DUBAI: Dubai Land Department (DLD) has signed an agreement with UC Forward, the Chinese parent company behind the Fang.com property portal, to promote the emirate’s property market to Chinese investors.
DLD said that the parties have set a joint objective of securing Dh1 billion worth of investment from Chinese buyers.
Under the deal, UC Forward will promote the Land Department’s work through Chinese channels and foster cooperation between Chinese and Dubai real estate companies. It will also offer consultancy services regarding investments, transactions and rental disputes and provide Dubai Real Estate Institute-certified courses in Chinese for training brokers.
UC Forward will also establish its own counter at DLD’s offices in Al-Fahidi Hall, where it will provide free consultancy services both in Chinese and in English to Chinese investors.
DLD said that since 1996, some 4,475 Chinese buyers have completed 8,259 real estate deals in Dubai. Figures published by last month state that Chinese buyers completed 2,177 of these deals between January 2016 and July this year, spending Dh3.14 billion in the process.
DLD’s director-general, Sultan Butti bin Mejren, said in a press statement on Tuesday: “UC Forward will play an important advisory role, including raising awareness of the advantages of investing in Dubai’s real estate market, and helping to protect investors and their rights by clearly communicating our laws and regulations in both Chinese and English.”
Dubai signs deal to target Chinese property buyers
Dubai signs deal to target Chinese property buyers
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
