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Are Dubai’s World Islands making a comeback? Samana thinks so, betting big with a Dhs4bn development

Samana Developers is betting on a revival of Dubai’s World Islands with a Dhs4bn-plus residential project, despite a sharp slowdown in the emirate’s property market

Gareth van Zyl
Gareth van Zyl

16 October, 2026

Are Dubai’s World Islands making a comeback? Samana thinks so, betting big with a Dhs4bn development

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One of Dubai’s largest off-plan property developers is betting on a revival of The World Islands, unveiling a residential project worth more than Dhs4bn on an offshore archipelago that has struggled to fulfil its original ambitions for more than two decades.

Samana Developers, which has launched 54 projects in Dubai and ranks among the emirate’s top 10 developers by registered sales volume, announced on Thursday plans to build 849 residences at The World Islands, including 840 branded apartments, seven floating villas and two tree villas.

The project, which has a gross development value exceeding Dhs4bn, marks the launch of Samana Collecta, a new premium property brand established by the company as it expands beyond its traditional residential portfolio into larger, lifestyle-focused destinations.

Speaking at the launch in Dubai, Samana CEO Imran Farooq said the development was intended to establish a permanent residential community on The World Islands, rather than another luxury destination catering primarily to tourists and occasional visitors.

“The opportunity now is to make island living work for everyday life — not only as somewhere to visit, but as somewhere people can genuinely call home,” Farooq said.

The company has acquired approximately six island plots at The World Islands, with plans for further developments beyond the initial project.

Samana CEO Imran Farooq.
Samana CEO Imran Farooq.

Farooq said the flagship development would have a contractual delivery period of four years from the start of construction, although Samana is targeting completion in approximately 39 months.

Residences are expected to start at below Dhs2m, with the development offering studios and one-, two-, three- and four-bedroom apartments, alongside the floating and tree villas.

The project will feature multiple beaches, a lagoon, swimming pools, a beach club, restaurants, spas, gyms, co-working facilities and retail outlets. Regular yacht shuttle services are planned to connect the island with mainland Dubai at 30-minute intervals.

Why develop on The World Islands now?

The announcement represents another significant chapter for one of Dubai’s most recognisable, but historically challenging, real estate ventures.

Originally launched by Nakheel in 2003, The World Islands comprise approximately 300 artificial islands arranged in the shape of a world map, several kilometres off Dubai’s coastline.

Much of the land reclamation was completed by early 2008, shortly before the global financial crisis triggered a severe downturn in Dubai’s property market and brought development activity across much of the archipelago to a standstill.

Progress subsequently resumed in stages, most notably through Kleindienst Group’s Heart of Europe development, which has introduced hotels, luxury residences and other hospitality facilities.

However, much of the wider archipelago has yet to fulfil the ambitions associated with its original launch.

Samana’s project represents a different proposition in terms of scale and target market, combining hundreds of residential units with the infrastructure and facilities required to support year-round occupation.

Farooq said the company had purchased its island plots in 2025, recognising that it would need to take responsibility for significant elements of the infrastructure required to make the development viable.

These include electricity, water, sewerage, waste management and marine transportation, with Samana effectively taking on master developer responsibilities for its islands.

The proposed starting price below Dhs2m also represents an attempt to reach buyers beyond the ultra-wealthy clientele traditionally associated with private-island property.

Farooq was bullish about the potential for capital appreciation, although he stressed that Samana did not guarantee investment returns.

“I think this has to become the most expensive real estate of Dubai,” he said, suggesting that island properties could eventually command a premium of 50 to 60 per cent over conventional Dubai homes.

Dubai property sales decline sharply

The investment comes at a challenging time for Dubai’s wider real estate market, with transaction volumes declining amid regional geopolitical uncertainty.

According to an analysis of Dubai Land Department (DLD) data by Argaam, the emirate recorded approximately 122,900 property sales worth Dhs378.6bn during the first nine months of 2026.

That represented a 21.8 per cent decline in the number of sales transactions and a 23.5 per cent fall in their value compared with the corresponding period last year.

September was particularly challenging, with approximately 11,430 sales worth Dhs29.7bn. Transaction volumes fell 43.8 per cent year-on-year, while their total value declined 45.6 per cent.

While the figures point to a slowdown in market activity, falling transaction volumes do not necessarily translate into equivalent declines in property prices.

Against this backdrop, Farooq acknowledged that Samana had experienced a drop in sales following the escalation of regional tensions earlier this year.

He said the company’s sales had fallen by 52 per cent during the disruption, but argued that the continued willingness of buyers to commit to property purchases demonstrated underlying confidence in Dubai.

Farooq also highlighted a significant shift in the profile of buyers supporting the market.

“There is a shift in Dubai,” he said, explaining that approximately 60 per cent of Samana’s business in 2024 came from residents already living in the emirate. By 2025, international buyers accounted for an estimated 65 to 70 per cent of sales.

That trend has since reversed.

Today, he said, close to 90 per cent of the company’s sales are coming from UAE-based residents, with overseas buyers accounting for approximately 10 to 12 per cent.

“When the strait opens up, the situation settles down, and tourists are back, we expect international to get activated also,” he said, referring to the disruption affecting regional shipping and travel.

Construction costs rise 11 per cent

Samana is also navigating higher construction costs, which Farooq said had risen by approximately 11 per cent because of supply-chain disruption and increased material prices.

While some developers had slowed construction activity in response to higher costs, Farooq said Samana was maintaining its delivery programme, viewing the additional expenditure as an investment in its reputation and long-term customer confidence.

“We don’t intend to pass any cost to our customer,” he said, explaining that the company would absorb the additional expenditure on existing projects.

“We are taking it as a goodwill cost and we are comfortable with it,” he added.

He said material availability was not the main problem, but rather the higher prices being charged, particularly for steel and other construction inputs.

Farooq expects some of the cost pressures to ease as regional shipping and supply chains normalise.

Despite the challenging conditions, he said customer instalment collections were running at approximately 97 per cent of their pre-February levels, which he cited as evidence of the company’s financial resilience.

Samana rules out immediate IPO or bond issuance

The developer is also not planning an immediate initial public offering or bond issuance, with Farooq arguing that current capital-market conditions make either option unattractive.

“We don’t feel that this is the time to hit the capital market,” he said.

Farooq argued that borrowing through the bond market could prove expensive, while an IPO could require a substantial discount to the company’s valuation because of the way international investors currently perceive regional risks.

He estimated that an IPO under current conditions could require a valuation discount of approximately 30 to 35 per cent, while bond financing could cost close to 10 per cent.

He put Samana’s debt-to-asset ratio at approximately 9 per cent and said the developer remained comfortable financing its expansion primarily through customer payments and existing cash flows.

“We are a debt shy company. We don’t like to over borrow,” he said.

The company would reconsider capital-market options once conditions improved, he added.

Despite the broader slowdown, Farooq remains confident about Dubai’s long-term property prospects, arguing that a recovery in international buyer demand could create another phase of growth once regional uncertainty eases.

Gargash Prime, JINGDONG Property plan 2.5 million sq ft Dubai logistics hub

The planned joint venture will develop a regional distribution and fulfilment facility supporting supply chains across the Middle East

Rajiv Pillai
Rajiv Pillai

15 October, 2026

Gargash Prime, JINGDONG Property plan 2.5 million sq ft Dubai logistics hub
Image: Dubai Media Office

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Article Summary
Gargash Prime and JINGDONG Property have signed an agreement to establish a joint venture developing a 2.5 million-square-foot logistics facility in Dubai. Serving as a regional distribution and fulfilment centre, the project will strengthen Middle Eastern supply chains and support the UAE's ambition to reinforce its status as a global trade and logistics hub.

Gargash Prime and JINGDONG Property, the infrastructure investment and asset management arm of Chinese e-commerce company JD.com, have signed a memorandum of understanding (MoU) to develop a large-scale logistics facility in Dubai.

Under the agreement, the companies plan to establish a joint venture to develop a site spanning approximately 2.5 million square feet (250,000 square metres), which will serve as a regional distribution and fulfilment hub supporting supply chains across the UAE and wider Middle East.

The MoU was signed on October 13 on the sidelines of the Dubai Business Forum – China, organised by Dubai Chambers in Shenzhen, in the presence of Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers.

The partnership forms part of Gargash Prime’s strategy to expand its portfolio of large-scale real estate and logistics infrastructure assets through collaborations with international companies.

It also aligns with the Dubai Economic Agenda, D33, and the UAE’s wider ambitions to strengthen its position as a global trade and logistics hub.

Gargash Prime expands logistics infrastructure portfolio

Shehab Gargash, founder of Gargash Prime, said: “This joint venture with JINGDONG Property will help develop infrastructure that supports the UAE’s goal of further strengthening its position as a global logistics and trade hub. By bringing together our complementary capabilities and shared ambition, we aim to deliver infrastructure at scale that contributes to the next phase of the UAE’s economic growth.”

The planned facility is expected to combine Gargash Prime’s local real estate expertise with JINGDONG Property’s international experience in logistics infrastructure development and management.

Walid Hizaoui, chief strategy officer at Gargash Prime, said: “This facility gives us the scale and the right partner to establish a significant logistics footprint in the region. It demonstrates how we are translating Gargash Prime’s real estate ambitions into high-quality infrastructure that supports the growth of the UAE’s trade and logistics sector.”

JD.com subsidiary strengthens UAE presence

JINGDONG Property currently manages more than 300 infrastructure assets globally, covering over 28 million square metres of gross floor area, with assets under management exceeding $16bn.

The company specialises in developing and managing logistics parks, business parks and data centres, serving businesses across e-commerce, manufacturing, retail and third-party logistics.

Carl Chen, CEO of JINGDONG Property, said: “The partnership with Gargash Prime represents an important step in JINGDONG Property’s long-term development in the UAE. We look forward to supporting the UAE’s ambition to strengthen its position as a leading global logistics and trade hub. The new distribution and fulfilment facility will strengthen our regional capabilities while providing high-quality logistics infrastructure to local and international customers.”

Feng Guo, CEO of JD.com Middle East, said the collaboration would combine JINGDONG Property’s technology and logistics capabilities with local market expertise to develop more efficient and resilient supply chains across the region.

The agreement also highlights growing commercial cooperation between the UAE and China, with Dubai Chambers facilitating cross-border investment and business partnerships through its international engagement initiatives.

For Gargash Prime, the proposed joint venture represents another step in expanding its real estate and logistics portfolio, while supporting Dubai’s position as a regional distribution and fulfilment centre.

Container ship sinks in Strait of Hormuz amid escalating maritime attacks

The Singapore-flagged vessel caught fire before sinking, with all 21 crew members safely evacuated

Gulf Business
Gulf Business

15 October, 2026

Container ship sinks in Strait of Hormuz amid escalating maritime attacks
Image: Getty Images/Image for illustrative purpose

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A Singapore-flagged container ship has sunk in the Strait of Hormuz after sustaining damage and catching fire, amid escalating attacks on commercial vessels passing through the strategically important waterway.

The vessel, identified as GFS Pride, was struck by an unidentified projectile on October 13, according to Singapore’s Maritime and Port Authority (MPA). All 21 crew members were safely evacuated, with no injuries reported, Reuters reported.

The ship, operated by UAE-based Global Feeder Shipping, had a capacity of 2,824 twenty-foot equivalent units (TEUs).

Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy claimed on Wednesday, October 14, that a vessel carrying more than 2,500 containers had struck a naval mine while attempting to navigate what it described as an unauthorised and dangerous route through the strait.

According to a statement carried by Iranian state broadcaster IRIB, the vessel caught fire following the incident and subsequently sank as the blaze intensified.

However, the Iranian account has not been independently verified, and maritime security sources have reported that the GFS Pride was struck by an unidentified projectile. The actual number of containers aboard the vessel has also not been independently confirmed.

Second Singapore-flagged vessel damaged

The MPA also confirmed that another Singapore-registered container ship, GFS Giselle, sustained hull damage after being struck by an unidentified projectile on October 14.

According to global media reports. the vessel subsequently reached a safe anchorage under its own propulsion, with all 22 crew members reported safe.

Singapore’s maritime authority condemned the incidents, describing the continued attacks on commercial shipping as violations of international law.

The two vessels are part of the fleet of Global Feeder Shipping, a Dubai-based shipping company

Saudi-led coalition intercepts, destroys cruise missile over Madinah

The latest interception comes amid escalating Houthi missile and drone attacks targeting Saudi Arabia’s airports and infrastructure

Rajiv Pillai
Rajiv Pillai

15 October, 2026

Saudi-led coalition intercepts, destroys cruise missile over Madinah
Madinah mosque

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Article Summary
Saudi air defence forces intercepted and destroyed a cruise missile over the Madinah region, spokesperson Major General Turki Al-Malki confirmed.

Saudi Arabia’s military coalition fighting Yemen’s Houthi group said on Thursday, October 15, that its air defence forces had intercepted and destroyed a cruise missile over the Madinah region in western Saudi Arabia.

Major General Turki Al-Malki, spokesperson for the Coalition to Restore Legitimacy in Yemen, confirmed the interception in a statement published on social media platform X.

“Interception and destruction of a cruise missile in the Medina region,” Al-Malki said, according to reports carried by Saudi state media.

The coalition did not immediately identify the origin of the missile or its intended target. No details were provided regarding potential casualties or damage.

The incident comes amid an escalation in missile and drone attacks attributed to Yemen’s Houthi group, which has targeted airports, energy installations and other infrastructure across Saudi Arabia in recent days.

Flights still operating, but Umrah enquiries dip: How Riyadh attacks are affecting pilgrim travel

Travel agencies in Dubai have reported a decline in enquiries for Umrah packages, particularly among customers planning to travel during national holidays

Nida Sohail
Nida Sohail

15 October, 2026

Flights still operating, but Umrah enquiries dip: How Riyadh attacks are affecting pilgrim travel

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Umrah travel from the UAE is facing growing uncertainty following reported attacks on Saudi Arabia, with transport concerns beginning to influence booking decisions even as many pilgrims continue with their plans.

Travel agencies in Dubai have reported a decline in enquiries for Umrah packages, particularly among customers planning to travel during national holidays. While some pilgrims are postponing their journeys until the security situation becomes clearer, others are proceeding with their arrangements, favouring flight itineraries that avoid Riyadh.

The impact has been uneven across transport options. Airfares for Umrah travel have reportedly remained broadly stable, but cancellations affecting selected airline services and concerns about possible road closures have prompted travellers to examine their itineraries more closely.

The developments follow escalating hostilities involving Saudi Arabia and Yemen’s Iran-aligned Houthi movement, which has claimed responsibility for attacks targeting Saudi aviation infrastructure.

Read more-Multiple-entry Umrah visa: What pilgrims must do before each Saudi visit

King Khalid International Airport in Riyadh was reportedly targeted repeatedly in October 2026, with an attack on October 10 leading to a suspension of airport operations. Earlier strikes killed three Saudi citizens, including Saudia pilot Captain Hamoud Ali Alkalthami.

The attacks have also affected other locations, including King Fahd International Airport in Dammam, heightening concerns about aviation security and the potential consequences for regional travel.

Jeddah and Madinah remain preferred pilgrimage gateways

Despite the uncertainty, UAE residents continue to travel to Saudi Arabia for Umrah, with Jeddah and Madinah remaining central to their itineraries.

According to several Dubai-based travel agencies, many pilgrims are flying into Jeddah and arranging their return journeys from Madinah. This allows them to avoid routing their trips through Riyadh, which some travellers are steering clear of because of security concerns.

Airlines including flynas, flydubai, Saudia and Air Arabia continue to offer services relevant to UAE travellers. However, the availability of flights varies by route and travel date, making individual flight checks increasingly important.

The continued movement of pilgrims suggests that concerns have not brought Umrah travel to a standstill. Instead, travellers appear to be making more selective decisions about departure airports, routes and transportation methods.

Airline cancellations put the focus on individual bookings

Reported flight cancellations have added to the uncertainty, although disruptions differ between airlines and services.

Emirates cancellations reported for October 15 included EK801, EK803 and EK805 from Dubai to Jeddah, alongside EK802, EK804 and EK806 on the return route. These cancellations apply to the reported date and do not establish that the same services will be cancelled on later dates.

Etihad Airways has also listed cancellations on its Abu Dhabi–Jeddah route. Its published advisory identifies EY601 and EY602 as cancelled through October 18, while EY603 and EY604 are listed as cancelled through October 19. The advisory does not indicate that every Etihad flight to Jeddah has been suspended.

Air Arabia has reported cancellations affecting certain services from Sharjah to Riyadh, Abha, Dammam and Taif. Other flights to Jeddah have continued to appear on published schedules, although scheduled services are not guaranteed to operate.

For pilgrims, these developments underline the importance of checking flight status directly with airlines before departure and confirming return arrangements before committing to a revised itinerary.

Bus travellers weigh delays against convenience

Ground transportation presents a separate challenge for pilgrims travelling from the UAE. Concerns about possible road closures, delays and routes passing through Riyadh have made some passengers more cautious about choosing buses.

Certain itineraries include journeys through the Saudi capital, while some routes involve layovers of three to four hours. The prospect of extended travel times has encouraged some passengers to consider flying instead.

Bus services are nevertheless continuing to operate. On some routes, the number of available services has reportedly fallen by around half, reducing the options available to travellers who prefer road transport.

For other pilgrims, buses remain a practical alternative. Operators have reorganised and streamlined certain routes, making them convenient for passengers whose itineraries suit the available services.

The result is a mixed response rather than a wholesale shift away from buses. Travellers are balancing convenience and cost against concerns about delays, with decisions depending on their destinations and the routes offered by individual operators.

Softer enquiries signal pressure on package demand

The clearest reported effect on the Umrah market has been a slowdown in customer interest.

Dubai-based travel agencies have reported fewer enquiries for Umrah packages, with some prospective pilgrims choosing to wait for more clarity before making bookings. The decline has been particularly noticeable among customers who prefer to travel during national holidays.

For agencies, the change presents a commercial challenge. A reduction in enquiries can affect future bookings even if customers who have already paid for their trips continue to travel.

However, the available information does not point to widespread cancellations among confirmed passengers.

Travellers who have already arranged their flights and other travel requirements are generally proceeding with their journeys, and agencies have not reported significant cancellations for the current travel period.

The current situation differs from disruptions reported in February, when some flights were cancelled and affected passengers had to be transported back by road.

Etihad confirms departure of commercial chief Arik De

Wei Jin takes over as interim commercial chief as Etihad searches for a permanent successor

Rajiv Pillai
Rajiv Pillai

15 October, 2026

Etihad confirms departure of commercial chief Arik De

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Article Summary
Arik De has stepped down as Etihad Airways' Chief Revenue and Commercial Officer after nearly five years, with Wei Jin appointed as interim replacement whilst a permanent successor is sought.

Etihad Airways has confirmed the departure of its chief revenue and commercial officer, Arik De, with Wei Jin appointed to the role on an interim basis as the Abu Dhabi-based airline begins searching for a permanent successor.

In a statement shared with Gulf Business, an Etihad spokesperson confirmed that De was no longer with the airline.

“We can confirm that Arik De has left Etihad and is no longer an employee of the company. Wei Jin has been appointed interim chief revenue and commercial officer while the company conducts a search for a permanent successor. As this is an internal matter, it would not be appropriate to comment further.”

The airline did not provide a timeline for appointing a permanent replacement.

In a post on LinkedIn, De reflected on his nearly five-year tenure at Etihad, highlighting the airline’s financial transformation and revenue growth during that period.

“Today, nearly 5 years later, a wonderful chapter of my life comes to an end. Proud to have been part of the great Etihad transformation – from an airline with $3bn in revenue to nearly $10bn, and a sustainable profit trajectory that allows for a bright future,” he wrote.

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Are Dubai’s World Islands making a comeback? Samana thinks so, betting big with a Dhs4bn development