DUBAI: Select Group and ESIC today have acquired one of the last remaining beachfront plots of land on Palm Jumeirah from master developer Nakheel.
The purchase price was not disclosed.
Select Group and Emirates Strategic Investments Company LLC (ESIC) acquired the 17,919.24 square meters land plot on the island's west crescent. The joint venture already owned an adjacent land plot, bringing its total beachfront area to 65,410 square meters, Nakheel said in a statement on Wednesday.
Located between the the One & Only and W Hotel Palm Jumeirah, the plot of land is one of the last few remaining beachfront plots in the area.
“The demand for tranquil beachfront locations has increased exponentially, and our aim is to target the ultra-luxury segment with a world class hospitality and residential resort,” said Rahail Aslam, founder and Group CEO of Select Group.
Demand for luxury real estate in Dubai is showing signs of a recovery after a prolonged slump and glut of new properties which kept prices depressed for the last seven years.
Palm Jumeirah beachfront plot sold to Select Group and ESIC
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Palm Jumeirah beachfront plot sold to Select Group and ESIC
- The plot of land is one of the last few remaining beachfront plots in the area
Saudi POS stays above $4bn as Ramadan spending lifts outlays on home goods
RIYADH: Saudi point-of-sale transactions remained above $4 billion in the week ending Feb. 14, with spending on furniture and home supplies rising ahead of Ramadan, central bank data showed.
Overall POS activity totaled SR15.34 billion ($4.09 billion), representing a 4.8 percent week-on-week decrease, while the number of transactions dipped 1.6 percent to 252 million, according to the Saudi Central Bank.
Spending on furniture and home supplies rose 5.9 percent to SR697.35 million, marking the strongest weekly increase among major retail categories.
Expenditure on electronics increased 2.9 percent, while spending on construction and building materials rose 1.1 percent.
Sectors that saw declines includes freight transport and courier services, which posted a drop of 5 percent to SR64.86 million.
Pharmacy and medical supplies spending fell 8.2 percent to SR223.81 million, but outlays on medical services rose 5.7 percent to SR539.68 million.
Food and beverage expenditure decreased 4.3 percent, but the total spend of SR2.57 billion meant it retained the largest share of POS activity.
Restaurants and cafes followed with SR1.73 billion, despite a 4.7 percent decline. Apparel and clothing outlays represented the third-largest share of POS spending during the monitored week, up 0.5 percent to SR1.38 billion.
The Kingdom’s major urban centers mirrored the mixed national changes. Riyadh, which accounted for the largest share of total POS spending, saw a 3.4 percent drop to SR5.32 billion. The number of transactions in the capital reached 80.7 million, down 0.8 percent week on week.
In Jeddah, transaction values decreased 4.4 percent to SR2.12 billion, while Dammam reported a 3.3 percent decrease to SR746.29 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
