Two new malls in UAE; Dubai free zone law change; Nakheel’s luxury resort in Dubai Islands

Major industry players announced their newest projects this week, with Aldar, Nakheel, Dutco, and?Red Sea Global?leading the pack.

Meanwhile, the Dubai government contemplated a significant alteration to the laws in its free zone areas as part of efforts to bolster its global economic presence.

It has been a busy week for the construction industry and we’ve rounded up the top-performing stories that you might’ve missed out below:

Aldar invests $136mn to redevelop two malls in UAE

Aldar Properties has committed AED 500 million to revamp Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah.

The company’s statement on Tuesday outlines its objective to substantially enhance the capacities of both shopping centres, accommodating new retailers, premium international brands, and popular food concepts.

The revitalisation project will bring about fully upgraded facilities in both malls, introducing new valet parking areas and convenient drop-off locations for guests. Additionally, Aldar will embark on a comprehensive refurbishment of common areas, encompassing corridors, welcome desks, facilities, and implementing modern digital way-finding solutions.

Nakheel reveals plans for first luxury resort on Dubai Islands

Dubai’s?Nakheel?and Excelsior Real Estate have joined forces to introduce an exciting new beachside real estate project in the city.

Named Rixos Dubai Islands, Hotel and Residences, this upscale development will be ideally located on Dubai Islands, situated on the emirate’s northern coast.

It marks a significant milestone as the first luxury hotel and residential offering on Dubai Islands, promising residents and visitors an unparalleled level of service and amenities reminiscent of the renowned Rixos resorts found worldwide.

Dubai’s luxury property market generates $850mn, outdoes London, NY, Paris

In a groundbreaking achievement in 2023, Dubai emerged as the world’s premier?luxury property market, outshining renowned cities like London, New York, and Paris.

According to the latest market report, the city generated an impressive sum of approximately $850 million (AED 3.1 billion) from high-end residential units priced at $10 million or above during the first half of the year.

Dubai’s real estate market showcased unparalleled growth and success during this period, firmly establishing its position as the leading destination for luxury property investments worldwide.

NEOM’s The Line documentary: Explained and summarized

“To a degree, THE LINE is NEOM,” this is how Executive Director Giles Pendleton describes the futuristic city. Not only is it the first vertical city in the world, but also, a reinvention of what cities of the future could look like.

With that in mind,?THE LINE?is a fresh concept, and with anything new comes its set of questions; from the industry, from critics, and from the general public.

As a response to this, NEOM has partnered up with Discovery UK to launch a 45-minute documentary detailing the thoughts, motivations, and expectations from the team behind the billion-dollar gigaproject.

Dutco, Ellington to launch two waterfront projects in Dubai

Ellington Properties, Dubai’s leading and award-winning design-led boutique developer, is collaborating with Dutco, a leading conglomerate with operations in real estate, construction, hospitality, trading, and energy, to develop several premium residential developments in major communities across Dubai, under the Dutco Ellington brand.

In the first phase of collaboration, Dutco Ellington will launch two new waterfront projects, bringing beautifully crafted developments and high-quality lifestyles to more communities in Dubai.

Red Sea Global, Equinox launches new luxury project in AMAALA

Red Sea Global?(RSG), the developer behind the world’s most ambitious regenerative tourism destinations, AMAALA and The Red Sea, has announced a partnership with Equinox, a global leader in luxury lifestyle brands, to create Equinox Resort AMAALA in one of the world’s most well-preserved natural environments, Saudi Arabia’s Red Sea.

Equinox Resort AMAALA is the latest hotel brand to be announced for Red Sea Global’s AMAALA, an integrated wellness haven featuring some of the world’s most renowned luxury brands.

The hotel, with a focus on sports, fitness and lifestyle, will comprise 128 keys, including two luxury penthouses as well as a suite of amenities such as several world-class culinary concepts, a magnesium salt rooftop pool, spa, Beach Club, and a signature Equinox Fitness Club.??

Also read!

Dubai considers major change in free zone laws

Dubai is currently contemplating a significant alteration to the laws in its free zones as part of its efforts to bolster its global economic presence.

The government is actively exploring the possibility of implementing Common Law in these free zones, as stated by the emirate’s Media Office. This proposed change is expected to improve the overall business environment in the city, making it more attractive and efficient for economic activities.

That's all for this week. Thank you for reading!

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