President’s Republic Day address: Indian president appreciates contribution of country’s diaspora

Saudi Crown Prince Mohammed bin Salman with Indian President Ram Nath Kovind and Prime Minister Narendra Modi during a ceremonial reception in New Delhi in 2019. (Getty)
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Updated 26 January 2021
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President’s Republic Day address: Indian president appreciates contribution of country’s diaspora

  • India’s tradition is to work for the well-being of the entire world, says Indian President Ram Nath Kovind
  • The ‘National Education Policy 2020,’ with its stress on tradition as well as technology, will lay the foundation of a New India

The following text is excerpted from the Indian president's speech delivered on the eve of the 72nd Republic Day:

NEW DELHI: Greetings to all of you on the 72nd Republic Day of the world’s largest and most vibrant democracy. In this land of ours, enriched by diversity, with many festivals, our national festivals are celebrated by everyone with great patriotic fervor. We celebrate the national festival of the Republic Day with enthusiasm and express our respect for the national flag, and our faith in the constitution.
This day has come to mean a lot to all Indians living within the country and abroad. Seventy-one years ago, on this very day, we the people of India adopted, enacted and gave to ourselves a unique constitution. For all of us, then, this is the day to also pause and ponder over the core values that the constitution propounds. These values — justice, liberty, equality and fraternity — outlined in the preamble of our constitution are sacred to all of us. Its abiding adherence is meant not only for those who are mandated to govern but for the people at large.
The adversities of the previous year have only reminded us of what we have always known deep in our hearts — that care and concern for humanity and the feeling of fraternity is what kept us together for millennia. In every sphere, Indians rose to the occasion, and put others before themselves. We Indians live and die for humanity.
Converting a crisis into an opportunity, the prime minister gave a call of “Atma-Nirbhar Bharat Abhiyan,” or “Self-reliant India Mission.” Our vibrant democracy, our enterprising and talented fellow citizens — especially the youth — energize our efforts in shaping a self-reliant India. The demand for goods and services in the country, the domestic efforts to meet them, and the use of modern technology in such efforts are strengthening the “Atma-Nirbhar Bharat Abhiyan.” Under this mission, steps have been taken for economic growth as well as employment generation by promoting micro, small and medium enterprises and making the startup ecosystem more robust. It has become a movement being taken forward by the people themselves.
Adversity often plays the role of a great teacher. It makes us stronger and more confident. With that confidence, India has taken great strides in several sectors. Economic reforms have continued apace and have been supplemented by long-pending reforms in the areas of labor and agriculture through legislation. The path to reform at the initial stages may cause misapprehensions. However, it is beyond doubt that the government remains singularly devoted to farmers’ welfare.
Equally salient but touching more lives directly is the comprehensive reform in education which was long overdue. The “National Education Policy 2020,” with its stress on tradition as well as technology, will lay the foundation of a New India which aspires to emerge as a knowledge hub on the international stage. This reform promises to incubate innate talent of students and ignite their minds to take up the challenges of life.
The net outcome of all these efforts is before us. After about a year of this unforeseen ordeal, India today stands not despondent but confident. The slowdown has turned out to be transitory, as the economy has regained its dynamism. A self-reliant India has manufactured its own vaccine for COVID-19, and is now undertaking a mass vaccination drive, which will be the largest exercise of its kind in history.
Today, India is being rightly called “pharmacy of the world” as we are supplying medicines and other healthcare items to several countries to alleviate people’s suffering and contain the pandemic across the globe. Now we also provide vaccines to other countries.
While we celebrate the anniversary of our republic, I am thinking of our brothers and sisters abroad. Our diaspora is our pride. Indians abroad have succeeded in different walks of life, some rising to high levels of political leadership, some contributing to science, arts, academics, civil society and business, each bringing laurels to their new homelands and also to India. Republic Day greetings to you from the land of your ancestors!
I once again congratulate you all on the occasion of Republic Day.

 

 


UAE’s residential real estate market to see softer home sales

Updated 13 sec ago
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UAE’s residential real estate market to see softer home sales

  • Moody’s sees mild softening of prices over the next 12 - 8 months as rising completions add supply

RIYADH: The UAE’s residential real estate market is expected to see a modest decline in developer sales and a mild softening of prices over the next 12 to 18 months as rising completions add supply, Moody’s said.

Despite near-term easing, the credit ratings agency noted that developers are supported by strong revenue backlogs and solid financial positions, while regulatory measures have reduced banks’ exposure to the construction and property sectors, helping to preserve robust solvency and liquidity buffers across the financial system.

The broader trend is reflected in the UAE’s real estate market, which recorded a strong performance during the first three quarters of 2025, according to Markaz.

In Dubai, transaction values increased 28.3 percent year on year to 554.1 billion Emirati dirhams ($150.88 billion), while Abu Dhabi recorded total sales of 58 billion dirhams, up 75.8 percent year on year. The number of transactions in Abu Dhabi rose 42.3 percent to 15,800.

The report said: “After five years of extraordinary growth in the UAE’s residential real estate market, particularly in Dubai, we expect developer sales to decline modestly and some price softening over the next 12 to 18 months as rising completions add supply. 

“From 2026 to 2028, around 180,000 new units will be completed in Dubai, a significant increase from prior years that is likely to weigh on demand and slow price growth. 

“However, fundamentals remain supportive, underpinned by continued population growth and an influx of high-net-worth individuals. Rated developers’ credit quality will remain resilient, supported by strong revenue backlogs, front-loaded payment plans and solid financial positions.”

Munir Al-Daraawi, founder and CEO of Dubai-based Orla Properties, told Arab News the Moody’s report underscores what the firm is seeing on the ground, namely “a market that is successfully transitioning from a period of extraordinary growth to one of sustainable stability.”

He added: “While a mild softening of prices and a modest decline in sales are anticipated over the next 12 to 18 months, these are natural adjustments for a maturing global hub like Dubai.” 

Al-Daraawi believes the the projected delivery of 180,000 units between 2026 and 2028 is not a cause for concern, but “a reflection of the UAE’s long-term appeal to high-net-worth individuals and a growing population.”   

The CEO added: “The report rightly points out that fundamentals remain supportive, underpinned by Dubai’s 2040 Urban Master Plan and a significant influx of global talent.” 

He went on to note that the resilience of the sector is further bolstered by the solid financial positions of developers and the strong regulatory measures that have shielded the banking sector from excessive exposure.

“This creates a robust ecosystem where credit quality remains high, even as we navigate a more competitive landscape. For boutique and luxury-focused developers, the current environment emphasizes the importance of quality, execution, and strategic capital allocation — factors that will continue to define the UAE’s real estate success story,” said Al-Daraawi. 

The current environment emphasizes the importance of quality, execution, and strategic capital allocation.

Munir Al-Daraawi, Founder and CEO of Orla Properties

Riad Gohar, co-founder and CEO of BlackOak Real Estate, told Arab News that while Moody’s is correct to say that supply is rising, the conclusion of a broad slowdown ignores the structure of this current economic cycle.

He added: “First, this is not a debt-fueled market. Around 83 percent of Dubai residential transactions in 2024 and 2025 were non-mortgaged. That means the market is equity-driven, not credit-driven. When cycles are not built on leverage, corrections are typically shallow and segmented, not systemic. “

He added that the macroeconomic backdrop is stronger than in past cycles, driven by sustained non-oil gross domestic product increase, structural reforms, population growth, and capital inflows aligned with long-term national plans.

“Demand is not purely speculative; it is driven by migration, business formation, and wealth relocation,” the CEO said.

“Third, prime vs. non-prime must be separated. Any pressure from increased completions is more likely to affect marginal locations, not established prime areas supported by global HNWI inflows. Historically, prime assets in Dubai have shown resilience even during broader market pauses,” Gohar added.

He continued to clarify that for smaller developers, some may feel margin compression if sales moderate, but this becomes a consolidation phase, not a systemic risk.

“Banks’ real estate exposure has already declined to around 12 percent of total loans — from 19 percent in 2021 — and NPLs (non-performing loans) are low at 2.9 percent, meaning financial contagion risk is limited. Regulatory escrow structures and stricter oversight further reduce spillover,” the CEO said.

“We are in a capital-rich, cash-driven cycle, regulated market with strong GDP and population growth. If anything, weaker fringe players exiting would strengthen the core not destabilize it,” he said.

The Moody’s report highlighted that while most developers it rates will generate “substantial excess cash” over the next two to three years, there will be fewer opportunities to make significant investments, especially within the Dubai real estate market.

As well as prompting a shift toward corporate governance and, in particular, how developers deploy their rising liquidity, some firms are looking to diversify beyond their core business models.

“For instance, Binghatti has recently launched its first master-planned villa community, marking a departure from its historical focus on single-plot high-rise developments, as demand for villas continues to outperform that for apartments,” said the report.

It continued: “Others are looking beyond Dubai and the UAE for growth, whether through geographic diversification or expansion into unrelated sectors.

“For example, Damac’s owner, Hussain Sajwani, has announced significant planned investments in data center development across the US and Europe.

“Emaar continues to develop actively in Egypt and India and is evaluating potential entry into China and the US. Aldar has started development projects in the UK and Egypt, while Arada has begun building in Australia and the UK and Sobha is expanding into the US.”