Latest news with #AbuDhabi-led
Gulf Insider
3 days ago
- Business
- Gulf Insider
Dubai Real Estate Prices Likely To Face Double-Digit Fall After Years Of Boom, Fitch Says
Dubai's real estate market prices are likely to face a double-double-digit fall in the second half of the year and in 2026, ratings agency Fitch said in a report on Thursday, marking a sharp turn after years of a post-pandemic boom. A spike in deliveries in 2025 and 2026 to a planned 210,000 units, doubling from the previous three years, is likely to cause a record increase in supply and push prices down by no more than 15%, the agency said. The possible drop would follow a rise of around 60% in residential units prices between 2022 and the first quarter of this year in Dubai, where massive infrastructure spending, generous income tax policies and relaxed social and visa rules lured thousands of foreigners after the COVID-19 pandemic, including Russians amid war in Ukraine. Real estate plays a vital role for the economy of the emirate, the Gulf's hub for business and tourism, with sector transactions worth 761 billion dirhams ($207.22 billion) last year, rising 36% in volume, according to Dubai government data. In the past, Dubai suffered painful corrections akin to the property crash in 2009 which required a $20 billion Abu Dhabi-led bailout. The government has since taken measures to deleverage and strengthen the sector, and consolidated major state-owned real estate developers. It has also pursued an economic reboot anchored in what it hopes is sustainable growth, including a 10-year plan known as D33, to double output and become one of the world's top four financial centres. Fitch said on Thursday that banks and homebuilders can tolerate a decrease in prices. It noted that while real estate remains the largest component in UAE banks' lending books, banking sector exposure to firms operating in real estate had dropped to 14% of total gross loans at end of last year from 20% three years earlier. The attractiveness of properties in prime locations, which include palm tree-shaped artificial island Palm Jumeirah, together with delays in project completion would also help mitigate pricing pressure.
Reuters
4 days ago
- Business
- Reuters
Dubai real estate prices likely to face double-digit fall after years of boom, Fitch says
DUBAI, May 29 (Reuters) - Dubai's real estate market prices are likely to face a double-double-digit fall in the second half of the year and in 2026, ratings agency Fitch said in a report on Thursday, marking a sharp turn after years of a post-pandemic boom. A spike in deliveries in 2025 and 2026 to a planned 210,000 units, doubling from the previous three years, is likely to cause a record increase in supply and push prices down by no more than 15%, the agency said. The possible drop would follow a rise of around 60% in residential units prices between 2022 and the first quarter of this year in Dubai, where massive infrastructure spending, generous income tax policies and relaxed social and visa rules lured thousands of foreigners after the COVID-19 pandemic, including Russians amid war in Ukraine. Real estate plays a vital role for the economy of the emirate, the Gulf's hub for business and tourism, with sector transactions worth 761 billion dirhams ($207.22 billion) last year, rising 36% in volume, according to Dubai government data. In the past, Dubai suffered painful corrections akin to the property crash in 2009 which required a $20 billion Abu Dhabi-led bailout. The government has since taken measures to deleverage and strengthen the sector, and consolidated major state-owned real estate developers. It has also pursued an economic reboot anchored in what it hopes is sustainable growth, including a 10-year plan known as D33, to double output and become one of the world's top four financial centres. Fitch said on Thursday that banks and homebuilders can tolerate a decrease in prices. It noted that while real estate remains the largest component in UAE banks' lending books, banking sector exposure to firms operating in real estate had dropped to 14% of total gross loans at end of last year from 20% three years earlier. The attractiveness of properties in prime locations, which include palm tree-shaped artificial island Palm Jumeirah, together with delays in project completion would also help mitigate pricing pressure. ($1 = 3.6724 UAE dirham)
Yahoo
15-05-2025
- Business
- Yahoo
UK to allow foreign states to own 15% stake in British newspapers
UK to allow foreign states to own 15% stake in British newspapers UK to allow foreign states to own 15% stake in British newspapers The UK government plans to allow foreign states to own up to a 15% stake in British newspapers and magazines under new media reforms. The proposed change, which was announced on Thursday, comes a year after the former Conservative government banned foreign newspaper or magazine ownership amid concerns over an Abu Dhabi-led takeover of the Telegraph, one of Britain's best-known papers. The Labour government, which came to power after a landslide election victory in July, argues that a 15% cap on state-owned investors will help UK news organisations to seek investment while limiting the risk of foreign state influence. As part of the reforms, the rules on media mergers will be expanded to include online news publications and magazines. Currently, they only apply to television, radio and print newspapers. ADVERTISEMENT 'Britain's free and independent press is a national asset like no other and it is right that we have strong measures in place to allow scrutiny of UK takeovers that might go against the public interest,' Culture Secretary Lisa Nandy said. 'We are fully upholding the need to safeguard our news media from foreign state control whilst recognising that news organisations must be able to raise vital funding,' she added. The changes, which can only be enacted after votes in the House of Commons and the House of Lords, could end two years of uncertainty at the Telegraph and the Sunday Telegraph. Related Backed by the Abu Dhabi royal family, the US private equity firm RedBird IMI effectively took control of both papers and the Spectator magazine in 2023 after partly repaying the debts of the titles' previous owners, the Barclay family. ADVERTISEMENT However, the last Conservative government blocked RedBird IMI's ownership by introducing the Digital Markets, Competition and Consumers Act 2024, which prevents foreign states or associated individuals from acquiring British newspapers. The UK government's new 15% cap on foreign ownership could permit the Telegraph sale to go ahead.
Euronews
15-05-2025
- Business
- Euronews
UK to allow foreign states to own 15% stake in British newspapers
The UK government plans to allow foreign states to own up to a 15% stake in British newspapers and magazines under new media reforms. The proposed change, which was announced on Thursday, comes a year after the former Conservative government banned foreign newspaper or magazine ownership amid concerns over an Abu Dhabi-led takeover of the Telegraph, one of Britain's best-known papers. The Labour government, which came to power after a landslide election victory in July, argues that a 15% cap on state-owned investors will help UK news organisations to seek investment while limiting the risk of foreign state influence. As part of the reforms, the rules on media mergers will be expanded to include online news publications and magazines. Currently, they only apply to television, radio and print newspapers. 'Britain's free and independent press is a national asset like no other and it is right that we have strong measures in place to allow scrutiny of UK takeovers that might go against the public interest,' Culture Secretary Lisa Nandy said. 'We are fully upholding the need to safeguard our news media from foreign state control whilst recognising that news organisations must be able to raise vital funding,' she added. The changes, which can only be enacted after votes in the House of Commons and the House of Lords, could end two years of uncertainty at the Telegraph and the Sunday Telegraph. Backed by the Abu Dhabi royal family, the US private equity firm RedBird IMI effectively took control of both papers and the Spectator magazine in 2023 after partly repaying the debts of the titles' previous owners, the Barclay family. However, the last Conservative government blocked RedBird IMI's ownership by introducing the Digital Markets, Competition and Consumers Act 2024, which prevents foreign states or associated individuals from acquiring British newspapers. The UK government's new 15% cap on foreign ownership could permit the Telegraph sale to go ahead.
