Dubai Real Estate Sector Achieves AED 13.36 Billion in Transactions Last Week

The Dubai real estate sector has demonstrated remarkable resilience and growth, recording over AED 13.36 billion ($3.6 billion) in transactions last week, as reported by the Land Department. This impressive figure reflects the ongoing demand for properties in the emirate, showcasing its appeal as a prime investment destination.

Sales Transactions Surge

Sales transactions were particularly noteworthy, contributing a substantial AED 10.01 billion ($2.7 billion) to the overall total. Between September 16 and September 20, the market witnessed a flurry of activity, with 4,243 sales transactions recorded. This surge underscores the strong interest from both local and international investors in Dubai’s dynamic real estate market.

Highlights of Top Sales

Among the most significant sales transactions during this period were several high-value properties that highlight the luxury appeal of Dubai real estate:

  • Six Senses Residences: An apartment in this exclusive development located in Dubai Marina sold for an astonishing AED 99 million ($27 million), reinforcing the demand for luxury living in this sought-after area.
  • Baccarat Residence: Situated in the iconic Burj Khalifa, an apartment here was sold for AED 34.3 million ($9.3 million). This transaction emphasizes the allure of living in one of the world’s most famous skyscrapers.
  • Como Residences: An apartment in the prestigious Como Residences on Palm Jumeirah changed hands for AED 22.6 million ($6.1 million), further illustrating the high demand for waterfront properties in Dubai.

Mortgage Deals and Market Outlook

In addition to the impressive sales figures, the Land Department reported mortgage transactions valued at AED 2.68 billion ($730 million) last week. This activity indicates a healthy lending environment and reflects the confidence that buyers and investors have in the market’s stability and growth potential.

The strong performance of the real estate sector is expected to continue, fueled by Dubai’s strategic initiatives to attract foreign investment, its robust economic growth, and a growing population. As the emirate positions itself as a global business hub and tourist destination, the demand for residential and commercial properties is likely to remain strong.

Conclusion

Overall, last week’s performance underscores Dubai’s status as a leading player in the global real estate market. With its diverse range of properties, from luxury apartments to high-end residences, Dubai continues to captivate buyers and investors, making it a focal point for real estate activity in the region. As the market evolves, stakeholders will be keen to monitor trends and developments that shape the future of Dubai’s vibrant real estate landscape.

 

Nakheel Awards AED 1.8 Billion Contract to ALEC for Como Residences on Palm Jumeirah

Nakheel, a member of Dubai Holding Real Estate, has awarded a contract worth AED 1.8 billion to ALEC Engineering & Contracting LLC for the construction of Como Residences on Palm Jumeirah. Known for its expertise in high-value projects, ALEC is set to deliver this exclusive residential tower.

Scheduled for completion in Q2 2028, the 75-storey tower will soar over 300 meters and feature just 81 luxurious residences. Options will range from two- to seven-bedroom apartments, including a spacious duplex penthouse. Each floor will house a maximum of two apartments, ensuring a private lifestyle for residents, with access-controlled elevators leading to exclusive lobbies. This unique design guarantees that each apartment offers stunning 180-degree views of the sea and skyline, while residences on levels 23 and above will enjoy breathtaking 360-degree views from Jumeirah’s Burj Al Arab to Ain Dubai.

Khalid Al Malik, CEO of Dubai Holding Real Estate, commented, “Como Residences builds on Nakheel’s proud legacy of delivering iconic projects that transform Dubai’s skyline. This development is not just another residential project; it represents Dubai’s ambition and sets a new standard for waterfront luxury.”

Inspired by the sea, Como Residences features an architectural design with sinuous lines that reflect the patterns of seashells, harmonizing with the natural beauty of its surroundings. A standout feature will be its series of elevated private sandy beaches and communal pools, allowing residents to connect with the serene coastal environment.

Inside, the residences will showcase high-end finishes and contemporary designs. Residents will also benefit from a rooftop infinity pool and observation deck on the 75th floor, offering panoramic views of the Dubai skyline and the Arabian Gulf. Additional amenities will include private parking, an on-site spa, a fully equipped gym with spectacular views, green spaces, and children’s play areas. The entrance and main lobby will be architecturally unique, complete with valet and concierge services.

Barry Lewis, CEO of ALEC Engineering & Contracting, stated, “Como Residences promises to be the pinnacle of urban living with curated amenities and opulent finishes. We are honored that Dubai Holding Real Estate has entrusted us with this iconic project, and I am confident we will deliver a tower that elevates Dubai’s renowned skyline even further.”

MGM Resorts to Launch “Dubai Sphere” like Vegas

A new landmark is coming to Dubai with MGM Resorts building its own version of the iconic “Sphere,” similar to the Las Vegas Sphere but with a unique twist. MGM’s CEO and President, Bill Hornbuckle, revealed that the “Dubai Sphere” will be just as mesmerizing as the one in Las Vegas, though on a slightly smaller scale, as part of a larger $2 billion project that includes three renowned MGM brands: MGM, Bellagio, and Aria.

The Dubai Sphere, long in the works, is set to be a transformative addition to the city’s skyline, offering futuristic entertainment while reflecting Dubai’s remarkable journey as a global city.

The Vision Behind the Sphere

The project has been in development since 2017, with initial approval granted by Dubai’s ruler. However, construction only gained momentum this year after the contract was awarded. Positioned at the heart of a complex featuring MGM Resorts’ three flagship brands, the sphere will serve as an entertainment hub, similar to its Las Vegas counterpart.

Hornbuckle, speaking at the Skift Global Forum, said, “[In Dubai], there will be three properties sitting on a large podium and in the middle of it is a sphere. Not as big as the sphere in Las Vegas by any stretch but equally compelling. It has 300 seats with a mini showroom and the visual things you’d obviously do inside a sphere.”

This Dubai version will not replicate the massive scale of the Las Vegas Sphere, which seats 18,600 people and stands 112 meters tall, but it will deliver an intimate, high-tech experience. The Dubai Sphere will rise to 110 meters and be part of an entertainment tower, offering 3D light and sound shows to around 300 guests at a time. These experiences will visually narrate Dubai’s rise from a desert town to a world-class metropolis, an evolution Hornbuckle referred to as “Las Vegas on steroids.”

“When I first visited Dubai,” Hornbuckle shared, “I thought, this is a city that’s taken the best of what Las Vegas has to offer and amplified it.” He marveled at the speed of Dubai’s growth, adding, “In 1985, it was mostly desert, and now 35 years later, it’s this megatropolis with three million people. We’re going to tell that story.”

Independent of Sphere Entertainment

While the Las Vegas Sphere was developed by Sphere Entertainment, the Dubai Sphere is an entirely separate venture. MGM Resorts is spearheading the project independently, although Hornbuckle hinted that they may consider future partnerships. He emphasized that the Dubai Sphere is designed to stand on its own, catering to a more intimate audience compared to the Vegas venue.

The future of the Dubai Sphere may also hold surprises. Hornbuckle said, “Right now, we’re building a non-gaming venue. But that doesn’t mean it will stay that way.” He indicated that as Dubai’s cultural landscape evolves, there may be opportunities for gaming to be introduced into the city. “Once gaming becomes socially accepted – not for Emiratis, but for the large expatriate population – the region could see a major market for casinos. India, the rest of the Middle East, and China are all potential visitor markets for Dubai.”

MGM’s Larger Dubai Vision

The $2 billion development, besides the Sphere, will feature three luxury MGM hotels: MGM, Bellagio, and Aria, all interconnected by a podium structure. MGM’s focus on Dubai reflects the emirate’s growth as a global hub for luxury, tourism, and entertainment.

Currently, MGM is partnered with Wasl, a significant real estate development group in Dubai, to bring this project to life. Wasl is one of Dubai’s largest hotel owners and developers, with strong ties to the government. Hornbuckle also revealed that MGM has submitted an application for a casino license in Abu Dhabi, signaling a growing interest in the UAE as a potential gaming destination.

Hornbuckle reiterated that while there has been no official declaration of gaming in Dubai, the emirate’s evolving social norms and its appeal to a diverse international audience could make it a prime location for such ventures in the future. “We’re excited about what Dubai presents, and we hope to be there when it opens up to gaming opportunities,” he said.

Global Expansion of Sphere Entertainment

Even though the Dubai Sphere is a separate MGM project, Sphere Entertainment, the company behind the Las Vegas venue, has expressed interest in expanding the Sphere concept globally. In an interview last year, MSG executive chairman James Dolan stated, “It’s definitely part of our business plan to build more Spheres around the world, including smaller versions for different markets.”

This sentiment aligns with MGM’s ambition for the Dubai Sphere, and while its capacity is much smaller than the Las Vegas Sphere, the impact it aims to create is equally monumental.

Dubai’s relentless drive for innovation, exemplified by projects like the Sphere, continues to position the city as a top global destination. As Hornbuckle aptly put it, “We’re going to tell the story of a city that grew out of the desert and became one of the most extraordinary places on Earth.”

 

Jason Fong: The Boss of Bali and Luxury Travel Expert

Jason Fong, known as “The Boss of Bali,” is the ultimate resource for celebrities and social media influencers seeking extraordinary experiences in Bali, Indonesia. With a strong background in marketing, this Australian specialist has built an impressive network that includes high-profile clients ranging from famous models to prominent business executives. If you’ve seen breathtaking photos of Bali’s exclusive hotels and villas shared by your favorite social media personalities, it’s likely that Jason Fong played a key role in creating those unforgettable experiences.

 

A Passionate Advocate for Bali

Fong believes passionately that “It’s better to see Bali once than to hear about it from others a thousand times.” This mantra drives his mission to promote the beauty and allure of the island. His extensive experience in the travel industry has equipped him with the insights and connections necessary to showcase Bali as a premier destination

The Power of Social Media

Social media is central to Fong’s strategy. With over two million followers on Instagram, he has cultivated a vast audience eager for inspiration to explore Bali. His Instagram page is filled with captivating content created in collaboration with social media stars, professional videographers, and travel bloggers. Each post serves as an enticing invitation, highlighting the island’s stunning landscapes, rich culture, and exceptional culinary offerings, solidifying Bali’s reputation as one of the world’s most desirable travel spots.

Frequent Visits and Personal Connections

Despite being based in Sydney, Jason makes it a point to spend time in Bali frequently. This connection to the island is evident, as many visitors find themselves so enchanted by its warmth and charm that they often return or even decide to stay.

 

Diverse Attractions for Every Traveler

Visitors are drawn to Bali for various reasons. Some seek spiritual journeys in Ubud, while others enjoy the vibrant social scene in Seminyak and Canggu. The island’s culinary landscape also attracts food enthusiasts, with a plethora of dining options that highlight both traditional and modern cuisine. For those seeking tranquility, Nusa Lembongan offers a peaceful retreat, showcasing Bali’s diverse attractions.

 

Transforming Dreams into Reality

Fong is dedicated to transforming his clients’ dreams into reality, believing that every traveler who returns with magical stories of Bali becomes an ambassador for the island. He emphasizes the importance of local culture and community in crafting authentic experiences, showcasing how the people of Bali contribute to the enchanting atmosphere that keeps visitors coming back.

 

In a world where travel continues to evolve, Jason Fong remains committed to inspiring others to discover the magic of Bali. His unwavering dedication to the island and its tourism landscape ensures that Bali will remain a top choice for travelers seeking unique and luxurious experiences. Through his efforts, Fong not only promotes a destination but nurtures a vibrant community of travelers eager to share their love for Bali with the world.

Dubai Real Estate Market Stabilises After 2023 Surge in Off-Plan Prices

Dubai’s real estate market, after an intense period of soaring off-plan property prices in 2023, is now entering a phase of stabilisation, according to a comprehensive report by Betterhomes. High-demand areas such as Dubai Hills Estate, Business Bay, and Jumeirah Village Circle were at the forefront of this property boom, with prices in these key locations increasing between 15% to 30%. This surge was primarily driven by a combination of strong buyer demand and a limited supply of new developments. However, as the market adapts, there are now signs of a healthy correction, with off-plan property prices declining by 4.2%, pointing towards a more balanced and sustainable trajectory for the sector.

This shift comes as developers introduce new projects, easing some of the pressure that was inflating prices. With more supply on the horizon, investors are becoming more strategic, shifting their focus from off-plan properties to ready-to-move-in homes. These ready properties have seen a marked increase in popularity, now making up 54% of all real estate transactions in the first quarter of 2024. Transaction volumes for these homes have jumped by 30%, signalling that buyers are increasingly favouring immediate returns. Many investors are opting for properties that offer either instant rental income or immediate occupancy, as opposed to waiting for lengthy construction timelines to see a return on investment.

Despite the rising interest in ready-to-move-in homes, the off-plan market remains steady. According to Betterhomes, off-plan property transactions continue to show a modest but stable 5% growth in transaction value. This indicates that while investors are more cautious, off-plan properties still hold appeal, particularly for those seeking long-term capital appreciation or those with a higher risk tolerance.

The report by Betterhomes also highlights the role of increased supply and more competitive pricing as key drivers of this market shift. As developers look to maintain their appeal to more cautious, risk-averse buyers, many are adjusting their strategies. This includes offering more flexible payment plans, introducing innovative financing options, and developing properties in emerging areas that promise strong future returns.

Betterhomes’ report concludes by affirming that the current state of the market presents solid opportunities for investors, whether they choose to invest in off-plan projects or ready-to-move-in properties. The stabilisation of off-plan prices combined with the rising demand for ready homes is reshaping investor preferences. However, the overall outlook remains positive, with both sectors providing potential gains depending on individual investment goals. Betterhomes is committed to assisting clients in navigating these dynamic market changes, offering expert guidance to help investors make informed decisions based on the latest market trends.

GCC Central Banks Cut Interest Rates Following US Federal Reserve’s Lead

The central banks of the GCC have reduced interest rates following a significant move by the US Federal Reserve, which cut its benchmark rate by 50 basis points on Wednesday.

The Federal Reserve’s decision to lower its rate by half a percentage point now places it within a range of 4.75% to 5%. This marks the first reduction after 11 consecutive rate hikes over the past 16 months, followed by a lengthy period of stability. More cuts are expected, with the Fed indicating that this could be the start of further reductions extending into 2025.

In response, the UAE Central Bank (CBUAE) announced it would lower the base rate for its Overnight Deposit Facility (ODF) by 50 basis points, from 5.40% to 4.90%, effective Thursday, September 19, 2024. The CBUAE will maintain the borrowing rate for short-term liquidity at 50 basis points above the base rate for all standing credit facilities.

Saudi Arabia’s Central Bank also reduced its repo rate by 50 basis points, bringing it down to 5.50%, and cut its reverse repo rate by the same margin, reducing it to 5%.

Qatar followed suit, cutting its key interest rates by 55 basis points. The lending interest rate is now set at 5.70%, the deposit interest rate at 5.20%, and the repo rate at 5.45%, according to an official statement.

The Central Bank of Bahrain (CBB) also announced a 50 basis point reduction in its overnight deposit rate, from 6.00% to 5.50%, effective September 19. The CBB emphasized that the decision aims to maintain monetary and financial stability amid global financial market fluctuations.

Meanwhile, Kuwait’s Central Bank (CBK) made a smaller cut, reducing the discount rate by 25 basis points, lowering it from 4.25% to 4%. CBK Governor Basel Al-Haroon highlighted that Kuwait’s inflation rate has significantly slowed, from 4.71% in April 2022 to 3% in July 2024, justifying the modest reduction.

Federal Reserve’s Strategy and Market Impact

The Federal Open Market Committee (FOMC) reaffirmed its commitment to achieving maximum employment and maintaining inflation at a 2% target in the long run. With growing confidence that inflation is moving sustainably toward this target, the Committee views the risks to employment and inflation as relatively balanced.

The Fed also indicated it would continue reducing its holdings of Treasury securities, agency debt, and mortgage-backed securities as part of its broader economic strategy.

Fed Chairman Jerome Powell, speaking after the announcement, noted that the rate cut reflects the Fed’s belief that an appropriately adjusted policy can sustain labor market strength while gradually lowering inflation to the 2% goal.

The market reacted positively to the news, with US stocks rallying, while the dollar dropped by 0.5% to its lowest level in more than a year. Gold prices surged, hitting a new high of $2,591.19 per ounce.

This coordinated effort between the GCC central banks and the US Federal Reserve underscores the global push to balance economic growth, inflation control, and financial stability amid ongoing uncertainty in the global financial landscape.

 

Ralph de Geus: Pioneering Entrepreneur with a Vision for Innovation

In the dynamic world of entrepreneurship and innovation, Ralph de Geus stands out as a trailblazer with a remarkable portfolio of ventures. From his strategic leadership roles to his influential investments, de Geus continues to make a significant impact across various industries.

Currently serving as the Director at GMA General Trading L.L.C., a global supply business, de Geus brings a wealth of experience to the table. His diverse career highlights include founding and managing several high-profile companies, including 433 B.V., BALR., and Juramy B.V. At 433 B.V., he played a crucial role in the video and photo content publishing industry, while BALR. focused on fashion and lifestyle, and Juramy B.V. invested in emerging internet stars.

De Geus’s influence extends to Wannahaves, a social brand media agency, where he served as a stakeholder and managing board member. His entrepreneurial spirit is also evident in UNIQ Consultancy – FZCO, which invests in media, e-commerce, and technology sectors. Additionally, he was a key player at Superbox / Truly Yours, focusing on grooming and lifestyle products.

Notably, de Geus’s earlier ventures include ownership and leadership at www.voetbalprimeur.nl, a leading football website in the Netherlands, and roles at Interrocks B.V. and Yanomo as an internet entrepreneur and advisor. His strategic insights have driven growth and innovation across these platforms.

Recent developments in de Geus’s career further underscore his commitment to innovation. He has recently joined the Advisory Board of Oktagon MMA, Europe’s premier MMA show, where he will collaborate with industry visionaries Denise Höfer, Pavol Neruda, and Ondřej Novotný. This role signifies a strategic expansion into the sports entertainment sector.

Moreover, de Geus has become a key figure in the UAE’s esports scene by joining the Advisory Board of True Gamers. True Gamers is a leading esports gaming cafe that aims to reshape the future of esports globally. His involvement includes initiating new partnerships, exploring new markets, and connecting with potential investors, reflecting his dedication to advancing the esports industry.

In addition to these roles, de Geus has been instrumental in a groundbreaking agreement with Emirates Industry for Camel Milk & Products, known as “Camelicious.” This deal aims to bring high-quality camel milk products to Europe, highlighting his interest in diverse and sustainable business opportunities.

Ralph de Geus’s career trajectory demonstrates his exceptional ability to innovate and lead across various sectors. From fashion and media to sports and technology, his contributions continue to shape industries and inspire future entrepreneurs.

Umar Kamani and Naomi Campbell launch talent agency

KC Global Partnerships, a new agency dedicated to fostering collaborations between talents, brands, and celebrities, is set to open this month at Dubai Hills Business Park in the UAE. The agency aims to bridge the gap between emerging talents and established brands, leveraging Dubai’s growing reputation as a global hub for innovation and excellence.

The agency has appointed two key figures to lead its operations: Amy Simon as Director of PR and Sufeena Hussain as Director of Partnerships. Simon, previously the Global Head of PR and Talent at PrettyLittleThing (PLT), was instrumental in the brand’s expansion into new markets, including the US and France. She will now bring her expertise to the Middle East, focusing on enhancing brand-talent collaborations.

Hussain brings over 20 years of experience in brand strategy across the Middle East and North Africa. Having led PLT’s regional operations from 2020 to 2023, she will leverage her extensive background to drive the agency’s partnership initiatives.

The launch of KC Global Partnerships coincides with the return of PrettyLittleThing founder and former CEO Kamani to the company. Kamani, who stepped down in 2023, aims to reconnect with customers and reinstate key features such as free returns for royalty members.

Campbell, a principal at KC Global Partnerships, commented on the agency’s mission: “Dubai has become a global hub for talent, brands, and innovation. Throughout my career, I’ve seen how meaningful relationships drive success and create opportunities.”

Kamani echoed this sentiment, stating: “In Dubai and across the region, there is significant potential to redefine the interaction between talent and brands. Our platform is designed to cultivate authentic, long-term partnerships that deliver real value.”

 

Emaar Plans to Build Dubai’s Next Super Tower: A New Era of Architectural Innovation

Emaar Properties is set to redefine the skyline with its latest project—a new “super tower” in Dubai that promises to challenge existing global structures in height and innovation. According to a report by Arabian Business, this development could potentially become the world’s second-tallest building, adding a new landmark to Dubai’s already iconic skyline.

The Burj Khalifa, currently the tallest building globally at 828 meters, remains Emaar’s signature project. However, the developer is poised to surpass its own record with this ambitious new venture. Preliminary design concepts suggest a range of futuristic and bold structures, from sleek glass tubes to rocket-inspired forms, underscoring Dubai’s commitment to leading global architectural trends.

Potential locations for the new super tower are being considered near the Burj Khalifa or along Dubai Creek. The tower is anticipated to house luxury offices, high-end hotels, and exclusive residences, all integrated with cutting-edge AI technologies.

The project is set to challenge other significant tall buildings under development. For instance, Saudi Arabia’s Jeddah Tower, initially designed to exceed 1 kilometer in height, has faced delays but saw construction resume recently. Additionally, Dubai’s Burj Azizi, expected to reach 725 meters by 2028, is another notable contender in the race for height.

Mohamed Alabbar, Emaar’s founder, is reportedly spearheading this initiative with a focus on integrating groundbreaking, sustainable technologies. The design will feature advanced materials and eco-friendly elements, aiming to set new standards in both height and environmental responsibility.

As Dubai continues to push the boundaries of architectural achievement, Emaar’s proposed super tower is poised to be a defining symbol of the city’s relentless pursuit of excellence and innovation in the global landscape.

 

Dubai’s Air Taxi Project Set to Revolutionize City Transport by 2026

Dubai’s Roads and Transport Authority (RTA) has announced that the first air taxi station will be revealed soon, with official operations expected to commence in early 2026. This groundbreaking project will start with four strategically placed stations around Dubai, including at Dubai International Airport, Downtown, Dubai Marina, and Palm Jumeirah.

The air taxi service aims to transform urban mobility by linking key areas such as hotels and the airport, and is set to ease traffic congestion significantly. Khalid Al Awadhi, Director of the Transportation Systems Department at RTA, highlighted the project’s ambition to offer a modern, efficient mode of transport.

Developed in partnership with Skyports, each station will feature dedicated take-off and landing areas, electric charging facilities, a passenger waiting area, and stringent security measures.

Tyler Trerotola, General Manager for the Middle East at Joby Aviation, detailed the air taxi’s capabilities at the Intelligent Transport Systems Conference and Exhibition. The electric aircraft, which accommodates four passengers and a pilot, boasts a top speed of 320 km/h and a range of 160 km. Its quiet operation, emitting only 45 decibels—quieter than rain—enhances its appeal as a serene travel option.

Trerotola emphasized that the air taxi will significantly reduce travel time from Dubai International Airport to Palm Jumeirah to just 10-12 minutes, compared to over 45 minutes by traditional means during peak hours. This innovation is a key component of Dubai’s smart mobility initiatives and sustainable urban transport solutions.

The project, supported by a six-year exclusive operating agreement signed during the World Government Summit in Dubai, underscores Dubai’s commitment to integrating cutting-edge technology into its transportation infrastructure. The air taxis will not only ease congestion but also reduce carbon emissions, aligning with the city’s environmental goals and enhancing its tourism appeal by offering a unique travel experience.