ANAX Developments has appointed industry veteran Raja Alameddine as CEO, as the Dubai-based developer positions itself for its next phase of growth.

Alameddine brings more than three decades of experience in real estate development across regional and international markets. He has held senior leadership roles at firms including Colliers International, Gulf Related, Jeddah Economic Company, Solidere International and Lootah Real Estate Development.

Over his career, he has led a wide range of projects, from large-scale master-planned cities to complex mixed-use developments. He holds an MBA and a Bachelor of Engineering from the American University of Beirut.

In his new role, Alameddine will oversee ANAX Developments’ strategic direction, with a focus on sustainable growth and international expansion. He will also be responsible for shaping the company’s positioning in the luxury real estate segment.

Satish Sanpal, founder and chairperson of ANAX Holding, said the appointment comes at a pivotal moment for the market.

“We see the current period of market recalibration as a moment to prepare for the surge that will follow,” Sanpal said. “We are strengthening our operations while ensuring that our launches, construction and deliveries remain on track and executed with precision.”

He added: “Raja has a deep understanding of the real estate landscape and proven management expertise across global enterprises. We are confident in his ability to lead ANAX Developments into its next phase of growth and take the business to new heights.”

Alameddine said he was joining the company at a time of strong momentum.

“I am proud to join ANAX Developments at such an exciting phase of its growth,” he said. “With a strong and expanding portfolio, I look forward to working with the team to deliver exceptional projects and introduce new developments that reflect ANAX’s commitment to luxury and innovation.”

“Our strategy will focus on delivering projects that meet international standards of quality, execution and long-term value,” he added.

Alameddine will also be tasked with setting the long-term strategic roadmap for the business, with an emphasis on delivering projects in key locations and strengthening ANAX Developments’ position in the UAE’s luxury real estate market.

Dubai’s real estate market has kicked off the week with a high-value transaction, as a luxury apartment at Casa AHS sold for Dhs101.2m, underscoring sustained demand for ultra-prime residential assets in the emirate.

According to data from the Dubai Land Department (DLD), the residence is located along the Dubai Water Canal within the Casa AHS development. The unit spans approximately 1,970 square metres, translating to around Dhs51,370 per square metre, placing it firmly in the upper tier of Dubai’s luxury property segment.

The deal comes amid strong broader market activity, with total real estate transactions reaching Dhs1.3bn across 460 deals by the start of trading on Monday, reflecting continued investor confidence and liquidity in the market.

Developed by AHS Properties, Casa AHS represents a new wave of ultra-luxury residential developments in Dubai, characterised by limited inventory, waterfront positioning, and a focus on privacy and bespoke design.

The developer has rapidly gained traction in the high-end segment, attracting global high-net-worth individuals (HNWIs) seeking exclusive, statement properties.

The UAE’s housing sector has maintained strong momentum into 2026, with the Ministry of Energy and Infrastructure (MoEI), through the Sheikh Zayed Housing Programme (SZHP), issuing 759 housing approvals in the first quarter, valued at more than Dhs616m.

According to WAM, the approvals included 129 housing grants and benefits worth Dhs102.9m, alongside 583 housing loans and financing solutions delivered in partnership with national banks, totalling Dhs460.5m. An additional 47 government housing loans within residential complexes were issued, valued at Dhs53.2m.

The figures highlight the accelerating pace of delivery and increasing efficiency within the UAE’s housing support system, underpinned by a shift towards integrated financing models and public-private collaboration.

The performance builds on the programme’s long-term track record. Since its establishment in 1999, the Sheikh Zayed Housing Programme has issued more than 73,000 housing support decisions across the UAE, with a total value exceeding Dhs50bn, supporting family stability and improving quality of life.

A key driver of recent progress has been the expansion of partnerships with the private sector, particularly national banks. This model has significantly enhanced operational efficiency, eliminating more than 12,000 backlog applications and increasing the fulfilment rate from 34 per cent to 94 per cent. The approach has also contributed to achieving a 91 per cent homeownership rate, reflecting the broader socio-economic impact of the UAE’s housing policies.

Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, said: “The rapid progress witnessed in the UAE’s housing sector reflects the forward-looking vision of our leadership and its commitment to providing adequate housing for citizens as a cornerstone of family stability and a key pillar of quality of life. The UAE’s housing policies are based on an integrated approach that places people at the forefront, translating the leadership’s directives into building a cohesive, prosperous, and stable society.”

He added that these efforts align with national development frameworks, including “We the UAE 2031” and the UAE Centennial 2071, supporting the creation of resilient and sustainable communities.

Mohammed Al Mansoori, Undersecretary for Infrastructure and Transport Affairs at the Ministry of Energy and Infrastructure, said, “The UAE’s housing ecosystem is undergoing a strategic transformation driven by innovative financing models, stronger private sector partnerships, and the adoption of smart solutions that enhance service efficiency and accelerate housing delivery in a sustainable manner. This approach ensures a balance between financial sustainability and social impact, while strengthening the sector’s ability to keep pace with population growth and future challenges.”

The latest approvals reinforce the UAE’s broader strategy to build a comprehensive, future-ready housing ecosystem that supports long-term urban development, economic resilience, and citizen wellbeing.

Under the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, has launched a new initiative aimed at transitioning Dubai’s private sector toward self-executing and self-leading artificial intelligence, known as Agentic AI.

The initiative marks one of the most ambitious steps yet in Dubai’s ongoing digital transformation journey, positioning artificial intelligence at the centre of private sector growth and competitiveness over the next two years.

As part of the programme, specialised training tracks will be introduced for all business councils affiliated with the Dubai Chamber of Commerce, ensuring that companies across sectors are equipped to understand and implement Agentic AI systems.

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To support this transition, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum directed the Chamber to establish incubators for Agentic AI companies, create new economic opportunities for young people in the field, and set up dedicated funds to support emerging AI-driven businesses.

A new competitive edge for the future

Sheikh Hamdan bin Mohammed said: “Under the directives of Sheikh Mohammed bin Rashid Al Maktoum, we have launched a new initiative to accelerate the adoption of Agentic AI (self-executing and self-leading artificial intelligence) in Dubai’s private sector.

“Our goal is for Dubai to become the world’s leading city in adopting these technologies economically and commercially, giving us a new competitive edge for the future.”

He added: “The transformation programme spans two years and includes specialised training tracks for all business councils affiliated with the Dubai Chamber of Commerce.”

“We have also directed the chamber to establish incubators for Agentic AI companies to support this transformation, create new economic opportunities for young people in this field, and set up dedicated funds to back this new shift,” he said.

Sheikh Hamdan further said: “Our objective is to empower our companies to adopt these technologies that will boost productivity, expand business volumes, and reshape the city, making its economy the best in the world in adopting Agentic AI technologies.”

He emphasised: “Sheikh Mohammed bin Rashid is leading a comprehensive movement to transform Dubai into the world’s most future-ready city, technologically, economically and in infrastructure, while advancing quality of life to unprecedented standards.”

The initiative aims to establish Dubai as a global leader in adopting AI technologies—particularly Agentic AI—by transforming the private sector into self-innovating hubs that enhance productivity and reduce operational costs.

The programme reflects Dubai’s broader vision of positioning data as the “oil of the future,” while continuing to develop advanced digital infrastructure that strengthens the emirate’s standing as one of the world’s most future-ready cities.

Strengthening Dubai’s digital economy ecosystem

With digital transformation at the core of the Dubai Economic Agenda (D33) and its long-term objectives, the emirate has already launched several major initiatives, including DubaiNow, the Dubai Metaverse Strategy, and the Dubai Centre for Artificial Intelligence.

Together, these initiatives form a wider ecosystem designed to keep Dubai at the forefront of global investment in emerging technologies.

Dubai continues to support its private sector through what officials describe as an exceptional approach rooted in strategic partnership and proactive legislation. Direct communication channels, including business councils, ensure companies maintain open access to policymakers and decision-makers.

By reducing operational costs and opening access to new markets, Dubai positions itself as a global launchpad for ambitious companies seeking international growth.

The emirate also emphasises knowledge exchange and provides world-class digital infrastructure and tools to support technical advancement, reinforcing its goal of becoming the world’s best city to live, work, and invest.

“A pivotal milestone” for economic growth

Sultan bin Saeed Al Mansoori, chairman of Dubai Chambers, affirmed that Sheikh Mohammed bin Rashid Al Maktoum’s directives to launch the Agentic AI initiative mark a pivotal milestone.

He said it opens new horizons for sustainable economic growth and strengthens Dubai’s position as a global hub for business and innovation.

Al Mansoori noted that Dubai Chambers will implement specialised training for business councils and establish incubators and funds to support AI startups. These efforts aim to empower youth and entrepreneurs to transform innovative ideas into viable businesses, while accelerating digital transformation across the private sector.

Unlocking future-ready business models

Abdul Aziz Al Ghurair, Chairman of Abdulla Al Ghurair Group and chairman of the Board of Directors of Mashreq Bank, said the shift toward Agentic AI represents a new era in which Dubai’s private sector becomes a key partner in smart digital transformation.

Al Ghurair noted: “This initiative provides a significant opportunity for the private sector to invest in young talent and develop future-ready business models that significantly drive productivity, bolstering Dubai’s global leadership in the economy of the future.”

He added that investing in human capital and youth remains essential to maintaining Dubai’s leadership in commercial AI adoption.

Ahmad bin Byat, vice chairman of Dubai Chambers and vice chairman of Dubai Chamber of Digital Economy, said the initiative represents an advanced stage in Dubai’s digital transformation.

He noted that it reinforces Dubai’s position as a global digital economy hub by enabling businesses to adopt autonomous systems that significantly enhance productivity and operational efficiency.

Bin Byat added that the Dubai Chamber of Digital Economy will continue expanding legislative support, specialised incubators, and global partnerships to attract international talent and technology firms.

A strategic step toward long-term transformation

Omar Abdulla Al Futtaim, vice chairman and CEO of Al Futtaim Group, described the initiative as a strategic step in reinforcing Dubai’s position as a leading global economic hub.

He said it reflects a shift toward continuous development within the private sector, guided by sustainable development and quality of life goals.

Al Futtaim stated: “The launch of this government initiative reflects Dubai’s ambition and determination to lead major economic and technological transformations. We are encouraged by the government’s vision and look forward to strengthening collaboration across the public and private sectors.

“AI and advanced technologies give us a unique opportunity to rethink how we operate, redesign our processes and reinvent our business models. Realising this potential will require continued investment in our people, equipping them with the skills and mindset to lead this transformation and shape the future of our businesses.”

He added that the initiative also opens new opportunities for young national talent to advance in artificial intelligence, supported by Dubai’s strong investment environment and technological ecosystem.

A new model for AI-driven decision-making

Dr Amina Al Rostamani, member of the Board of Directors of Dubai Chambers and AW Rostamani Group, said the initiative opens unprecedented opportunities for the private sector to shape the future.

She noted that within two years, Dubai’s businesses could evolve into a leading model for AI-driven decision-making.

She added that specialised Agentic AI incubators will accelerate digital transformation and create new economic opportunities for entrepreneurs developing smart applications aimed at boosting productivity and supporting Dubai’s global ambitions.

Sixty days into a regional conflict, the narrative surrounding Dubai’s real estate market is often split between alarmism and denial. The data tells a more nuanced story: the market is bruised, but far from broken.

What we saw in March was a genuine geopolitical shock. What we saw in April was a market recalibrating. As liquidity remains intact, we are transitioning from a period of “growth at any cost” to a much more selective, disciplined environment.

The year began with extraordinary momentum. January saw AED 104.1bn in transactions, a historic peak. When conflict began, the impact was immediate. March transaction values dropped to AED 53.4bn as buyers paused to assess the risk.

However, April changed the outlook. Total transaction value rebounded 21.9 per cent to AED 65bn. Crucially, while the number of deals rose only 5.6%, the total value surged. This indicates that high-ticket investors and institutional capital did not withdraw; they simply waited for the initial volatility to settle before returning to the table.

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The flight to off-plan

The composition of the market has shifted significantly. Off-plan sales have become the market’s primary engine, accounting for nearly 43 per cent of total value in April, up from 28% in January.

Investors are currently prioritising future handovers over immediate secondary market purchases. While off-plan demand remains robust, up 22.9 per cent year-on-year, the ready-property and land sectors have cooled. This reliance on off-plan is a double-edged sword: it signals long-term confidence in Dubai’s growth, but it also leaves the market sensitive to future supply pressures and exposed to market speculation.

While the market has absorbed the geopolitical shock, a different challenge is mounting: inventory.

Across 39 key communities tracked by The Real Estate Reports, average sales listings rose nearly 7 per cent in two months. In April alone, villa listings jumped 21.3 per cent. This isn’t “distress selling” yet, but it signals that the supply-demand gap is narrowing.

Rents are also no longer accelerating. Q1 data from several research houses shows rents remained largely flat compared to the previous quarter. For the first time in years, the “landlord’s market” is facing a plateau.

The Real Estate Reports data shows 64,486 units scheduled for delivery in 2026 across the tracked communities. With 43 per cent of this supply concentrated in Business Bay, JVC, and Dubai South, these districts will face the most significant pressure on resale values and yields.

Strategy over speculation

Major rating agencies like S&P and Moody’s maintain that a 2008-style crash is unlikely. I concur. The market today is underpinned by better regulation, higher equity, and a more diverse buyer base.

However, we must be realistic. The post-war market is more fragmented. Prime locations with deep end-user demand (like Palm Jumeirah or Dubai Marina) continue to see record-breaking deals, including an AED 422m sale in Jumeirah during the height of the March uncertainty. Conversely, apartment-heavy districts with massive pipelines will likely see price corrections.

Dubai has passed the first stress test of the conflict. It has proven its liquidity. The next phase, however, will be a test of supply. Success in 2026 will belong to those who prioritise price discipline and location-specific data over general market hype.

• Ali Shahin is the founder of The Real Estate Report, an independent platform that dives into the data driving the property sector in the UAE. You can follow The Real Estate Report on substack or via its website.