AB Espresso: Alabbar says “there ’s no limit” to investment in Noon

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In today’s newsletter:

Discover the latest stories from Arabian Business, compiled by our editorial team. Here’s what you missed on Monday:

In an interview with Arabian Business, Mohamed Alabbar, founder of Noon and Emaar, stated that Noon is on track to become the largest delivery and e-commerce company in the UAE and the region. This ambition comes amidst growing competition in the food delivery market, driven by consumer demand for convenience.

In other major developments, ride-hailing service Bolt has debuted in the UAE, marking its entry during the 53rd National Day celebrations. The launch aligns with the UAE’s initiatives to advance sustainable and technology-driven transportation. Bolt’s entry supports Dubai’s directive to transition 80 per cent of taxi trips to e-hailing in the coming years

On the real estate front, Dubai’s branded residences market is expanding due to strong interest from ultra-high net worth individuals from regions including India, Europe, Russia, and the US. Analysts attribute the demand to global wealth accumulation and the city’s pipeline of ultra-luxury residential projects, making these properties both a lifestyle choice and an investment opportunity.

In addition, Dubai off-plan property sales grew by more than 50 per cent in Q3 2024, as per JLL’s Market Dynamics report. The real estate sector maintained strong momentum, with high transaction volumes underpinned by solid economic fundamentals, despite global economic challenges.

Meanwhile, Egyptian real estate developer Yasseen Mansour, chairman of Palm Hills Developments, is investing $300 million in premium satellite cities in Saudi Arabia. The initiative aims to address the housing shortage in the Kingdom amid the influx of global firms and mirrors Cairo’s western expansion model.

Until next time, Sharon Benjamin for Arabian Business

THE LONGER READ:

Arabian Business spoke to the talented Indian photographer’s extraordinary journey documenting the UAE’s remarkable transformation from humble beginnings to a global powerhouse, capturing historic moments that shaped a nation

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