AB Espresso: Dubai witnesses off-plan property market surge in H1 2024

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Discover the latest developments curated by our expert editorial team at Arabian Business. Here's what you missed on Monday:

Dubai’s off-plan property market has experienced significant growth in the first six months of 2024, according to the latest report by Bayut. The sector has seen sales transactions reach AED103.8 billion, indicating robust investor interest and market performance. The report highlights that demand continues to outpace supply in the emirate’s property sector. This growth, coupled with a thriving rental market, has contributed to higher rental yields for investors.

In other news, the Sheikh Zayed Grand Mosque Centre in Abu Dhabi has announced a substantial increase in the number of visitors and worshippers for the first half of this year. The Centre reported a total of 4,379,258 individuals, marking a 31 percent rise compared to the same period last year.

Aside from this, a private company in Abu Dhabi has been fined AED10 million by the Misdemeanor Court for breaching Emiratisation regulations. The company was found to have appointed 113 Emirati citizens “ficticiously” to circumvent Emiratisation targets. The ministry discovered these violations during an investigation and referred the case to the Abu Dhabi Public Prosecution.

Meanwhile, Umar Nurmagomedov, the undefeated UFC bantamweight contender, is gearing up for his most significant challenge yet as he prepares to face Cory Sandhagen at UFC Fight Night in Abu Dhabi on August 3. With an impressive 18-fight win streak under his belt, Nurmagomedov spoke exclusively to Arabian Business about his championship aspirations and the weight of his family’s legacy in the world of mixed martial arts.

In other major developments, the Royal Commission for Riyadh City (RCRC) and the Ministry of Sport have revealed designs for the King Salman Stadium, set to become one of the world’s largest sports arenas. The stadium, located in northern Riyadh, will serve as the headquarters for the Saudi national team and host major sporting events. Situated along King Salman Road adjacent to King Abdulaziz Park, the stadium’s location offers proximity to key city landmarks, including King Khalid International Airport, Riyadh Metro station, and major thoroughfares.

THE LONGER READ:

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