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Dubai’s latest property craze: luxury underground bunkers

A Swiss design firm is tapping into the latest must-have property desire for the UAE’s super rich – luxury underground bunkers. Prices start from $10 million and the developments are used for everything from pools and garages to panic rooms and secure meeting rooms. Oppidum, a design firm established in 2015 in Lucerne by entrepreneur […]

Prospective buyers can explore a metaverse city before buying a property off plan

Metaverse will boost online home sales ‘five-fold’, says Damac

One of Dubai’s largest real estate developers is already close to $500 million in property sales each year online – and the metaverse is expected to help this grow more than five-fold when it is fully utilised as a selling channel. Many observers may be sceptical about the nascent Web3 sector, but Damac Properties is […]

Computer-generated aerial view of how Palm Jebel Ali will look after Nakheel relaunches building of homes, hotels and other amenities

Nakheel sold 29 homes on stalled Palm Jebel Ali, official data shows

Palm Jebel Ali, the Dubai mega project set to be relaunched soon by developer Nakheel, sold a total of 29 homes before work on the project was halted in 2009. State-owned developer Nakheel has confirmed it was set to relaunch the manmade, palm-shaped, island project, which is said to be one-and-a-half times the size of […]

Nakheel confirms relaunch of Palm Jebel Ali

Dubai state-owned developer Nakheel has confirmed it is planning to relaunch the Palm Jebel Ali master project, as it looked to take advantage of record demand for real estate in the emirate. Palm Jebel Ali is one of a series of manmade, palm-shaped island projects off the coast of Dubai. Launched in 2002, it stalled […]

Dubai warehousing costs rise to among the highest in the world

Warehousing costs in Dubai rose by 7.7 percent in the 12 months to June 2022, making it one of the most premium warehousing markets in the world.  Across 52 global markets monitored by Savills for its 2022 Impacts programme, Dubai was ranked fourth due to strong demand and lack of Grade A stock, leading to occupancy […]

Sheikh Hamdan said the program will provide 200,000 robots over the next 10 years to increase efficiency and productivity

Dubai aims to create $9.5bn robotics industry

Dubai today launched an initiative to turn robotics and automation into a $9.5 billion sector. Under the plan announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, the use of robotics and automation (R&A) will be accelerated in key economic sectors in a bid to increase the sector’s contribution to […]

Person, Human, Indoors

‘Jury’s still out’ on hybrid working, says top fund manager

“The jury’s still out” on the post-pandemic model of working partly in the office and partly at home, according to a leading UAE real estate investment trust (REIT) manager. Thierry Leleu, CEO of Equitativa, told AGBI that the “office sector is a sector that we are confident in here in the UAE.” Equitativa is manager […]

Injections of Botox go directly into the face muscles and work for approximately six months

Injection of interest in beauty industry as men turn to ‘Brotox’

Botox injections are becoming increasingly commonplace among men in the business world, but could they really prove the difference in securing that big, career-defining deal? It may sound far fetched but businessmen in the Middle East are turning to botulinum toxin type A, as the pressure to look good in the “Zoom Boom” era continues […]

Salik is an automated toll system that was introduced to the UAE in 2007

Salik’s $1bn IPO target ‘easily achievable’ after stake boost

Dubai toll gate operator Salik’s decision to increase the number of shares offered in its initial public offering will yield lower stock price volatility, and the $1 billion the government aims to raise “seems easily achievable”, analysts have predicted. Salik Company announced on Friday that it has increased the size of the stake it is […]

Average apartment prices rose by 7.7 percent annually

Rents near record levels in Dubai as interest rates bite

House price growth in Dubai fell to its slowest rate in 18 months in August, with experts saying that the rising cost of mortgages is starting to impact the market. While the city’s real estate sector is hitting record highs, rising interest rates are putting the squeeze on some landlords. As a result rents are […]

Emirates boosts Algiers flights as Algeria rebounds from Covid

Dubai’s Emirates is increasing its flights to Algeria, as the country enjoys a marked improvement on its path to post-pandemic economic recovery. The Dubai airline will add a fifth weekly flight to Algiers from October 7, using a Boeing 777-300ER aircraft. Gas-rich Algeria struggles to assuage Europe’s energy crisis Emirates ‘flies against grain’ with $2bn […]

Inside the Burj Khalifa

Burj Khalifa broke its sales record in 2021 – and is set to do it again

The Burj Khalifa, the world’s tallest building, recorded its highest residential sales in volume and value last year – and is on track to break that record in 2022. Data from property consultancy Knight Frank and real estate analytics portal REIDIN shows that the volume of residential transactions at the Dubai skyscraper hit 106 in […]

Dubai on alert as distressed assets become a real possibility

Dubai’s real estate sector may be hitting record highs but rising interest rates are putting the squeeze on some landlords, leading to increased opportunities to snap up distressed assets in the coming year. “I had that conversation actually a couple of days ago with one of the local banks,” Thierry Leleu, chief executive officer of […]

Shop, Person, Human

Dubai Duty Free rehires 2,000 staff

Dubai Duty Free has recalled nearly 2,000 staff who were laid off during the global pandemic as the recovery in the regional aviation industry gathers pace. After announcing that sales have more than doubled in the first eight months of 2022 compared to the same period last year, the airport retailer said it has recovered […]

Dubai hotel rates surge by up to 75% during World Cup

Dubai Marathon has been forced to move its upcoming race in December 2022 to February 2023, as organisers said the massive demand by football fans to base themselves in the emirate has resulted in a lack of hotel rooms, with average daily rates during the tournament rising by as much as 75 percent. “Thousands of […]

Dubai launches Emirati savers programme for women

In the run up to Emirati Women’s Day on August 28, National Bonds, which is owned by Dubai’s sovereign wealth fund, has launched a new initiative designed for female Emirati investors and savers. This follows its survey findings that more than half of Emirati women do not invest any of their money and 30 percent […]

Emaar shares rise on plan to scrap limit on foreign ownership

Emaar Properties, the developer behind the Dubai Mall and Burj Khalifa, saw its shares soar in early trading on Thursday after its announced plans to consider removing a limit on foreign ownership. The developer’s shares rose 4.7 percent to AED6.25 ($1.70), its highest level since early May. Foreigners invest $4.2bn in UAE stocks since start […]

Jumeirah Bay Island is among the Dubai property hotspots favoured by richest investors

‘Cash is king’ as wealthy real estate investors target Dubai

Cash is becoming king again for Dubai’s residential real estate as wealthy overseas investors continue to splash out on luxury homes. By value, mortgaged buyers for villas and apartments now account for just 18 percent of the market. Last year the figure was close to 40 percent while in 2007 just over 50 percent of […]

Damac's data centre company Edgnex has started work on a Riyadh facility

Dubai’s Damac to invest $990m in data centres in Germany

Dubai-based conglomerate Damac Group is planning to invest $990 million in data centres and technology acquisitions in Germany. The company is currently on a fact-finding expedition in the European country to identify opportunities. “It’s a very interesting time now in Germany, especially for future-oriented industries and the country has a lot of opportunities in sectors […]