Latest news with #AED62.1
Al Etihad
4 days ago
- Business
- Al Etihad
MoF launches 2027–2029 budget cycle with flexible vision focused on sustainability, efficiency, artificial intelligence
16 July 2025 17:12 DUBAI (ALETIHAD)The Ministry of Finance has launched the federal general budget cycle for the 2027–2029 period, marking a new step in the continuous development of the government's financial move aims to enhance fiscal sustainability and aligns with the wise leadership's vision for a more flexible and innovative new cycle reflects the evolution of the general budget from a yearly planning tool into a strategic instrument that empowers federal entities to achieve their objectives efficiently and launch coincided with the unveiling of the federal government's new strategic planning cycle, 'Towards Achieving We the UAE 2031', by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of announcement reflects the government's commitment to integrating efforts and enhancing coordination to achieve the nation's future goals.H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, stressed that the 2027–2029 federal budget cycle will play a key role in the development of the UAE's public financial system and is part of a government approach driven by proactivity, flexibility, and policy noted that the Ministry of Finance is committed to redefining the role of the budget from a traditional resource allocation framework to a strategic enabler for mega national objectives. These include strengthening global competitiveness, accelerating digital transformation, and reinforcing the UAE's position as a leading international financial hub.'Achieving the ambitions of the UAE Centennial 2071 requires a financial system that is agile and future-focused, a system that can respond to global shifts and direct government spending toward high-impact opportunities,' H.H. Sheikh Maktoum bin Mohammed said.'To that end, the MoF is investing in smart tools and advanced analytical models that ensure financial efficiency, optimise impact, and enable data-driven decision-making aligned with the nation's developmental, economic, and social goals. Our vision is to transform the federal budget into a future-ready instrument that drives sustainable growth and elevates the quality of government services to new heights,' he added. Ambitious national prioritiesThe newly launched budget cycle follows four consecutive strategic cycles during which the total federal budget reached approximately AED900 billion, aligned with ambitious national priorities. Over this period, the Ministry laid strong foundations for sound financial governance by enhancing legislative and regulatory frameworks, expanding international partnerships, and developing advanced digital financial also maintained stable public debt levels, which stood at just AED62.1 billion as of June 2025, and increased federal government assets to around AED464.4 billion by the end of 2024, underscoring the UAE's solid financial new budget cycle focuses on sectors that directly impact the lives of citizens and residents, including education, healthcare, social welfare, and core government services. It reflects a renewed vision to empower federal entities to deliver high-quality, efficient, and flexible in these vital areas is key to stimulating sustainable national development and achieving the long-term objectives of the UAE Centennial 2071. The new cycle also aligns with evolving societal aspirations by allocating resources for maximum developmental, social, and economic impact, supported by digital tools and artificial intelligence to improve planning accuracy, execution speed, and service quality. Improving institutional efficiency Meanwhile, Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that the 2027–2029 budget cycle builds on a solid foundation of fiscal accomplishments and reflects a forward-looking vision focused on empowering government entities and aligning strategy with performance noted that the cycle integrates artificial intelligence as a key enabler of sustainable development and aims to transform the federal budget from a traditional financial tool into a flexible, strategic instrument that enhances operational efficiency, improves government performance, and supports the objectives of the UAE Centennial Hussaini added, 'The Ministry's transformation over recent years extends beyond legislative and digital reforms to include a complete redesign of the budgeting experience. The number of budget preparation steps was reduced from 50 to just 10, and procurement cycles were shortened from 60 days to under six minutes, a leap forward in institutional efficiency and performance the Ministry of Finance is no longer merely a supervisory authority but a key enabler, driving the readiness of federal entities and empowering them to fulfil their mandates effectively and innovatively within an integrated digital framework that prioritises customer satisfaction and service quality.'The new federal budget cycle for 2027–2029 represents a significant leap towards smart financial management, underpinned by modern tools and proactive on the pillars of performance-based planning and results-driven execution, this model harnesses artificial intelligence to strengthen decision-making and maximise the accuracy of resource financial planning goes beyond numerical forecasting; it is a smart system capable of generating predictive scenarios. From accelerating service delivery to streamlining operations and providing entities with access to unified, high-accuracy data, the system represents a major step forward, significantly improving the speed and quality of financial decision-making. Through this approach, the federal budget is redefined as a strategic enabler, driving operational efficiency, reinforcing financial sustainability, and solidifying the UAE's global standing as a model for advanced public financial management.
Hi Dubai
4 days ago
- Business
- Hi Dubai
UAE Launches 2027–2029 Federal Budget Cycle with AI-Driven, Sustainable Vision
The UAE Ministry of Finance has launched the 2027–2029 federal budget cycle, marking a strategic evolution in the country's financial planning system. Designed to be more agile, efficient, and future-focused, the new cycle aligns with national ambitions under 'We the UAE 2031' and long-term goals of UAE Centennial 2071. Announced alongside the federal government's latest strategic planning framework, the new budget model redefines the federal budget from a static financial tool into a strategic enabler that supports national priorities, including education, healthcare, digital transformation, and sustainability. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister and Minister of Finance, noted that the upgraded financial system prioritises flexibility, proactivity, and impact. 'Our vision is to transform the federal budget into a future-ready instrument that drives sustainable growth and elevates the quality of government services to new heights,' he said. The cycle is supported by advanced technologies, including artificial intelligence and predictive analytics, to improve planning accuracy, accelerate execution, and ensure data-driven decision-making. AI will play a pivotal role in enhancing institutional efficiency and forecasting national needs more precisely. His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted that reforms have already led to significant improvements—budget preparation steps have been cut from 50 to 10, and procurement cycles now take under six minutes. The previous four budget cycles saw a combined allocation of approximately AED900 billion. The new cycle builds on this foundation, with public debt at AED62.1 billion as of June 2025, and federal government assets reaching AED464.4 billion by the end of 2024. This forward-looking model focuses on outcomes over expenditures, empowering federal entities to deliver impactful services, drive smart governance, and reinforce the UAE's position as a global leader in financial innovation. News Source: Dubai Media Office
Business Recorder
05-06-2025
- Business
- Business Recorder
Dubai property market ‘shatters records' with AED 66.8bn of transactions in May: report
Dubai's real estate market - where Pakistanis continue to be among the top buyers - witnessed AED66.8 billion in sales transactions across 18,700 deals during May 2025, revealed a report by Property Finder, an online real estate portal. 'This historic achievement represents a staggering 44% year-over-year surge in transaction value and a solid 6% increase in volume, signalling robust market confidence and sustained investor appetite for Dubai properties,' it said in a statement posted Wednesday. Dubai's residential property prices expected to fall by 15%: Fitch Ratings 'Just when we thought April was Dubai's most significant month in terms of transaction value at AED62.1 bn, May eclipsed this with AED66.8 billion in transaction value,' said Cherif Sleiman, Chief Revenue Officer at Property Finder. 'This underscores the sustainability of the trends driving current growth,' he said, adding that Dubai continues to lead real estate innovation by example, as evidenced by the recent launch of the region's first licensed tokenized property investment platform by Dubai Land Department. Dubai's first tokenised real estate project signals 'major transformation' for property sector 'With the remarkable growth in population this year, welcoming nearly 1,000 new residents each day – double of last year's daily visitor arrivals, demand for housing is poised to reach peak levels,' he noted. 'Against this backdrop, the real estate market is enjoying positive momentum, fuelled by digital transformation, international investor appetite, and a surge in demand for premium living,' he added. He saod real estate leaders who participated in Property Finder's recent roundtable are confident of transaction activity picking up throughout 2025, buoyed by unprecedented interest from international investors, alongside a strong off-plan performance and vibrant luxury resale activity. 'These trends speak to the city's enduring appeal and resilience, even amid global uncertainty.' Investment hotspots Business Bay emerged as a 'premium investment magnet', capturing 5% of total primary transaction value despite representing only 3% of volume, indicating 'high-value, sophisticated investment activity', the report noted. Al Barsha demonstrated broad market appeal, accounting for 2% of total value while commanding 5% of transaction volume, showcasing 'strong demand across price points.' A notable AED 1.5 billion land transaction in Palm Deira showed 'institutional confidence in Dubai's long-term growth trajectory,' Property Finder said, bolstered by strong resale activity in key communities such as Business Bay, Al Barsha, and Wadi Al Safa 3. Meanwhile consumer preferences have stayed steady for the past one year, with apartments dominating demand from home seekers, representing 78% of rental searches and 60% of buyer interest. While studios attracted 21% of rental searches and only 15% of purchase interest, one-bedroom units commanded 35% of purchase searches and 38% of rental searches. 'This imbalance could potentially suggest that while studios are more attractive for budget-conscious renters, buyers tend to prioritise larger units, due to perceived long-term value, livability, or investment potential,' the report said.
Economy ME
06-05-2025
- Business
- Economy ME
Dubai real estate sets new record: April sales transactions surge 94 percent to $16.91 billion
Dubai's real estate sector recorded AED62.1 billion ($16.91 billion) in total sales transactions last month, the highest ever monthly total for the emirate. This marks a 94 percent year-on-year surge in value compared to April 2024, and a 54 percent rise in transaction volume, according to Dubai Land Department (DLD) data. This record-breaking performance underscores the city's thriving real estate sector, with growth witnessed across both primary and secondary markets. 'Dubai's real estate market continues to scale new heights, propelled by bold city planning, regulatory innovation, and investor trust. The sustained growth across both primary and secondary segments is resounding proof of its resilience and long-term appeal,' stated Cherif Sleiman, chief revenue officer at Property Finder. Primary segment drives surge According to the latest report by Property Finder, the primary property segment led the charge on Dubai real estate, with sales touching AED34.2 billion in value, a 124 percent increase from April 2024. This was fuelled by marquee transactions in destinations like Palm Jebel Ali and The Oasis by Emaar. Palm Jebel Ali and The Oasis by Emaar accounted for 19 percent and 13 percent of the total value, respectively, despite representing less than 2 percent and 4 percent of the total transaction volume of primary transactions, highlighting investor appetite for future-forward, branded communities. Secondary segment posts record AED28 billion Meanwhile, the secondary segment performed equally as well, with a record AED28 billion in sales value across more than 7,700 transactions, up 67 percent in value and 66 percent in volume from April 2024. While a landmark AED1.45 billion land transaction in DMCC-EZ2 for the upcoming Sobha Central development in Jebel Ali stood out, strong resale activity in key communities such as Palm Jumeirah, JVC and Dubai Marina also contributed significantly to overall real estate transaction value. 'The Dubai Land Department's recent initiative of introducing AI-enabled governance of real estate advertising will enhance transparency and credibility in real estate advertisements across key marketing platforms, a focus that we have always aligned with. Further supported by the strategic partnerships signed by DLD at the International Property Show, we are witnessing greater transparency, smarter regulation, and higher service standards across the board. These far-sighted initiatives will contribute to Dubai's growing status as one of the world's most investor-friendly real estate markets,' added Sleiman. Apartments dominate home searches Property Finder also revealed that apartment living continued to be the preferred choice across both the buyer and renter categories, with apartments accounting for nearly 78 percent of rental searches and 59 percent of purchase interest in April 2025. Studio apartments comprised 21 percent of all rental searches on Property Finder, but just 14 percent of buyer interest. This gap signals strong yield opportunities for investors in smaller units, where rental demand appears stronger than buyer interest. Meanwhile, two-bedroom apartments attracted 35 percent of buyer searches and 31 percent of rental demand. Read: Sharjah real estate market hits $234.6 million in Q1 2025, up 159.2 percent year-over-year Dubai real estate transactions hit AED142.7 billion in Q1 In its quarterly report, Property Finder revealed that Dubai's real estate market continued to rank among the top-performing markets globally, with Q1 2025 witnessing a significant surge in total sales transactions. The transaction volume reached 45,474, marking a 22 percent year-on-year increase, while the total value rose by 30 percent, hitting AED142.7 billion. The market maintained its positive momentum, with Q1 performance exceeding the quarterly average transactions for both volume and value in 2024. Notably, the transaction value in Q1 2025 was 9 percent higher than the average quarterly value recorded in 2024, underscoring the market's ongoing strength and investor confidence. Notably, Dubai's off-plan market continued to deliver outstanding performance, recording its highest first-quarter performance in a decade, with off-plan sales accounting for 56 percent of total transaction volume. The number of off-plan transactions reached 25,440, up from 20,557 in Q1 2024, reflecting a 24 percent year-on-year increase, driven by strong long-term confidence among medium – and long-term investors. In terms of value, the off-plan segment also witnessed remarkable growth, with a 24 percent increase year-on-year, reaching AED55.2 billion compared to AED44.5 billion in Q1 2024. This represented 39 percent of the total transaction value in Q1 2025, highlighting the continued attractiveness of Dubai's future development pipeline.
Arabian Business
06-05-2025
- Business
- Arabian Business
Dubai real estate: Property market hits all-time high with nearly $17bn April transactions
Dubai's property market achieved its highest-ever monthly total in April 2025, with transactions reaching AED62.1 billion, according to data released by Property Finder. The figures represent a 94 per cent year-on-year increase in value and a 54 per cent rise in transaction volume compared to April 2024, highlighting the continued momentum in Dubai's real estate sector across both primary and secondary markets. 'Dubai's real estate market continues to scale new heights, propelled by bold city planning, regulatory innovation, and investor trust. The sustained growth across both primary and secondary segments is resounding proof of its resilience and long-term appeal,' Cherif Sleiman, Chief Revenue Officer at Property Finder said. Dubai property market soars The secondary property segment recorded AED28 billion in sales across more than 7,700 transactions, marking increases of 67 per cent in value and 66 per cent in volume from April 2024. A notable transaction included a AED1.45 billion land deal in DMCC-EZ2 for the upcoming Sobha Central development in Jebel Ali. Strong resale activity was also reported in Palm Jumeirah, JVC, and Dubai Marina, which contributed substantially to the overall transaction value. The primary property segment led the market performance with sales reaching AED34.2 billion, representing a 124 per cent increase from April 2024. This growth was driven by significant transactions in developments, including Palm Jebel Ali and The Oasis by Emaar. These two developments accounted for 19 per cent and 13 per cent of the total primary market value respectively, despite representing less than 2 per cent and 4 per cent of the total transaction volume, indicating investor interest in premium developments. Apartments continue to dominate home searches among both buyers and renters, accounting for 59 per cent of purchase searches and 78 per cent of rental searches in April 2025. Studio apartments represented 21 per cent of all rental searches but only 14 per cent of buyer interest, suggesting potential yield opportunities for investors in smaller units where rental demand exceeds buyer interest. Two-bedroom apartments proved popular with both segments, attracting 35 per cent of buyer searches and 31 per cent of rental interest. 'The Dubai Land Department's recent initiative of introducing AI-enabled governance of real estate advertising will enhance transparency and credibility in real estate advertisements across key marketing platforms, a focus that we have always aligned with. Further supported by the strategic partnerships signed by DLD at the International Property Show, we are witnessing greater transparency, smarter regulation, and higher service standards across the board. These far-sighted initiatives will contribute to Dubai's growing status as one of the world's most investor-friendly real estate markets,' Sleiman added.
