Abu Dhabi's real estate sector attracted a record Dh1.81 billion ($493 million) in foreign direct investment in the first quarter of 2024, as demand for property continues to rise in the UAE capital.
As many as 487 investors, from source markets including India, Russia, Canada, the UK, Jordan and China, significantly increased their investments compared to the previous year period, state-owned Wam reported, citing data from Abu Dhabi Real Estate Centre.
The performance highlights the growing attractiveness of the sector to international investors, Rashed Al Omaira, acting director general of Adrec, said.
“The robust growth on show offers encouraging signs for the remainder of 2024, and Adrec stands ready to provide seamless services and support to all stakeholders connected to Abu Dhabi’s globally competitive real estate sector,” Wam quoted Mr Al Omaira as saying.
Abu Dhabi's real estate sector saw transactions totalling Dh19.4 billion in the first quarter, spanning across 6,070 deals.
Of this, Dh12.8 billion came from sales and purchases, accounting for 66 per cent of the total volume with 3,724 transactions. Mortgage transactions amounted to Dh6.6 billion from 2,328 deals.
Launched in November by the Department of Municipalities and Transport, Adrec aims to accelerate growth across the real estate ecosystem in the emirate.
It aims to unify and strengthen the real estate sector in the UAE’s capital through a regulatory framework to boost the efficiency of industry, increase transparency, and provide support for residents, investors and real estate companies.
The property and construction market in the UAE is expanding, driven by initiatives to support economic diversification and increased infrastructure spending to attract foreign direct investment.
According to a report by Mordor Intelligence, the country's construction market is projected to grow from $41 billion in 2024 to over $50.4 billion by 2029.
The ValuStrat Price Index, which tracks changes in property values, increased by 4.2 per cent annually for Abu Dhabi in 2023. The emirate recorded 2,238 off-plan sales transactions last year, accounting for 75.1 per cent of total sales and reflecting a 39.4 per cent rise from the same period in 2022.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
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Transmission: 10-speed auto
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Price: From Dh590,000
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Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
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Fuel economy, combined: 8.1L / 100km (estimated)
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Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
FIXTURES
Nov 04-05: v Western Australia XI, Perth
Nov 08-11: v Cricket Australia XI, Adelaide
Nov 15-18 v Cricket Australia XI, Townsville (d/n)
Nov 23-27: 1ST TEST v AUSTRALIA, Brisbane
Dec 02-06: 2ND TEST v AUSTRALIA, Adelaide (d/n)
Dec 09-10: v Cricket Australia XI, Perth
Dec 14-18: 3RD TEST v AUSTRALIA, Perth
Dec 26-30 4TH TEST v AUSTRALIA, Melbourne
Jan 04-08: 5TH TEST v AUSTRALIA, Sydney
Note: d/n = day/night
SERIES INFO
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
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
COMPANY%20PROFILE
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