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Dubai’s office rents continue to decline

Dubai’s commercial occupier market saw lacklustre performance in 2016 as a result of slower economic growth. The strong US Dollar since May 2014 has proved to be a strong headwind for Dubai’s economy, said a report by Knight Frank.

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Housing prices and rents fall in the UAE

Dubai Residential Property Sales Price Index for all residential decreased by 1.7 points, from 258.4 to 256.7, which represents a decrease of 0.63 per cent in August 2017, according to the latest REIDIN report. On the other hand, prices decreased 1.45 per cent year-on-year (y-o-y).

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Oriental Pearls offers 7,000 Royal homes

Oriental Pearls, an upscale property developer in the UAE, has recently launched its Royal Pearls development. Royal Pearls is a 4.6 million square feet community of more than 7,000 premium freehold apartments. Located in Meydan Master Development in Dubai, the community of apartments will suit Dubai’s changing demographics as households grow smaller and the population slants younger. To-date, more than 10 per cent of Phase I is already complete.

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Nakheel’s project pipeline hits Dh50bn

Dubai-based master developer Nakheel last month unveiled projects worth Dh3.2 billion at the Cityscape Global exhibition, part of its current development portfolio worth more than Dh50 billion.

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Eighty-Three hotels to open in the GCC in 2018

As many as 83 new hotels set to open in the GCC in 2018 – part of the 200 new hotel projects in the pipeline, according to a new report which shows that the hotel market in Saudi Arabia is set to reach $4.29 billion in 2017.

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Emaar Properties to develop 10 million square feet waterfront project in Dubai Harbour

Emaar Properties said, it will develop about 10 million square feet of waterfront residences and a brand-new hotel project at Dubai Harbour, the 20 million square feet destination developed by Meraas. Dubai Harbour was launched earlier this year by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.

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DP World to acquire Drydock World and Maritime World for US$405 million

DP World said, it will acquire Maritime World LLC – the 100 per cent owner of Dubai Maritime City (DMC) for US$180 million and buy 100 per cent stake of Drydocks World LLC for US$225 million, taking the total cash required for the acquisitions of DMC and Drydocks to US$405 million.

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UAE tourism and travel spending to exceed $56 billion by 2022

Spending within the UAE’s travel and tourism sector is expected to rise steadily over the next five years and reach over $56 billion in 2022 as new mega projects come to market, a recent analysis conducted by the Dubai Chamber of Commerce and Industry showed.

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Value of 21,893 construction projects in the GCC reaches Dh8.8 trillion

Total value of 21,893 active construction projects in the GCC reached US$2.4 trillion (Dh8.8 billion) at the beginning of September 2017, according to according to BNC Network, the largest and most comprehensive project research and intelligence provider in the Middle East and North Africa (MENA) region

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Dubai Land Department launches first-of-a-kind interactive real-estate platform

Dubai Land Department (DLD) has developed an interactive multi-platform application that helps investors and developers track the progress of all real estate development projects in the emirate.

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