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☆ Why Bulgari and Armani are building designer homes in Dubai
▼ + stars: | 2024-02-05 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +9 min

CNN —Armani… Bulgari… Versace…The list reads like the directory of a designer shopping mall. It has more luxury branded residences than anywhere else in the world, knocking South Florida, the sector’s longstanding leader, off the top spot last year. On average, branded residences command a 30% premium compared to similar-quality properties in the same location. The deposits for off-plan purchases can often amount to more than $1 million for prime real estate. “There is a big appetite from both buyers as well as the developers, to continue with branded residences,” said Piro.

Persons: CNN — Armani, Bulgari … Versace, Savills, ”, Patricia Viel, ” ACPV, Bulgari, Viel, Faisal Durrani, Knight Frank Middle, Knight Frank’s, Knight Frank, it’s, Durrani, Rosa Piro, Tadao Ando, Arada, Piro, Armani, Giorgio Armani, Arada Durrani Organizations: CNN, Villa, ACPV, Neverending, Bulgari, Michelin, Resorts, Knight, United Arab, “, Armani, Jumeirah Locations: Dubai, South Florida, Milan, there’s, Aspen, Miami, Algarve, Bahamas, United Arab Emirates

☆ Dubai penthouse sells for record $136 million
▼ + stars: | 2023-12-05 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +6 min

CNN —A five-bedroom penthouse covering almost 22,000 square feet has sold in Dubai for 500 million UAE dirhams — just over $136 million — setting a new record for one of the world’s busiest luxury real estate markets. Record salesThe previous record for a penthouse sale in Dubai dates back just a few months, when an apartment occupying the top floor of the Marsa Al Arab Hotel sold for 420 million UAE dirhams (about $114 million). According to Provident Estate, the penthouse at Como Residences is the third most expensive in the world, after Penthouse D at One Hyde Park in London, priced at $237 million, and the Odeon Tower Penthouse in Monaco, priced at $440 million. Shutterstock Palm Jumeirah also boasts the first monorail in the Middle East, which opened in April 2009, and connects the Palm to Dubai's mainland. But when it comes to the asking price for a penthouse, the view is one of the key drivers.

Persons: CNN —, Nahkeel, Karim Sahib, Giuseppe Cacace, Shutterstock, Kamran Jebreili, ”, Chris Boswell, he’s, ” Boswell, “, it’s Organizations: CNN, UAE dirhams —, Jumeirah, Provident Estate, Marsa Al Arab, UAE, Como Residences, Penthouse, Dubai Marina, Getty, Burj Locations: Dubai, Como, Marsa, Hyde, London, Monaco, Burj Al Arab, Burj, Eastern Europe, Dubai's, Nakheel, AFP, Karim, Burj Al, United States, Italy, France

☆ Dubai’s Costly Water World
▼ + stars: | 2023-11-18 | by ( Arielle Paul | ) www.nytimes.com time to read: +2 min

At Deep Dive Dubai, the equivalent of six Olympic-size swimming pools of water fills an underwater city shaped like a giant oyster, inspired by the emirate’s pearl-diving heritage. At the foot of the building, the 30-acre Burj Lake and its five dancing fountains use a wastewater reclamation system by Hitachi that reuses the Burj Khalifa’s sewage water to replace fountain water lost each day. The construction of Dubai’s artificial islands also strains the Gulf’s water resources. One study found that the average water temperature around Palm Jumeirah island, designed by HHCP Architects, increased by roughly 13 degrees over 19 years. “Developing close to the water is much more preferred than developing in the desert landscape, and you are increasing the coastline,” Dr. Alawadi said.

Persons: Adrian Smith, Alawadi, Smith Organizations: Dive, Emaar, Hitachi, HHCP Architects Locations: Dive Dubai, Burj, Burj Lake, Persian, Dubai

☆ Dubai is hoping to launch a fully operational flying taxi service by 2026
▼ + stars: | 2023-10-01 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +2 min

The city of Dubai hopes to create a flying taxi network by 2026. The network, built by Skyports, would take passengers to major city destinations via compact electric flying vehicles. Other flying taxi services are also looking to launch in major cities across the world. AdvertisementAdvertisementDubai hopes to be the city leading the flying taxi future by completing a fully operational flying taxi network by 2026. Four landing sites are planned to be built near Dubai International Airport, Palm Jumeirah, Dubai Downtown, and Dubai Marina.

Persons: Skyports, — Organizations: Service, Times, United, United Arab Emirates, Dubai International, Palm Jumeirah, Dubai Downtown, Dubai Marina, Joby Aviation, Paris . Airlines Locations: Dubai, United Arab, Palm, New York, Los Angeles, Paris, Delta, United, Skyports

☆ UAE crypto scammer sentenced to 8 years in prison for multimillion dollar fraud scheme
▼ + stars: | 2023-07-19 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

A United Arab Emirates resident and Nigerian citizen was sentenced to 8 years in federal prison for orchestrating a multi-million dollar fraud scheme that victimized businesses across the U.S., Illinois federal prosecutors said. Ponle worked with a network of scammers to masquerade as corporate entities using phishing emails. Ponle will forfeit those items, collectively valued at over $1 million, and pay more than $8 million in restitution to victim companies. Ponle was prosecuted despite the lack of an extradition treaty between the UAE and the United States. Federal officials at the DOJ'S Office of International Affairs worked with their UAE counterparties to secure Ponle's rendition.

Persons: Olaekan Jacob Ponle, Ponle, Royce Cullinan, Lamborghini Organizations: Jumeirah, United, United Arab Emirates, Federal Bureau of Investigation, Justice Department, Royce, UAE, Federal, DOJ'S, International Affairs, UAE counterparties Locations: Dubai, United Arab Emirates, United Arab, U.S, , Illinois, UAE, Nigeria, Nigerian, United States

☆ 3 Hilton credit cards are offering whopper welcome bonuses of up to 150,000 points plus a free night at nearly any Hilton hotel, but it's your last chance to apply
▼ + stars: | 2023-07-12 | by ( Joseph Hostetler | Jasmin Baron | Sarah Silbert | ) www.businessinsider.com time to read: +31 min

The Hilton Honors American Express Card, Hilton Honors American Express Surpass® Card , and The Hilton Honors American Express Business Card are offering a higher number of points than usual, plus a Hilton free night award certificate valid at just about any Hilton hotel (worth as much as 150,000 points). Earn 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio. Those bonus points worth $650 in travel, based on Insider's valuation of Hilton points as worth 0.5 cents each. Details Rewards Earn 12x Hilton Honors Points at Hilton per dollar for purchases made directly with hotels and resorts in the Hilton portfolio. The best Hilton card for you depends on your spending habits and how often you stay with Hilton.

Persons: Hilton, Conrad, Amex Hilton, Wells, We're, we've, Hilton Cons Organizations: Hilton, Conrad, Waldorf, Read, Service, Hilton Honors, Express, Hilton Honors American, Hilton Honors American Express, American, Honors American Express, Card Citi, Card, Target, Walmart, Citi, U.S, Honors, Chevron, Reading Chevron, Express Card, Honors American, Gold, Business, Diamond, Hilton Business, Jumeirah, eBay, Hilton Honors American Express Business, Honors American Express Business, Hilton Gold, Amex, Global, American Express Locations: Conrad Maldives, Wall, Silicon, U.S, City, Dubai

At the same time, the property price surge and demand for the ultra-high-end segment is stirring memories of old excesses. In 2008, the global financial crisis hit Dubai hard, leading to a flight of capital and people, a crash in property prices and highly leveraged flagship companies known as government-related entities (GREs) struggling to repay debts. Dubai set up a Debt Management Office in 2022, has repaid or restructured some outstanding debt, and announced plans to list government stakes in 10 companies to raise capital and deepen financial markets. 'GLOBAL SAFE HAVEN'The United Arab Emirates' commercial centre, Dubai has shovelled resources into social and business reforms and sectors like digital technology. Average property prices rose 12.8% in Q1, with villa prices up almost 15%, according to property research firm CBRE.

Persons: Knight Frank, Nasser Al Shaikh, GREs, Shaikh, Justin Alexander, Betterhomes, Richard Waind, Philippe Zuber, Beyonce, Rachna Uppal, Yousef Saba, Lisa Barrington, William Maclean Organizations: Reuters, Khalij, GlobalSource Partners, Dubai Media Office, Management, HAVEN, United Arab Emirates, Villa, Dubai Inc, Emirates, Kerzner, Thomson Locations: Ukraine, DUBAI, Dubai, glitzy, Property, Jebel Ali, Abu Dhabi, Gulf, India, Saudi Arabia, UAE

☆ Dubai ruler announces plan for mothballed second palm-shaped island
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

DUBAI, May 31 (Reuters) - Dubai’s ruler on Wednesday announced a new plan for the Palm Jebel Ali, a man-made palm-shaped island that has been dormant since 2009 following a real estate crash, and is double the size of the functioning Palm Jumeirah. State-owned company Nakheel, which was taken over by the government in 2011 as part of a $16 billion (10 billion pounds) rescue plan in the aftermath of Dubai’s 2009-2010 real estate crash, is the developer of the islands. Nakheel in November secured 17 billion dirhams ($4.63 billion) in financing as it accelerates plans for new waterfront projects including Dubai Islands, another man-made island project formerly known as Deira Islands. The real estate market in Dubai, the Middle East's financial and tourism hub, began its recovery in early 2021 as the government moved to quickly reopen its economy and airports. Reporting by Yousef Saba; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Sheikh Mohammed bin Rashid Al Maktoum, Yousef Saba, Emelia Sithole Organizations: Wednesday, Thomson Locations: DUBAI, Jebel Ali, UAE, Dubai, Ukraine, Nakheel, Deira

☆ Why an empty sand plot in Dubai sold for a record $34M
▼ + stars: | 2023-05-23 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +6 min

The sale – for 125 million dirhams (AED) – marks a whopping 242% gain over his original purchase price of 36.5 million AED, or just under $10 million, in 2021. Jumeirah Bay Island is also home to plenty of sandy beaches and a marina for dozens of yachts, high-end restaurants, a gym and a spa center. Jumeirah Bay Island, on the other hand, is much smaller at just 0.22 square miles, and is considered more exclusive. Current listings show an empty plot for sale on Jumeirah Bay Island for 90 million AED, or about $24.5 million. A three-bedroom, four-bathroom apartment in the Bulgari complex on the island is being offered for 60 million AED, or about $16.3 million.

☆ 3 Hilton credit cards are offering whopper welcome bonuses of up to 150,000 points plus a free night at nearly any Hilton hotel (even the fanciest resorts)
▼ + stars: | 2023-05-11 | by ( Joseph Hostetler | Jasmin Baron | Sarah Silbert | ) www.businessinsider.com time to read: +31 min

☆ 'A massive record-breaker': A plot of sand the size of half a football field just sold for $34 million on a luxury Dubai island
▼ + stars: | 2023-04-24 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

A plot of sand in Dubai half the size of a football field sold for $34 million, per Bloomberg. The 24,500 sq ft plot — about half the size of a football field — is on Jumeirah Bay Island, a man-made island in the shape of a seahorse. Jumeirah Bay Island is man-made, like the World Islands and Palm Jumeirah. GooglePrices on Jumeirah Bay Island are so expensive because there were only 128 plots originally put on offer. By comparison, there are thousands of homes on the tree-shaped Palm Jumeirah island, and 300 in the World Islands archipelago.

The Hilton Honors American Express Card, Hilton Honors American Express Surpass® Card , and The Hilton Honors American Express Business Card are offering a higher number of points than usual, but these offers are about to disappear. Earn 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio. Details Rewards Earn 12x Hilton Honors Points at Hilton per dollar for purchases made directly with hotels and resorts in the Hilton portfolio. Enjoy complimentary Hilton Honors Gold Status with your Hilton Honors Business Card. The best Hilton card for you depends on your spending habits and how often you stay with Hilton.

☆ A 50% rent increase? Record property demand in Dubai is creating a nightmare for some residents
▼ + stars: | 2023-03-10 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Beyond the property market, Dubai's economic boom is evident in everyday life. The Dubai International Financial Centre (DIFC) area of Dubai, United Arab Emirates, with the Burj Khalifa in the backdrop, Sept. 16, 2022. Property prices have, too — CBRE says that selling prices are up 11.5% on average in the year to February 2023. Christopher Pike | Bloomberg | Getty ImagesAccording to CBRE's research, in the year through February 2023, average Dubai rents increased by 27.7%. In the meantime, no one expects property prices to ease up anytime soon.

☆ Businessman accused by Trafigura living in Dubai's Palm Jumeirah-court document
▼ + stars: | 2023-03-08 | by ( Eric Onstad | ) www.reuters.com time to read: +2 min

LONDON, March 8 (Reuters) - Indian businessman Prateek Gupta, whom commodity trader Trafigura has accused of "systematic fraud" regarding nickel shipments, is living in the sought-after Palm Jumeirah area of Dubai, London court documents said. A London High Court judge agreed to impose a $625 million freezing order on assets controlled by Gupta and companies linked to him, which included a villa in Palm Jumeirah, the freezing order document said. A spokesperson for Gupta has said he plans to challenge the freezing order. Palm Jumeirah is a man-made island shaped like a palm and regarded as one of the most sought-after areas of Dubai. "Trafigura does not know whether Mr Gupta is the beneficial owner of this property," said an affidavit by Joseph O'Keeffe, a lawyer representing Trafigura.

For a limited time, the Hilton Honors American Express Card, Hilton Honors American Express Surpass® Card , and The Hilton Honors American Express Business Card are offering a higher number of points than usual. Limited benefits beyond earning Hilton points Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Earn 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio. Details Rewards Earn 12x Hilton Honors Points at Hilton per dollar for purchases made directly with hotels and resorts in the Hilton portfolio. Enjoy complimentary Hilton Honors Gold Status with your Hilton Honors Business Card.

☆ Beyoncé, a $100k-a-night suite and a red carpet of influencers: Dubai basks in its booming economy
▼ + stars: | 2023-01-27 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Beyoncé performs on stage headlining the Grand Reveal of Dubai's newest luxury hotel, Atlantis The Royal on January 21, 2023 in Dubai, United Arab Emirates. Mason Poole/parkwood Media | Getty Images Entertainment | Getty ImagesDUBAI, United Arab Emirates — It was the talk of the town. "Igniting the next chapter of the Atlantis legacy," Atlantis Dubai wrote in an official tweet along with a promotional video of the opening fireworks. Beyoncé performs on stage headlining the Grand Reveal of Dubai's newest luxury hotel, Atlantis The Royal on January 21, 2023 in Dubai, United Arab Emirates. "Dubai is also growing in prominence as a financial services hub as underscored by several hedge funds opening up offices there."

☆ Dubai property price rises may slow further in 2023, real-estate consultancy says
▼ + stars: | 2023-01-15 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

Dubai's property sector surged in 2020 as it opened up again during the pandemic before most major cities and as rich buyers snapped up luxury units, boosting a sector that had been sluggish since the 2014-15 oil price crash. Buyers from Pakistan were sixth, Lebanon seventh, China eighth, the United States and Canada ninth and Kyrgyzstan 10th, Betterhomes said in a report. Among residents of Dubai, Indians were the top buyers, followed by Britons, Russians, Italians and Canadians. Concerns of oversupply have long plagued the sector which saw a property bubble burst in 2009-2010, causing prices to plunge by more than half. Waind expects 30,000-35,000 new units in 2023, which he viewed as "a lack of supply in this market with population growth".

☆ These are shaping up to be the best and worst luxury real estate markets for 2023
▼ + stars: | 2022-11-29 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

Wealthy investors betting on luxury real estate would do best by putting their money in Dubai or Miami next year, according to a new report. In a ranking 25 of the world's top luxury, or "prime," real estate markets, Dubai topped the list, with prices expected to increase 13.5% in 2023, according to real estate consultancy Knight Frank. The worst performers next year are expected to be Seoul and London, with prices expected to drop 3% for both. Across the 25 cities, Knight Frank expects prices to rise by an average of 2% in 2023, revised down from the 2.7% Knight Frank projected six months ago. Political and economic volatility in many countries will also lead to a flight to safety in real estate, "pushing buyers to mature and transparent luxury markets."

That’s what you work so hard for … That’s why you play,” Rooney reminisces. The club went into administration after debts spiraled and it failed to play players their wages. “He was great to play for, he’s the reason I signed for Manchester United to play for him. Then Manchester United manager Sir Alex Ferguson congratulates Wayne Rooney after his final Premier League title win in 2013. While Rooney was in Dubai, goals from Fred and Bruno Fernandes gave the Manchester club a dominant victory over Tottenham Hotspur.

☆ United announced 7 new international routes for summer 2023 as post-pandemic demand to Europe continues to soar — see the full list
▼ + stars: | 2022-10-12 | by ( Taylor Rains | ) www.businessinsider.com time to read: +6 min

United Airlines announced three new destinations and four new city pairs coming to its network in summer 2023. The Chicago-based carrier announced its summer 2023 network on Wednesday, revealing three new destinations in Europe and four new city pairs not flown in 2022. Of the five long-haul routes announced last October, only Newark to Bergen will not return in summer 2023, Quayle told reporters. Captured Blinks Photography/Getty ImagesUnited will fly year-round between Newark and Dubai starting on March 25 using a Boeing 777-200ER. Between Washington, DC and BerlinUnited will fly between Washington DC and Berlin starting on May 25 using a Boeing 767-400ER.

☆ An $82 million mansion that's still under construction broke Dubai's real-estate record, and its design includes 18 bathrooms and a garage for 15 cars
▼ + stars: | 2022-10-03 | by ( Amanda Goh | ) www.businessinsider.com time to read: +3 min

An $82 million Palm Jumeirah villa is now the most expensive home ever sold in Dubai. The previous record was set in early April by the sale of a $76.2 million villa, also in Palm Jumeirah. Known as Casa Del Sole, the villa is located on Frond G of the Palm Jumeirah, per Bloomberg. In the exclusive neighborhoods of Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, only eight new homes are expected to be completed between 2023 and 2025, per Knight Frank. Dubai's previous real-estate record was set in early April by the sale of a $76.2 million villa, also in Palm Jumeirah.

CNN —If you look out onto the Dubai skyline, you’re likely to be admiring the work of Yahya Jan. Due for completion in 2023, the Ciel Tower will have more than 1,000 rooms and suites spread over 82 floors – and at around 1,200 feet (365 meters) high, it is set to become the world’s tallest hotel. A passion projectFor the project, Jan was tasked with designing the skyscraper on a triangular plot of land at Dubai Marina with an area of just 2,500 square meters – small for a building of that height. A rendering of Ciel Tower at night. “When you design a project as complex as the Ciel, you can never let your guard down, you can never say it’s over,” he said.

Hotelul a fost deschis în decembrie, iar piscina a stabilit recordul ca fiind „cea mai înaltă piscină infinită în aer liber dintr-o clădire” la începutul acestei luni. Cu o suprafață de 559 mp, piscina de 75 m lungime are, de asemenea, o zonă de șezlonguri pe apă și o priveliște uimitoare asupra orașului. Cei care frecventeaza piscina vor putea observa Palm Jumeirah, The World Islands și Burj Al Arab de pe acoperiș. Puteți accesa piscina doar dacă stați la hotel, iar cei care nu sunt cazați se pot îndrepta către restaurantul de pe acoperiș, Zeta Seventy Seven, de lângă acesta, care oferă preparate asiatice și priveliști la fel de uimitoare ca piscina.

Organizations: World Islands, Zeta Locations: Arab

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