Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the United Arab Emirates (UAE) and the Ruler of Dubai, recently reflected on the recent property boom in the UAE. According to reports, Sheikh Mohammed stated that the boom was “unprecedented” and had a significant impact on the country’s economy. He praised the efforts of the UAE government in creating a favorable environment for real estate development, which has attracted investment from both local and international investors.
The UAE’s property market — Dubai in particular — has experienced record growth with the value of deals in emirate reaching a new high of Dh528 billion in 2022. Described as “exceptional” by Crown Prince Sheikh Hamdan bin Mohammed, the value of transactions was up 76.5 per cent annually, while the number of transactions, at 122,658, rose 44.7 per cent year-on-year. In Abu Dhabi, the total volume of transactions increased 38.5 per cent in 2022, with the luxury sector seeing the most significant price increases, according to a report by property portals Bayut and Dubizzle.
The UAE property market has experienced rapid growth in recent years, driven by the country’s strong economic performance, political stability, and efforts to diversify its economy away from oil and gas. The boom has led to the development of several new residential and commercial projects, as well as the upgrading of existing properties. Sheikh Mohammed’s comments highlight the significance of the property sector for the UAE’s economy and the government’s commitment to supporting its growth.
New AI study
The United Arab Emirates (UAE) cabinet has reportedly approved a study to examine the impact of ChatGPT on various aspects of society and the economy. ChatGPT is an AI language model developed by OpenAI, and it has been widely used in a variety of applications, including customer service, information retrieval, and content generation.
The study will likely aim to assess the benefits and challenges associated with the use of ChatGPT, as well as its impact on industries, job market, and the overall economy. The results of the study may be used to guide the development of policies and regulations around the use of AI and other advanced technologies in the UAE.
The study highlights the UAE’s commitment to staying at the forefront of technological innovation and its recognition of the potential impact of AI on society and the economy. The results of the study will provide valuable insights for policymakers, businesses, and other stakeholders in the UAE and beyond.
Space fund approval
It is reported that Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the United Arab Emirates (UAE) and the Ruler of Dubai, has approved the establishment of a Space Fund in the UAE. The fund is aimed at supporting the country’s rapidly growing space industry and will provide financing for various space-related projects and initiatives.
The UAE has been making significant investments in the space sector in recent years and has established itself as a major player in the industry. The Space Fund is expected to further accelerate the growth of the sector and support the development of new technologies and capabilities.
The approval of the Space Fund by Sheikh Mohammed highlights the importance of the space sector for the UAE’s economy and its commitment to supporting the development of new technologies and industries. The fund is expected to play a key role in the country’s efforts to become a leader in the space industry and to promote innovation and progress in the field.
