Interest Rate for UAE Expats to Drop:
The interest rate for personal loans has dropped by 8% in the month of August. Since the UAE central bank adjusted the interest rates at the end of 2015 there has been a reduction in the rate of interest on personal loans in various banks in UAE. Some banks in UAE are now offering loans to expatriates with the reduced interest rate which is at 5.25% per annum.
25,000 Structures under Construction in Dubai:
The past year has seen a surge in the construction industry in UAE, with a 20% increase in the number of construction projects underway. The Dubai Municipality has received more than 25,000 requests for structural audits. In the first half of 2016, 5837 buildings have been completed in the UAE and which is twice the number of buildings that were completed last year. Inspection on these construction projects is periodically carried out by the engineering supervision section. The drop in interest rates has prompted the rise in the number of expatriates seeking personal loans. There has been a 50% increase in the number of people seeking personal loans in the second half of 2016.
Self-driving Cars in Huge Demand in UAE:
The UAE is third on the list of countries that have the highest demand for self-driving cars. The residents of UAE have shown more interest that the Germans and Japanese in riding self-driven vehicles. These hi-tech cars are yet to hit the local markets of UAE but the people of the country have shown huge interest in purchasing self-driving cars. A recent study revealed that 70% of the customers of UAE are willing to ride in a fully self-driving car and 79% are willing to ride in partially self-driving cars. The customers in UAE are also willing to spend a lot more to purchase a self-driving car. The major reasons behind the demand for these hi-tech cars are the ability to multitask during your travel and not having to park.
Hyperloop One to Build High-Speed Trains in UAE:
Hyperloop technology would enable the swift transport of cargo and people in a safe and efficient manner while reducing the impact transport has on the environment. The technology of Hyperloop One might be built at Jebel Ali in Dubai. Rob Lloyd the CEO of Hyperloop One said that the infrastructure, the regulatory movement, and the capital are in place for the commencement of the development of the technology. These high-speed trains would be capable of gliding at speeds of 1,120 kilometers per hour, which is faster than the speed of commercial airplanes.