Latest news with #DubaiCity
The National
04-07-2025
- The National
This teenage Emirati real estate broker has already sold a million dirham house
Khalid Al Zarooni, 18, is considered to be one of the youngest licenced agents in Dubai
The Independent
03-07-2025
- Business
- The Independent
Is the bubble about to burst on Dubai's booming restaurant scene?
Dubai's culinary landscape is a testament to its unbridled ambition, boasting an astonishing 13,000 food and drink establishments that range from the opulent to the everyday. Yet, as the emirate continues to push the boundaries of gastronomic extravagance, questions are emerging about the sustainability of its "growth-at-all-costs" model. From diners suspended high above the city to underwater lounges and dishes adorned with edible gold, the city-state's eateries employ every conceivable gimmick to lure customers in one of the world's most saturated dining markets. This diverse offering, catering to every taste and budget – from inexpensive biryani to lavish fine dining – is a key weapon in Dubai's fierce competition with neighbours like Saudi Arabia and Qatar for lucrative tourist dollars. So far, Dubai is winning handily, with more restaurants per capita than any major global city save for Paris. However, this relentless expansion of its culinary empire is beginning to strain the very model that fuels it, prompting observers to ponder how long the emirate can continue to feed its insatiable appetite for growth. The competition is cutthroat, so presentation is key. 'Gone are the days when it just tastes good,' said Kym Barter, the general manager of Atlantis The Palm, a resort perched on a manmade archipelago that boasts more Michelin stars than any other venue in the Middle East. But dazzling Dubai's food bloggers — the most popular of whom have millions of social media followers — isn't enough. Staying afloat means battling high rents and winning over a diverse and demanding group of consumers. Dubai has roughly nine expatriate residents for every Emirati citizen. Most of its private sector workers are migrants on temporary contracts, and only Vatican City has a higher share of foreign-born residents. Tourists, in turn, outnumber locals about five to one by some estimates, and they spend lavishly. Visitors to Dubai drop an average of over five times more than those traveling to nearby Saudi Arabia or even the U.S., according to global restaurant consultant Aaron Allen. Dubai is 'on the right path' to becoming the world's food capital, said Torsten Vildgaard, executive chef at FZN by Björn Frantzén. The restaurant, which runs at more than $540 a head, was one of two in Dubai to nab three Michelin stars in May. 'We're only seeing the tip of the iceberg of what's to come in terms of gastronomy here,' Vildgaard added. With each new set of illuminated high-rises and hotels, another crop of eateries emerge, vying for patrons. The legions of construction workers powering Dubai's progress also need affordable options. That growth, propped up in part by investor pressure on some of the world's biggest chains to expand in Dubai, has created what some analysts warn is a bubble. 'If you're a publicly traded company like Americana, what are you supposed to do — just stop opening restaurants?' restaurant consultant Allen said, referring to the Gulf-based operator of KFC, Pizza Hut and other big franchises. The frenetic expansion of Dubai's restaurant industry is part of a regional shift that has seen Gulf Arab states pour hundreds of billions of dollars into building out tourist destinations as they move away from hydrocarbons to diversify their economies. Saudi Arabia has a high-stakes, $500 billion project: a straight-line futuristic city called Neom. But, in a Muslim-majority region, the United Arab Emirates has gone to lengths that some consider too much of a compromise, including relaxing restrictions on alcohol that fuel its pubs and nightlife and other social reforms. The rapid development comes at a price. Dubai's restaurants have a high failure rate, industry veterans say, though local authorities don't say what the rate of closures is. In the downtown district and other prime areas, annual rents for restaurants can top $100 per square foot. That's on a par with some of the world's most expensive cities. Still, the emirate issued almost 1,200 new restaurant licenses last year, according to Dubai's Department of Economy and Tourism. The department declined to respond to questions. Empty tables during peak hours are common, even in top locations. Part of the problem, managers say, is that traffic congestion is so severe that convincing diners to drive out can be a tall task. 'I sometimes go, 'Do I go into the restaurant right now, because I'm going to get into traffic?''' said Waseem Abdul Hameed, operations manager at Ravi, a Pakistani family-owned eatery famous for its official Adidas shoe line and a 2010 TV feature from Anthony Bourdain. He knows restaurateurs who have had to shut up shop and others who are squeezed by slim margins and increasingly reliant on delivery apps, Hameed said. The demand sends fleets of migrant workers racing through gridlock on motorbikes, with few protections and tight delivery windows. Emirati newspaper Khaleej Times reported the accidental deaths of 17 Dubai food couriers last year. The math of Dubai's restaurant scene doesn't add up, delivery apps and wealthy tourists notwithstanding, restaurant consultant Allen said. He cited operating expenses that have more than doubled relative to sales since 2009, when a financial crisis almost hobbled the emirate. Too many Dubai entrepreneurs, he put it simply, have 'too much money, and they don't know what to do besides open restaurants.'
The National
25-06-2025
- Business
- The National
Central Dubai property prices record highest growth globally since 2020
Dubai has recorded the highest growth globally for city centre property prices per square metre over the past five years on surging demand, according to a report by Deutsche Bank. It costs $7,602 per square metre to buy an apartment in the city centre in Dubai, a growth of "122 per cent" in the past five years, the Mapping the World's Prices – 2025 report said. It added that the emirate has been the biggest climber over the five-year period, "up 15 places to 37th globally'. 'Hong Kong prices have fallen by circa 20 per cent in five years but still top the list at $25,946, followed by Zurich, Singapore, Seoul and Geneva,' the report said. It costs $5,977 per square metre to buy an apartment in the centre of Abu Dhabi (up 64 per cent since 2020), $4,944 in Doha, $2,664 in Riyadh and $3,036 in Istanbul, still well below other major cities, according to the study, which covered 69 cities globally. Dubai's property market has been benefitting from government initiatives such as residency permits for retired and remote workers, expansion of the 10-year golden visa programme and overall growth in the UAE's economy through diversification efforts. Last month, a report by New York-based Fitch Ratings predicted that Dubai's real estate market would enter a 'moderate correction' in the second half of 2025 as a record number of projects launch. The ratings agency also estimated that residential prices could fall by as much as 15 per cent this year. However, industry experts are confident in the market's potential, citing Dubai's record population growth, continuing housing demand and maturing real estate sector as indicators that any correction will be moderate. Dubai has been ranked the 10th most expensive globally to rent a three-bedroom apartment in the city centre, according to the Deutsche Bank report. It costs $4,589 a month to rent a three-bedroom apartment in the heart of Dubai, a 49 per cent increase over the past few years. New York topped the list - it costs $8,388 per month to rent a similar apartment in the city - followed by Singapore ($6,216), Boston ($6,091), London ($5,560) and San Francisco ($5,424), the study found. It is significantly more affordable to rent a three-bedroom in the centre of Abu Dhabi ($3,052), Doha ($2,946) and Riyadh ($2,047). 'Dubai also ranked eighth globally for most expensive rent for a one-bedroom apartment in the city centre at $2,401 per month,' Deutsche Bank said. Riyadh, Doha and Dubai also ranked among the top 10 cities globally for housing affordability calculated in the form of mortgage as a percentage of income. This signals a 'strong purchasing power to property price ratio' across the Gulf, the report added. The top five most affordable global cities for housing are Chicago, Riyadh, Johannesburg, Brussels and Birmingham. Meanwhile, Abu Dhabi ranked 18th globally for quality of life on safety, purchasing power, health care and commute time. Dubai ranked 19th due to its safety and strong purchasing power, while Doha and Riyadh ranked 23rd and 31st, respectively. In terms of net salaries, Dubai topped the region and ranked 15th globally with an average monthly salary of $4,064, recording a growth of 35.7 per cent over five years, followed by Abu Dhabi at $3,308, Doha at $3,062 and Riyadh at $2,442, the study found. 'To maximise net income, head to Geneva [net monthly salary of $7,984], Zurich, San Francisco, Luxembourg, Boston, Chicago and New York. Switzerland and the US continue to be magnets for high earners,' the report said. In other findings, Abu Dhabi ranked among the top five most expensive cities globally to buy a car, alongside Singapore and Copenhagen, where car ownership is discouraged through heavy taxes and policy, according to the study. However, Riyadh, Doha and Dubai were among the cheapest cities globally for petrol prices. Petrol is significantly more expensive in Istanbul due to fuel taxation, the report found. In contrast, Doha ranked among the top five most expensive cities globally for a monthly gym membership. It costs $119 per month to join a gym in Doha, $106 in Riyadh, $86 in Dubai and $66 in Abu Dhabi. When it comes to iPhone prices, they are most expensive in Istanbul, while the US remains one of the cheapest markets for Apple products, second only to South Korea, where 'fierce competition with Samsung requires a more aggressive pricing structure', the research said. Prices of iPhones in Riyadh and Dubai are in the mid to high range, but more expensive than in the US and South Korea, and cheaper than Europe. Abu Dhabi is also regarded as a city with one of the most expensive internet prices globally. The Middle East and the US are among top regions for costly mobile and broadband services, the report found.
Economy ME
11-06-2025
- Business
- Economy ME
Dubai welcomes 7.15 million tourists in first four months of 2025, up 7 percent
Dubai welcomed 7.15 million international overnight tourists between January and April 2025, a 7 percent annual increase. This growth builds on the 18.72 million people who visited in 2024, the second consecutive year of record-setting growth for the city. During its first City Briefing of 2025, the Dubai Department of Economy and Tourism (DET) also revealed that the city's hotel sector offered 153,534 rooms at the end of April, with all key performance indicators demonstrating strong annual growth. 'Building on yet another record-breaking performance in 2024, the exceptional results achieved by the industry so far in 2025 are a testament to the resilience and steadfast support of our stakeholders and partners. From hospitality and aviation to retail and gastronomy, every sector has played a critical role in solidifying Dubai's position as a global tourism leader. It is by coming together as a community that we have been able to navigate challenges, create compelling narratives about the city, and drive global trends,' stated His Excellency Issam Kazim, CEO of Dubai Corporation for Tourism and Commerce Marketing (DCTCM). Briefing outlines strategic priorities for the year Held at the Coca-Cola Arena, the briefing brought together more than 1,300 industry leaders and professionals from across the hospitality, aviation, retail and F&B sectors, along with representatives from Dubai government entities, reaffirming DET's commitment to creating a resilient and future-ready ecosystem for tourists. Reflecting the UAE Year of Community's focus on building a connected society grounded in belonging and shared purpose, the briefing highlighted the critical role that partners across the public and private sectors are playing in Dubai's continued tourism performance. The latest edition provided a comprehensive update on the city's tourism performance, campaigns, festivals and events, and strategic priorities for the year ahead. The City Briefing serves as a pivotal instrument to align stakeholders with the goals of the Dubai Economic Agenda, D33, and further enhance shared responsibility in propelling Dubai's development as a welcoming global destination. 'In advancing the goals of the Dubai Economic Agenda, D33, our focus remains on strengthening the spirit of partnerships, embracing innovation, and creating future-ready experiences that enhance Dubai's position as the world's best city to visit, live and work in. We are also collectively driving initiatives that enhance social inclusion, talent development and quality of life, while strengthening community bonds, promoting values, and instilling a sense of belonging,' added Kazim. Dubai advances accessibility and community initiatives The City Briefing highlighted key initiatives that reinforce Dubai's contribution to community, accessibility and sustainability. Central to these efforts is the city's achievement in becoming the first Certified Autism Destination in the Eastern Hemisphere. Under DET's leadership, in collaboration with the International Board of Credentialing and Continuing Education Standards (IBCCES), the initiative has already involved the training of more than 70,000 individuals through the Dubai College of Tourism's autism and sensory awareness course. Meanwhile, more than 300 hotels in Dubai have actively engaged in the certification process to deliver accessible experiences to all tourists. This milestone directly aligns with the D33 Agenda's key priorities of enhancing social inclusion, talent development and quality of life. Another significant project that was highlighted at the event was the launch of the 'MyDubai Communities' digital platform in April. The initiative is designed to strengthen community bonds and promote the values of tolerance and coexistence, offering access to more than 100 interest-based communities. These groups provide users with a unique opportunity to connect over shared passions and interests, fostering a sense of belonging and creativity. 'The Certified Autism Destination and MyDubai Communities programs are both testaments to our collective drive to shape a future-ready society. These initiatives not only enhance Dubai's destination offering – they speak to the heart of our identity as a city built on opportunity, diversity and strong community values, ensuring a richer experience for both residents and visitors,' Kazim added. Dubai's festival landscape vital in attracting tourists His Excellency Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment (DFRE), also presented at the City Briefing and spoke about how Dubai's robust year-round calendar of events and festivals continues to be a vital component in attracting tourists. The return of Dubai Summer Surprises (DSS) – the city's much-anticipated summer festival – was announced at the briefing. Taking place from June 27 to August 31, DSS will deliver a vibrant calendar of sales, prize draws, entertainment and cultural experiences for residents and visitors of all ages. This year's DSS will also be structured into three retail periods – Summer Holiday Offers, The Great Summer Sale, and Back to School – to drive consumer engagement and maintain momentum. In the second half of 2025, other major upcoming events on the city's annual Retail Calendar include Dubai Home Festival, Dubai Fitness Challenge, and Dubai Shopping Festival. A growing pipeline of international business events, which attract thousands of delegates, was also announced at the City Briefing, reflecting Dubai's status as a premier destination for meetings and exhibitions. 'Dubai's vibrant calendar of festivals and events reflects our city's bold vision and boundless ambition – a testament to our commitment to innovation, excellence, and global leadership. These world-class experiences are not only a key driver of visitation but also vital to nurturing the pillars of our economy, from retail and hospitality to aviation and business events. They continue to provide unique opportunities for our communities, including both visitors and residents, to enjoy the city's offerings and engage with key destination pillars,' Al Khaja added. Read: UAE tourists drive surge in Moscow arrivals with 62,100 visitors in 2024 Global gastronomy hub Dubai's food scene is a also key driver in attracting tourists, and as revealed in the Dubai Gastronomy Industry Report, published by DET, the city issued around 1,200 new restaurant licences in 2024. The fourth edition of the MICHELIN Guide Dubai, unveiled last month, reflects Dubai's fast-growing and diverse culinary scene. The 2025 Guide featured 119 restaurants across 35 cuisines, a 12.3 percent increase from 106 restaurants in 2024, including Dubai's first MICHELIN three-starred restaurants, FZN by Björn Frantzén and Trèsind Studio. This year's Guide also included 3 MICHELIN two-starred restaurants, 14 MICHELIN one-starred restaurants, 22 Bib Gourmand restaurants, and 3 restaurants awarded a MICHELIN Green Star. 'As we look ahead to the second half of this year and beyond, we will harness the key elements that have driven the industry's steady growth – a robust and diversified market strategy, a solid collaboration model between the government and private sectors, and global campaigns showcasing the ever-evolving diverse destination offering,' added Kazim.
Trade Arabia
04-06-2025
- Business
- Trade Arabia
Dubai set for strong show at IMEX as city ranks top in meetings
Dubai Business Events (DBE), the city's official convention bureau and part of the Dubai Department of Economy and Tourism, is once again spearheading Dubai's participation at IMEX Frankfurt, one of the most influential trade shows for the global business events industry, joined by key stakeholders. This comes as Dubai continues to earn global recognition, this week being confirmed as #1 globally for highest attendee number per association meeting in 2024, and once again ranking #1 in the Middle East for the total number of association meetings hosted during the period, according to the International Congress and Convention Association (ICCA). Cvent has this week also confirmed that Dubai maintained its #1 position among the Top 25 Meeting Destinations in the Middle East and Africa. The accolades further demonstrate the city's ability to both host prolific events and facilitate event growth for associations, allowing them to tap into the market and increase global access to members. At IMEX, a delegation of 30 stakeholders from across the sector has joined DBE in showcasing Dubai's credentials as a premier global hub for business events. The delegation includes leading hotels, venues, DMCs, airlines and other service providers including Emirates, Expo City Dubai, and Dubai World Trade Centre, together highlighting Dubai's ability to deliver dynamic world-class events at the intersection of innovation, knowledge-sharing and sustainable growth. Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment (DFRE), said: 'As we engage with the global industry at IMEX Frankfurt, we are reinforcing Dubai's position as a strategic destination for impactful business events. Our consistent top rankings from ICCA and Cvent, and growing pipeline of major international events, are the result of a focused and collaborative approach with our stakeholders, as we work collectively to reinforce the emirate's position as a premier global hub for the MICE industry. Business events are integral to our tourism strategy and are increasingly driving progress across key sectors. They are playing a vital role in advancing the goals of the Dubai Economic Agenda, D33 - to position Dubai as one of the world's most innovative, inclusive and future-ready cities, as guided and championed by the visionary leadership of the UAE.' Dubai's participation aligns with this year's IMEX theme - Impact 2.0: Activating the Future - emphasising the global events community's responsibility to address major global and community challenges while driving positive change through events, partnerships and initiatives. In line with this vision, Dubai continues to attract business events that not only grow visitation but also support innovation and deeper engagement across its economic sectors. This directly contributes to the D33 economic agenda, which aims to place Dubai among the top three global cities for business and leisure. Dubai's momentum was further underscored by a record 437 successful bids secured in 2024 to host international conferences, congresses and incentive programmes, a 20% year-on-year increase. These events are set to attract over 210,000 delegates to Dubai in the coming years, significantly contributing to the city's business and tourism ecosystem. Among the high-profile events won: Amway ESAN 2025, the 27th General Conference of the International Council of Museums 2025, the Global Symposium on Health Systems Research 2026, the World Congress on Medical Informatics 2027, ISAPS Olympiad World Congress 2027, Forever Living Products Global Rally 2026, the Scientific Assembly and Associated Events of the Committee on Space Research 2028 and The International Conference on Computer Vision 2029. Dubai continues to see strong growth in tourism aligned with its MICE strategy. In 2024, the city welcomed a record 18.72 million international overnight visitors, a 9% year-on-year increase. That momentum has continued into 2025, with 5.31 million international visitors arriving between January and March, marking a 3% increase compared to Q1 2024. Business events have been a key contributor to this sustained growth, generating economic impact across sectors and further strengthening Dubai's global brand. Further enhancing the city's capacity to meet rising demand in the events space, a key development includes an expansion plan for the Dubai Exhibition Centre at Expo City Dubai. As part of broader urban development initiatives including the Al Maktoum International Airport expansion, the project is a strategic investment aimed at reinforcing Dubai's position as a global platform for major conferences and exhibitions, enabling the city to host larger and more complex events that deliver long-term value that meets increasing demand and attendance.
