AB Espresso: Government takes 34% stake in RAK Properties

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Discover the latest developments curated by our expert editorial team at Arabian Business. Here's what you missed on Monday:

The Ras Al Khaimah real estate market has been given a major vote of confidence with the Government taking a 34 percent share in leading developer RAK Properties. Following the March AGM where the Government, subject to ADX approval, expressed confidence in RAK Properties to expand its stake, the company has now moved forward with the strategic government partnership which will see their stake in the company increase to 34 percent, following SCA approval.

Meanwhile, Dubai’s luxury real estate market is experiencing an unprecedented shortage of high-end properties as demand from ultra-wealthy buyers continues to outpace available inventory, a new report finds. Listings from prime residential properties in Dubai’s most sought-after neighbourhoods have plummeted by 47 percent over the past year, highlighting a growing imbalance between supply and demand in the emirate’s luxury housing sector as it continues to experience a major market boom, according to a new report by Knight Frank.

In addition, the Dubai real estate sector recorded more than AED14.3bn ($3.9bn) of transactions last week, according to data from the Land Department. Sales dominated the figures, with AED9.47bn ($2.6bn), according to Land Department data. In total there were 3,168 sales transactions recorded between July 1 and July 5.

In other major news, the UAE is set to see more rain this week, even as parts of the country record temperatures of more than 50 degrees. The highest temperature of the year, so far, was recorded at Sweihan in Abu Dhabi on Monday, July 8. At 12.45pm (UAE time) temperatures were recorded at 50.7 degrees.

Aside from this, Riyadh has emerged as one of the top 15 fastest-growing cities by 2033, according to the Savills Growth Hubs Index. The report, part of Savills’ global thought leadership programme Impacts, highlights Riyadh as the only non-Asian city in the top 15 list. The city’s growth potential is linked to a projected 26 percent population increase, expected to reach 9.2 million from the current 5.9 million over the next decade.

THE LONGER READ:

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