Latest news with #ResolutionNo.11
Arabian Business
01-05-2025
- Business
- Arabian Business
UAE real estate to thrive despite global economic tensions as Dubai and Abu Dhabi market momentum continues in Q1 2025
Dubai and Abu Dhabi real estate markets have seen strong starts to the year, according to CBRE Middle East's UAE Real Estate Market Review for the first quarter of 2025. The analysis reflects the impact of ongoing trade tensions and declining oil prices on the UAE's economy, with the International Monetary Fund (IMF) revising its global growth forecast from 3.3 per cent to 2.8 per cent. Nevertheless, the UAE's diversified economy and strong international trade relationships are expected to cushion the effects of these external challenges. Dubai and Abu Dhabi real estate growth Notably, UAE's foreign trade surged to AED3tn ($817bn) in 2025, marking a 15 per cent year-on-year increase, driven by proactive efforts to diversify trade partners and enhance trade flows. In a significant move, Dubai's Executive Council has issued Resolution No. 11 of 2025, allowing free zone companies to operate in mainland locations with approval from the Dubai Economic Department (DET). The move supports economic growth, boosts competitiveness, and eases market entry, aligning with Dubai's goal to double its economy to AED32tn ($8.7tn) over the next decade. Free zone firms can now apply for onshore permits without losing their status, though the change excludes the Dubai International Financial Centre (DIFC). In Dubai's residential market, the first quarter of 2025 showcased robust growth, with rental rates and sales values rising compared to the previous year. An active development pipeline, particularly in waterfront areas and affordable communities, has contributed to this growth, with more than 25,000 new units launched. Despite the increase in launches, slower project deliveries have led to higher rental rates, averaging nearly 11 per cent for apartments and 9 per cent for villas. Transactional property values have also risen by over 16 per cent, reflecting consistent quarter-on-quarter increases. While rental growth has moderated from earlier highs, it remains a pressing concern for residents facing rising living costs. In Q1, Dubai's residential transaction volumes surged by 23 per cent year-on-year, with off-plan transactions increasing by 33 per cent and ready properties up nearly 5 per cent. The total of 43,000 transactions recorded marks one of the highest figures ever, excluding Q3 and Q4 of 2024. The total sales value reached AED 115bn ($31.3bn), with off-plan transactions accounting for AED79bn ($21.5bn/69 per cent) and ready properties for AED36bn ($9.8bn/31 per cent). Overall transaction values have risen by 29 per cent year-on-year, with off-plan values increasing by nearly 35 per cent and ready values by almost 19 per cent. Although off-plan transactions have slowed quarterly, ready sales remain stable near record highs. The potential impact of tariffs remains uncertain, yet a weaker dollar could enhance Dubai's residential market appeal for foreign investors, given its favourable conditions. For the Abu Dhabi residential market, price levels have continued to rise with momentum remaining despite a slowdown in registered off-plan sales. However, there was a 10 per cent increase in the number of ready residential unit transactions, underling the growing demand from end-users and yield focused investors. Matthew Green, Head of Research CBRE MENA, said: 'Undersupply remains a key challenge for the UAE market across all real estate sectors, as reflected in the continuation of rental growth and rising occupancy rates. 'This has also continued to support strong price growth, with higher sales values recorded across the residential markets in Dubai and Abu Dhabi. 'Despite some macro-economic uncertainty from recent tariff and trade tensions, the outlook for the UAE remains very bright, supported by an increasingly diversified non-oil sector and diverse set of global trading partners'. UAE office real estate The office market in Dubai is experiencing strong demand due to a chronic undersupply of quality space in prime locations, resulting in rising rental rates and occupancy levels. With supply remaining tight and unlikely to improve significantly until at least 2027, anticipated new deliveries in 2025 will add only about 100,000 sqm—much of which will be pre-leased before completion. Average occupancy rates have climbed to 94 per cent, and office rental rates have surged over 20 per cent year-on-year, creating challenges for tenants during lease renewals as landlords maintain an optimistic outlook. In Abu Dhabi, the office market is thriving, fuelled by a robust non-oil sector and government investments that have stimulated demand for commercial spaces. Average occupancy rates have reached 96 per cent, with office rental rates increasing by approximately 13 per cent year-on-year, while prime rents have risen nearly 15 per cent. Lease renewals have grown by 9 per cent, although new leases have declined due to limited availability. UAE hospitality market In the hospitality market, the report indicates that the UAE's tourism sector continues to grow positively, with rising visitor demand being recorded across the Emirates. The report highlights the growth in Dubai's hotel market, with total visitors rising around 4 per cent against the same quarter last year, whilst average occupancy rates softened very slightly to 82 per cent in year-to-date March terms, and notes that Abu Dhabi saw a similar 4 per cent increase in the total number of overnight visitors and wider improvement to hotel performance, including significant growth in hotel RevPAR. Looking at the UAE's retail market, the retail pipeline in Dubai remains quite limited in the short term, with around 250,000 sqm GLA expected during 2025 and 2026 combined, and that for Abu Dhabi, the figure is lower, with around 150,000 sqm expected during the same period. UAE industrial real estate Finally, the report highlights the growth in the UAE's industrial market driven by a favourable macroeconomic environment and strong sector fundamentals that contribute to its compelling narrative. Notably, Dubai's warehousing rents have surged by more than 20 per cent year-on-year in the first quarter compared to the same period last year. Similarly, Abu Dhabi has experienced a 14 per cent increase in warehousing rents, primarily fuelled by heightened demand in the Khalifa Economic Zones Abu Dhabi (KEZAD).
Zawya
01-05-2025
- Business
- Zawya
UAE real estate market 'shows resilience amid challenges'
The UAE real estate market has demonstrated resilience amid global economic uncertainties in Q1 2025, said CBRE Middle East, the global leader in commercial real estate services and investments, in a report. CBRE's UAE Real Estate Market Review for the first quarter of 2025 reflects the impact of ongoing trade tensions and declining oil prices on the UAE's economy, with the International Monetary Fund (IMF) revising its global growth forecast from 3.3% to 2.8%. Nevertheless, the UAE's diversified economy and strong international trade relationships are expected to cushion the effects of these external challenges. Notably, UAE's foreign trade surged to AED 3.0 trillion in 2025, marking a 15% year-on-year increase, driven by proactive efforts to diversify trade partners and enhance trade flows, it said. In a significant move, Dubai's Executive Council has issued Resolution No. 11 of 2025, allowing free zone companies to operate in mainland locations with approval from the Dubai Economic Department (DET). The move supports economic growth, boosts competitiveness, and eases market entry, aligning with Dubai's goal to double its economy to AED32 trillion over the next decade. Free zone firms can now apply for onshore permits without losing their status, though the change excludes the Dubai International Financial Centre (DIFC), it notes. Office market The office market in Dubai is experiencing strong demand due to a chronic undersupply of quality space in prime locations, resulting in rising rental rates and occupancy levels. With supply remaining tight and unlikely to improve significantly until at least 2027, anticipated new deliveries in 2025 will add only about 100,000 sqm—much of which will be pre-leased before completion. Average occupancy rates have climbed to 94%, and office rental rates have surged over 20% year-on-year, creating challenges for tenants during lease renewals as landlords maintain an optimistic outlook. In Abu Dhabi, the office market is thriving, fueled by a robust non-oil sector and government investments that have stimulated demand for commercial spaces. Average occupancy rates have reached 96%, with office rental rates increasing by approximately 13% year-on-year, while prime rents have risen nearly 15%. Lease renewals have grown by 9%, although new leases have declined due to limited availability. Dubai residential market Turning to Dubai's residential market, the first quarter of 2025 showcased robust growth, with rental rates and sales values rising compared to the previous year. An active development pipeline, particularly in waterfront areas and affordable communities, has contributed to this growth, with over 25,000 new units launched. Despite the increase in launches, slower project deliveries have led to higher rental rates, averaging nearly 11% for apartments and 9% for villas. Transactional property values have also risen by over 16%, reflecting consistent quarter-on-quarter increases. While rental growth has moderated from earlier highs, it remains a pressing concern for residents facing rising living costs. In Q1, Dubai's residential transaction volumes surged by 23% year-on-year, with off-plan transactions increasing by 33% and ready properties up nearly 5%. The total of 43,000 transactions recorded marks one of the highest figures ever, excluding Q3 and Q4 of 2024. The total sales value reached AED 115 billion, with off-plan transactions accounting for AED 79 billion (69%) and ready properties for AED 36 billion (31%). Overall transaction values have risen by 29% year-on-year, with off-plan values increasing by nearly 35% and ready values by almost 19%. Although off-plan transactions have slowed quarterly, ready sales remain stable near record highs. The potential impact of tariffs remains uncertain, yet a weaker dollar could enhance Dubai's residential market appeal for foreign investors, given its favorable conditions. Abu Dhabi residential market For the Abu Dhabi residential market, price levels have continued to rise with momentum remaining despite a slowdown in registered off-plan sales. However, there was a 10% increase in the number of ready residential unit transactions, underling the growing demand from end-users and yield focused investors. Hospitality continues to grow In the hospitality market, the report indicates that the UAE's tourism sector continues to grow positively, with rising visitor demand being recorded across the Emirates. The report highlights the growth in Dubai's hotel market, with total visitors rising around 4% against the same quarter last year, whilst average occupancy rates softened very slightly to 82% in year-to-date March terms, and notes that Abu Dhabi saw a similar 4% increase in the total number of overnight visitors and wider improvement to hotel performance, including significant growth in hotel RevPAR. Looking at the UAE's retail market, the retail pipeline in Dubai remains quite limited in the short term, with around 250,000 sqm GLA expected during 2025 and 2026 combined, and that for Abu Dhabi, the figure is lower, with around 150,000 sqm expected during the same period. Finally, the report highlights the growth in the UAE's industrial market driven by a favorable macroeconomic environment and strong sector fundamentals that contribute to its compelling narrative. Notably, Dubai's warehousing rents have surged by over 20% year-on-year in the first quarter compared to the same period last year. Similarly, Abu Dhabi has experienced a 14% increase in warehousing rents, primarily fueled by heightened demand in the Khalifa Economic Zones Abu Dhabi (KEZAD). Matthew Green, Head of Research MENA comments: 'Undersupply remains a key challenge for the UAE market across all real estate sectors, as reflected in the continuation of rental growth and rising occupancy rates. This has also continued to support strong price growth, with higher sales values recorded across the residential markets in Dubai and Abu Dhabi. Despite some macro-economic uncertainty from recent tariff and trade tensions, the outlook for the UAE remains very bright, supported by an increasingly diversified non-oil sector and diverse set of global trading partners." - TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
01-05-2025
- Business
- Trade Arabia
UAE real estate market 'shows resilience amid challenges'
The UAE real estate market has demonstrated resilience amid global economic uncertainties in Q1 2025, said CBRE Middle East, the global leader in commercial real estate services and investments, in a report. CBRE's UAE Real Estate Market Review for the first quarter of 2025 reflects the impact of ongoing trade tensions and declining oil prices on the UAE's economy, with the International Monetary Fund (IMF) revising its global growth forecast from 3.3% to 2.8%. Nevertheless, the UAE's diversified economy and strong international trade relationships are expected to cushion the effects of these external challenges. Notably, UAE's foreign trade surged to AED 3.0 trillion in 2025, marking a 15% year-on-year increase, driven by proactive efforts to diversify trade partners and enhance trade flows, it said. In a significant move, Dubai's Executive Council has issued Resolution No. 11 of 2025, allowing free zone companies to operate in mainland locations with approval from the Dubai Economic Department (DET). The move supports economic growth, boosts competitiveness, and eases market entry, aligning with Dubai's goal to double its economy to AED32 trillion over the next decade. Free zone firms can now apply for onshore permits without losing their status, though the change excludes the Dubai International Financial Centre (DIFC), it notes. Office market The office market in Dubai is experiencing strong demand due to a chronic undersupply of quality space in prime locations, resulting in rising rental rates and occupancy levels. With supply remaining tight and unlikely to improve significantly until at least 2027, anticipated new deliveries in 2025 will add only about 100,000 sqm—much of which will be pre-leased before completion. Average occupancy rates have climbed to 94%, and office rental rates have surged over 20% year-on-year, creating challenges for tenants during lease renewals as landlords maintain an optimistic outlook. In Abu Dhabi, the office market is thriving, fueled by a robust non-oil sector and government investments that have stimulated demand for commercial spaces. Average occupancy rates have reached 96%, with office rental rates increasing by approximately 13% year-on-year, while prime rents have risen nearly 15%. Lease renewals have grown by 9%, although new leases have declined due to limited availability. Dubai residential market Turning to Dubai's residential market, the first quarter of 2025 showcased robust growth, with rental rates and sales values rising compared to the previous year. An active development pipeline, particularly in waterfront areas and affordable communities, has contributed to this growth, with over 25,000 new units launched. Despite the increase in launches, slower project deliveries have led to higher rental rates, averaging nearly 11% for apartments and 9% for villas. Transactional property values have also risen by over 16%, reflecting consistent quarter-on-quarter increases. While rental growth has moderated from earlier highs, it remains a pressing concern for residents facing rising living costs. In Q1, Dubai's residential transaction volumes surged by 23% year-on-year, with off-plan transactions increasing by 33% and ready properties up nearly 5%. The total of 43,000 transactions recorded marks one of the highest figures ever, excluding Q3 and Q4 of 2024. The total sales value reached AED 115 billion, with off-plan transactions accounting for AED 79 billion (69%) and ready properties for AED 36 billion (31%). Overall transaction values have risen by 29% year-on-year, with off-plan values increasing by nearly 35% and ready values by almost 19%. Although off-plan transactions have slowed quarterly, ready sales remain stable near record highs. The potential impact of tariffs remains uncertain, yet a weaker dollar could enhance Dubai's residential market appeal for foreign investors, given its favorable conditions. Abu Dhabi residential market For the Abu Dhabi residential market, price levels have continued to rise with momentum remaining despite a slowdown in registered off-plan sales. However, there was a 10% increase in the number of ready residential unit transactions, underling the growing demand from end-users and yield focused investors. Hospitality continues to grow In the hospitality market, the report indicates that the UAE's tourism sector continues to grow positively, with rising visitor demand being recorded across the Emirates. The report highlights the growth in Dubai's hotel market, with total visitors rising around 4% against the same quarter last year, whilst average occupancy rates softened very slightly to 82% in year-to-date March terms, and notes that Abu Dhabi saw a similar 4% increase in the total number of overnight visitors and wider improvement to hotel performance, including significant growth in hotel RevPAR. Looking at the UAE's retail market, the retail pipeline in Dubai remains quite limited in the short term, with around 250,000 sqm GLA expected during 2025 and 2026 combined, and that for Abu Dhabi, the figure is lower, with around 150,000 sqm expected during the same period. Finally, the report highlights the growth in the UAE's industrial market driven by a favorable macroeconomic environment and strong sector fundamentals that contribute to its compelling narrative. Notably, Dubai's warehousing rents have surged by over 20% year-on-year in the first quarter compared to the same period last year. Similarly, Abu Dhabi has experienced a 14% increase in warehousing rents, primarily fueled by heightened demand in the Khalifa Economic Zones Abu Dhabi (KEZAD).
Zawya
01-05-2025
- Business
- Zawya
UAE real estate market demonstrates resilience amid global economic challenges
Dubai – United Arab Emirates – CBRE Middle East, the global leader in commercial real estate services and investments, released its latest edition of the UAE Real Estate Market Review for the first quarter of 2025, highlighting a resilient performance of the UAE's real estate market despite global economic uncertainties. The analysis reflects the impact of ongoing trade tensions and declining oil prices on the UAE's economy, with the International Monetary Fund (IMF) revising its global growth forecast from 3.3% to 2.8%. Nevertheless, the UAE's diversified economy and strong international trade relationships are expected to cushion the effects of these external challenges. Notably, UAE's foreign trade surged to AED 3.0 trillion in 2025, marking a 15% year-on-year increase, driven by proactive efforts to diversify trade partners and enhance trade flows. In a significant move, Dubai's Executive Council has issued Resolution No. 11 of 2025, allowing free zone companies to operate in mainland locations with approval from the Dubai Economic Department (DET). The move supports economic growth, boosts competitiveness, and eases market entry, aligning with Dubai's goal to double its economy to AED 32 trillion over the next decade. Free zone firms can now apply for onshore permits without losing their status, though the change excludes the Dubai International Financial Centre (DIFC). The office market in Dubai is experiencing strong demand due to a chronic undersupply of quality space in prime locations, resulting in rising rental rates and occupancy levels. With supply remaining tight and unlikely to improve significantly until at least 2027, anticipated new deliveries in 2025 will add only about 100,000 sqm—much of which will be pre-leased before completion. Average occupancy rates have climbed to 94%, and office rental rates have surged over 20% year-on-year, creating challenges for tenants during lease renewals as landlords maintain an optimistic outlook. In Abu Dhabi, the office market is thriving, fueled by a robust non-oil sector and government investments that have stimulated demand for commercial spaces. Average occupancy rates have reached 96%, with office rental rates increasing by approximately 13% year-on-year, while prime rents have risen nearly 15%. Lease renewals have grown by 9%, although new leases have declined due to limited availability. Turning to Dubai's residential market, the first quarter of 2025 showcased robust growth, with rental rates and sales values rising compared to the previous year. An active development pipeline, particularly in waterfront areas and affordable communities, has contributed to this growth, with over 25,000 new units launched. Despite the increase in launches, slower project deliveries have led to higher rental rates, averaging nearly 11% for apartments and 9% for villas. Transactional property values have also risen by over 16%, reflecting consistent quarter-on-quarter increases. While rental growth has moderated from earlier highs, it remains a pressing concern for residents facing rising living costs. In Q1, Dubai's residential transaction volumes surged by 23% year-on-year, with off-plan transactions increasing by 33% and ready properties up nearly 5%. The total of 43,000 transactions recorded marks one of the highest figures ever, excluding Q3 and Q4 of 2024. The total sales value reached AED 115 billion, with off-plan transactions accounting for AED 79 billion (69%) and ready properties for AED 36 billion (31%). Overall transaction values have risen by 29% year-on-year, with off-plan values increasing by nearly 35% and ready values by almost 19%. Although off-plan transactions have slowed quarterly, ready sales remain stable near record highs. The potential impact of tariffs remains uncertain, yet a weaker dollar could enhance Dubai's residential market appeal for foreign investors, given its favorable conditions. For the Abu Dhabi residential market, price levels have continued to rise with momentum remaining despite a slowdown in registered off-plan sales. However, there was a 10% increase in the number of ready residential unit transactions, underling the growing demand from end-users and yield focused investors. In the hospitality market, the report indicates that the UAE's tourism sector continues to grow positively, with rising visitor demand being recorded across the Emirates. The report highlights the growth in Dubai's hotel market, with total visitors rising around 4% against the same quarter last year, whilst average occupancy rates softened very slightly to 82% in year-to-date March terms, and notes that Abu Dhabi saw a similar 4% increase in the total number of overnight visitors and wider improvement to hotel performance, including significant growth in hotel RevPAR. Looking at the UAE's retail market, the retail pipeline in Dubai remains quite limited in the short term, with around 250,000 sqm GLA expected during 2025 and 2026 combined, and that for Abu Dhabi, the figure is lower, with around 150,000 sqm expected during the same period. Finally, the report highlights the growth in the UAE's industrial market driven by a favorable macroeconomic environment and strong sector fundamentals that contribute to its compelling narrative. Notably, Dubai's warehousing rents have surged by over 20% year-on-year in the first quarter compared to the same period last year. Similarly, Abu Dhabi has experienced a 14% increase in warehousing rents, primarily fueled by heightened demand in the Khalifa Economic Zones Abu Dhabi (KEZAD). Matthew Green, Head of Research MENA comments: 'Undersupply remains a key challenge for the UAE market across all real estate sectors, as reflected in the continuation of rental growth and rising occupancy rates. This has also continued to support strong price growth, with higher sales values recorded across the residential markets in Dubai and Abu Dhabi. Despite some macro-economic uncertainty from recent tariff and trade tensions, the outlook for the UAE remains very bright, supported by an increasingly diversified non-oil sector and diverse set of global trading partners. About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at
Arab Times
26-03-2025
- Business
- Arab Times
Kuwaitization In Full Effect: Expat Contracts To End By March 2025
KUWAIT CITY, March 26: The Civil Service Commission (CSC) continues to implement the Kuwaitization policy in all government agencies, under Civil Service Council's Resolution No. 11/2017. As part of this policy, the contracts of non-Kuwaiti employees holding positions that are not rare will not be renewed. According to informed sources, this policy mandates that contracts for non-Kuwaiti employees in positions that are not rare will not be renewed after March 31, 2025. However, the number of such employees is limited, and their retention was intended to help qualify Kuwaiti nationals as part of a strategic plan to enhance national competencies in various fields. Furthermore, Resolution No. 11/2017 covers job groups with 100% Kuwaitization and others with a rate ranging between 70 percent and 98 percent. The job groups covered by 100% Kuwaitization are: Information systems and technology Maritime Arts, media, and public relations Development, administrative follow-up, and statistics Administrative support The job groups with Kuwaitization rates ranging between 70 percent and 98 percent are: Criminal Evidence, Prevention, and Rescue: 98 percent Social Services, Education, and Sports: 97 percent Engineering: 97 percent Sciences: 95 percent Finance, Economics, and Commerce: 95 percent Law, Politics, and Islamic Affairs: 88 percent Crafts: 80 percent Services: 85 percent Livestock, Agriculture, and Aquatic Resources: 75 percent Teaching, Education, and Training: 70 percent Meanwhile, for an employee who has shifted to the evening shift to return to the morning shift, one condition must be met - approval from the relevant government agency. If the employee does not obtain this approval, they will be required to continue working the evening shift for at least seven consecutive months. This time period is designed to benefit the employee by ensuring they receive the necessary performance report. The sources indicated that the number of employees wishing to return from the evening shift to the morning shift is minimal, if not zero, as all employees who transitioned to the evening shift did so voluntarily, in line with their personal circumstances.
