Highlights of the week | 1st May – 7th May 2023

December 6, 2023

▪ Imtiaz Developments Launches Out of Home Campaign to Promote Westwood Grande, its Latest Residential Project in Dubai’s Prestigious Jumeirah Village Circle (1st May)

Dubai-based real estate developer Imtiaz Developments has launched an Out of Home (OOH) advertising campaign to promote its latest project, Westwood Grande. The campaign aims to showcase the modern 14-story residential complex’s elegance and sophistication, located in the prestigious Jumeirah Village Circle. The campaign targets potential buyers seeking modern and upscale living in Dubai’s heart and uses high-quality visuals and compelling messaging to generate interest and awareness about Westwood Grande.

Read more at Imtiaz Developments Launches Stunning Out-of-Home Campaign for Westwood Grande in Dubai – INSITE OOH Media Platform

▪ Emaar Hospitality Group announces eight new hotel properties across UAE, Saudi Arabia and Egypt between 2023 and 2024 (1st May)

Emaar Hospitality Group, a subsidiary of Emaar Properties, has announced plans to add eight new properties across the UAE, Saudi Arabia and Egypt to its portfolio between 2023 and 2024. The additions include Address Jabal Omar Makkah in Saudi Arabia, Address Marassi Beach Resort and Vida Marina Resort & Yacht Club Marassi in Egypt, Vida Aljada and Vida Residences Cairo Gate. Vida Dubai Mall is also set to open in 2023. Emaar Hospitality Group is also focusing on sustainability initiatives for 2023, including reducing waste to landfill, water conservation and use of sustainable materials.

Read more at Emaar Hospitality to add 8 new properties across Mena (tradearabia.com)

▪ DAMAC Properties, first in Dubai to simplify sales transaction registration directly with the Dubai Land Department (1st May)

DAMAC Properties has signed an agreement with the Dubai Land Department (DLD) to simplify the registration process for all sales transactions directly. This agreement allows DAMAC to register sales transactions from the point of purchase at the developer’s office, giving the company an advantage. DAMAC is the first developer in Dubai to sign this new registration process with the DLD, which aims to introduce best practices and transparent governance within the real estate sector. DAMAC Properties has been a constant close ally of the Dubai Land Department’s in its ambitions to support the growth and success of the city.

Read more Dubai Land Department simplifies unit Registration Processes by signing agreement with DAMAC Properties (zawya.com)

▪ Dubai’s crypto regulator grants first operational license to BitOasis crypto exchange (1st May)

Dubai’s crypto regulator, the Virtual Asset Regulatory Authority (VARA), has granted the first broker-dealer minimum viable product operational license to BitOasis, a crypto exchange based in the United Arab Emirates. VARA was formed in March 2022 to regulate the virtual asset sector , and BitOasis is the first broker -dealer to complete the M VP stage. With the new license, BitOasis can offer broker-dealer services to qualified retail and institutional investors under VARA’s regulatory regime from its Dubai headquarters.

Read more at Dubai crypto regulator awards first broker-dealer MVP operational license (zawya.com)

▪ The Family Office expands to GCC region, inaugurates office in Dubai to offer wealth management services

The Family Office, a wealth management firm has expanded operations by opening its third office in the GCC region within the UAE, in DIFC (Dubai International Financial Centre). The new office will provide a range of wealth management services, including financial planning, investment advice, and the creation of customized portfolios in private equity, private debt, real estate and direct funds. The firm, has been in the wealth management industry since 2004, having a long track record and is committed to providing the highest level of service to its clients. The new office will help investors in the UAE access top-tier private market opportunities in collaboration with major international asset managers.

Read more at The Family Office expands to GCC region, inaugurating an office in Dubai – News | Khaleej Times

▪ Grovy real estate development announces aura, a residential complex in Jumeirah Village Circle (2nd May)

Grovy Real Estate Development has announced the launch of its new residential project, Aura by Grovy, located in Jumeirah Village Circle. The complex will offer a range of apartment types such as studios, one to three-bedroom apartments which come along with a variety of facilities, including a swimming pool, gym, sauna, co-working lounge, and communal gardens. Aura by Grovy is set to be completed by Q2 2024 and will be well-connected to major locations in Dubai. This development presents an excellent opportunity for international investors to access the high rental yields and stable landscape of Dubai’s real estate market.

Read more Grovy Real Estate Announces The Launch Of Its Latest Project – (openpr.com) in Sharjah

▪ Rove Hotels to launch branded residences and serviced apartments with Rove Homes (2nd May) 

Rove Hotels, a UAE-based brand, has announced the launch of “Rove Homes,” a line of branded residences and serviced apartments. The first project, Rove Home Aljada, will be located in Aljada, Sharjah, and will be equipped with smart home features and warm, contemporary finishes. Rove Home Aljada will offer one, two and three-bedroom apartments with amenities such as housekeeping, in-room dining, laundry, and more. The development will be located opposite Aljada’s main park in Sharjah, and the area will include hospitality, retail, F&B and leisure options, three schools and a business park.

Read more at Dubai’s Rove Hotels launches new branded residences, serviced apartments – Arabian Business

▪ Off-Plan investments in Dubai to become an asset class due to its great potential for growth and profit (2nd May)

The founder of LuxuryProperty.com, Jason Hayes, believes that the Off-Plan property market in Dubai is set to take off in a big way to become an emerging asset class with enormous potential for growth and profitability. Off-Plan investments are popular in Dubai, as they allow investors to secure a lower price and potentially significant capital gains at project completion. The company has set up a private client advisory team with expertise in the Off- Plan property market to provide research and analysis, risk management, investment strategy, and negotiation services to investors.

Read more at The Family Office expands to GCC region, inaugurating an office in Dubai – News | Khaleej Times (einnews.com)

▪ Dar Global awards an AED116 million contract to Shapoorji Pallonji for the Da Vinci Tower fit-out (3rd May)

Dar Global announced that it has awarded the fit-out works for the Da Vinci Tower at Business Bay, Dubai to the regional unit of top Indian construction and real estate conglomerate Shapoorji Pallonji. The project is worth AED 800 Mn (US$ 218 Mn) and includes 80 high-end apartments, featuring a penthouse, one, two, and three-bedroom units. The avant-garde design is by Pagani and the tower offers panoramic views of Dubai’s skyline, including Burj Khalifa and the Dubai Fountain. The project is expected to be completed by December 2025.

Read more at Shapoorji Pallonji wins fit-out contract for $218m Dubai tower (tradearabia.com)

▪ Lanai Island mansion sold for AED 200Mn, setting a new record for the highest recorded sale at Tilal Al Ghaf (3rd May)

Majid Al Futtaim Development has sold a luxury villa on the secluded private Lanai Island for AED 200Mn (US$ 54.5Mn), a record high sale in Tilal Al Ghaf. The limited collection of 13 ultra-luxury villas were designed in collaboration with award-winning South African architects SAOTA and stylish interior finishes by world-renowned interior designer Kelly Hoppen. The AED 200Mn 8-bedroom villa offers expansive living with over 30,000 Sqft of gross floor area and unique features, including a floating lounge deck directly on the water, sunken rooftop terrace with unrivalled 360 views across the lagoon, and a triple-height courtyard bringing light and lush greenery into the very heart of the home.

Read more at UAE Business: Majid Al Futtaim announces record sale of Lanai Islands mansion (gdnonline. com)

▪ Real Estate Markets in Abu Dhabi and Dubai Show Robust Growth in Q1 2023, According to Asteco Report (3rd May)

According to the Asteco Q1 2023 report, the real estate market in Abu Dhabi and Dubai continued to grow, with the support of new government programs and wider economic growth contributing to a positive outlook; while apartment rental rates were increasing at a stable rate, villa rentals increased at a relatively faster pace. Abu Dhabi’s development pipeline is expected to remain strong throughout the year with several new projects in the planning stage. Commercial real estate witnessed a strong demand for Grade A / B+ office spaces in Abu Dhabi, while Dubai saw an average rental increase of ~6% over the last three months. Sharjah and Al Ain also witnessed a positive market sentiment recording growth in rental rates and sales prices.

Read more at Asteco Q1 2023 Real Estate Report Indicates Robust Real Estate Market In The UAE | MENAFN.COM

▪ Sanjay Manchanda appointed as strategic advisor to Manzil Life, Dubai’s leading property management company (3rd May)

Manzil Life, a property management company in Dubai, has appointed former CEO of Nakheel, Sanjay Manchanda, as a strategic advisor to reinforce its position as a leader in property management and rental solutions. Sanjay’s wealth of experience in real estate and successful implementation of a diversified asset portfolio strategy for Nakheel’s long term sustainable growth will be valuable to Manzil Life’s expansion plans. The short-term rental market in the UAE is rapidly growing, and Manzil Life’s solutions cater to this demand.

Read more at Dubai’s Manzil Life welcomes real estate powerhouse Sanjay Manchanda as strategic advisor to supercharge property management and rental solutions | Corporate-news – Gulf News

▪ Dubai’s Hospitality Management Holding signs management deals for four hotels in ALTA Real Estate to open wellness-themed tower in Downtown Dubai(4thMay) Saudi Arabia (4th May)

Dubai’s Hospitality Management Holding Group (HMH) has signed management agreements for four new hotels in Saudi Arabia, expanding its hotel portfolio in the Mena region from 13 to 18 hotels. The hotels are Coral Makkah, Corp Al Madinah, Corp Yathrib, and Corp Makkah, located in different cities of Saudi Arabia, and offer modern amenities to their guests. HMH aims to expand its hotel portfolio primarily targeting the Saudi market due to the robust growth of its hospitality sector. Saudi Tourism aims to raise the kingdom’s annual visitor numbers to 100 million by 2030, contributing to an increase of 10% in the country’s GDP .

Read more at HMH inks management contracts for four new Saudi hotels (tradearabia.com)

▪ Homesfy, an Indian based real estate tech firm expands to Dubai to capitalize on the growing real estate market (4th May)

Homesfy Realty, India’s first listed tech-enabled brokerage firm, is expanding to Dubai, with plans to capitalize on the booming Dubai real estate market, driven by path-breaking policies by the UAE government. In 2022, the Dubai real estate market had a massive upswing in sales to Indian buyers, with Indian buyers accounting for 40%, the leading buyer demographic in Dubai. Homesfy sees tremendous potential in the Dubai real estate market with an estimated growth of 20% in the coming years. Its unparalleled network of tech-enabled agents will help achieve success in the region.

Read more at Homesfy Forays into International Market with Office in Dubai (rprealtyplus.com)

▪ ALTA Real Estate to open wellness-themed tower in Downtown Dubai(4th May)

ALTA Real Estate Group is set to open a new wellness-themed tower, AIRE, in Downtown Dubai. The tower will offer state-of-the-art fitness and wellness facilities, including a running track, swimming pool, meditation hubs, saunas, and yoga classes. It will also feature several in- house areas, social and entertainment amenities, and professional conveniences such as co- working spaces and resting lounges. Abdulla Al Tayer, the Managing Director of ALTA Real Estate Group has taken measures to ensure that the project follows eco-friendly conditions and sustainability standards to reduce its carbon footprint stating that “sustainability is not just a buzzword, but a responsibility that we all share”. Investors and potential residents have expressed interest in the development and its location.

Read more at UAE to open new ‘AIRE’ wellness-themed tower in Downtown Dubai – Construction Week Online

▪ Dubai Industrial City partners with key organizations to promote UAE’s manufacturing sector (4th May)

Dubai Industrial City (DIC) has signed strategic partnerships with the UAE Ministry of Industry and Advanced Technology (MoIAT), the UAE Ministry of Climate Change and Environment (MOCCAE), the Economic Development Board (EDB), and Dubai’s Department of Economy and Tourism (DET) to promote the UAE manufacturing sector. The partnerships aim to drive collaboration among stakeholders and facilitate knowledge transfer in key areas such as innovation, and sustainability. The partnerships will also work to attract foreign investment and expand the UAE’s industrial base.

Read more at Dubai Industrial City signs key strategic partnerships with MoIAT, MOCCAE, EDB and Dubai’s DET to promote and grow UAE Manufacturing Sector (aninews.in)

▪ Nakheel launches its new project, Como Residences located on Palm Jumeirah (4th may )

Nakheel is set to launch the Como Residences, a luxury living tower on Palm Jumeirah, with 76 residences made up of two-to-seven-bedroom apartments including a spacious duplex penthouse. The 71-storey high building, 300 meters tall, will offer 180 to 360-degree views of Dubai and the Arabian Sea from wrap-around balconies, with each floor of the development to home one or two residences only, served by access-controlled elevators leading to individual private lobbies. Amenities include a private beach, a 25-meter pool, padel and squash courts, a gymnasium, a spa and wellness center and a 360-degree viewing deck on the rooftop.

Read more at Como Residences: A new skyscraper is planned for Palm Jumeirah (timeoutdubai.com)

▪ Dubai named among top 10 cities for entrepreneurs to establish import/export businesses abroad (4th May)

Dubai has been named the ninth-best city in the world for entrepreneurs looking to set up an import/export business abroad, according to a study that evaluated the locations based on the business climate, logistics ecosystem, and market accessibility. Dubai’s strategic location, business-friendly policies, and world-class infrastructure have made it an ideal destination for businesses of all sizes and industries. The city’s legal system is robust, and the government has implemented measures to simplify the process of doing business. Dubai is tax-free environment, diversified economy, business friendly policies, and world class infrastructure make it favorable for emerging/new entrepreneurs looking to set up a business, hence encouraging foreign investment.

Read more at Dubai Ranks Among Top Cities in the World for Ease of Doing Business | Deccan Herald booming commercial real estate market in the UAE and GCC (4th May)

▪ Yas Holding makes strategic investment in Peninsula Real Estate to capitalize on the ooming commercial real estate market in the UAE and GCC (4th May)

Yas Holding LLC has made a strategic investment in Peninsula Real Estate, a real estate investment company in the Abu Dhabi Global Market focused on the office, industrial and logistics sectors. Peninsula seeks to capitalize on the growing commercial real estate market in Abu Dhabi and the UAE. The UAE has one of the world’s top real estate markets and investment destinations, with high economic growth rates. The UAE’s non-oil economy is projected to grow at rates of 4.2% in 2023 and 4.6% in 2024, maintaining its position as a world-class real estate market and investment destination with high economic growth rates. Yas Holding CEO, Ms. Low Ping, said the investment is a key addition to the company’s portfolio, with shared values and ambitions that make them confident that Peninsula will be a best-in-class partner to their vision.

Read more at Yas Holding announces strategic investment in Peninsula Real Estate to support its growth (zawya.com)

▪ NOVVI Properties launches holistic real estate solutions agency in Dubai (4th May)

NOVVI Properties has launched a new 360-degree home and business solutions agency in Dubai. The aim of this agency is to make it easier for individuals and businesses to manage their day-to-day business and personal needs related to property management. The agency offers services such as residential, off-plan and investment, commercial and project leasing, property management, maintenance, holiday homes, concierge and relocation, PRO services, staging, and design planning. The company also offers cutting-edge technologies such as virtual reality to enable buyers to explore properties in their environment.

Read more at NOVVI Properties launches its 360° Home and business solutions agency | Corporate-news – Gulf News

▪ Armani and Arada to collaborate on a luxury residential project in Dubai designed by ▪ Yas Holding makes strategic investment in Peninsula Real Estate to capitalize on the Ando (4th May)

Armani/Casa Interior Design Studio is partnering with UAE-based property developer Arada to create the Armani Beach Residences Palm Jumeirah in Dubai, designed by Pritzker Prize- winning architect at Tadao Ando. The luxury project will include homes, penthouses and amenities, with sales set to begin in the second half of 2023, and completion targeted for the end of Q4 2026. Located on the outer crescent of man-made islands in Dubai, the residences will have a visual link with the sea and will feature a design emphasizing the connection between nature and architecture. The project aims to blend the Armani lifestyle with Ando’s contemporary design aesthetic.

Read more at Armani-Beach-Residences-Palm-Jumeirah-outdoor-rendering – Business – Economy and Finance – Emirates24|7 (emirates247.com)

▪ Azizi Developments to invest AED 60Bn (US$16.3Bn) in hospitality division, including a seven-star hotel in Dubai (4th May)

Azizi Developments has revealed plans to invest AED 60Bn (US$16.3Bn) in its hospitality division, opening 50 hotels and adding 20,000 keys in the next five years. The company plans to add one “very prestigious seven-star hotel” in Dubai, which will be part of the hospitality division. Michael Zager, COO of hospitality, with almost 4 decades of experience in the industry will manage the new business. The move is to aid in the UAE’s Tourism Strategy 2031. Azizi has already acquired most of the plots of land for its hotels and construction is set to begin before the end of 2023.

Read more at 7-star hotel planned in Dubai – Hotelier Middle East booming commercial real estate market in the UAE and GCC (4th May)

▪ British and Russian nationals top Dubai real estate buyers in April 2023 (5th May)

British and Russian nationals were the top real estate buyers in Dubai in April 2023, followed by Indian nationals, according to Allsopp & Allsopp, a Dubai-based real estate firm. The average sales price was AED 4.3Mn and the average rental price was AED 168k. The first quarter of 2023 saw notable sales in Palm Jumeirah and Jumeirah Bay Island with Bulgari Lighthouse Dubai, Jumeirah Bay Island at the top registering a Transaction Value of ~AED 410Mn. The top three buyer nationalities were British, Indian, and French.

Read more at Revealed: Brits, Russians top Dubai real estate buyers for April 2023 – Arabian Business