RIYADH: The UAE’s real estate sector has witnessed growth across the residential, office, retail and hospitality sectors during the third quarter of 2022, global real estate service provider JLL said.
In its latest UAE Real Estate Market Report, JLL said the average residential prices in the third quarter grew by 9 percent year-on-year in Dubai, while average rental rates saw a 25 percent year-on-year rise.
Both sales and rentals increase has been attributed to stronger demand and a rise in buyer activity., according to the report.
Data from Dubai’s Department of Economy and Tourism suggests that the emirate received around 2.95 million overnight visitors between June and August 2022, compared to the 1.17 million recorded for the same period last year.
Abu Dhabi witnessed a 24 percent increase in overnight visitors to 910,000 during the third quarter of this year, compared to the same period last year, according to DCT Abu Dhabi.
Dubai’s hotel occupancy levels reached 70 percent between January and August 2022, compared to 58 percent during the same period last year.
UAE’s Union Properties completes debt restructuring
Dubai Motor City developer Union Properties said it completed a debt restructuring worth 595 million dirhams ($161 million), which included 223 million dirhams owed to lenders as part of a comprehensive restructuring plan.
The restructuring represents a major milestone in the company’s turnaround strategy, which was announced in 2022, the company said in a statement.
In light of the restructuring plan, Union Properties said it would experience significantly improved profitability and cash flow generation.
“The successful completion of our debt restructuring process is an important milestone in Union Properties’ turnaround strategy, placing us on a firm foundation to drive future growth and value creation for our shareholders,” Amer Khansaheb, board member and managing director, said.
UAE committed to increasing oil production capacity
The UAE is committed to increasing its oil production capacity, Reuters reported citing the energy minister Suhail al-Mazrouei.
State-owned Abu Dhabi National Oil Co. aims to produce the cleanest barrel on the planet, he told reporters.
His comments came after several members of the oil producers group endorsed the steep cut to output targets agreed upon this month.
OPEC+ member states lined up on Sunday to endorse the steep cut to its output target agreed upon this month.
The US last week said the cut would boost Russia’s foreign earnings and suggested it had been engineered for “political reasons” by Saudi Arabia, which on Sunday denied it was supporting Moscow in its invasion of Ukraine.
Abu Dhabi Investment Authority
The largest sovereign wealth fund in the UAE, the Abu Dhabi Investment Authority, plans to open an advanced data research center, whi an independent entity within the fund with goals not linked to investment applications.
ADIA Lab will formally launch on Dec. 2 and is part of moves across the government to promote digitalization and advanced technological applications, Reuters reported.
It will be headed by Simon Horst as director, who was previously at Berkeley Lab and at the US Department of Energy.
Mubadala Capital, the global asset management firm and a wholly owned subsidiary of Mubadala Investment Co., has announced that it has acquired TruFood, according to a statement.
Headquartered in Pennsylvania, TruFood is a snack food contract manufacturer in several categories.