Burj Khalifa sales grow 16% as Dubai’s tallest tower turns 13
Dubai’s Burj Khalifa moved into adolescence in 2022 with a different type of growth spurt for the world’s tallest building. The architectural icon celebrated turning 13 by announcing a sweet 16% increase in residential sales. Property giant Knight Frank said 94 apartments were sold in the tower in 2022, valued at AED 477 million ($130 […]
UAE’s ADIB buys additional stake of 2.4% in Egyptian unit
UAE-based Abu Dhabi Islamic Bank has purchased an additional stake of 2.4% in Abu Dhabi Islamic Bank Egypt (ADIB) for EGP 155.328 million, equivalent to an average price of EGP 16.18 per share, according to a shareholding disclosure issued on January 2nd. Accordingly, the Emirati bank’s ownership in ADIB Egypt increased to 52.607% from 50.207%. ADIB Egypt […]
RAM Investment plans AI City Dubai
Sheikh Rashid Bin Ahmed Al Maktoum, Chairman of RAM Investment, has announced a partnership with Europe’s leading artificial intelligence (AI) venture studio and ecosystem Merantix to conceptualise the AI City Dubai, a proposed free zone where impactful AI solutions will be pioneered, implemented and scaled. AI City will be a global AI hub, powered by […]
KPMG delivers $35bln global revenues, 14% growth in FY22
KPMG International has announced strong annual aggregated revenues for its firms globally of $35 billion for the fiscal year ending September 30, 2022 (FY22), an increase of 14%. The aggregate revenue of KPMG member firms in the Middle East, South Asia, and Caspian (Mesac) grew by 18.3% in local currency terms for FY22, more than […]
Foreign investor demand to drive Dubai property prices, rents higher in 2023
Continued demand and interest from high-net-worth individuals (HNWIs) and foreign investors will keep property rents in Dubai high in 2023, according to a new report. Property prices in the emirate are expected to increase by as much as 20% on average, while the luxury segment will continue to dominate, with 13.5% year-on-year growth in 2023, […]
Dubai: Long-term residents buying more and more properties thanks to Golden Visa
Residents living in Dubai for decades are buying more and more properties as new visa regime initiatives, such as the Golden Visa, has given them strong confidence to buy a property and make the emirate their base. In addition, the successful handling of the coronavirus pandemic by the emirate is also encouraging a large number […]
Dubai’s TECOM expands property portfolio with new $120mln investment
Dubai-listed business park operator TECOM Group is expanding its commercial real estate portfolio with an investment of AED 442 million ($120 million). The company said on Monday it has just broken ground on the second phase of Innovation Hub, which features specialiised tech offices at Dubai Internet City, amid high demand for commercial space in […]
Star Paper Mill to set up $54mln recycled paper mill in Abu Dhabi
A new recycled paper mill will be established in Khalifa Economic Zones Abu Dhabi (KEZAD) in a move to support the UAE circular economy. The mill will manufacture eco-friendly biodegradable recycled kraft papers in Abu Dhabi after an agreement between Star Paper Mill and RC Paper Machines, which will expand its existing capacity with an […]
Dubai’s Emirates NBD announces leadership shake-up
Dubai’s top lender Emirates NBD has announced a shake-up of its senior management, as it positions itself to grow opportunities in wealth, mergers and acquisitions, and venture capital. Marwan Hadi, who is head of retail banking, takes over as group head of retail banking and wealth management from Suvo Sarkar, who will retire after a […]
Dubai’s DMCC launches gaming centre to cash in on $1.8bln gaming industry
Dubai Multi Commodities Centre (DMCC) has launched a its own gaming centre to tap into the region’s AED 1.8 billion gaming industry, which is expected to reach $5 billion by 2025. DMCC, located in Jumeirah Lake Towers (JLT), said it is currently home to 50 gaming companies, including developers and producers, as well as e-sports […]