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☆ Dubai is building thousands of villas to meet soaring demand for upmarket property
▼ + stars: | 2024-12-05 | by ( Maria Noyen | ) www.businessinsider.com time to read: +3 min

Property prices keep rising as Dubai scrambles to build thousands more villas to meet demand. The influx of wealthy folk is causing a problem, however: there aren't enough houses to meet demand. To meet surging demand, Dubai is scrambling to build more homes. Developers will have to build even more upmarket properties to meet demand. Prices are expected to rise by 8% in 2025, yet luxury property in Dubai is still a relative bargain.

Persons: expats, Stefan Tomic, Knight Frank, Faisal Durrani, Knight Frank's, it's, Lu ShaoJi, Durrani Organizations: Dubai Market, Jumeirah, Emirates, globetrotters Locations: Dubai, East, North Africa, London, New York

☆ The super-rich are moving cash to one city, wealth manager says, revealing how they're investing
▼ + stars: | 2024-06-05 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

"A lot of wealth, especially from ultra-high-net-worth individuals, is moving to Dubai," Dhruba Jyoti Sengupta, CEO of Wrise Private Middle East, told CNBC Pro on May 31. Sengupta — whose firm serves ultra-high-net-worth and high-net-worth individuals across Asia, the Middle East and Europe — said he regularly receives inquiries from individuals about investing in Dubai. The consultancy firm, which tracks private wealth and global investment migration trends, ranked it as the 21st wealthiest city in the world. "In fact, the super-wealthy do a lot of diversification and invest in different geographies and assets using Dubai as a gateway." Portfolio allocation Sengupta also revealed how individuals with around $10 million to invest typically allocate funds: $3 million (30%) in wealth accumulation.

Persons: Dhruba Jyoti Sengupta, Sengupta —, Europe —, Sengupta Organizations: Wrise, CNBC Pro, United Arab, Henley & Partners, Citibank Locations: India, South Korea, Dubai, Asia, East, Europe, Indonesia, United Arab Emirates, Africa

☆ Dubai’s bar scene is being redefined by artisanal champagnes
▼ + stars: | 2024-03-05 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +12 min

While the city has over 13,000 restaurants, its bar scene has largely been confined to Michelin fine dining, nightclubs, and boozy brunches. Look through the gallery and see the region's other top restaurants, as selected by 50 Best list group. The 50 Best has unveiled its 2024 list of the best restaurants in the Middle East and North Africa (MENA). Al Muntaha, which was recognized by Star Wine List as having the best sparkling wine list in the UAE earlier this year, has 166 labels on its champagne list, including around 60 recently added grower champagnes, says Lacroix. Tina HillierAnd the culture around drinking is largely focused on dining or special occasions, with little in between, says Krister Bengtsson, founder of Star Wine List.

Persons: Lana —, Nicolas Caupain, ”, boozy, Caupain, Raz Rahav, Tala Bashmi, Em Sherif, Yasmina Hayek, Fawzi Al Mulki, 3Fils, Khufu's, Solemann Haddad, Moonrise, Gregoire Berger, Berger, Himanshu Saini, Pol Roger, Queen Elizabeth II, Winston Churchill, champagnes, Larmandier Bernier, Ulysse Collin, Samuel Lacroix, Al Muntaha, Lacroix, “, Josette, Veuve Clicquot, Dom Pérignon, Millau, Lana, Tina Hillier, Krister Bengtsson, it’s, Bengtsson, ” Bengtsson, Jean Imbert, — Organizations: CNN, High Society, United Arab, Michelin, Middle, Gulf, Jordanian, Trèsind, Burj, Star Wine, Arabian, BOCA, Michelin Star, Wine, UAE Locations: Dorchester, Dubai, Emirate, Islam, United Arab Emirates, UAE, East, North Africa, Tel Aviv, Tala, Manama's, Bahrain, Beirut, Giza, Cairo, Ossiano, Atlantis, BOBY, Africa, Emirates, Swedish, Dubai’s, Paris, London , New York, French

☆ Wheely, Uber's luxury competitor, launches in Dubai to take on the UAE's dominant player
▼ + stars: | 2024-02-07 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

The company, founded by Russian-Swiss entrepreneur Anton Chirkunov, told CNBC it will offer rides in the United Arab Emirates city starting Wednesday, catering mainly to wealthy clients. "European families and entrepreneurs have been moving to Dubai in the last five years," Chirkunov told CNBC in an interview ahead of the launch. Wheely's platform is tailored more toward mass market usage, however, and Chirkunov thinks his platform has an opportunity to stand out. He compares the Wheely brand to the American Express Centurion and Platinum membership credit cards in terms of brand status. Wheely plans to expand its Middle East team and chauffeur network to over 1,000 in the next three to five years, the company told CNBC exclusively.

Persons: Shariff, Covid, Anton Chirkunov, Wheely, That's, Mercedes, Chirkunov, it's, chauffeurs, Duke of Northumberland, Covid lockdowns Organizations: Russian, CNBC, United Arab Emirates, BMW, Benz, Tesla, American Express, Mercedes, East, Companies Locations: Dubai, Swiss, Europe, London, Mayfair, City of London, Wheely, Paris

☆ Most Gulf markets turn south as Credit Suisse woes roil markets
▼ + stars: | 2023-03-15 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

[1/2] Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. The lender lost almost $25 billion in market value since Oct. 27 after committing to invest in the embattled Credit Suisse. Oil — a key catalyst for the Gulf's financial markets —extended losses, with Brent crude hitting a three-month low as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. "At the same time, traders will remain attentive to the developments in global markets and central bank decisions this week and the next." Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 4.2%, with investment bank EFG Hermes (HRHO.CA) diving more than 12%.

☆ Saudi shares rise on upbeat economic data, Dubai stocks fall
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Saudi Arabia shares rose on Monday helped by strong economic data and some upbeat corporate results, while the Dubai index fell ahead of the U.S. Federal Reserve meeting. The benchmark Saudi index (<.TASI>) inched up 0.3%, erasing previous session's losses. The index was lifted by a 2.8% rise in Saudi National Bank's (<1180.SE>) shares. Saudi oil giant Aramco rose 0.4%, extending gains. The Dubai market declined as investors worldwide remain cautious ahead of the Fed's interest rate decision, said Wael Makarem, senior market strategist, MENA at Exness.

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