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RAK apartment prices rise 18% as luxury demand grows

Rental demand remained strong, with apartment rents up 14.3 per cent year-on-year, led by Mina Al Arab and Al Marjan Island

Rajiv Pillai
Rajiv Pillai

21 September, 2026

RAK apartment prices rise 18% as luxury demand grows
Image: Supplied

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Ras Al Khaimah’s residential property market continued to record strong year-on-year growth during the first half of 2026, with apartment sales values rising around 18 per cent to Dhs2,298 per square foot, according to new research from CBRE Middle East.

Villa sales values increased 7.3 per cent over the same period, although CBRE said pricing and absorption levels have moderated since the end of February following a period of rapid growth.

Waterfront communities continued to lead the market, with apartment values on Al Marjan Island increasing 23.1 per cent year-on-year and Al Hamra recording growth of 14.7 per cent.

The ready-property market also registered higher prices, with apartment values rising 11 per cent and villa values increasing 10 per cent compared with the same period last year.

Rental demand remained strong, with apartment rents up 14.3 per cent year-on-year, led by Mina Al Arab and Al Marjan Island.

Luxury deals set new records

RAK’s luxury segment recorded several major transactions during the first half, including the $35.4m sale of the Sky Palace at Waldorf Astoria Residences, which CBRE said was the highest-value residential transaction recorded in the emirate.

A penthouse at the same project sold for $15m, while a Sky Mansion at Mondrian Al Marjan Island Beach Residences changed hands for $34.7m.

The emirate is now preparing for a significant increase in residential supply. More than 34,000 units are expected to be delivered between 2026 and 2030, including around 10,000 branded residences.

Projects announced during the period included The Strand and Lunara by RAK Properties, Beyond Developments’ Dhs25bn Evermore masterplan and Karl Lagerfeld Beach Residences on Al Marjan Island.

RAK hotel visitors reach record 670,400

Tourism performance was more mixed during the first half. Ras Al Khaimah welcomed a record 670,400 hotel visitors, up 2.7 per cent year-on-year, supported by stronger domestic and GCC demand.

Domestic visitor numbers and arrivals from GCC markets both increased 47 per cent year-on-year.

Hotel operating performance, however, softened. Average occupancy stood at 49 per cent, while revenue per available room (RevPAR) declined 28.6 per cent to Dhs348 per night.

Average daily rates (ADR) increased 5.2 per cent to Dhs705.6, while hotels generated more than Dhs606m in total revenue during the six-month period, including Dhs385m from rooms and Dhs192m from food and beverage operations.

RAK currently has around 9,000 hotel keys across 60 properties, with another 8,500 keys planned between 2027 and 2030. More than 80 per cent of the future supply is expected to be in the five-star segment, with nearly two-thirds located on Al Marjan Island.

Matthew Green, head of research at CBRE MENA

The emirate’s development pipeline also includes the $5.1bn Wynn Al Marjan Island integrated resort, which is expected to open in September 2027.

During H1 2026, the RAK Chamber of Commerce & Industry reported Dhs771.5m in new investment capital across 967 newly registered establishments, involving 1,399 investors from 68 nationalities and an expected 2,449 jobs.

Matthew Green, head of research at CBRE MENA, said: “The pace of change we are witnessing in Ras Al Khaimah continues to impress. Despite a more challenging regional backdrop, investor interest in the emirate remains evident, supported by a growing pipeline of high-profile development and infrastructure projects.”

He added: “While we are beginning to see a moderation in some performance indicators including absorption levels and sales pricing following an exceptional period of growth, overall activity levels remain positive. With major hospitality, residential and tourism projects continuing to progress, Ras Al Khaimah is well positioned to strengthen its role as one of the UAE’s most compelling investment and lifestyle destinations in the coming years.”

Sheikh Ahmed bin Rashid dies as Dubai declares 10-day mourning

Sheikh Mohammed paid an emotional tribute to his younger brother following the announcement

Gulf Business
Gulf Business

21 September, 2026

Sheikh Ahmed bin Rashid dies as Dubai declares 10-day mourning
Image: Sheikh Mohammed/X account

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Dubai has declared 10 days of official mourning following the death of Sheikh Ahmed bin Rashid Al Maktoum.

Sheikh Ahmed bin Rashid Al Maktoum, Deputy Chairman of Dubai Police and Public Security and younger brother of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, passed away on Monday, September 21.

The Court of Sheikh Mohammed announced a 10-day period of official mourning in Dubai, effective Monday, during which flags will be flown at half-mast across the emirate. The Dubai Media Office also confirmed the announcement.

View post on X

Sheikh Mohammed paid an emotional tribute to his younger brother following the announcement, praying for mercy and remembering him as someone who would remain in the family’s prayers and hearts.

“May God have mercy on Sheikh Ahmed bin Rashid Al Maktoum… May God have mercy on you, my brother… You have settled with a Generous and Great Lord… You are absent from our eyes but not from our prayers and hearts, O Ahmed.

“May God make you dwell in the vast expanses of His Paradise… and inspire us and your loved ones with patience and solace… And to God we belong, and to Him we shall return,” Sheikh Mohammed said in a post on X.

View post on X

Born in 1950, Sheikh Ahmed was the youngest son of the late Sheikh Rashid bin Saeed Al Maktoum, former Ruler of Dubai. He graduated from the Royal Military Academy Sandhurst before joining the Central Military Command in Dubai, where he later became Commander-in-Chief.

He subsequently served as Deputy Chairman of Dubai Police and Public Security, holding a longstanding role within the emirate’s security establishment.

Beyond his government and security responsibilities, Sheikh Ahmed had longstanding interests across Dubai’s business, real estate and sporting sectors. He served as group chairman of A.R.M. Holding and was associated with Dubai Real Estate Centre.

Binance launches tokenised US stocks in UAE from $5

Unlike traditional US equity markets, bStocks can be traded around the clock

Rajiv Pillai
Rajiv Pillai

21 September, 2026

Binance launches tokenised US stocks in UAE from $5
Image: Getty Images/Image for illustrative purpose

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Binance has launched bStocks for eligible users in the UAE, allowing them to access tokenised securities linked to select US stocks and exchange-traded funds (ETFs) as the cryptocurrency platform expands its offering beyond digital assets.

The new service allows eligible users to start trading from $5 and provides 24/7 access to tokenised securities, including products linked to Tesla and Nvidia.

bStocks are issued by BTech Holdings Limited, a Binance group affiliate, and are designed to mirror the price of corresponding underlying US-listed shares held with a regulated custodian.

However, the products do not give investors ownership of the underlying shares, and Binance cautioned that bStocks are designed to track the corresponding asset but may not always reflect its real-time market price.

At launch, eligible UAE users will have access to tokenised securities representing Circle Internet Group, Micron Technology, Nvidia, Sandisk and Tesla, traded against USDT.

Binance said additional bStocks are available on its platform and more are expected to be introduced progressively, subject to applicable approvals.

24/7 trading and self-custody

Unlike traditional US equity markets, bStocks can be traded around the clock, although Binance warned that prices outside conventional market hours could be particularly volatile and carry additional risks.

Supported bStocks can also be transferred to compatible BNB Chain wallets for self-custody and used across compatible blockchain applications.

Corporate actions, including stock splits and dividend-related adjustments, will be processed automatically in accordance with the relevant product structure.

The addition forms part of Binance’s push to develop what it describes as a financial “super app”, bringing cryptocurrency products and tokenised traditional financial assets onto a single platform.

Tarik Erk, head of MENAT at Binance, said: “At Binance, we’re building much more than a cryptocurrency platform, we’re building a financial super app designed to give users seamless access to a growing range of financial opportunities through one trusted ecosystem. The launch of bStocks in the UAE marks another important step in that journey.”

“By bringing tokenised US equities onto blockchain infrastructure, we’re making access to US equity markets, more flexible and better aligned with how today’s digital-first users want to manage their finances. As we continue expanding our ecosystem, our focus remains on simplifying financial access while connecting traditional finance with the innovation of blockchain technology.”

Starbucks to create 800 tech jobs in India

The move comes days after US pharmacy chain Walgreens signed a pact with the Tamil Nadu government

Reuters
Reuters

21 September, 2026

Starbucks to create 800 tech jobs in India
Image: Getty Images/Image for illustrative purpose

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US coffee chain Starbucks has signed a pact to set up a global capability centre (GCC) in the southern Indian city of Chennai, creating roughly 800 technology jobs, the Tamil Nadu state government said on Monday.

Starbucks, which has roughly 500 cafes in India through its joint venture with Tata Consumer Products, did not immediately respond to a Reuters request for comment outside office hours.

The move comes days after US pharmacy chain Walgreens signed a pact with the Tamil Nadu government to establish a GCC in the state’s capital, already home to tech centres of global corporates including Citi, Barclays and American Express.

GCCs have moved beyond low-cost back-office support, ​with global business groups using these centres to support headquarters through higher-value functions such as ⁠finance and software development, as well as research and development.

Facebook, Instagram recover after outage hits thousands of users

The scale of the outage could be different from the figures reported by Downdetector, as the service aggregates reports submitted by users and does not represent the total number of people affected

Rajiv Pillai
Rajiv Pillai

21 September, 2026

Facebook, Instagram recover after outage hits thousands of users
Image: Getty Images

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Meta-owned social media platforms Facebook and Instagram have largely recovered after a brief outage disrupted access for thousands of users, with reports of problems emerging across several countries.

The disruption began at around on Sunday, September 20, with outage-tracking platform Downdetector recording more than 17,000 reports of problems with Facebook and more than 5,000 reports for Instagram in the US.

Users in other markets, including Singapore, the Philippines, Australia and Mexico, also reported disruptions. In Singapore, reports peaked at around 220 for Facebook and 120 for Instagram at approximately 9.20am local time on Monday, with many users reporting problems accessing the platforms’ websites.

Facebook Messenger also experienced an increase in reported problems during the disruption. Downdetector data cited by The Economic Times showed 172 reports involving Messenger at one point, compared with a normal baseline of four. WhatsApp saw a smaller increase in reports.

The scale of the outage could be different from the figures reported by Downdetector, as the service aggregates reports submitted by users and does not represent the total number of people affected.

Meta had not provided an explanation for the disruption and did not immediately respond to a Reuters request for comment.

The latest incident follows another disruption in July, when Downdetector recorded as many as 4,808 reports involving Facebook and 2,829 for Instagram

Hajj registration opens September 28 in Oman: Key dates, rules and deadlines

Applicants who are eligible to perform Hajj must select a Hajj company through the electronic system, with the selection carrying the financial obligations associated with the service

Nida Sohail
Nida Sohail

21 September, 2026

Hajj registration opens September 28 in Oman: Key dates, rules and deadlines

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Oman will open registration for citizens and residents wishing to perform the Hajj pilgrimage during the 1448 AH season from September 28, with applications to be accepted through October 11, the Ministry of Endowments and Religious Affairs said.

Eligible applicants will be able to register electronically through the designated Hajj system at www.hajj.om during the specified period.

The ministry said Hajj companies will not be permitted to interfere in the registration process, a measure intended to support transparency and give eligible applicants the freedom to select their preferred Hajj company, according to an Oman News Agency report.

Electronic contracts to be binding

Applicants who are eligible to perform Hajj must select a Hajj company through the electronic system, with the selection carrying the financial obligations associated with the service.

Read more-Saudi announces new Umrah calendar: Visa details, key dates revealed

The ministry said the selection will constitute the applicant’s consent to contract with the chosen Hajj company. Applicants will also be required to pay the prescribed percentage electronically through the system.

Contracts concluded through the electronic platform will be binding on both parties before the competent authorities, the ministry said. It added that an application may be cancelled if the required financial payment is not made within the prescribed deadline.

The ministry also stressed that applications submitted before the official registration window, after its closure, or without the required attachments will not be considered.

Hajj company selection dates announced

The ministry has set a phased schedule for notifying eligible applicants and selecting Hajj companies.

For first-priority pilgrims, notification and company selection will take place from October 21 to November 11, 2026. The selection period for second-priority pilgrims is scheduled for November 16-22, followed by the third-priority group from November 24-27.

Meanwhile, the Hajj Conference and Exhibition will be held from October 22-24, 2026.

The ministry has set Feb. 27, 2027, as the deadline for receiving cancellation requests. The final date for air travel for the Hajj season has been set for May 12, 2027.

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