Latest news with #Dh25
Gulf Insider
3 days ago
- Business
- Gulf Insider
UAE Central Bank Orders Halt To Minimum Balance Hike
In a major new development, the Central Bank of the UAE on Tuesday instructed all banks operating in the country to suspend planned increases to the minimum balance requirement for personal accounts, pending a formal review of the policy's impact on consumers. In a circular obtained by Emarat Al Youm, the Central Bank explicitly addressed recent reports indicating that several major banks were preparing to raise the minimum required balance from Dh3,000 to Dh5,000, starting June 1. The move, which would have subjected non-compliant customers to monthly fees of up to Dh105, had already been implemented by at least one leading institution. 'With reference to what has been circulated in the media and social platforms about some banks' intention to raise the minimum balance to Dh5,000, the Central Bank has decided to study the impact of this increase on customers,' the circular read. 'Accordingly, banks are instructed to suspend the increase and refrain from applying it until further notice.' The decision follows Emarat Al Youm's earlier report that several major banks had planned to implement the new Dh5,000 threshold starting June 1, in line with updates to Central Bank regulations. One leading bank had already enacted the change, with others expected to follow suit in the coming weeks. The announcement of the potential increase triggered widespread public criticism, with account holders voicing concern over the financial burden on lower-income residents and small businesses. Under the now-paused policy, customers who failed to maintain a Dh5,000 balance in their current accounts would have been charged a monthly fee of Dh25, unless they met certain exemption criteria. These included transferring a salary of at least Dh15,000 per month, maintaining an aggregate account balance of Dh20,000 or more, or having an active credit card, overdraft, or loan with the bank. Customers with monthly salaries below Dh5,000 and no qualifying banking products would have been automatically charged the fee, with some banks reportedly planning to increase the penalty to Dh 100 or more, depending on the account type.
Al Etihad
7 days ago
- Business
- Al Etihad
Abu Dhabi apartment rents saw 10% YoY rise in Q1 2025: Asteco report
26 May 2025 08:15 A. SREENIVASA REDDY (ABU DHABI)Abu Dhabi's real estate market sustained its upward momentum in the first quarter of 2025, with average apartment rents climbing 10% year-on-year (YoY) and 4% quarter-on-quarter (QoQ), according to the latest market report from real estate consultancy report noted particularly robust growth in the high-end rental segment, where rates increased between 8% and 12%. The mid-tier market also recorded solid gains, with rents rising between 5% and 8%. 'This widespread positive performance, characterised by increasing rents and high occupancy, underscores the fundamental strength and consistency of demand within Abu Dhabi's residential sector,' Asteco said in the the rise in rentals, some low-end apartments remain relatively affordable on Abu Dhabi Island. In areas like Al Khalidiyah and Al Bateen, studio apartments are available for Dh25,000 to Dh35,000 annually, while one-bedroom units range from Dh28,000 to Dh45, Central Abu Dhabi and the Corniche, studios are priced between Dh30,000 and Dh35,000 per year, and one-bedroom apartments can be rented for Dh40,000 to Dh50,000 the healthy rental gains, supply continues to come online at a steady pace. In Q1 2025 alone, approximately 1,200 new residential units were delivered across developments including Jubail Island, Bloom Living – Cordoba Phase 1, Al Jurf Gardens in Ghantoot, Al Raha Beach and Rawdhat Abu Dhabi. The total number of new residential handovers for 2025 is expected to reach 5,500 units, concentrated in key investment zones such as Yas Island, Masdar City, Saadiyat Island and Al Reem to Asteco data sheet, 700 new apartment units and 500 villa units were completed in Abu Dhabi during the first quarter of 2025. This follows the completion of 2,850 apartments and 2,750 villas in 2024. By the end of 2025, total completions are projected to reach 4,000 apartments and 1,500 villas, reflecting a continued expansion in residential supply across the office sector is also gearing up for fresh supply, with the Quartz Tower on Yas Island set to be delivered in Q2, and other major projects like Shams Tower, The Link, and City Square in the pipeline for late 2025 into terms of sales, the market saw 8,700 residential transactions between March 2024 and March 2025. These included 4,100 off-plan deals and 4,600 sales of completed units, which comprised 3,250 apartments and 1,350 villas and townhouses. Notably, transactions for completed properties grew by 6% QoQ and surged 42% YoY reflecting strong demand from both investors and prices also showed a healthy upward trajectory. Apartment prices rose 4% on QoQ and 7% YoY, with high-demand areas seeing annual gains of over 15%. Villa prices increased by 4% QoQ and 8% YoY, with premium locations such as Saadiyat Island registering annual gains exceeding 15%.Asteco observed that 'well-located villas within prime communities continue to outperform the market average', underscoring the premium that buyers place on quality and launches performed strongly, with high absorption rates within weeks of release. 'This reflects sustained buyer confidence in the long-term value and appeal of new developments,' the report noted. Going forward, Asteco said that the Abu Dhabi real estate market remains 'well positioned for continued positive performance in the near to medium term'. Although new supply may moderate the pace of growth in rentals and values, overall market momentum is expected to remain intact, with further upside potential for both capital and rental values.
Hi Dubai
21-05-2025
- Business
- Hi Dubai
UAE Banks Raise Minimum Balance Requirement as Fee Exemptions Tighten
Several UAE banks will raise their minimum balance requirement to Dh5,000 starting June 1, tightening fee exemptions for customers who do not hold a credit card or personal financing. The move, up from the longstanding Dh3,000 threshold, means many account holders may now face a monthly fee of Dh25. According to a report by Emarat Al Youm , one bank has already rolled out the updated policy. The change is aimed at encouraging customers to either maintain higher balances or sign up for banking products such as credit cards or loans. Customers who do not meet the new balance requirement and lack qualifying financial products will incur the Dh25 monthly fee. Banks justify the shift as necessary for liquidity and operational cost management. Vijay Valecha, chief investment officer at Century Financial, said higher minimums help banks increase deposits, enhance loan offerings, and offset rising service costs. However, finance expert Dr Ben Lebig raised concerns over the burden this places on low-income residents, particularly those in the service sector. 'For workers whose salaries barely cover expenses and remittances, this rule may be impossible to fulfill,' he said. He urged banks to introduce tiered requirements based on income levels. Fee waivers will apply to customers with a total balance of Dh20,000 or more, or those transferring a salary of Dh15,000 or higher. Partial exemptions are also available for those earning between Dh5,000 and Dh14,999, provided they hold additional financial products. To ease the impact, experts suggest alternatives such as payroll cards, corporate accounts for low-wage employees, and zero-balance digital accounts. These options, commonly used in the Wage Protection System, can help workers stay compliant without added financial strain. News Source: Khaleej Times
Khaleej Times
20-05-2025
- Entertainment
- Khaleej Times
UAE offers free entry to museums in Dubai, Abu Dhabi, Sharjah for visitors
With summer just around the corner and temperatures on the rise, indoor escapes are becoming more appealing than ever — and what better way to beat the heat than by diving into the UAE's vibrant cultural scene? Whether you're into art, history, or something unique, the country's museums offer both a cool escape and a cultural boost. Best of all, many of these experiences are completely free. Here are must-visit museums across the UAE that you can enjoy without spending anything. Dubai 1. Expo 2020 Dubai Museum, Garden in the Sky In celebration of International Museum Day, Expo City Dubai is opening its doors for free access to the Expo 2020 Dubai Museum and Garden in the Sky on May 17 and 18. The museum is open from 10am to 8pm, while Garden in the Sky welcomes visitors from 2pm to 10pm. If you're eager to explore more, a Dh25 ticket gives access to additional Expo attractions, including Terra, Alif, and Vision. 2. Jameel Arts Centre Located along the Jaddaf Waterfront, residents can visit Jameel Arts Centre for free. The centre is open from 10am to 8pm Saturday through Thursday, and from 12pm to 8pm on Fridays. It remains closed every Tuesday. Visitors can also book guided tours online for a more in-depth experience. 3. Coffee Museum Coffee lovers will find a hidden gem in Dubai's Al Fahidi Historical Neighbourhood — the Coffee Museum. Situated at Villa 44 on Al Hisn Street, Coffee Museum is open from 9am to 5pm, Saturday through Thursday, and remains closed on Fridays. Visitors can explore exhibits detailing the origins of coffee, the traditions tied to its consumption, and the lives and working conditions of coffee plantation workers. The museum also features brewing demonstrations and antique tools used in coffee preparation across various cultures. 4. Miraj Islamic Art Centre Residents can visit Miraj Islamic Art Centre for free. Located at 582 Jumeira Street in Umm Suqeim, Jumeirah 3 in Dubai, the centre offers visitors access to an exceptional private collection of Islamic art from across the Muslim world — including treasures from Egypt, Iran, India, Syria, and more. It is open daily from 9am to 6pm. Abu Dhabi 1. Louvre Abu Dhabi Free entry to the the Louvre Abu Dhabi for UAE residents will be available on May 18 from 10am to midnight (galleries open until 8.30pm). Visitors can explore global masterpieces including Kings and Queens of Africa, a powerful exhibition running until May 25, celebrating the legacy and leadership of African monarchs through art and artefacts. Families can drop by the Children's Museum, where Picturing the Cosmos blends art, science and play in a creative space made for young minds. Art lovers also have the chance to join the final Drawing at the Museum session (4.30pm–6.30pm), where a museum educator leads guests through sketching techniques inspired by the permanent collection. 2. Manarat Al Saadiyat Residents and visitors can head to Manarat Al Saadiyat located in the Saadiyat Island Cultural District, where the second instalment of the Abu Dhabi Masterpieces Collection is now on display. The exhibition features three curated collections and is open daily from 10am to 8pm, offering free entry to all visitors. While children under 10 are not permitted, entry is simple — just register your name and contact information at the entrance. 3. Bassam Freiha Art Foundation Also located in the Saadiyat Island Cultural District, the Bassam Freiha Art Foundation offers another free museum experience. Open every day from 10am to 8pm, this art space showcases a compelling collection that reflects cultural heritage and artistic expression — ideal for those looking to explore something meaningful indoors. 4. Miraj Islamic Art Centre Art lovers and tourists in Abu Dhabi can visit Miraj Islamic Art Centre for free. Located in Villa 14B & 15B at the Marina Office Park, near Marina Mall, the centre is open daily from 9.30am to 7pm. Just like its location in Dubai, it also sowcases a wide range of artefacts, from intricately woven carpets and silk textiles to jewel-encrusted objects and traditional artwork. Sharjah 1. Sharjah Arts Museum Art lovers can also visit the Sharjah Art Museum, a cultural landmark nestled in the Arts Area of Al Shuwaihean. Open from 9am to 9pm Saturday through Thursday, and from 4pm to 9pm on Fridays, the museum houses a permanent collection of more than 500 artworks across various media and styles. Among the highlights are works by some of the Arab world's most celebrated modern and contemporary artists, including Abdulqader Al Rais, Louay Kayali, and Ismail Fatah Al-Turk.
Gulf Insider
12-05-2025
- Entertainment
- Gulf Insider
UAE Offers Free Entry to Museums in Dubai, Abu Dhabi, Sharjah
With summer just around the corner and temperatures on the rise, indoor escapes are becoming more appealing than ever — and what better way to beat the heat than by diving into the UAE's vibrant cultural scene? Whether you're into art, history, or something unique, the country's museums offer both a cool escape and a cultural boost. Best of all, many of these experiences are completely free. Here are must-visit museums across the UAE that you can enjoy without spending anything.1. Expo 2020 Dubai Museum, Garden in the Sky In celebration of International Museum Day , Expo City Dubai is opening its doors for free access to the Expo 2020 Dubai Museum and Garden in the Sky on May 17 and 18. The museum is open from 10am to 8pm, while Garden in the Sky welcomes visitors from 2pm to 10pm. If you're eager to explore more, a Dh25 ticket gives access to additional Expo attractions, including Terra, Alif, and Vision. 2. Jameel Arts Centre Located along the Jaddaf Waterfront, residents can visit Jameel Arts Centre for free. The centre is open from 10am to 8pm Saturday through Thursday, and from 12pm to 8pm on Fridays. It remains closed every Tuesday. Visitors can also book guided tours online for a more in-depth experience. 3. Coffee Museum Coffee lovers will find a hidden gem in Dubai's Al Fahidi Historical Neighbourhood — the Coffee Museum. Situated at Villa 44 on Al Hisn Street, Coffee Museum is open from 9am to 5pm, Saturday through Thursday, and remains closed on Fridays. Visitors can explore exhibits detailing the origins of coffee, the traditions tied to its consumption, and the lives and working conditions of coffee plantation workers. The museum also features brewing demonstrations and antique tools used in coffee preparation across various cultures. 4. Miraj Islamic Art Centre Residents can visit Miraj Islamic Art Centre for free. Located at 582 Jumeira Street in Umm Suqeim, Jumeirah 3 in Dubai, the centre offers visitors access to an exceptional private collection of Islamic art from across the Muslim world — including treasures from Egypt, Iran, India, Syria, and more. It is open daily from 9am to 6pm. 1. Manarat Al Saadiyat Residents and visitors can head to Manarat Al Saadiyat located in the Saadiyat Island Cultural District, where the second instalment of the Abu Dhabi Masterpieces Collection is now on display. The exhibition features three curated collections and is open daily from 10am to 8pm, offering free entry to all visitors. While children under 10 are not permitted, entry is simple — just register your name and contact information at the entrance. 2. Bassam Freiha Art Foundation Also located in the Saadiyat Island Cultural District, the Bassam Freiha Art Foundation offers another free museum experience. Open every day from 10am to 8pm, this art space showcases a compelling collection that reflects cultural heritage and artistic expression — ideal for those looking to explore something meaningful indoors. 3. Miraj Islamic Art Centre Art lovers and tourists in Abu Dhabi can visit Miraj Islamic Art Centre for free. Located in Villa 14B & 15B at the Marina Office Park, near Marina Mall, the centre is open daily from 9.30am to 7pm. Just like its location in Dubai, it also sowcases a wide range of artefacts, from intricately woven carpets and silk textiles to jewel-encrusted objects and traditional artwork. 1. Sharjah Arts Museum Art lovers can also visit the Sharjah Art Museum, a cultural landmark nestled in the Arts Area of Al Shuwaihean. Open from 9am to 9pm Saturday through Thursday, and from 4pm to 9pm on Fridays, the museum houses a permanent collection of more than 500 artworks across various media and styles. Among the highlights are works by some of the Arab world's most celebrated modern and contemporary artists, including Abdulqader Al Rais, Louay Kayali, and Ismail Fatah Al-Turk. Also read: Weather Alert: Heavy Rain Hits Parts of UAE; Thunderstorms and Hail Expected
