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Dubai Hotel operators in the Gulf region may need to modify their room rates and their overall fee strategy starting next year to continue to appeal to consumers following the introduction of Value-Added Tax (VAT). VAT, which will be imposed at a 5 per cent rate starting 2018 across the GCC (Gulf Cooperation Council), has the potential to alter consumer behaviour by discouraging guests from booking hotel rooms, according to a report from HVS, a global hospitality consultancy. HVS said the tax is likely to particularly impact price-sensitive, millennial travellers, and said that hotels may need to alter their pricing to continue to attract guests in that demographic. In its report, HVS said the Middle East will witness a “healthy influx of three-star hotels entering the market,” amid the abundance of four- and five-star hotels. “As this mid-market expands with contemporary, yet affordable branded hotel products, primary markets will be susceptible to significant averag...
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Oil jumps 2 percent; more investors expect output cut extension ... NEW  YORK  (Reuters) - Oil prices rose more than a dollar a barrel on Friday, heading for a second week of gains on growing expectations that leading oil producers will agree at next week's OPEC-led meeting to extend output cuts aimed at reducing a global crude glut. Brent crude was up $1.18 at $53.29 at 12:10 p.m.(1610 GMT), while U.S. benchmark crude oil was up $1.13 at $50.48. Both benchmarks were at their highest in about a month, rising more than 2 percent. The Organization of the  Petroleum Exporting Countries  (OPEC) and other producers including  Russia  meet on May 25 to decide whether to extend output cuts of almost 1.8 million barrels per day. Market watchers expect the group to extend cuts until the end of March 2018. An OPEC panel is considering even deeper supply cuts to try to boost prices and reduce forward selling. Rob  Haworth, senior investment strateg...
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Indians continue to dominate Dubai property investments |By TAP Staff|Indian nationals were ranked first for foreign investment in Dubai’s property sector for the first half of this year, having made a total of 3,017 transactions worth AED 7.8 billion, according to statistics released by the Dubai Land Department. British investors were in second place having conducted deals worth AED 4.7 billion, followed by Pakistani investors with transactions worth AED 3.3 billion. Canadian investors came in at fourth place with transactions worth AED 1.8 billion. The list also included citizens from Iran, Russia, United States, China, France and Afghanistan. Dubai Land Department (DLD)  announced that the total sum of investments in Dubai’s real estate market for the first half of 2015 was AED 53 billion. DLD’s report, issued by its Research and Real Estate Studies Department, revealed that GCC Investors completed AED 17 billion worth of transactions in the first ha...
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Developer 'thanks him wholeheartedly for the outstanding efforts during his time': Chairman Sajwani Real estate developer Damac Properties announced that Ziad El Chaar has stepped down as managing director and executive board member. A Press release from the company did not name any replacement for El Chaar, one of the most high-profile personalities in Dubai's real estate sector, who has steered Damac to success during his tenure. "We regretfully announce the departure of Mr El Chaar but wish to thank him wholeheartedly for the outstanding efforts during his time with Damac and the many achievements he spearheaded during this period," Hussain Sajwani, chairman of Damac Properties, said in the release. "On behalf of myself and the board and all staff members we wish to thank him for all the valuable contributions he has made to the company. We wish him every success in his future endeavours," he added. Damac also said that Ossama...
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The biggest-ever Indian Realty Expo opened its door on Friday at Le Meridian Hotel Airport Road Dubai with more than 1,500 projects and 500 projects for ready to move totally worth more than 150 billion rupees, the organisers said. "The two-day Times Realty India Expo - Dubai, which will conclude today, unveiled its 21st edition with a lot of added colours and features as per the public demand across the previous editions," said Farheen Sait, director marketing of Mindscape Exhibitions Dubai, who organises the event on behalf of The Times of India. May 2017 marks a paradigm shift in the way Indian real estate will operate and function, what with the RERA Act caming into effect from May 1. Other policy initiatives include the Benami Transactions Act, and GoI (Government of India)'s determined push for affordable housing under the Pradhan Mantri Awas Yojana by 2022 with the aim 'Housing for all'. These measures are expected to provide positive impetus to the b...
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Why using one agent is the fastest way to sell your property Making a real estate transaction? Take the 'less is more" philosophy into consideration Ludwig Mies, one of the founders of modernist architecture, helped popularise the notion "less is more", and that's wisdom prospective property sellers and landlords would be well advised to heed. All too commonly, owners believe the greater the number of agents or platforms with which their property is listed, the quicker and easier it will be to make a deal, but actually the opposite is true and here's why: The "unsellable" stigma What do you think when you see the same home advertised almost everywhere you look for months on end? That it's a must-view property? Or that there's probably something wrong with it? A prolonged and visible lack of interest is seen as a warning sign by many would-be buyers, especially if it's evident the seller or ...
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Dubai: Chinese visitors to the UAE will now be granted visas on arrival, the Cabinet announced on Sunday. China, the world’s second-largest economy, has a burgeoning and increasingly prosperous middle class that is travelling abroad in numbers greater than ever before. “We have approved a decision to grant visas on arrival at the country’s airports to visitors from the People's Republic of China,” said His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and the Ruler of Dubai. “Our relations with China are strategic and a priority,” he added in remarks published on his official Twitter account. Chinese tourists previously had to obtain visas before travelling to the UAE. The UAE has invested billions of dollars over more than a decade to put itself on the map as a regional business and tourism hub. Among the UAE’s seven emirates, Dubai is the most attractive for tourists. More than 14.2 million people visited Dubai ...
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