Latest News from Gulf Insider
Gulf Insider
an hour ago
- Business
- Gulf Insider
Dubai Takes Major Tokenised Real Estate Project
The Dubai real estate sector leading the world again as tokenised property sells out and new ownership certificate launched. Dubai Land Department has launched the world's first Property Token Ownership Certificate, following the successful sale of the first tokenised real estate project on the 'Prypco Mint' platform — licensed by VARA — within just one day of launch. This milestone further reinforces Dubai's position as a global leader in real estate innovation and digital transformation. The first project launched under the Real Estate Tokenisation Initiative attracted 224 investors, 70 per cent of whom entered Dubai's real estate market for the first time. This highlights strong investor confidence and the accessibility provided by flexible, low-cost digital solutions. Investors represented 44 nationalities, and the average individual investment amounted to AED10,714 ($2,917). As the region's first platform of its kind, the initiative continues to draw significant interest, with the waitlist exceeding 6,000 requests. This surge in demand reflects Dubai's growing appeal to new segments of global investors seeking innovative and accessible property ownership models. Dubai Land Department developed the Real Estate Tokenisation project in collaboration with the Virtual Assets Regulatory Authority (VARA) and the Central Bank of the United Arab Emirates and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. It is being executed through Prypco Mint. The initiative aims to broaden the real estate investor base while enhancing transparency and accelerating transaction processes, aligning with the Dubai Real Estate Strategy 2033 goals and the Dubai Economic Agenda D33. Dubai Land Department is currently working to enable real estate developers to list their projects on the platform, further expanding the initiative's scope and unlocking new opportunities for digital property investment. Also read: Dubai Metro Blue Line Set To Ease Traffic Congestion In The City
Gulf Insider
an hour ago
- Gulf Insider
Three Held For Attempting To Smuggle Drugs
Authorities at Bahrain International Airport have thwarted an attempt to smuggle a significant quantity of drugs into the Kingdom, arresting three Asian nationals upon their arrival, according to a statement from the Airports Customs Department. These individuals were found in possession of more than half a kilogram of heroin. The total market value of the seized drugs is estimated at BD185,500. Also read: Lift Access And Braille Buttons Approved For Taller Buildings 10 minutes ago 17 minutes ago 16 hours ago
Gulf Insider
an hour ago
- Business
- Gulf Insider
Lift Access And Braille Buttons Approved For Taller Buildings
A proposal to require wheelchair-accessible lifts and Braille-labelled buttons in buildings taller than three storeys was approved by the Capital Trustees Board during its yesterday's session. The changes would apply to both public and private buildings. They are intended to make access easier for people with physical or visual impairments, particularly in towers where stairs are not a practical option. Each affected building would need at least one lift wide enough for a wheelchair, with its controls marked in Braille. Daily movement Capital Trustees Board member Dr Bashar Ahmadi, who submitted the proposal, said it aimed to make daily movement safer and more practical for people with disabilities, including visitors to government buildings. During the meeting, board member Mubarak Al Nuaimi said the technical committee recommended limiting the requirement to buildings above five storeys. He added that new buildings should only receive a power connection once they meet the minimum accessibility criteria. Rules Mohammed Al Sahli, Director-General of the Capital Trustees Board, said public buildings such as ministries and state agencies have followed such rules for a decade. Retrofitting older structures remains a challenge, he noted. For private developments, much depends on the commercial priorities of the developer. The proposal will now be shared with the relevant planning bodies. Also read: Runaway Domestic Workers And Illegal Employer Arrested In Labour Law Violation Crackdown
Gulf Insider
an hour ago
- Gulf Insider
Runaway Domestic Workers And Illegal Employer
The Nationality, Passports and Residence Affairs (NPRA), in coordination with the Verdict Enforcement Directorate under the General Directorate of Verdict Enforcement and Alternative Sentencing, has apprehended several runaway domestic workers along with an individual who facilitated their illegal employment. According to a statement issued by the NPRA, the arrests follow a thorough investigation prompted by multiple reports concerning workers violating Bahrain's residency and labour laws. Authorities discovered that the individuals had been working illegally on an hourly basis through the assistance of a third party who had been employing them unlawfully. The NPRA confirmed that all parties involved were successfully identified and detained as a result of the coordinated efforts between the agencies. Legal actions have been taken against the violators, and they have been referred to the Public Prosecution for further investigation and judicial proceedings. The NPRA reiterated its commitment to upholding Bahrain's residency and labour regulations, and warned against harbouring or employing workers in violation of the law, emphasizing that such offences will be met with strict legal action. Also read: Eid Al Adha: Six-Day Holiday In Bahrain
Gulf Insider
2 hours ago
- Business
- Gulf Insider
Saudi Arabia to Review Spending Priorities
Saudi Arabia will review its spending priorities after the oil price decline, and will consider whether to delay or accelerate some projects, the Kingdom's Finance Minister, Mohammed Al-Jadaan, told the Financial Times in an interview published on Thursday. Saudi Arabia needs oil prices at about $90 per barrel to balance its budget. The world's top crude oil exporter is already running a higher-than-planned deficit, which is set to swell with the oil price dip in the second quarter. With oil prices having crashed into the $60 a barrel range, the Kingdom will look to avoid falling again into the 'trap of booms and busts,' Al-Jadaan told FT. A 'crisis provides us an opportunity to take stock and consider', the minister added. 'Should we delay? Should we reschedule? Should we accelerate?' Al-Jadaan said. Last week, Saudi Minister of Economy and Planning, Faisal Alibrahim, said that the Kingdom is always ready for multiple oil price scenarios. 'We have the long-term fiscal planning and medium-term frameworks that help us adjust depending on what scenario actually plays out,' Alibrahim said at the Qatar Economic Forum in Doha. Saudi Arabia booked a hefty budget deficit for the first quarter of the year, even before oil prices plunged in April. Saudi Arabia's budget deficit jumped to $15.6 billion (58.7 billion Saudi riyals). That's already more than half of the deficit the Kingdom had forecast for the full year—a deficit of $27 billion (101 billion riyals). The second-quarter deficit will be even higher than in Q1, as oil prices have languished in the low $60s per barrel Brent since they crashed in early April. All the deficit in the first quarter was covered by borrowing, suggesting that Saudi Arabia prefers to continue tapping debt markets to using central bank foreign currency reserves. With oil at $60-$65 per barrel, Saudi Arabia may have to accelerate borrowings and defer planned investments in its mega initiatives such as the futuristic city of Neom, analysts say. Also read: Refiners Expect Saudi Arabia to Cut Oil Price
