Latest news with #Abu Dhabi
Arabian Business
39 minutes ago
- Business
- Arabian Business
Abu Dhabi office market strengthens with record occupancy, rental growth: Report
Abu Dhabi's office market recorded sharp rental and occupancy growth in the second quarter of 2025 as demand for Grade A space outpaced supply. According to Savills' latest Market in Minutes report, the emirate's non-oil economy grew by 6.1 per cent year-on-year in the first quarter of 2025, contributing more than 56 per cent of total GDP. Abu Dhabi office market booms The Central Business District (CBD) saw a 42 per cent year-on-year increase in rental rates, while Outer CBD rents rose 18 per cent. City Gate Tower and Abu Dhabi Global Market (ADGM) recorded annual rental uplifts of 43 per cent and 30 per cent respectively, with ADGM rents ranging from AED 2,800 to AED 3,500 per square metre per year. Stephen Forbes, Head of Abu Dhabi at Savills Middle East, said: ' Abu Dhabi continues to attract a diverse mix of regional and international occupiers, and the recent expansion of ADGM into Al Reem Island has only amplified that appeal. As more global firms establish a presence in the capital, we're seeing a clear shift toward larger, high-quality spaces. Demand remains strong, particularly across financial services, consulting, and tech, a sign of growing business confidence and Abu Dhabi's rising stature as a global commercial hub.' In the first quarter of 2025, ADGM completed its jurisdictional expansion to Al Reem Island, adding nearly 500,000 sq m of office space. By the end of that quarter, the total number of operational firms within ADGM rose to 2,781, a 43 per cent increase from a year earlier, while financial services entities grew by 26 per cent. The workforce on Al Maryah Island expanded by 17 per cent to over 29,000 employees. Approximately 100,000 sq m of new office space is expected to be delivered this year, including projects in Masdar City Square and Yas Place. Another 100,000 sq m is planned by 2027 from projects such as One Maryah Place and Saadiyat Business Park. Savills expects continued upward pressure on prime rents through the remainder of 2025.
Zawya
3 hours ago
- Business
- Zawya
Abu Dhabi office market displays strength amid record occupancy and rental growth, reports Savills
Abu Dhabi's office market continues to strengthen in Q2 2025, as tight supply and rising demand push occupancy and rental rates for Grade A spaces to record highs, according to the latest Market in Minutes report by global real estate advisor Savills. The emirate's non-oil economy grew by 6.1% year-on-year in Q1 2025, now contributing over 56% of Abu Dhabi's total GDP, a testament to the government's ongoing diversification efforts. This economic momentum is translating into growing business confidence, strong leasing activity, and heightened demand for high-quality office space. The Central Business District (CBD) submarket recorded a 42% year-on-year increase in rental rates, while Outer CBD areas experienced an 18% rise. Prominent buildings such as City Gate Tower and Abu Dhabi Global Market (ADGM) saw annual rental uplifts of 43% and 30%, respectively. Within ADGM, rents now range between AED 2,800 and AED 3,500 per sq m per annum. Occupier activity in H1 2025 was led by BFSI, consulting, technology, and hedge fund sectors, with a growing number of requirements for larger units between 10,000 and 20,000 sq ft. Stephen Forbes, Head of Abu Dhabi at Savills Middle East said, 'Abu Dhabi continues to attract a diverse mix of regional and international occupiers, and the recent expansion of ADGM into Al Reem Island has only amplified that appeal. As more global firms establish a presence in the capital, we're seeing a clear shift toward larger, high-quality spaces. Demand remains strong, particularly across financial services, consulting, and tech, a sign of growing business confidence and Abu Dhabi's rising stature as a global commercial hub.' In Q1 2025, ADGM completed its jurisdictional expansion to Al Reem Island, adding nearly 500,000 sq m of office space. By the end of that quarter, the total number of operational firms within ADGM rose to 2,781, a 43% increase year-on-year, with financial services entities growing by 26%. Al Maryah Island's workforce has also expanded by 17%, now exceeding 29,000 employees. New supply remains limited, with approximately 100,000 sqm of space expected to be delivered in 2025, including projects in Masdar City Square and Yas Place. High pre-leasing activity in these developments signals robust demand. Looking ahead, an additional 100,000 sqm is scheduled for delivery by 2027 from key projects like One Maryah Place and Saadiyat Business Park. With the market's fundamentals remaining strong, Savills anticipates continued upward pressure on prime rental values for the remainder of 2025. For further insights and detailed analysis, download the full Abu Dhabi Office Market in Minutes Q2 2025 report from here. About Savills Middle East: Savills plc is a global real estate services provider listed on the London Stock Exchange. With a presence in the Middle East for over 40 years, Savills offers an extensive range of specialist advisory, management and transactional services across the United Arab Emirates, Oman, Bahrain, Egypt, and Saudi Arabia. Expertise includes property management, residential and commercial agency services, property and business assets valuation, and investment and development advisory. Originally founded in the UK in 1855, Savills has an international network of over 700 offices and associates employing over 40,000 people across the Americas, UK, Europe, Asia Pacific, Africa, and the Middle East. For further information, please contact: Savills press office:
Zawya
a day ago
- Business
- Zawya
Abu Dhabi completes 95% of first phase of Environmental Centennial 2071 plan
ABU DHABI – The Environment Agency – Abu Dhabi (EAD), in collaboration with its strategic partners, announced that 95 percent of the first phase plan of the Abu Dhabi Environmental Centennial 2071 was successfully completed by the end of 2024. This remarkable success was achieved in only the second year of the plan's rollout in 2023 - further driving the emirate's environmental sustainability agenda with the ambitious goal of making Abu Dhabi a global leader in environmental and climate action by 2071. The Government of Abu Dhabi has achieved 359 milestones and positive outcomes under the plan, with 63 initiatives exceeding their targeted goals. These achievements were made possible through the active participation of several key government entities including the Department of Municipalities and Transport – Abu Dhabi, the Department of Culture and Tourism – Abu Dhabi, the Department of Energy – Abu Dhabi, the Department of Government Enablement – Abu Dhabi, the Abu Dhabi Agriculture and Food Safety Authority, the Abu Dhabi Investment Office, the Abu Dhabi Public Health Centre, Abu Dhabi Mobility, and Abu Dhabi Maritime. The government's international collaborations also span more than 24 countries worldwide to help fulfil the plan's objectives. Commenting on this achievement, Sheikha Al Mazrouei, Executive Director of the Integrated Environmental Policy and Planning Sector at EAD, said, 'This remarkable achievement, which has exceeded expectations, is the result of collaborative efforts among leading government entities that place sustainability at the heart of their priorities – fully aligned with Abu Dhabi's vision. These outcomes reflect our strong belief in collective action and the spirit of positivity that continues to guide us and our partners forward in achieving the Abu Dhabi Environmental Centennial 2071 goals.' The first pathway, 'a vibrant emirate, thriving in nature,' achieved an 88 percent completion rate, encompassing several key accomplishments. These include the implementation of a comprehensive aquaculture development plan, the launch of the UAE's first hydrogeological map – which serves as a national reference for groundwater resource assessment – plus the development of a comprehensive sustainable agricultural development plan and the creation of an integrated air quality modelling framework. Other milestones include the launch of Abu Dhabi's Guide for the Safe Use of Bicycles and E-scooters, the update of infrastructure guidelines for micro-mobility, and the development of a research agenda and observatory plan for indoor air quality in priority sectors. The second pathway, 'green force resilient to climate change', exceeded its set targets, reaching a completion rate of 102 percent. This pathway saw the implementation of numerous projects and initiatives, including the development of the 2025-2050 Environmental Climate Adaptation Plan in conjunction with 41 entities, the establishment of smart agriculture standards to ensure sustainable food security and the formulation of a comprehensive energy sector policy framework, consisting of 93 initiatives extending to 2035. It also included the design and implementation of hydrogen and electric bus charging infrastructure, and the launch of electric bus operations – a project that went on to win a global innovation award in sustainability. Additional achievements include the development of a Marine Sector Sustainability Action Plan and the Abu Dhabi Energy and Water Efficiency Strategy 2030. Under the third pathway, 'enablers for future environmental leadership,' participating entities achieved a 97 percent completion rate. Highlights include the launch of the Emirate's 'Dark Sky' general policy – an initiative aimed at reducing nighttime light pollution – and the introduction of a community engagement initiative to co-design solutions for air and noise quality. In the area of environmental education and awareness, Abu Dhabi hosted the 12th World Environmental Education Congress (WEEC), reinforcing international cooperation and launched the seventh edition of the Sustainable Schools Initiative. Additionally, a Marine Sustainability Research Centre was established under the emirate's marine sector, and 'Sukun' – the world's largest 3D-printed water taxi- was launched. An intelligent soil quality monitoring system was also developed, integrating AI, remote sensing and spectroscopy for pollutant detection. The Environment Agency – Abu Dhabi, in collaboration with its strategic partners, continues to strengthen Abu Dhabi's leadership role in environmental and climate action.
Khaleej Times
a day ago
- Business
- Khaleej Times
UAE: Driverless taxis now available on Al Reem, Al Maryah Islands in Abu Dhabi
Commuters in Abu Dhabi can now have access to driverless taxis in Al Reem and Al Maryah Islands, Abu Dhabi Mobility announced on Tuesday, July 29. AD Mobility announced the expansion of its autonomous taxi service to cover these two Islands after the initial launch of the service in Saadiyat and Yas Islands and then connecting to the Zayed International Airport. With this latest expansion, autonomous taxi services now cover about half of Abu Dhabi's core areas, supporting Abu Dhabi's strategic vision to make 25% of trips in the emirate rely on smart transport by 2040. The expansion of the services is in collaboration with WeRide, as well as Uber, and Tawasul Transport, as the local operator of the project. It is part of the UAE capital's push towards smart and sustainable transport. This launch builds on the autonomous taxi services already available on Al Saadiyat and Yas Islands, as well as routes to Zayed International Airport. It is part of an ongoing plan to expand the fleet and extend the reach of Abu Dhabi's smart mobility project. Since this service started on the Uber platform in December 2024, the autonomous taxi fleet has tripled in size. Abu Dhabi Mobility is also working to roll out the service to more areas on Abu Dhabi Island in the future, ensuring broader coverage and improving the overall efficiency of the smart mobility system across the emirate.
Forbes
2 days ago
- Entertainment
- Forbes
Disney Park Operator Unveils 15 Year Masterplan
One Disney theme park operator is already planning for 2040 (Photo by) Building blockbuster theme parks isn't the work of a moment. Typically spanning several hundred acres, design alone takes up to two years followed by as many as six years for construction. Bearing this in mind, it's essential for operators to think ahead which is why one of them is already planning what to do in 2040. In May, Disney's chief executive Bob Iger dropped the bombshell announcement that its next theme park will open on Yas Island in Abu Dhabi, capital of the United Arab Emirates (UAE). It was the latest step in a strategy which Yas Island put in place 15 years ago with the opening of the first-ever Ferrari themed park right next to a race track which hosts the season-ending Formula One Grand Prix. Ferrari World Abu Dhabi soon raced onto the radar of theme park fans as its 19 attractions included Formula Rossa, the world's fastest roller coaster. The park's growth quickly accelerated and it now has 43 attractions including a unique cross between a simulator and a roller coaster as this report explained. Attendance increased in line with this expansion and within just five years of opening, the park attracted one million visitors annually. In 2013 it was joined by Yas Waterworld, a water park which combines traditional slides with theme park rides. The following year, Yas Island broke new ground by opening a mega mall which now has 370 shops. Connected to Ferrari World, Yas Mall really is a whole new world as there are usually few independent stores and restaurants within walking distance of theme parks so guests are forced to shop and eat in high-priced on-site establishments. Instead of featuring glitzy gold encrusted eateries, as you might expect to find in the Middle East, Yas Mall is packed with American chains such as Dickey's Barbecue Pit, P.F. Chang's, Texas Roadhouse and Popeyes Louisiana Kitchen. It even has a outlet of See's Candies, a candy store founded in Los Angeles in 1921. The shops are no different as they include Columbia clothing, Hollister, Foot Locker, Toys 'R' Us and, of course, Disney as its first store in the UAE is in Yas Mall. There are also branches of hardware store Ace and Pottery Barn to cater for the hundreds of houses and apartments that have sprung up on the island since the mall opened. Many of the people who live there work on Yas Island and not just in the theme park sector. A UFC demonstration taking place at Abu Dhabi's Yas Mall (Photo by Chris Unger/Zuffa LLC via Getty ... More Images) That's because Yas Island is also home to offices dedicated to the media industry with a new business park currently under construction. The F1 track weaves around a marina with yet more restaurants whilst others opened in a new waterfront district in 2021. The highlight of that area is an arena which hosted the UFC's Whittaker vs. de Ridder event on Saturday and in October the NBA's New York Knicks will play three-time champions the Philadelphia 76ers there. Just a few minutes walk away is the Yas Links 18-hole golf course where a round of the PGA European Tour takes place. With its cream-colored walls, corrugated terracotta tiles, exposed wooden rafters and wrought iron chandeliers, the Spanish-style clubhouse closely resembles the summerhouse at Walt Disney World's high-end Golden Oak residential district. Fittingly, the Yas Links clubhouse was the site of a spectacular drone show which celebrated the announcement of Disneyland Abu Dhabi and set a new record as this report explained. Praise poured in from the local region, known as the Gulf Cooperation Council (GCC), and much farther afield. Olivier Garaïalde, chief executive of vacation resort operator Center Parcs, described the announcement as "such an impressive milestone done by Yas Island and Abu Dhabi" while Thomas Hecart, the supremely talented vice president of communication and public affairs at Disneyland Paris posted a statement on social media from Iger saying that the new park will blend 'contemporary architecture with cutting-edge technology to offer guests deeply immersive entertainment experiences in unique and modern ways.' It will be the fifth park on Yas Island as Warner Bros. World opened in 2018 to great acclaim followed by SeaWorld Abu Dhabi five years later. The marine life park made a splash thanks to a one-of-a-kind ride, described here, which is set inside a sphere lined with high-definition LED screens. That's not all. Connected to Yas Mall is CLYMB, an angular building which contains the world's widest flight chamber and the tallest indoor climbing wall, whilst visitors looking for more relaxing recreation can head to a sandy white beach on Yas Island. Its hotels haven't been left out and in 2018 my colleague revealed in Britain's Daily Telegraph newspaper that Yas Island was planning the world's first Warner Bros. themed hotel which opened in 2021 and features Art Deco-inspired rooms. The vast array of attractions on Yas Island has one of the most popular destinations in the Middle East and its attendance holds its own against the best in the business. My colleague and I have been analyzing industry attendance for nearly 25 years as we are the only journalists worldwide who specialize in writing about the business of theme parks for national media. We have been covering it since the opening of the Walt Disney Studios park in Paris in 2002 and, as this archive shows, we have written for more than 30 leading outlets including the BBC, The Times of London, The Guardian, The Daily Telegraph, the Financial Times, The Independent and the London Evening Standard. In 2012 we revealed that Disney would take control of its outpost in Paris and five years later, after the takeover was complete, we broke the news that Disney would invest $2.1 billion in the French resort which is exactly what it did in 2018. Soon afterwards came our next exclusive that the the entertainment district at Disneyland Paris would be renovated and in 2022 it was finally officially announced. In December last year we began research for another exclusive. This time we analyzed the latest attendance data for Yas Island which showed that it recorded more than 34 million visits in 2023, a rise of 38% compared to 2022. Although the announcement initially referred to 'visits', it proceeded to describe them as 'visitors' when it broke the data down as it stated that "theme parks and CLYMB at Yas Island recorded an increase of 83 per cent in 2023 compared to 2022. Visitor numbers from the GCC grew by 125 per cent compared to the previous year." Yas Island recorded more than 34 million visits in 2023 (GIUSEPPE CACACE/AFP via Getty Images) It actually makes perfect sense to use the two terms interchangeably. The 34 million visits includes guests at the theme parks as well as anyone traveling to the island to visit the other facilities, such as the mall. Although they may seem to be incomparable, the only practical difference between them is the length of time they spend there. Yas Island is positioned as a resort with services such as shopping and dining in addition to its leisure attractions. Naturally some people will spend less time at the resort than others depending on what they are there for but this doesn't mean they aren't visitors there. Similarly, the Themed Entertainment Association (TEA) annual ranking of the world's most-visited theme parks does not state that guests have to spend a minimum amount of time in them to be classed as visitors and there is good reason for this. Many parks don't require guests to scan their tickets to pass through the exit gates so the operators have no way of knowing how long they have been there. Therefore, if the TEA required visitors to be in the parks for a minimum length of time many operators wouldn't be able to provide it. As with the visits to Yas Island, some people may stay in a park for half an hour whereas some may stay all day. To see how it compared with the attendance at Yas Island, I added up the 2023 TEA visitor numbers for Disneyland Park and the neighboring Disney California Adventure which together form the Disneyland Resort in Anaheim. They came to 27.3 million people which was far eclipsed by the 34 million attendance at Yas Island. This doesn't include anyone who visits the 23 shops and 26 restaurants at the on-site Downtown Disney district in Anaheim but there is no indication that they move the needle significantly. This is clear from the fact that Anaheim itself welcomed a total of 25.8 million visitors in 2023 which is lower than Yas Island's tally and even lower than the attendance of the two Disney parks as they also include local guests. Exceeding the Disneyland Resort's attendance seemed to be a major milestone for Abu Dhabi but there didn't appear to be significant excitement about it which made this author think it could because talks were underway between the two parties. That was then confirmed by an extremely senior contact outside the UAE but I waited until three days after the deal had been signed before breaking the news on social media and then forecasting the announcement here. My forecast that opening a park in Abu Dhabi was "the biggest deal Bob Iger has yet to do at Disney" was met with scepticism from fans. Disney Tourist Blog said "I'll eat my words here if this gets announced with detailed aerial concept art." Likewise, Laughing Place described the prediction that Disney would open a park in Abu Dhabi as a "plausible impossible" before it suddenly removed its report ahead of the announcement suggesting that it had been given the same nod in advance that I got. The announcement of Disneyland Abu Dhabi in May came as a complete surprise to many in the industry The news about the new park still caught industry watchers off guard. On the morning of the announcement, my colleague tipped off The Sun's Lisa Minot, one of Britain's most seasoned travel writers, who responded with surprise saying "Disney are opening a new park in Abu Dhabi?" The announcement had been kept firmly under wraps thanks to a smart strategy from public relations firm Weber Shandwick and Miral, the expert attraction operator which runs the parks on Yas Island. Instead of mentioning Disney, Weber and Miral invited media to the announcement on the understanding that it would be a showcase of the "vision for the next five years" of Yas Island. Cleverly, this was in line with the opening window for the new park which Disney parks chief Josh D'Amaro gave to Reuters and The Wrap later reported. Over the past 15 years, Miral has cemented itself as the world's leading theme park operator outside Disney and Universal Studios. Bringing Disney to Yas Island has been seen as the culmination of its plans but in fact it is far from it. In an interview with this author, Miral's visionary chief executive Mohamed Al Zaabi, revealed what is to come on Yas Island over the next 15 years. "We have planned for the coming 15 years, I would say, adding more attractions, more theme parks, more hotels, more rooms and we will keep monitoring the demand. We will keep monitoring the visitation and based on that, we add experiences. Not only that, we also improve experiences. 'An example is Ferrari. When we opened Ferrari, it was only 19 rides and attractions. Today we have 43 and we're still adding. We have plans to add, at least one attraction every one or two years on Yas Island in the coming 10 years, at least in our existing theme parks. Combine that with the new expansion, new theme parks and we are busy for the coming 15 years.' A Harry Potter land is due to open in the next few years along with several new rides at Warner Bros. World and a new coaster at Ferrari World which will set four new records. "If you want to create a global destination, you can't stop," says Al Zaabi. 'I always say to my team, we are not competing with regional destinations, we are competing with global destinations.' It reflects comments that Miral's supremely skilled chairman Mohamed Al Mubarak gave to CNN. "Are we going to be done after Disney? No. We are always going to find ways to bring in more people," he explained. In a recent interview with the Middle East edition of Forbes, Al Zaabi added that Miral studies 25 to 28 ideas every year. "Whenever you design any theme park, you always keep provision for expansion," he told me in 2023. Expansion isn't just limited to the parks. According to leading leisure industry construction tracking website Themeparx, Yas Island is developing an outlet of Topgolf, a cross between a driving range and an entertainment center. Topgolf combines dining, arcade games and a driving range with integrated games themed to movies. More housing is also on the way with the Yas Canal development adjacent to the island currently under construction. There is no shortage of space. Two years ago, Al Zaabi told me that "I would say 60% [of Yas Island is developed already]. Still 40 to go." As this report revealed, Disneyland Abu Dhabi will take up a good deal of that land and could even be the Mouse's biggest-ever park. Alternatively, multiple Disney parks could be built there which could be why Al Zaabi said "more theme parks" are coming to Yas Island. Perhaps alluding to Walt Disney World in Orlando, which is home to four theme parks and two water parks, Al Mubarak said in May that 'what we are creating with Disney in Abu Dhabi is a whole new world of imagination.' The most likely candidate for a second gate would be Disney World's science-themed Epcot park. Its avant-garde architecture would perfectly complement Abu Dhabi's futuristic skyline and, handily, it has an abundance of large indoor pavilions which would help guests beat the heat. It also bears a striking resemblance to Dubai's Expo 2020 site which attracted 24 million visitors in just six months. If those numbers were matched pro rata in Abu Dhabi, it could triple Yas Island's attendance which would certainly make the 15 years time well spent.
