United Arab Emirates
Top Belgian crime suspects extradited from Dubai
The Dubai Police announced Sunday the extradition of three Belgian nationals wanted for serious organized crime offenses, including drug trafficking and human trafficking.
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
The Dubai Police announced Sunday the extradition of three Belgian nationals wanted for serious organized crime offenses, including drug trafficking and human trafficking.
Syria's General Authority for Land and Sea Ports on Sunday signed a $800 million agreement with UAE's DP World to bolster Syrian ports infrastructure and logistical services, Syrian state news agency SANA reported.
The UAE and Chad are stepping up their financial collaboration, following a high-level meeting between UAE Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini, and his Chadian counterpart, Tahir Hamid Nguilin, Minister of Finance, Budget, Economy, Planning, and International Cooperation.
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.