分类: business

  • Dubai Mansions: Emaar launches new Dh100-billion ultra-luxury residential project

    Dubai Mansions: Emaar launches new Dh100-billion ultra-luxury residential project

    Emaar Properties, a leading master developer, has announced the launch of its ambitious Dh100-billion Dubai Mansions project, set to redefine luxury living in the heart of Emaar Hills, Dubai’s newest master-planned community. The project will feature 40,000 ultra-luxury mansions, each ranging from 10,000 to 20,000 square feet, offering unparalleled opulence and exclusivity. Residents will enjoy direct access to a championship golf course, state-of-the-art wellness and leisure facilities, premium retail destinations, and meticulously landscaped parks designed to foster a sense of community and balance. Mohamed Alabbar, founder of Emaar, described Dubai Mansions as the crown jewel of Emaar Hills, emphasizing its unmatched attention to detail and its embodiment of harmony, prestige, and a lifestyle that is unrivaled globally. The project is poised to solidify Dubai’s reputation as a hub for ultra-luxury real estate, attracting discerning buyers from around the world.

  • Diwali gold buying ends in losses: UAE shoppers lose thousands of dirhams as prices fall

    Diwali gold buying ends in losses: UAE shoppers lose thousands of dirhams as prices fall

    Gold buyers in the UAE who made purchases during the Diwali festival are facing significant short-term losses as gold prices plummeted shortly after the celebrations. According to analysts and jewellers, the sharp decline in gold prices has resulted in losses amounting to thousands of dirhams for many shoppers. Despite this immediate setback, many residents view their gold purchases as long-term investments, valuing the precious metal for its stability and enduring worth. Vijay Valecha, Chief Investment Officer at Century Financial, noted that 24-karat gold in Dubai reached a record high of Dh525.25 per gram on October 21, driven by festive demand and global safe-haven trends. However, prices dropped sharply to Dh485 per gram by the evening, marking a significant decline of nearly Dh30 per gram. This trend continued, with prices falling further to Dh484 per gram on October 22, exacerbating losses for buyers. Vinita Hirani, a long-time UAE resident, emphasized the long-term value of gold, stating that it remains a more stable asset compared to volatile options like Bitcoin. Varun Bafna, co-founder of Amari Capital, attributed the price drop to global profit-booking after weeks of record highs. Anuraag Sinha, Managing Director at Liali Jewellery, highlighted the financial impact, noting that a 10-gram purchase at peak prices during Diwali would now cost Dh300 less, excluding additional charges like making fees and design premiums.

  • Dubai: Gold prices recover after big sell-off over the past couple of days

    Dubai: Gold prices recover after big sell-off over the past couple of days

    Gold prices in Dubai experienced a notable recovery on Thursday morning, rising by nearly Dh6 per gram after a significant sell-off in the previous days. The precious metal surged above $4,100 per ounce, marking a partial rebound from its recent losses. According to data from the Dubai Jewellery Group, 24K gold was trading at Dh496.5 per gram, up from Dh490.5 at Wednesday’s market close. Other variants of gold, including 22K, 21K, and 18K, also saw increases, trading at Dh459.75, Dh440.75, and Dh377.75 per gram, respectively. Spot gold prices climbed to $4,131.28 per ounce, reflecting a 2% rise. Ipek Ozkardeskaya, a senior analyst at Swissquote, attributed the recent sell-off to overbought market conditions and heightened volatility. She noted that the gold volatility index had reached its highest level since March 2022, historically followed by a 20% price retreat. Despite the potential for further pullbacks, Ozkardeskaya emphasized gold’s enduring role as a safe-haven asset for investors, including retail, institutions, and central banks, amid concerns over sovereign debt, geopolitical tensions, and inflation.

  • Top Luxury Property expands presence with new Abu Dhabi branch

    Top Luxury Property expands presence with new Abu Dhabi branch

    Top Luxury Property, a leading UAE-based real estate firm, has unveiled its latest branch in Abu Dhabi, marking a significant milestone in its nationwide expansion strategy. The new office, strategically located in the capital, aims to cater to the burgeoning demand for high-end residential and investment properties in the emirate. The inauguration ceremony drew notable figures from Abu Dhabi’s real estate and economic development sectors, alongside the company’s senior leadership. The branch will specialize in offering residential property services and market advisory support, with a focus on key developments such as Saadiyat Island, Yas Island, Al Reem Island, and Al Raha Beach. Manuj Garg, CEO of Top Luxury Property, emphasized the move as a natural progression in the company’s mission to bolster the UAE’s evolving real estate landscape. He highlighted Abu Dhabi’s robust growth potential and the branch’s role in delivering localized expertise while fostering a sustainable and diverse property market. The new branch will feature teams skilled in property consulting, market analysis, and legal advisory, complemented by digital tools that provide clients with access to property data, virtual tours, and online transaction services. This expansion aligns with broader trends in the UAE’s real estate sector, where firms are increasingly establishing a presence across multiple emirates to meet rising investor interest. Top Luxury Property’s existing operations in Dubai, Ras Al Khaimah, Sharjah, and Umm Al Quwain have been driven by structured market practices and data-led frameworks, which will now be extended to Abu Dhabi to ensure operational consistency and enhance collaboration among developers, financiers, and end-users. The launch event also included a networking session, where industry representatives discussed current trends shaping Abu Dhabi’s luxury real estate market and explored opportunities for cross-emirate collaboration in investment and property management. This move underscores Top Luxury Property’s commitment to supporting the UAE’s national economic diversification goals and contributing to the sustainable development of the country’s property sector.

  • Nolte Küchen to invest Dh25 million as part of Middle East growth strategy

    Nolte Küchen to invest Dh25 million as part of Middle East growth strategy

    Nolte Küchen, Germany’s premier premium kitchen brand, is making a significant investment of Dh25 million to bolster its presence in the Middle East. This strategic move is part of the brand’s renewed global growth strategy, emphasizing German design excellence and craftsmanship. Having operated in the UAE since 2007 through Universal Trading Company (UTC), Nolte Küchen is now transitioning to a direct-to-consumer model under its new mainland entity, Nolte UAE. This shift aims to accelerate market growth and ensure long-term expansion. Key initiatives include the launch of a flagship showroom on Sheikh Zayed Road by early 2026 and the establishment of a dedicated team of engineers, designers, and architects offering end-to-end kitchen solutions. The investment underscores Nolte Küchen’s confidence in the UAE as a regional hub for design and innovation, enhancing its direct relationships with both B2B and B2C customers through improved brand consistency, service excellence, and competitive pricing. The UAE’s premium kitchen market has nearly doubled since 2020 and is projected to reach $200 million by 2030, reflecting sustained demand for high-quality European design. Nolte Küchen’s expansion aligns with this growth, positioning the brand to meet evolving customer expectations with faster delivery timelines, improved service, and an expanded product portfolio. Selva Kumar Rajulu, managing director of Nolte UAE, emphasized the brand’s commitment to the UAE market and its role in driving global presence. Nolte Küchen’s regional competence center in Dubai oversees markets across 30 countries, supported by over 75 branded showrooms across the Middle East, Asia, and Africa. The brand is also recognized for its sustainability efforts, holding FSC and PEFC certifications and publishing annual sustainability reports, aligning with the UAE’s Net Zero by 2050 strategy.

  • China’s rail freight volume up 3.4 pct in Jan-Sept

    China’s rail freight volume up 3.4 pct in Jan-Sept

    China’s national railways demonstrated robust performance in freight transportation during the first three quarters of 2025, handling approximately 3.03 billion tonnes of goods, marking a 3.4 percent increase compared to the same period last year. The data, released by the China State Railway Group Co Ltd on Thursday, highlights the sector’s resilience and efficiency in ensuring the smooth delivery of essential supplies. To optimize logistics, green channels were established for the transportation of critical commodities such as coal, smelting materials, and grain. Notably, coal shipments accounted for 1.553 billion tonnes, with thermal coal for power generation making up 1.056 billion tonnes. Additionally, the volume of smelting materials and grain transported saw significant year-on-year growth of 9.4 percent and 10.8 percent, respectively. This upward trend underscores the railways’ pivotal role in supporting China’s economic activities and industrial demands.

  • UAE: Some retailers say facing shortage of iPhone 17 as demand outpaces supply

    UAE: Some retailers say facing shortage of iPhone 17 as demand outpaces supply

    Retailers in the UAE are grappling with a shortage of Apple’s latest iPhone 17 series, as consumer demand significantly outpaces supply. Launched last month, the iPhone 17 has seen particularly strong interest in its higher-end models, such as the Pro and Pro Max variants. Rajat Asthana, CEO of Eros Group, noted that pre-orders for these premium models sold out within minutes, with foot traffic in stores increasing by 50% compared to last year’s launch. The surge in demand is attributed to Apple’s innovative features and new color options, including Cosmic Orange, which have captivated consumers. Additionally, the Indian festival of Diwali has further fueled demand, as iPhones are popular gifts during the festive season. While some e-commerce platforms and Apple’s UAE online store show limited availability, retailers anticipate supply constraints to persist through October, with improvements expected in November. A spokesperson from Jumbo Electronics confirmed that replenishments are underway to meet the ongoing demand. The situation highlights the challenges of balancing high consumer interest with logistical and supply chain limitations in the region.

  • Nation boosts mineral resources, boosts supply

    Nation boosts mineral resources, boosts supply

    China has achieved remarkable progress in securing its mineral resources and enhancing domestic supply, as highlighted by the Ministry of Natural Resources. The nation has conducted comprehensive evaluations of 163 mineral resources with confirmed reserves, focusing on their quantity, distribution, and development status. Minister Guan Zhiou announced significant breakthroughs in the exploration of strategic resources such as oil, gas, copper, and lithium during a September news conference in Beijing. Additionally, China has established over 1,000 national-level green mines, underscoring its commitment to sustainable development. Vice-Minister Xu Dachun revealed that the discovery of 10 large oilfields and 19 large gas fields during the 14th Five-Year Plan period (2021-25) marks a major milestone. The Ordos Basin in northwestern China has seen a substantial increase in proven geological reserves, exceeding 300 billion cubic meters of methane. China has also revitalized old resource bases, such as the Xiaoyi bauxite mine in Shanxi and the Jiaodong gold mine in Shandong, while new large resource bases for gold, phosphorus, and sylvite are emerging. The Dadonggou gold mine in Liaoning, with an estimated additional reserve of nearly 1,500 metric tons of gold, is poised to become a world-class mine. The newly discovered Asian Lithium Belt, spanning 2,800 kilometers across multiple provinces and autonomous regions, has revealed significant lithium deposits. China’s global lithium reserve share has surged from 6% in 2021 to 16.5%, elevating the country to the second position worldwide. The China Geological Survey (CGS) has identified over 20 million tons of new copper reserves, with potential resources estimated at 150 million tons, positioning the Qinghai-Tibet Plateau as a world-class copper hub. Technological advancements have further improved resource utilization, including the efficient recovery of ultra-fine-grained ilmenite, increasing titanium recovery rates to over 40%. In the Panxi region of Sichuan, more than 87 million tons of titanium resources have been leveraged. CGS and the Hubei provincial government have also made strides in utilizing the superlarge niobium-rare earth deposit in northwestern Hubei, unlocking 929,000 tons of niobium.

  • Wall Street quietly mixed early while crude prices soar $3 after Trump sanctions Russian oil giants

    Wall Street quietly mixed early while crude prices soar $3 after Trump sanctions Russian oil giants

    Wall Street exhibited a cautious stance on Thursday as U.S. President Donald Trump announced sanctions targeting Russian oil giants Rosneft and Lukoil, causing crude oil prices to surge over 5%. Futures for the S&P 500 and Nasdaq edged up marginally, while Dow Jones futures dipped slightly. The sanctions aim to pressure Russian President Vladimir Putin to negotiate an end to the ongoing conflict in Ukraine. Concurrently, European Union leaders convened to approve additional sanctions and explore utilizing frozen Russian assets to support Ukraine’s economy and war efforts for the next two years. U.S. benchmark crude oil rose to $61.63 per barrel, with Brent crude climbing to $65.72. In corporate news, Tesla’s shares dropped 3.2% after reporting a 37% decline in third-quarter earnings, marking its fourth consecutive quarterly profit drop. CEO Elon Musk shifted focus to Tesla’s AI and robotaxi ventures during an investor call. IBM’s shares fell 6.8% despite beating sales and profit targets, as cloud revenue growth slowed. Molina Healthcare plummeted over 20% after missing profit forecasts and revising its full-year earnings outlook downward. European markets showed mixed results, with Germany’s DAX down 0.3%, Britain’s FTSE 100 up 0.6%, and France’s CAC 40 rising 0.4%. Asian markets were similarly mixed, with Hong Kong’s Hang Seng gaining 0.7% and Japan’s Nikkei 225 shedding 1.4% amid stimulus package discussions. Gold prices rebounded 1.6% to $4,131.80 after a two-day decline.

  • Tesla profits slide despite record revenue

    Tesla profits slide despite record revenue

    Tesla has announced record quarterly revenue of $28 billion for the three months ending September, marking a 12% increase compared to the same period last year. However, the electric vehicle (EV) giant also reported a 37% drop in profits, attributed to rising costs from tariffs, research and development (R&D), and its ambitious artificial intelligence (AI) and robotics initiatives. The company’s financial performance comes as it faces intensifying competition from Chinese automakers like BYD and grapples with the impact of U.S. tariffs on imported car parts and raw materials.