Finance World Magazine| Edition: August 2024

Contents Aug 

2024 

Page 70 

Pioneering Trust and 

Innovation in Real Estate with 

Mehrdad Hessabi 

Page 46 

UAE Realty Awards 2024 Honors 

Excellence in Real Estate 

Page 74 

AI and Big Data: Transforming 

the Reality of Real Estate 

Aug 2024 www.thefinanceworld.com 3

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Reaching a visionary goal requires 

one percent vision and 99 percent alignment. 

Welcome to a pivotal edition of Finance World Magazine. As 

we unveil the “Pioneer 50 of the UAE Realty Industry,” Editor’s Note we 

celebrate the tycoons who have not only molded the UAE’s real 

estate sector but have also defined the contours of urban innovation 

globally. This feature underscores the strategic prowess and visionary 

insights that continue to propel the Emirates to new heights in the 

global real estate arena. 

In this edition, we extend beyond individual achievements to provide 

a panoramic view of the evolving real estate landscape. Through a 

series of thought-provoking articles, we explore how art, technology, 

and economic growth intersect to enrich the real estate ecosystem. 

From the integration of art enhancing communal spaces to the impact 

of fintech revolutionizing property transactions, each piece converges 

to offer a comprehensive narrative of advancement and opportunity. 

A cornerstone of our current issue is the “UAE Realty Awards 2024,” 

proudly hosted by Finance World Magazine. This prestigious event, 

one of its kind, recognized excellence within the industry and set the 

benchmark for innovation, celebrating those who are steering the future 

of real estate in the UAE. These awards reflect our commitment to 

acknowledging the exceptional and the transformative within the sector. 

Moreover, we delve into the significant economic trends affecting real 

estate and tourism, highlighted by expert analyses on the implications 

of new technologies such as AI, big data, and blockchain. These 

discussions provide a critical understanding of the forces shaping 

the market today and in the future. 

We also cast a spotlight on the burgeoning concepts of smart homes 

and the increasing incorporation of cryptocurrency in real estate 

dealings, illustrating a forward-looking perspective on how these 

advancements promise to redefine living and investing in the UAE. 

As we present these narratives, our aim is not just to inform but 

to inspire our readers with a vision of what is and what can be. We 

thank you for your continued engagement and trust in our content. 

May this edition serve as a valuable resource in your professional and 

personal explorations of the real estate domain. 

- Ambrish Agarwal, Editor in Chief 

- Ambrish Agarwal, Editor in Chief 

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may change. 

Aug 2024 www.thefinanceworld.com 9 

September 2022 3

Contents Aug 


ART IN REAL ESTATE 

COVER STORY 

Page 12 

Cultural Canvas: The Role of Art 

in Real Estate Development 

UAE REALTY AWARDS 2024 

P19 | Pioneer 50 of UAE Realty 

Industry 2024 

BUSINESS 

P46 | UAE Realty Awards 2024 Honors Excellence 

in Real Estate 

P42 | Leveraging the Continuously 

Growing Realty Economy of the 

UAE 

P44 | Business News 

10 www.thefinanceworld.com Aug 2024

PERSONAL FINANCE 

INTERVIEW 

P62 | Wealth-Building via Real 

Estate: Perspective of Dubai 

FINTECH 

P66 | Revolutionizing the UAE Real 

Estate Market with Fintech 

WHEELS 

Page 88 

The Rise of Cryptocurrency in Real Estate: 

A Deep Dive into the Future of Property 

Transactions 

OPINION 

P64 | 2025 Chevrolet Corvette ZR1 

P60 | Booming Horizons: AMF’s 

6.2% Growth Forecast and Its 

Impact on Real Estate and Tourism 


Art in Real Estate 

Source: Supplied 

Public art installation by Dubai Culture and Art Jameel titled ‘Playscape: I Dreamt of a City Everyone Calls Home.’ 

Cultural Canvas: The 

Role of Art in Real 

Estate Development 

Creativity is revolutionizing Dubai’s real estate, turning 

spaces into cultural landmarks. The integration of art and 

design enriches the urban landscape, elevates property value, 

and fosters a vibrant creative community, showcasing 

the dynamic synergy between creativity and development. 

Creativity has long been a medium 

through which human ingenuity 

and cultural identity are expressed. 

Dubai has become a dynamic nexus where 

creativity and real estate intersect, creating 

spaces that are not only functional 

but also aesthetically captivating and 

culturally resonant. This synergy has 

transformed Dubai into a global hub for 

innovation where real estate development 

is intrinsically linked to the flourishing 

creative scene. 

Incorporating creative elements into the 

interiors of properties provides a unique 

selling point that distinguishes them in a 

competitive market. Creativity is omnipresent 

in Dubai’s real estate landscape, 


from residential towers to commercial 

complexes, and public art installations to 

private collections. This integration is not 

merely decorative; it reflects thoughtful 

curation that enhances the ambiance 

and character of spaces. The presence 

of art and design transforms buildings 

into living galleries where residents and 

visitors are continually inspired by the 

creative expressions surrounding them. 

Take for example the city’s thoughtfully 

curated street art, especially in the art 

and museum districts. This careful 

application creates spaces that are 

both pleasing and culturally resonant, 

contributing significantly to the city’s 

flourishing creative scene and offering 

immense room for imagination. 

One of the most significant initiatives 

in Dubai’s creative scene is the Dubai 

Public Art Strategy, a comprehensive 

initiative launched by the Dubai Culture 

and Arts Authority to create a city-wide 

gallery, transforming public spaces into 

vibrant canvases for artistic expression. 

It supports the creation and installation 

of public artworks by local, regional, and 

international creatives, contributing to 

the cultural and social fabric of the city. 

Dubai Public Art has already seen the 

realization of several iconic projects, 

making art accessible to everyone and 

ultimately cultivating a sense of belonging 

and ownership among residents and 

visitors, encouraging them to engage 

with and appreciate the city’s beauty 

and cultural heritage. 

One of the most notable programmes to 

foster creative innovation is the issuance 

of golden visas to creatives of multiple 

disciplines, including architects and interior 

designers. This initiative provides longterm 

residency to creatives, enabling them 

to live and work in Dubai and providing 

them with the opportunity to explore 

their creative freedom. By offering golden 

visas, Dubai underscores its recognition 

of creatives’ vital role in enriching the 

city’s creative and cultural scene. Other 

notable events include the Sikka Art and 

Design Festival, Al Marmoom: Film in the 

Desert Festival, and the Dubai Calligraphy 

Biennale and are essentially platforms 

that provide creatives with opportunities 

to showcase their work, collaborate, and 

gain recognition. These events always 

elevate local creatives’ profiles and 

attract international attention. 

In addition to supporting local talent, 

Dubai has successfully attracted renowned 

Dubai’s real estate 

scene is a canvas for 

creativity, with global 

brands like Lamborghini, 

Mercedes, Bugatti, 

Versace, and Bulgari 

making their mark. These 

collaborations bring 

international luxury 

design to the city’s 

properties, elevating 

their aesthetic and 

cultural value. 

Hala Badri, Director General of Dubai 

Culture 

international creatives. Collaborations 

with globally acclaimed designers and 

institutions have created iconic artworks 

and cultural landmarks city-wide. Brands 

like Lamborghini, Mercedes, Bugatti, 

Versace, and Bulgari have all made their 

mark in Dubai, collaborating for interiors 

and international luxury design to 

Dubai’s real estate. 

Integrating creativity into real estate 

development has far-reaching implications 

for the growth and evolution of Dubai’s 

urban landscape. Properties that feature 

significant creative elements often command 

higher market value and attract a 

discerning clientele. The aesthetic and 

cultural value added by creative design 

makes these properties desirable for 

their unique living or working experience 

they offer. 

Dubai’s thriving creative scene enhances 

the city’s appeal as a global investment 

destination. International investors are 

drawn to cities that offer a rich cultural 

experience, and integrating creativity into 

real estate projects is a testament to the 

city’s commitment to cultural excellence. 

The development of creative districts such 

as Al Quoz Creative Zone and the Dubai 

Design District (d3) further exemplifies 

how creativity and real estate development 

can synergistically drive urban renewal 

and economic diversification. 

As Dubai continues to evolve, there 

are numerous prospects for growth in 

the creative scene. Encouraging creatives 

to establish their practice in the emirate 

enriches the artistic ecosystem, and 

the increasing number of art festivals, 

exhibitions, and cultural events offer 

creatives platforms to showcase their 

work, gain exposure, and connect with 

international audiences. 

The collaboration between creatives 

and real estate developers presents new 

avenues for creative exploration. Developers 

are increasingly commissioning 

creatives to design bespoke elements 

for their projects, fostering a culture of 

innovation and experimentation. These 

collaborations enhance the aesthetic 

appeal of properties and provide creatives 

with new opportunities to reach 

wider audiences and engage with the 

community. 

The role of creativity in Dubai’s development 

highlights the city’s visionary 

approach to urban planning and cultural 

enrichment. Through strategic initiatives 

and a commitment to nurturing talent, 

Dubai has positioned itself as a global 

hub for creatives. By embedding creative 

design into real estate planning, the city 

enhances the aesthetic and cultural 

value of properties, drives progress, and 

encourages community engagement. 

The relationship between creativity and 

the urban environment will continue to 

shape the city’s future, creating spaces 

that inspire, connect, and elevate the 

human experience. 


Investment 

Investing in GCC 

A Prime Destination for 

Global Real Estate 


The Gulf has emerged as a prime 

destination for global real estate 

investment. The region’s unique 

blend of economic growth, its strategic 

location, attractive real estate pricing 

and rapidly evolving regulatory frameworks 

makes the region an attractive 

option for both local and international 

investors. 

One destination to watch is Saudi 

Arabia – powered by its national masterplan, 

Saudi Vision 2030, the country’s 

economy is rapidly expanding and the 

Kingdom is making headlines for a 

succession of regional and international 

events (Riyadh will host Expo 

2030 and the 2027 AFC Asian Cup). 

ROSHN Group, Saudi Arabia’s leading 

real estate developer, is leading the 

way in terms of designing and building 

mixed-use communities that will not 

only help raise home ownership but will 

also improve quality of life throughout 

the country. The Group focuses on 

creating sustainable, high-quality residential 

communities that cater to the 

needs of families looking for a modern, 

well-designed home in safe, inclusive 

neighborhoods. As part of its vision 

for integrated living where everything 

is but a fifteen minute walk away, RO- 

SHN is developing communities that 

offer not just housing but also essential 

amenities such as schools, parks, 

shops, restaurants, medical facilities 

and commercial spaces. This holistic 

approach aims to enhance the quality 

of life for residents and foster a sense 

of community. 


Investment 

ROSHN is currently developing a 

number of projects throughout the 

Kingdom. The flagship project, SEDRA, 

has eight phases and sales were recently 

announced for its fourth phase. WAREFA 

is the second project in Riyadh, in the 

east of the city. To the west, ALAROUS 

is ROSHN’s signature project in Jeddah 

and ALMANAR, which was announced 

during Ramadan, is the company’s first 

project in Makkah. To the east, ALFULWA 

is ROSHN’s community in the city of Al 

Ahsa, and ALDANAH is in Dhahran, on 

the coast of the Arabian Gulf. 

ROSHN’s most recent announcements 

reflect the company’s commitment to 

designing and building inspirational 

communities throughout the country. Its 

most recent project, ALDANAH brings 

1.7 million square metres of modern, 

integrated living and 2,500 homes to 

Dhahran for almost 10,000 residents. 

On the other side of the country, in 

Makkah, ALMANAR generated significant 

media interest. The first phase of 

ALMANAR will provide 4,149 residential 

units across a footprint of 2.5 million 

square metres. ALMANAR is located at 

the western gate of the holy city, conveniently 

placed between the old and 

new expressways connecting Makkah 

and Jeddah, and only 20 minutes from 

the Masjid al-Haram. 

The most recent announcement, the 

fourth phase of “SEDRA” community, 

situated north of the third phase, boasts 

a strategic location offering residents 

convenient access to shopping and 

office areas in the “ROSHN Front.” 

It is also easily reachable via Airport 

Road and is close to two metro stations. 

Additionally, it is near Princess 

Nourah University, Imam Muhammad 

bin Saud Islamic University, King Khalid 

International Airport, and the SAR train 

station. The fourth phase of SEDRA 

expands the flagship development by 

over 1.8 million square metres, featuring 

homes situated near the natural wadi 

integrated into the SEDRA masterplan. 

In addition to residential projects, 

ROSHN’s investment strategy includes 

partnerships with local and international 

firms to enhance its offerings and 

expand its reach. This collaborative 

approach not only strengthens its market 

position but also contributes to the 

overall economic growth of the region. 

Investing in ROSHN is viewed as a 

strategic opportunity for those looking 

to tap into the growing real estate market 

in Saudi Arabia, which is expected 

to continue growing in response to 

demographic trends and government 

initiatives aimed at improving housing 

availability. With its solid foundation, 

innovative vision, and commitment 

to community development, ROSHN 

stands out as a key player in shaping 

the future of Saudi Arabia’s urban living. 



Pioneer 50 of UAE Realty Industry 

PNC 

MENON 

Founder & Chairman 

Sobha Group 

PNC Menon, the visionary Founder and Chairman of Sobha 

Group, epitomizes the essence of innovation, quality, and 

social responsibility in the real estate industry. His journey 

from modest beginnings in India to becoming a global real estate 

magnate is a testament to his relentless pursuit of excellence 

and unwavering commitment to his values. Established in 1976 

as an interior decoration firm in Oman, Sobha Group has grown 

under Menon’s leadership into an international luxury real estate 

developer with a presence in the UAE, India (known as Sobha 

Ltd.), the UK, and Oman. 

Sobha Realty stands out in the real estate market with its unique 

‘Backward Integration’ model, which has been recognized as a 

Harvard Business School case study. This approach allows the 

company to maintain unparalleled quality and timely delivery 

through in-house capabilities of conceptualization, design, and 

development. The firm’s flagship development, Sobha Hartland, is 

a testament to a vibrant community, that is home to over 11,000 

happy residents. Other notable projects include Sobha Orbis, 

Sobha Siniya Island, Sobha One, and Sobha SeaHaven, each 

embodying the luxury and innovation that Sobha is known for. 

Under Menon’s able guidance, Sobha Realty has achieved 

remarkable milestones, including a 15x growth since 2020. The 

company reported a total sales achievement of AED 15.5 billion 

(USD 4.3 billion) in the last financial year, developing over 6 

million square feet of land. Menon’s commitment to excellence 

extends beyond business; he has pledged 50% of his wealth towards 

giving back to society, and he and his wife Sobha Menon 

are signatories to the ‘Giving Pledge’ run by Bill & Melinda Gates 

Foundation. His philanthropic endeavors, focused on education, 

health, employment, and social empowerment, are driven by a 

deep sense of duty rather than charity. 

Sobha Realty’s achievements are celebrated through numerous 

awards, such as the “Best Overall Sustainable Performance” 

at The Middle East Sustainability Leadership Awards 2024 and 

the “Real Estate Deal of the Year” at the IFN Awards 2023. The 

company’s dedication to sustainability, innovation, and social 

impact continues to set new benchmarks in the industry. 

PNC Menon’s blend of business acumen and humanitarian 

spirit makes him a true pioneer in the UAE realty industry, 

driving Sobha Realty to new heights while making a significant 

impact on society. His leadership and vision continue to inspire 

and shape the future of real estate in the region. 

HIGHLIGHTS 

Year of Establishment: 

1995 

Unique Selling Points: 

Backward Integration 

Annual Revenue Figures: 

USD 4.34 Billion 

Sq. ft of Total Area Developed 

6 million sq. ft 

Number of Staff: 

1990+ 



ABDULLAH ALAJAJI 

Founder and Managing Director 

Driven Properties 

Abdullah Alajaji, founder and 

Managing Director of Driven 

Properties, has led the company 

to remarkable growth and recognition 

since its inception in 2012. With a background 

in corporate planning and asset 

management from Saudi Aramco and 

SAMBA Bank, and experience in private 

equity and angel investing, Abdullah has 

strategically expanded Driven Properties 

into a prominent Middle Eastern real 

estate firm. The company, now a founding 

member of Forbes Global Properties, 

showcases luxury through projects 

like The 971 in Jumeirah Islands. This 

development exemplifies opulence with 

its meticulously curated villas featuring 

high-end materials from Italy and superior 

craftsmanship. Driven Properties’ success 

under Abdullah’s leadership highlights its 

commitment to excellence and innovation 

in luxury real estate. 

AHMED GALAL ISMAIL 

Chief Executive Officer 

Majid Al Futtaim Properties 

Ahmed Galal Ismail, CEO and member 

of the Board of Directors at 

Majid Al Futtaim, has significantly 

contributed to the growth and success of 

the company. Appointed as CEO of Majid 

Al Futtaim in January 2023. Responsible 

for managing the company’s extensive 

portfolio, which includes shopping 

malls, hotels, and mixed-use communities, 

Ismail previously served as CEO of 

Majid Al Futtaim Properties since 2018. 

With the company reporting revenues 

of $5.1 billion in the first half of 2023, 

Ismail’s leadership has driven substantial 

growth, alongside notable sustainability 

achievements. His background highlights 

key roles at Booz Allen Hamilton and 

Procter & Gamble, and he holds an MBA 

from London Business School. 

AHMED ALKHOSHAIBI 

Group CEO 

Arada 

Ahmed Alkhoshaibi, Group CEO of 

Arada, has been a key player in the 

UAE’s real estate sector since the 

company’s establishment in 2017. Under 

his leadership, Arada has rapidly grown 

to become one of the largest master 

developers in the region. The company 

has sold over 13,000 units valued at $3.6 

billion and completed 7,400 homes, with 

significant projects like Aljada, Sharjah’s 

largest mixed-use development. Alkhoshaibi’s 

strategic vision has led Arada 

to expand its footprint with ambitious 

projects such as the forested community 

of Masaar and the luxury Jouri Hills at 

Jumeirah Golf Estates. His focus on 

sustainability and innovation continues 

to drive Arada’s success and influence 

in the real estate market. 



AHMED BAGHOUM 


Masdar City 

Ahmed Baghoum, CEO of Masdar 

City, has been pivotal in advancing 

sustainable urban development in 

Abu Dhabi. Leading Masdar City since 

2020, Baghoum oversees the strategic 

growth of this innovative eco-city, which 

is a cornerstone of the UAE’s commitment 

to sustainability and net-zero emissions 

by 2050. Under his guidance, Masdar 

City has become a global model for sustainable 

living, integrating cutting-edge 

technologies in energy, transportation, 

and urban planning. Baghoum’s efforts 

have positioned Masdar City as a hub 

for innovation, attracting international 

businesses and research institutions 

dedicated to green technologies and 

sustainable practices. His leadership 

continues to drive Masdar City’s mission 

to create a more sustainable future. 

Baghoum’s strategic vision has led 

to numerous milestones in the city’s 

development. Key achievements include 

the implementation of renewable energy 

solutions, such as solar and wind power, 

and the promotion of green building standards, 

which have significantly reduced 

the city’s carbon footprint. Additionally, 

Baghoum has fostered collaborations 

with global tech companies and academic 

institutions, further enhancing Masdar 

City’s role as a leader in sustainable 

urban development. His commitment 

to sustainability is evident in the city’s 

ongoing projects, which aim to balance 

environmental stewardship with economic 

growth, ensuring that Masdar City 

remains at the forefront of global efforts 

to combat climate change. 

AMIRA SAJWANI 

Founder and CEO 

PRYPCO 

Amira Sajwani, Founder and CEO 

of PRYPCO, is revolutionizing 

Dubai’s real estate sector with her 

innovative proptech startup. Founded in 

2022, PRYPCO introduces cutting-edge 

services such as digitized mortgage 

solutions, fractional ownership, and Rent 

Now Pay Later plans. These features 

aim to simplify real estate transactions 

and cater to the needs of contemporary 

property buyers and investors. 

Under Sajwani’s visionary leadership, 

PRYPCO has quickly made its mark, 

disbursing over AED 1.5 billion in mortgages 

with a notable 95% success rate for 

pre-approvals. This impressive efficiency 

highlights the platform’s reliability and 

strong appeal. The digitized mortgage 

solutions streamline the application 

process, reducing time and paperwork, 

and making property financing more 

accessible to a broader audience. 

PRYPCO’s fractional ownership model 

enables multiple investors to co-own 

high-value properties, thus lowering 

entry barriers and offering diversified 

investment opportunities. The Rent 

Now Pay Later option allows tenants 

to convert rental payments into equity, 

paving the way to property ownership 

and long-term financial stability. 

Sajwani’s influence extends to DAMAC 

Properties, where she manages key departments 

and strategic initiatives. Her 

dual roles reflect her profound industry 

knowledge and unwavering dedication 

to innovation. Through PRYPCO and DA- 

MAC, Sajwani is transforming Dubai’s real 

estate landscape, significantly enhancing 

accessibility, efficiency, and affordability 

in property ownership and investment, 

and setting new industry standards. 



Anil Gehani, the visionary Founder and Chairman of Zabadani 

Real Estate, has been a transformative force in the UAE 

real estate industry since establishing the company in 

1990. Over the past thirty years, Gehani has led Zabadani Real 

Estate from its origins as a traditional retail brokerage to a 

niche advisory firm specializing in land investments, specialty 

assets, and project management. His innovative approach and 

unwavering commitment to excellence have earned Zabadani 

Real Estate a reputation as one of the most trusted names in 

the real estate sector. 

Under Gehani’s leadership, Zabadani Real Estate has been 

involved in numerous high-profile deals and negotiations, gaining 

recognition both locally and regionally. The firm was featured 

in Forbes Middle East’s Top Ten Real Estate Consultancies for 

two consecutive years in 2016 and 2017. In the past 12 months 

alone, Zabadani Real Estate has achieved remarkable success, 

with sales of land valued at AED 1.8 billion, showcasing the 

company’s strategic expertise and market acumen. 

Guided by the mission statement “Creating Wealth Through 

Property Investments,” Gehani ensures that Zabadani Real Estate 

continuously adapts and innovates to meet the evolving needs of 

its clients. The firm’s commitment to providing research-driven 

and experience-based advice empowers developers to make 

informed, knowledge-based decisions, maximizing their investments 

and achieving sustainable growth. By leveraging his 

extensive expertise and market insights, Gehani guides clients 

towards successful and profitable ventures. 

Gehani’s core beliefs in “trust, transparency, and tenacity” 

have cultivated a wide and trusted network within the industry. 

These values are upheld by all team members and affiliates 

working under the Zabadani Real Estate banner, ensuring that 

the company’s operations remain aligned with its founding 

principles. As Zabadani Real Estate looks to the future, the 

legacy of excellence and innovation will be carried forward by 

the next generation, Hanishka Gehani and Panaav Gehani, who 

are poised to lead the company to new heights. 

Zabadani Real Estate aims to redefine property investments 

and create lasting wealth through strategic land investments. 

Under the visionary leadership of Anil Gehani, the firm is set 

to continue its trajectory of success, shaping the future of real 

estate investment in the UAE and beyond. 

ANIL JAIRAM 

GEHANI 

Founder and Managing Director 

Zabadani Real Estate 

HIGHLIGHTS 


1990 


30-50 

Year-on-Year Growth Percentage: 

25% 

Total Sales Volume in the Last 

Fiscal Year: 

USD 490 Million 



ANDREA NUCERA 

Managing Director and CEO 

Reportage Properties 

Andrea Nucera, Managing Director 

and CEO of Reportage Properties 

since its inception in 2014, has 

debuted on Construction Week Middle 

East’s Power 150 list, underscoring his 

impactful leadership. As one of the largest 

private developers in the UAE, Reportage 

Properties has achieved significant 

milestones, with projects in the UAE, 

KSA, Egypt, Turkey, Morocco, Uganda, 

and Rwanda. The company launched 29 

projects in the UAE and seven internationally, 

surpassing $1 billion in sales in 

2023. Notable projects include OASIS 2 

in Masdar City and Reportage Village in 

Dubai. Nucera’s leadership has also emphasized 

corporate social responsibility, 

sponsoring events like the Abu Dhabi 

International Chess Festival, showcasing 

a commitment to community engagement 

and cultural awareness. 

ANDREW COVILL 

Director 

Henry Wiltshire International 

Andrew Covill, Director at Henry 

Wiltshire International, boasts 30 

years of international property 

experience, including 11 years in Abu 

Dhabi. Specializing in Saadiyat Island 

and VIP villas, Andrew is recognized for 

his expertise in both development and 

real estate agency. His recent successes 

include four premium property sales, 

notably villas on golf courses and by the 

sea. Henry Wiltshire International has been 

in the market for over eight years and 

has clinched the House of SuperAgents 

for exceptional customer service and 

Quality Brokerage Award for its Abu 

Dhabi boutique at the Property Finder 

Awards 2022. The accolade highlights 

the firm’s market expertise, reinforcing 

its reputation as a leading real estate 

brokerage in the UAE. 

BILL O‘REGAN 

Group CEO 

Q Holding 

Bill O’Regan, appointed Group CEO 

of Q Holding in January 2024, 

oversees the master developer 

of Reem Island in Abu Dhabi. Established 

in 2005, Q Holding, a subsidiary 

of International Holding Company, has 

completed over 3,281 units and has 2,674 

more under construction, totaling $1.87 

billion in value. Recent achievements 

include a partnership with ORA Real 

Estate Development Group to create 

a smart, sustainable city in Ghantoot, 

and agreements with Trojan General 

Contracting to build 1,742 villas. In the 

first half of 2023, the company reported 

$166.1 million in revenue and $5.3 billion 

in assets, with a market cap of $6.1 billion 

as of November 2023. O’Regan previously 

held senior roles at Modon Properties 

and the Urban Planning Council. 



CARLOS WAKIM 


Bloom Holding 

Carlos Wakim, CEO of Bloom Holding, 

has expertly guided the company 

to remarkable success through his 

strategic vision and industry expertise. 

Under his leadership, Bloom Holding has 

expanded its real estate, hospitality, and 

education portfolios, including the launch 

of Bloom Living, a $2.5 billion community 

in Abu Dhabi featuring over 4,500 homes 

and comprehensive amenities. In the past 

year, Bloom Living launched four phases 

and began construction on three more, 

with all villas and townhouses sold out. 

Internationally, Bloom Holding announced 

a luxury residential project in Marbella, 

Spain, and a state-of-the-art school in 

Egypt. Additionally, they offered a guaranteed 

ROI for Bloom Arjaan by Rotana 

hotel apartments. Their CSR initiatives 

reflect a commitment to sustainability 

and energy conservation. 

DEBBIE COPE 

Owner and Managing Director 

House Hunters Real Estate 

Debbie Cope, originally from 

Dublin, Ireland, is the Owner 

and Managing Director of House 

Hunters, a company she founded in 

2004 amid Dubai’s burgeoning Freehold 

market. With a background in aviation, 

Debbie moved to Dubai in 1991 and 

has witnessed its transformation over 

the past three decades. She recognized 

the need for a real estate agency that 

prioritized customer experience during 

a chaotic and unregulated time. Her first 

property purchase in 2005 from Emaar 

in Savannah, Arabian Ranches, solidified 

her connection to the community. Two 

decades later, Debbie remains at the 

helm of House Hunters, driven by her 

dedication to her staff and clients. The 

agency is renowned for its specialized 

service and top-tier brokers, reflecting her 

unwavering commitment to excellence. 

DIANA NILIPOVSCAIA 


MERED 

Diana Nilipovscaia is a pioneering 

force in the traditionally 

male-dominated real estate market, 

leveraging her 16 years of experience to 

lead MERED’s successful entry into the 

luxury sector. In 2023, MERED launched 

the ICONIC Tower in Dubai Internet City, 

a 286.4-meter landmark featuring 310 

luxury apartments and state-of-the-art 

amenities. The project showcases collaborations 

with esteemed partners like 

Pininfarina, HBA, and Valor Hospitality 

Partners, ensuring its status as a global 

symbol of luxury. The ICONIC Tower 

will offer exclusive amenities including 

a private lounge, gym, infinity pool, 

and electric vehicle charging stations, 

reflecting MERED’s commitment to 

sustainability. Nilipovscaia’s leadership 

not only redefines opulent living but 

also advances sustainable construction 

practices, setting new industry standards. 



DMITRIY 

STAROVOITOV 

Founder and Chairman 

Almal Real Estate Development 

Dmitriy Starovoitov, the visionary Founder and Chairman 

of Almal Real Estate Development, has quickly made 

a significant impact on the UAE’s luxury real estate 

market. Since establishing Almal Real Estate Development in 

2022, Starovoitov has been dedicated to transforming visionary 

living into thriving realities. His commitment to architectural 

brilliance and prime locations has set new standards for luxury 

living, making Almal a prominent name in the industry. 

Almal Real Estate Development specializes in creating exclusive 

developments meticulously crafted to elevate lifestyles 

and secure futures. Their unique selling points lie in their commitment 

to architectural excellence and strategic locations, 

ensuring that each project offers unparalleled sophistication 

and long-term value. This dedication is reflected in their flagship 

projects, including The Unexpected Al Marjan Island Hotel and 

Residences and Harrisoni Villas. 

The Unexpected Al Marjan Island Hotel & Residences is a 

testament to Starovoitov’s vision. Located on Al Marjan Island, 

minutes away from the upcoming Wynn Casino Resort, this development 

features 422 meticulously designed hotel and residential 

units. The project promises unrivaled comfort and luxury, with 

amenities such as an infinity rooftop pool, a vibrant beach club, 

a spa and wellness center, and multiple dining options, providing 

an unparalleled living experience. This project, set to open in 

the second half of 2026, has already earned the Iconic Design 

of the Year Award at the UAE Realty Awards. 

Harrisoni Villas, another exemplary project, is a collection 

of luxury villas located in La Mer South, Dubai. Designed by 

the international architecture and interior design firm XBD 

Collective, Harrisoni Villas have garnered significant attention, 

winning the “Private Villa of the Year” award from The Pillars 

of Real Estate Awards 2024. This project highlights Almal’s 

commitment to creating luxurious, family-oriented residences 

that combine aesthetic appeal with functionality. 

Almal Real Estate Development, under Starovoitov’s leadership, 

is also expanding its international presence. The company 

expending to Indonesia and Thailand. This strategic expansion 

aims to bring Almal’s unique blend of luxury and innovation to 

a global audience. With 20 years of experience in development 

and investments, and an extensive portfolio of real estate 

projects in Eastern Europe, Starovoitov is also soon announce 

the development of the first branded office center in the UAE 

so stay tuned. 

With over 100,000 square metres of developed space and 800+ 

units, Almal Real Estate Development is poised for continued 

success. Dmitriy Starovoitov’s dedication to excellence, innovation, 

and client satisfaction has positioned Almal as a leader 

in the UAE’s luxury real estate market. His vision of creating 

timeless, sophisticated living spaces continues to drive the 

company’s growth and success. 

HIGHLIGHTS 


2022 


High return investment, 

hospitality 

Number of Units Under 

Development: 

800+ 

Total Area developed 

100,000+ m² 

Countries Operating In: 

UAE, Thailand, Indonesia 


60+ 



Faris Saeed, Chairman and CEO of SEE Holding, is at the 

helm of a transformative force in the real estate sector. 

SEE Holding, distinguished as the UAE’s first globally-focused, 

sustainability-driven holding group, is reshaping luxury 

property development with a strong emphasis on environmental 

responsibility. Under Saeed’s dynamic leadership, the company 

is leading the charge towards the UAE’s 2050 Net Zero goals, 

setting new benchmarks for sustainable real estate practices. 

Saeed’s visionary approach integrates cutting-edge green 

technologies with high-end real estate, creating a unique blend 

of luxury and sustainability. His leadership has been instrumental 

in positioning SEE Holding as a pioneer in the sector, 

renowned for its commitment to reducing carbon footprints 

while delivering exceptional living experiences. 

SEE Holding’s portfolio reflects Saeed’s philosophy of marrying 

opulence with ecological stewardship. The company’s flagship 

projects, which include landmark developments, are designed 

to meet rigorous environmental standards while offering unparalleled 

luxury. This dual focus not only aligns with the UAE’s 

ambitious sustainability targets but also sets a new standard 

for the global real estate market. 

Recently, SEE Holding’s innovative approach has gained further 

attention with reports that Dubai’s Sustainable City developer 

plans an IPO next year, highlighting the growing interest in 

sustainable real estate ventures. 

The company’s efforts have been recognized on Forbes 

Middle East’s Sustainable 100 list, underscoring SEE Holding’s 

significant impact on the region’s sustainability landscape. This 

accolade highlights the company’s role in driving forward the 

sustainability agenda within the luxury real estate sector. 

As SEE Holding continues to expand, Faris Saeed’s leadership 

ensures that the company remains at the forefront of 

innovation, combining high-quality, eco-friendly developments 

with a commitment to redefining luxury living. Saeed’s strategic 

vision and dedication to sustainability are shaping the future of 

real estate, making SEE Holding a key player in the evolution 

of the industry. 

FARIS 

SAEED 

Chairman and CEO 

SEE Holding 

HIGHLIGHTS 


2003 


UAE’s first globallyfocused, 

sustainabilitydriven 

holding group 


United Arab Emirates 

Total Area Developed: 

over 490,000 m 2 


600+ 



HAMED GHELICHKHANI 


Homeland Realty Real Estate 

Hamed Ghelichkhani, the Founder 

and CEO of Homeland Realty Real 

Estate in Dubai, is a seasoned 

expert with 17 years of experience in 

the real estate industry. Originally from 

Tehran, Iran, Hamed moved to Dubai 

in mid-2003, where he has since established 

a notable career. Before founding 

Homeland Realty in October 2021, he 

held significant roles, including Sales 

Director at Dehkadeh Real Estate and 

Caspian Properties, and Head of Sales 

at Fidu Properties. At 43, Hamed has 

become a key player in Dubai’s real estate 

market, bringing a wealth of knowledge 

and expertise in sales and business to 

his role. Homeland recently received 

the distinction of being recognized as an 

Emaar Top Agency for Q1/2024. 

HESHAM AL QASSIM 


Wasl Asset Management Group 

Hesham Abdulla Al Qassim, the 

CEO of Wasl Asset Management 

Group, has been instrumental in 

transforming Dubai’s real estate landscape. 

Since its establishment in 2008 

by the Dubai Real Estate Corporation 

(DREC), Wasl has become a leading 

entity in property management, hospitality, 

and investment management. Al 

Qassim oversees an impressive portfolio, 

including over 47,600 residential and 

commercial properties, 19 hotels, and 

several prestigious golf courses under 

Dubai Golf. His strategic vision has driven 

the development of landmark projects 

such as Wasl1, a master development 

overlooking Zabeel Park, and Wasl Tower 

near Burj Khalifa. Under his leadership, 

Wasl continues to expand and innovate, 

contributing significantly to Dubai’s status 

as a global real estate hub. 

HUSNI AL BAYARI 


D&B Properties 

Husni Al Bayari, the Founder and 

Chairman of D&B Properties, has 

been a prominent figure in Dubai’s 

real estate sector since establishing the 

company in 2015. Under his leadership, 

D&B Properties has grown from a firm 

focused on off-plan properties into a 

diversified holding company, Bayari 

Holding, which includes divisions such 

as Real Estate Asset Leaders, Real Estate 

Commercial Experts, and Be Our Guest 

(Holiday Homes). The company has received 

numerous accolades, including 

being named Emaar’s ‘Top Broker’ for four 

consecutive years. Al Bayari’s strategic 

vision and commitment to professionalism 

and transparency have positioned 

D&B Properties as a leading real estate 

brokerage in Dubai, recognized for its 

excellence and client-centric approach . 



Hussain Sajwani, the visionary Founder and Chairman of 

DAMAC Properties, has been a pioneering force in the 

Middle East’s luxury real estate market since the company’s 

inception in 2002. Under his leadership, DAMAC Properties 

has delivered approximately 47,600 homes and developed 

award-winning residential, commercial, and leisure properties 

across the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, the 

Maldives, Canada, the United States, and the United Kingdom. 

Sajwani’s strategic vision and innovative approach have transformed 

DAMAC into a globally recognized brand synonymous 

with luxury living. By joining forces with some of the world’s 

most eminent fashion and lifestyle brands, such as Versace, 

Cavalli, de GRISOGONO, Vincent Faudemer, Paramount Hotels 

& Resorts, Rotana, and Radisson Hotel Group, DAMAC has 

introduced new and exciting living concepts to the market. 

These collaborations have brought a unique blend of luxury 

and style to DAMAC’s developments, setting them apart in a 

competitive industry. 

The company’s portfolio boasts more than 75 towers and two 

master communities, DAMAC Hills and DAMAC Hills 2. Upcoming 

projects include over 10 branded residences in Dubai, 

the DAMAC Lagoons and Riverside master communities in the 

UAE, an island resort in the Maldives to be operated by the 

Mandarin Oriental, and a condo project in Miami in collaboration 

with Zaha Hadid Associates. These ambitious projects reflect 

Sajwani’s commitment to expanding DAMAC’s global footprint 

and delivering unparalleled luxury experiences. 

DAMAC’s unique selling points lie in its holistic master development 

communities and branded residences, reinforced by over 

100 global awards and prestigious partnerships. The company’s 

dedication to luxury is evident not only in its real estate projects 

but also in its complete acquisitions of high-end fashion brands 

like Cavalli and de GRISOGONO. 

With a total developed area exceeding 70 million square feet, 

DAMAC continues to set new benchmarks in the real estate 

industry. Under Sajwani’s leadership, the company has maintained 

a consistent vision and strong momentum, building the 

next generation of Middle Eastern luxury living. His innovative 

strategies and relentless pursuit of excellence have earned him a 

place among the most influential figures in the UAE’s real estate 

sector. Hussain Sajwani’s legacy is one of luxury, innovation, 

and a commitment to delivering world-class living experiences. 

HUSSAIN 

SAJWANI 


DAMAC Properties 

HIGHLIGHTS 


2002 


UAE, Saudi Arabia, 

Qatar, Jordan, Lebanon, 

Maldives, Canada, US 

& UK 


Luxury living, branded 

residences, holistic masterdevelopment 

communities 

Number of Housing Units or 

Commercial Spaces Delivered: 

47,600 



IMRAN ALI KHAN 

Co-Founder and CEO 

Dubizzle Group 

Imran Ali Khan, the CEO and co-founder 

of Dubizzle Group, has been a pivotal 

figure in the growth and success of 

the company since its inception. Under 

his leadership, Dubizzle has expanded 

to become a leading classifieds platform 

in the MENA region, merging with OLX 

Group to form a $1 billion Dubai-based 

unicorn. The group operates renowned 

brands such as Bayut, Zameen, OLX, and 

Lamudi, connecting millions of buyers 

and sellers across various sectors, including 

real estate. Khan’s entrepreneurial 

vision and strategic acumen have driven 

Dubizzle’s impressive growth and market 

dominance, solidifying its position as a key 

player in the digital classifieds industry. 

His innovative approach continues to 

shape the future of online marketplaces 

in the region. 

IMRAN FAROOQ 

Group CEO 

Samana Developers 

Under the leadership of Imran 

Farooq, Group CEO of Samana 

Developers, the company achieved 

extraordinary success in 2023, with 

sales skyrocketing to $817.4 million 

(AED3 billion), a 400% growth. Farooq’s 

strategic investments in automation 

technologies like Oracle Fusion and 

Salesforce facilitated a paperless office 

and introduced a 24/7 sales experience 

that streamlined transactions globally. 

Key project completions included Samana 

Hills, Golf Avenue, and Park Views, with 

accelerated handovers of Samana Santorini 

and Miami. The company also excelled 

in revenue collection, reaching 98.5% 

in 2024. The company aims for 100 per 

cent smart homes in all projects through 

their green initiative, reinforcing Samana 

Developers’ position as a sustainability 

leader in the real estate sector. 

ISEEB REHMAN 

Founder and Global CEO 

Sherwoods International Property 

Iseeb Rehman, born in 1964, is a highly 

respected business leader known for 

his success with Sherwoods, a real 

estate consultancy he founded after 

studying in London and qualifying as a 

legal surveyor. Initially serving private 

bankers in London, Sherwoods quickly 

expanded to Dubai in 1988, focusing on 

expatriates seeking real estate opportunities. 

Under Iseeb’s guidance, the 

company has thrived through economic 

downturns, becoming a key player in both 

mainstream and government projects in 

Dubai. Sherwoods is now a prominent 

brand, serving a diverse clientele. With 

offices in the UK, Dubai, Abu Dhabi, 

Ras Al Khaimah, Bahrain and Doha, 

the business has evolved to cater for 

expatriates in the UAE looking for real 

estate opportunities in London. 



ISSA ATAYA 


Alef Group 

Issa Ataya, CEO of Alef Group since 

January 2014, has led the company’s 

impressive growth since its establishment 

in 2013. Alef Group, a leading real 

estate developer in Sharjah, has completed 

over 1,140 units, with more than 8,000 

under construction, totaling $354 million 

in value. In 2022, they launched Alef Be, 

their first loyalty program app. As of November 

2023, the company’s assets and 

land bank are valued at $2.7 billion. The 

recent handover of 819 residential units 

at Al Mamsha Souks exemplifies their 

commitment to quality and community 

development. Al Mamsha Souks, inspired 

by traditional Sharjah souks, offers a 

vibrant, sustainable living environment 

with diverse amenities, blending modern 

comfort with cultural heritage. 

JOSEF KLEINDIENST 


Kleindienst Group 

Josef Kleindienst, CEO of Kleindienst 

Group, has led a year of remarkable 

achievements in 2023, marked by 

the successful completion and handover 

of the Côte d’Azur Monaco project and 

the Nice hotel within it, showcasing the 

group’s commitment to deadlines and 

quality. The agreement with RAK for a 

super yacht shipyard and the establishment 

of new diving spots underscore 

plans to expand offerings and promote 

sustainable tourism. The completion of 

the voco Monaco Dubai and Nice hotels 

significantly boosted their portfolio, with 

an average property value of AED3,500 

per sq. ft. As 2023 concludes, Kleindienst 

Group remains focused on quality, client 

satisfaction, efficient inventory management, 

and enhancing branding, while 

prioritizing CSR initiatives in line with 

the UAE’s sustainability goals. 

KABIR MULCHANDANI 


FIVE Holdings 

Kabir Mulchandani, Founder and 

Chairman of FIVE Holdings, has 

revolutionized Dubai’s luxury real 

estate and hospitality sectors. Established 

in 2011, FIVE Holdings has become 

renowned for its iconic properties like 

FIVE Palm Jumeirah and FIVE Jumeirah 

Village, which blend luxury living with 

eco-consciousness. Under Mulchandani’s 

leadership, the company has excelled in 

sustainability, being the first in the UAE 

to use 100% renewable electricity and 

earning top green developer accolades. 

His philanthropic efforts, including Project 

Udaan, underscore his commitment 

to social responsibility. Mulchandani’s 

innovative approach and dedication to 

excellence continue to shape Dubai’s 

luxury real estate landscape . 



KHALID AL MALIK 

Managing Director and CEO 

Dubai Holding Real Estate (DHRE) 

Khalid Al Malik, the CEO of Dubai 

Holding Real Estate (DHRE), 

has been a driving force in the 

development of some of Dubai’s most 

iconic communities and real estate 

projects. Under his leadership, DHRE 

has successfully delivered 35,000 units 

and developed master-planned communities 

that house over 100,000 residents. 

Established in 2002 and becoming part of 

Dubai Holding in 2005, DHRE oversees 

a robust portfolio, including Jumeirah 

Beach Residences, Business Bay, and 

DUBAILAND. Al Malik’s strategic vision 

emphasizes sustainable infrastructure, 

accessibility, and community-centric 

amenities, ensuring that DHRE’s developments 

provide unmatched living 

experiences. His efforts have positioned 

DHRE as a top-tier developer in the MENA 

region, managing a portfolio worth $35.4 

billion in assets . 

KIKA PAVESE 

Managing Director 

MD Real Estate 

Kika Pavese, Managing Director of 

MD Real Estate and Founder of 

Voyage Vacation Homes, has made 

significant strides in Abu Dhabi’s real 

estate market over the past decade. Her 

dedication to promoting the city globally 

and her role in the ‘SheForShe’ initiative, 

powered by Property Finder, reflect her 

commitment to empowering women in 

the industry. Kika highlights the UAE’s 

unique opportunities, emphasizing the 

need for greater female representation and 

mentorship within real estate. Through 

‘SheForShe,’ she aims to bridge gaps by 

providing mentorship and training to 

aspiring women. Kika’s vision for the 

future includes fostering growth and 

upholding core values at MD Real Estate 

and Voyage Vacation Homes, ensuring 

excellence in service and leadership. 

LEWIS ALLSOPP 

Chairman 

Allsopp & Allsopp 

Lewis Allsopp, CEO of Allsopp & 

Allsopp, has been a transformative 

leader in Dubai’s real estate 

market since co-founding the company 

in 2008 with his brother Carl. Under his 

leadership, Allsopp & Allsopp has grown 

into one of the largest real estate firms 

in Dubai, handling around 4,000 property 

transactions annually and employing 

over 500 staff. The company is known 

for its client-centric approach, innovative 

marketing strategies, and a strong presence 

in both sales and lettings. Allsopp’s 

commitment to excellence and market 

insights have positioned the company as 

a trusted name in the industry, driving 

growth and innovation in the competitive 

Dubai property market. 



LOW PING 

Group CEO 

Yas Holding 

Low Ping is the Group Chief Executive 

Officer at Yas Holding, having joined 

the Group in mid-2022. With over 30 

years of leadership experience, she has 

a distinguished track record, including 

roles as GCEO at Eagle Hills Properties 

LLC and Emaar Properties PJSC, as well 

as Audit Partner at KPMG Singapore. Her 

career spans diverse industries such as 

banking, real estate, energy, utilities, trading, 

retail, and manufacturing, showcasing 

her expertise in driving business growth 

across competitive environments. Low 

Ping’s extensive experience encompasses 

finance, treasury, banking, taxation, 

legal, and risk management. A Chartered 

Accountant and member of the Certified 

Public Accountants in Singapore, she 

holds a Bachelor of Accountancy from 

the National University of Singapore. 

MAHDI AMJAD 

Founder and Executive Chairman 

Omniyat 

Mahdi Amjad, the Founder and 

Executive Chairman of Omniyat, 

has redefined luxury standards 

across Dubai. Omniyat, a premier real 

estate group, excels in bespoke residential 

projects in partnership with elite hotel 

brands. Currently valued at over $5 billion, 

Omniyat’s projects represent the pinnacle 

of opulent living and innovative design. 

His leadership has propelled Omniyat, 

renowned for its cutting-edge design 

and exclusivity, to the top tier of Dubai’s 

property developers. Amjad’s strategic 

foresight has led to collaborations with 

top designers and earned the company 

accolades, including recognition from 

Forbes. His dedication to pushing the 

boundaries of design and quality continues 

to drive Omniyat’s success, setting 

new benchmarks in urban living and 

redefining the luxury real estate market. 

MARK PHOENIX 


Sankari Properties 

Mark Phoenix, CEO of Sankari 

Properties, a burgeoning family-run 

developer on the UAE scene, 

leveraging four decades of experience 

and a substantial investment portfolio. 

Sankari’s flagship project, an ultra-luxury 

residential twin tower at Marasi Marina, 

Business Bay, is slated for completion in 

2027 and will feature 10 exclusive floating 

water homes with stunning views of the 

Dubai Canal and Downtown Dubai. The 

developer’s current portfolio stands at 

$1.9 billion (AED7 billion). In 2023, Sankari 

focused on building a core team and 

forging partnerships with design firms 

Foster + Partners and Portia Fox. Looking 

ahead to 2024, the company projects $544 

million (AED2 billion) in sales. Founder 

Dr Abdulkader Sankari has committed 

$13.6 million (AED50 million) over five 

years for fighting hunger worldwide. 



MIRWAIS AZIZI 


Azizi Developments 

Mirwais Azizi, the Founder and 

Chairman of Azizi Developments, 

has been a transformative force 

in Dubai’s real estate sector since establishing 

the company in 2007. Azizi 

Developments has become one of the 

leading private real estate developers in 

the UAE, with a portfolio valued at over 

AED 45 billion. Under Azizi’s visionary 

leadership, the company has developed 

more than 200 projects in key locations 

like MBR City, Palm Jumeirah, and Dubai 

Healthcare City. Azizi’s commitment to 

excellence is evident in their expansive 

project pipeline, which includes approximately 

10,000 units under construction 

to be delivered by 2025, and an additional 

31,000 units planned for 2025-2028. His 

leadership continues to drive the company’s 

growth and innovation, setting new 

benchmarks in the industry. 

MOHAMED ABDALLA AL ZAABI 

Group CEO 

Miral 

Mohamed Abdalla Al Zaabi, the 

Group CEO of Miral since 2015, 

has driven the company’s exponential 

growth through his strategic vision 

and focus on innovation. He oversees 

Miral’s expanding portfolio on Yas and 

Saadiyat Islands, leading to significant 

achievements, including Yas Island 

welcoming over 34 million visitors and a 

44% surge in Saadiyat Island’s visitation. 

Under his leadership, the destinations 

earned over 170 accolades, cementing 

Yas Island as a global entertainment 

hub and Saadiyat Island as a premier 

cultural destination. Key developments 

include Yas Waterworld’s expansion, a 

Harry Potter theme park, and Yas Bay 

Waterfront’s beachfront development. 

Al Zaabi also spearheads cultural landmarks 

on Saadiyat Island, aligning with 

Abu Dhabi’s Tourism Strategy 2030, and 

launched Miral’s impactful CSR strategy 

in 2023. 

MOHAMED ALABBAR 


Emaar Properties 

Mohamed Alabbar, Founder and 

Chairman of Emaar Properties, 

has been instrumental in Dubai’s 

transformation into a global real estate 

and tourism hub. Since founding Emaar 

in 1997, Alabbar has overseen the development 

of landmarks such as the Burj 

Khalifa and Dubai Mall. Emaar boasts a 

presence across MENA and Asia, with a 

land bank of 1.7 billion square feet and 

over 102,000 residential units delivered 

globally. In 2023, Emaar recorded $5 

billion in revenues and $37.3 billion 

in assets. Alabbar’s influence extends 

beyond real estate into hospitality and 

retail, exemplified by subsidiaries like 

Emaar Entertainment and Emaar Malls 

Management, highlighting his diverse 

impact. 



MOUNIR HAIDAR 

Co-founder and Managing Partner 

LEAD Development 

Mounir Haidar, Co-founder and 

Managing Partner of LEAD 

Development, launched the 

company in 2010 to cater to high-networth 

individuals with premium real 

estate projects. His strategic vision 

has been crucial in establishing LEAD 

Development as a major player in the 

UAE real estate market. Under Haidar’s 

leadership, the company has completed 

projects worth over AED 10 billion. Notably, 

the AED 15 billion Jubail Island in 

Abu Dhabi highlights Haidar’s dedication 

to blending luxury with sustainability, 

setting new standards for eco-friendly 

development in the region. 

Haidar’s focus on exceptional quality 

is evident in every aspect of LEAD’s 

projects, from prime locations to meticulous 

design and construction. Innovation 

is a cornerstone of his strategy; 

by incorporating the latest technologies 

and design trends, LEAD Development 

creates distinctive and advanced living 

spaces that appeal to sophisticated clients. 

His commitment to creating innovative, 

sustainable, and high-quality properties 

continues to attract discerning investors 

and residents. 

Haidar’s deep understanding of market 

trends and his ability to anticipate and 

adapt to these changes have driven the 

company’s success and growth. Through 

his visionary leadership, Mounir Haidar 

has not only shaped LEAD Development’s 

trajectory but also contributed significantly 

to the UAE’s real estate sector. 

His ongoing commitment to excellence, 

sustainability, and innovation continues 

to set benchmarks in the industry, shaping 

the future of luxury living. 

MUHAMMAD BINGHATTI 


Binghatti Developers 

Muhammad BinGhatti, CEO of Binghatti 

Developers, has transformed 

the family property business into 

a leading real estate powerhouse in the 

UAE since 2014. Under his leadership, 

Binghatti Developers has seen remarkable 

growth and innovation, becoming 

a key player in the competitive market. 

Founded in 2008, the company boasts a 

diverse portfolio, including the luxury 

Burj Binghatti Jacob & Co Residences 

and the $109 million Binghatti Creek 

tower, completed in 2023. 

With investments exceeding $3.8 billion, 

Binghatti Developers operates across 

residential, commercial, and hospitality 

sectors, mainly in Dubai. BinGhatti’s 

architectural approach combines artistic 

elements with functional design, creating 

iconic buildings that serve as visual 

landmarks and reflect the company’s 

commitment to luxury and innovation. 

His vision includes expanding the 

company’s portfolio to AED 6 billion, 

demonstrating his commitment to growth 

and excellence. BinGhatti aims to blend 

architecture with emotional impact, 

setting new benchmarks in urban living 

and redefining real estate standards. His 

focus on integrating art into architecture 

has elevated Binghatti Developers’ status 

and contributed significantly to Dubai’s 

architectural landscape. Muhammad 

BinGhatti’s innovative approach and 

strategic foresight continue to drive the 

company toward new heights, making it 

a beacon of creativity and excellence in 

real estate. 



MURAD 

SALEH 

Co-Founder and CEO 

Amwaj Development 

Murad Saleh, the visionary Co-Founder and CEO of 

Amwaj Development, has made a significant impact in 

the real estate industry with his extensive background 

in real estate investment and business development across 

the UAE and Europe. Under his leadership, Amwaj Development, 

established in 2024, has rapidly positioned itself as a 

forward-thinking developer focused on delivering premium, 

contemporary family-centric living spaces in Dubai’s most 

luxurious neighborhoods. The company emphasizes innovation, 

quality, and sustainability, specializing in the construction and 

sale of residential and commercial projects. 

Murad is also the driving force behind the Aurora Prime Investment 

Group, playing a pivotal role in leading the growth of the 

group’s businesses, including Green Gardenia Landscaping and 

Amwaj Development. The flagship project, Starlight Park, located 

in Meydan’s District 11, showcases the company’s dedication 

to quality. This 4-building community features 172 apartments, 

including 1, 2, and 3-bedroom units, each meticulously designed 

with high-quality finishes and amenities such as rooftop pools, 

fitness studios, and a rooftop cinema. The development aims to 

provide an unparalleled living experience with built-in television 

consoles, Italian whitegoods, and custom-designed interiors. 

Amwaj Development’s mission is to deliver landmark projects 

that set new standards for community living spaces. With a 

development pipeline planned to exceed 1.5 million square feet 

in new residential projects by 2024 and over 2 million square 

feet by 2025, Amwaj Development is poised to become a major 

player in Dubai’s real estate market. The company’s unique 

selling points include spacious apartments in prime locations 

with competitive pricing and dedicated parking spots for each 

unit. Since its inception, both Phase 1 and Phase 2 of the Starlight 

project have been sold out since its launch in April 2024. 

As Murad Saleh leads Amwaj Development into a promising 

future, the company continues to set new benchmarks in Dubai’s 

real estate sector, embodying a vision of excellence, sustainability, 

and community-centric living. Amwaj Development is 

also committed to CSR activities, such as giving back to the 

community by donating cars to Dubai flood-affected individuals, 

as it continues to shape a future that respects the environment 

and enhances community wellbeing. 

HIGHLIGHTS 





No. of Projects Launching by 2024: 

3 


High Quality, Prime Location, 

Prices and Size 



NADIA ZAAL 


Al Barari 

Nadia Zaal, an Emirati entrepreneur, 

is the cofounder and CEO of Zaya 

and the CEO of Al Barari. With 18 

years of experience and leadership over 

900 staff, Zaal has significantly impacted 

the real estate and hospitality sectors. 

Since co-founding Zaya in 2008, she has 

overseen the development of high-profile 

projects like ZUHA, Nurai Island, 

and Al Barari. In 2023, Zaya launched 

ZUHA Island with 30 luxury villas and 

also introduced Zaya Early Learning and 

Al Fanar schools. Under her leadership, 

Al Barari completed The Neighborhood 

and Chorisia residential projects. Zaal’s 

career began with the family firm and 

includes notable achievements such as 

leading the IPO for Abu Dhabi Energy 

Company and serving on the Taweelah 

Asia Power Company board. 

NIKITA KUZNETSOV 


Metropolitan Premium Properties 

Nikita Kuznetsov, CEO of Metropolitan 

Premium Properties, has 

been recognized as one of Dubai’s 

Top 50 Real Estate Agents by Property 

Times and FIABCI. Since arriving in the 

UAE in 2008 with just $300, Kuznetsov 

has transformed his career from a hotel 

receptionist to the head of a leading real 

estate agency. His strategic focus on luxury 

and off-plan properties significantly 

contributed to the company’s success, 

including generating $817 million (AED3 

billion) in sales in early 2021. Kuznetsov’s 

leadership has expanded the firm to 

over 400 employees and seven offices 

across the UAE. His story exemplifies 

dedication and innovation, proving that 

with perseverance and a keen eye for 

opportunities, remarkable success is 

achievable in real estate. 

RAHAIL ASLAM 


Select Group 

Rahail Aslam, the Founder and CEO 

of Select Group, has significantly 

impacted Dubai’s real estate 

market. Establishing Select Group in 

the early 2000s, Aslam has guided the 

company to become one of the largest 

privately-owned real estate development 

and investment firms in the GCC, 

with interests extending to the UK and 

Europe. The company’s portfolio spans 

over 20 million square feet, including 

landmark projects like Marina Gate and 

the Peninsula development in Business 

Bay. Known for his strategic vision and 

entrepreneurial spirit, Aslam has diversified 

the company’s investments across 

residential, hospitality, and commercial 

sectors, driving substantial growth and 

innovation within the industry. 



RAHUL KUMAR 

GUPTA 

Rahul Kumar Gupta, the visionary Founder and Chairman 

of Aark Developers LLC, has swiftly established himself 

as a transformative figure in the UAE real estate sector. 

Since founding Aark Developers in 2023, Gupta has led the 

company to impressive heights, focusing on creating luxury 

lifestyle, family-oriented residences. His innovative approach 

and dedication to excellence have positioned Aark Developers 

among the top developers in the UAE, earning them the title of 

Rising Developer of the Year by the UAE Realty Awards. 

Under Gupta’s leadership, Aark Developers has developed 

over 1.5 million square feet of prime real estate, delivering 

more than 200 completed housing units. The company’s flagship 

project, Sora Beach Residences, epitomizes their commitment 

to luxury and innovation. Located close to the Wynn Gaming 

Resort, this development features fully furnished residences 

with breathtaking full sea views, a 138 ft. atrium lobby (the 

highest in the region), and over 50 state-of-the-art amenities, 

including private pools and a 1000 ft. private beach. Designed 

by the world-renowned Japanese architect Nikken Sekkei, with 

interiors by UK-based firm Shalini Misra Design, Sora Beach 

Residences sets new standards for contemporary living. 

Gupta’s vision extends beyond luxury; he aims to create 

communities that foster a family-centric lifestyle. This vision 

is evident in the thoughtful design and extensive amenities of 

Aark Developers’ projects, which include fitness centers, children’s 

play areas, and community spaces designed to enhance 

the quality of life for residents. The company’s dedication to 

high-quality finishing and smart technologies ensures that each 

project is not only aesthetically pleasing but also functional 

and sustainable. 

Despite being a relatively new player in the market, Aark 

Developers has quickly garnered recognition for its exceptional 

developments. Ranked among the top developers in the UAE by 

Construction Week, the company’s rapid growth and success are 

testaments to Gupta’s strategic vision and leadership. With over 

200 units sold in the last year alone, Aark Developers continues 

to make significant strides in the industry. 

Rahul Kumar Gupta’s commitment to excellence, innovation, 

and community-oriented development has set Aark Developers 

on a trajectory of continued success. As the company expands 

its footprint in the UAE, Gupta’s leadership and vision will 

undoubtedly continue to shape the future of luxury real estate 

in the region. 

HIGHLIGHTS 


2023 

Number of Units Sold: 

200+ 

Founder & Chairman 

Aark Developers LLC 


Luxury lifestyle, familyoriented 

residences 



Sq. ft of Total Area Developed 

Over 1.5 million sq. ft. 


30 



RICHARD WAIND 


Betterhomes 

Richard Waind, Chief Executive 

Officer of Betterhomes, brings 

extensive experience to his role. 

After graduating from Sheffield University 

with a degree in Law and Criminology, 

Richard began his property career in 2004 

at a leading London estate agency. Over 

the past 15 years, he has managed teams 

across sales, leasing, property management, 

and financial services, including leading 

the expansion of the UK’s third-largest 

estate agency group. Joining Betterhomes 

in 2017 as Director of Brokerage, he was 

promoted to Group Managing Director 

in January 2020. Under his leadership, 

Betterhomes has acquired Ascot & Co., 

launched CRC and Linda’s Real Estate, 

and continued its significant growth. a 

commercial real estate consultancy, and 

Linda’s Real Estate, a community-based 

brokerage. 

RIZWAN SAJAN 


Danube Group 

Rizwan Sajan, Founder and Chairman 

of Danube Group, has significantly 

influenced Dubai’s real estate and 

building materials sectors. From humble 

beginnings in 1993, Sajan has grown 

Danube Group into a multi-billion-dollar 

conglomerate with diverse interests, including 

building materials, home décor, 

real estate, healthcare, and media. Under 

his leadership, Danube has delivered over 

2,155 residential units and achieved an 

annual turnover of $ 2.1 billion. Known 

for his innovative approach, Sajan introduced 

the revolutionary 1% monthly 

payment plan, making luxury properties 

more accessible. His story of resilience 

and hard work, from selling books as 

a teenager to becoming a top business 

leader, continues to inspire many in the 

UAE and beyond. 

SAEED MOHAMMED AL QATAMI 


Deyaar Development 

Saeed Al Qatami, CEO of Deyaar Development, 

has been a transformative 

leader in Dubai’s real estate sector 

since 2010. Under his guidance, Deyaar 

has developed prominent projects such 

as Business Bay, Dubai Marina, and the 

recent seafront residential tower Mar Casa, 

valued at $299.5 million. Established in 

2002, Deyaar operates across property 

development, facilities management, and 

hospitality, managing assets worth $1.7 

billion as of 2023. Al Qatami’s strategic 

focus on off-plan projects and joint 

ventures has propelled Deyaar’s growth, 

with plans to launch projects worth Dh3 

billion. His leadership continues to drive 

innovation and growth within the company, 

making significant contributions 

to Dubai’s real estate landscape. 



SALEEM KARSAZ 

Group CEO 

Aeon & Trisl Real Estate 

Saleem Karsaz, Group CEO of Aeon 

& Trisl Real Estate, has been instrumental 

in shaping the company into 

one of Dubai’s leading real estate agencies 

since its inception. His strategic vision 

and commitment to excellence have 

driven the firm’s success, establishing it 

at the forefront of the industry. Known 

for its client-centric approach and deep 

market knowledge, Aeon & Trisl has built 

a reputation for delivering outstanding 

service and value. 

Under Karsaz’s leadership, the company 

has aligned with top developers like 

Emaar, Damac, and Nakheel, allowing 

it to offer a broad range of services, 

including residential and commercial 

sales and property management. This 

alignment has enabled Aeon & Trisl to 

cater to a diverse clientele, from individual 

homeowners to large-scale investors. 

The firm’s growth is also evident in 

its robust team of over 360 professionals, 

handling around 4,000 property 

transactions annually. This efficiency 

underscores Aeon & Trisl’s significant 

impact on Dubai’s real estate market. 

The company’s innovative marketing 

strategies and use of advanced technology 

enhance its visibility and client engagement, 

maintaining its competitive edge. 

Karsaz’s leadership fosters a culture of 

innovation and excellence, setting new 

benchmarks in service delivery and client 

satisfaction. His vision ensures that Aeon 

& Trisl continues to adapt and thrive in 

Dubai’s dynamic real estate landscape. 

SAMEH AL MUHTADI 


RAK Properties 

Sameh Al Muhtadi, appointed CEO of 

RAK Properties in August 2022, has 

spearheaded the company’s growth in 

the UAE’s Northern Emirates with a clear 

vision and strategic leadership. Under his 

guidance, RAK Properties has invested 

in notable residential and hospitality 

projects, strengthening its position as a 

leading developer in the region. 

Al Muhtadi’s leadership has seen the 

successful launch of Bay Residences 

and the Julphar Residences on Al Reem 

Island, Abu Dhabi, with the latter selling 

out in just two months. This highlights 

the strong market demand for quality 

residential properties. Additionally, RAK 

Properties delivered 207 villas in the 

Marbella beachfront community and 266 

apartments in Julphar Residence, further 

establishing its reputation for excellence. 

A key milestone under Al Muhtadi’s 

tenure is the opening of the 5-star InterContinental 

Hotel & Spas on Hayat 

Island, enhancing the region’s hospitality 

sector with top-tier accommodations. 

This aligns with RAK Properties’ strategy 

to boost its portfolio with high-end 

hospitality projects. 

Al Muhtadi is also committed to RAK’s 

2030 vision, focusing on sustainability and 

eco-friendly practices in development. 

This commitment ensures that new projects 

are environmentally responsible. 

Moreover, by expanding its portfolio, 

RAK Properties creates job opportunities, 

supporting local economic growth. Al 

Muhtadi’s leadership continues to drive 

the company toward greater success in 

the Northern Emirates and beyond. 



SATISH 

SANPAL 

Renowned businessman and entrepreneur Satish Sanpal is 

the visionary Chairman and guiding force behind ANAX 

Holding. His leadership extends across a diverse portfolio 

that includes ANAX Developments and ANAX Hospitality, unified 

under the umbrella of ANAX Holding. Sanpal’s ambitious 

international vision and comprehensive enterprise reflect his 

exceptional ability to discern evolving market trends, unveil 

hidden opportunities, and skillfully navigate volatile business 

climates. 

Sanpal’s entrepreneurial journey is marked by his unique 

business acumen, innovative strategizing, and unwavering commitment 

to excellence. At the helm of ANAX Holding, Sanpal has 

consistently driven the organization and its subsidiaries towards 

new vistas of success. His leadership style, characterized by 

the ability to inspire, innovate, and integrate diverse sectors 

into a cohesive, goal-oriented conglomerate, is a testament to 

his business prowess. 

ANAX Developments, under Sanpal’s leadership, has made 

significant strides in revolutionizing the urban real estate 

landscape. The company’s commitment to sustainability, innovation, 

and community-centric developments has set new 

benchmarks in the real estate industry. Notable projects include 

the use of sustainable urban design, integrating green spaces, 

energy-efficient systems, and smart technologies to minimize 

environmental impact. 

Sanpal’s dedication to enhancing transparency and trust led to 

the development of an interactive platform (Virtual Reality) that 

allows clients and stakeholders to witness projects in real-time, 

providing detailed updates and virtual tours of future homes. 

This innovative approach has positioned ANAX Developments 

as an emerging leader in the real estate sector, dedicated to 

shaping the future of urban living. 

Sanpal aspires to position ANAX Holding among the top 50 

billionaires in the world by 2034, while pursuing philanthropic 

initiatives, sustainable entrepreneurship, and mentoring future 

leaders. Recently honored with the Golden Excellence Award for 

his contributions to the UAE real estate sector, Sanpal continues 

to demonstrate his commitment to excellence and innovation. 

Beyond his business achievements, Sanpal enjoys a range of 

hobbies and interests, including collecting art, yachting, rare 

books and manuscripts, and luxury automobiles. He is also 

passionate about endurance sports, music, dance, yoga, and 

meditation. 

Sanpal’s vision for ANAX Holding is to continually evolve 

and redefine the boundaries of what’s possible, ultimately 

shaping a future where businesses become agents of societal 

transformation. Under his leadership, ANAX Holding is poised 

to achieve remarkable success and make lasting contributions 

to the real estate industry. 

HIGHLIGHTS 

Chairman 

ANAX Developments 


2023 




Exclusivity, Thoughtful 

Design and Long-Term Value 



SIMON BAKER 

Co-Founder and Managing Director 

Haus & Haus 

Simon Baker, Managing Director of 

haus & haus, has been a leading 

figure in Dubai’s real estate sector. 

Since co-founding the company in 2013 

with James Perry and Luke Remington, 

Baker has built haus & haus into one of the 

most trusted names in the industry. The 

company is renowned for its client-centric 

approach and strong team environment, 

focusing on long-term relationships and 

satisfaction. haus & haus offers a wide 

range of services, including residential and 

commercial sales, leasing, and property 

management, with a dedicated team of 

over 360 professionals. Under Baker’s 

leadership, the company continues to set 

new standards for excellence in Dubai’s 

real estate market. 

TALAL AL DHIYEBI 

Group CEO 

Aldar Properties 

Talal Al Dhiyebi, the CEO of Aldar 

Properties, has been instrumental 

in driving the growth and success 

of Abu Dhabi’s premier real estate developer 

since taking the helm in 2017. 

Under his leadership, Aldar has overseen 

the development of iconic projects like 

Yas Island and Ferrari World, managing 

a vast portfolio that includes 69 million 

square metres of land. In 2023, Aldar 

reported $2.7 billion in revenues and $19.3 

billion in assets, reflecting a significant 

21% growth. Al Dhiyebi has also been 

pivotal in strategic acquisitions worth 

$3.1 billion and advancing sustainable 

development initiatives. His focus on 

innovation and excellence continues 

to position Aldar as the UAE’s largest 

listed developer . 

TALAL MOAFAQ AL GADDAH 

Chief Executive Officer and Senior Executive Vice Chairman 

MAG Lifestyle Development 

Talal Moafaq Al Gaddah, CEO of 

MAG Lifestyle Development, has 

been a significant force in transforming 

Dubai’s real estate landscape. 

Joining the company in 2014, Al Gaddah 

has overseen projects valued at over $4 

billion, with notable developments like 

the Ritz-Carlton Residences, Dubai, 

Creekside, and Keturah Reserve, which 

focus on luxury and well-being. Under 

his leadership, MAG has expanded its 

portfolio with 14 completed projects 

and seven under construction, including 

the innovative Keturah concept. Sales at 

Keturah reached $1.45 billion in 2023. Al 

Gaddah’s strategic vision and commitment 

to excellence continue to drive MAG’s 

growth and innovation, cementing its 

position as a leading developer in the UAE. 


Business 

Source: freepik.com 

The UAE real estate market offers unparalleled opportunities for global investors. 

Leveraging the 

Continuously Growing 

Realty Economy 

of the UAE 

Unlocking lucrative investment opportunities in 

the UAE’s rapidly expanding and thriving real 

estate market. 

The United Arab Emirates (UAE) is renowned 

for its rapid development, luxurious 

living, and innovative architecture. 

Over recent decades, the real estate sector 

has been crucial in transforming the 

UAE into a global business, tourism, and 

investment hub. As the UAE’s real estate 

market continues to expand, businesses 

have abundant opportunities to capitalize 

on this dynamic sector. By investing 

in the UAE’s real estate, companies can 

enhance their operations, increase profitability, 

and secure long-term growth. 

The market’s ongoing evolution presents 

unique advantages for global investors, 

making it a prime destination for those 

seeking to maximize returns and establish 

a strong presence in the region. Additionally, 

government initiatives further 

bolster the sector’s potential. 


The UAE real estate market has 

emerged as a dynamic and lucrative 

environment, underpinned by the 

country’s strategic location, world-class 

infrastructure, and progressive policies 

fostering economic diversification. The 

early 2000s marked a pivotal shift with 

the introduction of freehold property 

laws, igniting a surge of international 

investment and leading to the development 

of iconic landmarks like the Burj 

Khalifa and Palm Jumeirah. Attracting 

global investors, the UAE offers a stable 

political climate and investor-friendly 

regulations, supported by long-term 

visas and tax incentives. As the market 

continues to thrive, opportunities abound 

in commercial real estate, portfolio 

diversification, smart city initiatives, 

tourism, and infrastructure development. 

Businesses aligning with the UAE’s forward-thinking 

strategies can leverage 

these factors for substantial growth and 

long-term prosperity in a resilient and 

innovative real estate sector. 

Understanding the UAE Realty Market 

The UAE real estate market has experienced 

exponential growth, driven by 

several key factors. These include the 

country’s strategic location, world-class 

infrastructure, investor-friendly policies, 

and a strong commitment to economic 

diversification. The introduction of freehold 

property laws in the early 2000s, allowing 

foreigners to own property in designated 

areas, was a game-changer, attracting a 

wave of international investment. Iconic 

developments such as the Burj Khalifa, 

Palm Jumeirah, and The World Islands 

have further solidified the UAE’s reputation 

as a premier destination for real 

estate investment. 

UAE has cultivated a highly competitive 

and innovative construction sector. Leading 

developers in the region consistently 

push the boundaries of architectural 

design and engineering, creating projects 

that capture global attention and set new 

standards for luxury and functionality. 

This relentless drive for excellence and 

innovation ensures that the UAE remains 

at the forefront of the real estate industry, 

continually attracting investors and 

residents who seek the best in modern 

living and commercial spaces. 

Attracting Global Investors 

Businesses can leverage the UAE’s 

real estate market by tapping into the 

influx of global investors. The UAE’s 

strategic location, coupled with its 

modern infrastructure and stable political 

environment, makes it an attractive 

destination for investors from around 

the world. Companies in the real estate 

sector can attract foreign investment 

by offering innovative and high-quality 

developments that cater to the diverse 

needs of global investors. Additionally, 

the UAE government’s proactive approach 

to attracting investment, through policies 

such as long-term visas for investors 

and tax incentives, creates a conducive 

environment for investment. 

Expanding Commercial Real Estate 

Opportunities 

The UAE’s thriving real estate market 

offers numerous opportunities for 

businesses to expand their commercial 

operations. The demand for office spaces, 

retail outlets, and mixed-use developments 

is on the rise, driven by the country’s 

growing population and increasing 

economic activity. Dubai, in particular, 

has emerged as a major business hub, 

attracting multinational corporations 

and startups alike. By establishing a 

presence in Dubai’s commercial real 

estate market, companies can tap into 

the city’s dynamic business ecosystem 

and access a wide range of opportunities 

for growth and collaboration. 

Diversifying Business Portfolios 

The UAE’s real estate market offers 

businesses the opportunity to diversify 

their portfolios and reduce risk. By investing 

in a mix of residential, commercial, 

and industrial properties, companies can 

achieve a balanced and resilient investment 

portfolio. This diversification can 

help businesses mitigate the impact of 

market fluctuations and ensure stable 

returns over the long term. 

Leveraging Smart City Initiatives 

The UAE is at the forefront of smart 

city development, integrating cutting-edge 

technology and sustainable practices into 

its real estate projects. Businesses can 

leverage these smart city initiatives to 

enhance their operations, improve efficiency, 

and create innovative solutions 

for their clients. Projects like Masdar 

City in Abu Dhabi and the Dubai Silicon 

Oasis exemplify the UAE’s commitment 

to smart city development. 

Capitalizing on Tourism and Hospitality 

The UAE’s real estate sector plays a 

crucial role in supporting the country’s 

tourism and hospitality industries. The 

development of luxury hotels, resorts, and 

entertainment complexes has positioned 

the UAE as a top global tourist destination. 

Dubai, with its iconic landmarks 

such as the Burj Khalifa, Dubai Mall, 

and Palm Jumeirah, attracts millions of 

tourists each year, creating opportunities 

for businesses to invest in hospitality 

properties. 

Supporting Infrastructure Development 

The growth of the real estate sector 

is closely linked to the development of 

infrastructure in the UAE. Businesses can 

leverage the opportunities presented by 

infrastructure projects to enhance their 

operations and support economic growth. 

Major infrastructure projects, such as the 

expansion of the Dubai Metro and the 

construction of highways and bridges, 

enhance connectivity and accessibility 

across the UAE. 

Navigating Regulatory Frameworks 

The UAE’s real estate sector is supported 

by a robust regulatory framework that 

ensures transparency, accountability, and 

investor protection. By complying with 

regulatory requirements and maintaining 

transparency in their operations, businesses 

can build trust with investors and 

customers, fostering a positive business 

environment and encouraging long-term 

investment in the real estate sector. 

Future Prospects and Opportunities 

The future of the UAE’s real estate 

market looks promising, with numerous 

opportunities for businesses to leverage 

its growth. The UAE government’s strategic 

initiatives, such as the Dubai Urban 

Master Plan 2040 and the Abu Dhabi Plan 

2030, outline ambitious goals for sustainable 

development, smart city projects, 

and economic diversification. The real 

estate sector’s resilience and adaptability, 

demonstrated during economic challenges 

such as the global financial crisis and 

the COVID-19 pandemic, underscore its 

potential for long-term growth. 

Conclusion 

The UAE’s thriving real estate sector 

offers businesses lucrative opportunities 

through global investment, smart city 

initiatives, tourism, infrastructure, and 

strategic innovation. 


Business News 

Saudi’s PIF and Vision Industries Partner with Envision Energy 

Envision Energy has partnered with 

Saudi Arabia’s Public Investment 

Fund (PIF) and Vision Industries 

to boost wind power development in 

the region. This venture will focus on 

producing wind turbines and components 

such as blades, nacelles, and 

hubs. Envision Energy, named one of 

TIME’s 100 Most Influential Companies 

of 2024, will hold the majority stake, 

with PIF and Vision Industries sharing 

the rest. This partnership supports Saudi 

Arabia’s goal to localise 75 percent 

of renewable energy components by 

2030, as part of the National Renewable 

Energy Programme. It also aligns 

with the Vision 2030 plan. PIF chose 

Envision for its expertise in green 

power technologies, including smart 

wind power, energy storage, and green 

hydrogen solutions. This collaboration 

is pivotal for Saudi Arabia’s renewable 

energy transformation, aiding PIF’s 

renewable energy projects. 

Abu Dhabi’s Masdar 

Secures $1B via Green 

Bonds 

Abu Dhabi’s clean-energy firm 

Masdar has successfully raised 

$1B through its second green 

bond issuance, issuing two tranches 

of $500M each with maturities of five 

and ten years, and coupons of 4.875% 

and 5.25%, respectively. The offering 

saw high demand, with orders totaling 

$4.6B, resulting in a 4.6x oversubscription. 

Allocation was divided, with 70% 

going to international investors and 

30% to those in the MENA region. The 

funds will support Masdar’s equity investments 

in new greenfield projects, 

particularly in developing economies, 

aiming for a 100GW portfolio capacity 

by 2030. Following its debut green 

bond issuance of $750M in 2023, Masdar 

plans to raise up to $3B under its 

Green Finance Framework. TAQA 

holds 43% of Masdar, Mubadala 33%, 

and ADNOC 24%. 

Singapore’s Mapletree Investments to Establish 

Office in Abu Dhabi 

Mapletree Investments Pte, 

a Singapore-based property 

development and management 

firm, is expanding its global footprint 

with a new office in Abu Dhabi. As a unit 

of Singapore’s state-backed Temasek 

Holdings PTE, Mapletree has re-hired 

Khairul Abdullah to lead this expansion, 

according to Bloomberg sources. 

Abdullah, formerly a vice-president at 

Mapletree, previously worked at Aldar 

Properties. While the company has 

confirmed its plans to open an office in 

Abu Dhabi, it has not disclosed further 

details. This expansion aligns with the 

strong performance of Abu Dhabi’s 

real estate market, which, according 

to Bayut, is experiencing a surge in 

Hong Kong’s stock exchange 

operator has strengthened its 

collaboration with two exchanges 

in the United Arab Emirates (UAE) 

to facilitate listings by UAE companies. 

This move comes as a government 

advisory body plans to explore Islamic 

finance to better align Hong Kong’s financial 

infrastructure with the needs of 

the Middle East. Hong Kong Exchanges 

and Clearing (HKEX) has included the 

Abu Dhabi Securities Exchange (ADX) 

and the Dubai Financial Market (DFM) 

as recognized stock exchanges. This 

recognition allows companies listed 

on these exchanges to apply for a 

secondary listing in Hong Kong. The 

foreign direct investments. The Abu 

Dhabi Real Estate Centre reports that 

the market is growing and stabilizing, 

with significant interest from international 

investors, particularly in luxury 

segments. 

Hong Kong Recognizes UAE Stock Exchanges 

additions follow HKEX’s recognition 

of the Saudi Exchange (Tadawul) last 

year, aiming to attract more Middle 

Eastern companies to consider listing 

in Hong Kong, according to HKEX head 

of listing Katherine Ng. 


DP World and Turkish Evyap Group Launch New Logistics Hub 

DP World and Evyap Group have 

finalized a strategic merger, uniting 

their Marmara Sea ports to form 

an international logistics hub that will 

enhance Türkiye’s role in global trade. 

Following regulatory approval from the 

Turkish Competition Authority, the new 

entity, DP World Evyap, combines DP 

World’s 58% stake in Evyapport with 

Evyap Group’s 42% share in DP World 

Yarımca. The rebranded facilities will be 

named ‘DP World Evyap Yarımca’ and 

‘DP World Evyap Körfez.’ This merger 

aims to meet growing logistics demands, 

boost Türkiye’s trade volumes, and 

support the country’s rise as a major 

global hub. The combined 2,088 metres 

of berthing space will accommodate 

multiple ultra-large container vessels, 

with a total annual capacity exceeding 

2 million TEUs and integrated services 

for project and heavy lift cargo. Enhanced 

road and rail links, along with 

a team of over 900 experts, will ensure 

optimized cargo operations. 

ADGM Hosts Second 

Community Event 

to Support Al Reem 

Business Transition 

Following the success of its first 

event, ADGM hosted its second 

Al Reem Island Business 

Community Event to support local 

businesses transitioning under its 

jurisdiction by the end of the year. 

The event, attended by over 150 

representatives, offered updates on 

licensing, registration fees, and transition 

processes, encouraging dialogue 

among stakeholders. ADGM executives 

provided guidance on converting 

ADDED licenses to ADGM licenses 

and announced significant fee reductions 

for commercial licenses, with 

cuts exceeding 50% for non-financial 

and retail sectors starting January 

1, 2025. Hamad Sayah Al Mazrouei, 

CEO of ADGM Registration Authority, 

emphasized ADGM’s commitment to 

facilitating a smooth transition and 

fostering a business-friendly environment 

in Abu Dhabi, aligning with the 

region’s sustainable economic growth. 

UAE’s ADIA, EQT Bid $1.6B for Indian Biopharma 

A 

consortium involving Abu Dhabi 

Investment Authority (ADIA), 

a major sovereign wealth fund, 

and EQT, a prominent European private 

equity firm, is competing to acquire Indian 

biopharmaceutical company BSV Group, 

according to a news report. Mankind 

Pharma, an Indian pharmaceutical company, 

is also in the running. Both bidders 

have submitted firm offers to purchase 

the company from US private equity 

firm Advent International for Rs 140B 

($1.6B). If successful, this acquisition 

would rank among the largest buyouts 

of an Indian pharmaceutical firm. Meanwhile, 

a shortlisted consortium including 

The Asian Development Bank (ADB) 

has slightly revised its economic 

growth forecast for developing Asia 

and the Pacific in 2024 to 5.0%, up from 

4.9%, citing stronger regional exports and 

robust domestic demand. The forecast 

for 2025 remains unchanged at 4.9%. The 

ADB expects inflation to ease to 2.9% 

this year due to lower global food prices 

and the impact of previous high interest 

Warburg Pincus, Chrys Capital, and UAE’s 

Mubadala chose not to make a binding 

offer. A decision on the deal is expected 

soon. Bharat Serums, established in 1971, 

specialises in biotech and biological 

injectable medicines. 

ADB Upgrades 2024 Growth Forecast for Developing 

Asia and the Pacific 

rates. Post-pandemic recovery, driven 

by domestic demand, is now bolstered 

by a rebound in exports, particularly in 

electronics and semiconductors. ADB 

Chief Economist Albert Park noted that 

while most of the region is experiencing 

faster growth compared to late last year, 

policymakers must address risks such 

as election uncertainties, interest rate 

changes, and geopolitical tensions. 


The UAE Realty Awards 2024, hosted 

by Finance World Magazine, took 

place on July 6th at the iconic 

Atlantis the Palm, Dubai, celebrating 

the most significant achievements in the 

UAE real estate market. Widely regarded 

as the premier real estate awards in the 

UAE, this event honored the outstanding 

contributions of industry pioneers and 

innovators, bringing together the crème 

de la crème of the real estate world. The 

evening was marked by an atmosphere 

of celebration and networking among 

distinguished guests, industry leaders, 

and key stakeholders. 

Each award acknowledged the remarkable 

achievements and dedication 

of the awardees, highlighting their role 

in advancing their organizations and the 

broader industry. The awards include:


DEVELOPER OF THE YEAR 

Known for its luxurious residential, commercial, and leisure 

properties, DAMAC Properties is a top-tier real estate developer. 

DAMAC continues to lead the industry with its innovative designs 

and high-quality developments. 

LIFETIME ACHIEVEMENT AWARD 

P. N. C. Menon, Founder and Chairman of Sobha Realty, was honored 

as the visionary founder and was celebrated for his entrepreneurial 

spirit and dedication to quality and excellence in real estate. 

BEST COMMUNITY DEVELOPER OF THE YEAR 

Dubai Holding is recognized for its transformative community 

developments that enhance urban living. Dubai Holding continues to 

set new standards in creating vibrant and sustainable communities. 

Aug 2024 

www.thefinanceworld.com 49

LUXURY PROPERTY DEVELOPER 

Omniyat is a premier real estate developer in the UAE, renowned for its 

iconic luxury properties that combine innovative design and exceptional 

quality. Omniyat continues to set new benchmarks in the luxury real 


BEST AMENITIES PROVIDER OF THE YEAR 

Azizi Developments is celebrated for its exceptional residential and 

commercial projects. They continue to set new standards in delivering 

unparalleled facilities and services to their residents. 

BEST SUSTAINABLE DEVELOPMENT 

OF THE YEAR 

Designed to be one of the world’s most sustainable cities Masdar City 

won this award. Combining innovative technologies and renewable 

energy solutions, it sets a global standard for sustainable living and 

working environments. 

INNOVATIVE URBAN DEVELOPER 

OF THE YEAR 

Eagle Hills continues to lead the industry with its forward-thinking and 

transformative projects. They are renowned for creating innovative and 

sustainable urban spaces. 

RISING DEVELOPER OF THE YEAR 

Aark Developers are an emerging leader in the real estate sector, recognized 

for their innovative and high-quality residential and commercial 

projects. Winning the Rising Developer of the Year award, they continue 

to set new standards in the industry with their commitment to excellence. 

50 www.thefinanceworld.com 

Aug 2024






BEST REAL ESTATE MARKETING CAMPAIGN 

Tiger Properties is a prominent real estate developer in the UAE, 

known for its innovative projects and strategic marketing initiatives. 

They continue to lead the market with their impactful and creative 

promotional strategies. 

EMERGING URBAN INFRASTRUCTURE 

DEVELOPER OF THE YEAR 

This award was presented to ANAX Developments, a forward-thinking 

company specializing in urban infrastructure projects, known for its 

innovative approach and commitment to sustainable development. 

INTERNATIONAL PROPERTY EXPERT 

OF THE YEAR 

Salwa Arfaoui, Regional Director of Next Level Real Estate, was 

honored in this category. She is a recognized authority in international 

property markets and is known for her deep expertise and strategic 

insight. 

ICONIC DESIGN OF THE YEAR 

This award was presented to Almal Real Estate Development, renowned 

for its avant-garde approach to architectural design, crafting iconic 

landmarks that redefine cityscapes. 

EXCELLENCE IN LAND PLOT ADVISORY 

This award was presented to Zabadani Real Estate, a leading firm 

specializing in land plot advisory, known for its expert guidance and 

strategic insights. 



EMERGING REAL ESTATE FIRM OF THE YEAR 

Infinix Real Estate emerges as a dynamic force in the industry, 

celebrated for its rapid growth and innovative real estate solutions. 

This award highlights their commitment to excellence and futureforward 

approach in the market. 

MOST INFLUENTIAL REAL ESTATE 

THOUGHT LEADER 

Eng. Amer Abdulaziz Hussain Khansaheb, Managing Director of 

Union Properties, is a visionary leader in the real estate sector, 

celebrated for his innovative strategies and influential insights. 

YOUNG ACHIEVER IN REAL ESTATE 

Rachna Bhatia and Lovina Chari, Founders of One Stop Realty were 

recognized in this category for their positive can-do attitude, which 

relies on strong morals, providing professional and straightforward 

advice that resonates with simplicity in their results. 





REAL ESTATE ENTREPRENEUR OF THE YEAR 

Mehrdad Hessabi, CEO of MacMillan Trust, was recognized as the 

Real Estate Entrepreneur of the Year for his visionary leadership 

and strategic acumen. Under his guidance, MacMillan Trust has 

showcased its outstanding innovation and market success. 

PROPERTY INVESTMENT RISING STAR 

OF THE YEAR 

ResiDual was recognized in this category for its remarkable 

achievements as a premier property investment firm. Known for 

its strategic approach and exceptional portfolio management, 

ResiDual continues to set new standards in the industry by delivering 

outstanding returns and innovative investment solutions to its clients. 

BEST REAL ESTATE INVESTMENT 

PORTFOLIO 

Aeon & Trisl Real Estate bagged this award, known for its robust 

portfolio management and strategic investment approaches. 

Stunning artworks from local artists were showcased, highlighting the 

region’s rich cultural tapestry and artistic talent. The evening was a perfect 

blend of elegance, recognition, and inspiration, leaving a lasting impression 

on all attendees. 

The event was supported by key partners like Century Financial, Natuzzi 

Italia, Layer X, Emirates Podcast, DBPV, Ferns & Petals, and Scream 

Entertainment. 

Media partners, including Khaleej Times, Gulf Property, Maa Gulf, Mid 

East Information, My Dubai Media, Dailyhunt MENA, CEO Insights, One 

Arabia, and Mobi Eventz, amplified the event’s reach and impact across 

various platforms and audiences. The event also featured a highly engaging 

performance by renowned African drummer Kodzo. 

The UAE Realty Awards not only celebrated current leaders but also set a 

high benchmark for the future of the real estate industry in the UAE. The 

collaborative effort of these organizations ensured a successful celebration 

of excellence and achievements within the real estate sector, underlining 

the importance of innovation and excellence in the industry. 



Opinion 

Booming Horizons: AMF’s 

6.2% Growth Forecast 

and Its Impact on Real 

Estate and Tourism 

By James Mathew, CEO & Managing Partner, 

UHY James Chartered Accountants 

The Arab Monetary Fund (AMF) has 

projected a robust 6.2% growth for 

the UAE economy in 2025, a figure 

that promises substantial shifts across 

multiple sectors. Here, we delve into the 

implications of this forecast, particularly 

focusing on the real estate market, tourism 

sector, and evolving financial strategies. 

Economic Impact 

The AMF’s latest Arab Economic 

Outlook Report predicts 3.9% growth in 

2024 and an impressive 6.2% in 2025. This 

growth is driven by tourism, real estate 

development, robust international trade, 

heightened capital spending, and innovation-driven 

high-tech industries. As the 

UAE economy expands, the real estate 

sector is set to benefit immensely. Higher 


income levels will push the demand for 

residential and commercial properties, 

and increased infrastructure development 

will enhance the attractiveness of real 

estate projects, leading to higher property 

values in well-connected areas. With 

economic growth, the regulatory landscape 

in real estate is likely to evolve. 

Governments may introduce new policies 

to manage the market, potentially easing 

foreign ownership restrictions and implementing 

measures to drive sustainable 

development. 

Impact on Real Estate 

Given the positive economic outlook, 

we can anticipate dynamic shifts within 

the UAE’s real estate market. The UAE 

is set to retain its top spot as the world’s 

leading wealth magnet, attracting high-networth 

individuals (HNWIs) from the UK, 

India, and Europe. Dubai, already home 

to a significant number of millionaires, 

is expected to see an influx of 6,700 HN- 

WIs by the end of 2024, with projections 

suggesting the country may add 30,000 

millionaires over the next five years. Investor-friendly 

visa reforms have accelerated 

foreign ownership and business setups 

in the UAE. Foreign nationals can now 

purchase properties, and Golden Visa holders 

can leverage a streamlined process 

for property ownership, expanding both 

their business and property portfolios. 

Impact on Tourism 

The anticipated economic growth will 

significantly influence the tourism sector, 

boosting broader economic development. 

The UAE’s emphasis on tourism as a key 

economic pillar will drive increased investments 

in infrastructure and hospitality. To 

maximize tourism’s potential, strategies 

should focus on enhancing visitor experiences, 

promoting cultural heritage, and 

expanding tourism-related services. With 

a vibrant and evolving tourism sector, the 

UAE is set to attract even more international 

visitors, further strengthening its 

position as a global tourism hub. 

Impact on Taxation and Corporate Tax 

Economic growth in the UAE will inevitably 

impact corporate tax policies and 

regulations. The introduction of corporate 

tax marks a significant shift, and future 

adjustments to tax rates and thresholds are 

expected, alongside specific deductions 

and incentives for priority sectors. Free 

zones, traditionally offering significant 

tax exemptions, may undergo policy 

adjustments to align with international 

standards and contribute more broadly 

to the economy. Additionally, discussions 

around modifying the VAT rate or broadening 

its base could arise, affecting business 

costs and pricing strategies. Businesses 

will have opportunities to leverage tax 

incentives, strategically position themselves 

in free zones, and engage in forward-thinking 

financial planning to adapt 

to these evolving regulations. 

As the UAE continues 

to transform its 

economic landscape, 

investors should seize 

opportunities that align 

with the country’s 

evolving priorities and 

growth areas.” 

Impact on Audit and Financial Practices 

In light of the forecasted economic 

growth, businesses should be mindful 

of evolving audit practices and financial 

management strategies. Maintaining consistent 

financial records is crucial for establishing 

credibility, supporting banking 

relationships, and evaluating vendors. 

Providing audited financial statements 

will become increasingly important 

for meeting credibility thresholds in a 

competitive environment. As businesses 

prepare for the economic changes ahead, 

adopting best practices in financial management 

and ensuring thorough, accurate 

accounting will be key to navigating the 

shifting landscape. 

Long-Term Outlook 

Looking beyond 2025, the UAE’s economic 

trajectory is expected to continue 

its growth and innovation. Businesses and 

investors should stay aligned with market 

trends, emphasize sustainability, and 

maintain a competitive edge. Monitoring 

consumer preferences, industry innovations, 

and technological developments will 

be essential for long-term success. Staying 

adaptable and forward-thinking will help 

businesses remain relevant and thrive 

in the evolving economic environment. 

Personal Insights & Investment Advice 

For investors aiming to capitalize on the 

forecasted growth, focusing on effective 

taxation strategies and robust financial 

planning is essential. Leveraging sector-specific 

tax incentives, engaging in 

strategic planning, and aligning investments 

with emerging economic trends 

will be crucial. 

UAE is rapidly transforming its economic 

environment and strengthening 

its real estate landscape to overshadow 

cities like London and New York. With 

millionaire migration gaining prominence 

in the UAE and foreign-owned real estate 

gaining momentum across the country, 

the UAE economic outlook is buoyant 

and positive on diverse levels. Robust 

compliance strategies and investor-centric 

visa reforms are transforming the 

country into a preferred hub for realizing 

business expansion goals. The Arab 

Monetary Fund’s 6.2% growth forecast 

for the UAE clearly mirrors the country’s 

robust economic trajectory across diverse 

sectors—be it tourism, hospitality, real 

estate, and digital transformation. 


Personal Finance 


Wealth-Building 

via Real Estate: 

Perspective of 

Dubai 

Exploring lucrative investment opportunities 

in Dubai’s ever-evolving and highly dynamic 

property market. 

Dubai, the glittering jewel of the United 

Arab Emirates, has long been synonymous 

with opulence, innovation, and 

rapid development. For investors seeking 

to build wealth through real estate, 

this dynamic city offers a unique and 

potentially lucrative market. According 

to a 2024 report by Knight Frank, a 

leading real estate consultancy, Dubai’s 

residential capital values are expected to 

rise by 2.7% in 2024, solidifying its position 

as a global real estate powerhouse. 

This article explores the opportunities, 

strategies, and considerations for wealth 

building through real estate investment in 

Dubai, highlighting the factors that make 

this market particularly attractive and 

profitable for investors from around the 

world, including its strategic location and 

favorable economic policies. 


Dubai’s real estate market thrives 

due to several factors that benefit 

investors. The UAE’s tax-free 

environment maximizes returns, with no 

personal income tax or capital gains tax. 

This advantage was highlighted in a recent 

Forbes article that described Dubai as a 

“magnet for high-net-worth individuals” 

due to its tax-friendly policies. 

Dubai’s strategic location as a global 

hub connecting East and West fuels 

ongoing economic growth and property 

demand. The city sits at the crossroads of 

major trade routes, making it a vital link 

between Asia, Africa, and Europe. This 

strategic positioning is further bolstered 

by world-class infrastructure, including 

the Dubai International Airport, one of 

the busiest in the world. 

The city’s status as a premier tourist 

destination further bolsters the market 

by driving demand for short-term rentals 

and holiday homes. Dubai’s constant 

innovation and development, from the 

iconic Burj Khalifa to the upcoming Ain 

Dubai observation wheel, continues to 

attract millions of visitors annually. 

According to a 2024 report by Dubai’s 

Department of Tourism and Commerce 

Marketing, the emirate is expected to 

welcome 18.5 million tourists in 2024, a 

significant increase from pre-pandemic 

levels. This surge in tourism translates 

to a growing demand for properties in 

popular areas like Dubai Marina and 

Downtown Dubai. 

Government Initiatives and World- 

Class Infrastructure Foster Growth 

Government initiatives like the Dubai 

2040 Urban Master Plan showcase the 

emirate’s commitment to sustainable 

growth and development. This ambitious 

plan outlines a roadmap for the 

city’s transformation over the next two 

decades, with a focus on innovation, 

sustainability, and smart city initiatives. 

These initiatives are expected to create 

new investment opportunities in areas 

like green building technologies and 

smart homes. 

Dubai’s world-class infrastructure 

featuring state-of-the-art facilities, 

transportation networks, and smart 

city initiatives further enhance property 

values. The city boasts a sophisticated 

metro system, a well-developed road network, 

and a growing network of electric 

vehicle charging stations. Additionally, 

Dubai’s commitment to sustainable development 

and green spaces makes it an 

attractive destination for investors and 

residents alike. 

Investment Strategies: Catering to 

Different Risk Appetites 

Dubai offers a variety of real estate 

investment strategies to cater to different 

risk appetites and involvement 

levels. Investors can opt for traditional 

buy-to-let properties in prime locations 

like Dubai Marina or Downtown Dubai. 

These areas offer high rental yields due 

to their popularity with tourists and 

professionals. However, investors in 

this segment should carefully consider 

the target market and potential vacancy 

periods. 

Alternatively, off-plan investments 

during the pre-construction phase can 

offer higher returns with lower initial 

costs and potential customization options. 

However, as with any off-plan investment, 

thorough due diligence on the developer’s 

track record is crucial to mitigate risks 

of project delays or cancellations. 

For stable, long-term income, commercial 

real estate in sectors like office 

spaces, retail units, or warehouses is an 

option. Investors in this segment should 

pay close attention to location, tenant 

quality, and diversification across sectors 

to mitigate risk. 

Market Trends and Opportunities: 

Beyond Established Neighborhoods 

Beyond established neighborhoods, 

Dubai’s real estate market offers exciting 

opportunities for investors seeking 

higher returns. Areas like Dubai South, 

capitalizing on the ongoing development 

spurred by Expo 2020, are transforming 

into commercial and residential hubs. For 

luxury property seekers, Mohammed Bin 

Rashid City offers a chance to invest in 

the high-end residential market, while 

Dubai Hills Estate tempts investors with 

its prestigious community atmosphere 

and upscale amenities. 

The rise of remote work and digital 

nomadism creates opportunities in 

co-living and co-working spaces. Investors 

can capitalize on this trend by 

developing or converting properties to 

cater to this growing market segment. 

Dubai’s co-living market is expected to 

grow significantly in the coming years, 

fueled by an influx of young professionals 

and entrepreneurs. 

Dubai’s focus on becoming a medical 

and educational hub opens doors for 

investment in purpose-built student accommodation 

or medical facilities. The 

emirate’s growing reputation as a center 

for healthcare and education is attracting 

students and medical professionals from 

around the world, creating a demand for 

specialized housing options. 

Challenges and Considerations: 

Navigating the Market Landscape 

Despite the potential rewards, Dubai’s 

real estate market also presents challenges. 

Investors must navigate market fluctuations 

and maintain a long-term outlook. 

Keeping abreast of the evolving regulatory 

environment, including property laws, 

visa regulations, and other legislation, 

is crucial. Finally, familiarization with 

local business practices and cultural 

norms is vital to avoid pitfalls. Building 

relationships with local real estate professionals 

can provide invaluable guidance 

in navigating the market’s nuances. 

Building Wealth Responsibly: A Multi- 

Pronged Approach 

To ensure sustainable wealth creation 

through Dubai real estate, a multi-layered 

approach is recommended. Before 

investing, thorough due diligence on 

properties, developers, and market 

conditions is essential. Consulting with 

local real estate experts, lawyers, and 

financial advisors can provide invaluable 

guidance and ensure informed decisions. 

Remember, real estate is a long-term game; 

be prepared to hold properties through 

market cycles to maximize returns. 

Consider reinvesting rental income and 

capital gains to amplify your portfolio’s 

growth over time. 

Dubai’s real estate market offers a 

unique combination of tax benefits, 

strong infrastructure, and ongoing development 

that can provide significant 

wealth-building opportunities for savvy 

investors. By carefully considering investment 

strategies, staying attuned to 

market trends, and addressing potential 

challenges, investors can position themselves 

to capitalize on Dubai’s dynamic 

property market. Remember, successful 

real estate investment in Dubai requires 

a well-defined strategy, a long-term perspective, 

and a willingness to navigate 

the specific market characteristics of 

this globalized city. 


Wheels 

2025 CHEVROLET 

Corvette ZR1 

1,064 HP 

at 7,000 RPM 

8-Speed 

Dual-clutch transmission 

LT7 5.5L 

DOHC V8 engine 


The 2025 Chevrolet Corvette 

ZR1 is engineered for peak performance, 

featuring a potent 

twin-turbocharged 5.5L V8 engine that 

delivers an impressive 850 horsepower 

and 825 lb-ft of torque. This immense 

power allows the ZR1 to achieve remarkable 

acceleration and top speeds, 

making it one of the most formidable 

sports cars on the market. 

Designed to conquer any road with 

speed and strength, the ZR1 incorporates 

edge-to-edge aerodynamic 

features that go beyond traditional 

expectations. This includes wide side 

air inlets, carbon-fiber elements, and 

numerous airflow and cooling features, 

resulting in the highest downforce of 

any production Corvette. The ZR1’s 

cutting-edge aerodynamic design features 

a new intercooler with a flowthrough 

hood and spoiler that cools 

turbo-charged air to improve airflow. 

The front splitter, underwing, and 

smooth underbody work together to 

generate suction under the vehicle, 

maximizing downforce and minimizing 

drag. Large side air inlets, with signature 

carbon-fiber wishbone bezels and 

new rear brake cooling ducts, enhance 

engine cooling and air intake. 

The available ZR1 Carbon Fiber Aero 

Package includes a potent carbon-fiber 

wing, underbody strakes, and carbon-fiber 

dive planes, all of which contribute 

to producing the highest downforce of 

any production Corvette in history. The 

body design features stunning smooth 

lines and alluring geometry, with the 

split rear window and hatch intakes 

providing increased engine bay cooling. 

The new carbon-fiber hatch intakes 

draw in colder air for improved engine 

performance. Additionally, the new 

intercooler with flow-through hood 

and spoiler helps cool turbo-charged 

air to extract airflow efficiently. 

New 10-spoke visible carbon-fiber 

wheels reduce section width and 

mass, improving aerodynamics and 

performance. The covered underbody of 

the ZR1 minimizes drag and reduces turbulence, 

further engaging downforce. 

Inside, the ZR1 offers a driver-centric 

cockpit with top-of-the-line materials 

and bespoke options. The steering wheel 

and center console feature a flat-top 

and -bottom design with unique ZR1 

badging. Standard features include 

a heated, leather-wrapped steering 

wheel with carbon-fiber accents. An 

optional sueded microfiber-wrapped 

steering wheel is available exclusively 

on the 3LZ trim. 

The ZR1 fuses luxury and performance, 

upholding its reputation for 

superior craftsmanship. Premium 

amenities and detailing highlight the 

ultimate expression of innovation. The 

2025 Chevrolet Corvette ZR1 continues 

to set benchmarks in performance, 

design, and engineering, making it a 

standout in the sports car arena. 


Fintech 


Fintech transforms UAE’s real estate, enhancing efficiency, accessibility, and transparency. 

Revolutionizing 

the UAE Real 

Estate Market with 

Fintech 

Transforming the UAE real estate sector with 

advanced financial technologies, creating new 

opportunities for efficiency and transparency. 

In the ever-evolving landscape of the UAE 

real estate market, Fintech has emerged 

as a pivotal force reshaping traditional 

practices and unlocking new opportunities 

for investors, buyers, and sellers alike. 

The UAE, renowned for its progressive 

approach, provides fertile ground for 

Fintech to flourish, leveraging digital 

financial technologies to streamline 

property transactions with unprecedented 

efficiency, accessibility, and transparency. 

Fintech’s impact spans various facets of 

real estate transactions, fundamentally 

altering how properties are bought, sold, 

and financed in one of the world’s most 

dynamic markets. At its core, Fintech 

integrates advanced technologies such as 

blockchain, artificial intelligence (AI), and 

big data analytics to enhance every stage 

of the real estate transaction lifecycle. 


Fintech’s integration into the UAE 

real estate sector is multifaceted, 

bringing transformative changes 

that enhance every aspect of the market. 

From digital payments to real-time 

data analytics, the impact of Fintech is 

profound and far-reaching. 

Digital Payments and Cryptocurrencies 

Digital payments and the integration 

of cryptocurrencies have been pivotal in 

modernizing financial exchanges within 

the sector. These innovations have 

replaced traditional cash transactions 

with secure digital payment methods, 

making property acquisitions seamless 

and efficient. The UAE’s exploration of 

cryptocurrencies in real estate investments 

not only reflects its embrace of 

technological advancement but also 

positions the market at the forefront of 

digital finance adoption. According to 

Juniper Research, the global adoption of 

digital payment solutions in real estate 

transactions is projected to reach $9.4 

trillion by 2025, highlighting a significant 

shift towards digital financial ecosystems. 

Blockchain and Smart Contracts 

Smart contracts represent another 

groundbreaking application of Fintech in 

real estate. Utilizing blockchain technology, 

smart contracts automate and secure 

agreements between parties, eliminating 

the need for intermediaries and reducing 

transaction times significantly. Deloitte 

reports indicate that blockchain-based 

solutions can reduce transaction times 

from weeks to mere minutes, underscoring 

their efficiency in modernizing 

real estate transactions and enhancing 

trust among stakeholders. Blockchain 

technology has made significant strides 

in transforming the real estate payment 

process, offering a range of benefits that 

address many of the traditional challenges 

in the industry. One of the primary 

advantages of using blockchain in real 

estate payments is its ability to provide 

a secure and transparent method for 

conducting transactions. Blockchain’s 

decentralized ledger system ensures that 

all transaction details are recorded in 

an immutable and transparent manner, 

reducing the risk of fraud and enhancing 

trust among all parties involved. 

Real-time Data Analytics 

Real-time data analytics provided by 

Fintech tools have also become instrumental 

in shaping investment strategies 

within the UAE real estate market. By 

harnessing big data and predictive analytics, 

investors can anticipate market trends 

and optimize their portfolios effectively. 

As per McKinsey, companies utilizing big 

data analytics are five times more likely to 

make faster decisions compared to their 

counterparts, highlighting the competitive 

advantage of data-driven insights in real 

estate investments. 

Mortgage and Loan Management 

The realm of mortgage and loan management 

has similarly been revolutionized 

by Fintech innovations. Platforms like 

Huspy have emerged as leaders in the 

UAE market, facilitating a substantial 

portion of residential mortgages in Dubai 

within their first operational year. These 

platforms leverage AI and machine learning 

to streamline the mortgage application 

process, offering quick approvals and 

personalized financial solutions tailored 

to individual creditworthiness. Such 

advancements not only expedite transactional 

processes but also enhance 

accessibility to financing options for 

a broader spectrum of investors and 

homebuyers. 

Crowdfunding and Peer-to-Peer 

Lending 

Crowdfunding and peer-to-peer lending 

platforms represent further democratization 

of real estate investments through 

Fintech. These platforms allow investors 

to participate in fractional property 

ownership and diversify their portfolios 

across multiple properties. Statista forecasts 

indicate a robust growth trajectory 

for the global real estate crowdfunding 

market, projected to reach $16.4 billion 

by 2025. Such platforms not only expand 

access to capital but also offer flexible 

financing alternatives that cater to varying 

investor needs and preferences. 

Future Outlook 

Looking forward, the future of Fintech 

in UAE real estate promises continued 

innovation and growth. Enhanced security 

and transparency in transactions 

will remain at the forefront, bolstered 

by advances in blockchain technology. 

AI-powered chatbots and virtual assistants 

are poised to further personalize 

the property search experience, catering 

to individual inquiries and preferences 

with tailored recommendations. Fintech 

will also play a pivotal role in promoting 

sustainable investments in eco-friendly 

properties, aligning with the UAE’s sustainability 

goals and global environmental 

initiatives. 

Fintech’s integration into the UAE 

real estate sector heralds a future where 

convenience, efficiency, and innovation 

converge to redefine traditional paradigms. 

Stakeholders across the industry 

must embrace these technological 

advancements to capitalize on Fintech’s 

transformative potential fully. As Fintech 

continues to evolve, it reaffirms its role as 

a cornerstone of the modern real estate 

ecosystem, paving the way for a dynamic 

era of growth and opportunity in the 

UAE and beyond. The synergy between 

financial technology and real estate in 

the UAE is poised to revolutionize traditional 

practices, offering unprecedented 

opportunities for investors, buyers, and 

sellers alike. 


Fintech News 

myZoi Launches Inclusive Digital Wallet with ‘One-to-Many’ Transfers 

Complementing its payroll and 

remittance services, myZoi’s 

new digital wallet is designed to 

cut remittance fees for underbanked 

employees in the UAE by enabling 

transfers to up to five recipients at 

the cost of one. Launched in 2022 as 

a Standard Chartered Bank subsidiary, 

myZoi aims to enhance transactional 

convenience and affordability with 

simple onboarding, domestic payment 

capabilities, and instant international 

transfers. The wallet’s launch follows 

a $14M investment from SC Ventures 

and SBI Holdings, and it is supported 

by Stored Value Facilities and Retail 

Payment Services and Card Schemes 

licenses from the Central Bank of the 

UAE. Additionally, myZoi’s commitment 

to financial inclusion is reinforced by 

MoneyTips, a gamified financial education 

program focusing on responsible 

spending and budgeting. CEO Syed 

Muhammad Ali highlights that myZoi 

is pioneering affordable, personalized 

financial solutions for the underbanked. 

Astra Tech’s Quantix First Fintech to Get CBUAE 

Finance Company License 

In a transformative move for the 

UAE’s financial sector, Astra Tech’s 

subsidiary, Quantix Technology 

Projects LLC, has received a full Finance 

Company License from the 

Central Bank of the UAE (CBUAE). 

This marks Quantix as the first fintech 

to attain this license, showcasing its 

swift rise as the UAE’s premier licensed 

fintech operator. The license allows 

Quantix, and by extension Astra Tech, 

to offer a broad range of lending, 

credit, and microfinancing services 

via its digital platforms. It is the first 

Finance Company License issued by 

the CBUAE since 2016, underscoring 

Astra Tech’s dedication to regulatory 

compliance. Under Central Bank 

Circular No. 3/2023, Quantix can now 

provide retail financing options such 

as personal loans, short-term credit, 

BNPL, RNPL, and SNPL. CEO Abdallah 

Abu Sheikh expressed excitement 

about revolutionizing the sector and 

enhancing financial inclusivity. 

QIB Launches ‘Request to Pay’ on Fawran 

Qatar Islamic Bank (QIB) has 

unveiled a new “Request to Pay” 

feature on its Fawran instant 

payment service through the QIB Mobile 

App. This feature enhances convenience 

by allowing users to request payments 

from any registered Fawran user in 

Qatar with just a few taps. Customers 

can enter the payer’s alias and the 

amount needed, and the request is sent 

instantly via Fawran. Once approved, 

the payment is processed immediately, 

streamlining transactions. The feature 

supports Qatar’s Third Financial Sector 

Strategy by integrating advanced security 

and improving accessibility. QIB’s 

General Manager – Personal Banking 

Group, D Anand, highlighted that this 

addition reflects QIB’s commitment 

to delivering innovative solutions, 

offering customers greater control and 

flexibility in managing their finances. 

Aura and Reem Finance 

Team Up to Boost SME 

Cash Flow in UAE 

Aura, a fintech company focused on 

enhancing SME cash flow through 

innovative credit solutions, has 

signed a Memorandum of Understanding 

(MOU) with Reem Finance, a prominent 

UAE-based financial institution. 

This partnership aims to address the 

significant credit gap faced by SMEs 

in the UAE by utilizing Reem Finance’s 

lending capabilities to expand Aura’s 

financing platform within the UAE 

market. Aura’s invoice discounting 

solution is crucial in a region where 

over 50% of B2B transactions involve 

trade credit, often with lengthy payment 

terms that impede SME growth. The 

MOU facilitates immediate payment 

for SMEs on their invoices, easing cash 

flow issues and allowing clients up to 

120 days for payment. Since its May 

launch, Aura has effectively boosted 

operational capacity through timely 

payments and enhanced financial 

services, with Reem Finance ensuring 

compliance and efficiency in payouts. 


Careem Pay Expands 

Remittances to Include 

Transfers to the 

Philippines 

Careem Pay has expanded its international 

remittance service to 

now include money transfers to 

bank accounts in the Philippines. UAE 

residents can send up to AED 45,000 per 

transaction and a total of AED 135,000 

per month, with an average transfer 

time of just 7 minutes. Transfers are 

made using the recipient’s bank account 

number, sort code, or IBAN, reaching 

the recipient within minutes at competitive 

exchange rates. Customers 

receive the exact amount displayed on 

the app, with any backend fees imposed 

by Philippine banks already accounted 

for. This new service adds to Careem 

Pay’s existing remittance corridors, 

which include India, Pakistan, and 

the UK. In 2024, one customer notably 

transferred AED 45,000 to India in just 

37 seconds, while another successfully 

sent over AED 504,000 from the UAE 

to Pakistan through Careem Pay. 

UAE and Indonesia 

Boost Payment Systems, 

Eye QR Linkage 

The Central Bank of the UAE 

(CBUAE) and Bank Indonesia 

(BI) have signed a Memorandum 

of Understanding (MoU) to strengthen 

bilateral cooperation in payment 

systems during Indonesian President 

Joko Widodo’s visit to the UAE. Signed 

by CBUAE Governor Khaled Mohamed 

Balama and BI Governor Perry Warjiyo, 

this MoU builds on a previous 

agreement from November 2023, which 

supported digital innovation and local 

currency usage in transactions. The 

new MoU aims to integrate the payment 

systems of both countries, enhancing 

the speed, efficiency, transparency, 

and affordability of cross-border payments. 

It will establish a joint risk 

management mechanism, facilitate 

regulatory cooperation, and protect 

user rights according to each nation’s 

laws. The partnership will initially 

focus on developing a framework for 

local currency transactions and Quick 

Response (QR) payments. 

SAMA Unveils Digital Government Banking 

Platform Naqd 

The Saudi Central Bank (SAMA) 

has launched “Naqd,” a digital 

government banking services 

Zand Bank and Taurus Partner for UAE Digital 

Asset Offering 

Taurus has been selected by Zand 

Bank as a strategic partner to 

manage all aspects of its digital 

asset infrastructure, including custody, 

tokenization, and blockchain connectivity. 

Taurus, a Swiss-based digital asset 

technology provider, will support Zand, 

a digital bank in the UAE, in expanding 

its digital asset offerings. This includes 

cryptocurrencies, tokenized securities, 

and digital currencies. Taurus, which 

raised $65M in 2023 from investors such 

platform designed to streamline access 

for government entities to their 

accounts at SAMA. This initiative is part 

of SAMA’s broader strategy to enhance 

banking services for government entities 

and support digital development. 

Naqd offers a unified and secure digital 

platform for managing financial 

transactions, providing 24/7 access to 

account information, and facilitating 

efficient account management. The 

platform enables instant monitoring of 

transactions, improves user experience, 

and boosts efficiency and productivity 

in financial operations by leveraging 

advanced technologies. Additionally, 

Naqd aims to reduce the time required 

for government banking procedures, 

thereby modernizing and optimizing 

the financial transaction process. 

as Credit Suisse and Deutsche Bank, will 

provide integrated custody and tokenization 

solutions. The partnership aims 

to deliver institutional-grade custody 

services through Taurus’s PROTECT 

wallet solution, ensuring secure storage 

for various digital assets including 

cryptocurrencies, NFTs, tokenized 

securities, and digital currencies, thus 

enhancing Zand’s capabilities in the 

UAE market. 

Dopay Secures $13.5M in Series A Extension Round 

Dopay, a FinTech startup that 

offers a digital payroll and payments 

platform for unbanked 

and underbanked workers in emerging 

markets, has announced the closure 

of a strategic $13.5M Series A extension 

round. This new funding adds 

to a previous $18M Series A round. 

As part of Hub71, Abu Dhabi’s global 

tech ecosystem, Dopay operates as a 

virtual banking platform that digitizes 

cash payments from employers to 

workers and beneficiaries, addressing 

a major FinTech opportunity in emerging 

markets. The Series A extension, 

led by Argentem Creek Partners and 

supported by existing investors, will 

support Dopay’s rapid expansion in 

Egypt and the launch of new financial 

services. The company also plans to 

extend its multi-bank, multi-country 

platform to additional markets. 


Interview 

Pioneering Trust and Innovation 

in Real Estate with Mehrdad 

Hessabi 


In an exclusive conversation with Finance World Magazine, Mehrdad Hessabi, 

Founder & Chairman of Mac Millan Trust Real Estate LLC, shares his journey, 

insights, and the core values driving his success in the UAE’s dynamic real 


Exclusive to Finance World Magazine 

Q. Mehrdad, could you share a bit 

about your journey and what inspired 

you to establish Mac Millan 

Trust Real Estate LLC? 

My journey in real estate began over 

two decades ago, driven by a passion 

for creating value and a deep interest 

in investment. Establishing Mac Millan 

Trust Real Estate LLC in 2023 was a 

culmination of years of experience and 

a vision to provide tailored investment 

solutions in the UAE. I wanted to create 

a firm built on trust and excellence, 

focusing on delivering unparalleled 

service to our clients. 

Q. What were some of the initial 

challenges you faced when starting 

Mac Millan Trust, and how did you 

overcome them? 

Starting a new venture always comes 

with its set of challenges. For us, the 

primary challenge was building a brand 

in a competitive market. We focused 

on establishing a strong foundation by 

leveraging our core values of trustworthiness, 

innovation, and a client-centric 

approach. It was crucial to demonstrate 

our commitment to transparency and 

integrity in all dealings. We also invested 

in developing a robust interactive platform 

to enhance transparency and build 

trust with our clients and stakeholders. 

Q. Can you elaborate on the core 

values that drive Mac Millan Trust 

and how they differentiate you from 

other real estate firms? 

Our core values are trustworthiness, 

Our vision at Mac Millan Trust is to be the 

catalyst for financial prosperity, driving 

transformative growth for our investors and 

contributing to the economic success of 

the UAE.” 

innovation, and a client-centric approach. 

Trustworthiness is at the heart of everything 

we do; we prioritize transparency 

and integrity. Innovation drives us to 

embrace forward-thinking strategies and 

technologies to navigate the ever-evolving 

investment landscape. Lastly, our 

client-centric approach ensures that 

our clients’ success is our priority. We 

tailor solutions to meet their unique 

financial goals, which sets us apart 

from others in the industry. 

Q. Speaking of innovation, could 

you discuss some of the innovative 

strategies and technologies Mac 

Millan Trust employs? 

Innovation is integral to our operations. 

We have pioneered the use 

of advanced data analytics to inform 

our investment decisions and enhance 

our clients’ returns. Our interactive 

platform is another key innovation; it 

allows clients and stakeholders to track 

project progress in real-time, providing 

detailed updates and virtual tours. This 

transparency builds trust and ensures 

that clients are always informed about 

their investments. 

Q. Mac Millan Trust has a presence 

in many countries. What has been 

your strategy for international 

expansion? 

Our international expansion strategy 

focuses on identifying markets with 

strong growth potential and establishing 

a local presence through representative 

agencies. By 2024, we plan to open 

agencies in Monaco, Italy, England, 

Switzerland, and Luxembourg. This 

approach allows us to offer our tailored 

investment solutions to a broader 

audience while maintaining the high 

standards of service and transparency 

that we are known for. 

Q. How does Mac Millan Trust approach 

sustainability in its projects? 

Sustainability is a core aspect of our 

development philosophy. We integrate 

green building practices and energy-efficient 

systems into our projects to 

minimize environmental impact. Our 


Interview 

commitment to sustainability extends 

beyond construction to include the 

operational aspects of our properties, 

ensuring they remain environmentally 

friendly and efficient over the long 

term. This approach not only benefits 

the environment but also adds value 

for our clients. 

Q. Can you share some highlights 

from your existing and upcoming 

projects? 

One of our key upcoming projects is 

the opening of representative agencies 

in Monaco, Italy, England, Switzerland, 

and Luxembourg in 2024. These agencies 

will allow us to expand our reach and 

offer our bespoke investment solutions 

to a wider audience. Additionally, we 

have been involved in several significant 

deals and negotiations that have 

garnered accolades and recognition 

both locally and regionally. 

Q. What do you consider your greatest 

achievement with Mac Millan 

Trust so far? 

One of our proudest achievements 

has been receiving the Real Estate 

Entrepreneur of the Year Award at the 

UAE Realty Awards 2024. This recognition 

is a testament to our team’s hard 

work and dedication to excellence. 

It also highlights our commitment to 

innovation and our client-centric approach, 

which have been key drivers 

of our success. 

Q. Could you provide an example of 

a challenging project you undertook 

and how you managed it? 

One particularly challenging project 

was a large-scale land acquisition that 

involved complex negotiations with 

multiple stakeholders. The challenge 

was not just acquiring the land but 

ensuring that all parties were satisfied 

with the terms. We managed this 

by maintaining open and transparent 

communication, leveraging our extensive 

market knowledge, and employing 

innovative negotiation strategies. The 

successful completion of this project 

reinforced our reputation for trustworthiness 

and strategic acumen. 

Q. How do you see the future of 

Mac Millan Trust and the real estate 

market in the UAE? 

I am very optimistic about the future. 

The UAE real estate market continues 

to show strong growth potential, driven 

by economic diversification, population 

growth, and significant infrastructure 

investments. For Mac Millan Trust, 

the future involves further expansion, 


embracing new technologies, and continuing 

to deliver exceptional value to 

our clients. Our goal is to be a catalyst 

for financial prosperity and contribute 

to the economic success of the UAE. 

Q. As a leader, what is your approach 

to mentorship and developing future 

leaders within your organization? 

Mentorship is very important to 

me. I believe in fostering a culture of 

continuous learning and development 

within the organization. This involves 

providing opportunities for professional 

growth, encouraging innovation, and 

leading by example. I make it a point 

to be accessible to my team and share 

my experiences and insights. My aim 

is to empower the next generation of 

leaders to take the company to even 

greater heights. 

Trustworthiness, innovation, and a clientcentric 

approach are the pillars of Mac 

Millan Trust. These values guide us in 

delivering unparalleled service and 

ensuring the success of our clients.” 

Q. What advice would you give to 

aspiring real estate entrepreneurs? 

My advice would be to focus on building 

a strong foundation based on trust 

and integrity. Stay committed to your 

core values and be willing to embrace 

change and innovation. Understand your 

market and be responsive to the needs 

of your clients. Most importantly, remain 

resilient in the face of challenges and 

stay dedicated to your vision. 

Q. Finally, what legacy do you hope 

to leave behind with Mac Millan 

Trust? 

I hope to leave behind a legacy of 

excellence, innovation, and trust. I 

want Mac Millan Trust to be known as 

a company that consistently delivered 

value and made a positive impact on 

the industry and the community. My 

vision is for the company to continue 

growing and evolving, always staying 

true to the principles that have guided 

us from the beginning. 


Fintech Application 


Big players would get maximum profit with AI and Big Data in real estate. 

AI and Big Data: 

Transforming the 

Reality of Real 

Estate 

AI and Big Data is revolutionising the real 

estate sector positively but with challenges. 

In the ever-evolving landscape of global 

industries, the confluence of Artificial Intelligence 

(AI) and Big Data stands out 

as a revolutionary force. These inventive 

technologies are reshaping numerous 

sectors, with real estate being a prime 

beneficiary. The implementation of AI 

and Big Data is driving unprecedented 

changes in how properties are managed, 

marketed, and sold, leading to enhanced 

efficiency, accuracy, and customer satisfaction. 

As these technologies continue 

to advance, their impact is particularly 

profound in regions like the UAE, where 

rapid development and a commitment to 

innovation are foundational. Here, AI and 

Big Data are not just transforming the real 

estate market but are also setting new 

standards for global real estate practices. 


Enhanced Decision-Making and 

Market Analysis 

One of the most significant 

impacts of AI and Big Data in the UAE’s 

real estate sector is the enhancement of 

decision-making capabilities. Traditionally, 

property valuation and investment 

decisions relied heavily on historical 

data and expert intuition. However, AI 

algorithms now enable real estate firms 

to analyse vast amounts of data from 

various sources, providing more accurate 

and reliable market forecasts. 

1. AI-driven predictive analytics can 

identify emerging trends and forecast 

future property values with remarkable 

precision. 

2. This method allows investors to 

make informed decisions, optimising 

their portfolios and maximising returns. 

Dubai’s residential market recorded 36,448 

transactions totalling AED 108.2 billion, 

Q1 2024 market overview, reflecting strong 

investor confidence and market liquidity. 

Improved Customer Experience 

The integration of AI into the real 

estate sector is revolutionizing the way 

customers make perception about the 

properties. Virtual tours and 3D presentations 

powered by AI have become 

increasingly popular, offering potential 

buyers an immersive experience. This 

technology allows clients to explore 

properties remotely, saving time and 

providing a comprehensive view of 

the property before making a purchase 

decision. 

Furthermore, AI algorithms analyse 

customer preferences and behaviours, 

enabling real estate firms to offer personalized 

property recommendations 

and targeted marketing campaigns. This 

personalized approach enhances customer 

satisfaction and increases conversion 

rates. As highlighted by D&B Properties, 

digitalization trends are significantly 

transforming Dubai’s real estate sector, 

leading to improved customer experiences 

and more efficient marketing strategies. 

Operational Efficiency 

AI is also driving operational efficiency 

in the real estate sector by automating 

routine tasks and processes. Property 

management systems powered by AI can 

handle various administrative functions 

such as maintenance scheduling, rent 

collection, and tenant communication. 

This automation not only reduces the 

workload for property managers but 

also minimizes the risk of human error. 

For example, AI systems can identify 

potential maintenance issues before 

they escalate, ensuring timely repairs 

and reducing downtime. Additionally, 

blockchain technology, often used 

in conjunction with AI, enhances the 

transparency and security of real estate 

transactions. Blockchain ensures that all 

transaction records are easily verifiable, 

reducing the potential for fraud and 

legal disputes. 

Sustainability and Smart Infrastructure 

Sustainability is a key focus for the UAE 

meanwhile, AI and Big Data are playing 

a crucial role in promoting eco-friendly 

real estate development. AI-driven analytics 

help design sustainable buildings 

by optimizing energy consumption and 

reducing carbon footprints. Big Data 

provides insights into energy usage patterns, 

allowing developers to implement 

energy-efficient solutions and contribute 

to the UAE’s sustainability goals. 

Dubai’s commitment to green building 

initiatives is evident in its efforts 

to attract environmentally conscious 

investors. The city’s focus on sustainable 

urban planning and green infrastructure 

is enhancing its reputation as a global 

leader in sustainable development. The 

development of the Dubai South Logistics 

District, which includes green building 

initiatives, is a testament to the city’s 

dedication to sustainability. 

Economic Growth and Market 

Performance 

The integration of AI and Big Data is 

contributing significantly to the economic 

growth and performance of the UAE’s 

real estate market. The ability to analyse 

market trends and forecast future 

developments allows for more strategic 

investments and better resource allocation. 

In 2022, Dubai recorded AED 528 

billion worth of real estate transactions, 

with continued growth expected in the 

financial year 2023-2024. 

Moreover, ongoing infrastructure investments, 

such as the development of 

the Dubai South Logistics District, are 

enhancing the sector’s attractiveness for 

international trade and logistics. These 

developments not only boost the real 

estate market but also contribute to the 

The company had looked 

at over a billion data 

points to analyse which 

guests had thrown 

a house party while 

staying in one of its 

properties – in other 

words, who was likely to 

break the rules and who 

was not.” 

overall economic growth of the UAE. 

Conclusion 

The integration of AI and Big Data into 

the UAE’s real estate sector is ushering 

a new era of innovation and efficiency. 

Enhanced decision-making capabilities, 

improved customer experiences, operational 

efficiency, and a focus on sustainability 

are some of the key benefits driving this 

transformation. As the UAE continues to 

embrace these technologies, its real estate 

market is poised for sustained growth 

and success, solidifying its position as 

a global leader in the industry. 

The future of real estate in the UAE 

looks promising, with AI and Big Data 

at the helm of this transformation. The 

ability to harness the power of these 

technologies will undoubtedly shape 

the landscape of the real estate sector, 

making it more dynamic, transparent, 

and customer-centric. For investors 

and stakeholders, staying ahead in this 

rapidly evolving market will require a 

keen understanding of AI and Big Data, 

and a commitment to leveraging these 

tools for continued success. 

By embracing AI and Big Data, the 

UAE’s real estate sector is not only 

enhancing its competitiveness but also 

paving the way for a more sustainable and 

intelligent future. As the industry continues 

to evolve, the integration of these 

technologies will remain a cornerstone 

of its growth and innovation, ensuring 

that the UAE remains at the forefront of 

global real estate development. 


Merger and Acquisition News 

Oman: Asyad Acquires Global Freight Forwarding Firm (SFS) 

Asyad Group, Oman’s comprehensive 

global logistics provider, 

has recently acquired Skybridge 

Freight Solutions (SFS), a prominent 

player in the global freight forwarding 

sector. This acquisition marks Asyad’s 

inaugural venture into international logistics 

activities, aimed at bolstering its 

presence across key trade hubs in China, 

India, the USA, and the GCC. By integrating 

SFS’s extensive network spanning 90 

geographies on six continents, Asyad 

anticipates substantial operational expansion 

and enhanced service capabilities. 

SFS is renowned for its top-tier freight 

forwarding services encompassing air, 

sea, and land logistics, alongside robust 

warehousing and distribution solutions. 

With a robust financial foundation, SFS 

caters to diverse industries such as food, 

energy, automotive, pharmaceuticals, 

and construction, boasting a clientele 

that includes Fortune 500 and blue-chip 

corporations. 

CoinDCX Acquires 

MENA Crypto Leader 

BitOasis 

CoinDCX, India’s largest crypto 

exchange, has officially acquired 

BitOasis, the leading virtual 

assets trading platform in the Middle 

East and North Africa (MENA) region 

known for its high trading volume in 

Emirati Dirhams. This acquisition follows 

CoinDCX’s strategic investment in BitOasis 

in August 2023, marking a significant 

consolidation in the MENA crypto 

market. The merger positions CoinDCX 

and BitOasis as key players in the MENA 

virtual assets ecosystem, supported by 

CoinDCX’s recent licensing in Bahrain 

and the reopening of its platform in 

Dubai. This strategic alignment aims to 

expand BitOasis’ market presence and 

regulatory compliance across multiple 

jurisdictions in the MENA region. Since 

its establishment in 2018, CoinDCX has 

grown to become India’s preferred crypto 

exchange with a user base exceeding 

15 million. Offering access to over 500 

crypto assets and facilitating substantial 

trading volumes, CoinDCX continues to 

drive crypto adoption through its userfriendly 

interface. 

Eskan Bank Acquires 9.1% Stake in EBRIT, 

Bahrain 

Eskan Bank, a leading provider 

of housing financing in Bahrain, 

has confirmed the acquisition 

of 18,084,542 units, equating to a 9.1% 

stake, in Eskan Bank Realty Income 

Trust (EBRIT). This acquisition follows 

a two-part transaction and is slated 

for completion by July 11, 2024, with 

settlements scheduled on the same 

date, as outlined in the bank’s recent 

statement. In May, Eskan Bank initiated 

a voluntary partial offer for EBRIT 

units, marking Bahrain’s first publicly 

traded real estate investment trust (RE- 

IT). The offer was structured into two 

tranches: the first aimed at acquiring up 

to 50,000 units per unitholder at 0.100 

fils ($0.27) per unit, and the second 

targeting remaining unitholders with 

an offer to purchase up to 1,200,000 

units each at 0.060 fils per unit. The 

total offer covered up to 34,710,831 

EBRIT units, with the offer period set 

to conclude on July 31, 2024. 

Majarra Acquires Arabic AI/NLP Pioneer Lableb 

Majarra, the MENA region’s 

foremost digital content provider, 

has announced the acquisition of 

Lableb, a pioneering startup specialising 

in Arabic AI and Natural Language 

Processing (NLP). This strategic move 

cements Majarra’s leadership in Arabic 

digital innovation and marks its debut 

into the burgeoning AI sector. The 

acquisition, which brings together shared 

founders and stakeholders, positions 

Majarra as the majority owner of Lableb, 

facilitating deeper integration between 

the two entities. It underscores Majarra’s 

commitment to enhancing Arabic online 

experiences through robust content, 

advanced user interfaces, and cuttingedge 

language technologies. Lableb’s 

advanced AI and NLP solutions drive 

content discovery and personalization 

tools, such as enterprise search and 

recommendation engines, critical for 

diverse clients including e-commerce 

platforms, government portals, news 

sites, and enterprise software providers. 


UAE’s EDC Acquires 51% Stake in Excellence Premier Investment for $41.7M 

Abu Dhabi’s Emirates Driving 

Company (EDC) has completed 

the acquisition of a significant 

51% stake in Excellence Premier Investment 

(EPI) for a total of AED 153M, 

equivalent to approximately $41.7M. 

This strategic investment underscores 

EDC’s ambitious expansion plans, particularly 

in Dubai, aimed at bolstering its 

network and service capabilities in the 

region, as detailed in a disclosure filed 

on the Abu Dhabi Securities Exchange 

(ADX). Founded in 2020, Excellence 

EFG Hermes Advises 

‘Budget Saudi’ on 

$121M AutoWorld 

Acquisition 

EFG Hermes, a prominent investment 

bank in the Middle East 

and North Africa, announced 

on Sunday its successful advisory role 

for United International Transportation 

Company, known as Budget Saudi, in 

their $121M acquisition of Al-Jazira 

Equipment Company, operating as 

AutoWorld. Appointed as the exclusive 

financial advisor by Budget Saudi, 

EFG Hermes facilitated the acquisition 

where Budget Saudi will acquire 100% 

of AutoWorld through the issuance 

of 7.0 million new shares to SEDCO 

Holding, a leading Saudi family office 

and institutional investor. The transaction 

will be executed via Budget 

Saudi’s subsidiary, Al Jozoor Al Rasekha 

Trucking Company (“Rahaal”), at SAR 

65 per share. Karim Meleka, Co-Head 

of EFG Hermes’ Investment Banking 

division, highlighted the significance 

of the deal in the Kingdom’s mobility 

solutions sector, foreseeing enhanced 

innovation and efficiency through 

synergies between Budget Saudi and 

AutoWorld. 

Driving Centre operates an extensive 

network spanning 20 locations throughout 

Dubai. Beyond its core driving 

education services, EPI has diversified 

into additional sectors such as delivery 

services, limousine services, and auto 

workshops, enriching its operational 

portfolio. EDC anticipates leveraging 

these diversified offerings to enhance 

customer satisfaction and broaden its 

footprint in driving education and road 

safety initiatives across the UAE market. 

Emirates Driving Company Acquires Excellence 

Driving Centre’s Parent Firm 

Emirates Driving Company (EDC), 

a subsidiary under the umbrella 

of Multiply Group, has recently 

completed the acquisition of a majority 

stake—51%—in Excellence 

Premier Investment, the esteemed 

parent company of Excellence Driving 

Centre. This strategic move is poised 

to foster the development of advanced 

training curricula and the customization 

of training programs across both 

entities. The acquisition is a pivotal 

component of EDC’s broader strategic 

agenda aimed at sustainable growth 

and seizing diverse opportunities in 

local and GCC markets. Leveraging 

Excellence Driving Centre’s established 

market presence and strong customer 

satisfaction ratings, EDC anticipates 

significant synergies and enhanced 

operational efficiencies. Khaled Al 

Shemeili, CEO of Emirates Driving 

Company, expressed optimism about 

the collaboration’s potential to deliver 

superior outcomes for customers while 

bolstering EDC’s position as a regional 

leader in driving education and road 

safety initiatives. 

PwC Advises Tibbiyah on Acquisition of Al Hammad 

Medical Services 

Saudi Arabian healthcare company 

Tibbiyah has successfully 

acquired Al Hammad Medical 

Services, a prominent provider of 

medical solutions based in Saudi Arabia. 

Tibbiyah disclosed to Tadawul 

that the acquisition was finalised for 

SAR 35M ($9M), pending customary 

regulatory approvals. Established in 

1987, Al Hammad Medical Services 

specializes in supplying medical devices, 

IT solutions, consumables such 

as syringes and catheters, and medical 

furniture to hospitals, private 

clinics, and healthcare institutions. 

The company also operates a project 

management division for implementing 

comprehensive healthcare solutions. 

Tibbiyah, founded in 2013 by Al Faisaliah 

Group through the consolidation of 

healthcare subsidiaries, operates across 

medical systems, healthcare supplies, 

and a joint venture with Philips aimed 

at introducing advanced healthcare 

solutions to the Saudi market. With 

annual revenues exceeding SAR 640M 

($170M), Tibbiyah ranks among the top 

500 companies in MENA by revenue, 

as estimated by Fortune. 


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OnePlus Open Apex Edition 

Chinese tech giant OnePlus is 

set to expand its lineup with 

an alluring new variant. The 

company has announced the release 

of the OnePlus Open Apex Edition, 

showcasing a captivating Crimson 

Shadow color. This visually striking 

foldable phone is anticipated to garner 

significant attention, further cementing 

OnePlus’s standing in the competitive 

foldable smartphone market. 

The OnePlus Open Apex Edition 

promises enhanced storage capabilities, 

advanced AI image editing features, 

and new security enhancements, all 

designed to deliver an exceptional 

user experience, embodying OnePlus’ 

‘Never Settle’ philosophy. 

Drawing inspiration from the renowned 

Hasselblad 503CW 60 Years Victor Red 

Edition, the Apex Edition features a 

premium vegan leather back with a 

diamond-like pattern and vibrant orange 

accents on the Alert Slider, exuding a 

timeless and luxurious aesthetic. The 

pricing details for this smartphone have 

yet to be disclosed. 

The OnePlus Open is both lightweight 

and compact, measuring 153.4 mm in 

height. When unfolded, its width extends 

to 143.1 mm, and it narrows to 

73.3 mm when folded. The thickness 

varies slightly based on color variants: 

the Emerald Dusk model is 5.8 mm 

thick when unfolded and 11.7 mm when 

folded, while the Voyager Black variant 

is 5.9 mm and 11.9 mm, respectively. 

The OnePlus Open boasts a 7.82-inch 

Flexi-fluid AMOLED main display with 

peak brightness up to 2800 nits. The 

cover display measures 6.31 inches, 

featuring a 2K resolution and 431 ppi. 

Both screens offer a smooth 120Hz 

refresh rate. 

For photography enthusiasts, the 

OnePlus Open is equipped with a 

48MP primary camera featuring Sony’s 

LYT-T808 “Pixel Stacked” CMOS sensor 

and optical image stabilization (OIS). It 

also includes a 64MP telephoto camera 

and a 48MP ultra-wide camera, capable 

of recording 4K videos at 60 FPS. For 

selfies, the phone comes with a 20MP 

primary camera and another 32MP lens. 

Running on the new OxygenOS 13.2, 

based on Android 13, the OnePlus Open 

is powered by the Snapdragon 8 Gen 2 

processor. It is slated to receive four 

years of major Android updates and 

five years of security updates, ensuring 

long-term software support. 

The device is equipped with a 4,805 

mAh battery, supporting 67W fast 

charging. OnePlus claims the battery 

can charge from 1% to 100% in about 42 

minutes, providing more than a day’s 

usage on a single charge. 

The OnePlus Open Apex Edition’s 

standout features include its advanced 

storage capabilities, AI-powered image 

editing, and improved security enhancements. 

These features are designed 

to offer a superior user experience, 

adhering to OnePlus’s ‘Never Settle’ 

philosophy. The Crimson Shadow color 

adds to the phone’s allure, making it a 

notable addition to OnePlus’s foldable 

smartphone lineup. 

Overall, the OnePlus Open Apex 

Edition exemplifies the brand’s commitment 

to innovation and high-quality 

design. With its enhanced specifications 

and luxurious aesthetic, it is poised 

to attract significant attention in the 

competitive smartphone market. 


Energy News 

Saudi Arabia Explores Brazil and Chile for Diversification 

Saudi Arabia’s mining minister is set 

to embark on visits to Brazil and 

Chile in the next fortnight, aiming 

to bolster the kingdom’s mining sector 

beyond oil exports. The trip, announced 

by the ministry on Sunday, will begin 

in Brazil where discussions will span 

mining, food processing, and aviation 

sectors. In Chile, the focus will pivot 

to lithium, crucial for electric vehicle 

batteries, aligning with Saudi Arabia’s 

strategic move towards EV production. 

Minister Bandar Alkhorayaf’s itinerary 

includes meetings with prominent 

Brazilian entities like Minerva Foods, 

JBS, BRF SA, and the Brazilian Mining 

Association, followed by engagements 

in Chile with counterparts and key 

mining firms such as Antofagasta and 

Codelco. Codelco, a state-run entity, 

seeks private partners for lithium 

ventures, with potential ties to Saudi 

Arabia’s Almar Water Solutions in the 

Maricunga project, marking Saudi’s 

expansion into Chile’s lithium industry. 

DEWA Issues 60,000 

NOCs in Six Months 

Dubai Electricity and Water Authority 

(DEWA) has processed 

59,058 No Objection Certificate 

(NOC) applications in the first half of 

2024 under its “Soqoor” programme. This 

initiative aims to streamline the approval 

process for consultants and contractors, 

ensuring efficiency in project operations 

and services. Hussain Lootah, Executive 

Vice President of Transmission Power at 

DEWA, reported that these applications 

were submitted by 1,951 consultants and 

contractors from January to June 2024. 

The Transmission Power division alone 

approved 32,072 applications, while the 

Distribution Power division handled 

17,955, and the Water & Civil division 

processed 9,031 applications. DEWA’s 

efforts under the Soqoor programme 

reflect its commitment to supporting the 

construction and development sectors 

by facilitating swift and reliable service 

approvals. 

Dubai Chamber Backs Kilimanjaro Energy’s 

China Expansion 

Dubai International Chamber, part 

of Dubai Chambers, facilitated 

Kilimanjaro Energy’s entry into 

China by supporting a Memorandum 

of Understanding (MoU) with Skyworth 

Photovoltaic Technology. This 

agreement, signed at Dubai Chambers’ 

headquarters, focuses on collaborative 

efforts in photovoltaic energy and 

energy storage for global commercial 

and industrial projects. Representatives 

from Dubai International Chamber 

and Shenzhen’s Guangming District 

government were present, highlighting 

the strategic significance of this partnership. 

Kilimanjaro Energy plans to 

establish a presence in China, offering 

specialized guidance to local firms 

interested in expanding into Dubai 

and beyond. The chamber’s Shenzhen 

office played a pivotal role in forging 

this cooperation. Kilimanjaro Energy 

is renowned for promoting climate 

neutrality and excels in identifying and 

assessing top-tier renewable energy 

ventures across Africa and the Middle 

East, providing comprehensive services 

from advisory to project development 

and financing. 

RAK Energy Summit Forges New Partnerships 

with Industry Leaders 

Ras Al Khaimah Municipality has 

announced key partnerships 

for the upcoming RAK Energy 

Summit, with the UAE Ministry of 

Energy and Infrastructure joining as 

Government Partner, EDF as Gold Sponsor, 

and Ledvance as Silver Sponsor. 

Scheduled for November 27 & 28, 2024, 

at Al Hamra International Exhibition 

& Conference Center, the event, under 

the patronage of H.H. Sheikh Saud bin 

Saqr Al Qasimi, aims to foster dialogue 

on sustainable energy goals. Minister 

Suhail Al Mazrouei highlighted the 

UAE’s leadership in sustainability, 

aligning with the UAE Energy Strategy 

2050 to boost clean energy capacity 

and renewables. EDF Middle East’s 

CEO, Luc Koechlin, emphasized their 

commitment to showcasing renewable 

energy solutions. Michelangelo Annovazzi 

of Ledvance underscored their 

role in advancing sustainable lighting 

solutions, ensuring environmental 

impact mitigation and compliance with 

global standards. 


Dubai’s DEWA Boosts Project Completion with OWNEK Initiative 

Dubai Electricity and Water 

Authority (DEWA)’s OWNEK 

initiative, aimed at consultants 

and contractors, has garnered substantial 

engagement since its inception. 

Launched in January 2023, OWNEK 

provides crucial insights and guidelines 

to streamline the approval process for 

electricity connections, effectively 

saving time and effort. This initiative 

has facilitated 1,254 technical discussions 

prior to project submissions and 

27,976 online discussions during the 

approval phase. Moreover, it has offered 

instructional resources benefiting 3,722 

stakeholders through sessions and 

videos. Saeed Mohammed Al Tayer, 

DEWA’s MD and CEO, emphasized the 

initiative’s role in fostering productive 

partnerships and enhancing stakeholder 

satisfaction. He highlighted DEWA’s 

commitment to supporting Dubai’s 

economic growth, aligning with the 

ambitious goals of the Dubai Economic 

Agenda (D33). 

DEWA Invests $42.85M in Lusaily Water Reservoir 

Dubai Electricity and Water Authority 

(DEWA) has announced 

the completion of a new water 

reservoir in Lusaily, now integrated into 

DEWA’s water network. This reservoir, 

constructed at a cost of AED 157.4M 

($42.85M), boasts a storage capacity 

of 60 million imperial gallons (MIG). 

Saeed Mohammed Al Tayer, DEWA’s 

Managing Director & CEO, highlighted 

the project’s significance in meeting 

Dubai’s rising water demands through 

enhanced infrastructure and strategic 

planning. The addition aims to bolster 

water flow, expand reserves, and improve 

network reliability and efficiency. 

DEWA targets increasing Dubai’s 

desalinated water storage to 1,121.3 

million gallons by 2025, supporting 

sustainable development goals and 

reinforcing Dubai’s position in the 

global green economy. Recently, DEWA 

also inaugurated a 120 MIG reservoir 

in Enkhali, further bolstering water 

infrastructure across the city. 

ADNOC Gas Awards $550M Contracts to Expand 

UAE Gas Infrastructure 

ADNOC Gas has awarded AED 

2B ($550M) in engineering, 

procurement, and construction 

(EPC) contracts to NMDC Energy 

P.J.S.C and Galfar Engineering & 

Contracting W.L.L Emirates for the 

next phase of the ESTIDAMA Project, 

enhancing the UAE’s sales gas pipeline 

network. Ownership of the ESTIDAMA 

Project is transitioning from ADNOC 

Gas to ADNOC to optimize capital 

efficiency, while ADNOC Gas retains 

project management responsibilities. 

This initiative extends ADNOC Gas’s 

pipeline network from 3,200 to over 

3,500 kilometres, increasing natural gas 

transport capabilities to the Northern 

Emirates. Approximately 70 percent of 

the contract value will reinvest into 

the UAE economy through ADNOC’s 

In-Country Value program, promoting 

local economic growth and diversification. 

Dr. Ahmed Alebri, CEO of 

ADNOC Gas, emphasized the project’s 

importance in meeting UAE’s gas demand 

and advancing the nation’s goal 

of gas self-sufficiency. 

Sungrow Signs Energy 

Storage Deal with 

Saudi’s Algihaz 

China’s prominent photovoltaic 

inverter manufacturer, Sungrow 

Power Supply, announced on 

Tuesday the signing of a significant 

agreement with Saudi Arabia’s Algihaz 

Holding for an expansive energy storage 

project. This collaborative effort 

aims to deliver an impressive capacity 

of up to 7.8GWh and is anticipated to 

be completed within the current calendar 

year. According to a company 

statement released in conjunction with 

the announcement, the project holds 

the promise of greatly enhancing the 

stability and reliability of Saudi Arabia’s 

power grid infrastructure. This initiative 

is strategically aligned with Saudi Vision 

2030, underscoring Sungrow’s commitment 

to supporting the kingdom’s 

ambitious goals for energy security 

and sustainable development. The 

partnership also highlights Sungrow’s 

leading role in deploying advanced 

energy storage technologies globally, 

further solidifying its position as a key 

player in the international renewable 

energy sector. 


Real Estate 


Transforming traditional living spaces into smart, sustainable homes. 

Smart Homes: 

The Future of 

Smart Living in 

the UAE 

Embracing technological innovation 

and sustainability in Middle Eastern 

homes. 

The Middle East, a region historically synonymous 

with opulence and grandeur, 

is undergoing a technological metamorphosis. 

At the heart of this transformation 

lies the burgeoning trend of smart 

homes. These intelligent residences are 

no longer a futuristic concept but a tangible 

reality, reshaping the way people 

interact with their living spaces. From 

the bustling metropolis of Dubai to the 

sprawling landscapes of Saudi Arabia, 

this technological revolution is redefining 

comfort, convenience, and sustainability. 

As smart homes become more prevalent, 

they are revolutionizing daily life, enhancing 

energy efficiency, integrating advanced 

technologies, and providing unparalleled 

levels of automation and control to meet 

the evolving needs of modern residents 

across the region. 


The Middle East is experiencing a 

technological renaissance, and 

smart homes are at its forefront. 

With governments across the Gulf Cooperation 

Council (GCC) actively promoting 

smart city initiatives, the stage is set for 

a rapid expansion of this market. The 

region’s burgeoning economies, coupled 

with a growing tech-savvy population, 

are creating fertile ground for smart 

home adoption. 

Dubai, the region’s technological 

and economic powerhouse, is leading 

the charge. Initiatives like Dubai Expo 

showcased the city’s commitment to 

innovation and smart living, inspiring 

a new generation of residents and businesses. 

Saudi Arabia, with its ambitious 

Vision 2030, is rapidly transforming into 

a tech-driven economy, and smart homes 

are a key component of this vision. The 

futuristic city of NEOM, a cornerstone of 

this initiative, exemplifies the potential of 

integrating technology into every aspect 

of urban life. 

Traditionally, luxury in the Middle East 

has been associated with opulent spaces 

and extravagant amenities. However, the 

definition of luxury is evolving. Today, 

it’s increasingly synonymous with convenience, 

efficiency, and personalization. 

Smart homes are at the forefront of this 

transformation. With features ranging 

from voice-activated assistants to automated 

lighting and climate control, these 

residences offer an unparalleled level of 

comfort and sophistication. This fusion 

of opulence and innovation is redefining 

the very essence of luxury living. 

While the Middle East is renowned 

for its lavish lifestyle, there’s a growing 

consciousness about environmental 

sustainability. The region’s arid climate 

necessitates efficient resource management, 

and smart homes are playing a pivotal 

role in this endeavor. By optimizing 

energy consumption through intelligent 

systems, these homes are contributing 

to a greener future. From solar panels to 

smart thermostats, residents are embracing 

eco-friendly solutions while enjoying the 

benefits of modern technology. 

Moreover, smart homes are empowering 

residents to make informed decisions 

about their energy usage. Features like 

energy monitoring and usage reports 

encourage sustainable behavior. As the 

region grapples with climate change and 

resource scarcity, smart homes offer a 

practical solution to reduce environmental 

impact. 

In a region where safety is paramount, 

smart homes offer an enhanced level 

of security. Advanced surveillance 

systems, biometric access control, and 

real-time monitoring provide residents 

with peace of mind. These technologies 

create a protective shield around homes, 

deterring potential threats and offering 

a sense of security. 

Beyond physical security, smart homes 

also address privacy concerns. With 

increasing emphasis on data protection, 

these systems are designed to safeguard 

personal information. Features like data 

encryption and user control over information 

sharing ensure that residents 

have control over their data. 

One standout aspect of smart homes 

in the Middle East is the integration of 

artificial intelligence (AI) and the Internet 

of Things (IoT). These technologies 

enable seamless interaction between 

various devices and systems within the 

home. For instance, AI-powered personal 

assistants can manage household tasks, 

control home appliances, and even provide 

personalized recommendations for 

energy consumption. IoT devices, such as 

smart thermostats and lighting systems, 

can communicate with each other to optimize 

energy usage and enhance comfort. 

Furthermore, smart homes in the Middle 

East are increasingly incorporating 

renewable energy sources. Solar panels, 

in particular, are becoming a common 

feature, harnessing the region’s abundant 

sunlight to power homes. This not only 

reduces reliance on traditional energy 

sources but also contributes to a more 

sustainable environment. In addition 

to solar panels, some smart homes are 

equipped with energy storage systems 

that can store excess energy for later use, 

ensuring a continuous supply of power 

even during cloudy days or at night. 

While the potential for the smart home 

market in the Middle East is immense, 

there are challenges to overcome. Data 

privacy concerns, the perceived complexity 

of installation, and the relatively 

high initial costs can hinder widespread 

adoption. However, these challenges also 

present opportunities for innovation. As 

technology evolves and becomes more 

user-friendly, these barriers are likely 

to diminish. 

Moreover, the development of affordable 

and accessible smart home solutions 

is crucial for expanding the market. 

Governments and industry players can 

collaborate to create incentives and 

subsidies that make smart homes more 

affordable for a wider range of consumers. 

For instance, tax incentives for installing 

solar panels or subsidies for purchasing 

energy-efficient appliances can encourage 

more homeowners to adopt smart home 

technologies. 

The future of smart homes in the 

Middle East is undeniably bright. With 

significant investments being poured 

into research and development, we can 

expect to see even more groundbreaking 

innovations. From self-healing homes 

to AI-powered personal assistants, the 

possibilities are endless. 

The region’s ambitious projects, such 

as Dubai’s Expo and Saudi Arabia’s Vision 

2030, are accelerating the adoption of 

smart home technology. These initiatives 

are creating a conducive environment for 

innovation and investment, positioning 

the Middle East as a global leader in 

smart city development. 

As the region continues to embrace 

innovation, smart homes will become 

an integral part of the Middle Eastern 

lifestyle. By combining luxury, efficiency, 

sustainability, and security, these intelligent 

spaces are redefining the way we 

interact with our homes and the world 

around us. The future of living in the 

Middle East is undoubtedly smart. 

The Middle East is at the forefront of a 

technological revolution, with smart homes 

leading the way. The region’s commitment 

to innovation, sustainability, and security 

is transforming the real estate landscape, 

offering unprecedented opportunities for 

residents and investors alike. As the smart 

home market continues to grow, it will 

play a crucial role in shaping the future 

of living in the Middle East, making it a 

model for smart living worldwide. The 

convergence of cutting-edge technology, 

environmental consciousness, and luxurious 

living is creating a new paradigm 

for home life, one that is as sophisticated 

as it is sustainable. The future is bright, 

and it is smart. 


Real Estate News 

Emirates REIT Sells Dubai’s Trident Grand Mall 

for $20M 

Emirates REIT has completed 

the sale of Trident Grand 

Mall, a retail property in Dubai 

Marina, for over $20M. Managed by 

Equitativa, the mall, which includes 

22 retail units across two floors and 

164 basement parking spaces, has 

been part of Emirates REIT’s portfolio 

since 2014. During this time, the asset 

underwent significant upgrades and 

improvements. The sale was finalised 

for AED 74M ($20.1M), exceeding the 

latest valuation. The proceeds will be 

used to partially redeem sukuk certificates 

issued on December 12, 2022, as 

part of a refinancing project. Thierry 

Delvaux, CEO of Equitativa, expressed 

satisfaction with the sale, noting it 

will support portfolio optimisation 

and reduce financing costs, enhancing 

value for stakeholders. Emirates REIT’s 

remaining portfolio consists of nine 

properties in Dubai, totalling 202,575 

square metres. 

Sobha Realty Unveils Private Island Project in 

Umm Al Quwain 

Sobha Realty, a prominent luxury 

residential developer, has announced 

its newest project on 

Al Siniya Island in Umm Al Quwain. 

The development, named Sobha Siniya 

Island, was introduced through 

a partnership with Umm Al Quwain 

Properties and celebrated at a signing 

ceremony attended by Sheikh Rashid 

bin Saud bin Rashid Al Mualla, Crown 

Prince of Umm Al Quwain. Ravi Menon, 

Co-chairman of Sobha Group, 

expressed excitement about the project, 

highlighting its blend of luxury living 

and serene island surroundings. The 

development will offer residents a 

high-end lifestyle with modern amenities, 

set against the backdrop of the 

Arabian Gulf’s tranquil waters and lush 

landscapes. Conveniently located near 

Al Marjan Island, the project will be 

accessible via a causeway bridge and 

marine travel. 

DAR GLOBAL Secures Major Deal for Trump 

Tower Set to Open in 2025 

Dar Global, a leading real estate 

developer, has partnered 

with the Trump Organization 

to introduce Trump Tower Dubai. This 

upcoming project will feature a Trump 

Hotel alongside residential units, aiming 

to set new benchmarks in luxury living. 

Eric Trump, Executive Vice President 

of the Trump Organization, expressed 

enthusiasm about the partnership, 

emphasizing their goal to enhance 

their presence in one of the world’s 

most dynamic cities. While the specific 

location and completion date will be 

revealed later this year, construction is 

scheduled to start in 2025. The tower 

will offer various amenities and an 

exclusive membership called ‘The 

Trump Private.’ Ziad El Chaar, CEO 

of Dar Global, highlighted that this 

project will be a significant addition 

to Dubai’s luxury real estate market 

and Dar Global’s prestigious portfolio. 

Ginco Properties Unveils 

$327m One Residence in 

Downtown Dubai 

Ginco Properties has unveiled 

its AED 1.2B ($327M) One Residence 

in Downtown Dubai. This 

luxury tower emerges amidst Downtown 

Dubai’s thriving real estate market, 

marked by a 133% increase in property 

transactions and a 41% rise in rents in 

recent years. Designed by acclaimed 

architect Brad Wilkins, known for his 

work on notable skyscrapers such as 

the Pearl River Tower and Burj Khalifa, 

the One Residence will be a striking addition 

to the skyline. Its design features 

luxurious copper panels that interact 

with sunlight to create a unique visual 

effect. The development includes 453 

high-end residences across 30 floors, 

with options ranging from studios to 

penthouses, all offering panoramic 

city views. One Broker Group (OBG) 

is handling sales with a 50:50 payment 

plan, and Urban Properties will oversee 

construction. 

Dubai Residential Market 

Soars 35.7% in Q2 2024, 

Reaching $33.5B 

Dubai’s residential property market 

experienced a 35.7 percent 

increase in total transaction 

value, reaching approximately $33.5B 

(AED 124B) in the April-July quarter 

of 2024, according to Springfield Properties. 

The total transaction volume 

also surged, with 48,220 transactions 

recorded, reflecting a 60.06 percent 

year-on-year rise. May 2024 was particularly 

notable, with property values 

climbing to AED 47.3B, a 39.12 percent 

increase from the previous year. Springfield 

Properties attributed these gains 

to heightened investor confidence and 

sustained demand. Farooq Syed, CEO 

of Springfield Properties, highlighted 

the market’s exceptional resilience and 

growth, noting a steady upward trend 

from AED 90B in Q2 2023 to AED 123B 

in Q2 2024. 


$272M Marbella Resort 

on World Islands Sells 

Out in 8 Hours 

The Kleindienst Group, the master 

developer behind The Heart of 

Europe, announced that the first 

phase of its AED 1B ($272M) Marbella 

Resort Hotel, part of the Vignette Collection 

by IHG Hotels and Resorts, was 

fully sold out within just eight hours of 

its launch. This rapid sell-out underscores 

the high demand for luxury real 

estate in Dubai. The exclusive launch 

event drew over 2,000 visitors, highlighting 

the broad appeal of the project 

among UAE nationals, Saudis, Indians, 

and Europeans. Sarah Ali, COO of The 

Heart of Europe, expressed excitement 

over the overwhelming response and 

emphasised the resort’s commitment to 

blending innovation with sustainability. 

The Marbella Resort aims to deliver 

a Costa Del Sol experience in Dubai 

with its Andalusian-inspired design. 

Ajman Property Transactions Reach AED 9B 

in H1 2024 

Ajman’s real estate market experienced 

significant growth 

in the first half of 2024, with 

7,071 transactions totaling over AED 

9B, a 33% increase from the previous 

year. Of these, 2,039 transactions 

by UAE citizens amounted to AED 

2.98B, while 5,139 transactions by 

foreign investors totaled AED 6.048B, 

reflecting an impressive 88% growth. 

Sheikh Abdulaziz bin Humaid Al Nuaimi, 

Chairman of Ajman’s Land and 

Real Estate Regulatory Department, 

attributed this success to the emirate’s 

investor-friendly facilities and successful 

strategies. The growth underscores 

Ajman’s appeal as a leading investment 

destination. Additionally, the report 

notes 5,449 real estate transactions 

valued at AED 6.139B and 1,205 mortgage 

transactions worth AED 1.797B 

in the first half of the year. 

Saudi Home Ownership Surpasses 63.5% 

Saudi home ownership has risen 

to over 63% according to the 

Housing Program’s newly released 

2023 annual report, a crucial element 

of Saudi Arabia’s Vision 2030. The 

report highlights that 63.74% of Saudi 

households owned a home by the end 

of 2023, marking an increase of 16.7 

percentage points from 2016 and exceeding 

the target of 63% set for the 

year. In 2023, the program provided 

housing support to more than 96,000 

eligible families, including over 20,000 

through developmental housing tracks. 

The Ministry of Municipal and Rural 

Affairs and Housing signed over 26,000 

land contracts, with 11,000 of these 

occurring in the fourth quarter alone. 

The program also approved the completion 

of over 800 development plans, 

issued more than 3,000 building permits, 

and provided 10,000 housing units to 

developmental housing beneficiaries. 

Eagle Hills to Develop Indonesia Tourism in $3B Deal 

The Indonesian Ministry of State- 

Owned Enterprises (SOEs) has 

signed a Memorandum of Understanding 

(MoU) with UAE developer 

Eagle Hills Properties to invest up 

to $3B in Indonesia’s tourism and infrastructure 

sectors. The agreement, 

finalised in the presence of Indonesian 

President Joko Widodo and UAE 

President Sheikh Mohamed bin Zayed 

Al Nahyan, was signed by Minister of 

SOEs Erick Thohir and Eagle Hills’ 

Chairman Mohamed Alabbar. The MoU 

focuses on property development, 

airport areas, and tourism ecosystems. 

Alabbar emphasized Indonesia’s potential 

for growth in tourism and pledged 

support to enhance its contribution to 

GDP. The MoU, which is effective for 

one year with an option for extension, 

will also involve knowledge transfer, 

airport infrastructure improvements, 

upgrading state-owned hotels, and 

creating new tourism destinations. 


2-4 

SEPTEMBER 2024 

RICEC, RIYADH, KSA 

Saudi Arabia’s largest 

event for supply chain, 

logistics & warehousing 

11,000+ Visitors 

170+ Exhibitors 

1 Top-Tier Summit 

3,500+ Products 

www.saudilogisticsexpo.com 

#SAUDILOGISTICSEXPO 

Gold Sponsor Silver Sponsor Silver Sponsor 

Register for free 

Organized by:

Dyson OnTrac️ headphones 

Dyson, the company known for 

its high-end home appliances 

and audio products, has unveiled 

OnTrac, a new feature-packed 

wireless headphone that comes with 

customizable earcups and cushions. 

Dyson states that it uses a custom 

Active Noise Cancellation (ANC) algorithm 

comprising eight microphones, 

which sample external sound 384,000 

times per second, effectively reducing 

noise by up to 40dB. Powered by 40mm 

drivers, the headphones feature 16- 

ohm neodymium speaker drivers and 

advanced signal processing to ensure 

clarity in every note or word. 

The OnTrac headphones are designed 

to reproduce frequencies ranging from 

6Hz to 21,000Hz, allowing users to 

enjoy deep sub-bass and clear highs. 

The headphones are equipped with two 

high-capacity lithium-ion battery cells 

suspended in the headband, providing 

up to 55 hours of battery life on a single 

charge with ANC enabled. To switch 

ANC on or off, users can simply double-tap 

on either cup. The headphones 

also feature intuitive touch controls for 

volume adjustment and track navigation, 

enhancing the user experience. 

Available in four colorways, the 

Dyson OnTrac headphones are inspired 

by the CNC manufacturing process 

with options including CNC Aluminium, 

Copper, and Nickel. The Ceramic 

Cinnabar finish provides a ceramic-feel 

painted finish. The outer caps and ear 

cushions can be customized in various 

colors and finishes, with the outer caps 

made from high-grade aluminum. These 

customizable options allow users to 

personalize their headphones to match 

their style. 

Users can connect the OnTrac headphones 

using the MyDyson app, which 

offers several features such as real-time 

soundtracking that monitors in-ear and 

external volume. Users can choose from 

Bass Boost, Neutral, and Enhanced EQ 

modes. Dyson claims that its new OnTrac 

headphones offer best-in-class active 

noise cancellation due to the technology 

that samples sounds 384,000 times per 

second and reduces unwanted noise by 

up to 40dB with eight sound-sampling 

microphones. The app also provides 

battery status updates and firmware 

upgrade notifications. 

In addition to ANC, the new Dyson 

headphones provide enhanced sound 

coverage with a frequency range of 

6Hz to 21kHz. The headphones support 

SBC, AAC, and LDAC audio codecs, ensuring 

compatibility with a wide range 

of devices. This broad codec support 

delivers high-quality audio regardless 

of the source. 

The OnTrac headphones feature 

two built-in lithium-ion batteries, each 

rated at 2,540mAh. A full charge takes 

approximately two hours and provides 

up to 55 hours of listening time with 

ANC turned on. Dyson claims this 

battery life is sufficient for a couple 

of weeks of use before needing to be 

recharged. The fast-charging capability 

ensures minimal downtime. 

The OnTrac headphones’ ANC capabilities, 

advanced sound quality, 

and long battery life position them as 

a competitive entry into the crowded 

wireless headphone market. With 

the MyDyson app integration and 

customizable options, Dyson aims to 

bring its engineering expertise and 

innovative design to the audio sector. 

The combination of high-end materials, 

advanced technology, and user-friendly 

features makes 


Interview 

In conversation with 

Tatiana Avanesian 

Financial Security Expert, 

Crypto Enthusiast, Art Devotee 

Exclusive to Finance World Magazine 

Q. Could you start by explaining 

the growing trend of cryptocurrency 

payments in real estate? 

The Rise of 

Cryptocurrency in 

Real Estate: A Deep 

Dive into the Future of 

Property Transactions 

As cryptocurrency gains momentum in the real estate sector, 

Dubai stands at the forefront of this digital transformation. 

This interview explores the benefits, challenges, and future 

predictions of using cryptocurrency for real estate transactions. 

The growing acceptability of cryptocurrency 

as a payment method in the 

real estate market is largely driven by 

the global digitalization of financial 

transactions, as well as the significant 

rise in value and popularity of cryptocurrencies 

amidst international crises 

and wars. In Dubai, in particular, the 

proactive position of the government 

on blockchain technologies and digital 

transformation has facilitated the creation 

of a favorable and trustworthy 

environment for such innovations. The 

appeal of fast, borderless transactions 

and a young, tech-savvy population 

from around the world, viewing cryptocurrency 

as a legitimate asset class, 

further stimulates this trend. 

Q. What are the primary benefits 

of using cryptocurrencies for real 

estate transactions? 

Cryptocurrencies offer several advantages 

for real estate transactions. 

Primarily, they allow for faster transactions 

without delays associated 

with traditional banking operations. 

Additionally, cryptocurrencies reduce 

the transaction costs associated with 

international payments, facilitating 

the participation of international investors 

in Dubai’s real estate market. 

The inherent properties of blockchain 

technology also ensure the security 

and immutability of these transactions, 

which is attractive in the market of 


high-value assets like real estate. 

Q. How does the integration of 

crypto payments change the market 

dynamics? 

The integration of crypto payments 

significantly changes the dynamics 

of the real estate market. For sellers, 

it opens access to a global audience, 

potentially increasing demand and 

driving up prices. Buyers benefit from 

a simplified transaction process with 

reduced overhead costs. This modern 

payment method can also accelerate 

the sales cycle, allowing transactions to 

close faster compared to traditional bank 

financing, which is especially valuable 

in Dubai, where the real estate market 

moves quickly and the most attractive 

properties are purchased rapidly. 

Q. What challenges and risks should 

be considered when using cryptocurrencies 

in real estate transactions? 

One of the main challenges is the 

volatility of cryptocurrencies, which 

can significantly impact the actual 

value of real estate transactions. Regulatory 

uncertainty is another issue; 

it’s important to understand the legal 

framework in the country you are a 

citizen of and make decisions based on 

that, as regulations can vary widely and 

change over time. To manage these risks, 

using stablecoins (cryptocurrency tied 

to the value of more stable assets like 

the U.S. dollar) or converting crypto 

to fiat immediately after a transaction 

can be effective strategies. 

Q. How do you see the future of 

cryptocurrency in real estate 

transactions? 

I believe cryptocurrencies will become 

even more popular for real estate 

transactions, especially as countries 

like the UAE, which are leading the 

way, establish more stable regulatory 

frameworks. Clearer regulations will 

boost investor confidence, encouraging 

more people to use crypto as a payment 

and investment tool. 

Q. What should investors consider 

when using cryptocurrency for real 

estate investments? 

Investors should think about the 

liquidity of the cryptocurrency they’re 

using and any tax implications involved. 

It’s also essential to understand local 

laws regarding property rights and 

transfer rules to ensure compliance 

and protect asset ownership. 

Q. How does blockchain technology 

enhance the security and transparency 

of real estate transactions? 

Blockchain technology enhances 

the security and transparency of real 

estate transactions by providing an 

immutable record of ownership and 

transaction history. This reduces the risk 

of fraud and errors, making the entire 

process more transparent and reliable. 

For high-value assets like real estate, 

enhanced traceability and security are 

particularly valuable. I am confident 

that the collaborative efforts of the 

UAE government, investors, agencies, 

experts, and developers will make the 

process even more transparent and 

secure over time, creating innovations, 

precedents, and trends for real estate 

markets worldwide. 

Q. What advice would you give to 

real estate professionals who are 

considering integrating crypto payments 

into their business? 

Real estate professionals should first 

educate themselves on the basics of 

blockchain and cryptocurrencies. Conducting 

workshops and training can 

prepare their teams for safe transaction 

handling. Additionally, developing partnerships 

with technology companies 

specializing in blockchain can provide 

the necessary technical support and 

confidence. 

Q. What are some common misconceptions 

about cryptocurrency 

transactions in real estate? 

A common misconception is that 

cryptocurrency transactions are primarily 

anonymous and can facilitate 

illegal activities. In fact, blockchain 

offers greater traceability than many 

traditional transactions. Another misconception 

concerns the supposed 

complexity of transactions, which can 

actually be streamlined and efficient 

once the initial setup is completed. 

Q. What is your vision for the future 

integration of cryptocurrency in 

real estate? 

In the future, I see the integration 

of cryptocurrency in real estate as a 

standard practice, using blockchain 

for all aspects of transactions—from 

recording ownership to calculating 

costs. Clear regulatory frameworks and 

international cooperation are necessary 

to ensure the safety and stability of this 

process for a fully integrated system, 

where digital currency transactions 

become standardized and regulated 

just as fiat currency exchanges are. 

With cryptocurrencies poised to 

become a mainstay in the real estate 

industry, understanding their benefits, 

challenges, and future prospects is 

crucial for investors and professionals 

alike. The insights shared by our 

expert highlight the transformative 

potential of crypto payments in the 

real estate market, promising a future 

where transactions are faster, more 

secure, and globally accessible. 

By embracing this digital evolution, 

the real estate industry can look forward 

to a future marked by innovation, 

efficiency, and enhanced trust. As the 

regulatory landscape continues to evolve, 

the integration of cryptocurrencies 

will likely become an integral part of 

real estate transactions, setting new 

standards for the industry worldwide. 


Funding & Investment 


Venture Capital engages with startups to steer growth strategies and facilitate market entry. 

Revolutionizing 

Real Estate: 

Venture Capital and 

Innovation 

VC-driven innovations are creating 

smarter homes and smarter investments 

in real estate. 

The real estate landscape is undergoing 

profound changes fueled by technology 

and evolving consumer expectations. Venture 

capital (VC) has emerged as a pivotal 

force in this transformation, reshaping 

how properties are bought, sold, and invested. 

Historically, real estate development 

and investment required substantial 

capital. VC firms are now filling this gap 

by investing in innovative startups disrupting 

traditional norms. This financial 

support allows these startups to bring 

their creative ideas to life, reshaping the 

real estate market. Startups focusing on 

AI, Big Data, and blockchain technology 

are revolutionizing the industry more 

efficiently. Consequently, these technological 

advancements are driving the real 

estate sector into a new era of growth 

and opportunity. 


Harnessing Data and AI for 

Informed Decisions 

In today’s digital age, data 

holds immense value. VC-backed startups 

harness advanced data analytics and 

artificial intelligence to gain insights into 

market trends, customer preferences, 

and investment opportunities. These 

insights empower investors, developers, 

and real estate professionals to make 

informed decisions, mitigate risks, and 

optimize returns. The infusion of Venture 

Capital accelerates the development of 

sophisticated data analytics platforms, 

transforming how real estate markets 

are analysed and understood. 

Democratizing Real Estate Investment 

Traditionally, real estate investment was 

predominantly accessible to high-net-worth 

individuals and institutional investors. 

VC-based platforms democratize access 

through crowdfunding and fractional 

ownership models. This democratization 

allows individual investors to participate 

in real estate investments with smaller 

capital contributions, diversifying their 

portfolios and potentially enhancing 

wealth creation. 

Crowdfunding platforms enable investors 

to pool their resources and invest 

in high-quality real estate projects that 

would otherwise be out of reach. Fractional 

ownership models allow multiple 

investors to share ownership of a property, 

reducing individual risk and increasing 

liquidity. These innovative approaches 

are making real estate investment more 

inclusive and accessible. 

Driving Growth and Market Expansion 

Venture Capital engages with startups 

to steer growth strategies and facilitate 

market entry. VC provides strategic 

support beyond financial backing in regulatory 

compliance and market analysis. 

Despite inherent risks, VC investments 

offer significant potential returns, driving 

transformative changes in urban landscapes 

and financial outcomes. 

VC funding enables startups to pilot 

cutting-edge technologies, such as 

blockchain for property transactions, 

revolutionizing ownership structures. 

Blockchain technology enhances transparency, 

security, and efficiency in real 

estate transactions, reducing the risk 

of fraud and simplifying the transfer of 

ownership. Startups can also use VC funds 

to explore new markets or demographic 

segments, and resources needed to scale 

operations enabling companies to expand 

their market presence. 

Propelling PropTech with Venture 

Capital 

PropTech Solutions, the fusion of 

real estate and technology, represents 

a significant paradigm shift. Startups 

leverage technology to streamline processes, 

enhance efficiency, and elevate 

customer experiences. Innovations such as 

online property platforms, virtual reality 

tours, automated property management 

systems, and smart home technologies 

are redefining industry standards. VC 

funding is instrumental in enabling these 

PropTech startups to scale their operations 

and challenge established market 

players. The influx of capital allows 

these companies to invest in research 

and development, hire top talent, and 

expand their market presence rapidly. 

Redefining Property Investment 

Strategies 

VC funding empowers startups to redefine 

property investment, management, 

and utilisation strategies. Advancements 

in PropTech, such as AI-driven property 

management platforms, are attracting 

significant VC interest, driving rapid 

growth and adoption. Startups focusing on 

sustainable development initiatives and 

eco-friendly construction technologies 

are setting new industry benchmarks. 

The expansion of online real estate 

marketplaces connecting buyers, sellers, 

and renters is experiencing substantial 

growth with VC support. These platforms 

provide a seamless and efficient way 

for users to browse listings, schedule 

viewings, and complete transactions. 

Investments in smart infrastructure 

innovations, particularly IoT-integrated 

commercial properties, enhance energy 

efficiency and market competitiveness. 

Navigating Challenges and Seizing 

Opportunities 

Entering the realm of real estate Venture 

Capital presents both challenges and 

opportunities for new players. Significant 

initial capital investment is required 

for research, development, and scaling 

operations. Compliance with zoning 

laws, building codes, and environmental 

regulations poses challenges. Establishing 

a strong network and brand presence is 

crucial for gaining market traction. 

Leveraging emerging technologies 

presents opportunities to disrupt traditional 

business models. Startups focusing on 

sustainability initiatives gain a competitive 

edge in the market while personalizing 

customer experiences through data 

analytics enhances competitiveness in 

dynamic markets. By addressing these 

challenges head-on and capitalizing on 

opportunities, startups can position 

themselves for long-term success. 

The Impact of VC on Real Estate 

Startups 

Venture Capital’s investments significantly 

influence the growth and innovation 

trajectory of real estate startups. Startups 

leverage cutting-edge technologies to 

enhance property value propositions, and 

VC funding supports their expansion into 

international markets. VC-backed startups 

prioritizing sustainability gain traction 

in environmentally-conscious markets, 

while VC funding democratizes access 

to real estate investments, empowering 

individual investors. 

Additionally, investments in revitalizing 

urban areas drive economic and social 

transformations. For instance, VC-backed 

projects focused on urban renewal can 

breathe new life into neglected neighborhoods, 

creating vibrant communities 

and boosting local economies. These 

initiatives often involve collaborations 

between startups, local governments, 

and community organizations. 

Conclusion 

The influx of Venture Capital into 

the real estate sector catalyzes growth, 

fosters innovation, and transforms 

industry dynamics. Through strategic 

investments, Venture Capital serves as 

a driving force behind transformative 

changes in the real estate ecosystem. 

By supporting innovative startups, VC is 

reshaping the way properties are bought, 

sold, and managed, highlighting its role 

as a catalyst for continuous evolution 

and progress. 

Venture Capital’s impact on the real 

estate industry is profound and far-reaching. 

From democratizing investment 

opportunities to driving technological 

advancements, VC is playing a crucial 

role in shaping the future of real estate. 

As startups continue to innovate and 

scale with the backing of VC, the real 

estate sector will undoubtedly experience 

continued growth and transformation, 

creating new opportunities for investors, 

developers, and consumers alike. 


Funding & Investment News 

BlackRock Investment 

Institute Moves Chief 

Strategist to UAE 

BlackRock is expanding its presence 

in the Middle East by establishing 

its research unit in the UAE and 

relocating its chief strategist to Dubai. 

Ben Powell has been appointed as 

Chief Middle East & APAC Investment 

Strategist for BlackRock Investment 

Institute (BII), bringing over 23 years 

of experience in capital markets. He 

will move from Singapore to the UAE 

to lead BII’s regional initiatives and 

continue overseeing APAC activities. 

BII is known for its proprietary research 

covering markets, macroeconomics, 

sustainability, geopolitics, and portfolio 

construction, providing critical insights 

to clients across the region. This strategic 

move underscores BlackRock’s 

commitment to enhancing its capabilities 

in the Middle East and reinforcing 

its position as a leading global asset 

management firm, catering to a diverse 

and expanding client base. 

UAE and Mauritius Sign 

CEPA to Boost Trade 

and Investment 

His Highness Sheikh Mohammed 

bin Rashid Al Maktoum, Vice 

President and Prime Minister 

of the UAE and Ruler of Dubai, along 

with Pravind Kumar Jugnauth, Prime 

Minister of the Republic of Mauritius, 

presided over the signing of a landmark 

Comprehensive Economic Partnership 

Agreement (CEPA) between the two 

nations. This agreement marks the UAE’s 

first CEPA with an African country 

and is projected to boost the UAE’s 

GDP by 0.96 percent and Mauritius’ 

economy by more than 1 percent by 

2030. Signed by Dr. Thani bin Ahmed 

Al Zeyoudi, UAE’s Minister of State for 

Foreign Trade, and Maneesh Gobin, 

Mauritius’ Minister of Foreign Affairs, 

Regional Integration and International 

Trade, the CEPA aims to deepen trade 

and investment ties. It will eliminate 

99 percent of tariffs on imports from 

the UAE to Mauritius and 97 percent 

overall from the UAE, enhancing market 

access, accelerating growth in priority 

sectors, and fostering job creation. 

Bioniq Secures $15M Funding for AI-Driven 

Supplements in UAE 

Bioniq, a personalised supplement 

with a strong presence in the 

UAE, has raised $15M in a Series 

B funding round. Led by European VCs 

HV Capital and Unbound, the oversubscribed 

round values the company at 

$75M, as confirmed in a recent media 

release. The funding will fuel Bioniq’s 

global expansion strategy, particularly 

in the UAE and Middle East, aiming 

to disrupt the dietary supplements 

market further. Plans include enhancing 

product development, expanding 

operational capabilities, and integrating 

a corporate platform for medical, 

wellness, and athletic institutions 

across the US and Middle East. Since 

entering the UAE market in 2021, the 

London-headquartered company has 

expanded throughout the Gulf region, 

forming strategic partnerships with 

key players like The Department of 

Culture and Tourism – Abu Dhabi, 

Metabolic, and Al Borg Diagnostics 

to bolster personalised health and 

wellness offerings in the region. 

UAE Energy Startups Raise AED 110M in Funding 

in H1 2024 

In the first half of 2024, financing for 

UAE-based energy startups surged 

past AED 110M, marking a robust 

growth trajectory for the sector. Energy 

storage and battery companies led the 

charge, securing 33.3 percent of the 

total funding, closely followed by solar 

energy firms at 25 percent, according 

to data from the International Energy 

Agency (IEA). Wind energy projects 

received 8.3 percent of the financing, 

with the remaining 33.3 percent allocated 

to various other renewable and 

clean energy initiatives, as per IEA 

figures. As of the end of 2023, the UAE 

hosted a total of 54 startup companies 

in the energy sector, encompassing 

12 focused on energy storage and 

batteries, 9 on energy efficiency, 21 in 

diverse renewable energy fields, and 

12 in related sectors. 

Saudi Logistics Platform OTO Secures $8M for 

UAE, Turkey Expansion 

OTO, a Saudi logistics platform, 

is gearing up for expansion 

into the UAE and Turkey after 

securing SR 30M ($8M) in a series A 

funding round. Leading the investment 

is Sanabil Investments, backed by the 

Public Investment Fund, along with 

contributions from Sadu Capital and 

Iliad Partners. Propeller and Soma 

Capital also participated, as detailed in 

a press release. Previously, OTO raised 

SR 12.3M from venture capital firms 

and angel investors like Middle East 

Venture Partners, Derayah Ventures, 

and 500 Global. This funding aligns 

with Saudi Arabia’s National Logistics 

Strategy, aimed at positioning the 

Kingdom among the top 10 globally in 

logistics performance by 2030 under 

Vision 2030 objectives. OTO’s CEO 

Mohammad Al-Razaz highlighted the 

significance of the funding in advancing 

their mission to revolutionise the 

shipping and logistics sector. 


UAE SMEs Prioritise Contactless Payments to Meet Consumer Expectations 

Visa’s SME Megatrends report 

sheds light on the UAE SME 

market’s evolution, highlighting 

contactless payments as a crucial investment 

area. According to the study, 

49% of UAE SMEs prioritize integrating 

contactless payment solutions to meet 

changing consumer expectations. The 

report underscores the rapid digital 

transformation within the SME sector, 

influenced by regulatory changes, 

funding initiatives, and increased 

digitalization. It emphasizes the role 

of issuing banks in adapting their offerings 

to meet SMEs’ evolving needs, 

thereby enhancing competitiveness 

and unlocking new revenue opportunities. 

By facilitating access to tailored 

financial products and services, banks 

can capitalize on the SME sector’s 

growing digital adoption. This strategic 

alignment with SME demands not only 

supports their growth and operational 

efficiencies but also fosters inclusive 

economic development across the UAE. 

Qatar Investment Authority Redeveloping 8 

Canada Square, Canary Wharf 

Qatar Investment Authority (QIA) 

and Canary Wharf Group (CWG) 

have revealed architectural 

plans for the redevelopment of 8 Canada 

Square in Canary Wharf. Fully owned 

by QIA, with CWG as the development 

partner, the iconic building will undergo 

transformation under the design leadership 

of Kohn Pedersen Fox (KPF), 

following a global competition. The 

project, slated to commence in 2027 

after HSBC’s lease expiry, aims to 

revitalise the 1.1 million sq ft space 

into a multifaceted destination featuring 

cutting-edge workspaces, leisure 

facilities, educational spaces, and cultural 

attractions. The redevelopment 

emphasises sustainability, accessibility, 

and connectivity, enhancing business 

propositions with world-class ESG 

credentials and offering public access 

to new routes and panoramic views 

across London from Canary Wharf. 

Mapletree Investments Set to Open Abu 

Dhabi Office 

Singapore’s Mapletree Investments 

Pte, a prominent property development 

and management firm, 

is expanding its global presence by 

opening an office in Abu Dhabi. This 

strategic move, part of Mapletree’s 

growth strategy, aims to capitalize 

on opportunities in the Middle East 

region. Mapletree has reportedly 

appointed Khairul Abdullah to lead 

this expansion effort, according to 

Bloomberg sources familiar with the 

matter. Abdullah, who previously held 

a vice-president role at Mapletree and 

later joined ADX-listed Aldar Properties, 

brings valuable expertise to the 

initiative. A spokesperson confirmed 

to Bloomberg that the Abu Dhabi 

office is part of Mapletree’s broader 

expansion plans but declined to provide 

further details. The expansion 

aligns with a positive outlook for Abu 

Dhabi’s real estate market in 2024, 

highlighted by increased foreign direct 

investments, reinforcing the emirate’s 

stature in the global property sector. 

Dubai’s Jakson Green 

Secures $35.4M Credit 

Facility 

Jakson Green, an energy transition 

platform, has secured a credit 

facility of 2.96B Indian rupees 

($35.4M) from First Abu Dhabi Bank in 

Mumbai. The financing is earmarked to 

support the company’s global expansion 

efforts, starting with Uzbekistan where 

it plans to implement a significant solar 

photovoltaic (PV) and battery storage 

project in Bukhara. This initiative will 

involve the construction and operation 

of a 250 MW solar power plant coupled 

with a 63 MW/126 MWh battery energy 

storage system (BESS). Headquartered 

in Dubai, Jakson Green aims to broaden 

its footprint across the Middle East, 

Africa, Commonwealth of Independent 

States (CIS), and Europe. As the 

renewable energy subsidiary of India’s 

Jakson Group, the company specialises 

in operations and maintenance (O&M) 

of new energy assets, utility-scale storage, 

waste-to-energy, green hydrogen, 

and green ammonia projects. 


Wheels 

2025 Audi A6 e-tron 


Specifications 

Battery Pack: 94.9-kWh capacity 

Range: Over 460 miles per charge 

DC Fast-Charging: 5-80 percent 

in just 21 minutes 

Audi is expanding its e-tron electric 

vehicle lineup with the introduction 

of the 2025 A6 e-tron, 

a sleek and technologically advanced 

sedan. Audi aims for the A6 e-tron to 

achieve a driving range of more than 

400 miles per charge, powered by a 

rear-mounted electric motor delivering 

up to 362 horsepower. The A6 e-tron 

Quattro model adds a second motor 

for all-wheel drive, increasing the 

power to 422 horsepower. For those 

seeking even more performance, the 

high-performance S6 e-tron boasts a 

combined output of 543 horsepower 

with its dual-motor setup. 

The A6 e-tron distinguishes itself 

from its gasoline-powered counterpart 

by featuring a hatchback design 

integrated into its sloped rear roofline, 

which Audi refers to as a Sportback. 

This design choice provides a spacious 

cargo area similar to that of the current 

A7. Inside, the A6 e-tron offers a full 

suite of infotainment features, luxury 

materials, and ample space for four 

adults to travel comfortably over long 

distances. 

The price of the 2025 Audi A6 e-tron 

is expected to start around $80,000, 

with higher-end trims and options 

pushing the price up to $100,000. The 

base model A6 e-tron comes equipped 

with a 362-horsepower electric motor 

driving the rear wheels. The A6 e-tron 

Quattro, with its dual-motor all-wheel 

drive system, produces 422 horsepower. 

The performance-focused S6 e-tron, 

reviewed separately, features a combined 

543 horsepower. An optional 

air spring suspension system provides 

adaptive dampers and unique driving 

modes, enhancing ride comfort and 

aerodynamic efficiency by lowering 

the ride height. 

The A6 e-tron can accelerate from 

0 to 62 mph in 5.2 seconds, while the 

Quattro version achieves the same in 

4.3 seconds. A 94.9-kWh battery pack 

offers over 460 miles of range per 

charge based on the European WLTP 

test cycle. However, the EPA range 

is expected to be around 400 miles 

per charge, comparable to rivals like 

the Lucid Air. The A6 e-tron features 

standard DC fast-charging capability, 

allowing the battery to charge from 

five percent to 80 percent in just 21 

minutes. 

Inside, the A6 e-tron boasts luxury 

amenities and advanced technology. The 

cabin features multiple digital screens, 

including an 11.9-inch digital gauge 

cluster and a 14.5-inch touchscreen 

infotainment display. An optional 

10.9-inch front passenger display and 

an augmented-reality head-up display 

are also available. The infotainment 

system runs on Audi’s latest interface 

developed with Android Automotive, 

and supports Apple CarPlay, Android 

Auto, and an integrated AI assistant 

powered by ChatGPT. An 830-watt Bang 

& Olufsen stereo system with up to 20 

speakers is available for audiophiles. 

Safety features in the A6 e-tron include 

standard automated emergency 

braking with pedestrian detection, 

standard lane-departure warning, and 

available adaptive cruise control with 

a lane-centering feature. 


Healthcare 


A Green Oasis in the 

Desert: The UAE’s 

Sustainable Real 

Estate Revolution 

The UAE’s new real estate project ‘Green Oasis’ 

is a new milestone in the world of sustainable 

construction 

The United Arab Emirates, a nation synonymous 

with opulence and innovation, is 

undergoing a remarkable transformation. 

Beyond its towering skyscrapers and luxurious 

lifestyle, the UAE is emerging as a 

global leader in sustainable development. 

At the heart of this movement is green real 

estate, a sector that is redefining the country’s 

urban landscape.The desert climate 

of the UAE presents unique challenges 

for sustainable building. However, the 

nation has embraced these challenges 

head-on, developing innovative solutions 

that blend environmental responsibility 

with luxury living. Green buildings in the 

UAE are not merely eco-friendly; they are 

testaments to the country’s commitment 

to a sustainable future. 


The UAE is all set to overcome 

desert challenges. The UAE’s arid 

climate poses significant hurdles 

to sustainable construction. Extreme 

heat, water scarcity, and sandstorms 

necessitate innovative approaches to 

building design and operation. However, 

the country has demonstrated remarkable 

resilience and ingenuity in overcoming 

these challenges. 

One of the most critical aspects of green 

building in the UAE is water conservation. 

Given the region’s limited freshwater 

resources, efficient water management 

is paramount. Green buildings in the 

UAE employ a variety of water-saving 

technologies, including rainwater harvesting, 

greywater recycling, and advanced 

irrigation systems. Additionally, the 

use of drought-resistant native plants 

in landscaping helps to reduce water 

consumption significantly. 

Another key challenge is energy efficiency. 

The high temperatures in the UAE 

demand substantial energy consumption 

for cooling buildings. To address this, 

green buildings incorporate advanced 

insulation, high-performance glazing, 

and efficient HVAC systems. Moreover, 

the widespread adoption of solar energy 

has been instrumental in reducing the 

region’s reliance on fossil fuels. Many 

green buildings in the UAE boast rooftop 

solar panels, providing clean energy and 

reducing carbon emissions. 

Green Building Innovations in the UAE 

The UAE has become a global hub 

for sustainable building innovation. 

Developers and architects are pushing 

the boundaries of green technology to 

create extraordinary projects. One notable 

example is the Masdar City in Abu 

Dhabi, a planned sustainable community 

that serves as a model for the world. 

Masdar City incorporates cutting-edge 

technologies such as passive cooling, 

solar energy, and waste-to-energy systems. 

Beyond Masdar City, numerous other 

green building projects are transforming 

the UAE’s urban landscape. These 

projects showcase a diverse range of 

sustainable design strategies, from vertical 

gardens to green roofs. Additionally, 

there is a growing emphasis on creating 

pedestrian-friendly and transit-oriented 

developments to reduce reliance on cars 

and improve air quality. 

Government Support and Policy 

Framework 

The UAE government has played a 

crucial role in driving the adoption of 

green building practices. Through a 

series of initiatives and regulations, the 

government has created a supportive 

environment for sustainable development. 

The Dubai Green Building Code, 

for example, sets stringent standards for 

energy efficiency, water conservation, 

and material selection. 

Furthermore, the UAE has invested 

heavily in research and development 

to support the green building sector. 

By fostering innovation and knowledge 

sharing, the government aims to position 

the country as a global leader in sustainable 

construction. 

The Economic Impact of Green Real 

Estate 

The shift towards green building is 

not only environmentally beneficial but 

also economically advantageous. Green 

buildings often command higher rental 

and sales prices due to their energy 

efficiency, health benefits, and positive 

environmental impact. Moreover, the 

construction of green buildings creates 

new job opportunities and stimulates 

the economy. 

Additionally, the UAE’s commitment 

to sustainable development has attracted 

international investors and businesses 

seeking to operate in a responsible and 

environmentally conscious environment. 

This influx of foreign investment further 

strengthens the country’s economy. 

Challenges and Opportunities 

While the UAE has made significant 

strides in green building, challenges remain. 

The high upfront costs of implementing 

sustainable technologies can be a barrier 

for some developers. Additionally, there 

is a need for continued education and 

awareness-raising to promote the benefits 

of green building among the general 

public. As UAE’s economy is growing 

by leaps and bounds it is very much 

evident that in the upcoming days, this 

country can make a significant change, 

a change which will be beneficial for the 

whole eco-system of the nation. As the 

world is going through the challenges of 

global warming, we need a sustainable 

development model to make this region 

a place where it can always prosper as a 

business hub with full of opportunities 

for everyone. 

However, these challenges also present 

opportunities for innovation and growth. 

The Sustainable City 

is a living laboratory 

for testing future 

technologies and 

solutions,” 

Karim El-Jisr, Head of SEE 

The development of cost-effective green 

building solutions and the creation of a 

skilled workforce in the sustainability 

sector can drive economic growth and 

create new business opportunities. 

The Road Ahead 

The UAE’s journey towards sustainable 

development is still in its early stages, but 

the progress made thus far is impressive. 

As the country continues to expand its 

urban areas, green building will play an 

increasingly important role in shaping 

the future of the nation. By embracing 

sustainable practices and investing in 

green technologies, the UAE can create a 

thriving and environmentally responsible 

society for generations to come. 


Healthcare News 

Cleveland Clinic Abu 

Dhabi performs UAE’s 

first SEEG procedure 

for epilepsy 

Cleveland Clinic Abu Dhabi, part 

of the M42 group, has successfully 

performed the UAE’s first 

stereoelectroencephalography (SEEG) 

procedure. This minimally invasive 

technique identifies the origins of difficult-to-treat 

focal epileptic seizures 

within the brain. Epilepsy, affecting 

millions worldwide, involves recurrent 

seizures due to abnormal electrical 

brain activity. WHO estimates 5 million 

new cases yearly, with active cases 

between 4 and 10 per 1,000 people. 

While medication controls epilepsy in 

up to 70% of cases, SEEG is crucial for 

the remaining 30% who need precise 

seizure localization. The pioneering 

procedure on an Emirati patient involved 

implanting thin electrodes in 

the brain to reach inaccessible areas. 

Led by Dr. Florian Roser, the surgery 

utilised advanced imaging software 

to ensure safe and effective electrode 

placement. 

Mayo Clinic’s New 

Tech Tackles Rare 

Disease Diagnoses 

At Mayo Clinic, solving rare disease 

cases is driven by perseverance 

and innovation. Researchers at 

the Mayo Clinic Center for Individualised 

Medicine have developed RENEW 

(REanalysis of NEgative Whole-exome/ 

genome data), a semi-automated system 

to reassess unresolved cases. A recent 

study in *Human Genetics* highlights 

RENEW’s success, identifying probable 

diagnoses for 63 patients out of 

1,066 previously undiagnosed cases. 

Launched in 2022, RENEW continuously 

compares patient genomic 

data with the latest global research to 

find elusive disease-causing variants. 

Alejandro Ferrer, Ph.D., lead author 

of the study, emphasises the significance 

of RENEW’s ability to provide 

answers and hope to patients facing 

rare disease challenges. The system’s 

sophisticated filtering helps pinpoint 

pathogenic variants by analysing new 

genetic information. 

PureHealth-backed Ardent Health Partners 

completes NYSE IPO 

Alpha Dhabi Health Holding’s 

PureHealth has successfully 

completed the initial public 

offering (IPO) of its subsidiary, Ardent 

Health Partners, on the New York Stock 

Exchange (NYSE). In its announcement, 

PureHealth revealed that Ardent 

Health offered 14,300,000 shares of its 

common stock at $16 per share, with 

trading beginning on July 18 under 

the ticker symbol ARDT. According to 

the statement, Ardent Health’s NYSE 

listing underscores Abu Dhabi’s role as 

a significant investor in the US market. 

This milestone supports Abu Dhabi’s 

strategy of generating shareholder value 

through both organic and strategic 

growth, while also paving the way 

for future mergers and acquisitions. 

Shaista Asif, Group CEO at PureHealth, 

remarked, “Although we have only 

been an investor in Ardent since April 

2023, the successful IPO launch reflects 

our strategic vision and dedication to 

enhancing global healthcare services.” 

UAE to Offer Health Insurance with Tourist Visas 

in New Project 

A 

new initiative will soon assist 

UAE tourists in obtaining health 

insurance during their visa application 

process, as announced by the 

Federal Authority for Identity, Citizenship, 

Customs and Port Security (ICP). 

Major-General Suhail Saeed Al Khaili, 

the authority’s director-general, stated 

that the ‘health insurance for tourist 

visas’ is part of their transformative 

projects aimed at enhancing the overall 

travel experience. This project allows 

tourists to secure health insurance 

while applying for their visas online via 

the ICP website or app. The initiative 

is specifically designed to provide 

coverage for emergency situations, 

ensuring that tourists have access to 

necessary medical care during their 

stay. The system will streamline the 

insurance acquisition process through 

an advanced electronic platform that 

efficiently manages the pricing and 

issuance of packages from all leading 

insurance companies in the UAE. 

TruDoc Partners with e& enterprise to Transform 

Healthcare Communications 

TruDoc Healthcare, a telehealth 

leader, has partnered with e& 

enterprise to revolutionise 

healthcare communications in the ME- 

NA region. Their collaboration introduces 

the engageX solution, powered 

by the NICE CXone platform, setting 

a new benchmark for patient care and 

accessibility. The engageX solution 

represents a significant advancement 

in TruDoc Healthcare’s services, enabling 

seamless management of patient 

inquiries across various communication 

channels—voice, chat, email, and 

video—all through a single interface. 

This comprehensive approach ensures 

robust responses, greatly enhancing 

patient engagement and satisfaction. 

This partnership amplifies TruDoc’s 

capabilities with AI-driven tools that 

streamline operations and improve 

patient interactions, reinforcing its 

innovative, patient-centric mission. 


King Fahd Medical City, Boston Oncology partner on gene and cell therapy 

King Fahd Medical City and Boston 

Oncology have signed a 

memorandum of understanding 

(MoU) to localize a gene and cell 

therapy project at King Fahd Medical 

City, part of the second Riyadh Health 

Cluster. The MoU was signed by Dr. 

Fahd Al-Ghufaili, CEO of King Fahd 

Medical City, and Dr. Abdullah Baaj, 

Executive Director of Boston Oncology, 

with Deputy Minister of Health for Planning 

and Development, Eng. Abdulaziz 

Al-Rumaih, present. Dr. Al-Ghufaili 

highlighted that the MoU supports 

the health sector transformation program, 

aiming to enhance healthcare 

services through the localization of 

modern technologies. He noted that 

this initiative aligns with Saudi Vision 

2030’s goals to develop local treatment 

capabilities. Dr. Baaj emphasised that 

the MoU would advance scientific 

efforts and showcase Saudi Arabia’s 

progress in the field. 

Emiratis Excel in Private Healthcare Sector 

Recently, there has been a notable 

increase in Emirati professionals 

entering the UAE’s healthcare industry, 

largely due to the Emiratisation 

initiative. This program is encouraging 

Emiratis to take on significant roles in 

the private healthcare sector, offering 

new opportunities, especially for Emirati 

women to advance into leadership 

positions. Dr. Tahani Al Qadiri, Director 

of Emiratisation and Academics at Burjeel 

Holdings, exemplifies this trend. 

After beginning her career as a nurse in 

the early 2000s, she has risen to become 

a leading figure in UAE healthcare and 

medical education. With over 23 years 

of experience, Dr. Tahani transitioned 

from the public to the private sector by 

late 2023, overcoming challenges and 

achieving notable milestones. “It’s all 

about learning and exploring opportunities. 

With our leadership’s vision 

and support, the growth prospects in 

private healthcare are vast,” she states. 

UAE Unveils Global Plan to Build 10 Hospitals 

The United Arab Emirates has 

launched the Zayed Humanitarian 

Legacy Initiative, a global 

effort to address critical healthcare 

gaps worldwide. Announced by President 

His Highness Sheikh Mohamed 

bin Zayed Al Nahyan in March, the 

initiative involves a Dh550 million 

investment over the next decade to 

build up to 10 hospitals in underserved 

areas. The first of these, the 

UAE-Indonesia Hospital for Cardiac 

Diseases in Surakarta, Central Java, 

is currently under construction and 

is set to open in late 2024. This hospital 

will provide essential care for 

heart disease patients, marking a 

significant achievement for the UAE 

Global Hospitals Program managed 

by the International Humanitarian and 

Philanthropic Council. This initiative 

underscores the UAE’s dedication to 

global health equity and sustainable 

development, reflecting its ongoing 

commitment to international aid and 

cooperation. 

Jordan’s Kingdom Health 

PPP Project Reveals Architectural 

Design 

Jordan’s Kingdom Health Project 

revealed the designs for its medical 

university and hospital, marking 

a significant step in the $400M initiative 

in Amman. The Public-Private 

Partnership (PPP) project, managed 

under the Build-Operate-Transfer (BOT) 

model, involves the Saudi Jordanian 

Investment Fund (SJIF)—a unit of 

Saudi Arabia’s Public Investment Fund 

(PIF)—in collaboration with the Jordan 

Investment Fund. The academic aspect 

is led by the UK’s University College 

London Medical School (UCLMS), while 

UCLA Health from Los Angeles is the 

clinical partner. Design, engineering, 

and construction oversight are provided 

by The Sidara Collaborative, 

including Dar Al-Handasah Consultants 

(Shair and Partners), Perkins & Will, 

and Currie and Brown. The project, 

which began with the foundation stone 

laid in October last year, will feature 

over 110,000 square metres of space, 

including the Kingdom University of 

Health Sciences, accommodating 600 

students, and the 330-bed Kingdom 

University Hospital with 72 outpatient 

clinics and a children’s hospital. 


Economy 

The developments use advanced tech to create sustainable, efficient, livable cities. 

Real Estate’s 

Pivotal Role in 

Boosting the UAE 

Economy 

Real estate consultants predict property 

prices to surge in 2024 amid strong 

demand from buyers. 

The United Arab Emirates (UAE) stands 

as a beacon of economic prosperity in 

the Middle East, renowned for its rapid 

development, innovative architecture, and 

luxurious lifestyle. The real estate sector is 

at the heart of this transformation, which 

has played a pivotal role in shaping the 

economy. From the towering skyscrapers 

of Dubai to the sprawling developments in 

Abu Dhabi, real estate has been a driver of 

economic growth, attracting investment, 

creating jobs, and fostering tourism. The 

sector goes beyond urban development, 

contributing to advancements in infrastructure, 

enhancing the quality of life, 

and promoting sustainable growth and 

technological innovation. This dynamic 

growth has positioned the UAE as a 

global leader. 


Historical Context and Economic 

Significance 

The UAE’s real estate sector’s 

evolution is intertwined with the country’s 

broader economic strategy. Visionary 

leaders recognized the potential of real 

estate development in attracting global 

investors and positioning the UAE as a 

global hub for business and tourism. The 

introduction of freehold property laws in 

the early 2000s was a significant milestone, 

allowing foreigners to own property in 

designated areas. This move opened the 

avenues for substantial international 

investment, leading to a construction 

boom and the rise of iconic projects such 

as the Burj Khalifa, Palm Jumeirah, and 

The World Islands. These developments 

cemented its reputation as a premier 

destination for luxury. 

Attracting Foreign Investment 

One of the most significant impacts 

of the real estate sector on the UAE 

economy is its ability to attract foreign 

investment. The UAE’s strategic location 

with modern infrastructure and 

investor-friendly policies, has made it 

an attractive destination for investors 

globally. According to the Dubai Land 

Department, foreign investors account 

for a substantial portion of real estate 

transactions, with significant investments 

coming from India, the UK, Pakistan, 

and China. The influx of capital has supported 

the development of commercial 

spaces, residential units, and mixed-use 

developments, creating a vibrant urban 

landscape that supports various industries, 

including retail, hospitality, and finance. 

Job Creation and Economic 

Diversification 

The real estate sector is a major employer 

in the UAE, providing jobs across 

various professions. The construction 

boom has generated significant employment 

opportunities and decreased 

the unemployment rates. The growth of 

the real estate sector has spurred the 

development of ancillary industries. The 

demand for building materials, interior 

design, and maintenance services has led 

to the growth of related sectors, further 

diversifying the UAE’s economy. This 

diversification is crucial for the UAE’s 

long-term economic stability, reducing 

its reliance on oil revenues and fostering 

a more resilient economic structure. 

Tourism and Hospitality 

The UAE’s real estate sector has also 

played a crucial role in boosting tourism, 

one of the key pillars of the country’s economy. 

The development of luxury hotels, 

resorts, and entertainment complexes has 

positioned the UAE as a top global tourist 

destination. Iconic landmarks such as 

the Burj Khalifa, Dubai Mall, and Sheikh 

Zayed Grand Mosque attract millions 

of visitors, contributing significantly to 

the tourism industry. Major events and 

exhibitions held in state-of-the-art venues 

like the Dubai World Trade Centre and 

Abu Dhabi National Exhibition Centre 

draw international visitors, boosting the 

hospitality sector and creating a positive 

economic ripple effect. 

Real Estate Innovation and 

Smart Cities 

The UAE’s commitment to innovation 

is evident in its real estate sector, where 

technology and sustainable practices 

are integrated into new developments. 

The concept of smart cities is gaining 

traction, with projects like Masdar City 

in Abu Dhabi and the Dubai Silicon Oasis 

leading the way. These developments 

incorporate advanced technologies like 

the IoT, AI, and renewable energy solutions 

to create sustainable, efficient, and 

liveable urban environments. Smart city 

initiatives attract tech-savvy investors and 

businesses. The focus on sustainability 

and innovation aligns with the UAE’s 

Vision 2021 and Vision 2030 goals, which 

aim to position the country as a leader 

in smart technology and sustainable 

development. 

Economic Resilience and Future 

Prospects 

The UAE’s real estate sector has 

demonstrated remarkable adaptability 

and recovery from various economic 

challenges, including the 2008 global 

financial crisis and the COVID-19 pandemic. 

Government initiatives, such as 

stimulus packages, regulatory reforms, 

and infrastructure investments, have 

played a crucial role in stabilizing the 

market and fostering recovery. The UAE’s 

strategic initiatives attract international 

attention and investment. The Expo, 

which has been extended into 2021 due to 

the pandemic, has generated substantial 

economic activity, from the construction 

of new facilities to the influx of visitors 

and business opportunities. 

The Role of Government and Policy 

The UAE government’s policies such 

as visa reforms, which include long-term 

visas for investors and professionals, have 

made the UAE an attractive destination 

for expatriates and foreign investors. 

The introduction of the Real Estate 

Regulatory Agency (RERA) has brought 

transparency and accountability to the 

market, boosting investor confidence. 

Government-led initiatives like the 

Sheikh Zayed Housing Programme and 

the Mohammed bin Rashid Housing 

Establishment have also supported the 

development of affordable housing, 

ensuring that the benefits of real estate 

growth are accessible to all segments 

of society. These programs address the 

housing needs of Emirati citizens, contributing 

to social stability and economic 

inclusivity. 

The real estate sector’s role in boosting 

the UAE economy cannot be overstated. 

From attracting foreign investment, 

creating jobs, supporting tourism, and 

fueling innovation, real estate has been 

a cornerstone of the UAE’s economic 

strategy. As the UAE continues to evolve 

and diversify its economy, the real estate 

sector will undoubtedly remain a key 

driver of growth and prosperity. 


Corporate Results 

Phoenix Group 

Q1’24 Net Profit: AED 448.8M 

In the first half of 2024, Phoenix Group 

achieved net profits attributable to equityholders 

of AED 448.8M, a substantial 

increase from AED 176.7M in the same 

period of the previous year. This growth 

is evident in the second quarter of 2024, 

where net profits reached AED 206M, 

up from AED 85.4M in Q2 2023. For 

the first quarter of 2024, the company 

reported net profits of AED 242.8M, 

a notable rise from AED 91.3M in Q1 

2023. Despite these impressive profit 

figures, revenues from contracts with 

customers declined to AED 441M in 

H1-24, down from AED 590.1M in H1- 

23. The basic and diluted earnings per 

share (EPS) also increased, reaching 

AED 0.073 by the end of June 2024, 

compared to AED 0.03 a year earlier. 

Apex Investment Company 


Apex Investment Company reported 

a net profit of AED 23.01M for the 

first half (H1) of 2024, compared to 

a net loss of AED 198.81M in H1-23. 

Revenues increased to AED 425.23M 

in H1-24 from AED 301.84M a year 

earlier. Basic earnings per share (EPS) 

improved to AED 0.006 in H1-24, versus 

a loss per share of AED 0.056 in 

the same period in 2023. For Q2 2024, 

Apex Investment achieved a net profit 

of AED 18.74M, reversing net losses of 

AED 8.63M in Q2-23. Basic EPS rose 

to AED 0.005 from a loss per share of 

AED 0.002. Revenues climbed to AED 

229.91M in April-June 2024 from AED 

154.10M a year earlier. By 31 March 

2024, the company had net profits of 

AED 4.27M, compared to net losses of 

AED 190.18M in Q1-23. 

Commercial Bank 

International 


Commercial Bank International (CBI) 

reported a net profit increase to AED 

81.45M in the first half of 2024, up from 

AED 78.88M the previous year. Basic and 

diluted earnings per share (EPS) rose to 

AED 0.046 from AED 0.045 in H1 2023. 

Total assets grew to AED 19.97B by 30 

June 2024, compared to AED 18.97B at 

the end of December 2023, with customer 

deposits rising to AED 11.68B from 

AED 11.25B. In Q2 2024, CBI’s net profits 

were AED 44.87M, up marginally from 

AED 44.84M in Q2 2023. EPS remained 

at AED 0.02, while net operating income 

increased to AED 129.71 million from 

AED 122.22M. CEO Ali Sultan Rakkad 

Al Amri emphasised the bank’s focus 

on enhancing customer experience and 

supporting the UAE’s economic growth. 

First Abu Dhabi Bank 

Q1’24 Net Profit: AED 8.4B 

First Abu Dhabi Bank (FAB) has 

achieved remarkable financial results 

for the first half of 2024, posting a 

net profit of AED 8.4B and revenues 

amounting to AED 15.7B. This represents 

a significant 16% increase in 

revenue compared to the previous 

year, underscoring the bank’s steady 

growth. Profit before tax also saw a 

15% year-over-year rise, reaching AED 

10.0B. In the second quarter of 2024, 

FAB recorded a net profit of AED 4.3B 

and operating income of AED 7.8B, 

reflecting a 14% increase from the same 

period last year. Hana Al Rostamani, the 

group chief executive officer of FAB, 

emphasized that the bank is solidifying 

its status as a major player in the 

MENA banking sector. She pointed out 

that both group net profit and revenue 

have reached unprecedented levels, at 

AED 8.4B and AED 15.7B, respectively, 

highlighting the bank’s continued strong 

performance. 

National Bank of Fujairah 

Q1’24 Net Profit: AED 

441.15M 

The National Bank of Fujairah (NBF) 

reported a net profit after tax of AED 

441.15M for the first half (H1) of 2024, 

an increase from AED 332.14M in H1-23. 

Operating income rose by 8.20% yearon-year 

(YoY) to AED 1.20B in H1-24, 

up from AED 1.11B, as per the consolidated 

financial results. Earnings per 

share (EPS) grew to AED 0.18 in H1-24 

from AED 0.13 in H1-23. Customer and 

Islamic deposits climbed by 7.80% to 

AED 41.60B in H1-24 from AED 38.60B 

at the end of 2023, while total assets 

increased to AED 55.63B from AED 

51.71B. For Q2 2024, NBF recorded a 

net profit of AED 190.09M, rising from 

AED 180.13M YoY. EPS in Q2-24 edged 

up to AED 0.068 from AED 0.064, and 

operating income grew to AED 590.34M 

from AED 558.85M in Q2-23. As of 31 

March 2024, net profits were AED 

251.05M, up from AED 152M in Q1-23. 

Abu Dhabi Commercial Bank 


Abu Dhabi Commercial Bank PJSC (AD- 

CB) has announced its financial results 

for the second quarter of 2024 (Q2’24), 

showcasing a robust performance 

driven by strong economic fundamentals 

in the UAE. The bank’s net profit 

before tax surged 30% year-on-year to 

AED 2.593B in Q2 and increased 28% 

to AED 5.023B for the first half of the 

year. On a post-tax basis, net profit for 

H1 was AED 4.456B, with AED 2.317B 

for Q2, reflecting a return on average 

tangible equity of 15.0% and 16.5%, 

respectively. ADCB’s growth strategy 

has led to significant gains in both net 

interest and non-interest income, supported 

by broad-based credit expansion 

and rising fee income, which enhance 

revenue diversification and strengthen 

its market position. 


Deyaar Development 

Q2’24 Net Profit: AED 116M 

Deyaar Development, listed on the 

Dubai Financial Market, reported an 

impressive 86% increase in net profit for 

the second quarter of 2024, reaching AED 

116M ($32M), up from AED 62M a year 

earlier. This growth was driven by a 7% 

rise in revenue, which climbed to AED 

337M during the quarter. For the first half 

of 2024, net profit surged 60% year-onyear 

(YoY) to AED 189M, while net profit 

before tax saw a notable 70% increase YoY, 

reaching AED 202.6M. Revenue for H1 

2024 rose by 6% to AED 664.4M, compared 

to AED 628.9M in H1 2023. Additionally, 

revenue from other businesses grew by 

8% YoY to AED 159.1M in H1 2024. In May, 

the developer proposed its first dividend 

payment of AED 175M. 

Borouge 


Borouge Plc reported a 33% year-onyear 

increase in second-quarter net 

profit to AED 1.13B, driven by higher 

sales and cost efficiencies, with the 

company achieving its highest-ever 

production volumes. Adjusted EBITDA 

surged 18% to AED 2.25B, supported 

by a 6% increase in revenue and a 6% 

improvement in cost per tonne, thanks 

to the Value Enhancement Programme’s 

AED 2.23B impact in 2023. Borouge 

maintained an EBITDA margin of 

41%, up from 37% a year earlier. Despite 

a challenging global market, the 

company’s premium products drove 

strong sales, leveraging advantages 

in Asia Pacific, the Middle East, and 

Africa through superior technology, 

innovation, and an extensive sales 

network. Price premia for polyethylene 

and polypropylene remained robust 

at AED 726 and AED 506 per tonne, 

respectively. 

Drake & Scull 

International (DSI) 


Dubai-based contractor Drake & Scull 

International (DSI) reported a Q2 

2024 net profit of AED 3.82B ($1.04B) 

attributable to shareholders, after 

completing a financial restructuring 

plan. The MEP contractor had a net loss 

of AED 43.40M in Q2 2023, according to 

LSEG data. Excluding the AED 3.76B 

profit from the write-back of liabilities 

under the restructuring plan, DSI 

achieved a semi-annual net profit of 

AED 30M, the company stated. Writeoffs 

of debts, legal provisions, and bank 

interest totaled AED 4.1B. DSI, which 

suffered years of losses due to project 

cancellations and high debt servicing 

costs, disclosed that accumulated 

losses reached AED 1.68B, or 58% of 

paid-up capital, by June-end. Revenue 

increased by 13% year-on-year. 

Emirates Integrated 

Telecommunications Company 

Q2’24 Net Profit: AED 581M 

Emirates Integrated Telecommunications 

Company PJSC has released its 

Q2 2024 financial results, showcasing 

notable growth. Revenues rose by 7.3% 

to AED 3.6B, underscoring the strength 

of their product offerings. EBITDA increased 

by 3.2% to AED 1.6B, aligning 

with top-line growth. Net Profit surged 

46.3% to AED 581M, driven by strong 

EBITDA growth. Capex amounted to 

AED 442M, while Operating Free Cash 

Flow reached AED 1.1B, up 10.9% yearover-year.In 

terms of operations, the 

mobile customer base grew 2.9% to 8.2M, 

with postpaid customers increasing by 

11.3% to 1.7M, reflecting the success 

of new products like “du Smart Car.” 

The prepaid base rose 0.9% to 6.5M, 

despite a seasonal decline. Fixed customer 

numbers increased by 12.7% to 

630,000, driven by new offerings such 

as Home Wireless Gaming. Mobile 

service revenues climbed 6.6% to AED 

1.612B, while fixed service revenues 

grew 3.5% to AED 982M. 

Mashreq Bank 

Q2’24 Net Profit: AED 2B 

In the second quarter of 2024, Dubaibased 

Mashreq Bank reported a net 

profit of AED 2B ($545M), up from 

AED 1.92B a year earlier, despite increased 

impairment allowances. This 

result slightly exceeded analysts’ average 

forecast of AED 1.9B, according 

to LSEG data. The bank’s operating 

profit reached AED 2.15B, an increase 

from AED 1.9B in the previous year. 

Impairment charges nearly doubled to 

AED 83M, compared to AED 42.6M in 

Q2 of 2023. Interest income, including 

earnings from Islamic financing and 

investment products, rose to AED 4B 

from AED 3.13B. For the first half of 

2024, Mashreq Bank achieved a net profit 

of AED 4B, up from AED 3.56B in the 

same period last year, with earnings 

per share at AED 19.95. 

Aldar Properties 


Aldar Properties, Abu Dhabi’s largest 

developer, reported a 37% year-onyear 

(YoY) increase in net profit for 

the second quarter of 2024, reaching 

AED 1.8B ($490M), fueled by robust 

property demand. Quarterly revenue 

soared 64% YoY to AED 5.3B, driven 

by strong interest from overseas and 

expatriate buyers. For the first half of 

the year, profit surged 57% annually 

to AED 3.3B, with revenues jumping 

73% YoY to AED 10.9B. The developer 

achieved significant development sales 

momentum, totaling AED 14B in H1 

2024, up 21% YoY, due to solid demand 

for new and existing properties. Aldar’s 

development backlog reached AED 39B, 

with the UAE backlog hitting a record 

AED 33.2B, ensuring revenue recognition 

over the next two to three years. 


Sports as a Business 


The UAE’s sports and real estate integration drives economic growth and prestige. 

Sports Industry 

Through the Eyes of 

Real Estate Tycoons 

in the UAE 

Exploring the synergy between sports and real 

estate development in the UAE. 

The UAE has rapidly emerged as a global 

hub for sports, thanks to strategic investments 

and visionary planning. Real estate 

tycoons in the region have recognized the 

immense potential of the sports industry 

to drive economic growth, enhance 

tourism, and elevate the nation’s global 

stature. This article explores how key real 

estate players in the UAE are leveraging 

their investments to create world-class 

sports infrastructure, foster tourism, and 

contribute to the country’s economic diversification. 

Additionally, it examines 

the collaborative efforts between the 

government and private sector to ensure 

sustainable development and long-term 

benefits for the region’s sports and real 

estate sectors. 


The UAE has evolved from an oil-dependent 

economy into a dynamic 

global hub, with sports emerging 

as a pivotal sector in this transformation. 

This shift is driven by visionary 

real estate tycoons who are investing 

not just in world-class sports venues 

but in comprehensive ecosystems that 

blend sports with vibrant, mixed-use 

developments. From the high-octane 

excitement of the Formula 1 Abu Dhabi 

Grand Prix to the expansive Dubai Sports 

City, these investments are fueling economic 

diversification, boosting tourism, 

and enhancing the UAE’s global stature. 

This article delves into the role of major 

players like Mubadala Investment Company, 

Emaar Properties, and DAMAC 

Properties in shaping the UAE’s sports 

and real estate landscape, exploring their 

strategic investments, upcoming events, 

and the challenges and opportunities 

that lie ahead. 

Economic Diversification and Tourism 

Boost 

The UAE’s economy, traditionally reliant 

on oil, has increasingly diversified to 

encompass various sectors, with sports 

playing a crucial role. Investments in 

sports infrastructure go beyond constructing 

state-of-the-art venues; they 

involve developing vibrant, mixed-use 

communities that attract both tourists 

and residents. High-profile sports events, 

such as the Formula 1 Abu Dhabi Grand 

Prix and international cricket matches, 

significantly contribute to the tourism 

sector, showcasing the UAE’s ability to 

draw thousands of visitors. 

Major Players in the Game 

Mubadala Investment Company: Established 

by the Abu Dhabi government in 

2002, Mubadala Investment Company is 

a key player in the UAE’s sports and real 

estate sectors. With a focus on diversifying 

the economy, Mubadala has invested 

in international sports franchises and 

local sports infrastructure, reflecting 

Abu Dhabi’s strategic vision. 

Emaar Properties: 

Founded by Mohamed Alabbar in 1997, 

Emaar Properties is known for its luxury 

real estate projects, which increasingly 

integrate sports facilities. Emaar’s developments, 

such as those featuring sports 

amenities, align with Alabbar’s vision 

of creating a global property brand that 

blends luxury with sports. 

DAMAC Properties: 

Founded in 2002 by Hussain Sajwani, 

DAMAC Properties is renowned for its 

high-end residential and commercial 

developments that incorporate sports 

and luxury elements. Sajwani’s strategic 

approach continues to drive DAMAC’s 

investment in projects that merge luxury 

living with sports facilities. 

Dubai Sports City: 

Developed by Dubai Properties Group, 

Dubai Sports City is a pioneering project 

that exemplifies the integration of sports 

with real estate. Featuring sports venues, 

academies, and residential units, this 

development aims to create a self-sustaining 

community centered around sports. 

The integration of sports 

and real estate is not 

just about building 

venues; it’s about 

creating a vibrant 

ecosystem that drives 

growth and enhances 

global prestige.” 

Mohamed Alabbar, Chairman and Founder 

of Emaar Properties 

Strategic Investments and Developments 

UAE real estate tycoons are not only 

constructing sports venues but also developing 

entire ecosystems that support 

sports activities. Examples include Yas 

Marina Circuit in Abu Dhabi, which hosts 

the Formula 1 Abu Dhabi Grand Prix and 

is part of a larger luxury and entertainment 

complex, and Dubai Sports City, which 

combines sports facilities with residential 

and commercial developments. 

Dubai Sports World 2024 Returns 

Bigger 

Dubai Sports World 2024, one of the 

UAE’s most anticipated sports events, is 

set to return with expanded offerings. 

Organized in collaboration with DAMAC 

Properties, this event will feature stateof-the-art 

facilities and a wide range of 

sports activities, reinforcing Dubai’s 

reputation as a global sports destination. 

New Advisory Firm 

SKI Partners: The recent launch of SKI 

Partners, announced at the Middle East 

Sports Investment Forum (MESIF2024), 

marks a new chapter in sports investment. 

SKI Partners aims to blend captive capital 

with commercial rights strategies to drive 

growth in sports, media, entertainment, 

and real estate sectors, expanding into 

MENA and African markets. 

Challenges and Risks 

Despite the vast opportunities, real 

estate tycoons face challenges such as 

economic volatility, regulatory compliance, 

and sustainability. Developers must 

navigate these challenges while ensuring 

their projects are environmentally friendly 

and resource-efficient. 


The UAE is set to continue its rise as 

a global sports hub, with technological 

advancements enhancing fan experiences 

and operational efficiency. Sustainability 

will be a key focus, with green building 

practices becoming standard. The synergy 

between sports and real estate is 

expected to drive further economic growth 

and contribute to the UAE’s long-term 

strategic goals. 

Conclusion 

The intersection of sports and real 

estate in the UAE is shaping a dynamic 

landscape that benefits the economy, 

boosts tourism, and elevates the country’s 

global status. Real estate tycoons are 

pivotal in this transformation, utilizing 

their expertise to develop world-class 

sports facilities and integrated communities. 

As the UAE continues to innovate, 

it sets a benchmark for harnessing the 

power of sports for economic and social 

advancement. 


Sports News 

Emirates Arabian Horse Global Cup in Morocco Marks Remarkable Success 

The 2024 season’s Emirates Arabian 

Horse Global Cup (EAHS) 8th 

Show, hosted by Morocco, was 

highly successful in all aspects including 

organization, public interest, and media 

coverage due to the high participation 

demand. The event is patronized by His 

Highness Sheikh Mansour bin Zayed Al 

Nahyan, Vice President, Deputy Prime 

Minister, Chairman of the Presidential 

Court, and Chairman of the EAHS 

Board of Directors, with follow-up by 

UAE Team Emirates 

Makes History with 

Tour de France Victory 

Ghanim Mubarak Al Hajeri, Director-General 

of the General 

Authority of Sports, effusively 

praised the UAE Team Emirates for 

their historic victory at the 2024 Tour 

de France, which added to their earlier 

triumph at the prestigious Giro d’Italia. 

In a statement issued on Tuesday, 

Al Hajeri underscored that this remarkable 

double achievement vividly 

illustrates the unwavering support of 

the UAE’s leadership for its athletes 

on the global stage. “This outstanding 

accomplishment not only showcases the 

exceptional potential and capabilities 

of our athletes but also demonstrates 

their ability to excel at the highest 

levels,” Al Hajeri remarked. He also 

reaffirmed the authority’s steadfast 

commitment to collaborating closely 

with sports partners to nurture talent, 

enhance various sports disciplines, and 

further elevate the UAE’s standing on 

the international sporting landscape. 

Sheikh Zayed bin Hamad Al Nahyan, 

Vice Chairman of the EAHS Board of 

Directors. Held at the Institut National 

du Cheval Prince Héritier Moulay El 

Hassan in Rabat on Saturday and Sunday, 

the show saw 170 horses from 42 

owners in Morocco participate. The 

championship was attended by Al Asri 

Saeed Al Dhaheri, UAE Ambassador 

to Morocco, and Mohamed Ahmed Al 

Harbi, EAHS Director-General, who 

awarded the winning horses. 

Pogacar Credits UAE for World’s Premier 

Cyclist Success 

Tadej Pogacar, Slovenia’s topranked 

cyclist with UAE Team 

Emirates, expressed immense 

satisfaction with his team’s season, 

securing an impressive 57 victories 

and named 2023’s best team by the UCI 

World Tour rankings. In an interview, 

the 25-year-old attributed their success 

to effective management and collective 

effort. “The team deserves credit for 

our accomplishments,” Pogacar stated. 

“Despite challenges, we’ve reached 

the pinnacle, establishing ourselves 

as the world’s number one team.” He 

emphasized his podium presence as a 

testament to teamwork, noting, “These 

achievements are a tribute to the entire 

team.” Since joining in 2020, Pogacar 

and teammates consistently pursued 

excellence and podium finishes, elevating 

the team’s status. “The UAE academy 

showcases exceptional talents,” 

he added, acknowledging their role 

in maintaining leadership in cycling. 

Youth and Master Categories Dominate Abu 

Dhabi Grand Slam, Rio de Janeiro 

The Abu Dhabi Grand Slam (ADGS) 

Jiu-Jitsu World Tour started in 

Rio de Janeiro, attracting large 

crowds to the Carioca Arena for the 

three-day event featuring 2,000 fighters 

from around the world. Known for its 

high competition level, the ADGS Rio 

de Janeiro is the largest round due to 

Brazil’s Jiu-Jitsu popularity. The Youth 

category headlined the first day, with 

the UAE’s Commando Group team securing 

fourth place with 35,000 points. 

The event concluded on Sunday with 

Professional category matches, featuring 

top practitioners, including brown and 

black belt holders from the UAE, Brazil, 

Colombia, and Kazakhstan. Rodrigo 

Valerio, AJP Director of Operations, 

highlighted record participation this 

season and emphasised the event’s 

role in skill development and AJP’s 

commitment to Jiu-Jitsu enthusiasts 

worldwide. 


UAE Residents Opt for Social Media, Streaming for Paris 2024 Olympics 

A 

recent survey indicates that a significant 

portion of UAE residents 

plans to follow the 2024 Paris 

Olympics through online streaming and 

social media. Specifically, 49 percent 

intend to watch the games via online 

streaming services, while 48 percent 

will keep updated through social media. 

In contrast, 46 percent will follow the 

Olympics on TV, and 25 percent plan to 

view them in sports bars or other public 

venues. Additionally, 21 percent will 

use newspapers or news websites for 

updates, and 11 percent hope to attend 

the events live in Paris. The survey also 

highlights that men are more inclined 

to use online streaming compared to 

women, who prefer social media updates. 

Age-wise, those aged 35-44 are 

most likely to follow the Olympics on 

social media, whereas individuals over 

55 prefer watching on TV. Excitement 

about the event, supporting national 

athletes, and national pride are the 

primary motivations for viewing. 

Inaugural Dubai 

Premier Padel P1 Set 

for November 

The Dubai Premier Padel P1, part 

of the newly unified 25-tournament 

season spanning 18 

countries across five continents, will 

be held under the patronage of H.H. 

Sheikh Mansoor bin Mohammed bin 

Rashid Al Maktoum, Chairman of 

Dubai Sports Council, from 3rd to 10th 

November. The event will take place at 

the Dubai Duty Free Tennis Stadium 

and feature the world’s top players. 

Organised by Gallop Global, it will 

include 256 players in separate male 

and female formats, with a total prize 

pool of 470,000 euros (AED 1.89M). 

This marks the first time Dubai will 

host the Premier Padel P1, thanks 

to a multi-year agreement between 

the UAE Padel Association, the Department 

of Economy and Tourism, 

Dubai Sports Council, Premier Padel, 

and Gallop Global. UAEPA President 

Sheikh Saeed bin Maktoum bin Juma 

Al Maktoum highlighted the significance 

of Sheikh Mansoor’s support for 

the event, noting the UAE leadership’s 

consistent backing of padel since its 

introduction in 2013. 

Dubai World Cup 2025 Scheduled for April 

The upcoming edition of the 

Dubai World Cup meeting, recognized 

worldwide as one of 

horse racing’s premier sporting and 

social occasions, will take place on 5th 

April 2025, marking the grand finale 

of an extended 16-meeting Carnival. 

Hosted at the iconic Meydan Racecourse, 

the 29th renewal of racing’s 

most spectacular fixture will be staged 

a week later than has previously been 

the case, forming the culmination of 

a week of Eid Al Fitr celebrations 

across the UAE. The eagerly awaited 

The UAE will host the 2024 International 

Federation for Equestrian 

Sports (FEI) General Assembly 

from 10th to 13th November in Abu Dhabi, 

welcoming heads of federations from 137 

countries. The FEI announced today that 

the UAE’s bid to host the assembly was 

unanimously approved. Major General Dr. 

Ahmed Nasser Al Raisi, President of the 

UAE Equestrian and Racing Federation, 

highlighted that support from His Highness 

Sheikh Mansour bin Zayed Al Nahyan, 

Vice President, Deputy Prime Minister, 

and Chairman of the Presidential Court, 

enhances the UAE’s global leadership in 

organising international events. Al Raisi 

expressed pride in the FEI’s confidence 

and commitment to collaborating with the 

UAE Equestrian and Racing Federation. 

new season gets underway on, 8th 

November 2024, with the first of 

four feature race days taking place 

on ‘Festive Friday,’ 20th December, 

when the AED 1M G2 Maktoum Mile 

headlines a superb card. The Carnival’s 

second marquee race day is the 

popular ‘Fashion Friday’ fixture on 

24th January 2025, featuring a stellar 

all-Pattern race card, including the 

AED 3.68M G1 Al Maktoum Challenge, 

which offers ‘Bonus Scheme’ entry to 

the Dubai World Cup. 

UAE to Host FEI General Assembly in November 

He assured that the Federation’s Board 

of Directors will ensure all arrangements 

and equipment meet the highest standards 

for a successful meeting. 


Global News 

IMF Projects Stable Economic Growth Amid Global Uncertainty 

The International Monetary Fund 

(IMF) projects stable global 

economic growth in its latest 

World Economic Outlook, maintaining 

forecasts of 3.2% growth for this year 

and a slight increase to 3.3% for next 

year. Pierre-Olivier Gourinchas, IMF’s 

Economic Counsellor and Director of 

Research, notes underlying shifts in 

major economies, with the United States 

cooling off and the euro area poised 

for recovery. Asia’s emerging markets 

remain pivotal to global growth, with 

India and China contributing significantly. 

Looking ahead, the IMF warns 

of slowing momentum in key sectors 

across emerging Asia, which could 

impact growth prospects over the next 

five years. The IMF also forecasts a 

decline in inflation to 5.9% this year, 

down from 6.7% previously, reflecting 

global economic dynamics and policy 

responses. 

Gift City Surges as India’s Premier Financial 

Gateway: Economic Survey 

Union Finance Minister Nirmala 

Sitharaman’s Economic Survey 

highlights GIFT City International 

Financial Services Centre (IFSC) 

as a pivotal entity propelling India’s 

financial sector. Established to localise 

international financial services and 

serve as a conduit for global capital, 

GIFT City IFSC is set to redefine India’s 

financial landscape. The survey 

underscores the rapid evolution of 

GIFT City’s banking sector, featuring 

a blend of domestic and international 

banks catering primarily to Indian 

corporates and public enterprises’ 

foreign currency needs. It notes a significant 

shift in financial transactions 

from traditional hubs like Singapore, 

Dubai, and Hong Kong to GIFT IFSC, 

underscoring its rising global stature. 

By March 2024, IFSC Banking Units 

(IBUs) have amassed assets exceeding 

$60B, facilitating transactions exceeding 

$795B. This growth underscores 

GIFT City IFSC’s increasing role as a 

preferred global financial hub. 

UAE Unveils AI Charter to 

Pioneer Global Innovation 

and Ethics 

The UAE’s Artificial Intelligence, 

Digital Economy, and Remote 

Work Applications Office has 

introduced the Charter for the Development 

and Use of Artificial Intelligence, 

in line with the UAE Strategy for 

Artificial Intelligence. This significant 

initiative aims to establish the UAE as 

a global AI innovation hub, reflecting 

the leadership’s vision. Omar Sultan 

Al Olama, Minister of State for AI, 

Digital Economy, and Remote Work, 

emphasized the UAE’s dedication to 

becoming a global AI leader, focusing 

on building robust digital infrastructure 

and an integrated AI system across 

vital sectors. The Charter prioritizes 

security and privacy to boost public 

trust in AI. Al Olama highlighted the 

UAE’s efforts to raise AI awareness, 

form global partnerships, and set 

responsible AI standards, ensuring 

ethical AI development. 

Julius Baer Taps Goldman Sachs Executive as New CEO 

Julius Baer has appointed Stefan 

Bollinger, a partner at Goldman 

Sachs, as its new CEO, aiming 

to recover from the financial setback 

caused by the Signa incident which led 

to significant losses and tarnished its 

reputation. The announcement marks 

the conclusion of the search for a replacement 

for Philipp Rickenbacher, 

who was removed from his position 

in February following substantial 

financial losses stemming from loans 

extended to Signa, a failed property 

firm owned by Austrian tycoon Rene 

Benko. Stefan Bollinger, currently 

serving as co-head of private wealth 

management for Europe, the Middle 

East, and Africa at Goldman Sachs in 

London, will assume the role of CEO 

at Julius Baer no later than February 

1, 2025, according to the Swiss bank. 

Romeo Lacher, Chairman of Julius 

Baer, praised Bollinger’s extensive 

experience in global banking and 

wealth management, highlighting his 

significant contributions to expanding 

Goldman Sachs’ presence across Asia, 

Europe, the Middle East, and Africa. 


Brazil Central Bank 

Delays Payment 

System Upgrade 

Brazil’s central bank announced 

on Monday that the launch of Pix 

Automatic, a new feature for its 

popular instant payment system aimed 

at automating recurring bill payments, 

will be postponed until June next year 

from its original October schedule. The 

delay comes amidst ongoing efforts led 

by Governor Roberto Campos Neto to 

secure approval for a constitutional 

amendment granting financial autonomy 

to the central bank. Campos 

Neto has underscored concerns over 

potential operational challenges for 

Pix, given current budget constraints 

faced by the institution. Last week, 

a senate committee opted to defer 

the vote on the financial autonomy 

proposal, a move opposed by Brazil’s 

President Luiz Inacio Lula da Silva. 

The Pix Automatic feature is designed 

to facilitate automatic periodic debits 

without requiring authentication for 

each transaction, aiming to simplify 

payments for Brazilian consumers and 

businesses. 

EU and Jordan Forge 

Stronger Partnership 

The European Union and Jordan 

have reaffirmed their commitment 

to strengthening their relationship, 

aiming to elevate it to the status 

of a Strategic and Comprehensive 

Partnership. This was highlighted 

during their fifteenth Association 

Council meeting held on 15 July 2024 

in Brussels. The meeting provided an 

opportunity to review the deepening 

and diverse nature of their partnership, 

which operates under the EU-Jordan 

Association Agreement since 2002 and 

the Partnership Priorities for 2021-2027 

adopted in June 2022. Both parties acknowledged 

the evolving geopolitical 

landscape and persistent crises since 

the adoption of these priorities. They 

emphasized their shared values in 

upholding democratic principles and 

fundamental human rights, aligning with 

the universal declaration on human 

rights and the EU-Jordan Association 

Agreement. 

Egypt’s Economy Set to Grow 4.0% in 2024/25, 

Analysts Forecast 

According to a Reuters poll released, 

Egypt’s economic growth 

outlook for the fiscal year starting 

July 1 has been revised slightly 

downward to 4%, down from earlier 

forecasts of 4.35% in April and 4.15% 

in January, following an $8B agreement 

with the International Monetary Fund 

in March. The poll, which surveyed 17 

economists, indicated that the economy 

grew by 2.9% in the fiscal year ending 

June 30, below the 3% forecasted in 

April and 3.5% in January. Looking 

ahead, analysts anticipate a rebound 

in growth to 4.99% in 2025/26. James 

Swanston from Capital Economics 

highlighted that tighter fiscal and 

monetary policies, coupled with a depreciated 

pound post-IMF agreement, 

are expected to dampen growth this 

fiscal year, but there is optimism for 

stronger GDP growth in the subsequent 

fiscal years. 

W.R. Berkley Reports Profit Surge Driven by Strong 

Investments and Underwriting 

W.R. Berkley (WRB.N) reported 

a 4% increase in second-quarter 

profit, driven by strong 

returns from its investment portfolio 

and robust underwriting performance. 

The commercial insurer benefited from 

elevated interest rates, which boosted 

bond payouts, a significant component 

of insurers’ investments. Additionally, 

gains from equity markets, buoyed by 

optimism about economic stability, 

further bolstered investment returns. 

Net investment income surged by 

51.8% to a quarterly record of $372.1M. 

Net premiums written also reached 

a quarterly high of $3.13B, up 11.2%, 

supported by increased demand as 

businesses invested more in insurance 

amid economic resilience. Last week, 

industry peer Travellers (TRV.N) also 

exceeded profit expectations. 

Global Technical Outages Disrupt Banks, Airlines, 

and Broadcasters 

Microsoft users worldwide, 

including banks and airlines, 

faced extensive disruptions 

following reports of widespread outages. 

According to the Associated Press 

(AP), these issues emerged shortly 

after Microsoft acknowledged and 

began addressing a problem affecting 

access to its suite of Microsoft 365 

apps and services. The exact cause 

and scope of the outage remained 

unclear, although Microsoft indicated 

gradual improvement in its updates. 

Nevertheless, escalating disruptions 

continued to be reported globally 

throughout the day. DownDetector, 

a service monitoring internet outages, 

documented growing disruptions 

affecting services from Visa, ADT 

security, Amazon, and major airlines 

like American Airlines and Delta. In 

Australia, disruptions extended to 

telecommunications providers, banks 

such as NAB and Commonwealth, 

and airlines like Virgin Australia and 

Qantas, impacting their operations 

significantly. 


Local News 

RAKBANK Achieves Social Milestone in UAE: IFR Reports 

Ras Al Khaimah-based lender Rakbank 

made history in the Middle 

East by issuing its inaugural 

social bond, a $600M five-year offering 

priced. The bank, rated Baa1/–/BBB+, 

focuses significantly on lending to 

small and medium-sized enterprises, 

making a social bond framework ideal 

for funding projects in healthcare and 

employment generation, according to a 

banker familiar with the deal. Initially 

marketed with a spread of 170 basis 

points over Treasuries, the final pricing 

settled at 135 basis points, with fair 

value estimated between 130 and 135 

basis points, benchmarked against 

peers like Doha Bank and Commercial 

Bank of Qatar. The issuance attracted 

final orders exceeding $1.5B, underscoring 

investor confidence. Rakbank, 

majority-owned by the Ras Al Khaimah 

government with a 53% stake, aims 

to leverage this milestone to support 

its growth trajectory, projecting a 9% 

loan growth for 2024 following a 10% 

increase in 2023. 

DIB Leads $3.2B 

Financing for GEMS 

Education 

Dubai Islamic Bank (DIB) spearheaded 

a $3.25B financing initiative 

for GEMS Education, the 

world’s largest private K-12 education 

provider, marking a significant move in 

the financial landscape. This transaction 

underscores DIB’s strategic leadership 

in structuring and underwriting major 

deals aimed at fostering growth in 

pivotal sectors. By refinancing existing 

debt and reducing minority shareholder 

positions, the financing empowers 

GEMS to strengthen its operational 

foundation. DIB led the consortium 

with a commitment exceeding 50% of 

the total financing, supported by partners 

including Mashreq Bank, ADCB, 

and FAB. Adnan Chilwan, DIB’s Group 

CEO, highlighted the bank’s capability 

in managing intricate transactions 

and its commitment to advancing key 

sectors like education. Sunny Varkey, 

Founder of GEMS Education, expressed 

confidence that this financing package 

will propel GEMS towards sustained 

growth, reinforcing its mission to deliver 

world-class education globally. 

Masdar Expands Green Issuance in UAE: 

IFR Reports 

Masdar, also known as the Abu 

Dhabi Future Energy Company, 

successfully raised an 

additional $1B in green financing 

through bond issuance last week, 

following its inaugural issuance a 

year prior. Despite tight pricing on its 

two tranches, investors were drawn 

by Masdar’s strong green credentials, 

overlooking the pricing concerns. A 

notable investor remarked that Masdar 

is particularly appealing to green or 

climate-focused funds. The state-owned 

utility is dedicated to developing and 

operating renewable energy projects, 

with significant ownership by Abu Dhabi 

entities including Taqa, Mubadala, and 

Adnoc. The issuance included a $500M 

UAE telecom operator Emirates 

Integrated Telecommunications 

Company (du) reported a robust 

performance in the second quarter of 

2024, with net profit soaring by 46.3% 

year over year to AED 581M ($158M). 

The company also recorded a 3.2% increase 

in EBITDA to AED 1.57B and an 

11% rise in operating cash flow to AED 

1.1B compared to the previous year. 

Revenue climbed 7.3% to AED 3.592B, 

fueled by substantial growth in mobile 

and other revenue streams. In the first 

half of the year, net profit surged by 

54.2% to AED 1.184B, while revenues 

grew by 5.7% to AED 7.174B. EITC 

Chairman Malek Al Malek attributed 

five-year and a $500M ten-year Reg S 

green bond, with the shorter tranche 

garnering higher demand. Masdar’s 

swift allocation of proceeds from its 

first green bond impressed investors, 

underscoring its commitment to sustainable 

investments. 

du’s Q2 2024 Net Profit Jumps 46% to $158M 

the strong performance to a supportive 

macro-economic environment in the 

UAE. During Q2, du’s mobile subscriber 

base expanded to 8.2 million, postpaid 

customers grew by 11.3% to 1.7 million, 

prepaid customers edged up by 0.9% 

to 6.5 million. 


EDC Acquires 51% Stake in Excellence Premier Investment for $41.7M 

Abu Dhabi’s Emirates Driving 

Company (EDC) has completed 

the acquisition of a 51% stake in 

Excellence Premier Investment (EPI) 

for AED 153M ($41.7M), marking a significant 

expansion move. This strategic 

acquisition, aimed at bolstering its footprint 

in Dubai, includes EPI, the parent 

company of Excellence Driving Centre 

based in Abu Dhabi. The transaction, 

disclosed on the Abu Dhabi Securities 

Exchange (ADX), underscores EDC’s 

commitment to growth and diversification 

within the regional training and 

road safety sector. Founded in 2020, 

Excellence Driving Centre operates 

from 20 locations across Dubai, offering 

a range of services including driving 

education, delivery services, limousine 

rentals, and auto workshops. The 

acquisition aligns with EDC’s broader 

strategy to enhance service offerings 

and geographic reach, ensuring it remains 

a leader in driving education 

and related services across the UAE. 

Emirates REIT Sells 

Trident Grand Mall for 

$20M 

Equitativa, the largest REIT manager 

in the Gulf region, that its 

subsidiary, Emirates REIT, has 

completed the sale of Trident Grand 

Mall, a two-floor retail component located 

within Trident Grand Residence 

in Dubai Marina’s Jumeirah Beach 

Residence. Emirates REIT, adhering 

to sharia principles, focuses on income-producing 

real estate and currently 

holds a diverse portfolio of nine 

assets across commercial, education, 

and retail sectors. Trident Grand Mall 

comprises 22 retail units and 164 basement 

parking spaces, undergoing significant 

repositioning efforts including 

tenant mix enhancements since 2014. 

The agreed purchase price for the 

sale is AED 74M ($20M), surpassing 

the asset’s latest valuation. Proceeds 

from the divestment will be utilised 

to partially redeem secured sukuk 

certificates issued in December 2022 

as part of a refinancing initiative aimed 

at optimising portfolio performance. 

UAE Aims to Restart EU Trade Talks in 2024 

The United Arab Emirates aims to 

revive trade talks with the European 

Union before the year’s end, 

with hopes for bilateral negotiations. 

The UAE’s trade minister expressed 

Dubai-based Condor Developers 

has launched its fourth residential 

project, Condor Sonate Residences, 

in Jumeirah Village Triangle (JVT) as 

part of its strategy to expand its real estate 

portfolio. The project aims to enhance 

the group’s investment value in realty to 

over AED 2.5B ($681M) by 2027. Spanning 

396,764 square feet, the 31-storey tower 

will comprise 213 premium apartments, 

including 48 studios, 134 one-bedroom, 

28 two-bedroom, and 3 three-bedroom 

units. Details regarding the project’s cost 

and delivery timeline were not disclosed. 

Condor Sonate Residences will also 

feature five podiums, over 3,220 sq. ft of 

retail space, and 18,500 sq. ft. dedicated 

to leisure and recreation. Additionally, 

optimism about progressing discussions 

independently from stalled talks within 

the Gulf Cooperation Council (GCC). 

Reuters previously reported the UAE’s 

efforts to encourage the EU to initiate 

separate trade negotiations amid frustrations 

with the GCC’s impasse. “We 

initiated the discussion, through both 

the GCC as well as bilaterally, and we’re 

getting the support from many of the EU 

members,” stated Thani bin Ahmed Al 

Zeyoudi in an interview with Reuters. 

He emphasized the potential benefits of 

both EU-GCC and EU-UAE bilateral talks, 

underscoring the UAE’s desire for deeper 

EU engagement in the Gulf. The UAE’s 

strategic position and economic influence 

underscore its push for expanded trade 

ties, amid ongoing global scrutiny over its 

relationships, particularly with Moscow. 

Condor Developers Launches Sonate Residences 

in Jumeirah Village Triangle 

Condor plans to announce three more 

projects this year in Dubai Island, Al 

Majan, and Dubai Sports City, complementing 

its existing developments in 

Jumeirah Village Circle and Dubai Marina. 


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Opinion 

Firas Al Msaddi, CEO of fäm Properties 

Dubai Property Sales 

Soar to AED 49.6 Billion 

in July, Setting a New 

Record for 2024 

Dubai’s real estate market has 

achieved another milestone, with 

property sales in July peaking 

at AED 49.6 billion, marking a 31.63% 

increase compared to the same month 

last year. 

A recent market update by fäm Properties 

highlights that July saw 15,994 

transactions, a remarkable 43.2% rise 

in volume over July 2023. The month’s 

standout transaction was a luxury villa 

at Eome Residences, Palm Jumeirah, 

which sold for AED 103 million. 

Apartment sales led the surge, with 

12,429 units sold, reflecting a 59.1% 

month-on-month increase, amounting to 

AED 22.3 billion. Villa sales totaled 2,336 

units, bringing in AED 14.3 billion, an 

8.6% increase from July 2023. Meanwhile, 

commercial property transactions reached 

386, valued at AED 869.5 million, a 27.4% 

month-on-month increase. 

Despite a 6.5% year-on-year decrease 

in plot sales volume, 843 plots were 

sold for AED 12.1 billion. The figures 

for July exceeded the previous record 

of 14,370 properties worth AED 46.48 

billion set in June. 

“The figures underline the overall 

strength of Dubai’s real estate market 

and the consistent growth we’ve seen in 

recent years, which continues to build 

investor confidence,” said Firas Al Msaddi, 

CEO of fäm Properties. 

Over the past five years, Dubai property 

sales in July have skyrocketed from AED 

4.4 billion (2,300 transactions) in 2020 

to AED 11.1 billion (4,400) in 2021, AED 

21.2 billion (7,200) in 2022, AED 37.7 

billion (11,200) last year, reaching almost 

AED 50 billion and 16,000 transactions 

last month. 

The most expensive apartment sold in 

July was at Orla Infinity By Omniyat on 

Palm Jumeirah, fetching AED 77 million. 

Jumeirah Village Circle emerged as the 

top-performing area with 1,265 transactions 

worth AED 1.3 billion. 

The best-selling off-plan project in July 

was Palace Residences at Dubai Hills Estate, 

where 915 apartments sold for AED 

2.3 billion. The top-selling off-plan villa 

project was Greenway at Dubai South, 

with 114 units sold for AED 406.6 million. 

Overall, off-plan sales outpaced ready 

properties, accounting for 67% of the 

total sales value and 66% of the volume. 

Notably, 10% of total sales were for 

properties worth over AED 5 million, while 

31% were in the AED 1-2 million range, 

30% below AED 1 million, 17% between 

AED 2-3 million, and 13% between AED 

3-5 million. 


Banking 


Understanding 

Real Estate 

Financing Options 

in Dubai 

Exploring the financial landscape and 

opportunities in Dubai’s ever-evolving and 

dynamic property market. 

Over the past decade, Dubai’s real estate 

market has undergone significant 

transformation, particularly regarding real 

estate financing. The number of transactions 

involving financing has increased 

dramatically, becoming the norm in the 

local real estate market. Understanding 

the intricacies of real estate financing in 

Dubai is essential for potential investors 

looking to capitalize on one of the world’s 

most dynamic property markets. This article 

explores various financing options, 

lending requirements, and critical factors 

shaping real estate financing in Dubai. By 

understanding these elements, investors 

can navigate the complexities of the market, 

mitigate risks, and maximize their 

returns. This knowledge is crucial for 

leveraging opportunities and achieving 

long-term investment success in Dubai’s 

thriving real estate sector. 


Mortgages from national and international 

banks are available 

in Dubai for both UAE residents 

and non-residents. When purchasing an 

existing property, residents must contribute 

at least 20 percent of the purchase 

price as equity, while non-residents must 

contribute 50 percent. The remaining 80 

percent or 50 percent can be financed 

through a local mortgage, with a maximum 

term of 25 years. Mortgage interest 

rates in Dubai typically range between 

6-8 percent. Since the dirham is pegged 

to the U.S. dollar, interest rates in Dubai 

are similar to those in the United States, 

making it a familiar environment for 

international investors. 

Financing options also exist for new 

construction projects, though these 

require a higher equity contribution. 

Only 50 percent of the purchase price 

of a new construction project can be 

financed through a bank, with the other 

half contributed as equity. The maximum 

mortgage term for new construction projects 

is 25 years. The UAE Central Bank 

regulates mortgage lending in Dubai, 

setting caps on loan-to-value ratios to 

mitigate financial risks. 

Large and established real estate developers 

such as Emaar, Dubai Properties, 

and Nakheel offer their own financing 

solutions. These financing options are 

highly attractive, allowing buyers to make 

interest-free repayments within five years 

of property handover. The administrative 

effort involved in such financing is low, 

and it is often cheaper than conventional 

financing. This flexibility makes developer 

financing a popular choice among 

investors. Developer financing can cover 

up to 100 percent of the property’s value, 

offering a zero-interest payment plan over 

a set period, typically between three to 

five years post-handover. 

Besides traditional bank mortgages 

and developer financing, there are alternative 

financing options available in 

Dubai. Paying for a property with cash 

is a simple and cost-effective method 

that eliminates mortgage interest and 

often allows buyers to negotiate better 

prices due to the reliability and simplicity 

of cash offers. According to the Dubai 

Land Department, cash transactions accounted 

for a significant portion of real 

estate deals in recent years, indicating a 

robust cash buyer market. Partnership 

financing, where investors join forces 

to purchase property, spreads risk and 

required capital across multiple parties. 

Common structures include mushroom 

deals and crowdfunding models, which 

allow investors to pool resources and 

share ownership. Seller financing is another 

option, where the property seller 

provides financing through a second 

mortgage for part of the purchase price, 

offering attractive terms like lower 

down payments and flexible repayment 

schedules. For properties purchased under 

a corporate entity, business owners 

can apply for business loans or lines of 

credit from banks to fund part of the 

purchase. These loans typically require 

collateral, such as the property itself, 

and offer flexible repayment options 

with interest rates ranging from 5 to 

9%, depending on the lender and the 

borrower’s creditworthiness. 

Dubai provides a variety of mortgage 

options tailored for both residents and 

non-residents, including fixed-rate 

mortgages that maintain a consistent 

interest rate throughout the loan term, 

ensuring stability in monthly payments. 

Adjustable-rate mortgages (ARMs) offer 

initially lower interest rates that fluctuate 

based on market conditions, making them 

suitable for investors anticipating rate 

decreases or planning short-term property 

ownership. Discounted rate mortgages 

feature an initial low rate that adjusts 

later, appealing to investors seeking 

lower early payments. Offset mortgages 

leverage savings to reduce interest 

payments by offsetting the mortgage 

balance with savings account balances, 

potentially reducing interest costs by up 

to 30 percent, particularly advantageous 

for investors with significant savings. 

Steps to Getting a Mortgage in Dubai: 

Research Lenders and Interest Rates: 

Compare rates and terms from local banks 

and international lenders. 

Get Pre-Approved: Obtain mortgage 

pre-approval to understand your budget 

and streamline the property search process. 

Submit a Full Mortgage Application: 

Provide all required documents, such as 

pay stubs and bank statements. 

Property Appraisal: The property will be 

appraised to determine its market value. 

Down Payment: Ensure you have the 

required down payment (at least 20 percent 

for ready properties and 25 percent 

for off-plan purchases). 

Final Mortgage Agreement: After loan 

approval, sign the final agreement and 

cover any applicable fees. 

Property Release Letter: Present this 

letter to the developer to complete the 

purchase. 

The Dubai Land Department (DLD) 

charges a registration fee of 4 percent 

of the property value, which is typically 

split between the buyer and the seller. 

Understanding the regulatory landscape 

is crucial for real estate financing in 

Dubai. The DLD plays a pivotal role in 

overseeing property transactions and 

ensuring legal compliance. Additionally, 

Islamic banking principles influence many 

mortgage products in Dubai, offering 

Sharia-compliant financing options that 

align with religious principles. The DLD 

has implemented several initiatives to 

enhance transparency and streamline 

property transactions, including the Real 

Estate Regulatory Agency (RERA) to 

oversee and regulate the real estate sector. 

Islamic banking shapes many mortgage 

products in Dubai. Instead of traditional 

interest-based loans, Islamic mortgages 

involve profit-sharing arrangements, where 

both the lender and borrower share the 

risks and rewards. This approach aligns 

with Sharia principles and provides an 

alternative to conventional financing. 

Several factors influence loan terms in 

Dubai, including credit history, income 

stability, debt-to-income ratios, property 

type and location, and prevailing market 

conditions such as economic trends and 

interest rates. A strong credit history can 

secure more favorable interest rates and 

terms, while lenders evaluate income 

stability and debt levels to gauge borrower 

risk. The type and location of the 

property also play a significant role in 

determining financing options. Market 

conditions, including economic stability 

and interest rate fluctuations, directly 

impact mortgage rates and availability. 

Dubai’s real estate financing landscape 

offers diverse options for investors, 

including traditional bank mortgages, 

developer financing, and alternative 

funding methods. Understanding these 

financing options, regulatory requirements, 

and market conditions is crucial 

for informed decision-making. With the 

right financial knowledge and preparation, 

investors can effectively navigate 

this vibrant market and capitalize on its 

opportunities. 


UAE Banking News 

UAE Signs $817M Currency 

Swap Agreement 

with Ethiopia 

The UAE Central Bank has partnered 

with the National Bank of 

Ethiopia to establish a bilateral 

currency swap agreement, aimed at 

enhancing financial and commercial 

cooperation between the two countries. 

The agreement will bolster the 

provision of liquidity in local currencies, 

enabling effective settlement of 

cross-border transactions between the 

Emirates and Ethiopia, the regulators 

said in a joint statement. The pact 

allows for the exchange of their local 

currencies up to a specific limit, set at 

AED 3B ($817M) and 46 billion Ethiopian 

birr. A foreign currency swap is 

an agreement to exchange currency between 

two parties, swapping principal 

and interest payments on loans made 

in different currencies. Additionally, 

two initial agreements were signed for 

using local currencies in cross-border 

transactions and linking payment and 

messaging systems. 

H1-2024 Net Profit for UAE’s Emirates NBD 

Surges to AED 13.8B 

UAE banks are experiencing a 

strong first half of 2024, with 

Emirates NBD confirming a 

net profit of AED 13.8B, a 12 percent 

increase from the previous year. This 

profit surge was based on an income 

of AED 21.4B, which remained steady 

compared to last year. The increase 

was attributed to higher net interest 

income and strong recoveries, according 

to Dubai’s biggest bank. Recovery 

gains on past exposures were especially 

beneficial. Overall lending in the 

first half exceeded AED 500B, marking 

a 6 percent growth. For the April to 

June period, quarterly profit surpassed 

Dh7 billion for the first time, driven by 

record results from Emirates Islamic 

Bank, improved margins at DenizBank, 

and significant recoveries supported 

by a robust economy, said Shayne 

Nelson, Group CEO. Record retail 

lending and substantial new corporate 

loans further contributed to the strong 

performance. 

DIFC and Indonesia’s Nusantara Capital Authority 

Strengthen Financial Ties 

Dubai International Financial 

Centre (DIFC) and Indonesia’s 

Nusantara Capital Authority 

have signed a Memorandum of Understanding 

(MoU) to boost international 

financial cooperation. The MoU was 

signed by Essa Kazim, Governor of 

DIFC, and M. Basuki Hadimuljono, 

Acting Chairman of Nusantara Capital 

City Authority, at DIFC in Dubai. The 

event was attended by notable figures 

including Erick Thohir, Minister of 

State-Owned Enterprises, Dr. Agung 

Wicaksono, Nusantara Capital Authority 

Deputy of Funding and Investment, 

and Endra S. Atmawidjaja, Senior 

Advisor at the Indonesian Ministry 

of Public Works and Public Housing. 

The agreement aims to facilitate collaboration 

in areas such as regulatory 

frameworks and business models, 

enabling entities to establish business 

operations in both jurisdictions and 

stay ahead of global financial trends. 

CBUAE, Bank Indonesia Sign Deal to Boost Payment Cooperation 

The Central Bank of the UAE 

(CBUAE) and Bank Indonesia 

(BI) have signed a Memorandum 

of Understanding (MoU) to enhance 

cooperation in payment systems. This 

MoU, part of President Joko Widodo’s 

recent UAE visit, was signed by 

Khaled Mohamed Balama, Governor 

of CBUAE, and Perry Warjiyo, Governor 

of BI. Building on a previous 

MoU from November 29, 2023, this 

agreement aims to link the payment 

systems of both countries, enabling 

faster, more efficient, and affordable 

cross-border payments. It establishes a 

joint mechanism for risk management, 

regulatory cooperation, and user 

protection. Khaled Mohamed Balama 

highlighted the MoU as a key step 

in strengthening the UAE-Indonesia 

economic partnership, promoting 

trade and investment, and advancing 

the UAE’s goal to become a global hub 

for financial technology and digital 

payments. 


Ajman Finance Dept, FAB Partner to Boost Digital Govt. Services 

The Department of Finance in 

Ajman (DOF) has signed a service 

agreement with First Abu Dhabi 

Bank (FAB) to enhance the SADAD 

Ajman unified digital payment platform 

and its digital wallet. This initiative aims 

to provide advanced payment solutions, 

enriching the digital service experience 

for Ajman’s government services and 

improving user interaction. FAB and 

its subsidiary, Magnati, will develop 

new solutions for the SADAD Ajman 

platform, which manages all government 

Mashreq Bank Allocates 

$272M More for Industrial 

Firms 

Mashreq Bank has allocated an 

additional AED 1B to boost the 

growth and competitiveness of 

the UAE’s industrial sector. This move 

supports the National Strategy for Industry 

and Advanced Technology, known as 

Operation 300B. The new funding aims to 

empower industrial companies under the 

“Make it in the Emirates” (MIITE) initiative 

and underscores the Ministry of Industry 

and Advanced Technology’s (MoIAT) 

dedication to fostering public-private 

sector collaboration. This allocation builds 

on Mashreq Bank’s earlier commitment 

during the “Make it in the Emirates 2023 

Forum,” where the bank pledged AED 

1B in financing for industrial firms. In 

2023, Mashreq Bank provided AED 

970M to various industrial companies, 

enhancing their growth in sectors such 

as food and beverages, metal industries, 

and construction. Omar Al Suwaidi, 

MoIAT Under-Secretary, highlighted the 

ministry’s ongoing efforts to support 

the industrial sector’s expansion and 

investment attractiveness. 

transactions in the emirate with top-notch 

cybersecurity standards. These solutions 

will support various payment methods, 

including different types of bank cards, 

payment points, and the Ajman wallet. 

Additionally, Ajman’s government will 

introduce prepaid electronic payment 

cards with enhanced features and security. 

The platform will also support digital 

wallets like Apple Pay and Samsung Pay, 

aligning with the Ajman Vision 2030 for 

sustainability and innovation. 

Aramco Raises $6B with Bond Sale 

Saudi Aramco has announced the 

completion of a $6B bond issuance. 

The issuance consists of 

three tranches of USD-denominated senior 

unsecured notes under Aramco’s 

Global Medium Term Note Program 

(GMTN). These tranches include $2B 

senior notes maturing in 2034 with 

a coupon rate of 5.250 percent, $2B 

senior notes maturing in 2054 with 

a coupon rate of 5.750 percent, and 

$2B senior notes maturing in 2064 

Al Maryah Community Bank 

(Mbank), a digital bank in the 

UAE, has announced a partnership 

with First Abu Dhabi Bank 

(FAB) to broaden its geographical 

reach. This collaboration aims to 

integrate Mbank’s services with the 

FABePay portal, providing both retail 

and corporate clients with seamless 

access to cash and cheque deposits 

through a network of 396 ATMs and 

Cash Deposit Machines (CDMs) across 

with a coupon rate of 5.875 percent. 

The transaction, priced on July 10, 

2024, and listed on the London Stock 

Exchange, was more than six times 

oversubscribed based on the initial 

$5B target. The offering saw strong 

demand from investment-grade focused 

institutional investors, with all 

tranches priced with a negative new 

issue premium, underscoring Aramco’s 

robust credit profile. 

Al Maryah Community Bank Teams with FAB for 

Cash, Cheque Deposits 

the UAE. Mohammed Wassim Khayata, 

CEO of Mbank, highlighted that this 

integration enhances service capabilities 

and showcases a commitment to 

innovative solutions. Suresh Yeraballi, 

Product Manager at Mbank, noted 

that the partnership will bring new 

opportunities for customer-focused 

innovations and broaden the range of 

banking services available through the 

Mbank platform. 


UAE Reforms 


Understanding 

Regulatory Changes 

in the UAE Real 

Estate Market 

Understanding the shifting sands of UAE real 

estate regulation for investors and industry 

professionals. 

In recent years, the UAE’s real estate market 

has experienced rapid growth, fueled 

by economic diversification, infrastructure 

development, and a robust investment 

climate. To sustain this momentum and 

safeguard investor interests, the UAE 

government has implemented significant 

regulatory changes. These adjustments 

aim to improve transparency, increase 

investor confidence, and ensure long-term 

market stability. This article explores the 

key regulatory shifts shaping the UAE’s 

real estate landscape, their implications, 

and future outlook. Understanding these 

developments is essential for successfully 

navigating the dynamic UAE real estate 

market, capitalizing on its lucrative opportunities, 

and staying ahead of emerging 

trends and challenges. 


The UAE’s real estate market has 

evolved significantly, reflecting the 

nation’s vision to create a dynamic, 

investor-friendly environment. Over the 

years, the government has implemented 

various regulatory measures to address 

emerging challenges and opportunities, 

ensuring sustained growth and market 

stability. These regulations not only aim 

to attract foreign investments but also 

to protect the interests of all stakeholders, 

including developers, investors, 

and residents. As the market matures, 

understanding these regulatory changes 

becomes crucial for navigating the UAE’s 

vibrant real estate landscape. 

Liberalization of Foreign Ownership 

Laws 

The UAE’s real estate landscape has 

undergone a profound transformation, 

evolving from a domestically focused 

market to a global investment hub. A 

cornerstone of this evolution has been the 

liberalization of foreign ownership laws. 

Previously restricted to UAE nationals, 

property ownership is now accessible to 

foreign investors through freehold and 

leasehold options. Dubai, in particular, 

has emerged as a global property investment 

destination with its pioneering 100% 

freehold ownership policy. This policy 

has not only attracted substantial foreign 

capital but has also propelled economic 

growth and solidified Dubai’s reputation 

as a premier investment hub. Freehold 

ownership grants foreigners complete 

control over their property, while leasehold 

offers long-term occupancy rights. 

Role of Real Estate Regulatory Authorities 

(RERAs) 

To ensure market integrity and protect 

consumer interests, Real Estate 

Regulatory Authorities (RERAs) have 

been established across the emirates. 

These authorities play a pivotal role 

in licensing and regulating real estate 

brokers, resolving property disputes, 

safeguarding buyers’ interests in offplan 

projects, and maintaining accurate 

property records. Their efforts have significantly 

enhanced market transparency 

and industry standards. 

Stabilization of the Off-Plan Market 

The off-plan market, once fraught 

with risks, has been stabilized through 

stringent regulations. Developers are now 

subject to specific timelines for project 

completion, escrow account requirements, 

and penalties for delays. These measures 

have significantly increased investor 

confidence in off-plan purchases. 

Revised Rental Laws 

To create a more balanced rental 

market, rental laws have been revised. 

Rent caps, regulated security deposits, 

and clear eviction procedures have been 

implemented to protect tenants’ rights 

while also considering landlords’ interests. 

Mortgage Regulations by the UAE 

Central Bank 

The UAE Central Bank has introduced 

mortgage regulations to promote financial 

stability and protect borrowers. 

Loan-to-value ratios, stress testing, and 

debt service coverage ratios have been 

implemented to prevent over-indebtedness 

and reduce the risk of loan defaults. 

Collectively, these regulatory and policy 

changes have transformed the UAE’s real 

estate market into a mature and investor-friendly 

environment. The focus on 

transparency, consumer protection, and 

market stability has contributed to the 

sector’s growth and resilience. 

The Impact of Expo 2020 on Dubai’s 

Real Estate 

Expo 2020 Dubai was a catalyst for 

significant real estate development in the 

emirate. The event spurred infrastructure 

projects, transportation upgrades, 

and the creation of new residential 

and commercial districts. While the 

immediate post-Expo period witnessed 

some market adjustments, the long-term 

impact is expected to be positive, with 

Dubai solidifying its position as a global 

business and tourism hub. 

Dubai’s Luxury Residential Market 

Challenges and Opportunities: Dubai’s 

luxury residential market has experienced 

remarkable growth, driven by high-networth 

individuals seeking opulent lifestyles. 

However, the market has also faced 

challenges such as oversupply in certain 

segments. To sustain growth, developers 

are focusing on unique offerings, prime 

locations, and exceptional amenities. 


The UAE’s real estate market is poised 

The UAE continues its 

mission to increase 

transparency and 

efficiency in the 

real estate sector 

through mandated 

legal frameworks and 

regulations.” 

Adham Younis, Group CEO of D&B 

Properties 

for continued evolution, driven by economic 

growth, demographic shifts, and 

technological advancements. Anticipating 

future regulatory changes, such as those 

focused on proptech adoption, sustainable 

building practices, affordable housing 

solutions, and smart city initiatives, is 

crucial for real estate stakeholders. By 

staying informed and adapting to these 

trends, industry players can make informed 

decisions, mitigate risks, and capitalize 

on emerging opportunities. 

The UAE real estate sector’s transformation 

is a testament to the proactive 

and adaptive regulatory framework. As 

the market continues to evolve, stakeholders 

must stay abreast of regulatory 

changes to navigate and capitalize on 

the dynamic opportunities within this 

thriving industry. 


Travel News 

AlUla, Saudi Arabia, First Middle East Destination to Receive US Accreditation 

AlUla has made history as the 

first Middle Eastern destination 

to achieve accreditation from 

Destinations International, a US-based 

organisation, according to the Saudi 

Gazette. This accreditation, part of the 

Destination Marketing Accreditation 

Program (DMAP), comes a year after 

AlUla joined Destinations International 

as its inaugural member in the region. 

The certification recognizes destination 

marketing organisations for their quality 

and professionalism. Since opening to 

visitors four years ago, AlUla has established 

itself as a prominent tourism 

site in Saudi Arabia, offering year-round 

events and a variety of hospitality options. 

Philip Jones, Chief Tourism Officer at the 

Royal Commission for AlUla, emphasised 

the significance of this achievement, 

underscoring AlUla’s commitment to 

maintaining high standards and building 

trust among visitors, stakeholders, and 

partners worldwide. 

Abu Dhabi Airports 

Launches Biometric 

Smart Travel 

Abu Dhabi Airports has teamed up 

with the Federal Authority for 

Identity, Citizenship, Customs, 

and Port Security (UAEICP) to introduce 

the biometric Smart Travel initiative at 

Zayed International Airport. Developed 

in collaboration with AI specialist 

Next 50, the project will be rolled out 

in three phases, integrating biometric 

authentication systems across the airport’s 

security and operational points. This 

innovative system leverages existing 

databases to automatically verify travelers, 

eliminating the need for pre-registration 

for departing passengers, thus reducing 

processing times. Andrew Murphy, Chief 

Information Officer at Zayed International 

Airport, expressed enthusiasm about 

the partnership, highlighting plans to 

expand biometric systems to all security 

and operational touchpoints by 2025. 

The initiative aims to enhance traveler 

experiences, prioritize safety, and ensure 

efficient service delivery, aligning with 

Abu Dhabi Airports’ commitment to 

world-class passenger services and 

aviation security protocols. 

Saudi Arabia Breaks Records: 60 Million 

Tourists, $38B Spend in H1 2024 

Saudi Arabia’s tourism sector continues 

to surge, with an impressive 

60 million tourists contributing 

over $38B in spending during the first 

half of 2024, according to preliminary 

data highlighted by Minister of Tourism 

Ahmed bin Aqeel Al Khateeb. He 

credited the support of King Salman bin 

Abdulaziz Al Saud and Crown Prince 

Mohammed bin Salman bin Abdulaziz 

Al Saud for the sector’s robust growth. 

The figures underscore the success of 

Vision 2030 and the National Tourism 

Strategy, which aim to leverage the 

Kingdom’s diverse regions and cultural 

heritage to attract global visitors. The 

introduction of tourist visas has facilitated 

exploration of Saudi Arabia’s 

treasures, traditions, and customs. 

Looking ahead, Saudi Arabia targets 

attracting more than 150 million tourists 

by 2030, fostering significant economic 

growth and aiming to increase tourism’s 

contribution to GDP and job creation 

substantially. 

Oman Hotel Revenue Surges 10.2% to $282M 

Oman’s hotel revenues for three to 

five-star establishments reached 

OR 108.379M ($281.5M) by the end 

of May 2024, marking a significant 10.2% 

increase compared to the same period in 

2023, according to data from the National 

Centre for Statistics and Information 

(NCSI). The number of hotel guests also 

saw a notable rise, climbing by 13.7% to 

reach 913,677 guests by May 2024, up 

from 803,442 in 2023. Hotel occupancy 

rates showed a 6% growth during this 

period. The NCSI report highlighted that 

Omani nationals constituted the largest 

group of hotel guests, totaling 306,255. 

European guests followed with 286,980 

(a 19.6% increase), and Asian guests 

numbered 133,771 (up by 21%). Guests 

from GCC countries increased by 6.8% 

to 58,572, while African guests rose by 

1.6% to 4,677. Oceanian guests numbered 

13,446 during the period. 


China Expands Visa-Free Travel to UAE, Qatar, and 52 More Countries 

China has expanded its visa-free 

transit policy to include visitors 

from the UAE, Qatar, and 52 

other countries, announced by China’s 

National Immigration Administration 

(NIA). This expansion adds three new 

entry ports to the existing 144-hour 

visa-free transit program, bringing the 

total number of eligible ports to 37. 

The newly designated ports include 

Zhengzhou Xinzheng International 

Airport in Henan Province, Lijiang Sanyi 

International Airport, and Mohan railway 

port in Yunnan Province. Eligible foreign 

nationals entering through these ports can 

now explore broader areas within Henan 

and Yunnan provinces, enhancing travel 

flexibility beyond previous restrictions. 

This policy aims to facilitate short-term 

activities such as tourism and business 

visits for nationals from 54 countries, 

broadening China’s appeal as a destination 

for international travellers. 

Etihad Guest Extends Partnership 

with Pointspay 

for Enhanced Rewards 

Etihad Airways’ loyalty program, 

Etihad Guest, has expanded its 

collaboration with Pointspay, 

a payments company, with plans to 

introduce a new solution in the Middle 

East later this year. This enhanced 

partnership will allow Etihad Guest 

members to earn and redeem miles 

when shopping through online retailers. 

Integrating this new solution will enable 

members to effortlessly incorporate the 

loyalty program into their daily shopping 

routines, earning and redeeming 

miles across a diverse network of retail 

partners within Etihad Guest. Mark 

Potter, Managing Director of Etihad 

Guest, emphasized the program’s 

commitment to enhancing member 

experiences and innovation aligned 

with Etihad’s values. This partnership 

not only benefits members but also 

provides retailers with valuable marketing 

and advertising opportunities, 

aimed at bolstering customer retention, 

engagement, and overall sales within 

the loyalty program ecosystem. 

Al Noor Island in Sharjah Makes Top 10 

Attractions List in the Middle East 

Sharjah’s Al Noor Island, a celebrated 

destination known for its blend 

of nature, art, and entertainment, 

has been recognized among the top 10 

attractions in the Middle East for 2024 

by TripAdvisor, securing the prestigious 

‘Best of the Best’ title. Developed and 

managed by the Sharjah Investment and 

Development Authority (Shurooq), Al 

Noor Island offers a unique experience 

for families and visitors alike. This accolade 

marks the second consecutive 

year that Al Noor Island has received 

the ‘Best of the Best’ recognition, a 

distinction reserved for the top one 

percent of TripAdvisor’s 8 million 

listings. In addition to Al Noor Island, 

Sharjah’s Mleiha Archaeological Centre 

and Al Montazah Parks have also been 

honored with TripAdvisor Travelers’ 

Choice Awards for 2024, highlighting 

Sharjah’s diverse and exceptional 

tourist offerings. 

London-Dubai Tops MENA’s Busiest Business 

Travel Flight Route: Study 

In 2023, the Dubai-London route 

emerged as the most popular flight 

path for business travelers from the 

MENA region, according to a study 

by Tumodo, a leading online business 

travel platform in MENA. The region 

experienced a surge with 86.9 million international 

arrivals, underlining robust 

travel demand. The study highlighted 

that 10% of all tickets sold in the past 

year were for business travel, indicating 

significant corporate travel activity. 

London stood out as a top business 

destination for MENA travelers, with a 

notable 2% of one-way tickets booked, 

reflecting flexibility in trip durations. 

On average, round-trip costs between 

London and Dubai were £570. The data 

also revealed a strong preference for 

business travel among UAE employees, 

with 64% planning business trips, 

underscoring the importance of key 

routes like London-Dubai in facilitating 

strategic business connections. 


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