Latest news with #AED1.1
Hi Dubai
16 hours ago
- Automotive
- Hi Dubai
Dubai Wins Bid to Host Global Public Transport Summit 2026
Dubai has been officially selected to host the Global Public Transport Summit in 2026, marking its second time as host following its debut in 2011. The announcement came during this year's summit in Hamburg, Germany, where Dubai's Roads and Transport Authority (RTA) received the official hosting flag from the International Association of Public Transport (UITP). Led by Director-General Mattar Al Tayer, the RTA delegation showcased Dubai's advancements in sustainable and smart mobility. The summit gathered over 1,900 participants from more than 100 countries and featured 300 speakers across 80 panels, alongside a major transport exhibition. In a significant move, RTA signed four agreements to procure 637 low-emission buses worth AED1.1 billion. Set for delivery in 2025 and 2026, the fleet includes 40 electric buses—marking the UAE's largest and first-of-its-kind order. The new buses, built to Euro 6 standards, feature smart systems, inclusive design, and enhanced safety technologies. Suppliers include Volvo, MAN, Zhongtong Bus, and Anadolu Isuzu, with an MoU signed with China's BYD to trial a high-tech electric bus in Dubai. The initiative supports RTA's goal of a fully electric and hydrogen-powered fleet by 2050. RTA also presented key projects such as the Aerial Taxi, Dubai Metro Blue Line, 3D-printed electric abras, and a biometric fare system, underscoring Dubai's position as a global hub for next-generation mobility. News Source: Emirates News Agency
Hi Dubai
23-05-2025
- Business
- Hi Dubai
Ministry of Finance Completes AED1.1 Billion Islamic T-Sukuk Auction with Strong Investor Demand
The UAE Ministry of Finance has successfully concluded its May 2025 auction of Islamic Treasury Sukuk (T-Sukuk), raising AED1.1 billion amid overwhelming investor interest and robust demand. Conducted in coordination with the Central Bank of the UAE, the auction attracted total bids worth AED6.93 billion from eight primary dealers, reflecting an oversubscription rate of 6.3 times. The offering included a re-opening of the May 2027 tranche and a newly issued 5-year tranche maturing in May 2030. Yields remained competitive, with the May 2027 tranche recording a Yield to Maturity (YTM) of 3.99%, while the May 2030 tranche closed at 4.06%. Both yields were closely aligned with U.S. Treasury benchmarks, demonstrating strong market confidence in the UAE's fiscal strength and Islamic finance infrastructure. This issuance forms part of the Ministry's broader 2025 T-Sukuk programme, aimed at developing a dirham-denominated yield curve and providing secure investment options for institutional investors. Officials highlighted that the success of the auction supports not only the UAE's domestic debt market but also reinforces the country's long-term economic sustainability goals. News Source: Emirates News Agency
Hi Dubai
09-05-2025
- Business
- Hi Dubai
UAE Banking Sector Sees AED3.4 Trillion in Fund Transfers as Activity Surges
The UAE's banking sector recorded a sharp rise in domestic fund transfers in the first two months of 2025, with total transaction values reaching AED3.4 trillion, marking a 15.5 percent increase compared to the same period last year, according to data released by the Central Bank of the UAE (CBUAE). Bank-driven transfers led the surge, amounting to AED2.093 trillion in January and February combined. January accounted for AED1.1 trillion, while February saw AED983.99 billion in transactions. Transfers by customers and institutions also showed strong momentum, totaling AED1.327 trillion over the two-month period. Cheque usage remained robust, with 3.875 million cheques processed via the Image Cheque Clearing System (ICCS) at a combined value of AED234.64 billion—up from AED216.218 billion during the same period in 2024. In February alone, 1.828 million cheques worth AED116.165 billion were circulated. Cash activity through the Central Bank also reflected ongoing liquidity movement. Withdrawals hit AED41.131 billion, while deposits stood at AED31.115 billion over the two-month span. Bank investments continued to grow, increasing 2.1 percent in February alone and 3.1 percent since the start of the year. Total investments climbed to AED758.5 billion by the end of February, compared to AED742.9 billion in January and AED735.6 billion at the close of 2024. The latest figures underscore the UAE's strong financial momentum in early 2025, reflecting active institutional and consumer participation in the banking ecosystem and steady investment growth across the sector. News Source: Emirates News Agency
Mid East Info
06-05-2025
- Business
- Mid East Info
Dubai real estate market sets new monthly sales record of AED 62.4B in April - Middle East Business News and Information
Data underscores strength of property sector and consistent growth pattern in recent years Dubai, UAE, 6th May, 2025: Dubai's thriving real estate market set a new all-time monthly sales record of AED62.4 billion in April, a 95.3% increase in value on the same month last year. A market update issued today by fäm Properties reveals that last month's total of 17,979 transactions also represented a 55.4% increase over April 2024, making it the third best-selling month on record in terms of volume. It underlines the buoyant nature of the Dubai property sector, with April eclipsing the previous monthly sales peak of AED 61.1 billion in October last year, following on from the second highest ever quarterly total of AED 142.7 billion in Q1 2025. Data from DXBinteract shows major increases in the number of transactions across all real estate sectors for April compared with last year, topped by 3,223 villa sales – a 134% rise in volume – worth AED23.7 billion. Plot sales worth AED 10.9 billion climbed by 126% in volume to 599, followed by apartment sales of AED26.7 billion rising by 42.3% to 13,737. A total of 419 commercial property transactions amounting to AED1.1 billion represented a 54% increase in volume over April 2024, while the average price per sq. ft was up by 2.3% to AED 1,583. 'Once again, the data underscores the strength of Dubai's real estate market and the consistent growth it has shown in recent years,' said Firas Al Msaddi, CEO of fäm Properties. 'It reaffirms Dubai's reputation as a secure, dependable destination for real estate investment, strengthening investor confidence and drawing increased interest from local, regional, and international markets.' Dubai property sales for the month of April have now soared by 1,633% in value over the last five years – from AED3.6 billion (1,700 transactions) in 2020, AED10.9 billion (4,800) in 2021, AED17.5 billion (6,900) in 2022, AED26.3 billion (8,000) in 2023 and AED32 billion (11,600) in 2024 and last month's new high. The most expensive individual property sold in April was a luxury villa at Palm Jumeirah which fetched AED180 million. The most expensive apartment sold during the month went for AED156 million at Bulgari Lighthouse Dubai at Island 2. With properties worth more than AED5 million accounting for 11% of total sales, 31% came in the AED1-2 million range, 27% below AED1 million, 18% between AED2-3 million and 14% between AED3-5 million. Overall, first sales from developers were significantly greater than those of resales – 67% over 33% both in terms of volume and overall value. April 2025 – Top five performing areas Units Value Jumeirah Village Circle 1,606 2.166 billion Business Bay 1,168 3.477 billion Al Yelayiss 1 1,020 3.338 billion Wadi Al Safa 5 964 1.983 billion Dubai Marina 926 3.243 billion Ends
Hi Dubai
06-05-2025
- Business
- Hi Dubai
Dubai Real Estate Hits Another Record-Breaking Sales Peak in April
Dubai's thriving real estate market set a new all-time monthly sales record of AED62.4 billion in April, a 95.3% increase in value on the same month last year. A market update issued today by fäm Properties reveals that last month's total of 17,979 transactions also represented a 55.4% increase over April 2024, making it the third best-selling month on record in terms of volume. It underlines the buoyant nature of the Dubai property sector, with April eclipsing the previous monthly sales peak of AED 61.1 billion in October last year, following on from the second highest ever quarterly total of AED 142.7 billion in Q1 2025. Data from DXBinteract shows major increases in the number of transactions across all real estate sectors for April compared with last year, topped by 3,223 villa sales - a 134% rise in volume - worth AED23.7 billion. Plot sales worth AED 10.9 billion climbed by 126% in volume to 599, followed by apartment sales of AED26.7 billion rising by 42.3% to 13,737. A total of 419 commercial property transactions amounting to AED1.1 billion represented a 54% increase in volume over April 2024, while the average price per sq. ft was up by 2.3% to AED 1,583. Once again, the data underscores the strength of Dubai's real estate market and the consistent growth it has shown in recent years. It reaffirms Dubai's reputation as a secure, dependable destination for real estate investment, strengthening investor confidence and drawing increased interest from local, regional, and international markets. said Firas Al Msaddi, CEO of fäm Properties. Dubai property sales for the month of April have now soared by 1,633% in value over the last five years – from AED3.6 billion (1,700 transactions) in 2020, AED10.9 billion (4,800) in 2021, AED17.5 billion (6,900) in 2022, AED26.3 billion (8,000) in 2023 and AED32 billion (11,600) in 2024 and last month's new high. The most expensive individual property sold in April was a luxury villa at Palm Jumeirah which fetched AED180 million. The most expensive apartment sold during the month went for AED156 million at Bulgari Lighthouse Dubai at Island 2. With properties worth more than AED5 million accounting for 11% of total sales, 31% came in the AED1-2 million range, 27% below AED1 million, 18% between AED2-3 million and 14% between AED3-5 million. Overall, first sales from developers were significantly greater than those of resales - 67% over 33% both in terms of volume and overall value. April 2025 - Top five performing areas Units Value Jumeirah Village Circle 1,606 2.166 billion Business Bay 1,168 3.477 billion Al Yelayiss 1 1,020 3.338 billion Wadi Al Safa 5 964 1.983 billion Dubai Marina 926 3.243 billion News Source: Total Communications
