Latest news with #Dhs8
Time Out Dubai
2 days ago
- Business
- Time Out Dubai
Al Khawaneej Mall opens in Dubai: New Union Coop location
Listen up, shoppers. A brand new mall has just opened in Dubai. Al Khawaneej Mall has officially opened in Al Khawaneej 2 and brings a new hypermarket, new retail and plenty of parking spaces. Spread over a space of approximately 70,000 square feet, the new mall features a mix of outlets, a children's nursery and an ENOC service station. First announced in June 2023, the mall has now been formally inaugurated following the opening of Union Coop. The mall has been built in accordance with international standards for green buildings, using eco-friendly materials and construction techniques. (Credit: Union Coop) Money generated from the complex will be used to cover the expenses of 50 mosques. As part of Dubai's 'Mosques Endowment' campaign, Dhs8 million of the mall's annual revenue will be set aside to support the places of worship. The latest technologies to generate, save, and recycle energy have been included in the construction of the mall. The aim of this green approach is to improve the quality of the environment within the mall and reduce negative impacts on the ecosystem. You might also like: The best shopping malls in Dubai The mall's design emphasises comfort, natural flow, and user-centric functionality. The layout incorporates open circulation paths, natural lighting elements, and minimalist aesthetics, enhancing both shopper convenience and visual appeal. Union Coop CEO Mohammed Al Hashemi described the project as more than a mall. He said: 'The project is much more than just a shopping centre or a mall, but a thoughtfully designed social-retail space, which seeks to offer an exceptional customer experience that aligns with the state-of-the-art Dubai standard. 'The architectural style is flexible, family-centric and people-friendly.' Things to do in Dubai The best pool day deals in Dubai Where to get beach and pool access in Dubai New brunches in Dubai: top spots to try From parties to buffets, here's where to check out this weekend Brilliant things to do in Dubai at night What to do once the sun has set in the city
Time Out Abu Dhabi
5 days ago
- Business
- Time Out Abu Dhabi
Your guide to the rising property prices in Abu Dhabi
House hunting in Abu Dhabi? You might want to start saving a little more aggressively. The capital's property market has just clocked its strongest capital gains in three years, even though sales activity has taken a tumble. That's according to ValuStrat's latest Q1 2025 report, which shows a market surging in value while grappling with a slowdown in transactions. Property values rose by 2.1 percent quarter-on-quarter and a healthy 7.2 percent year-on-year, with the ValuStrat Price Index now sitting at 125.6 points. Villas led the charge with a 9.7 percent annual increase, while apartment prices grew by 4.5 percent over the same period. Villas on Saadiyat Island saw the biggest jump, with prices up by a whopping 21.2 percent year-on-year. Al Raha and Mohammed Bin Zayed City also saw noticeable growth. As for apartments, Al Reef topped the list with a 7.5 percent annual boost, followed by Saadiyat Island and Al Muneera. The average home in Abu Dhabi is now valued at Dhs10,226 per square metre, with apartments averaging Dhs10,979 and villas at Dhs8,407. And it's not just prices that are climbing – rents are surging too. Apartment rental rates rose by 11.6 percent annually, while villa rents grew by 6.3 percent. A typical studio now goes for Dhs63,000 a year, with a one-bedroom hitting Dhs89,000 and a two-bedroom costing Dhs125,000. Larger homes are significantly pricier, with villa rents averaging Dhs245,000 annually. Despite the appetite for homes, the number of new units coming online remains slim. Only 90 apartments and 189 villas were completed in Q1, representing just two percent of the 2025 pipeline. Still, major developers aren't staying quiet. Aldar launched Mamsha Gardens on Saadiyat Island, IMKAN announced Naseem Al Jurf in Ghantoot Taraf teamed up with Marriott International to deliver W Residences on Al Maryah Island. Sales volumes told a different story. Overall transactions fell sharply – down almost 43 percent quarter-on-quarter – with off-plan sales plunging by 79 percent year-on-year. Yet the average home price is on the rise. Ready property prices jumped by nearly 6 percent, with the average ready home now fetching Dhs1,146 per square foot. The average transaction size increased to Dhs2.6 million. In the commercial sector, Abu Dhabi's office market is thriving. Asking rents climbed more than 30 percent over the year, driven by strong demand and high occupancy in central business districts. Retail is holding its own too, with Yas Mall reporting 97 percent occupancy, an 18 percent jump in footfall a 10 percent rise in tenant sales. The hospitality industry continues to shine, with average room rates hitting Dhs683 – a rise of 37 percent year-on-year – and occupancy reaching nearly 87 percent in early 2025. With 5.2 million guests in 2024, Abu Dhabi is firmly on the global tourism radar hotel supply is expected to exceed 50,000 keys by 2030. New entries to watch include the UAE's first Mondrian Hotel in Downtown Abu Dhabi and a new Waldorf Astoria at the former Anantara Eastern Mangroves site. So whether you're buying, renting, investing or just keeping an eye on trends, the message is loud and clear – Abu Dhabi's property market is booming it's not slowing down anytime soon. More going on in Abu Dhabi UAE residents can now save big time on flights thanks to a new Skyscanner feature No complaints here You can now get a robotaxi from Zayed International Airport Trips to the airport just got an upgrade Abu Dhabi's best restaurants: Everywhere you should eat at least once Your dinner inspo is sorted 20 incredibly fun ways to explore Abu Dhabi after dark The city is at its most fascinating once the sun goes down
Time Out Dubai
23-05-2025
- Business
- Time Out Dubai
Dubai cashless strategy: Why Dubai is moving on from physical money
Dubai big plans to eventually become a cashless city. The Dubai cashless strategy will eventually mean that all payments in the city across the government and private sectors will go digital. The initiative, first announced in October 2024, aims to ditch notes and coins for digital payments throughout the emirate. Cashless transactions are expected to hit around 90 percent of all transactions by 2026, potentially boosting economic growth by over Dhs8 billion annually. Becoming cashless does not mean that money will be abandoned altogether but, instead, payments will be digital with banking apps and credit cards currently the main way to pay without physical notes or coins. The strategy will also prioritise innovations in digital payments, including AI-driven solutions and contactless technologies to offer even more ways to pay. And the latest development by DIFC and Dubai Finance means that there will be specialised workshops to help businesses make the switch. The collab will also bring AI-driven initiatives that add value for workers, tourists and the broader community by adopting digital payments. In the presence of Ahmed bin Saeed, Dubai Finance signs a Memorandum of Understanding with the Dubai International Financial Centre to support the implementation of the Dubai Cashless Strategy. The agreement focuses on the strategy's three core pillars—governance, innovation, and… — Dubai Media Office (@DXBMediaOffice) May 16, 2025 The city plans for 100 percent of stores to accept digital payments and for everyone living in the city to be able to pay digitally. That's right, bartering at the souq with notes or rummaging around the back of the sofa for long-lost change could soon be a thing of the past. The Dubai Cashless Strategy was initially revealed late on Tuesday October 1 following a meeting of The Executive Council of Dubai. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, chaired that meeting, outlining that the city aims to make itself one of the top five cashless cities in the world. .@HamdanMohammed chairs @TECofDubai's meeting; approves the Education Strategy 2033, the Real Estate Strategy 2033 and Dubai Cashless Strategy. — Dubai Media Office (@DXBMediaOffice) October 1, 2024 Dubai has also outlined that it wants to make a range of financial technology services available to people in the city. The plan to make the switch to becoming cashless has been brought about with consumers, payment service providers and merchants in mind with the move set to have a wider benefit of convenience and speedier payments throughout the emirate. At the meeting, the city also discussed its overarching real estate strategies, plans for education and the future of transport in Dubai. If you've got some spare pennies and have no idea what to do with them, then check out our guide on what to do with Dhs1 in Dubai. Looking for things to do in Dubai? 112 best things to do in Dubai in 2025 Everything to tick off your Dubai bucket list 50 free things to do in Dubai Feeling the pinch? Enter free things to do Here's how to eat at 10 expensive Dubai restaurants for less Early bird dinners, lunch specials and more
Time Out Abu Dhabi
20-05-2025
- Automotive
- Time Out Abu Dhabi
The driverless car race is coming back to Abu Dhabi with a huge cash prize
Start your engines – well, your algorithms – because the world's most advanced driverless car showdown is hitting Yas Marina Circuit once again this November. The Abu Dhabi Autonomous Racing League (A2RL) is returning on Friday November 15 and it's not just about the glory. This year's prize pool clocks in at a jaw-dropping US$2.25 million (that's over Dhs8 million). If you missed last year's debut, let us catch you up: over 10,000 fans packed the stands while more than a million viewers tuned in from around the globe to watch AI-driven race cars hit top speeds without a human in sight. A2RL is where high-octane motorsport meets cutting-edge robotics and artificial intelligence – and it's only getting bigger. Now entering its second season, A2RL is welcoming top research teams from ten countries, with France and Japan joining the line-up alongside returning powerhouses from the USA, Germany, China, Singapore, Italy and the UAE. The cars? They're built on the Super Formula SF23 chassis – the fastest open-wheel race car outside of Formula 1 – only now, they're entirely autonomous. The upgraded EAV-24, built right here in the UAE, comes loaded with next-gen sensors, smarter control systems and eco-conscious materials. It can hit speeds of up to 300km/h, all with zero drivers on board. But it's not just about track time. New for 2025 is A2RL SIM-Sprint, a global virtual racing series that takes the action online. It gives teams the chance to develop and refine their algorithms year-round and in all kinds of conditions – ideal for testing those pesky edge cases that don't come up often in real life but could be make-or-break moments in a race. In the future, the SIM Sprint will open to a broader crowd, from indie developers to motorsport-loving gamers. Think of it as a talent pipeline from virtual track to real-world race day. H.E. Faisal Al Bannai, Advisor to the UAE President for Strategic Research and Advanced Technology Affairs and Secretary General of ATRC, said: 'With A2RL, we're not just testing autonomous technology, we're accelerating its evolution in the most demanding conditions possible. It's a showcase of engineering excellence, but more importantly, a platform for the future of mobility. From high-speed racing to real-world applications, we are demonstrating what's possible when nations invest in deep tech innovation and challenge the world to think faster, build smarter, and compete responsibly.' Stephane Timpano, CEO of ASPIRE, added: 'By combining the physical thrill of racing with the precision of virtual testing, we're enabling the world's best minds to push the boundaries of AI. This year's expanded league reflects Abu Dhabi's commitment to challenge-driven innovation, where real-world impact is engineered at speed and scale.' Friday November 15, Yas Marina Circuit, Abu Dhabi. More things to do in Abu Dhabi Everything happening in Abu Dhabi in 2025 From new openings to big events, this is shaping up to be quite a year It's official: Abu Dhabi Comedy Season is returning for a second edition with some huge names Wow, look at this line-up Abu Dhabi's best restaurants: Everywhere you should eat at least once Your dinner inspo is sorted
Time Out Dubai
16-05-2025
- Business
- Time Out Dubai
Dubai cashless strategy: Dubai Finance and DIFC sign strategic partnership
Dubai has revealed big plans to eventually become a cashless city. The Dubai cashless strategy will eventually mean that all payments in the city across government and private sectors will go digital. A big step forward in the plans came on Friday May 16 2025, as Dubai Finance and DIFC signed an agreement to support the cashless strategy. The initiative, first announced in October 2024, aims to ditch notes and coins for digital payments throughout the emirate. Cashless transactions are hoped to hit around 90 percent of all transactions by 2026, potentially boosting economic growth by over Dhs8 billion annually. Becoming cashless does not mean that money will be abandoned altogether but, instead, payments will be digital with banking apps and credit cards currently the main way to pay without physical notes or coins. The strategy will also prioritise innovations in digital payments, including AI-driven solutions and contactless technologies to offer even more ways to pay. And the latest development by DIFC and Dubai Finance means that there will be specialised workshops to help businesses make the switch. The collab will also bring AI-driven initiatives that add value for workers, tourists and the broader community by adopting digital payments. In the presence of Ahmed bin Saeed, Dubai Finance signs a Memorandum of Understanding with the Dubai International Financial Centre to support the implementation of the Dubai Cashless Strategy. The agreement focuses on the strategy's three core pillars—governance, innovation, and… — Dubai Media Office (@DXBMediaOffice) May 16, 2025 The city plans for 100 percent of stores to accept digital payments and for everyone living in the city to be able to pay digitally. That's right, bartering at the souq with notes or rummaging around the back of the sofa for long-lost change could soon be a thing of the past. The Dubai Cashless Strategy was initially revealed late on Tuesday October 1 following a meeting of The Executive Council of Dubai. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, chaired that meeting, outlining that the city aims to make itself one of the top five cashless cities in the world. .@HamdanMohammed chairs @TECofDubai's meeting; approves the Education Strategy 2033, the Real Estate Strategy 2033 and Dubai Cashless Strategy. — Dubai Media Office (@DXBMediaOffice) October 1, 2024 Dubai has also outlined that it wants to make a range of financial technology services available to people in the city. The plan to make the switch to becoming cashless has been brought about with consumers, payment service providers and merchants in mind with the move set to have a wider benefit of convenience and speedier payments throughout the emirate. At the meeting, the city also discussed its overarching real estate strategies, plans for education and the future of transport in Dubai. If you've got some spare pennies and have no idea what to do with them, then check out our guide on what to do with Dhs1 in Dubai. Looking for things to do in Dubai? 112 best things to do in Dubai in 2025 Everything to tick off your Dubai bucket list 50 free things to do in Dubai Feeling the pinch? Enter free things to do Here's how to eat at 10 expensive Dubai restaurants for less Early bird dinners, lunch specials and more
