Entrepreneur Middle East Special Edition | Real Estate Leaders

Nestled by the coast of Lusail sits the splendor of Raf es and Fairmont Doha, where luxury is rooted in even the smallest details. Open the doors to mesmerizing hospitality and make memories in a world of sophistication.

The Big Picture: Neom Nature Protection, preservation & regeneration

Project Casebook Building the Burj

Innovation in Real Estate Embracing the Future with Technology

The Big Interview

The unstoppable Mohammed Alabbar

Global Outlook Bangkok Rises

Brand builders Branded residences

Change Makers Who are the big shots who took the market by storm?

If you’re going to be thinking, you might as well think big.

Donald J. Trump

PROTECTION, PRESERVATION & REGENERATION

From the deep blue ocean and pristine beaches to awesome deserts and epic mountains, NEOM has an ancient geography and topography unlike anywhere else. Reefs that sparkle with color, green wadis that provide an unexpected oasis, mesmerizing red sand dunes shifting with the wind and endless mountain valleys providing iconic views. The rich tapestry of the natural world will be protected, preserved and elevated – at scale.

Building the BURJ

The Burj Khalifa is the world’s tallest building. It is also a remarkable feat in construction, design and development that took just six years from start to finish.

SIX YEARS THAT CHANGED THE WORLD

2004-2005 Foundation Phase

Burj Khalifa’s journey began with preparing the site and building a strong foundation. This included a massive concrete base and deep piles to ensure stability on Dubai’s sandy terrain.

2005-2008 Structural Construction Phase

The main structure took shape with an innovative ‘Y’ design and a strong core. High-performance concrete was pumped to great heights, and a steel spire was added for extra stability.

January 2007 Structural Progress

The structural framework advanced rapidly, reaching a significant milestone of 100 floors and continuing progress throughout the year.

March 2007 Tallest to Roof

Burj Khalifa surpassed Taipei 101 to become the world’s tallest building in terms of roof height.

May

2008

Exterior Cladding Starts

The installation of the iconic exterior cladding began in May 2008.

June 2008 Structural Completion

The structural construction of Burj Khalifa was completed, marking its achievement as the world’s tallest building.

September 2009 Exterior Completed

The exterior cladding was completed in September 2009, with Emaar announcing the completion of the exterior.

January 4, 2010 Official Inauguration

Burj Khalifa was officially inaugurated on January 4, 2010, solidifying its status as the world’s tallest building and symbolizing Dubai’s ambition and vision.

THE ARCHITECTURE

The design concept and architectural style: Burj Khalifa’s base features a triple-lobed footprint inspired by the regional desert flower Hymenocallis.

The basic structure of the tower is composed of three wings arranged around a central hexagon core.

Burj Khalifa employs a Y-shaped floor plan with setbacks along each of its three wings. The

shape and the upward setbacks provide a stable configuration for the structure and maximise views of the Arabian Gulf.

As the building spirals in height, the wings set back and a central core emerges at the top and culminates in a sculpted spire. When viewed from the air, Burj Khalifa is evocative of the onion domes prevalent in Islamic architecture.

Wind (Top)

Wind (Middle Section)

Wind (Lower Section)

WIND TUNNEL TESTING

Due to strong winds, more than 40 wind tunnel tests were conducted on Burj Khalifa to examine the effects the wind would have on the tower. These ranged from initial tests to verify the wind climate of Dubai to large structural analysis models. Even the cranes used in the construction of the tower underwent wind tunnel tests to ensure safety.

Stack effect or chimney effect is a phenomenon that affects super-tall building design and arises from the changes in pressure and temperature with height. Special studies were carried out on Burj Khalifa to determine the magnitude of the changes that would have to be dealt with in Burj Khalifa’s design in order to ensure its resistance to high heat, wind loads, and vibration.

FLOOR PLAN

Concourse Level to Level 8, and Levels 38 and 39 feature the Armani Hotel Dubai, the world’s first hotel designed and developed by Giorgio Armani. With a truly unique interior design, Burj Khalifa’s Levels 9 to 16 are home to luxurious one and twobedroom Armani Residences.

Levels 45 to 108 are made up of private, ultra-luxury residences. The residences include studios, one, two, three and four-bedroom apartments.

The Corporate Suites are located on the highest levels of the tower and are spread over Levels 112 to 154. They occupy 37 floors, except for Level 122, home to At.mosphere and Level 124, occupied by the tower’s public observatory, At the Top, Burj Khalifa.

For the convenience of homeowners, the tower has been divided into sections with exclusive Sky Lobbies on Levels 43, 76, and 123 featuring state-of-the-art fitness facilities. In addition, the Sky Lobbies on Levels 43 and 76 feature jacuzzis, swimming pools, and recreational rooms that can be used for gatherings and lifestyle events.

INTERIORS

Skidmore, Owings & Merrill LLP worked on the interiors of Burj Khalifa’s public areas in collaboration with awardwinning designer Nada Andric. All the interiors were carefully handpicked to reflect shelter, comfort, and restrained luxury.

Combining local culture and heritage with classic design, Burj Khalifa’s interiors feature glass, stainless steel, and polished dark stones, together with silver travertine flooring and Venetian stucco walls.

Nada Andric, award-winning designer

ARTWORK

More than 1,000 pieces of art from prominent Middle Eastern and international artists adorn Burj Khalifa and the surrounding Mohammed Bin Rashid Boulevard. Many of these pieces, such as Juame Plensa’s sculpture, World Voices, act as a tribute to the spirit of global harmony.

Handpicked and specially commissioned are both a beautiful visual statement and a way of linking cultures and communities. The art pieces are symbolic of Burj Khalifa being an international collaboration.

Left Image: Juame Plensa’s sculpture, World Voices.

Right Image: Wings of Mexico.

CONSTRUCTION

Excavation work began in January 2004.

Burj Khalifa’s foundations featured a large reinforced concrete mat supported by concrete piles reinforced with steel.

Burj Khalifa’s construction used 330,000 cubic meters of concrete, equivalent to the weight of 100,000 elephants, and 39,000 tonnes of reinforced steel.

Burj Khalifa accomplished a world record for the highest installation of an aluminium and glass façade at a height of 512 meters. The total weight of aluminium used on Burj Khalifa is equivalent to that of five A380 aircrafts.

In November 2007, the highest reinforced concrete core walls were pumped using 80 megapascals of concrete from ground level. The concrete was pumped to a recordbreaking height of 601meters breaking the previous pumping record held by Taipei 101.

I believe you have to be willing to be misunderstood if you’re going to innovate.

Jeff Bezos

Innovation in REAL ESTATE DUBAI’S

Embracing the Future with Technology

While the value of real estate in Dubai keeps soaring, new trends in artificial intelligence (AI), 3D printing and blockchain are revolutionizing the industry.

Dubai’s real estate sector has always been a beacon of innovation, reflecting the city’s vision of progress and modernity.

From architectural marvels like the Burj Khalifa to futuristic urban planning concepts such as the upcoming Dubai Urban Tech District, the city constantly pushes the boundaries of what’s possible. In recent years, this forward-thinking approach has been accelerated by cutting-edge technology, turning Dubai into a global hub for smart, sustainable, and digital real estate development.

In this feature, we will explore the most groundbreaking innovations in Dubai’s real estate market, focusing on the latest technological advancements that are shaping the industry.

SMART CITIES AND ARTIFICIAL INTELLIGENCE

Dubai’s ambition to become one of the world’s smartest cities is evident in its commitment to incorporating AI and data analytics into urban planning and property management. Smart cities use Internet of Things (IoT) devices and AI to monitor and optimize everything from traffic flow and energy consumption to water usage and waste management. For example, Dubai’s Smart Dubai initiative is paving the way for integrated city management systems that are designed to enhance the quality of life for residents.

AI is transforming property management by automating routine tasks, such as security monitoring and maintenance requests, allowing real estate companies to offer more efficient services.

Predictive analytics powered by AI can forecast trends in the real estate market, enabling investors and developers to make more informed decisions. Moreover, smart buildings are equipped with AI systems that automatically adjust lighting, heating, and air conditioning based on real-time data, significantly reducing energy consumption.

The Dubai Electricity and Water Authority (DEWA) is already deploying AI to manage the smart grid, which will soon connect homes and businesses across the city. This integration ensures a sustainable energy model, reducing the carbon footprint of real estate developments while also offering cost savings to property owners.

3D PRINTING IN CONSTRUCTION

One of the most exciting advancements in Dubai’s real estate sector is the use of 3D printing technology. Dubai aims to become a world leader in 3D printing, with a goal of constructing 25% of its new buildings using this technology by 2030. The city has already made headlines with the world’s first 3D-printed office, which was constructed in just 17 days and is fully functional.

3D printing reduces the time and cost involved in construction, as it allows for the production of building components directly on-site. This not only minimizes waste but also offers greater design flexibility. Architects can create complex and customized structures that would be difficult or impossible to build using traditional methods. The use of 3D printing also helps address labor shortages, as fewer workers are needed to oversee the construction process.

In terms of sustainability, 3D printing technology allows developers to use eco-friendly materials and reduce the carbon emissions associated with transportation and construction. By adopting 3D printing on a larger scale, Dubai is set to revolutionize the construction industry, positioning itself as a global leader in sustainable real estate development.

VIRTUAL REALITY AND AUGMENTED REALITY

The adoption of virtual reality (VR) and augmented reality (AR) in Dubai’s real estate industry is redefining the way properties are marketed and sold. VR allows potential buyers to take virtual tours of properties, even if they are located halfway across the world. This technology has proven particularly valuable in Dubai, where a significant portion of property investors are international.

Developers are increasingly using VR to showcase off-plan properties, offering immersive 3D walkthroughs of yet-to-bebuilt homes and offices. This gives buyers a realistic sense of the space, allowing them to make decisions based on more than just floor plans and brochures. AR, on the other hand, enables developers to overlay digital information onto real-world environments, helping buyers visualize how their future property could look with different layouts, furnishings, and finishes.

These technologies are also streamlining the design and construction process. Architects and developers use AR to create digital blueprints and preview how various design elements will look in real life, facilitating more accurate and efficient planning. The combination of VR and AR is not only enhancing the customer experience but also driving faster decision-making and reducing the costs associated with property development and sales.

BLOCKCHAIN AND SMART CONTRACTS

Blockchain technology is revolutionizing real estate transactions in Dubai by providing a transparent, secure, and efficient platform for buying, selling, and leasing properties. One of the most transformative applications of blockchain is in the use of smart contracts, which are selfexecuting contracts with the terms of the agreement written directly into code. These contracts eliminate the need for intermediaries, such as lawyers and real estate agents, reducing transaction costs and speeding up the process.

The Dubai Land Department (DLD) has embraced blockchain technology as part of its efforts to create a fully digitized and paperless property market. Through the Real Estate Self Transaction (REST) platform, all property transactions, including title deeds, mortgage registrations, and rental agreements, can be processed digitally using blockchain. This not only increases transparency but also reduces the risk of fraud and human error.

By streamlining the transaction process and reducing reliance on third parties, blockchain technology is making real estate investment in Dubai more accessible and efficient for both domestic and international investors. As this technology continues to evolve, it is expected to have a lasting impact on the global real estate market, with Dubai leading the way in its implementation.

SUSTAINABLE TECHNOLOGIES AND GREEN BUILDING STANDARDS

Sustainability is at the core of Dubai’s real estate innovation, with developers increasingly focusing on eco-friendly construction practices and energyefficient buildings. One of the most important advancements in this area is the widespread adoption of green building standards, such as the Leadership in Energy and Environmental Design (LEED) certification. Dubai has set ambitious sustainability goals, aiming for all new buildings to comply with green building standards by 2030.

Technologies such as solar panels, energy-efficient lighting systems, and water recycling facilities are becoming standard features in new developments. The city’s commitment to sustainability is evident in projects like The Sustainable City, a residential community designed to operate with minimal carbon footprint. The development includes solar-powered homes, electric vehicle charging stations, and green spaces irrigated with treated wastewater.

Dubai’s government has also introduced initiatives such as the Net Zero Energy Buildings (NZEB) strategy, which aims to ensure that all buildings produce as much energy as they consume by 2050. Developers are investing in smart energy management systems that monitor and optimize energy usage in real-time, reducing both costs and environmental impact.

THE RISE OF PROPTECH STARTUPS

The property technology (Proptech) sector in Dubai is booming, driven by the city’s strategic location and strong demand for innovation. Proptech startups are introducing a wide range of solutions that enhance the efficiency, transparency, and sustainability of real estate transactions and operations. These companies are developing platforms for property management, digital marketing, and online marketplaces, helping to bridge the gap between traditional real estate practices and the digital age.

One notable Proptech innovation is the development of AI-powered platforms that provide personalized property recommendations based on user preferences and market trends. These platforms use machine learning algorithms to analyze large datasets, ensuring that potential buyers are matched with the best properties for their needs. Additionally, virtual property viewings, online mortgage applications, and automated legal processes are becoming more commonplace, thanks to the efforts of Proptech companies.

Startups are also driving innovation in sustainable real estate, with companies offering solutions for energy efficiency, waste reduction, and smart home automation. By leveraging data analytics and AI, these startups are helping to create more livable, affordable, and environmentally conscious urban spaces.

THE FUTURE OF DUBAI’S REAL ESTATE

Dubai’s real estate sector is at the forefront of global innovation, harnessing the latest technologies to create smarter, more sustainable, and more efficient developments. The integration of AI, blockchain, 3D printing, VR, and other emerging technologies is transforming the way real estate is designed, constructed, and managed, positioning Dubai as a leader in the global property market.

As the city continues to grow, it remains committed to sustainability and technological advancement, ensuring that its real estate sector meets the needs of future generations.

With ambitious goals like becoming the world’s most sustainable city and constructing a significant portion of buildings through 3D printing, Dubai’s real estate industry is not just keeping pace with global trends—it is setting them. The future of Dubai’s real estate is undeniably bright, driven by innovation and an unwavering vision of progress.

I find that the harder I work, the more luck I seem to have.

Thomas Jefferson

THE UNSTOPPABLE ALABBAR MOHAMMED

The founder of Emaar has redefined real estate. But at the age of 68, it seems he is only just getting started.

It’s the one question that Mohammed Alabbar doesn’t have an answer for. “When does he sleep?”

For once there is silence. And it’s probably because the answer is “not very often.”

He may be 68, but the founder of Emaar is having a second wind—some would say he’s only just getting started. Founding the company in 1997, and a year later taking it to a US$9.7 billion valuation, would have been enough success for most people. For Alabbar, it was only the beginning. Fast forward to building Downtown Dubai, with the world’s tallest building the Burj Khalifa its center piece.

Downtown Dubai is now home to over 1,800 retail stores, 35,000 homes and 90,000 residents.

“That number is only getting bigger, by the day,” he says.

Last year the Dubai Mall was the most visited place on earth with 150 million visitors. Along the way – just with Emaar – came history-making developments such as Dubai Marina and Eagle Hills, with the Dubai Creek project now set to outdo everything that has come before.

Last year Alabbar unveiled plans for a state-of-the-art Music, Colour and Fire Plaza set to be located at Dubai Square, Dubai Creek Harbour.

Strategically located near Dubai Creek Tower, the plaza will feature a blend of fire, vibrant color displays, and synchronized music. When the multimedia displays are inactive, the plaza will seamlessly transition into a welcoming public space, designed to encourage social interaction and engagement.

“Dubai Creek Tower is more than a landmark; it’s a hub for community interaction,” Alabbar says.

“The Music, Colour, and Fire Plaza, with its advanced technology, embodies our commitment to enhancing Dubai’s landscape through innovative design. Emaar is committed to pushing the boundaries of innovation and excellence, reinforcing Dubai’s position as a global pioneer in urban development and setting a new standard for cities worldwide.”

The Music, Colour, and Fire Plaza is part of the broader Dubai Creek Harbour development, an extensive urban project encompassing 7.4 million square meters of residential space and 500,000 square meters of gardens and open areas.

The development is designed with pedestrianfriendly streets, diverse retail options, commercial spaces, entertainment venues, and premium facilities for an urban living experience.

But leading the sprawling Emaar empire is just one of many hats Alabbar wears. With 16 developments in 30 countries to his name, Eagle Hills is his privately owned company which has, in the past three years, begun to take its own place on the global stage.

Two years ago, the company launched Ramhan Island, off the coast of Abu Dhabi. The $3.5 billion destination will feature floating villas, luxury hotels, branded residences, a sand bar and more.

There will be 1,800 standalone villas, 900 marina residences, 120 luxury hotel keys and 120 residence keys. The development will comprise four villa communities including Marine Island Villas, Cove Island Villas, Breeze Island Villas and Views Island Villas, surrounded by mangrove trees and scenic bays.

But for Alabbar, it’s all about taking things to a new level: the company is using some of the world’s top superyacht designers to help create the interiors of homes.

“There are a lot of great designers in the world, but no one can do the internal detailing of a home better than the designers of superyachts. They respect space, they respect light, they respect the value of every single square meter, but most of all, their minds are trained to think always about luxury. They only build the most luxurious things in the world. So, their detailing is like no normal place or home, nothing like this has ever been seen before. There will be nothing like this ever seen in the UAE or the region,” Alabbar says.

In January this year, Eagle Hills announced plans for a mixed-use development project in Budapest, Hungary, which aims to transform a 100-hectare site that has remained unused for a century.

The project, backed by both the UAE and Hungarian governments, will create 35-40 hectares of parks and public spaces.

The development aims to contribute approximately two percent to Hungary’s gross domestic product (GDP) growth and generate employment during construction and operation phases.

“The Grand Budapest project will create a new world-class green district from an area that has been abandoned for decades. The development reflects our vision to create spaces that help city residents in every way and prioritise sustainability and the importance of communities,” he says.

The $12.3 billion development incorporates smart city elements, including energy-efficient buildings, renewable energy systems, and intelligent waste management solutions. The plan encompasses schools, sports facilities, and community centers.

Eagle Hills has also been active in Serbia for a number of years, and in January announced a major expansion of its iconic Belgrade Waterfront development in Serbia.

With all its phases combined, Belgrade Waterfront is set to exceed €12 billion ($12.4 billion) in total real estate value.

He says: “The remarkable experience in Serbia, where the Belgrade Waterfront showcased outstanding economic growth, has paved the way for the expansion of this landmark development.

“This reinforces Belgrade Waterfront as one of the region’s most prominent urban developments – offering cutting-edge innovation and sustainable development while delivering tangible economic impact and supporting local communities.”

In Croatia, Alabbar recently acquired 12 hotels on the prestigious Suncani Hvar portfolio of hotels from CPI Property Group as part of the expansion of Eagle Hills. The hotels are located in Hvar, a Croatian island in the Adriatic see. Often dubbed the “Capri of the Adriatic,” the island is famed for luxury hotels, pristine beaches and cobbled, marbled streets. “This is once in a lifetime. There will never be an island like this, and there will never be hotels like this,” he says, describing the persistence required to close the deal despite regulatory hurdles.

In Albania, he is behind the spectacular $2.5 billion Durres Yachts and Marina project in Albania. When complete, it will be the largest ever superyachts marina in the Mediterranean, and a complete transformation of part of the Albanian coastline in the city of Durres.

“I am doing something that has never been done before, never,” he says, adding: “The world needs more than one Monaco, and this is where it’s going to be,” he says, adding: “I love Monaco, but it’s so tiny and demand is so high. So, here’s my promise: I’m going to give the world another Monaco.”

Just as impressive is the “Riga Waterfront,” which aims to develop the waterfront on the Daugava River in Riga, the capital of Latvia.

The project extends for five kilometers in a strategic location at the intersection of Riga’s world heritage historic centre, which is recognized by UNESCO, and the charming Art Nouveau district.

It has been designed to match a modern lifestyle and contribute to transforming the city’s living experience.

But what defines Alabbar is his ability to often totally disrupt a new market. Take Noon, his e-commerce platform launched in 2017. Whereas most business leaders would have not touched the sector, given Amazon’s reach, Alabbar went in head first. Noon is now seen as the market leader in many parts of the region, and some of its initiatives such as Noon Minutes are being replicated by Amazon.

If anything, his Noon experience has given him a ringside seat to the world of technology, which he is using to increase efficiencies in all his businesses. Whilst many traditional developers such as himself generally shy away from working with content creators – Alabbar is the exact opposite.

In January, he announced he is offering an “incredible reward” to content creators who can come up with “good ideas” to promote Dubai.

“Create a one-year campaign, creatively, with incredible content. Talk to me and I will give an incredible reward, for good ideas. Impress me – I really love my city and I really want to do it for Dubai. Give me a good idea, I will sign the cheque,” Alabbar had said.

With Emaar, Eagle Hills and Noon – not to mention a string of privately funded ventures – Alabbar has taken more than his fair share of risks. But almost each time, he comes up trumps. And there is no sign of that changing anytime soon.

I love Monaco, but it’s so tiny and demand is so high. So, here’s my promise: I’m going to give the world another Monaco.

Ninety percent of all millionaires become so through owning real estate.

Andrew Carnegie

BangkokRISES

Thailand’s capital city is undergoing a real estate boom. But what is driving it, and will it last?

Bangkok is booming, make no mistake. The Bangkok real estate market, a dynamic and multifaceted sector, has experienced both periods of robust growth and fluctuating challenges.

But what is fuelling the growth? Understanding the key factors driving these trends, as well as identifying the major developers shaping the cityscape, is crucial for anyone interested in this market.

URBANIZATION AND ECONOMIC DEVELOPMENT

Bangkok, as Thailand’s capital and economic hub, continues to attract people from across the country and the world. This ongoing urbanization fuels demand for residential and commercial properties.

Thailand’s economic development, despite some fluctuations, has contributed to rising incomes and increased purchasing power, particularly among the middle class.

FOREIGN INVESTMENT

Bangkok remains an attractive destination for foreign investors seeking investment opportunities in Southeast Asia.

Factors such as Thailand’s relatively stable political environment, its strategic location, and its growing tourism industry contribute to this appeal.

Rebound in tourism, has also caused an increase in foreign property purchases.

INFRASTRUCTURE DEVELOPMENT

Ongoing infrastructure projects, such as the expansion of the Bangkok Mass Transit System (BTS) and the Metropolitan Rapid Transit (MRT), have significantly improved connectivity within the city.

These developments have increased the desirability of areas located along transit lines, leading to higher property values.

LUXURY MARKET GROWTH

There has been a notable trend towards the development of high-end and luxury condominiums and villas, catering to affluent local and international buyers.

This is shown in the focus of developers who are creating more expensive products.

That said, global economic conditions, including fluctuations in interest rates and economic slowdowns, can impact the Bangkok real estate market. Household debt levels, and banks being more cautious about lending, have provided challenges. There are also concerns about oversupply in certain segments of the market, particularly the condominium sector, have arisen. And there has been a decline in new condominium launches.

Nevertheless, the city is a huge play for some key developers:

Pruksa Holding Public Company Limited:

A leading developer in Thailand, known for its diverse portfolio of residential projects, including condominiums, townhouses, and single-detached houses.

Sansiri Public Company Limited:

One of Thailand’s largest and most well-known developers, specializing in high-quality residential projects.

AP (Thailand) Public Company Limited:

A prominent developer with a strong focus on innovative and well-designed residential properties.

Central Pattana Public Company Limited:

This company is very well known for its retail developments, but is also involved in large mixed use developments, such as Dusit Central Park.

Frasers Property (Thailand) Public Company Limited:

A diversified real estate developer with a portfolio that includes residential, commercial, and industrial properties.

So just where is the market heading? There has been a shift towards focusing on higher-end properties. Infrastructure development continues to influence property values. The market is experiencing adjustments due to economic factors and changing consumer preferences.

Looking ahead, the Bangkok real estate market is expected to remain dynamic, with both opportunities and challenges. Factors such as infrastructure development, economic conditions, and evolving consumer preferences will continue to shape the market’s future. It is important to remember that markets fluctuate, and that information should be gained from multiple sources before making any financial decisions.

Here’s a glimpse into some of the key real estate projects currently underway:

Key Areas and Project Types:

Luxury Condominiums in Prime Sukhumvit: Areas like Chidlom, Langsuan, and Thonglor continue to see the development of high-end condominiums. These projects often emphasize luxury amenities, prime locations, and exclusive living experiences.

Examples include projects like those found in the information from sources like Keller Henson, that show the large amount of luxury condominium development in that area.

Riverside Developments:

The Chao Phraya River remains a highly desirable location, with developers creating residential projects that capitalize on the scenic views.

Projects focusing on river views are very popular.

Mixed-Use Developments:

There’s a trend towards mixed-use developments that combine residential, commercial, and retail spaces. These projects aim to create self-contained communities within the city.

Central Pattana is a key player in this area.

Transit-Oriented Developments:

With the expansion of Bangkok’s mass transit system, developers are focusing on projects located near BTS and MRT stations. These developments offer convenient access to transportation and are highly sought after.

Focus on High end living:

Many of the new developments are focused on providing high end luxury living.

Richard Branson

brand BUILDERS

Branded residences have long been a key part of the US real estate industry. But Dubai is now making a play to become the global capital of the sector.

Armani. Cavalli. Mercedes Benz. Bugatti. Bulagri. At first, this may sound like a roll call of some of the world’s most iconic brands. But they also have something new in common: all are part of the growing phenomenon of branded residences, with developers, super brands and investors jumping on the bandwagon.

The real estate boom in Dubai is no longer just for real estate companies, as hotels, jewellery brands and motoring companies enter the market.

Dubai is now the world’s leading city for the development of branded residences, with the number of standalone projects (developments without a hotel component) set to rise to 54 per cent of the market, accounting for 78 per cent of new projects over the next four years, against a global projection of 41 per cent.

Over the past 10 years (from 2014 to end of 2024) the branded residences sector in Dubai will have grown by a 410 per cent, rising from ten projects in 2014 to 51 today.

In the past five years alone, the growth in the sector has been 122 per cent rising from 23 projects to 51 today.

The numbers in the recent “Future of Branded Residences” event in Dubai make mouthwatering reading: a five-year forecast is projected to bring the total number of projects from 51 today to 121 by 2029, representing a growth of 137 per cent.

The data shows that the number of hotel brands is due to reduce from 78 per cent of the existing market of projects to 51 per cent of the pipeline of developments due to be released up to 2028. This means that hotel brands will only account for 63 per cent of the total market by 2029, compared to 78 per cent globally.

According to Riyan Itani, founder of Global Branded Residences: “This shows the market’s appetite for dynamic, lifestyle-driven branding while also reflecting the limitations experienced by the hotel brands, which are now not able to partner with developers due to existing relationships and territorial restrictions due to existing projects.”

He added: “In the absence of availability of tried-andtested hotel brands, Dubai developers are increasingly turning to innovative and exciting new brands from the non-hotelier world, such as automotive (less than 1 per cent of existing projects moving to 7 per cent of the development pipeline) and fashion brands (10 per cent of the exiting market are branded by fashion brands, while representing 36 per cent of the pipeline) to add the edge in design and marketing.”

Rich Stevens, Managing Director and Chief Creative Officer of creative branding agency Sectorlight said: “For lifestyle brands, the prospect of extending their customer reach and influence by bringing their brand alive through a physical environment offers amazing potential. For developers, a partnership with a world-renowned fashion, automotive or jewellery brand presents is a fantastic opportunity to ensure highly effective stand-out in a competitive marketplace. We are just seeing the tip of the iceberg right now, with projects like Mercedes-Benz Places by Binghatti and Armani Beach Residences by Arada.”

He added: “So far, we have seen ultra luxe brands appealing to High-Net-Worth individuals, but there will be more opportunities for mass-market household names to get on board and exploit the potential that bricks and mortar presents in enabling them to diversify and extend their brand’s purpose and essence”.

Robert Gill, Director of De Leeuw International, said: “Regionally, it is a very exciting time for the Branded Residences market, with some diverse developments.

Key to success is understanding the market, along with accurate financial data.

“The region is experiencing exceptional growth, impacting all aspects of the built environment. Our current and forecasted data will empower developers to make informed decisions, with confidence.”

The report by GBR also highlighted the geographical distribution of projects in Dubai. The Downtown and Business Bay zones are still the main focus for development, with a further 30 projects in the pipeline adding to the 15 projects in existence.

The Marina/ Beachfront zone is due to stay consistent with another ten projects adding to the eight in existence. Dubai Internet City is due to add three projects to an area without any branded residences projects at present.

Palm Jumeirah will see a drop in pace of new branded project adding five projects to the existing 12 branded projects over the next five years in this iconic urbanresort location.

But at the end of the day, it all comes down to ROI. Branded projects in Dubai are characterised by high returns on investment, prestige and attracting high net worth investors.

Investing in Dubai real estate has always been attractive, but branded residences offer a particularly compelling opportunity, according to developer MERED.

These luxurious properties combine high-end amenities, sophisticated design and architecture, superior service, and robust security, setting them apart from traditional real estate.

In fact, Dubai’s branded residences are increasingly popular among high-net-worth individuals worldwide, with 69 per cent expressing interest in owning such properties, up from 59 per cent in 2023, according to Knight Frank.

Diana Nilipovscaia, CEO of MERED, highlights five key aspects valued by buyers of branded residences in Dubai:

Rising demand: The demand for branded residences is growing rapidly, driven by rising affluence, increased mobility and the desire of wealthy investors to expand their property portfolios.

Dubai is home to the highest number of branded residences worldwide, in line with the 160 per cent global growth in the sector.

The UAE is also second behind the US for the biggest development pipelines for branded residences, with 17,000 units currently in operation and 5,000 more in

development. This growth signals a robust investment opportunity with a promising future.

High returns: Branded residences offer “guaranteed” returns, whether for rent or resale, making them a secure investment choice. Premium brands translate to premium rental income. Due to their limited supply and high demand, branded residences maintain their value better than conventional real estate. They can appreciate by approximately 20 per cent and offer an average return on investment ranging from 6.5 per cent to 9 per cent, depending on whether they are utilised for longterm or short-term rentals. This ensures strong capital appreciation upon resale as well.

International brand heritage: Just like a branded handbag or luxury car, a real estate product with an international resort brand consistently delivers quality, fashion, and style in keeping with the reputation and standards of international brands.

These projects promise consistent quality management and service, regardless of location, in comparison to conventional luxury residences, which domestic or international real estate developers often develop themselves.

This reliability, prestige, familiarity and trust in these brands provide peace of mind to buyers, making it an attractive long-term investment.

Intrinsic brand value: Being associated with a prestigious global brand means that the project meets higher standards than typical real estate developments.

Luxury brands closely control design, construction, and amenities in their projects, ensuring everything aligns with their brand identity. The involvement of renowned brands ensures prime locations, superior design, and construction quality right in the city centre.

Analysis by Savills shows that the cost of developing a branded real estate project is higher due to high-class furniture standards and extensive exclusive amenities, making these properties more valuable.

Luxury living spaces: Post-pandemic, there has been a significant shift towards properties that offer open living spaces, wellness amenities, and private facilities.

Branded residences cater to these needs with stunning views, exquisite cuisine, wellness spas, retail activities, and other attractive features that promote relaxation and well-being.

The technology and innovation-friendly environment make these properties ideal for modern living, combining luxury with convenience. This alignment with current lifestyle trends ensures that branded residences remain a desirable choice for discerning investors.

So, what do the actual numbers look like? According to date from Knight Frank, the starting unit price at Bulgari Lighthouse is a staggering AED64million. With transacted sale prices of around AED11,500 per square foot, it is the most valuable branded residence in Dubai – the Armani Beach Residence on the Palm Jumeirah by comparison sells for around AED8,000 per square foot.

The only place where success comes before work is in the dictionary.

Vidal Sassoon

REAL ESTATE

CHANGE MAKERS

Who are the big shots who took the market by storm? We count down our top 10.

Rui Liu is the Founder and Group Chief Executive Officer of LEOS Developments, an international property and lifestyle development company with a strong presence in the UK, UAE, and Europe.

Under his leadership, LEOS has expanded its portfolio to include residential, commercial, hospitality, retail, wellness, technology, and asset management sectors. The company prides itself on maintaining high-quality design standards characteristic of British developers, even as it ventures into international markets.

Beyond his role at LEOS, Rui Liu has been appointed as a director in numerous companies since 2015, with current directorships having a combined turnover of approximately £368.9 million. His extensive experience in architecture and property development has been instrumental in driving LEOS’s achievements over the past decade.

Abbas Sajwani – AHS Group

Abbas Sajwani is a prominent Emirati entrepreneur and the founder of AHS Group, a conglomerate with interests spanning ventures, investments, and properties.

Abbas embarked on his entrepreneurial journey by establishing AHS Group in 2017. The company has since experienced remarkable growth, boasting an asset value of $1.65 billion and employing over 2,000 staff. AHS Group operates across three primary verticals: Ventures, Investments, and Properties. In 2021, Abbas expanded the group’s portfolio by launching AHS Properties, focusing on ultra-luxury real estate developments, including boutique units, penthouses, and sky villas.

Under Abbas’s leadership, AHS Properties has achieved significant milestones. By 2024, the company’s gross development value reached $2.75 billion, with projections to escalate to $5 billion by 2025. This rapid growth underscores Abbas’s strategic vision and commitment to excellence in the real estate sector.

Rui Liu – Leos

Amira Sajwani – PRYPCO

Real estate mogul, tech enthusiast, founder & CEO of PRYPCO Amira Sajwani is the daughter of Hussain Sajwani, founder & CEO of the Middle East’s largest private real estate development company, DAMAC Properties.

As Managing Director at DAMAC Properties, Amira plays a crucial role in leading the Sales department along with 360-degree ownership of property development. She has completely transformed the sales vertical by activating channel partners, and agent portals and launching in-demand products which have enabled DAMAC to be ahead of the curve. Her bold moves have transcended all conventional business strategies and set new yardsticks for property development companies in the MENA region. Amira’s vision is to create a seamless experience in the real estate journey by providing transparency, security and personalized offerings to investors.

PRYPCO Golden Visa provides a smooth pathway to longterm residency in the UAE, and PRYPCO Blocks enables investors to invest in Dubai’s real estate with as little as AED 500. With PRYPCO One, its partners can access exclusive secondary properties and refer clients for mortgage and Golden Visa services.

Robert Booth – Ellington

Robert Booth is a distinguished real estate leader and the Co-Founder & Managing Director of Ellington Properties, one of Dubai’s premier design-led luxury developers. With a career spanning over two decades in the global real estate industry, Booth has played a pivotal role in shaping Dubai’s high-end residential landscape.

Before establishing Ellington Properties, Booth worked for Emaar Dubai, where he was instrumental in the development and success of some of the city’s most iconic projects, including Downtown Dubai, Dubai Marina, and Arabian Ranches. His leadership contributed to Emaar’s growth into one of the world’s most recognized property developers, reinforcing Dubai’s position as a global hub for luxury real estate.

Driven by a passion for quality and architectural excellence, Booth co-founded Ellington Properties in 2014 with a vision to create bespoke, design-centric homes that offer worldclass living experiences. Under his leadership, the company has delivered award-winning residential developments, such as Belgravia, Wilton Terraces, and DT1, setting new benchmarks for aesthetics, functionality, and sustainability in Dubai’s property market.

Mahdi Amjad – Omniyat

Mahdi Amjad is the Founder, Executive Chairman, and CEO of Omniyat, one of the Middle East’s most visionary real estate development companies. Under his leadership, Omniyat has redefined luxury living in Dubai, creating iconic residential, commercial, and hospitality projects that blend art, architecture, and innovation.

Since founding Omniyat in 2005, Amjad has cultivated a reputation for delivering ultra-luxury developments that push the boundaries of design and exclusivity. His vision has led to partnerships with some of the world’s most renowned architects, designers, and brands, including the iconic The Opus by Zaha Hadid, the Dorchester Collectionbranded residences, and One Palm on the prestigious Palm Jumeirah. His focus on craftsmanship and detail has set new benchmarks for high-end real estate in the region.

With a background in investment, technology, and real estate, Amjad combines strategic foresight with deep industry expertise. He has steered Omniyat toward a customer-centric approach, ensuring that every project embodies personalized luxury and world-class quality. His leadership has positioned Omniyat as a brand synonymous with prestige and exclusivity, attracting high-net-worth individuals and global investors.

Qassim Mansoor – Regal Development

Mansoor is a visionary and accomplished real estate design and development executive with a remarkable ability to seamlessly integrate art and commerce. His projects are deeply ingrained in the fabric and rhythm of urban life, maintaining their relevance and timeless appeal from conception to completion.

Mansoor is renowned for conceptualizing design-led, customer-centric, and exquisite lifestyle developments tailored for discerning homeowners with sophisticated tastes. He has collaborated with some of the most prominent real estate brands in the region, including Emaar, Aldar, and Ellington, within Dubai’s thriving real estate market. Recently, he introduced the REGAL London brand from the UK to Dubai, creating developments that transcend art, fashion, and trends while exuding sophistication, character, immersive experiences, and a focus on human well-being, fostering deeper connections with their surroundings.

Currently, Mansoor is curating some of the most refined lifestyle developments, redefining luxury residential projects that evoke emotions and establish a profound connection with well-being. His dedication to creating spaces that inspire and engage sets a new benchmark for real estate development.

Ali Al Gebely – One Development

Ali Al Gebely is a visionary entrepreneur with over two decades of experience across diverse industries, including energy, real estate, technology, and communications. As the Founder and Chairman of ONE Development, a boutique UAE-based real estate firm, he is redefining urban living through innovative, AIintegrated residential projects.

Al Gebely’s professional journey began with his leadership of Al Fanar Gas Group, Abu Dhabi’s largest LPG distributor. Under his guidance, the company secured ADNOC’s first city gas infrastructure EPC contract as part of the Abu Dhabi 2030 plan. Al Fanar successfully completed over 1,500 projects, including developments on Yas Island, Al Reem Island, and Saadiyat Island, solidifying its reputation in the energy sector.

Expanding his entrepreneurial endeavors, Al Gebely founded ONE Development with a mission to create innovative, bespoke, and customer-centric spaces that resonate with modern residents and investors. The company’s flagship project, Laguna Residence, exemplifies this vision.

Located in Dubai’s City of Arabia, this AED 2.3 billion development is the region’s first fully AI-integrated residential community. Featuring 1,492 apartments with panoramic views of the UAE’s largest podium-level lagoon and Dubai’s skyline, Laguna Residence integrates smart home automation and AI-driven services for enhanced convenience and sustainability.

Muhammed BinGhatti – Binghatti Developers

Muhammed BinGhatti is the CEO & Head of Architecture at Binghatti Developers, one of the UAE’s most innovative and design-driven real estate development companies. Under his leadership, Binghatti Developers has rapidly emerged as a leading player in Dubai’s property market, renowned for its unique architectural style, fast-track project delivery, and commitment to affordability without compromising luxury.

As a visionary leader, BinGhatti has redefined contemporary real estate design, blending traditional Arabian aesthetics with modern architectural excellence. His signature design philosophy is evident in Binghatti’s portfolio of over 50 projects, which showcase distinctive geometric patterns, bold facades, and functional luxury tailored to the needs of modern residents. His innovative approach has earned the company multiple industry awards and recognition as one of the most forward-thinking developers in the region.

Beyond aesthetics, BinGhatti has strategically positioned the company as a pioneer in fast-paced, high-quality development, ensuring timely project completion while maintaining world-class standards. This efficiency, combined with a strong customer-centric focus, has solidified Binghatti Developers’ reputation as a trusted brand in Dubai’s competitive real estate market.

Fahad Azizi – Azizi Developments

Fahad Azizi is the CEO of Azizi Developments, one of the UAE’s leading private real estate developers. Under his leadership, the company has strengthened its reputation for delivering high-quality residential and commercial properties that cater to local and international investors. As a key figure in the Azizi family business, he has played an instrumental role in driving the company’s growth, expanding its portfolio, and enhancing its commitment to excellence.

With a strong background in real estate development, finance, and business strategy, Fahad Azizi has overseen the company’s rapid expansion in Dubai’s most sought-after locations, including Meydan, Al Furjan, Downtown Jebel Ali, and the Dubai Canal. His strategic vision focuses on creating value-driven, customer-centric developments that align with Dubai’s dynamic real estate market and long-term urban planning goals.

Under his leadership, Azizi Developments has launched and delivered thousands of high-quality homes, reinforcing its position as a trusted name in the industry. He has been instrumental in strengthening partnerships with key stakeholders, including government entities, construction firms, and financial institutions, ensuring the company remains at the forefront of the UAE’s real estate sector.

PNC Menon – Sobha

PNC Menon is the Founder of Sobha Group, a globally recognized real estate and construction conglomerate known for its commitment to quality, luxury, and craftsmanship. With over four decades of experience in the real estate and interior design industries, Menon has built a reputation as one of the most visionary entrepreneurs in the sector.

Born in Kerala, India, PNC Menon moved to Oman in the 1970s, where he established his first interior design business. His passion for excellence and attention to detail quickly earned him a strong reputation, leading to the creation of Sobha Group in 1976. What started as an interior design and contracting firm evolved into a multinational real estate empire with operations in the UAE, Oman, Bahrain, Brunei, and India.

Under Menon’s leadership, Sobha Group has redefined the luxury real estate landscape, particularly in Dubai, where its flagship projects, including Sobha Hartland and District One, have set new standards for quality and innovation. His integrated approach to real estate— where Sobha controls every aspect of the development process, from design to execution—ensures unmatched attention to detail and craftsmanship.

Beyond business, PNC Menon is a strong advocate for philanthropy. He has pledged a significant portion of his wealth to social initiatives, including education, housing, and skill development programs in India. His commitment to giving back aligns with his belief in responsible entrepreneurship and creating lasting societal impact.

WHERE THE CITY MEETS THE SEA, WHERE STYLE MEETS LUXURY

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Dubai real estate sees record February sales

Dubai’s property market recorded AED51.1 billion in sales during February 2025, marking a 39.91 per cent increase compared to the same period last year, according to data released by fäm Properties.

The market update showed 16,099 transactions last month, representing a 35.5 per cent rise in volume over February 2024, making it one of the strongest months on record for Dubai real estate.

Villa sales reached AED18.8 billion with 3,679 transactions, a 99.7 per cent increase from February 2024. Plot sales totalled AED9.6 billion across 608 transactions, rising 74.7 per cent in volume year-on-year.

Apartment sales generated AED21.4 billion through 11,364 transactions, up 21.3 per cent in volume, while commercial property sales amounted to AED1.2 billion from 447

transactions, a 40.1 per cent volume increase. The average price per square foot increased 3.4 per cent to AED1,551.

“The data once again highlights the robust nature of Dubai’s real estate market and the steady growth it has experienced over the past few years. This reinforces Dubai’s position as a safe and reliable hub for real estate investment, further boosting investor trust and attracting attention from local, regional, and global markets,” Firas Al Msaddi, CEO of fäm Properties said.

The February 2025 figures represent a 449 per cent increase in value compared to five years ago.

Sales have risen from AED9.3 billion (4,100 transactions) in 2020, falling to AED7.3 billion (3,700) in 2021, before climbing to AED15.4 billion (6,200) in 2022, AED27.1 billion (9,400) in 2023, and AED36.5 billion (11,900) in 2024.

OMNIYAT l aunches OMNIYAT Bespoke

OMNIYAT, Dubai’s visionary lifestyle brand for UHNWI’s, is crafting a niche segment in the global ultra-luxury market with the launch of a new concept: OMNIYAT Bespoke. This exclusive category is poised to redefine luxury living on a global scale by allowing owners to define their own criteria and infuse their unique aspirations into every facet of their lifestyle.

With one-of-one creations shaped alongside the world’s finest talent in design and craftsmanship, the launch of the concept also marks the reveal of the latest addition to the OMNIYAT Bespoke real estate collection – the breathtaking Luna Sky Palace at ORLA, Dorchester Collection, Dubai. Spanning 58,476 square feet, this is one of the largest and rarest properties of its kind anywhere in the world.

The concept’s origins began with a vision to redefine market dynamics through groundbreaking projects, spearheaded by OMNIYAT’s inaugural Bespoke creation crowning One at Palm Jumeirah, Dorchester Collection, Dubai. This architectural marvel, created in collaboration with its owners and renowned designers, exemplified the ideal of bespoke living, and became the most valuable residence of its kind in Dubai in 2017.

With each Bespoke creation unveiled since, OMNIYAT fostered an ethos of unparalleled refinement, culminating in the Sky Palace at AVA at Palm Jumeirah, Dorchester Collection, Dubai – the crown jewel of their collection which would become the most expensive ever on Palm Jumeirah upon its sale. These milestones not only surpassed previous benchmarks, but also obliterated sales records, each setting a new height of excellence. In doing so, OMNIYAT marked a paradigm shift in the conception of ultra-luxury real estate, giving rise to OMNIYAT Bespoke as a new division, and a testament to the company’s unwavering commitment to elevating lifestyles above conventional norms.

With the triumph of existing Bespoke properties already brought to life for their owners, the portfolio is poised to expand with the unveiling of more extraordinary creations to come, strategically nestled in the most coveted locations. Among them, the rarest Sky Palaces and a one-of-one mansion will enter the market, starting with the launch of Luna Sky Palace at ORLA, Dorchester Collection Dubai.

Mahdi Amjad, Founder & Executive Chairman at OMNIYAT, commented: “OMNIYAT Bespoke is about bringing dreams to life—offering rare, one-ofone creations that embody the deepest aspirations of our clients. We aspire to inspire, empowering individuals to shape surroundings that not only reflect their vision but elevate their lifestyle to something extraordinary. It’s about crafting a legacy of moments, emotions, and experiences that resonate deeply and uniquely with each person—a true expression of luxury that goes beyond any single creation, becoming an enduring part of their lives.”

Aldar launches 72 new homes at Mamsha Gardens on Saadiyat Island

Aldar has announced the release of 72 apartments and townhouses at Mamsha Gardens on Saadiyat Island.

Following the success of the initial launch phases in 2024, the final release of units reflects the demand for homes in one of Abu Dhabi’s most sought-after neighbourhoods.

With nearly all released units now sold, the latest building includes a limited number of one-, two-, and three-bedroom apartments as well as two and threebedroom townhouses with views of Zayed National Museum and the Arabian Gulf.

The two and three- bedroom apartments and townhouses all include either a study or a maid’s room.

Mamsha Gardens is situated just 200m from the sands of Mamsha Beach and the development’s wellness pavilions, swimming pools, and meditation spaces set a benchmark on Saadiyat Island, said the developer.

With interiors elegantly designed by Mustard and Linen, buyers can choose between two design schemes with fully fitted designer kitchens, smart home activation systems, and integrated storage included in all homes.

The masterplan was designed by ACME Architects, with homes surrounded by gardens that feature water-efficient irrigation systems and a selection of native plant species, ensuring that the landscape thrives with minimal resource consumption.

Mamsha Gardens features a walkway that runs through the development with access to the island’s most exciting cultural and leisure offerings.

Within the community, there are retail spaces, gyms, yoga rooms, swimming pools, kids’ play areas, and multi-use spaces as well as underground parking, bike storage, lounges with workspaces, and resort-

style services like valet, concierge, housekeeping, and pet-sitting.

50 per cent of the residential parking will be EV ready, and residents will have several pedestrian routes to explore.

Sales of the new units launched on March 3, 2025 for all nationalities.

Saudi residential real estate sales hit $32bn last year

Saudi real estate transactions reached SR118bn ($32bn) last year, according to a Deloitte report.

According to the report, Saudi Arabia’s real estate market is set to experience robust growth through 2025, fuelled by the Kingdom’s Vision 2030 reform agenda and commitment to economic diversification.

Key developments, including major events like EXPO 2030 and the FIFA World Cup 2034, alongside giga-projects such as NEOM, the Red Sea, and Qiddiya, are expected to drive the creation of new urban hubs and tourism destinations.

The outlook remains optimistic with the National Investment Strategy projecting FDI inflows to reach SR388bn ($103.4bn) by 2030, reflecting a compound annual growth rate (CAGR) of 22 per cent from the 2023 figure of SR95.9bn ($25.5bn).

Oliver Morgan, Partner and Head of Real Estate at Deloitte Middle East, said: “Saudi Arabia’s real estate sector is experiencing robust growth, driven by strategic government initiatives, strong economic fundamentals, substantial infrastructure investments and expanding international trade.

“These diverse growth drivers position Saudi Arabia as one of the region’s most dynamic and promising real estate markets. Sustainable and smart developments, increasing demand for luxury and mixed-use properties, and a growing focus on affordable housing to serve the Kingdom’s expanding population have caused residential transactions to rise steadily. Riyadh continues to solidify its position as the primary business hub, attracting significant foreign investment.”

Fuelled by Saudi Arabia’s economic expansion and population growth, transaction volume and value across Riyadh, Jeddah and Dammam Metropolitan Area (DMA) for residential real estate increased steadily by approximately 50 per cent between 2023 and 2024, growing with residential supply. This reflects the increasing market maturity and the planned phasing approach adopted by developers.

According to the Deloitte report, the total number of residential transactions across Riyadh, Jeddah and DMA reached 102,522 in 2024, with a total value of SR118bn ($32bn).

Sales rates in Riyadh increased by 5 per cent for apartments and 12 per cent for villas, while apartments in Jeddah and

DMA experienced growth of approximately 1 per cent over the past 12 months.

In Riyadh, approximately 69 per cent of apartments sold in the last 12 months were priced between SR250,000 and SR1 million, ($66,000 to $266,000), primarily targeting the low to mid-income segments.

With Saudi Arabia’s GDP reaching SR3tn ($786bn) in 2024 and forecasted to grow to SR3.7tn ($981bn) by 2030 – a CAGR of 3.4 per cent over the same period – demand for office space remains strong.

Grade A office-focused sectors, such as financial and business services, experienced a growth of 5.3 per cent between 2023 and 2024. Office supply in Riyadh, Jeddah and DMA stood at 6.4 million sqm, 2.2 million sqm, and 1.5 million sqm, respectively at the end of 2024.

Notable developments include Laysen Valley, STC Square Phase 1, and the New East project in Riyadh, added a total gross leasable area (GLA) of 145,000 sqm.

A significant portion of the King Abdullah Financial District (KAFD) office supply was also successfully delivered, reflecting high pre-leasing and leasing rates. In Jeddah, an additional 150,000 sqm GLA was delivered encompassing projects like JCDC and Darb Al Haramain.

The Regional Headquarters Program, launched in Q1 2024, resulted in 571 companies relocating to Riyadh by the end of the year. The Saudi government also introduced tax breaks, streamlined regulations, and broke ground on several largescale projects, including New Murabba and Diriyah Gate, expected to offer extensive office space upon completion.

Mirage Leisure to develop mixed-use community in Dubai Healthcare City

Global Partners Limited and Mirage Leisure and Development have signed an agreement to deliver a prestigious mixed-use lifestyle development in Dubai Healthcare City Phase 2.

Currently in design stage, the project is scheduled to break ground in the first quarter of 2026, with final completion anticipated in the final quarter of 2029. It will have a gross floor area (GFA) of 172,000 sqm, and feature a blend of branded residences, residential apartments, and retail units.

Part of the Al Jaddaf community, it will overlook the scenic Dubai Creek, and Dubai Downtown. It is also adjacent to the Swiss Scientific International School, one of the most prominent schools in Dubai.

Global Partners is a DFSA-regulated alternative investment manager headquartered in Dubai, while Mirage Leisure is an experienced development management company that has created landmark projects in 22 locations worldwide. Among their notable projects are Madinat Jumeirah, The St. Regis Saadiyat Island, Bab Al Shams Resort, One&Only Royal Mirage, One&Only The Palm, several Address hotels and Dubai Opera, among others.

Amar Tahilani, CEO of Mirage, commented:

“This collaboration with Global Partners marks a significant milestone for Mirage as we continue to expand our footprint in Dubai’s evolving real estate landscape. This development aligns with our commitment to creating future-ready urban environments that blend luxury and convenience.

“With its prime location in Dubai Healthcare City Phase 2, this project will set new benchmarks in mixed-use development, offering an elevated experience for residents and visitors alike.”

Bader Saeed Hareb, Managing Partner of Global Partners and Executive Chairman of Global Partners Property Fund II, added: “As valueadd investment managers offering our investors access to unique projects and opportunities with attractive returns, it is important that we ensure delivering unprecedented quality in our developments.

“Our appointment of Mirage is a testament to this commitment, and we are confident that they will bring the best of their experience to the delivery of this exceptional development.”

@muarjewels www.muarjewels.com

info@muarjewels.com

Dubai Land Department announces 127 new owners’ committees

Dubai’s Real Estate Regulatory Agency (RERA) has announced the formation and registration of 127 new owners’ committees across the emirate.

This initiative underscores RERA’s commitment to empowering property owners and fostering active participation in community management, aligning with Dubai’s ambitious vision to lead the global real estate sector.

RERA has received a significant number of applications for owners’ committees, with approvals granted based on the specified terms and criteria for both existing and new committees.

This strong interest reflects the growing enthusiasm among property owners to take an active role in their communities, following RERA’s invitation for all owners of jointly owned properties to register.

These committees serve as a vital platform for enhancing the quality of life, fostering community well-being, and increasing resident satisfaction.

Registration remains open to all eligible applicants both individuals and companies; however, each committee is limited to nine members, emphasising the importance of early application to secure participation in decisionmaking processes.

Owners’ committees play a pivotal role in enhancing transparency and ensuring real estate sustainability. Property management companies will hold meetings with the newly formed committees to elect a chairperson and a vicechairperson, assign responsibilities, and initiate the execution of designated tasks.

Notably, these committees are responsible for reviewing budgets, setting maintenance priorities, and overseeing shared services, contributing to efficiently managing jointly owned properties.

BAMX Properties expands to UAE

BAMX Properties, a real estate developer renowned internationally for sustainability, and luxury, announced its official launch in the UAE.

With a legacy spanning three decades, BAMX brings its expertise to Dubai after successfully developing over 10 million square meters of residential, commercial, healthcare, and urban developments internationally.

The company said its relocation to Dubai marks a significant step in its global growth strategy, aiming to set new standards, form new partnerships, and

leave a lasting impact on the region’s real estate landscape.

“This is the beginning of something extraordinary,” said Mehdi Kavoosi, Chairman of BAMX.

“We are thrilled to bring our expertise to Dubai, a city synonymous with innovation and luxury. With the Emirate’s real estate market experiencing an upward trajectory, we remain steadfast in our resolve to capitalise on the opportunities ahead, anticipating continued growth in the coming years,” he said.

KSA PROPERTY OUTLOOK

Record-High Real Estate Transactions

The Saudi real estate market reached an all-time high in 2024, with property transactions totaling SAR 2.5 trillion (around USD 533 billion). This recordbreaking number signifies a dramatic surge from SAR 193.5 billion in 2023, emphasizing the growing importance of real estate in the Kingdom’s economic transformation. The increase in transactions is a direct result of the Kingdom’s robust economic reforms, population growth, and the expansion of urban developments under Vision 2030.

Residential Property Growth

Residential property prices have seen significant increases, particularly in Riyadh and Jeddah. Riyadh experienced a 10% rise in residential property prices in the first half of 2024, while Jeddah saw a more moderate 5% increase. This growth is fueled by the booming demand for homes, especially as the young population and expatriate communities in these cities continue to rise. Investors and developers are seizing the opportunity, resulting in more developments and a greater variety of housing options.

Rental Yields Remain Strong

The rental market in major Saudi cities is also thriving. In Riyadh, rental yields grew by 9%, while Jeddah saw a 4% increase in the first half of 2024. These figures highlight the high demand for rental properties, driven by the Kingdom’s growing population and the influx of expatriates. Strong yields indicate a robust rental market, making it an attractive proposition for investors looking for steady returns.

Real Estate Transaction Growth

In addition to residential properties, the overall volume of real estate transactions is booming. In the first half of 2024, Saudi Arabia recorded over 106,700 real estate deals across all asset types, a 38% year-on-year increase. The total value of these transactions reached SAR 127.3 billion, representing a 50% rise compared to 2023. This surge is partly attributed to large-scale infrastructure and urban development projects under Vision 2030, driving interest in both residential and commercial properties.

Commercial Property Boom

Saudi Arabia’s commercial real estate sector is also experiencing growth, particularly in Riyadh, Jeddah, and the new urban developments around NEOM. Major infrastructure projects, such as the King

Abdulaziz International Airport expansion and the development of the Red Sea tourism corridor, are fueling demand for commercial real estate. Offices, retail spaces, and hospitality projects are on the rise as the Kingdom strengthens its position as a business hub in the region.

Vision 2030: Transforming the Real Estate Landscape

Vision 2030 continues to shape the Kingdom’s real estate market, especially with flagship projects like NEOM, a futuristic city being built in the northwest of the country. NEOM is attracting substantial investments and will drive demand for both residential and commercial properties in the coming years. The vision’s focus on infrastructure, urbanization, and diversification will continue to provide significant opportunities in real estate, particularly for developers and investors looking to be part of the Kingdom’s transformation.

Projections for Future Growth

Saudi Arabia’s residential real estate market is projected to grow from USD 69.8 billion in 2024 to USD 98.4 billion by 2032, with a compound annual growth rate (CAGR) of 4.7%. This growth is driven by urbanization, a growing population, and increasing demand for affordable housing. Similarly, the commercial real estate sector is expected to see continued growth, driven by major infrastructure projects and foreign investments spurred by Vision 2030.

Hospitality and Tourism Real Estate

As Saudi Arabia increasingly opens up to tourism, its hospitality real estate sector is experiencing a surge in demand. The Kingdom aims to attract millions of international visitors as part of its diversification strategy. This is leading to an increase in luxury hotels, resorts, and retail developments in key tourism areas, such as the Red Sea coast, Riyadh, and Jeddah. The expected influx of international tourists, driven by religious tourism and newly launched mega-projects, is further strengthening the hospitality property market.

*all information courtesy of Destination Saudi Report from KnightFrank.

THE CRASH THAT NEVER CAME

For the cynics amongst us, January was the time to speak up. And speak up loud. The numbers were there to prove the point.

Dubai real estate prices had fallen by 0.57 per cent. It was the first decline since mid-2022, according to figures from Property Monitor.

This could only mean one thing: the boom was over. The crash was coming, some experts were quick to claim. Never mind that January also recorded the highest-ever sales volume for the month, with 14,413 transactions. But sales volumes were down 4.6 per cent compared to December 2024. And most of all, average prices declined to Dhs1,484 per square foot.

What more proof was needed? Well, maybe the doom mongers could have waited a month. In February, there was a 17% increase in sales volume, reaching AED41bn across 14,929 transactions, marking a 15% month-on-month rise.

Not only is this a crash that never came, but I am starting to feel it may never come. The difference in 2025 is twofold: the fundamentals of the wider Dubai economy have never been stronger. And whereas in the past, global problems – of which there are more than ever – usually found a way to hit the Dubai property market, the reverse now seems to be true.

There have never been more investors willing to put their money into the Dubai property market. It has become the global safe bet. As our first issue of Real Estate Leaders shows, there is plenty to speak up loud about.

Anil Bhoyrul

There have never been more investors willing to put their money into the Dubai  property  market.

BY

In recognition of the MENA region digital business landscape, the E-Business Awards by Entrepreneur Middle East will take place at Habtoor Palace Dubai, on April 24th 2025, at 8PM April 24th, 2025 I Habtoor Palace Dubai

THE DUBAI METRO IS EXPANDING. WHAT DOES THAT MEAN FOR THE RENTAL MARKET?

Part of the Dubai 2040 Urban Master Plan is an ambitious vision to transform the emirate into a “20-minute city”. The concept aims to ensure that essential services and amenities are accessible within a 20-minute walk or journey. These plans are set to revolutionize urban living for Dubai residents and visitors alike. This innovative plan is already underway with the ongoing expansion of Dubai’s successful public transport network, the backbone of which is the Dubai Metro. Acting as the main artery of the emirate, the existing metro system was first launched in 2009 and has since become a key lifeline.

Connecting key areas across Dubai, the metro has provided reliable and affordable transport for over fifteen years. With significant expansion plans ongoing, the Dubai Metro plays an important role in shaping Dubai’s status as a global hub for business and tourism. With new and popular neighbourhoods having emerged since the metro first launched, the short-term rental market is expected to enjoy substantial growth as new stations unlock new, previously less accessible areas and drive more visitors around the emirate.

Historically, neighbourhoods close to existing metro lines and stations have enjoyed high occupancy rates and premium property values in the short-term rental sector. With the expansion of the new Dubai Metro line connectivity to new areas like Discovery Gardens and Dubai Investment Park has drastically improved. These areas are now experiencing a surge in interest with affordable prices and accessibility to Dubai’s main CBD. Areas such as these are becoming increasingly popular with travellers seeking more affordable options in more authentic and community-focused neighbourhoods. Areas like these are becoming viable alternatives to business and leisure travellers seeking short-term accommodation beyond traditional hotel districts.

The expansion of the Dubai Metro towards traditional residential communities like Jumeirah Village Circle and Jumeirah Village Triangle will have a transformational effect on these neighbourhoods. Previously these areas had little to no access to public transport links, limiting residents’ and visitors’ connectivity to the rest of the emirate. With new metro links, these urban communities will certainly attract families, leisure and business travellers looking for short-let accommodation. With parks, food and beverage offerings, hotels and other amenities within walking distance within these communities, the new metro’s links will open up these areas for travellers looking for quiet residential experiences.

Another area that we forecast for growth in the short-term rental space is Silicon Oasis. With the new metro line, the tech hub will be opened up to more digital nomads and business travellers. With a growing demand for flexible accommodation and travellers seeking the comforts of home with a shortterm let, we predict a rise in demand for this type of accommodation and an increase in the number of businesses setting up offices. Once more, this neighbourhood traditionally was limited in terms of accessibility by public transport, but now, the new line will unlock more options for visitors and residents around the neighbourhood.

With the expansion of the public transport network will come an ease in congestion in the city. Tourists will find it easier to navigate the city, explore popular attractions and travel conveniently between landmarks. With the extra time from the upgraded metro, travellers will be encouraged to travel beyond traditional tourist hotspots and discover new local experiences and neighbourhoods. Shortterm rentals in these areas will offer travellers a chance to immerse themselves totally in a new, authentic Dubai neighbourhood beyond the traditional tourist trail.

When it comes to public transport, while the Dubai Metro plays the most crucial role in connectivity, we must also factor in the importance of micro-mobility. Electric scooters, bicycles and other solutions are addressing the challenges of connecting metro stations with residential areas, business districts and local attractions. For short-term rental guests, this means increased freedom and flexibility. With further ease of movement, travellers will be able to arrive at their metro station and then take an e-scooter or bicycle to explore the area and places in the vicinity. This opens up new areas and makes them more attractive for short-term stays, expanding the range of neighbourhoods that appeal to tourists and business travellers. Supporting local businesses, discovering hidden gems and exploring areas beyond walkable distances from their accommodation will all be made possible with increased micromobility options.

Property owners can also take advantage of the expanded public transport, not only by investing in up and coming neighbourhoods, but also by making guests lives as easy as possible and providing guests with information on transport links in the area. Offering on-site micro-mobility solutions, loaded public transport cards, maps, and other amenities will all attract guests staying in the area.

Ultimately, short-term guests prioritise time, convenience and comfort when selecting a rental property. The expansion of the Dubai public transport network will see two of these factors significantly enhanced, opening up new neighbourhoods. Improved connectivity to areas like Discovery Gardens, Dubai Investment Park, Silicon Oasis, JVC, and JVT present opportunities for investors and travellers alike. The short-term rental market is ready for significant growth in these areas, with new and exciting opportunities for savvy investors.

Anna Skigin, CEO and Founder, Frank Porter

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