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Dubai Issues Decree Introducing Incentives for Property Investment Funds

The decree aims to enhance Dubai’s status as a global real estate investment destination. WAM
The decree aims to enhance Dubai’s status as a global real estate investment destination. WAM
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Dubai Issues Decree Introducing Incentives for Property Investment Funds

The decree aims to enhance Dubai’s status as a global real estate investment destination. WAM
The decree aims to enhance Dubai’s status as a global real estate investment destination. WAM

UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued a decree introducing incentives for property investment funds in Dubai, Emirates News Agency (WAM) has reported.

The decree aims to enhance Dubai’s status as a global real estate investment destination and attract global property investment funds to the emirate, WAM said.

The decree covers all real estate investment funds licensed and regulated by government authorities as well as private development zones and free zones, including the Dubai International Financial Centre (DIFC). It also covers all real estate in Dubai, including properties located in private development zones and free zones, excluding DIFC, the news agency added.

As per Decree No. (22) of 2022, a ‘Register of Property Investment Funds’ will be established at the Dubai Land Department.

The decree outlines the terms, conditions, and procedures for listing in the Register. Funds seeking to be listed in the Register should be licensed by competent government authorities including the Securities and Commodities Authority and the Dubai Financial Services Authority, DIFC’s independent regulator of financial services.

The value of real estate assets owned by the fund at the time of application for listing in the Register should be AED180 million or above. Funds should not be suspended from trading in Dubai’s financial markets at the time of application.

According to WAM, the decree also directs the establishment of a ‘Committee for Property Investment Funds,’ whose purpose is to identify areas and properties that funds are allowed to invest in either through full ownership or lease for a period not exceeding 99 years.

The value of properties that funds invest in should be AED50 million or above. The properties should be listed as commercial properties and comply with another decree from 2010. Funds are allowed to relinquish ownership of properties only after approval from the Committee.

Property investment funds listed in the Register are entitled to receive the incentives specified by the Decree.

Decree No. (22) of 2022 authorizes the Chairman of the Executive Council of Dubai to amend the incentives specified by the decree or add new ones. The Chairman of the Dubai International Financial Center is also authorized to amend incentives for property investment funds operating within DIFC’s jurisdiction.

The decree also directs the Dubai Land Department to appoint a valuation specialist accredited by the Dubai Real Estate Regulatory Agency (RERA) to determine the value of properties owned by property investment funds.

Apart from the resolutions issued by the Chairman of the Executive Council of Dubai in accordance with Decree No. (22), the Director General of the Dubai Land Department is authorized to issue other resolutions necessary to implement the provisions of the new Decree.

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Business

Maersk Halts Operations at Oman's Salalah Port Due to Security Incident

(FILES) Containers of Danish shipping and logistics company Maersk stand on a vessel in Copenhagen on September 14, 2023. (Photo by SERGEI GAPON / AFP)
(FILES) Containers of Danish shipping and logistics company Maersk stand on a vessel in Copenhagen on September 14, 2023. (Photo by SERGEI GAPON / AFP)
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Maersk Halts Operations at Oman's Salalah Port Due to Security Incident

(FILES) Containers of Danish shipping and logistics company Maersk stand on a vessel in Copenhagen on September 14, 2023. (Photo by SERGEI GAPON / AFP)
(FILES) Containers of Danish shipping and logistics company Maersk stand on a vessel in Copenhagen on September 14, 2023. (Photo by SERGEI GAPON / AFP)

Danish container shipping group Maersk has temporarily halted its operations at the Port of Salalah in Oman, it said, following a security incident that occurred early on Saturday.

All Maersk crew were safe ⁠and accounted for, and ⁠no company cargo or vessels were affected, the shipping giant said in a statement.

The port was evacuated ⁠after an incident damaged a terminal crane, prompting a temporary suspension of operations across the facility.

Maersk currently estimates that operations will be halted for approximately 48 hours, Reuters quoted it as saying.

The disruption comes as the ⁠conflict ⁠in the region has unsettled energy and transport markets, with shipping affected by the effective closure of the Strait of Hormuz.

Business

Fitch Affirms Israel's 'A' Rating with Negative Outlook

Smoke rises following a missile attack from Iran on Tel Aviv (Reuters)
Smoke rises following a missile attack from Iran on Tel Aviv (Reuters)
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Fitch Affirms Israel's 'A' Rating with Negative Outlook

Smoke rises following a missile attack from Iran on Tel Aviv (Reuters)
Smoke rises following a missile attack from Iran on Tel Aviv (Reuters)

Global ratings agency Fitch reaffirmed Israel's long-term foreign-currency rating at "A" with a negative outlook on Friday, adding that rising public debt levels and ongoing war-related risks could weaken the country's ⁠fiscal trajectory.

Fitch forecast ⁠military expenditure will remain high in 2026, well above pre-war levels, as Israel's involvement in Lebanon intensifies ⁠and operations continue.

It also expects Israel's central government cash budget deficit to widen this year before narrowing in 2027 as military spending declines.

"Israel's recent and ongoing military operations have somewhat diminished geopolitical risks ⁠to ⁠the ratings and demonstrated a highly effective defensive capability", the ratings agency said, although it warned the duration and scope of the current conflict remains uncertain.

Business

SoftBank Secures $40 Billion Loan to Boost OpenAI Investments

FILE PHOTO: The logo of SoftBank is displayed at a company shop in Tokyo, Japan January 28, 2025. REUTERS/Issei Kato/File Photo
FILE PHOTO: The logo of SoftBank is displayed at a company shop in Tokyo, Japan January 28, 2025. REUTERS/Issei Kato/File Photo
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SoftBank Secures $40 Billion Loan to Boost OpenAI Investments

FILE PHOTO: The logo of SoftBank is displayed at a company shop in Tokyo, Japan January 28, 2025. REUTERS/Issei Kato/File Photo
FILE PHOTO: The logo of SoftBank is displayed at a company shop in Tokyo, Japan January 28, 2025. REUTERS/Issei Kato/File Photo

Softbank Group said on Friday it has secured a $40 billion bridge loan to bolster investments in ChatGPT-maker OpenAI and for general corporate purposes, marking another significant step in its artificial intelligence strategy.

The Japanese investment conglomerate, led by founder Masayoshi Son, continues to strengthen ties with OpenAI as global tech firms race to gain an edge in the increasingly competitive ⁠generative AI space.

The Japanese investor has previously agreed to invest $30 billion in OpenAI through its Vision Fund 2. The bridge loan is unsecured, the company said.

The loan, which matures in March 2027, was arranged with lenders including JPMorgan Chase, Goldman Sachs, Mizuho Bank, Sumitomo Mitsui Banking Corp and MUFG Bank.

OpenAI, backed by Microsoft, has emerged as a leading player following the ⁠widespread adoption of ChatGPT, prompting a surge in investment across the sector.

The loan underscores Son's increasingly aggressive bet on AI following years when SoftBank swung between outsized gains and heavy Vision Fund losses.

SoftBank ⁠and OpenAI were among the companies behind the Stargate Project last year, which said it aimed to invest up to $500 billion over ⁠four years to build AI infrastructure in the United States.

Son and then President-elect Donald Trump announced in December 2024 ⁠that SoftBank planned to invest $100 billion in AI and related infrastructure in the US over four years.

Giant Alliance

In a related development, Japanese industrial conglomerate Toshiba said on Friday it will start negotiations with Mitsubishi Electric and chipmaker Rohm to merge their power semiconductor businesses, as international competition over the sector heats up.

The move comes as Japan has been pushing for a greater presence in the global semiconductor market.

If realized, the alliance would create the world's second-largest power chip group, according to local media.

Billed as able to drastically reduce power loss, power semiconductors are seen as pivotal to sectors ranging from railway to automotive and renewable energy.

Toshiba Electronic Devices & Storage Corporation (TDSC), a subsidiary of Toshiba, signed a memorandum of understanding to begin discussions with Mitsubishi and Rohm.

“As the global competition over the semiconductor industry keeps intensifying, TDSC and Rohm have long explored the possibility of coordinating in the power semiconductor sector,” Toshiba said.

With Mitsubishi Electric now on board, too, a merger would make “our business scale and technological infrastructure competitive in the global market,” Toshiba said.

The agreement was also signed by Japan Industrial Partners and TBJ Holdings.

Japan currently holds less than 10% of the global chip market, but the government is investing heavily in new factories in a bid to change that.

Earlier this month, Prime Minister Sanae Takaichi's administration set a new sales target for domestically produced microchips, aiming for an eightfold increase by 2040 compared with 2020 levels.

The 2040 target of 40 trillion yen ($250 billion) far exceeds sales of around five trillion yen in 2020, according to figures from the ministry of economy, trade and industry.