The billionaire founder of one of Dubai’s largest developers, DAMAC Properties, announced on Wednesday his intention to take the company fully private by buying its publicly traded shares in a move that would delist it from the local stock exchange. DAMAC is known in Dubai for a development that features a Trump-branded golf club surrounded […] Read more
Bold proposals to increase Dubai’s tourist offerings over the next two decades will bring “important economic growth” to the emirate, according to Bruno Trenchard, senior manager, hotels and hospitality, CBRE Middle East. Under the Dubai 2040 Urban Master Plan announced by Sheikh Mohammed bin Rashid Al Maktoum, vice president of the UAE and ruler of […] Read more
The Gulf states have announced their budgets for 2021, and it’s no surprise they come with large deficits set off by oil price falls as well as the heavy additional expenditures allocated to tackle the pandemic. On top of this, these countries extended healthcare measures to their populace to help them cope with the pandemic. […] Read more
Dubai’s real estate market has made a “hard landing” but lower prices may be a good time for investors looking to buy, according to a major Emirati property developer. “We had a slowdown in the economy, and in the property market since [2018 and 2019], things were already coming down,” said Hussain Sajwani, chairman of […] Read more
DUBAI: There were more than AED52 billion ($14.2 billion) of US investments into Dubai over the past five years according to official data, Al Arabiya reported. The amount made up around 34 percent of the total foreign direct investment flows to the emirate during the past three years, the Dubai FDI said. Fahad Al Gergawi, […] Read more
Huawei has announced the launch of First Abu Dhabi Bank’s (FAB) mobile banking app, on Huawei AppGallery, allowing users to manage their accounts and credit cards directly from their mobile devices. The FAB mobile banking app allows UAE customers to manage their accounts, credit cards, transfer money, and pay their bills directly from their mobile […] Read more
Dubai property prices rising again? Depends on where you are looking. According to Lewis Allsop of Allsop & Allsop, selective gains are showing up at The Springs. “We have a 2E that we sold eight months ago for Dh2 million that we have just re-sold for Dh2.07 million. “This may seem a small increment – […] Read more
I worked for a private company for five years. My company is likely to experience financial problems soon. Does the UAE Labour Law allow me in this case to ask my employer for my dues now, without submitting my resignation. In other words, am I entitled to receive my dues while I am at the […] Read more
Dubai property developer Nakheel has cut salaries by as much as half as the pandemic hits Dubai property developers and mall owners. The salary cuts took effect from April 1 and varied according to employee grades the developer said in a statement to Arab News. Earlier Reuters reported the job cuts and the departure of […] Read more
Dubai property magnate Hussain Sajwani has repeated calls for an immediate halt to construction, warning the city faces “disaster” if oversupply continues. “Nothing has changed,” Sajwani told World News Network moderated panel at the Salt Conference in Abu Dhabi on Wednesday. “The glut of supply we have, or we are going to have, will have […] Read more
