UAE Insurance Sector Profits Surge to AED 2.5 Billion in 2023

The Central Bank of the UAE (CBUAE) has reported significant growth in the country’s insurance sector, with total profits reaching AED 2.5 billion in 2023, a marked increase from AED 1.96 billion in 2022. This growth is attributed primarily to a rise in net investment income across the industry.

According to the CBUAE’s Annual Statistical Report for the Insurance Sector of the UAE 2023, the total number of insurance policies issued soared to 14.6 million, up from 8.4 million the previous year. This remarkable rise was largely driven by an increase in property and liability insurance policies, particularly in the realm of Involuntary Loss of Employment Insurances.

Regional Breakdown of Insurance Policies

Dubai continues to dominate the insurance market, accounting for 59.9% of total policies written in the UAE. Other emirates contributed as follows: Abu Dhabi with 21%, Ras Al Khaimah at 6.6%, Sharjah with 4.58%, Fujairah at 1%, and Ajman at 0.5%. Additionally, policies written outside the UAE constituted approximately 6.4% of the total.

Premiums and Claims on the Rise

Gross written premiums also saw a year-on-year increase, totaling AED 50.4 billion in 2023, compared to AED 44.1 billion in 2022. Dubai’s share of these premiums was 61%, while Abu Dhabi contributed around 27.7%.

On the claims side, gross paid claims within the UAE rose to AED 30.3 billion, up from AED 26.5 billion in 2022. Dubai accounted for 60.7% of these claims, with Abu Dhabi responsible for 28.9%.

The data reflects a robust recovery and expansion within the UAE insurance market, indicating a strong demand for various insurance products across the region.

Emirates and Flydubai Cancel Flights Amid Regional Unrest

Emirates has announced the cancellation of all flights to and from Iraq (Basra and Baghdad), Iran (Tehran), and Jordan (Amman) on October 2 and 3. A statement on their website confirmed that customers transiting through Dubai with final destinations in these countries will not be accepted for travel at their point of origin until further notice.

In addition to the cancellations to Iraq, Iran, and Jordan, the airline has also cancelled several other flights on October 2, including:

  • EK 837/838: Dubai – Bahrain – Dubai
  • EK 855/856: Dubai – Kuwait – Dubai
  • EK 31/32: Dubai – London Heathrow – Dubai
  • EK 866/867: Dubai – Muscat – Dubai

Impacted customers are advised to contact their booking agents for alternative travel options or reach out to Emirates directly if they booked through the airline. Passengers arriving or departing from Dubai International Airport should also check their flight status on the Emirates website for the most current information.

Similarly, flydubai has faced disruptions due to the temporary closure of airspace on the evening of October 1. A spokesperson confirmed that flight FZ 143 to Amman International Airport (AMM) and FZ 157 to Ankara International Airport (ESB) returned to Dubai. Furthermore, flydubai flights to Jordan, Iraq, Israel, and Iran (excluding Bandar Abbas, Kish, and Lar) have been cancelled for October 2 and 3. Passengers connecting to these destinations will not be accepted for onward travel.

Flydubai continues to monitor the situation closely and adjust its flight schedule accordingly. Passengers are encouraged to check their flight status on the flydubai website for the latest updates.

Etihad Airways has also stated that it is re-routing several of its flights on Wednesday in response to the airspace restrictions in parts of the Middle East. Both Emirates and flydubai remain in contact with the relevant authorities to stay updated on developments in the region.

Kingdom Holding Resumes Construction on Jeddah Economic Company Tower: Aiming for World’s Tallest Skyscraper

Kingdom Holding Company, backed by billionaire Prince Alwaleed bin Talal, has announced the resumption of work on the Jeddah Economic Company Tower, which is set to reach an impressive height of 1,000 meters, making it the world’s tallest skyscraper upon completion. This significant announcement marks a pivotal moment for the project, which has faced numerous challenges since its inception over a decade ago.

The tower, originally named “Kingdom Tower,” is designed by renowned American architect Adrian Smith and aims to emulate the natural contours of a desert plant. The ambitious project will feature a Four Seasons hotel, luxury apartments, office spaces, and three distinct lobbies on the upper floors. Additionally, it will house the world’s highest observation deck on the 157th level, offering unparalleled views of the surrounding region.

After standing half-built for years due to funding constraints, Kingdom Holding has confirmed that construction will resume with a projected timeline of 42 months. Currently, 63 of the planned 157 floors have been completed. To facilitate this next phase of construction, Kingdom Holding’s associate firm, Jeddah Economic Co., has secured a 7.2 billion riyals ($1.9 billion) agreement with the Saudi Binladin Group. The remaining project costs will be covered through internal resources and banking facilities.

The architectural design of the tower is both innovative and functional. The structure is engineered to rise from three separate bases, each terminating at different heights. This unique design not only balances the building’s weight but also enhances its stability against wind forces. The tower is envisioned as the centerpiece of an expansive economic city that will include a diverse array of offices, residential spaces, retail outlets, and hospitality developments.

Significant infrastructure work for the first phase of this project, covering an area of 1.3 million square meters, has already been completed. This initial phase has established essential services, including electricity, water supply, sewage systems, flood drainage, and high-speed internet connectivity, laying the groundwork for the forthcoming developments.

Once completed, the Jeddah Economic Company Tower will join a select group of mega-tall skyscrapers—defined as buildings that stand 600 meters or taller. Currently, only four structures hold this title: the Burj Khalifa in Dubai, Merdeka 118 in Kuala Lumpur, Shanghai Tower, and the Makkah Royal Clock Tower in Mecca. The completion of the Jeddah tower will further elevate Saudi Arabia’s status in the global skyline, reflecting the country’s commitment to ambitious architectural and economic development.

 

From TikTok Sensation to Entrepreneur: Ayman Yaman’s Journey in Dubai

Ayman Yaman is carving out a significant niche for himself in the world of social media and entrepreneurship, leveraging the dynamic environment of Dubai to create content that resonates with audiences and inspires budding entrepreneurs. Ayman embodies the spirit of innovation and ambition that characterizes Dubai, showcasing the city’s potential as a launching pad for aspiring individuals looking to make their mark.

Early Beginnings and Rise to Fame

Ayman’s journey began with the power of social media, specifically TikTok, where he quickly gained traction through his viral series, “What Do You Do for a Living?” In this popular format, Ayman approached Dubai’s residents and entrepreneurs, asking them thought-provoking questions about their professions, successes, and the challenges they faced. This simple yet effective approach allowed Ayman to highlight the diverse stories within Dubai’s entrepreneurial landscape. By capturing authentic interactions and sharing them with his audience, he not only entertained but also educated viewers about the various career paths available in the city.

His engaging personality and ability to connect with people have contributed to his rapid rise on social media. As of now, Ayman has amassed over 1.6 million followers on TikTok, a testament to his relatable content and the genuine interest he shows in the lives of those he interviews. His series gained such immense popularity that he eventually had the opportunity to collaborate with notable figures like Conor McGregor and Dana White, further elevating his profile in the social media space. Each video serves as both an entertainment piece and an inspiration for viewers, demonstrating that success can come from various paths and backgrounds.

Founding Brand. Me and the Brand. Me Summit

In addition to his social media success, Ayman Yaman is the founder of Brand. Me, an innovative platform aimed at empowering individuals and businesses to build their personal and professional brands. Recognizing the power of personal branding in today’s digital landscape, Ayman established Brand. Me to help aspiring entrepreneurs navigate the complexities of branding, marketing, and self-promotion.

Brand. Me quickly gained traction, establishing itself as a go-to resource for individuals looking to enhance their visibility and impact in their respective fields. Ayman’s commitment to helping others succeed is evident in the platform’s content, which ranges from practical tips on social media strategies to in-depth workshops on branding fundamentals.

One of the hallmark events organized by Brand. Me is the Brand. Me Summit, a gathering that brings together some of Dubai’s most prominent entrepreneurs, innovators, and thought leaders. The summit serves as a platform for networking, collaboration, and knowledge-sharing, allowing participants to gain insights from industry experts and connect with like-minded individuals. The Brand. Me Summit has become a staple event in Dubai’s entrepreneurial calendar, showcasing the city’s vibrant startup ecosystem and fostering a sense of community among entrepreneurs.

Ayman’s vision for Brand. Me and the Brand. Me Summit goes beyond mere business; he aims to create an environment where aspiring entrepreneurs feel supported, inspired, and equipped to chase their dreams. By providing valuable resources and facilitating meaningful connections, Ayman is actively contributing to the growth of Dubai’s entrepreneurial landscape.

A Leap into Boxing

Recently, Ayman took a leap into the world of boxing, showcasing his determination and passion for pushing his limits. He dedicated himself to a rigorous training camp in preparation for his debut in the boxing ring. Ayman’s decision to take on this challenge highlights his commitment to personal growth and his belief in the importance of resilience and discipline.

His training regimen included early morning workouts, intense sparring sessions, and a strict nutritional plan designed to build his strength, endurance, and technique. Training alongside experienced coaches and fellow athletes helped him refine his skills and prepare for the physical and mental demands of boxing. This journey into the sport has not only strengthened his physical capabilities but also deepened his understanding of dedication and hard work, values that resonate throughout his content and entrepreneurial endeavors.

Current Endeavors and Future Plans

As of now, Ayman continues to build his influence across various platforms, expanding his reach beyond TikTok. He is actively exploring opportunities in content creation and entrepreneurship, seeking collaborations that align with his vision of inspiring others. Whether through social media campaigns, partnerships with brands, or involvement in community events, Ayman remains committed to fostering a culture of empowerment and innovation.

Looking ahead, Ayman envisions creating even more engaging content that not only entertains but also educates his audience. He plans to delve deeper into the stories of Dubai’s entrepreneurs, providing insights and practical advice that can help others navigate their journeys. By sharing his platform with diverse voices, Ayman aims to highlight the myriad possibilities available in the city and beyond.

Conclusion: A Voice for Young Entrepreneurs

In a world where social media has the power to shape narratives, Ayman Yaman stands out as a beacon of positivity and inspiration. His journey from a curious content creator to a respected figure in the entrepreneurial landscape of Dubai is a testament to the opportunities the city offers. Ayman’s work reflects the essence of Dubai—diverse, dynamic, and driven by innovation.

As he continues to grow his brand and influence, Ayman Yaman serves as a reminder that with passion, perseverance, and a supportive community, anyone can turn their dreams into reality. His story resonates not only with those in Dubai but with young entrepreneurs around the world who aspire to make their mark. Through his engaging content and community-focused approach, Ayman is undoubtedly paving the way for a new generation of dreamers and doers.

His venture into boxing and the creation of Brand. Me, along with the impactful Brand. Me Summit, only add further layers to his inspiring narrative, showing that he is not afraid to embrace new challenges and pursue excellence in all aspects of his life.

Sofitel Launches Luxurious Branded Residences in Downtown Dubai

Sofitel has officially launched its first branded residences in Dubai, known as Sofitel Residences Downtown Dubai. This exciting development is a collaboration with Azha Development and Dubai Sotheby’s International Realty and marks a significant milestone for the Sofitel brand in the UAE.

Overview of Sofitel Residences Downtown Dubai

The Sofitel Residences Downtown Dubai consists of 70 luxurious residences that combine the opulence of a five-star hotel with the comfort of home. Located strategically in the iconic Downtown Dubai district, the residences are just steps away from major attractions like the Burj Khalifa and Dubai Mall. Residents can expect to enjoy a seamless blend of Middle Eastern culture and modern French aesthetics throughout the living spaces.

Maud Bailly, CEO of Sofitel, expressed enthusiasm for this project, stating it sets a new standard in luxury living and enhances their commitment to redefining the luxury real estate market in Dubai. The residences feature six penthouses and 64 additional units, all equipped with premium amenities such as:

  • A state-of-the-art fitness center
  • An immersive cinema room
  • A health club with a 15-meter swimming pool
  • Concierge and valet services

In addition, residents can access à la carte services inspired by Sofitel’s French culture, including personal chefs and housekeeping options.

Strengthening Luxury Presence

This development not only strengthens Sofitel’s luxury footprint in the UAE but also diversifies its business lines. Jean-Baptiste Recher, Regional Vice President of Development for Accor’s Luxury Brands, emphasized the project’s standout offerings, including high-end services that cater to luxury living.

Azha Properties, known for its innovative mixed-use developments across the UAE, leads this project. Imad Dana, CEO of Azha Properties, highlighted that the residences provide a tranquil retreat amid the vibrant energy of Downtown Dubai.

The role of Dubai Sotheby’s International Realty is pivotal in the sales and marketing efforts for this exclusive development, given its expertise in super-prime real estate.

Investment Opportunity

Sales for the Sofitel Residences Downtown start at AED 2.1 million, making it an attractive option for potential homeowners and investors looking for luxury products and services in Dubai’s dynamic real estate market.

Completion of the residences is expected by Q4 2026, and this project is part of Sofitel’s larger strategy to enhance its presence in the region, alongside existing properties like Sofitel Dubai the Palm and Sofitel Dubai Downtown.

Dubai’s Financial Market Leads GCC with 10.9% Growth in 2024

The Dubai Financial Market (DFM) is currently the standout performer in the Gulf Cooperation Council (GCC) region, showing impressive growth of 10.9% since the start of 2024. This robust performance highlights Dubai’s strength as a financial hub and has attracted considerable attention from investors.

In September alone, the DFM General Index saw a 4.1% increase, marking its fourth consecutive month of growth. This positive momentum is primarily driven by strong performances in key sectors, particularly finance and real estate, which have significantly bolstered the overall index.

Here are the key highlights of the recent report:

  1. Index Performance: The DFM’s General Index closed September at 4,503.48 points, reflecting a broad-based growth across various sectors.

  2. Sector Contributions:

    • The Financial Index rose by 3.6%.
    • The Real Estate Index increased by 3.1%.
    • The Communications Services Index experienced the most significant growth at 11.1%.

  3. Regional Comparison:

    • The DFM’s strong performance contrasts with other markets, as the FTSE ADX General Index in Abu Dhabi saw a modest 1.5% increase.
    • Other GCC markets also reported gains, including the Qatar Stock Exchange (+4%), the Bahrain Bourse (+2.8%), and Saudi Arabia’s TASI (+0.7%).

This upward trend in Dubai’s financial market showcases a thriving economic environment, making it an attractive destination for both local and international investors.

Nikki Cowell: Rising Star in Dubai’s Real Estate Market

Nikki Cowell has established herself as a prominent figure in Dubai’s real estate sector, known for her impressive sales achievements and engaging social media presence. Originally from the UK, Nikki was drawn to Dubai’s vibrant lifestyle and the multitude of opportunities available for expatriates.

With a significant following of over 20.6K on Instagram, she shares valuable insights into the property market, personal experiences, and lifestyle tips that resonate with her audience. Through engaging content that blends professionalism with relatability, Nikki has attracted attention and educated many about the benefits of living in Dubai, such as the city’s safety, diverse job prospects, and the absence of income tax—an appealing financial advantage compared to the UK.

Nikki’s dynamic approach to real estate is marked by her commitment to understanding her clients’ needs and guiding them through the complex property market in Dubai. Her remarkable success, including selling three properties within a single day, underscores her effectiveness as a real estate agent. Clients appreciate her dedication, as she goes above and beyond to ensure they feel supported and informed throughout their buying or selling journey.

In addition to her real estate career, Nikki is a well-rounded athlete, actively competing in bodybuilding and rugby, which showcases her discipline and competitive spirit. She also participated in the OnlyComms boxing event at the Royal Atlantis Dubai, further demonstrating her commitment to physical fitness and her passion for sports.

Beyond her professional and athletic pursuits, Nikki is passionate about social causes. She actively supports initiatives that promote mental health awareness and community well-being, embodying her desire to make a positive impact. Through her involvement in various charitable activities and campaigns, she aims to raise awareness and foster a supportive environment for those in need.

As Nikki Cowell continues to navigate and excel in the competitive landscape of Dubai’s real estate market, she stands out not just for her sales success but also for her commitment to making a difference in the community. Her blend of expertise in real estate, dedication to social initiatives, and athletic prowess makes her a key player to watch as she carves her path in this dynamic city.

For those interested in following her journey or seeking insights into the Dubai property market, Nikki Cowell can be found on Instagram, where she shares her latest projects, personal experiences, and tips for living in one of the world’s most exciting cities.

Adam Eddine: The Rising Star of Radio and Content Creation in Dubai

Adam Eddine has become a recognizable name in Dubai’s vibrant entertainment scene, thanks to his engaging presence as a radio presenter and content creator. With a unique blend of charisma, creativity, and a genuine connection with his audience, Adam is making waves in the industry and establishing himself as a key figure in the region’s media landscape.

Adam developed a passion for media and communication from a young age. His diverse background has equipped him with a unique perspective that resonates with a broad audience. Adam pursued his education in media and communications, honing his skills and preparing for a career in the industry.

Radio Career

Adam Eddine’s breakthrough came when he joined Virgin Radio in Dubai, where he quickly became a fan favorite. His energetic and relatable on-air personality has captivated listeners, making his show a must-tune-in experience. Adam engages with his audience through entertaining segments, interviews with artists, and discussions on trending topics, all while playing the hottest music hits.

His ability to connect with listeners and create a lively atmosphere has led to increased viewership and listener engagement, solidifying his position as a key player in the UAE’s radio scene.

Viral Content Creation

In addition to his radio work, Adam is an accomplished content creator known for his innovative series on social media. One of his most viral projects was the “Stretching Every Day for 30 Days” series on Instagram, where he aimed to see if daily stretching could make him taller. This unique concept resonated widely, garnering millions of views collectively and showcasing Adam’s creativity and willingness to experiment.

 

Boxing at Social Knockout 3

Further expanding his influence, Adam fought in the highly anticipated Social Knockout 3 boxing event at the Coca-Cola Arena during the summer of 2024. His performance drew some of the biggest crowd reactions of the night, underscoring his ability to engage and entertain not just through media, but also through live events. Adam emerged victorious in his fight, which Tam Khan praised as a “superb performance,” solidifying his status as a multi-talented entertainer.

Community Engagement and Impact

Beyond his media endeavors, Adam Eddine is dedicated to making a positive impact in his community. He actively participates in events and initiatives that promote local talent and foster connections within the creative industry. By supporting emerging artists and engaging with his audience, Adam contributes to the growth and vibrancy of Dubai’s cultural landscape.

 

Adam Eddine is not just a radio presenter; he is a multifaceted talent shaping the future of media and entertainment in Dubai. With his charisma, creativity, and commitment to connecting with his audience, he stands out as a rising star in the industry. As he continues to expand his influence and explore new opportunities, Adam is set to leave a lasting mark on the entertainment scene in the UAE and beyond.

Nassira Sekkay: Leading the Charge for Female Empowerment in UAE Real Estate

Introduction
Nassira Sekkay is a dynamic force in the UAE’s real estate market, recognized not only for her success as a top agent but also as a passionate champion of female empowerment. Born in Abu Dhabi and having moved to Dubai five years ago, Nassira has made a remarkable transformation in her career. Her journey is a testament to resilience and ambition, evolving from living in a maid’s room to becoming the CEO and founder of Nassira Properties, a prominent real estate agency dedicated to serving clients in the luxury market.

Journey into Real Estate
Nassira’s journey into real estate was fueled by a burning desire to take control of her professional destiny and be her own boss. After settling in Dubai, she identified a significant gap in the market for women-led real estate agencies. Inspired by her own experiences, she launched her agency with the goal of creating an environment where women could thrive in a traditionally male-dominated industry. Her commitment to female empowerment is not just a business strategy; it is the core of her ethos, and she aims to lead a female empire in the UAE, inspiring countless others to follow in her footsteps.

Recognition and Achievements
Nassira gained significant recognition as one of the featured agents in Million Dollar Listing UAE, the first international adaptation of the popular U.S. series. The show, which showcases the lives of top brokers in Dubai and Abu Dhabi, highlights the vibrant real estate landscape of the UAE. It offers viewers a glimpse into the high-stakes world of luxury property transactions and features notable agents such as Ben Bandari, Zay Brown, Rami Wahood, and Riad Gohar. Nassira’s appearance on the show has elevated her profile, enabling her to connect with a broader audience and reinforce her status as a leading agent in the region.

 

The ‘Wonder Woman of Real Estate’
Known as the ‘Wonder Woman of Real Estate,’ Nassira has cultivated a reputation for her fearless approach and unwavering dedication to her career. Her determination and work ethic have led her to specialize in high-demand luxury properties, particularly in District One, an upscale community in Dubai. Here, she has achieved remarkable sales, including four villas totaling AED 80 million in just one month. This impressive feat not only demonstrates her sales prowess but also her ability to navigate the complexities of the luxury market, making her a trusted advisor for clients seeking exceptional properties.

Personal Life and Values
Outside of her professional accomplishments, Nassira embraces an adventurous lifestyle. She often shares her adrenaline-inducing activities on social media, showcasing her passion for adventure and exploration. Whether it’s skydiving, hiking, or engaging in extreme sports, she believes in living life to the fullest. Nassira also values family deeply, expressing immense gratitude for the unwavering support of her siblings, who have been instrumental in her journey. In recognition of her outstanding performance, she was honored with a certificate of achievement for top sales agent by Drive Properties in May 2022, a testament to her commitment and excellence in the field.

 

Future Endeavors
Currently, Nassira is focused on developing her own real estate brokerage, which she envisions as a platform for empowering women in the industry. Her aim is to create an inclusive environment that fosters growth, education, and support for aspiring female agents. By providing mentorship and training, she hopes to equip women with the tools they need to succeed in real estate. Nassira’s story serves as a powerful reminder of the impact of resilience and the importance of female empowerment in the competitive landscape of real estate. She proves that with hard work, ambition, and a commitment to uplifting others, anyone can achieve their dreams and make a significant mark in their industry.

October 2024 Petrol Prices in UAE Drop Significantly, Reflecting Global Market Trends

In October 2024, petrol prices in the UAE have seen a notable decrease. The new rates, effective from October 1, reflect a reduction of 24 fils per litre compared to September’s prices. The updated prices are as follows:

  • Super 98 Petrol: Dh2.66 per litre (down from Dh2.90)
  • Special 95 Petrol: Dh2.54 per litre (down from Dh2.78)
  • E-Plus 91 Petrol: Dh2.47 per litre (down from Dh2.71)
  • Diesel: Dh2.60 per litre (down from Dh2.78)

This decline aligns with a drop in global oil prices, which averaged nearly $73 per barrel in September, down from $78.63 in August. Factors such as increased oil supply and adjustments in Saudi Arabia’s production strategies contributed to this trend​

For motorists, these changes translate into lower costs for filling up their tanks. For example, the total cost for a full tank will decrease by approximately Dh12.24 to Dh17.76, depending on the vehicle type​(

Overall, these adjustments highlight the ongoing fluctuations in the global oil market and the UAE’s commitment to transparent fuel pricing aligned with international trends.