Latest news with #D33
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.
Zawya
4 days ago
- Business
- Zawya
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. ($1 = 3.6724 UAE dirham)
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)
Hi Dubai
4 days ago
- Business
- Hi Dubai
Dubai's D33 Agenda: Opportunities for Your Business
Dubai has long been a global beacon of ambition and rapid development. Building on this legacy, the emirate has launched its most comprehensive economic blueprint to date: the Dubai Economic Agenda D33. Unveiled by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, D33 is a strategic ten-year plan designed to double Dubai's economy by 2033 and firmly establish it among the world's top three global cities. For every business owner in Dubai, from burgeoning startups to established enterprises, D33 is a direct invitation to participate in an unprecedented era of growth and innovation. Understanding this agenda is key to unlocking new opportunities and strategically positioning your business for future success. What is the D33 Agenda, and What Does it Mean for Dubai? At its core, D33 is a commitment to accelerate Dubai's economic trajectory through innovation, sustainability, and enhanced global connectivity. It sets out audacious targets for the next decade, transforming various aspects of the emirate's economic landscape: The primary objective is to double Dubai's GDP, aiming for a total economic target of AED 32 trillion by 2033. This signifies a massive expansion across all sectors, creating a ripple effect of demand and opportunity. Foreign trade is projected to increase from AED 14.2 trillion to AED 25.6 trillion for goods and services, cementing Dubai's role as a global trading hub. This growth isn't just about volume; it's about diversifying trade partners and products. Dubai aims to attract an average of AED 60 billion in Foreign Direct Investment (FDI) annually, reaching a cumulative AED 650 billion over the decade. This influx of capital translates into new projects, advanced technologies, and more job creation across the emirate. Private Sector Empowerment: Private sector investments are targeted to rise from AED 790 billion to AED 1 trillion, highlighting their crucial role in the economy. This emphasises the government's trust in the private sector as the primary engine for growth. Digital Economy Catalyst: Digital transformation projects are expected to contribute an average of AED 100 billion annually to Dubai's economy, emphasising the shift towards a knowledge-based, digital future. This includes AI, IoT, blockchain, and advanced data analytics, fundamentally reshaping how businesses operate and interact with customers. These ambitious goals reflect a comprehensive strategy to create a dynamic, resilient, and globally competitive business environment, ensuring that growth is not just rapid but also sustainable and inclusive. Source: Official Government of Dubai / UAE Government sources How D33 Directly Benefits Your Business: Key Initiatives and Their Impact The D33 agenda is underpinned by 100 transformational projects, many of which offer tangible advantages and new avenues for growth for businesses across all sectors. Here's a look at how specific initiatives directly affect you: Streamlined Operations with the Dubai Unified License (DUL): What it is: The DUL, introduced through Law No. 6 of 2023, provides a unique commercial identity for all companies, whether based on the mainland or in a free zone. This single, verifiable identity simplifies cross-jurisdictional operations and enhances transparency. The DUL, introduced through Law No. 6 of 2023, provides a for all companies, whether based on the mainland or in a free zone. This single, verifiable identity simplifies cross-jurisdictional operations and enhances transparency. How it benefits you: Imagine a business operating from a free zone wanting to establish a physical presence or conduct direct sales on the mainland. The DUL aims to make this process seamless. Expect significantly reduced bureaucracy, faster business verification processes, and more efficient issuance of 'No Objection Certificates' (NOCs) and permits. For businesses, this means less time navigating administrative hurdles and more time focusing on core operations, potentially easing expansion between free zones and the mainland, and simplifying compliance for businesses with operations across different zones. It also streamlines Know Your Customer (KYC) procedures with banks and enhances credit assessment. Innovation and Testing with 'Sandbox Dubai': What it is: A centralised platform designed for regulatory modernisation , allowing businesses to test and commercialise new technologies, products, and services in a controlled environment with temporary regulatory relief and adaptive supervision. A centralised platform designed for , allowing businesses to test and commercialise new technologies, products, and services in a controlled environment with temporary regulatory relief and adaptive supervision. How it benefits you: If you're in a rapidly evolving sector like FinTech, HealthTech, GreenTech, or Artificial Intelligence (AI), Sandbox Dubai offers a unique opportunity to refine your solutions without immediate full regulatory burdens. For instance, a FinTech startup can test a new blockchain-based payment system, or a HealthTech company can trial a remote patient monitoring device, receiving guidance from regulators. This reduces risk, accelerates market entry, and positions Dubai as a global hub for pioneering technologies, attracting talent and investment in innovative solutions. Global Market Access via Dubai Future Economic Corridors: What it is: This initiative strategically expands Dubai's trade partnerships by establishing robust economic corridors with high-growth regions like Africa, Latin America, and Southeast Asia, through enhanced connectivity and infrastructure. This initiative strategically expands Dubai's trade partnerships by establishing robust like Africa, Latin America, and Southeast Asia, through enhanced connectivity and infrastructure. How it benefits you: For trading companies and businesses looking to expand internationally, these corridors unlock vast new consumer bases and supply chains. You can leverage Dubai's robust logistics and strategic location to export goods and services to these emerging markets or source competitively priced products. This includes opportunities for supporting African startups and SMEs, expanding partnerships through Comprehensive Economic Partnership Agreements (CEPAs) with Asian nations, and collaborating on green energy projects or agricultural exports with Latin American countries, thereby diversifying your market reach beyond traditional partners. Unprecedented Support for SMEs and Startups: What it is: D33 positions SMEs as the backbone of Dubai's economy, with targeted programs to identify and support 400 high-potential companies to scale globally. A key component is the "Dubai Traders Project," designed to empower local SMEs in the digital economy. D33 positions SMEs as the backbone of Dubai's economy, with targeted programs to identify and support to scale globally. A key component is the designed to empower local SMEs in the digital economy. How it benefits you: Reduced Costs & Red Tape: Expect new tax incentives (including potential longer tax holidays and lower corporate tax rates for eligible businesses in strategic sectors like technology and green energy), simplified licensing systems, and digital portals for faster registration and reduced setup fees. This lowers the barrier to entry and ongoing operational costs. Access to Funding: Programs like Dubai Next (a crowdfunding platform by Dubai SME) and various government grants, low-interest loans, and venture capital support are in place. The "Dubai International Growth Initiative" further allocates AED 500 million to accelerate the global expansion of Dubai-established SMEs by facilitating access to new markets. Digital Empowerment: The Dubai Traders Project , in partnership with e-commerce giants like Amazon and Noon, offers onboarding incentives, enhanced visibility, and comprehensive training for SMEs to effectively compete and thrive in the online marketplace. This helps traditional businesses transition to digital platforms and boosts online sales. Mentorship & Capacity Building: Access to expert guidance, tailored training programs, and support from entities like Dubai SME (Mohammed bin Rashid Establishment for Small and Medium Enterprise Development) to enhance operational excellence, improve business practices, and expand market presence. Focus on High-Growth Industries and Talent Attraction: What it is: D33 prioritises growth in key future-facing sectors like AI, advanced manufacturing, the digital economy, green energy, healthtech, and logistics. It also emphasises attracting global talent and top universities. D33 prioritises growth in key future-facing sectors like AI, advanced manufacturing, the digital economy, green energy, healthtech, and logistics. It also emphasises attracting global talent and top universities. How it benefits you: Businesses in these sectors will find a highly conducive environment for investment, research and development, and expansion. The focus on talent attraction ensures that a steady influx of a highly skilled and diverse workforce is available, crucial for innovation and growth. Collaborations with leading educational institutions can also drive specialised expertise and R&D partnerships, fostering a knowledge-based economy. For example, if you're an AI startup, you'll benefit from a rich talent pool and dedicated accelerators. If you're in sustainable manufacturing, you'll find incentives and a supportive regulatory framework. (Source: Dubai Department of Economy and Tourism, Dubai SME & Dubai Media Office) Aligning Your Business Strategy with D33 To truly capitalise on the D33 agenda, consider these actionable steps: Embrace Digital Transformation: Regardless of your industry, investing in e-commerce, AI-driven solutions, or cloud-based operations can significantly enhance efficiency, reach, and competitiveness. For instance, a small retail business can leverage the Dubai Traders Project to expand its online footprint, while a service provider can adopt AI for enhanced customer service and data analytics. Regardless of your industry, investing in e-commerce, AI-driven solutions, or cloud-based operations can significantly enhance efficiency, reach, and competitiveness. For instance, a small retail business can leverage the Dubai Traders Project to expand its online footprint, while a service provider can adopt AI for enhanced customer service and data analytics. Innovate and Adapt: Look for opportunities to pilot new technologies or business models. The government's openness to innovation means you have a supportive ecosystem for testing and refining new ideas. Consider how your business can leverage technologies like blockchain for supply chain transparency or IoT for operational efficiency. Look for opportunities to pilot new technologies or business models. The government's openness to innovation means you have a supportive ecosystem for testing and refining new ideas. Consider how your business can leverage technologies like blockchain for supply chain transparency or IoT for operational efficiency. Think Globally, Act Locally: While D33 fosters global trade, remember to optimise your local presence and contributions. The "Made in Dubai" initiative encourages local production and branding, while leveraging trade corridors allows you to expand your market reach beyond the UAE. While D33 fosters global trade, remember to optimise your local presence and contributions. The "Made in Dubai" initiative encourages local production and branding, while leveraging trade corridors allows you to expand your market reach beyond the UAE. Prioritise Sustainability: Integrate eco-friendly practices into your operations and offerings. D33's commitment to a green economy means sustainable businesses will increasingly find favour, not only from a regulatory perspective but also from environmentally conscious consumers and investors. This could involve using renewable energy, reducing waste, or sourcing sustainable materials. Integrate eco-friendly practices into your operations and offerings. D33's commitment to a green economy means sustainable businesses will increasingly find favour, not only from a regulatory perspective but also from environmentally conscious consumers and investors. This could involve using renewable energy, reducing waste, or sourcing sustainable materials. Leverage SME Support: Actively engage with Dubai SME and other government entities. Their programs are specifically designed to provide the financial, advisory, and market access support you need to scale. Don't hesitate to inquire about grants, training workshops, or export assistance. Actively engage with and other government entities. Their programs are specifically designed to provide the financial, advisory, and market access support you need to scale. Don't hesitate to inquire about grants, training workshops, or export assistance. Invest in Your Workforce: Align with Dubai's push for a highly skilled talent pool by investing in training, upskilling your employees, and creating attractive environments for top professionals. This includes tapping into programs that support Emiratisation and developing specialised skills needed for future industries. Align with Dubai's push for a highly skilled talent pool by investing in training, upskilling your employees, and creating attractive environments for top professionals. This includes tapping into programs that support Emiratisation and developing specialised skills needed for future industries. Stay Informed: Regularly check official government sources like the UAE Government portal ( Dubai Media Office ( and Dubai Department of Economy and Tourism ( for the latest updates on D33 initiatives and regulations. Attending official webinars or events related to D33 can also provide invaluable insights. The Dubai Economic Agenda D33 is a powerful testament to the emirate's vision for a prosperous and innovative future. By understanding its pillars, leveraging its transformative projects, and strategically aligning your business, you can unlock unprecedented opportunities for growth and contribute to Dubai's ascent as a global economic powerhouse. Also Read: DWTC Drives Dubai's Economic Growth with Record-Breaking Events in 2024 The Dubai World Trade Centre (DWTC) played a pivotal role in boosting Dubai's economy in 2024, contributing AED22.35 billion to the emirate's GDP through a dynamic slate of business events. Dubai Chamber Collaborates with Department of Economy and Tourism to Engage Business Councils on D33 Economic Vision The Dubai Chamber of Commerce, in collaboration with the Dubai Department of Economy and Tourism (DET), hosted a focused roundtable discussion for Business Councils to outline the objectives of the Dubai Economic Agenda (D33). Dubai SME Revolutionizes Entrepreneurial Landscape with Significant Milestones in 2024 The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) had a landmark year in 2024, marking significant strides in nurturing Emirati entrepreneurship and solidifying Dubai's position as a leading global business hub.
Hi Dubai
5 days ago
- Business
- Hi Dubai
Himatrix Group Opens AED33 Million Research and Training Centre in Dubai Industrial City
Himatrix Group has officially opened phase one of its AED33 million application laboratory, research, and training centre at Dubai Industrial City, marking a major milestone in the company's regional and global expansion plans. Spanning 45,000 square feet, the new facility is strategically positioned to tap into Dubai Industrial City's proximity to key logistics hubs, including Jebel Ali Port, Al Maktoum International Airport, and the upcoming Etihad Rail freight terminal. The centre will serve as a base for Himatrix Group's 100-strong workforce and support its recruitment of additional specialists to drive innovation across its operations. Himatrix Group, which includes subsidiaries such as Himatrix Measurements Equipment's and Icpro Technologies, aims to use the new hub to strengthen partnerships with global leaders in instrumentation engineering. These include Radwag, Sciex, Ametek, Kruss, and Wipotec. Nadeer Ali, Founder and Managing Director of Himatrix Group, said the facility will enhance service quality across multiple industries, particularly pharmaceuticals, by offering advanced solutions in metrology, analytical science, and physical testing. Dubai Industrial City officials welcomed the investment, highlighting its alignment with national strategies like Operation 300bn and the Dubai Economic Agenda 'D33'. Saud Abu Alshawareb, speaking on behalf of the district, said the facility showcases confidence in Dubai's industrial ecosystem and reinforces efforts to expand the UAE's manufacturing capabilities. Established in 2004, Dubai Industrial City is home to more than 800 companies and over 300 operational factories. It is one of 10 business districts under TECOM Group PJSC, supporting key sectors across the UAE's economic landscape. News Source: Emirates News Agency
