Why world's rich are splurging money on Dubai real estate?

June 26, 2015

Dubai, Jun 26: The cosmopolitan nature of Dubai coupled with a strong lifestyle consideration is making the emirate an extremely attractive real estate market for the global super rich, according to Wealth-X and Sotheby’s International Realty.

Dubai real estateIn a report, titled, “The Europe, Middle East and Africa luxury residential real estate report 2015”, the companies reveal that the emirate has the potential to become fast-growing ultra high net worth (UHNW) hub in the Europe, Middle East and Africa (EMEA) region in the coming years.

It puts the number of UHNW individuals (those with $30 million or above in assets) in Dubai at 495 with 34 billionaires.

Prices of luxury properties in Dubai are almost 40 per cent cheaper than London with the emirate having 8 percent of luxury residential properties listed above $1 million (Dh3.67 million), it revealing, stating average listed price at $5.5 million, with average price per square foot being $834.

According to the report, Dubai is the modern oasis of extravagant luxury, home to the world’s tallest building, Burj Khalifa, and the only seven star hotel in the world, the Burj Al Arab, and over 300 days of sunshine a year.

“It is a prominent hub for finance, trade and tourism in the Middle East and has rapidly become home to an array of luxury stores, grand hotels and a large array of fine dining and entertainment.

“It has more billionaires than any other city in the Middle East, and the wide range of activities on offer encourages UHNW individuals from all over the world to visit Dubai,” it states.

However, the report says London remains the region's primary real estate hub and offers numerous compelling reasons to be living such has its role as the center of finance, generous tax treatment of non-domiciles, an array of cultural activities and world-class educational institutions for children of UHNW individuals.

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Agencies
July 26,2020

Jeddah, Jul 26: The city of Makkah is opening its arms again to welcome pilgrims for the annual Hajj — although only a handful compared with previous years.

Because of the COVID-19 pandemic, this year’s event is limited to about 1,000 pilgrims, all from inside Saudi Arabia, about 700 of whom are expatriates.

Abdullah Al-Kathiri, an Emirati and a recovered COVID-19 patient, postponed his pilgrimage last year because it coincided with his wedding plans. “I’ve heard from many who’ve performed the pilgrimage in past years that it was always a smooth process, even with the massive numbers,” he said. “So you could imagine how it would be with the limited number of pilgrims this year. Surely it will be a great experience.”

Khadija, a Bulgarian expatriate, was overcome with tears when she heard she would be performing Hajj this year. “I didn’t expect they’d accept,” she said. “I’m sure this year’s Hajj will be an exceptional one in all respects.”

Dr. Haifa Yousef Hamdoon, a Tunisian physician in Qassim, is another who did not expect to be accepted because of the low numbers this year. “When I received confirmation of my request, I was overjoyed and couldn’t believe it,” she said.

Mu’taz Mohamed, a Sudanese pilgrim who also lives in Qassim region, praised the preventive and precautionary health measures taken in order to ensure his safety and that of other pilgrims, to enable them to perform the rituals safely.

After completing their arrival procedures, the pilgrims were taken to their accommodation in Makkah, supervised by the Ministry of Hajj and Umrah. They will stay there for four days before beginning their pilgrimage on July 30.

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News Network
April 24,2020

Dubai, Apr 24: The UAE reported 525 new COVID-19 cases on Friday. The Ministry of Health and Prevention said the total number of confirmed cases in the UAE is now 9,281.

MOHAP reported 8 deaths taking the total number of deaths in the country to 64. 123 recoveries have also been announced.

According to the Ministry of Health and Prevention, the latest cases were detected through its intensified investigation and examination procedures.

The ministry conducted over 32,000 additional COVID-19 tests among citizens and residents.

The ministry offered its sincere condolences to the families of the deceased. It also wished a speedy recovery to all patients and called upon the general public to strictly adhere to preventative measures out of concern for the health and safety of all.

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News Network
May 4,2020

Dubai, May 4: An Indian salesman in the UAE has won a whopping 10 million dirhams at an Abu Dhabi draw, a media report said.

Dileep Kumar Ellikkottil Parameswaran, from Kerala’s Thrissur, works with an auto spare parts company in Ajman and earns 5,000 dirhams (USD 1,361) a month, Gulf News reported on Sunday.

Parameswaran, who won the 10 million dirhams (USD 2.7 million) prize at the Big Ticket draw in Abu Dhabi, will spend a big part of the money to repay a loan of 700,000 dirhams (USD 190,574 ), according to the report.

He said that a good part of the prize money will be spent on the education of his two children.

Parameswaran, who has been a resident of the UAE for 17 years, lives in Ajman along with his family.

Big Ticket is the largest and longest-running monthly raffle draw for cash prizes and dream luxury cars in Abu Dhabi.

A live monthly draw is organized at the Abu Dhabi International Airport on 3rd of each month.

Tickets are sold for 500 dirhams (USD 136).

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