Latest news with #Mena
The National
7 days ago
- Business
- The National
More than 51,000 homes sold in Dubai in record second quarter
More than 51,000 homes were sold in Dubai in the second quarter of this year, marking a quarterly record amid strong demand from buyers, a report has shown. The figures are up 22.8 per cent year-on-year, property consultancy Knight Frank said in its report on Wednesday. In the first half of the year, total home sales reached more than 94,000, putting the market firmly "on track to exceed" 169,000 transactions recorded in 2024, it added. The total value of residential sales in the January to June period also surged to Dh268 billion ($73 billion), a 41 per cent increase compared to the same period last year. The market is poised to surpass the Dh367 billion in home sales reached last year, the consultancy said. Residential prices grew by an average of 13.7 per cent annually in second quarter, with villa prices rising by 16 per cent year-on-year. 'The sustained growth in prices, now approaching five consecutive years since the current cycle began in November 2020, is a clear sign of a more stable and predictable market environment,' said Faisal Durrani, partner and head of research, Mena, at Knight Frank. 'Knight Frank's forecasts for 2025 remain unchanged, with 8 per cent growth expected in the mainstream market and 5 per cent in the prime segment.' Dubai's property market has been booming in recent years, having benefited from government initiatives such as residency permits for retired and remote workers, expansion of the 10-year golden visa programme and overall growth in the UAE's economy on diversification efforts. This month, a new scheme was also launched to help Emiratis and UAE residents who do not own any freehold residential property in the emirate get on the property ladder. In the first half of 2025, the volume and value of all real estate transactions in Dubai rose sharply amid the entry of more than 59,000 new investors into the booming market, the Dubai Media Office said on Sunday, quoting Dubai Land Department (DLD) data. The number of transactions reached 125,538, up nearly 26 per cent from 99,947 during the first six months of last year, it said. The value of these transactions rose about 25 per cent to about Dh431 billion, 'highlighting the strong growth momentum in the market', the report said. Luxury driving growth The luxury segment recorded strong growth in the second quarter, with prime residential values across 10 key communities rising by 16 per cent over the past 12 months, according to Knight Frank. The average prime transacted price now stands at Dh3,850 per square foot. Villas continued to outperform the broader market in the second quarter, with values climbing to Dh2,172 per square foot, marking a 4 per cent quarterly increase. Prime residential areas such as Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, and Dubai Hills Estate remained the most sought-after locations, particularly among international high-net-worth individuals, it said. Sales of homes priced above $10 million reached Dh9.5 billion in second quarter of 2025, 'the highest quarterly figure on record", according to the consultancy. 'The market is increasingly being shaped by genuine buyers rather than speculators, with resale activity within 12 months of purchase now at just 4–5 per cent, compared to 25 per cent in 2008,' said Will McKintosh, regional partner and head of residential, Mena, at Knight Frank. 'This shift toward end-user activity is a positive indicator of the market's growing maturity and long-term sustainability.' Knight Frank's report also highlighted the emergence of "accidental millionaires" – homeowners whose properties have appreciated beyond $1 million due to market trends. As of the second quarter, there are 110,000 such homes in Dubai, with 37,000 owned by individuals who originally purchased below the million-dollar threshold.
The National
7 days ago
- Business
- The National
More than 51,000 homes sold in Dubai in 'record' second quarter
More than 51,000 homes were sold in Dubai in the second quarter of this year, marking a quarterly record amid strong demand from buyers, a report has shown. The figures are up 22.8 per cent year-on-year, property consultancy Knight Frank said in its report on Wednesday. In the first half of the year, total home sales reached more than 94,000, putting the market firmly "on track to exceed" 169,000 transactions recorded in 2024, it added. The total value of residential sales in the January to June period also surged to Dh268 billion ($73 billion), a 41 per cent increase compared to the same period last year. The market is poised to surpass the Dh367 billion in home sales reached last year, the consultancy said. Residential prices grew by an average of 13.7 per cent annually in second quarter, with villa prices rising by 16 per cent year-on-year. 'The sustained growth in prices - now approaching five consecutive years since the current cycle began in November 2020 - is a clear sign of a more stable and predictable market environment,' Faisal Durrani, partner and head of research, Mena, at Knight Frank, said. 'Knight Frank's forecasts for 2025 remain unchanged, with 8 per cent growth expected in the mainstream market and 5 per cent in the prime segment.' Dubai's property market has been booming in recent years, having benefited from government initiatives such as residency permits for retired and remote workers, expansion of the 10-year golden visa programme and overall growth in the UAE's economy on diversification efforts. This month, a new scheme was also launched to help Emiratis and UAE residents who do not own any freehold residential property in the emirate get on the property ladder. In the first half of 2025, the volume and value of all real estate transactions in Dubai rose sharply amid the entry of more than 59,000 new investors into the booming market, the Dubai Media Office said on Sunday, quoting Dubai Land Department (DLD) data. The number of transactions reached 125,538, up nearly 26 per cent from 99,947 during the first six months of last year, it said. The value of these transactions rose about 25 per cent to about Dh431 billion, 'highlighting the strong growth momentum in the market', the report said. Luxury driving growth The luxury segment recorded strong growth in the second quarter, with prime residential values across 10 key communities rising by 16 per cent over the past 12 months, according to Knight Frank. The average prime transacted price now stands at Dh3,850 per square foot. Villas continued to outperform the broader market in the second quarter, with values climbing to Dh2,172 per square foot, marking a 4 per cent quarterly increase. Prime residential areas such as Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, and Dubai Hills Estate remained the most sought-after locations, particularly among international high-net-worth individuals, it said. Sales of homes priced above $10 million reached Dh9.5 billion in second quarter of 2025, 'the highest quarterly figure on record", according to the consultancy. 'The market is increasingly being shaped by genuine buyers rather than speculators, with resale activity within 12 months of purchase now at just 4–5 per cent, compared to 25 per cent in 2008,' Will McKintosh, regional partner and head of residential - Mena, at Knight Frank, said. 'This shift toward end-user activity is a positive indicator of the market's growing maturity and long-term sustainability.' Knight Frank's report also highlighted the emergence of "accidental millionaires" - homeowners whose properties have appreciated beyond $1 million due to market trends. As of the second quarter, there are 110,000 such homes in Dubai, with 37,000 owned by individuals who originally purchased below the million-dollar threshold.
Khaleej Times
22-07-2025
- Business
- Khaleej Times
Mena banks can bridge the SME finance gap through simplified, AI-driven servicing
Small and medium-sized enterprises (SMEs) play a central role in the Middle East and North African (Mena) economies, yet many remain underserved by formal financial systems, experts say. According to the International Finance Corporation (IFC), 40 per cent of formal micro, small, and medium enterprises (MSMEs) in developing countries face unmet financing needs amounting to $5.2 trillion annually. This is equivalent to 1.4 times the current level of global MSME lending. In the Mena region, the finance gap is particularly high, at 88 per cent of potential demand. In 2024, SME credit in Saudi Arabia rose by 27.6 per cent to $94 billion. In the UAE, SME lending reached $22.1 billion by mid-year. These developments reflect broader efforts to close the financing gap through technology-enabled servicing models. 'Banks often face structural challenges in addressing this gap,' said Carlos Teixeira, Head Business Dev and Strategy, Lending at Finastra. 'Legacy infrastructure, high servicing costs, increased credit risk, and fragmented data make it difficult to assess SME creditworthiness and process loans efficiently. As a result, many SMEs rely on internal funds or informal sources to finance growth and operations.' According to Finastra's 2024 Financial Services State of the Nation Survey, 87 per cent of financial institutions globally see improving access to finance as part of their responsibility. The report highlights growing adoption of cloud-native platforms, API-based architectures, and AI. Financial institutions in countries like UAE and Saudi Arabia are already taking steps to modernise their banking capabilities, which can help enable faster and more scalable lending, including to SMEs. Finastra continues to support financial institutions across Mena with modernising their SME lending capabilities, while helping to expand financial inclusion. 'Adopting a simplified servicing approach in lending is becoming a strategic priority for banks to better serve SMEs,' added Carlos Teixeira. 'By automating workflows, applying data analytics, breaking down silos and integrating digital channels, banks can reduce costs, improve credit assessments and processing times, reduce risk and deliver more tailored, responsive support.' 'Simplified and scalable servicing models also present a commercial opportunity. Banks can serve more SMEs profitably, compete more effectively with fintechs and private credit providers, and unlock new revenue streams. At the same time, expanding access to credit allows banks to contribute meaningfully to closing the finance gap and supporting economic resilience across the region,' highlighted Carlos Teixeira. To extend their reach and improve efficiency, banks in the region are also partnering with fintechs and third-party providers via digital ecosystems. These collaborations can, for example, improve risk modelling, access to alternative data sets, and processes for credit assessments. This, in turn, allows financial institutions to expand access to credit while maintaining prudent risk controls.
Khaleej Times
20-07-2025
- Business
- Khaleej Times
Middle East emerging as a major global fintech hub
The Middle East is fast becoming one of the world's most exciting fintech frontiers. Digital banking adoption in the UAE is soaring, 89 per cent of consumers now use digital-first bank accounts, and digital payments now account for just 17 per cent cash usage in everyday transactions. Real-time payments are also growing rapidly, with the region expected to exceed 3 billion transactions by 2028. Across Mena, over 1,000 fintechs are now operating, with the sector expected to grow 35 per cent annually through 2028, more than double the global average. 'We're seeing a profound shift in how financial services are being built, delivered, and adopted in the UAE. Over the past few years, fintech adoption has widened beyond early movers into a broad, vibrant ecosystem, now home to over 300 active fintech firms. Crucially, we're seeing fintech's role expanding. While payments remains a key entry point, the growth of virtual cards, cross-border capabilities, and smarter credit solutions is opening up new opportunities across sectors, from SME lending to wealthtech,' Nauman Hassan, Regional Director Mena, Paymentology, leading global issuer-processor, told Khaleej Times. With initiatives like the Central Bank's FIT Programme and Dubai's push to become a digital-first economy (which is near completion), the architecture of the future is being built. 'High smartphone penetration at 96 per cent, growing comfort with digital payments, and the rise of digital-native banks like Wio and Zand are accelerating this momentum,' Hassan said. The UAE's push toward a cashless society is well underway. Dubai, for example, has digitised over 97 per cent of government payments, and in 2025, DIFC and Dubai Finance launched workshops to help businesses make the switch. 'We're proud to play a foundational role in this shift. Our cloud-first platform enables banks and fintechs to launch digital-first card programmes at speed, whether physical, virtual or tokenised. Our work with partners like Mamo in the UAE illustrates this impact clearly: together, we're helping small businesses access fast, secure, multi-currency payment options - moving them away from cash-based transactions toward streamlined digital flows. And because we support real-time data and multi-currency settlement, we empower fintechs to launch smarter, more accessible financial products from day one. To support this momentum on the ground, Paymentology recently expanded its regional presence with a new office in Dubai. 'This hub strengthens our ability to serve clients across Mena with specialised support, faster implementation, and deep local expertise, accelerating the shift to digital payments across the region,' Hassan said. In a country as digitally advanced as the UAE, trust in payment systems is the currency of continued innovation. Every day, over Dh11 million is lost to fraud, studies show. And as adoption of digital payments accelerates, the potential attack surface for cyber threats expands with it. 'We believe security must evolve just as quickly as the technologies it's designed to protect. Tokenisation is one of the most powerful tools in our arsenal. By replacing card numbers with unique digital tokens, we remove sensitive data from the threat landscape entirely, a move that can reduce fraud by up to 60 per cent. We've invested heavily in tokenisation because we believe cards are just one way to pay; the mechanism behind the card will remain, but we'll increasingly see payments shift to mobile devices and digital wallets, whether through global platforms like Apple Pay or proprietary solutions from banks, fintechs, and super apps,' Hassan said. AI is fast becoming the engine driving the industry forward. From real-time fraud detection to intelligent credit scoring, AI is transforming how financial services are delivered, and who can access them. A few years ago the UAE government partnered with Mastercard to accelerate the adoption or AI. More recently we had the announcement granting nationwide access to ChatGPT Plus, giving every student, entrepreneur, and professional free use of GPT-4o is a world first. As well as development of 'Stargate', one of the world's largest AI supercomputing clusters. 'At Paymentology, we're seeing the value of AI unfold across our organisation. Our teams are increasingly leveraging AI in their day-to-day operations from improving internal workflows to enhancing client support. Our API sandbox already incorporates AI to help fintechs experiment and innovate more efficiently, and we're actively exploring new opportunities to integrate AI across our platform. Ultimately, fintech thrives when it's built on real-time data, intelligence, and speed. AI supercharges all three, and the UAE is building the infrastructure to scale it across borders,' Hassan said.
New Indian Express
20-07-2025
- New Indian Express
Scaling new heights: From Everest to empowerment, Time Mena blazes a trail in Arunachal
ARUNACHAL PRADESH : Time Mena was at a loss thinking about how she would fund her costly Mount Everest expedition, but fellow villagers in her native Lower Dibang Valley district of Arunachal Pradesh had come forward to help her in whatever little way they could. The odds were against her, but Mena summited the world's highest mountain peak in May 2011 to become the first woman from the Northeast to achieve this rare feat. Call it the cycle of life that she is now giving back to society by promoting adventure sports and providing a livelihood option for village women. For the past decade, the 39-year-old adventure instructor in Arunachal Pradesh's Department of Youth Affairs has been working to promote mountain biking, trekking, and rafting in Lower Dibang Valley and adjoining Anjaw districts. She often sets out for remote villages to organise mountain biking events for scouting talents, shelling out her own money. She brings select candidates to Roing, the headquarters of the Lower Dibang Valley district, for a five-day training session, during which the Department of Youth Affairs further evaluates their performance. They then get trained to participate in national events. Rubi Lombo, one of her proteges, is currently a coach of the National MTB Cycling team under the Sports Authority of India. Mena says she and her team members look for sponsors to fund the bikers' travel and stay when they travel to different parts of the country to participate in national events. Help seldom comes from sponsors, she adds. 'There are many trekking trails in our region. We organise treks for tourists and make some profit. We use a portion of it to take care of the mountain bikers,' she explains. Parts of eastern Arunachal had a serious problem of opium cultivation and addiction. Then, the government went hard at the opium growers, achieving success to a great extent. Mena intervened to make a difference in her own way. She thought of engaging poor women in making and selling bags. She had the expertise. She bought the raw materials and started designing and making the bags. She selected over 20 village women. She, along with eight others, designed and made the bags and the others sold them. The sellers include several former opium peddlers.
