Construction Nobu penthouse shatters Abu Dhabi sales record By Pramod Kumar March 19, 2024, 6:15 AM WAM The three-bed penthouse fetched the highest price per sq m ever seen in Abu Ahabi, at AED96,000 A three-bed penthouse at Nobu Residences on Saadiyat Island has sold for AED137 million ($37.3 million), fetching the highest price per sq m ever seen in Abu Dhabi, at AED96,000 ($26,137), Aldar Properties has claimed. It comes after the sale of a four-bed duplex sky villa in Nobu Residences for AED130 million, the state-run WAM news agency reported. “Year on year, we are seeing healthy increases in both the volume and value of homes purchased, driven by supportive government policies and initiatives that have increased the attractiveness of Abu Dhabi. We expect this trend to continue,” said Talal Al Dhiyebi, group CEO of Aldar, the largest developer in Abu Dhabi,. Beachfront villa in Abu Dhabi listed for record $27m Abu Dhabi residential sales buoyed by off-plan purchases Palm Jumeirah’s $52m plot to house high-end residences Nobu Residences Abu Dhabi is one of the first branded residences for the US-based luxury lifestyle brand Nobu Hospitality in the Middle East. Last month Aldarr said its net profit rose 40 percent year on year to AED4.4 billion ($1.2 billion) in 2023 as annual revenue jumped 26 percent to AED14.2 billion. In a report, Savills Middle East said property sales in Abu Dhabi’s residential sector were up 83 percent year on year in 2023 as a raft of new launches enticed buyers to the off-plan market. More than 8,000 new units came on the market to meet growing demand in the UAE capital, with under-construction properties accounting for three quarters of the 11,200 transactions last year.
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] 1 day ago
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
Business of Sport Manchester City reports record revenues Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […] 1 day ago
