In the world of luxury fragrance, few brands carry the mystique and allure that Amouage does. Hailing from Oman, in the heart of the Arabian Peninsula, the House of Amouage is renowned for its exquisite craftsmanship, unique ingredients, and a deep cultural heritage that spans centuries.

With fragrances that are as much about storytelling as they are about scent, Amouage offers a sensory journey that transcends borders and connects people from all corners of the globe.

In this interview with the CEO of the brand, Marco Parsiegla, we dive deep into the essence of the fragrance house its commitment to blending tradition with modern tastes, and how the company is navigating the evolving landscape of luxury, e-commerce, and global markets.

Amouage’s connection to Oman is both culturally rich and essential to its identity. How does the country’s history and landscape influence the house?

There’s a very strong connection, not just to the location, but to the essence of Amouage itself. Oman’s rich heritage, storied history, and stunning landscapes are a constant source of inspiration for us. But it’s not about translating this literally; it’s more about interpreting it in a timeless, modern way. This allows us to connect not only with our regional customers but with international audiences as well. One of the key elements that sets Amouage apart is the use of frankincense from the Dhofar region of Oman and other exceptional natural ingredients like rock roses from the Hajjar Mountains. These are treasures we bottled up in our products, encapsulating the country’s soul.

These fragrances also contain a sense of generosity and hospitality, which you can feel when you experience them. Our cultural roots and craftsmanship come together to create something truly unique. We’re proud to produce everything in Oman, which gives us a distinct position in the global luxury market.

Amouage has stayed true to traditional perfumery methods while embracing modern techniques. How do you find the balance between these two elements?

I think there’s a beautiful tension between tradition and modernity. We’re deeply embedded in a culture where perfumery has been a pivotal part of family life and social gatherings for centuries. Our heritage is steeped in this tradition. But at the same time, technology and modern methods offer incredible opportunities to enhance our creations.

Take our ‘Attar’ collections as an example. These are pure oils, inspired by the age-old practice of applying fragrance without dilution. While this tradition is timeless, we’ve worked with experts and fragrance houses to ensure that these creations are compliant with modern regulations, making them relevant and safe for today’s world.

We’re also reintroducing a forgotten art with our ‘Essences’ collection, which involves double infusions — a technique that had been left behind by the industry. By bringing these practices back into the modern world, we’re educating our customers while keeping the essence of traditional perfumery alive. This approach is helping us bridge generations of perfume lovers and also appeal to a new audience.

The global market has faced significant geopolitical tensions and economic shifts. How has Amouage managed to navigate these challenges, especially with a more niche clientele?

The world is certainly going through a difficult time, and I don’t want to pretend that these challenges haven’t impacted some sectors of the luxury market. But at Amouage, we’ve managed to stay resilient. There’s a deep appreciation for craftsmanship and authenticity in our products, which has resonated with consumers more than ever before. In times of uncertainty, people seek out something real, something that tells a genuine story.

We produce everything in-house, and our commitment to using only the finest ingredients is not just a marketing story — it’s something you can experience firsthand when you visit our facilities. For example, we’re working closely with UNESCO to protect the frankincense trees in southern Oman. This kind of commitment to heritage and sustainability sets us apart and strengthens the bond with our clientele.

Despite the challenges in the world, Amouage is having one of its best years yet. Our global footprint is expanding, with growth across key markets such as the US, China, South Korea, and Europe. We’re seeing strong demand not only in traditional markets but in newer ones too, like Saudi Arabia, where luxury beauty is booming.

With the rise of digital commerce, how has Amouage adapted to this shift, especially with a niche luxury product?

E-commerce has been a major success for us. It’s challenging to translate the multisensory experience of a fragrance online, but we’ve focused on making the user experience as seamless and engaging as possible. From enhancing our digital platform to offering an immersive storytelling experience, we’re making sure that the essence of Amouage comes through, even through a screen.

Our online growth has been impressive — our own platform has seen more than 50 per cent growth this year alone. We’ve invested heavily in improving our digital experience, and it’s paying off. A lot of our success is due to our commitment to showcasing the craftsmanship and heritage behind our fragrances, which resonates with our customers.

We’ve also realised the importance of catering to younger generations, particularly Gen Z and Gen Alpha. With them, it’s not just about shopping; it’s about creating an entire experience. We’ve integrated AI and other modern technologies to make this experience more personalised and meaningful.

How is Amouage performing in the travel retail sector, especially given the current state of global travel?

Travel retail is another area where we’ve seen impressive growth. It’s an interesting space because travellers tend to be more open-minded and culturally fluent. They appreciate the craftsmanship and authenticity behind our products. Amouage has strong partnerships with global retailers like Dubai Duty Free, and our success in this channel is on par with what we’re seeing in e-commerce.

We’ve been expanding our footprint in Asia and the US where we see a huge growth potential. Travel retail provides us with an opportunity to connect with customers uniquely, and the feedback we’ve received has been overwhelmingly positive.

What can you tell us about the varying preferences of Amouage customers around the world? Are there certain collections that perform better in specific regions?

It’s interesting because, despite regional differences, our fragrances have a universal appeal. Our recent creation, Guidance, for example, has become our best-seller globally, resonating with a younger audience due to its longevity and subtle potency. But we do see some regional preferences. For instance, our Reflection fragrance is very popular in the US and Europe, while Epic Woman does exceptionally well in Asia-Pacific.

What’s particularly rewarding is seeing our customers build a fragrance wardrobe. More than 60 per cent of our clients have purchased multiple creations from our portfolio, which shows they’re not just buying a fragrance — they’re becoming part of the Amouage family. It’s about expressing your personality through our different collections, and that’s something we’re proud of.

Do you think that a major part of the fan base Amouage has built over the years is generational? Also, what makes your fragrances so loved?

Fragrance has a unique ability to trigger memories and emotions, and yes, many of our customers do seem to have a generational connection to the brand. If you look at a fragrance like Interlude, for example — it’s been our number one male fragrance for many years and has a certain depth and complexity that appeals more to connoisseurs, often those with a bit more life experience. This creates a kind of bond that can be passed down, whether it’s a father passing it to his son or a cherished family scent that stays within a household. So, in that sense, there’s an element of generational continuity.
That being said, what’s fascinating is the way that high perfumery, in general, attracts people of all ages. Amouage, specifically, has seen younger audiences fall in love with our fragrances, even those that are traditionally associated with more mature tastes. And that’s something that speaks to the evolving nature of fragrance preferences. When you’re in the world of fine fragrance, people tend to be less restricted by age — it’s all about personal taste, and if a scent resonates with you, it doesn’t matter whether you’re in your twenties or your fifties.

The olfactive base you come from, your exposure to scents, and how they connect to your memories or emotional state — these factors are more significant than age. And I think that’s a key element of how fragrance as a medium works. It’s all about the story, the journey, and what those scents represent.

Fragrances can hold the power to change your mood, and even transform your day. When I do keynote speeches, I often ask the audience to close their eyes and think about the first fragrance they ever bought or wore. More than 80 per cent of the people will immediately recall a memory tied to that scent. It’s a beautiful part of our work, being able to create those moments, and it’s something we truly treasure.

You mentioned how important it is to create remarkable client journeys through your retail experiences. How is Amouage adjusting to an increasingly digital and experiential retail world?

We are shifting our focus to create a more experiential retail journey both in-store and online. We want to educate our clients, make them feel emotionally connected to what we do, and not just sell them a product.

Our stores are designed to provide an immersive experience where customers not only smell fragrances but engage with the brand on a deeper level. We’re also working with advanced technologies to bring elements of this immersion to our e-commerce platform, providing scent stories, behind-the-scenes glimpses into our creation process, and even virtual consultations with fragrance experts. It’s all about blending tradition with innovation and creating a personalised journey for each client.

At Amouage, we’ve always believed that retail isn’t just about making a transaction; it’s about telling a story. Our stores aim to create an immersive experience that feels personal and deeply connected to the cultural heritage of Oman.

For example, in our Shanghai store, we’ve incorporated a unique design inspired by Oman’s rich maritime history and its historic trade routes with China. When you step into the store, it feels like you’re underwater, walking beneath a dhow — a traditional Omani boat. This kind of immersive design isn’t just about aesthetics; it’s about making our customers feel that connection to our heritage in a tangible, sensory way.

Similarly, in our SoHo store in New York, the design concept draws inspiration from the red sands of Oman, connecting the space with the essence of our homeland in a subtle yet evocative manner. These experiences allow customers to not only engage with the product but to engage with the story, with the land, and the culture behind it.

Tell us about your presence at Retail Summit Saudi Arabia 2025.

I’m truly excited about the summit. It’s a fantastic opportunity for industry experts to come together and discuss the future of retail and the client experience.

At the summit, I’m speaking on a panel about how to create unforgettable client journeys through retail. It’s not just about having beautiful products, but about ensuring the space, the interaction, and the atmosphere all work together to make a memorable experience.

We are also looking forward to discussing the challenges we face as a niche brand in the luxury space and how we can overcome them to create lasting, emotional connections with our clients.

Saudi Arabia is a rapidly growing market for luxury, and you mentioned how you see it playing a key role in Amouage’s future. Tell us more about it.

Saudi Arabia is key to our strategy moving forward. The market is evolving incredibly quickly, both in terms of its economy and its cultural shifts. With the country diversifying its economy from oil to other sectors, the luxury market is seeing tremendous growth, and the beauty and grooming sector is also booming— especially among younger consumers. This is a market with a youthful population that has a keen interest in personal grooming, and that’s an exciting space for us as a luxury fragrance house.

We’re seeing massive investment in retail infrastructure, with new luxury shopping centres and malls opening, so the retail environment is more dynamic than ever. Saudi Arabia is projected to be a $2.6bn market for luxury by early 2030, which is a 50 per cent increase from where it is today. The country’s 2030 Vision — focused on modernisation, infrastructure, and cultural development — also plays a significant role in shaping the future of luxury in the region.

We believe that Saudi Arabia will be a critical market for luxury retail in the coming years. We’re committed to expanding our presence there and are planning to open new mono-brand stores in 2025. We’re especially excited about the opportunity to be part of the cultural and economic transformation taking place.

In terms of Amouage’s market strategy, can you share more about the UAE and its relevance to your operations?

The UAE is one of our strongest markets, and we’ve been really pleased with how it has been performing. While we’re focused on expanding into new regions like Saudi Arabia, the UAE remains a cornerstone of our business. It’s a market where we have a very holistic presence, from mono-brand stores to key retail partnerships to a strong e-commerce presence. We work closely with major retailers and have great relationships with Dubai Duty Free, a critical partner for us in travel retail.

What stands out in the UAE is the strong connection between online and offline retail. We have seen tremendous success with our online platform, which complements our physical retail locations. Dubai itself remains a hub for luxury, and we see an interesting dynamic with different customer profiles, from residents to international tourists.

Our commercial hub in Dubai also plays a key role in managing our global expansion. We handle a lot of the operational and back-office functions for our global business from here, and it’s been a strategic location for overseeing our growth and building relationships with key retail partners.

What trends do you see emerging in the fragrance world?

There are a few trends that we’re definitely keeping an eye on. One of the biggest is the growing demand for personalised fragrances. As consumers become more aware of the power of scent to amplify their personality, they are looking for fragrances that are unique to them. I think customisation will be a major theme, both in terms of scent and the overall fragrance experience.

Another trend we’re seeing is the desire for clean, sustainable fragrances. Consumers are increasingly concerned about the ingredients used in their products and are becoming more discerning about transparency and sustainability. That’s something we’re mindful of at Amouage — our commitment to using only the finest natural ingredients, like Omani frankincense and ensuring that our practices are as sustainable as possible.

As always, Oriental fragrances will continue to have a strong presence in the market. However, we’re also noticing a shift toward more floral and woody notes, especially among younger consumers. It’s an exciting time for fragrance as the boundaries continue to evolve, and we’re thrilled to be part of that ongoing conversation.

You’ve touched on sustainability and responsibility. How do these trends play into Amouage’s broader brand philosophy?

Sustainability for us isn’t just about environmental responsibility; it’s deeply embedded in our cultural heritage. Oman, with its limited natural resources, has always embraced sustainability out of necessity. We’re honouring that legacy by working in ways that are both resource-efficient and beneficial to the land and communities.

For example, at the UNESCO World Heritage site where we’re producing our frankincense, we’ve taken a proactive approach by building a distillery in the desert, which not only fosters local employment but also incorporates cutting-edge technology for sustainability. Our commitment extends beyond just the environment — it’s about social responsibility too. We’re employing Omanis, working with the local community, and ensuring that our practices benefit everyone involved.

This sense of responsible luxury is something that we’re seeing more of in the broader market, and it’s something we’re committed to continuing at Amouage.

How do you see technology shaping the future of luxury fragrances, especially when it comes to consumer experience?

Technology is becoming an increasingly important part of the luxury fragrance experience. On one hand, it enhances personalisation. Technology allows us to offer tailored fragrance experiences, making it easier for people to connect with scents that match their personality and lifestyle. But beyond personalisation, technology also enables traceability. Our customers will soon be able to trace the journey of their fragrance from the frankincense tree to the bottle in their hands, knowing who grew the tree, when it was harvested, and how it was processed.

This kind of transparency is only possible because of advancements in technology. It allows us to create a stronger connection between the consumer and the product — making the experience not just about the fragrance itself, but also about the story behind it. Technology also helps us continue innovating while staying true to our craftsmanship. For us, it’s all about blending the tradition of perfumery with the possibilities that technology provides.

As you prepare for Amouage’s growth in 2025, what do you think will be the most exciting aspects of your journey ahead?

We’re entering a truly exciting phase. Amouage is expanding into key markets like Saudi Arabia, where we see massive potential for growth in the luxury fragrance sector. Our ongoing commitment to both craftsmanship and innovation will be central to this growth. As we bring the best of both worlds together, we’ll be able to create even more memorable experiences for our customers.

We’re also focused on developing new ways to connect with the next generation of fragrance enthusiasts. The younger consumer, particularly Gen Z, is starting to appreciate the finer details of fragrance in ways we haven’t seen before. They want to learn more, connect with brands on a deeper level, and share their experiences. It’s a new, dynamic audience, and we’re excited to engage with them as we move into 2025.

In the end, it’s about combining tradition and innovation, luxury and sustainability, authenticity and technology. This will be the key to Amouage’s success as we continue to evolve and offer a fragrance experience that transcends time, place, and tradition.

Read: How Givaudan is crafting unique sensory experiences for regional consumers

Arab Health, the Middle East’s largest and most important healthcare event and congress, will celebrate its landmark 50th edition when it returns to the Dubai World Trade Centre (DWTC) today, from 27 – 30 January 2025.

The milestone event, which will be held under the theme ‘Where the World of Healthcare Meets’, will bring together over 3,800 exhibitors and welcome more than 60,000 visitors, providing a unique platform for innovation, collaboration, and education in healthcare.

Building on the momentum of last year’s event, which saw record-breaking business deals exceeding Dhs9bn, Arab Health 2025 is expected to set new benchmarks for success when it welcomes some of the biggest names in the industry, including global innovators such as GE Healthcare, Philips, Siemens Healthineers, Cleveland Clinic, and UCLA Healthcare, alongside regional leaders such as PureHealth and Mubadala Health.

This year Arab Health will host more than 40 country pavilions, with exhibitors representing over 80 countries in total, covering the Middle East, the US, Europe, Africa, and Asia. The UAE will be represented by over 200 companies, showcasing the latest innovations across nine product sectors, ranging from medical equipment and devices to imaging and diagnostics, as well as wellness and prevention.

“As we mark the 50th edition of Arab Health, we can reflect on the pivotal role this event has played in driving the healthcare and medical sector in the region, through innovation and collaboration,” said Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment.

“Over the past five decades, Arab Health has served as a powerful platform for medical professionals to connect, share knowledge, and collaborate, and contributed to establishing Dubai as a leading business events destination, fostering an environment where industries and professionals thrive.

“These events not only contribute to economic growth, but also reinforce Dubai’s commitment to providing opportunities for networking, professional development, and knowledge exchange, helping to shape the future of key sectors,” Al Khaja said.

Meanwhile, Ross Williams, who is the exhibition director for Informa Markets, reflected on the event’s history and ongoing impact.

“For 50 years, Arab Health has been at the forefront of the global healthcare industry, driving innovation, fostering collaboration, and shaping the future of care delivery. The event remains more relevant than ever, providing a vital platform where industry leaders can come together to address challenges and seize new opportunities in healthcare,” said Williams.

“This year, we have a range of new show features and conferences, the return of several popular events, and some big announcements to look forward to,” Williams added.

New features

The Eco-Sphere, a newly launched feature at Arab Health, will include: The Healthcare ESG Forum, and the World of Wellness. The former will have a focus on sustainability and environmental responsibility in healthcare, reflecting Arab Health’s commitment to promoting sustainable practices, with programmes that highlight energy-efficient medical devices, waste reduction strategies, and the importance of a circular economy.

The World of Wellness will take a deep dive into the future of longevity and reverse ageing, next-gen wellness wearables, mental health, nutrition and wellness strategies, and personalised health and genomics.

The Future Health Summit, held at the iconic Museum of the Future, will bring together visionaries, policymakers, and innovators from around the globe to explore transformative ideas and initiatives shaping the healthcare sector. Attendees will hear from some of the brightest minds in the industry, including renowned speakers from the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), Google, PwC Middle East, and Amazon Web Service.

For executives and decision-makers, the Executive Networking Lounge will offer an exclusive space to foster strategic collaborations and high-level discussions, while the Healthcare World Stage will serve as a platform for engaging conversations on emerging trends shaping the industry’s future.

A returning highlight of this year’s exhibition is the Transformation Zone, which will showcase disruptive technologies and groundbreaking innovations set to revolutionise healthcare delivery. Attendees will be able to engage in thought-provoking discussions at the Healthcare Transformation Talks and the popular Innov8 Start-up competition, with a $10,000 prize up for grabs.

Complementing these features, the Healthcare Business Forums and three newly launched non-Continuing Medical Education (CME) sessions, which include EmpowHer: Women in Healthcare, Digital Health & AI, and Healthcare Investment Summit, will explore key themes such as the growth of female entrepreneurship in healthcare, global investment trends, and teamwork and teambuilding in health organisational culture and strategy.

High-quality access

Medical professionals attending Arab Health 2025 will have access to 10 CME-accredited conferences held under the patronage of the Ministry of Health and Prevention and taking place at Conrad Dubai to accommodate demand. They include Total Radiology, Obs & Gyne, Quality Management & Patient Safety, General Surgery, Emergency Medicine & Critical Care, Infection Control, Decontamination & Sterilisation, Public Health, the Healthcare Leadership: Samson Global Leadership Academy and HAYAT – The Annual Organ Donation and Transplantation Congress 2025, which will be held as part of Arab Health for the first time. UCLA Health will also host an exclusive event, featuring Laker Legends Robert Horry and Michael Cooper, highlighting a collaboration that provides world-class care to elite athletes.

Cleveland Clinic collaborates with Informa to develop and implement medical education conferences in many healthcare specialties at Arab Health. This education helps healthcare professionals stay up to date and ensures they have the knowledge and competence to provide high-quality patient care. 

James K. Stoller, MD, MS, Chief of Education at Cleveland Clinic, said: “Arab Health is a forum where healthcare professionals across the globe gather and learn together. Offering accredited continuing education in this setting helps educate participants according to the highest standards for quality, integrity and independence from commercial influence.”

An extended version of the Arab Health Village will return, providing visitors with a space to network in a more relaxed environment where food and beverages are available. The area will be open throughout show days and into the evening.

Arab Health 2025 is supported by various government entities, including the UAE Ministry of Health and Prevention, the Government of Dubai, the Dubai Health Authority, the Department of Health, and the Dubai Healthcare City Authority.

Sponsors include PureHealth, American Hospital, Dr Sulaiman Al Habib, Emirates Health Services, M42, Ge Healthcare and Canon Medical, amongst others.

• For more information or to register for the event, please visit www.arabhealthonline.com.

US stock futures and Asian shares outside China slumped on Monday as investors weighed the implications of Chinese startup DeepSeek’s launch of a free, open-source artificial intelligence model to rival OpenAI’s ChatGPT.

Meanwhile, the dollar rose after US President Donald Trump threatened Colombia with retaliatory levies and sanctions for turning away military aircraft carrying deported migrants before a last-minute deal was agreed.

US Nasdaq Composite futures tumbled 2.3 per cent as of 06.34 GMT and S&P 500 futures sank 1.3 per cent.

Japan’s Nikkei dropped 0.9 per cent, reversing an initial advance. New Zealand’s equity benchmark slipped 0.2 per cent and Singapore’s Straits Times index eased 0.1 per cent.

At the same time, Hong Kong’s Hang Seng rallied 1 per cent and mainland blue chips added 0.1 per cent, even after data showed a surprise contraction in manufacturing this month.

Pan-European STOXX 50 futures dropped 0.9 per cent.

DeepSeek has the potential to disrupt the tech landscape

DeepSeek “has raised the spectre of disruption in the tech landscape, with its emergence suggesting that China can continue to make strides in the AI race despite US restrictions,” Yeap Jun Rong, a strategist at IG, wrote in a note.

It “seems to instil some concerns over US tech dominance”, putting “tech companies’ lofty valuation back under scrutiny”, he said.

In currencies, the dollar advanced 0.4 per cent against the Chinese yuan in offshore trading, and gained 0.4 per cent versus the Aussie and the New Zealand dollar, with the antipodean currencies tending to act as more liquid proxies for China’s currency due to close trade ties.

The Mexican peso slumped about 0.7 per cent and the Canadian dollar eased 0.2 per cent. The Colombian peso had yet to trade against the dollar but had rallied 3.4 per cent over the previous three sessions.

The euro eased 0.2 per cent to $1.0461. Sterling edged 0.1 per cent lower to $1.2457. The yen was little changed at 156.13 per dollar.

Dollar strength fleeting

China, Mexico and Canada face a nervy wait with Trump last week earmarking February 1 for additional tariffs on the US’ top trading partners.

However, Nomura strategist Naka Matsuzawa expects dollar strength on tariff worries to be fleeting.

“As a trend, Trump is taking a more realistic, less aggressive stance on tariffs,” Matsuzawa said.

“Bottom line: Trump doesn’t want big tariffs because he’s worried about inflation,” he said. “The dollar will be overall weaker.”

Trump last week soothed market concerns by saying he wanted to avoid tariffs on China, and said he could reach a trade deal.

The volatility across asset classes kicks off a crucial week for markets that will see the Federal Reserve and European Central Bank – among others – set monetary policy.

At the same time, many bourses have extended holidays this week for the Lunar New Year. Among them, South Korea and Taiwan were already closed on Monday. Markets in mainland China are shut from Tuesday and do not reopen until February 5.

Australia was closed on Monday for Australia Day.

Meanwhile, crude oil prices slumped after Trump on Friday reiterated his call for OPEC to cut oil prices.

Brent crude futures dropped 0.8 per cent to $77.85 a barrel, while US West Texas Intermediate crude lost 0.9 per cent to $74.00 a barrel.

Gold sank 0.7 per cent to $2,753 per ounce.

Leading cryptocurrency bitcoin slumped more than 5 per cent to below $100,000 for the first time in a week, and was last at $99,215.

Dubai’s real estate sector reached an all-time high in 2024, with a total of 2.78 million procedures, including both real estate transactions and rental agreements, marking a 17 per cent increase compared to the previous year.

Real estate transactions alone accounted for 226,000 deals, valued at Dhs761bn, reflecting a 36 per cent growth in transaction volume and a 20 per cent increase in transaction value year-on-year.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, attributed the strong performance to the emirate’s robust economy, world-class infrastructure, progressive policies, and competitive investment ecosystem.

“The exceptional results in 2024 reflect the deep strength and resilience of our economy, which continues to thrive in a rapidly changing global landscape,” Sheikh Hamdan said. “The leadership’s visionary goals outlined in the Dubai Economic Agenda D33 have helped raise the emirate’s position as an international hub for investment, trade, and innovation, enhancing its global appeal as a lifestyle and investment destination, all of which have catalysed the real estate market.”

Sheikh Hamdan also highlighted the pivotal role of the Dubai Real Estate Strategy 2033 in raising standards of transparency, return on investment, and investor confidence, while addressing diverse market needs. “Dubai’s real estate market remains among the world’s best, with a strong focus not only on innovation and excellence but also stability and sustainability,” he added. “We continue to introduce new initiatives in the sector to advance our vision of making Dubai the world’s best place to live and work.”

In addition to the record number of procedures, Dubai’s real estate sector achieved outstanding milestones in 2024.

The market saw 217,000 investments valued at Dhs526bn, reflecting growth rates of 38 per cent per cent in number and 27 per cent in value compared to the previous year.

The number of new investors joining the sector reached 110,000, a remarkable 55 per cent increase.

Dubai’s standing as a global investment and real estate hub strengthens

Marwan Ahmed bin Ghalita, director general of Dubai Land Department, emphasised the importance of these achievements in driving the emirate’s long-term economic goals. “These indicators serve as tangible evidence of the resilience of Dubai’s real estate market, its ability to adapt to global changes, and its success in attracting high-quality investments.

“The results achieved in 2024 reflect the emirate’s ambitious vision and ongoing efforts to enhance its investment attractiveness under the guidance of our wise leadership, in line with the Dubai Economic Agenda D33.”

Bin Ghalita further explained that the Dubai Real Estate Strategy 2033 plays a crucial role in the sector’s growth by focusing on innovation, technology, and enhancing transparency. The strategy aims to attract investments from emerging markets and ensure a balanced supply and demand in the market.

“Attracting 110,000 new investors to the real estate sector last year is a clear indicator of our efforts to enhance global investor confidence,” he added.

The director general also highlighted the importance of state-of-the-art technologies, including artificial intelligence (AI) and proptech, in boosting operational efficiency and enhancing investor satisfaction.

These technologies, he noted, have become essential tools in supporting Dubai’s real estate ecosystem and improving its global competitiveness.

“The Dubai Land Department will continue working hand in hand with its partners in both the public and private sectors to achieve further milestones that support Dubai’s future vision and contribute to realising its strategic objectives,” Bin Ghalita said.

“We are confident that the emirate is steadily advancing towards solidifying its position as a leading investment destination, thanks to its advanced infrastructure, pioneering initiatives, and a long-standing legacy of innovation and excellence,” he concluded.

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

Gold dipped on Monday, January 27, pressured by a firmer dollar, while investors focussed on the Federal Reserve’s first meeting of 2025 for more guidance on the US interest rate path.

Spot gold dropped 0.6 per cent to $2,755.80 per ounce, as of 0509 GMT, after trading just below record-high levels on Friday. US gold futures fell 0.7 per cent to $2,760.70.

Read: Gold prices soar to 11-week high amid Trump jitters, dollar dip

The dollar gained 0.3 per cent, making gold expensive for other currency holders.

“The US dollar could be the main culprit for gold’s weakness… However, the current movement suggests that the downside for the yellow metal is still limited, potentially aided by safe-haven flows,” IG market strategist Yeap Jun Rong said.

Pakistan strikes gold: New reserves discovered

Gold is considered a hedge against geopolitical turmoil and inflation. It also tends to thrive in a low interest rate environment as it yields no interest.

Fed policymakers are largely expected to keep rates steady in their January 28-29 meeting, marking the first pause in the rate-cutting cycle that began in September.

“Market focus will likely be on how the Fed reacts to comments from President Trump, who has called for continued interest rate cuts,” Reliance Securities’ senior analyst Jigar Trivedi said.

Data since the Fed’s December meeting has kept intact the core view among Fed officials that inflation will continue to move steadily, if slowly, towards 2 per cent, with a low unemployment rate and continued hiring and economic growth.