Emirates

Dubai records 84,772 real estate transactions worth AED300 billion in 2021: DLD

DUBAI, 5th January, 2022 (WAM) — Dubai's real estate market continues to serve as a key driver for the growth of various sectors and economic activities in the emirate, with the sector recording 84,772 transactions representing a value of AED300 billion in 2021, according to the annual transaction report issued by the Dubai Land Department (DLD).

Guided by the leadership’s directives and strengthened by the government’s economic stimulus packages and the emirate’s hosting of Expo 2020 Dubai, the sector was able to achieve a high volume of transactions last year. Additionally, the strong fundamentals and attractiveness of Dubai’s real estate market and flexible and transparent procedures continued to draw investors from around the world.

The report revealed a 65 percent growth in the number of transactions and a 71 percent increase in value compared to 2020. A total of 52,415 investors concluded 72,207 new investments in 2021 worth AED148 billion representing a 73.7 percent growth in the number of investments, a 65.6 percent rise in the number of investors, and a 100 percent increase in the value of investments compared to 2020. Reflecting the sector’s ability to achieve progress despite the current exceptional circumstances, the results further reinforce its leading regional and global position.

Commenting on the results, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said, "The directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the world’s best city to live and work has served as a key driver in increasing its attractiveness as a global investment destination.

"Dubai’s robust infrastructure, flexible legislations that have kept pace with evolving market conditions, and its safe environment have all contributed to deepening investment confidence in its real estate sector. The rise in investments and the increasing interest shown by global investors in Dubai is testament to the effectiveness of the emirate’s strategic economic initiatives that have sought to strengthen its leadership in various sectors and enhance its global rankings in development indicators. Dubai has a clear vision for the future, and its partnership with the global investment community continues to be vital to its ability to accelerate growth and meet its ambitious goals for the future," Sheikh Hamdan said.

Sultan Butti bin Mejren, Director-General of DLD, said, "Dubai's real estate sector has once again proven its resilience, attractiveness and ability to achieve sustainable growth even during the exceptional circumstances being witnessed globally. The results highlighted in the report bode well for the future as the country ushers in another 50 years of economic development. The real estate sector represents a major catalyst for the growth of various other sectors."

Bin Mejren added that the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum and the follow up of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum have contributed to strengthening the capabilities of Dubai’s real estate sector and establishing it as the preferred destination for investors both regionally and globally and among the world’s the best cities to live and work.

"We are committed to continue working to achieve our strategic objectives in 2022 to becoming regional and global leaders in the real estate market as well as providing exceptional integrated services to all customers in the sector. We will also continue to develop legislations that will help regulate, encourage and manage investments in the real estate sector, in addition to enhancing knowledge of the real estate culture in the emirate."

The report revealed that there were 6,897 investors from the GCC that registered 8,826 investments worth over AED16.88 billion.

A total of 6,097 Arab investors recorded 7,538 investments, with a value exceeding AED12.4 billion. Dubai’s real estate sector also attracted 38,318 foreign investors, who concluded 51,553 new investments worth over AED99 billion.

DLD's statistics also revealed that 17,705 women registered 22,165 investments worth over AED38.4 billion in 2021, a 72 percent increase compared to 2020. The results indicate that businesswomen have great confidence in Dubai's real estate market.

The Dubai Marina area saw the highest number of transactions, with 7,968 transactions, followed by Business Bay (5,687), Al Thanyah Fifth (5,092), Al Barsha South Fourth (4,813), Hadaeq Sheikh Mohammed bin Rashid (4,352), Burj Khalifa (4,279), Wadi Al Safa 5 (3,536), Al Hebiah Fourth (3,261), Al Merkadh (3,150), and Palm Jumeirah (2,803).

Dubai Marina also saw the highest value of transactions with over AED28.6 billion, followed by Palm Jumeirah (AED26.6 billion), Hadaeq Sheikh Mohammed bin Rashid (AED15.8 billion), Burj Khalifa (AED14.2 billion), Business Bay (AED13.19 billion), Al Thanyah Fifth (AED8.19 billion). Wadi Al Safa 5 (AED8 billion), Al Yufrah 1 (AED7.3 billion), Al Thanyah Fourth (AED7.2 billion), and Al Hebiah Fourth (AED7.19 billion).

The highest number of real estate mortgages were also recorded in the Dubai Marina area (1,440), followed by Hadaeq Sheikh Mohammed bin Rashid (1,046), Al Thanyah Fifth (1,015), Burj Khalifa (922), Al Barsha South Fourth (875), Nad Al Sheba 3 (864), Al Yelayiss 2 (717), Al Thanyah Fourth (675), Me’aisem First (655), and Palm Jumeirah (618).

Palm Jumeirah and Dubai Marina topped the list of areas in terms of the value of mortgages with over AED10.39 billion and AED10 billion respectively, followed by Al Yufrah 1 (AED 6.49 billion), Warsan 2 (AED4.7 billion), Business Bay (AED4.55 billion), Al Barsha South Fourth (AED3.4 billion), Burj Khalifa (AED3.4 billion), Al Wasl (AED3 billion), Al Thanyah Fifth (AED2.9 billion), and Al Thanyah Fourth (AED2.6 billion). The mortgage data reflects the confidence of Dubai’s national and foreign banking sector in the emirate's real estate market, which contributes to the availability of liquidity and cash flows as well as financing solutions offered by banks to encourage investment in Dubai's real estate sector.

The report also revealed that 3,171 new brokers entered the market, increasing the total number of registered real estate brokers to 8,002. According to the report, 2,715 brokers in Dubai's real estate market are women. A total of 1,421 brokerage offices were registered in the emirate.

The value of real estate brokers' commissions in Dubai's real estate market in 2021 exceeded AED3 billion through 12,067 transactions. Ten new real estate valuators entered the market, increasing the total to 71 valuators registered with DLD, and two new valuation offices entered the market, increasing the total to 38.

A total of 35 real estate projects with a value exceeding AED11 billion were completed in 2021 and 319 projects are in progress. Additionally, 602,714 Ejari contracts were registered in 2021, of which 315,222 were new contracts. A total of 6,168 real estate permits were also issued last year.

Furthermore, 49,790 real estate units were registered in 2021. A total of 41,020 units were sold, with a value exceeding AED68.5 billion, while 8,030 villas worth over AED18.2 billion were sold.

Three new real estate service trustee offices were registered in 2021, bringing the total number to 13, while the total number of real estate registration trustee offices remained at 13.

In 2021, DLD issued 4,230 real estate licenses. They were distributed by activity as follows: brokerage in the sale and purchase of properties (1,229), follow-up services (1,173), brokerage in rental properties (890), administrative supervision services for properties (262), purchase and sale of land and properties (159), private real estate rental and management services (128), real estate development (107), commercial complex (91), administrative supervision services for jointly owned property management companies (70), real estate mortgage broker (42) licenses, and shopping centres and malls (33).

The remainder of the licenses were granted for other commercial activities, such as real estate rental and management services for third parties, real estate valuation services, real estate representation office, and real estate survey services, among others.

Emirates

RAK Ruler receives Ramadan well-wishers

RAS AL KHAIMAH, 23rd March, 2023 (WAM) — H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, today received Ramadan well-wishers, in the presence of H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah.

He received the greetings of Sheikhs, senior officials and heads of local government departments in the country, as well as dignitaries and Emiratis, who congratulated the Ras Al Khaimah Ruler on the occasion of the holy month and wished him good health and further progress for the UAE, as well as development for the Muslim and Arab nations.

A number of senior officials from the Emirate of Ras Al Khaimah attended the receptions.

Emirates

Brand Dubai launches fourth edition of Ramadan Recipes Guide

DUBAI, 23rd March, 2023 (WAM) — Brand Dubai, the creative arm of the Government of Dubai Media Office (GDMO), has partnered with Dubai-based chefs and restaurants and cafés from its “Proudly from Dubai” (PFD) network to launch the fourth edition of the Ramadan Recipes Guide, featuring 30 original recipes for 30 days.

As part of the collaborative initiative, Brand Dubai has collected and curated simple-to-prepare Ramadan recipes inspired by the menus of 10 outlets and 10 chefs to inspire culinary creativity among the community this Ramadan.

The initiative seeks to support members of the PFD network by raising their visibility and offering them a platform to connect with their audience in innovative ways.

Fatma Almulla, City Branding Executive at Brand Dubai, said, “We are extremely excited to launch another edition of the Ramadan Recipes Guide, which has now expanded in scope to feature recipes not only from restaurants and cafés from the PFD network but also from successful Dubai-based chefs who are extremely popular among Dubai’s food-loving community.

"Launched as an annual initiative, the Ramadan Recipes Guide seeks to showcase the creativity and culinary talent of our members while providing them with additional exposure among the public. Apart from highlighting the city's passion for culinary excellence, this initiative supports various entrepreneurs to contribute to the diverse and dynamic food scene in Dubai.”

The newly-launched guide, which provides delicious and traditional recipes for Iftar and Suhoor, celebrates Dubai's culinary diversity and unique cultural blend as well as its emergence as a gastronomic hub, she said.

Almulla added that many of the recipes featured in the guide this year are unique in their concept, with some blending traditional cuisines with modern twists and international flavours.

The recipes provide a detailed step-by-step guide for preparing scrumptious sweet and savoury dishes for the family, including starter plates, soups, salads, main courses, desserts, snacks and Suhoor meals. This year, the guide will also feature wholesome, nutritious recipes that are vegan and gluten-free.

The recipes appeal to a wide range of palates and are inspired by an eclectic diversity of cuisines including Mediterranean, Emirati, American, Italian, Mexican and Scandinavian.

Many of the recipes featured in the guide have been developed by celebrity chefs who have started their journey from Dubai and launched their own restaurants. The chefs, representing various nationalities, also have a huge social media following, with some even earning a Michelin star for their high-quality dishes.

“Proudly from Dubai” is an initiative of Brand Dubai that aims to tell local and global audiences the success stories of exciting and innovative homegrown businesses and talent.

It also seeks to tell the story of innovation and creativity shaping Dubai’s emerging business and entrepreneurial culture.

Emirates

Mariam Almheiri highlights UAE’s ambition to scale collective action, innovative solutions to address global water challenge

NEW YORK, 23rd March, 2023 (WAM) — Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, underlined the UAE’s ambition to scale collective action and develop innovative solutions to address the global challenge of water scarcity.

Presenting to the United Nation Security Council Arria-Formula Meeting at the UN 2023 Water Conference, Almheiri said, “The stress on our water systems is contributing in ever-more concrete ways to food shortages, farmer-herder tensions and migration, ultimately undermining stability in the most fragile areas. With impacts of climate change manifesting most concretely through water – via droughts, flooding, tsunamis – these trends are only likely to worsen. The UAE will continue to work with its partners to ensure that the Council focuses on practical ways to warranty that climate risks inform its decision-making.”

The UAE is an elected member of the Security Council and Almheiri is leading the UAE delegation at the UN 2023 Water Conference.

The conference aims to raise the importance of water on the global agenda and accelerate action to achieve the UN Sustainable Development Goal of clean water and sanitation for all by 2030.

Co-hosted by the Governments of Tajikistan and the Netherlands, the conference opened on World Water Day, March 22.

The three-days-conference will feature several high-level official sessions, plenaries, special events and interactive dialogues organised by UN Member States, multilateral entities, and other stakeholders.

The UAE is developing more energy-efficient desalination plants; sharing knowledge to improve water harvesting; catalysing investment in water conservation technologies; raising awareness to change behaviours and consumption patterns; regulating to reduce the water footprint of homes and businesses; and forging international partnerships.

Almheiri will take part in the interactive dialogue, “Water for Climate, Resilience, and Environment: Source to Sea, Biodiversity, Climate, Resilience, and DRR”, co-chaired by Japan and Egypt.

The session will explore opportunities to strengthen convergence between intergovernmental processes and address the barriers to providing data and information for improved water management, climate resilience, early warning systems, and risk-informed decision-making.

Almheiri will participate in side events such as “From UN Water Conference to COP28: Accelerating Water and Climate Action” hosted by the Permanent Mission of the UAE to the UN, Netherlands, Tajikistan and UN Water. She will also take part in a session hosted by Egypt on"‘From COP27 to the UN 2023 Water Conf: Action on Water Adaptation and Resilience (AWARE)", where she will share the UAE’s experiences in addressing the challenge of water scarcity and climate change.

Almheiri will engage with global leaders, policymakers, and experts to identify innovative solutions to water challenges and advance progress toward sustainable water management, resilient ecosystems, and equitable access to water.