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Wynn Al Marjan Island in Ras Al Khaimah, will feature a 225,000 sq. ft gaming area, constituting about 4% of the property’s total floor area. It has been granted a 15-year renewable land-based gaming facility license, marking the UAE's first commercial gaming operation. 

The property is expected to generate long-term economic benefits for Ras Al Khaimah, including the employment of 7,500 staff and growth in leisure and MICE (meetings, incentives, conferences, and exhibitions) tourism.

The UAE will limit each emirate to a single land-based gaming license. Wynn anticipates that two other "competitive integrated resorts" will eventually be established in the country. Last month, US-based MGM Resorts International revealed it had submitted an application for a gaming license in Abu Dhabi.

The project represents a $5.1 billion investment, with $4 billion allocated to development costs. It is described as the largest foreign direct hospitality investment in Ras Al Khaimah. Wynn anticipates significant revenue from both gaming and non-gaming activities. 

The resort will be a full-scale luxury integrated development, featuring 1,542 rooms and suites, 22 dining outlets, a shopping esplanade, and conference facilities.

Source: https://www.khaleejtimes.com/business/uae-casino-operator-wynn-reveals-gaming-area-size-at-ras-al-khaimah-property

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Dubai's rental market is experiencing a significant shift as tenants opt for multiple-cheque rent payments despite higher costs. The trend, particularly in premium areas like Downtown Dubai, Marina, and Business Bay, allows tenants to manage rising rental prices by spreading payments across four or more cheques. According to experts, there has been a 33-36% rise in tenants choosing six or eight cheque payments compared to last year, with 32% of contracts in Q3 2024 using four-plus cheque payments.

The demand for flexible payment options is driven by new residents and high-net-worth individuals relocating to Dubai. This has fueled a surge in rental demand, especially for high-end properties, pushing rents to all-time highs. While this provides tenants flexibility and reduces the burden of large upfront payments, landlords often increase rates for those opting for multiple payments.

Institutional landlords, like Wasl, are more flexible, offering monthly payments and accepting various payment methods, including electronic transfers. However, many landlords still prefer fewer cheques and may raise rents for tenants requesting more payment installments.

With rising population and demand, particularly from high-net-worth individuals, luxury rentals remain in high demand. In Q3 2024, listings and viewings for rentals increased significantly, with a notable rise in ultra-luxury rentals due to limited property availability. Experts predict the premium market will continue to grow, driven by the expected doubling of millionaires in the coming decade.

Source:https://www.khaleejtimes.com/business/realty/dubai-tenants-opt-for-multiple-payments-amid-rising-rents-but-face-increased-rates

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The construction of the Wynn Al Marjan, an integrated gaming resort in Ras Al Khaimah (RAK), UAE, is progressing rapidly, reaching the 15th floor and standing over 90 meters tall. Set to open in 2027, the resort will be the tallest building in RAK, featuring 1,542 rooms and suites, including 22 private Villa Estates on the marina. The project is a joint venture between Wynn Resorts, Marjan, and RAK Hospitality Holding, with Wynn holding a 40% stake and contributing $514.4 million so far.

Wynn Resorts' CEO Craig Billings expressed optimism about the project's future, highlighting the importance of the UAE's new commercial gaming regulations. The General Commercial Gaming Regulatory Authority (GCGRA) granted Wynn a gaming facility operator license, marking a significant milestone for the development. Billings believes that the UAE presents an exciting new market for the gaming industry, with strong demand potential, particularly given the country’s proximity to major markets like India and Asia. He also noted that the UAE’s large expatriate population offers a favorable environment for the gaming resort.

Wynn Resorts is banking on land for future development on Al Marjan Island, acquiring over 70 acres in addition to the resort site. Billings is confident that this land investment will provide long-term benefits. The company sees this project as a unique high-return opportunity in the global gaming industry. He expects the Al Marjan resort to deliver significant returns, making it a key asset in Wynn's portfolio, particularly given its strategic location and market reach.

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Source:https://www.khaleejtimes.com/business/realty/uae-construction-of-wynn-al-marjan-hotel-in-rak-reaches-15th-floor

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In Dubai, tenants renting properties under Dh100,000 annually are facing higher brokerage commissions as demand for affordable rentals surges. Traditionally, brokers charge 5% of the annual rent as a commission, excluding 5% VAT. However, for properties priced below Dh100,000, a new minimum commission fee of Dh5,000 is being implemented, leading to higher effective rates for tenants in this segment. 

For example, a tenant renting an apartment for Dh70,000 would usually pay Dh3,500 in commission but now pays Dh5,000, raising the effective commission to 7.14%.

In contrast, luxury market tenants continue to pay the standard 5% commission, which has less impact due to higher rental amounts. Rising rental prices in Dubai, driven by increased demand and economic growth, are amplifying overall housing expenses for tenants. Between June 2023 and June 2024, residential rents rose by 21.1%, with apartment rents up 22.2% and villa rents up 12.7%, according to CBRE.

Despite the rising rental market, there is no legal cap on commission fees, which are agreed upon between tenants and brokers before finalizing contracts. Some brokers argue that the higher commissions reflect rising operational costs. An emerging trend sees landlords, especially in luxury developments, covering the commission fees to attract quality tenants, aligning with global norms where landlords bear more of the pre-contract workload such as marketing and viewings. This trend is gaining traction in competitive, high-end areas of Dubai.

Source:https://www.khaleejtimes.com/business/realty/dubai-tenants-face-increased-broker-commissions-in-affordable-properties

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Over the past 12 months, Dubai has experienced a significant rise in residential property prices. Apartment prices have surged by 24.8%, while villa prices have increased by an impressive 33.1%. In September 2024, the ValuStrat Price Index (VPI) for Dubai reached 190.1 points, marking a monthly increase of 2.1%. 

However, this growth was slightly slower than August's 2.2%. Annually, the VPI showed a 28.9% increase. Villas recorded 243.2 points, and apartments 155.4 points, with a base of 100 points set in January 2021.

While the overall trend for property capital values was positive, monthly gains showed some softening compared to the previous month. Villa prices increased by 2.3% monthly, with significant annual growth in areas such as Palm Jumeirah (42.8%), Jumeirah Islands (42.3%), and Dubai Hills Estate (35.3%). On the other hand, lower capital gains were observed in Jumeirah Village Triangle (20%) and Mudon (20.4%).

Apartment prices saw a monthly increase of 1.9%, with the highest annual gains in Discovery Gardens (33.5%), The Greens (33%), and Palm Jumeirah (30.9%). Jumeirah Beach Residence (17.6%) and Dubai Sports City (17.8%) had the lowest annual gains.

Off-plan property registrations, known as Oqood, grew significantly, with a 254.2% annual rise, contributing to nearly 75% of home sales in September. Additionally, ready secondary-home transactions increased by 10.9% monthly and 19% annually. Developers such as Emaar, Damac, and Sobha led the sales, while top off-plan locations included Jumeirah Village Circle and Damac Hills 2.

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Source:https://www.khaleejtimes.com/business/realty/dubai-apartment-prices-rise-almost-a-quarter-over-the-past-12-months

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The UAE is moving closer to legalizing gambling, a significant development marked by Wynn Resorts' receipt of the country’s first commercial gaming operator license. Wynn, a Las Vegas-based hotel and casino giant, is building a $3.9 billion integrated resort on Ras Al Khaimah's Marjan Island, set to open in 2027. This project includes a “gaming area,” fueling speculation about the legalization of gambling in the Gulf state, where Sharia law, which prohibits gambling, serves as the basis for legislation.

The potential economic impact of legalized gambling is substantial. According to Bloomberg Intelligence, gaming revenue could contribute 1.3% of the UAE’s gross domestic product (GDP), or about $6.6 billion, surpassing Singapore’s gaming market. If the sector reaches 1.6% of GDP, it could hit over $7 billion. The development is expected to drive tourism and investment, transforming Ras Al Khaimah from a largely overlooked area into a hub for luxury resorts, shops, and high-end villas.

Other regions in the UAE are also exploring the gaming industry. Abu Dhabi is considering casino developments on Yas Island, a major tourist destination known for Ferrari World, Warner Bros. theme parks, and the Formula One Circuit. Several international gaming firms, including MGM Resorts and Genting, are showing interest in entering the UAE market.

Wynn has already invested $514 million in its UAE project and plans to reveal more details soon. Analysts have upgraded Wynn’s stock, citing the UAE project as a major growth opportunity. The legalization of gambling is expected to provide a significant economic boost to the UAE, further positioning the country as a key player in global tourism and finance.

With the UAE legalizing gambling and major resorts like Wynn entering the market, how do you think this will affect real estate investment opportunities in areas like Ras Al Khaimah and Abu Dhabi—is this the beginning of a major property boom?

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Source: https://www.bloomberg.com/news/newsletters/2024-10-07/uae-casinos-wynn-gets-gaming-license-as-it-builds-ras-al-khaimah-resort

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Sheikh Mohammed bin Rashid Al Maktoum has approved a new master plan for Expo City Dubai, set to accommodate 75,000 people. The plan aims to transform the city into a hub for future growth and innovation. Expo City, spanning 3.5 square kilometers across five districts, will house over 35,000 residents and 40,000 professionals. It will also include DP World’s global headquarters and a new international exhibition center worth Dh10 billion.

Sheikh Mohammed described Expo City as a key pillar of innovation and sustainability in Dubai, positioning it as a magnet for entrepreneurs, educators, and residents. The city will serve as a model for future urban development, supporting Dubai’s broader goals, such as the Dubai Economic Agenda (D33) and the 2040 Dubai Urban Master Plan.

Expo City Dubai will contribute to the growth of Dubai South, benefiting from its proximity to major logistics hubs like Al Maktoum Airport and Jebel Ali Port. This location offers strategic advantages for businesses, especially in reducing sea-to-air transfer times, and will boost investment opportunities in the region.

The master plan features a smart transportation system and interconnected green spaces. Expo Hills will provide low-density housing, while Expo Fields will promote healthy living with schools and sports facilities. Expo Business will cater to innovative businesses, and Expo Downtown will house iconic structures like the Al Wasl dome. The development also includes the Expo Forest, offering recreational and educational spaces, linking the city to Expo Valley.

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Source: https://www.khaleejtimes.com/uae/sheikh-mohammed-approves-new-urban-plan-for-expo-city-dubai-with-76000-residents

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Dubai’s real estate market is poised for substantial growth following the launch of the government’s Real Estate Strategy 2033. The strategy aims to boost real estate transactions to Dh1 trillion by 2030 and increase the sector’s contribution to Dh73 billion. 

It also targets raising the homeownership rate to 33%, improving transparency, and promoting affordable housing. The post-pandemic surge in property prices and rents, driven by both local and foreign demand, has surpassed the 2014 peak, making homeownership increasingly attractive.

Key initiatives of the Real Estate Strategy 2033 include varied financing options, reduced registration fees, and tailored mortgage products, which are expected to encourage more residents to transition from renting to owning properties. 

Industry experts note that the plan’s emphasis on affordable housing and transparency will attract more investors and residents to the market. The development of new areas in Dubai, combined with diverse residential options and expanded financing solutions, will also make property ownership more accessible.

Industry leaders are confident in the market’s continued growth, as evidenced by rising property transactions and a notable shift toward owner-occupancy. The expansion of the luxury real estate sector, fueled by more financing options, and the emergence of affordable housing are expected to foster long-term investments and economic stability. 

Moreover, advancements in technology, data analytics, and proptech will enhance decision-making and transparency in the market.With vast land availability and the government’s effective urban planning, Dubai is positioned to offer a range of property options catering to diverse price points and lifestyles, further boosting property ownership in the coming years.

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Source: https://www.khaleejtimes.com/business/realty/dubais-new-real-estate-plan-why-more-people-will-buy-properties-in-coming-years

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The UAE has taken strict action against telemarketing violations, suspending multiple mobile numbers and imposing heavy fines. Since the introduction of new regulations in August 2024, over 2,000 violations have been detected. These laws prohibit the use of personal numbers for marketing purposes and aim to protect residents from deceptive and intrusive calls.

The Telecommunications and Digital Government Regulatory Authority (TDRA) now enforces fines starting at Dh5,000 for a first offense, escalating to Dh50,000 for repeated violations within 30 days. Telemarketing calls are restricted to 9 am-6 pm, and aggressive or repeated tactics are banned. Companies that break these rules face fines ranging from Dh5,000 to Dh150,000, with increased penalties for repeat offenders.

Find out more about the UAE’s measures to regulate telemarketing and protect consumers from unsolicited calls!

Source: Khaleej Times

#UAE #TelemarketingFines #TDRA #TelemarketingRegulations #ConsumerProtection #MarketingViolations #UAERegulations #TelecomRules #UAEConsumerRights

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Dubai’s property market needs an increase of 10-20% in supply to help control the rise in rents and improve affordability, according to a leading industry figure.

Rental prices have been climbing consistently in recent years, fueled by high demand from both property buyers and tenants. As reported by Khaleej Times, major developers are selling their inventories within hours, while smaller developers are also quickly selling out, highlighting the imbalance between supply and demand.

During the first eight months of this year, around 86,000 off-plan properties were launched, with an additional 35,000 to 40,000 expected to enter the market in the final four months, bringing the total to 126,000 by year’s end, as per Cavendish Maxwell’s Property Monitor report.

While this influx of new units is expected to enter the market in the coming years and may help alleviate rising rental and property prices, experts caution that the current undersupply means it could still take several years for the supply-demand equilibrium to be restored.

Source: https://www.khaleejtimes.com/business/realty/dubai-property-market-needs-up-to-20-extra-supply-to-control-rising-rents