AB Espresso: Dubai property frenzy fuels uptick in rentals

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In today’s newsletter:

Check out the latest updates from Arabian Business, where our editorial team has compiled the region's developments from Monday:

The retail sector in Dubai is witnessing a surge in rental rates, with commercial properties recording a steep increase in average annual rent in May this year, according to the latest market research and industry insiders. Robust economic activities fuelled by the continued influx of new businesses and increased consumer spending in the region are driving rental costs in the emirate.

Meanwhile, Emirates Development Bank (EDB) is marking a significant impact on the UAE’s economy as it looks to aid businesses with finance support. The Bank’s cumulative total financing since launching its new strategy in April 2021, has reached AED11.14bn ($3bn), underscoring its commitment to vital sectors integral to the national development and diversification agenda. This financing milestone has notably boosted EDB’s contribution to the UAE’s industrial GDP impact to AED5.5bn ($1.5bn) since 2021.

In a new report, artificial intelligence (AI) stocks are gaining significant traction among UAE retail investors, while interest in traditional Big Tech and pharmaceutical companies wanes, according to the latest quarterly data from trading platform eToro. NVIDIA (NVDA.O) has climbed to become the second most popular stock on eToro’s platform in the UAE, trailing only Tesla (TSLA.O). The AI chip manufacturer saw a 37 percent surge in its share price during the second quarter, attracting a flood of new investors.

Aside from this, Arabian Business' AB Majlis released a new podcast episode. Fine dining in Dubai is evolving rapidly, with traditional notions of white tablecloths and stuffy service giving way to more accessible, experience-focused offerings, according to David Constable, editor of Gault&Millau UAE. In the new episode of the AB Majlis podcast, Constable shared his insights on the changing landscape of high-end restaurants in the region and the economic challenges they face.

In other news, Gulf IPOs raised $3.6bn in the first half of 2024, according to Kuwait Financial Centre “Markaz”. In a research report titled “Initial Public Offerings (IPO) in the GCC markets”, it noted the region has seen 23 offerings during the first six months of 2024. It represents a year-on-year decline in value by 32 per cent compared to the first half of 2023, where issuers raised $5.3bn through 21 offerings.

THE LONGER READ:

Behind the scenes, months of preparations have gone into ensuring the execution of an event that will see millions of packages shipped across the region

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