeting touched on the global fight against the COVID-19 pandemic and the efforts being made to confront its fallout…reports Asian Lite News
Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Mohammad Haneef Atmar, the Minister of Foreign Affairs of Afghanistan, reviewed the prospects of fostering relations between the two nations across various fronts.
This came as the UAE top diplomat welcomed the Afghan minister and discussed growing cooperation in the fields of logistics and food security in addition to exchanging views over a number of regional and international issues of interest.
The meeting touched on the global fight against the COVID-19 pandemic and the efforts being made to confront its fallout.
Sheikh Abdullah reaffirmed the UAE’s determination to reinforce relations with Afghanistan across various domains.
The Afghan minister congratulated Sheikh Abdullah on the 49th UAE National Day, commending the developmental achievements and the prestigious stature boasted by the UAE regionally and internationally.
Attending the meeting was Khalifa Shaheen Al Marar, Assistant Minister for Political Affairs.
