Construction Delays keep property oversupply at bay in Dubai Dubai’s off-plan market is treading a delicate line between the risk of having too many properties and the threat of project delays, industry insiders have said. “There’s plenty of supply coming in,” Haider Tuaima, director of real estate research at consultancy Valustrat, told AGBI. “If everything is handed over on time, then we will have […] April 12, 2024
Construction Prompt payments prop up Dubai’s construction sector Dubai’s construction industry is at the healthiest it has been in almost 20 years, according to an executive from one of the city’s most established industrial groups. This resurgence is notable for its relative lack of payment delays – a common issue in construction projects globally and in the Gulf region. “Delayed payments are not […] April 10, 2024
Analysis Food & Drink Dubai restaurant scene ‘at risk of hitting saturation point’ Food and beverage operators in Dubai have warned that the emirate’s restaurant market is increasingly saturated as one company calls time on a prominent location. Gates Hospitality, which operates venues across the Middle East, announced this week that two of its restaurants in Souk Madinat Jumeirah, Folly and Publique, would close at the end of […] April 9, 2024
Analysis Retail The pros and pitfalls of pop-up shops Pop-up shops are appearing in more shopping malls, hotels and even beach clubs. Whether they are for new brands looking to build a name or more established companies opting for a more experiential way to market and test their products, pop-ups are largely temporary affairs designed to create a buzz. They are also considered a […] April 9, 2024
Real Estate Lunate and Olayan buy into Dubai’s ICD Brookfield Place Dubai’s sovereign wealth fund Investment Corporation of Dubai and Brookfield Corporation have sold a 49 percent stake in ICD Brookfield Place (ICDBP), the emirates’ largest office tower. Abu Dhabi alternative investment fund Lunate and Saudi Arabia-based Olayan will each own 24.5 percent equity interest in ICDBP. It is the largest institutional third-party single-asset real estate […] April 8, 2024
Trade Finance platform aims at $2.5trn trade funding hole A blockchain-based platform that lets institutions and wealthy individuals provide finance to importers and exporters for returns of up to 9 percent a year could help fill a multi-trillion-dollar hole in international trade, it says. In trade finance, the involvement of third-party financial companies removes payment and supply risks for sellers and buyers respectively. Historically, […] April 8, 2024
Education Mena reaches for tech to upgrade results in education Demand for education technology, or edtech, is growing in the Middle East and North Africa as countries seek to bolster learning to drive economic growth. However, experts warned against excessive use of technology in classrooms, saying it could affect the attainment of basic skills such as reading and writing. Examples of edtech include interactive whiteboards, […] April 8, 2024
Analysis Real Estate Dubai developers tempt off-plan buyers with 1% payment Dubai developers are offering 1 percent payment plans in an attempt to maintain interest in an increasingly crowded off-plan sales market and to delay an anticipated slowdown after years of record growth. Yet experts warn that this tactic carries significant risks, drawing parallels to the precedents set before the 2008 housing crash. Ziad Hinnawi, sales […] April 6, 2024
Opinion Lifestyle Emirates at its premium best When you’re paying for yourself, premium economy really is the only way to fly April 5, 2024
Opinion Retail UAE Ramadan shopping combines tech and tradition Consumers have been navigating a complex shopping landscape during the holy month April 5, 2024
Video length: 5:33 VIDEO Leisure & Hospitality Merex’s revival of ‘challenging’ City Walk and La Mer Merex Investment is redeveloping its lifestyle beachfront destination La Mer and using its successful transformation of City Walk in Dubai as a benchmark for the revival of its failing assets. La Mer is to be renamed J1 Beach, with 13 new dining and club venues due to open in September 2024. Occupancy rates at City […] April 4, 2024
Real Estate Union Properties to repay $263m debt in 2024 Union Properties plans to repay AED966 million ($263 million) to lenders in 2024 as part of its debt restructuring plan. The developer, which trades on the Dubai Financial Market, has repaid AED290 million ($78.96 million) worth of debts as a result of AED816 million generated from plot sales in the first quarter of 2024. The […] April 3, 2024
Infrastructure DP World teams up with Rumo for new Brazilian port terminal DP World and the Brazilian railway operator Rumo are to build a new terminal at the port of Santos in São Paulo, to handle 12.5 million tonnes of grain and fertiliser a year. The project is intended to make the port Brazil’s primary gateway, and central to trade for South America. Rumo estimates the total […] April 2, 2024
Economy Dubai business licences to get the ‘golden’ touch Dubai is exploring enhancements to its long-term business licensing scheme, offering “golden” licences to entice more investors and business owners to set up in the emirate, company formation experts have told AGBI. Long-term licences in the emirate, including decade-long options, have been primarily available in select free zones. But plans are in motion to extend […] April 2, 2024
Opinion People & Lifestyle 6 essential tips for journalists at Ramadan The holy month is a wonderful time but presents challenges for media March 29, 2024
Artificial Intelligence Dubai startup helps AI-voice cloning take centre stage A YouTube video released in January of Novak Djokovic shows the tennis star speaking fluent Spanish at a post-match press conference. While the Serbian champion is renowned for speaking several languages, in this case his voice was created by an artificial intelligence tool developed by a Dubai-based startup, Camb.ai. The original Djokovic footage was taken […] March 29, 2024
Analysis Real Estate Dubai land shortages push property prices even higher A shortage of undeveloped land in Dubai has caused an unprecedented rise in the cost of plots, setting the stage for further increases in the city’s already high property prices. Experts note that in some areas land prices have nearly quadrupled over the past year, compelling developers to rethink their strategies to capitalise on this […] March 29, 2024
Construction Alec IPO could start listings rush in construction sector A listing by Dubai’s Alec Engineering and Contracting could open the gates for more construction-related companies to go public as they take advantage of the country’s buoyant property market, according to a business expert. Alec, which is backed by the Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, is behind some of the […] March 28, 2024
Trade Angola project demonstrates GCC’s growing Africa interest Dubai Investments has appointed a Chinese construction company as the main contractor on its flagship project in Angola as GCC investments in Africa rise. China Harbour Engineering Company will undertake the first phase of Dubai Investments Park Angola, covering 2,000 hectares of residential, commercial and industrial property in the West African country. The award of […] March 28, 2024
Analysis Banking and Finance DIFC’s law tipped to help digital assets go mainstream The Dubai International Financial Centre has introduced a law to define and regulate digital assets – a move that should herald their integration into more parts of the economy, lawyers have told AGBI. The DIFC legislation came into effect on March 8 and classifies the assets as property. Digitally tracked items such as cryptocurrencies, non-fungible […] March 27, 2024
