ABU DHABI // GCC nationals will be allowed to own homes and offices on Sowwah Island while other foreigners will be able to acquire 99-year leases on property there, the Government announced yesterday.
Observers said the decision to designate the island as an investment zone would broaden the market for property in Abu Dhabi at a time when sales have slowed because of the global financial crisis. "By making it an investment zone, they are allowing foreign companies to come in and acquire buildings on an investment basis," said David Dudley, the head of the Abu Dhabi office for the property consultancy Jones Lang Lasalle.
"It broadens the extent of ownership for these properties, which is good in this market."
Located between the shores of the Beach Rotana hotel and Reem Island, Sowwah Island is to be the centre of Abu Dhabi's new business district. It will house the new headquarters of the Abu Dhabi Securities Market and a hospital, the Cleveland Clinic.
Sowwah Square, which includes four office towers, will come online in late 2010 and introduce 450,000 square metres of office space into the market.
John Thomas, the executive director of Mubadala Real Estate & Hospitality, described the investment zone status as "a historic and rare opportunity for local and international institutions and private investors to acquire a stake in Abu Dhabi's strategic new commercial heart".
Earlier this week, he called the island "a Manhattan in the making" that would be the home of 30,000 residents and 80,000 office workers by day when it is complete.
The island will have 13 bridges, each designed by a different architect, to facilitate large daily commutes from Reem Island and Abu Dhabi island.
Mubadala is developing the island with John Buck International, a joint venture it created with the John Buck Company in the United States.
The island will have "the best office space in the Middle East", Mr Thomas said.
Sowwah Island will be Abu Dhabi's ninth "investment area", joining Reem Island, Raha Beach, Lulu Island, Al Reef, Yas Island, Saih as Sidirah, Saadiyat Island and Masdar, according to the Urban Planning Council.
The 2005 law that created the investment areas allows citizens of GCC countries to have freehold ownership of property in the nine zones.
Foreigners from countries outside the UAE can obtain leasehold ownership of properties in the areas, but cannot own a share of the underlying land. In leasehold arrangements, foreigners can obtain a lease for a period of 99 years.
The announcement of Sowwah Island's investment zone status came less than four days before Cityscape Abu Dhabi, a property conference that observers say will help companies to gauge market sentiment.
bhope@thenational.ae
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
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.
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
MATCH INFO
Azerbaijan 0
Wales 2 (Moore 10', Wilson 34')
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
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The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
MATCH INFO
Southampton 0
Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
The five pillars of Islam
COMPANY%20PROFILE
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Results:
5pm: Maiden (PA) Dh80,000 1,400m | Winner: Eghel De Pine, Pat Cosgrave (jockey), Eric Lemartinel (trainer)
5.30pm: Maiden (PA) Dh80,000 1,400m | Winner: AF Sheaar, Szczepan Mazur, Saeed Al Shamsi
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA) Group 3 Dh500,000 1,600m | Winner: RB Torch, Fabrice Veron, Eric Lemartinel
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (TB) Listed Dh380,000 1,600m | Winner: Forjatt, Chris Hayes, Nicholas Bachalard
7pm: Wathba Stallions Cup for Private Owners Handicap (PA) Dh 70,000 1,400m | Winner: Hawafez, Connor Beasley, Ridha ben Attia
7.30pm: Handicap (PA) Dh 80,000 1,600m | Winner: Qader, Richard Mullen, Jean de Roaulle
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used