Day: September 30, 2022

DUBAI, Emirates SkyCargo and United Cargo signed a Memorandum of Understanding (MoU) that follows on the heels of the new broader historic commercial agreement between two of the largest global airlines. This coordination will deliver benefits to air freight customers of both Emirates Skycargo and United Cargo around the world.

The MoU was signed at the World Cargo Symposium (WCS) – IATA event in London, UK by Nabil Sultan, Emirates Divisional Senior Vice President, Cargo and Jan Krems, President, United Cargo.

Under the terms of the MoU, Emirates SkyCargo and United Cargo will work closely on a number of aspects, which include expanding cargo interline options and blocked space agreements, pending regulatory approvals. This will build on existing cargo interline arrangements between both air cargo operators and offer freight customers access to more capacity on a larger combined global network.

“Emirates SkyCargo is committed to being the leading player in the global air cargo industry providing our customers with the highest standards of products and services. Cooperating with United, who is a leading airline in its own right with strengths and a network that are complementary to our own, will allow us to add value for our customers and help them reach new markets more speedily,” said Nabil Sultan, Emirates Divisional Senior Vice President, Cargo.

“United is pleased to work with Emirates SkyCargo on this MoU. As one of the leading carriers worldwide, Emirates SkyCargo is an important player in the industry, and our supplementary capabilities allow us to provide new service offerings to our customers worldwide. We share a common commitment to providing industry-leading solutions for our customers and we look forward to working together in the future,” said Jan Krems, President, United Cargo.

United Cargo will have access to Emirates SkyCargo’s high frequency distribution network through the belly-hold of passenger flights to over 100 global destinations and 11 freighters, whilst Emirates SkyCargo will have access to over 200 cities in the US and 300 cities across five continents through United Cargo.

Source: Emirates News Agency

DUBAI, The real estate sector in the Emirate of Dubai continued to maintain a sustainable growth in the number and value of sales during the month of August, after it witnessed the registration of 9,720 real estate sales, worth AED24.34 billion.

This came in Mo’asher, Dubai’s official Sales Price and Rental Performance Index launched by Dubai Land Department (DLD) in cooperation with Property Finder, Dubai’s real estate market records.

The data marks the highest performance in the last decade and demonstrates a significant increase in the overall performance of the sales transaction volume by 69.57 percent and 63.58 percent in terms of value year on year (YoY), which recorded the highest performance for a month ever recorded in the last 10 years.

In August 2022, Mo’asher recorded a 1.348 monthly index for sales and an index price of AED 1,311,362. The apartments monthly index recorded 1.428 and an index price of AED 1,229,308.

Furthermore, Mo’asher recorded a 0.983 monthly index for rental and an index price of AED 53,902. The apartments monthly index recorded 0.988 and an index price of AED 49,195, whereas, the villas/townhouses’ monthly index recorded 0.891 and an index price of AED 137,034.

Mo’asher data for August showcase a positive sentiment on the real estate sector with a record growth in the total sales transactions. During the month of August 2022, sales transactions overtook last year’s transaction with a significant increase of 69.57 percent compared to August 2021, which recorded the highest performance for a month ever recorded in the last 10 years.

The secondary market continues to capture the real estate market with the largest transactions by 54.81 percent in terms of volume and 64.91 percent in terms of value. Comparing the overall YoY performance with the same period last year, the secondary market witnessed the second highest transaction volume ever reached in a month through the last decade, which increased by 67.55 percent in terms of volume compared to August 2021, and around 57.35 percent in terms of value.

The off-plan sales transactions attained the highest transactions volume in August 2022 and recorded a significant increase by 72.10 percent in terms of volume, and 76.50 percent in terms of value, compared to August 2021.

On the other hand, the total rental contracts in August 2022 reached 47,212 registered leases of which 60.53 percent were new contracts while 39.47 percent were renewed. Annual contracts acquired 87.27 percent of the total contracts, while 12.73 percent were non-annual. Additionally, the registered leases for residential purposes acquired 70.92 percent of the total contracts, while 28.16 percent were registered for commercial purposes.

August’s rental contracts remained strong and witnessed a 10.57 percent increase, supported by the new contracts which increased by 19.43 percent compared to July 2022. The annual contracts continue to dominate the rental market as they grew by 12.29 percent compared to July 2022 and 4.4 percent Year-on-Year, while the rental leases for commercial purposes witnessed an increase of 21.34 percent compared to July 2022. Moreover, the rental leases for residential purposes increased by 7.45 percent compared to July 2022.

The top areas according to Ejari Registrations for the most rental transactions in August 2022 were Jabal Ali First (1,579 contracts), Al Warsan First (1,499), Al Barsha South Fourth (1,405), Business Bay (1,399), Eyal Nasser (1,343), Marsa Dubai (1,322), Nadd Hessa (1,237), Mirdif (1,109), Al Barsha First (1,078), and Al Thanyah Fifth (968).

According to Property Finder’s proprietary data, the top areas searched for sales in August were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle, and Jumeirah Lake Towers. The top overall searched areas for villa/townhouse sales in August were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), Mohamed bin Rashid City and Dubai Land.

Source: Emirates News Agency

DUBAI, A total of 2,702 real estate and properties transactions valued at AED 22 billion in total were conducted during the week ending 30 September 2022, according to figures released by the Dubai Land Department.

The DLD weekly report said that 123 plots were sold for AED 949.17 million, 2,068 apartments and villas were sold for AED 4.43 billion.

The top three transactions were a land in Palm Jumeirah sold for AED 145 million, followed by a land that was sold for AED 86.13 million in Palm Jumeirah, and a land sold for AED 145 million in Palm Jumeirah in third place.

Al Hebiah Fifth recorded the most transactions for this week by 32 sales transactions worth AED 75.36 million, followed by Jabal Ali First with 20 sales transactions worth AED 75.29 million, and Al Hebiah Fourth with 18 sales transactions worth AED 194 million in third place.

The top three transfers for apartments and villas were an apartment was sold for AED 510 million in Palm Jumeirah, an apartment was second in the list sold for AED 496 million in Business Bay, and thirdly it was an apartment sold for AED 414 million in Al Wasl.

The sum of the amount of mortgaged properties for the week was AED 15.97 billion, with the highest being a land in Jabal Ali Industrial First, mortgaged for AED 14 billion.

82 properties were granted between first-degree relatives worth AED 700 million.

Source: Emirates News Agency