Dubai property price slump to continue

Gulf News

Dubai's homeowners will have to wait at least a couple more years for a long-running property slump to hit bottom as developers put a record number of new residences on the market this year.

Transcript

00:00Hello and welcome to Gulf News Daily Business Wrap-Up. This is Desh and I'll take you

00:06to the stories that are making headlines today.

00:08Dubai's homeowners will have to wait a couple of more years before the prices hit the bottom

00:12amid expectations of oversupply.

00:15About 31,500 homes will probably be completed this year, more than twice the city's average

00:20annual demand over the last five years, according to broker Jones Lang LaSalle. That compares

00:25with 21,000 homes finished in 2018.

00:28Dubai International Airport retained its top slot in 2018 in terms of the number of

00:34passengers that went through the country, maintaining its position for the fifth consecutive

00:39year, even as the total number of passengers fell short of its estimate.

00:44Traffic at the major transit hub rose slightly to 89.15 million passengers, just over 1 percent

00:51on the number who used the airport in 2017.

00:55Koreans retained the top position with 22.28 million passengers last year, and Saudis came

01:00in second with 6 million passengers, followed by UK nationals.

01:04State-owned Saudi Aramco has bought a 20-percent stake in South Korea's Hyundai Oil Bank for

01:12$1.6 billion as the company aims to expand its presence in Asia.

01:18Saudi Aramco is already the biggest shareholder in South Korea's No. 3 refiner S Oil Corp

01:23with 63.41 percent stake, and the latest deal should help Aramco boost crude oil sales to Hyundai.

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