Latest news with #AED11.1
Mid East Info
6 days ago
- Business
- Mid East Info
Dubai Real Estate hits new monthly sales peak of AED66.8 Billion in May - Middle East Business News and Information
Demand base remains strong, market is evolving, while commercial sector faces undersupply – Firas Al Msaadi Dubai, UAE: The Dubai real estate market set a new all-time monthly sales record of AED 66.8 billion in May, a 49.9% increase in value on the same month last year. A market update issued today by fäm Properties reveals that last month's total of 18,693 transactions also made it the second best-selling month on record in terms of volume. The company's CEO, Firas Al Msaddi, says the data from DXBinteract underlines the strength and stability of a market which is evolving, without any broad threat of oversupply in the residential sector, but now facing an undersupply of office space. In response to a recent Fitch Ratings forecast for a 15% correction in Dubai residential property prices, Al Msaddi said: 'While growth has slowed, that's not the same as a correction. A slowdown in growth is a sign of market maturity, not market weakness. 'Approximately 363,000 residential units are expected to be delivered in Dubai over the next five years. However, over 270,000 of those are still at early construction stages, with only 0–20% progress as of today.' He states that just 12,000 units are close to completion (80–99% progress), dispelling any notion of a market-wide oversupply. Additionally, completed project deliveries in 2024 are down 23% compared to 2023, showing the city is not facing a glut of ready units. 'In specific segments, there may be temporary price adjustments,' said Al Msaadi. 'For example, Jumeirah Village Circle is expected to receive around 20,000 new units over the coming 4 to 5 years. 'This concentrated delivery volume may place short-term pressure on pricing in that area, but this is not reflective of the broader market. Even if a correction occurs in pockets of the residential sector, it's temporary. Dubai's demand base is strong, and absorption will catch up.' Meanwhile, Dubai is facing an undersupply of office space. 'Quality commercial space remains extremely limited, with strong demand and minimal new inventory, especially in prime business zones,' says Al Msaddi. 'As a result, no price correction is expected in the office segment, which continues to see firm value appreciation.' Dubai property sales in May have soared in value over the last five years – from AED2.3 billion (1,400 transactions) in 2020, AED11.1 billion (4,400) in 2021, AED18.3 billion (6,600) in 2022, AED33.6 billion (11,600) in 2023 and AED46.4 billion (17,600) in 2024. The most expensive individual property sold last month was a luxury villa at Palm Jumeirah which fetched AED300 million. The most expensive apartment sold during the month went for AED164 million at Jumeirah Residences Asora Bay. The Dubai real estate market is supported not only by construction dynamics, but by global migration patterns of high-net-worth individuals. As per DXBinteract's investor profiling and international market comparisons, London lost 45% of its millionaires over the past decade, while Dubai gained 212% during the same period. 'This contrast reflects a global shift in investor confidence,' says Al Msaddi 'Dubai has become a magnet for global capital, not just as a lifestyle destination, but as a secure investment environment where wealth is preserved and grown. It's where millionaires come to live, and more importantly, where they choose to invest.' With properties worth more than AED5 million accounting for 14% of total sales last month, 30% came in the AED1-2 million range, 26% below AED1 million, 18% between AED2-3 million and 12% between AED3-5 million. Overall, first sales from developers far exceeded those of resales – 66% over 34% in terms of volume and 67% over 33% in overall value.
Zawya
14-03-2025
- Business
- Zawya
Hamdan bin Mohammed: Dubai's endowment assets rise to $219mln
DUBAI: H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, affirmed that Dubai remains committed to strengthening its leadership in the endowment sector and expanding community-based service endowments. H.H. Sheikh Hamdan attributed this success to the vision and guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. H.H. Sheikh Hamdan made these remarks while meeting with a delegation from the Endowments and Minors' Trust Foundation in Dubai (AWQAF Dubai) alongside several prominent donors. He praised AWQAF Dubai's efforts in expanding endowments and strengthening their role in advancing comprehensive community development. H.H. Sheikh Hamdan honoured several donors for their contributions to endowment projects that support community initiatives, drive development plans, and enhance the quality of life for low-income groups. During the meeting, he also announced that the value of endowment assets in Dubai rose to AED11.1 billion in 2024, reflecting a 9% growth compared to the previous year. 'Dubai's strategy to expand endowment assets has raised the total number of endowments to 1,043, while the number of donors has grown to 578,' His Highness said. 'The growth in endowment assets underscores Dubai's commitment to embedding a culture of giving as a pillar of sustainable development,' H.H. Sheikh Hamdan added. 'Dubai continues to set a pioneering example in generosity, fostering social solidarity, and empowering individuals and institutions to contribute to key sectors.' H.H. Sheikh Hamdan reaffirmed Dubai's commitment to advancing the endowment system by fostering innovation and ensuring its sustainability to benefit future generations. 'We will continue to strengthen Dubai's position as a global hub for charitable work and humanitarian initiatives,' H.H. Sheikh Hamdan said. During the event, H.H. Sheikh Hamdan highlighted AWQAF Dubai's role in shaping the future of endowments through advanced smart services and data-driven planning. 'Endowments are a key pillar in supporting education, healthcare, and social welfare, reflecting a vision rooted in sustainability and innovation,' he said. 'AWQAF Dubai's adoption of global best practices strengthens Dubai's leadership in the endowment sector, ensuring a lasting impact on society.' H.H. Sheikh Hamdan also praised the contributions of citizens, residents, and institutions to endowment initiatives, particularly in education, healthcare, and scientific research. He noted that AWQAF Dubai's innovative endowment strategy enables organisations of all sizes to participate in community-focused initiatives. H.H. Sheikh Hamdan also highlighted the growing role of women in endowments, noting that female endowment assets reached AED1.3 billion in 2024—a remarkable 99.96% increase from the previous year. 'This reflects the deep awareness among women in the UAE of the importance of social responsibility and collective efforts in driving positive societal change,' he said. A report on Dubai's endowment assets in 2024 revealed that total assets reached AED11.1578 billion. Endowments are distributed across key categories, including 882 charitable endowments valued at AED6.9 billion, 113 family endowments worth AED3.1 billion, and 48 joint endowments amounting to AED1.1 billion. The report highlighted that real estate accounts for the largest share of endowments, valued at AED10 billion and comprising 921 endowments, including land, apartments, villas, shops, and buildings. Meanwhile, financial assets—including shares and commercial licenses—total AED1.1 billion, distributed across 122 endowments. Men's endowments amounted to AED6.2 billion across 689 endowments, while women's endowments reached AED1.3 billion across 207 endowments, reinforcing the active role of women in supporting the sector. Administratively, 679 endowments valued at AED3.7 billion are managed by AWQAF Dubai, while 364 endowments worth AED7.4 billion are overseen by third parties. Issa Al Ghurair, Chairman of the Board of Directors of AWQAF Dubai, stated that the figures highlight the success of efforts to promote the concept of endowments in society. 'The increase in endowment assets highlights growing confidence in our approach, which prioritises innovation and sustainability to ensure long-term impact across generations,' he said. 'We are committed to enhancing the role of endowments in supporting various community sectors, contributing to comprehensive development, and fostering social solidarity,' he said. Al Ghurair reaffirmed AWQAF Dubai's commitment to strengthening the culture of endowments and expanding its reach through new initiatives that ensure lasting positive impact. He noted that these efforts further reinforce Dubai's position as a global hub for endowments and humanitarian initiatives. Ali Al Mutawa, Secretary General of AWQAF Dubai, highlighted the commitment to expanding endowments in line with Dubai's vision for sustainable development. 'In line with the leadership's vision and with the continued support of donors, we have successfully increased the volume of endowment assets, directing them towards education, healthcare, orphan care, and other vital sectors,' he said. 'Data-driven planning and innovation have played a key role in developing a modern endowment system. Through innovative endowment models and targeted projects, we are able to ensure the sustainability of endowment giving,' he said. Al Mutawa added: 'By embracing digital transformation and smart services, we have facilitated endowment contributions, enhancing transparency and efficiency in endowment management.'
ARN News Center
14-03-2025
- Business
- ARN News Center
Dubai's endowment assets exceed AED 11 billion
The value of endowment assets in Dubai rose to AED 11.1 billion in 2024, marking a 9 per cent annual growth. That's according to His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and the UAE's Deputy Prime Minister and Defence Minister, who praised the contributions of citizens, residents and institutions to endowment projects. He said that Dubai's strategy to expand endowment assets has raised the total number of endowments to 1,043, while the number of donors has grown to 578. Sheikh Hamdan made these remarks while meeting with a delegation from the Endowments and Minors' Trust Foundation in Dubai (AWQAF Dubai) alongside several prominent donors. He praised AWQAF Dubai's efforts in expanding endowments and strengthening their role in advancing comprehensive community development. His Highness also honoured several donors for their contributions to endowment projects that support community initiatives, drive development plans, and enhance the quality of life for low-income groups. During a meeting with prominent philanthropists in Dubai, I expressed our deep gratitude for their generosity, charitable initiatives, and commitment to endowment projects. Thanks to the contributions of our community, the value of endowment assets in Dubai reached AED11.1… — Hamdan bin Mohammed (@HamdanMohammed) March 13, 2025 A 2024 report revealed that Dubai's endowment assets are distributed across key categories, including 882 charitable endowments valued at AED 6.9 billion, 113 family endowments worth AED 3.1 billion, and 48 joint endowments amounting to AED 1.1 billion. Real estate accounts for the largest share, valued at AED 10 billion and comprising 921 endowments, including land, apartments, villas, shops and buildings. Meanwhile, financial assets—including shares and commercial licenses—total AED 1.1 billion, distributed across 122 endowments. Men's endowments amounted to AED 6.2 billion across 689 endowments, while women's endowments reached AED 1.3 billion across 207 endowments, reinforcing the active role of women in supporting the sector. Hamdan bin Mohammed meets with a delegation from the Endowments and Minors' Trust Foundation in Dubai (AWQAF Dubai) alongside several prominent donors. His Highness praised AWQAF Dubai's efforts in expanding endowments and strengthening their role in advancing comprehensive… — Dubai Media Office (@DXBMediaOffice) March 13, 2025
TAG 91.1
13-03-2025
- Business
- TAG 91.1
Dubai's endowment assets exceed AED 11 billion
The value of endowment assets in Dubai rose to AED 11.1 billion in 2024, marking a 9 per cent annual growth. That's according to His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and the UAE's Deputy Prime Minister and Defence Minister, who praised the contributions of citizens, residents and institutions to endowment projects. He said that Dubai's strategy to expand endowment assets has raised the total number of endowments to 1,043, while the number of donors has grown to 578. Sheikh Hamdan made these remarks while meeting with a delegation from the Endowments and Minors' Trust Foundation in Dubai (AWQAF Dubai) alongside several prominent donors. He praised AWQAF Dubai's efforts in expanding endowments and strengthening their role in advancing comprehensive community development. His Highness also honoured several donors for their contributions to endowment projects that support community initiatives, drive development plans, and enhance the quality of life for low-income groups. During a meeting with prominent philanthropists in Dubai, I expressed our deep gratitude for their generosity, charitable initiatives, and commitment to endowment projects. Thanks to the contributions of our community, the value of endowment assets in Dubai reached AED11.1… — Hamdan bin Mohammed (@HamdanMohammed) March 13, 2025 A 2024 report revealed that Dubai's endowment assets are distributed across key categories, including 882 charitable endowments valued at AED 6.9 billion, 113 family endowments worth AED 3.1 billion, and 48 joint endowments amounting to AED 1.1 billion. Real estate accounts for the largest share, valued at AED 10 billion and comprising 921 endowments, including land, apartments, villas, shops and buildings. Meanwhile, financial assets—including shares and commercial licenses—total AED 1.1 billion, distributed across 122 endowments. Men's endowments amounted to AED 6.2 billion across 689 endowments, while women's endowments reached AED 1.3 billion across 207 endowments, reinforcing the active role of women in supporting the sector. Hamdan bin Mohammed meets with a delegation from the Endowments and Minors' Trust Foundation in Dubai (AWQAF Dubai) alongside several prominent donors. His Highness praised AWQAF Dubai's efforts in expanding endowments and strengthening their role in advancing comprehensive… — Dubai Media Office (@DXBMediaOffice) March 13, 2025
