IMF expects growth in MENA to slow to 5% in 2022


DUBAI: The UAE is not looking for financial advantages as it strives to become a leader in the field of artificial intelligence, according to Omar bin Sultan Al-Olama, the country’s prime minister in charge of the AI.

His appointment came a year after the UAE appointed a minister for happiness to develop a more tolerant society, mainly to promote coexistence in the country, where foreigners make up the majority of the population, AFP reported.

Al-Olama told AFP that the country is studying AI as a tool. “It’s a tool we need to use to unlock the quality of life aspect,” he added.

The UAE aims to become one of the world’s leading AI-advanced countries by 2031, a move that will generate $91 billion in additional economic growth.

Completion of the first residential phase of Aljada in Sharjah

The first residential phase of Aljada comprises 14 buildings. (Provided)

Sharjah-based property developer Arada has completed the first residential phase of its Aljada megaproject in the emirate. With the delivery of 278 units in the last two Misk Apartment buildings, its total number of finished units in the mixed-use community stands at 1,482, according to a press release.

“The completion of these beautiful homes is the first tranche of approximately 4,000 units that is expected to be completed in Aljada in 2022,” Arada Group CEO Ahmed Alkhoshaibi said in a press release.

Meanwhile, he said they would continue to rapidly launch new residential products throughout the year “to meet investor demand for our attractive off-plan offerings.”

Each of the Misk Apartment buildings offers a range of one- to three-bedroom luxury homes, as well as four-bedroom duplex penthouses measuring nearly 5,000 square feet.

Aljada’s first residential phase includes 14 apartment buildings, the Sarab garden villa community and over 10,000 square feet of retail space.

The developer said nearly 3 million people have already visited the Madar entertainment district since it opened in 2020.

Emirates REIT makes a profit of $6.3 million in 2021

The REIT saw its portfolio grow by 2.8 percentage points to 71.8% in December 2021. (Supplied)

Emirates REIT became profitable in 2021 with net profit reaching $63.1 million, compared to a net loss of $242.9 million recorded a year earlier when the COVID-19 pandemic wreaked havoc on the real estate sector worldwide.

It reported a 59.3% increase in operating profit to $46.6 million in 2021 from a year earlier, Equitativa, head of Emirates REIT, said in a statement.

Sylvain Vieujot, Executive Vice President of Equitativa, said: “We delivered a solid set of improved results in 2021, following a challenging year in 2020 as the world battled the COVID-19 pandemic.”

He hailed the UAE’s leadership for taking swift and decisive action “to support a sustained recovery and renewed confidence in the local property market in 2021.”

The largest listed Shariah-compliant real estate investment trust in the United Arab Emirates attributed last year’s overall growth to an increase in total property income to $68.6 million, up 3, 9% compared to the same period of the previous year. The REIT saw its portfolio grow by 2.8 percentage points to 71.8% in December 2021.

After the end of the year, the successful conclusion of ongoing lease negotiations led to a further increase in occupancy to 81% as of March 31, 2022, he said.

Its net property income increased by 7.7% as the REIT continued to focus on cost optimization.

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