Business

Sneak peek into Dubai villa sold for Dh102.8m in Emirates Hills

Published

3 years ago

May 17, 2022

Staff Reporter

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Dubai: Phoenix Homes has brokered a deal for a villa in the Emirates Hills community for a price of Dh102.8 million – the highest value deal in the community this year. It is also the second highest ever sale value for the area.

Myles Bush, a founding partner in the company and an experienced property expert, sealed the deal between the seller from Malta and the buyer, an Indian.

The villa is on a plot of some 38,000 square feet, typical of the prestigious, exclusive gated community’s property
offerings. Emirates Hills is one of the city’s most well-established and upmarket neighbourhoods, featuring an array of unique, mansion-esque villas situated on leafy streets surrounding the Montgomerie Golf Club.

The sprawling mansion has a built-up area of more than 20,000 square feet, and backs onto the golf course. The property features floor-to-ceiling windows, five huge bedrooms, a private cinema, a swimming pool and a gym.

“This sale underlines the positive growth trajectory we are seeing in local real estate – and also serves to cement Phoenix Homes’ reputation as one of the top agencies in the city’s vibrant luxury segment.”

It also helped that Bush has a track record for big deals in the community as well as familiarity with the seller. “This is another notch in my career progression. I was behind the largest villa sale of 2017, the largest lease ever recorded in 2018, and the largest land sale of 2019. I’ve worked with the seller before, and both parties were wonderful people to deal with. We have no doubt that future business will be done with both parties.”

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Myles and the team have another reason to celebrate as the sale was concluded on the company’s first anniversary. Phoenix Homes claims to give its team of 18 experienced brokers complete freedom to work how and where they like, with an 80% commission model.

This extraordinary model goes against the regional norm – splitting commission 50/50 between the agent and the agency. Myles will receive a hefty 7-figure commission for his latest sale deal. And while some US models charge brokers for desks and marketing, Phoenix offers workspace for those who want it, and leaves each broker to decide if they want to contribute to marketing of their property portfolio.

Operating from a 3,000 square feet office in Barsha Heights with an admin team, the company carries clout in the local markets – underlined by this record-breaking deal.

Brokers joining the agency can choose to spend some of their commission on promoting their portfolio on Phoenix Homes’ channels if they wish. They can also promote their properties via whichever methods they know work best for them, without paying money into the firm.

Phoenix Homes offers sales and lettings of both residential and commercial properties in Dubai and Abu Dhabi, and plans to swiftly open a UK office to assist in international property negotiations.

Staff Reporter

Business

Sheikh Mohammed announces new UAE Ministry of Foreign Trade and renames Ministry of Economy

Published

23 hours ago

June 20, 2025

Michael Gomes

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In a major UAE government move, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has announced the creation of a new Ministry of Foreign Trade and renamed the Ministry of Economy to the Ministry of Economy and Tourism.

Taking to the social media platform X, Sheikh Mohammed said the decisions were made in consultation with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE.

“Brothers and sisters, after consultation with my brother, the President of the State, may God protect him, and with his approval, we announce today several changes in the UAE government as follows: The Ministry of Foreign Trade was established in the UAE government and the name of the Ministry of Economy is changed to Ministry of Economy and Tourism,” the Dubai Ruler wrote in his post.

Key announcements include:

The establishment of a new Ministry of Foreign Trade, with Dr. Thani Al Zeyoudi appointed as the minister.
The Ministry of Economy is now renamed the Ministry of Economy and Tourism, to reflect its broader scope. Abdullah Bin Touq Al Marri will continue to lead it.
The National Artificial Intelligence System will become an advisory member of the Cabinet, starting January 2026. It will also join the Ministerial Council for Development and the boards of all federal entities and government-owned companies.

The integration of AI into key decision-making bodies aims to enhance policy efficiency, provide real-time technical advice, and support future-focused governance across sectors.

Sheikh Mohammed emphasised that the move aligns with the UAE’s ongoing commitment to innovation, agility, and strategic leadership at all levels of government.

Real estate

Abu Dhabi launches smart platform to boost real estate investment and speed up construction approvals

Published

2 days ago

June 19, 2025

Michael Gomes

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Real estate investors in Abu Dhabi have a new reason to celebrate. The Department of Municipalities and Transport (DMT) has launched Binaa, an AI-powered digital platform that promises to slash building permit approval times by up to 70 per cent and reduce unnecessary construction costs, making the emirate even more attractive for real estate development and investment.

Unveiled during the Abu Dhabi Infrastructure Summit, the goal of Binaa is to dramatically reduce red tape, speed up approvals, and modernise how building projects are reviewed and managed.

What Binaa Means for You:

Up to 70 per cent faster permit approvals
Simplified process for private villa construction
Real-time tracking for architects, contractors, and homeowners
Minimises the cost and environmental impact of over-designed plans
Supports full coordination across 15 plus government entities

Smarter Construction, Powered by AI

Binaa uses AI, Building Information Modelling (BIM), and virtual/augmented reality to help spot design inefficiencies and ensure buildings meet safety and sustainability codes. It can also simulate site inspections using 3D overlays, making it easier to spot errors before they become costly construction issues.

During Phase 1, the platform will focus on private villas, which account for around 20,000 applications annually. Future phases will expand to larger developments.

One Platform, Endless Possibilities

Binaa offers a single digital window for managing the entire building process. It allows instant collaboration between consultants, project owners, and government agencies.

Business

UAE Central Bank keeps interest rate steady at 4.40%

Published

2 days ago

June 19, 2025

Michael Gomes

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The Central Bank of the UAE (CBUAE) has announced that it will maintain its Base Rate at 4.40%, following the US Federal Reserve’s decision to leave its Interest Rate on Reserve Balances (IORB) unchanged.

The Base Rate is applied to the Overnight Deposit Facility (ODF) and serves as a key benchmark for short-term interest rates in the country’s financial system.

In line with this, the CBUAE also confirmed that the borrowing rate for short-term liquidity from the central bank will remain 50 basis points above the Base Rate, applicable across all standing credit facilities.

What does this mean?
Anchored to the US Fed’s IORB, the UAE’s Base Rate reflects the overall monetary policy stance and helps set the floor for overnight money market interest rates, ensuring stability in the financial sector.