AB Espresso: DLD fines 256 real estate brokers for non-compliance

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Discover the latest stories from Arabian Business, compiled by our editorial team. Here's what you missed on Wednesday:

The Dubai Land Department (DLD) has imposed fines on 256 real estate brokers for failing to comply with advertising terms and conditions over the past six months. These measures are part of DLD’s ongoing efforts to regulate the sector and enforce laws that enhance the stability and attractiveness of Dubai’s property market, the authority said in a statement on Wednesday.

Meanwhile, Dubai’s AED1bn ($272m) Marbella-themed World Island resort sold out within eight hours after launching, according to the Kleindienst Group. The master developer behind The Heart of Europe, has announced the successful sell-out of the first phase of its AED1bn ($272m) Marbella Resort Hotel, Vignette Collection by IHG Hotels and Resorts on the World Islands. The exclusive launch event attracted more than 2,000 visitors, highlighting the strong demand for luxury properties in Dubai’s thriving real estate market.

In addition, Dubai’s soaring rents are pushing residents towards homeownership, but is now the right time to buy? As apartment prices climb alongside rental rates, potential buyers face a dilemma: invest now or wait for a market cooldown? Here is what experts told Arabian Business.

In other major news, the Indonesian Ministry of State-Owned Enterprises (SOEs) has signed a Memorandum of Understanding (MoU) with UAE-based developer Eagle Hills Properties to invest in Indonesia’s tourism and infrastructure sectors. The agreement, signed in the presence of Indonesian President Joko Widodo and UAE President Sheikh Mohamed bin Zayed Al Nahyan, outlines plans for investments of up to $3 billion, according to an emailed joint statement.

Moreover, London’s famed Corinthia Hotel is scripting a major expansion and ambitious market leadership plan in the UAE – and the wider Middle East region, which will see the super-luxury hospitality group opening high-end hotel projects in Dubai, Abu Dhabi and Oman. The proposed slew of hotel projects will be set up through unique and flexible management contract arrangements with Corinthia’s existing and new capital partners specialising in luxury hotel real estate.

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Careem “excited to compete” with global e-commerce giants with launch of discounts and rapid delivery of electronics during Prime Week

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