Latest news with #NadAlSheba
Gulf Business
6 days ago
- Business
- Gulf Business
Binghatti acquires mega plot for Dhs25bn master planned community in Dubai
Image: Supplied The anticipated value of the development exceeds Dhs25bn($6.8bn), positioning it among the largest single-site residential projects in the emirate. The land is located in Nad Al Sheba 1, within Dubai's Meydan district, an area historically linked with equestrian heritage and the former Nad Al Sheba Racecourse. 'The acquisition of a mega plot for what is expected to be our first master-planned development marks a pivotal moment in Binghatti's growth journey,' said Muhammad BinGhatti, chairman of Binghatti Holding. 'The planned new mega project would build on the strong momentum of our vertically integrated model, which has consistently enabled us to deliver distinctive, high-quality properties ahead of schedule. Our solid financial foundation has allowed us to self-fund the acquisition of the land for what is expected to be a transformative project that will set a new benchmark for integrated living in Dubai.' The future development is expected to offer a 'refined and tranquil' lifestyle, with the company citing its central location and access to major roadways and key landmarks as core to its appeal. A key milestone for Binghatti The move marks a significant shift for Binghatti, which until now has been focused on high-rise branded residences, including the Bugatti Residences, Binghatti has also attracted high-profile clientele, including football star Neymar Junior and opera legend Andrea Bocelli. Led by Muhammad BinGhatti, Binghatti Holding manages a portfolio of over 80 projects valued at more than Dhs50bn. In the past 16 months, the company has delivered more than 11,000 residential units, underscoring its rapid growth trajectory and market presence.
Trade Arabia
6 days ago
- Business
- Trade Arabia
Binghatti buys mega plot for $6.8bn residential community project
Binghatti Holding, a leading UAE-based real estate developer behind iconic luxury branded residences, has announced that it has acquired freehold plot of land in the heart of Dubai's sought-after Meydan district to develop a residential community valued at more than AED 25 billion ($6.8 billion). The land spans more than 8 million square feet of gross floor area and marks the company's first master-planned community project. Located in Nad Al Sheba 1, the land has been set aside for a groundbreaking development designed to deliver a refined and tranquil lifestyle. The area has been long associated with equestrian excellence and home to the original Nad Al Sheba Racecourse, the former venue of the iconic Dubai World Cup, said Binghatti Holding in a statement. With seamless connectivity to major roads and proximity to Dubai's key landmarks, the planned community will offer both convenience and exclusivity, it added. On the strategic move, Chairman Muhammad BinGhatti said: "The acquisition of a mega plot for what is expected to be our first master-planned development marks a pivotal moment in Binghatti's growth journey. The planned new mega project would build on the strong momentum of our vertically integrated model, which has consistently enabled us to deliver distinctive, high-quality properties ahead of schedule." "Our solid financial foundation has allowed us to self-fund the acquisition of the land for what is expected to be a transformative project that will set a new benchmark for integrated living in Dubai," he stated. Binghatti currently has around 20,000 units under development across about 30 projects in prime residential areas across Dubai, including Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City and Sports City.
Zawya
6 days ago
- Business
- Zawya
Dubai's Binghatti to develop $7bln master community in Meydan district
Dubai developer Binghatti Holding has acquired freehold land to build its first master-planned residential community in Nad Al Sheba 1 in the Meydan district. The master community will have more than 8 million square feet of gross floor area, with an anticipated total development value exceeding 25 billion UAE dirhams ($6.81 billion), the developer stated in a statement on Wednesday. 'The planned new mega project will be built on the strong momentum of our vertically integrated model,' said Binghatti Holding Chairman Muhammad BinGhatti. The land acquisition was self-financed, he said, without giving details on the land cost. Binghatti currently has 20,000 units under development across nearly 30 projects in residential areas, including Downtown Dubai, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City and Sports City. The developer's flagship properties are branded residences built in collaboration with Bugatti, Mercedes-Benz, and Jacob & Co., the statement said. (Writing by P Deol; Editing by Anoop Menon) (
Arabian Business
6 days ago
- Business
- Arabian Business
Dubai real estate: Binghatti acquires massive Nad Al Sheba Land for $6.9bn master-planned residential community
Binghatti Holding Ltd has acquired freehold land spanning over 8 million square feet of gross floor area for its first large-scale master-planned residential community in Dubai. The Dubai-based real estate developer, known for luxury-branded residences, expects the development to have a total value exceeding AED 25 billion. The land sits in Nad Al Sheba 1 within Dubai's Meydan district. The area previously housed the Nad Al Sheba Racecourse, which served as the former venue for the Dubai World Cup. The location maintains connections to major roads and sits near Dubai's key landmarks. Binghatti's first master community The planned community will focus on delivering a refined and tranquil lifestyle whilst offering convenience and exclusivity to residents. Muhammad BinGhatti, Chairman of Binghatti Holding Ltd., said: 'The acquisition of a mega plot for what is expected be our first master-planned development marks a pivotal moment in Binghatti's growth journey. The planned new mega project would build on the strong momentum of our vertically integrated model, which has consistently enabled us to deliver distinctive, high-quality properties ahead of schedule. Our solid financial foundation has allowed us to self-fund the acquisition of the land for what is expected to be a transformative project that will set a new benchmark for integrated living in Dubai.' Binghatti currently develops around 20,000 units across approximately 30 projects in prime residential areas throughout Dubai. These locations include Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City and Sports City. Bugatti, Mercedes-Benz, and Jacob & Co. football star Neymar Junior and opera performer Andrea Bocelli.
Arabian Business
23-05-2025
- Business
- Arabian Business
UAE announces tax exemption; Expected holiday dates; Dubai real estate cryptocurrency buying tips; visa application centre opened – 10 things you missed this week
The UAE has revealed new tax guidelines, industrial investment plans and visa and transport projects this week. At the same time real estate analysts have focussed on cryptocurrency and proptech developments in Dubai, with major announcements and buying tips hitting the headlines. Catch up on 10 of the biggest stories this week, as selected by Arabian Business editors. UAE announces tax exemption The UAE has announced an exemption on Corporate Tax for certain foreign entities. The Ministry of Finance (MoF) has announced the issuance of Cabinet Decision No. (55) of 2025 on Exempting Certain Persons from Corporate Tax for the purposes of Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses. The decision expands the scope of the corporate tax exemption to include foreign entities that are wholly owned by certain exempted entities, such as government entities, government-controlled entities, qualifying investment funds, and public pension or social security funds. Dubai to slash journey times on major road with new bridge The new bridge will serve residential communities in Nad Al Sheba and provide direct connection for inbound traffic from Dubai–Al Ain Road towards Al Ain. With a design capacity of 2,600 vehicles per hour, the bridge reduces travel time from Dubai–Al Ain Road to Nad Al Sheba by 83 per cent, cutting the journey from six minutes to just one. UAE holidays 2025: Will residents get a long weekend ahead of Islamic New Year? If confirmed by UAE authorities, the public holiday would align with the country's Saturday–Sunday weekend, potentially offering a three-day break from June 27 to 29. As with all Hijri calendar-based holidays, the official date depends on the moon sighting and will be confirmed closer to the time. Dubai launches $1.2bn PropTech Hub to power future real estate Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, Chairman of The Executive Council of Dubai, and Chairman of the Higher Committee for Future Technology and Digital Economy, chaired a meeting of the Committee and issued directives to launch The Dubai PropTech Hub. The move seeks to fast-track the expansion of the PropTech market in the emirate, aiming to more than double its value to surpass AED4.5bn ($1.2bn) over the next five years. Abu Dhabi announces car manufacturing plans as it eyes $27bn automotive plan and 7,000 skilled jobs The Abu Dhabi Investment Office (ADIO) announced the launch of a major economic programme targeting the establishment of an end-to-end automotive ecosystem. Backed by multi-billion-dirham investments from global industry leaders, the programme aims to transform Abu Dhabi into the region's foremost hub for smart automotive manufacturing and assembly, R&D, restoration, auctions and luxury automobiles. Announced during the Make it in the Emirates Forum 2025 (MIITE), the automotive programme is projected to contribute AED100bn ($27.2bn) to Abu Dhabi's GDP by 2045, attract more than AED8bn ($2.2bn) in FDI and create 7,000 high-skilled jobs. Umm Al Quwain an 'investment hotspot' in UAE, say real estate experts The northern emirate, known for its 23 km of coastline and natural landscapes, is experiencing increased investor interest as neighbouring property markets reach maturity and price points that exclude many buyers. In an exclusive interview with Arabian Business, Andrew Cummings, Head of Residential Agency at Savills Middle East, attributes the growth to a broader trend of investment focus shifting to the northern emirates. Off-plan real estate sales in Dubai have already reached $24.5bn this year as high returns and easy finance lure investors Off-plan Dubai real estate sales have already reached AED90bn ($24.5bn) so far this year, according to W Capital data. The findings, based on data from the Dubai Land Department, indicated that the Dubai real estate market witnessed 40,500 off-plan property transactions between January and May 15, 2025. The AED90bn ($24.5bn) total, making 38 per cent of total market sales. Ready-built properties, which recorded AED147.4bn ($40.1bn), accounted for 62 per cent of sales during the same period. According to the data, off-plan transactions included 36,359 residential units and 4,141 buildings. World's largest visa application opens in Dubai with 10,000-per-day capacity The world's largest visa application facility has opened in Dubai and is capable of handling 10,000 visa applications a day. VFS Global launched its flagship Visa Application Centre in Wafi City, marking the opening of the largest visa application facility in the world. At nearly 150,000sq ft, 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. The pros and cons of buying Dubai real estate with cryptocurrency With the UAE's proactive approach to blockchain and digital asset regulation, Dubai is now one of the few cities in the world where cryptocurrency can be used to legally and securely purchase residential and commercial real estate. As more developers and buyers embrace crypto payments, the conversation is shifting from 'Is this possible?' to 'What are the risks and rewards?' – whether you're a seasoned crypto investor or a newcomer to Dubai's property market. Emirates NBD gets RBI go-ahead to set up wholly owned subsidiary in India Setting up a wholly owned unit will allow Emirates NBD to be treated on par with local banks. A statement by the RBI on Monday said: 'Emirates NBD Bank is currently carrying on banking business in India in branch mode through its branches located in Chennai, Gurugram and Mumbai. The in-principle approval has been granted to the bank for setting up a WOS through the conversion of its existing branches in India. The RBI would consider granting a licence for commencement of banking business in WOS mode under Section 22 (1) of the Banking Regulation Act, 1949 to Emirates NBD Bank PJSC, on being satisfied that the bank has complied with the requisite conditions laid down by the RBI.'
