meed-logo

line1 line2 line3
SIGN IN / REGISTER

Taking Abu Dhabi’s success global

28 October 2022

This article captures key highlights from the Abu Dhabi Real Estate Roundtable jointly held by MEED and Mashreq on 28 September. At the event, participants including government, business and financial stakeholders discussed the trends that are shaping the future of the emirate’s real estate sector.

Abu Dhabi’s real estate market is enjoying robust growth on the back of factors such as AA credit ratings, business conduciveness and the successful handling of the Covid-19 pandemic.

Its stakeholders are certain that the industry can do even better, however. 

In the first half of 2022, the emirate recorded 7,474 property transactions amounting to more than AED22.5bn ($6.1bn), according to official figures from the Abu Dhabi Department of Municipalities & Transport (DMT).

As the industry regulator, DMT is charged with taking the emirate’s real estate landscape to new heights by “constantly revising and assessing policies” based on global standards.

“The trick is to be fast and apply rules that support the real estate sector before others do. At the same time, we cannot just revamp systems or laws without keeping an eye on what is happening globally,” Adeeb al-Afeefi, executive director of the real estate sector at DMT, told senior executives gathered at the Abu Dhabi Real Estate Roundtable, which was hosted by MEED and Mashreq on 28 September. 

DMT governs the real estate sector in Abu Dhabi, ensuring a balance between supply and demand and providing services to local and international investors.

“The world today is a global village, and you cannot compete unless you are aware of what has been applied internationally, and the level of services you are expected to provide as government entities,” Al-Afeefi said.

“We are working to promote Abu Dhabi’s real estate market on a global level and the incredible investment opportunities it has to offer.”

Promoting success

Other representatives of the Abu Dhabi real estate industry who attended the event agreed with Al-Afeefi.

“We have all the ingredients for foreign investment – from attractive destinations to green and sustainably rated mixed-use communities. What is now required is to promote all this and educate those outside on how to turn a meaningful profit here,” said Ali Mohamed Amin Fikree, senior vice-president for UAE real estate at sovereign investor Mubadala Investment Company.

A senior representative from a real estate development company added: “There is no denying that real estate in Abu Dhabi is booming, particularly for off-plan and certain communities. The key is keeping that going and consistently being competitive against our neighbours.”

We are working to promote Abu Dhabi’s real estate market on a global level and the incredible investment opportunities it has to offer

Adeeb al-Afeefi, Abu Dhabi Department of Municipalities & Transport

In recent years, Abu Dhabi’s stable economic environment has drawn the attention of both individual and institutional investors.

According to data from DMT, Yas Island recorded AED1.8bn-worth of property transactions in the first half of 2022. This was followed by Saadiyat Island with AED1.2bn and Al-Shamkha with AED1bn. Reem Island recorded property transactions worth AED872m, and Khalifa City and Al-Raha Beach secured transactions worth AED310m and AED300m, respectively. 

Yet there is still a need to “promote Abu Dhabi’s success stories”, said Mubadala’s Fikree.

Al-Maryah Island, Mubadala’s flagship real estate mixed-use development, saw unit sales and large-scale transactional deals totalling AED5bn in the first nine months of 2022.

“Unit sales on developments that align to industry and sustainability standards continue to show success. But there is room for improvement with large-scale institutional transactions,” Fikree said. 

“Any sophisticated real estate investor looking to purchase plots for ‘build to hold’ opportunities needs assurance

that they can sell the final product once it has achieved its full value potential.

“This is why we need to promote examples of where we have been successful, just as we have done recently on the sale of the four office towers in Abu Dhabi Global Market (ADGM) on Al-Maryah Island. This instils market confidence and paves the way for global capital and investment.”

In February, US-based Apollo Global Management announced a $1.4bn investment in Aldar Properties, followed by the acquisition of an 11.1 per cent minority stake in subsidiary Aldar Investment Properties. In the following months, Aldar Properties acquired four Grade A commercial towers in Al-Maryah Island’s ADGM. The deal, valued at AED4.3bn, represented one of the most significant real estate transactions in the UAE.

In 2021, Abu Dhabi was recognised as one of the “top global improvers” by JLL International’s Global Real Estate Transparency Index. Since 2020, the emirate has risen in the ranking from 48 to 45 overall thanks to the government’s effort to enhance corporate and real estate sustainability through initiatives such as regulatory changes, digitalisation of services and access to data.

Abu Dhabi was also ranked as the most liveable city in the Middle East in 2021 by the Global Liveability Index, moving seven places up in the global quality of life ranking.

In January 2022, it was ranked as the safest city in the world in which to live, work and invest for the sixth consecutive year by the crowd-sourced Numbeo Safety Index.

Supporting framework

While Al-Afeefi does not deny the impact of global and regional issues facing the local market, he noted that what will set Abu Dhabi apart going forwards is the way in which it deals with challenges. 

In recent years, DMT has undertaken strategic policy and regulatory changes to enable investments from across the globe. For example, together with the Abu Dhabi Judicial Department, it has established a Real Estate Dispute Settlement Centre to help facilitate amicable agreements outside of courts. 

The emirate has also established an educational centre that specialises in training brokers, surveyors and other real estate professionals. 

“A very important change that we are currently undertaking is the revision to the real estate regulation that was introduced in 2019, which is now under review by the executive council,” Al-Afeefi added. 

“Typically, policy revisions can take up to a decade – here we decided to move quickly because of factors we’ve seen locally and globally, and this new update will give us greater authority to manoeuvre changing conditions and to provide better operating conditions for investors and developers.”

https://image.digitalinsightresearch.in/uploads/NewsArticle/10123359/main.gif
Mehak Srivastava

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Libya and Tunisia reschedule joint oil and gas licensing round

    19 August 2026

    The Libyan-Tunisian Joint Oil Exploration, Exploitation and Petroleum Services Company (Joint Oil) has rescheduled its planned licensing round for offshore exploration and development projects in a zone spanning the waters of both countries.

    The bidding process is now due to open on 7 September 2026, with bid submissions due by 8 January 2027.

    Previously, in May, Joint Oil said it planned to open the bid round on 1 August 2026.

    The upcoming round will offer two oil and gas packages. The first is an exploration package across the 3,000-square-kilometre Joint Oil Block, in water depths of 80-120 metres.

    Significant data are available on the geology of this area, including 6,500km of 2D and 1,900 square kilometres of 3D seismic data. Data also exists from a run of legacy wells dating to 1976.

    The second package covers development of the Zarat discovery specifically. This is a gas-condensate reservoir straddling the boundary between Tunisia’s national acreage and the jointly-held Joint Oil Block.

    Joint Oil is equally owned by Tunisia’s national oil company, ETAP, and OLA Energy Holdings, a subsidiary of the Libya Africa Investment Portfolio (LAIP).

    LAIP is a subsidiary of Libya’s sovereign wealth institution, the Libya Investment Authority.

    Joint Oil was established under a bilateral agreement between Libya and Tunisia in 1988 to explore and develop hydrocarbons in offshore areas shared by the two countries.

    The key dates from the new schedule for the licensing round are:

    • 7 September 2026: Bid round opens; qualified offshore operators can apply for access to the Virtual Data Room
    • 9 September 2026: Joint Oil presents the opportunity at the MMEA Scout Group meeting in London
    • 29-30 September 2026: Joint Oil presents at the World Energy Summit in London
    • 31 December 2026: Bid round closes
    • 8 January 2027: Bid submissions due
    • 26 February 2027: Winning bidders notified
    • 30 April 2027: Formal awards expected

    Texas-based Moyes & Co is acting as a strategic adviser on the licensing round.

    Houston-headquartered Marathon discovered the Zarat field in 1992. It is estimated to hold around 0.4 trillion cubic feet of recoverable gas and 50 million barrels of liquids.

    A previous development project concept centred on a mobile production unit, worth around $1bn, tied back to the nearby Miskar platform.

    Despite this, the field has remained undeveloped for over three decades.

    One of the key challenges to developing the reserve is its high carbon dioxide content.

    Joint Oil has run bid rounds for the acreage before without success, including as recently as late 2023.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18861047/main.jpg
    Wil Crisp
  • UAE cuts trade and financial links with Iran

    19 August 2026

    Register for MEED’s 14-day trial access 

    The UAE has halted all trade, commercial exchanges and financial transactions with Iran until further notice, the Ministry of Foreign Affairs said on 19 August.

    The suspension has been imposed in light of escalations that undermine regional and international peace and security, the ministry said. It did not specify a timeframe for any resumption.

    The ministry rejected allegations regarding the status of the economic relationship between the UAE and Iran, and restated the UAE's commitment to dialogue, cooperation and regional integration as means of advancing peace, stability and prosperity in the region.

    It said the UAE remains committed to safeguarding the integrity of the financial system, in line with international law and global standards.

    The suspension covers the full range of commercial and financial links between the two countries. The UAE has historically been one of Iran's most significant trading partners, with much of the relationship built on re-export trade routed through Dubai to Iranian ports across the Gulf.

    The ministry statement did not detail the mechanism for enforcing the halt, the sectors affected, or arrangements for existing contracts and in-transit cargo.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18857953/main0856.jpg
    Colin Foreman
  • Abu Dhabi begins Dar Al-Funoon Saadiyat construction

    19 August 2026

     

    Register for MEED’s 14-day trial access 

    Abu Dhabi-based piling contractor APCC Piling & Marine Contracting has started the enabling works on Dar Al-Funoon, a cultural development near the Saadiyat Cultural District.

    The project, commissioned by the Department of Culture & Tourism – Abu Dhabi, was designed by the late Canadian-American architect Frank Gehry.

    The venue is scheduled to open in 2030.

    MEED understands that the main contract bids are under evaluation and the project is slated for award soon.

    The complex will feature a multipurpose hall with more than 2,000 seats, a 3,500-seat open-air amphitheatre, a 400-seat studio theatre and a 250-seat jazz venue, bringing total capacity to more than 6,000 across its performance spaces.

    The venue will host leading international productions, delivering high-quality cultural experiences for audiences locally, regionally and globally.

    Upon completion, it will become one of the region’s largest performing arts venues.

    The project was announced by Sheikh Khaled Bin Mohamed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council in June, as MEED reported.

    During a review of the plans, he was briefed on the architectural concept and the development and construction phases, as well as the venue’s advanced technical capabilities, which are being designed to meet the highest international standards for staging major global productions.

    The announcement is part of the ongoing development of Saadiyat Island, which already includes Louvre Abu Dhabi, Zayed National Museum, Natural History Museum Abu Dhabi, teamLab Phenomena Abu Dhabi and the upcoming Guggenheim Abu Dhabi.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18852155/main4145.jpg
    Yasir Iqbal
  • Contractor wins Dubai Canal drainage deal

    19 August 2026

     

    Register for MEED’s 14-day trial access 

    Local firm Detech Contracting has won an engineering, procurement and construction (EPC) contract to upgrade and rehabilitate the East Dubai Canal stormwater system.

    The project, known as TF-16-C1, is part of Dubai’s Tasreef strategic plan to improve the emirate’s stormwater network, increase flood protection and enhance the resilience of Dubai’s infrastructure.
     
    According to a source, Lebanon's Khatib & Alami has also been appointed as a consultant on the project.

    The works will focus on upgrading existing stormwater infrastructure to increase capacity and improve reliability during heavy rainfall.

    The scope includes upgrading the stormwater drainage system, laying pipelines and constructing manholes and gullies. It also includes the construction of pumping stations and diversion works, site clearance and other associated facilities.

    In February, MEED reported that the municipality had invited consultants to qualify for a contract to supervise three stormwater drainage projects (TF-16-C1, TF-15-C2 and TF-13-C1)

    China State Construction Engineering Corporation announced in July that it had won the EPC contract for the TF-15-C2 stormwater drainage network project located on Umm Suqeim Road in the Al-Barsha and Al-Quoz areas of Dubai.

    MEED understands contractor bids are still being evaluated for the TF-13-C1 project, which focuses on developing a drainage system for the Al-Marmum area.

    Detech has been awarded several packages under the Tasreef programme in the past 18 months.

    These include:

    • TF-16-C1: upgrading and rehabilitation of East Dubai Canal stormwater system
    • TF-15-C1: stormwater drainage system at Al-Wasl Road for communities west of Dubai Canal
    • TF-05-C1: stormwater drainage system in Jebel Ali 
    • TF-04: stormwater drainage system on Sheikh Mohammed Bin Zayed Road and Al-Yalayis Road
    • DS-419: Tasreef rainwater drainage network: West Deira stormwater system upgrade and rehabilitation 

    As MEED exclusively reported, the municipality recently issued a letter of award for the TF-15-C1 project, covering the construction of a stormwater drainage system on Al-Wasl Road and communities west of Dubai Canal.

    The project includes the construction of a gravity-based stormwater pipeline network with diameters of up to 3.5 metres. It is estimated to cost $100m.

    This week, Dubai Municipality also issued three tenders for stormwater and sewerage infrastructure projects serving Hind City, Dubailand and surrounding areas.

    The projects cover drainage networks for Hind 4, connections to the stormwater network in Dubailand and a stormwater trunk line serving Hind 3, Hind 4 and Umm Al-Daman.

    All three have bid submission deadlines of 10 September.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18850438/main.jpg
    Mark Dowdall
  • Maaden and Aramco sign deal to create joint venture

    18 August 2026

    Register for MEED’s 14-day trial access 

    Saudi Arabian Mining Company (Maaden) and Saudi Aramco have signed a shareholders’ agreement to form a joint venture (JV). Maaden will hold a 51% stake in the JV, while Aramco will own the remaining 49%.

    Before signing the shareholders’ agreement, the two Saudi state-owned companies signed a non-binding heads of agreement in January 2025 aimed at establishing the JV.

    “Combining the strengths of two leaders in their respective fields, the JV will focus on copper and other minerals critical to the energy transition,” the two parties said in a joint statement.

    The JV will focus on exploration across Zone 4, also known as the Transition Zone, within the Arabian Platform in Saudi Arabia. Spanning approximately 182,000 square kilometres – nearly 10% of the kingdom’s total land area – the expected exploration area stretches along a 100-kilometre-wide corridor running parallel to the Arabian Shield.

    “It represents a major new opportunity for mineral discovery in the kingdom,” Maaden and Aramco said.

    Copper, which is increasingly significant for electric vehicles, power networks, energy storage and renewable energy systems, will be a main focus of the JV.

    Copper accounts for more than 20% of the $1.2tn mined-metals market. The copper market is currently valued at about $250bn and is projected to grow to more than $400bn by 2035.

    The JV will also explore for other energy transition minerals, including zinc, lead and rare earth elements, “that are expected to be crucial to industries of the future”.

    “Leveraging advanced computational algorithms, [artificial intelligence] AI, and high-performance computing, the JV intends to target areas most likely to contain copper and valuable minerals, accelerating the path from regional screening to target definition and discovery. This is expected to support long-term sector development, reinforce the kingdom’s role in the global minerals value chain, and help meet rising demand for transition minerals,” the partners said.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18833329/main.jpg
    Indrajit Sen