Dubai high-rise construction makes a comeback

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The Business Bay tower will include an Olympic-size infinity pool and an outdoor winter cinema, the developer said in a stock exchange filing….reports Asian Lite News

Deyaar Development has revealed plans for a 1 billion dirham ($272 million) skyscraper in Dubai as high-rise construction in the emirate revives.

The Business Bay tower will include an Olympic-size infinity pool and an outdoor winter cinema, the developer said in a stock exchange filing.

Deyaar CEO Saeed Al-Qatami said the project would “set a new benchmark for high-end urban living in the heart of the city.”

Dubai developers have been encouraged to announce new projects amid rising demand for luxury real estate in parts of the emirate and despite a continuing glut of new homes due to be completed.

The developer, which is majority-owned by Dubai Islamic Bank, said units in its tallest ever project will be offered with a 10 percent down payment and a seven-year repayment plan.

Meanwhile, most economic and commercial activities in the UAE showed positive signs in May, recording their best performances since the start of the COVID-19 pandemic and highlighting the solid recovery of key sectors that support the national economy.

Registered activities in May 2021 suggested a growing demand, amidst signs suggesting that demand will further increase in the coming months.

Statistics from the Federal Competitiveness and Statistics Centre (FCSC) reported increases in price indexes covering the seven sectors that constitute the UAE’s Consumer Price Index (CPI), led by the culture and entertainment sector, whose index rose to 106.36 points in May 2021, compared to 103.68 points in April.

The clothing and footwear sector recorded 115.02 points compared to 114.03 points during the same reporting period in April, while the food and beverage sector recorded 107.57 points in May compared to 106.82 points in April.

The other goods and services sector rose to 115.75 points from 114.77 points, including the restaurants and hotels sector rising to 115.85 points from 115.09 points, the health sector increased to 106.31 points from 106.17 points, and the transport services sector recorded 110.80 points, rising from 110.33 points.

The tobacco and education sectors also witnessed steady performances, while other indexes that comprise the CPI declined.

In light of these performances, the CPI in the UAE surged to 106.49 points in May 2021, a growth of 0.25 percent compared to April.

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