Posts tagged: real estates

By the early twentieth century, a leading source of economic activity was the pearl trade. However, World War I, the Great Depression, and the Japanese invention of the cultured pearl resulted in a significant weakening of the pearling industry. The heavy taxation on pearls imported from the Gulf following World War II by India caused its irreversible decline. As a result, some turned to fishing. But, with little education and no roads or hospitals, the future looked bleak. By the 1930s, the first oil company entered the region and began conducting surveys around Abu Dhabi. In 1962, Abu Dhabi exported its first cargo of crude oil that would play an essential role in the UAE’s development.

Since the 1820s, the English had maintained a presence in this region. In 1853, Britain intervened in the area due to pirate threats and made a permanent truce to provide protection and oversight of the foreign policy. It was explicitly understood that Britain would not colonize the area. This agreement was made with a group known as the Trucial States, which were a collection of sheikdoms in the Persian Gulf. The Trucial States, also referred to as the Trucial Colony, was composed of present-day Bahrain, Qatar, UAE and Oman. Following a period of Arab nationalism and anti-British activity beginning in the 1940s and 1950s, the British eventually relinquished administration of the region in 1971.

On December 2, 1971, the UAE was created by uniting seven of the Trucial States under a unified Constitution: Abu Dhabi, Dubai, Sharjah, Ajman, Umm al Qaiwain, Ras al-Khaimah and Fujairah. Abu Dhabi is the largest of the former territories and is the federal capital. Dubai is second largest of the emirates and is the main port, commercial center, and airport hub. The five other emirates are smaller areas that realize political and economic benefits through alliances with the larger neighbors, Abu Dhabi and Dubai. All seven states are ruled by Sunnis.

The UAE is considered by some to be an autocracy, which is a form of government in which one person possesses unlimited power. There has been even less political reform in this country than in other Gulf States, even Saudi Arabia. International non-governmental organizations (NGOs) have ranked the UAE as having among the least free political systems in the world. In particular, such studies have highlighted the existence of the ‘sheikh’s dilemma’ in the UAE, in which economic but not political reform is pursued. To maintain peace, a ‘ruling bargain’ is implemented where the UAE government distributes oil wealth equitably, while also carefully exploiting a range of ideological, religious, and cultural resources. Others simply state that the UAE exhibits a monarchical presidency led by ruling families on neo-patrimonial lines.

Following the British withdrawal, Sheikh Zayed bin Sultan Al Nahyan became the first president. Sheikh Zayed, once Emir (or ruler) of Abu Dhabi, ruled as UAE’s president for over thirty years until his death on November 2, 2004. Due to oil wealth, Sheikh Zayed became one of the richest individuals in the world with an estimated net worth in excess of $24 billion (USD). Following his death, the eldest son of Sheikh Zayed, Sheikh Khalifa bin Zayed Al Nahyan became President of the UAE. Sheikh Khalifa is the world’s third richest member of a royal family, with an estimated net worth of $19 billion (USD). The presidency of UAE is decided by a vote by the Federal Supreme Court (FSC), a governmental entity in the UAE rather than through an electoral or popular vote. Political parties are strictly prohibited.

The UAE’s highest authority is the Supreme Council of Rulers (SCR). The SCR is given power to initiate policy and reject laws that have been previously passed. Seven hereditary rulers and sometimes their crown princes and closest advisors have control of this governing body. Subordinate to the SCR is the Federal Council of Ministers (COM). The bulk of UAE’s policies and daily affairs are formulated by the COM, which meets more frequently and formally than the SCR. The judicial branch of government is run by the Union Supreme Court. Judges are appointed directly by the UAE president.

The FSC is the highest constitutional authority in the UAE and has both legislative and executive powers. Overseeing the FSC are the rulers from each of the seven emirates. In addition to the FSC, there are both secular and Islam courts in all seven emirates. The secular courts in the UAE rule on criminal, civil, and commercial matters. Family and religious disputes are heard in the Islamic courts. Each emirate has their own government with municipalities and departments.

There is a high degree of political stability in the UAE, and it is the only Arab state to have a working federal system that withstood the test of time. Furthermore, there are many women in all levels of government. This is a positive reflection on the UAE given its Middle East location.

Sheikh Zayed had a foreign policy to not use force over compromise and to become a major donor of overseas aid, such as infrastructure development and humanitarian relief.

Sheikh Kahlifa developed a foreign policy of non-interference in the internal affairs of other countries. He also supported the pursuit of peaceful resolutions of disputes. The UAE has provided support to the Iraqi Government in the form of debt forgiveness and is a strong advocate of instilling peace in the Middle East with help primarily from the USA. In addition, the UAE promotes intercultural and interfaith dialogues with the primary goal of mitigating misunderstanding between faiths and cultures with the belief that such misunderstandings are used as leverage by terrorists and those who harbor them.

There is strong support in the UAE for international institutions such as the United Nations. The UAE signed or ratified laws to protect the rights of people with disabilities and hosted conventions to eradicate torture and cruelty in punishment, suppression of nuclear terrorism and combating human trafficking. Illicit drugs are another problem, as its proximity to South Asia makes it a drug transshipment point for traffickers. Furthermore, being a major financial center, the UAE is at risk of harboring money laundering schemes. The international community is seeking the UAE government to implement controls to mitigate these problems. The UAE is also a supporter of peaceful resolutions in Palestinians with the support of the Gulf Cooperation Council (GCC).

Disputes have existed between the UAE and Iran over the ownership rights to three UAE-based islands. These disputes date back to 2003 when Oman and the UAE signed and ratified boundary agreements for the entire border. Failing to publish the agreement and detailed maps of alignment gave Iran the opportunity to dispute the Tunb and Abu Musa Islands. In October 2009, Iran signed a Memorandum of Understanding to establish a joint commission between itself and the UAE. Furthermore, the UAE has concern over Iran’s nuclear program. Once long-time tensions between Saudi Arabia and the UAE have also abated. The biggest threat to the UAE is an internal regime failure, which would collapse the GCC military.

The UAE’s foreign aid policy is based on the Islamic philosophy of extending a helping hand for the needy to fulfill a duty of all Muslims. Wealth from oil and gas provides the UAE with the means of helping less fortunate countries. Organizations such as the UAE Red Crescent, which provides emergency relief, play an important role in such efforts.

Relations with the USA have been well-maintained and unified with the goal of maintaining a strong alliance with security and economic interests, including stability in the Middle East and the reliable supply of energy to global markets. The UAE is the largest importer in the Arab World of US goods at $144 billion (USD) in 2008. Over 750 US firms have a presence in the UAE, including Bechtel, ExxonMobil, Starbucks and Cold Stone Creamery. (The World Factbook 2009, 15) Following the global recession, the UAE has tried to insulate the local economy while working with multilateral institutions, such as the International Monetary Fund (IMF) and on a bilateral basis to help countries most seriously impacted.

One setback for the UAE is the severe repression of freedom of speech. There are controls restricting the media from criticizing or questioning the actions of policy. The UAE government pushed new media laws past a first legislative hurdle on January 20, 2009, which would restrict the freedom of press. Any journalist who criticizes the royal family or publishes information that is damaging to the economy, Islam, or UAE citizens is fined up to 1,000,000 Emirati Dirhams (AED). The maximum fine is equivalent to about $270,000 USD. Imprisonment is also possible, but rarely enforced, as the industry practices self-censorship. Censorship has also been exercised by the UAE government. Censoring media on UAE’s prison affairs, democratization efforts, and criticism of the ruling family is seen as repressive to the rights of UAE citizens.

For instance, the UAE does not participate in a bankruptcy process as in many Western nations. Debtors unable to meet such obligations are sent to a debtor’s prison and this has been an increasingly occurring affair since the start of the global financial crisis. Many questions have been raised about the ethical nature of this practice, as well as the level of humane treatment at such facilities.

Property rights in the UAE are about forty percent below the global average, according to the Heritage Foundation, due to the considerable influence the ruling families exercise on the judiciary. Corruption and incompetence in the system is rarely challenged. All land in Abu Dhabi is government-owned. Foreigners may obtain mortgages in Dubai. The UAE leads the region in the protection of intellectual property rights.

The population of the UAE is expected to grow from 4.76 million in 2008 to 5.06 million in 2009, a 6.31 percent annual growth rate. The UAE is extremely reliant on expatriates in its workforce. As of 2007, there were an estimated 3.62 million non-UAE nationals versus 864,000 UAE-born nationals. Most labor issues concern expatriates, especially among the unskilled segment. Addressing these issues is an ongoing development.

In the same year there were an estimated 3.08 million males and 1.4 million females. While Arabic is the official language, English is preferred in the international business community of the UAE. Islam is the official religion of the UAE, but all religions are tolerated.

UAE nationals are described as being tolerant, forward-looking individuals who maintain a strong sense of tradition. There is a high standard of living that is shared by many, including a well-developed education system and health services. There are over sixty public and private universities in the UAE. The illiteracy rate is approximately seven percent.

The UAE government supports efforts to develop human services, especially to assist in the empowerment of women and for social welfare programs. Approximately thirty percent of the UAE workforce is comprised of women. While migrants primarily wear Western-style clothing outside of work, the UAE nationals primarily wear traditional clothing in most settings for cultural reasons and to distinguish themselves from foreigners. Rapid advancements in healthcare facilities have drastically reduced infant mortality (to approximately eight out of every 1,000 births in 2008) and raised the average life expectancy age in the UAE (to seventy-seven for men and eighty for women). Social security services amounted to over $600 million (USD) in 2008, providing financial assistance to nearly 38,000 people.

The UAE sought to modernize under President Sheikh Zayed. Today, the country benefits from a vibrant free economy with a significant annual trade surplus. Reform of property laws has led to a boom in real estate and tourism, especially within Dubai. Tourism is expected to increase to 11.2 million tourists to the UAE in 2010.

Using such efforts as free trade zones, the UAE has been able to successfully diversify away from dependence on oil and gas exports. Free trade zones attract significant foreign investment given the incentive of one-hundred percent foreign ownership and tax-free profits, creating thousands of jobs and facilitating a technology transfer. In 2007, the direct foreign investment (DFI) into the UAE was the highest in the region, at around $19 billion (USD). Two of the largest free trade zones in the UAE are the Dubai Media City and Jebel Ali Free Zone. For instance, Jebel Ali Free Zone, a container port terminal, transports over eight million containers of cargo each year and was expected to reach $180 million in profits in 2007. This is more than all of India’s ports combined.

The GDP in the UAE was approximately $199 billion (USD) in 2007 using current prices, which represented a 5.2 percent annual growth rate and is approximately 115 times larger than its GDP in 1971. Major industries are oil and gas, petrochemicals, aluminum, cement, ceramics, ship repair, pharmaceuticals, tourism, transport, real estate and financial services. While many private companies operate six days each week, the government institutions reserve Friday and Saturday as days off.

In 2007, the UAE economy was ranked the twenty-ninth most competitive economy out of forty advanced economies in a study. This puts the country well ahead of any other Middle Eastern nation. According to the study, some of the strengths of the UAE included a government surplus, low national debt and a high national savings rate. Some of the weaknesses include uneven performance, a lack of innovation and entrepreneurship and high inflation, which unofficially has been as high as fifteen percent. In fact, the UAE is now the second largest Arab economy, behind only Saudi Arabia.

Economic growth is anticipated to slow as the country continues to mature and stabilize. Several serious issues hinder the continued UAE economic expansion. The property market throughout the country has issues such as project delays and bank funding shortages. Partially finished commercial buildings can be found primarily in Dubai and Abu Dhabi, and to a lesser extent in the other five emirates The recent decline in fuel prices has had implications on the UAE budget despite efforts to diversify. Furthermore, the UAE government is implementing more stringent lending guidelines for individuals and companies, while UAE banks are reducing exposure to foreign debt. The UAE had a budget surplus in 2006 of 211.3 billion AED. In 2007, the budget surplus increased to 236.15 billion AED.

Despite the efforts by the UAE to become less dependent on natural resources as a source of revenue, petroleum and natural gas exports continue to play an important role in the economy. UAE main export partners are Japan, China, and Iran. Imports into the UAE are mostly machinery and transport equipment, chemicals and food. Its main import partners are the European Union (Germany, UK and Italy), China, India, the US, and Japan. In 2006, the UAE had a trade surplus of 132.38 billion AED and a trade surplus of 135.94 billion AED in 2007.

To support the banks, the government is working on establishing guarantees of banking deposits and supporting low interest rates. Also, major infrastructure projects are being initiated at this time to lock in savings due to the economic downturn. Corporate governance and transparency standards are rising in the UAE as of late to instill international investor confidence in its equity markets.

The AED is currently pegged to the USD at 3.673 AED to every USD. The peg was established in the late 1980s; the current peg was established in 2002. This strategy could work well for the UAE because one of the country’s major sources of revenue is oil, which is denominated in USD. However, this also makes the UAE subject to any and all currency movements in the USD relative to other currencies. One of the major drawbacks of this exchange rate policy is the effect of high inflation in the UAE.

There have been several lessons learned in the UAE following the most recent global recession. First, leaders in both the public and private sectors took note of the correlation and interconnectedness of global market players. Secondly, careful study was undertaken to evaluate the re-recessionary impact on the UAE economy of oil price declines. Despite slowing growth, the UAE still has one of the fastest growing economies in the world. One of the main drivers of economic growth and employment creation in this country has been the consistency of fixed capital investment from the government, public institutions, and private entities. Four primary sectors are attracting investment and providing economic expansion in the UAE: hydrocarbons, manufacturing, transportation and communications and real estate.

Dubai plays a strategic role in the future of the UAE. Since the beginning of the twentieth century, Dubai had become the premier trading post of the Persian Gulf. Today, it is a massive metropolis with a population in excess of two million people. The initial catalyst for the emirate was oil wealth, which was used to invest in infrastructure and facilitated rapid socioeconomic developments starting in the 1970s and 1980s. A pioneering model was then introduced to create a post-oil economy based on diverse industrialization and a variety of specialist free zones. The diverse industrialization included such sectors as commercial infrastructure, light import-substitution, promotion of luxury tourism and a freehold real estate market.

Abu Dhabi, UAE’s political capital, has at least ten percent of the world’s proven hydrocarbon deposits and over ninety percent of UAE oil exports. Through oil-based revenues flowing into the country, the Abu Dhabi Investment Authority (ADIA) has formed to become the largest sovereign wealth fund (SWF) in the world. ADIA has teams of foreign experts that scour the globe for a variety of investment opportunities in the developed world, such as a five-percent stake in Fiat-controlled Ferrari, Southeast Asian emerging markets, and other developing countries (such as investments in Libya’s tourist infrastructure) that are expected to have substantial future growth.

Over the next ten or more years, the UAE and GCC members as a whole are anticipated to receive a windfall from a strong demand-side energy stimulus due primarily to the rapid economic developments in Brazil, Russia, India and China (BRICs). The BRICs were first recognized by a team of economists and other researchers at Goldman Sachs and, according to their predictions, the BRICs will exert considerable pricing pressure on global energy markets over at least the next decade due to their rapid economic development. If this takes place, the UAE will be able to sustain high investment levels and strong welfare-enhancing economic growth. Due to current regional instability and periods of regional violence, which is among the worst in the world, the UAE’s full economic potential from this scenario will unlikely be reached. Nonetheless, the UAE and the rest of the GCC have an opportunity in the coming decades to become one of the most prosperous regions in the world.

Despite impressive economic growth and development, areas of vulnerability within the economic system of the UAE exist. Social welfare systems have tied the government to burdensome distributive practices, which can bread an unproductive mentality among the native population. Secondly, many new sectors are especially reliant on foreign investment and an expanding expatriate workforce. For instance, Dubai has succumbed to not only globalizing but also appears to be Westernizing. Taboo industries for the UAE have been established in Dubai to cater to foreign residents. They include night clubs, movie theaters and bars.

The other five emirates outside of Abu Dhabi and Dubai lack in economic development and growth potential. Ajman and Sharjah are both resided in by Dubai workers looking for cheaper accommodations. Ajman has great stability, with only four rulers since 1900. Sharjah is a city of learning and the arts, representing the cultural capital of the Arab World and has over twenty museums. Umm al-Qaiwain is the second smallest emirate and is relatively unproblematic and politically stable. However, the emirate’s stance on alcohol has created rifts with the UAE rulers. Umm al-Qaiwain licenses the right to sell and consume alcoholic products, like Dubai, but also operates hug shops at beach resorts. Residents in this emirate rely on fishing and cultivating palm trees as primary sources of income. Umm al-Qaiwain is undergoing an architectural renaissance and is rapidly developing. Fujairah is the only emirate on the eastern side of the UAE along the Gulf of Oman and has lowly status in the country’s development process. If it is able to overcome this situation, Fujairah has the potential to become an important alternative port of Dubai and the rest of the UAE.

The emirate benefits from great stability and good neighbor relations. Ras al-Khaimah has experienced instability over the last few decades and is expected to have more internal problems over the near future. It is not oil rich nor near Dubai, but is an important supply of labor into Dubai.

Financial regulation is somewhat complex in the UAE. The DIFC has its own regulator, the DFSA, and its own civil and commercial laws. The rest of the UAE financial system is regulated by the Central Bank of the UAE, The Emirates Securities and Commodities Authority (ESCA) and the Ministry of Economic Planning (MEP).

The Central Bank of the UAE is granted a general power to create rules governing all matters that fall within its authority. Most of the Central Bank’s power focuses on setting monetary policy and bank regulation, rather than regulating the securities market unless it regards anti-money laundering practices.

There is no formal bond market in the UAE. In order for companies to issue debt, they must list the bond offering on a different exchange (such as the London Stock Exchange), through bond dealers in commercial banks or through private placements directly to investors.

Of the seven emirates in the UAE, Dubai has been hit the hardest by the global financial crisis. The volatile situation in Dubai has affected the whole country and, coupled with a fall in oil prices, the IMF estimate a 3.3 percent contraction in the UAE in 2010. Alternatively, UAE officials have expressed optimism about the country’s future in an attempt to instill confidence in the UAE economy.

The GCC states, seek to become a regional financial hubs. Barriers to achieving this goal have risen as a result of the Dubai World crisis and the UAE’s response. International confidence in the ability of GCC to restructure their debts have been questioned as global investors express concern over issues of transparency, accountability and good corporate governance. At the heart of the issue is the region’s reputation for good governance. An even more serious development is whether such problems are symptomatic of a deeper trend. It is expected that international investors will subject the Gulf states to a far greater level of scrutiny in the future.

UAE government-produced research on the economic outlook in 2009 acknowledged that challenges lay ahead due to the financial crisis and global economic downturn, but emphasizes the country’s strong foundation in which to withstand such challenges. The large current account surplus, estimated at $285 billion (USD) in 2008, and the government’s large controlled overseas assets is expected to shield the UAE from a sharp downturn. However, trade and associated industries are anticipating a slowdown in exports in the future. One positive key prospect from this downturn is the expected decline in inflationary pressures in the UAE due to a fall in soft and hard commodity prices.

Liquidity in the banking sector is an issue that is receiving close attention by government officials in the UAE, as non-Abu Dhabi based banks appear to be undercapitalized following a series of profit falls. The property market, especially in Dubai, is very weak and precipitated by negative sentiment and a short supply of funding. Future construction projects are in doubt as leveraged property firms struggle to obtain new capital. Public-funded infrastructure projects, on the other hand, are expected to continue to experience robust growth. For instance, construction on Dubai’s Al Maktoum International Airport will be the world’s largest aviation hub when finished in 2015.

The UAE government literature emphasized that the government will not let any major firm fail. Furthermore, it was highlighted that most leading firms in major sectors such as property, banking and transport are either wholly or partially government-owned and, as such, their debts have an implicit government guarantee.

This science is complete in itself.

Happiness to the whole world it can bring

All the four benefits it bestows on you

Rightful living, money, fulfillment of desires and bliss

Are all available in this world itself”.

Vaastu is the ancient Indian science of architecture man-made structures and a part of the Vedas specifies the word ‘Vastu’ in Sanskrit as the earth, and in the modern context it covers all types of constructions. Vaastu pertains to the physical, psychological and spiritual order of the built environment, in consonance with the cosmic energies. It is a study of planetary influences on buildings and the people who live in them, and aims at providing guidelines for proper construction.

The ancient Hindus believed that for peace, happiness, health and wealth one should abide by the guidelines while building a dwelling. It tells us how to avoid diseases, depression and disasters by living in structures, which allow the presence of a positive cosmic field.

The layout of your residence or work place is very similar to an Horoscope. In astrology one cannot tame the baneful planets whereas the science of Vaastu prescribes that the Earth being one of the nine planets is the best approach to configure to our needs and get the best results and get beneficial results from such ill effects of the planets.

Since Vedic wisdom is considered to be synonymous with divine knowledge of the cosmic mind obtained by sages in deep states of meditation, Vaastu Shastra or the science of Vaastu is thought to contain the guidelines given by the Supreme Being.

The principles of of this wonder science had been explained in ancient Hindu scriptures. Fundamental premise of this science rests on the assumption that the earth is a living organism, out of which other living creatures and organic forms emerge, and so every particle on earth and space possesses ‘live energy’.

According to Vaastu shastra five elements – Earth, Fire, Water, Air or atmosphere and Sky or space – governs the principles of creation. These forces act for or against each other to create harmony and disharmony. It also says that everything on earth – in some form or the other – is influenced by the planets, and each of these planets guards a direction. So our dwellings are under the influence of the five elements and the nine planets.

If the structure of your house is so designed that the positive forces override the negative forces then there is a beneficial release of bio-energy, which helps you and your family members to live a happy and healthy life. A positive cosmic field prevails in a house as per the principales laid down, where the atmosphere is congenial for a smooth and happy life. Contrary to this, if the same structure is built in a manner that the negative forces override the positive, the overbearing negative field makes your actions, efforts and thoughts negative. Herein comes the benefits of Vaastu, which guides you to have a positive atmosphere at home.

Evidently, Vaastu is akin to the science of geopathy, the study of the diseases of the earth. Geopathy recognizes that electromagnetic radiations that are cosmic in origin surrounds the globe, and that radiation distortions can make a site unsafe for construction. Geopathic stress may also attack the immune system and cause health related problems.

There are also a lot of similarities between Vaastu and its Chinese counterpart Feng Shui, in that they recognize the existence of positive and negative forces (Yin and Yang) except for the fact that the latter attaches too much importance to gadgets, like flutes, mirrors etc. In Fend Shui the nine year cycle in a human beings causes a problem by shifting one to a different place which is not practicle, hence Vaastu is gaining rapid popularity in India and abroad.

Does this wonder art make any sense? While many people still strongly believe in Vaastu, the common consense is that it is an ancient science, which was useful in conditions prevailing in ancient times, but nowadays, the modern theory of Vaastu is sweeping across the Western World due to the benefits people derive from this Science of Movement and Placement.

Hence, rediscovered again the Modern Science of Vaastu came into practice in residence and industries.

Many people share the same fantasy of owning island property. The idea of a tropical island is alluring to almost anybody; the sand, sea and sun right outside your window, relaxing days spent by the beach and a perfect escape from the stress of modern city life. Nestled in the South Pacific between New Caledonia, Fiji and the Solomon Islands, Vanuatu offers a lifestyle less commonly led, but frequently fantasized about. You could purchase a piece of Vanuatu property for sale or even your own island for the price of a nice home in a well to do area of New Zealand or Australia. A relaxing, dream lifestyle comes a lot cheaper than you might imagine.

Vanuatu is steeped in history and unique island culture. The islands were first discovered by Europeans in 1606 but have been inhabited for four thousand years. The archipelago is comprised of over eighty islands and where more than 113 languages are spoken. Like many island cultures, the notions of property and ownership were far different to the Europeans. Land was sold or given away for use and was not something that could be owned. After 300 years, by 1960, 30% of the land in Vanuatu had been claimed by Europeans.

Both the British and French had stakes in the country. The two powers came together to rule the country under, what was called, the ‘British-French Condominium’. The condominium lasted from 1906 through to 1980. During this period Vanuatu was known as New Hebrides. During World War II the arrival of Americans would see new wealth introduced to the archipelago, which was essential to the indigenous peoples’ feelings of identity.

From the late 1960s, political movements began and political parties started to form. For the next two decades the Vanua’aku Pati party started to push for independence and in 1980 the Republic of Vanuatu was born.

After years of being a colony of the British and French, Vanuatu became an independent country and an independent people. Many French landowners left the country, compensated for land by the French government, and ownership was reverted back to the indigenous people of Vanuatu.

Getting that relaxed, laid back lifestyle is not impossible. Vanuatu is a beautiful country, with a rich culture. Whether you are looking to run a resort or just own a little place for yourself, Vanuatu is a great place for an investment. Look to Vanuatu for one of the most positive lifestyle changes you can make. Don’t just invest in a property; invest in a new way of life in Vanuatu.

According to a report, there have been more than 3000 accidents reported per year in UAE which is quite terrible. Due to this rate of accidents, UAE RTA laws have become more gripping around to provide more safety to the motorists.

Today, car insurance has become mandatory in UAE. So if you do not want to lose on a large amount of Dirhams, it would be wise to spend a small amount right now in the form of your car insurance policy.

Before going further, you must peek into the scenarios in which you are eligible to claim for your car insurance in UAE

Insurance TopUp is the most affordable online insurance firm in UAE that is partnered with the best insurance providers worldwide. From providing car insurance comparison to streamlining the insurance process for you, Insurance TopUp is reliable source to trust on.

Looking for the most affordable insurance services? Get your free car insurance quote from insurance TopUp right now.

Here we have broken down the categories of vehicle insurance in UAE. We assure you that through this car insurance comparison, you would be able to pick up the most appropriate policy.

Have a look!

What is Third Party Liability (TPL) Insurance?

Starting from the most basic vehicle insurance policy, 3rd party car insurance in Dubai is the cheapest policy that you can opt for. It offers very limited services in case of an accident, this is why it is cheaper than the other one.

Under this policy coverage, your insurance company only pays for the damage that occurs to the other vehicle or property due to your negligence. Keep it in mind that it doesn’t pay for your lose. No medical expenses, no repairs, nothing else.

In case an insured vehicle causes damage to the third person, the driver may contact his insurance provider to remunerate the injury or repair expenses of the other side.

So why does people pick up this policy over the other one? The answer lies in its cost effectiveness.

Also those who are confident on their excellent diving skills mostly go for this type of policy.

Precisely quoting, if you are purchasing this policy from car insurance company in UAE, you have to pay your repair expenses from your own pocket.

If you want to enjoy some extra add-ons like fire or theft coverage, you have to pay some extra amount.

What is Comprehensive Car Insurance?

Simply put, Comprehensive car insurance covers third party car insurance plus the medical and repair expenses which are caused to your belongings as a result of an accident.

Sounds more beneficial? Yes, it is!

As it provides a wide coverage, so this policy is an expensive yet more recommended option. It is better to invest some extra Dirhams now rather than regretting over a larger financial lose later.

It covers a broad spectrum of expenses, from medical to repairs to windshield replacement, every finance comes under comprehensive car insurance in Dubai. This policy is in the driver’s favor whether the driver is at fault or in case of fire or theft, this is a go-to policy.

Fix in mind:

• Comprehensive insurance is a necessity in case of car loan. The bank requires you to purchase it at least for the duration of the loan term in order to make your car protected. You can leverage various other benefits depending upon the bank policies.
• Comprehensive insurance in Dubai does not cover the damages which are caused under Alcohol consumption.
• Make sure to fully understand the clauses, terms and conditions of the policy you intend to purchase.
• Make sure to compare vehicle insurance in UAE.

In the end, it all depends upon you that how much you are willing to pay for the policy of your choice. In order to take guidelines regarding insurance policies, feel free to contact Insurance TopUp or Just Call or WhatsApp +971565543022

We are here whenever you need us!

For a decade I have had friends from around the world who have visited Dubai and spoken to me about Emiratis – the natives of United Arab Emirates. Most of what I have heard were unpleasant and negative comments about the Emiratis. These have ranged from remarks about their hypocrisy, greed and vanity to outright accusations of racism, religious intolerance and corrupt nature.

And for a year now, I have lived in Dubai hoping to meet these Emiratis who have been inspiring such tales. And surprising, they don’t seem to exist. My fascination with the culture, tradition, language, religion and people of this region has made me observe, analyse and present these facts about the Emirati people. To me they are a nation of well meaning but heavily misunderstood people. Here is why.

They are not arrogant: Emiratis are no more arrogant than a Filipino, Indian or American in the UAE. What they are is that they are very private people. When it comes to their family and personal lives, we would rarely find an Emirati person open up for discussions. The respect for their family, culture, value system and traditions has often led people to think of them as being aloof, secluded and therefore arrogant. What may surprise you is that a warm smile, a greeting and handshake is all that it takes to start a conversation with an Emirati. Dubai today is the business hub of the world. And that would not have happened if the natives of the land were arrogant and anything but welcoming.

They are not floating in money: A popular belief is that Emiratis are very privileged and lead a lavish life without their feet touching their ground. This is one of the most common misconceptions created both by the expats who live in the UAE and those who come to tour. You may often hear unverified statements passing around about an Emirati who is so rich, does not need to work and takes his or her country’s benefits for granted. However, if you took some time to observe the Emirati people, you would find them doing everything the way anyone else does. They wait in lines at a Starbucks, board the metros and walk around with their families in the many malls and. And the privileged few of the society are not restricted to the Emirati people alone. Many of the rich people in the UAE today are the expats, some of them are Arabs from other countries.

They do focus on education: At any rate, an average Emirati seems to have more education than an average westerner. I have heard some comments on the sly that Emiratis do not learn much and rely on their connections and influence to climb the ladder. Understandably in a country where the basic rules and laws are drafted in Arabic and English – it is but natural to see the citizens of that country preferred for top ranking jobs by its Government. Any one who believes Emiratis with very less education are given preference for jobs are wrongly informed. Every high ranking Emirati official we meet would have studied in one of the top colleges in the middle east or in the world.

They do have a sense of fashion: Yes the men prefer the Kandura and the women wear the Abhaya. But no, they don’t do it because they don’t have any other clothes! Wake up expats. The Emiratis respect their traditions and culture to a great extent and believe in continuing them through the ages. It is infact a crying shame that most Asian countries have forgotten or hide their traditional costumes and opt for western attires. As for the doubts about their fashion sense that doesn’t adhere to the western tastes, do observe where the Emiratis shop for their non traditional clothes, watch a fashion show showing Emirati designers or just take a moment to notice the Emirati youth hanging out at the malls and you will never doubt again!

They do love mixing with other cultures: Although the Emiratis culture is traditionally influenced by culture of the Persian empire, the modern Emirati is a perfect mix of cultures from both the east and west. From India to America, Emiratis have taken cultural lessons and blended them into their modern lifestyles. This is apparent from many aspects of their day to day work and personal life. They wear traditional outfits, drive the most modern cars, eat Chinese food, watch an Indian film and hang out with their American friends. Now, if that is not mixing up cultures, then what is?

I believe the Emiratis are poorly understood in their own land. I have of late heard of Emiratis being discriminated in the UAE purely because of their appearance and the perceptions, prejudice and apprehensions the expats have towards them. In a land which is open to the entire world to come and profit and live peacefully, being a misunderstood native is not an easy thing. It may eerily resemble the story of the new world – the Americas, where everyone migrated to live and prosper and slowly the misunderstood native American Indian tribes faded out of existence. However, with a modernizer like Sheikh Mohammed steering this great nation that is an unlikely possibility. What could become possible one day is that the misguided ideas about the locals may end up pushing them further inward into this bubbling society, forcing them to live in its center rather than branching out everywhere. This would create newer challenges for the government and people. Will such things come to pass? Will the misconceptions never be broken? Will the day come when the local Emirati is understood and appreciated in his own country by everyone else?

Only time will tell.

The transfer tax and stamp duty are fees that are attached to your cost when you are involved in a transaction for houses for sale in Jamaica is usually at a percentage value of the land. Normally the value is in line with the sale price.

The transfer act states that transfer tax is 7.5%. There is a relief an amount of $10,000.00 relief where the value of the land is $150,000.00 or less. The type of home does not matter. It is usually a misconception that Jamaica beachfront houses for sale attract a much higher transfer. This is simply not true. However there are some exemptions to these Jamaican property taxes.

Exemptions

1. Transfers of property by Jamaican Government and Local Authorities.

2. Transfers to government or Local Authorities of Jamaican land for purposes such as roadways and other reservations in sub-divisions.

3. Transfers by way of gifts to approved institutions of property to be used exclusively for charitable purposes.

4. The Principal place of dwelling of spouses (Joint Tenancy or Tenancy in Common) In the event of death only.

Stamp Duty – Payment of Stamp Duty is governed by the Stamp Duty Act. The stamp duty payable on land is approximately 5.5% of the full value of the land/dwelling.

Certification of title:

Once a property is registered it is given identification by way of Volume and Folio numbers in the Register Book of Titles. The original Title is kept at the Office of Titles and entries are made thereon whenever something affecting any interest in the land is brought to the attention of the Registrar of Titles. For example, a transfer, a mortgage, death of a part owner, grants of easement and so on. This is standard for all houses for sale in Jamaica.

The land owner gets the duplicate Certificate of Title on Registration. Duplicate Certificate of Title has to be submitted to the Registrar for endorsement of all transactions affecting the land.

The Conveyance or Transfer of Houses In Jamaica For Sale Exercise

This normally begins either between seller (vendor) and buyer (purchaser) or between either one of the aforementioned parties and a Jamaica real estate dealer or Jamaica property agent. Purchaser or an attorney should inspect the Duplicate Certificate of Title. This is vital as some homes in Jamaica for sale come without sale agreements and hence no transfer might have taken place. A title proves exactly who the owner of the land is.

The usual form of Purchase and Sale Agreement sets out inter alia:-

(1) The legal names, registered address and gainful occupation of the contracting parties.

(2) Full description of the house in Jamaica for sale – including size or actual dimensions, registered location, and the identifying folio and volume numbers of the Certificate of Title, in the case of both registered Jamaican buildings and land. In the case of land with a Common Law Title, the size, description, boundaries and other relevant details.

(3) Purchase Price – in words and figures to avoid mistakes and misunderstandings.

(4) Completion – the effective date when the final payment for transaction is anticipated to be collected and the full sale completed, that is, transfer effected, cheque and titles exchanged.

(5) Cost of transfer – unless otherwise agreed, this usually states that each party should bear half the cost of Stamp Duty, Registration Fee and Attorneys Costs.

Payment of Jamaica real estate agents commission – paid on the Completion of the transfer of title and the closing of the transaction.

Fees on sale and purchase of land

1. Transfer tax – 7.5% of market value (Vendor only)

2. Stamp duty – approximately 5.5% of Market Value

3. Registration fee – Approximately 2% of Market Value (or $2.00 per 1,000)

4. Attorney’s costs – As per Scale – Jamaican Bar Association (effective 1st June 1991)

5. Surveyors Identification Fees:

(i) Values up to $500,000.00 = $1,500.00, thereafter, 0.1% up to 1 million, thereafter, $1,000 per million. Plus Research and Title fee/charge of $400.00.

(ii) Properties in excess of 1 acre or Irregular Boundaries a traversing fee is added. Fee depends on length of traverse.

(iii) If land is outside the corporate area $6.00 per mile.

6. Valuation Fees:

Kingston Jamaica Corporate Area

Corporate Area: Cost $3.00 per 1000 of the market value and $150.00 for travelling and incidental expenses. Minimum fee of $1,000.00 plus travelling and incidentals $1,150.00

Outside Corporate Area – (Beyond 15 miles from Kingston Jamaica) 3.50 per 1,000 of the market value plus travelling @ $3.50 per mile minimum fee of $1,500.00 plus travelling.

7. Mortgage Costs: (Building Societies)

(1) 1% application fee (Saver)

(2) 2% application fee (non Saver)

(3) Life Insurance – amount differs according to age.

NB. No longer will Compulsory Society take an assignment of Existing Policy.

(4) Mortgage Indemnity: 7% of sum being Insured applies when Mortgage in excess of the standard two thirds – 90% Mortgage.

(5) Stamp duty on Mortgage

(6) Registration Fees on the Mortgage

(7) Attorneys Costs

(8) Valuation Fee

(9) Surveyors Identification

(10) First Month Mortgage Payment

Mortgages: – $1.00 per 200 x 25% or 0.65%

These outline all the costs associated with buying houses for sale in Jamaica. It is important that both the vendor and purchaser understand the fees associated with this Jamaica real estate transaction.

It goes without saying, that making the decision to sell your home is a huge deal. Besides, there is a lot of work that goes into putting your house on the market. Furthermore, it is vital that you sell it for the best possible price. After all, the more money you get from the sale the better it is for buying a new home or using the money for some other purposes. Sometimes, selling your property now and for the maximum possible price can also put extra cash into your pocket. However, selling a home for top dollar is no cakewalk.

Nonetheless, with a little know-how, you will be able to sell your home for the best possible price. Read on to find out four tips to get top dollar when selling your home.

1. Negotiate effectively- When it comes to selling your home at the highest possible price, effectively negotiating with the buyer is vital. Furthermore, sellers can maximize their margins by going into negotiations equipped with the right information about their house as well as the local market.

2. Timing is key- Timing can make a big difference in terms of selling your home quickly and for the most cash. Furthermore, the housing market ebbs and flows throughout the year on a pretty set schedule. While it is not impossible to sell a house in November or December, you are much more likely to sell your house at the best possible price in the spring, when more buyers are out looking.

3. Invest in minor repairs- While making repairs may seem like an unnecessary expense when selling your house, these repairs, especially to rooms like the bathrooms and kitchen can really increase the asking price of your property and maximize your profits. Not to mention, having your home in move-in condition will increase the interest in your home and will help you sell your house quickly and for the best possible price.

4. Presentation is key- The way your house looks can make or break a sale! Furthermore, consider staging your house for possible buyers. Furthermore, give it a less cluttered look to make it spacious and more appealing to the home buyers.

5. Steer clear of bargain hunters-You should not waste your time with the bargain hunters or the low-budget buyers considering the fact that these people will never pay you the reasonable amount for your home.

While these were some of the tips and tricks for getting top dollar when selling your home, there are many others, such as price your house right, keep your home clean among many others.

Everyone wants to live in a place where there are peace and calmness. A person always desires to have a big house with lawns and all modern conveniences, best schools nearby and of course good markets at walking distance. Living in a dream home is a real pleasure.

Owning an accommodation is a big dream for many people, but it is not possible that all can afford it. Situations may be different for everyone. It depends on your age, how much you can invest, and where and why you want to live. Therefore, it is better to rent a home.

It’s easy and more comfortable with Housetrue.com. Whatever your requirement is, we are here to fulfill your needs related to property. 1, 2, 3, 4, 5, 6+ bhk flats on rent in Lutyens New Delhi (South) are available at Housetrue.com.

Moreover, if you have a transferable job, then you might need to move from one city to another, and then it’s wise to hire a rented apartment. There are many reasons for renting accommodation. Some of these are as follows:-

Taxes

If you have rented accommodation, there is no burden of property tax. Income tax is already a load, and after that, if you have to pay house tax, then what? So this is a plus point in the case of rented apartments.

Flexible

You know about the pros and cons of living in a particular area, only after the experience. So in case you are not happy with the neighbors or other amenities, you can change your house very quickly. It means you are not bound to stay in one place only. You can relocate independent houses and apartments on rent, Lutyens’ at Housetrue.com.

The most significant opportunity that you get is freedom of movement.

Maintenance

When you own a house, you have to take care of all the maintenance work. But there is no such headache in the case of rental properties. Ownership is a long term investment. House is a place that needs a lot of care, and unforeseen expenditures can come at any time.

House rent allowance

Moreover, many government and private companies provide a facility for house rent allowance. This HRA is given if the employee is living in a rented house.

Now it’s easy to understand that hiring places on rent is better than owning them.

What could be better than renting a home in an exclusive location, like Lutyens?

Far away from the crowded parts of Delhi, Lutyens’ covers a vast area with Lodi gardens to the South, Nehru Park in the West. It is one of the most snobbish regions in Delhi. As you spend time in the city, you will find that Lutyens is a pollution-free, safe and noise-free area.

Lutyens’ is one such area in Delhi where every facility is present. A lot of people want to live in Lutyens since it houses a wide range of luxury properties to rent . It is an expensive zone in Delhi. The prices of cottages in this area are quite high. And ordinary people can’t own a house here. So, why not opt for rented homes and apartments.

Don’t worry! We will help you with this.

Lutyens’s houses and flats on rent are a bit higher than in other areas in Delhi. It is a posh area where luxurious houses and apartments are available to let. These houses are laden with all modern amenities, best schools, full-proof security systems, and much more.

This is the place where you can get an excellent and delightful environment. Breathtaking views of the area will seduce you. The social circle is also excellent here. High ranked officials, leading business people, army officers, judges, lawyers, and doctors from different parts of the country live here.

It offers an incredible blend of the ancient side with a modern feel. A lush green lawn and wide-open terrace are available in most houses in the posh area of south Delhi. You can sit and enjoy with your family in nature’s lap. To talk about housekeeping and other services, qualified maids and drivers are available at a phone call.

Renting in urban areas is a necessity as people go to different places due to jobs or studies. Renting also allows for spreading your earnings and savings over different types of investments. Even you don’t have to worry about depreciating values of property due to various reasons.

While most investors have got involved in property investing because they understand the opportunities to make money through leverage and capital growth or high yields, I still see and hear of many who do not fully understand opportunity cost.

Remember anyone that gets into property is usually in it to generate money or income – how many deals/properties you own is insignificant.

So what does opportunity cost mean?

Well according to the encyclopedia, “Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the benefits that could be received from that opportunity), or the most valuable foregone alternative. For example, if a city decides to build a hospital on vacant land that it owns, the opportunity cost is some other thing that might have been done with the land and construction funds instead. In building the hospital, the city has forgone the opportunity to build a sporting center on that land, or a parking lot, or the ability to sell the land to reduce the city’s debt, and so on.”

So in property investing terms, if an investor decides to invest £50k in a property in for example Wales, the opportunity cost would be what he could have made by investing in Spain, Ireland or Dubai. Or similarly if an investor decides to keep equity of 50k in a property, the opportunity cost is what he/she could alternatively have invested this money in and the resultant value.

Now again this will depend on your specific strategy – and many people are not too concerned about opportunity cost, they are just keen to buy 1-2 properties that can hold onto for 15-25 years to use as a pension. That is fine if that is your strategy – but for me that is too broad a strategy, carries risks and is not maximising the opportunities available.

For me I have always had a philosophy, rightly or wrongly, that I should always be working my money hard. What does this mean? Well as soon as I feel my money has made a significant return and the returns are likely to drop off, compared to other possibilities, then I will look at realising my profits and investing elsewhere ie when I feel the opportunity elsewhere is greater than the current opportunity.

The great thing with property is this does not necessarily mean selling, as you can refinance, and invest money elsewhere.

This is no different to any other type of investing, such as buying stocks and shares – you make/lose your money depending on what price you paid, and what price you sold at – although clearly with property is good opportunity to earn a regular income as well – if hold onto for 15-25 years you should make money, but most likely will be a few scares along the way!

To be a successful investor, must know when to enter the market, and leave the market. And the people that do best buy low, and sell high!

I’ll give an example – while buying off plan has now got a bit of stick in the UK – I have done it successfully over the last few years – but the key is having a clear strategy.

For example, by doing all my due diligence I have managed to buy property at the right price in right location, but then sold on within a year of completion as I felt that was the period I would see the maximum returns in – and opportunities would be greater elsewhere over the next 3 years.

So to go through the numbers, I have just sold one that I bought off plan last year 12 months before completion. I bought at a price that was already £10k below market value based on my research in an area that had little buy to let competition. This was secured with only a £5k deposit. On completion, I put another £28k into deposit – so tied up £33k of my own money. There was no stamp duty in this area.

I then put on market on completion, now even with things slowing down in the area, I have just sold it for a £23k profit. So I tied up £5k for 1 year, and a further £28k for 6 months, to get back £56k.

Why did I sell? Did I consider refinancing?

My first choice would have been to refinance and let out, but the rental would not have stacked up. So while the rental would have stacked up at the price I paid for the property, I would have had 56k in equity sat not doing very much for me. So as I do not forecast huge capital growth in the area over the next 3-5 years, and the yield was not attractive enough for me it was best for me to release this equity and find another investment – ie I felt there were better opportunities for me to spend my £56,000 on, to generate more money.

Now clearly when are looking into the future is element of risk and speculation and are no definite answers – so you are having to forecast as well as you can with the data currently available ie how you forecast interest rates, buying/selling costs, supply and demand, employment, the overall economy and market sentiment over the next time period in the markets/regions you are investing/looking to invest in.

Although opportunity cost can be hard to quantify, its effect is universal and very real on the individual level. The principle behind the economic concept of opportunity cost applies to all decisions, not just economic ones, for example when Steven Gerrard decided to stay with Liverpool last summer, his home club and where he is captain, the opportunity cost was what he could have achieved if he had moved to Chelsea. It will be interesting to see what he decides this summer- he may now feel the opportunity cost is too great to turn down.

Hope this makes sense, and remember to consider opportunity cost when next making an investment decision.

Dubai conjures up images of tall buildings, stunningly shaped and spectacular. The first image that comes to mind is of course the Burj Khalifa. The tallest building in the world, Burj Khalifa, is the epitome of all that Dubai symbolises – the motivation for creating bigger, faster, bolder structures, icons of power, class, wealth and sophistication.

• The Burj Khalifa stands at a height of 829.8 m, and a trip to the observation deck on the 124^th floor is a must-do when you get to Dubai. You can see the spectacular skyline of the city.
• Talking about Dubai and architecture, how can one ignore the Burj Al-Arab? Standing at 321 m, it is the largest hotel in the world, and the iconic structure catches the eye because it has been designed to look like a billowing sail. When the Al-Arab is lit up at night, it is a sight that is worth travelling all the way to Dubai and capturing!
• Another property that is also symbolic of Dubai’s iconic architectural sights is the Palm Jumeirah. The project off the Jumeirah coast is designed in the shape of a palm leaf. Palm Jumeirah is one of the trio of manmade Palm Islands. The World Islands are a group of 300 man-made islands that form into a map of the world when you see I fro the air.
• Take a tour of Dubai Marina, and you will realise that all the buildings here are jostling for your mindspace and attention. For instance, the Cayan Tower, which has a 90-degree twist. The building looks like some force has twisted it along its length. Also launched is a structure called the Sparkle Towers, which has been inspired by Swarovski crystals. The building is a take on the luxury and glitz that has now come to symbolise Dubai.
• The Dubai Creek Golf and Yacht Club, is one of the city’s most beautiful buildings, designed to look like the dhow. It is symbolic of the fishing and harbour heritage of Dubai.
• If you are still looking for more examples of Dubai’s iconic structures, you should check out the Al Yaqoub Tower, also called the Big Ben of Dubai. The building looks like the Big Ben of the UK, and has 69 floors and is among the top 15 tallest buildings in Dubai.
• Have you seen the Swiss cheese building in Dubai? If not, you should. The building has been designed to look like cheese, with the outer wall resembling the Arabian mashrabiya or veil/screen to keep the building cool!
• Last but certainly not the least, make a trip to the Dubai Mall. Not just for the shopping, but to enjoy the architectural design of the biggest shopping mall in the world.

There are many architecture walks organised for tourists in Dubai, so you could opt for one of them and enjoy the architectural marvels. In terms of accommodation, there are many Dubai hotels for you to choose from. Hotels in Dubai belong to many categories, to suit various pockets. Pamper yourself at one of these hotels equipped with some of the finest amenities.