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☆ 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

One Russian banking source close to the Russian central bank said receiving revenue in a non-convertible currency with little value outside India was "pointless". They said, however, the problem remained of finding a viable alternative to the dollar, and that the problems affect buyers in Africa, China and Turkey which have become top buyers of Russian oil. The biggest issue, however, concerns India, which has been buying more than 60% of Russian seaborne oil, according to LSEG data and Reuters calculations. India's top refiner Indian Oil Corp (IOC.NS) is struggling to settle some payments, mainly for the purchase of Russia's light, sweet Sokol grade from the Sakhalin 1 project. From October, several UAE banks have tightened control over Russia-focused clients to ensure compliance with the price cap, according to five oil trading and bank sources.

Persons: Yang Mei Hu, Tatiana Meel, Ivan Nosov, Sokol, YUAN, Barbara Lewis Organizations: COSCO Shipping, REUTERS, U.S ., UAE, Reuters, Indian Oil Corp, Sokol, IOC, UAE dirhams, Thomson Locations: Nakhodka, Russia, Ukraine Russian, MOSCOW, DELHI, Ukraine, India, Russian, Hong, Africa, China, Turkey, Washington, Moscow, United States, Russia's, Sakhalin, UAE

☆ Russia's Sberbank launches Indian rupee accounts for individuals
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows the logo of Sber (Sberbank) at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 15, 2022. REUTERS/Anton Vaganov/File PhotoMOSCOW, June 14 (Reuters) - Russia's dominant lender on Wednesday said individuals could now open accounts in Indian rupees, expanding the range of foreign currencies available as Moscow strives to reduce dependency on the U.S. dollar and euro. "As Sberbank has highlighted, the bank supports the trend of de-dollarisation and constantly increases the number of foreign currencies available to clients," Sberbank said in a statement. Sberbank has more than 100 million retail clients and already offers deposits in China's yuan and UAE dirhams. "Other soft currencies are still only looking for their consumers in Russia, acting as niche offers," he added.

Persons: Anton Vaganov, Sberbank, Anatoly Pechatnikov, Elena Fabrichnaya, Alexander Marrow, Louise Heavens, Sharon Singleton Organizations: St ., Economic, REUTERS, U.S ., UAE dirhams, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, MOSCOW, Moscow, yuan, UAE

☆ The world's most expensive license plate just sold for $15 million in Dubai
▼ + stars: | 2023-04-11 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

A license plate believed the world's most expensive just sold for $15 million. Emirates Auction, which auctioned off the license plate in Dubai on Saturday, said that it was a new record. The most expensive license plate sold prior to the weekend's auction was the single digit "1," according to the Guinness World Records. In Hong Kong, a license plate with just the letter "R" sold for 25.5 million Hong Kong dollars, or around $3.2 million, in February. Dubai-based businessman, Balvinder Singh Sahni, told Bloomberg that he had bought the license plate "D 5" for 33 million dirhams in 2016.

☆ 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.

This has led to two IHC subsidiaries rounding out the three biggest companies on the Abu Dhabi Securities Exchange (ADX). ITH was expected to turn over half a billion dirhams ($136 million) and have $1 billion in assets by the second quarter, Shueb said. Pure Health, under Alpha Dhabi, aims to raise more than $1 billion in a first-quarter IPO delayed from this year. Its merger with state-owned Abu Dhabi Health Services (SEHA), which Shueb said has almost 24,000 employees, is taking longer than expected, delaying the IPO. IHC, which completed four IPOs this year and plans a similar number in 2023, has yet to appoint banks for the Pure Health IPO, Shueb said, adding it is considering a possible 2023 IPO of International Energy Holding.

☆ Superyacht rentals, private jets and a soccer-themed hotel: Dubai is cashing in on the Qatar World Cup
▼ + stars: | 2022-11-24 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

A yacht that can be rented to watch the World Cup while sailing around Dubai is docked in Dubai harbor on November 1, 2022, ahead of the Qatar 2022 FIFA World Cup football tournament. Paul Griffiths, CEO of Dubai Airports, in August called Dubai "the major gateway" to the World Cup and predicted it would see more tourists than Qatar itself. Getty Images | A general view of the West Bay area ahead of the FIFA World Cup Qatar 2022 at on November 18, 2022 in Doha, Qatar. "Its tourism infrastructure and straightforward entry requirements make it a convenient base for World Cup fans." Dubai, meanwhile, as a city has more than 140,000 hotel rooms, according to hotel data firm STR.

☆ Want to cash in on the FIFA World Cup? HSBC names the global stocks set to win
▼ + stars: | 2022-11-21 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

There will be winners and losers at this year's FIFA World Cup — both in the stadium and stock market. Aviation fuel provider Qatar Fuel and hotel operator EMAAR Properties also made the bank's list of beneficiaries. But risks remain for investors, highlighted by the Qatari government's last-minute ban on sales of all beer at and around World Cup stadiums. Qatar Fuel, the exclusive jet fuel supplier in Qatar, will likely benefit from the World Cup almost immediately. The World Cup won't just benefit consumer companies in Qatar and the surrounding region, but the world over.

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