The Real Estate Industry, as the foundation of modern economies, has been undergoing constant evolution. Among the several new trends influencing its growth, market dynamics, economic directions, and technology play significant roles, but none is more crucial than the evolving preferences of customers.

At the forefront of priorities is a deep understanding of customer preferences, encompassing factors such as location, property design, innovative technical features, and environmental considerations. These preferences directly impact property demand, value, and overall market direction. To stay adaptable in a dynamic market like Dubai – UAE, it is imperative to proactively consider these evolving demands, recognising both new opportunities and challenges that arise. By embracing consumer-driven insights, we can foster a thriving Real Estate ecosystem that resonates with the needs of our clients and continues to propel the industry forward.

Dubai’s Real Estate Market has experienced a substantial expansion in recent years due to its status as a major global business hub and tourism destination. As per a tweet by H.H. Sheikh Maktoum Bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, Dubai’s Real Estate Market witnessed tremendous growth in the first quarter of 2023. The value of Real Estate transactions in the Emirate during the period impressively increased by a significant 80 per cent as compared to the same period last year, reaching a staggering figure of AED 157 billion. These statistics clearly demonstrate the pace at which the market is expanding and the opportunities it offers to market players.

The Real Estate Market caters to a wide range of customer needs due to its expat-friendly environment including sustainability, technical advancements, and lifestyle changes. Customer’s preferences are constantly evolving, and the most prevalent change is an interest in digital platforms that are being driven by their way of life. In today’s fast-paced world, individuals are actively looking for facilities that make their lives less complicated and more flexible. Customers are seeking spaces with integrated smart technologies that offer easy access to information or services at the touch of a button. Buyers are increasingly looking for eco-friendly and energy-efficient residences due to the growing importance of sustainability on a global scale. Furthermore, in Dubai’s Real Estate Market, there has been a continuous rise in demand for opulent homes with a variety of amenities, spacious interiors with more bedrooms, and distinctive outdoor areas.

According to the latest trends, homebuyers and investors are now seeking long-term investments, especially ownership of rental homes. According to data from the Real Estate search engine Property Finder, apartments were favoured by 58.2 per cent of purchasers in April 2023, followed by villas and townhouses, which accounted for 41.8 per cent of the demand. This new market scenario suggests a rise in the demand for larger areas, high returns on investments, and sustained growth in mortgage transactions. In order to remain competitive in the Real Estate industry, we understand how critical it is to comprehend and address the changing buyer preferences.

In line with our efforts to cater to evolving customer needs, we are committed to elevating our customers’ quality of life through delivering unparalleled offerings of top-notch living conditions, and a diverse range of exceptional services and experiences, while adhering strictly to global standards and best practices. For instance, we are working on implementing infrastructure upgrades within Motor City to bring in more greenery, reduce power consumption, and enhance pedestrian and cycling mobility across the city. All of which aim to produce a better living experience and reduce the carbon footprint of the city. We have carefully planned customer-centric activities that centre on the current global trend of increased sustainability consciousness.

Currently, the Real Estate sector is experiencing a wave of innovation driven by changing consumer needs. As the global consumer community becomes more environmentally conscious and tech-savvy, it pushes industry players to innovate their products and services to be more sustainable, energy-efficient, and technologically advanced. To stay ahead of the evolving market landscape, Real Estate developers and industry professionals are now focussing on flexible and versatile properties.

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The Central Bank of the UAE’s public budget reached an all-time high of AED650bn (US $177bn) by the end of June 2023.

Its latest report shows that a monthly increment of 0.2% led the public budget to rise to AED649.42bn at the end of June, compared to AED648.12bn in the month of May, an increase of AED1.3bn within one month.

On an annual basis, the central bank’s public budget surged by 32.15%, equivalent to AED158bn, in contrast to some AED491.4bn in June last year.

This momentum extended into the current year with a 17.5% rise since the start of the year, compared to some AED552.5bn at the end of December 2022, an increment of AED97bn during the year’s first half.

Other key statistics included:

• Investments held until maturity were earmarked at AED211.32bn, while deposits accounted for AED135.34bn
• Loans and advances received an allocation of AED4.18bn, and other assets were assigned AED41.38bn
• Conversely, on the liabilities and capital side, AED284.78bn was allocated for current and deposit accounts
• Cash permits and Islamic deposit certificates were assigned some AED205.72 billion

The 2023 H1 figures represent the largest sums ever recorded, pro rata, by the nation’s Central Bank.

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Parsons says it has won a five-year contract with King Abdullah Financial District Development and Management Company (KAFD DMC) to lead the expansion of KAFD in “new, undeveloped land”.

KAFD features 1.6m sqm of state-of-the-art office space, world-class facilities, and luxury residences. Described as the first vertical city solution in Saudi Arabia, it comprises a 5-asset class mixed use living district, “a key driver of Riyadh’s economic ambitions and the world’s largest LEED-certified mixed-use financial district,” said Parsons.

Over the course of the next half-decade, the firm said it will provide comprehensive project and construction management services for developing commercial, hospitality, residential, municipal, and mixed-use buildings and the associated infrastructure to support the high-rise development.

Parsons said it is working with KAFD DMC to ensure all new buildings being constructed obtain LEED certification, including the first municipal fire station in the region to receive LEED Platinum certification. Further, Parsons is jointly engaged to manage the design and construction of water recovery and reuse facilities to supplement scarce resources for development.

Skyscrapers stand in the King Abdullah financial district in Riyadh, Saudi Arabia.

Confirming that Parsons is beginning the work to develop KAFD as both a prime business and lifestyle destination in the heart of Riyadh, Pierre Santoni, President, Infrastructure, EMEA, Parsons, said the firm was proud to support the Saudi government in the diversification of the district.

“As one of the largest real estate projects globally with a ground floor area of five million square meters, KAFD is a physical manifestation of Saudi Vision 2030. The KAFD eco-system embodies the core values that underpin the Kingdom’s sovereign goals,” he noted.

“While we are excited about the new construction and new buildings planned in KAFD, we remain steadfastly committed to reducing our carbon emissions,” added Gautam Sashittal, the CEO of KAFD DMC.

“To date, over 40 of our buildings – ranging from office towers to residential and landmark buildings—have received Silver and Gold LEED certifications. And we look forward to this next chapter with Parsons ensuring the sustainability of our built environment and its decarbonisation,” he concluded.

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Dubai Electricity and Water Authority (DEWA) has announced its research and development centre has filed a new patent for a chemical liquid that supports energy storage systems and enhances their efficiency.

The novel liquid achieves high thermal and electrochemical stability. This achievement is an effective and safe solution for energy storage systems operations, notably lithium-ion batteries and fuel cells.

Saeed Mohammed Al Tayer, MD and CEO of DEWA, said this patent supports DEWA’s commitment to promoting energy security and sustainability as per the highest international standards, and its efforts to enhance Dubai’s position as a global hub for clean energy and a green economy.

“Our strategy is based on disrupting the role of utilities by digitalisation using the Fourth Industrial Revolution’s disruptive technologies. We harness innovation and the latest technologies to enhance DEWA’s excellence and leading position as one of the best utilities worldwide,” he explained.

He noted that DEWA has launched several initiatives and projects to diversify the energy mix and improve its storage, including the Mohammed bin Rashid Al Maktoum Solar Park, Hatta hydroelectric power plant, the Green Hydrogen project using solar power, and two pilot projects for energy storage using Tesla’s lithium-ion battery solution. There is also an important sodium-sulphur battery initiative, which is the first utility-scale energy storage pilot project in the region.

Meanwhile, Waleed bin Salman, Executive Vice President of Business Development and Excellence at DEWA, highlighted that the R&D Centre’s research areas include solar power, smart grid integration, energy efficiency, water, space technologies and again, an innovative mix of Fourth Industrial Revolution applications.

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Global heavy lift and transport specialist Mammoet has launched a new zero emission option, which is designed to reduce the carbon impact of its equipment when working on large infrastructure projects such as bridges, wind turbines and power station components.

Mammoet said the new equipment works by converting existing Self-propelled Modular Transporters (SPMTs) from diesel to electric power. SPMTs are the workhorse of heavy industry, used in almost every large energy and construction project worldwide.

The new vehicle is part of Mammoet’s commitment to energy transition, and its move towards sustainability as a manufacturer. Fitting new engines in existing SPMT fleets cuts down on both waste and additional construction, compared to purchasing new ‘zero emission’ equipment.

The new SPMT can eliminate the carbon footprint otherwise incurred by site transports, allowing customers to reduce the impact of large infrastructure projects on surrounding people, businesses and infrastructure.

According to Mammoet, this solution was part-financed by the DKTI, a Dutch government programme to develop climate technologies and innovations in logistics. The company then worked with a leading provider of zero emission powertrains for heavy industry to bring the electric power pack solution to market.

Developed by Mammoet in 1984 and with over 40,000 axle lines in use globally, the SPMT revolutionised heavy industry by moving any heavy load safely, efficiently and with an emphasis on precision.

Mammoet said it has developed a retrofit kit to replace diesel engines in the vehicles with electric motors. Once converted, each SPMT works in the same way as before: transporting objects up to thousands of tonnes at walking pace, using a remote control.

The new motor also reduces noise levels at project sites, making working conditions quieter and safer. Communication between staff is clearer, while work can take place for longer periods at sites where sound restrictions are already in place.

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The Big Project Middle East (BPME) editorial team is pleased to confirm that the Dubai Supreme Council of Energy (DSCE) has endorsed its forthcoming Future of Water Summit. Eng. Faisal Ali Al Rashid, Senior Director – Demand Side Management at DSCE will open the event with a keynote address on Dubai’s Integrated Water Resource Management Strategy.

The DSCE plays a critical part in policy development, planning and coordinating with concerned authorities and specialists, to make Dubai a leader in the efficient management of electricity and water demand, and reduce energy and water consumption by 30%.

The FOW Summit is scheduled to take place at the Habtoor Grand Resort in JBR, Dubai on the 6^th of September. Attendance to the event is complementary but mandatory via registration here – spaces are extremely limited.

With water as the key theme, the event will focus on several topics, including: governance on water usage in the built environment and progress on regional water management strategies; enhancing water and food security; public and private sector projects to enhance water security; the efficient use of water in the construction and operation phase of assets; wastewater treatment plants and sewage networks, and more. Read more about the summit’s agenda here.

Speakers include members from government organisations, industry bodies, developers & operators, construction and engineering stakeholders, water specialists and manufacturers.

The event is being sponsored by:

Bronze Sponsors: Atkins and Thinkproject
Supporting Partners: Culligan, Hansgrohe and Polypipe

To discuss participating at the event as a speaker, contact conference producer Jason Saundalkar on Jason.s@cpitrademedia.com. Sponsorship inquires can be addressed to Raz Islam (raz.islam@cpitrademedia.com) and Madeleine Martin (madeleine.martin@cpitrademedia.com).

Read more about the Future of Water Summit by clicking here.

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Samana Developers has launched its latest residential project in Dubai Sports City. The $82mn Samana Golf Views is said to be the first project in the district that offers apartments with private pools.

According to the developer, the G+P+14-Floor Samana Golf Views will span 298,935.90sqft and offers easy access to Al Khail Road and Hessa Street.

“The newest addition to our growing portfolio is built around the concept of healthy, sustainable and futuristic living. The project is for those seeking an athlete lifestyle with easy connectivity with the downtown while enjoying the serenity of being away from Dubai’s bustle. It sets Dubai Sports City apart and ranks it in the top 10 popular places to live in Dubai,” said Imran Farooq, Chief Executive Officer of Samana Developers.

Samana Golf Views will feature a mix of 243 apartments that include 128 studios, 52 one-bedrooms, 60 two-bedrooms, and three three-bedroom units. All apartments come with options of fully furnished or unfurnished.

The project’s features include private pools with apartments, a main swimming pool, a luxurious and large leisure pool deck, a kids’ pool, a kids’ play area, VR Golf Experience, a sauna and steam room, sports courts, a skate park, a jogging track, an outdoor cinema, a barbeque area, an indoor gym, an outdoor gym, a walking river, and the standard 24 hours security, the developer noted.

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Construction is progressing at pace on EIRA Water’s new facility in Ras Al Khaimah. The Norway-based water group notes that the facility highlights its commitment to sustainability, and says it is due to be operational in the first half of 2024.

The entire facility will be powered by clean energy – such a significant shift towards sustainable energy consumption underscores the company’s dedication to preserving the water source and retaining its uniquely pristine qualities, said a statement from the firm.

“At EIRA Water, sustainability is not an afterthought—it’s at the heart of operations. We believe that by integrating these green initiatives into the business model, we not only fulfil our responsibility towards the environment but also pave the way for other businesses to follow suit,” said a company spokesman.

He added that Norway serves as a beacon of sustainability, and that the company takes immense pride in being part of this eco-conscious community.

The nation’s approach to recycling is exemplary, with virtually everything being recycled and repurposed. The predominantly clean energy landscape, with a strong emphasis on hydroelectric and wind power, sets a global standard. Furthermore, waste management in Norway is methodical and efficient, ensuring minimal environmental impact, he explained.

With global conversations turning towards preserving the environment, EIRA Water is now coming out with a series of initiatives that place them at the forefront of sustainable innovation in the water industry. The Norwegian group pointed out that waste reduction was an immediate concern in manufacturing.

EIRA Water has risen to the challenge by ensuring all glass scrap produced at their factory is recycled. “By closing the loop, the company is not only reducing waste but also conserving resources and minimising the environmental footprint,” he continued.

This step reaffirms our commitment to a circular economy, where materials are reused and recycled, he concluded.

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