EVIQ, BYD sign deal to expand Saudi Arabia’s EV charging network 

JEDDAH: Abu Dhabi’s real estate market experienced a 24.2 percent year-on-year growth in 2024, with a total of 28,249 transactions, driven by sustained demand, strategic projects, and a focus on market transparency, official data revealed. 

The Abu Dhabi Real Estate Center reported that the UAE capital saw a 10.45 percent increase in transaction value, reaching 96.2 billion dirhams ($26.19 billion) in 2024. The sector recorded 16,735 sales transactions valued at 58.5 billion dirhams and 11,514 mortgage deals worth 37.7 billion dirhams. 

The market’s growth comes amid Abu Dhabi’s ongoing efforts to develop a transparent property market aimed at attracting both local and global investors. This strategy helped the city secure a spot among the top five global improvers in the 2024 Global Real Estate Transparency Index, compiled by property consultancy JLL. 

This trend is part of a broader regional push, with property markets in Saudi Arabia, Qatar, and the UAE undergoing reforms to better cater to global investor needs. Saudi Arabia, for instance, recently announced that foreigners can now invest in Saudi-listed companies owning real estate in Makkah and Madinah, following a landmark decision by the Kingdom’s Capital Market Authority. 

ADREC Acting Director Rashed Al-Omaira said Abu Dhabi’s inclusion in the GRETI underscores its “commitment to fostering transparency and trust within the sector.” 

“The sustained growth of Abu Dhabi’s real estate market over the past decade reflects a strategy that prioritizes market stability,” he added. 

ADREC also launched 38 new off-plan projects and completed 12 major developments in 2024, with the center adding that these projects were selected to offer a diverse range of options, designs, and price points, catering to a broad spectrum of investors. 

The market also saw a notable increase in foreign direct investment, which grew by 125 percent year on year, with the sector attracting over 7.86 billion dirhams in 2024. This investment came from 2,302 investors across 105 countries, including the US, the UK, and Kazakhstan, as well as Russia, France, and China. 

“The surge in FDI highlights Abu Dhabi’s adaptability and resilience in an evolving global economy. It is a testament to the emirate’s forward-thinking policies, investment-friendly environment, and world-class infrastructure that ensure sustainable growth,” said Al-Omaira.   

This comes as real estate markets in other key UAE cities, including Dubai, Sharjah, and Ajman, saw significant transaction volume growth over the past year, driven by diverse investment opportunities and rising demand for various property types.

Official data from the real estate authorities across the four emirates revealed that the total value of real estate transactions reached approximately 893 billion dirhams by the end of 2024, with more than 331,300 transactions recorded. 

Al-Omaira stated that ADREC is committed to strengthening Abu Dhabi's position as a global investment hub and a model for urban living. 

“Our real estate sector is a cornerstone of the emirate’s economic vision, driving sustainable development and enhancing quality of life for residents through innovative, high-quality projects,” he added. 

DUBAI: Abu Dhabi’s PureHealth Holding has agreed to buy a 60 percent stake in Hellenic Healthcare Group, in a deal valuing the provider of private healthcare services in Greece and Cyprus at €2.2 billion ($2.31 billion).

CVC Capital Partners will retain a 35 percent stake in the business while HHG’s CEO Dimitris Spyridis will keep the remaining 5 percent stake, PureHealth said in a statement, without disclosing a timeline for the completion of the deal.

PureHealth, owned by Abu Dhabi sovereign wealth fund ADQ, has been investing in recent years to grow its portfolio and expand globally.

Last year, it acquired British hospital operator Circle Health Group for around $1.2 billion, while in 2022 it snapped a 26 percent stake in US firm Ardent Health Services.

“Integrating HHG into our portfolio not only reinforces our position in Europe but also creates significant value for our group by contributing to revenue diversification, driving operational synergies, and strengthening our financial performance,” said Shaista Asif, Group CEO at PureHealth, in a statement on the company’s website.

“This move aligns with our vision of becoming a global leader in healthcare, with more than 50 percent of our revenues originating outside the GCC.”

The deal will allow PureHealth to serve a further 1.4 million patients annually, it said, noting the move underscores the firm’s “ambition to diversify its revenue streams and enhance operational efficiencies.”

It is also another step in Abu Dhabi’s accelerating efforts to diversify its economy, as the UAE’s capital invests in fields like technology and health to cut reliance on oil revenues.

AI-powered health care company M42, backed by one of ADQ’s bigger peers Mubadala, last week announced a new operating structure to support more acquisitions and expansion into new markets.