Latest news with #AED100bn
Gulf Insider
20-05-2025
- Automotive
- Gulf Insider
Abu Dhabi Announces Car Manufacturing Plans
Abu Dhabi is set to become a manufacturing hub for the automotive industry as it attracts investment and creates jobs in the UAE. The Abu Dhabi Investment Office (ADIO) announced the launch of a major economic programme targeting the establishment of an end-to-end automotive ecosystem. Backed by multi-billion-dirham investments from global industry leaders, the programme aims to transform Abu Dhabi into the region's foremost hub for smart automotive manufacturing and assembly, R&D, restoration, auctions and luxury automobiles. Announced during the Make it in the Emirates Forum 2025 (MIITE), the automotive programme is projected to contribute AED100bn ($27.2bn) to Abu Dhabi's GDP by 2045, attract more than AED8bn ($2.2bn) in FDI and create 7,000 high-skilled jobs. The inclusion of advanced R&D and engineering centres, as well as participation from Tier 1 and 2 suppliers and premium OEMs, ensures that the entire value chain, from design and manufacturing to aftersales, generates sustained economic impact and long-term industrial competitiveness. In addition to manufacturing, the holistic ecosystem will encompass activations, annual product launches, motorsport and industry events, luxury car restoration and premium vehicle auctions. Talent development will also be a cornerstone of the automotive programme. In collaboration with top universities, ADIO has created the region's first Automotive AI Curriculum, focused on product design. The programme combines advanced research, AI, training and international placements, further embedding local talent in the global mobility value chain. Badr Al Olama, Director General of ADIO, said: 'Backed by automotive OEMs, our automotive programme is a defining step in Abu Dhabi's evolution as a global economic powerhouse, reinforcing our strength in advanced manufacturing, future mobility and design excellence. 'It reflects Abu Dhabi's long-term vision to build not just competitive sectors, but entire ecosystems that shape global standards and unlock innovation. 'It signals that the emirate is not just a destination for investment, but a global, export-driven hub where talent, technology and bold ambition converge.' Mohammad Ali Al Kamali, Chief Industry and Trade Officer at ADIO, said: 'With the launch of the automotive programme, we are moving beyond assembly to create an end-to-end manufacturing and innovation ecosystem, where global OEMs, specialist automotive suppliers and emerging technology players can co-locate, collaborate and scale from Abu Dhabi. 'This is how we industrialise opportunity: by combining strategic infrastructure, future-focused talent and global partnerships to make Abu Dhabi a centre of gravity for automotive production and smart mobility systems.' More than ten commercial and investment agreements were announced as part of the automotive programme during the MIITE Forum, marking the first full demonstration of Abu Dhabi's automotive programme in motion. Leading automotive manufacturers, including Genesis and ROX Motors, confirmed new manufacturing agreements with W Motors in Abu Dhabi, establishing the emirate as a production hub for regional and international markets. Additionally, AIH Group, one of the world's largest automotive assembly providers, is now embedded in the local manufacturing landscape as the technical lead for high-volume vehicle production. These anchor projects are complemented by a robust network of local supply chain partnerships that enhance each stage of automotive production. This includes lightweight materials through Borouge, battery systems by Enercap, and aluminium components through Automotive Precision Technology (APT), establishing a full-spectrum vehicle manufacturing ecosystem. Together, these investments mark a pivotal step in shaping Abu Dhabi's automotive future, one that blends advanced manufacturing with cutting-edge design, sustainable mobility and global reach. By anchoring world-class talent, technology and supply chains in the emirate, the automotive programme sets a new standard for industrial excellence in the region and beyond. Also read: Abu Dhabi Authorities Bust Smuggler Who Hid $1.4m of Cocaine in His Intestines
Arabian Business
04-03-2025
- Business
- Arabian Business
Dubai real estate sales hit AED100bn in record time, Ramadan boost expected
Dubai real estate sales reached AED100bn ($27.2bn) in record time this year, according to W Capital brokerage. W Capital said the landmark achievement was reached on March 4 this year. At just 44 working days this is the fastest the market has seen this level of sales, after hitting the AED100bn mark on March 22, 2024, last year, according to Land Department data. Dubai real estate sales The same value was achieved on April 11 in 2023. Walid Al Zarooni, W Capital CEO, said: 'The succession of these record numbers confirms beyond doubt that the real estate sales boom in Dubai is ongoing and will not subside in the near future, which will make 2025 a new historic year for the real estate market in the emirate'. Al Zarooni stated that sales in the first two months of the year recorded AED94.8bn ($25.8bn), resulting from more than 30,000 transactions, an increase of 32 per cent year-on-year, according to data from DLD. The real estate market transactions during the same period amounted to about AED127.4bn ($34.7bn). Walid Al Zarooni expected that real estate sales during Ramadan this year would be record-breaking, noting that they recorded more than AED36bn ($9.8bn) last year, and about AED30bn ($8.2bn) in Ramadan the year before. He confirmed that prospects of growth this year will be based on the momentum that has continued since 2020, in light of the market benefiting from the economic recovery and the success of plans to attract foreign investors and provide residency facilities. Walid Al Zarooni added that there are many internal factors that have contributed to enhancing this growth, most notably the political, security, and economic stability enjoyed by the UAE, which has provided great support for the ongoing activity in the real estate market. Al Zarooni explained that the Dubai real estate market continues to achieve sustainable growth, competes with the largest global markets, and even outperforms them in some aspects. He pointed out that Dubai has become the first and preferred real estate market for many wealthy people and investors in the region and the world. Al Zarooni said: 'Dubai has managed to achieve the difficult equation of providing an ideal environment for work, investment and living at the same time. This diversity in the economic environment reflects the availability of good investment opportunities, in addition to legislation that guarantees the rights of all, which enhances investors' confidence in the local economy. 'Moreover, the state-of –the-art infrastructure, security and safety have contributed to enhancing the attractiveness of the real estate market'.
Zawya
04-03-2025
- Business
- Zawya
Dubai real estate sales recorded the first AED100bln since the beginning of 2025,W Capital
Successive record numbers in real estate sales make sure that 2025 will be a new historic year Dubai, United Arab Emirates: "W Capital" the Dubai-based real estate brokerage, has assessed the Dubai real estate market which recorded sales worth AED100bn from the beginning of 2025 until March 4 (44 working days), at unprecedented range which means it is the fastest to reach such a value in a short time. According to W Capital's assessment, which relied on data from the Dubai Land Department, the AED 100bn sales recorded last year were achieved on March 22, 2024, while the same value was achieved on April 11, 2023. 'The succession of these record numbers confirms beyond doubt that the real estate sales boom in Dubai is ongoing and will not subside in the near future, which will make 2025 a new historic year for the real estate market in the emirate,' said Walid Al Zarooni, W Capital CEO. Al Zarooni stated that sales in the first two months of the year (January and February) recorded AED 94.8bn, resulting from more than 30,000 transactions, an increase of 32% year-on-year, according to data from DLD. The real estate market transactions during the same period amounted to about AED 127.4bn. Walid Al Zarooni expected that real estate sales during Ramadan this year would be record-breaking, noting that they recorded more than AED36bn last year, and about AED30bn in Ramadan the year before (2023). He confirmed that prospects of growth this year will be based on the momentum that has continued since 2020, in light of the market benefiting from the economic recovery and the success of plans to attract foreign investors and provide residency facilities. Walid Al Zarooni added that there are many internal factors that have contributed to enhancing this growth, most notably the political, security, and economic stability enjoyed by the UAE, which has provided great support for the ongoing activity in the real estate market. Al Zarooni explained that the Dubai real estate market continues to achieve sustainable growth, competes with the largest global markets, and even outperforms them in some aspects. He pointed out that Dubai has become the first and preferred real estate market for many wealthy people and investors in the region and the world. 'Dubai has managed to achieve the difficult equation of providing an ideal environment for work, investment and living at the same time. This diversity in the economic environment reflects the availability of good investment opportunities, in addition to legislation that guarantees the rights of all, which enhances investors' confidence in the local economy. Moreover, the state-of –the-art infrastructure, security and safety have contributed to enhancing the attractiveness of the real estate market.' He concluded. About 'W Capital': 'W Capital Real Estate Brokerage' was established in 2007 in the United Arab Emirates, specializing in real estate development, buying, selling, renting as well as consulting services for real estate companies. Since its inception, the company has sold over AED 200 million of properties to major developers. About Walid Al Zarooni: Walid Al Zarooni is the founder and Chairman of W Capital Real Estate Brokerage. A certified real estate expert from the Dubai Real Estate Regulatory Agency 'RERA', he is the author of 'Secrets of the Smart Real Estate Investor'. Al Zarooni is one of the first experts to harness social media to raise the public awareness about real estate. He provides almost free advice on a daily basis, as well as latest news and updated information through videos and posts on social media platforms such as " Instagram ",' Snapchat " and 'Twitter', on which he is very active.
Arabian Business
20-02-2025
- Business
- Arabian Business
Dubai Internet City adds $27.2bn to GDP
Dubai Internet City has added AED100bn ($27.2bn) to Dubai's GDP over the past 15 years, according to an impact study conducted in partnership with Accenture. The Dubai Internet City – Impact Assessment study quantifies the digital economy contributions of the region's leading tech hub, one of TECOM Group PJSC's 10 sector-specific business districts, since its establishment in 1999. The study comes as Dubai continues its upward trajectory as a global tech hub, contributing towards strategic initiatives such as Dubai Economic Agenda 'D33'. The district today generates 65 per cent of Dubai's technology sector GDP. Dubai Internet City Ammar Al Malik, Executive Vice President of Commercial at TECOM Group and Managing Director of Dubai Internet City, said: 'In line with Dubai's visionary roadmap to nurture the technology sector and enhance its role as a key economic contributor, Dubai Internet City has enabled both the regional digital economy and disruptive innovation for more than 25 years. 'This impact study reflects Dubai Internet City's unwavering commitment to nurturing tech innovation that accelerates sustainable prosperity – for our economy and our people – through our globally attuned ecosystem for technology and artificial intelligence (AI) companies as well as global talent. 'We will continue to nurture such collaborations to build a future powered by shared ingenuity, in line with the vision of Dubai Economic Agenda 'D33'.' Dubai Internet City's community has facilitated the creation of more than 125,000 direct and indirect jobs, with AED1.6bn ($436) of investments to support training and talent development over the years, according to the study. Home to 4,000 customers, including multinational giants, Fortune 500s, and start-ups, and more than 31,000 professionals, the district marked its 25th anniversary in 2024. Dubai Internet City was unveiled on 29 October 1999 by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to strengthen Dubai's and the UAE's knowledge economy. The impact study notes the power of Dubai Internet City's pro-innovation infrastructure as a uniting platform for professionals, including AI pioneers, from more than 150 countries, leveraging Dubai's position as a global gateway to international expansion. In addition, the district offers unparalleled operational support to customers, including seamless access to more than 200 corporate and government smart services through TECOM Group's axs portal to enhance the ease of doing business for its community. The success of Dubai Internet City's diversified talent development and knowledge-sharing platforms is demonstrated by growth across its community. Women comprise more than 25 per cent of Dubai Internet City's workforce, and since 2021, the number of women-run start-ups has doubled at in5 Tech, the sector-dedicated vertical of TECOM Group's in5 incubator based at the district. Start-ups and entrepreneurs at Dubai Internet City have raised AED8bn ($2.2bn) in funding over the years, with notable unicorns in the district's legacy including Careem and Souq. Internet City has championed the digital economy's growth since its inception by uniting global industry heavyweights for 25 years, conducting more than 800 events since 2021 to facilitate knowledge exchange and diversified talent development. The district's community includes global industry leaders such as Oracle, SAP, Dell Amazon, Google, Tencent, Huawei, Mastercard, and Visa. Global leaders 3M, IBM, Ericsson, and Cisco are among the global customers that operate 19 dedicated Innovation and Research and Development (R&D) Centres at Dubai Internet City to drive technological advancements. Dubai Internet City is part of TECOM Group's portfolio of 10 sector-specific business districts, which also includes: Media City Studio City Production City Knowledge Park International Academic City Science Park Industrial City Design District (d3)
