QUBE Development and The Lux Collective announce strategic partnership to launch exclusive branded residence in Dubai
This partnership unites two industry visionaries, QUBE Development and The Lux Collective, both renowned for their commitment to design excellence, innovation, and premium living experiences. The project is set to redefine luxury living in Dubai, combining the best in residential development and world-class hospitality.
QUBE Development has rapidly gained recognition for its pioneering approach to real estate, focusing on creating sustainable communities that appeal to a modern, discerning clientele. The company is known for delivering future-ready urban spaces that prioritise lifestyle, comfort, and cutting-edge design.
The Lux Collective is an award-winning global hospitality group, known for its signature brands and commitment to excellence in every aspect of its operations. Its flagship brand, LUX*, is celebrated worldwide for offering an exceptional standard of hospitality, focused on creating vibrant, memorable experiences with a focus on design, service, and wellbeing.
'Our collaboration with The Lux Collective is rooted in a shared commitment to purposeful disruption,' said Egor Molchanov, CEO of QUBE Development. 'We are drawn to partners who think beyond the conventional, and The Lux Collective team brings a perspective that aligns with how we see the future of luxurious residential living.'
'In line with our progressive global growth strategy and focus on the Middle East region, this collaboration with QUBE Development marks a meaningful expansion for our luxury flagship brand LUX* in Dubai,' said Olivier Chavy, CEO of The Lux Collective. 'QUBE is a respected developer with a clear passion for premium projects and regional growth. We are excited to partner with a team that shares our values and commitment to sustainability and excellence.'
Dubai's branded residences market has experienced remarkable growth in recent years, solidifying the city's position as a global leader in the luxury real estate segment. In H1 2024, Dubai recorded 5,592 branded residence sales, with a total transaction value of AED 28.8 billion [1], accounting for 7.2% of all property transactions by volume and 12.6% by value.
Demand continues to grow, driven by global investors and high-net-worth individuals seeking prestige, service, and lifestyle in a secure and future-focused destination. According to Morgan's International Realty's second half 2024 report, buyers are also paying a premium of up to 42% per square foot for branded residences, underlining the strength and desirability of this sector.
With aligned values and complementary expertise, QUBE Development and The Lux Collective are pioneering a new era in branded residences, designed not only to impress and express but to elevate. Together, they offer residents an experience that transcends expectation and invites them into a lifestyle that goes beyond the imaginable.
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Khaleej Times
19 minutes ago
- Khaleej Times
UAE: No more OTPs? Here's how banks will fight scams
One-time passwords or OTPs are now outdated in the face of the dramatic rise in sophisticated banking frauds, a Dubai-based cybersecurity expert told Khaleej Times, following news that UAE banks will gradually stop sending one-time passwords (OTPs) via SMS and email for digital transactions starting July 25. Instead of OTPs, banks will shift to authentication via mobile banking apps, using in-app confirmation features. Cybersecurity expert Rayad Kamal Ayub praised UAE banks and regulators for 'adopting groundbreaking authentication technologies to secure transactions, safeguard customer identities, and provide frictionless user experiences". 'The Central Bank of the UAE has taken decisive steps since 2024, spurred by persistent calls from industry leaders and media like Khaleej Times, to overhaul traditional authentication methods — especially OTPs — which have proven vulnerable to modern hacking techniques,' he added. Rayad, who is also managing director of UAE-based Rayad Group, also shared emerging authentication technologies, and how each type encounters fraud risks and redefines customer trust in the UAE banking sector. 1. Passkeys & FIDO2 authentication 'The era of easily compromised passwords is drawing to a close', noted Rayad. Passkeys, built on the FIDO2 (Fast IDentity Online 2) standards, enable password-less authentication by leveraging cryptographic keys stored directly on a user's device. When combined with biometric sensors — like face ID, touch ID, or Android's equivalent — passkeys offer a seamless, one-touch login experience. Key features: - Passwordless, leveraging asymmetric cryptography for security - Biometric integration (facial recognition, fingerprints) for effortless access - Resistant to phishing attacks, SIM swaps, and credential stuffing that are frequently used by scammers Rayad said UAE banks are piloting passkey-based logins to replace or augment OTPs, drastically reducing the risk of interception or duplication. 'Because of this, customers benefit from smoother, faster access to services, while institutions see a drop in account takeover attempts. 2. Decentralised Identity (DID) Traditional identity systems often rely on central databases, making them lucrative targets for cybercriminals. Decentralised Identity (DID) puts control back in the hands of users through cryptographically verifiable credentials stored on personal devices or digital wallets. Key features: - User-controlled digital identity, minimising reliance on central authorities - Secure onboarding and KYC (Know Your Customer) processes without exposing data to a single point of failure - Backed by global initiatives such as the EU Digital Identity Wallet, which influence regulatory direction in the UAE Rayad noted DID not only enhances privacy but also boosts resistance to large-scale data breaches. Several banks and fintech startups abroad are exploring DID frameworks, enabling customers to share only necessary fragments of their identity for transactions or onboarding. 3. Behavioural biometrics This works unlike traditional biometrics that use fingerprint and facial recognition. Behavioural biometrics authenticate users based on how they interact with their devices — such as typing rhythm, swipe patterns, mouse movements, and device handling. This continuous, invisible layer of authentication operates in the background, constantly monitoring unusual behaviour. Key features: - Continuous authentication — no need for repeated logins - Detects subtle deviations from a user's normal behavior, flagging potential fraud instantly - Non-intrusive, preserving the seamless user experience Some banks are integrating behavioural biometrics into their mobile apps and online banking portals. Technology can detect when an account is being accessed by someone other than the legitimate user, even if the correct credentials are provided, offering an early warning against fraud, explained Rayad. 4. Post-quantum cryptography (PQC) Rapid advances in quantum computing threaten to render existing cryptographic algorithms obsolete. PQC proactively arms banks against this looming risk by employing new algorithms designed to withstand quantum attacks. Key features: - Uses quantum-resistant algorithms for data protection and authentication - Recommended by leading authorities such as NIST (National Institute of Standards and Technology) - Ensures future proofing of banking systems as quantum capabilities mature Forward-thinking UAE banks are beginning to test PQC solutions, especially for securing high-value transactions, internal communications, and sensitive customer data. Early adoption ensures readiness for the quantum era and demonstrates industry leadership in digital security. 5. Hardware authenticators There are physical security keys, such as YubiKeys, that provide an extra layer of defence by requiring users to possess a tangible device for authentication. Unlike SMS codes or app-based OTPs, hardware authenticators are immune to malware, phishing, and remote access threats. Key features: - Possession-based multi-factor authentication (MFA) - No reliance on mobile networks or internet connectivity for validation - Highly secure against malware-infected devices, phishing, and unauthorised remote access Rayad said wealthy individuals and corporate clients are adopting hardware authenticators to safeguard access to sensitive accounts. Some banks now offer security key support for executive and VIP accounts, acknowledging the growing sophistication of targeted attacks. 6. AI-powered deepfake detection As facial and voice authentication gain popularity, so do threats from deepfakes—artificially generated images, videos, or audio designed to impersonate legitimate users. AI-driven deepfake detection tools analyse nuanced characteristics, such as liveness, temperature, and micro-expressions, to distinguish between real and forged identities. Key features: - Liveness detection using AI to confirm presence of a real human - Infrared scanning and micro-expression analysis for enhanced accuracy - Protection against spoofing attacks targeting facial and voice biometrics banks are already implementing liveness tests and deepfake detection on their mobile apps and at ATMs. These measures ensure that innovative authentication methods remain robust against emerging threats and reassure customers about the safety of biometric logins. 7. Cloud-based identity platforms Managing authentication infrastructure in-house is costly and complex. Cloud-based identity platforms—often delivered as Identity-as-a-Service (IDaaS)—allow banks to deploy advanced authentication solutions that scale with demand while staying compliant with evolving regulations. Key features: - Centralised identity management for all digital channels - Scalable and cost-effective compared to traditional on-premises solutions Rayad observed some UAE banks are migrating to cloud identity platforms to streamline onboarding, authentication, and authorisation across mobile, web, and branch channels. This not only enhances security but also delivers a unified, frictionless customer experience. More secure digital banking future Rayad reiterated as fraudsters evolve, so must the technology that protects the financial ecosystem. By moving beyond vulnerable legacy systems like OTPs and embracing tools such as passkeys, decentralised identities, behavioural biometrics, post-quantum cryptography, hardware authenticators, AI-powered deepfake detection, and cloud-based identity platforms, UAE banks are building resilient defenses against fraud while unlocking seamless, user-friendly digital experiences. 'The UAE's commitment to innovation not only safeguards customers but also strengthens the country's reputation as a global leader in digital finance. The rapid pace of adoption today points toward a future where security, convenience, and privacy coexist — delivering banking experiences that are as secure as they are effortless,' he concluded.
The National
40 minutes ago
- The National
Can Somaliland's Berbera Port anchor African trade security?
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Quoting data from British International Investment Projects, he said by 2035, the Port of Berbera will enable trade equivalent to about 27 per cent of Somaliland's gross domestic product and 8 per cent of Ethiopia's GDP. The development of Berbera port is becoming 'increasingly important' in the regional trade perspective, Saeed Al Zari, group vice president for government affairs at DP World, told The National. DP World is already working on bringing new infrastructure to Somaliland, including edible oil tanks in Berbera, a move that has led to the opening of the International Finance and Food Company's edible oil plant and the soon-to-be-launched Essa Al Ghurair plant, he said. The future plans aim to improve 'the quality of edible oil available in the region, reducing the price of this essential commodity and now supplying both Ethiopia and Puntland', he said. A rise with limits However, Berbera's emergence is not without limits. Somaliland's lack of international recognition presents legal ambiguity and curbs access to funding. But investors appear to be warming to the region. 'A big investment has already been made in Somaliland,' said Abdirahman Hassan Nur, Somaliland's Minister of Trade and Tourism. 'DP World is an example. I believe many other investors are already in the pipeline.' Mr Wattanaveerachai said that when DP World took over the port, it could handle less than 100,000, but the capacity has risen to 500,000. 'Today, we have transformed the Berbera port, not just in capacity but in efficiency. All run by locals – Somaliland people,' he said. The vision of Somaliland is to develop Berbera as a hub of economic development where companies can open offices without being physically located in Berbera, he added. The UAE-Somaliland investment conference in June brought together regional stakeholders including Dubai Chambers and Al Marzooqi Group of Companies. The aim was to attract more investment and highlight Berbera's potential. 'Despite the lack of international recognition, Somaliland has demonstrated the ability to manage critical infrastructure and ensure a level of operational stability. The Somaliland Port Authority, as the governing authority of Somaliland ports, manages the interaction with the security forces responsible for security in Berbera,' Mr Al Zari said. 'Berbera is revolutionising the logistics network in the Horn of Africa and reducing the cost of importation for some of the poorest people in the world.' Analysts urge caution Carl Sykes, group managing director of Neptune P2P Group, however, cautioned against hopes of Berbera attaining total regional dominance. 'Berbera port is emerging as a viable alternative to Djibouti, but it remains modest in scale at under 500,000 twenty-foot equivalent unit annually, compared to Djibouti's multimillion-TEU capacity,' he told The National. 'While Berbera has made impressive gains in efficiency and cargo growth, it lacks the regional security guarantees enjoyed by Djibouti, which is protected by multiple international military bases.' He said Berbera had the potential to serve as a modest buffer in regional supply chains but said its affect on global supply chain shocks was 'likely to remain limited given its relatively small scale, emerging infrastructure and geopolitical sensitivities'. Mr Mikkelsen, however, argued that the second phase of Berbera Port's expansion will begin once 75 per cent of current capacity is utilised, with plans to boost throughput to 2 million TEUs annually, following DP World's completion of the first phase that increased capacity to 500,000 TEUs. 'Djibouti's restraints are forcing the push for alternatives. Berbera's location and continual improvements are meeting this need,' he said. 'At a time when supply chain resilience is a global imperative, Berbera is well-placed to be a powerful trade facilitator between Africa and the Middle East.' In addition, international recognition of the region or a stable deal with Somalia would allow Berbera to realise its full potential as a central hub for regional trade, he said.
Hi Dubai
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