Real Estate Oyo expands to meet expat demand for Abu Dhabi flats By Melissa Hancock August 2, 2023, 4:04 AM Sho Tamura/AFLO Ritesh Agarwal, seen at a SoftBank event in 2019, founded Oyo in 2013 Indian chain adding further 2,000 apartments Furnished units will be in business districts and close to landmarks Hospitality business points to success of initiatives such as Golden Visa Indian hospitality chain Oyo is adding 2,000 apartments to its offering in Abu Dhabi as demand grows for expat housing. The furnished units will be available for long-term rent and many will be located in business districts such as Khalifa City, Al Zeina, Al Raha, Al Reem Island, Al Reef and Al Mushrif. Other apartments will be close to city landmarks such as the Sheikh Zayed Grand Mosque, the Emirates Palace, the Louvre and Ferrari World. UAE staycations fuel Premier Inn’s growth as bookings rise Opinion: In Dubai vs Riyadh, it’s the startups that win Dubai businessman ready to take on The World The company already has 750 apartments in the Khalifa City, Al Zeina and Al Raha neighbourhoods. “We are excited about the opportunity to contribute to Abu Dhabi’s thriving startup ecosystem and expat community,” said Ankit Tandon, CEO Southeast Asia and Middle East at Oyo. Oyo-branded hotels and homes, which use its tech platform to manage their bookings, can be found in 35 countries across Asia, Europe and the Middle East. The company was founded in 2013 by Ritesh Agarwal, who is now 29. It is backed by the SoftBank Vision Fund, which counts the UAE’s Mubadala and Saudi Arabia’s Public Investment Fund among its investors. The fund posted a loss of $32 billion in the year to the end of March after a sharp correction in the value of tech shares. In Abu Dhabi, Oyo hopes to capitalise on growing demand created by companies moving operations to or opening branches in Abu Dhabi, as well as expats working in the startup sector. The company said UAE government initiatives such as the Golden Visa had attracted tech companies including PolicyBazaar, DealShare and Momos. Last year Abu Dhabi placed 9th in an Expat Insider survey for the top 10 cities for expats. Abu Dhabi’s residential market recorded 2,487 sales transactions in the second quarter of 2023, according to research published by CBRE on Monday. The sales figure was 101.1 percent higher than a year earlier. Off-plan transactions increased by 167.9 percent while secondary market transactions rose by 14.8 percent. Abu Dhabi’s real estate market registered a 363 percent increase in purchases by foreign buyers in the first half of 2023, said the Department of Municipalities and Transport.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 10 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 11 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 11 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 12 hours ago
