Latest news with #Gitex
Khaleej Times
26-06-2025
- Business
- Khaleej Times
Dubai: A global hub for business and the impact on the short-term rental market
Dubai, a city synonymous with ambition, luxury, and relentless growth, has firmly cemented its position as a global hub for business, finance, and tourism. This strategic positioning, coupled with a proactive government vision, has fostered an environment that constantly attracts world-class conferences, exhibitions, and events. This booming conference scene, in turn, has a profound impact on Dubai's short-term rental market, driving demand, shaping trends, and creating lucrative opportunities for property owners and professional management companies alike. The city secured a record 437 bids for international business events in 2024, a 20 per cent year-on-year increase, with an aim to host 400 global economic events annually by 2025. These include world-renowned trade shows like Gitex and Arab Health, major cultural festivals, and sporting events, which collectively draw in millions of visitors annually. In 2024, Dubai welcomed 18.72 million international overnight visitors, a 9 per cent year-over-year increase that surpassed the previous record of 17.15 million in 2023. These attendees, a significant portion of whom are business travellers, delegates, and exhibitors, often require flexible, short-term accommodation that goes beyond the traditional hotel offering. The short-term rental market provides a diverse range of options from studio apartments to luxury villas, catering to varied budgets and preferences. The most immediate impact is the significant increase in demand for short-term rentals, especially during peak conference seasons. This leads to higher occupancy rates for holiday homes, outperforming traditional hotel stays in many prime locations. For instance, average occupancy rates for short-term rentals in Dubai can reach as high as 85-95 per cent per cent during busy periods, evidence of the strong demand driven by business tourism. The hotel sector's average occupancy rate in 2024 was 78.2 per cent, up from 77.4 per cent in 2023, with occupied room nights rising to 43.03 million. This heightened demand allows property owners to implement dynamic pricing strategies. During major conferences and events, nightly rates for short-term rentals can soar, leading to substantially higher rental yields compared to long-term leases. A typical short-term rental listing in Dubai was booked for 255 nights a year with a median occupancy rate of 70 per cent and an average daily rate of Dh620 in 2023. This lucrative potential has attracted many investors to acquire properties specifically for the short-term rental market, with a typical host income reaching Dh156,000 in 2023. While leisure tourists remain a significant segment, the conference scene brings in a distinct type of guest: the business traveler. These individuals often seek properties that offer more space, privacy, and amenities conducive to work, such as dedicated workspaces, high-speed internet, and fully equipped kitchens. This has led to a greater emphasis on furnishing and equipping properties to meet the needs of this discerning clientele. Proximity to major exhibition centres, business districts, and transportation hubs becomes a crucial factor for short-term rental properties catering to conference attendees. Areas like Downtown Dubai, Business Bay, Dubai Marina, and proximity to the Dubai World Trade Centre experience particularly high demand during business events, as convenience and ease of commute are key for delegates. Within this evolving landscape, several trends are emerging. While luxury properties have traditionally dominated Dubai's short-term rental scene, there's a growing recognition of the need for mid-market and budget-friendly options. Not all conference attendees or business travellers are looking for ultra-luxury, and a broader range of price points allows Dubai to cater to a wider audience, further bolstering its appeal as a conference destination. This segment offers attractive returns for investors due to consistent and predictable demand. The short-term rental market is also increasingly leveraging technology to enhance efficiency and guest experience. This includes AI-powered dynamic pricing algorithms, smart home solutions for seamless check-ins and energy management, and virtual reality tours for prospective guests. Property management platforms are becoming more sophisticated, offering owners real-time insights into their property's performance. In a competitive market, providing exceptional guest experiences is crucial. This goes beyond just a clean and well-maintained property; it includes personalised recommendations, responsive communication, and tailored amenities. Companies are focusing on creating a 'home away from home' atmosphere, often incorporating local touches and offering concierge-style services. The global rise of remote work has led to an increase in digital nomads seeking longer-term short-term rentals, i.e. monthly stays. Dubai's attractive visa options and high quality of life make it a popular choice, with Dubai maintaining its position as a top global destination for long-term remote workers. Dubai government bodies such as the Department of Economy and Tourism (DET), have been proactive in regulating the short-term rental market. Licensing requirements, quality standards, and tourist fees ensure a structured and secure environment for both hosts and guests. This regulatory framework fosters trust and contributes to the sustainable growth of the market. Within this evolving landscape, professional property management firms are essential in navigating the complexities and maximising the potential of the short-term rental market. Companies like Frank Porter, for instance, offer comprehensive services that span the entire lifecycle of a short-term rental property, from initial setup and interior styling to dynamic pricing, multi-platform marketing, and round-the-clock guest support. By leveraging technology and expertise, these businesses help property owners maximise their returns while ensuring a seamless and high-quality experience for guests, whether they are business travellers attending a conference or tourists exploring the city. In conclusion, Dubai's growing conference and events calendar is a key catalyst for the growth and evolution of its short-term rental market. The continuous influx of business travellers and delegates creates consistent, year-round demand for flexible accommodation, leading to higher occupancy rates and attractive rental yields. The impact of mega-events like Expo 2020 (which attracted over 24 million visitors) has also been significant, contributing to a surge in short-term rentals and increased property values and rental yields in key areas. As the city continues to expand its global reach and attract diverse visitors, the short-term rental sector is set for further innovation, with technology and professional management increasingly defining its trajectory. The writer is CEO and Founder of Frank Porter.
The National
21-05-2025
- Business
- The National
Gitex Europe can forge new corridor of co-operation, UAE minister says
A new economic corridor and new business partnerships can be forged from the first European edition of Dubai's long-running technology exhibition, Gitex, government ministers have said. On the opening day of Gitex Europe in Berlin, Alia Al Mazrouei, Minister of State for Entrepreneurship, hoped the event would attract further investment into UAE tech companies. Since its inaugural event in Dubai in 1981, Gitex has expanded to host events in technology, business and health care in Africa, Asia and now Europe. More than 1,400 start-up companies and established technology businesses were on show at exhibition stands packed into the Messe Berlin conference centre for the three-day event. 'Gitex has always been a place where people come together to shape what comes next, but this event is not only about technology – it is about vision, collaboration and the will to build a smarter, more connected, resilient global future,' said Ms Al Mazrouei. 'We are here not just to showcase innovation, but to co-invest in a future that is technologically enabled and globally networked.' National pavilions representing India, Italy, Morocco, the Netherlands, Poland, Serbia, South Korea, the UK – as well as the UAE – were hoping to develop new business opportunities and invest in start-ups. Trade partnerships As the third largest global economy, Germany is viewed as rich in potential for new investment and bi-lateral partnerships in technology. Last year, non-oil trade between Germany and the UAE reached 13.4 billion euros, a 5 per cent increase from the previous year. Germany is now the UAE's second-largest trading partner within the EU. In May, it was announced Abu Dhabi investors MGX would partner with world leading artificial intelligence firm Nvidia and other French companies to build a 1.4 gigawatt Ai campus near Paris. The initiate will focus on AI, quantum computing, and next generation materials. It is an example of how technology will continue to play a critical role in European partnerships, Ms Al Mazrouei said. 'Together, we are shaping a new economic corridor, one powered by innovation and grounded in common purpose,' said Ms Al Mazrouei in her opening speech. 'The UAE may be small in territory, but we are expansive in ambition. 'We are building an economy that is digitally fluent, environmentally conscious, globally connected and intellectually open. 'We are not just scaling businesses – we are scaling mindsets and nurturing the next generation of innovators.'
The National
21-05-2025
- Business
- The National
Abu Dhabi cyberdog could support elderly in social care
Displayed at Gitex Europe in Berlin, 'Byte' is promoted as a low-maintenance alternative to man's best friend
New Straits Times
29-04-2025
- Business
- New Straits Times
AI ignites Southeast Asia's tech boom as Gitex Asia debuts in Singapore
SINGAPORE: Southeast Asia, including Malaysia, is on the cusp of a major technological and innovation boom, driven by the rapid expansion of its startup ecosystem and accelerated adoption of artificial intelligence (AI). According to global consultancy Kearney, AI alone is expected to contribute an additional US$1 trillion to the region's GDP by 2030, positioning it as a critical driver of long-term economic growth. As AI integration across industries intensifies, global investors are increasingly directing capital toward Southeast Asian markets—signalling confidence in the region's digital future. A pivotal platform supporting this momentum is Gitex Asia, the newly launched Asian edition of the globally recognised Gitex (Gulf Information Technology Exhibition) brand, which originated in Dubai. The inaugural edition was held in Singapore from April 23 to 25, 2025, at Marina Bay Sands, attracting over 700 tech companies and venture capital firms from more than 70 countries. The event marks Gitex's strategic expansion into Southeast Asia, aiming to tap into one of the world's fastest-growing digital economies. It serves as a key enabler of innovation, fostering cross-border collaborations, investment flows, and public-private partnerships essential for scaling tech solutions regionally and globally. Trixie LohMirmand, executive vice president at Dubai World Trade Centre and chief executive officer of KAOUN International, emphasised the importance of strategic alliances in AI development. "AI cannot be developed or utilised in isolation. It requires public-private partnerships, but even more so, it demands cross-border, cross-continental, and cross-industry collaboration," she said at the launch of Gitex Asia x AI Everything Singapore here on Wednesday. She further noted that events like Gitex Asia are instrumental in helping small and medium enterprises (SMEs) and startups scale globally, contributing to a more inclusive global tech ecosystem. "Our commitment is to continue expanding the global ecosystem, providing more opportunities for SMEs and startups to grow," she said. As Southeast Asia's largest platform for startups, accelerators, and investors, Gitex Asia enabled high-level discussions around strategic growth, including mergers and acquisitions, initial public offerings, and cross-sector collaborations. The event also spotlighted cutting-edge developments in key sectors such as cybersecurity, fintech, smart cities, green technology, healthtech, biotechnology, 5G and telecommunications - underscoring the breadth of innovation reshaping the regional economy. LohMirmand concluded that Gitex Asia is not merely a technology showcase - it is a strategic platform for fostering regional leadership and driving meaningful transformation across the global digital economy.
