Imran Farooq is no stranger to Dubai’s fast-moving real estate game.

As CEO of Samana Developers, he has steered the company into the top tier of the emirate’s fiercely competitive off-plan market — so much so that its recent billboard campaign proudly touts its place as the “7th largest developer” in Dubai, a rare show of confidence in a city where everyone claims to be number one.

Under Farooq’s leadership, Samana has posted extraordinary annual growth of 229 per cent over the past five years, launching projects across residential, retail, office and even hospitality. The company has also expanded internationally, with a headline-grabbing development in the Maldives offering five-star resort villas under a 99-year leasehold.

In this candid interview, Farooq explains why Dubai continues to attract global wealth amid geopolitical instability, why the off-plan market is still red hot, and why demand for Grade A office space is soaring. He also reveals Samana’s next major play — a master-planned community — and why controlling the entire construction supply chain is now essential.

Farooq further lifts the lid on the thinking behind that “7th largest” billboard, the firm’s growing appeal to international investors, and how Samana is preparing for a world where real estate demand in Dubai only continues to rise.

How do you see the state of the Dubai real estate market today? Some earlier reports suggested stabilisation, but recent data from the likes of Property Finder and Bayut show continued strong momentum. What’s your take?

I think things are going great guns: there’s zero doubt about that. Overall, Dubai is becoming more and more popular. Look at what’s happening in the West, particularly the UK. The government there seems to be driving wealthy individuals away with harsh tax policies. As a result, the UK is losing the most millionaires and billionaires, and Dubai is the biggest beneficiary. I believe 63 or 64 per cent of Brits relocating are coming to Dubai, making it the number one destination globally for high-net-worth individuals.

A few years ago, France had similar discussions in its parliament about global taxation. That pushed more people out. And now, with new disturbances in the US, I suspect we’ll see even more capital flow towards Dubai. On top of that, geopolitical instability across the Arab world is also driving people here. It’s not any one sector driving the demand — it’s everything.

The pandemic was a huge catalyst. Dubai responded quickly with the remote work visa, followed by the golden visa. The price threshold for the golden visa has also come down — from Dhs10m to Dhs2m — and you can now qualify with just 20 per cent down on an off-plan property. That’s a huge pull factor.

People often ask if Dubai is only for the rich. I don’t think so. Dubai is attracting people across the board, including the workforce. Even conflicts like the Russia-Ukraine crisis brought both Ukrainians and Russians here, many felt mistreated in the West and sought refuge. Dubai is now seen as a global safe haven: not just for one nationality or group, but for people from all over the world.

Who are the biggest buyers in the off-plan segment today?

Everyone. We promote Samana projects in more than 55 countries, and we’ve done very well globally. Around 70 per cent of our sales come from about 20 countries. At each launch, the dominant nationality changes — it could be Indians, French, or Emiratis — it really depends on who gets access first.

For example, 85 per cent of our stock typically sells out within 48 hours of launch. That tells you demand is far outpacing supply. So it’s not about who’s buying the most; it’s about who gets there first.

And this is all off-plan?

Yes, entirely. That’s our expertise. From a cash flow point of view, we’re very comfortable. Within a year, we usually collect 40 to 45 per cent of the sale value. That gives us the capital to focus entirely on project delivery.

Are prices continuing to rise then, from what you’re seeing?

Yes. There’s a common belief that enough property is being launched, but I disagree. Population is growing at 12–13 per cent annually, and even if every project is delivered on time, there would still be a shortage. We’d see rental prices coming down if there were enough supply, but that’s not happening.

Rents are still rising across the board. Some landlords may be asking for a 15 per cent hike instead of 30 per cent, but the overall trend is upward. Streets are busy, offices are full, and even basement parking is packed. Our own data and conversations with DEWA confirm demand for electricity and water is up 13 per cent.

We’re also seeing more premium buyers. Transactions worth Dhs200m and above were unheard of before. Now they happen regularly in Emirates Hills, Dubai Hills, Palm Jumeirah. When buyers like that come in, they also demand high-end rental properties, supercars, and more. The economic wheel is spinning fast.

Many residents in Dubai have seen your billboard on the highway saying that Samana is the “7th Largest Developer.” That really stands out. Most companies would say they’re number one. Why highlight number seven?

Good question. The ranking comes from official Land Department data, which is collated in real-time by Property Monitor. Based on the number of units sold, we’re ranked 7th and hold a 4.4 per cent market share, which is huge when you consider how competitive the market is.

The top developers — Emaar, Nakheel, Meraas — are backed by Sheikh Mohammed and hold vast desert land. So we take pride in being independent and still ranked so highly. Out of 1,200–1,300 developers in Dubai, just 13–14 control 91 per cent of the market. That makes our share even more meaningful.

This year, we expect to be 6th, and as of now we’re actually 5th. But we’re comfortable sitting in the 6–7 range. We’re not aiming to be number one: that’s a different playing field.

That growth must have required some serious momentum in terms of your sales?

Absolutely. Over the last five years, we’ve grown at a compound annual rate of 229 per cent. This year, we’re expanding beyond residential. We’ve launched our first commercial office tower — Samana Barari Avenue — and will also launch a hotel and several retail projects. Our mission, announced last October, is to operate across all real estate verticals: offices, hotels, retail, warehouses, labour accommodations: you name it.

Why the shift into office space?

Office space has been the best-performing asset in the past 12 months. Rents have more than doubled. In Bay Square, for instance, our rents have tripled since 2020. No one was building office towers post-2008, so supply dried up. There’s strong demand for Grade A+ office space with resort-style amenities with swimming pools, gyms, retail, cafes and more. Our Barari Avenue project offers all of that.

You’ve also gone international with a project in the Maldives?

Yes. Our first Maldives project is a partnership with Elie Saab. The entire island is managed by Samana: it’s fully self-sustaining, with its own electricity, water, sewage, hospital, mosque, and even fire brigade.

Buyers can rent their villa for up to $2,000 per night, five-star level, white-labelled, professionally managed. We also offer flexibility: keep it for personal use, rent it out via a hotel pool, or manage it directly. We provide an app where you can switch modes with a click.

Ownership is under a 99-year lease, which is essentially freehold. We currently own three islands. The Maldives government is also in the final stages of introducing a golden visa programme for investments from $500,000 upwards, which will certainly help attract more buyers.

What else should we keep an eye on in the property market right now?

One important thing during this boom is that selling is easy, but building will become harder. So we’ve invested Dhs150m in setting up our own in-house contracting company. This gives us control over quality, consistency, and delivery speed. We’re no longer reliant on third-party contractors and can build to our own standards. It’s part of our strategy to own the entire value chain.

By the end of the year, we’ll also announce our own master community. I can’t reveal the location yet, but it’s part of our diversification strategy — end-to-end development.

Incredible. Thanks for your time, Imran.

My pleasure.

Dubai Multi Commodities Centre (DMCC), has introduced two new license categories – the Special Purpose Vehicle (SPV) and Holding Company licences – aimed at providing businesses with enhanced options for structuring investments, managing assets, and overseeing regional operations.

The move is designed to meet evolving market needs by offering an agile and cost-effective setup, eliminating the requirement for physical office space or operational infrastructure.

“At DMCC, we’re committed to giving businesses the right structures and support to grow and scale effectively,” said Ahmed Hamza, executive director – Free Zone, DMCC. “With the launch of our SPV and Holding Company licences, we’re offering flexible, internationally recognised frameworks that make it easier to manage investments, protect assets, and oversee operations across markets.”

“These solutions are ideal for multinational groups, family offices, investment firms, and businesses looking to consolidate ownership, limit risk, or structure their regional presence more efficiently,” Hamza added.

The new licences target the following:

The SPV licence targets businesses and investors seeking simplified vehicles for asset holding, securitisation and structured finance transactions, without the need for operational business functions.

The Holding Company licence allows firms to consolidate governance and manage subsidiaries and investments under a single corporate entity — attractive for multinational corporations, family offices and investment groups seeking to optimise tax planning and strategic decision-making.

Both licenses align with global best practices and reflect DMCC’s broader strategy of fostering business growth through innovative structuring tools.

DMCC noted that its members continue to benefit from the UAE’s competitive corporate tax regime.

While the UAE corporate tax framework applies to free zone persons, DMCC companies are eligible for a 0 per cent corporate tax rate, provided they meet specific regulatory conditions.

“With over 25,000 member companies from across diverse industries, DMCC remains committed to offering strategic tools, such as SPVs and family offices, that help companies scale efficiently and maximise profitability,” the centre said in a statement.

The Saudi Ministry of Interior has announced stringent penalties for individuals who accommodate or shelter visit visa holders in any type of residence, including hotels, apartments, private homes, accommodation centres, or Hajj housing, within Makkah and the holy sites from Dhu Al-Qidah 01 to Dhu Al-Hijjah 14. As reported by the Saudi Press Agency (SPA), violators face fines of up to SAR 100,000.

The ministry emphasised that penalties will increase based on the number of violating individuals accommodated, sheltered, or assisted.

It urged everyone to comply with Hajj regulations to ensure the safety of pilgrims and the smooth performance of rituals.

Reporting violations of Hajj regulations

To report violations, the ministry has established dedicated hotlines: 911 for Makkah, Riyadh, and the Eastern Region, and 999 for other regions of the kingdom.

The announcement underscores Saudi Arabia’s commitment to maintaining order and security during the Hajj season, ensuring that all pilgrims can perform their religious duties in a safe and organised environment

Read: Saudi Council reiterates permit requirement for pilgrimage

The GCC automotive sector is going through fundamental changes. Reflecting global trends, people now buy cars in a different way, want a different relationship with the distributor, and are looking for different kinds of vehicles.

Simultaneously, manufacturers are increasingly selling directly to consumers, pushing distributors aside, while regulations are threatening distributors’ position.

Unsurprisingly, distributors’ margins are narrowing. The traditional value chain is under threat, which means distributors should follow a strategic imperative for the future by adapting through going downstream, entering adjacencies, thinking locally, and getting ready for growth.

The challenge to distributors is occurring in a healthy market for cars in GCC countries, with a growing appetite for battery electric vehicles (BEVs). We forecast that automotive sales should continue growing at a compound annual growth rate of 3-4 per cent to reach 2.3 million units in 2035.

Of that 2035 total, we expect around 1.2 million units to be sold in Saudi Arabia. Part of that increase is coming from a growing, young, and urbanised population with greater purchasing power. That demographic group wants BEVs, luxury cars, and alternative ownership models such as car subscription.

Consumers are more interested now in leasing than ownership, an option growing fast in the GCC. In some cases, they prefer to rent. BEVs are not widespread, in part due to the lack of infrastructure.

However, BEVs could become mainstream over the next decade because of government incentives to buy them and growing domestic production. Already there are two Saudi Arabia-based BEV makers, Ceer and Lucid.

Changing distribution models

Simultaneously, some automotive manufacturers are changing the distribution model with aggressive market entry strategies. Chinese companies in particular are targeting the region and eroding distributors’ margins. There is also the integration of digital and physical sales channels, which allows people to design cars online, cutting out distributors.

Changing regulations threaten distributors, particularly laws against market dominance. Technological advances such as connected services and autonomous driving are changing the market and potentially making distributors less relevant.

Distributors do not have the luxury of waiting to see how these developments play out. Rather they should act now in four ways to secure their future in the growing GGC automotive sector.

First, distributors should go downstream. Distributors can generate closer customer relationships and more value added downstream. Penetrating downstream opportunities is important as new car sales are likely to slow in the future, in part because of changing ownership models. Downstream market segments include used cars, aftermarket parts, and leasing. That particularly applies to BEVs, which have different aftermarket requirements.

Second, distributors should enter adjacencies. Distributors can provide emergency roadside assistance, accident management, and insurance claims handling. They can meet growing demand for different ownership models through car subscription services and short-term rentals.

Another opportunity is providing services that make car ownership more convenient given changing lifestyles. That can mean providing services at people’s homes, including refueling.

One means of entering adjacencies is through partnerships. There are potential synergies with established players that can mitigate risks and reduce the capital investment required. For example, distributors can collaborate with infrastructure providers to prepare for the BEV era by providing services such as electric charging stations and battery recycling.

Third, distributors need to think locally. One advantage that distributors have over new entrants is their understanding of their home market. They can put this knowledge to good use by ensuring that the model lineup fits with local market requirements, such as ensuring vehicles are climate-proof and possess long driving ranges. They can form alliances with domestic suppliers and parts distributors to create resilient supply chains. That way customers get the parts they need without waiting for imports to arrive.

As part of such cooperation, distributors could take advantage of government policies that encourage domestic production to start manufacturing in cooperation with parts suppliers.

Auto distribution: Set for growth

As they take these three steps, distributors should become ready for growth. Their organisation needs to be lean and agile, their processes efficient, and their digital technology state-of-the-art. They should acquire and retain the best talent in the sector.

Distributors should ensure they have the most efficient geographic footprint. In particular, they can use by cross-brand facilities in smaller urban areas to be more cost efficient. Distributors should sell through an omnichannel offering that includes ecommerce. Their showroom experience must be differentiated, with a stress on providing an exceptional experience when selling luxury brands.

As leasing becomes more important, distributors must develop their relationships with financial institutions so that they can offer competitive rates to their customers.

The future of automotive distribution is arriving faster than expected. Within a decade the car buying experience in the GCC will bear no resemblance to today. GCC automotive distributors need to move fast to seize the opportunity.

Andreas Gissler is a partner, Ruggero Moretto is a principal and Stephan Kothrade is a senior manager with Strategy& Middle East part of the PwC network.

OPEC+ will accelerate oil output hikes and could bring back to the market as much as 2.2 million barrels per day by November, five OPEC+ sources said as the group’s leader Saudi Arabia seeks to punish some fellow members for producing above quotas.

OPEC+ shocked oil markets in April by agreeing a bigger-than-expected output hike for May despite weak prices and slowing demand.

Saudi Arabia designed the move to punish Iraq and Kazakhstan for poor compliance with production quotas as Riyadh signalled it was unwilling to prop up the market any longer, sources have said.

The developments take place days before US President Donald Trump is due to visit Saudi Arabia to discuss an arms package and a nuclear agreement. Trump has repeatedly asked OPEC+ to pump more oil to help ease gasoline prices as he faces inflation pressures at home, including from his tariff wars.

Read-UAE fuel prices: Here’s what motorists will be paying in May

The shift in Saudi policy suggests the kingdom wants to expand its market share, a major change after five years spent balancing the market through deep output cuts.

OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, is cutting output by almost 5 million bpd or 5 per cent of global demand.

The cuts were agreed in various stages since 2022 to support the market and many cuts are due to remain in place until the end of 2026.

In December, OPEC+ agreed to gradually phase out the 2.2 million bpd voluntary part of total cuts by the end of September 2026 but decided in April to accelerate this process from May.

The group agreed another big output hike for June on Saturday, taking the total it plans to release in April, May and June to nearly 1 million bpd.

OPEC+ will maintain the trend and will likely agree in June to release another 411,000 bpd in July, the five OPEC+ sources briefed on the matter said, speaking on condition of anonymity.

OPEC, the Saudi government’s communications office, and the office of Russian Deputy Prime Minister Alexander Novak did not immediately reply to a request for comment.

The group will likely approve accelerated hikes for August, September and October as well if Iraq, Kazakhstan and other laggards do not improve compliance and fail to deliver compensation cuts, the sources said.

If compliance does not improve, the voluntary cuts will be unwound by November, one of the sources said, referring to the 2.2 million bpd portion of cuts by eight members.

Kazakhstan defied OPEC+ last month when its energy minister said he will prioritise national interests over those of the OPEC+ group when deciding on oil production levels. Kazakhstan’s April oil output exceeded its OPEC+ quota despite a 3 per cent fall.

Oil prices fell to a four-year low in April below $60 per barrel on accelerated OPEC+ hikes and as Trump’s tariffs raised concerns about a global slowdown.

News of accelerating hikes will weigh on oil prices until compliance improves, UBS analyst Giovanni Staunovo said.