Skip to content Skip to Search
Skip navigation

CEO calls for regulation to raise Dubai real estate standards

By Shruthi Nair

Loai Al Fakir, founder and CEO of Provident Real Estate, says a lack of regulation and a culture of kickbacks, in which agents are asked to forgo commission, is damaging the real estate industry in Dubai.

“When the agent’s not compensated for his efforts at work, it devalues the whole industry,” he says.

“If we’re getting paid peanuts, we’re going to have monkeys.”

Watch the video to find out more.

More videos from AGBI

Latest articles

Wind turbines in Pastra, Greece. Masdar has been investing in the country and elsewhere in Europe

Masdar IPO could help accelerate Gulf’s energy transition

An initial public offering by Abu Dhabi’s Masdar could mark a pivotal moment in the move towards cleaner sources of power in not only the world’s largest oil-producing region, but also in Europe, industry observers say. Masdar, more officially known as the Abu Dhabi Future Energy Co, is considering an IPO next year to fund […]

Industrial pump jack, oil

Saudi Arabia may cut May oil prices for Asia to three-month low

Top oil exporter Saudi Arabia may lower its crude prices for Asian buyers in May to a three-month low, tracking the steep declines in benchmark prices this month, traders said. The May official selling price (OSP) for flagship Arab Light crude may decline by $1.80 to $2 a barrel from April, four Asian refining sources […]

ZRG Rovuma basin

Adnoc’s XRG seals a 10% stake in African gas projects

XRG, the low-carbon energy and chemicals investment arm of Abu Dhabi National Oil Company (Adnoc), has completed its acquisition of a 10 percent stake from Portugal’s Galp Energia in the Rovuma basin concession in Mozambique. The Rovuma basin, one of the largest gas discoveries in the past 15 years, offers XRG access to liquefied natural […]

The Awali oilfields in Bahrain. The government is pushing for the original site to gain Unesco recognition.

Bahrain at a crossroads: Economic challenges loom

The nodding donkeys in Awali, where oil was first discovered in the centre of Bahrain in 1932, are museum pieces now. The government is pushing for the surrounding oil settlement, an unreconstructed mid-twentieth century company town complete with cricket pitch, pub and church, to be listed by Unesco as a world heritage site. To the north […]

UK FDI inflows to Oman were again focused mainly on oil and gas

UK largest source of FDI in Oman, led by oil and gas

Companies from the UK were once again the biggest source of foreign direct investment to Oman last year, with FDI focused primarily on oil and gas, Oman government data show. UK companies pumped nearly OR2.85 billion ($7.4 billion) into the sultanate last year, making them accountable for more than half the cumulative stock of FDI, […]

Venezuela's vice-president and oil minister Delcy Rodriguez. The US announced 25% tariffs on potential buyers of Venezuelan crude

Oil holds near one-month high amid supply woes

Oil prices held near one-month highs on Friday and were poised for a third weekly gain on a tightening global supply outlook after the US imposed tariffs against countries buying oil and gas from Venezuela and placed restrictions on Iranian oil trade. Brent crude futures dipped 8 cents, or 0.1 percent, at $73.95 a barrel as […]

SpaceX CEO Elon Musk at a Starlink internet service launching ceremony in Indonesia in 2024

Elon Musk’s Starlink starts operations in Oman

Oman’s telecom authority has permitted Elon Musk’s Starlink satellite internet service to start retail and commercial operations. The service will cover all regions of Oman, including remote and challenging terrains, offering speeds of up to 100 Mbps, state-run Oman News Agency reported, citing a statement from the Telecommunications Regulatory Authority (TRA). Starlink Muscat was given […]

People walk past Lebanon's Central Bank building in Beirut. The IMF is calling for greater data transparency in the Lebanese economy

IMF says Lebanon needs new strategy to reboot economy

Lebanon needs a comprehensive strategy for rebooting its economy in order to access a programme with the International Monetary Fund, with stress on data transparency, the IMF said on Thursday. “First and foremost, what is needed is a comprehensive strategy for economic rehabilitation,” said spokesperson Julie Kozack in a press briefing. She confirmed that the […]

Goldcorp's open pit gold mine in Penasquito, Mexico. $3,100 per ounce is the next big milestone for gold prices, said one analyst

Gold hits record high over trade war fears  

Gold prices scaled a record peak on Friday as concerns over US President Donald Trump’s fresh tariff plans ignited fears of a global trade war, driving a rush towards the safe-haven allure of the precious metal. Spot gold climbed 0.6 percent to $3,073.79 an ounce, as of 02:30 GMT, after hitting an all-time high of $3,077.44 earlier in […]

Lesha Bank said the investment in Edinburgh Airport 'marks the bank’s entry into the global infrastructure investment market'

Qatari bank buys stake in Edinburgh Airport

A sharia-compliant Qatari investment bank has acquired a minority stake in Edinburgh Airport through an infrastructure-focused investment fund. “This investment aligns with the bank’s strategic focus on resilient asset classes and marks the bank’s entry into the global infrastructure investment market,” Lesha Bank said in a press release. Edinburgh Airport, Scotland’s busiest and the sixth […]

Oman oil blocks

Oil output increase of 30% sought in Oman block offer

Oman is planning to offer 11 new oil concession blocks across the country this year, as it seeks to raise production by a third by the end of the decade. The ministry of energy and minerals, through the state-run company OQ Exploration and Production (OQEP) and the Canadian-based Scotiabank, have started marketing the potential blocks. […]

Unemployment in Oman was down to 4 percent at the end of last year

Oman to increase minimum wage to offset inflation

Oman is planning to increase the minimum wage by a fifth to counter higher costs of living, according to manpower minister Mahad Baawain.  Baawain said in a radio interview that the cabinet is considering a recommendation to raise the minimum wage to OR400 ($1,035) per month. “We have already made a decision to increase the […]