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.

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.

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.

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.