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6,700 millionaires relocated to the UAE in 2024, report reveals

Betterhomes suggests the evolution of Dubai’s property market into a “structural asset class,” with HNWI investment increasingly focused on long-term residential value rather than short-term market cycles

Gulf Business
Gulf Business

15 May, 2025

6,700 millionaires relocated to the UAE in 2024, report reveals
Image: Dubai Media Office/ For illustrative purposes

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Dubai is poised to attract a major surge of international wealth in 2025, potentially reshaping its role in the global financial system, according to a new report by real estate brokerage Betterhomes.

Titled Dubai: No Longer a Pit Stop, But the Finish Line for Global Wealth, the report outlines how shifting global geopolitical and economic dynamics are fueling high-net-worth individual (HNWI) migration to the UAE. This, in turn, is transforming Dubai’s prime real estate landscape.

In 2024, 6,700 millionaires relocated to the UAE. With 142,000 millionaires expected to migrate globally in 2025, Betterhomes projects that if just five per cent choose Dubai, the emirate could gain around 7,100 new millionaires — bringing with them approximately $7.1bn (Dhs26bn) in capital. That figure would represent nearly half of Dubai’s total foreign direct investment in 2024.

HNWIs looking to “anchor” themselves in Dubai, UAE: Betterhomes CEO

“Dubai’s real estate market is no longer driven by speculation, but by strategic, long-term capital,” said Louis Harding, CEO of Betterhomes. “We are seeing global wealth not just arrive, but anchor itself here, in branded residences, legacy properties, and high-quality developments built for permanence.”

The report identifies key global “push” factors influencing millionaire migration, including increasing wealth taxes, political instability, and tightening immigration policies. These are contrasted with Dubai’s appeal as a tax-efficient, safe, and globally connected lifestyle hub.

Betterhomes suggests the evolution of Dubai’s property market into a “structural asset class,” with HNWI investment increasingly focused on long-term residential value rather than short-term market cycles.

As the emirate continues to draw the world’s wealthy, Dubai’s role as a global benchmark for residential investment is expected to grow.

Read: Real estate trends in 2025: Dubai developers share insights

Here’s how customers can benefit from talabat and Bolt’s new partnership

Under the initiative, talabat pro members will receive 10 per cent off 10 Bolt rides each month, with a maximum discount of Dhs15 per ride

Neesha Salian
Neesha Salian

14 May, 2025

Here’s how customers can benefit from talabat and Bolt’s new partnership
Image: Supplied

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Talabat, the region’s leading delivery platform, and global mobility company Bolt have partnered to bring added convenience and savings to UAE users.

The collaboration offers talabat pro subscribers exclusive discounts on Bolt rides, combining two of the most widely used apps in the daily routines of residents across the UAE.

For users, the result is simple: fewer apps, more savings, and a more connected lifestyle. Whether ordering a favourite meal or booking a ride, convenience is now just a tap away.

How talabat customers will benefit

Under the initiative, talabat pro members will receive 10 per cent off 10 Bolt rides each month, with a maximum discount of Dhs15 per ride.

The new benefit is designed to extend the value of talabat’s loyalty programme — already known for its perks such as free delivery on restaurants, groceries, and DineOut — into the realm of everyday transportation.

“At talabat, we believe in aligning ourselves with companies that not only drive meaningful impact but also actively support the communities we serve,” said Tomaso Rodriguez, CEO of talabat. “This partnership with Bolt is just the start of enhanced benefits for our loyal talabat pro customers and a step towards exploring synergies that deliver greater value, innovation, and experiences.”

Mansoor Alfalasi, CEO of Dubai Taxi Company and local partner of Bolt, echoed the sentiment, saying: “By partnering with talabat, a platform already woven into people’s daily routines, we’re meeting users where they are — whether they’re ordering dinner, groceries, or heading out for the evening.

“This partnership allows us to offer even more value, making everyday mobility more accessible while supporting Dubai’s vision for smarter, more connected urban living.”

A strong quarter

This development follows news of talabat’s robust Q1 performance. Rodriguez said on the occasion: “We achieved outstanding results, with GMV rising 30 per cent year-on-year to $2.1bn, driven by strong consumer demand and our resilient operational performance throughout Ramadan.

“The completed acquisition of instashop, combined with rising customer demand and margin expansion across both our GCC and non-GCC markets, has also fuelled our impressive growth this quarter – particularly in our Groceries and Retail business, which continues to gain remarkable popularity across MENA.

“Looking ahead to the reminder 2025, we remain focused on building on this progress and realising meaningful synergies and efficiencies from the instashop acquisition. As integration activities progress over the next few quarters, we’re set up to deliver even greater value and convenience to our customers, partners, riders and shareholders.”

MSCI adds Dubai’s DEWA to emerging markets index effective May 30

DEWA’s 2022 IPO was one of the region’s largest, and its MSCI inclusion adds momentum to its international investor profile

Neesha Salian
Neesha Salian

14 May, 2025

MSCI adds Dubai’s DEWA to emerging markets index effective May 30
Image: DEWA

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MSCI, a leading provider of investment decision tools, announced that Dubai Electricity and Water Authority PJSC (DEWA) will be included in the MSCI Emerging Markets Index, effective at market close on May 30.

DEWA, Dubai’s exclusive electricity and water services provider and the largest listed company on the Dubai Financial Market (DFM) by market capitalisation, was among the largest additions to the index by full company value.

“This inclusion marks a pivotal milestone in DEWA’s journey as a publicly listed company and reinforces our growing relevance on the global investment stage,” said Saeed Mohammed Al Tayer, vice chairman and MD and CEO of DEWA. “Our fundamentals, governance, and operating standards reflect global best practices.”

DEWA has a market cap exceeding Dhs130bn

DEWA has a market capitalisation exceeding Dhs130bn, a strong dividend track record, and a clean energy agenda aligned with Dubai’s net-zero ambitions.

The company’s inclusion is expected to result in increased visibility, improved liquidity, and passive capital inflows from institutional and index-linked funds that track MSCI benchmarks.

The MSCI Emerging Markets Index, tracked by an estimated $7tn in assets, is a widely followed benchmark that captures large- and mid-cap representation across 24 emerging markets including China, India, Brazil, Saudi Arabia, and the UAE.

Index additions often lead to non-discretionary capital inflows from passive investors, creating consistent buy-side pressure on newly added stocks.

DEWA’s addition underscores the growing relevance of the UAE’s capital markets and reflects rising investor appetite for stable, yield-generating infrastructure assets in the region.

The utility major’s 2022 IPO was one of the region’s largest, and its MSCI inclusion adds momentum to its international investor profile.

Robust quarter earnings

The inclusion in the MSCI Emerging Markets Index follows a robust financial performance for Q1 2025. DEWA reported quarterly revenue of Dhs 5.96 billion, EBITDA of Dhs2.43bn, and a net profit of Dhs496m.

Operating profit stood at Dhs838m, while net cash from operations reached a record Dhs3.85bn — 17.86 per cent higher than the same period last year—raising the company’s cash and cash equivalents to Dhs8.17bn.

The utility also saw continued demand growth, generating 10.5 TWh of electricity (including 1.86 TWh from clean sources) and producing 35.61 billion imperial gallons of desalinated water during the quarter.

With 17,579 MW of installed generation capacity — 20 per cent of which comes from clean energy sources — DEWA remains a key player in Dubai’s energy transition. It plans to expand clean energy capacity to 7.5 GW by 2030, representing 34 per cent of the generation mix.

The company also reaffirmed its commitment to long-term shareholder value with an expected Dhs6.2bn annual dividend payout policy, and distributed Dhs3.1bn to shareholders in April 2025 for H2 2024.

Sobha raises $500m in oversubscribed sukuk offering; launches flagship app

The sukuk, which matures in 2029, was oversubscribed three times, with an orderbook reaching $1.54bn

Neesha Salian
Neesha Salian

14 May, 2025

Sobha raises $500m in oversubscribed sukuk offering; launches flagship app
Image: Supplied

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Sobha Realty announced two major developments this week: the successful issuance of a $500m sukuk, and the launch of a new brand film for its flagship ONE Sobha App, underscoring the company’s twin focus on financial growth and digital transformation.

The company confirmed the successful issuance of the sukuk under its newly established $1.5bn Sukuk Issuance Program.

The sukuk, which matures in 2029, was oversubscribed three times, with an orderbook reaching $1.54bn.

Initial price thoughts were set at 8.375 per cent, but strong investor demand allowed the profit rate to tighten by 37.5 basis points to 8 per cent annually. The issuance saw strong interest from both regional (61 per cent) and international (39 per cent) investors, reflecting robust confidence in the company’s fundamentals and Dubai’s real estate market.

The sukuk will be listed on both the London Stock Exchange (LSE) and NASDAQ Dubai.

“This underscores the continued confidence of the investor community in our financial stability and strategic direction,” said Ravi Menon, chairman of Sobha Group. He highlighted the strength of the company’s ‘backward Integration’ model, which supports its growing revenue backlog, top-line performance, and EBITDA generation.

The issuance follows Moody’s recent upgrade of PNC Investments (Sobha Realty’s parent company) to Ba2/Stable, and is expected to receive a Ba2/stable rating by Moody’s and BB/stable by S&P.

A consortium of institutions including ADCB, ADIB, Arqaam Capital, DIB, Emirates NBD Capital, J.P. Morgan, Mashreq, RAKBANK, Sharjah Islamic Bank, Standard Chartered, and Warba Bank acted as joint lead managers and bookrunners. Clifford Chance, Dentons, and Grant Thornton supported the legal and financial aspects of the issuance.

Sobha launches app to advance customer experience

In a parallel move to enhance customer engagement, Sobha Realty unveiled a new brand film for its ONE Sobha App, developed in collaboration with Tejal Patni and ANC Advertising Agency.

The film emphasises Sobha’s “Art of the Detail” approach, showcasing the app as a digital companion for residents and prospective buyers, combining intuitive technology with luxury real estate services.

“The ONE Sobha App is a natural evolution of our philosophy, offering a seamless tool that enriches lifestyle at every stage of the journey,” said Ashish Parakh, group chief sales and marketing officer.

The app allows residents to manage property-related tasks — from booking amenities to guest access — and provides potential buyers with real-time inventory updates, digital payments, and support in over 100 languages.

In other news, Sobha Realty launched a major new development on Dubai’s Sheikh Zayed Road, unveiling plans for a self-contained, mixed-use project featuring six towers, high-street retail, green parks, and premium office space.

ADNOC’s XRG, PETRONAS partner in major gas expansion deal in Turkmenistan

The agreement grants XRG a 38 per cent participating interest in the offshore “Block I” gas and condensate fields located in Turkmenistan’s Caspian Sea region

Gulf Business
Gulf Business

14 May, 2025

ADNOC’s XRG, PETRONAS partner in major gas expansion deal in Turkmenistan
Image: ADNOC/ For illustrative purposes

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UAE-based energy company XRG has entered into a strategic partnership with Malaysia’s PETRONAS and Turkmenistan’s Hazarnebit through a newly signed Production Sharing Contract with State Concern Turkmennebit, expanding its natural gas portfolio in Central Asia.

The agreement grants XRG a 38 per cent participating interest in the offshore “Block I” gas and condensate fields located in Turkmenistan’s Caspian Sea region.
PETRONAS will serve as operator and majority stakeholder with 57 per cent, while the remaining 5 per cent will be held by Hazarnebit.

Another deal signed

As part of the deal, XRG and PETRONAS also signed a long-term gas sales agreement (GSA) with State Concern Turkmengas, providing structured offtake and strengthening the commercial framework of the development.

Block I currently produces approximately 400 million cubic feet of gas per day, and holds over seven trillion cubic feet of natural gas resources, offering significant expansion opportunities amid surging global demand for natural gas.

“This agreement marks an important milestone in XRG’s global growth strategy and builds on the strengthening relationship between the UAE and Turkmenistan,” said Mohamed Al Aryani, president, International Gas, XRG. “It strengthens our presence in the Caspian region, expands our resource base, and reflects our ambition to be a reliable supplier of cleaner energy to meet the world’s evolving needs.”

XRG: A strategic focus on gas, chemicals, and low-carbon energy solutions

The deal aligns with XRG’s strategic focus on gas, chemicals, and low-carbon energy solutions, and further establishes its international footprint in energy assets with long-term growth potential.

PETRONAS, a pioneer in Turkmenistan’s energy sector since the 1990s, described the new agreement as a continuation of its upstream expansion. “This milestone reinforces our presence and signifies our continued expansion in the upstream sector,” said M Jukris Abdul Wahab, EVP and CEO Upstream PETRONAS. “We are privileged to contribute to the ongoing advancement of the nation’s energy industry.”

The partnership underscores a broader push by regional players to boost natural gas production and supply reliability, amid a shifting global energy landscape and ongoing efforts to enhance energy security.

Private suites and showers: Here’s what Emirates’ new First Class looks like

The First Class check-in area at Terminal 3, Dubai International (DXB), is also undergoing a full refurbishment

Nida Sohail
Nida Sohail

14 May, 2025

Private suites and showers: Here’s what Emirates’ new First Class looks like
Credit for images: emirates/Instagram

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Emirates, the world’s largest operator of international First Class travel, continues to refine its industry-leading ‘Fly Better’ experience with a suite of premium enhancements. The airline currently offers 26,800 international First Class seats per week—the largest in the industry—exclusively in private suites.

From gloved onboard service and redesigned menus to luxury check-in lounges and unlimited caviar, Emirates is doubling down on high-end service as demand for premium travel remains robust.

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Curated comfort and personalisation in the sky

New onboard enhancements include a keepsake menu, elegantly designed to showcase Emirates’ world-class selection of drinks and culinary inspirations.

Read-Flying high: Emirates staff to receive 22-week bonus after record profit

Unlimited caviar is now presented in Robert Welch–designed engraved bowls, and Emirates’ enhanced cheeseboard features artisan cheeses served on rustic slate with specialty accompaniments.

Cabin crew continue to deliver meticulous gloved service, while private suites provide the ultimate in privacy and space, featuring lie-flat beds, customizable lighting, and electronically controlled doors on select aircraft.

On the A380, Emirates offers 14 flat-bed private suites in a 1-2-1 configuration, and on its Boeing 777 “Game Changer” aircraft, six floor-to-ceiling suites in a 1-1-1 layout with zero-gravity seats, video-call room service, and virtual windows.

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Exclusive ground services and global lounge access

The First Class check-in area at Terminal 3, Dubai International (DXB), is undergoing a full refurbishment. The new space will feature a personalized check-in service and lounge-style design, enhancing the customer journey from the moment of arrival.

Globally, First Class travelers enjoy complimentary access to 43 luxury airport lounges and chauffeur-driven transfers in most destinations, offering a seamless, door-to-door premium experience.

Restorative amenities and designer products

Emirates offers lie-flat beds with plush mattresses, cotton-lined duvets, and Hydra Active moisturising pyjamas—infused with vitamin C and olive oil for skin hydration during long flights.

A bespoke range of skincare products by Byredo and luxury amenity kits by Bulgari, featuring the latest Le Gemme fragrances, enhance the pampering experience. Leather-trimmed amenity bags are updated seasonally and are available in exclusive designs for men and women.

World-class dining and beverage offerings

First Class dining is available on demand, with à la carte meals crafted from seasonal, locally sourced ingredients. Menus include vegan gourmet options and signature items such as Wagyu sliders, lobster rolls, and a movie snack selection.

Industry-leading inflight entertainment

The Emirates First Class experience includes a 32-inch Full HD LCD screen and Bowers & Wilkins E1 headphones with advanced noise-cancellation. The airline’s ice entertainment system offers more than 6,500 channels, including new releases from platforms like HBO Max, Paramount+, and BBC.

Signature A380 onboard features

The A380’s exclusive Shower Spa allows First Class passengers to refresh mid-flight, featuring organic products by Irish brand Voya and a full suite of high-end amenities. Additionally, the aircraft’s Onboard Lounge provides a social space with drinks, snacks, and a 55-inch LCD screen.

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