Latest news with #Durrani
Business Times
21-05-2025
- Business
- Business Times
Singapore's ultra-rich among wealthy Asians snapping up property in Dubai
[SINGAPORE] Property cooling measures may have dampened housing demand here, but Singapore's ultra-rich are among high net-worth individuals (HNWI) around the world that are flooding into Dubai. In the first quarter alone, the United Arab Emirates' most populous city saw the sale of 111 residential properties valued at over US$10 million each. This comes after Dubai recorded 435 sales for luxury homes worth over US$10 million each in 2024 – almost equalling the total number of such sales in London (224) and New York (269) combined – ranking the city as the world's busiest market for sales in this exclusive bracket for the second consecutive year. The value of these residential sales for Dubai amounted to some US$6.9 billion last year. For comparison, Singapore was ranked 10th globally, with 89 of such luxury residential properties worth a total of US$1.4 billion changing hands in 2024. And this year, some US$10.3 billion of private capital around the world could be planning to invest in Dubai's property market, according to a report by property consultancy Knight Frank. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'The strongest appetite for a real estate purchase in the UAE comes from those with the greatest wealth and is a testament to the success of the government's programmes to strengthen the emirate's appeal as a place for the world's wealthy to live and invest,' said Faisal Durrani, partner and head of research for the Middle East and North Africa at Knight Frank. For the 2025 edition of its Destination Dubai report, Knight Frank, in partnership with YouGov, surveyed 387 HNWI based in Singapore, China, Hong Kong, India, Saudi Arabia, and the United Kingdom – each with an average net worth of US$22 million. Some 44 per cent of Singapore respondents expressed interest in purchasing property in Dubai, with another 17 per cent saying they were undecided. Globally, 61 per cent of HNWI said they would like to secure a home in the emirate for personal use – almost double the 31 per cent in the previous report. About a quarter of this group said they were looking to purchase purely for investment or capital gains. 'While we have anecdotal evidence of end-users being the most active buyer group in the market, our research has revealed a number of other key tell-tale signs. For instance, we have also found that 83 per cent of global HNWI are interested in purchasing land in Dubai to build their own home,' Durrani said. The interest in Dubai's residential property has driven prices up. According to Knight Frank, property values rose 19.1 per cent to an average of 1,685 dirham (S$592) per square foot (psf) in 2024 – pushing prices to 13.3 per cent above the 2014 peak. Villa sale prices also surged 19.6 per cent year on year to 2,088 dirham psf as at the end of Q1 – more than doubling from Q1 2020. Knight Frank said this illustrates the strong appeal of stand-alone villas, beachfront homes and branded residences that provide instant access to the Dubai lifestyle. According to the survey, the average allocated budget for a home purchase in Dubai by global HNWI is US$32 million.
Yahoo
14-05-2025
- Health
- Yahoo
Increasingly impossible to find food: Doctor on dire situation in Gaza
Dr. Aqsa Durrani of Doctors Without Borders joins Morning Joe to discuss the dire situation in Gaza. Dr. Durrani recently worked at a field hospital in the region mainly treating women and children with traumatic injuries sustained during Israeli airstrikes, including many that occurred while they were waiting in line for food.
Express Tribune
12-05-2025
- Entertainment
- Express Tribune
The imaginary saffron past
As a ceasefire takes hold, one of the starkest takeaways from the final days of India's military aggression in Pakistan is Bollywood's resounding cheerleading for Modi's Hindutva regime. With a tightening ideological bandwidth, the range of stories the Hindi film industry is willing to tell has diminished. What has replaced them are large-scale historical dramas, nationalist spectacles, and biopics that elevate grand origin myths of Brahminism and Hindutva's raj. From medieval queens to modern exoduses, here are five films that blur fact and fiction, painting civilisational clashes in stark black-and-saffron. Be it snow-dusted plains of 1761 or the contested valleys of Kashmir, each film projects a meticulously curated past, where every stirring speech and every grand tableau sends a clear message: this is the India of today's ruling ideology – and the truth, as always, is what you're told to believe. 'Panipat' (2019) Ashutosh Gowariker's Panipat promised sweeping battle scenes and Maratha bravado but instead served up a hyper-nationalist reimagining of the 1761 clash with Ahmad Shah Durrani. In the film, Sadashiv Rao Bhau (Arjun Kapoor) is the very personification of righteous Maratha valour, clad in polished armour and delivering stirring monologues on "saving motherland's soil." On the other side, Durrani (Sanjay Dutt) is framed almost exclusively as a bloodthirsty "invader," his Afghan warriors snarling like cartoon villains. What Gowariker erases is the realpolitik of the era: alliances between Hindu and Muslim chiefs, intermarriages among royal families, and even the fact that Durrani once maintained cordial ties with some Maratha sardars. Instead, Panipat substitutes nuance with a binary narrative – Hindu heroes vs Muslim hordes – to satisfy a contemporary appetite for "us versus them." Between the flagrant distortion of history and the sheer unbelievability of Arjun as a formidable force, on or off-screen, the film marked yet another Hindutva-inspired box-office dud. Naturally, it won applause in right-wing circles for "honouring Indian history." 'Adipurush' (2023) Who thought the Ramayana could be weaponised via CGI? Adipurush resurrects the epic with militaristic punchlines and beefed-up action sequences worthy of a modern war film. Director Om Raut repaints Ravana, played by Saif Ali Khan, not as the multi-dimensional rakshasa king of lore but as a "dark-bearded tyrant" dressed in black robes, evoking orientalist tropes of medieval Muslim invaders. Opposite him stands Prabhas's Raghava: chiseled, righteous, fate-driven. Every arrow loosed is a pledge to defend Hindu dharma, and every shot celebrates mythic heroism as a blueprint for today's politics. Costume designers even gave Janaki (Kriti Sanon), avatar of goddess Lakshmi and Raghava's wife, abducted by Ravana, a warrior-queen makeover. Clearly, ancient ideals needed a modern feminist spin, however poorly backed by the original text. Critics panned the VFX and whirled at the militarisation of sacred stories, but for audiences primed by nationalist fervour, Adipurush sandwiched both a rallying cry and a holy legend repurposed as contemporary propaganda. 'Samrat Prithviraj' (2022) Akshay Kumar's swagger-filled turn as Prithviraj Chauhan was pitched as the crown jewel of medieval glory. But all the actor brings is the incredibility shaping his humour in Priyadarshan films. Samrat Prithviraj ransacks history to present the 12th-century ruler as India's final pagan sovereign, standing alone against Muhammad Ghori (Manav Vij) and his "barbaric onslaught." In truth, Prithviraj lost to Ghori in the second battle of Tarain, not to mention, the subcontinent's political map was already crisscrossed by fluid alliances, not monolithic faith blocs. Screenwriters borrow selectively from the semi-mythical Prithviraj Raso, amplifying heroic duels and noble martyrdom, while glossing over Prithviraj's own strategic errors and his partnerships with Muslim generals. Despite its noisy marketing, the film fizzled commercially – a telling reminder that jingoism alone can't replace coherent storytelling. 'Padmaavat' (2018) Sanjay Leela Bhansali's Padmaavat arrived already engulfed in controversy: mobs threatened to burn down theatres; protesters demanded cuts to imaginary "love scenes." Once released, the film's strengths – luminous cinematography, opulent sets, skilled performances – couldn't mask its saffron-tinged undercurrents. Queen Padmavati (Deepika Padukone) becomes the paragon of Rajput honour, while Alauddin Khilji (Ranveer Singh) transmogrifies into a blood-lusty caricature, prowling Delhi's marble corridors in inky robes. Bhansali leans into the legend from Malik Muhammad Jayasi's 16th-century poem without ever acknowledging its fictional basis. Khilji's character is stripped of historical context – no mention of his architectural patronage or his complex administrative reforms. Instead, he's an animalistic antagonist, reinforcing a trope of the "predatory Muslim invader." Meanwhile, the Rajputs are a monolith of virtue, united in a mass jauhar rather than divided by the internecine politics that actually plagued Chittor. The film is a tragic addition to Bhansali's many exhausted attempts at historical fiction. 'The Kashmir Files' (2022) If Panipat and Padmaavat weaponise myth, The Kashmir Files weaponises trauma. Starring Mithun Chakraborty, Anupam Kher, Darshan Kumar, and Pallavi Joshi, the film centres on a young Kashmiri Hindu student raised by his exiled grandfather and kept in the dark about his parents' deaths. Vivek Agnihotri's film foregrounds the exodus of Kashmiri Pandits in 1990 – an under-told horror story of death threats, bomb blasts, and mass displacement. But in compressing years of conflict into slickly edited set pieces, the film trades nuance for punchy outrage. Graphic scenes – bloodied bodies, impassioned pleas – feed a binary of "innocent Pandit victim" versus "evil Muslim militant," with hardly a nod to the insurgency's broader political context or the simultaneous suffering of Kashmiri Muslims. The film's ascension to tax-free status in BJP-ruled states, plus public endorsements from senior party figures, cemented its political status beyond cinema. Online, hashtags surged, and hardline voices trafficked in fresh Islamophobic hate speech. Real historians have pointed out factual slippages – dates conflated, characters invented, events reordered – to sculpt a narrative that fits neatly into a Hindutva playbook.
Business Recorder
30-04-2025
- Business
- Business Recorder
Senate Functional Committee meets: SBP, NBP present various plans to promote agri, aiding farmers
ISLAMABAD: Both the governor of the State Bank of Pakistan (SBP) and the president of the National Bank of Pakistan (NBP) presented various plans and schemes aimed at promoting agriculture and aiding farmers. A meeting of the Senate Functional Committee on Problems of Less Developed Areas was convened on Tuesday under the chairmanship of Senator Agha Shahzaib Durrani. The session was attended by senators, Syed Kazim Ali Shah, Falak Naz, Danesh Kumar, Aimal Wali Khan, and Hamid Khan. The governor of the SBP and the president of the NBP were also present to provide valuable insights into the current state of agricultural financing in the country. The committee met to discuss and assess the role of the banking sector in promoting and supporting the agricultural sector, which constitutes 80 percent of the country's economy, as Pakistan is an agrarian nation. Agricultural financing in focus The committee received a detailed briefing on the distribution of agricultural credit through various schemes, including credit guarantee initiatives aimed at promoting rural finance for marginalised farmers, especially in the livestock and dairy sectors in less developed areas. The committee also reviewed the role of the banking sector in facilitating small and medium enterprises (SMEs) and corporate businesses in these regions. Both the governor of the SBP and the president of the NBP presented various plans and schemes aimed at promoting agriculture and aiding farmers. However, the committee expressed dissatisfaction with the limited role played by the banking sector in advancing agricultural development, particularly in less developed areas. Senator Durrani pointed out that only 10 percent of the country is developed, while 90 percent remains underdeveloped, stressing that no special initiatives have been undertaken to address this disparity. Lack of awareness and public engagement The committee chairman, Senator Durrani, highlighted the absence of concrete measures for public awareness regarding the Kissan Package, which offers financial relief to farmers. He also noted that private banks had taken up agricultural financing primarily as a business venture, with little regulatory action from the State Bank to improve the situation. 'It is regrettable that the State Bank has made no significant efforts to promote agriculture or engage with the banking sector on this issue,' said Senator Durrani. He further emphasised that international models, such as the specific funds for underdeveloped areas seen in countries like the USA, could serve as a blueprint for Pakistan. Key agricultural credit disbursement data The committee reviewed the latest figures related to agricultural credit disbursement for the fiscal year 2025: Agricultural Credit Performance (July-February 2025), Agricultural loans disbursed: Rs1,654.8 billion (64.3 percent of the annual target for FY25). The outstanding agricultural loan portfolio reached Rs933.2 billion by February 2025, showing a 15 percent growth compared to the previous year. The number of outstanding agricultural borrowers stood at 2.85 million by the end of February 2025, marking a 4.9 percent year-on-year growth. Regional distribution of loans (July-February FY25): Punjab: Rs1,269 billion (64.3 percent of total disbursements), Sindh: Rs329.9 billion (67.7 percent achievement), Khyber Pakhtunkhwa: Rs39.8 billion (49.6 percent achievement), Balochistan and other regions: Rs16.2 billion. The committee also discussed the Kissan Package, under which Rs2.96 billion in interest was waived off for flood-affected farmers. As part of the scheme, 102,663 farmers benefited across various provinces, including Punjab, Sindh, Khyber Pakhtunkhwa, and Balochistan. Concerns over funding distribution The committee raised concerns regarding the disproportionate allocation of funds, with 80 percent of the agricultural credit being granted to Punjab, which is not considered a less developed region. The committee emphasised that this skewed distribution of funds neglects the needs of less developed areas, particularly in the tribal regions of Bajaur, South Waziristan, and North Waziristan. International practices and development models Senator Durrani stressed the need for the adoption of international best practices to address the challenges faced by less developed areas. He pointed to the success of specific funds for underdeveloped areas in the United States and suggested that Pakistan could implement similar mechanisms to promote agriculture and rural development. 'There is a pressing need for targeted funding and policies to address the unique challenges faced by underdeveloped regions. The banking sector has a crucial role to play in this effort, but it requires guidance and regulation from the State Bank,' stated Senator Durrani. Role of the NBP The president of the NBP, while discussing the bank's initiatives, highlighted that NBP is the largest lender in the agriculture sector. He confirmed that the bank offers the lowest markup rates for farming sectors and has implemented a digital app, which is widely used in underserved areas to facilitate farmers. 'The NBP remains committed to providing financial support to the agricultural community. We aim to bridge the gap in underserved areas through digital solutions and low-interest loans,' said the NBP president. However, the committee noted that while NBP's digital initiatives are a positive step, the overall progress in terms of credit disbursement to less developed areas remains inadequate. The Senate Functional Committee on the Problems of Less Developed Areas concluded the meeting with a call to action for the banking sector, urging both public and private banks to step up their efforts in supporting the agricultural sector, especially in less developed regions. The committee also called for greater collaboration between the State Bank, commercial banks, and government authorities to ensure the equitable distribution of agricultural credit and the implementation of policies that benefit all regions of the country. The committee has requested a detailed report from the SBP regarding the loans provided to farmers, specifically focusing on less developed areas, and has demanded transparency in the allocation of agricultural credit. Copyright Business Recorder, 2025
Arab News
22-04-2025
- Business
- Arab News
Real estate demand in Saudi Arabia's two holy cities hits $2bn
RIYADH: Saudi Arabia's real estate sector continues to draw international attention, with high-net-worth individuals from nine Muslim-majority countries preparing to commit $2 billion toward property purchases in Makkah and Madinah, according to a new survey. The findings, part of Knight Frank's latest Private Capital Report, show that 84 percent of global HNWIs surveyed expressed interest in acquiring property in Saudi Arabia — with a clear preference for its two holy cities. Nearly half, or 48 percent, of those respondents said they plan to use homes in Makkah as their main residence, pointing to a shift toward long-term occupancy rather than seasonal or purely investment-driven holdings. The trend comes as Saudi Arabia overhauls its property sector to position itself as a global tourism and business hub by the decade's end, in line with its Vision 2030 diversification strategy. Faisal Durrani, partner and head of research for the Middle East and North Africa at Knight Frank, said: 'The region's sustained economic growth, underpinned by ambitious national visions and strategic policy reforms, has reinforced its position as a global investment hub.' Durrani added that real estate remains a preferred investment vehicle for ultra-high-net-worth individuals seeking to preserve wealth. 'Across the MENA region, demand for prime and super-prime homes has reached unprecedented levels, fueled by both local and international buyers seeking security, stability and long-term growth,' he said. Earlier this month, S&P Global said the outlook for Saudi Arabia's property sector remains positive in the near term, driven by population growth, rising tourism, and Vision 2030-led initiatives. The Real Estate General Authority projects the market to reach $101.62 billion by 2029, with a compound annual growth rate of 8 percent starting in 2024. UAE draws global wealth Regionally, the UAE continues to attract high-net-worth migration. Knight Frank noted that 7,200 millionaires relocated to the country in 2024, boosting its total resident population of affluent individuals to 134,000. The report also found the number of dollar millionaires in the UAE stood at 130,500 as of December 2024, ranking it the 14th largest wealth market globally. The emirates also host 325 centi-millionaires — those with liquid wealth exceeding $100 million — and 28 billionaires. According to Knight Frank, 31 percent of the millionaires who moved to the UAE over the past decade came from India, followed by 20 percent from the Middle East and 14 percent from Russia and the Commonwealth of Independent States. 'With a record-breaking 142,000 millionaires forecast to change their domicile globally in 2025, the UAE stands poised to capture a significant share of this wealth migration wave, strengthening its status as a wealth hub that has successfully transitioned from regional player to global force,' said Dominic Volek, group head of private clients at Henley & Partners, in a statement. Luxury sales surge in Dubai Wealth migration is translating into a property boom in Dubai, now the world's most active market for $10 million-plus home sales for two consecutive years, ahead of London and New York. In 2024, the city recorded 435 ultra-luxury home transactions, compared to 434 the previous year. A record 153 such deals were closed in the fourth quarter of 2024 alone, while the first quarter of 2025 saw another 111, up 5.7 percent from the same period last year. 'Dubai's luxury residential market continues to defy gravity. Demand, particularly from international buyers, remains unrivaled on the global stage,' said Durrani. 'In 2024 alone, Dubai not only led the world in the number of $10 million-plus home sales, but also topped total transaction value, with 435 deals worth $7.1 billion.' 'Dubai has firmly established itself as the global epicenter for ultra-luxury real estate – surpassing legacy markets like New York, London and Hong Kong. It's a staggering achievement for a market that, until recently, was considered relatively young,' he added. Palm Jumeirah retained its position as Dubai's premier ultra-prime location, recording 34 transactions worth more than $10 million in the first quarter of 2025, with a combined value of $562.8 million. Emirates Hills followed, with 15 deals totaling $356.7 million. 'Dubai has cemented its position as a premier destination for HNWI seeking real estate for personal use or for investment purposes, with a distinct focus by the global elite on making the city a permanent base or a second home,' said Nicholas Spencer, Knight Frank's partner- Private Capital and Family Enterprises, MENA. Broader MENA trends In the wider region, Knight Frank said Qatar's residential market is also drawing interest from GCC nationals and GCC-based expatriates. The firm identified $537.5 million in private capital globally that is actively seeking residential real estate in Qatar. Meanwhile, Egypt's real estate market remains a key area of interest for GCC investors. 'GCC investors' interest in Egypt's second homes market underscores the country's appeal as a prime real estate destination. The combination of lifestyle benefits, potential for high rental yields, affordability and strong strategic ties to the GCC all add to the country's allure,' added Knight Frank.
