Stories from Dubai · UAE

The real estate index in the United Arab Emirates has fallen by 17 percent. Approximately 150,000 foreigners, primarily British nationals, have left the region. The decline is attributed to the heavy economic costs resulting from the Iran war.

Stock markets in Dubai and Abu Dhabi have experienced a $120 billion loss. This financial decline occurred over a two-month period. Additionally, 18,457 flights have been cancelled, which is noted as a impact for the aviation sector.

Approximately 100 oil tankers and 100 cargo ships have been waiting at anchor off the coast of Dubai since February 28. One observed cargo ship was reported to be empty. The situation may worsen due to ongoing regional tensions. Approximately 15 million barrels of oil are being stored in several large tankers in the Gulf. Some oil is being moved to older, decommissioned tanks in southern petroleum centers like Avaz and Asuriye. An expert, Hamit Hüseyin, stated that Iran is attempting to transport oil to China via railway. Energy expert Nihat Ismail from Al-Arabi TV stated that the situation creates a new level of problems regarding the Strait of Hormuz, Gulf oil, and the Iranian situation.

Ship-to-ship cargo transfers are being conducted at the Fuzairah port outside the Persian Gulf. This method indicates that UAE tankers have bypassed dual blockades from Iran and the United States to transit the Strait of Hormuz.

The United Arab Emirates is pursuing a strategy to invest in future economies, specifically targeting technology and artificial intelligence. This plan involves utilizing billions of dollars in investment capital.

The United Arab Emirates has accused other Arab nations of insufficient action to protect the country from Iranian attacks. The UAE is located near the Strait of Hormuz and is directly affected by the Iran-Iraq conflict.

The UN Commission for Europe announced the creation of an online observatory to facilitate goods transport in the Gulf. This move follows increased land traffic caused by a blockade in the Strait of Hormuz.

The Dubai real estate market has seen a resurgence in activity following a two-month lull. Consultants in the United Arab Emirates report that clients began returning to the market after April 8, following announcements of a truce between Iran and the United States. The current wave of transactions is being driven by buyers who had paused activity since February. Middle-market buyers are noted as being the least active in this period, according to industry reports. While some luxury segments priced at 2 million and above have seen a slowdown in activity, the mid-range market between 500,000 and 1.5 million has become more active. Sellers previously offered discounts to buyers but are now only providing symbolic gifts.

Dubai-based airline Emirates announced it is restoring several direct routes within the Middle East region. Emirates announced that flights to Oman and Kuwait will be available for booking starting May 1. Emirates flight operations in the Middle East have recovered to 74.1% of pre-conflict levels. Emirates Airline, headquartered in Dubai, announced flight adjustments as regional tensions ease.

The Democratic Republic of the Congo has reached a major gold supply agreement with the United Arab Emirates. The deal is intended to expand the DRC's supply network through Dubai.