The UAE’s commercial property sector recorded the highest demand for occupancy in the second quarter since 2014, amid a pickup in the economy.
Headline occupier demand posted an increase of "56 per cent net balance" in the April to June period, compared with a 53 per cent gain in the previous quarter, a survey by the Royal Institution of Chartered Surveyors showed.
“All three subsectors reported strong demand with a +56 per cent and +48 per cent recorded for office and retail, respectively,” Rics said.
“Industrial led the way on the strength of its occupier demand, with a +64 per cent reading – its highest level in almost 10 years, since the fourth quarter of 2013.”
The UAE economy bounced back strongly from the coronavirus pandemic-induced slowdown on the back of government initiatives and higher oil prices, which boosted demand for commercial and residential property.
Office space in Dubai recorded an annual increase of 26.2 per cent, the highest since the first quarter of 2015, a report by ValuStrat this week found.
The ValuStrat Price Index for office space rose by 7.9 per cent quarterly to 96 points, compared with a 100 point base in the first quarter of 2015.
Sales of office space in the second quarter set a decade-long high with 662 transactions, up 18.6 per cent annually.
There has also been a significant surge in transactional activity in Abu Dhabi's office market during the first half of 2023, reflecting “the city's commitment to economic diversification and [this] serves as a powerful catalyst in boosting investor confidence”, Knight Frank said in its latest report on Thursday.
Average rents within Abu Dhabi free zones, which now include Al Reem Island, have risen by 31 per cent over the past 12 months to rates of up to Dh1,600 ($435.67) a square metre.
The increase has been driven by a combination of greater demand from businesses expanding their operations and a limited supply of available commercial space, according to Knight Frank’s Abu Dhabi Office Market Review – Summer 2023.
“In the first six months of this year alone, commercial office sales transactions rose to Dh1.3 billion, representing a 220 per cent increase in sales transactions compared to the same period last year," said Andrew Love, partner and head of ME capital markets and OLSS.
"Notably, almost 70 per cent of these transactions in 2023 took place on Al Reem Island and Al Maryah Island, amounting to a combined total of Dh919 million, driven by the availability of Grade A supply, which remains highly sought after but [in] very short supply across the city, and also by the recent announcement of ADGM's [the Abu Dhabi Global Market]’s expansion."
Abu Dhabi's office market is set to welcome an estimated 109,500 square metres of additional office space within the next two years, spread across Al Raha Beach, the Abu Dhabi mainland, Al Reem Island and Khalifa City, according to the report.
“Overall, the UAE commercial property market continues to be one of the world’s leading lights with signs that this market will continue to perform strongly for the foreseeable future,” Rics said.
Twelve-month rent expectations for the office sector are also positive.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Results
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Sheikh Zayed's poem
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
MATCH INFO
Inter Milan 1 (Martinez 18' pen)
Juventus 2 (Dybala 4', Higuain 80')
HOW TO WATCH
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
