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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News Network
January 12,2020

Tehran, Jan 12: Iranian police dispersed students chanting “radical” slogans during a Saturday gathering in Tehran to honour the 176 people killed when an Ukrainian airliner was mistakenly shot down, Fars news agency reported.

News agency correspondents said hundreds of students gathered early in the evening at Amir Kabir University, in downtown Tehran, to pay respects to those killed in the air disaster. The tribute later turned into an angry demonstration.

The students chanted slogans denouncing "liars" and demanded the resignation and prosecution of those responsible for downing the plane and allegedly covering up the accidental action.

Iran said Saturday that the Ukraine International Airlines Boeing 737 was “unintentionally” shot down on Wednesday shortly after taking off from Tehran's main airport. All 176 people on board died, mostly Iranians and Canadians, many of whom were students.

Fars, which is close to conservatives, said the protesting students chanted “destructive” and “radical” slogans. The news agency said some of the students tore down posters of Qasem Soleimani, the Iranian general killed on January 3 in a US drone strike on Baghdad.

Fars published pictures of demonstrators gathered around a ring of candles during the tribute and a picture of a torn poster bearing the image of a smiling Soleimani. It said that police "dispersed" them as they left the university and blocked streets, causing a traffic jam.

In an extremely unusual move, state television mentioned the protest, reporting that the students shouted "anti-regime" slogans.

A video purportedly of the protest circulated online showing police firing tear gas at protesters and a man getting up after apparently being hit in the leg by a projectile. It was not possible to verify the location of the video, or when it was filmed.

Iran's acknowledgement on Saturday that the plane had been shot down in error came after officials had for days categorically denied Western claims that it had been struck by a missile. The aerospace commander of Iran's Revolutionary Guards accepted full responsibility.

But Brigadier General Amirali Hajizadeh said the missile operator acted independently, shooting down the Boeing 737 after mistaking it for a "cruise missile".

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News Network
July 9,2020

Dubai, Jul 9: The Government of India has announced an additional 104 special repatriation flights from the UAE to India as part of the Vande Bharat Mission, Phase 4 from July 15 - 31.

According to a flight schedule listed on the Ministry of External Affairs (MEA) website, national carriers Air India and Air India Express flights have been scheduled to various cities in 10 Indian states. Each flight has a capacity of 177 passengers.

Vande Bharat Phase 4 officially began on July 3, and in an earlier press briefing Anurag Srivastava, spokesperson of India's Ministry of External Affairs had said 'Phase 4 will focus on repatriation of Gulf-based Indians.

The new additional flights have been organised to cities in Tamil Nadu, Maharashtra, Delhi, Telangana, Punjab, Haryana, Kerala, Uttar Pradesh, Karnataka, and Rajasthan, according to the MEA schedule. To the joy of expats from Maharashtra, at least seven flights have been planned to Mumbai, which has been a less serviced state since the start of the Vande Bharat Mission.

Consul Press, Information, and Culture, Consulate General of India in Dubai Neeraj Agarwal said, "Approximately 100 repatriation flights are planned for the next 23 days, including 50 from Dubai and Sharjah each. If all flights are full, we are looking to evacuate anything between 17,000 to 18,000 passengers in the coming days."

Booking for the newly announced flights will open soon, said Agarwal. "Some of them are already open, and others will be open in the next few days. However, a few flights are subject to slot approvals," he explained.

Commenting on the possibility of flights from India to the UAE, Agarwal said, "We express hope that this too will happen soon."  The flight schedule can be seen here: https://www.mea.gov.in/phase-4.htm

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News Network
May 21,2020

Dubai, May 21: Around 10,000 Iranian health workers have been infected with the new coronavirus, the semi-official ILNA news agency quoted a deputy health minister as saying on Thursday.

Health services are stretched thin in Iran, the Middle East country hardest hit by the respiratory pandemic, with 7,249 deaths and a total of 129,341 infections. The Health Ministry said in April that over 100 health workers had died of COVID-19.

No more details on infections among health workers were immediately available.

Earlier on Thursday, Health Minister Saeed Namaki appealed to Iranians to avoid travelling during the Eid al-Fitr religious holiday later this month to avoid the risk of a new surge of coronavirus infections, state TV reported.

Iranians often travel to different cities around the country to mark the end of the Muslim holy fasting month of Ramadan, something Namaki said could lead to a disregard of social distancing rules and a fresh outbreak of COVID-19.

"I am urging you not to travel during the Eid. Definitely, such trips mean new cases of infection...People should not travel to and from those high-risk red areas," Namaki was quoted by state television as saying.

"Some 90% of the population in many areas has not yet contracted the disease. In the case of a new outbreak, it will be very difficult for me and my colleagues to control it."

A report by parliament's research centre suggested that the actual tally of infections and deaths in Iran might be almost twice that announced by the health ministry.

However, worried that measures to limit public activities could wreck an economy which has already been battered by U.S. sanctions, the government has been easing most restrictions on normal life in late April.

Infected cases have been on a rising trajectory for the past two weeks. However, President Hassan Rouhani said on Wednesday that Iran was close to curbing the outbreak.

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