A great view of Dubai. The figures indicate that the Emirate’s real estate sector is gradually returning to normal, driven by the stimulus packages and initiatives, launched by the government and its departments in the past few months.
MAG Property Development, the real estate development arm of MAG Holding Group, announced the launch of its massive Dhs8 billion residential programme in Dubai, a move that boosts the company’s presence in the emirate’s real estate sector.
In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed Bin Rashid Al Maktoum has issued Law No. 4 of 2019 pertaining to Dubai’s Real Estate Regulatory Agency, Rera.
Dubai Land Department, DLD, has said that the real estate sector significantly contributed to GDP growth in the Emirate.
The top three transactions were a land in Madinat Dubai Almelaheyah sold for Dhs212.6 million, followed by a land that was sold for Dhs53 million in Hadaeq Sheikh Mohammed Bin Rashid, and a land sold for Dhs212.6 million in Madinat Dubai Almelaheyah in third place.
"The UAE has adopted elaborate regulation as well as established a dedicated regulatory body. The country has already issued licences for more than 30 exchanges to be set up," says Guy Burton.
The company announced two weeks ago that it would cancel 900 connections in July. Now it will take out of the system a further 2,200 of a total of 80,000 flights, Lufthansa said, dpa news agency reported.
According to data from hotel management analytics firm STR, Dubai ranked No.1 globally in hotel occupancy, ahead of other international destinations including New York, London and Paris for the January-April 2022 period.