Turkey
Two executives of former crypto investment platform arrested for fraud in Istanbul
Two executives from a former crypto investment platform accused of fraud were arrested in Istanbul earlier this year, Turkish media reported.
Dubai's real estate market could see price increases of 5-10% this year, the head of one of the city's biggest developers, DAMAC Properties, said on Tuesday, adding he did not expect a correction in the coming two years.
Residential property prices in Dubai rose 19.9% in December from a year earlier © Mena Today
Dubai's real estate market could see price increases of 5-10% this year, the head of one of the city's biggest developers, DAMAC Properties, said on Tuesday, adding he did not expect a correction in the coming two years.
"The market is still strong. I think it's going to continue to remain strong," Hussain Sajwani told Reuters on the sidelines of the World Economic Forum in Davos.
"It may not see the same price escalation (as previously), so prices may see 5-10% escalation" in 2024, he said.
Residential property prices in Dubai rose 19.9% in December from a year earlier, consultancy ValuStrat said in a report.
Asked if he was concerned about a possible correction in Dubai's property sector, which boomed after a swift post-pandemic economic rebound and relaxed residency rules, Sajwani said: "Not for the coming two years."
DAMAC is pushing ahead with growth plans and sees the biggest growth in the high-end and luxury segments, Sajwani said.
DAMAC delisted from the Dubai stock market in 2022 after the COVID-19 pandemic hit the property market and weighed on the profitability of real estate firms.
Following the pandemic slump, the property market became red hot, fuelled in part by Russians fleeing their home country amid the Ukraine war and wealthy individuals including professionals in finance, law and other sectors relocating.
Outside Dubai, the firm has investments in Britain and Miami, where Sajwani said DAMAC is doing well.
It also sees potential in the Saudi market, where it is looking at opportunities, he said.
Reporting by Maha El Dahan
Two executives from a former crypto investment platform accused of fraud were arrested in Istanbul earlier this year, Turkish media reported.
Abu Dhabi's Mubadala Investment Company applied to Turkey's Competition Board to take sole control of Turkish grocery delivery company Getir Perakende Lojistik, a statement on the board's website showed on Friday.
The negative impact on maritime shipping and global supply chains from attacks in the Red Sea continues to intensify as traffic is rerouted away from the Suez Canal, Danish shipping company A.P. Moller-Maersk said on Thursday.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.