AB Espresso: Global sell-off hits UAE stocks

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In today’s newsletter:

Take a look at the most recent news from Arabian Business, where our team of editors has gathered the notable advancements in the region from Tuesday. Here's what you missed:

UAE stock markets plummeted on Monday, mirroring a global selloff triggered by disappointing US economic data and heightened geopolitical tensions in the Middle East. The Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) saw significant declines, reflecting growing investor concerns about a potential global recession and its impact on the region.

In addition, the Middle East and North Africa (MENA) region is predicted to see a market boom in the near-to-medium term despite the dark clouds gathering over the US and other Western economies that triggered a rout in stock markets around the world over the last two days. The region’s Rhinos – a term used for resilient and successful startups with valuations over $100 million – are projected to create an over $50 billion market cap through initial public offers (IPOs).

Moreover, following the recent market meltdown, the question of who currently holds the title of world’s richest person has come into focus. The global stock market sell-off, triggered by fears of a potential US recession and weak economic data, has significantly impacted the fortunes of the world’s wealthiest individuals.

On the real estate front, the Dubai luxury home market is set for ‘significant evolution’ over the next few years, property experts say. The luxury home market, specifically, has been seeing increased interest with new features and amenities emerging to fuel the investor demand. With projections of a steady incline in the luxury home sector, what is the future of luxury homes in Dubai?

Meanwhile, Dubai South Properties has reported 90 percent completion of The Pulse Beachfront, a residential development in Dubai South‘s Residential District. The project’s first phase, comprising 251 units, is expected to finish by year-end. The development, which sold out all 788 villas and townhouses upon launch, features three-, four-, and five-bedroom units ranging from 2,600 to 4,800 square feet. Amenities include a water lagoon, artificial beachfront, and a half-Olympic size swimming pool.

THE LONGER READ:

Lebanese fleeing conflict zones spark safe housing shortage and rental price surge, compounding pressures on peak tourism season

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