Dubai Government Wants to Better Regulate the Real Estate Sector by Issuing a New Mortgage Law

A 35-article law includes all procedures concerning a mortgage in Dubai was issued by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The goal for issuing a mortgage law is to better regulate the emirate’s booming real estate sector.

According to Marwan Ahmed bin Ghalita, chief executive of Dubai’s Real Estate Regulatory Authority “the law is basically covering the mortgage procedures in Dubai”,  this is an effort to protect the rights of lenders and borrowers and to improve transparency. The Mortgage law will come into effect after 60 days from its announcement.

The new law states that mortgage contracts must get registered with the “Land Department” of Dubai. The size of the loan, the repayment period and the value of the property must be specified. The law also states that the mortgages that are taken out on properties in Dubai can only be sold by registered financial institutions and also should be insured.

Full financial documents should be presented by the borrower and lender. “It gives more confidence to the lender and gives more security for banks” Marwan Ahmed bin Ghalita said. Dubai started allowing foreign investors to buy properties in Dubai on a freehold basis in 2002.

Since then the mortgage business grew rapidly. Back in July Standard Chartered warned that the prices of the still under construction real estate will be inflated due to speculators in the market betting on quick gains.

Add comment August 21st, 2008

Ronaldinho to Manchester City or AC Milan in 72 Hours

It is being reported that Barcelona and Ronaldinho have decided to take 2 to 3 days to decide where he will go, so it is 100% sure now that Ronaldinho is leaving, I know it seems naive but some people still had hopes that he will stay at Barca. Manchester City is leading as reported by Barcelona themselves stating that the Manchester City’s offer is more “attractive”.

In my opinion if Ronaldinho really wants to play and get better and achieve higher goals he should sign for AC Milan, although am an Inter Milan fan, but am also an Arsenal fan, so to be totally frank he shouldn’t move to Manchester City. If his goal is to go to some club and become pampered and the king and play is minimal effort then Manchester City it is.

The Barca’s president Joan Laporta have told Catalunya Radio that Ronaldinho and his agent who is also his brother “have had two interesting proposals and they are leaning more towards the one from Manchester City. We hope to be able to resolve the situation this week.” It is believed that within those 2 to 3 days if no deal was done Ronaldinho would just join training.

The real question I guess is, can Ronaldinho make all that difference for Manchester City, can one good player lift a club by himself. I know Manchester has some good players, but still they are for sure not the kind of Ronaldinho. Lets wait and see…. This summer transfer market is getting hotter by the day.

2 comments July 15th, 2008

Barcelona offer Eto’o and $15 Million for Arsenal’s Adebayor!!!

When I first read this I imagined I was reading it on the “Football Manager 2008″, its a Football Management game on PC, anyway, if you told me a year ago that this kind of offer was possible I would have laughed hysterically. Now some people think that Barcelona are desperate to land Adebayor, I really doubt that, I think they are desperate to offload Eto’o, and I think Arsenal will take this deal.

Arsenal will accept for two reasons, the first thing is that Adebayor is actually requesting the move or (a) move, he wont mind going to AC Milan or Barcelona. The second reason, well Arsene Wenger needs the cash to get new players, he must use this money to add to the money he will get from Hleb sale and get a replacement. We heard about the financial issues holding Arsenal from buying new quality players.

Nasri is amazing, but in the past two seasons I cant name one player that Arsene Wenger bought to the squad who was high profile established player. If you still do no get what I mean, look at what other big clubs were buying and compare. I know that buying a ready made star doesn’t always work, and I know that it is an Arsene’s Wenger tradition to make the stars, but that was before we see Chelsea, Manchester United, Liverpool and other clubs being bought by billionaires who throw money to get ready made stars.

One last note, this news that everybody is talking about was first reported by the “DAILY STAR”, some might ask and why is this important? Well, I just ignore what they report because most of the time its pure fabrication. Lets wait and see.

Add comment July 15th, 2008

OIL prices aren’t rising - the US dollar is plummeting!

I have just finished reading a very interesting article on “qrswave’s blog”, believe me this is a very interesting point of view.

Here read the full article.

1 comment November 2nd, 2007