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  • Dubai’s property boom shows signs of fizzling out

    As cranes speckle the Dubai skyline and ultra-luxury homes change hands at record prices, signs that the city-state's property boom is fizzling out are coming into view.
    Developers, investors and brokers are privately asking how quickly one of last year's hottest real estate markets could turn and whether a painful correction akin to the slump that rocked the emirate in 2008 can be ruled out.
    Since then Dubai has pursued an economic reboot anchored on what it hopes is sustainable growth, including a 10-year plan known as D33, to double output and become one of the world's top four financial centres.

  • Saudi Arabia’s Tadawul to buy 32.6% stake in Dubai Mercantile Exchange

    Stock exchange owner and operator Saudi Tadawul Group (1111.SE), opens new tab will buy a 32.6% stake in the parent company of Dubai Mercantile Exchange (DME) and become the Emirati trading platform's joint largest shareholder, it said on Thursday.
    Founded in 2007, DME lists the Oman crude oil futures contract, which is a physically settled contract serving as a Middle East benchmark used by the region's national oil companies as part of their export pricing formulas.

  • UK millionaires head to UAE: Richest Brits leave as cost of living crisis worsens, Dubai real estate to benefit

    A combination of high taxation, rising cost of living and deteriorating health system in the UK is driving the UK’s super-rich to migrate to various parts of the world, with the UAE emerging as their most favoured destination, recent studies and experts revealed. Rising risks of the UK slipping into recession in 2024, leading to further value deteriorating of property and other assets are predicted to further accelerate the migration of millionaires from London – once the most favoured city for wealthy from around the world – going forward.

  • Dubai’s GII Invests $160 Million in Saudi Arabian Hospital Chain

    Gulf Islamic Investments LLC. has invested $160 million in Saudi Arabia’s Abeer Medical Company, the latest health-care deal in the kingdom as it looks to attract more private sector money into the industry. GII, as the Dubai-based firm is known, has acquired a minority stake in Abeer and will help it expand into new cities, according to a statement.

  • Discovery Dunes Golf Course Lots for Luxury Homes Start Selling in Dubai

    The project is Discovery Land’s first in the Middle East, though Founder and Chairman Michael S. Meldman says he’s negotiating a second property purchase in Dubai and is looking at several sites in Saudi Arabia. It’s a long way from Scottsdale, Arizona, where the company is based, but Meldman says he’s been looking for the right place to build in Dubai for more than 15 years.

  • ‘We’re staying away from Gaza’: Palpable silence at the Dubai Air Show

    Two major Israeli companies—Israel Aerospace Industries and Rafael Advanced Defense Systems—left their booths empty on the first day of the show. On the second day, a few representatives manned IAI’s booth, but they wouldn’t comment on the extent of the company’s presence at the show. There is “sensitivity” surrounding the conflict, said Eric Fanning, CEO of the Aerospace Industries Association, which convenes industry and government officials at international trade shows.

  • Emirates, Flydubai top orders at Dubai Air Show as China’s J-10 makes debut

    UAE carriers Emirates and Flydubai announced significant orders on the first day of Dubai Air Show Monday, which saw a bounce in widebody sales as the industry continues to rebound from the pandemic. Middle Eastern and North African carriers were out in full force on the opening day of the five-day air show at Al Maktoum Airport at Dubai World Central. Emirates ordered 90 Boeing 777X widebody aircraft as well as 35 twin-aisle Boeing 787s. The order also included 55 777-9Xs that arrive in 2025 and 35 777-8Xs in 2030 as well as 15 787-10s and 20 787-8s. Following Monday’s announcement, the UAE flag carrier now has a total orderbook of 295 aircraft. Emirates also confirmed an order for 202 GE9X engines to power the 777Xs ordered. Read more: https://www.al-monitor.com/originals/2023/11/emirates-flydubai-top-orders-dubai-air-show-chinas-j-10-makes-debut#ixzz8JEVISfB2

  • Emirates 90-plane 777X deal to kick-start Dubai Airshow

    Middle East carriers look set to order tens of billions of dollars of long-haul jets at the opening of the Dubai Airshow on Monday, as Emirates renews confidence in the delayed Boeing 777X while facing new competition from rivals such as Turkish Airlines.

    Hosts Emirates and sister airline flyDubai are expected to stamp their mark early on the world's second-largest aerospace event, industry sources said, despite concerns about a drop in the economically key travel sector due to the war in Gaza.

  • Russian investors occupy land plots to build ‘Little Moscow’ in Dubai

    The UAE has also become a key destination for Russian tourists and investors since President Vladimir Putin launched his full-scale invasion of Ukraine in February 2022

  • Chinese Tourists Are Back, Dubai Needs A Way To Cash In

    Pre-pandemic, the cash-rich, travel-hungry Chinese tourist was a principal focus for Dubai, so much so that an entire “China Readiness” strategy was created. It included rolling out marketing campaigns on local social media app WeChat; the creation of a “Chinese Travelers Standards” training program for workers; a raft of signings with Chinese tour operators, and much more. In 2016, the emirate announced visas-on-arrival for Chinese nationals. By 2019, China was Dubai’s fifth-largest source market with 989,000 visitors, a doubling in just three years. The pandemic decimated these numbers, but they are gradually creeping back up. It started with 23,000 travelers from China in January, making it the 17th largest source market. By April, China broke into the top 10.