AB Espresso: New UAE developer launches with $2.7bn pipeline

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

An independent luxury developer called Source of Fate is launching in Dubai with a near AED 10 billion ($2.7 billion) pipeline in new developments. The firm is part of Dubai-based conglomerate Wheel of Fate, and will provide full funding for their pipeline of developments, “guaranteeing delivery, supporting its aim to build positive, sustainable and friendly communities in the UAE,” according to a release seen by Arabian Business.

Meanwhile, a Dubai real estate firm has announced a rent-now-pay-later (RNPL) service as it looks to transform the property rental market in the UAE. Keyper said the RNPL Marketplace gives tenants the option to pay rent in 12 monthly instalments instead of upfront for the year. The marketplace curates a selection of high-quality, properties from top real estate agencies across Dubai pre-approved for RNPL, ensuring tenants have access to inventory that meet their varying rental needs.

In addition, a Dubai real estate agent has announced the year-best sale of an off-plan villa in Jumeira Bay Island for AED125m ($34m). Penthouse.ae closed the off-plan villa deal at the exclusive Sea Mirror community located at Jumeira Bay Island in Dubai. It marks the largest off-plan villa sale of the year and the biggest transaction in the Metropolitan Group’s history.

In other developments, Ras Al Khaimah has been experiencing a real estate boom driven by a combination of factors including the much anticipated Wynn Al Marjan casino resort. “The announcement of Wynn Al Marjan Resort has significantly boosted real estate demand in RAK,” Maxim Novikov head of the RAK branch at Metropolitan Premium Properties told Arabian Business.

Aside from this, Abu Dhabi Finance Week has announced a line-up of keynote speakers to address the prestigious economic event. Under the patronage of Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Chairman of the Abu Dhabi Executive Council, Abu Dhabi Finance Week (ADFW) announced that its 2024 edition will gather more than 300 speakers from across the globe, including the CEOs and chairs of 50 major global financial institutions.

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