VIDEO Real Estate Dubai office rents spike as employers vie for talent By Shruthi Nair August 8, 2023, 2:16 PM Office rents in Dubai rose sharply in the first half of this year as demand continues to grow, according to new research. Demand reached 580,000 sq ft in H1 2023, a 23 percent increase on the same period last year. Businesses are gravitating towards Grade A space, using the high-quality offices as a “showroom” to attract employees as well as clients, according to Faisal Durrani, a partner at real estate consultancy Knight Frank. UAE’s construction activity rises despite cost hikes “One of the ways that businesses mitigate against the war for talent is by occupying the best office space that money can buy,” Durrani said an exclusive video interview. “That is why we see occupancy in the Grade A spaces hovering in mid-90s percent.” DIFC remains the city’s star-performing location, driven by Brookfield Place, where rents remain well above the average of around AED260 per sq ft. Business Bay, the Trade Center District and Dubai Marina have recorded the largest uplifts in office rents in the past 12 months, with increases of 69 percent, 54 percent and 54 percent respectively. Watch the full video to find out which Dubai-based property developer is buying office space in London, where the commercial real estate market has been sluggish since 2020.
Economy Bahrain debt hits $48bn but analyst downplays spending fears Bahrain’s public debt has risen to almost BHD18 billion ($48 billion), according to its ministry of finance, but a banking expert has downplayed concerns over its spending. Bahrain, the smallest country in the GCC bloc of six with a population of almost 1.5 million people, has dwindling reserves of oil and gas. It is partially […] 2 hours ago
Finance Kuwait ministries free to increase public service charges Kuwait issued a decree on Sunday that will allow ministries to set charges for public services for the first time in 30 years. The decree, which abolishes a 1995 law, gives ministries authority to decide on fees and costs for public services, which will then be approved by the cabinet. The government aims to better […] 12 mins ago
Economy Lebanon and Sudan swell Arab countries’ public debt Public debt in Arab countries swelled by nearly $142 billion at the end of 2023, mainly because of a sharp rise in obligations by Lebanon and war-battered Sudan. Total debt increased despite a fall in Egypt’s public, mostly domestic, dues as a result of a large depreciation in the pound against the US dollar. The […] 45 mins ago
Trade UK invests $5bn in Oman in 12 months The United Kingdom pumped more than $5 billion in foreign direct investment (FDI) into Oman in the 12 months from October 2023, maintaining its position as the biggest external investor in the country, official data shows. The UK’s cumulative stock of FDI in Oman was 13.7 billion Omani rials ($35.6 billion) by the end of […] 1 hour ago
