Mr. Loai Al Fakir: Provident Real Estate's CEO Joins LIDE Dubai.
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Celebrating a Historic Partnership Amidst Dubai's Emergence as a Leading Luxury Property Market
In a remarkable confluence of corporate ventures, LIDE Dubai proudly welcomes Mr. Loai Al Fakir, the CEO of Provident Real Estate, as our esteemed sponsor. Mr. Rodrigo Paiva, President of LIDE Dubai, recently engaged in a highly productive meeting with Mr. Al Fakir and Mr. Omar Al Azzaoui, two key members of the Provident team. This sponsorship stands as a testament to our commitment to fostering fruitful collaborations in the thriving Dubai real estate market.
Provident Real Estate, our distinguished sponsor, is renowned for its dedication to providing tailored real estate advice and consultancy, catering to the needs of both investors and families seeking their dream homes. With a diverse team representing over 22 nationalities and fluency in 25+ languages, Provident offers comprehensive support for all property-related inquiries.
Dubai Emerges as Leading Luxury Property Market
Notably, Dubai has made history in 2023 by establishing itself as the world's foremost luxury property market, surpassing iconic cities such as London, New York, and Paris, as revealed in the Knight Frank's Destination Dubai 2023 report. In the first six months of the year, Dubai generated almost $850 million (AED 3.1 billion) from high-end residential units priced above $10 million.
The market witnessed a total of 176 high-end property sales exceeding $10 million during the January to June period. Notable transactions include the remarkable $111.6 million (AED 410 million) penthouse deal in the Bulgari Lighthouse residence on Jumeirah Bay Island.
Dubai's ascent to the leading global luxury real estate market has been accompanied by a boom in the off-plan sales sector, accounting for around 50 percent of all property sales in the first half of 2023, according to the Allsopp & Allsopp H1 2023 market report. The surge in demand has resulted in a notable 17 percent average growth in residential property sales prices across Dubai, with the luxury segment experiencing even more substantial growth.
Sponsor Positioned
As the CEO of Provident Real Estate, Mr. Loai Al Fakir joins the LIDE Dubai community, further enriching the collaborative spirit of our organisation in this dynamic market. With his extensive experience in the UAE real estate sector, we anticipate reaching remarkable milestones together.
This partnership exemplifies the power of networking and collaboration in an ever-evolving business environment. We are deeply grateful for the unwavering support of our sponsors, and we look forward to sharing more groundbreaking developments soon.
