The UAE-based property consultancy Cavendish Maxwell said it will acquire a majority stake in the Emirates’ real estate technology and market intelligence firm Property Monitor.
This acquisition marked Cavendish Maxwell’s first move towards setting up a “real estate innovation hub aimed at bridging the gap between traditional expertise and artificial intelligence-enabled disruptive solutions”, the company said.
The financial details of the transaction were not disclosed.
“This is also the first step by Cavendish Maxwell in creating a real estate innovation hub for the UAE real estate sector, which will aim at creating hybrid valuation solutions and accelerating the development of data-powered measurement and decision-making tools for its clients,” said Chris Taylor, group chief executive of Cavendish Maxwell.
“The growth of PropTech solutions in the market will only accelerate and Cavendish Maxwell intends to be at the heart of it.”
Established in 2008, Cavendish Maxwell is the largest firm of independent property consultants in the Middle East, the company said.
It has more than 100 employees working in seven offices in the GCC, providing clients with a comprehensive range of services.
PropTech is the application of technology to the real estate industry, creating an ecosystem that encompasses everything from property management and bookings to construction and analytics — all of which is largely accessible through a mobile app.
The global PropTech market is projected to grow to $86.5 billion in 2032 from $18.2 billion this year, at a compound annual rate of almost 17 per cent, data from Future Market Insights show.
“2022 has been a record year for our company in terms of revenue, number of clients and overall adoption of our leading market intelligence product, PMiQ,” said Henri Bacha, chief executive of Property Monitor.
“It has also seen the launch of our suite of property technology solutions, which are gaining traction with brokers, surveyors, developers, banks and portfolio managers alike. We are very excited to offer our real estate innovation and big data expertise to the Cavendish Maxwell group.”
As part of the agreement, Mr Bacha will take on new responsibilities within Cavendish Maxwell as group chief commercial officer, while maintaining his current role with Property Monitor.
Officially launched in 2017, Property Monitor offers PMiQ, the proprietary real estate intelligence platform.
In 2021, it officially launched valuationHub, a suite of PropTech solutions to provide clients with the ability to make real-time decisions that aim to put them ahead of the curve.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
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How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
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THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
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Top speed: 250kph
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The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
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The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
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Five hymns the crowds can join in
Papal Mass will begin at 10.30am at the Zayed Sports City Stadium on Tuesday
Some 17 hymns will be sung by a 120-strong UAE choir
Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium
‘Christ be our Light’ as the entrance song
‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar
‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion
‘Tell out my Soul’ as the final hymn after the blessings from the Pope
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There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia
The choir will be accompanied by a brass ensemble and an organ
They will practice for the first time at the stadium on the eve of the public mass on Monday evening
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Adele: The Stories Behind The Songs
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The specs: 2018 Renault Megane
Price, base / as tested Dh52,900 / Dh59,200
Engine 1.6L in-line four-cylinder
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Power 115hp @ 5,500rpm
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Fuel economy, combined 6.6L / 100km
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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ICC men's cricketer of the year
2004 - Rahul Dravid (IND) ; 2005 - Jacques Kallis (SA) and Andrew Flintoff (ENG); 2006 - Ricky Ponting (AUS); 2007 - Ricky Ponting; 2008 - Shivnarine Chanderpaul (WI); 2009 - Mitchell Johnson (AUS); 2010 - Sachin Tendulkar (IND); 2011 - Jonathan Trott (ENG); 2012 - Kumar Sangakkara (SL); 2013 - Michael Clarke (AUS); 2014 - Mitchell Johnson; 2015 - Steve Smith (AUS); 2016 - Ravichandran Ashwin (IND); 2017 - Virat Kohli (IND); 2018 - Virat Kohli; 2019 - Ben Stokes (ENG); 2021 - Shaheen Afridi
