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
April 25,2020

Riyadh, Apr 25: Saudi Arabia announced nine deaths and 1,197 new cases of the COVID-19 virus on Saturday.

Of these cases, 120 were recorded in Madinah, 364 in Makkah, 271 in Jeddah, 170 in Riyadh and 43 in Dammam.

The number of people who had recovered from the coronavirus in the Kingdom increased to 2,214 after 165 patients were reported to have recovered.

A total of 136 people have died of the disease in the Kingdom so far.

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Agencies
April 2,2020

Ankara, Apr 2: Saudi Arabia on Thursday declared a 24-hour lockdown in all parts of Makkah and Medina cities as part of measures to stem the spread of the coronavirus.

"The 24-hour curfew will be imposed in all parts of the cities of Makkah and Medina, with a ban on entry and exit from both cities," the Saudi Interior Ministry said on Twitter.

The lockdown starts from Thursday “until further notice.”

All commercial activities inside the residential neighborhoods of the two cities were also prohibited, except for pharmacies, food products stores, gas stations and banking services, the ministry said.

After first appearing in Wuhan, China last December, the virus has spread to at least 180 countries and regions, according to U.S.-based Johns Hopkins University.

Its data shows the number of confirmed cases worldwide have surpassed 962,900, with the death toll over 49,100 and more than 202,700 recoveries.

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News Network
March 26,2020

Riyadh, Mar 26: The video summit of the G20 leaders slated for Thursday will unite the global response to the coronavirus pandemic, Saudi Arabia's King Salman said.
"As the world confronts the COVID-19 pandemic and the challenges to healthcare systems and the global economy, we convene this extraordinary G20 summit to unite efforts towards a global response. May God spare humanity from all harm," tweeted King Salman, who will chair the summit.
The summit will be held today via video conference with an aim to advance a coordinated global response to the COVID-19 pandemic and its human and economic implications, the Kingdom had said yesterday in a statement.
India is a member nation of the G20 group. Prime Minister Narendra Modi, who will take part in the summit, said that the Group of 20 (G20) has an important role to play in the fight against coronavirus.
He said: "The G20 has an important global role to play in addressing the #COVID19 pandemic. I look forward to productive discussions tomorrow at the G20 Virtual Summit, being coordinated by the Saudi G20 Presidency."
The other members of the group include Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, the Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US, and the European Union.
Several international organisations -- including the United Nations, World Bank, the World Health Organization and the World Trade Organization will take part.

Leaders from the Food and Agriculture Organization, the Financial Stability Board, the International Labour Organization, International Monetary Fund, the Organization for Economic Cooperation and Development -- will also be the part of the conference.

Regional organisations will be represented by: Vietnam, the Chair of the Association of Southeast Asian Nations (ASEAN); South Africa, the Chair of the African Union (AU); the United Arab Emirates, the Chair of the Gulf Cooperation Council (GCC); and Rwanda, the Chair of the New Partnership for Africa's Development.

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