Market Report

Commercial Sales (DLD) The commercial real estate market in Dubai experienced a increase in sales transactions during Q2 2023. The number of sales transactions reached 3,080, marking a 22% rise compared to the same period last year, indicating an increase in demand for real estate in Dubai as a whole. Moreover, the total transacted value surged by an impressive 101% to reach AED 21.385 billion. From an investor’s perspective, this opportunity is evaluated through two primary lenses. Firstly, investors seek to secure a favorable return on investment (ROI), focusing on the potential for financial gains. Alternatively, investors may aim to secure a sales price that will appreciate significantly in the future, allowing them to sell the asset at a premium. Download Full Report Rising Office and Retail Sales Transactions (DLD) The office segment witnessed a remarkable surge in sales transactions during Q2 2023. A total of 754 office transactions were recorded, indicating a substantial 49% increase compared to the corresponding period in the previous year. The transacted value for office properties also grew by 32% to reach AED 1.154 billion. The top communities for office sales in Dubai during Q2 2023 were Business Bay, Jumeirah Lake Towers (JLT), Jumeirah Village Circle (JVC), Barsha Heights, and Dubai Silicon Oasis (DSO). The retail sector has witnessed a significant surge in sales transactions during the same period. The number of retail transactions has experienced an impressive 50% increase, accompanied by a substantial 94% rise in the transacted value. Both retailers seeking to lease out their units and prospective buyers looking to acquire new retail spaces have contributed to this trend. Analysis of the data obtained reveals that the top retail communities in Dubai include Mohammed Bin Rashid City (MBR City), International City, Jumeirah Village Circle (JVC), Arjan, and Business Bay. Download Full Report Commercial Buyer Demand and Transactions (CRC) The demand for commercial real estate in Dubai remained strong during Q2 2023, as reflected by the significant increase in buyer demand and transactions. The number of commercial sale transactions rose by a staggering 300% compared to the same period last year. This surge in transactional activity signifies the robust interest and confidence of buyers in the market. Download Full Report Data on Investors and End-Users in Commercial Real Estate (CRC) The buyer profile of commercial properties at CRC Dubai during Q2 2023 showcased a remarkable diversity of participants, attracting both investors and end- users. The market witnessed significant interest from various nationalities, with India, Norway, and the UK emerging as the top countries of origin for buyers. This indicates the international appeal and global investment interest in Dubai’s commercial real estate sector. The surge in the number of new trade licenses issued, along with the influx of high-net-worth individuals (HNWIs) coming to Dubai and the growing presence of new investors, further demonstrates the positive momentum and favorable market conditions in the commercial property segment. Download Full Report

During the first quarter, Dubai’s commercial real estate market experienced a significant rise in prices and sales transactions. This growth can be attributed to several factors, including the success of government initiatives such as the green and golden visas and the robust post-pandemic recovery. These programs have attracted foreign investment and skilled talent to the country, while the government’s support for businesses during the pandemic has eased financial pressures. DOWNLOAD THE REPORT The green and golden visas attract foreign investment and talent to the country, whilst initiatives to support businesses during the pandemic helped ease the financial burden. The government’s innovative and strategic approach to creating an enterprise-friendly environment has led to a more than 50% increase in new business-license issuance, a driving force behind Dubai’s booming commercial real estate sector. Commercial Sales Dubai’s commercial real estate market saw a sharp increase in sales transactions and prices in the first quarter. Compared to Q1 2022, there were 17% more transactions, whilst the total transacted value increased by 62%. This growth can be attributed to many factors, including government initiatives like the green and golden visas and the strong post-pandemic recovery. During the first quarter, there was a 28% increase in office transactions, with a 52% increase in transacted value (versus Q1 2022). This surging demand for offices has led to a shortage of quality grade A spaces. The most popular area for office sales was Business Bay, followed by JLT and Dubai Silicon Oasis. The growing demand within all sectors of the commercial real estate market is a clear indication of Dubai’s ever increasingly business-friendly environment. Compared to Q1 2022, CRC saw a 69% growth in overall buyer leads. The growth in buyer enquiries for retail spaces was particularly pronounced, up 208%, whilst office and warehouse enquiries increased by 47% and 45% respectively. Whilst buyer enquiries surged, a shortage of available commercial properties led to an 11% decrease in new sales listings and a 12% fall in transaction volume during Q1 2023 when compared to Q1 2022. COMMERCIAL LEASING For the first time in six years, Dubai’s office rents are rebounding and they are increasing at a faster than in London and New York. This is, in part, due to the expansion of global businesses and banks into Dubai, which is fast becoming a financial hub in the Middle East. Ease of business set up, the tax friendly environment and visa reforms are just some of the reasons why entrepreneurs, SMEs and multinationals are likely to continue to relocate or expand to Dubai, giving further support to rental prices. CRC saw a 15% decline in leasing transactions in the first quarter, with a 6% drop in office space transactions. With the recent growth in rental prices, it’s likely that businesses are extending their existing leases to avoid paying the higher market prices, leading to a drop in transactions.  Jumeirah Lake Towers, Business Bay, and Al Quoz emerged as the top communities for retail transactions, followed by Sheikh Zayed Road and Barsha Heights (Tecom). The average office size leased in Q1 2023 was 78% larger than in Q1 2022. This suggests that tenants are increasingly demanding larger commercial spaces in response to their growing company needs.  DOWNLOAD FULL REPORT

Dubai’s government continues to position Dubai as a global business and financial hub, with a recently announced ($8.7 trillion (32 trillion dirham) economic plan aimed at doubling foreign trade and investment over the next decade. Besides this, Dubai has been trying to maintain its appeal to foreign investors and skilled professionals by implementing legal changes and relaxing social restrictions. For example, at the start of the year, it abolished a 30% tax on alcohol. DOWNLOAD THE REPORT Economic growth and increased foreign investment are the top factors contributing to increased commercial real estate transactions in Dubai. Despite a challenging global economic climate, Dubai has seen robust economic growth, resulting in increased transactions in 2022. According to the Government of Dubai, this is evidenced by the 4.6% year-on-year GDP increase to AED307.5 billion in the first nine months of 2022. Commercial Sales In 2022, Dubai experienced significant growth in commercial real estate sales transactions, with demand rising across all sectors, including offices, retail, and warehouses. Commercial sales transactions increased by 32%, and the total value of commercial properties sold increased by 64% compared to the previous year. This positive outlook for investing in Dubai’s real estate market can be attributed to several government measures and initiatives that make the city and the UAE an attractive long-term investment destination. Office transactions increased significantly in quantity and value in 2022 as a result of strong market demand and a shortage of available, particularly Grade A office space. With regard to 2022, office transactions specifically climbed by 30%, while the total value of transactions increased by 74%. With 945, 711, and 122 offices sold, Business Bay, Jumeirah Lake Towers, and Barsha Heights were the most popular locations for office transactions. Other locations with a large volume of office transactions included Downtown Dubai, Motor City Arjan, Dubai Silicon Oasis, and Emirates Living. With transactions up 71% and the value of those transactions up 96% in 2022, retail sales transactions recorded enormous growth. The FIFA World Cup, the Golden Visa program, the recovery of the tourism sector, and initiatives to digitize the economy are a few drivers of this surge. International City, Mohammad Bin Rashid City, and Jumeirah Lake Towers saw the highest number of retail transactions, with Dubai Marina, Business Bay, and Deira also seeing considerable activity. This activity is reflected in the Dubai Chamber of Commerce, which had a 69% surge in new members in 2022. The growth in all sectors of commercial real estate is a clear indication of a stronger business environment in the UAE, particularly in Dubai. We have seen a significant increase in demand for commercial properties compared to Q3 2021, with overall buyer leads increasing The UAE’s strong business environment in 2022 has helped the commercial real estate sector to grow significantly compared to the previous year. CRC has witnessed a significant demand for commercial properties compared to 2021, with overall buyer leads increasing by 37%. A surge in tourism activity and an uptick in new business licenses have precipitated a marked spike in retail property enquiries, with a 115% increase observed. The demand for office spaces and warehouses increased by 23% and 45%, respectively. In 2022, the number of end-users purchasing commercial properties in Dubai through CRC has risen to 79% as they take advantage of the positive economic sentiment in the region. With more businesses entering the market or expanding to new locations, there is expected to be a shortage of high-quality properties in the future. Buyers from various countries, including Jordan, the United Kingdom, and India, have impacted Dubai’s commercial real estate market over the years. Indian nationals top the list with a 27% share of total commercial real estate buyers, followed by UK and Jordanian nationals with 10% and 8% shares, respectively. Over the past year, investors from Portugal and Russia contributed 5% and 6% to Dubai’s commercial property investments. COMMERCIAL LEASING Dubai’s office rents are experiencing a resurgence for the first time in six years, growing faster than in other major cities worldwide. This is due to increased global banks and businesses expanding into the city, known for its extravagant building projects. While the pandemic has sparked discussions about the future demand for office spaces globally, Dubai’s market is standing out even as other financial centres like New York and London are trying to attract employees back to the office. Dubai has brought more people back to offices with adequate policies and initiatives post-pandemic. In 2022, there was a significant growth of 22% in the number of leads for commercial properties, as well as a similar increase in inquiries for warehouses for rent. This trend is likely due to the growing demand for additional space from retail, e-commerce, and logistics businesses.In the first half of the year, 537 new companies were registered at the Dubai International Financial Centre (DIFC), resulting in an 11% increase compared to the same period in the previous year. There was a 23% year-on-year increase in newly registered fintech and innovation companies, rising from 406 to 599. New businesses that have been launched in Dubai include Rapyd, the first Israeli company to be regulated in the UAE; Tarabut Gateway, the first regulated Open Banking platform to be licensed by the DFSA; KMMRCE Holdings, a Dubai-based digital-first technology provider, Oneglobal Broking, a specialist international broking company, and ADIB Capital Ltd. for Wealth & Asset Management. Dubai’s retail industry is poised to grow at a healthy pace due to favourable demographics, improving macroeconomic factors and the revival of the tourism industry. The sector is also expected to benefit from the government’s push towards economic diversification and the growing prominence of omnichannel business models. The industry was severely hit by the restrictions imposed during the pandemic; however, retailers were responsive to the changing demands and innovated to sail through difficult times. As the retail industry continues to recover, there is an urgent need for retailers to upscale their digital presence to stay relevant as well as compete with regional and international players DOWNLOAD FULL REPORT

CRC has been leading the commercial property market in the UAE and has proved to be a source of vast commercial property listings and resources. It introduces many commercial projects to facilitate businesses and clients to expand their companies and grow profits. Following the lead, CRC introduces Midtown Central Majan in Wadi Al Safa, Majan. The mall is a unique multi-faced development offering visitors an excellent shopping experience and a place to have a good time with family and loved ones. The total gross leasable area of the mall is 35,000 SQT. FT. that is distributed across the ground and first-floor levels. Midtown Central Majan brings a comprehensive shopping experience with its 37 retail units offering an increasingly wide range of outlets, activities and amenities for various customers. The mall is in an ideal location that is easily accessible to surrounding areas and provides convenient access to all visitors. The top communities with easy access to the mall are Al Barari, Living Legends, Falcon City, Wonders City of Arabia and so on. The mall has more than 100 car parking spaces dedicated to retail with access points from ground and basement levels. The main access to the mall is Sheikh Mohammad Bin Zayed Road, making it easy for visitors and retailers to access the mall. What is in for retailers? Midtown Central Majan offers an extraordinary opportunity for retailers to establish a presence in one of Dubai’s most iconic shopping destinations. Shopping spaces like Midtown Central Majan are always a top option for retailers because of the number of visitors heading towards it. The various offerings of the mall, such as dining, shopping, fitness, arts and events, will make the shopping mall a must-go destination. More and more consumers from the building and the surrounding neighbourhood will naturally visit this amazing space for their daily needs and regular family time. Retailers have a fantastic opportunity to start and expand their businesses as they benefit from the huge in-house audience whose needs and desires perfectly align with the offerings Midtown Central Majan is designed to provide. This includes grocery, pharmacy, food, coffee, luxury shopping and more. The essential and regular traction of Midtown Central Majan makes it a unique and apt option for retailers to get benefitted from the on-growing traffic and regular visits from the shoppers. Nearby Locations Midtown Central Majan is located in a prime location and covers major areas such as Majan, Al Barari Playground, Silicon Oasis, Zayed University, IMG Worlds Adventure, University of Dubai, Dubai Festival City and other nearby locations. Visitors living in most nearby areas have the fastest and most direct access to the mall, which increases the traction of Midtown Central Majan and makes it a great option for setting up shops for visitors. Majan – 1 MinuteAl Barari Playground – 5 MinutesSilicon Oasis – 10 MinutesZayed University – 13 MinutesIMG Worlds of Adventure – 14 MinutesUniversity of Dubai – 15 MinutesDubai Festival City – 15 MinutesBurj Khalifa & Dubai Mall – 20 MinutesDubai Creek – 20 MinutesEmirates Tower – 20 Minutes Facts & Figures Midtown Central is located in Majan, Dubai Land, with more than 22,000 residences in a 3km radius. The number is growing rapidly with the residents of Majan, Al Barari, Arabian Ranches, Falcon City, Living Legends, The Villa and so on. The purchasing power and the frequency of shopping of these residents are high, indicating the huge traction the mall will continue to gain. Thousands head towards Midtown Central Majan for essential weekly shopping, and the footfall is growing every week. Midtown Central Majan made additional investments in high-quality design (internal and external) in 2021 to encourage and maximize movement. To give customers a unique and comprehensive shopping and lifestyle experience, the shopping centre is continuing its expansion strategy with the launch of brand-new outlets and chosen eateries. The mall’s amenities are still being added to, making it a multifaceted community symbol for shopping and a way of life for Majan and the neighbourhood. Mall Segmentation The mall is spread over a leasable area of 30,000 SQ. FT. that is distributed across the Ground and First Floors. Both floors offer a unique experience for all the visitors that fulfil their needs. Ground Floor: A wide variety of outlets, including fashion stores, ice cream parlours, children’s entertainment centres, pharmacies, money exchanges, electronics stores, and restaurants, are housed in a mall specifically designed to accommodate supermarket convenience service-related establishments, with seating areas outside, well-located premium food and beverage tenancies. The mall’s Ground Floor currently has Carrefour and Pharmacy that invite regular traffic from nearby locations. First Floor: The mall’s first floor provides a great shopping experience related to Fashion and Entertainment. A wide variety of merchandise is available on this level, including clothing, accessories, jewellery, footwear children’s entertainment, clinics, electronics, and beauty products. The location of the iconic coffee shop, the central island among retail spaces, will also be on this level. Mall Operation Hours The operation hours of Midtown Central are very flexible and provide convenience to retailers and visitors. The mall is open daily from 10:00 am to 10:00 pm for all retailers except Carrefour. The timing of Carrefour is 07:00 am to 11:59 pm every day. Conclusion Midtown Central Majan is a great shopping destination that offers numerous opportunities for retailers to start and grow their businesses. The mall is combined with shopping and entertainment experiences for the visitors and the shopping options range from grocery, pharmacy, clothing, jewellery, accessories, kid’s fun & entertainment, coffee shops and much more. The mall attracts a huge footfall from the surrounding areas and is easily accessible for visitors residing in nearby locations. The mall offers excellent facilities and amenities for retailers and is now open for leasing.

The commercial market benefited as a result of both existing businesses relocating to more prestigious sites and the number of new company licenses reaching an all-time high in Q3 2022. The government’s efforts to boost the economy after a difficult time seem to be having notable success. For instance, the possibility to maintain full ownership of a company without the requirement to find a local partner has led to a rise in international investment. DOWNLOAD THE REPORT With transactions up 133% and retail transacted value up 184% in Q3 2022, we experienced retail growth that was previously unheard of. This is because prominent retailers like Brands for Less (BFL), Forever 21, and many more have opened additional locations and expanded to serve a wider spectrum of customers. Commercial Sales Commercial real estate in Dubai saw a sharp increase in sales transactions in Q3 2022. Increased demand has impacted the market, with prices increasing as buyers look to acquire offices, retail and warehouses to meet their business demands. When comparing 2021 & 2022 Q3, transactions increased by 28%, with a 66% increase in the total value transacted. Various factors have contributed to the rise in demand. These include the new Green and Golden visas, a strong recovery from the pandemic, government initiatives to support businesses and increased business licence issuance. Innovative, strategic approaches by the government have certainly stimulated the economy in Dubai where we saw more than 45,600 new licenses issued in the first half (H1) of 2022 with a growth of 25% compared to H1 2021. In Q3 2022, office transactions increased by 41% and the transacted value increased by 56% compared to Q3 2021 due to a rise in demand for spaces and a shortage of quality grade A spaces. With 254 units sold, Business Bay remained the most popular area followed by Jumeirah Lake Towers and Barsha Heights (Tecom), with 170 and 41 transactions respectively. International City, Dubai Silicon Oasis and Dubai Marina recorded moderate transactions. Retail witnessed significant growth of 133% in transactions and a 184% increase in value transacted. This growth can be attributed to a buoyant and resilient economy amidst problems in Europe. Areas such as International City, Dubai Marina and Muhammad Bin Rashid City have been top choices for companies to start or expand their businesses. Many large and medium companies launched or expanded their retail footprint in Dubai. The growth in all sectors of commercial real estate is a clear indication of a stronger business environment in the UAE, particularly in Dubai. We have seen a significant increase in demand for commercial properties compared to Q3 2021, with overall buyer leads increasing by 38%. Increased tourism and growth in new business licences, alongside more companies looking for larger or extended spaces, have led to an increase in buyer enquiries for warehouses and retail by 33% and 85% respectively. The demand for office spaces has also grown by 21% compared to Q3 2021. Going forward we anticipate further price growth as a result of increased demand for commercial properties. Government decisions, laws and initiatives have enabled businesses to resume work at full capacity, leading to offices, retail, and warehouses witnessing a notable growth in sales by 25% overall compared to Q3 2021. At CRC, the sales of office spaces in Dubai increased by 15%. The top communities transacted for offices were Jumeirah Lake Tower, Business Bay and Barsha Heights. COMMERCIAL LEASING Numerous foreign businesses, including Meta, Optimizely, Rapyd, Folkart, Teneo, Directimo, and Pedersen & Partners, opened their operations following Expo 2020 to serve a significant regional market. In the upcoming quarters, we anticipate that rental prices will continue to rise as demand for commercial property leasing grows. In the third quarter of 2022, leasing transactions at CRC increased by 3% compared to the same period in 2021. Transactions in retail spaces increased by 18%, while transactions in offices and warehouses remained unchanged. The top communities for retail transactions were Majan, Dubai Marina and Arjan, with higher demand recorded in Al Quoz, DIP, and Jebel Ali. The overall tenant leads for commercial properties in Q3 2022 increased by 11% compared to Q3 2021. Office space enquiries increased by 28% in Q3 compared to the same period last year as businesses opted for larger offices to accommodate their growing companies and headcount. Prior to the completion of Uptown Tower later this year, DMCC has revealed that all of the office space has been pre-leased. As DMCC increases its presence in Dubai to meet its rapidly expanding roster of over 21,000 member companies, over 495,000 square feet of Grade A office space across 22 floors has been pre-leased. The sector which topped Dubai’s commercial leasing market was IT, with many companies opening new offices and facilities in Dubai to expand their headcount. One of the biggest technological corporations in the world, Intel, will open its first artificial intelligence R&D facility at Dubai Internet City (DIC), highlighting the emirate’s desirability as a major location in the GCC for establishing innovation centres. F&B and Hospitality sectors are among the top business types that showed exponential growth in Dubai. DOWNLOAD FULL REPORT

Global firms chose Dubai for their business activities and kept their predominant existence in the region. Meta, previously known as Facebook, opened its regional headquarters in early 2022. Companies like Visa also extended their purpose-build headquarters opened last year. Many global companies relocated their operations and employees from Eastern Europe and Russia to the UAE. Dubai proved itself as a hub for worldwide commercial and technology. Many new market entrants are aiming to enter Dubai, offer services to a bigger market, and reach a larger audience. This was proven after seeing a rise in issuing a higher number of new license registrations than renewals. DOWNLOAD THE REPORT The large chunk of the leads received from companies was for formation from the EU, US, and Russia. Services and technology sectors, notably Fin-tech, continued to show demands for occupation, followed by Crypto businesses. Setting up commercial entities like shops of all kinds and restaurants in popular and new locations has impacted the market in Retail and resulted in higher sales than Offices. Commercial Sales | Dubai The commercial property market has witnessed a 38% increase in units transacted for H1 2022 compared to H1 2021. What we saw in 2021 continued in H1 2022 with an 89% increase in sales value for H1 2022. That resulted in a rise in prices, demand, and sales for commercial properties. According to CRC data, leasing transactions decreased by 1% for H1 2022 over H1 2021. However, we have witnessed the highest growth in the warehouse sector, warehouses at 142%. Across the board, the registered tenant leads for CRC increased by a staggering 140% in H1 2022 compared to H1 2021. All the sectors in commercial property recorded increased demand, the highest increase for Warehouses by 180% followed by an increase in demand at 136% for Retail and 114% for Office spaces. Across all sectors, i.e. Offices, Warehouses, Retail, and Labour Camps, inquiries for investment rose compared to last year, which helped capital value expectations rise for the year ahead. Investment trends across property in the UAE during H1 2022 have witnessed a positive trend, whereas the owners modify how we use office space. Post-COVID situations were favorable for the retail sector, as the public started to go out and increased tourist arrivals. Thus, the country experienced massive demand for commercial spaces of all kinds. COMMERCIAL LEASING The commercial property sector maintained momentum during the second quarter of 2022. Most relocation and consolidation activity was concluded over H2 2021 and Q1 2022, with existing companies keeping their current office spaces due to attractive lease rates they could achieve during or before COVID-19. According to CRC data, leasing transactions decreased by 1% for H1 2022 over H1 2021. However, we have witnessed the highest growth in the warehouse sector, warehouses at 142%. Across the board, the registered tenant leads for CRC increased by a staggering 140% in H1 2022 compared to H1 2021. All the sectors in commercial property recorded increased demand, the highest increase for Warehouse by 180% followed by an increase in demand at 136% for Retail and 114% for Office spaces. In Q1 2022, we saw an increased demand in commercial spaces that continued to Q2 2022 for both Grade A and Grade B, with the highest occupancy levels in Dubai compared to the last few quarters. CRC has witnessed a higher conversion of inquiries and longer transaction timelines for all types of commercial spaces, mainly offices. The most preferred office size is between 1,500 sq. ft to 3,000 sq. ft range with a very high preference for fitted office spaces, which continues to be in small supply in superior built and centrally located office stock. DOWNLOAD FULL REPORT

The first thing that comes into mind when someone mentions Dubai is the riches, the glamour, and the glitz. Dubai is a prime example of development at its best. The city of deserts has shifted into giant skyscrapers and shopping malls. And one of the top attractions and the world’s most significant building, The Burj Khalifa, is in this city. It is a no-brainer why people prefer having a lucrative career in this city. Due to many employee advantages and revenue proposals, it is an option that is hard to say no to. However, when the discussion is about Commercial And Business Insurance, you need to understand that it is that kind of insurance that provides you with the required solutions for the industrial sector. Be it logistics, telecommunication, production, and textile, Commercial and business insurance in Dubai offers the much-needed safety net for business when it arrives. Now that you have the basic understanding of commercial business insurance, it is equally essential that you have the basic knowledge of many types of insurance out there to know and understand this insurance for a clear emphasis. The type of Commercial and business insurance depends on a multitude of aspects. That being said, here are some of the Commercial and business insurance that you need to know: 1. General Liability Insurance Okay! Let’s start with one of the most well-known business insurance, General Liability Insurance. So what is General Liability Insurance? General Liability Insurance is there to assist you in protecting or safeguarding your business or organization from any claims it has caused. For instance, it can be a physical injury of an employee or other members; General Liability Insurance is there for you. Or accidental damage of properties or belongings of any of your employees and co-workers, General Liability Insurance is there! It also comes into your assistance regarding times of a personal injury. General Liability Insurance is as essential as it can be in the business world. 2. Professional Liability Insurance Nobody in this world is perfect. Everyone has their flaws, and not a single person in this world can always be at the top of their work without making a single mistake. We are all human beings, and at some point in our lives, we do make a mistake. But a mistake is a mistake. And this is where professional liability insurance comes in to help you. In your business venture, there are times when you fail to deliver your promise to the utmost extent you can, or you slip and make a mistake with a service that you provide. Professional Liability insurance in Dubai helps you deal with those lawsuits regarding that. While many professionals are familiar with the term professional Liability Insurance, it is often regarded as Errors and Omissions Insurance, which, if you ask, makes total sense. 3. Commercial Property Insurance Is it one of those things that your fight with your landlord regarding the apartment you have been living in? Well, not really. This is a big misconception among the people outside when they first hear such a term. Let’s say there’s a building that you rented when you first moved into Dubai. And over time, you are growing as your business. What Commercial property insurance does is it protects or safeguards your rented building and the many of the pieces of equipment that you use daily as an integral part of your business. Please remember this insurance does not cover you from any natural disasters. If you wish to get such insurance, it is highly suggested you look for a separate policy to aid you in those worries. 4. Data Breach Insurance We live in a world of technology. And technology is constantly evolving. Unfortunately, so does the risk of data breaching. No business in this world currently does not depend on or revolve around technology. Due to the immense benefits it brings, it is no wonder why technology is an integral part of your business. But with that comes more risk. And data breach insurance is here for you. It assists you and your business when there is a data breach and personal or confidential information regarding your business has either been stolen or lost. Though it can’t be undone, Data breach insurance may help you let the impacted individuals know about the incident. It also takes the initiative to produce a public relations campaign. It is often also known as cyber coverage insurance. 5. Shopkeeper’s Insurance Now that you have understood the business insurance, let us go into Commercial insurance in Dubai. At the top of the list, there is shopkeeper insurance. If you own a small business or retail, you are most likely supposed to be familiar with many insurances covering different aspects. According to the policy phraseology, this insurance program covers shop structures and goods, home invasions, theft, cash coverage, bicycles, signages, luggage, personal injuries, and liability. 6. Liability Insurance In Dubai, there is not a single person in the sector who does not know the full extent of liability insurance. There are quite a few compelling liability insurances that offer so much. Each one is different from the next. You can do your research and have the best one on your side that you think will fit your requirements. This type of coverage is primarily designed to protect major multinational corporations from commercial liability concerns in a variety of locations throughout the world. It usually includes bodily harm, damage to infrastructure, potential litigation, clinical studies, product recalls, and workers’ insurance, among other things. 7. Employee Benefit Insurance Employees and workers are the strong pillars of a successful business. Happy and motivated employees lead up to better results. It is one of the most important mantras for successful businesses. And an employer benefit insurance guarantees you, happy employees. These plans, such as corporate medicare advantage plans or corporate accident insurance policies, will preferably offer health insurance coverage to firms’ workers. 8. Bankers Indemnity Insurance As you know, Dubai is an ever-evolving city. Gone are those days when the first thing that comes into mind while mentioning Dubai was the desert. The city is now the pinnacle of development. And with growth comes many different banks throughout the city. And banker’s indemnity insurance in the city is the perfect thing to complement these big banks. These plans are directed at banks and encompass all bank locations. The policies cover money or assets lost on facilities, transportation, fraud, deceit, hypothecated commodities, recorded postal losses, and appraisers. 9. Personnel Compensation Insurance Many in the sector are under the impression that they don’t need any worker compensation insurance as the work premises are so enhanced there won’t be any necessity. But the danger doesn’t come with a warning. No matter how safe your workplace is, you can never know when a disaster will happen. And thinking about buying your way out of it, everything it happens is a big NO. Workers ‘ compensation insurance is usually required for a corporation with more than one worker. When considering the cost of an employee’s compensation policy relative to the expected lawsuit price, it’s clear that being assertive with adequate coverage is the way to go. Out-of-pocket costs that are usually handled by an employees’ compensation policy – from lost earnings to healthcare – can result in significant losses for a corporation. Catastrophe or severe injuries may – and do – occur in even the most meticulous and healthiest work conditions. Therefore, it’s always best to be protected and ready for any eventuality, no matter how unlikely. 10. Erection of All Risk Insurance Machines and machinery are an integral part of any organization regardless of whether your corporation is technical or non-technical. And no machine is perfect, and not all installations are done right. Therefore, at the darkest times regarding technology, it is a must to have all-risk insurance. This policy provides you coverage regarding machinery and any installation or equipment damage that comes your way. It is highly recommended to have it at your disposal. It protects the contractor and the employer from physical harm on the premises. In addition to all these, this insurance policy also provides coverage to third parties. Conclusion Dubai is indeed the city of glamour and glitz. In addition to being your perfect gateway, this city has much more to offer regarding business and insurance. And the development of the city is a perfect example of it. Insurance in Dubai protects your business from various dangers that may arise during routine operations. Choosing the right commercial or company insurance can be difficult, but knowing what to look for can help. Give the article a read to explore more about the various kinds of insurance available in Dubai. Irrespective of the requirement, you will find the perfect insurance plan of your choice.

The Dubai Real Estate Market continues to soar The commercial property market right now is the strongest it’s been since 2016, with office, warehouse and retail units in high demand for both sales and leasing according to our recently released commercial property market report for Q1 2022.DOWNLOAD THE REPORT HEREAs Dubai opened back up to the world and the majority of restrictions were lifted, the trust in the commercial property market recuperated, resulting in increased demand for properties for sale. New policies issued by the government at the beginning of 2022, such as modifying the working week to Monday – Friday to align with the rest of the world, have made Dubai even more attractive to investors looking to grow or expand the business.Overall, it can be expected that the commercial property market will continue on an upward trajectory, supporting growth in Dubai’s property market and the economy as a whole. Here are the headline statistics from the report:Commercial SalesQ1 2022 has followed on from the trends we saw in 2021, with prices, demand and transactions continuing to rise. The commercial property market has experienced a 107% increase in sales value for Q1 2022 compared to Q1 2021. The Dubai property market had a total sales value of nearly AED 56 billion in the first quarter of 2022, according to DXB Interact, a record breaking quarter compared to previous years. At CRC, our invoiced transactions rose 62% in Q1 2022 over Q1 2021. Office and retail sales remain at the forefront of the growth, with offices experiencing a 31% increase and retail a 104% increase for units sold over Q1 2021. The total sales value also continues to rise, as offices have seen a 71% increase and retail units a 49% increase over Q1 2021.Increasing demand combined with the limited supply of Grade A commercial spaces is an ongoing trend visible through the first quarter of 2022. As businesses have successfully rebuilt after suffering from the impact of the pandemic, the objective is now to expand, the need for larger office spaces is rising, and as the occupancy of these spaces increases, so does the shortage in stock.Commercial LeasingThe commercial property leasing sector has maintained steady growth in the first quarter of 2022. The multitude of new businesses opening their doors across Dubai has increased rental prices throughout all sectors, creating greater demand for those seeking new premises for their growing businesses.According to CRC data, the number of leasing transactions is up 7% for Q1 2022 vs Q1 2021, with the highest increase in the warehouse sector, which is 88%.  The overall number of registered tenant leads for CRC increased by 32% compared to the same period last year. In line with the spike in demand, the highest increase came in at 128% for warehouses.This quarter, we’ve witnessed a continuous demand for commercial property, as businesses that downsized during the pandemic started getting back to bigger office spaces. As well as retail and warehouse businesses benefitting from a surge in demand due to a boost in the economy.While prices rise and the demand grows, tenants who would previously shop around year on year, in order to secure high-quality units at the lowest price, are opting to lock down long term leases at lower rental values instead.Seemingly, the trust in the market has bounced back in the first quarter of 2022, with CRC recording a 17% increase in payments with 4 cheques and 1 cheque payments decreasing by 7%.

We know owning a property provides great security for the future, but it’s not without its risks and responsibilities. From arranging legal documents, handling property disputes, transferring land titles to even buying and selling property, there are many stages of the process that can only be handled by a professional property lawyer. If you’re new to the property market or just not sure what exactly to look for when it comes to finding the right property lawyer, we’re here to help! Below we have outlined the top property lawyers in Dubai for 2022. Al Safar & Partners  Having been around for almost 40 years, Al Safar & Partners are widely known and respected as one of the top law firms in the city. Property or Real Estate is actually their top performing department and they’ve handled 2,600+ cases involving property in the past decade.  One of the advantages of this firm is that their team of lawyers and legal consultants comprises those who are also members of the bar in countries outside of the UAE, such as the UK and European countries. This is a huge benefit if you have or are looking to obtain property outside of the UAE as you will be able to find a lawyer who is knowledgeable in both private international law and the property laws of other countries. Al Safar & Partners offer a free 30 minute consultation to new clients, which you won’t find in many other organisations. So if you are looking for a property lawyer in Dubai, we recommend taking advantage of this offer and consulting with one of their professionals.  Read Al Safar & Partners google reviews here. HSS Lawyers  HSS Lawyers is a full service law firm offering services for property, family law, labour law and corporate law. With over 30 years experience, HSS Lawyers have become one of the most trusted law firms in the UAE and have successfully handled more than 1,000 cases. With many awards under their belt, HSS Lawyers are best known for their work on boundary disputes. The firms dispute attorneys’ cases involve the replacement or removal of boundaries, professional negligence of property solicitors, and inaccuracies in legal documents. Plus, one of the biggest advantages to HSS Lawyers is that they have offices in Dubai, Abu Dhabi and Sharjah, which makes it easier to provide legal services to those with properties spread across the UAE.  Read HSS Lawyers google reviews here. RAALC Comprised of 3 of the top legal companies, Sughra Salem Bin Sarm Partners, Abd Alaziz Al Khemeiri Advocates, and RAALC Consultancy who came together in 2013. Property law is one of the firm’s areas of expertise and most cases they’ve handled over the years involve multinational construction companies and developers.  One advantage of this legal firm is that they usually dedicate a full team to your case, rather than just one lawyer. They’re also one of the easiest firms to get in touch with, offering a web chat service that allows you to chat with a legal assistant instantly, or in busy periods, you can schedule a call or request a call back through the same service.  RAALC has offices in Dubai, Sharjah and Ras Al Khaimah, although they are yet to expand their services to other countries, which is probably one of the only cons setting this firm aside from its competitors. Read RAALC google reviews here. Ibrahim Khouri Advocates & Legal Consultants With over 12 years of experience, Khouri Law Firm deals with both international and domestic clients with services such as family law, criminal law, corporate law and property law. For property law in particular, many residents approach Khouri Law for assistance with real estate disputes. If you have an issue with rental disputes in particular, whether it be an increase of rent or getting your deposit back, this firm has extensive experience in dealing with these types of cases. Similar for landlords dealing with property issues regarding tenants, Khouri Law will be able to assist quickly and easily, as it’s something they provide on a regular basis. An advantage to this law firm is that many of their advocates speak multiple languages, including Arabic, English, Russian and Hindi, which will come in extremely useful when liaising with others of various nationalities. Read Ibrahim Khouri Advocates & Legal Consultants google reviews here. Al Reyami Advocated and Muhyealdeen International Legal Consultants Established over 18 years ago, Al Reyami & Muhyealdeen has an extensive list of practice areas including, banking law, corporate law and labour law and the firm’s advocates take on both civil and criminal matters.  The firm holds a 97% case success rate amounting to over AED 20 million of judgement claims, which is pretty impressive. Plus with some of their lawyers being active in a number of landmark cases involving property, property law is deemed to be one of the firm’s best assets.  Similar to their competitors, one of their main strengths is the diversity of the team, with most of their lawyers practising both local and international law. The firm also has offices in other major cities around the world, including New York, Moscow and Istanbul.  Read Al Reyami Advocated and Muhyealdeen International Legal Consultants google reviews here. Remember, when making an important decision like this one, its important to conduct your own in depth research to ensure you make the right decision that fits your circumstances. Although we do hope our list helped you narrow down your search! If you are interested in buying or renting commercial property in Dubai, get in touch with one of our agents today to find out more about our services.  At CRC we also have a dedicated valuations team, providing valuations for commercial and residential properties as well as business machinery and assets. You can find out more about our valuation services, or fill out our contact form here.

The commercial real estate market is bouncing back  Dubai’s commercial property market is reaching new highs as we head into 2022. According to our recently released commercial property market report for 2021, the total number of transactions alone are up by 19% over 2020, with the total value of units sold reaching almost 30.88 billion. Download Report The report reveals that demand in the market is growing increasingly stronger and prices for both sales and leasing are on the rise. After the industry saw numbers hit an all time low in 2020, we’ve seen the market make an almost complete recovery in 2021. As the market continues to bounce back, and confidence grows among investors, business owners and entrepreneurs, all optimistic about the future of their ever growing companies. Dubai is becoming even more attractive than before, for those seeking an open environment with minimum restrictions to conduct their business operations. Based on this year’s findings, the growth in the commercial property market is anticipated to continue through to 2022 and beyond. Here are the headline statistics from the report: COMMERCIAL SALES  The number of total sales transactions is up 19% from 2020, with prices increasing in sales and leasing. This trend is set to continue; as the economy and businesses continue to expand.  The number of offices sold in 2021 increased by 101%, totalling AED 1.99 billion. The demand for office and retail spaces has steadily increased, with CRC recording a 1% and 3% increase. With increased investments in the warehouse sector, CRC achieved a tremendous growth of new registered buyers, which does not necessarily reflect the Dubai market as a whole.  COMMERCIAL LEASING According to CRC data, the average number of leasing transactions is up 15% from 2020, with the highest increase in the retail sector, which is up 126%. The overall number of registered tenant leads increased by 58% compared to the same period last year. In line with recorded leasing transactions, the number of registered tenants in retail is leading the way with a 111% increase, followed by a 60% increase for warehouses and a 47% increase for offices. After the astounding level of uncertainty in 2020, the trust in the market bounced back in 2021, with a significant number of commercial tenants trying to lock down long term leases of 2-3 years at lower rental values. As a result, CRC recorded a 7% increase in payments with one cheque. For more insight into the 2021 commercial real estate market, take a look at our full report. Download Report

One question that we get asked is; ‘what is the role of a Chartered Surveyor, and why do I need one to conduct an official valuation?’. This is an important question to ask because if you are required to present an official valuation report, it will typically only be accepted if it has been carried out by a qualified professional, or in other words, a Chartered Surveyor.  What is a Chartered Surveyor? A Chartered Surveyor, broadly speaking, is an individual who is qualified by the Royal Institution of Chartered Surveyors (RICS), whose job relates to land, property and construction. In truth, a Chartered Surveyor role can cover a variety of disciplines, one of these is property valuations. Before explaining the role of a surveyor within this job, one should ask, what is a property valuation?  What is a property valuation? In most cases, the client requires to understand the Market Value of the property. A property valuation is an assessment of a property’s value that considers a range of factors, taking into account typical characteristics like size, layout, specification, condition and location. This will then be compiled into a comprehensive, detailed report which would state the Market Value. It is also important to state this report will tend to exclude non-permanent property features such as furniture.  What is the role of a Chartered Surveyor? So what exactly is the role of a Chartered Surveyor? In order to carry out valuations of real estate in a jurisdiction, the surveyor must also be a Registered Valuer. This is important because it provides confidence to the clients that the job is being carried out in accordance with the set standards. A Registered Valuer will usually work with trainee valuers who are overseen by a qualified person. The role of the valuer is to provide an unbiased and independent valuation for their clients, whilst adhering to the standards. What is the process of a property valuation? Conflict of interest check and due diligence When a client instructs a Chartered Surveyor/Valuer to conduct a valuation, the first step is a conflict of interest check. If there is no conflict, then the valuer can begin the due diligence. Before a visual inspection can take place, the valuer will research the area in which the property is located and note down aspects that would influence the value of the property. This would include the local geography, proximity to amenities, and transport links, to name a few.  Information collection The valuer should receive property information from the client, prior to visiting the property. Information that should be supplied to the valuer depends on the type of property, but generally includes floor plans, Title Deed, lease terms, and occupancy status. Online databases which use the latest technology and data would also be utilised, providing details of nearby properties such as recent sales and leases. The above work would form the basis of a desktop valuation.  Visual and desktop inspection of the property  A full visual inspection is the suggested inspection method in order for the valuer to gather the most information possible, however, in certain circumstances, there are different ways an inspection can be conducted. A desktop valuation, which will be conducted without the valuer visiting the property, a drive by valuation, in which the exterior of the property is inspected, a partial visual inspection, whereby certain elements of the property will be inspected internally, and lastly, a full visual inspection, where the property is inspected by a valuer from both internally and externally.  What are the factors impacting a valuation? During an inspection, the valuer will check that the information provided matches the actual property and check the condition of the property. Site notes and photographs will be taken for others in the team to check. A valuer will look for potential defects of the property, such as damp, cracks and other damages. Any renovations/upgrades that have taken place will also be considered. The duration of an inspection will vary depending on the size of the property. Aside from the property itself, there are other factors such as geography, the local environment must be addressed. This may include whether it is in a danger zone (i.e. is it on a flood plain) noise levels, or if it is in close proximity to busy streets, or above a shop. Community and/or building amenities and facilities are also considered e.g shopping centers, parks, gymnasium, swimming pools. The next stage is to evaluate all of the data and information obtained, as well as use their own extensive market knowledge of the area. Based on all of the findings and data obtained, the Chartered Surveyor will then create a detailed comprehensive report detailing the findings, along with the valuation.  Can I get an appraisal instead of a valuation?  Can I just get an appraisal instead of a valuation? This depends on the purpose of enquiring about the Market Value of the property. It is worth pointing out that a property valuation is different to a market appraisal. An appraisal is simply an approximation or an opinion of a value, often given by a real estate broker. An appraisal cannot be relied upon by a third party such as a bank or insurer.  A valuation report by a RICS Chartered Surveyor on the other hand is the result of detailed empirical evidence and research conducted by a qualified and experienced professional, which can be relied upon. It is for this reason that if you require a valuation for specific purposes, such as taxation, auditing or mortgage purposes, a valuation report is required to be conducted by a Registered Valuer.  If you require an independent valuation report for a residential, commercial or industrial property, CRC has a team of highly qualified Chartered Surveyors on hand. For more information, contact us today to book a meeting.  

It was announced last week that the UAE would be making some major changes to the country’s existing workweek. One of the big changes is that the government and education sectors in Sharjah would be transitioning from a 5 day week to a 4 day week, whilst the rest of the UAE would be transitioning to a 4 and a half day week, the first country in the world to do so. The second major change would be the realigning of the UAE work week with that of other countries worldwide, with a transition from Sunday to Thursday, to Monday to Friday, the first country in the Gulf region to line up the work week with the rest of the world.  This change came about in order to align the UAE with international markets and ensure its status on the global economic map. The new work week will enable greater ease in regard to financial and trade transactions with countries around the world that follow the more popular Monday to Thursday workweek. In doing so, it will consolidate and strengthen both existing and new relationships with international businesses, which in turn will allow business within the country to further flourish.  The banking sector will be one sector in particular that will benefit massively. Until now, companies would have to get all communications and work completed on Thursday and then have to wait until Monday until communications could resume. The new change will allow the financial industries to collaborate and work closely together with real-time trading and communications with international markets. As such, these new changes align with the UAE’s overall vision of encouraging the country’s economic growth as well as strengthening ties with international trading partners.  Whilst this new resolution by the government to change to a Monday to Friday workweek will surely benefit the country massively, perhaps the most interesting change is the transition to a shorter week. As of now, it is only government and educational institutions that will be shortening their week, although the new change may encourage companies in the private sector to do the same. It will also be interesting to see if the rest of the country will follow Sharjah’s lead, shortening the week further and implementing a 4 day week as well. One question that many of these companies may be asking, is what are the benefits of having a short week. So what are the benefits of a 4 day week?   Studies have shown that a four day week benefits both employers and employees.There are many key benefits that can be gained from companies taking on a 4 day work week. For one, it will decrease general operating costs of the office, as the work week will be shorter. It will also reduce worker burnout, and allow for improved employee morale and retention. The desirability of a shorter workweek will also allow for a larger applicant pool for open positions, which will mean companies will be able to afford better talent.  To start with, shorter workweeks have been demonstrated to allow employees to have a better, healthier work-life balance which improves productivity throughout the workforce.  Whilst it might seem counterintuitive that decreased working hours actually increases productivity, there is solid reasoning behind it. For a start, shorter working weeks decrease worker burnout, allowing employees to refresh and renew their energy properly before the start of each week.  In moving towards a shorter workweek, it also necessitates a different mindset and approach in how we look at work. Rather than focusing on the number of hours worked, the focus is shifted towards a results-oriented approach. This type of mindset will enable workers to be more efficient with their time, overall increasing the productivity of the workforce.  With that being said, the 4-day workforce that was introduced is a lot more than about increasing productivity. It is about ensuring happier employees, who have a better work-life balance. In having longer weekends, workers can spend more time with their friends and families, work on personal development, as well as have more time for themselves in general.  This focus on employee well being by the UAE government will only increase the country’s desirability to live and work, allowing it to retain and gain talent within the workforce from around the world. As the UAE becomes an increasingly attractive destination for families to live and work, it will stimulate the economy and produce more business.  These unprecedented developments to the country are in no doubt a reflection of the country’s aim of encouraging a thriving economy, whilst ensuring a good quality of life and healthy work-life balance for all of the people living within the country. These strides will surely encourage more people to consider moving to the country, as well as attract global businesses to conduct new business. To stay updated on any changes in Dubai’s business environment, make sure to subscribe to our emailing list.