Emirates SkyCargo has placed an order for five Boeing 777 freighters, scheduled for delivery in FY 2025/26.

Emirates SkyCargo, the cargo division of the world’s largest international airline, has announced a major acquisition, securing five additional Boeing 777 freighters. The new aircraft, valued at $1 billion, are set to be delivered between 2025 and 2026, expanding the airline’s total order book to 315 wide-body aircraft.

The airline’s performance in the first quarter of the 2024-25 fiscal year has been remarkable, with load factors and tonnages consistently surpassing 2019 levels. The introduction of these new freighters will increase available main deck cargo capacity by 30%, enhancing the airline’s ability to serve key markets and meet growing global demand.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, commented, “The exponential growth in demand for our premium services is further supported by Dubai’s Economic Agenda, which aims to double foreign trade and solidify the city’s status as a leading global trading hub. This investment in Boeing 777 freighters is a key component of our strategic growth plan and will help us better meet customer needs.”

Sheikh Ahmed also noted that the next phase of their strategy will involve a comprehensive evaluation of future freighter fleet options, ensuring they are well-positioned to address market changes and reinforce Emirates SkyCargo’s role in global trade.

Stephanie Pope, President and CEO of Boeing Commercial Airplanes, expressed her appreciation, stating, “We are honored that Emirates SkyCargo, known for its operational excellence and innovation, has chosen the Boeing 777 Freighter to expand its global network. We value Emirates’ continued trust in our widebody family and are committed to supporting their strategic growth.”

As Emirates SkyCargo integrates the new freighters into its fleet, it will also phase out older models, underscoring its commitment to maintaining one of the youngest and most efficient fleets in the industry. Alongside the ten Boeing 777 freighters on order, the airline is converting ten 777-300ERs into freighters, bringing its freighter fleet to 17 aircraft by the end of 2025. This diverse fleet, which includes 777s, 777-Fs, 747Fs, A350s, and A380s, will continue to ensure rapid, reliable, and efficient cargo transport worldwide, providing customers with greater flexibility

Air Kerala Set to Launch Domestic Operations by Early Next Year, Eyes UAE Expansion by 2026

Dubai businessman Afi Ahmed, who is leading the development of Air Kerala, has announced that the new Indian airline aims to launch domestic operations in the first quarter of next year, with plans to expand internationally by 2026.

Key Developments and Future Plans

NOC Secured: The airline, backed by Zettfly Aviation, has secured an initial no-objection certificate (NOC) from India’s Civil Aviation Ministry, a significant milestone in its journey. “The first step is the NOC, it’s one of the biggest tasks and that task is now covered,” said Afi Ahmed, chairman of Zettfly Aviation.

Technical Preparations: Over the next six to eight months, the focus will shift to technical preparations, including finalizing flight details and contracts with engineering companies.

Fleet and Funding: Air Kerala plans to start operations with three ATR 72-600 aircraft, eventually growing its fleet to 20 aircraft for international routes. The company is considering both leasing and purchasing options for the aircraft. Initial funding requirements are estimated to be between ₹60 crore and ₹100 crore ($7.1 million to $11.9 million), with expansion costs projected to reach ₹250 crore to ₹300 crore.

Background and Revival

Origins and Challenges: The concept of Air Kerala was first introduced by the Kerala state government in 2005, and the airline was registered as a subsidiary of Cochin International Airport in 2006. Despite initial enthusiasm, the project faced multiple delays and was shelved by successive governments.

Revival Efforts: Afi Ahmed, founder of Dubai tourism agency Smart Travels, purchased the domain name airkerala.com for Dh1 million ($270,000) last year, reigniting plans for the airline.

Market Potential

Growing Aviation Sector: India’s aviation sector is on an upward trajectory, with domestic traffic expected to grow by 6% to 8% annually, reaching up to 164 million passengers by March 2025. International traffic is projected to grow at a faster rate of 9% to 11%, reaching up to 78 million passengers during the same period.

Target Market: Initially, Air Kerala will serve cities within Kerala and other parts of India that lack sufficient connectivity. The airline’s ultra-low-cost model and commitment to punctuality are expected to be its main selling points.

Strategic Partnerships and Funding

Public-Private Partnerships: The company is open to forming public-private partnerships with the Kerala state government and is also seeking collaboration with expatriates and external investors to accelerate its expansion plans.

Expatriate Support: With a significant Malayali diaspora, particularly in the Gulf region, Air Kerala is confident in gaining substantial support for its international routes.

Future Outlook

Operational Challenges: Ahmed anticipates that the airline will operate at a loss for the first two years, with profitability expected in the third and fourth years of operations.

Market Strategy: The airline is focused on maintaining ultra-low costs to remain competitive. Ahmed stated that the airline is not limited to specific destinations within the UAE and will consider opportunities in various cities, including Fujairah, to optimize its market presence.

As Air Kerala prepares to launch, it promises to bring new connectivity options and competitive pricing to the Indian aviation market, with a clear focus on serving both domestic and international travelers efficiently.

 
 
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Dubai to develop the world’s largest car market

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has instructed the development of the ‘Dubai Car Market’, intended to be the largest and most advanced facility of its kind globally. This initiative aims to cement Dubai’s status as a leading city in the rapidly expanding automotive trade sector.

Under the oversight of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and witnessed by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, Dubai Municipality and DP World have formalized a partnership agreement. This agreement will see DP World undertake the construction and management of the ‘Dubai Car Market’, which will span an extensive 20 million square feet. DP World plans to utilize its extensive logistical expertise and global network, encompassing over 430 business units across 86 countries, to ensure the market’s success.

Sheikh Mohammed bin Rashid emphasized, “Today, we have entrusted DP World with the development of the ‘Dubai Car Market’, expanding the current market eightfold to create a 20 million square feet facility that will be the largest and most advanced car market globally. The ‘Dubai Car Market’ will be connected with 77 ports managed by DP World around the globe, enhancing its capacity and doubling its current sales of AED6.8 billion.”

He added, “The new market will become a global hub that offers commercial services, logistics, and financing solutions for this vital sector. It will also be a premier destination for major conferences and specialized events for car enthusiasts. Dubai will continue to develop new projects as part of its vision to be one of the largest economic and commercial centers in the world.”

This strategic project aligns with Dubai’s Economic Agenda D33, aimed at doubling the size of the emirate’s economy and transforming it into one of the world’s top three urban economies by 2033. The agreement between Dubai Municipality and DP World’s Economic Zones Sector aims to enhance Dubai’s position as a global innovation and trade center for the automotive sector. DP World will leverage its extensive experience in developing and operating integrated economic zones to provide a range of services, including advanced systems for businesses and investors, comprehensive logistical solutions, e-commerce, trade finance, and asset development.

Dawood Al Hajri, Director-General of Dubai Municipality, commented, “Signing the partnership agreement with DP World represents a major step towards realizing Dubai’s vision for developing the largest and most advanced car market in the world. We aim to provide the best services that meet the needs of investors and traders, enhancing Dubai’s position as a premier global investment destination in the automotive sector.”

He added, “This project aims to enhance infrastructure and develop integrated services that contribute to supporting the local economy and achieving sustainable growth. Establishing the ‘Dubai Car Market’ will attract foreign investments and strengthen Dubai’s position as a global innovation and trade center.”

Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, expressed his pride in collaborating with Dubai Municipality on this ambitious project. He emphasized DP World’s commitment to leveraging its services and expertise in managing economic zones to establish Dubai as a leading destination in the automotive trade sector. Bin Sulayem assured, “We are committed to providing services and infrastructure that keep pace with global developments and meet investors’ expectations. This project is vital to enhancing the local economy and achieving sustainable growth. We will provide all resources to ensure its success.”

Expansion of the market area from 2.8 million square feet to 20 million square feet aims to make it eight times its current size. The market will serve as a comprehensive global center offering advanced and innovative automotive services. Current sales and operations, valued at AED6.8 billion, are expected to double with significant infrastructure and service expansions. The new market will offer innovative government and banking services and will be connected to global markets through DP World’s network, enhancing access and trade.

The market will also host major automotive events and conferences, making it a preferred destination for car enthusiasts and investors. It will include areas for exhibitions and events that bring together experts and global companies in the automotive field, as well as recreational, cultural, and commercial zones.

This project contributes towards achieving the goals of the Dubai Economic Agenda D33 to enhance innovation and trade, reflecting the emirate’s commitment to providing top-tier infrastructure and services to support the local and global economy.

 
 
 
 

Ras Al Khaimah Real Estate Market Sees Robust Growth Amidst Surge in Demand

Ras Al Khaimah (RAK) is witnessing a significant boom in its property market, with prices soaring by 20-25% over the past eight months, according to a report from Metropolitan Premium Properties (MPP). This surge is particularly pronounced on Al Marjan Island, where frequent property launches continue to drive prices upwards with each new phase.

The market has been highly active, witnessing the introduction of approximately 1-2 new property launches per week over the last quarter. This influx has diversified options available, ranging from luxurious branded properties to more affordable housing choices.

Strong Demand for Smaller Units

Metropolitan Premium Properties highlights a strong demand for studios and one-bedroom units, driven largely by investors seeking lucrative holiday and short-term rental opportunities. Prices for studios have risen by an average of 10-15% in the last quarter, while one-bedroom units have seen increases of 5-10%.

Interest in Larger Properties

Interest extends to larger properties as well, with branded apartments, three-bedroom units, and waterfront villas priced at Dh7 million and above attracting significant attention. These properties are sought after for both primary residences and secondary holiday homes.

Developer Initiatives to Sustain Momentum

To maintain market momentum through the typically slower summer months, developers are rolling out attractive promotions. These include favorable post-handover payment plans, waived registration fees, and other enticing deals valid until the end of August.

International Investor Appeal

The RAK market is drawing keen interest from global investors, particularly from the US, UK, Europe, CIS countries, and increasingly from China. High-demand areas include Al Marjan Island, Mina Al Arab, and Al Hamra Village, with projects featuring private beaches seeing the highest demand.

Market Insights and Projections

Maxim Novikov, Head of the RAK branch at Metropolitan Premium Properties, highlighted the emirate’s growing appeal as a real estate investment hub. He anticipates prices could rise by up to 50% by the time anticipated developments, such as the casino, come to fruition. For investors eyeing opportunities in RAK, the current market dynamics present a timely window for action.

 
 
 
 

Six-Bedroom Villa in Dubai Sells for AED 240.5 Million, Setting New High

In a significant transaction, a six-bedroom villa on Dubai’s prestigious Jumeirah Bay Island has been sold for a staggering AED 240.5 million (US$65.47 million), marking one of the city’s most expensive residential deals to date. The sale was handled quietly by Saudi Arabia Sotheby’s International Realty, known for its expertise in high-end property transactions.

The 18,800-square-foot villa, situated on the renowned “Billionaires’ Island” due to its concentration of affluent residents, was listed as a discreet “pocket listing,” requiring no formal marketing efforts. According to Erick Knaider, Managing Partner at the brokerage, the property was originally intended as a private residence, meticulously designed with a luxury boho aesthetic that harmonizes effortlessly with its surroundings.

“This villa is a testament to bespoke luxury,” Knaider commented, emphasizing its minimalist yet elegant interiors and premium amenities. The property boasts a range of features including a playroom, cinema, gym, underground parking with an elevator, office space, two primary suites, and dedicated staff accommodations. Every detail, from the custom-made furniture sourced globally to the top-quality finishes, underscores its appeal to discerning buyers seeking exclusivity and comfort.

The transaction, finalized recently, reflects Dubai’s robust luxury property market, which has seen a surge in activity and record-breaking sales since the onset of the pandemic. In the first quarter of this year alone, Dubai led global markets in super-prime property purchases, with 105 homes priced at US$10 million or more changing hands.

The identities of the buyer and seller involved in this landmark deal have not been disclosed. However, the sale underscores Dubai’s status as a magnet for high-net-worth individuals seeking unparalleled residential options in a dynamic and thriving global city.

As the luxury real estate sector continues to thrive, fueled by strong demand and strategic investments, Dubai remains at the forefront of global property markets, setting new benchmarks in residential excellence and investment potential.

GCC Luxury Sector Surges in 2023 with the UAE in the lead

Jasmina Banda, Chief Strategy Officer and SVP Fashion JVs at Chalhoub Group, remarked on the robust growth of the GCC’s luxury market, fueled by strong economic foundations, vibrant tourism, and dynamic consumer behaviors. She noted that 53% of GCC residents are optimistic about the economy, supporting ongoing market expansion. The region saw significant new openings, including “new luxury” brands like Zimmermann and Jacquemus, pop-ups, and various events across the region.

In 2023, Fashion led the luxury market at USD 5.2 billion, closely followed by Watches at USD 5.1 billion. High-end fashion alone grew by 10%, surpassing the global average of 4%, and continued strong with a +7% growth in Q1 2024. The ultra high-end and high-end segments constituted 86% of the market, growing by 11% and 6% respectively from the previous year.

The UAE emerged as the leading market in all high-end fashion segments, driven by tourism and high-net-worth individuals (HNWIs), supported by robust local spending. In the beauty category, the GCC witnessed 15% year-on-year growth in 2023 and a +10% increase in Q1 2024, with the UAE dominating Prestige Beauty, followed closely by Saudi Arabia. Skincare led growth at +30%, with mid-range and limited-distribution brands showing the fastest growth within skincare.

Fragrances were the most purchased beauty product in the GCC (48%), followed by facial moisturizers and lip makeup. Key purchasing factors included value for money, clean ingredients, and ease of use. Personalized services and convenience were crucial for enhancing the shopping experience, with two-thirds of consumers seeking guidance from personal stylists or in-store assistants for fashion purchases.

Consumer sentiment remained positive, with 93% reporting strong personal finances. In KSA, 60% believed the economy had strengthened, with 70% of affluent consumers noting improvement in the past three months. Despite concerns over living costs and geopolitical issues, GCC consumers expressed optimism, citing hopefulness, happiness, and confidence as predominant emotions.

Chalhoub Group’s insights underscore the GCC’s pivotal role in shaping the luxury market’s trajectory, poised for continued growth and innovation in the years ahead.

ADNOC and E& to build energy sector’s largest 5G private network

Abu Dhabi National Oil Company (ADNOC) has partnered with e& on a strategic initiative to develop the energy sector’s largest private 5G wireless network, as announced in a press release.

Covering 11,000 square kilometers, this joint venture (JV) is slated for completion by 2025 and is projected to generate $1.50 billion (AED 5.50 billion) in value within its first five years. The 5G network aims to provide high-bandwidth connectivity across ADNOC’s onshore and offshore operations, facilitating the integration of advanced AI solutions at remote facilities. This initiative is expected to reduce costs through automation, enhance operational efficiency, lower emissions, and bolster safety protocols.

Sultan Ahmed Al Jaber, Managing Director and Group CEO of ADNOC, emphasized the importance of this investment in meeting growing global energy demands while ensuring secure and sustainable energy delivery. He highlighted the strategic value in enabling faster decision-making and future-proofing ADNOC’s operations.

Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, underscored the collaboration’s role in pioneering a cutting-edge private 5G network that drives technological innovation and supports sustainable transformation in the energy sector. He emphasized e&’s commitment to leveraging expertise in network and AI advancements to drive progress across industries, setting new standards in partnership with ADNOC and other key players.

Earlier initiatives in June included ADNOC’s partnership with the Abu Dhabi Chamber of Commerce and Industry to support SMEs in the UAE.

Dubai announce 25 billion dirhams in new investment insentives

Fresh incentives coming for Dubai investors? The Executive Council of Dubai approved a new Foreign Direct Investment Development Program to help achieve its target of reeling in some AED 650 bn in foreign direct investment (FDI) by 2033, Deputy Ruler of Dubai Maktoum bin Mohammed said on X. The program will allocate AED 25 bn over the next decade for investment incentives — focusing on areas like logistics infrastructure and talent — that encourage international companies to establish or expand their presence in Dubai, Wam reports.

REMEMBER- Dubai ranked first in the world in terms of greenfield FDI projects for the third consecutive year in 2023. The emirate saw some 1k greenfield projects launched during the year, with AED 39.26 bn in capital flows.

AED 650 bn? The target was first announced as part of the D33 economic agenda launched in 2023, which aims to double the size of Dubai’s economy to AED 32 tn by 2033.

A new progress tracker: The council also signed off on the Dubai Economic Model to track the emirate’s progress towards its economic targets. The model will use 3k performance indicators, AI tools, as well as interactive dashboards to measure and forecast the emirate’s economic performance and assessment reports.

ALSO- More Metro stations: The Council approved a plan to develop the areas surrounding Dubai’s Metro stations, and expand the number of metro stations to 140 by 2040, up from 64 currently and 96 by 2030. The initiative involves Dubai’s government providing incentives to developers to use plots near metro stations, contributing to the emirate’s goal of becoming a 20-minute city and increasing metro ridership.

ICYMI- The new USD 4.9 bn Blue Line metro expansion is set to feature 14 new metro stations.

Dubai developers lure celebrities with Free Homes and Golden Visas

Dubai Real Estate Developers Introduce Free homes and UAE Golden Visas

Luxury real estate developers in Dubai are enticing ultra-wealthy investors with exclusive offers such as free apartments and UAE Golden Visas, leveraging high-profile celebrity events and targeted roadshows across Europe’s top business hubs.

Leading property consultancies are ramping up property sales by directly engaging affluent buyers with million-dollar residential units. They host invite-only events at celebrity clubs and conduct roadshows in cities like Paris, Monaco, and Frankfurt.

“It’s no secret that the world’s wealthy frequent Europe’s coastal hotspots and business hubs like London and Paris,” remarked Samir Vissram, Property Consultant at Huspy, a prominent Dubai-based consultancy. “Hosting events in these cities helps us follow the money, educate potential buyers, and establish trust to attract more high-net-worth individuals to Dubai,” he added.

Sea Beats, a developer, highlighted their strategy at European roadshows, offering attendees incentives like free homes and golden visas in Dubai. “Our aim is to drive significant investments into our bespoke projects in Dubai,” noted their CEO in an interview with Arabian Business.

Samer Chehab, Founder and CEO of Propertyguru.ae, emphasized the effectiveness of direct engagement with investors: “By reaching out directly, developers can build trust and close deals more efficiently.” He also noted increasing demand from emerging markets like Asia and Australia, traditionally not top source markets for Dubai.

In summary, Dubai’s luxury real estate sector is employing targeted strategies to attract substantial investments, showcasing its appeal through exclusive events and enticing offers.

UAE Crypto Firms welcome stability with CBUAE’S stablecoin licensing approval

Cryptocurrency firms in the United Arab Emirates are celebrating a newfound era of regulatory clarity and market stability following the Central Bank of the UAE’s recent decision to implement a comprehensive licensing system for stablecoins. This initiative, part of the “Payment Token Services Regulation,” has been warmly welcomed by industry professionals who see it as a crucial step toward legitimizing and integrating digital currencies into the UAE’s financial ecosystem.

“This licensing system marks the initial stride towards stablecoin development in the UAE,” commented Jason Allegrante, Chief Legal and Compliance Officer at digital assets infrastructure provider Fireblocks.

 

The new regulation mandates that stablecoins be backed by UAE dirhams, a move anticipated to strengthen the local cryptocurrency market and draw international players to the region.

“Having stablecoins backed by fiat currency provides stability for the token,” noted Arushi Goel, Policy Lead for the Middle East and Africa at Chainalysis. “AED-backed stablecoins could spur the development of a robust domestic market for cryptocurrency.”

 

The UAE’s stablecoin regulation stands out for its diversity, with multiple regulatory bodies overseeing different facets of the cryptocurrency ecosystem, experts confirm.

The Virtual Asset Regulatory Authority (VARA) oversees fiat-backed stablecoins, except for AED-backed stablecoins, which fall under the jurisdiction of the Central Bank of the UAE (CBUAE).

Additionally, the Dubai Financial Services Authority (DFSA) and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) each maintain their distinct regulatory frameworks for digital assets.