Deyaar Development is launching a Dh700 million ($191 million) project in Dubai and has plans to start its first scheme in Abu Dhabi in the second quarter, amid higher demand for property in the UAE.
The new project in Jebel Ali, ranging from studios to three-bedroom flats, will be financed through debt and revenues from sales, Deyaar’s chief executive Saeed Al Qatami told The National in an interview.
The new 33-storey project, named Eleve, is expected to be completed in three years.
“It is a medium-sized building, situated in Jebel Ali, next to the metro station. We are developing a nice community there, with full amenities and services for our residents and investors,” Mr Al Qatami said.
This is the second project launched by the Dubai-listed developer this year following last month's launch of Rosalia Residences in Al Furjan, which has fully sold out.
“The overall performance of the market … has been fantastic. It’s booming,” Mr Al Qatami said.
“People want to become residents in Dubai … it's now easier.”
Dubai has been recording “fundamental growth” in its property market and is “not a bubble”, he added.
The UAE property market has been booming in recent years on the back of government initiatives such as residency permits for retired and remote workers and the expansion of the 10-year golden visa programme.
Overall growth in the UAE’s economy due to economic diversification efforts is also supporting the property market.
The UAE’s non-oil foreign trade hit a record Dh3.5 trillion in 2023, compared with Dh2.23 trillion in 2022, as the Arab world’s second largest economy signed new comprehensive economic partnership agreements with countries, the latest government data showed.
All sectors, “whether it’s the business sector, whether trading” have been performing well to support the economy, Mr Al Qatami said.
Dubai registered a record 1.6 million property transactions across all market segments last year, up 13 per cent on the previous year, while the value of deals rose 20 per cent annually to Dh634 million.
The demand for property, especially in the affordable sector, is expected to continue growing this year, with prices rising by 10 per cent to 15 per cent, Mr Al Qatami said.
Meanwhile, prices of luxury homes will stabilise, said the chief executive, who has been leading Deyaar since 2010.
The company plans to start its first project in Abu Dhabi in the second quarter of this year, as property demand continues to be strong in the emirate, Mr Al Qatami said, without revealing further details.
In the fourth quarter, Abu Dhabi recorded 2,238 off-plan sales transactions – up 39.4 per cent compared to the same period last year, while ready home sales volume rose 36.5 per cent to 740, according to a recent ValuStrat report.
For the full year, the total volume of residential transactions in Abu Dhabi jumped 77.8 per cent year-on-year to 11,235 on the back of a 104 per cent growth in off-plan market sales and a 27.7 per cent increase in secondary market sales, a report from CBRE said this month.
On the supply front, a total of 2,961 units were delivered in Abu Dhabi in 2023, with nearly 60 per cent of them in Shams Abu Dhabi and Najmat Abu Dhabi.
In 2024, an additional 4,438 units are expected to be completed, with about 69 per cent of this new stock expected to be delivered in Yas Island and Al Maryah Island, the report said.
End users are buying the property in the secondary or ready home market, Mr Al Qatami said, while investors dominate the off-plan sector, mostly hailing from India and Pakistan, as well as Emiratis.
Indian nationals “have a strong outlook for the real estate market in Dubai” and are boosting investments, he said.
Customers are buying ready homes using mortgages, with 20 per cent to 25 per cent of the payment being made in cash.
Deyaar reported a more than threefold yearly jump in its 2023 net profit, fuelled by new projects and increased revenue on the back of the UAE’s vibrant property market.
The company, majority-owned by Dubai Islamic Bank, expects its revenue to rise 30 per cent annually this year, Mr Al Qatami said.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
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Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series
All matches at the Zayed Cricket Stadium, Abu Dhabi
Test series
1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March
Play starts at 9.30am
T20 series
1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March
TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube
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Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
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Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
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As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
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