• Alpago Properties has announced the sale of their signature villa, Riva Del Lusso, for Dh130 million. All photos: Alpago Properties
    Alpago Properties has announced the sale of their signature villa, Riva Del Lusso, for Dh130 million. All photos: Alpago Properties
  • Riva Del Lusso has five bedrooms and seven bathrooms
    Riva Del Lusso has five bedrooms and seven bathrooms
  • It was designed by Massimo Castagna and multi-award-winning companies Saota, Interni Design Experience and CK Architecture
    It was designed by Massimo Castagna and multi-award-winning companies Saota, Interni Design Experience and CK Architecture
  • There are views out towards the Atlantis, The Palm
    There are views out towards the Atlantis, The Palm
  • The villa comes with both a pool and beach access
    The villa comes with both a pool and beach access
  • It is one of six signature villas that Alpago is developing
    It is one of six signature villas that Alpago is developing
  • An earlier villa sale by the company broke the record for Dubai's most expensive property
    An earlier villa sale by the company broke the record for Dubai's most expensive property

Billionaires' Row on Palm Jumeirah 'now most exclusive street for Dubai’s rich and famous'


Ian Oxborrow
  • English
  • Arabic

Dubai's “Billionaires' Row”, which sits on Frond G of The Palm Jumeirah, is now said to be “the most exclusive street for Dubai’s rich and famous”.

This is according to Murat Ayyildiz, the chairman of Alpago Group, which has developed six signature villas there, with the latest one, Riva Del Lusso, having sold this week for Dh130 million ($35.3 million).

Earlier this year, another of Alpago's signature villas, Casa Del Sole, sold for a Dubai property market record of Dh302 million amid a booming market — especially in the prime sector.

“Dubai is the luxury playground of the wealthiest people in the world,” Mr Ayyildiz told The National.

“With the continued investment and influx of rich individuals, there will be more demand for high-end luxury property and Billionaire’s Row is guaranteed to become one of the most sought-after neighbourhoods in the world.”

Prime residential values in Dubai, which encompass The Palm Jumeirah, Emirates Hills and Jumeirah Bay, have risen by 89 per cent in the past 12 months, according to a report by property consultancy Knight Frank.

Palm Jumeirah villa prices are the most expensive in Dubai at Dh3,704 per square foot in October, data from CBRE show. Prices have risen in each of the past six month, sometimes by as much as 5 per cent on a month-by-month basis.

Alpago has completed construction of three of the six villas and has sold four of them.

One of the most expensive villas sold in Dubai is Casa Del Sole. Photo: Alpago Properties
One of the most expensive villas sold in Dubai is Casa Del Sole. Photo: Alpago Properties

There is another villa scheduled to be finished by the end of the year, another one before end of the first quarter of 2023 and the last one by the end of next year, Mr Ayyildiz said.

He is confident that all of them will be sold.

“Right now, the demand for luxury real estate is at an all-time high,” he said. “Post-pandemic Dubai has seen a huge influx of several new ultra-wealthy individuals, which has boosted the demand for luxury properties.

“Billionaires' Row feeds the needs of these individuals, and it is a little haven of perfection in the heart of this bustling metropolis.”

The company is also developing a penthouse building at West Beach on The Palm Jumeirah, called Palm Flower, which will have only 10 properties spread across 11 floors.

Alpago will have “plenty more developments in the coming months and years”, Mr Ayyildiz said.

He expects more market records to be set amid the government's encouragement for growth and investment.

“While we are very proud to have sold one of Dubai’s most expensive villas, we knew that because of the market structure, it would not be for long until we hear of another big sale,” he said.

The Riva Del Lusso villa is spread across 10,000 square feet and has five bedrooms, seven bathrooms, private beach access, a private swimming pool and views of the Atlantis and Royal Atlantis.

It is one of only a handful of villas on The Palm with custom-made basement parking, which can house six cars comfortably, Alpago Properties said.

Palm Jumeirah has also registered a recent rental record after a villa was leased on a six-month basis for Dh4 million.

And the most expensive rental deal in Jumeirah Islands was also recorded at Dh1.2 million as rents and prices rise on the back of the wider economic recovery in the UAE.

Brief scores:

Toss: Nepal, chose to field

UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23

Nepal 132-7: Jora 53 not out; Zahoor 2-17

Result: UAE won by 21 runs

Series: UAE lead 1-0

Bundesliga fixtures

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 

RB Leipzig v Freiburg (4.30pm) 

Hoffenheim v Hertha Berlin (4.30pm) 

Fortuna Dusseldorf v Paderborn  (4.30pm) 

Augsburg v Wolfsburg (4.30pm) 

Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),

Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

First Person
Richard Flanagan
Chatto & Windus 

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%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Quentin%20Tarantino%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Uma%20Thurman%2C%20David%20Carradine%20and%20Michael%20Madsen%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%204.5%2F5%3C%2Fp%3E%0A
Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A
FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
UAE currency: the story behind the money in your pockets
Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

Updated: November 25, 2022, 9:07 AM