Dubai real estate ‘stabilising’; Damac launches airline; NEOM management changes; UAE salary increases – 10 things you missed this week

Elsewhere, UAE companies shared plans for salary increases next year, NEOM announced major changes to its management structure, Damac launched its private airline and Dubai’s RTA revealed a $1bn plan for new roads in the Emirate.

Catch up on 10 of the biggest stories this week, as selected by Arabian Business editors.

With Dubai real estate prices increasing for 17 quarters in a row, are signs emerging of boom slowing down?

Dubai’s residential real estate market has entered its fifth year of upward trajectory, with a 20 per cent year-on-year increase in city-wide residential sales prices and an 18 per cent rise in rental prices, according to Cushman & Wakefield Core’s Q3 2024 Market Update.

The rise marks the 17th and 15th consecutive quarters of price and rent increases respectively, underscoring sustained demand. Supply for 2024 remains moderate but the pipeline is building up for upcoming years.

In Q3 2024, approximately 9,157 residential units were delivered, bringing the year-to-date total to 22,900 units. An additional 10,700 units are projected for Q4, positioning the 2024 annual total at around 33,600 units. While 2024’s supply remains moderate, the development pipeline is gaining momentum, with substantial handovers anticipated over the next two to three years.

DAMAC Air: Dubai real estate giant announces new luxury airline

Dubai property giant DAMAC Properties has announced the launch of their new luxury airline DAMAC Air.

“DAMAC Air, a visionary initiative by DAMAC Properties, redefines luxury travel. We offer unparalleled journeys capturing the essence of the world’s most coveted tropical paradises,” the airline said in its website.

The airline is expected to launch on Monday, November 11, 2024. The airline is expected to fly to destinations such as Seychelles, Maldives, Bali, Bora Bora, Fiji and Hawaii.

NEOM announces major shake-up as Nadhmi Al Nasr leaves CEO role

NEOM has announced a major shake up of its management as long-time leader Nadhim Al Nasr has left his CEO role.

The NEOM Board of Directors has announced the appointment of Eng. Aiman Al Mudaifer as Acting CEO of the company.

Eng. Al Mudaifer assumes leadership of NEOM, following Nadhmi Al Nasr’s departure.

Dubai Land Department outlines 4 key policies to drive real estate growth

The Dubai Land Department has identified four key policies introduced to help develop the city real estate sector.

In its ongoing efforts to foster innovation within the real estate sector and establish regulations that promote growth and sustainability, Dubai Land Department (DLD) organised the Real Estate Policy Lab.

This initiative seeks to discuss and refine four key sector policies:

• Real Estate Alliances Policy
• Resilience and Sustainability Policy
• Real Estate Reputation Policy
• Data Sharing and Publication Policy

Dubai real estate: Nakheel launches Palm Jebel Ali beach villas

Dubai real estate developer Nakheel has announced the highly anticipated release of its Palm Jebel Ali: The Beach Collection, an exclusive collection of 10 bespoke beach villa styles.

Crafted by world-leading architects, this latest release is situated on prime beachfront locations along the fronds of Palm Jebel Ali in Dubai. The five- and six- bedroom villas, ranging from 7,300sq ft to 8,500sq ft, offer unparalleled privacy and exclusivity.

Residents will enjoy direct private beach access, blending luxury living with breathtaking coastal beauty. The first residences are anticipated for completion by the end of 2027.

‘Sitting on a goldmine’? World’s first number plate valuation tool launches in Dubai, trading platform to follow

BuyAnyCar’s launch of the UAE’s first license plate valuation tool has attracted unprecedented interest, processing approximately 50,000 valuations daily since its recent public launch, founder and CEO Saygin Yalcin exclusively told Arabian Business.

“We didn’t expect 50,000 people to do it per day,” German entrepreneur Yalcin said.

“It’s so Dubai. This is really something unique. This is the world’s first online number plate valuation tool, and again Dubai is the first to do it.”

UAE salaries tipped to increase 4%; best industries for pay rises revealed

UAE salaries are projected to increase by 4 per cent across all industries in 2025 and that more than a quarter (28.2 per cent) of organisations are planning to increase headcount next year, according to Mercer’s annual Total Remuneration Survey (TRS).

Companies in the consumer goods industry are forecasting the highest increase to salaries at 4.5 per cent. The life sciences and technology industries are forecasting increases of 4.2 per cent and 4.1 per cent, respectively, while the energy and financial services sectors are aligned to the market with 4 per cent increases.

Employers across industries also said they plan to provide all employees, regardless of level, the same salary increases.

Dubai Ruler Sheikh Mohammed approves $1bn road infrastructure plan for 2025-2029

Dubai’s Roads and Transport Authority (RTA) has announced a five-year internal roads plan spanning 2025 to 2029.

The AED3.7bn ($1bn) initiative, approved by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, will deliver 634km of new roads across 12 districts.

The programme targets residential, commercial, and industrial areas, with an aim to support Dubai’s population growth and urban expansion while improving infrastructure for residents, in an X post.

Revealed: Abu Dhabi tipped to be the new epicentre for real estate investments

Abu Dhabi is fast emerging as the sought-after destination for leading real estate players, with leading international players such as Sotheby’s International Realty and regional companies such as ARA Real Estate Development and DECA Properties figuring among the companies which are either currently finalising plans or have recently expanded into the UAE capital city.

The city government’s aggressive plans to attract global and regional talent by creating a hub for knowledge-based industries, along with the development of Saadiyat, Ramhan and Al Reem islands for high-end properties aimed at cash-rich international investors and buyers are luring realty majors to spread their footprints into the emirate.

A surge in expat influx and the impressive pipeline of mega entertainment and infrastructure projects coming up in the emirate to add to the emirate’s charm for tourists and investors alike are also aiding in attracting realty majors to the emirate, industry experts said.

Revealed: The Arabian Business 100 Most Admired Companies for 2024

As another remarkable year draws closer to an end, Arabian Business has unveiled one of our most anticipated power lists: The 100 Most Admired Companies in the Middle East.

This isn’t just a roll call of high-achieving businesses, it’s a celebration of the visionaries and innovators redefining their sectors through leadership, bold initiatives, and unwavering commitment to progress.

This year, we’re spotlighting a wide range of companies, from industry titans to trailblazing disruptors. Take, for instance, The Giving Movement – a brand pioneering sustainable fashion and reshaping the industry’s approach to eco-consciousness. Emirates Airline, a true titan in global aviation, which continues to set new benchmarks, while Neom, Saudi Arabia’s visionary city of the future, stands set to redefine urban living as we know it.