Dubai’s ‘already robust’ property market receives another boost with DLD, municipality restructure

Additional transparency and accountability as a result of these changes will bolster construction whilst ensuring that the emirate is in line with a sustainable growth model, experts told Arabian Business

Dubai Land Department’s (DLD) and Dubai Municipality’s restructuring target will further strengthen the emirate’s “already robust” real estate sector and bolster the construction industry, industry stakeholders told Arabian Business.

The plan for the DLD is set to improve the competitiveness of the emirate’s real estate sector and improve operational efficiency by 20 percent.

“The most recent restructure of the Dubai Municipality and Dubai Land Department will put the entity in line with the fast changing surroundings it finds itself in. Dubai is already in the midst of a property surge, with transactions reaching $490million in a single day,” said Fazeela Gopalani, head of ACCA Middle East.

“These new operational efficiencies which will be introduced will only strengthen the fundamentals of an already robust real estate environment. What’s more, the additional transparency and accountability as a result of these changes will bolster construction whilst ensuring that the emirate is in line with a sustainable growth model.

“The Dubai economy is the most diverse in the region, and the emphasis on strengthening the Dubai Municipality’s tourism and commercial public assets will be a welcome sign to development particularly within the hospitality segment. I expect this area to continue to grow and will continue to help Dubai keep pace within the evolving nature of our world today,” she continued.

The plan, which aims to enhance investment in the real estate sector and improve governance in the sector, will include a key deliverable to make the emirate one of the world’s highest ranked cities in various real estate market indicators, including safety and transparency, in the coming years.

“Both the DLD and Dubai Municipality are a key support for the UAE economy, and a pre-emptive move like this will set a new standard for the region in terms of fostering and promoting a thriving business ecosystem,” said Rupert Tait, co-founder, Procurified.“With the increasing scope and scale of ambitious projects in the region – Saudi Arabia’s giga-projects for one – this will ensure that the UAE keeps apace in terms of its own offering. It’s very positive news for those doing business in the region, and exciting for investors with an eye on the UAE. As a business owner in Dubai whose digital platform is so connected to the UAE construction industry, this is especially significant in terms of future potential,” he continued.

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Dubai the most profitable city in the world for Airbnb landlords

Homeowners with properties near Burj Khalifa charge guests an average of $1,150 a night, study finds

Dubai is the most profitable and expensive location in the world for Airbnb landlords, particularly for owners of properties near Burj Khalifa, a survey by UK-based landlord insurance company CIA Landlords has found.

Landlords who own properties surrounding the world’s tallest building can earn an average of £930 ($1,150) per night, or £339,450 per year, which means it can take only four months for them to break even on their investment, CIA Landlords said.

“Dubai is the most profitable location for landlords as it takes just four months for them to earn their money back after investing in a property,” CIA Landlords said in the survey, which was based on the price of an average one-bedroom, 450-square-foot apartment and divided by the average Airbnb price for one night.

 “The average price to buy an apartment in the city is £112,624, meaning just 121 nights need to be sold for this cost to be earned back. However, this is only a profitable location for landlords who have a property near Burj Khalifa, as those further away rent for just £181 per night.”

The property market in the UAE, the second-biggest Arab economy, has made a strong recovery from the pandemic-driven slowdown as the country’s economy improves on the back of fiscal and monetary measures.

Pent-up demand and improved investor sentiment have also helped to drive property sales, particularly in Dubai and Abu Dhabi, amid the pickup in economic activity.

The second-most profitable location for Airbnb landlords is Hilo, in Hawaii, where it takes only 200 nights to be sold for owners to make their money back, the survey found.

“With the average cost of buying an apartment here also over half that in Dubai at £51,300, this is a safer investment option for those just beginning their Airbnb journey,” it said.

“It is important, however, that landlords weigh up the pros and cons with investing abroad, especially in countries in other continents where maintaining properties and guests will be harder. If these problems can be overcome, then evidently they will see a healthy return.”

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After merger, Abu Dhabi's Emirates Steel Arkan delivers Dh2.04b in Q1-2022 revenues

 

UAE's biggest building materials company is reaping post-merger gains

Dubai: Abu Dhabi’s Emirates Steel Arkan – the biggest listed building materials company in the UAE – generated revenues of Dh2.04 billion in the first three months of 2022 against Dh233.5 million a year ago. The gains were led by a combination of factors, notably the merger that was completed late last year with Arkan Building Materials.

Plus, there is also the firming up in building commodity prices. Net profit has shot up to Dh72.6 million from Dh1.2 million. “The foresight of the merger of Emirates Steel and Arkan and the impact of the management changes we made are clearly evident in the strong financial metrics that the merged entity has delivered in the first quarter,” said Hamad Abdulla Mohamed AlShorafa Alhammadi, Chairman. “The Group’s management has made great strides in enhancing efficiency and unlocking the full potential of the combined entity.”

On a stand-alone basis, Emirates Steel had a net profit of Dh61.1 million, which itself is a a 265 per cent increase on Q1-21, through ‘higher exports of rebar, sections and sheet piles to regions including Asia and North America’.

Organisational fix

In the first quarter, the company ran a programme to enhance the organisational structure of the group to ‘accelerate the integration, find new synergies and bring about greater efficiencies’.

It appointed the global sustainability advisory firm, ENGIE Impact, to assess Emirates Steel Arkan’s footprint and create a detailed road map to accelerate the ‘Carbon Net Zero’ transition. In the coming quarters, Emirates Steel will also begin marketing ES600, a new light-weight ultra-high-strength rebar, designed to allow its construction customers to build more with less raw materials, thereby reducing the carbon footprint of construction projects.

"Despite an increase in geopolitical tensions, the outlook for the second quarter is favourable and the efforts we have made to improve the performance of our business units will continue to provide opportunities for further growth," said Saeed Ghumran Alremeithi, Group CEO.

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