Group 1 - Vortexinfo showcased an autonomous road cleaning robot at the Abu Dhabi Sustainability Week, highlighting its application in smart city technology. The L4 level robot utilizes AI and advanced sensors, supports remote operation, and is designed to operate in high-temperature environments while adhering to safety standards [2] - The UAE startup ecosystem solidified its position as the most mature hub in the Gulf region, completing 231 venture capital deals in a year, with fintech leading the market through 152 deals raising $1.04 billion, a 164% year-on-year increase [2] - The UAE construction and real estate sector is expected to enter a new phase focused on efficiency, transparency, and sustainability by 2026, with the market projected to reach $759 billion by 2029 [3] Group 2 - The Dubai Roads and Transport Authority signed an agreement with Emaar Properties to expand the Burj Khalifa/Dubai Mall metro station, increasing its area from 6,700 square meters to 8,500 square meters, which will enhance its capacity to handle 12320 passengers per hour, a 65% increase [3] - Qatar's Free Zones Authority launched a maritime service facility in Umm Alhoul Free Zone, covering approximately 26,700 square meters, aimed at supporting offshore oil and gas activities [4] - Qatar's real estate regulatory authority introduced a new initial property registration system to enhance investment attractiveness and market transparency, aligning with the national vision for 2030 [4] Group 3 - Analysts noted that Qatar's energy sector provides a strategic buffer against global commodity price fluctuations, with stable performance in natural gas and petrochemical exports supporting export revenues [5] - The Qatar 3D printing market is projected to grow from 78 million Qatari riyals in 2023 to 182 million Qatari riyals by 2028, reflecting a compound annual growth rate of 18.4% [5] - Qatar's natural gas contract value is expected to double to $12.3 billion in 2025, accounting for 53.2% of total contracts, driven by the North Field sustainable production project [5]

Core Insights - Dubai has successfully completed its first crewed electric vertical take-off and landing (eVTOL) aerial taxi flight, marking a significant milestone in advanced transportation and positioning the emirate as a leader in innovative mobility solutions [2][3] Infrastructure Development - The Roads and Transport Authority (RTA) has made substantial progress on the infrastructure for aerial taxi operations, with Skyports Infrastructure completing 60% of the first eVTOL vertiport near Dubai International Airport [4][6] - The vertiport will span four floors, covering 3,100 square meters, and is designed to handle approximately 42,000 aerial taxi landings and accommodate around 170,000 passengers annually [5][6] Strategic Partnerships - RTA has signed agreements with Emaar Properties, Atlantis The Royal, and Wasl Asset Management Group to create additional vertiports within their developments, forming interconnected hubs for the planned launch network in 2026 [7][11] Vision and Leadership - RTA's director general emphasized that the successful flight reflects the vision of Dubai's leadership to establish the city as a global leader in smart and sustainable mobility systems [8][9] - The initiative aligns with the directives of Dubai's Crown Prince, focusing on innovation and advanced technology adoption [9][10] Operational Readiness - Joby Aviation's successful flight validates RTA's operational framework for aerial mobility, indicating readiness for shared airspace operations and enhancing global partners' trust in Dubai's regulatory environment [10][12] - The aerial taxi service is expected to significantly reduce travel times, with a typical 45-minute road journey potentially completed in about 10 minutes [13] Future Developments - RTA is progressing towards the commercial launch of aerial taxi services in 2026, reinforcing Dubai's position as a hub for innovative urban mobility solutions [14] - Joby Aviation is advancing its flight testing and operational evaluations in Dubai, with plans for additional trials and public demonstrations leading up to 2026 [19] Vertiport Network - The vertiport network will form the backbone of Dubai's aerial taxi launch, with additional vertiports planned at key locations such as Dubai Mall, Atlantis The Royal, and the American University in Dubai [20][21][22][23]

Summary of Key Points from the Conference Call Industry Overview - The global real estate index declined by 1.5% last month, underperforming global equities by 390 basis points [2][11] - The underperformance is attributed to concerns regarding future rate cuts by the Federal Reserve [2] - Year-to-date performance shows Asia as the best-performing region (+25.6%), followed by Europe (+18.2%) and the US (+2.8%) in USD terms [2] Regional Performance - Europe outperformed with a +1.2% return, while the US and Asia saw declines of -1.6% and -1.8%, respectively [2] - Industrial real estate led the performance for the month with a +5.3% return, driven by a rebound in logistics leasing activity [2][3] - Residential real estate lagged with a -5.9% return due to soft operations in the US and rate sensitivity in Europe [2] Company Insights - UBS has initiated coverage on UAE real estate, giving Buy ratings to Aldar and Emaar [2] - The UBS 28th Annual Global Real Estate CEO/CFO Conference is scheduled for December 2-3, 2025, in London, featuring 70 global real estate management teams [2] Valuation Metrics - The global real estate sector is estimated to have an ~11% return as of October 31, 2025, with a 6.9% discount to NAV [4] - The 2025E P/E ratio is projected at 20.3x, with a 2025E DPS yield of 3.7% and 2024-25E EPS growth of 8.8% [4] Top Picks - Notable top picks include Keppel DC REIT, CapitaLand Ascendas, and Emaar Properties among others across various regions [5] Sector-Specific Trends - In Asia, the residential property market in mainland China remains weak, while Hong Kong's office market is improving due to active hiring [37] - Private REITs in China are expected to offer greater flexibility and fewer regulatory constraints compared to public REITs, creating new capital recycling opportunities [38] - Japanese REIT sponsors are noted for facilitating external growth, often offering assets at discounts to enhance accretion [39] Australia/New Zealand Market - Australian real estate was flat over the last month, outperforming global averages by 1.5 percentage points [40] - A-REIT performance was volatile, with expectations for a rate cut affecting market sentiment [41] - Notable performers included CNI (+6.8%) and INA (+3.3%), while ARF (-5.9%) and CLW (-3.4%) underperformed [43] Singapore Market - Singapore REITs raised approximately S$4 billion in 2025 YTD, indicating strong investor confidence [52] - The residential market is seeing buyers moving up price points, suggesting a positive outlook for 2026 [53] Japan Market - Japan's real estate returned +0.4% over the last month, outperforming global averages [58] - The new Prime Minister's policies may impact the housing market, with a focus on foreign investment regulations [59] China Market - The top 100 developers in China saw contract sales decline by 41% YoY in October 2025, indicating ongoing weakness in the property market [71] - CR Mixc has been upgraded to Buy due to its ability to identify emerging brands and signs of luxury retail recovery [72] Conclusion - The global real estate sector is facing challenges due to macroeconomic factors, but certain regions and sectors are showing resilience and potential for growth. The upcoming conference and ongoing evaluations of REITs and property markets will provide further insights into investment opportunities.

Investment Rating - The report maintains a "Buy" rating on selected companies within the MENA region, particularly focusing on UAE and Saudi Arabia [9][45]. Core Insights - The GCC markets exhibit resilience to macroeconomic uncertainties, with a focus on sectors less sensitive to oil prices, particularly in the UAE [2][54]. - A bearish outlook for oil prices is anticipated in 2025-26 due to increased non-OPEC production, but a bullish cycle is expected to follow from 2027 onwards [8][22]. - The report emphasizes the importance of economic diversification in the UAE, which is less exposed to oil price fluctuations compared to Saudi Arabia [27][55]. Summary by Sections Macroeconomic Overview - The US macro team has raised the growth forecast for 2025 by 0.5 percentage points to 1% and reduced the 12-month recession odds to 35% [15][20]. - The perceived de-escalation of tariffs is seen as an indirect positive for GCC markets, although oil price movements remain a more relevant driver for regional performance [17][21]. Sector Analysis - The UAE is highlighted as favorably positioned due to its economic diversification, with strong prospects in Real Estate, Energy, and Mobility sectors [3][54]. - In Saudi Arabia, the focus is on identifying resilient companies in the TMT sector and selective opportunities within Financials, Consumers, and Chemicals [3][54]. Investment Opportunities - Key sectors identified for investment include UAE Real Estate, Energy (specifically ADNOC), and Infrastructure/Mobility [10][12]. - In Saudi Arabia, companies like Saudi Aramco and SABIC are favored due to their strong fundamentals and strategic positioning [10][45]. Capex Cycle Insights - The report anticipates continued spending momentum across sectors in the GCC, particularly in Energy, Digital Innovation, and Clean Tech, despite a lower oil price environment [46][50]. - The GCC Capex Wave is expected to focus on non-oil sectors, with significant investments in digitization, metals & mining, and clean energy [39][40]. Company-Specific Recommendations - The report recommends a selective approach to investments in banks, favoring those with a balanced loan mix and strong deposit franchises, such as SNB and Riyad Bank [10][45]. - In the consumer sector, companies like Almarai and Lulu are under scrutiny for their ability to navigate current market pressures [10][12].

Core Insights - The article highlights five key regions in Dubai, each with distinct advantages and strong sales performance in the real estate market [1][28]. Group 1: Dubai City Center - The Dubai City Center is characterized by its iconic landmarks such as Burj Khalifa and Dubai Mall, attracting around 20 million visitors annually, which drives high demand for luxury apartments, particularly from high-net-worth individuals from the Middle East and Russia [2][5]. - The scarcity of land and limited supply, with only 4% of residential properties expected to be delivered in 2024, contributes to the resilience of property prices and rents in this area [2][3]. Group 2: Business Bay - Business Bay, as Dubai's second-largest CBD, hosts multinational companies like Citibank and PwC, with an office vacancy rate below 5%. The government plans to enhance this area into a "Middle Eastern Manhattan" by adding over 800,000 square meters of office space [8][10]. - The area is expected to see a population increase driven by the Gold Visa and tax incentives, with a projected resident population of over 300,000 by 2030 [10]. Group 3: Palm Jumeirah - Palm Jumeirah is recognized as a global luxury benchmark, combining high-end residences, international hotels, and scarce sea views, making it a prime location for affluent individuals [12][14]. - The area is expected to attract high-net-worth clients, including royal families and international celebrities, bolstered by its unique transportation links to the city center [12][14]. Group 4: Dubai Hills - Dubai Hills is designed as a family-friendly community with amenities such as international schools and shopping centers, projected to attract families with children [18][19]. - The area is set to benefit from new metro lines, reducing commute times to the city center, and is expected to see a resident population of 100,000 by 2030 [19]. Group 5: Al Furjan - Al Furjan is positioned as a cost-effective option for middle-class families, with a direct metro line to the city center and plans for further transportation improvements [22][23]. - The area is experiencing population growth, with a projected increase to 50,000 residents by 2030, and is expected to attract more expatriate families [23]. Group 6: Notable Projects - The St Regis The Residences project in Dubai City Center saw nearly 70% of its units sold on the opening day, with an average price of AED 32,000 per square meter, primarily attracting international high-net-worth buyers [5][7]. - Canal Heights 2 in Business Bay is noted for its premium pricing, approximately 10-15% higher than surrounding projects, and offers an annual rental yield of about 8% [11]. - The Palm Crown project on Palm Jumeirah is highlighted for its unique location and luxury features, with a price increase of 12% within three months of its launch [16][15].

《2024年阿联酋房地产市场住宅白皮书》 重磅发布！ 前 言 《2024 年阿联酋房地产市场住宅白皮书》由 CRIC 克而瑞研究中心撰写， Asia Bankers Club提供技术支 持。这份白皮书对阿联酋房地产住宅市场进行了全面剖析，涵盖阿联酋整体分析、重点市场分析、行业竞 争格局分析、高价值区域总结与建议以及趋势与风险等多方面内容，为投资者、从业者和关注者提供了极 具价值的市场洞察与决策依据。 在整体分析部分，深入探讨了阿联酋的经济、人口、购房政策法规及未来发展潜力。经济上，疫情后复苏 显著，2024 年 GDP 创下新高，经济多元化成果显现，非石油经济比重逐年增加，房地产业对 GDP 贡献 率也不断攀升。人口方面，规模高速增长，年轻群体消费力强，外籍人口占比近九成，宽松的投资移民政 策持续吸引海外高净值人群。购房政策法规以零税费为核心，对全球投资者极具吸引力，同时房地产相关 政策友好，保障了外籍投资者和租房人群权益。 重点市场分析聚焦迪拜和阿布扎比。迪拜作为国际化大都市，经济多元化发展，旅游和房地产业蓬勃发 展，城市发展规划明确，房地产市场新房和租赁市场活跃。阿布扎比是阿联酋的政治、经济和文化核心， ...

Core Insights - The UAE real estate market is experiencing significant growth, driven by favorable policies such as the Golden Visa and zero tax environment, attracting global capital and investment [1][2][6] - The UAE's GDP is projected to grow by 3.9% in 2024, reaching a historical high of 1.74 trillion dirhams, with the real estate sector contributing 7.6% to GDP [2][10] - Dubai's real estate market is particularly appealing to foreign investors, with a record 181,000 transactions in 2024, a 36.5% increase year-on-year, and a transaction value of 522.5 billion dirhams, up 27.3% [10][14] UAE Real Estate Market Overview - The UAE's total population reached 12.5 million in 2024, with expatriates making up approximately 88.5% of the population, driven by job opportunities and quality of life [2] - The Golden Visa program allows investors and skilled professionals to obtain long-term residency, further enhancing the attractiveness of the UAE for foreign investment [2][4] Investment Opportunities - Dubai's high-end residential prices are among the top five globally, with a significant increase in interest from Chinese investors, who now represent over 10% of the market [14][18] - Abu Dhabi's real estate market is also robust, with a focus on high-quality, cost-effective housing options appealing to expatriates [15][18] Key Players in the Market - Major developers in Dubai include Emaar Properties, Nakheel, and Damac Properties, each leveraging strategic locations and government support to maintain competitive advantages [23][24] - In Abu Dhabi, Aldar Properties, Modon Holding, and Bloom Holding are leading the market, focusing on integrated community developments and smart housing solutions [24] Market Trends and Future Outlook - The real estate market is expected to continue its upward trajectory, with Dubai aiming to increase its real estate transaction value to 1 trillion dirhams by 2033 [14][37] - Key areas of interest include Dubai's city center, Business Bay, and Palm Jumeirah, as well as emerging regions like Dubai South and Tilal Al Ghaf [26][29] Conclusion - The UAE's open policy environment, ongoing economic diversification, and global city positioning make it a focal point for real estate investment, particularly in Dubai and Abu Dhabi, which are poised to remain the most valuable markets in the Middle East over the next 5-10 years [37]