News of the death of the property business in the UAE has been so exaggerated that one almost expected to see tumbleweed blowing down the aisles of the Cityscape exhibition in Abu Dhabi this week.
But in fact there was quite a smattering of men in suits clustered around models. Some of the models thought this was a good thing. "It's been a quiet show so far," said one. "But we expect it to pick up this afternoon."
There was no shortage of models of buildings either. These beautifully crafted, colour-co-ordinated constructions, some at least eight metres square, give a vision of how Abu Dhabi might look. They include miniature models of major projects announced in the heady days of 2007 and 2008.
More than 16,000 homes will come on to the market this year alone, according to Jones Lang LaSalle, a property consultancy.
The head of one property company, who did not wish to be identified, said there was no "lack of demand".
In his opinion, the problem was more two key issues: the lack of a legal framework, and the absence of financing.
"Where are the local banks?" he asked. "How can you persuade a foreign investor to come here if local financial institutions will not put up their money?"
Down the hall, the most conspicuous bank was Abu Dhabi Islamic Bank. On its colourful stand Haytham Mohammed Soliman, an Islamic home finance officer, said there was money available for expatriates buying in Abu Dhabi, and for locals throughout the Emirates.
"By Monday lunchtime we have had 50 clients, but only five or six approvals," he said. "We will finance 70 per cent of the purchase price, at a very good profit rate."
The main gripe among prospective buyers was the prices.
"They need to come down," said Adel al Tamimi, an Emirati who lives in Abu Dhabi, who was at the show looking for investment properties.
A property mogul agreed, although he also did not want to be identified.
"Abu Dhabi should not be so much more expensive than its neighbour. There is now the difference between the two of housing plus a Toyota Corolla. Anyone young is going to take the Toyota and commute", he said.
Timothy Morton, who lives in Dubai and had driven to the event in an unidentified car, said he was at the exhibition to look for investments.
"It's more sedate than in previous years. There are still fancy graphics, but there is less of a buying frenzy. It's more of an information event."
* additional reporting by Gillian Duncan
rwright@thenational.ae
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Company%20Profile
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Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY%20PROFILE
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Anna and the Apocalypse
Director: John McPhail
Starring: Ella Hunt, Malcolm Cumming, Mark Benton
Three stars
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Company%20Profile
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What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
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