Healthcare remains a top priority for the government of Saudi Arabia as it explores private sector participation in healthcare infrastructure growth, according to a recent report by Colliers International.

“Public-private partnership (PPP) and privatisation is one of the cornerstone policies of Vision 2030, the Saudi government’s strategy for transforming and growing the economy. In line with the government’s Vision 2030 and the National Transformation Program (NTP), the Ministry of Healthcare is expected to spend close to USD 71 billion over five-years ending in 2020.

By incorporating Public Private Participation models for healthcare, the government is aiming to unlock value in the health system and fast-tracking the change of healthcare with plans to lift the overall private sector contribution in total healthcare spending to 35% by 2020,” reads the report.  

According to the Director of Healthcare, Education and Public Private Partnerships (PPP), Mansoor Ahmed: “KSA needs 20,000 to 30,000 long-term care beds by 2030, this will create lot of healthcare real estate demand. If translated into real estate demand, the demand will be 6 million sqm to 9 million sqm new construction or USD 10 billion to USD 15 billion investment in next 10 years.”

For now, says Colliers International, innovation remains a centre factor in overhauling the KSA healthcare market in the coming years with information technology playing a vital role in offering solutions related to cost, quality, access and resources.

WHAT IS THE SPACE?

The all new SPACE is the most ambitious project of the planned upgrade of the school to date. It is located on a condensed part of the site at the back of the campus and required the demolition of the existing swimming pool and sports hall to free up valuable land for the new 5,500sqm development.

From the outset the 900sqm multi-purpose gym with indoor running track was designed to be a central hub within the SPACE and it occupies most of the ground floor. It is supplemented by a number of flexible student spaces to foster a relationship between the physical movement and the science behind it allowing teachers to combine the practical with the theory.

Jason Burnside, partner at Godwin Austen Johnson said: “Despite the difficulties of 2020 we are delighted with the completion of The SPACE which is testament to the effort of all those involved to deliver such a high-quality project on time and on budget. For the students and staff who returned in September after a long period away from the campus, the new facilities have enabled them to continue to safely learn and develop through sport and performing arts with renewed optimism.”

TECH-SAVVY SPACE

The ground floor is a new swimming facility which can be directly accessed from the outside without the need to go through the sports hall. It includes a 300-seat spectator viewing area, electronic touch timing system making it ideal for galas and other water sports events. On the first floor the 1,100sqm sports hall is designed for two basketball and two netball courts with retractable bleacher style seating for around 500 spectators.

PERFORMANCE SPACE

The performing arts was also a key consideration for the SPACE with the creation of a black box drama performance space with seating for 140, drama rooms, music classrooms as well as music practice areas.

Government of Dubai Media Office: In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Decree No. (33) of 2020 on the special committee for unfinished and cancelled real estate projects in Dubai, formed pursuant to Decree No. (21) of 2013.

Pursuant to Decree No. (33) of 2020, the name of the special committee for unfinished and cancelled real estate projects in Dubai has been changed to the Special Tribunal for Liquidation of Cancelled Real Property Projects in the emirate of Dubai and Settlement of Related Rights. The new name will substitute the previous name of the Committee in all the legislations applied in Dubai.

According to the Decree, the Chairman of the Dubai Judicial Council will appoint the chairman and members of the new Special Tribunal, define the frameworks for its meetings and decision making and judicial processes.

The Decree authorises the Tribunal to perform the following:

• Review and settle all disputes, grievances and complaints for which the previous committee did not issue final decisions or judgments.
• Review and settle disputes and complaints arising from unfinished cancelled or liquidated real estate projects.
• Settle disputes related to unfinished real estate projects that have been cancelled pursuant to Law No. (13) of 2008 and thereafter referred to the previous Committee by the Real Estate Regulatory Agency (RERA).
• Determine the rights and obligations of each developer if the real estate project is transferred from one developer to another.
• Liquidating and ensuring settlement of all rights related to a project cancelled by the RERA
• Define the rights of investors and purchasers of unfinished real estate projects and settle all disputes, grievances and complaints related to both unfinished and cancelled real estate projects.

The new Tribunal is authorized to review both normal and urgent matters and issue judgments or amicable settlements. The Chairman of the Tribunal may assign one or more members of the Tribunal to review and issue judgments on such matters. The Chairman of the Tribunal may also form subcommittees, appoint auditors, and issue orders to the trustees of the project’s ESCROW account in all matters related to the liquidation of cancelled real estate projects.

The Decree also details the responsibilities and obligations of the Real Estate Regulatory Agency (RERA) related to supporting the Tribunal in performing its duties and responsibilities. RERA will prepare detailed reports about unfinished projects and provide its recommendations to the Tribunal to help settle disputes or refer the project to another developer.

Following its activation, the Decree prohibits all courts in Dubai, including DIFC Courts, to accept any disputes, appeals or complaints related to unfinished or cancelled real estate projects, or those that fall under the jurisdiction of the Tribunal.

All decisions and judgments issued by the Tribunal are final and incontestable, and the Execution Court at Dubai Courts will execute the Tribunal’s judgments.

The Chairman of the Dubai Judicial Council will issue a resolution naming the entity responsible for providing administrative and technical support to the Tribunal.

This Decree substitutes Decree No. (21) of 2013 on the formation of the special committee for unfinished and cancelled real estate projects in Dubai. The new Decree annuls any other legislation that contradicts or challenges its articles. The Decree will be published in the Official Gazette and is effective from the date of its publication.

His Highness also issued Law No. (19) of 2020 amending Article (11) of Law No. (13) of 2008 on the Interim Real Estate Register in Dubai.

According to the amendment, if the developer did not initiate construction works in the real estate project due to reasons beyond his control, or if the project was cancelled due to a decision issued by the Real Estate Regulatory Agency (RERA), the developer must refund the entire amount paid by purchasers.

Any other legislation that contradicts or challenges the articles and provisions of Law No (19) of 2020 is considered null. The new Law will be published in the Official Gazette and is effective from the date of its publication.

_{Photo Credit: World Property Journal}

Riyadh – A new global healthcare study published by the Future Investment Initiative Institute (FII-I), the not-for-profit global foundation that powers the annual Future Investment Initiative conference, revealed two critical findings:

• An additional 5% of GDP invested in the healthcare systems of developing countries could lead to an additional 9 years of healthy life expectancy.
• Integrating AI and robotics into existing healthcare systems could increase the efficiency of healthcare investment by up to 20%.

The research is part of the institute’s third Impact series report titled Health Equity: A Moral Imperative, which has been published ahead of the fourth edition of FII on 27-28 January 2021.

FII Institute's global healthcare study includes a global ranking of healthcare systems, based on the efficacy of their structures, processes, and most importantly, outcomes. The ranking was based on the Donabedian model, with additional correlation analyses conducted in order to identify performance drivers and recommendations.

The study will be repeated and expanded on an annual basis. For the first edition, FII Institute has focused on 35 countries, with representatives from every continent and a variety of development levels.

The report discusses how much technology and innovation is already available that can extend a healthy lifespan, increase global productivity and improve quality of life, raising the question: what is keeping humanity from embracing transformative change?

Academics, healthcare officials, and innovators from all over the world share their insights in the Impact report, including; Professor Agnes Binagwaho, M.D., Ph.D., Rwanda's former health minister and Vice Chancellor of the University of Global Health Equity; Bertalan Meskó, Ph.D., The Medical Futurist; Rachel Dunscombe, CEO of the NHS Digital Academy; and Walter Willett, M.D., Dr. P.H., Professor of Epidemiology and Nutrition at the T.H. Chan School of Public Health at Harvard University.

 “I have no doubt that digital health can finally bring healthcare into the 21^st century,” says Dr. Meskó, the Medical Futurist.

The report also highlights “Call to Impact” points across several topics, including concrete recommendations for governments, healthcare officials, as well as the general public.

With the recent construction of exclusive bungalows in their unique, modern and eco-conscious style, the development stands out as an excellent investment opportunity - combining luxury with a natural and relaxed atmosphere.

Uruguay has been hailed as "the golden child" of Latin America by international investors. The statistics and a growing interest to invest in its economy confirm this trend. With the objective of attracting around 100,000 foreign investors, Uruguay has relaxed its requirements for those who want to move into or invest in the country, offering increased tax incentives and implementing new measures that facilitate an expedited return of capital.

While developing and improving specific offerings such as tax-free zones, free ports, temporary residence and trading, the Uruguayan government has relaxed the requirements for residency and lowered the value for the property a foreign national must own, from USD 1.7 million to USD 380,000. At the same time, they've extended the period for tax exemptions on revenue obtained abroad from five to ten years. And as a bonus track, it is no longer mandatory for foreigners to live at least half the year in the country in order to be able to claim tax residence - now only two months are required.

These measures especially benefit the real state sector - with high end real estate in particular getting a boost, helping this market position itself as one of the most attractive segments in the country and the world. Along that same vein, Las Cárcavas, the real estate development on the Garzón coast of Uruguay just minutes away from the exclusive beach resort of José Ignacio, offers an ideal proposal for investors who seek a refugee of sustained value away from big urban centers. Situated on more than 120 acres, with large lot sites that offer exclusivity and privacy for its future owners, the project is preparing to ring in 2021 with new projects, including the construction of new bungalows.

ONE PLACE, MANY OPTIONS

What are the investment options and how much could they yield?

For more conservative investors, Las Cárcavas offers its unique, turn-key ready bungalows. For the more ambitious investor, Las Cárcavas offers its line of seashore ranch-style properties. In a project that prioritizes the environment and natural surroundings, all residences will follow a set of pre-established architectural guidelines, thus preserving the essence of the brand and identity of the place.

These seashore properties range from USD 580,000 to 3 million, with an estimated return on capital in the same range, and the added advantage of having a property comprised of over 50% green, natural spaces.

Included as part of all of its proposals, Las Cárcavas has a team of specialized advisors who accompany each investor personally from the very beginning, assuring they make the best decisions for them throughout the entire buying process.

INSPIRED BY NATURE

Besides its financial draws, the development has a unique advantage in something that has now become a trend, especially in current times: its wide-open spaces and natural, avant-garde proposals. Uruguay's national trademark is "Natural Uruguay" - and has stayed true to this identity by prioritizing the environment and caring for it. Under the motto ‘Inspired by Nature’, Las Cárcavas also falls well within this concept.

"Investing in the real estate market in Uruguay is very attractive for foreign investors. Besides the tax benefits, the extensions for deductions and the space the investor gets for the value of the land are unthinkable when compared to places like the UK, France or the United States," explains Fernanda Prece, commercial director of Las Cárcavas.

Quality of life is a Uruguayan hallmark, but so is its institutional quality and stability. That is why the smallest country in South America, home to 3.5 million people, is at the forefront of the region, surpassing its neighbors with its history of political, democratic and social stability, and also macroeconomic solvency. For all this and more, Uruguay has created a privileged environment to develop investments.

_{Photo Credit: Just Luxe}

• Real Share makes real estate investment accessible to all investors, especially first- and small-time investors who wish to earn from rental income remotely through fractional ownership of property
• All homeowners can list their properties for investment opportunities in the Real Share platform. Lootah will initially offer a range of studios, 1 bed, and Villas for sale in JVC
• Lootah’s Living Garden—one of its most sought-after properties in Jumeirah Village Circle that offers state-of-the-art facilities—will be made available on Real Share by the first quarter of 2021

Dubai: As part of its goal to modernize and make real estate investment accessible to average investors, Lootah Real Estate Development (Lootah) has launched Real Share, a robust, technology-powered virtual property platform that allows fractional ownership of properties for as low as AED5,000. The platform aims to innovate the way real estate investment works, create a viable and secure means to facilitate property transactions, and allow foreign and local investors to buy and share real estate interests remotely.

As a virtual investment solution, Real Share offers a simplified, yet safe and affordable channel to purchase, manage, or sell a percentage of a property asset. Real Share will eliminate the roadblocks in the processes involved in owning, managing, and selling real estate properties. In the traditional real-estate processes, when potential clients or buyers want to invest in a property, they go through real-estate brokers or intermediaries. This process entails a considerable amount of time and cost of administrative tasks on both sides of the transaction, as buyers and brokers go back and forth to fulfilling property ownership requirements.

Real Share has partnered with SmartCrowd, the MENA region’s first financially regulated real estate investments platform (REIP), in order to provide an exceptional digital experience to users. SmartCrowd has a full license from the Dubai Financial Services Authority—the independent regulator of financial services based in the Dubai International Financial Centre.

Russell Owen, COO of Lootah, said: “Under this platform, interested investors can simply register, select a pre-vetted property, invest a fraction of the property’s value, and then start earning rental income through dividends equal to their investments. Real Share takes away the barriers in real estate investing by allowing everyone across the globe to have digital onboarding process and self-service features to browse and review properties, as well as monitor investments with ease.”

Data released by the REIP company also showed that they have paid out over AED500,000 in dividends to their investors with annual net returns ranging from 6 percent to 9 percent.

_{Photo Credit: CM Today}

Washington – The pandemic has buoyed the custom residential design sector while impacting homeowner design preferences, according to a fourth-quarter Home Design Trends Survey from the American Institute of Architects (AIA).

The latest survey results—focusing on community and neighbourhood design—showed a decline in homeowner demand for infill and higher-density development, reversing a multi-year trend. Conversely, demand for multi-generational housing accommodations vaulted in popularity. Project billings, inquiries, and design contracts also rebounded from a record decline in the first quarter of 2020. Additionally, all custom residential sectors reported improved market conditions with home improvement reporting the strongest gains.

“The uneven impact of the pandemic on specific construction sectors is nowhere more apparent than in custom residential,” said AIA Chief Economist Kermit Baker, PhD, Hon. AIA. “Though the initial impact of the pandemic hit residential architects hard, a stay-at-home lifestyle and the desire for more space and less density has increased homeowners’ desires to modify their accommodations.”

Other findings of the report indicate:

• Front/side porches increased in popularity
• Durability/low maintenance remained a popular choice for home exteriors
• Fire-resistant materials continued to increase in popularity

Residential architecture firm business conditions indicate:

• Firms in all regions reported strong growth in billings in Q3
• Project backlogs at residential firms continued to increase in the third quarter
• On average firms reported about a six percent increase in the value of backlogs from the second quarter of 2020 to the third quarter of 2020

_{Photo Credit: Grand Designs Magazine}