Drake & Scull enters Dubai's real estate market with commercial project
DSI will take full ownership of the development process, from concept to completion, the company said in a statement to the Dubai Financial Market on Monday.
The project will have more than 156,000 square feet ( sq ft) of built-up area, including more than 10,000 sq ft of retail space on the ground floor and over 67,000 sq ft of office space across nine floors. The three-level podium parking will accommodate nearly 147 vehicles.
Soil investigations and topographic surveys have been completed, the statement said.
Bel-Yoahah Architectural and Engineering Consultants will handle end-to-end design and supervision.
DSI is currently finalising approvals to commence construction with an expected completion date by the end of 2026, the statement added.
No financial details were given.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
6 minutes ago
- Zawya
US tariffs may hit South Africa property agents harder than expected
As the United States considers a 30% tariff on South African goods, the local property industry is bracing for wider economic consequences, and estate agents could be among the first to feel the pressure. Marcel Koole, property commentator and CEO of BestAgent. While the proposed tariffs are aimed at exports like steel, aluminium and agricultural products, the economic ripple effects could filter through to the real estate sector, says Marcel Koole, property commentator and CEO of BestAgent, South Africa's open platform that connects sellers directly with top-performing estate agents. 'Estate agents are directly affected by consumer confidence, affordability and market sentiment,' Koole says. 'When the broader economy comes under pressure, transaction volumes dip, and agents feel the slowdown almost immediately.' He explains that if export-linked sectors lose revenue or cut jobs in response to the tariff, it could stall property activity in affected regions. 'Fewer buyers means fewer mandates, tighter competition among agents, and a drop in commission earnings.' Tariffs could delay market recovery Many agents were hoping for a gradual uptick in market activity as interest rates stabilise, but a new shock, such as a large-scale tariff from a major trading partner, could delay that turnaround. 'Tariffs like this affect the rand, which affects inflation, which then keeps interest rates high,' says Koole. 'We've seen it before, higher rates make it harder for buyers to qualify for home loans, especially first-time buyers, which reduces deal flow.' Regional disparities likely According to Koole, the impact won't be felt evenly. 'Agents in areas like the Western Cape, Eastern Cape, Limpopo and Mpumalanga, where agricultural and export industries are major employers, may find themselves in a tougher environment if local economies take a knock.' He warns that in smaller towns where one industry dominates, a loss of income or jobs in that sector often translates quickly into stalled sales and longer listing periods. 'Agents in those areas will need to diversify their networks and lean into rental markets or distressed property services if sales activity drops.' Time to professionalise and differentiate Koole believes that agents who consistently perform well in volatile conditions are those who have built strong personal brands, operate ethically, and use data to deliver value to clients. 'In tougher markets, sellers become more selective, they don't want a hundred agents listing their home, they want one agent who can prove they've got the skills to close the deal,' he says. 'This is where sole mandates and verified track records become more important.' Advice to agents: stay visible, stay valuable Koole advises estate agents to focus on proactive communication with clients, maintain strong digital profiles, and showcase real results. 'Economic headwinds are beyond any agent's control,' he says, 'but how you respond, by staying informed, educating your clients, and showing your value, can make all the difference.' Conclusion If the US goes ahead with its proposed 30% tariff, the effects could extend well beyond exporters and manufacturers. 'Estate agents are on the frontlines of economic sentiment,' says Koole. 'And while uncertainty can be unsettling, it also creates opportunities for the most adaptable and professional agents to stand out.'
Khaleej Times
6 minutes ago
- Khaleej Times
Dubai's Parkin announces monthly parking subscription for students, teachers
Here's good news for students and school staff to save on their parking expenses: Parkin Company PJSC announced on Wednesday new parking subscriptions designed for students, educators, and users of multi-storey parking. Students with cars can now subscribe to a seasonal parking permit starting at Dh100 per month. Parkin, Dubai's largest provider of paid public parking facilities, said students can 'maximise savings with the student parking subscription, granting (them) access to both roadside and plots parking with zone codes A, B, C, and D, within a 500-metre radius of their campus. Staff of private educational establishments can also subscribe to a seasonal parking card from Dh100 monthly to enjoy 'convenient and budget-friendly parking near their campus.' Subscription to multi-storey parking is also now offered starting at Dh735 monthly. This will give motorists 'convenient multi-storey parking near (their) home, workplace, or favourite destinations in Dubai,' Parkin posted on social media platform X. Parkin introduces new subscriptions designed for students, educators, and multi-storey parking access, with flexible options to suit your daily needs. Discover them now on our app or at — ParkinUAE (@ParkinUAE) July 16, 2025 Several motorists have raised the issue of incurring additional expenses after Dubai introduced variable parking fees across the emirate in April this year. Peak hours tariffs The implementation of variable parking fees has translated to higher parking fees during peak hours in locations designated as premium areas. For example, parking at a residential area in Al Barsha that carries code 373CP (designated as a premium area) is now Dh6 for one hour during peak hours (8am to 10am; and from 4pm to 8pm), from the previous rate of Dh2. Parking charge goes up to Dh12 for 2 hours (from Dh 5); Dh18 for 3 hours (previously Dh 8 for 3 hours); Dh24 for 4 hours (Dh 11 for 4 hours before April 4) Peak pricing applies for 6 out of the 14 chargeable hours per day — from 8am to 10am (2 hours) and 4pm to 8pm (4 hours), excluding Sundays and public holidays. Premium parking is categorised as parking facilities in high-demand, densely populated areas, including adjacent to or near public transport infrastructure. The zones are marked with dedicated signage and tariff details on display. Dh273.3 million revenues Parkin posted a record Dh273.3 million total revenue in the first quarter this year, marking a 27 per cent increase compared to the first three months of 2024. The income was posted before the implementation of variable parking tariff. Parkin has yet to release its second quarter revenues but earlier expected a 'growth in revenues driven by the implementation of the variable pricing tariff policy and expansion of (our) public parking portfolio." Early this month, Parkin announced signing an agreement with Dubai Municipality giving them the opportunity to operate parking facilities at some public parks in Dubai.
Zawya
36 minutes ago
- Zawya
RAK's Danah Bay beachfront Phase I villas set for handover
Dubai Investment Real Estate (DIR), a subsidiary of Dubai Investments, begins the Phase 1 delivery of Danah Bay, its mixed-use beachfront development on Al Marjan Island in Ras Al Khaimah. A total of 171 landside villas have been completed and are ready for handover. This includes 143 townhouses and 3- and 4-bedroom villas, with internal and external works, service installations, and infrastructure fully finalised. The construction work is currently under way on the breakwater villas and the apartment tower, said the statement from DIR. In addition, 28 premium landside villas featuring spacious 4- and 5-bedroom configurations have also reached 100% completion, with all construction and landscaping works concluded, it stated. According to DIR, the progress continues on the Breakwater Villas, offering exclusive sea-facing locations. The Villas Side cluster (8 villas) is now at 91% overall completion, with structural works finalized and internal finishing and external envelope nearing completion. The Hotel Side cluster (10 villas) is progressing steadily, currently at 69% overall completion, as internal works, building services, and finishing works advance. In parallel, the Danah Bay Residential Tower - featuring 143 apartments across 19 floors - continues its upward trajectory. Following the completion of site mobilisation and enabling works, foundation and substructure works are at 75%, with vertical construction now visibly shaping the community's skyline, it stated. "The development's external infrastructure, including landscaped spaces, walkways, and community zones, is also progressing in tandem, adding depth and vibrancy to the beachfront lifestyle Danah Bay promises," he stated. Planned as a phased delivery, Danah Bay is set to offer a holistic living experience with private beach access, a scenic boardwalk, premium retail and dining outlets, and world-class hospitality - all seamlessly integrated into a sustainable coastal setting. Dubai Investment Real Estate remains steadfast in its vision to deliver Danah Bay to the highest standards of excellence, positioning it as one of the UAE's most desirable seafront communities. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
