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New UAE law on bounced cheques: What you need to know

Dubai: The latest changes to the UAE’s Commercial Transactions Law will enhance the force of cheques as a payment instrument and cut time on beneficiary’s claim. The UAE Cabinet amended certain provisions of Federal Law No 18 of 1993, that includes bounced cheques. The law will allow collection of payments through cheques and requiring banks…

Dubai Holding’s Madinat Jumeirah Living on track for handover

Dubai Holding’s Madinat Jumeirah Living on track for handover

Flagship 3.85 million square feet project in central Madinat Jumeirah district broke ground in 2019 Dubai Holding’s flagship residential development, Madinat Jumeirah Living, an exclusive freehold project located in the prime Madinat Jumeirah district, opposite the world-famous Burj Al Arab is on track for timely handover in Q2 2021. The 3.85 million square feet resort…

Dubai property sales break 7-year record, top areas revealed

Dubai property sales break 7-year record, top areas revealed

Secondary residential property sales in November 2020 broke a seven-year record as local real estate steadily recovers from the impact of the pandemic and oversupply. The top areas for secondary apartment sales in November 2020 were Dubai Marina, Business Bay, Barsha Heights (Tecom), Downtown Dubai and Jumeirah Village Circle, real estate website Property Finder said…

Demand for property in Dubai picking up, says Emaar’s Mohamed Alabbar

Demand for property in Dubai picking up, says Emaar's Mohamed Alabbar

Property prices in Dubai are reasonably priced and demand is picking up, according to Mohamed Alabbar, founder of Emaar Properties, Dubai’s largest listed developer. “Real estate business is a cyclical business. We have an oversupply, [but] Dubai is reasonably priced. Our prime time price was a little lower than Chicago prices. We are also going…