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
February 16,2020

Al-Jawf, Feb 16: At least 31 people were killed and 12 others were injured here in the al-Maslub district in airstrikes by the Saudi-UAE-led military coalition on Saturday.

"Preliminary field reports indicate that as many as 31 civilians were killed and 12 others injured in strikes that hit al-Hayjah area of the al-Maslub district in al-Jawf governorate," said a statement from the office of the UN resident coordinator and humanitarian coordinator for Yemen.

According to Al Jazeera, the airstrike was conducted hours after the Yemeni Houthis said that they downed a Saudi fighter jet in the same region.

Commenting on the air raids, Lise Grande, the UN's humanitarian coordinator for Yemen, said: "We share our deep condolences with the families of those killed and we pray for the speedy recovery of everyone who has been injured in these terrible strikes."

"So many people are being killed in Yemen - it's a tragedy and it's unjustified. Under international humanitarian law, parties that resort to force is obligated to protect civilians," Grande was quoted as saying.

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News Network
May 1,2020

Dubai, May 1: Saudi Arabia has reported 1,344 new coronavirus cases in the last 24 hours, bringing the total number of infections in the country to 24,097, the Ministry of Health announced on Friday.

The ministry also announced 7 more deaths and 392 new recoveries, raising the total number of fatalities and recoveries to 169 and 3,55 respectively.

Out of the 1,344 new cases reported today, 282 were confirmed in Riyadh, 237 in Madinah, 207 in Makkah, 171 in Jubail and 124 in Jeddah in addition to 114 infections in Dammam.

Authorities continue to urge people to stay at home unless necessary despite having relaxed some restrictions and curfews at the start of Ramadan.

Citizens and residents are allowed to go out for necessary needs between 9 a.m. and 5 p.m. but must adhere to precautionary measures such as wearing a face mask and maintaining social distancing practices.

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News Network
June 23,2020

Riyadh, Jun 23: Authorities in Saudi Arabia have decided to allow a limited number of citizens and residents who are already in the Kingdom to do this year’s Haj.

In a statement on Monday, the Ministry of Haj and Umrah said that in light of the continuation of the coronavirus pandemic and the risks of infections spreading in crowded spaces and large gatherings, it has been decided that Haj for this year (1441 H/ 2020 AD) will be held whereby a very limited number of pilgrims from various nationalities who already reside in Saudi Arabia, would be able to perform it.

“The decision was taken to ensure Haj is performed in a safe manner from a public health perspective while observing all preventative measures and the necessary social distancing protocols to protect human beings from the risks associated with this pandemic and in accordance with the teachings of Islam in preserving the lives of human beings, the statement added.

“The government of the Custodian of the Two Holy Mosques is honored to serve millions of Haj and Umrah pilgrims annually and it confirms that this decision stems from the top priority it accords maintaining the safety of pilgrims on its land until they depart to their home countries.”

“We ask Allah the Almighty to protect all countries from this pandemic and keep all humans protected and safe, the statement said.

Saudi Arabia’s top priority is to always enable Muslim pilgrims to perform Haj and Umrah rites safely and securely and the Kingdom has been keen since the beginning of the pandemic to take all necessary precautionary measures to protect pilgrims, including by suspending the entry of Umrah pilgrims while ensuring the safety of the pilgrims already present at the holy sites, the statement further added.

Commenting on the Haj decision, the Saudi Human Rights Commission said that Saudi Arabia believes in the universal right to health. Limiting Haj not only protects the Kingdom but also many pilgrims and the communities they call home around the world.

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