Telal Al Qurum Real Estate Secures Licence for Major Integrated Tourist Complex in Muscat

Shamal Holding, the owner and visionary behind Dubai Harbour, has unveiled stunning new renderings of its Dubai Harbour Residences project, showcasing a limited collection of premium apartments and penthouses to be built at the heart of Dubai Harbour.

Along with these striking visuals, Shamal has also shared additional details about the development, including the array of amenities available to residents.

A visionary project

Dubai Harbour Residences seamlessly fuses modern architectural design with the timeless appeal of beachfront living. The newly revealed images highlight the thoughtfully crafted exterior, elegant communal spaces, and refined apartments and penthouses, promising an unmatched living experience. With breathtaking views of the Arabian Gulf, Dubai’s iconic skyline, and the magnificent harbour marinas just steps away, residents can enjoy a distinctive beachfront lifestyle in one of the world’s most vibrant cities.

The first beachfront low rise living experience in Dubai Harbour

Dubai Harbour Residences introduces a rare concept in luxury living with its low-rise community-focused design, where apartments are thoughtfully distributed across eight floors. This approach fosters a sense of intimacy and exclusivity, creating a close-knit environment. The low-rise structure allows for more personalized living spaces, abundant natural light, and enhanced privacy, while maintaining a connection to the surrounding maritime landscape. Residents will enjoy the best of both worlds – a tranquil, residential ambiance but with easy access to the vibrant energy and amenities of Dubai Harbour and all it has to offer. Within the residences, there will be 345 units including one, two, three, and four-bedroom apartments, and penthouses.

Modern cutting-edge and curated living spaces

The reception and lobby areas have been designed to impress from the moment residents and guests step inside. With soaring ceilings, sleek marble floors, and carefully curated art pieces, the space exudes a sense of premium living. The lobby’s design blends contemporary aesthetics with warm, inviting tones and nautical color palettes, creating an atmosphere that is both luxurious and welcoming. High-end furnishings, bespoke lighting fixtures and impeccable textures and finishings add to the sophisticated ambiance, while the grand entrance sets the tone for the exceptional living experience that awaits.

World-class amenities

An exceptional array of wellness options, dedicated family spaces, and personalized services will cater to the diverse needs of residents. The development features a rooftop adult-only infinity pool with outdoor dining area, state-of-the-art fitness center, yoga studio, hairdresser, beauty salon, and serene spa facilities designed to promote relaxation and well-being. For families, the community includes specially designed play areas, a children’s pool, learning area, and family lounges where parents and children can bond in a safe, nurturing environment. Residents will also benefit from a range of personalized services, including 24/7 concierge assistance and valet parking, ensuring a lifestyle of convenience and comfort.

Continued enhancement of Dubai Harbour

The Dubai Harbour Residences development is part of Shamal’s long-term investment strategy and commitment to creating new vibrant communities, as it continues to enhance the amenities and facilities in and around Dubai Harbour to bring premium beachfront and maritime lifestyle to residents. Located at the intersection of the iconic Palm Jumeirah and Bluewaters Island, the destination is within easy reach from the city’s world-famous attractions and includes the region’s largest marina, featuring close to 700 berths that can accommodate yachts up to 160m. As well as the new 1500-metre bridge providing direct access on and off the district, Shamal is delivering a range of enhancements across Dubai Harbour as part of its plans to offer the best integrated community in terms of quality of life and the well-being of residents and visitors.

“Dubai Harbour Residences is our first residential project at Dubai Harbour and is a bold statement of our commitment to creating extraordinary living experiences and new vibrant communities. The project promises to provide residents with a beachfront living unlike any other in the market,” said Abdulla Binhabtoor, Chief Executive Officer, Shamal Holding, Owner and Curator of Dubai Harbour. “This development is designed for the discerning buyer who is aspiring for prestige, and demands not just a home, but a lifestyle. Our vision is to create a unique space where residents can feel part of a community, enjoy the best of Dubai’s culture and have maritime experiences right at their doorstep. Dubai Harbour is the region’s most unique lifestyle offering and the new residences will be a perfect addition.”

Leading Dubai-based developer H&H Development has nearly two decades of experience creating upscale projects in the UAE and is working closely with Shamal Holding as the development manager. Miltos Bosinis, Chief Executive Officer, H&H Development, added, “Dubai Harbour Residences is perfectly located in the heart of Dubai, and is designed to cater to both individuals and families seeking a refined beachfront lifestyle with an urban feel. The newly released visuals offer a preview of the development’s exceptional design and comfort, showcasing an exclusive low-rise community. This unique enclave combines the best of both worlds, providing a serene and stylish development amidst the dynamic energy of Dubai Harbour.”

Internationally acclaimed Japanese firm Nikken Sekkei, famed for its innovative approach to architecture, has led on the project design. “Our vision for Dubai Harbour Residences was to create a harmonious blend of modern luxury and the natural beauty of the waterfront,” said Dr. Fadi Jabri, Regional Head/CEO of Nikken Sekkei Dubai FZ-LLC. “We’ve incorporated sleek, contemporary designs that maximise natural light and offer unparalleled panoramic views of the beach and sea. Every element has been thoughtfully crafted to provide residents with a serene and sophisticated living experience that reflects the dynamic spirit of Dubai.”

haus & haus Real Estate has unveiled an exclusive new ‘elevated villa’ in Saheel 1, located within the Arabian Ranches community, now available on the market for AED 16,750,000.

This unique property is an architectural marvel, elevated approximately two meters above a mature park, offering stunning views of lush greenery and creating a tranquil retreat far removed from the city’s hustle and bustle.

Spanning a built-up area of 5,000 sq.ft and set on a generous plot of 6,668 sq.ft, the villa is vacant on transfer, allowing for immediate occupancy. The property unveiled by haus & haus Real Estate features six spacious bedrooms, each with its own ensuite bathroom, along with several other standout features:

• Quiet and Private: Situated on a tranquil cul-de-sac, this villa offers a perfectly quiet and private plot.
• Bijou Outdoor Entertainment: Ideal for hosting gatherings, the outdoor space is designed for entertaining with elegance.
• Double Height Lobby: A grand entrance featuring a large skylight that floods the space with natural light.
• Smart Home Technology: Equipped with an inbuilt Sonos sound system and smart home features for modern living.
• Luxury Amenities:  Sunset cabana, olive tree, hidden outdoor shower, and a heater & chiller for the private saltwater pool

Khaleeji Bank has signed a Memorandum of Understanding (MoU) with Al Areen Holding Company, a major player in the real estate sector. This strategic partnership aims to enhance and streamline real estate financing for Al Areen’s projects.

Through this collaboration, the bank will provide innovative financial solutions tailored to clients interested in purchasing residential units within the “Tilal” Residential Project, part of Al Areen’s master plan. These financing solutions will include competitive profit rates and funding of up to 100% of the property’s value, along with a flexible grace period.

The signing ceremony took place at Khaleeji’s headquarters in the GFH Tower and was attended by Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji, Dr. Ahlam Zainal, CEO of Al Areen Holding Company, Mr. Ahmed Khalfan, Chief Marketing & Sales Officer of Al Areen Holding and CEO of the “Tilal” Residential Project, alongside other officials from both organizations.

On this occasion, Ms. Ameera Ahmed Al Abbasi expressed her gratification in this collaboration, stating “This strategic partnership with Al Areen Holding Company embodies our firm commitment to supporting the growth of the real estate sector in the Kingdom of Bahrain. At Khaleeji, we always strive to provide innovative financing offers that meet our clients’ needs and ambitions, thereby enhancing their experience in the real estate market. Through this partnership, we will ensure the provision of a comprehensive range of financing solutions, including competitive profit rates and a flexible grace period, to facilitate the ownership process for our clients.”

She added “The ‘Tilal’ Residential Project exemplifies quality and modern design, providing an ideal living and investment environment. We are also committed to providing a satisfying and personalized banking experience for every client. We hope that our clients will take advantage of these outstanding opportunities made through this initiative, which reflects our values of innovation and sustainable support for economic growth. We are pleased to invite clients interested in owning units in this leading housing project to visit the promotional stand between 19th – 29th September at City Center Bahrain, to learn about the financing solutions available under this agreement.”

On her part, Dr. Ahlam Zainal, CEO of Al Areen Holding Company, stated: “We are pleased to announce our cooperation with Khaleeji Bank to provide a range of financing options that enable our customers to own a home in the Tilal project, the third residential development within the Al Areen masterplan. This project will serve as an exceptional tourist and residential destination, thanks to its distinguished components and services setting new standards in urban living.”

She added: “At Al Areen Holding Company, we are committed to offering our customers the best services and experiences. Our partnership with Khaleeji Bank reflects our keenness to meet our customers’ aspirations and exceeding their expectations. We pride ourselves on delivering a seamless and personalized experience, from home selection and ownership to building long-term relationships.”

Mr. Ahmed Khalfan, Chief Marketing and Sales Officer of Al Areen Holding and CEO of Tilal Residential Project, commented: “This partnership allows us to provide added value to our customers by simplifying the steps required to obtain their desired residential units, making it a more seamless process. The Tilal Residential Project is a pioneering initiative that underscores our commitment to high standards of quality and innovation in the real estate sector. We believe this agreement will enhance our ability to meet market demands and attract customers seeking their dream homes, especially within the Tilal Residential Project, which presents a unique array of options, including luxury villas and townhouses designed according to the highest international standards, with sizes ranging from 3 to 5 bedrooms, each featuring modern designs aligned with contemporary trends.”

He added: “On this occasion, I extend a special invitation to those interested in our offerings for owning a villa or townhouse in Tilal Residential Project to visit our stand at the City Centre Bahrain (near Debenhams) from September 19 to 29, where they can learn more about the project and book the most suitable options in the masterplan.”

It is noteworthy that “Tilal” Residential Project offers a unique living experience amidst sustainable surroundings, featuring vast green spaces and picturesque views of the Al Areen Wildlife Park. Covering an area of 93,600 square meters, the project includes luxury villas and townhouses designed to meet the needs of Bahraini and GCC families, allowing for customization options. Units are available with the option of 3, 4, and 5 bedrooms, each incorporating modern designs in line with contemporary trends.

Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.

Visit Khaleeji Bank’s website at www.khaleeji.bank and follow the bank’s verified social media accounts on Instagram, Facebook, LinkedIn, YouTube, and X platforms to stay updated on the latest news and offers.

Al Areen Holding is a leading real estate development company in Bahrain, dedicated to creating exceptional residential, commercial and hospitality projects. With a commitment to quality, innovation and sustainability, Al Areen Holding strives to exceed customer expectations and contribute to the economic growth of the Kingdom of Bahrain. The company’s diverse portfolio showcases its expertise and vision for the future of Bahrain’s real estate sector.

Sankari, a premier luxury real estate developer in Dubai, is thrilled to announce a groundbreaking partnership with IHG® Hotels & Resorts, one of the world’s leading hospitality companies, to launch the world’s first Regent Residences in Dubai.

This flagship development, Regent Residences Dubai – Sankari Place, will be located in Dubai’s prestigious Marasi Marina neighborhood and will feature 63 full-floor upper luxury residences as well as ten floating homes. This project marks a significant milestone for both Sankari and IHG, being the first Regent-managed standalone residential project of its kind, set to transform the definition of luxury lifestyle. “The best talent from the industry has been brought together to deliver on the Sankari family’s vision,” says Mark Phoenix, CEO of Sankari.

The collaboration between Sankari and IHG marks a landmark moment for both parties, blending the innovative vision of Sankari with the esteemed legacy of the Regent brand under the IHG portfolio. Regent Residences Dubai – Sankari Place is set to become a premier destination, establishing one of the most sought-after residential addresses, embodying true modern luxury, in the UAE. This development underscores the commitment of both Sankari and IHG to elevate the standard of premium hospitality experiences within a residential ecosystem.

Introducing Sankari Place

Situated in the heart of Marasi Marina, Sankari Place is envisioned as an exclusive destination for upper luxury living. This prominent waterfront peninsula offers residents unparalleled views of Dubai Creek and Downtown Dubai, providing a perfect blend of serenity and urban convenience. The concept of Sankari Place is designed to create an exclusive and opulent living experience, with top-tier amenities and services that cater to the refined tastes of modern luxury homeowners.

Mohammed Sankari, Chairman of Sankari, shares his personal connection to the project: “Sankari Place is deeply significant to me and my family. This development is more than just a project; it is the foundation of a legacy we are building in honor of my father. It embodies our family’s commitment to excellence and innovation in real estate, and we are proud to see our vision come to life in such a prestigious location.”

Regent – A Legacy of Luxury

The Regent brand, renowned for its sophistication and elegance, boasts a storied history with iconic properties such as the legendary Carlton Cannes, a destination for Hollywood stars and the global elite. Regent’s portfolio includes 10 properties worldwide, located in some of the world’s most premier urban centers: Beijing, Berlin, Cannes, Chongqing, Hong Kong, Phu Quoc, Porto Montenegro, Shanghai on the Bund, Shanghai Pudong, and Taipei. Regent Residences Dubai – Sankari Place will be their first standalone residential flagship project developed from inception. This landmark project marks the beginning of Regent’s vision to develop their branded residences footprint in the region.

IHG Hotels & Resorts – True Hospitality for Good

IHG Hotels & Resorts, with its vast portfolio of brands, continues to expand its presence in the luxury sector. Haitham Mattar, Managing Director, India, Middle East & Africa, IHG, states, “Regent Residences Dubai – Sankari Place represents a unique opportunity for IHG to strengthen our offering in the branded residential space in Dubai. We trust our partnership with Sankari will drive forward our success in this remarkable city and are committed to elevating luxury living options for Dubai residents.”

Mark Phoenix of Sankari comments, “We are thrilled to partner with IHG, a world-renowned industry leader, to bring this vision to life. This collaboration sets the stage for a state-of-the-art residential complex with the highest service standards in the UAE, offering owners and residents an exceptional hospitality experience in their homes. We proudly introduce this area as Sankari Place.”

Project Information

The Regent Residences Dubai – Sankari Place will feature 63 full-floor residences, each equipped with a private swimming pool and expansive outdoor living spaces. The architectural design, conceived by Foster + Partners, reflects opulent living with a cascading twin-tower structure. Residents will have access to world-class facilities, including health and fitness centers, a golf simulator, a cinema, and gaming room. For sports enthusiasts, there are tennis and padel courts, while lovers of fine dining can enjoy a private dining room, cigar lounge, and cellar. The development also includes a business lounge, a large spa, and a residents’ lounge, ensuring every need is catered to.

Dr. Sankari, Founder and Chairman of Sankari, concludes, “This flagship project is a testament to our vision of creating developments that leave a lasting impact. We are committed to building a legacy that holds value and demands respect, and our collaboration with IHG on Regent Residences Dubai – Sankari Place is a significant step towards realizing this dream.”

Barratt London has introduced a new two-bedroom show apartment at Bermondsey Heights, offering potential buyers from around the world, including the Gulf region, a glimpse into the contemporary lifestyle its homes provide. Ideally located in Zone 2, this 26-storey development draws inspiration from the vibrant and creative atmosphere of southeast London’s thriving business community.

Designed by BLOCC Interiors, one of the UK’s top interior design firms, the show apartment reflects Bermondsey’s unique character, showcasing a diverse selection of local brands, ranging from emerging boutiques to established retailers.

Bermondsey Heights is expected to attract considerable interest from Middle Eastern buyers, many of whom view London’s booming real estate market as a prime investment opportunity. Research by Al Rayan Bank reveals that 89% of investors from Saudi Arabia, Qatar, and the UAE consider the UK a top priority market.

Suzanne Thomas, Creative Sales Director at BLOCC Interiors, commented: “We’ve crafted a space that not only meets but exceeds the expectations of investors and homebuyers alike. Offering a perfect blend of functionality and allure, we have embodied the epitome of London living, where every detail is thoughtfully curated to cater to a wide audience seeking the ultimate urban retreat.”

The UK is currently embracing a wide range of design trends, including global influences from Japan and Scandinavia, biophilic designs with an emphasis on wellbeing, and sustainable interiors equipped for modern life. Interior designers in the UK are focusing more on creativity and innovation, with a strong emphasis on technology integration and natural materials, such as reclaimed wood and eco-friendly composites.

Many of these trends are making their way to the UAE, a region known for its love of luxury and cutting-edge design. According to Suzanne Thomas, these trends are often adapted to suit the unique cultural and environmental context of the UAE.

She said: “The emphasis on sustainability in the UK is resonating in the UAE for instance, but with a focus on energy-efficient cooling systems and sustainable materials that perform well in hot climates. Similarly, the UK’s blend of minimalism and maximalism is being reinterpreted in the UAE with a more opulent and grandiose flair.

“We also foresee an increased fusion of modernity with cultural elements, as well as a greater emphasis on wellness-oriented spaces that cater to the high-end market’s demand for luxury and comfort.”

Barratt London’s Bermondsey Heights homes feature open-plan designs, providing a seamless flow from the kitchens to the dining and living areas. The apartments’ stylish kitchens are replete with integrated appliances, while outdoor winter gardens extend spaces further, offering areas suitable for a range of activities, from entertaining guests to yoga practice.

The main tower at Bermondsey Heights will stand 26 storeys high, bringing 163 private one-, two- and three-bedroom apartments to the market. Residents will enjoy panoramic views of London’s iconic cityscape while benefitting from landscaped courtyard gardens, roof terraces and a children’s play area.

Stuart Leslie, International Sales and Marketing Director at Barratt London, said: “London is known internationally as a leading tastemaker, especially in the Gulf, so it’s important we reflect this with our show apartments. We understand that a first impression can have a lasting impact. By working with BLOCC Interiors, we want to showcase how our homes can highlight the latest interior trends while also creating functional spaces and championing local businesses.”

London’s appeal in the Gulf underscores its reputation as a stable market for property buyers. Analysts from the Bank of London and the Middle East (BLME) predict that investors from the region will contribute $3.2 billion to the UK’s real estate market in 2024.

Several factors contribute to Bermondsey Heights’ appeal to Middle East buyers. Situated in prime position between Lambeth and Southwark, the development is within easy reach of many of the capital’s top destinations, including Tower Bridge, The Shard and Borough Market. Other sought-after districts such as Chelsea and Fulham, meanwhile, are just a short journey across the River Thames.

Bermondsey Heights is also well connected with numerous bus services, and South Bermondsey railway station is only a 10-minute walk away. From there, it’s just one stop to the major travel hub of London Bridge Station, which offers a variety of National Rail services as well as London Underground Jubilee and Northern Line connections, linking with King’s Cross, Brighton and the South Coast, the North of England, and Scotland.

Prices for homes at Barratt London’s Bermondsey Heights begin at £449,000 ($582,500) for a one-bedroom apartment.

Refine announced its appointment as the official representative for the Fairmont Residences Solara Tower in Downtown Dubai. Investors and potential residents are invited to explore this outstanding off-plan development, with the sales center set to officially open on Tuesday, 10th September at Emaar Square Building 6.

This collaboration between Refine, Sol Properties, and the globally renowned luxury brand Fairmont highlights Refine’s dedication to shaping the future of Dubai’s real estate market and offering investors the exclusive advantages of branded residence ownership.

Thomas Wan, Managing Partner of Refine, expressed his excitement about the partnership: “We are honored to represent such an iconic project in one of Dubai’s most coveted locations. The Fairmont Residences Solara Tower Dubai exemplifies our vision of redefining urban luxury, offering residents a blend of nature, elegance, and state-of-the-art amenities. This collaboration further strengthens our portfolio and our mission to bring world-class developments to discerning investors and residents.”

Fairmont Residences Solara Tower represents the pinnacle of urban luxury, combining innovative Japanese design, private gardens in the apartments and Fairmont’s legendary hospitality. Situated just steps away from the Burj Khalifa, Dubai Mall, and Dubai Opera, the Fairmont Solara Tower offers an unparalleled living experience in the heart of one of the world’s most vibrant cities. Fairmont, a byword for exceptional quality, luxury and hospitality, lends its exclusive marque to the exclusive development by Sol Properties, located in the heart of Dubai.

Project Highlights include:

• Prime location: Situated in Downtown Dubai, the Fairmont Residences Solara Tower places residents just minutes away from the city’s most renowned attractions, including Burj Khalifa, Dubai Mall, and Jumeirah Beach.
• Luxurious residences: The tower features 246 residences, including 1-4 bedroom apartments and exclusive 5-bedroom duplex penthouses with private rooftops. Each unit offers panoramic views of Dubai’s most iconic landmarks, including the Burj Khalifa, Dubai Fountain, and Dubai Water Canal.
• Innovative design: The residences are designed with extensive green spaces that bring nature into the living environment. Expansive terraces and large open areas maximise natural light and provide breathtaking views of Dubai’s shimmering skyline.
• Exceptional amenities: Residents will enjoy a 60m swimming pool, private dining options, Zen gardens, aqua therapy, a spa with massage rooms, steam rooms, and saunas, as well as a rooftop pool offering stunning views of Downtown Dubai. Additional amenities include a cinema room, golf simulator, padel court, and indoor/outdoor yoga areas.
• Signature service: Fairmont’s legendary service ensures that every resident’s needs are met with precision and care, enhanced by Accor’s Diamond Global Privileges and Network, offering exclusive access to more than 5,500 hotels and resorts worldwide.

Representing Fairmont Residences Solara Tower highlights Refine’s contribution to the burgeoning real estate market of Dubai, celebrating the city’s vibrant lifestyle and luxury living.

Emaar the Economic City (EEC), the master developer behind King Abdullah Economic City (KAEC), has unveiled a transformative business strategy, approved by the Board of Directors and aligned with Saudi Vision 2030. This strategy will be supported by a SAR 8.7 billion Capital Optimization Plan (COP), which includes the restructuring of EEC’s SAR 3.8 billion bank debt, the full conversion of SAR 4.0 billion in debt owed to the Public Investment Fund (PIF) into share capital, and a new SAR 1.0 billion convertible shareholder facility from PIF. Additionally, EEC plans to pursue a capital reduction to eliminate its accumulated losses.

The COP, developed through thorough assessment and analysis over the past two years, aims to stabilize EEC’s financial and operational platforms, optimize its capital structure, and create a solid foundation for long-term value creation and maximization for shareholders, clients, and stakeholders.

Capital Optimisation Plan to provide a strong platform for holistic turnaround

The COP reinforces EEC’s robust partnership with key stakeholders including i) one of its major shareholders, PIF, and ii) its commercial lenders (Alinma Bank, Saudi Awwal Bank, Banque Saudi Fransi and Saudi National Bank). The COP’s four key components each offer independent and specific benefits to EEC:

1. A restructuring and syndication of all EEC’s existing bilateral credit facilities with Alinma Bank, Saudi Awwal Bank, Banque Saudi Fransi and Saudi National Bank (together the “Banks”) amounting to SAR 3.8 billion. This will re-align the repayment schedules for EEC’s bank debt facilities to match the Company’s investment plan, turnaround strategy and liquidity profile. The debt will be governed under one new syndicated facility agreement and is fully Shari’a-compliant.
2. The full conversion to share capital of SAR 4.0 billion of EEC’s debt, representing a SAR 2.9 billion facility from the Ministry of Finance (“MoF”), which was recently novated to PIF, and a SAR 1.1 billion shareholder loan from PIF. This conversion will significantly de-leverage EEC’s balance sheet and reduce interest expense with the added benefit of shoring up the Company’s share capital position.
3. A new convertible shareholder facility of up to SAR 1.0 billion from PIF to bolster the Company’s liquidity position and provide adequate funding over the short- and medium-term to invest in critical and transformative growth initiatives, which are integral to the successful turnaround of EEC.
4. A capital decrease, to offset EEC’s accumulated losses. The capital decrease will have no adverse impact on the operations of the Company, but is designed to stabilize EEC’s financial position, creating a healthier balance sheet and greater potential for future growth.

It should be noted that both the debt conversion and the capital decrease remain subject to regulatory and shareholder approvals, while the restructuring and syndication of the existing bilateral credit facilities and PIF’s new shareholder loan are not binding at this stage and are subject to finalization of, and entry to, binding long-form documentation with related parties. EEC will make further announcements to the market in due course.

Strategic focus: aligning with Saudi Vision 2030 by enhancing key sectors for development

The COP enables EEC to focus on its strategic priorities for the Company and KAEC, which include industrial and logistics businesses, non-industrial knowledge-based sectors, tourism and residential real estate. With the strategy subject to continual refinement to tap dynamic market opportunities, EEC will prioritise developing an attractive ecosystem for industrial, logistics and non-industrial businesses to flourish by developing sector specialised facilities and services for them to access. In tourism, EEC will focus on enhancing the quality and diversity of visitor services and experiences, attracting events and cultivating diverse entertainment offerings, and establishing a domestic and regional profile for the City as a premier destination to visit. Objectives for residential real estate are to provide a range of quality housing options for a wide range of resident segments and to ensure access to high quality social infrastructure and services.

Key foundations for achieving strategic priorities

Strategic priorities for EEC will focus on both real estate and operations. The three strategic pillars of EEC’s real estate business are city master development, real estate development and asset management. Within these, the Company will focus on attracting and retaining reputable real estate developers and investors and executing a more efficient and optimised master plan for KAEC. EEC will selectively execute signature projects independently or in collaboration with partners, upgrade and monetise current real estate inventory, and improve the performance of assets by partnering with best-in-class operators. For Special Economic Zone (“SEZ”) operations, EEC will seek to leverage reputable Industrial Valley tenants to attract more businesses.

The longer-term focus will be to transform and grow by achieving positive cash flows and investing in residential projects, growing the asset management business to increase exposure to achieve sustainable performance. EEC is prioritizing the continued upgrade of KAEC utilities with particular focus on infrastructure, paving the way for investors to set up and invest in projects, and contributing to a more stable and efficient operating model.

Mr. Fahad Al Saif, Chairman of EEC, commented: “EEC stands at a vital inflection point, as we pivot from a period of transition to one of opportunity. The implementation of the COP, which underpins EEC’s Board-approved strategy, will enable the Company to capitalise on available opportunities to align its direction with Saudi Vision 2030. It also provides the blueprint for a stable platform for growth, focused on unlocking the full potential of KAEC and enhancing the sustainability of our business. We are setting the stage for a transformation that will not only drive value creation, but also redefine our role in the Kingdom to achieve the goals of Vision 2030.”

Mr. Abdulaziz Ibrahim Alnowaiser, CEO of EEC, said: “The implementation of our Capital Optimisation Plan is a pivotal moment. This carefully devised plan does more than fortify our balance sheet; it sets the stage for us to seize opportunities with greater agility. As we undertake the strategic rebalancing of our financial framework, our objective is clear: to improve our leverage ratios and bolster overall financial health.”

“In parallel, we are evaluating a series of further structural and functional measures to ensure EEC returns to full financial health, strengthening our key relationships with various stakeholders, in addition to refreshing our long-term strategy periodically to establish a clear roadmap for reviving the Company’s ability to achieve its core mission of developing this exceptional property and delivering shareholder value.”

Outlook

EEC and KAEC are aligned with the transformative programs and initiatives of Saudi Vision 2030, aligning KAEC’s sectors and businesses with the Vision for all stakeholders, positioning both as dynamic and forward-looking “vision-ready” platforms. The City’s recently granted Special Economic Zone status within the Kingdom is expected to better position KAEC to attract businesses and residents. Meanwhile, the development of the King Abdullah Port, which is located inside the City and a major maritime hub for Saudi Arabia and the wider region, is expected to further support growth at KAEC, and create a positive spillover effect for the KAEC Special Economic Zone contained within the Industrial Valley. The Company has also enhanced its human capital by acquiring top talents, who are mostly Saudi, led by CEO Mr. Abdulaziz Ibrahim Alnowaiser and team members.

Currently, KAEC holds a number of high-end automotive industry players, and one of the most significant Heating, Ventilation and Air Conditioning (HVAC) manufacturing plants in the Middle East, which exports its products to the world through King Abdullah Port and is a hub for some of the top pharmaceutical manufacturers in the region. Moving forward, KAEC plans to offer more facilities to industrial players, including logistical, residential and commercial facilities, further enhancing its business ecosystem and supporting the growth of its partners.

Recently confirmed high-profile projects at KAEC include the King Abdullah Economic City Stadium, a 45,000-seat sports arena set to open by 2032 and taking its design inspiration from the growth and adaptation of Red Sea coral reefs. With the stadium expected mostly to be used for football (including FIFA World Cup 2034), concerts and exhibitions, it will be a multi-functional hub that includes hotels, mixed-use areas, and sports clinics, and significantly boosts KAEC’s potential to become a world-class sports, entertainment and tourism destination.

Meanwhile, key hospitality projects already underway include a partnership with Vivienda to establish a waterfront resort on a 29,000sqm plot; with Envi to develop a 70,000sqm destination; and with FTG Development for the Rixos at Emerald Shores project located in KAEC’s Al Murooj district, which will be built on a 275,000sqm plot and expects to welcome as many as 320,000 visitors annually following an initial ramp-up period.

During the course of the first half of 2024, EEC has made important strides in business development, cultivating a robust pipeline of potential investors in KAEC and building momentum. The Company is also investing in a refurbishment project to bolster the sales of its residential units. Throughout H1 2024, extensive cost controls and cost optimisation mechanisms have been implemented, resulting in material savings in operational and business-as-usual costs, while enabling the Company to invest in structural fixes and performance enhancement activities.

Moelis & Company is serving as independent advisor to EEC on its debt restructuring. SNB Capital Company is serving as Financial Advisor to EEC for its capital decrease and the debt conversion. Khoshaim & Associates is serving as Legal Advisor to EEC in relation to all aspects of the Capital Optimisation Plan.

Engel & Völkers Middle East has introduced its new Development Services department, designed to address the distinct requirements of developers, builders, and investors in the region.

As Dubai’s real estate market continues to grow at a rapid pace, the need for specialized services to help developers navigate this highly competitive sector is more crucial than ever. Engel & Völkers Development Services is equipped to provide expert guidance throughout every phase of the development process, from land acquisition and project conceptualization to sales, marketing, and branding strategies.

Daniel Hadi, CEO of Engel & Völkers Middle East, emphasized the importance of this launch, stating, “As Dubai’s real estate market continues to grow with new launches happening daily, we saw the growing need for a specialized service that could help developers navigate this competitive landscape. The timing is ideal for our Development Services department to offer the expertise required to create projects that not only stand out but also meet the high standards of quality and innovation that the market demands.”

“Our focus is on partnering with those who are committed to building a reputation for excellence in the industry. Whether it’s an emerging developer with a great vision or an established firm looking to build their portfolio, Engel & Völkers Development Services is equipped to provide the guidance and support necessary to bring their projects to life with exceptional results,” added Hadi.

The new department stands apart within Engel & Völkers by offering a comprehensive range of services that cater specifically to the needs of developers. Unlike the Residential and Commercial divisions, which focus on sales and rental transactions, Engel & Völkers Development Services provides expert guidance throughout the entire development process. This includes strategic planning, market analysis, and innovative marketing approaches, ensuring that each project not only meets but exceeds market expectations.

This is a strategic extension of Engel & Völkers Middle East’s mission to be the leading consultant in all aspects of real estate. By introducing this department, the company is leveraging decades of experience in both the residential and commercial sectors to provide comprehensive support to real estate developers. This new division will solidify Engel & Völkers’ position as the go-to partner for all real estate needs in the region, contributing to the sustainable growth and development of the Middle East’s real estate landscape.

Engel & Völkers Middle East’s Development Services department is committed to setting new standards for quality, innovation, and profitability in the UAE’s real estate market. The division aims to drive a shift towards more thoughtful, well-executed developments that align with market demands and consumer expectations.

Former President Donald Trump said he would ban undocumented immigrants from obtaining home mortgages, a move he indicated would help ease home prices even though these buyers account for a tiny fraction of U.S. home sales.

Home loans to undocumented people living in the U.S. are legal but they aren’t especially common. Between 5,000 and 6,000 mortgages of this kind were issued last year, according to estimates from researchers at the Urban Institute in Washington.

Overall, lenders issued more than 3.4 million mortgages to all home purchasers in 2023, federal government data show.

Trump, the Republican presidential nominee, made his comments Thursday during a policy speech to the Economic Club of New York in Manhattan.

Housing remains a top economic issue for voters during this presidential election. Rent and home prices grew at historic rates during the pandemic and mortgage rates climbed to levels not seen in more than two decades. A July Wall Street Journal poll showed that voters rank housing as their second-biggest inflation concern after groceries.

Both major candidates for the 2024 presidential election have made appeals to voters on housing during recent campaign stops, though the issue has so far featured more prominently in Vice President Kamala Harris ’s campaign.

Trump has blamed immigrants for many of the nation’s woes, including crime and unemployment. Now, he is pointing to immigrants as a cause of the nation’s housing-affordability crisis. Yet some affordable-housing advocates and real-estate professionals said Trump’s mortgage proposal would fail to bring relief to priced-out home buyers.

“It’s unfortunate that given the significant housing affordability crisis that is widely acknowledged across most partisan lines, we are arguing about a minuscule segment of the market,” said David Dworkin, president of the National Housing Conference, an affordable-housing advocacy group.

Gary Acosta, chief executive of the National Association of Hispanic Real Estate Professionals, a trade organization, said, “It’s just another effort to vilify immigrants and to continue to scapegoat them for any issues that we have here in the United States.”

A Trump campaign spokeswoman didn’t immediately respond to a request for comment.

Undocumented immigrants in the U.S. can obtain an obscure type of mortgage designed for taxpayers without Social Security numbers, most of whom are Hispanic. The passage of the USA Patriot Act of 2001 allowed banks to use identification numbers from the Internal Revenue Service as an alternative to Social Security, extending a number of financial services to people without legal status for the first time.

Mortgage loans for undocumented immigrants are typically higher interest and borrowers include legal residents who have undocumented spouses, Acosta said. Lenders include regional credit unions and community-development financial institutions.

In his speech, Trump said that “the flood” of undocumented immigrants is driving up housing costs. “That’s why my plan will ban mortgages for illegal aliens,” he said.

Trump didn’t elaborate on how he would enact a ban on such loans.

Though mortgages for undocumented people living in the U.S. are relatively rare, residential real-estate purchases by foreign nationals are big business , especially in expensive coastal cities such as New York and Los Angeles. These sales have declined in recent years, however.

Close to half of foreign purchases are made by people residing abroad, while the other half are made by recent immigrants or residents on nonimmigrant visas, according to an annual survey by the National Association of Realtors. Many affluent foreigners buy U.S. homes with cash instead of obtaining mortgage financing.

In his Thursday speech, which focused mostly on other economic matters such as energy and taxation, Trump proposed other measures to bring down housing costs, including cutting regulations for builders and allowing more building on federal land. Similar ideas appeared in the housing policy outline Harris released in August .

The former president has spoken on housing-related issues in speeches at other recent campaign stops, including in Michigan last month, where he touted his administration’s 2020 overturn of a policy that had encouraged cities to reduce racial segregation .

“I keep the suburbs safe,” Trump said. “I stopped low-income towers from rising right alongside of their house. And I’m keeping the illegal aliens away from the suburbs.”

Ras Al Khaimah (RAK) is quickly gaining recognition as a premier destination for real estate investors in the UAE, offering a distinctive mix of natural beauty, strategic positioning, and forward-looking development strategies.

The emirate’s real estate sector is on the cusp of a major growth phase, presenting a range of investment opportunities across both residential and hospitality markets, with the promise of strong returns and a high quality of life.

In the last 12 months, RAK has seen a consistent rise in property values, delivering impressive returns on investment. Apartment capital values have climbed by as much as 35%, with internal rates of return (IRR) ranging from 20% to 30%.

Al Marjan Island has emerged as a particularly desirable area, providing rental yields above 9%, outpacing other emirates. This shift highlights RAK’s increasing appeal to investors seeking lucrative returns in less saturated markets, solidifying its position as a key destination for maximizing real estate investments.

Oliver Mitri, Co-Founder of Imobiliare Dubai, which has been at the forefront of promoting RAK’s real estate potential to the global market, says, “Ras Al Khaimah offers a fresh perspective for real estate investors, combining high returns with untapped potential. The emirate’s strategic developments and supportive government policies create a unique environment where growth and innovation thrive. At Imobiliare Dubai, we are excited to showcase RAK’s emerging opportunities to our global investors, emphasizing the region’s compelling combination of natural beauty, economic stability, and robust returns.”

The opportunity presented by RAK, has seen developers from around the UAE announce new properties in the emirate, one of which has been DAMAC’s first branded project in RAK, in partnership with Babolex. The luxury development is set to attract high-net-worth individuals and international investors, adding a new layer of sophistication to RAK’s real estate landscape. The project signals a broader trend of luxury developments that cater to discerning buyers looking for exclusivity and high-end amenities.

But the real estate opportunities in RAK are not limited to residential properties. The hospitality sector is also poised for substantial growth, driven by the emirate’s commitment to becoming a leading tourism and leisure destination. A key highlight of RAK’s growing appeal is the upcoming Wynn Al Marjan Island, a multi-billion-dollar integrated resort development set to open in 2026. Positioned on Al Marjan Island with its unparalleled sea views, the resort is expected to drive significant tourist traffic and boost occupancy rates, creating a ripple effect of increased demand for real estate in the vicinity.

As Ras Al Khaimah continues to build on its strengths and attract more global interest, the real estate sector is set to remain a cornerstone of its economic landscape. With new projects on the horizon and a strategic focus on growth and diversification, RAK offers unparalleled opportunities for investors and residents alike, promising a vibrant future filled with potential and prosperity.

Dubai-based property developer Binghatti has unveiled its latest project, Binghatti Royale, located in Jumeirah Village Circle (JVC). This launch follows high demand for Binghatti developments in the area, with previous projects selling out at an impressive pace, some within just 24 hours.

Binghatti Royale stands out with its distinctive circular architectural design and offers 354 residential units, including one- to three-bedroom apartments, along with 16 retail spaces, spread across 47 floors.

“We are thrilled to announce the launch of Binghatti Royale in Jumeirah Village Circle. The rapid sell-out of our recent projects highlights the market’s substantial demand for our projects in the area and we are pleased to introduce our latest creation to meet this demand for premium residences,” stated Binghatti Chairman Muhammad BinGhatti.

With construction reaching advanced stages, the handover of the project is anticipated to fall early in the second half of 2025. Amenities include an infinity pool, private suite pools, a kid’s pool, an outdoor gym and multi-purpose lawn, as well as paddle and tennis courts. The project also features social spaces including a juice bar, an outdoor dining area and lush landscape areas.

Binghatti Royale is located in the heart of the vibrant community of JVC and overlooks Dubai’s Al Khail Road. JVC is known for its family-friendly environment, serene green spaces and wide collection of amenities which has made it one of the fastest growing communities in Dubai.

“Binghatti Royale manifests our commitment to cultivate thriving communities in Dubai like Jumeirah Village Circle and we look forward to launching more projects in the near future to continue delivering exceptional value to our clients and investors,” the Chairman added.

Azizi Developments has positioned itself as a leading player in Dubai’s dynamic real estate market, delivering thousands of homes to a diverse range of investors and end-users.

In this interview, Mr. Afzaal Hussain, Chief Operating Officer at Azizi Developments, shares the company’s ambitious strategies for growth and expansion, both locally and internationally. He highlights Azizi’s construction-driven approach, its commitment to sustainability and innovation, and how its projects align with the visionary goals of the Dubai 2040 Urban Master Plan.

Additionally, Mr. Hussain provides insights into the company’s expansion into the hospitality sector and its focus on developing investor-friendly properties that promise high returns.

Azizi Developments has made significant strides in Dubai’s real estate market. Can you share your vision for the company over the next upcoming years?

Azizi Developments is a leading developer based in Dubai, UAE. With tens of thousands of homes successfully delivered to local and international investors and end users of over 100 nationalities, we pride ourselves on our extensive portfolio of modern luxury developments across Dubai’s most sought-after residential and commercial destinations, our construction-driven approach, and our commitment to transparency and customer-centricity. Azizi’s residential and commercial properties are investor-friendly, catering to all lifestyles. We have made it our mission to develop lifestyles and enrich the lives of our residents with a focus on catalyzing the vision and development of the markets that we operate in.

We currently have around 40,000 units under construction that are projected to be delivered by 2027, worth several billion US dollars. We are also renowned for developing the world’s second tallest skyscraper, Burj Azizi on Dubai’s Sheikh Zayed Road, and have a strong track record and sizeable project pipeline through our extensive land bank and strategic partnerships with Dubai’s key master developers. We are developing world-class properties in MBR City, Palm Jumeirah, Sheikh Zayed Road, Dubai Healthcare City, Dubai South, Al Furjan, Studio City, Sports City and Downtown Jebel Ali.

We have an ambitious and carefully-planned strategy for the next five years and beyond, centered on extensive construction with a strong emphasis on quality and timely completion. Our plan also includes further expansion in Dubai, with the launch of new communities scheduled in due course.

Moreover, within the next five years, we plan to launch approximately 50 high-end hotels in Dubai, adding around 20,000 keys to the city’s hospitality sector. This expansion is part of our strategy to invest AED 60 billion, primarily through our own capital, allowing us to venture into the hospitality sector.

With plans to expand into multiple international markets, what strategies are Azizi Developments employing to adapt to the different market dynamics in Europe, the USA, and Australia?

Expanding our business verticals internationally is a strategic objective for Azizi Developments. While Dubai has been a key driver of our success and will always be our home, we acknowledge the significance of looking beyond the UAE and are always on the lookout for promising projects worldwide.

We plan to expand further geographically, with the wider GCC region being considered due to the remarkable growth and dynamic nature of its real estate markets. The fast-paced development and increasing demand in the Gulf make it a promising area for our continuation. Plans in these neighboring markets will be announced in due course.

Regarding the future stages of our growth plan, we aim to extend the reach of our hospitality brand to a global scale, much like our development business, which is already present in other markets. We have plans to purchase and develop plots in major metropolitan cities such as Singapore, Hong Kong, Frankfurt, London, and Paris, among others.

Azizi Developments prides itself on its construction-driven approach. Could you elaborate on how this approach has contributed to the company’s success and how it influences your project timelines and quality standards?

Our pursuit of excellence is ingrained in our organizational DNA and has its roots in our construction-driven approach. In off-plan sales, trust is the most pivotal factor: our stakeholders entrust us with their hard-earned money, and it is our duty to ensure that we meet and exceed their expectations at handover.

Being construction-driven is key in this. We have to ensure not only the adherence to pre-set construction timelines and safeguard the swift completion of our projects, but also, and perhaps even more importantly, the quality of the homes that we deliver.

Our reputation is constructed steadily, brick by brick, project by project. Upholding and continuously building upon our reputation is what leads to positive word-of-mouth and repeat purchases, which in turn is reflected in our sales. This is how define our success: true customer satisfaction.

To ensure unmatched quality across our projects, we employ a multi-faceted strategy. Strategic partnerships are fundamental to our success. Through a rigorous procurement strategy, we have built strong collaborations with globally acclaimed suppliers and subcontractors. These partnerships, combined with our robust in-house expertise, ensure our projects provide an exceptional living experience. Our developments go beyond architectural grandeur; they are thoughtfully designed spaces that align with the aspirations of the families who reside in them, contributing significantly to our enduring legacy.

How is Azizi integrating sustainable practices and innovative technologies into its ongoing and future projects?

Dubai’s leadership consistently exemplifies the importance of innovation in sustainability in our rapidly evolving landscape. At Azizi, we are committed to embracing the latest technologies and trends, continuously innovating to maintain our status as the leading private developer in the UAE.

We have doubled down on our sustainability efforts. By incorporating green infrastructure, passive design strategies, and sustainable transportation options into our designs, we are demonstrating that sustainability is achievable even in challenging climates.

We have also enhanced our operational efficiency by implementing several innovative tech/IT solutions, and deployed several new cutting-edge tools, with more currently in development. The use of digital technologies in construction has already drastically transformed the industry in recent years and is expected to continue to evolve and grow.

We have adopted a focus on smart cities, with our new properties all being digitally augmented. Our latest projects all feature smart home systems that allow residents to control and monitor every aspect of their home, granting not only convenience and comfort, but also consumption savings and security.

Moreover, we employ highly advanced artificial intelligence modeling tools, drones for on-site surveillance, and several other profoundly impactful innovations. Leveraging the latest technologies is crucial to our success, as it enhances the efficiency, safety, quality, and sustainability of our work, while more closely aligning with our clients’ rapidly evolving desires and requirements.

Building Information modelling (BIM) software and other digital design tools can help create more accurate and detailed building plans, resulting in identifying and mitigating potential issues early on in the construction process. This can reduce the need for costly rework and change orders later in the project.

Sustainability and energy efficiency are increasingly valued by buyers and investors, becoming a critical aspect of our development process. We now standardly incorporate innovative, energy-efficient concepts and designs into both residential and commercial properties. These include the use of solar panels and LED lighting to reduce electricity use, the construction of green walls, better insulation to lower air conditioning costs, and various other green initiatives that enhance the city’s sustainability.

Future luxury homes in the UAE will feature adaptive and responsive architecture, biophilic design integrating natural elements, and technologically integrated spaces with advanced smart home systems. Sustainable and eco-friendly features like green roofs, rainwater harvesting, and high-performance materials such as self-healing concrete and transparent solar panels enhance both aesthetics and functionality. Advanced insulation, phase-change materials, and modular construction techniques improve energy efficiency and construction precision. Moving forward, 3D printing and robotics will allow for greater customization and complexity in design. These advancements will lead to modern, sleek designs, enhanced comfort, convenience, and flexibility, aligning with the UAE’s commitment to innovation and luxury.

With Dubai’s competitive hospitality market, what will set Azizi’s hotels apart in terms of luxury, service, and customer experience?

A key project in our pipeline, which is expected to elevate our hospitality division, is the 7-star hotel planned for the world’s second tallest tower, Burj Azizi. Strategically located on a prime plot just opposite the World Trade Center on Sheikh Zayed Road, this ultra-luxury hotel will occupy the top thirty floors of the tower.

Currently, we are developing five-­star and four-star hotels within the Azizi Venice development in Dubai South, which will feature over 700 rooms and serviced apartments and a range of extensive amenities and F&B offerings. Additionally, we will build a 5-star hotel on the Dubai Islands development, which features 196 rooms across 13 floors, incorporating king and deluxe rooms, as well as executive suites, and a 5-star hotel at Riviera, one of Azizi’s flagship developments located in Meydan at the heart of MBR City, which features over 160 rooms, and serviced apartments across 15 floors.

Further information on the hotel’s amenities and unique value propositions will be announced in due course.

How does Azizi ensure that customer needs and expectations are met across such a diverse range of projects and locations?

Our residential and commercial properties are investor-friendly and cater to all lifestyles. We make it our international mission to develop lifestyles and enrich the lives of those who invest and reside in our properties, and are proud to serve as a catalyst to the vision and development of the markets that we operate in.

Prioritizing our customers’ best interests and keeping these at the forefront is essential to our growth and success. By closely listening to their wants and needs and incorporating these into every decision we make, we are able to provide homes that exceed expectations and deliver some of the best ROIs. We are dedicated to continuously enhancing our offerings to stay aligned with market trends. This involves a continuous process where every development choice—whether it is the location, amenities, design, layout, or construction materials, is carefully assessed and augmented.

How do you navigate the challenges of a rapidly changing real estate market to achieve this goal?

Given our diversified business model, we are well-equipped to navigate any challenges. It fill us with pride to consistently be able to distinguish ourselves through our commitment to delivering high-quality projects that meet and exceed our customers’ expectations. The importance we assign to quality in every sense allows us to continuously be among the top 3 highest-selling developers in Dubai.

Our close collaboration with contractors also accelerates construction timelines and ensures enhanced quality. What also sets us apart from other developers is our unique approach to operations. One key strategy has been the direct sourcing and procuring of construction materials, rather than relying on our contractors doing so.

Azizi Developments has been noted for creating investor-friendly properties. What specific factors do you consider to ensure that your developments provide high yields and return on investment?

We place a strong emphasis on ensuring that our projects are in strategically located, easily accessible, and growth-inclined communities, have world-class build quality, are delivered within specific timelines, have well-thought-through layouts, are distinguished by modern, aesthetic and unique designs, have a wide and comprehensive range of lifestyle enriching amenities, foster a true sense of belonging through social and livable spaces, and offer convenience through various business, leisure and retail hubs in their vicinity. These aspects are key to ensuring customer satisfaction and delivering some of the most outstanding ROIs.

Given the current global economic climate, how do you see the real estate market evolving in the UAE and internationally, and what impact will this have on Azizi’s future projects?

Dubai is at the very forefront of global real estate. ⁠The UAE government’s relentless efforts have positioned the country as a premier destination for investors, residents, and tourists alike. Key factors such as the absence of property taxes, high rental yields, competitive pricing per square meter, and the introduction of residency and golden visa programs have solidified its reputation as one of the most attractive cities to live, work, and visit. This upward trajectory, in terms of both investment and as such in property values, we are confident will continue exponentially.

Several pivotal initiatives have been announced to propel Dubai to new heights. Among them, the Dubai 2040 Urban Master Plan, unveiled by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, which aims to enhance the quality of life for residents and set the stage for major residential and economic advancements in the city. This visionary plan seeks to foster a more sustainable, livable, and inclusive urban environment, necessitating fundamental changes in real estate development and utilization.

⁠The Dubai real estate market is projected to sustain and even accelerate its growth in the coming years. Numerous factors contribute to this, including a robust economy spurring investment, business, job creation, tourism, and housing demand. Due to Dubai’s solid reputation as a secure and stable investment environment, foreign investment remains strong, largely resulting from the many opportunities the emirate holds.

⁠According to urban planners and real estate experts, new communities on the city’s outskirts and more tenants becoming buyers are all on the horizon. We will likely see more residential skyscrapers and premium communities as the population rises from 3.6 million today to a government-projected 5.8 million by 2040.

Furthermore, high rental yields, affordability, relaxed visa policies, and long-term sustainable development plans have made the UAE emerge as a favorite among international investors. These factors have attracted a diverse spectrum of investors, from high-net-worth individuals and institutional investors to sovereign wealth funds, all seeking a steady income stream and significant potential for capital appreciation.

⁠From a return standpoint, Dubai offers a competitive edge with an annual ROI of 8.4% and above, outshining many global cities. Its position as an investment destination, with relatively low square foot prices compared to the world’s other top 25 cities enhances its appeal, especially when paired with the strength of the Emirati Dirham (AED) — a boon for investors from nations with weaker currencies.

Azizi has consistently supported the vision of Dubai’s leaders. How do your projects align with the broader goals of the Dubai 2040 Urban Master Plan?

The UAE stands out as a beacon of rapid progress, propelled by its leadership’s decisive actions. The agility demonstrated in the nation’s advancement, combined with its robust regulatory and legal framework, is truly commendable and a cornerstone of its success. This dynamic environment fosters a fertile ground for business, attracting Foreign Direct Investment (FDI) from across the globe.

The Dubai 2040 Urban Master Plan, unveiled by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, aims to enhance the quality of life for residents and set the stage for major residential and economic advancements in the city. This visionary plan seeks to foster a more sustainable, livable, and inclusive urban environment, necessitating fundamental changes in real estate development and utilization.

Azizi’s projects prioritize sustainability, incorporating green building practices, energy-efficient technologies, and open spaces with an abundance of unique features, including some of the world’s largest swimmable crystal lagoons, a vast amount of recreational and leisure activities, and even an opera, such as in Azizi Venice, that promote community well-being. Our developments are designed to integrate seamlessly into the city’s evolving landscape, yet setting them apart, contributing to Dubai’s goal of becoming the best city to visit, live and work. By focusing on mixed-use developments that combine residential, commercial, and recreational spaces, we foster communities that align with the broader urban vision.

LEOS Developments announced about its latest project, Knightsbridge, with a gross development value of AED 1.75 billion, situated in the prime location of Meydan’s District 11.

This project aims to redefine luxury living by introducing Dubai’s first climate-adaptive wellness community, merging classic British architectural sophistication with cutting-edge environmental technology.

The phase one of Knightsbridge will feature an exclusive collection of 66 premium properties, including 4-bedroom townhouses and 5 and 6-bedroom villas, all meticulously designed to embody the highest standards of luxury and sustainability.

• The Highclere 4-Bedroom Townhouses: with plot areas ranging from 1,853 – 4,191 sq.ft and built-up areas spanning 3,937 – 3,971 sq.ft, these townhouses are perfect for families.

• The Grosvenor 5-Bedroom Villas: with plot areas ranging from 4,478 – 7,722 sq.ft and built-up areas spanning 5,657 sq.ft, these villas provide ample space for luxury living, featuring expansive layouts and premium finishes throughout.
• The Balmoral 6-Bedroom Signature Villas: With plot sizes spanning 7,131 – 8,717 sq.ft and built sizes offering 7,260 sq.ft of living space, these grand villas epitomize luxury, featuring exquisite design, private gardens and world-class facilities.

All townhouses and villas at Knightsbridge are designed with luxury and convenience in mind, featuring private pools, fresh harvest gardens, private elevators, smart home systems and climate-controlled outdoor shaded terraces. For an elevated experience, the villas offer private Jacuzzis, maid and driver’s rooms, chef and show kitchens and a private cinema.

The first phase covers a total plot area of 335,877 square feet with 70% of green spaces. This groundbreaking development will offer residents a unique living experience centered around wellness, luxury, and environmental harmony. The master plan, developed in collaboration with Nakheel and Meydan, is meticulously crafted to ensure a perfect balance between urban living and natural surroundings.

“Our vision for Knightsbridge is to create a sanctuary where residents can experience the pinnacle of luxury while living in harmony with nature,” said Mark Gaskin, COO of LEOS Developments. “We are thrilled to bring this innovative concept to life in Dubai, a city that continues to set the benchmark for global real estate development.”

Knightsbridge’s design is inspired by classic British architecture, featuring distinct elements such as bay-view popped-out windows, curvy lines for optimal climate control and a harmonious blend of yellow stone and metal cladding. This attention to detail ensures that every home is not just a residence, but a masterpiece of design and sustainability.

Knightsbridge is Dubai’s first climate-adaptive wellness community, where every aspect of the development is crafted to adapt to the unique climate of the region. Climate adaptable and sustainable features include an abundance of green spaces, solar panels, a re-oxygenating waterfall, self-shading building terraces, smart home system, EV charging facilities, solar water heating, energy efficient LED lighting, UV-proof double glazing, an insulated building envelope, a smart irrigation system, greywater recirculation using UV filters, and biodegradable reed-bed filtration for lake water. Residents will have access to world-class amenities designed to enhance their well-being, including a lagoon, a running track, a Japanese Rapha Yoga deck, a Stargazing Tea Lounge, an outdoor cinema, and much more.

Knightsbridge by LEOS is strategically located just a three-minute walk from the swimmable lagoon, providing residents with direct access to Dubai’s main highways E66 and E311. This prime location ensures that while residents are away from the hustle and bustle of the city, they remain easily connected to all that Dubai has to offer.

With a key focus on sustainability and luxury, Knightsbridge is set to become a landmark development in Dubai, offering an unparalleled living experience for those seeking the very best in life.

Dubai’s real estate sector is undergoing a rapid revival, attracting numerous international developers since the start of 2023. This surge is closely linked to a dramatic rebound in the real estate market, as highlighted by the SAVILLS World Housing Cities Index.

Loutraki, an Australian real estate developer operating under Nucorp Constructions, launched the “Santorini Residences” in Dubai. This luxury residential project stands as a model of sustainability, featuring modern green-friendly specifications.

According to the company’s statement, the Santorini Residences adds to Loutraki’s portfolio of global luxury developments, which began in 2011 with projects such as Woolley Creek, Rosehill, Parramatta, and Merrilands in Sydney, Australia.

The anticipated Santorini Residences, set for completion in July 2026, will further this legacy. Located in District 2 of Jumeirah Village Triangle (JVT), the Santorini Residences is poised to be one of Dubai’s most distinguished residential developments. Spanning 22 floors, it offers a variety of units, including studios, one-bedroom, and two-bedroom apartments, catering to the needs of families and investors alike.

Mr. Ahmed Karim, CEO & Founder of AMK VISION, the exclusive real estate broker for marketing the project, said: “The value of the project is AED 200 million.” He added: “Dubai is an ideal destination for real estate investment from Europe, America and the world, expecting the emirate to experience a dramatic growth in real estate prices of 5% 7% annually in 2024 and 2025, driven by higher demand than available supply.”

The Santorini Residences project offers investment opportunities and luxury residential benefits that meet the aspirations of investors and families, especially in view of the continued growth in demand for luxury properties, which, according to him, enhances the position of a company “Loutraki” as a global leader in sustainable real estate development, constitutes a major step towards building vital environmentally friendly communities.

He also highlighted that the “Santorini Residences” project was aimed at achieving the principles of green construction. To serve the UAE’s vision for sustainability, the Emirate of Dubai in particular seeks to increase the ratio of green buildings to 25% by 2030. The project comes in line with this vision, reflecting Dubai’s commitment to providing sustainable housing projects.

He also mentioned that the project “Santorini Residences” offers amenities and entertainment from swimming pools, a fitness center, green spaces.

Santorini Residences represents more than just a housing project; It is a reflection of Dubai’s future vision in the real estate sector with high demand and investment in luxury residential spaces.

Rize has been granted Sharia certification by the Shariyah Review Bureau (SRB), a prominent provider of Sharia advisory services. This certification marks a pivotal achievement for Rize, which is focused on revolutionizing the rental market through its cutting-edge payment solutions.

Rize has introduced a unique financial model that enables tenants to convert their traditional yearly rent into more manageable monthly instalments. This approach significantly eases tenants’ initial financial strain while ensuring landlords receive the entire annual rent upfront, providing them with immediate liquidity and reducing vacancy periods. This model aligns seamlessly with the goals of Saudi Vision 2030.

Ibrahim Balilah, CEO and Co-founder of Rize, remarked on the inception of this model: “We recognized the challenges in the traditional rental market, where upfront annual payments posed barriers for many. Our solution not only addresses this issue by improving tenant access to housing but also guarantees landlords a consistent income stream.”

To ensure that its operations comply with Islamic finance principles, Rize collaborated with the Shariyah Review Bureau, known for its extensive expertise and diverse clientele across the financial sector. The certification from SRB attests to Rize’s steadfast commitment to adhering to Shariah principles in all aspects of its operations.

Yasser S. Dahlawi, CEO of Shariyah Review Bureau, stated, “Our collaboration with Rize underscores our commitment to supporting innovative solutions within the real estate sector that comply with Sharia standards. We are proud to be part of a movement that not only fosters financial inclusivity but also contributes to the economic objectives of Saudi Arabia.”

With this certification, Rize is well-positioned to establish a new benchmark for property rentals, offering a financially inclusive option that benefits all stakeholders and supports the burgeoning real estate fintech sector.