Dubai’s residential property sector has 243,000 units in the pipeline from now until the end of 2027, with apartments accounting for 80% of future inventory, according to Cavendish Maxwell’s 2024 Dubai Residential Market Performance report. The booming off-plan sector continued to dominate the market, with sales four times up on pre-Covid levels. Almost 145,000 new off-plan units came to the market during the year – an average of 400 per day, the report showed.

The report said that the property market soared to record-breaking heights last year with 169,000 sales – an increase of 42% on 2023. Prices saw sustained increases during the year, ending 0.9% up month-on-month in December, and 3.1% higher than the previous quarter. Year-on-year, prices rose 16.5%, representing an increase of more than 90% on the April 2009 low.

In fact, Dubai’s residential property sector closed 2024 with 47 months of continuous price rises. However, as anticipated by Cavendish Maxwell, the rate of appreciation is starting to slow, with monthly growth now hovering around 1%, compared to previous month-on-month increases of up to 2.5%. Mortgage activity also soared in 2024, hitting an all-time high of 36,600 loans, up almost a third on 2023.

Ronan Arthur, MRICS, Partner and Head of Residential Valuation, Cavendish Maxwell said, “These impressive figures are not just the result of the recovery from the pandemic. They reflect a strong, stable property market that has seen consistent growth since 2022, driven by continued international demand from India, China and other Middle Eastern countries in particular.”

“While Dubai’s residential market remains extremely robust, with further growth expected in 2025, there are now signs of an adjustment to more sustainable levels. As with previous market cycles, the emirate’s regulators, developers and investors are taking the right steps to avoid runaway growth which, as we have seen before, could threaten market stability,” he added.

Emaar Properties, Binghatti Properties and DAMAC Properties led the new launch market in terms of both units released and sales value. In 2024, under construction projects represented 68% of the total residential market.

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The Department of Public Works (DPW) and Dar Alwd Construction (DAW) reaffirmed their shared commitment to sustainable, high-performance infrastructure solutions during a strategic visit to the PRC manufacturing facility in Qatar. The visit provided key insights into material innovation, quality assurance, and advancements in sustainable packaging and deployment strategies.

DPW, a logistics company headquartered in Dubai, specialises in cargo logistics, port terminal operations, maritime services, and free trade zones. DPW’s participation highlighted the significance of efficient supply chain integration within the construction sector. This ensures that materials are aligned with evolving regulatory and environmental standards.

Tarek Musbah Abdulrahman, General Manager of DAW said, “At DAW, we share a commitment to driving the future of infrastructure through sustainable, efficient, and high-performance solutions. This visit reflects our collective focus on enhancing resilience, optimising material efficiency, and advancing environmentally responsible construction practices.”

“By gaining deeper technical insights into PRC’s manufacturing excellence, we reinforce our confidence in its durability and suitability for the UAE’s ambitious infrastructure landscape. Through this engagement, we continue to refine our approach to delivering reliable, sustainable, and future-ready construction solutions that meet the highest global standards,” Tarek added.

The visit provided an opportunity to examine the latest developments in PRC’s production processes, ensuring that its manufacturing, packaging, and application continue to align with UAE regulations and global industry benchmarks. The delegation also explored how advanced logistics and material deployment strategies can further enhance PRC’s role in sustainable infrastructure development.

By integrating technical expertise, regulatory insights, and supply chain optimisation, DPW and DAW remain committed to delivering high-quality, sustainable solutions that drive the future of infrastructure across the UAE and beyond. With DAW at the forefront of construction solutions, the visit provided a better understanding of PRC’s durability, material integrity, and suitability for large-scale infrastructure projects across the UAE.

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Developer Palma Development has said that its Serenia Living project has reached 70% completion and is expected to be compete by the end of 2025. The ultra-premium beachfront development is being built on the crescent of the Palm Jumeirah at a cost of US $817mn.

The major milestone is said to exemplify the substantial progress toward delivering one of Dubai’s most coveted projects, further reinforcing Palma’s dedication to timely project delivery, said a statement from the company.

“Serenia Living is progressing smoothly and remains on track for the expected completion by the end of 2025, while maintaining the exceptional quality that defines all our projects. As we move into the final phase of construction anticipation continues to build among our discerning clientele, who will soon experience a new standard of upscale beachfront living,” said Omar Derbas, Executive Director, Development and Engineering at Palma Development.

The project features 226 exclusive residences, including two-, three-, and four-bedroom apartments, full-floor and half-floor penthouses, and one of Dubai’s most exclusive Sky Mansions, according to the developer.

The project’s high-end amenities include one of the largest residential swimming pools in the city, a state-of-the-art gym with a dedicated personal training area, multiple indoor and outdoor children’s play areas, and direct beach access. With its ultra-prime location, best-in-class amenities, and unwavering focus on delivering bespoke residential experiences, the project is set to become a landmark of opulence on Palm Jumeirah, it added.

As construction continues at a steady pace, Palma Development looks forward to achieving further milestones, bringing Serenia Living closer to completion and setting a new standard for ultra-premium beachfront residences in Dubai.

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NMDC Group said that it has delivered solid results for FY 2024, achieving an exceptional 57% year-on-year growth, with its revenues hitting US $7.2bn.

Announcing its full year financial results for 2024, NMDC Group said its net profit after tax rose 44% compared to 2023. Earnings per share rose by 36% and up by 59% compared to year-end 2023. 2024 was marked by the expansion of the NMDC family, as the Group launched a new entity, NMDC LTS, to focus on the regional demand for logistics and services.

This was closely followed by the strategic announcement of the acquisition of a controlling stake in Emdad, marking NMDC Group’s first entry into oilfield services. Furthermore, NMDC Group grew its net profits in 4Q24, reflecting a 43% increase compared to the same period in 2023.

On the solid performance, Chairman Mohamed Thani Murshed Ghannam Al Rumaithi said, “2024 was a landmark year for NMDC Group where we delivered a series of historic initiatives that have brought depth and diversification to our business and created immense value for our shareholders. As a continuously evolving integrated energy and marine provider, our growth mindset and leading capabilities position us to leverage new opportunities in 2025 and beyond. We look forward to continuing to support our leadership’s ambitions in driving meaningful economic growth and diversification within our sectors.”

“What’s been impressive is that our growth has been horizontal and vertical, bringing short term impact as well as long term value for our stakeholders with benefits felt across the energy and marine landscape. As we look ahead, we will continue to explore diversification strategies aimed at advancing high-growth opportunities to ensure NMDC Group remains leader in an ever-evolving landscape,” Al Rumaithi commented.

Moreover, following the group’s performance during the year, the board of directors proposed a final cash dividend for the financial year ending 31 December 2024, representing a cash dividend per share of 83 fils. This would take the group’s dividend yield to 12.9% and dividend payout ratio to 91% The robust financial performance was underpinned by increased global presence both vertically and horizontally, said a statement from the firm.

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Facilities management (FM) company Farnek has achieved record sales revenue in 2024, securing a host of new and retained contracts, valued at more than US $18.63mn. In total during 2024, Farnek was awarded more than 460 contracts, with over 1,500 additional members of staff, mobilised to sites across the UAE and Saudi Arabia, bringing their total headcount to over 9,000.

According to Markus Oberlin, Group CEO at Farnek, “2024 was an outstanding year for new business development and contract retention. We managed to increase our market share in the UAE and in Saudi Arabia, through sectors such as energy, healthcare, aviation, hospitality, retail, commercial and residential property. Given the rapid growth in real estate development, demand for innovative AI-driven smart and green solutions will continue to drive the FM market throughout the GCC, as companies strive for automation, sustainability and cost efficiency.”

Farnek has steadily increased its share of the Abu Dhabi FM market with new business wins totalling $64.8mn, which includes Khalifa Sport City, Etihad Airways Engineering and the Barakah Nuclear Power Plant. The firm also made considerable gains in the hospitality sector by winning multiple hospitality contracts valued at $19.4mn mobilising 450 staff.

Security was another sector where Farnek gained multiple contracts valued at over $6.75mn, from major companies such as GMG, Aramex, MAG EYE, AZADEA, NAS 2 and MIZA Investments.

Farnek’s home maintenance company Hitches & Glitches, secured a significant contract with Emaar Hospitality to manage back of door services, for 14 Emaar Residence Towers featuring more than 7,000 apartments, as well as the contract for King’s College Hospital and its clinics.

Farnek’s smart FM solutions company HITEK, has implemented its digital solutions at Sports Boulevard in Riyadh, with an additional contract for the mining company Maaden and has successfully developed and activated a community app for the MAG City development in Dubai plus a waste management agreement with du.

“HITEK also launched its Housekeeping Plus solution last year, a smart mobile application for the hospitality sector and its MEDTEK solution has been set up successfully and is already supporting more than 10,000 patients,” added Oberlin.

Another achievement in 2024 was Farnek’s support for the Burj Khalifa’s successful LEED O+M Platinum Certification. Farnek has been providing MEP hard services for the world’s tallest building since 2010. Farnek services a wide range of industry sectors and its scope of work includes a considerable number of contracts for total facilities management (TFM), as well as dedicated hard and soft services such as MEP, cleaning, maintenance, security and housekeeping, amongst others.

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There has been a marginal rise in the number of announced greenfield projects across the GCC in 2024, up 1% to 1,830 from 1,813 the previous year. The growth is being spearheaded by the Kingdom of Saudi Arabia and the UAE.

As the primary destination market for greenfield foreign direct investments (FDI) within the GCC, Saudi Arabia walked away with the lion’s share in 2024, accounting for 54% of the total value of projects in the region followed by UAE with 36% share.

There does, however, appear to have been a decline in the average project value across the GCC, with the total value of projects having fallen by 26% year-on-year in 2024. The Kingdom has set an explicit target for FDI in its Vision 2030 plans, hoping to attract $100bn annually by 2030, with greenfield FDI projects playing an important role in reaching that figure.

The primary sources of FDI into GCC economies in 2024, on a value basis, included the US (25%), China (17%), the UK (9%) and India (9%). The UAE also made a material contribution to greenfield FDI in the rest of the GCC, accounting for 5% of announced projects in 2024. Sectors seeing the highest value of greenfield projects include communications (18%), renewables (14%), metals (8%), electronic components (8%), as well as coal, oil and gas (8%).

Notwithstanding, the value of greenfield project announcements across Saudi Arabia declined 28% y/y in 2024 to almost US$22bn, but remains a strong showing, being the third highest annual value on record.

Scaling up to achieve the required levels of inflow will be facilitated by a series of reforms. These include allowing 100% foreign ownership of companies, a bankruptcy law, and more recently a new law unifying the treatment of foreign and local firms to ensure a level playing field.

The US, China, the UK and the UAE were the top source countries for Saudi greenfield projects last year. The value of projects stemming from the US saw a sharp rise in 2024, driven by a $5.3bn investment by Amazon Web Services in data and innovation centres.

Meanwhile, Dubai remained the largest recipient of greenfield FDI in the UAE, accounting for around 58% of the total value of announced projects, followed by Sharjah with almost 12% in 2024, it stated.

Industries that saw the largest value of announced greenfield projects in the UAE in 2024 include real estate, software & IT, renewables, coal, oil and gas, business services, and automotive OEMs.

The UAE features as the source country for two of the top 10 projects by value of investment, including a real estate investment into Ras El-Hekma in Egypt by ADQ and an investment by Mubadala in semiconductor manufacturing in the US.

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Sunrise Capital has launched its latest luxury residential project, Bellagio, located in the Wasl Gate community in Jebel Ali. Valued at US $100mn, the community consists of two blocks with 12-storeys each and 255 residential units, with a range of designed one-, two- and three-bedroom apartments.

Each unit will feature spacious layouts and smart home technology, ensuring a blend of luxury and convenience. The construction for Bellagio started in January this year and completion and handover are anticipated in Q3 2027, the firm explained.

Yogesh Bulchandani, Founder and CEO of Sunrise Capital commented, “We are confident that Bellagio will set a new benchmark for luxury living in Dubai, offering residents a truly connected lifestyle within the vibrant Wasl Gate community. Sustainability is woven into the fabric of Wasl Gate’s design, featuring energy-efficient lighting, electric vehicle charging stations, and advanced waste recycling systems. This commitment to sustainability aligns with Sunrise Capital’s vision of creating eco-friendly and future ready communities.”

With a focus on community, connectivity, and sustainability, Bellagio will boast a host of amenities, including a temperature-controlled swimming pool, gym, spa, outdoor cinema, dedicated kids’ room, versatile multipurpose room, meeting rooms, co-working spaces and dedicated concierge services. The attention to detail in the project’s interior design, with clean lines, fixtures, and warm wood accents, creates a bright and inviting atmosphere for natural elegance, said a statement.

For investors, Wasl Gate’s prime location along Sheikh Zayed Road offers access to business districts, shopping centres, and entertainment spots. The project is just minutes away from the city while providing the serenity of green spaces like Central Park at Wasl Gate, where residents can unwind and connect with nature, it added.

Sunrise Capital said that it aims to become a trusted name in the UAE real estate market. By focusing on projects quality, customer care, and innovation, the company is focused on reshaping urban communities in the UAE, while setting a new benchmark in the region.

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Developer Dar Global has launched DG Villas, a collection of luxury residences at Jumeirah Golf Estates in Dubai. With a project value of US $381mn, the project aims to redefine the concept of refined living with architectural elegance, and panoramic views to create sustainable living experience.

DG Villas showcases Dar Global’s commitment to architecture, locations, and interior specifications; villas will feature expansive living spaces, sophisticated interiors, and private gardens ensuring comfort and refinement, the developer said.

Ziad El Chaar, CEO of Dar Global commented, “Recognising the sophisticated demands of Dubai’s luxury property market, Dar Global presents DG Villas, embodying our vision to create exceptional living experiences in the world’s most desirable locations. DG Villas offers more than just residences; it provides a curated lifestyle integrating serenity and sophistication within Jumeirah Golf Estates, catering to the most discerning tastes and investment goals.”

“This limited edition of luxury housing also represents our commitment to providing unparalleled cross-border investment opportunities through luxury second homes and holiday residences. Dar Global is uniquely positioned to deliver not just a residence, but a lifestyle that meets the evolving needs of the Dubai market,” El Chaar added.

DG Villas’ residents will receive priority access for clubhouse with gourmet dining options, preferential rates on golf lessons and spa treatments, resort-style swimming pools, fitness centres, tennis and paddle courts, children’s play areas surrounded by landscaped parks and green spaces, discounts at various dining and retail outlets within the community. Four- and five-bedroom villa floor plans are also available, catering to diverse needs and preferences, the developer outlined.

Jumeirah Golf Estates is said to provide residents with convenient access to key attractions, including shopping destinations, dining, and a diverse range of entertainment options. Its strategic location, just minutes from major highways and business districts, ensures that every convenience is within easy reach, the statement said.

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