Latest news with #DubaiEconomy
Al Arabiya
29-05-2025
- Business
- Al Arabiya
Dubai real estate prices likely to see double-digit fall in 2025-2026: Report
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 percent, the agency said. The possible drop would follow a rise of around 60 percent 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 percent 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 centers. 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 percent of total gross loans at end of last year from 20 percent 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
20-05-2025
- Business
- Zawya
Dubai becomes home to world's largest visa application centre
DUBAI - VFS Global, the leader in trusted technology services, empowering secure global mobility for governments and citizens, has announced the launch of its flagship Visa Application Centre in Dubai's Wafi City, marking the opening of the largest visa application facility in the world. The centre was inaugurated by Helal Saeed Almarri, Director-General of Dubai's Department of Economy and Tourism; Mohammed Ahmed Al Marri, Director-General of the General Directorate of Identity and Foreigners Affairs - Dubai; and Zubin Karkaria, Founder and Chief Executive Officer of VFS Global Group. Helal Saeed Almarri said, 'This milestone is more than an infrastructure achievement — it reflects the strategic direction Dubai is taking to enhance global mobility, unlock access to opportunity, and accelerate growth across our visitor and business economy. As we advance the goals of the Dubai Economic Agenda D33, strengthening seamless access to and from Dubai remains a priority. "Visa facilitation is a key enabler of talent attraction, tourism development, and international partnerships — all essential levers of our strategy to position Dubai as the world's most connected and future-ready city.' Mohammed Ahmed Al Marri said, 'Today, we witnessed the inauguration of a new milestone in the journey of excellence pursued by the UAE in general and Dubai in particular, with the opening of the world's largest Visa Application Centre, located in the heart of Dubai, a city that continuously redefines innovation. "This achievement embodies a true reflection of the directives of our wise leadership towards strengthening the nation's position as a global hub for smart services and establishing a unique model for delivering government services with high efficiency and quality.' Zubin Karkaria, in turn, said, 'Operating in the UAE since 2004, our journey has been defined by our unwavering commitment and a deep-rooted connection with this dynamic nation and its visionary leadership. In these two decades, we have witnessed the spectacular growth and development of the UAE to become a preeminent global hub of business, thought leadership, technology development and innovation. In line with the rapid development of Dubai, today we are pleased to launch the world's largest Visa Application Centre, serving over 200 nationalities.' At nearly 150,000 square feet, the centre is equipped to handle up to 10,000 visa applications daily – a capacity that stands as the highest for any single location – and is supported by a skilled and diverse team of over 400 trained professionals from more than 25 nationalities.
Zawya
06-05-2025
- Business
- Zawya
Jafza hailed as vital pillar of Dubai's economy
Jebel Ali Free Zone (Jafza) has been hailed a vital pillar in Dubai's development journey and a pioneering model that had reinforced the emirate's position as a global hub for trade and logistics over four decades. 'We take pride in what DP World has achieved through Jafza – not only in supporting economic diversification and expanding the investment base, but also in its active contribution to building a resilient economic system that keeps pace with global challenges and fosters the growth of supply chains and trade by enabling global partnerships. We look forward to an even greater role for Jafza in driving Dubai's comprehensive economic growth and supporting global trade through a unique ecosystem that combines innovation, integrated services, and multimodal connectivity – by land, sea, and air,' His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai. The statement came as Jafza, the flagship free zone of DP World, celebrates its 40th anniversary this year – marking four decades of partnership in promoting trade, supporting global business expansion, and reinforcing economic diversification in Dubai. Over the years, Jafza has come to be recognised as a global benchmark in the development of free zones and for good reason. Today, Jafza's model is being replicated globally as DP World helps countries secure resilient trade infrastructure in an increasingly volatile environment. On May 6, 1980, the late Sheikh Rashid bin Saeed Al Maktoum issued the first law to establish a free zone in Jebel Ali, giving shape to a vision that would see the development of one of the most ambitious economic projects in the region. By 1985, Jafza was officially established by royal decree under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, becoming the Middle East's first specially designated free zone. Commemorating the milestone, Jafza has unveiled a special logo and is organising community activities, industry events and initiatives to engage customers and business partners throughout the year. Partner to the UAE economy Over the last two decades, Jafza has attracted over AED110 billion ($29.95 billion) in total investment and today contributes 36% of Dubai's GDP in combination with the integrated Jebel Ali ecosystem. It plays a central role in national strategies including the Dubai Economic Agenda D33, Operation 300bn, and Make it in the Emirates. From just 19 founding companies in 1985, Jafza has grown to support over 11,000 businesses from 157 countries, including more than 100 Fortune 500 companies. In 2024, it facilitated AED713 billion in non-oil trade, representing a 15% year-on-year increase from 2023. The free zone also accounted for 74% of the emirate's FDI in the manufacturing, trade, and transport sectors in 2023. Jafza's developed land bank today spans more than 539 million sq ft, offering multimodal connectivity across sea, air, and land. Combined with Jebel Ali Port, which recorded its second highest performance in a decade last year, the ecosystem forms one of the most advanced logistics hubs globally. A hub for jobs, talent, and Emiratisation Jafza supports the employment of over 160,000 people within the free zone, across a wide range of industries, from logistics and automotive to food and advanced manufacturing, making it one of the largest employment hubs in the country. In 2023, Jafza and Jebel Ali Port created over one million direct and indirect jobs, representing 27% of Dubai's total employment, including nearly 40,000 jobs for UAE nationals. Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer, DP World, said: 'Jafza's 40th anniversary is a celebration of our customers and the visionary leadership which has made Dubai a beacon for international trade. Through four decades of infrastructure investment and innovation, Jafza has become a crucial engine of growth that now sits at the heart of Dubai's economy. We look forward with confidence to the next phase of growth, as Jafza continues to expand and provide the blueprint for success for other DP World economic hubs around the world.' Abdulla Bin Damithan, CEO and Managing Director, DP World GCC, added: 'Our success over the past 40 years has always been rooted in our commitment to our customers. In the past year alone, we have seen a 17% increase in new companies operating out of Jafza, and Jebel Ali Port ranks among the top 10 ports worldwide. Businesses today face complex challenges in international trade, and our diversified industrial base, multimodal connectivity, and global network and expertise provides them with a competitive edge. As we mark this milestone, we thank our customers and growing community for choosing Jebel Ali.' A blueprint for global trade Jafza's status as a global leader in free zone development was reaffirmed in 2024 when it was named the top global free zone by Financial Times' fDi Intelligence, as well as the top zone in the industrial and sustainability categories. Jafza's pioneering model has been replicated by DP World across 11 economic zones globally, including the Dominicana Economic Zone in the Dominican Republic, Berbera Economic Zone in Somaliland, London Gateway in the UK, and the Chennai Free Trade Zone in India. Globally, DP World has more than 8,900 hectares of operational free zones, with another 670 currently under development that are driving foreign investment, job creation, and industrial development across Asia, Middle East and Africa. Powering a more sustainable future Jafza aims to achieve carbon-neutrality by 2040 and net-zero emissions by 2050, in line with UAE's Net Zero 2050 strategy. Through International Renewable Energy Certificates (I-RECS) sourced from the Dubai Electricity and Water Authority, the free zone is now fully powered by renewable energy. It is also home to the largest distributed solar rooftop project in the Middle East, which has seen 158,000 panels installed across Jafza on the rooftops of warehouses, car park canopies and other buildings. The free zone has also received the Science Based Targets initiative (SBTi) verification – the gold standard for sustainability target setting. Additionally, by 2026, Jafza aims to divert over 80% of waste from landfills to promote the UAE's transition to a circular economy. As Jafza embarks on its fifth decade, it continues to champion innovation, sustainability, and customer-centric solutions, setting benchmarks for free zones worldwide. – Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
