The volume of super-prime homes sold in Dubai, priced at over US $10mn, totalled $1.59bn during Q3, according to the latest market analysis by global property consultant, Knight Frank.

Faisal Durrani, Partner – Head of Research, Middle East & Africa, explained: “Demand for luxury homes in Dubai remains resilient and supply continues to stubbornly lag demand. The total number of $10mn+ home sales in Dubai for the first nine-months of the year has hit 277, a record high with three-months of the year still left to run. This builds on Dubai’s emergence as the world’s busiest $10mn+ sales market during H1, ranking ahead of New York (125), Hong Kong (109), and London (99).”

The average transacted price for homes that were sold for more than $10mn stood at $1785 per sqft at the end of Q3, according to Knight Frank’s analysis.

City luxury home demand continues to strengthen, attracting both local and international purchasers. Dubai’s prime residential areas are witnessing consistent interest, with The Palm Jumeirah remaining the key focal point for super-prime home sales, accounting for 52.3% of total sales in this exclusive 10mn+ price bracket.

Not to be outdone, however, is Umm Suqeim Three, which is anchored by the Madinat Jumeirah Living development. Average transacted prices here stand at $4,274 per sqft, 62%% higher than its nearest competitor, Business Bay, says Knight Frank.

Durrani continued, “The extraordinary run of price rises in this third market cycle has seen prices escalating for nine consecutive quarters. Dubai’s prime neighbourhoods of the Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, have been and continue to be the real stars of this cycle, leaving prime values 15.9% higher than this time last year.”

Dubai’s latest freehold residential market cycle remains firmly in its growth phase. Cash purchasers dominate activity, and the buyer pool is still exceptionally diverse. Stock in the prime markets is restricted and demand for luxury beach-front homes, as seen with the recent sell-out of the initial tranche of villas on the Palm Jebel Ali, is likely to sustain rising prices for the foreseeable future.

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DP World and Indonesian conglomerate Maspion Group have begun development of a new container terminal in Gresik, East Java. The terminal will enhance East Java’s position as a key trade gateway and connect Indonesian enterprises with customers in the region and globally, DP World noted.

The firm said that its strategic partnership with Maspion Group underscores its commitment to boost infrastructure and capacity in East Java and facilitate seamless trade in the region.

The groundbreaking ceremony for the facility was attended by Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World and Dr Alim Markus, Chairman and CEO of Maspion Group, and witnessed by Budi Karya Sumadi, Minister of Transportation, Republic of Indonesia and Septian Haryo Seto, Deputy of Coordinating Minister for Maritime and Investment Affairs of the Republic of Indonesia.

“We see significant potential in Indonesia as a major hub for global trade, and we hope to unlock further growth in the region through meaningful partnerships and investments that bring opportunities through greater trade connectivity for local businesses and communities. Our partnership with Maspion Group to build new infrastructure in Gresik will strengthen East Java’s position as a key trade and logistics gateway. It will also serve as a cornerstone in our strategy to expand our global ports and logistics network to offer our customers end-to-end solutions and boost supply chain resilience,” said Bin Sulayem.

The joint venture (JV) company, DP World Maspion East Java, will operate a modern international container terminal with a design capacity of up to three million twenty-foot equivalent units (TEU) – elevating efficiency and operational excellence in Indonesia. As part of DP World’s goal of delivering end-to-end supply chain solutions, the JV will also develop an integrated industrial and logistics park, adjacent to the container terminal, with an initial land area of 110ha and with scope for future expansion, the firm said in a statement.

Dr Markus added, “Maspion Group shares DP World’s vision and is dedicated to contributing to sustainable economic development in Indonesia and harnessing investment opportunities in the interest of the country’s fiscal growth. This project is a strong proof of how both companies – with the support of the government – can leverage our respective resources and capabilities, to jointly develop East Java’s infrastructure in tandem with President Joko Widodo’s vision to accelerate economic growth through his Indonesia Golden Generation 2045 strategy. We are excited about the prospects of this project and its long-term economic impact.”

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The UAE is set to generate a total capacity of 19.8 gigawatts (GW) of clean energy by 2030, Suhail bin Mohamed Al Mazrouei, Minister of Energy and Infrastructure, told a global audience of energy leaders at the opening of Adipec 2023.

“Having one of the fastest-growing clean energy industries in the world, the UAE is set to generate a total capacity of 19.8 gigawatts of clean energy by 2030. In addition, the UAE seeks to become a leading producer and supplier of low-carbon hydrogen, working towards producing 1.4m metric tonnes of low-carbon hydrogen per annum by 2031 and 15m metric tonnes per annum by 2050,” he explained.

He affirmed that International collaboration is crucial to addressing energy challenges, reported Emirates News Agency (WAM).

Adipec is underway in Abu Dhabi from 2nd – 5th October, under the theme of ‘Decarbonising. Faster. Together’.

Tayba Al Hashemi, Chair of Adipec 2023 and CEO of Adnoc Offshore stated, “By 2030, the world will be home to an additional half a billion people, demanding more energy every year. At the same time, the global challenge of climate change calls for urgent, game-changing solutions to eliminate emissions. Every government, industry, business and individual has a role to play in decarbonising quicker, and creating the future of energy, faster, while safeguarding energy security and ensuring nobody is left behind.

“Decarbonising, faster, together, is not just the theme of Adipec 2023, it is a rallying call to industry to work together to transform, decarbonise and future-proof our industry. We want to accelerate the innovation and tangible actions needed to enable a lower-carbon and higher-growth future for the world.”

Amin Nasser, President and Chief Executive Officer of Aramco, commented that: “At Aramco, we believe that energy security and sustainability can co-exist. We remain committed to helping supply the world’s growing energy needs as we also expand our efforts to develop lower-carbon solutions that will provide future generations with cleaner and more sustainable energy.”

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The Dubai Electricity and Water Authority (DEWA) has commissioned the 200MW second unit of its parabolic basin solar complex. This is a key element in the fourth phase of deployment for the Mohammed bin Rashid Al Maktoum Solar Park.

This phase uses the Independent Power Producer (IPP) model, with investments of up to US $4.3bn. It is set to provide clean energy for approximately 320,000 residences and reduce carbon emissions by 1.6m tonnes annually. The 950MW 4th phase is the largest single-site project in the world combining both Concentrated Solar Power (CSP) and photovoltaic technologies.

Saeed Mohammed Al Tayer, Managing Director and CEO, DEWA commented: “The Mohammed bin Rashid Al Maktoum Solar Park’s projects constitute one of the key pillars of the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of the energy production capacity from clean energy sources by 2050. Commissioning the 200MW second unit of the parabolic basin complex in the fourth phase increased the solar park’s production capacity to 2,627MW, and Dewa’s total production capacity to 15,117MW.”

“The fourth phase of the solar park supports DEWA’s efforts to increase the share of renewable and clean energy and energy storage. DEWA is implementing other energy storage projects, including the 250MW pumped-storage hydroelectric power plant in Hatta, with a storage capacity of 1,500MW-hours, and the Green Hydrogen project that produces and stores hydrogen using solar energy,” he added.

The Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world, with a planned total capacity of 5,000MW by 2030. DEWA and the Acwa Power-led consortium, established Noor Energy 1 as a project company to design, build, and operate the 4th phase of the park. DEWA holds a 51% stake in the company, Acwa Power holds 25%, and the Chinese Silk Road Fund owns 24%.

The 4th phase of the Solar Park uses three hybrid technologies to produce clean energy: 600MW from a parabolic basin complex (three units of 200MW each), 100MW from the world’s tallest solar power tower at 262.44m (based on Molten Salt technology), and 250MW from photovoltaic solar panels. So far, 717MW have been commissioned from this phase, which will have the largest thermal storage capacity in the world of 15 hours, allowing for solar energy availability round the clock.

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In Q2 2023, Abu Dhabi saw exceptional growth in the construction sector’s contribution to non-oil GDP. During this period, the growth rate reached 19.1% year-on-year, making the highest quarterly value-addition since 2014, at US $6.89bn. This was in no small part thanks to the sector’s projects being able to achieve high completion rates, according to statistical estimates published by the Abu Dhabi Statistics Centre.

Moreover, the construction sector’s overall contribution to Abu Dhabi’s GDP amounted to 8.8% during Q2 2023, the centre noted.

Abu Dhabi’s non-oil economy showed a substantial 12.3% growth in the second quarter of this year, helping the overall GDP to post a 3.5% increase compared to the same period in 2022.

The value of the emirate’s real non-oil GDP increased to $42bn, the highest since 2014 – and breaking a record set in the first quarter of current year, where it surpassed $40bn.

According to preliminary estimates, the value of Abu Dhabi’s real GDP in the second quarter of 2023 reached its highest level at $78.1bn, driven by the growth of all non-oil activities, and continuing the increase of its contribution to the GDP to 53.7%. This boosted the growth of the emirate’s non-oil GDP by 9.2% in the first half of 2023 compared to the same period last year.

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