Day: October 11, 2023

The Artificial Intelligent Transformation Programme (“The Programme”), a highly adaptable sector-neutral corporate accelerator, has been introduced by the Dubai AI and Web3 Campus to assist businesses in the region in becoming more future-proof by increasing their artificial intelligence (AI) skills. The program will improve Dubai’s capacity to compete globally, attract talent, foster innovation, and expand its economy.

The program, which is intended for companies of all sizes, offers C-level coaching on market trends to assist organizations to stay ahead of rivals by using the most recent in AI and technological innovation. In order to hasten the development of proof-of-concept (POC) and internal acceptance, the program will also encourage partnerships with industry leaders and start-ups.

Participants will gain from the robust innovation ecosystem of the Dubai International Financial Center and Dubai’s wider technological landscape to produce practical and timely solutions. Participants in the program will also get access to cutting-edge corporate innovation labs, high-end hardware and software, and spaces for developing and testing prototypes while working with tech specialists.

By easing the adoption of start-ups’ technology through strategic ecosystem alliances and access to specialized licensing and regulatory solutions, the initiative further promotes the success of start-ups. In order to facilitate collaboration between established corporations and up-and-coming start-ups and to foster a culture that encourages technological growth, the Dubai AI & Web3 Campus will also help with commercial deal flow and collaborations.

“We are thrilled to be announcing the official start of the Machine Learning Transformation Programme, a trailblazing effort by the Dubai AI & Web 3 Campus,” stated Mohammad Alblooshi, the chief executive officer of DIFC Innovation Hub. We are interested in collaborating with regional corporations to use artificial intelligence across several industries in order to scale and streamline their company. With the help of our experience, we will be able to support industry-wide business growth and draw forward-thinking corporate leaders to the area. We are still dedicated to finding and keeping excellent personnel that will strengthen Dubai’s reputation as the top business location for tech experts.

Following the unveiling of the Dubai AI as well as Web3 Campus, which boasts cutting-edge digital and physical infrastructure inside the new DIFC Innovation One buildings, including development and research facilities and working together workspaces, the Artificial Intelligence (AI) Transformation Program was launched. This campus is assisting in the recruitment, establishment, and expansion of businesses in the region.

The Campus has already started issuing Web3 and AI licenses to support projects like Distributed Ledger Services, specialized AI consulting firms, computer system builders, research and development in technology, and public network services through DIFC.

Dubai’s downtown recorded the highest sales-per-square-foot rate.
As reported by a real estate firm, the residential market in Dubai experienced a fall in total transactions of 8.3% in September 2023 compared to the same month the previous year.

According to CBRE’s Dubai Home Market Snapshot – October 2023, transactions fell to 7,523 in September due to a dramatic reduction of 41.5 percent in beforehand market sales, while secondary market sales rose by 30.5 percent.
Betterhomes experts, however, have a different viewpoint on Dubai’s beforehand market, which they claim is promising due to a noticeable increase in demand from end users and investors.

The off-plan the marketplace is flourishing, indicating a favorable environment for investing in real estate in the emirate, they produced in a report lately noting that during the past three months, off-plan the marketplace has experienced 35% surge in demand year-over-year. This is due to a 40% to 60% rise in the total number of foreign and local real estate buyers.

In general, the third quarter saw strong sales, while September saw a decline. The overall number of transactions for the year as of the conclusion of the third quarter in Dubai’s residential market reached 87,154, according to Taimur Khan, Director of Research – Mena at CBRE in Dubai.

“This represents a rise of 35.4% from the prior year and the largest total ever recorded for this time period. However, a monthly slowdown in demand has been observed as a result of a fall in off-plan sales, notably in a few key residential districts that have severely underperformed their yearly average. This is largely due to the restricted supply that is entering the market, according to Khan.

According to the CBRE study, there were 87,154 total transactions from January 2023 to September 2023. “This is the largest figure recorded over this period, and despite the decrease that was seen in the previous month, it is projected that the 2023 number will be higher than the 92,144 recorded in 2022,” analysts stated.

The average price in Dubai climbed by 19.6% from September 2022 to September 2023. In this time, the average price of an apartment rose by 19.7%, to Dh1,357 per foot of space, and the average price of a villa rose by 18.9%, to Dh1,605 per foot of space. Although numerous important residential neighborhoods have long beaten their 2014 benchmark, typical apartment sales rates throughout Dubai are still 8.8% below the records set in 2014. Currently, the average sales price for villas is 11.1% higher than it was in 2014.

In the condominium segment of the real estate market, Downtown Dubai had the greatest average price per square foot, reaching Dh2,453; in the villa sector of the market, Palm Jumeirah recorded the greatest sales rate per sq foot, reaching Dh4,995.

The rate of growth in the rental sector has continued to moderate; from September 2023 to September 2023, median residential rentals climbed by 20.6%, which is less than the 21.7% growth witnessed a month before. Average rentals for apartments and villas increased by 20,7% and 20,1%, respectively, during this time. In September 2023, the average rent for an apartment was Dh108,606 and for a villa was Dh322,750.