UAE In-Focus — Dubai real-estate transactions exceed $653m on Monday

During the last few months, Dubai's real estate market has seen a surge of over 1 billion dirhams in sales transactions (Shutterstock)
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Updated 06 September 2022
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UAE In-Focus — Dubai real-estate transactions exceed $653m on Monday

DUBAI: The number of real estate transactions made on Monday totaled over 2.4 billion dirhams ($653 million).

According to data released by Dubai’s Land Department, 568 sales transactions worth 1.37 billion dirhams were registered on Sept. 5, along with 93 mortgage deals worth 197.58 million dirhams, and 23 gift deals worth 858.27 million dirhams.

During the last few months, Dubai's real estate market has seen a surge of over 1 billion dirhams in sales transactions. The emirate saw residential property transactions worth 1.8 billion dirhams on September 1. 

A total of 503 villas and apartments worth 1.04 billion dirhams and 65 land plots worth 323.78 million dirhams were sold on Sept. 5.

The mortgages covered 71 villas and apartments valued at 164.78 million dirhams and 22 land plots valued at 32.8 million dirhams.

DEWA receives four consultancy contract bids for Dubai solar park’s phase 6

Four international companies have submitted bids to Dubai Electricity and Water Authority for consultancy contracts for phase six of Mohammed bin Rashid Al Maktoum Solar Park.

Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world to use an independent power producer model, which will produce 5,000 megawatts by 2030.

The sixth phase will have a 900 MW production capacity, according to a statement.

DEWA did not provide information about the companies or when the contract would be awarded.

DEWA managing director and CEO Saeed Mohammed Al-Tayer said, “Since its launch, the Mohammed bin Rashid Al Maktoum Solar Park’s projects have received considerable interest from global developers, which reflects the confidence of investors from around the world in DEWA’s major projects in collaboration with the private sector using the Independent Power Producer model.”

He said the solar park’s current production capacity is 1,627 MW.

There will be additional projects at the solar park with a total capacity of 1,233 MW using both photovoltaic solar panels and concentrated solar power technology, which will raise Dubai’s share of clean energy production to 11.5 percent.

Al-Tayer expects this to reach 14 percent by the end of the year.

Using the IPP model, the utility is working on the fifth phase of the project with Saudi Arabia’s ACWA Power and Gulf Investment Corporation.

Emirati artist’s NFTs on display at Dubai’s Time Out Market

A 100-piece non-fungible token artwork has been unveiled by Emirati artist Abdullah Lutfi at Time Out Market Dubai.

Lutfi worked on 100 digital NFTs out of which 50 are digital and on canvas.

Previously, the Emirati artist’s art was displayed at Dubai International Airport and Expo 2020 Dubai, making him one of the most well-known artists in the UAE.

Located next to the Fountain Bar, his NFTs tell the story of Dubai’s history, from old to new, through an exaggerated humorous lens.
 


Industry minister inaugurates advanced factories in Sudair

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Industry minister inaugurates advanced factories in Sudair

SUDAIR: Minister of Industry and Mineral Resources and Chairman of the Board of the Saudi Authority for Industrial Cities and Technology Zones, known as MODON, Bandar Alkhorayef, on Feb. 16, inaugurated several advanced factories to produce food, pharmaceuticals, medical equipment, and construction materials in Sudair City for Industry and Businesses.

The move is part of the ministry’s efforts to localize high-value industries and enhance the Kingdom’s health and food security.

The minister inaugurated the Sierra Life factory, the first facility in the Middle East specializing in producing medical foods for metabolic disorders.

This strategic investment aims to localize advanced therapeutic food production and integrate the industrial and health sectors to meet medical needs previously heavily reliant on imports.

Alkhorayef reviewed precise production lines for patients with metabolic disorders such as phenylketonuria, or PKU, and urea cycle disorders, as well as gluten-free and low-protein products for celiac patients.

The facility employs advanced manufacturing technologies and global quality standards, establishing a unique medical-industrial hub serving specialized medical cases in the region.

The minister also inaugurated the Sudair Warehouses project, representing an important step in developing logistics and industrial infrastructure.

The project reflects the industrial sector’s commitment to supporting industrial investors, stimulating high-value investments, and enabling national supply chains, thereby contributing to the achievement of Saudi Vision 2030 objectives.

Among the facilities inaugurated was Qomel Pharmaceutical Industries, supporting the localization of biopharmaceutical production in Saudi Arabia.

During his tour, the minister also reviewed the fully integrated industrial environment for producing solid pharmaceutical forms, such as tablets and capsules, advanced manufacturing operations, robust quality systems, high-level regulatory compliance procedures, and modern technologies that enhance production efficiency according to international standards. These measures help ensure product quality, reliability, and safety.

Alkhorayef also inaugurated Al-Hatab Foods Factory, the largest chilled food facility in the Middle East and a pioneering national project supporting the growth of the Kingdom’s food industry.

The minister reviewed advanced manufacturing methods that reduce bacterial growth and prolong shelf life without preservatives or heat treatment, maintaining nutritional value and high quality.

Al-Hatab operates 15 production lines for a wide range of fresh foods, including juices, salads, and sandwiches, with a capacity exceeding 6 million units per week, meeting growing domestic demand and reflecting the evolution of the Saudi food industry.

Alkhorayef also inaugurated the Industrial Orthopedic Co., which focuses on localizing the production of orthopedic medical devices. He reviewed production processes and technologies for manufacturing rods and screws for limb and spinal fracture treatment, artificial joints, and patient-specific products using 3D printing.

The project is currently undergoing operational testing, qualification, and workforce training, while quality, documentation, and traceability systems are being finalized ahead of full-scale production and regional and global expansion.

Additionally, the minister inaugurated a factory specializing in construction panels and industrial building solutions, providing sustainable insulation products that support the Kingdom’s construction sector.

The facility represents an investment of SR100 million ($27 million), incorporates 80 percent industrial automation across its production lines and operations, and has an annual capacity of 200,000 linear meters of insulating panels.

During his visit to Sudair City for Industry and Businesses, the minister also inaugurated the ready-made factories project, developed by Pan Kingdom Co.

This initiative is a key step in developing logistical and industrial infrastructure, supporting industrial investors, promoting strategic investments, and enabling national supply chains, contributing to the objectives of Saudi Vision 2030.

The project provides advanced operational spaces, fosters the growth of the manufacturing sector and creates quality jobs, as well as enhances local content and strengthens industrial sector efficiency.

The minister’s visit underscores the ministry’s commitment to creating a competitive investment environment in the industrial sector, developing infrastructure in industrial cities, and expanding the localization of industries related to food and health security, further positioning the Kingdom as a leading industrial hub regionally and globally.