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1 May 2019

Abu Dhabi to develop new automotive city worth AED 1 billion

Project aims to be region’s largest fully integrated automotive hub Estimated to be complete by Q1 2020 Businesses eligible for 50-year long-tern leases A new automotive hub, Rahayel City, will be built in Abu Dhabi by Q1 2020 according to a report in Gulf News. Zones Corp, a government owned-entity unveiled the plans for the upcoming project – estimated to […]
30 April 2019

Over 1,000 millionaires moved to Dubai in 2018 according to wealth migration report

The Global Wealth Migration Report for 2019, developed by AfrAsia Bank and New World Wealth, disclosed its wealth migration figures for the UAE recently. The report found that nearly 2,000 high net-worth individuals (HNWIs) – with assets worth at least US$1 million – moved to the UAE in 2018, representing a 2% increase compared to 2017. Dubai alone attracted over […]
29 April 2019

Non-oil growth and increased government spending to boost GCC’s economic growth in 2019 according to new report

A new report by the Institute of Chartered Accountants in England and Wales (ICAEW) suggested a marginal improvement in GCC GDP growth in 2019. According to the report, the GCC is expected to post an economic growth of 2.3 percent in 2019, up 0.3% from 2018, with the main source of growth coming from the non-oil sector. In spite of […]
28 April 2019

New intelligent Boxbay storage system at Jebel Ali Terminal 4 to drastically improve container handling efficiency

Dubai-based DP World and international partners SMS Group have entered into a joint venture that could revolutionise the way containers are handled in ports. The new intelligent system, called Boxbay, is a high bay storage system that will be piloted for the first time at Jebel Ali Terminal 4 in time for the Dubai Expo 2020. The patented design and […]
25 April 2019

New Hala China initiative to boost Chinese enterprise in Dubai and open avenues for new real estate investments

Chinese SMEs in Dubai are primed to expand their presence in Dubai as Singapore-based Samanea joined hands with Hala China in a new initiative according to a statement from the company. Hala China is based in Dubai, which is home to nearly 3,000 Chinese companies, and was jointly launched by property developers Meraas and Dubai Holding in 2018 to enhance […]
24 April 2019

Expo 2020 to give UAE economy AED 122.6 billion boost according to latest report

Report suggests Expo 2020 will create nearly 50,000 full-time jobs Event is expected to account for nearly half of 1% of UAE’s total GDP More than 25 million visitors expected in Dubai for Expo 2020 As Expo 2020 approaches, many businesses are hoping to affect a turnaround from the current economic downturn. According to the latest Ernst & Young (EY) […]
23 April 2019

Top 100 start-ups first in line to receive new long-term UAE visas

At the recently concluded World Economic Forum held in Jordan, the UAE government announced that it will grant long-term visas for the top 100 start-ups. Currently, the scheme is valid for Arab start-ups, including promising technology ventures in Egypt, Morocco and Palestine, and is expected to be extended to other regions soon. The new five-year visas, announced by Abdulla bin […]
22 April 2019

Average villa/townhouse sales price declined to AED 4.5 million in March: Property Monitor Dubai House Price Index

House price declined 1.7% month-on-month Average house price now under AED 2.6 million Prices in certain communities declined by more than 12% Property Monitor, the UAE’s leading real estate intelligence platform from Cavendish Maxwell, has released its Dubai House Price Index for March 2019. The index has been tracking the prices of a selection of apartments and villas/townhouses since September […]
18 April 2019

Growing need for credible asset valuation as GCC banks face testing times with loan impairments under new international standards

The next 12-24 months could potentially have adverse effects on the asset quality of GCC banks, according to leading analysts. Loan impairments are likely to go up as a result of less supportive economic environments and mandatory loan classifications under new International Financial Reporting Standards (IFRS) 9, which could result in asset value deterioration in the GCC. According to Mohammad […]
17 April 2019

Soft demand and pressure on prices continue in Q1 2019: Cavendish Maxwell UAE Property Market Report

Cavendish Maxwell, a leading property consultancy and chartered surveying firm in the Middle East, released its UAE Market Report for Q1 2019, containing key property data and trends for Dubai, Abu Dhabi and the northern emirates. The report is the firm’s first comprehensive quarterly report on the health of the UAE’s property market as a whole, covering the residential, commercial, […]

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