Saudi Arabian IT company Al Moammar signs $14 million contract to set up networks and data center

RIYADH: The UAE real estate sector saw growth across residential, office, retail and hospitality sectors during the third quarter of 2022, global property services provider JLL said.

In its latest report on the UAE property market, JLL said average residential prices in the third quarter rose 9% year-on-year in Dubai, while average rental rates rose 25% year-on-year. .

The increase in sales and rentals was attributed to stronger demand and an increase in buyer activity, according to the report.

Data from Dubai’s Department of Economy and Tourism suggests that the emirate received around 2.95 million overnight visitors between June and August 2022, compared to 1.17 million recorded for the same period l ‘last year.

Abu Dhabi saw a 24% increase in overnight visitors to 910,000 in the third quarter of this year, compared to the same period last year, according to DCT Abu Dhabi.

Dubai’s hotel occupancy rate reached 70% between January and August 2022, up from 58% in the same period last year.

UAE’s Union Properties Completes Debt Restructuring

Dubai Motor City developer Union Properties said it had completed a debt restructuring worth 595 million dirhams ($161 million), including 223 million dirhams owed to lenders under a plan complete restructuring.

The restructuring represents a major step in the company’s turnaround strategy, which was announced in 2022, the company said in a statement.

In light of the restructuring plan, Union Properties said it would experience significant improvement in profitability and cash flow generation.

“The successful completion of our debt restructuring process is an important step in Union Properties’ turnaround strategy, placing us on a solid footing to drive future growth and value creation for our shareholders,” said Amer Khansaheb, Board Member and Managing Director.

UAE pledges to increase oil production capacity

The UAE has pledged to increase its oil production capacity, Reuters reported citing Energy Minister Suhail al-Mazrouei.

State-owned Abu Dhabi National Oil Co. aims to produce the cleanest barrel on the planet, he told reporters.

His comments came after several members of the oil producers’ group endorsed the sharp reduction in production targets agreed this month.

OPEC+ member states lined up on Sunday to approve the sharp cut to its agreed production target this month.

Last week, the United States said the cut would boost Russia’s foreign income and suggested it was engineered for ‘political reasons’ by Saudi Arabia, which on Sunday denied it was backing Moscow in his invasion of Ukraine.

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