A new Dubai super tower, major new bridges and a new fragrance launched by a UAE royal have all made the headlines this week.
Elsewhere there have been new UAE real estate developments, massive new projects announced in Abu Dhabi and the imminent rise of super-rich centi-millionaires in the Gulf.
Catch up on these and more of the biggest stories this week, as selected by Arabian Business editors.
EXCLUSIVE: Emaar plans new Dubai “super tower” to rival Burj Khalifa
The company’s founder Mohamed Alabbar, sources say, has been working on incorporating “sustainable, cutting-edge technologies that have yet to be used in any development in the world.”
Emaar already holds the record for the world’s tallest building, the 828m Burj Khalifa, which officially opened in January 2010. “We are talking about the kind of design and construction that nobody in the world will come close to doing, let alone the height of this building,” the source added.
Dubai traffic to ease: RTA announces opening of two MAJOR bridges
The first bridge, spanning 601 metres with two lanes, can accommodate 3,200 vehicles per hour. It serves eastward traffic from Garn Al Sabkha Street to Sheikh Mohammed bin Zayed Road, then northward towards Al Qusais and Deira.
The second bridge, measuring 664 metres, also has two lanes and a capacity of 3,200 vehicles per hour. It eliminates traffic overlap for vehicles travelling southward from Sheikh Mohammed bin Zayed Road towards Al Yalayis Street and Jebel Ali Port.
Dubai’s Sheikha Mahra launches $272 a bottle ‘Divorce’ perfume
Sheikha Mahra, daughter of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, showcased the fragrance on social media.
The Divorce perfume retails for AED1,000 ($272) per bottle and is available at the newly launched www.mahram1.com website. The Divorce perfume is described as embodying “confidence and new beginnings”.
Buying a house in Dubai? Here are the red flags, warning signs to look out for, according to experts
“Developer track record is one of the main metrics to look at when evaluating a developer because that will help predict its future projects,” said Yassir El Ghazi, managing partner, McCone Properties. “Reputation is the next one to look at as it goes beyond the building quality and focuses on building maintenance after the project is handed over.”
Paul Sharland, Associate Director, Off Plan & Investment at haus & haus agreed, emphasising the importance of reviewing a developer’s past projects and the quality of their finishes. “A good developer should have a proven history of delivering on time and meeting expectations,” he said, adding that, “There are always developers to be cautious about.”
Dubai’s Maktoum Bridge to close for major repairs
The major crossing will be closed over night six days a week and all day on Sundays for an extended period.
The RTA has advised motorists to plan alternative routes to ensure timely arrival at destinations.
UAE real estate developer announces $3.3bn project pipeline
These projects are expected to significantly impact the UAE real estate market, while contributing to the country’s overall economic growth.
SOL Properties has acquired 4 million sq ft of prime land for ultra-luxury projects and affordable luxury projects. The ultra-luxury developments include a new project in the West Crescent of Palm Jumeirah and the prestigious Fairmont Residences Solara Tower Downtown Dubai. Combined, these two projects are valued at AED8.2bn ($2.2bn).
Central Bank fines UAE bank $1.4m
The decision is pursuant to articles 89 and 137 of the Federal Decree Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities and its amendments, and article 14 of the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations.
The CBUAE has fined the bank AED5m ($1.4m), and directed the bank to present the Central Bank’s action to the board of directors of the overseas headquarters.
Dubai real estate: Off-Plan property prices stabilise after 2023 boom, says new report
The market witnessed a spike in off-plan property prices over the last year, driven by high demand and limited supply in key areas.
Prices in high-demand locations such as Dubai Hills Estate, Business Bay, and Jumeirah Village Circle surged by 15-30 per cent compared to the previous year.
Major Abu Dhabi developments announced as Mubadala and Aldar team up for $8.2bn joint ventures; new $3.5bn island community, $2.5bn retail platform coming soon
The new projects will include developing a new island community off the coasts of Saadiyat and Yas Islands, a major retail platform and a new logistics park near Zayed International Airport.
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has inaugurated a new partnership between Mubadala Investment Company (Mubadala) and Aldar Properties (Aldar) to establish a series of joint ventures to own and manage prime residential, commercial, retail and logistics assets across Abu Dhabi.
The rise of the Gulf centi-millionaires: Dubai, Abu Dhabi and Riyadh set for massive increase in number of people with $100m in the bank
There are currently 29,350 individuals worldwide with liquid investable assets of $100m or more, according to the Centi-Millionaire Report 2024 released by Henley & Partners.
While the US and China are home to the most mega-rich residents, Gulf cities are catching up and will see centi-millionaire populations swell in the next decade and a half. Dubai, Abu Dhabi and Riyadh will all see an increase of 150 per cent in the number if centi-millionaires by 2040, according to the Henley & Partners analysis.
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