Dubai's Deyaar unveils towering residential project with 'royal palace' at the top
Dubai's Deyaar Development has unveiled one of the tallest residential projects in the UAE, rising to more than 110 floors, as the emirate's property market continues to perform strongly amid higher demand from buyers.
Downtown Residences, with a height of 445 metres, will be built near Sheikh Zayed Road, Downtown Dubai and Business Bay, the Dubai-listed developer said in a statement on Tuesday.
The twin tower project will have 522 homes, including a mix of one to three-bedroom apartments, duplexes, penthouses, and an exclusive 'royal palace' at the summit. The project is set to be completed in the fourth quarter of 2030.
'We are confident that this landmark project will not only set a new standard for luxury living but also create exciting investment opportunities,' said Saeed Al Qatami, chief executive of Deyaar Development.
Dubai's property market continues to perform strongly amid government initiatives such as residency permits for retired people and remote workers, as well as the expansion of the 10-year golden visa programme and overall growth in the UAE's economy amid diversification efforts.
The emirate recorded real estate deals worth Dh761 billion ($207.21 billion) last year, up 20 per cent compared to 2023, with the total number of transactions for the year increasing by 36 per cent to 226,000, data provided by the Dubai Media Office shows.
Downtown Residences will have five vertical zones, from the "urban oasis" at podium level to the sky mansion, along with outdoor facilities, vertical gardens and community spaces.
The development will have wellness and social hubs, playrooms, multi-function lounges, and social retreats. The tower's sensory oasis will have floating gardens, air yoga zones, AI meditation pods and luxury fitness spaces. The summit society, about 100 storeys up, will feature dining concepts, exclusive lounges and a grand screening room.
Downtown Residences will also have a residents club with AI-powered workspaces, private executive pods and networking hubs for business leaders, Deyaar added.
Earlier this year, the developer revealed that it plans to launch five new property projects worth Dh8 billion in 2025, with four projects to be built in Dubai. It also aims to hit Dh4 billion in sales this year amid continued demand for property in the UAE.
The company, which is majority-owned by Dubai Islamic Bank, also launched a similar number of projects last year and achieved total sales of Dh2.5 billion.
Dubai is already home to the world's tallest tower, the 828-metre Burj Khalifa. Last year, Azizi Developments revealed plans for a Dh6 billion tower called Burj Azizi, designed to stand at 725 metres tall.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Moro Hub seals strategic resellers agreement with OpenText
Moro Hub, a subsidiary of Digital Dewa, the digital arm of Dubai Electricity and Water Authority, announced a strategic agreement with OpenText, the global leader in Information Management solutions. The agreement empowers Moro Hub to resell OpenText's comprehensive portfolio of AI-enabled solutions and services across the UAE, reinforcing both companies' commitment to driving digital transformation in alignment with the 'We the UAE 2031 Vision, said the statement from Dewa. Through this collaboration, Moro Hub will offer public and private sector organizations access to OpenText's best-in-class technologies, including solutions for Content Services, Digital Experience, Security, and advanced Analytics. These offerings will enable customers to modernize operations, enhance data-driven decision-making, and meet the growing demands of a digitally connected world, it stated. "We are excited to work with OpenText, a global leader in information management, to enhance our portfolio and extend even greater value to our customers," remarked Mohammed bin Sulaiman, the CEO of Moro Hub. "This agreement not only strengthens our service offering but also contributes directly to the UAE's smart infrastructure development, setting new benchmarks in efficiency, security, and sustainability," he stated. With AI adoption in the Middle East expected to contribute over $320 billion to the regional economy by 2030 (PwC), this partnership positions Moro Hub and OpenText at the forefront of innovation, enabling the delivery of secure, intelligent, and scalable services to businesses and government entities. Harald Adams, Sales Vice President of Emerging Markets at OpenText, said the partnership with Moro Hub reflects its shared vision to empower organisations in the UAE to drive innovation through AI-powered technologies. "Together, we aim to support national digital transformation efforts and deliver secure, intelligent solutions that enable future-ready operations. Moro Hub is a key digital transformation enabler in the UAE, and we are proud to collaborate with them to help customers modernize and achieve better outcomes," he added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Khaleej Times
an hour ago
- Khaleej Times
New UAE dirham symbol: Dos and don'ts, latest guidelines on how to use
The new dirham symbol, announced in March, signifies more than just financial value — it embodies heritage, ambition, and the nation's forward-looking vision. Designed with meticulous attention to detail, drawing inspiration from national motifs and guided by precise structural principles, the symbol combines the nation's cultural roots with its progressive outlook. Local authorities released new guidelines to ensure consistent application of the symbol across both physical and digital platforms, reinforcing its role within the country's financial narrative. Where will it be used? Should be used: On physical currency On cheques, invoices, receipts In POS systems, ATMs Online and in-store price displays In financial apps, accounting systems, UI fields Should not be used: As a logo or branding element On splash screens or headers In place of 'Dirhams' when writing out words How it should be used Keyboard Appears on number 6 key Placement: Single-language: Centred Dual-language: Top-left corner Minimum 2mm clear space around symbol Cheque book In 'amount in figures' field: Symbol before numeric value, same size/weight In 'amount in words' field: Use 'Dirhams', not the symbol Receipts Symbol before numeric value Same font, size, and weight Text should be in English and right-aligned with spacing Price tags Symbol directly before numeric value Same font, size, and weight Use either the symbol or "AED", not both Maintain clarity, especially in retail environments Dos and Don'ts Dos: Maintain symbol shape and direction with text Ensure proportional spacing and size relative to numerals Use sufficient contrast Use either the symbol or 'AED', not both Position symbol to the left of numerals Maintain clearspace and geometry Don'ts:
The National
an hour ago
- The National
EU plans to remove the UAE from its 'high-risk' money-laundering list
The European Union plans to remove the UAE from its list of countries that pose a high risk for money laundering, amid growing efforts by the Emirates to boost its regulatory framework. The European Commission, the EU's main executive body, said on Tuesday that the list was updated after taking into account the work of the Financial Action Task Force (FATF) and in particular its list of 'Jurisdictions under Increased Monitoring'. The FATF, the global body that combats money laundering and terrorism financing, removed the UAE from its "grey list" in February last year after significant reform progress. The Emirates was placed on the grey list in 2022. "As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FATF," the European Commission said. The commission added 10 countries to the high-risk list, including Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela. Along with the UAE, others taken off the list include Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda. However, the updated list will enter into force only after it receives the no‑objection from the European Parliament and the Council within a period of one month (which can be extended for another month). The commission said it had "carefully considered the concerns expressed regarding its previous proposal and conducted a thorough technical assessment, based on specific criteria and a well‑defined methodology, incorporating information collected through the FATF, bilateral dialogues and on‑site visits to the jurisdictions in question". The UAE has made significant progress in combating money laundering and the financing of terrorism over the past few years, passing strict laws and issuing a number of regulations to clamp down on financial crime. In September last year, the UAE set out a nationwide action plan aimed at combating terrorism financing and money laundering. The 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing has 11 goals focused on risk-based compliance, effectiveness and sustainability. The enhanced framework, overseen by the Higher Committee and led by an expanded National Committee, includes the former Executive Office of Anti-Money Laundering and Counter Terrorism Financing, which now serves as the General Secretariat. In August, the government also amended its laws against money laundering and the financing of terrorism and crime groups and formed a national committee on these crimes. As part of its AML/CFT reforms, the UAE is adding measures to assist with investigations, imposing sanctions in cases of non-compliance at financial institutions, and increasing the number of prosecutions to combat money laundering. The UAE Central Bank has been imposing a growing number of fines and penalties in recent months to clamp down on violators. On Tuesday, the regulator imposed varying financial sanctions on six exchange houses in the UAE, amounting to Dh12.3 million (due to "violations and failures" to comply with the AML/CFT framework and related regulations. In May, it issued one exchange house with a Dh3.5 million fine, while another was slapped with a Dh100 million levy for 'significant failures' in its AML/CFT framework and related regulations. The regulator last month also fined an exchange house Dh200 million for the same offence. A Dh500,000 fine was also imposed on a branch manager, who was banned from working in any licensed financial institutions in the UAE. The Central Bank also recently fined two branches of foreign banks operating in the country a total of Dh18.1 million for breaching anti-money laundering regulations.
