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 […] September 21, 2022
Analysis Real Estate ‘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 […] September 21, 2022
Analysis 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 […] September 18, 2022
Markets 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 […] September 17, 2022
Analysis Real Estate 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 […] September 15, 2022
Aviation 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. Emirates began operations to Algiers in 2013. It resumed services in November 2021 after […] September 14, 2022
Real Estate 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 […] September 14, 2022
Real Estate 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 […] September 12, 2022
Retail 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 […] September 6, 2022
Tourism 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 […] August 30, 2022
Banking & Finance 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 […] August 27, 2022
Construction 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 […] August 25, 2022
Analysis Real Estate ‘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 […] August 24, 2022
Tech 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 […] August 23, 2022
Real Estate Nakheel’s islands plan set to ease ‘severe shortage’ of luxury homes Developer Nakheel unveils masterplan for Dubai Islands, as real estate experts point to 'voracious' demand from super-rich buyers August 23, 2022
Tourism UK rules out criminal action against DP World’s P&O Ferries The UK has announced it will not pursue criminal action against P&O Ferries over mass redundancies announced earlier this year. The company, owned by Dubai-based DP World, whose ships sail across the English Channel, North Sea and Irish Sea, laid off nearly 800 workers in March and then went on to hire cheaper agency staff, […] August 22, 2022
Opinion Own your hyper realistic penthouse in the virtual world Buying real estate in the metaverse illustrates the concept of the shifting value of digital ownership August 18, 2022
Dubai bank metaverse Banking & Finance Dubai bank enters metaverse to support $4bn tech push Emirates NBD, Dubai’s biggest bank, today announced its first play in the metaverse as part of the emirate’s ambition to become one of the world’s top 10 virtual economies. Its global accelerator programme, in partnership with the Dubai International Financial Centre (DIFC) Fintech Hive and powered by Microsoft, is for metaverse startups and aims to […] August 17, 2022
Real Estate Dubai tenants consider ownership amid record rental surge Dubai tenants are considering a move into home ownership as residential rents surged by nearly 24 percent in the year to July, the highest annual rate of growth for more than eight years. Double-digit price rises for apartments was widespread across the city but were supercharged in Palm Jumeirah, Downtown and Dubai Marina which saw […] August 17, 2022
Real Estate Dubai Mall owner Emaar mulls sale of e-commerce business The board of Dubai’s Emaar Properties, which owns the Dubai Mall, will meet on Thursday to discuss the sale of its e-commerce fashion business, the company said today. The meeting, disclosed in a statement, will be held a week after Emaar announced a $2 billion cash and stock buyout of a joint venture partner in […] August 15, 2022