The Latest Buzz in Dubai Real Estate: Escrow Law 8 Thursday, Nov 29 2007

The recently formulated Escrow Law 8 is the latest buzz in the real estate market of Dubai. According to the law, all funds received by the real estate developers in Dubai will be regulated through escrow accounts supervised by the Dubai Land Department. All property developers in Dubai who sell units off-plan with payments from buyers before the concerned property gets completed comply with the Escrow Law.

Dubai Land Department has released a list of approved banks that will act as account trustees for escrow accounts under the new law. At present, HSBC tops the list followed by Tamweel, Dubai Islamic Bank, Emirates Bank, National Bank of Dubai, Amlak Finance PJSC, Commercial Bank of Dubai and Abu Dhabi Commercial Bank.

Dubai real estate is a booming market for investors from a whole cross-section of investors from all over the globe. The Dubai Land Department also came up with Real Estate Regulatory Authority to manage real estate activities in the emirate.

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Mushaira on National Day Tuesday, Nov 27 2007

On the occasion of UAE National Day on December 2, Pakistan Association Ladies Wing (PALW) will hold a mushaira in Dubai. Renowned poetesses hailing from Pakistan and UAE will be participating in the event.

Spotlight:

From UAE: Sabiha Saba, Madam Mariam Behnam, Tasneem Abidi, Faiza Fiza, Sarwat Zehra, Farzana Sahab Mirza

From Pakistan: Sarwat Mohiuddin, Kishwar Naheed, Fatima Hassan, Rukhsana Saba, Shahida Hassan, Rehana Rohi

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Golf Tournament on National Day Monday, Nov 26 2007

UAE Golf Association (UGA) is organizing a golf tournament to mark the 36th National Day of the country. The UAE National Day Golf Tournament will be held at The Montgomerie Dubai on December 2, 2007.

The tournament has already witnessed an overwhelming response from participants. Players have registered as individuals, as well as in teams of two and four. The total field will constitute of 100 players with registered individual players placed in teams of four.

The tournament has been sponsored by Tameer Holding Investments, one of the leading names in Dubai real estate sector.

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National Day Holiday for Private Sector Employees Monday, Nov 26 2007

The UAE government has today announced a holiday on its 36th National Day on December 2 for private sector employees. The weekend will be replete with celebrations reaching their peak with the grand finale of Live in Dubai on 2nd December itself. Enjoy

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UAE Real Estate Speculations Saturday, Nov 24 2007

The real estate of the United Arab Emirates has been growing rapidly over the years. With an ever-increasing supply, the UAE real estate sector is quite speculative. Amid the emirates, real estate in Dubai and Abu Dhabi offers buzzing market because these emirates are emerging as cosmopolitan mega cities today.

There are speculations by real estate experts on the introduction of things like home price index. A rise in real estate prices cannot be contained once it sets rolling since a lot depends on the value of the dollar. With the coming up of the new escrow law in Dubai by the recently founded Real Estate Regulatory Authority (RERA), UAE is indeed on the road to attracting more international investors.

The UAE property market is all set for expansion with 2.5 million property units coming up in the next decade in Abu Dhabi alone. UAE government’s constant endeavours to regulate and streamline the real estate sector are a phenomenal factor in this regard.

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Cooking Gas Rates Shoot Up in UAE Wednesday, Nov 21 2007

Cooking gas has started costing more in UAE now. The price of cooking gas cylinders has gone up by anything from 5 percent to 18 percent in different parts of UAE.

The price rise has come as a surprise for UAE citizens since it came quite unexpectedly.

The Price Scene in various Emirates

Residents of Sharjah are getting a 50 lbs cooking gas cylinder for 90 AED, whereas Dubai residents are paying 76 AED (10 percent more than earlier price) for the same. Ras Al Khaimah residents now have to pay 79 AED for a standard gas cylinder.

Abu Dhabi has remained unaffected from the inflation. Even Ajman and Fujairah have not witnessed any recent change in cooking gas prices.

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Eid ul Adha/ Bakrid 2007 Monday, Nov 19 2007

The festival is also widely known as “Bakra Eid” or “Bakrid”, as goat is sacrificed to mark the day. Eid ul Adha is a four-day long festival.

Eid ul Adha date is yet to be officially announced in the United Arab Emirates. However, the tentative date is December 20 (Thursday), 2007.

Why is Eid ul Adha celebrated?

Eid ul Adha marks the event of Ibrahim’s decision to sacrifice his son Ismael for God. Eid ul Adha falls about 70 days after the holy month of Ramadan ends. This is also the day after Muslims on the holy pilgrimage of Hajj descend from Mount Arafat.

There is a short prayer at the beginning of the festival after which a sermon is held for everybody.

UAE residents are gearing up for the Feast of the Sacrifice i.e. Eid ul Adha.

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MoH Taking Steps to Curb Bird Flu Threat Monday, Nov 19 2007

                                                                                      

Following a bird-flu outbreak at a farm in the Eastern Province of close neighbour Saudi Arabia, the UAE government is undertaking steps to prevent the spread of the epidemic in the emirates. The Ministry of Health is constantly monitoring the region in collaboration with regional health authorities. 

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Abu Dhabi a Cultural Hub this Month! Thursday, Nov 15 2007

The month of November is culturally rich for the capital of UAE. With a seminal cultural event in the pipeline for Abu Dhabi, one can hope to have a rich time here. Here’s an overview:

Art Paris – Abu Dhabi
@ Emirates Palace Hotel
Nov.26 to Nov.29, 2007

Cherish master strokes of artists from around the world in this beautiful exhibition that will include 1000 artworks from the Middle East itself! There will be a plethora of art forms in the like of paintings, sculptures and calligraphy. World-renowned painters such as Salvador Dali, Pablo Picasso and Chagall will be under the spotlights, among others. 

The exhibition is worth 1.4 billion AED making it the richest fair of its kind in the Middle Eastern region. It will also have seminars and conferences on art investment and art appreciation.

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Marriage Cards for Couples in RAK!! Wednesday, Nov 14 2007

Now couples getting married in Ras Al Khaimah courts will be issued unique marriage cards. The marriage card will cost 100 AED and will be the first of its kind in the UAE.

The card will have a snap of the husband with his details on one side while the flip side will have similar details of the wife.

The card will be available on request at the time of issuing of the marriage certificate. It will act as a handy marriage certificate of sorts.

 

 

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