Dubai recorded 116,116 new property transactions worth about Dh429.6 billion ($117 billion) in the first nine months of 2023 amid continuing growth in the emirate's economy, according to the latest data from the Dubai Land Department.
Total transactions surged 33.8 per cent on an annual basis, while values rose more than 36.7 per cent during the period.
“This sector’s growth aligns perfectly with Dubai’s proactive economic agenda aimed at enhancing the emirate's competitiveness and attractiveness to global investors,” said Sultan bin Mejren, director general of the Dubai Land Department.
Al Barsha South Four topped the list in terms of transaction volumes with 10,351 deals during the period. This was followed by Dubai Marina with 9,071, Business Bay with 7,414 and Wadi Al Safa 5 with 5,602.
Al Merkadh, Al Thanyah 5, Burj Khalifa, Al Khiran First, Hadaeq Mohammed bin Rashid and Jebel Ali First completed the top 10 in transactions.
In terms of value, Dubai Marina topped the list with more than Dh36.7 billion worth of deals for the period, followed by Palm Jumeirah at Dh28.51 billion, Jebel Ali Industrial First at Dh27.93 billion and Wadi Al Safa 3 with Dh25.33 billion.
Other top areas in value of deals were Business Bay, Burj Khalifa, Al Merkadh, Al Khairan First, Hadaeq Mohammed bin Rashid and Jebel Ali First.
Dubai Marina ranked first among the top 10 areas in terms of mortgage deals with 1,186, followed by Al Thanyah Fifth, Al Barsha South Fourth and Burj Khalifa.
Dubai's property market has made a strong rebound from the coronavirus-induced slowdown, helped by government initiatives such as residency permits for retired and remote workers, and the expansion of the 10-year golden visa programme.
The emirate’s residential market recorded its highest quarterly price rise in a decade in the third quarter amid higher property demand in Dubai, a report by property consultancy ValuStrat found.
The ValuStrat Price Index (VPI) covering Dubai’s residential market was up 6.1 per cent on a quarterly basis in the third quarter, with villa and apartment prices rising by 7.6 per cent and 4.8 per cent, respectively.
The property market momentum comes amid strong economic growth. Dubai's economy is forecast to grow by 3.5 per cent in 2023, after expanding by 4.4 per cent last year, according to Emirates NBD.
Dubai retained its position as the world's top destination for attracting greenfield foreign direct investment projects in the first half of this year, cementing its position as a worldwide FDI hub despite global economic headwinds, Dubai Media Office earlier this month, citing Financial Times fDi Markets data.
The emirate attracted 511 greenfield projects during the period, surpassing second-placed Singapore by 325 projects, it found.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
COMPANY%20PROFILE
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Fixtures
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The%20pillars%20of%20the%20Dubai%20Metaverse%20Strategy
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Killing of Qassem Suleimani
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
RESULTS
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