DUBAI: Emirati investors helped lift Dubai property transactions during the first half of the year, the Dubai Land Department (DLD) said on Sunday.
The total value of real estate transactions rose 16.8 percent to Dh132 billion (SR134.79 billion) in the first half, compared with Dh113 billion of the same period of last year.
Emirati investors completed 4,510 transactions during the period at a value of Dh15 billion, followed by Saudi Arabian nationals with 1,936 transactions pegged at Dh4 billion. The total value of investments from the Gulf states increased by 16 percent from last year to 21.7 billion.
Dubai Marina was the most-sought after location as total transactions for the area reached 2,529, followed by Business Bay with 2,146, Al-Barsha South 4 with 2,001, Jebel Ali 1 with 1,931 and in fifth place Al-Thaniya 5 with 1,501 transactions.
In terms of value, Palm Jumeirah topped the chart with transactions worth Dh9.5 billion, followed by Business Bay at Dh6.5 billion, the Burj Khalifa and Dubai Marina at Dh5.8 billion respectively and the Al-Wasl area at Dh5.6 billion.
“Our report for the first half of this year bears promising results for professionals in the real estate sector, as despite global economic pressures, Dubai has once again reaffirmed its leadership of regional markets and driven renewed growth in the region,” said Sultan Butti bin Mejren, the DLD Director-General of DLD.
“The success demonstrates the wisdom of the economic policies set by the government … as these have encouraged real estate investment and safeguarded the growth of a transparent, sustainable and secure real estate sector.”
Dubai property transactions jump 16.8% to Dh132 billion
Dubai property transactions jump 16.8% to Dh132 billion
KSrelief continues humanitarian work in Gaza, Jordan and Yemen
RIYADH: The King Salman Humanitarian Aid and Relief Center’s (KSrelief) humanitarian activities continue with the delivery of food and medical services in Gaza, Jordan and Yemen.
At the Gaza Strip, the Saudi aid agency deployed a convoy of 30 trucks loaded with 10,560 shelter bags filled with essential supplies allocated for the Palestinian people, and to be distributed through the Jordanian Hashemite Charity Organization.
In Jordan’s Zaatari Camp, KSrelief clinics provided medical services to 2,483 refugee patients. The internal medicine specialists treated 122 patients suffering from diabetes, high blood pressure and asthma; pediatricians received 285 children, while the emergency medical doctors treated 253 patients, among others.
In Hadhramaut governorate of Yemen, KSrelief delivered a new batch of hemodialysis solutions and supplies to the Fatima Babtain Center for kidney failure patients in Sayoun.
Pakistan keeps prices of petroleum products unchanged till Nov. 30
- Prices of high speed diesel, petrol to remain unchanged at Rs255.14 per liter and Rs248.38 per liter respectively
- Pakistan revises prices of petroleum products every fortnight based on variations of prices at international market
ISLAMABAD: Pakistan’s government announced its decision this week to keep prices of petroleum products unchanged till the next fortnight on Nov. 30, state-run media reported.
Pakistan revises petroleum prices every fortnight. Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers in Pakistan while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.
“The government has announced on Friday that prices of the petroleum products would remain unchanged during the next fortnight from November 16th to 30th 2024,” the state-run Associated Press of Pakistan (APP) reported on Friday.
As per the latest notification, the price of high speed diesel (HSD) remains unchanged at Rs 255.14 per liter while the price of petrol also remains unchanged at Rs 248.38 per liter.
“The Oil and Gas Regulatory Authority has worked out the prices of petroleum products for the next fortnight based on the price trends in the international market during the last two weeks,” the APP said.
On Oct. 31, Pakistani authorities increased the price of petrol from Rs247.03 per liter to Rs248.38 per liter, saying it decided to do so “based on the price variation in the international market.”
Pakistan rejects sole $36 million bid for national flag carrier
- Blue World City, a real estate development company, last month bid $36 million for state-owned PIA airline
- Pakistan seeks to offload 51-100% stake in national airline to reform state-owned enterprises as per IMF deal
ISLAMABAD: Pakistan’s Cabinet Committee on Privatization (CCOP) this week rejected a $36 million bid from a real estate development company to acquire 60 percent stakes in the government-owned Pakistan International Airlines (PIA), state-run media reported.
Pakistan’s process to privatize the PIA encountered difficulties last month when its final bidding round for the national flag carrier attracted just one bid of Rs10 billion ($36 million) for a 60 percent stake in the airline. The bid was made by real estate development company Blue World City.
The cash-strapped country is looking to offload a 51-100 percent stake in the debt-ridden PIA to raise funds and reform state-owned enterprises as envisaged under a $7 billion International Monetary Fund (IMF) program.
A meeting of the CCOP chaired by Deputy Prime Minister Ishaq Dar on Friday discussed Blue World City’s bid and the Privatization Commission’s (PC) suggestion to reject it.
“The Cabinet Committee on Privatization (CCOP) rejected the bid of Rs10 billion submitted by the Blue World City for the divestment of 60 percent shares of the Pakistan International Airlines, accepting the recommendations of the Privatization Commission Board,” the state-run Associated Press of Pakistan (APP) reported on Friday.
The CCOP reiterated the government’s resolve to divest the national flag carrier through privatization or government-to-government (G2G) mode.
“The body noted with satisfaction the assessment of the aviation division on healthy PIACL’s finances,” APP said.
Pakistan’s government disclosed last year that it had signed a contract with the New York City administration to resume business activities at the Roosevelt Hotel, which is owned by the PIA.
The hotel was closed by Pakistani authorities in October 2020 during the coronavirus pandemic, as the country’s economy weakened and the aviation sector faced significant losses. However, the facility accumulated liabilities of around $25 million in taxes and other overheads.
“The committee also constituted a committee under the convenorship of the minister of state for finance to evaluate possible transaction options for the privatization of Roosevelt Hotel and modes to be adopted in the light of available legal provisions,” APP said.
Pakistan’s Khyber Pakhtunkhwa (KP) province and a business group in Canada led by a Pakistani expat have both expressed their interest in acquiring the national flag carrier.
The government had pre-qualified six groups for PIA’s privatization process in June, but only real-estate development company Blue World City participated in the bidding process last month, placing a bid that was below the government-set minimum price of Rs85 billion ($304 million).
The disposal of PIA is a step former governments have steered away from, as it has been highly unpopular given the number of layoffs that would likely result from it.
Other concerns raised by potential bidders for the PIA stake included inconsistent government communication, unattractive terms and taxes on the sector, and the flag carrier’s legacy issues and reputation.
Hamas ready for ceasefire ‘immediately’ but Israel yet to offer ‘serious’ proposal
- Hamas official Basem Naim says Oct. 7 attack ‘an act of self defense’
- ‘I have the right to live a free and dignified life,’ he tells Sky News
LONDON: A Hamas official has claimed that Israel has not put forward any “serious proposals” for a ceasefire since the assassination of its leader Ismail Haniyeh, despite the group being ready for one “immediately.”
Dr. Basem Naim told the Sky News show “The World With Yalda Hakim” that the last “well-defined, brokered deal” was put on the table between the two warring sides on July 2.
“It was discussed in all details and I think we were near to a ceasefire ... which can end this war, offer a permanent ceasefire and total withdrawal and prisoner exchange,” he said. “Unfortunately (Israeli Prime Minister Benjamin) Netanyahu preferred to go the other way.”
Naim urged the incoming Trump administration to do whatever necessary to help end the war.
He said Hamas does not regret its attack against Israel on Oct. 7, 2023, which left 1,200 people dead and prompted Israel’s invasion of Gaza that has killed in excess of 43,000 people and left hundreds of thousands injured.
Naim said Israel is guilty of “big massacres” in the Palestinian enclave, and when asked if Hamas bore responsibility as a result of the Oct. 7 attack, he called it “an act of self defense,” adding: “It’s exactly as if you’re accusing the victims for the crimes of the aggressor.”
He continued: “I’m a member of Hamas, but at the same time I’m an innocent Palestinian civilian because I have the right to live a free and dignified life and I have the right to defend myself, to defend my family.”
When asked if he regrets the Oct. 7 attack, Naim replied: “Do you believe that a prisoner who is knocking (on) the door or who is trying to get out of the prison, he has to regret his will to be? This is part of our dignity ... to defend ourselves, to defend our children.”
IMF urges Pakistan to digitalize budget preparation for better fiscal monitoring
- The international lender says budget processes still involve manual and paper-based steps despite reforms
- IMF has pointed out Pakistan’s interest payments absorb 60 percent of budgeted revenue due to public debt
ISLAMABAD: The International Monetary Fund (IMF) has suggested Pakistan to digitalize its budget preparation and execution processes to improve fiscal monitoring and reporting to overcome deviations from the planned budgets.
In report a technical assistance report to improve budget practice brought out this week, the international lender said Pakistan needed to take strong control over the budget in the coming years.
The report came as an IMF delegation led by Pakistan mission chief, Nathan Porter, completed a five-day trip to the country in which it discussed the performance of a $7 billion loan program approved in September. The IMF has said Porter’s visit is not part of the first review of the loan program, which is not scheduled to take place before the first quarter of 2025.
“An examination of Pakistan’s recent budgetary outcomes reveals substantial deviations from planned budgets,” the lender said in the report. “While these discrepancies are partially due to an unstable external environment and political uncertainties, the establishment of stronger fiscal institutions can help deliver a more credible budget, tighten its execution, and prevent policy slippages.”
The IMF pointed out that despite several reforms, the budget processes still involved significant manual and paper-based steps.
“Fully digitalized processes are yet to be prepared and implemented in the Financial Accounting and Budgeting System,” it said in the report. “The Finance Division has designed a data warehouse to store fiscal data and made available a set of dashboards for use by stakeholders, but this is hampered by the lack of timely data provided by some key entities. As a result, fiscal reporting is not yet comprehensive and timely.”
It added that regulatory framework and fiscal data governance practices, including data exchange, did not fully address these challenges.
The IMF also noted Pakistan’s public debt had increased considerably, and interest payments were now absorbing 60 percent of budgeted revenue.
However, it recognized that multiple external shocks and the unprecedented floods in 2022 buffeted the economy and the government’s fiscal position.
“These shocks have been compounded by policy slippages including unbudgeted subsidies, and delays in implementing revenue measures,” it continued, adding the authorities now had the difficult task of converting a primary deficit of 1.3 percent of GDP for FY23 into a primary surplus for FY24. It also emphasized continued fiscal restraint, while preserving essential social and development spending.
The international lender suggested the finance division to require line ministries to prepare their budget submissions within a binding budget ceiling and explain any request for additional resources.
“Consider a reorganization of the Finance Division to reduce fragmentation and improve effective decision-making,” the reported suggested. “Support the reorganization with a functional review of the Division’s structure and staffing.”
