Latest news with #London‑based
Arabian Post
5 days ago
- Business
- Arabian Post
Dubai Ultra‑Luxury Property Boom Shows No Slowdown
Dubai's ultra‑luxury real estate market surged in April to June 2025, with transactions for homes priced above $10 million reaching US $2.6 billion, a 37 % rise from the previous quarter and a 63 % increase year‑on‑year, according to London‑based researcher Knight Frank. The emirate recorded 143 such deals in Q2, up from fewer in Q2 2024, underscoring its dominance in the global super‑prime segment. Palm Jumeirah held its status as the top destination for high‑end buyers, with La Mer following closely behind. Both areas have seen robust developer confidence, evident in pipeline projects like Dar Global's Trump Tower and Arada's twin‑tower Akala on Sheikh Zayed Road, aimed at the ultra‑rich. Knight Frank's global data shows Dubai remained the world's busiest market for homes over $10 million throughout 2024 and continued its leadership into Q2 2025. In Q1 2025 alone, 111 such homes sold— the strongest first‑quarter tallies ever recorded. ADVERTISEMENT Experts attribute the surge to a growing pool of ultra‑high‑net‑worth individuals attracted by tax‑friendly policies, infrastructure, and lifestyle amenities. Knight Frank's 'Destination Dubai 2025' report indicates that over US $10.3 billion in private capital, from buyers in India, Saudi Arabia, the UK, and East Asia, is earmarked for Dubai's residential market. Faisal Durrani, Head of Research for MENA at Knight Frank, noted that total luxury home sales value has risen by 282 % since 2020, and that Dubai almost matched London and New York combined in transactions over $10 million in 2024. Villa sales have been especially strong. In 2024, 68.5 % of all homes priced over $10 million were villas—a sharp increase from around 52 % in 2022–23—reflecting UHNWI preference for standalone luxury residences. Despite high demand, supply at this price tier remains limited. Listings for homes over $50 million have plunged—from 37 to just nine—prompting developers to speed up villa construction. Nearly 9,000 villas are expected by the end of 2025, with a further 19,700 slated for completion next year. This supply‑demand imbalance has pushed prices higher: villa values rose approximately 20 % during 2024 and prime neighbourhoods like Palm Jumeirah and Emirates Hills saw quarterly price increases of around 20 %. In Emirates Hills alone, land prices now range up to AED 7,154 per square foot, with some high‑end plots trading at over AED 200 million. Still, despite rising costs, Dubai's luxury home market offers relative affordability. A million dollars buys 91 sqm of prime property in Dubai, compared with just 33 sqm in London and 34 sqm in New York. However, analysts stress that several risks could temper growth. A sharp global economic downturn or a drop in oil prices might undermine demand, potentially deflating the market. Additionally, strains on infrastructure and rising rental costs—up to 20 % in some areas in 2024—highlight challenges in managing Dubai's rapid expansion. Still, momentum remains strong. Much of the surge reflects rising global wealth flows, particularly from India, Saudi Arabia, the UK, and East Asia, and government efforts to enhance Dubai's appeal. High‑net‑worth buyers are favouring off‑plan villas and branded residences in locations such as Dubai Marina, Dubai Hills Estate and Emirates Hills.
Express Tribune
23-06-2025
- Business
- Express Tribune
All the details of Jeff Bezos and Lauren Sánchez's star-studded Venice wedding
Amazon founder Jeff Bezos and Lauren Sánchez are poised to wed soon in Venice, Italy, in an intimate multi‑day celebration expected to host around 200 guests. Sources at TMZ and New York Times indicate the event will feature a high‑profile guest list including Eva Longoria, Katy Perry, Orlando Bloom, Oprah Winfrey, Gayle King, Kris Jenner, Kim Kardashian, Jewel Kilcher, Ivanka Trump, Jared Kushner, Karlie Kloss and Joshua Kushner. Entertainment heavyweights Mick Jagger, Jay‑Z and Beyoncé are also rumoured attendees. Many invitees previously joined Sánchez's bachelorette party in Paris last month, among them Perry, Kardashian, Longoria, Jenner, entrepreneur Elsa Marie Collins, philanthropist Natasha Poonawalla and Fox Sports host Charissa Thompson. Venice's mayor, Luigi Brugnaro, confirmed the nuptials will take place on a private island or the 417‑foot superyacht Koru, which requires anchoring offshore. A local advocacy group, 'No Space for Bezos,' has expressed concern over event logistics, though organisers assure employment of local staff and minimal disruption. The ceremony, scheduled for 24–26 June, is expected to inject millions into the local economy. To coordinate such a lavish affair, Bezos and Sánchez reportedly enlisted the London‑based Lanza & Baucina, famed for orchestrating George and Amal Clooney's 2014 Venice wedding. Bezos and Sánchez became engaged in 2023 aboard the Koru.
Arabian Post
14-06-2025
- Business
- Arabian Post
G42 Plants Flag in London to Power Europe's AI Ambition
G42 has unveiled a new London‑based subsidiary, G42 Europe & UK, designed to amplify its AI infrastructure and services across the United Kingdom and continental Europe. The entity, co‑chaired by Omar Mir and Marty Edelman, will deliver end‑to‑end AI offerings—from advisory and model deployment to supercomputing infrastructure—for sectors including finance, healthcare, energy and manufacturing. The launch comes as G42 continues its strategic European rollout, following the roll‑out of AI compute clusters and data‑centre capabilities in France and Italy. Positioned at the heart of London, the new hub aims to serve as a local nexus for AI innovation, bridging the gulf between regulatory frameworks and technological delivery. Omar Mir, an international board member at World Wide Technology with more than two decades of experience in 5G, cloud and AI services across Europe and the Middle East, will co‑lead the initiative. His counterpart, Marty Edelman, G42's group general counsel, brings deep expertise in legal oversight and governance—a reflection of G42's emphasis on secure, sovereign deployment in regulated markets. ADVERTISEMENT Mir emphasised the vision: 'Our goal is to harness G42's proven AI expertise and localise it for European and UK businesses—fuelling digital transformation, enhancing competitiveness, and building resilient, sovereign AI infrastructure in partnership with public and private stakeholders'. Edelman added that the UK and Europe represent dynamic markets with significant scope for AI‑driven innovation, and that a London hub enables the company to align closely with local regulatory regimes. G42 Europe & UK will leverage the group's global computing backbone—comprising supercomputing nodes, data centres and AI‑modeling platforms—to deliver a full spectrum of capabilities. Services will span strategic advisory, AI model development, infrastructure deployment and managed services, all with a focus on local data sovereignty and regulatory compliance. The initiative complements G42's earlier announcements of strategic investments in AI infrastructure in France and Italy. In Italy, G42 is partnering on a €1 billion supercomputing build with iGenius, while in France it has established an AMD‑powered AI facility in Grenoble. The London operation is expected to accelerate regulatory engagement and foster partnerships tailored to the European sovereignty agenda. Analysts suggest the move is part of a broader ambition by the UAE and G42 to position themselves as credible alternatives to US and Chinese cloud and AI providers. By offering sovereign, locally governed infrastructure, G42 aims to appeal to European clients seeking secure, high‑performance computing solutions. G42's broader portfolio, including Khazna data centres, Core42 sovereign‑cloud capabilities, cybersecurity firm CPX, analytics outfit Presight and AI lab Inception, will support the London hub's operations. This integrated ecosystem underpins G42's 'Intelligence Grid', a unified platform delivering enterprise‑grade AI research, analytics and cloud services. London's strategic significance is two‑fold. As a pre‑Brexit financial and regulatory anchor, it provides a gateway to both UK and EU markets. Moreover, it enhances G42's ability to work alongside national and regional authorities in shaping next‑generation AI infrastructure and data governance frameworks. Employee responses on social media underline the positive reception. A post from G42's LinkedIn noted the subsidiary 'will drive localized AI solutions and lead infrastructure build‑outs across the UK and continental Europe,' garnering broad applauds from industry peers. Industry observers acknowledge that G42's European foothold aligns with wider trends in AI geopolitics. Investment in local compute and data sovereignty reflects growing European determination to reduce dependency on US or Chinese technology ecosystems while scaling home‑grown digital capacity.
