 The property visa is finally here, lending some more certainty to the market in this regard, as do the amendments to the property laws that clarify issues surrounding project cancellation and non-payment of instalments. Some have suggested, however, that a six month visa is rather short and does not cater to those wishing to actually live here if they are sufficiently wealthy to not have to work. This section of the world’s population can be quite large and they are people that want to spend. So this may be a sector worth looking at.
At a time when many companies are uncertain of their likely revenue line for the forthcoming year, the announcement by the Dubai Government of reduced government fees and no new fees comes as most welcome as companies are all trying to be more economical in their operations. Many of these fee reductions announced also relate to the Lands Department, hopefully adding a further “fillip” to the property sector.
The money raised from the issue of Dubai’s first bond should be filtering down into the economy now that it has been decided who is to benefit directly. This, combined with reported increasing liquidity of the banks will hopefully get the economy’s wheels turning again.
In this edition we are privileged to have had the opportunity to interview Sunny Varkey, Chairman of the Varkey Group and a person of who many are aware. We have articles on returns on investments for hotel assets and on capital budgeting. We also have our usual updates from Oman and from the offshore world.
Please fee free to write to update@pkfuae.com if you would like to express an opinion on any matter inside.
GRAHAM MARTINS |
