Dubai is scripting a brand-new capital markets gameplan

 

DEWA is the start

Reforms will care out depth and breadth for markets and investos to flourish

Rene Descartes once said: “Once in a lifetime we must demolish everything completely and start again from the foundation”.

As we get the lift-off in interest rates, and the focus starts to shift to cashflow-oriented investments, Dubai has certainly adopted that maxim with sweeping changes to the pension law, as well as with its listings of blue-chip companies like DEWA.

Allowing employees to participate in the pension scheme, and empowering pension fund managers (as well as individual investors) with the choice to invest conservatively in cashflow-oriented investments, the city has put capital market growth at the center of its next growth trajectory and capital formation. Recognizing that the past experience in equity markets has been somewhat of a mixed bag, Dubai regulators have ripped out the existing playbook and replaced it with one that puts the small investor’s interest front and center, by securing end-of-service benefits and allowing for choice in how these funds are invested.

To be sure, the infrastructure of capital markets will evolve steadily, as more reforms invite new players into the market place. Both in terms of companies seeking to raise funds as well as investors allocating their hard earned savings into such offerings. In the process, middlemen such as market-makers, principals such as family offices, institutions and fund managers all will have a role to play as the market breadth and depth increases.

Each of these roles will have to be fleshed out, as the focus shifts from debt funding and private ‘chit fun’ collection schemes to a more formalized approach that codifies the rights of each of the parties involved. The shift in the economic model is happening throughout the region as state-sponsored companies throughout the GCC look to raise capital through the equity markets.

A magnet for talent, capital

It is also a recognition of the role of private capital but, more importantly. of the twin goals of a) regulated framework and b) offering rights and protection to the employee/small investor. These reforms - along with the broad swathe of immigration/judicial and economic incentives that have already been put into place - makes Dubai a frontrunner in the high stakes game of attracting talent and capital.

The evolution of the marketplace will likely closely follow the trajectory of the maturation of Western capital markets (albeit with greater velocity). In a sense, the counter argument has always been why these reforms were not introduced earlier. And while some of the reservations are valid, it ignores the culture of growth paradigm that Locke and later Mokyr invoked; which is to state that ideas come primarily through experience.

It has been the experience of the city, both specifically in the capital markets, as well as in the broader perspective of liberalization that has led to the current decisive stage of regulations. The impulse has always been the same, which has been at the heart of the city - expression of creativity and freedom of choice through private sector enterprise with a safety net for all participants.

Ever more globailsed

At a time when the global mantra has been one of nationalism, Dubai has continued to move in the opposite direction of inclusivity and globalization, despite the headwinds of geopolitical crises that have created hurdles.

By insisting on the start of a new philosophy, Descartes had thrown down the gauntlet, and it was inevitable that it would invite its share of sceptics. Voltaire famously remarked with his characteristic wit that Descartes was “born to discover the errors of antiquity and at the same time to substitute his own”.

Despite this kind of criticism, Descartes’ influence in philosophy remains unquestionable nearly four centuries later. So it is the case with Dubai with its relentless quest to not only reinvent itself, but to do so through an endless series of trial-and-error mechanisms that aspire towards an ever more dynamic model of creativity and capital formation.

With inflation rearing its ugly head throughout the world, the categorical imperative remains to invest so as to protect and grow real wealth. In this context, capital markets will play a definitive role in Dubai’s next growth story. Perhaps, even more likely, make it more indispensable in the game that we call the economic game of thrones.

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AED 13.4 billion in weeklong real estate transactions in Dubai

 

 

According to Dubai Land Department (DLD), the real estate and property transactions during the week ending 11 March, 2022 were valued at AED13.4 billion.

According to the DLD report, there were 2,333 transactions.

There were 245 plots sold for AED2.09 billion, and 1,542 apartments and villas were sold for AED3.29 billion.

The top three transactions were land sold for 198.15 million AED in Trade Centre Second, land sold for 160.14 million AED in Palm Jumeirah, and land sold for 198.15 million AED in Trade Centre Third.

Al Merkadh recorded the most transactions this week with 74 sales transactions worth AED790.01 million; followed by Al Hebiah Fifth with 53 sales transactions worth AED113.52 million; and Wadi Al Safa 5 with 33 sales transactions worth AED170 million in third place.

According to the top three transfers for apartments and villas, an apartment was sold for AED392 million in Marsa Dubai; an apartment was sold for AED359 million in Burj Khalifa, and a villa was sold for AED287 million in Al Wasl.

The total amount of mortgaged properties for the week was AED3.83 billion, with the highest mortgage being AED1 billion on a property in Palm Jumeirah.

AED4 billion worth of properties were granted between first-degree relatives.

 

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Abu Dhabi offers exclusive benefits to golden visa holders

 Golden visa holders in Abu Dhabi are being offered exclusive commercial benefits to encourage investment in the emirate.

They will be entitled to discounts and offers on cars, property, health care, hospitality, health insurance and banking services, according to the Abu Dhabi Residents Office, a division of the emirate’s Department of Economic Development.

The office has teamed up with companies across a range of industries to offer the incentives.

It said the aim is to help accelerate the assimilation of golden visa holders into Abu Dhabi’s business community and further incentivise investment in the emirate’s economic development.

“We’re taking all the necessary measures to ensure our vital sectors have an uninterrupted supply of world-class talent,” the office's acting executive director Hareb Al Mheiri said on Thursday.

“We have a responsibility to support golden visa holders with the services and benefits that would facilitate a comfortable life in Abu Dhabi and contribute to the success of their businesses and investments.”

Golden visas, which are valid for up to 10 years, were introduced to encourage “exceptional workers and foreign investors” to put down deeper roots in the UAE.

Abu Dhabi’s golden visa offers long-term residence to talented and specialist people for five or 10 years, the office said.

This includes professionals and researchers in the fields of science and knowledge, such as doctors, scientists and inventors.

The programme is also open to talented creatives and athletes, as well as business and real estate investors in the emirate.

The golden visa is also offered to high-performing university students and high-school pupils in Abu Dhabi, and cover their parents and dependent siblings, according to the office's website.

The global residence citizenship-by-investment industry is valued at $21.4 billion annually, according to 2019 statistics by Investment Migration Insider, a publication focused on the sector. By 2025, the magazine predicts the market could generate $100bn in revenue.

The price tag for a second citizenship (popularly referred to as a “golden passport”) or permanent residence (“golden visa”) ranges from $100,000 to $2.5m, the International Monetary Fund says.

Such programmes date back at least to the 1980s, when low tax havens in the Pacific and Caribbean began to attract wealthy foreigners.

Under the Abu Dhabi Residents Office's commercial partnerships, Abu Dhabi golden visa holders will be entitled to discounts on selected properties from developer Imkan Properties.

Banks, including Abu Dhabi Commercial Bank and First Abu Dhabi Bank, will offer real estate golden visa investors reduced mortgage fixed-interest rates and non-real estate investors attractive rates on savings accounts.

Golden visa holders will also be eligible for price reductions on cars and will receive priority booking for new releases, in addition to special payment facilities, maintenance offers and licensing services, according to the statement.

They will also enjoy special offers for dining, spa treatments, gyms and stays at selected hospitality destinations in Abu Dhabi.

The benefits will also include reduced premiums on annual health insurance plans for families and individuals, with diverse network coverage and a bundle of benefits both inside and outside the UAE, the office said.

The agency is working to expand the benefits and promotions to include other visa category holders, said Mr Al Mheiri.

Foreign residents in Dubai who have a golden visa and a driving licence from their home country can now take a UAE test without needing extra lessons, the government said in January this year. If they have a licence from one of 32 approved countries, they are automatically eligible for a UAE licence.

Approved countries include the US, the UK, Australia, Italy, Saudi Arabia, South Africa, Spain, New Zealand, Qatar, Kuwait and Ireland.

A centre at Abu Dhabi's Masdar City Free Zone accepts and processes golden visas for eligible candidates and their families.

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