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Dubai

All the important stories on the emirate, plus exclusive opinion, analysis and interviews

Real estate

Developers will build 723 ultra-luxury villas on the first six fronds of Palm Jebel Ali

Nakheel awards $1.4bn contracts for Palm Jebel Ali villas

Dubai state-owned developer Nakheel has awarded three major contracts, valued at more than AED5 billion ($1.4 billion), to construct ultra-luxury villas on the first six fronds of Palm Jebel Ali. The contracts were awarded to Ginco General Contracting, Shapoorji Pallonji Mideast and United Engineering Construction Company (UNEC).  The work scope of the contracts includes the […]

October 17, 2024
Dubai developers can achieve better returns on mid-high-end properties rather than more affordable housing

Mid-range housing leapfrogs affordable competition in Dubai

Sales of affordable housing in Dubai declined over the past six years as a share of total transactions amid changing developers’ preferences and broader cost-of-living increases, industry professionals say. Properties below AED1 million ($272,000) peaked at 46 percent of all residential deals in the emirate in the third quarter of 2018. That figure has steadily […]

October 16, 2024
Most of the 300 manmade World islands remain undeveloped and only three projects have come to fruition

World Islands ‘still a decade away from completion’

The multi-billion dollar World Islands off the coast of Dubai will not be complete for another decade at least as logistics and costs stymie development, the man behind its biggest project has revealed. The $14 billion development, originally consisting of 300 man-made islands, was launched by the government-backed property company Nakheel more than 20 years […]

October 15, 2024
Workers stand on a scaffold in Dubai. Building a high rise in the UAE can be as much as two thirds cheaper than in other major cities

Apartments in UAE among cheapest to build in the world

Building a standard residential high-rise in Dubai or Abu Dhabi is up to two-thirds cheaper than in other major global cities, thanks to land, labour and raw materials all costing much less. Land is up to three times cheaper in the UAE compared with the prices paid in New York, London, Hong Kong and Singapore […]

October 8, 2024
'Speculative demand' for off-plan and an 'overvalued' luxury segment are driving up risk of a real estate bubble in Dubai, says UBS

Off-plan luxury projects drive real estate risk in Dubai

The rapid growth in off-plan development, particularly luxury properties, is injecting vulnerability in Dubai’s otherwise solid real estate market. Developers launched 391 projects in Dubai between January and mid-September, a 43 percent year-on-year increase. Many of the apartment towers in the pipeline are designed as high-end, and often branded, residences.  “I feel there’s an oversupply […]

October 2, 2024

Latest Dubai News

A Turkish pistachio farmer. Prices for shelled pistachios have risen to $41 a kilo.

Chocolate trend sends Dubai nuts for Turkish pistachios

It may have started with a UAE resident trying to assuage her hunger cravings during pregnancy, but the latest taste sensation to sweep the Middle East and beyond is causing contractions in the supply of Turkish pistachios as demand for Dubai chocolate swells. Turkey is in line to post a record high pistachio harvest for […]

Talabat couriers in Abu Dhabi. The company operates in eight countries across the Mena region

Talabat profits soar ahead of planned IPO

Food delivery company Talabat reported a 46 percent increase in third-quarter profits ahead of its planned IPO.  Delivery Hero, the Berlin-headquartered parent company of the business, said net income reached $98 million in the three months, up from $67 million the previous year. It said the increased profit was due to improved logistics efficiency, continued […]

A view of Dubai Marina. The overall value of property transactions in Dubai in 2023 reached AED322 billion (nearly $88 billion)

Buoyant property market puts billions in Dubai’s coffers

Dubai authorities have recorded a five-fold surge in the sums they earn from fees related to real estate transactions over the past five years to almost $4 billion, as the emirate’s property market grows stronger and prices rise sharply, AGBI has calculated. The transfer fee, payable to the Dubai Land Department (DLD) upon a sale, […]

An Emirates SkyCargo plane being loaded. The airline reported 11% growth in H1 2023 – before the Red Sea disruption

Emirates reports record half-year pre-tax profit

Emirates airline recorded a post-tax profit of $2.4 billion (AED8.7 billion) for the first half of the year, down 7 percent compared to the same period last year.  This year marks the first time state-owned Emirates has had to pay UAE corporate income tax.  When compared to the previous year before tax, the airline reported […]

Dubai Taxi says it remains optimistic about future growth across all its business segments

Dubai Taxi revenue up but profit slides

Revenue at Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, rose 13 percent year on year to AED1.6 billion ($436 million) in the first nine months of 2024. The company said the result was due to a positive macroeconomic environment, a rise in tourism and population growth. The taxi segment was the primary […]

Dubai tram has completed 950,000 journeys and served 60 million passengers since opening in 2014

Dubai undertakes study for trackless tram

Dubai’s Roads and Transport Authority (RTA) will undertake a study to deploy trackless tram systems at eight locations across the city as part of its Dubai Tram network expansion. The self-driving tram system will operate on virtual tracks, using camera-guided painted lines on dedicated lanes, the UAE state-run Wam news agency reported. Powered by electricity, […]

The Dubai bourse attracted 91,151 new investors, of which 85 percent were foreigners who invested AED1.5 billion

Dubai bourse operator’s Q3 profit surges 27% to $26m

Dubai Financial Market, the stock exchange operator, said net profit rose 27 percent to AED94 million ($26 million) in the third quarter of 2024 compared to AED74 million a year earlier. Revenue jumped 12 percent year on year to AED155 million as trading volume increased to 1.7 million, a 20 percent year on year increase. […]

BlackRock and Aditum's five public funds were incorporated on October 25, 2024 at the DIFC

UAE’s Aditum pairs with BlackRock to launch funds

Aditum Investment Management is to launch five funds for UAE investors, according to reports confirmed by AGBI. The five funds will include one focused on sustainable energy investments and another on health science, Citywire first reported. A representative of Blackrock confirmed to AGBI that the Citywire reports are accurate. Blackrock has registered BlackRock Aditum Dynamic […]

Locals playing boules by Lake Anosy in the centre of Antananarivo. Madagascar.Madagascar.

Emaar’s Alabbar eyes major investment in Madagascar

Emaar founder Mohamed Alabbar is planning a major investment in Madagascar, marking the island nation as his next big venture. “Madagascar is the next new thing in my life,” Alabbar said at the Future Investment Initiative in Riyadh on Tuesday. “It’s going to be a very big investment,” he said, but did not provide further […]

Dubai budget

Surplus of $8bn predicted in latest Dubai budget cycle

A record surplus of AED30 billion ($8.16 billion) is being predicted by Dubai in its latest three-year budget. The emirate’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, has approved the 2025-27 budget cycle, which includes AED272 billion in expenditure, against estimated revenues of AED302 billion. For the 2025 fiscal year, expenditure has been set at […]

Dubai seen from a passenger jet. DAE's latest purchases will go to four airlines in four countries

Dubai Aerospace Enterprise buys 10 aircraft for $500m

Dubai Aerospace Enterprise (DAE), a global aviation services company, has acquired ten narrowbody aircraft for around $500 million. DAE will lease the next-generation aircraft to four airlines across four countries, the company said on Tuesday.  “These young aircraft with long remaining lease terms are expected to be favourable to our portfolio’s metrics, once delivered,” said […]

Dubai classroom

Dubai private schools face major shortfall of places

Dubai’s private school sector is staring at a shortfall of more than 100,000 places by the start of the 2031 academic year, as the industry struggles to keep pace with the emirate’s increasing population. Under the Dubai 2040 Master Plan, the emirate’s population is forecast to reach 7.8 million by the end of the next […]

Shoppers in Dubai Mall. Retail rents in the emirate have risen as vacanacies fall

Retail rents rise at Dubai malls due to lack of supply

Rents in Dubai’s retail sector grew by an average of 15 percent in the third quarter of this year, as a lack of new supply and high demand from shoppers meant it remained a landlords’ market at the emirate’s popular malls. There were no new completions of retail space in the second quarter of the […]

The Ignyte platform, developed by Dubai International Financial Centre, aims to attract 5,000 venture capitalists, 5,000 vetted mentors and 500 corporate and government partners startup startups VCs venture capital Dubai

Dubai seeks 5,000 VCs to ignite startup funding

Less than a tenth of total loans issued by UAE banks in the first half of the year went to small and medium sized enterprises amid renewed calls to reduce the funding gap. The total amount of facilities and loans extended by banks operating in the UAE reached AED856 billion ($233 billion) by the end […]

Dubai's Emaar Properties owns 79 percent of Emaar Development and also has hospitality and retail divisions

Dubai’s bellwether Emaar to report Q3 profit rise

Dubai’s Emaar Properties, bellwether of the emirate’s bourse, and its real estate development subsidiary, are likely to report sizeable increases in third-quarter profits versus the preceding three months as margins expand and under-construction projects reach revenue recognition thresholds. Emaar Properties owns 79 percent of Emaar Development and also has hospitality and retail divisions. It is […]

Emirates freighters

More freighters on order at Emirates

Emirates, Dubai’s flagship airline, has ordered more freighters in a push to expand its cargo operations, reports in local and international media said.  The airline has ordered five Boeing 777 freighters, which are due to be delivered from 2025/2026 and brings the total number of 777 freighters on order to 14. “Demand for Emirates’ air […]

An inspector scanning box with goods in storage

UAE warehousing attracts new institutional investors

A lack of suitable warehousing across Dubai and Abu Dhabi is providing opportunity for institutional investors to get into industrial real estate. Non-industrial developers are also poised to take advantage of the gap. Strong demand for facilities in ecommerce and logistics, and the expansion of oil and gas companies in Abu Dhabi in particular, has led […]

Ahmad Bin Byat, vice chairman of Dubai Chamber of Digital Economy. The companies that survive are 'the smart ones', he said

Dubai prepares laws to support digital businesses

Dubai is preparing to roll out a wave of regulations aimed at supporting small and digital businesses, a government official has confirmed. “We need to recognise that digital business are different from traditional businesses, and we need to treat them as such,” Ahmad Bin Byat, vice chairman of Dubai Chamber of Digital Economy, told AGBI. […]

Bolt, based in Tallinn, has experienced rapid growth; the deal will allow DTC to integrate Bolt's ride-hailing tech into its fleet Bolt Dubai Taxi Company

Dubai Taxi partners with Bolt to take on Uber

Dubai Taxi Company has signed a deal with the Estonian company Bolt to launch its “e-hailing” platform in the emirate, competing with existing operators such as Uber and Careem. The launch of the platform was announced during a signing ceremony between DTC and Bolt at Gitex Global. Mansoor Rahma Alfalasi, CEO of Dubai Taxi, called […]