logo
Sweid & Sweid expands U.S. presence with development in Austin, Texas

Sweid & Sweid expands U.S. presence with development in Austin, Texas

Zawya08-07-2025
Dubai, United Arab Emirates: Sweid & Sweid, the Dubai-based international real estate development and investment group, has announced completion of its first phase of apartments at The Nelson, a 370-unit multifamily development located in the thriving Austin, Texas submarket.
With a presence in both the UAE and U.S. markets, Sweid & Sweid continues to serve as a conduit for delivering regional development expertise and investment capital to the U.S., which has historically been counter-cyclical to the UAE's market.
'Our activity in the U.S. is a long-term strategic diversification play. We currently see great opportunities in both markets, albeit driven by different forces. In the U.S., the tight supply pipeline driven by high interest rates and low construction starts is predicted to create an acute shortage in the coming years,' said Maher Sweid, Managing Partner of Sweid & Sweid. 'In contrast, Dubai is witnessing a significant amount of oncoming supply, but the demand growth has been impressive and unprecedented.'
The milestone comes at a pivotal time in Austin's real estate landscape. Following several years of elevated development activity, new construction in the city has slowed significantly, while demand remains resilient. According to CoStar, first-quarter absorption reached 5,470 units—the strongest first-quarter performance on record—while new construction starts dropped to their lowest level since 2011, signalling a substantial tightening in the supply pipeline.
For Sweid & Sweid, The Nelson represents the latest chapter in a growing portfolio of UAE and U.S. projects. With a track record of identifying opportunities in high-growth, economically diverse markets, the firm continues to expand its footprint across both countries. 'Ultimately, we believe that disciplined capital, applied at the right moments in the cycle to the right product, will continue to generate outsized returns,' added Sweid.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Dubai's Emirates NBD half-year profit dips 9%, hit by tax, lower recoveries
Dubai's Emirates NBD half-year profit dips 9%, hit by tax, lower recoveries

Gulf Business

time27 minutes ago

  • Gulf Business

Dubai's Emirates NBD half-year profit dips 9%, hit by tax, lower recoveries

Image credit: Getty Images Emirates NBD, Dubai's biggest bank by assets, reported on Thursday a 9 per cent fall in its first-half net profit, as lower recoveries and a new higher tax rate impacted the lender's results. The bank posted a net profit of Dhs12.5bn ($3.40bn) in the six months to June 30, down from Dhs13.8bn over the same period in 2024. Read- ENBD, majority-owned by Dubai's government, said recoveries in the first half of 2025 were down by Dhs2bn, which compared with 'very strong recoveries' last year, the bank said in a statement. UAE banks have been benefitting from steady economic growth, rising demand for credit and government-driven investment in non-oil sectors in recent years. In Dubai, the Gulf's tourism and financial hub, a business-friendly environment has attracted a slew of companies and high-net-worth clients, contributing to a spike in real estate prices. However, Ratings agency Fitch expects a correction in real estate prices in the second half and in 2026, as new builds come to the market, it said in May. ENBD's total assets reached Dhs1.09tn as of end-June, up 17 per cent from a year earlier, with both net interest income and non-funded income rising by double digits. The bank's total gross loans rose 12 per cent to Dhs570bn in the first six months, with nearly half of the increase coming from international operations. They were outpaced by deposits, which grew 18 per cent to Dhs737bn. Its net interest margin dropped to 3.47 per cent at the end of June, its lowest since 2022, impacted in the second quarter by a rate hike in Turkey, where ENBD operates through its unit DenizBank.

Hala taxi trips in Dubai up 12%, users increase by 10% in H1 2025
Hala taxi trips in Dubai up 12%, users increase by 10% in H1 2025

Gulf Business

time27 minutes ago

  • Gulf Business

Hala taxi trips in Dubai up 12%, users increase by 10% in H1 2025

Image: Hala/ RTA Taxi trips in Dubai rose 12 per cent year-on-year in H1, while active users increased by 10 per cent, the company said in a statement. In The company expanded its fleet by 250 vehicles in the first half and plans to add another 600 by year-end. Hala also introduced four new electric vehicles and reported that 90 per cent of its total fleet is now hybrid. EV trips helped avoid an estimated 272.61 metric tonnes of carbon dioxide equivalent (CO₂e) during the period. Customer satisfaction held steady at 4.9 out of 5, with 98 per cent of trips rated 'Good' or higher. Hala maintained an average ETA of under three minutes in peak zones and recorded a 93 per cent trip fulfilment rate. Low-rated trips (1–3 stars) fell by 25 per cent, customer contact rates dropped 13 per cent, and cancellations were down 17 per cent. Hala: New drivers, sustainable scaling To support growth, over 2,600 new drivers – known as 'captains' – were onboarded and trained in H1, while more than 6,000 existing captains completed refresher training. Hala also rolled out several service enhancements, including upgraded hygiene protocols and a new in-car scent experience developed with fragrance brand Rituals. CEO Khaled Nuseibeh said the results reflect 'continuous improvement and sustainable scaling' across Hala's operations. 'Whether it's through Captain Care, listening to our riders, or investing in greener mobility, we are scaling in a way that is sustainable, responsive, and responsible,' he said. Hala operates through the Careem app and serves as a major player in Dubai and Ras Al Khaimah's public transport network. The company said it remains focused on expanding tech-enabled, low-emission transport options in line with broader urban mobility and climate goals. A cornerstone of Hala's growth is its emphasis on the well-being of its captains, who benefit from ongoing development opportunities such as regular training on safety, tech, and service standards, alongside support mechanisms for physical and mental well-being. Top-performing captains are regularly recognised and rewarded, while flexible scheduling options and financial support programmes are in place to help them balance their personal and professional lives. As demand for tech-enabled, reliable transport continues to grow, Hala remains focused on delivering measurable impact across convenience, service quality, and environmental responsibility. Integrated within the Careem app, Hala continues to play a key role in strengthening urban mobility in Dubai and Ras Al Khaimah.

UAE: Dh42 million in fines to private sector firms under anti-money laundering laws
UAE: Dh42 million in fines to private sector firms under anti-money laundering laws

Khaleej Times

time27 minutes ago

  • Khaleej Times

UAE: Dh42 million in fines to private sector firms under anti-money laundering laws

More than Dh42 million in administrative fines have been issued during the first half of 2025 following inspections targeting private sector firms that failed to comply with anti-money laundering (AML) regulations, the Ministry of Economy and Tourism stated on Thursday. A total of 1,063 violations were recorded across non-financial businesses and professions, including precious metals and gemstones trading, real estate brokerage, corporate service providers, and auditors. Of the total, 473 violations were detected in the precious metals and gemstones sector, leading to fines worth Dh20 million. Real estate brokers faced 495 violations amounting to nearly Dh18.5 million. Another 95 violations, worth over Dh4 million, were found among corporate service providers and auditors. The Ministry of Economy and Tourism said the fines are part of ongoing efforts to strengthen regulatory oversight and push firms to align with the country's AML laws. 'These results reflect how much progress we've made in upgrading our inspection system to ensure stronger compliance with financial crime legislation,' said Safia Hashem Al Safi, Assistant Undersecretary for Commercial Control and Governance. She said the penalties aim to drive companies to fix internal shortcomings, apply proper due diligence, and improve risk evaluations. Violations were flagged using specific technical indicators and regulatory benchmarks. The ministry said it will continue field and desk inspections and urged firms to use this period to improve internal controls and avoid future penalties. 'The UAE is working to reinforce its position as a trusted economic hub, aligned with international standards on governance and AML compliance,' Al Safi added.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store