AED 116 Million Off-Plan Apartment Sold in Dubai
According to data from the Dubai Land Department, the apartment is located in Jumeirah 2 within "The Rings" project and spans 17,136.15 square feet, translating to a price of AED 6,769 per square foot.
Early trading activity in the real estate sector saw total sales reaching approximately AED 1.4 billion from 534 transactions.
Source: Albayan Newspaper
Follow Emirates 24|7 on Google News.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
an hour ago
- Arabian Post
Dubai Unveils Iconic Blue Line Metro Expansion with Record‑Breaking Station
Arabian Post Staff -Dubai Dubai's Crown Prince Sheikh Mohammed bin Rashid Al Maktoum has marked the commencement of work on the long-planned Dubai Metro Blue Line, laying the foundation stone for its first station—an architectural masterpiece poised to become the world's highest metro stop at 74 metres. The AED 56 billion project will see construction of a 30 km rail corridor featuring 14 stations and 15.5 km of tunnels. When completed in 2029, it will extend Dubai's transit network to 131 km with 78 stations, serviced by 168 trains. Laying out the design, Sheikh Mohammed described the station—named 'Emaar Properties'—as an 'architectural icon' that aligns with Dubai's cultural landmarks. Designed by Skidmore, Owings & Merrill, the station spans approximately 11,000 m² and is expected to handle 160,000 passengers daily, rising to 70,000 by 2040. Built to bridge Dubai Creek via a 1.3 km viaduct, the alignment also encompasses advanced sustainable features and full Platinum-level green building certification. ADVERTISEMENT The Blue Line will connect nine key districts, from Bur Dubai/Deira through Dubai Silicon Oasis to Academic City, also establishing interchanges with the existing Red and Green lines at Al Rashidiya and Al Jaddaf respectively. Travel time is expected to be between 10 and 25 minutes, with a projected ridership of 200,000 by 2030 and up to 320,000 by 2040. Oversight for the project was awarded five months ago to a consortium led by Turkey's MAPA and Limak, with China's CRRC delivering rail systems. The contract, valued at AED 20.5 billion, follows an international tender detailed by the Roads and Transport Authority. Construction began in April under RTA supervision and is slated to complete by September 2029, coinciding with the Metro's 20th anniversary. The Blue Line is not only a transport project but also a key driver of Dubai's broader economic and urban strategy, under the Dubai 2040 Urban Master Plan. Analysts predict it could deliver AED 2.60 in economic, social, and environmental benefits for every dirham invested by 2040, with potential reduction of road congestion by 20% and a 25% uplift in land values near stations. At a ceremony held on June 9 2025, Sheikh Mohammed was accompanied by Mattar Al Tayer, RTA Director‑General, and representatives from the MAPA-Limak-CRRC group, as he laid the foundation stone for the Emaar Properties Station in Dubai Creek Harbour. The station's design reflects a fusion of traditional stone, bronze, and glass to evoke a modern heritage, with natural lighting enhancing passenger experience. Beyond the landmark station, the Blue Line includes Dubai's largest underground interchange station at International City 1, covering 44,000 m² and capable of processing 350,000 passengers per day. The elevated–subterranean route is engineered for flexibility: a Y‑junction system allows trains to run directly from Academic City to either Creek or Centrepoint without passenger transfers. ADVERTISEMENT An important feature of the new line is the metro's first-ever bridge spanning Dubai Creek—a 1.3 km link set to provide scenic and efficient connectivity between the city's burgeoning north‑east and the urban core. Emaar Properties has secured naming rights for the iconic station under a ten-year agreement beginning at its 2029 inauguration. Similar agreements for other stations are expected to follow. Since opening in 2009, the Dubai Metro has carried over 2.5 billion passengers, averaging 900,000 day-to-day users. With the Blue Line operational, that figure is projected to only grow—annual ridership is expected to surpass 300 million by 2026. SOM's involvement as design lead brings a legacy of landmark architecture—its portfolio includes global icons such as the Burj Khalifa, New York's Olympic Tower, and Chicago's Willis Tower. The firm's concept of a 'crossing gateway' symbolises Dubai's ambition to blend aesthetics and connectivity in its infrastructural projects. As Dubai develops rapidly under its 2040 plan, transport-oriented infrastructure such as the Blue Line serves multiple objectives: reducing road travel times, supporting high-density developments like Dubai Creek Harbour and Academic City, and promoting sustainable urban growth. Amenities across Blue Line stations will include bus bays, taxi ranks, bike and e-scooter zones, and full accessibility provisions tailored to 'people of determination'. The $5.6 billion deal for the Blue Line contract, confirmed by Reuters in December 2024, sets high expectations for the consortium's delivery through to 2029. Monthly monitoring by the RTA forecasts a phased construction schedule that aligns with urban expansion milestones tied to Expo City Dubai and continuing population growth. By 2040, the RTA projects that the Metro network will serve 320,000 riders per day on the Blue Line alone, integrated with over 80% of city services reachable within a 20-minute public transit ride—supporting the '20‑Minute City' goal. The Blue Line is expected to be a catalyst for new patterns of mobility, shaping development in under-served districts like Mirdif, Al Warqa, and Ras Al Khor, while reinforcing Dubai's status as a testbed for smart and sustainable infrastructure. The combination of landmark design, intermodal connectivity, and environmental ambition positions the line as a model for future metro expansions globally.
The National
2 hours ago
- The National
The UAE's AI ambition has parallels with a national carrier
Imagine a future where innovation and intelligence are so seamlessly woven into everyday life that it feels as natural as breathing. In this world, artificial intelligence is not just a tool but a societal operating system – human-centric, used responsibly and visionary in its reach. This is not a distant dream; it is the one of the UAE's strategic ambitions. If the country's track record offers any guidance, then the Emirates is well on its way to making this future a reality. Across many sectors – aviation, finance, health care, energy and space – the UAE has already elevated itself to global prominence. Each ascent has been achieved with leadership, talent development and the pursuit of excellence. This formula is what we call the UAE's flag-carrier model – a commitment to becoming a global standard-bearer. This time it is AI's turn, and the stakes are even higher. Take Emirates airline. Launched in 1985 with two leased planes and an audacious vision, Emirates was never intended to be a regional shuttle. It was conceived with excellence as part of its strategy. Institutional craftsmanship followed and Emirates became an extension of Dubai's ambition – built on strategic investment, global branding, infrastructure and, crucially, people. Tim Clark 's leadership did not just grow a carrier – it established a worldview. 'We know exactly where we want to go,' he said in an interview last year. That clarity still defines the UAE's development ethos. As the first nation with plans to enable ChatGPT access at scale, the UAE is laying the groundwork for a more inclusive, sovereign and globally aligned AI future Just as Emirates became symbolic of Dubai's international ambitions, AI today represents the technological extension of the UAE's next chapter of global leadership. The UAE's 'flag carrier' model – a fusion of strategic clarity and national ambition – is already transforming key sectors. In finance, the Dubai International Financial Centre and the Abu Dhabi Global Market Financial Free Zones were established not to mimic western hubs but to set new global standards. With innovation-first regulatory frameworks, they have become magnets for the world's largest financial institutions, FinTechs, venture capitalists and global funds seeking stability and forward-looking governance. Digital finance shows the same foresight. ADGM pioneered regional crypto regulation; Dubai's Virtual Assets Regulatory Authority followed as the world's first dedicated virtual asset regulator. These institutions enforce rules and shape markets. In the domain of scientific ambition, the UAE Space Agency and the Mohammed bin Rashid Space Centre launched the Hope Probe, a mission to Mars that made the UAE the first Arab country, and only the fifth globally, to reach the Red Planet. But this was not just about reaching orbit, it was about promoting the idea that the UAE belongs in every future-defining conversation. That aspiration now points to AI. Institutions such as the Dubai Future Foundation and the Dubai Centre for Artificial Intelligence are embedding innovation into public-private partnerships. They position Dubai as a laboratory for the future and a 'flag carrier' of systemic innovation. From accelerators and immersive programmes to the AI Sandbox for prototyping solutions, Dubai is designing future systems. At the heart of the UAE's AI vision is the pursuit of intellectual sovereignty. The Mohamed bin Zayed University of Artificial Intelligence, the world's first AI-only graduate university, anchors this ambition, which is designed to export talent as much as to develop it. Paired with the newly announced 5GW UAE-US AI Campus, this is infrastructure as well as intent. The UAE is building sovereign computing capacity to shape the future of access, trust and innovation, placing AI closer to the world's most pressing challenges, from education to energy. This is not a replica of others' models but a flag carrier for reaching a more equitable, globally inclusive AI frontier. An emphasis on cultivating in-house expertise reflects a deeper truth: you cannot outsource vision. This vision has taken a significant leap forward with the launch of Stargate UAE, the first international deployment of OpenAI's infrastructure. Anchored by a planned 1GW computing cluster in Abu Dhabi, it marks the UAE's shift from early mover to global co-architect. As the first nation with plans to enable ChatGPT access at scale, and with infrastructure designed to serve nearly half the world's population, the UAE is laying the groundwork for a more inclusive, sovereign and globally aligned AI future. In yet another major development announced after US President Donald Trump's Gulf visit, MGX, an Abu Dhabi-based investment firm for AI, and Nvidia announced plans to build the largest AI campus in Europe along with French companies. All this proves that the 'flag carrier' model now flies on fibre and silicon, exporting not just capital, but co-architecting conviction with strategic partners in Europe's largest AI campus. If the story of Emirates airlines teaches us anything, it is that the UAE knows how to scale an idea into an institution and a service into a standard. The same DNA is now being re-engineered into a vision for artificial intelligence. The UAE does not seek to build AI for AI's sake. It seeks to build a better future, and AI is the megastructure helping it get there. 'Flag carrier' status is not about being first, it is about being trusted, resilient and inspiring. These latest developments are a natural evolution of the 'flag carrier' model – extending from national infrastructure to shared innovation and global contribution. And the UAE knows exactly where it wants to go and how to get there.
Khaleej Times
4 hours ago
- Khaleej Times
Tokenised property in Dubai: Who can invest, fees, ROI; 20 questions answered
Dubai launched the pilot phase of the ' Real Estate Tokenisation Project ' last month, with the first property recording an immense demand from small investors. With just Dh2,000, UAE residents can invest in the property market through the Prypco Mint platform, which was launched by Prypco in partnership with the Dubai Land Department (DLD), the Virtual Assets Regulatory Authority (VARA), and Zand. Here is what UAE investors need to know about this new investment opportunity in Dubai's red-hot property market. 1. What is the tokenisation of the property market? Tokenisation converts real estate assets into digital tokens recorded on blockchain technology. This allows fractional ownership in premium properties. Stay up to date with the latest news. Follow KT on WhatsApp Channels. 2. What is the platform to invest? Launched by Prypco in partnership with the Dubai Land Department (DLD), licensed by the Virtual Assets Regulatory Authority (Vara), Zand Bank, Prypco Mint is the platform for investors in the pilot phase. 3. What is the minimum investment? Investors can invest from Dh2,000 onwards. 4. Who can invest? Can foreign investors invest in tokenised property? Only UAE residents holding Emirates ID cards and aged 18 and above can invest. 5. How is the token value calculated? The value of each token depends on the size and price of the property. Prypco Mint breaks down every square meter of a property into 10,000 tokens. So, a 130 sqm property is split into 1.3 million tokens. The value of a token is then calculated by dividing the purchase price of the property by the total number of tokens. So a property worth Dh2.6 million costs Dh2 per token. 6. How many tokens can one buy? A maximum of 20 per cent of the total tokens in a single property can be bought. 7. How can one buy tokens? UAE residents can invest through bank transfers or debit/credit cards. Bitcoin and other cryptocurrencies are not accepted. 8. Is there a lock-in period? If you purchased a token through Prypco Mint, no lock-in period applies. 9. What are the benefits? Some of the key benefits are low investment entry, reduced fees compared to traditional real estate transactions, diversification of portfolio with fractional investments in multiple properties and monthly rental income as well as capital appreciation of the token. 10. Do investors need to register with Prypco Mint? Yes. UAE residents are required to provide documents to register with the platform. Prypco Mint is the only platform in Dubai for such investment opportunities. More platforms are likely to be rolled out later. 11. Is there a fee for investing? According to Prypco Mint, a two per cent fee is applicable on the investment and one per cent exit fee on exiting the investment, whether it's when you sell your tokens or when the property is sold. There is also a 0.5 per cent annual management fee. On the sale of the property, a capital appreciation fee ranging up to 15 per cent is applied, based on the property's value increase, according to Prypco Mint. 12. Is there a DLD fee also? There is a two per cent DLD fee for registering the tokenised title deed in your name, which is 50 per cent lower than the standard DLD fee. 13. How can investors exit their investment? Investors have two options for exiting their investment: 1. Selling their tokens on the Prypco Mint Marketplace once the lock-in period expires. They can withdraw the proceeds to their bank account. 2. If the majority of investors vote to sell the property, it will be sold. The proceeds, after relevant costs are deducted, will be distributed to investors based on their ownership share, and they can withdraw their share of the proceeds to their bank account. 14. How much return should investors expect? According to Prypco Mint, return on investment could range between 8 to 12 per cent per year. 15. Will the owner receive monthly rental income? Yes. Buyers will receive monthly income if the property is rented out. But if the token is sold before the monthly income is distributed, investors will not receive the income. 16. Who will pay for damages or major changes? If there's a material change, like the need for major repairs that could affect the property's value or returns, Prypco will notify all investors. They will then have the opportunity to vote on how to handle the situation. A decision requires a majority vote of 51 per cent of the investors. 17. Is it secure to invest in tokenised property? It is a highly secure and safe investment as all the owners are registered on the blockchain technology. 18. How many tokenised properties have been listed and fully funded? The first tokenised property listed on Prypco Mint was fully funded within a day. It was a Damac Properties unit, priced at Dh2.4 million compared to the market price of Dh3 million. The second property will be listed on June 11, 2025. 19. What is the growth potential? It is estimated that Dubai's real estate tokenisation sector is projected to reach Dh60 billion by 2033, accounting for 7 per cent of the total real estate transactions. This shows that there is a strong growth potential. 20. Why did Dubai introduce tokenisation of the property market? The objective is to attract global technology firms and open new investment opportunities for the investor market. It seeks to diversify property ownership by allowing multiple investors to co-own a single property through tokenised real estate assets.
