Latest news with #AED1
Yahoo
7 days ago
- Business
- Yahoo
Dubai remains top market for homes transacted for over US$10 mil: Knight Frank
View from a villa at Palm Jumeirah, Dubai (Picture: Knight Frank) Following robust activity in 2024, the Dubai real estate market is expected to continue attracting demand from among the wealthy. According to a research report by property consultancy Knight Frank, high-net-worth individuals (HWNIs) surveyed around the world have indicated interest in purchasing a property in Dubai, with an estimated US$10.3 billion ($13 billion) in private capital potentially being channelled towards the emirate's residential market. The steady demand has bolstered activity in Dubai's residential market, which logged record residential sales of nearly 170,000 homes last year worth a total of US$100 billion, says Knight Frank. That momentum has carried over into this year, with AED100 billion ($35 billion) in home sales already achieved as of March 4. Dubai property prices have also continued to rise, surging 19.1% in 2024 to hit an average of AED1,685 psf. At the same time, Dubai remains the world's busiest market for sales of homes priced over US$10 million, the report states. Last year, a total of 435 transactions in this bracket were recorded in Dubai, almost equalling the number of such deals logged in London and New York combined. Between January and March this year, 111 homes were sold for over US$10 million in Dubai. Read also: Christie's International Real Estate returns to Singapore'The super-rich remain laser-focused on purchasing luxury homes in the city, and this unrelenting demand has been a critical driver of Dubai being the world's busiest US$10 million+ homes market for the second year running,' says Shehzad Jamal, partner for strategy and consultancy at Knight Frank MENA (Middle East and North Africa). In its latest Destination Dubai report, Knight Frank surveyed 387 global HNWI across the UK, India, Saudi Arabia and East Asia (China, Hong Kong and Singapore) to gauge their appetite for investing in United Arab Emirates real estate. Over half of the respondents (52%) indicated they are interested in buying property in the UAE. "As we have found in our research in previous years and mirroring the experience of our teams, the strongest appetite for a real estate purchase in the UAE comes from those with the greatest wealth and is a testament to the success of the government's programmes to strengthen the emirate's appeal as a place for the world's wealthy to live and invest,' says Faisal Durrani, partner and head of research for Knight Frank MENA. Saudi Arabia and India HNWIs registered the strongest interest, with 66% and 41% of respondents indicating an intent to purchase a UAE property in 2025. For the UK and East Asia HNWIs surveyed, 17% of each cohort indicated a potential UAE property purchase this year. Knight Frank adds that among the East Asia HNWIs, those in Hong Kong displayed the strongest appetite, with 22% of respondents signalling the intent to buy UAE property in 2025. According to the survey, residential properties remain the biggest draw for global HNWI as compared to the commercial and retail segments. Additionally, Dubai remains the top target destination, with 71% of respondents naming Dubai as their preferred emirate. Read also: Dubai's real estate market on a hot streak See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) Christie's International Real Estate returns to Singapore Dubai's real estate market on a hot streak Navigating the real estate market: From Singapore to Bali, Dubai, Japan and the UK En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available
Hi Dubai
21-05-2025
- Business
- Hi Dubai
Dubai SME Targets 8,000 New Emirati Businesses by 2033
Dubai SME is setting its sights on launching 8,000 new Emirati-owned businesses by 2033, aiming to grow its total portfolio to 27,000 enterprises, up from 19,000 at the end of 2024. Ahmad Al Room Almheiri, Acting CEO of Dubai SME, said the organization is integrating artificial intelligence and advanced technology across its services to better support local entrepreneurs. The move is designed to enhance market analysis, automate support processes, and offer smarter consultancy. 'AI will be instrumental in monitoring business progress and responding to challenges swiftly,' Almheiri said, adding that Dubai SME provides training to help entrepreneurs integrate AI into their operations, boosting innovation and scalability. To tackle funding gaps and high startup costs, Dubai SME offers seed and expansion capital through the Mohammed Bin Rashid Fund for SME. Startups can also benefit from commercial licences priced at AED1,000 and incubator space at the Hamdan Centre for Giftedness and Innovation, with a focus on AI, fintech, and the digital economy. The organization is also pushing for greater sustainability and productivity by offering tools like innovation grants, e-commerce onboarding support, and a procurement programme that requires government entities to source 10 percent of purchases from Dubai SME members. Dubai SME held monthly stakeholder workshops and provided more than 3,000 consultations last year, reinforcing its role as a key driver of entrepreneurship in the emirate. News Source: Emirates News Agency
Hi Dubai
21-05-2025
- Business
- Hi Dubai
MoIAT Signs AED40 Billion Financing Agreements to Boost Industrial Growth
The UAE has taken a major step in advancing its industrial sector, with the Ministry of Industry and Advanced Technology (MoIAT) signing five Memoranda of Understanding (MoUs) with leading national banks to unlock over AED40 billion in financing solutions. The agreements, witnessed by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, aim to fuel industrial expansion, support SMEs, and drive the adoption of advanced technologies in line with the UAE's sustainable development goals. Partner banks include First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and WIO Bank. Each has pledged competitive, tailored financing to help businesses scale, innovate, and contribute to the country's strategic 'Make it in the Emirates' initiative. Omar Al Suwaidi, Under-Secretary of MoIAT, emphasized the importance of these partnerships in building a resilient, innovation-led industrial ecosystem. 'These innovative financing solutions are designed to enable sustainable industrial growth, aligned with the UAE's vision of a diversified, knowledge-based economy,' he said. Executives from all five banks echoed strong support for the initiative. FAB pledged AED5 billion in renewed funding, while WIO Bank committed up to AED1 billion in working capital support. Others highlighted the alignment of the initiative with national priorities, ethical financing, and long-term economic competitiveness. The agreements reflect growing synergy between the public and private sectors, positioning the UAE as a regional leader in advanced manufacturing and industrial innovation. News Source: Emirates News Agency
Al Etihad
20-05-2025
- Business
- Al Etihad
Zayed National Museum opens applications for 2025 Research Fund
20 May 2025 20:47 ABU DHABI (ALETIHAD)Zayed National Museum, the national museum of the United Arab Emirates, invites researchers from around the world to apply to the 2025 Zayed National Museum Research Fund before 14 July 2025. The Research Fund, which amounts to a total of AED1 million, supports research projects contributing to the preservation, advancement of knowledge and understanding of the United Arab Emirates' heritage and culture, as well as that of the wider Research Fund is inspired by the values of the late Sheikh Zayed bin Sultan Al Nahyan, the Founding Father of the United Arab Emirates, through its commitment to ambitious and rigorous research that preserves and revives the UAE's deep heritage, while fostering knowledge, innovation, and resilience. The fund provides both large and small grants, targeting seasoned researchers as well as those at the beginning of their careers, whose work aims to deepen our collective understanding of the history and culture of the United Arab Emirates and wider Excellency Saood Abdulaziz Al Hosani, Undersecretary of the Department of Culture and Tourism - Abu Dhabi, said: "The nurturing of the generation of knowledge and creativity supports our commitment to preserve and promote the treasured cultural heritage of Abu Dhabi and the UAE, in line with the inspiring example set by our founding father, the late Sheikh Zayed. The UAE has long been a crossroads of cultures, ideas, and progress, and the Research Fund is a natural extension of that legacy, empowering researchers to push the boundaries of discovery which shape our understanding of the past and inform our collective future. These insights not only provide new knowledge, but inform the present, fostering pride and a stronger sense of cultural identity in our youth and all members of the community, and enabling us to further share our heritage with the world." Applications will be reviewed by a panel of representatives from Zayed National Museum and the Department of Culture and Tourism – Abu Dhabi, as well as external subject matter experts. The research projects will be assessed against criteria such as research methodology, experience, outcomes, and alignment with the museum's Peter Magee, Director of Zayed National Museum, said: "Each year, the Zayed National Museum Research Fund enables researchers and academics to dig deeper into our past, revealing valuable insights into the history, heritage and traditions of the United Arab Emirates and the region. By supporting original scholarship, the Research Fund contributes to a growing body of knowledge that informs the present and preserves cultural continuity. Rooted in the legacy of Sheikh Zayed, whose vision championed education and heritage, these grants play a vital role in cultivating intellectual engagement and strengthening a shared sense of identity.'Dr Magee continues: 'As a research institution, I am immensely proud of the pivotal role Zayed National Museum plays in preserving the rich history and culture of the region for future generations and inspiring the next cohort of historians, archaeologists, and thinkers.'The key themes of the Research Fund include the life and achievements of the UAE's Founding Father Sheikh Zayed bin Sultan Al Nahyan, the archaeological and intangible history of the UAE, the archaeology and history of the Arabian Peninsula and South Asia, and conferences and invited lectures that revolve around the themes in 2023, Zayed National Museum's Research Fund has now supported 18 projects from countries across the globe, including China, Egypt, India, Italy, France, Oman, Poland, UAE, UK and USA. The projects supported by the fund represent a wide variety of topics and fields – from the rock art of Southern and Eastern Arabia, to Sheikh Zayed's legacy, and its role and impact on UAE's society and culture. Previous recipients of the fund have gone on to research population history of the region through analysis of ancient DNA, historical trade routes between India and the Arabian Peninsula, and shifts in the cultural landscape among the Early Bronze Age inhabitants of the Al Ain by the legacy of the UAE's Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, Zayed National Museum will be the most comprehensive source of information of the nation's history and culture, tracing the story of this land from ancient times to the present day. Through immersive exhibitions, active research, and engaging public programming, the museum builds on Sheikh Zayed's vision, upholding the values he stood for, including progress, collaboration and the preservation of heritage. Researchers can apply to Zayed National Museum's Research Fund before 14 July 2025 by visiting this link:
TECHx
20-05-2025
- Business
- TECHx
Dubai to Launch PropTech Hub to Boost AED4.5B Market
Home » Latest news » Dubai to Launch PropTech Hub to Boost AED4.5B Market His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has announced the launch of The Dubai PropTech Hub. Sheikh Hamdan, Crown Prince of Dubai and Chairman of the Higher Committee for Future Technology and Digital Economy, chaired the committee's latest meeting and issued the directive. The Hub aims to accelerate the growth of the PropTech market, with a goal to more than double its value to over AED4.5 billion in five years. This move aligns with the Dubai Economic Agenda D33 and the Dubai Real Estate Sector Strategy 2033. It was revealed that the Hub will foster real estate innovation and position Dubai as a global PropTech leader. The new initiative also supports the emirate's digital transformation efforts across key sectors. Sheikh Hamdan reviewed the committee's business report during the meeting. The report assessed previous achievements, tracked progress on current initiatives, and explored new proposals to boost digital enterprise development. Sheikh Hamdan stated that Dubai, under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, has become a hub for high-value investments and global talent. He noted that the real estate sector reflects this progress, supported by a balance between sustainability and digital transformation. He described the Hub as a strategic step toward accelerating innovation in one of Dubai's most vital economic sectors. The goal is to provide a nurturing environment for entrepreneurs and startups to turn innovative ideas into viable businesses. The Hub is expected to attract over AED1 billion in investments by 2030 It aims to support more than 200 PropTech companies and attract 20 investment funds Officials reported that Dubai's PropTech market was valued at AED2.2 billion in 2023. The new Hub will adopt cutting-edge digital tools to drive this figure higher, enhancing the sector's contribution to Dubai's economy. The ecosystem will include: State-of-the-art incubators and co-working spaces Smart outdoor areas and infrastructure for AI-powered model testing Sheikh Hamdan also reviewed the progress of major initiatives such as the '5,000 Digital Talents' program, which connects students with global tech companies. Other key updates included: Results from Expand North Star, the world's largest startup-investor event Developments around the IGNITE platform, designed to connect startups with investors, mentors, and government support The meeting was attended by top government and industry leaders, including His Excellency Omar bin Sultan Al Olama and members from Dubai Municipality, DIFC, Dubai Future Foundation, and TECOM Group. With this launch, Dubai reinforces its vision to lead in digital innovation and real estate technology on the global stage.
