Dar Global expects sellout by summer for Dubai’s Trump Tower
Dar Global, the Saudi developer behind Dubai’s planned $1 billion Trump Tower, expects the building to sell out by the end of summer and is planning to launch more projects with the Trump Organization.
The project, launched in April, is expected to be finished in five years and will feature more than 500 homes, with two $20 million penthouses, a Trump-branded hotel and a clubhouse.
“Sales have been strong, [there has been] very good reception for the brand, for the mix and the location,” Dar Global CEO Ziad El Chaar told The National.
Dubai’s property market has continued its steep ascent, with the average price per square foot reaching AED 1,808 ($492) in May.
Trump company expands Gulf footprint with Qatar, Dubai deals
Eric Trump is rolling out a series of deals across the Gulf as his father prepares to make a presidential visit to the region next month.
Real estate developers Qatari Diar and Saudi-owned Dar Global plan to build a Trump-branded golf course and residential community as part of the Simaisma beachside development north of Doha, Reuters reports.
On Tuesday, Eric Trump, who is Executive Vice President of the Trump Organization, announced plans to build an 80-story Trump International Hotel and Tower in Dubai at a cost of $1 billion, in partnership with Dar Global.
U.S. President Donald Trump is scheduled to visit Saudi Arabia, Qatar and the UAE in mid-May.
The younger Trump speaks on Thursday at the TOKEN2049 crypto conference in Dubai.
Dubai’s women power 34% of investment in real estate market
Women are becoming a growing force in Dubai’s real estate boom.
Female investors accounted for $32 billion of Dubai real estate transactions last year and women represent 34% of the city’s real estate investors, Arabian Business reports.
Initiatives like Dubai Land Department’s Real Estate Empowerment Program and Brokers Program have already drawn more than 1,000 women into the sector and boosted female representation in brokerage.
The DLD also has plans to promote a flexible investment environment through tailored financing, training, and awareness programs to support women-led ventures.
Clinton recommends investing in Saudi real estate at Riyadh forum
Developers of New Murabba, Neom, Diriyah and other multibillion-dollar construction projects across Saudi Arabia occupied center stage this week at the Real Estate Future Forum in Riyadh.
Until former U.S. President Bill Clinton mounted the podium Wednesday night at the Four Seasons.
Praising Crown Prince Mohammed bin Salman’s Vision 2030 plan that set off a torrent of building activity across the kingdom, Clinton told a packed ballroom, “It’s worth investing in.”
The 78-year-old statesman, who met with MBS earlier in the day, added: “I think that we Americans should come here and study this 2030 plan and ask ourselves what is our equivalent,” Arab News reports.
Clinton capped the final day of the conference in Saudi Arabia’s capital, where the cube-shapped New Murabba development promises to be the “most complex structure known to man or woman,” the project’s CEO Michael Dyke told a conference panel.
“We will have something like two to three Empire State Buildings on each corner, which anchor the four corners of Mukaab,” Dyke said. At the center will be a residential tower the size of the Eiffel Tower “that will be the only skyscraper in the world that lives inside another building.”
“Below the ground is enormous as well,” he said, adding, “It’s a complete cavernous labyrinth of various different asset classes” with retail space “the size of Dubai Mall that will be capable of extending to be bigger.”
Dubai revamps real estate rules to woo foreign investors
Dubai is taking new steps to make its prime property more attractive to foreign investors.
The emirate issued regulations on Sunday enabling private property owners of all nationalities in the Sheikh Zayed Road and Al Jaddaf areas to convert their ownership to so-called “freehold” status, The National reports.
Under freehold classification, an investor has a direct title of ownership of the property and the land on which it is built.
“This news is huge because it could be the beginning of what I suppose will be the opening up of all areas to be bought by non-locals,” Mario Volpi, head of brokerage at Novvi Properties, told the newspaper.
Aldar builds $476 million tower complex at site of Dubai Expo
Three years ago, the pandemic-delayed Expo 2020 drew virtually every country on the planet to set up a pavilion at Dubai’s sprawling fairgrounds.
Now Aldar Properties, Abu Dhabi’s largest real estate developer, is pouring half a billion dollars into the site and catering to the home crowd.
Known these days as Expo City and neighboring the newly expanded Dubai World Central airport, the location will soon sprout six towers filled with luxury apartments, corporate offices and specialty retailers, Aldar said in a statement on Wednesday.
The $476 million project, a joint venture with government-administered Expo City Dubai, will be built on a plot measuring 1.1 million square feet, and managed by Aldar through its completion.
The Expo 2020 site also hosted the COP28 climate conference last year.
Aldar is counting on the soaring demand for property in Dubai that has provided incentive for developers to reach beyond the city’s packed downtown area and led many residents to move to more affordable areas in the UAE.
Dubai Holding eyes real estate trust amid city’s property boom
Dubai’s ruler, Sheikh Mohamed bin Rashid, sees a grand opportunity as head of Dubai Holding Co. to capitalize on the city’s real estate boom.
The emirate’s government-owned conglomerate is in the early planning stages of creating a real estate investment trust, recruiting Citigroup, HSBC and Emirates NBD to manage a potential offering, Bloomberg reports. The company and banks declined to comment or didn’t respond.
In the UAE capital, meanwhile, institutional U.S. commercial real estate is fast becoming a game of “six degrees of Abu Dhabi,” The Promote reports, citing Mubadala’s $3 billion takeover of New York-based Fortress Investment Group in May, which has now received a regulatory go-ahead.
An emerging figure in Abu Dhabi real estate is Nick Candy, co-owner with his brother of London’s One Hyde Park development. Now Candy is focusing on the Middle East and promising to scale the heights of luxury in the UAE, Bloomberg reports.
Candy Capital has formed a joint venture with Abu Dhabi-based Modon Holding and plans to build a series of projects in the Middle East and North Africa, focusing on homes but also including hotels and offices, the news agency said.
Candy Capital has formed a joint venture with Abu Dhabi-based Modon Holding and plans to build a series of projects in the Middle East and North Africa, focusing on homes but also including hotels and offices, the news agency said.
AI real estate consultant closes $30 million in Dubai deals
A virtual real estate consultant powered by artificial intelligence has already closed $30 million in real estate transactions in Dubai three weeks after launching.
The AI agent, which goes by the name Jucica Brown, was launched by Realiste AI on messaging app Telegram and has so far closed 50 transactions, company founder Alex Galt told Arabian Business.
Jucica is designed to feel like interacting with a human agent, including small touches like showing when she is “typing” a reply.
“Many of the users interact with her posts unaware of her digital nature,” Galt said, adding that the company believes the technology will redefine property sales.
Companies and government agencies in the UAE have been quick to adopt AI.
Earlier this year, International Holding Co., the Abu Dhabi-owned industrial conglomerate, announced that it had created a new post on its Board for an AI observer developed by G42 in collaboration with Microsoft.
Dubai real estate app uses AI to improve property appraisals
As Dubai’s stratospheric real estate market scales ever higher, property buyers are getting help from new tools that use artificial intelligence to evaluate prices.
In collaboration with the Dubai Land Department, UAE property portal Bayut is launching TruEstimate, an AI-powered application that seeks to deliver an objective price tag derived from publicly available real estate data.
The estimates take into account recent sales of similar properties, current market trends, and property features.
“In a market characterized by constant change, having a better understanding of home values is essential,” Arabian Business quoted Buyut CEO Haider Ali Khan as saying.
The launch of TruEstimate comes as Dubai’s real estate sector experiences unprecedented growth, with property transactions in the emirate reaching AED 200 billion ($54.5 billion) in the past six months.
