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Dubai property prices set to double in next 5 years, says Driven CEO

The forecast comes amid the emirate’s recent strong growth in real estate prices

Gareth van Zyl
Gareth van Zyl

07 May, 2025

Dubai property prices set to double in next 5 years, says Driven CEO
Abdullah Alajaji, CEO and founder of brokerage firm Driven | Forbes Global Properties.

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Dubai’s real estate prices could double within the next five years, says Abdullah Alajaji, CEO and founder of brokerage firm Driven | Forbes Global Properties.

The forecast comes amid the emirate’s recent strong growth in real estate prices. Dubai’s real estate market recorded 217,000 investments valued at Dhs526bn in 2024, reflecting growth rates of 38 per cent and 27 per cent in terms of number of transactions and value respectively, according to data from the government of Dubai.

But Alajaji, who launched a new report benchmarking Dubai against the world’s most established global cities earlier this week, said there’s still more room to grow as property prices in Dubai are still lower than counterparts such as New York and Singapore.

“Our thesis here is, if we’re still at one-fifth of the prices of global cities, and the cap rates are still more than double global cities, we do expect that… prices will go up,” Alajaji told Gulf Business.

Cap rates, the rental return on a property relative to its total value, are central to Alajaji’s argument.

“The cap rate is basically the yield that a property generates relative to its full value,” Alajaji explained. “For example, if you’re renting a property that nets you $50,000 a year and the value is $1m, it’s a 5 per cent cap rate.”

He added that unlike previous real estate cycles, current prices are supported by fundamentals. “I would compare this time to pre-2008. Back then, every single area went up at the same level — you’d see 30 to 40 per cent increases in a single year, whether you were in JVC or Palm Jumeirah. But rental yields were much lower. Today, rents have gone up in tandem with prices, which suggests real demand.”

Dubai’s position as a Tier-1 city

The report released by Driven earlier this week, entitled Dubai on the Verge of Tier-1 City Recognition, introduces the company’s Tier-1 City Index. It benchmarks Dubai against New York, London, Paris, Singapore, Sydney and Hong Kong across 28 indicators including infrastructure, quality of life, safety, economic depth and international appeal.

Dubai ranked fifth out of seven global cities in the index, with standout scores in infrastructure (2nd), international appeal (3rd), safety and security (4th), and quality of life (4th).

Alajaji also highlighted the strength of Dubai’s transaction activity.

“The value of transactions in Dubai reached around $200bn last year — three times higher than London,” he said. “That signals maturity. It shows there’s real depth and liquidity.”

The report found that 43 per cent of survey respondents believe Dubai’s property prices are fairly valued, while 35 per cent saw them as somewhat overvalued. Just 11 per cent believed they are undervalued.

As for market sentiment, Alajaji said: “Overall, we see a stabilisation of the market. The way I would navigate it… is to look at areas that have limited supply of new land available for development.”

He remains bullish on the city’s long-term potential. “We continue to invest in the growth of the city,” he said. “We like it, we enjoy it, and we have fun doing it — so we’ll continue doing so.”

Oman clarifies visa expiry fine waivers: What you need to know

Expats wishing to regularise their status by renewing their residency or transferring their employment within Oman

Nida Sohail
Nida Sohail

07 May, 2025

Oman clarifies visa expiry fine waivers: What you need to know
Image credit: Getty Images

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The Royal Oman Police (ROP) has clarified via social media that fines and legal proceedings will be waived for undocumented laborers and visitors who remain in the Sultanate of Oman after their visa validity has expired.

Read-New rule for businesses in Oman: Here’s what you need to know

The Ministry of Labour (MoL) in Oman had earlier announced this exemption to help individuals whose visas or residency permits have expired to leave the country without penalties. However, this facility does not apply to those involved in any criminal activity.

According to a report in the Oman Observer, the initiative is part of broader efforts to streamline the labor market in Oman.

Expiration of residency permits

The MoL stated that this facility is intended for illegal workers whose residency permits have expired and who wish to leave the country. These individuals can apply through the ministry’s website by following the outlined steps. They will receive a notification from the ministry within about a week. To complete their exit, they simply need to present a valid airline ticket to their home country.

Speaking to the Observer, an ROP official confirmed that undocumented immigrants may leave Oman freely if they have not committed any criminal offenses, and provided their departure complies with the Ministry of Labour’s stated conditions.

“The Royal Oman Police (ROP) has followed with interest the reports circulating about exemption from fines and financial obligations imposed on individuals and employers. It clarifies that the exemption includes the specific cases referred to in the Ministry of Labour’s announcement regarding correcting conditions and settling fines and financial obligations imposed on individuals and employers,” the official said.

Categories of exemption

There are two primary categories eligible for this exemption:

Expats wishing to regularise their status by renewing their residency or transferring their employment within Oman. These individuals will be exempt from fines related to expired visas and residence cards, after the Ministry of Labour confirms their status has been corrected.

Individuals wishing to leave Oman permanently will be exempt from all fines related to expired visas not linked to employment.

The ROP has confirmed that all necessary technical systems have been put in place to facilitate these transactions. It urges all eligible individuals to take advantage of this grace period, which runs until Thursday, July 31, 2025.

dnata to deploy 800 ground support units globally in $110m investment drive

More than 40 per cent of dnata’s GSE fleet is already electric in key markets including Italy, Switzerland, the Netherlands and the UK

Gulf Business
Gulf Business

07 May, 2025

dnata to deploy 800 ground support units globally in $110m investment drive
Image: WAM

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Aviation company dnata said on Tuesday it will deploy 800 new ground support equipment (GSE) units across 10 countries in 2025, as part of a $110m rollout aimed at boosting operational efficiency and reducing emissions.

The equipment will be introduced under long-term framework agreements signed in 2024 with leading manufacturers, valued at $210m, to secure a consistent supply of advanced, lower-emission GSE.

The new units will primarily be deployed in the UAE, Brazil, Italy, the US and Singapore, reflecting dnata’s growing operations in these markets.

“Our continued significant investment in our modern fleet reflects both the scale of our expansion and our ambition to lead the industry in operational excellence and sustainability,” said Clive Sauvé-Hopkins, CEO – dnata Airport Operations.

“We are accelerating the adoption of zero-, and low-emission technology wherever the infrastructure supports it – and where it is still developing, we proactively work with our partners to implement the most practical and forward-looking solutions,” he added.

dnata fleet is transitioning to cleaner energy sources

dnata’s global fleet strategy focuses on transitioning away from diesel engines in favour of electric, hybrid, or hydrogen-powered alternatives, depending on local infrastructure and operational conditions.

More than 40 per cent of dnata’s GSE fleet is already electric in key markets including Italy, Switzerland, the Netherlands and the UK.

The company is also working with biofuel suppliers to further reduce its carbon footprint. In Dubai, dnata has transitioned its entire non-electric fleet to biodiesel, contributing to emission reductions at one of the world’s largest transport and logistics hubs.

Operational efficiency remains a core priority, with dnata deploying Vehicle Tracking Management systems to monitor fuel consumption across its fleet. It also carries out logistics mapping to minimise airside travel distances and optimises shift schedules and parking slots to reduce idle fuel burn.

Sauvé-Hopkins added, “We take a long-term, data-driven approach and adapt to the realities on the ground. This is how we deliver strong performance, while reducing our carbon footprint for the benefit of our customers, people and communities.”

Abdulla bin Damithan on how DP World’s Jafza has become a global trade powerhouse

As Jafza marks four decades of operations, DP World GCC CEO reflects on its evolution from a modest cargo base to one of the world’s most advanced trade ecosystems

Neesha Salian
Neesha Salian

07 May, 2025

Abdulla bin Damithan on how DP World’s Jafza has become a global trade powerhouse
Image: Supplied

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In 1985, a modest cluster of 19 companies set up shop near Jebel Ali Port — part of a bold new vision to turn Dubai into a global logistics and trade hub. Today, that vision is embodied by the Jebel Ali Free Zone (Jafza), which celebrates its 40th anniversary as one of the world’s most successful economic zones.

Home to over 11,000 businesses, Jafza is now a vital pillar of Dubai’s non-oil economy and a cornerstone of DP World’s integrated trade model.

Jafza’s status as a global leader in free zone development was reaffirmed in 2024 when it was named the top global free zone by Financial Times‘ fDi Intelligence, as well as the top zone in the industrial and sustainability categories.

Jafza is also committed to achieving carbon neutrality by 2040 and net-zero emissions by 2050, aligning with the UAE’s Net Zero 2050 strategy. As part of this commitment, the free zone is now fully powered by renewable energy through International Renewable Energy Certificates (I-RECs) sourced from the Dubai Electricity and Water Authority. Jafza is also home to the Middle East’s largest distributed solar rooftop project, with 158,000 panels installed across various buildings, including warehouses and car park canopies. In recognition of its sustainability efforts, Jafza has received the Science Based Targets initiative (SBTi) verification, considered the gold standard for setting sustainability targets. By 2026, Jafza aims to divert over 80 per cent of its waste from landfills, further supporting the UAE’s transition to a circular economy.

In this conversation with Gulf Business, Abdulla Bin Damithan, CEO and MD of DP World GCC, shares how the free zone has evolved to stay ahead of global trade shifts, embraced digital transformation, supported national talent, and become a blueprint for future-ready free zones worldwide.

Here are excerpts of the conversation

Jafza is celebrating a significant milestone — 40 years of operations. From its inception as a regional trade zone to becoming a global model, what stands out to you about this journey?

Jafza’s journey began in 1985, following a decree in 1980 by the late Sheikh Rashid bin Saeed Al Maktoum, At that time, we had Jebel Ali Port and needed to establish a cargo base. We started with just 19 companies. Over the years, we’ve navigated various economic phases, especially in this dynamic region.

Today, we’re proud to host over 11,000 companies, including more than 100 Fortune 500 firms. Jafza now serves not just Dubai or the UAE, but the broader region, and has become a model for other economic zones globally.

How has Jafza utilised Dubai’s growing prominence and infrastructure to attract investment and build a competitive edge?

Over the past 40 years, we’ve accumulated extensive experience and adapted continuously to global shifts. Our strength lies in integration: Jebel Ali Port, Jafza free zone, and, in the future, Al Maktoum International Airport — all working in tandem. This kind of connectivity — by sea, land, and air — is unparalleled globally.

We’re also future-ready: the Etihad Rail project will extend into Jafza, further enhancing connectivity. Our global network enables us to manage the entire supply chain — from factory floor to customer door.

We don’t just offer land — we offer partnerships, understanding our clients’ businesses, and providing tailored solutions. This approach helps our clients create value and access new markets.

Jafza is seen as a benchmark for other economic zones. What best practices or features do others aim to emulate?

We facilitate over Dhs620bn worth of trade annually. Our success is rooted in continuous innovation — be it digital transformation, AI adoption, or automation. Today, customers can complete all services online without visiting an office, thanks to platforms like Dubai Trade.

Our port is now fully automated, and most of our operations are digitised. These efforts reduce costs, save time, and simplify business, making us a model for modern, tech-driven free zones.

How does Jafza contribute to Dubai’s D33 vision, particularly in terms of FDI and non-oil trade diversification?

What we did 40 years ago won’t carry us into the next 40. We’re now focused on attracting advanced manufacturing firms, including SMEs.

Modern manufacturing demands advanced infrastructure, which we are investing in — both our own and tailor-built facilities for clients.

Companies like Eaton and A-Heat are great examples —they represent the high-tech, future-oriented industries we aim to attract. Continuous investment in capabilities ensures we stay aligned with Dubai’s ambitions and the D33 strategy.

Jafza is known as a great place to work, with many long-serving employees. How are you encouraging local talent to join the company?

We’ve always prioritised developing Emirati talent. Programmes like Tomoh allow fresh graduates to gain experience by working in different companies within Jafza, helping them build their careers.

Other initiatives like Ta’heel and Rawad offer scholarships and training, preparing nationals not just for roles in Dubai but across our global portfolio.

Looking ahead, where do you see Jafza in the next decade?

Our journey over the past 40 years has been successful, thanks to support from the government, our team, and a clear vision. Moving forward, we aim to take Jafza to the world by expanding our global footprint.

Jafza’s successful model has already been replicated by DP World across 11 economic zones worldwide — including the Dominicana Economic Zone in the Dominican Republic, Berbera Economic Zone in Somaliland, London Gateway in the UK, and the Chennai Free Trade Zone in India.

With more than 8,900 hectares of operational free zones and another 670 under development, these zones are unlocking new markets for our customers, enabling them to grow beyond Dubai while driving foreign investment, job creation, and industrial development across Asia, the Middle East, and Africa.

With the current geopolitical tensions and global challenges, how is Jafza adapting to ensure continued growth?

Challenges have always been part of our journey — from regional conflicts to global economic downturns. We focus on building resilient infrastructure and expanding our capabilities. Dubai’s strategy of signing comprehensive economic partnership agreements (CEPAs) with countries like India has boosted trade significantly.

Such agreements open new opportunities for our customers and strengthen our position in global trade.

Can you elaborate on initiatives like Yiwu Market and Bharat Mart and their significance?

We’ve launched Yiwu Market to facilitate the import of Chinese products to Dubai for re-export. Additionally, Bharat Mart, announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai , is a 2.7 million square foot facility designed to bring Indian products to Jebel Ali for global distribution. We’re also planning similar initiatives with countries like Turkey, Pakistan, and Indonesia, further enhancing Dubai’s role as a global trade hub.

As a leader, what values have guided you in steering Jafza to its current success?

Our foundation was laid by the visionary leadership of Sheikh Rashid. We’ve built upon that vision, differentiating Dubai and Jafza from others.

Teamwork, clear communication, and a shared vision have been crucial. Our commitment to innovation, customer-centricity, and sustainability ensures we remain at the forefront of global trade and logistics.

ADNOC Murban issues $1.5bn sukuk in debut offering

The $1.5bn sukuk, issued on the International Securities Market of the London Stock Exchange, matures on May 6, 2035

Gulf Business
Gulf Business

07 May, 2025

ADNOC Murban issues $1.5bn sukuk in debut offering
Image: ADNOC

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ADNOC Murban Sukuk Limited, a special purpose vehicle established to issue sukuk certificates, has successfully launched its inaugural Shari’a-compliant trust certificates under its newly created International Sukuk Programme.

The $1.5bn sukuk, issued on the International Securities Market of the London Stock Exchange, matures on May 6, 2035, and offers an annual profit rate of 4.75 per cent payable semi-annually.

The obligor of the sukuk is ADNOC Murban RSC, a wholly owned subsidiary of ADNOC, and the ADNOC Group’s primary issuing and rated entity in debt capital markets.

Sukuk garners strong demand from global Islamic investors

Priced on April 28, 2025, the issuance garnered strong demand from global Islamic investors, reflecting market confidence in ADNOC’s high credit quality and robust performance across commodity cycles.

The transaction achieved one of the lowest-ever new issue premiums for Shari’a-compliant securities in the region and marked the tightest-ever corporate US dollar 10-year spread in the regional market.

This sukuk issuance builds on ADNOC Murban’s broader funding strategy, following its inaugural gobal medium term note bond issuance in September 2024 and a green financing facility secured in June 2024.

Net proceeds from the sukuk will be used by ADNOC Group for general corporate purposes.

ADNOC Murban holds credit ratings of “Aa2” from Moody’s Investor Services, and “AA” from both Standard & Poor’s (S&P) and Fitch Ratings, mirroring the ratings of its shareholder, the government of Abu Dhabi.

The sukuk itself is rated “Aa2” by Moody’s and “AA” by Fitch.

Standard Chartered Bank served as the sole global coordinator and joint sukuk structuring bank.

Active bookrunners and joint sukuk structuring banks included Abu Dhabi Islamic Bank, Dubai Islamic Bank, and First Abu Dhabi Bank.

Emirates NBD Capital, Abu Dhabi Commercial Bank, MUFG, and Morgan Stanley acted as active bookrunners, while KFH Capital, Sharjah Islamic Bank, SMBC, and the Islamic Corporation for the Development of the Private Sector participated as passive bookrunners.

Emirates to introduce non-stop flights to this Chinese city

The new route will be operated by a three-class Boeing 777-300ER, offering a total of 2,478 weekly seats

Gulf Business
Gulf Business

07 May, 2025

Emirates to introduce non-stop flights to this Chinese city
Image: Emirates

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Emirates will launch a new daily non-stop service between Dubai and Hangzhou starting July 30, marking its fifth gateway into the Chinese mainland after Beijing, Guangzhou, Shanghai, and Shenzhen.

The new route will be operated by a three-class Boeing 777-300ER, offering a total of 2,478 weekly seats.

Emirates flight EK310 will depart Dubai at 0940hrs and arrive in Hangzhou at 2200hrs. The return flight, EK311, will leave Hangzhou at 0010hrs, arriving in Dubai at 0455hrs.

“Launching a new Dubai-Hangzhou route marks a pivotal moment in our operations in the Chinese mainland and broader East Asia region,” said Adnan Kazim, Emirates’ deputy president and CCO.

“As an emerging global hub for innovation, e-commerce and advanced manufacturing, Hangzhou will open doors to new opportunities for our passenger and cargo operations, further strengthening the vital economic and technological exchanges between the Middle East and China,” he addded.

He added, “The addition of a fifth gateway in our Chinese mainland network will not only enhance connectivity for travellers but also offer businesses efficient access to and from key East Asian markets.”

Emirates SkyCargo to use new route to the Chinese city to extend cargo footprint

Emirates SkyCargo will use the Hangzhou route to strengthen its cargo footprint in East Asia, supporting trade flows and reducing transit times for high-value and time-sensitive goods such as electronics, e-commerce products, pharmaceuticals, and perishables. The service will help reinforce Hangzhou’s status as a major cargo hub and cross-border e-commerce gateway.

With the addition of Hangzhou, Emirates will operate 49 weekly flights to the Chinese mainland, including double daily services to Beijing and Shanghai, daily services to Guangzhou and Shenzhen, and the new daily service to Hangzhou.

Read: Emirates inks new codeshare partnerships with these airlines, signs more MoUs

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