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

DUBAI: The UAE is not looking for financial benefits as it strives to become a leader in the artificial intelligence field, according to Omar bin Sultan Al-Olama, the country’s first minister for 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 comprise the majority of the population, AFP reported.

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

The UAE aims to become one of the most advanced AI nations by 2031, a move which will generate $91 billion in additional economic growth.

Sharjah’s Aljada first residential phase completed

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

“The completion of these beautiful homes is the first tranche of around 4,000 units scheduled to finish at Aljada in 2022,” Ahmed Alkhoshaibi, group CEO of Arada said in a press statement.  

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

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

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

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

Emirates REIT turns into profit of $6.3m in 2021

Emirates REIT turned profitable in 2021 with net profit rising to $63.1 million, from a net loss of $242.9 million recorded a year earlier when the COVID-19 pandemic played havoc with the real estate sector globally.   

It reported a 59.3 percent increase in operating profit to $46.6 million in 2021 compared to the previous year, Equitativa, manager of Emirates REIT, said in a statement.

Sylvain Vieujot, executive deputy chairman of Equitativa said: “We delivered a strong set of improved results in 2021, following a difficult year in 2020, as the world tackled the COVID-19 pandemic.” 

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

The UAE’s largest listed Shariah-compliant real estate investment trust attributed the overall growth last year to an increase in total property income to $68.6 million, up 3.9 percent compared to the same period in the previous year. The REIT witnessed its portfolio growing by 2.8 percentage points to 71.8 percent as of December 2021.

Subsequent to the year-end, the successful conclusion of ongoing lease negotiations has led to a further increase in occupancy to 81 percent as of March 31, 2022, it said. 

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