News

Real estate data platform Property Monitor has released its Dubai House Price Index for May 2019. The index has been tracking the prices of a selection of properties since September 2015. The Dubai House Price Index revealed that prices declined by 14.5% annually in May 2019, and by 1.5% month-on-month. The average house price in May was AED 2.5 million, […]

His Highness Sheikh Mohammed bin Rashid al Maktoum, Prime Minister of the UAE and Ruler of Dubai, has announced a new permanent residency scheme for residents in the UAE. The new “Golden Card” scheme will initially grant 6,800 select investors whose total investments exceed AED100 billion. In a tweet, Shiekh Mohammed said, “We launched today a permanent resident system named […]

Report gives sector-level analysis across residential, retail, office, industrial and hospitality property Includes pricing research and analysis of real estate trends in Kuwait in 2018 and 2019 Key projects and master developments as part of New Kuwait 2035 Plan Cavendish Maxwell, a leading property consultancy and chartered surveying firm in the Middle East, released its first Kuwait Property Market Report […]

Drop in certificates of deposit in banks to AED 139.2 billion, from AED 146.5 billion in February AED 12.4 billion-worth of excess liquidity withdrawn in December 2018 Analysts said move could generate more business momentum The Central Bank of the United Arab Emirates (CBUAE) pumped AED7.3 billion into the country’s market in March 2019 according to a statement in WAM. […]

BPGIC to develop new refinery providing cleaner fuel for ships First phase to be completed by Q1 2020 Storage capacity to increase to approximately 1 million cubic metres UAE-based terminal operator Brooge Petroleum and Gas Investment Company (BPGIC) is to build a new refinery in Fujairah. The proposed refinery will produce 250,000 barrels/day of bunker fuel, according to a company […]

Positive results for Saudi Arabia’s economic reforms Consumer price index inflation due to VAT introduction and energy prices Increased oil and non-oil revenues despite Q1 2019 budget After the recently concluded article IV consultations with Saudi Arabia, the International Monetary Fund (IMF) has announced that the kingdom’s economic reforms have started to yield positive results. Non-oil growth, a key objective […]

GCC awarded construction contract for Abu Dhabi’s Jubail Island mega-project Jubail Island to feature more than 800 residential properties Arabtec awarded contract for the construction of 322 villas in Dubailand Jubail Island Investment Company (JIIC) has appointed Gulf Contractors Company (GCC) to prepare Jubail Island for construction, according to a recent statement. JIIC are the developers for the proposed mixed-use […]

Occupancy rates were at 79%, while ARR increased by 15% compared to Q1 2018 Number of visitors from the US rose by 13.8% in the same period Al Ain recorded a 19.8% rise in guest numbers in Q1 2019 New data released by the Department of Culture and Tourism Abu Dhabi (DCTAD) showed that total hotel revenues in the capital […]

Abu Dhabi-based developer reports increase in revenue to AED 1.7 billion Net profit down 26% compared to Q1 2018 Approximately 80% of all development units launched were sold Aldar Properties, the Abu Dhabi-based developer behind mega projects such as the Formula One race circuit on Yas Island, reported positive Q1 earnings in Q1 2019. Boosted by strong demand and sales […]

Dubai Asset Management enters partnership with HiGuests to take advantage of favourable market conditions Report reveals holiday homes account for 2% of total households in Dubai Growth in sector estimated for Expo and post-Expo periods until 2025 HiGuests, a Dubai-based start-up specialising in managing short-term property rentals has partnered with one of the city’s most prominent property managers. Dubai Asset […]