Dubai gold prices ease after 24K touched Dh542, Fed outlook takes centre stage
Dubai: Dubai gold buyers saw prices ease on Monday morning, with 24-karat gold falling Dh3.50 per gram from Sunday’s level following another decline in international bullion prices. The 24-karat variety stood at Dh530.25 per gram at 8.50 am on Monday, down from Dh533.75 on Sunday, while 22-karat gold fell Dh3.25 to Dh491 from…
Emaar Properties founder Mohamed Alabbar has expressed optimism about Dubai's property market, predicting a "nice balance" next year despite the impact of the Iran war. "I'm getting ready for 2027," Mr Alabbar stated at AIM Congress in Dubai. He explained that a significant amount of supply is arriving, leading to a need for adjustment.
Mr Alabbar estimated an adjustment of 5 to 10 percent due to the ongoing conflict, but acknowledged that the situation could change rapidly if it stabilizes. Emaar, the largest listed developer in the emirate, has not resorted to discounts to mitigate the impact of the war. The developer maintains strong cash flow and a substantial cash position, enabling it to weather the crisis.
Mr Alabbar emphasized that the conflict is similar to other geopolitical crises, such as that in Ukraine, and that businesses built for the long term can withstand these challenges. In June, Emaar announced an "extraordinary" Dh200 billion ($55 billion) megaproject in Dubai, set to house nearly 150,000 people. The developer believes that crises typically have a shorter lifespan, and with its strong financial position, Emaar is prepared to expand despite the current uncertainty.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
