News
Dubai property sales spike in volumes as May comes to an end
The value of property transactions in Dubai jumped by 20 percent this week compared to the previous seven days as investors continued to cash in on the UAE’s sought-after market.
What is interesting is the different kind of locations which propped up this week compared to the usual hotspots of Palm Jumeirah and adjoining areas.
During the week ending May 27, around 8.7 billion dirhams ($2.36 billion) in deals were recorded, up from 7.2 billion dirhams a week ago, data from the Dubai Land Department showed. Thursday alone (May 26) saw a 2.1bn sales volume itself.
Details of couple of big-ticket value villa sales emerged with Dubai Hills registering its costliest villa sale for this year. The seven-bedroom mansion found a buyer for Dh128 million and spans a built-up area of 34,113 square feet. Located in what is called the ‘Street of Dreams’, the Dubai Hills Grove has only 26 homes and all valued at Dh100 million and over.
District One, one node of the expansive MBR City which is languishing a bit, also got its highest value transaction when a Russian buyer picked a villa worth $89.1m.
The MBR City with Meydan One mall has been proposed as a massive development project. A villa there has now been sold for Dh89.1m
This week’s deals include 297 plots that were snapped up for 1.59 billion dirhams, as well as 2,116 apartments and villas with a combined value of 4.75 billion dirhams.
The total value of mortgaged properties for the week stood at 2.02 billion dirhams, with the highest being a land in Al Hebiah Third that was mortgaged for 211 million dirhams.
Dubai’s property prices have been rising over the past several months on the back of growing demand. Sales prices for villas surged an average of 40 percent in the first quarter of the year, according to Asteco.
Business
SkyPower and ZETDC Sign landmark power purchase agreements for Zimbabwe’s largest solar project
In a historic event at the World Future Energy Summit, SkyPower and the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) have signed Power Purchase Agreements (PPAs), marking a significant milestone in the development of the largest solar project in the history of Zimbabwe. The agreements pave the way for the commencement of the Green Giant project, set to deliver 500 MW of solar power, capable of energizing approximately 2 million households.
As previously stated by His Excellency Emmerson Mnangagwa, President of Zimbabwe: “My presidential commitment is to enhance our energy sustainability through renewable energy by collaborating with world-class companies like SkyPower. Today’s signing is a landmark achievement for our nation, setting a robust foundation for our sustainable future.”
The signing ceremony in Abu Dhabi was witnessed by eminent personalities including the Honorable Edgar Moyo, Minister of Energy of Zimbabwe, Lovemore Mazemo, Ambassador of Zimbabwe to the UAE, Eng. Abel Gurupira, Managing Director of the Zimbabwe Electricity Transmission and Distribution Company, Mr. Mazambani Edington Tapera, Chairman of ZERA.
“This is a momentous day for Zimbabwe, demonstrating our commitment to transforming our energy sector and ensuring reliable power for our people”, stated by Eng. Abel Gurupira, Managing Director of the Zimbabwe Electricity Transmission and Distribution Company. Kerry Adler, President & CEO of SkyPower, highlighted the project’s importance, “We are proud to kick off the initial phases of the Green Giant project at this prestigious summit. This partnership exemplifies our dedication to promoting sustainable energy development globally.
Upon completion, this project will stand as a testament to Zimbabwe’s commitment to renewable energy and economic growth.”
“The significance of today’s event cannot be overstated. As we align our efforts with global energy transitions, this project underlines our strategy to integrate renewable energy into our national energy mix significantly,” remarked the Honorable Edgar Moyo.
This accomplishment highlights the country’s favorable environment and underscores the exceptional teamwork and dedicated efforts from both parties.
This initiative is expected to boost Zimbabwe’s economy significantly by creating thousands of jobs and fostering infrastructure development. It is aligned with global efforts towards achieving the UN Sustainable Development Goals and enhancing the quality of life for millions of Zimbabweans.
Dubai International (DXB) is advising passengers not to come to the airport, unless absolutely necessary due to the unprecedented weather conditions in the country.In a statement, Dubai Airports said that flights continue to be delayed and diverted. Passengers are advised to contact their respective airlines for the latest information on flight status.
Dubai Airports assures passengers that they are working hard to recover operations as quickly as possible in very challenging conditions.
On the same note, Emirates Airlines has decided to suspend travel procedures for passengers departing from Dubai starting from 8:00 am on Wednesday, 17th April, until midnight on 18th April, due to operational challenges resulting from adverse weather conditions and road conditions.Emirates Airlines added that procedures for passengers arriving in Dubai and transit passengers will continue.
The UAE received the heaviest rainfall on record on Tuesday over a 24 hour period.According to WAM, it surpassed all records documented since the start of data collection in 1949.
The downpour impacted numerous regions across the country.The National Centre of Meteorology confirmed that the record rainfall that fell on the country during the 24 hours until 9 pm on Tuesday, April 16, 2024, is an exceptional event in the UAE’s climate history since the start of recording climate data.The centre said that, so far, the highest rainfall was recorded in the “Khatm Al Shakla” area in Al Ain, reaching 254 mm in less than 24 hrs.
It is noteworthy that the NCM’s Shuwaib station had recorded 287.6 mm on March 9th 2016.
This heavy rainfall is an exceptional event in the UAE that contributes to increasing the annual rainfall average in the UAE, as well as strengthening the country’s groundwater reserves in general.
e& life joins Dubai FinTech Summit as a Powered By sponsor
SkyPower and ZETDC Sign landmark power purchase agreements for Zimbabwe’s largest solar project
