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Biden administration passes bill that could lead to TikTok ban

Photo taken on Aug. 21, 2020 shows a logo of the video-sharing social networking company TikTok's Los Angeles Office in Culver City, Los Angeles County, the United States. TikTok confirmed Saturday that it will file a lawsuit against the Trump administration over an executive order banning any U.S. transactions with its parent company ByteDance. (Xinhua/IANS)

By attaching the TikTok bill to funding for Israeli missile defence and Ukrainian military equipment, Republican lawmakers in the US placed pressure on Senate lawmakers to consider the whole package in a single up-or-down vote.

The US House of Representatives on Saturday approved a bill that could ban social media app TikTok, CNN reported.

The bill passed 360-58 marks the latest defeat for TikTok in the US, as the social media company with 170 million users in the US fights for survival under its current ownership by ByteDance, its Chinese parent company.

The passage of the bill in the US House comes as part of a foreign aid package for Israel and Ukraine. The move resembles an earlier version approved in March this year that would ban TikTok from US app stores unless it finds a new owner, and quickly, according to CNN report.

By attaching the TikTok bill to funding for Israeli missile defence and Ukrainian military equipment, Republican lawmakers in the US placed pressure on Senate lawmakers to consider the whole package in a single up-or-down vote.

Policy analysts expect the US Senate to take up the aid package quickly, increasing its chances of passing. US President Joe Biden has previously announced that he would sign the TikTok legislation if it reached his desk.

The passage of the TikTok bill showcases how policy priorities outside the company’s control have merged to create a potentially devastating outcome for an app that is liked by many young Americans. However, US officials have warned that it is a national security risk.

TikTok’s Los Angeles Office in Culver City, Los Angeles County, the United States.(Xinhua/IANS)

The version of the bill approved Saturday would, if signed, give TikTok 270 days to find a new owner, which is more than roughly six months contemplated under older versions of the legislation. The bill also gives the White House the ability to extend that deadline for another 90 days if the US President believes there is progress towards a sale, CNN reported.

TikTok has expressed its opposition to the bill. For weeks, TikTok carried out a lobbying campaign to defeat the legislation, stressing that it violates its users’ First Amendment rights and threatens small businesses.

In a post on X, TikTok on Wednesday wrote, “It is unfortunate that the House of Representatives is using the cover of important foreign and humanitarian assistance to once again jam through a ban bill that would trample the free speech rights of 170 million Americans, devastate 7 million businesses, and shutter a platform that contributes USD 24 billion to the US economy, annually.”

TikTok has indicated it could file a lawsuit to block the House’s legislation, telling users in March that it plans to continue fighting, “including (by) exercising our legal rights,” according to CNN report. A court challenge over the law would result in a high-stakes battle over the right of people in the US to access digital information. (ANI)

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India’s Enviro-Tech Raises $7.3B

India’s share in global funding was 7 per cent in 2022, the highest since 2011….reports Asian Lite News

The environment-tech sector in India has raised $7.3 billion in total funding to date, a report showed on Friday.

The country’s environmental technology funding saw substantial growth between 2018 and 2022, surging from $0.23 billion to $2.47 billion, as per data by Tracxn, a leading market intelligence platform.

India’s share in global funding was 7 per cent in 2022, the highest since 2011.

Environment tech funding in the country peaked in 2022 at $2.47 billion. However, it experienced a decline to $1.68 billion in 2023, a 32 per cent decrease from 2022.

As of the first three months of 2024, the funding stands at $0.24 billion.

Despite the global increase in funding, India’s share remained consistently low, ranging from 0 per cent to 7 per cent. Bengaluru ($2.7 billion) tops the list in this space in terms of all-time city-wise funding, followed by Delhi ($1.2 billion) and Mumbai ($942 million).

“This space has seen 14 initial public offerings (IPOs) and 25 acquisitions to date. Only five companies reported more than $100 million rounds in 2023,” the findings showed.

One unicorn has also emerged in India in this space — Ola Electric.

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How Adani Ports Unlocked India’s Seaport Growth

Over the years, APSEZ has evolved into a provider of integrated port infrastructure services, of which the Mundra SEZ in Gujarat is a landmark validation…reports Asian Lite News

India’s largest private port operator, Adani Ports and Special Economic Zone Ltd (APSEZ), announced earlier this month that it handled a record 420 MMT (million metric tonne) cargo in FY24 (including international ports), setting a new milestone in its journey.

It was an impressive 24 per cent growth (year-on-year), with domestic ports contributing over 408 MMT cargo.

While it took 14 years for the company to achieve the first 100 MMT of annual cargo throughput, the second and third 100 MMT throughputs were achieved in 5 years and 3 years.

Notably, the latest 100 MMT mark was achieved in less than two years’ time.

How did this impressive feat happen?

Over the years, APSEZ has evolved into a provider of integrated port infrastructure services, of which the Mundra SEZ in Gujarat is a landmark validation.

Spanning over 8,000 hectares, the Mundra Economic Hub offers investment options as the largest multi-product SEZ, Free Trade and Warehousing Zone (FTWZ) and Domestic Industrial Zone.

Mundra, the first port of APSEZ, welcomed its maiden ship in 1998. Since then, the company has built a network of 15 ports and terminals on the east and west coasts of the country.

APSEZ is currently the largest commercial port operator in India, accounting for nearly one-fourth of the cargo movement in the country. Its presence across domestic ports in seven maritime states of Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha presents the most widespread national footprint with deepened hinterland connectivity.

The port facilities are equipped with the latest cargo-handling infrastructure which is not only best-in-class but also capable of handling the largest vessels calling at Indian shores.

During FY24, more than one-fourth of all India cargo volumes were routed through the APSEZ ports, according to the company.

“The latest 100 MMT mark has been achieved in less than two years. This is a testament to our ongoing commitment and efforts towards enhancing operational efficiencies and maintaining our position as a top port operator in the industry,” according to Karan Adani, Managing Director, APSEZ.

Dhamra port in Odisha’s Bhadrak district has become a critical hub for dry cargo shipment in the region. Ten years ago, it handled only 14 MMT of cargo but today, its capacity has moved up to over 42 MMT.

The port can accommodate Cape Size vessels and caters to industries in Odisha, Jharkhand, and West Bengal.

Dhamra also has a liquefied natural gas (LNG) terminal of 5 MMT capacity which helps fulfil the requirements of Assam, Bihar, Odisha, Uttar Pradesh, and West Bengal.

Krishnapatnam Port is an all-weather, world-class deep water port of international standards which is capable of handling Cape Size vessels round the clock throughout the year. It has state-of-the-art infrastructure, mechanised handling systems and dedicated storage yards which provide clean and contamination-free handling facilities for bulk and break bulk cargo.

Its current capacity is 75 MMT, a significant increase from 64 MMT four years ago.

Karaikal port in Puducherry is near power plants and cement factories. In FY23, it handled nearly 10 MMT of cargo and in FY24, the figure went up to 13 MMT. Eight ports — 84 per cent of the portfolio by volume — delivered double-digit growth for the company in FY24.

Dahej Port is a deep-water, multi-cargo port located in the Gulf of Khambhat. It is strategically situated on international maritime routes and provides easy access to the dense industrial hubs of Gujarat, Maharashtra and Madhya Pradesh.

This makes it the preferred port for the cargo hubs functioning in the northern and western states and Union Territories of India.

The flagship port Mundra became the first in India to handle 16 MMT cargo in a single month (October 2023). In fact, the learnings from Mundra Port have been replicated at all other ports owned by the company.

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Zoho CEO: Revere Farmers, Reconnect with Nature

Vembu said that people must respect farmers, as well as take care of soil and all its microorganisms….reports Asian Lite News

Zoho CEO Sridhar Vembu, on Saturday, said that it is important to revere farmers and connect back with nature.

In a post on X.com, Vembu said that people must respect farmers, as well as take care of soil and all its microorganisms.

The CEO of the global software-as-a-service (SaaS) company said this amid reports that Singapore’s food regulator has recalled Indian manufacturer Everest’s fish curry masala as it showed high levels of the pesticide ethylene oxide — a Group-1 carcinogen.

“Arsenic in our rice, pesticides in our spices … the damage of industrialised agriculture accumulates,” Vembu said.

“If we don’t respect the farmer, if we don’t take care of the soil and all its microorganisms, if we don’t take care of ponds or lakes and instead keep drilling deeper and deeper for (arsenic-laden) water, we will destroy ourselves as a species.”

“We have to revere the people who grow our food so they in turn treat soil and water with reverence. We have to connect back with nature,” he added.

Meanwhile, Hong Kong’s food regulator also found the cancer-causing ingredient in products of MDH, the famous spice brand in India.

It found that the MDH’s Madras Curry Powder, Sambhar Masala Mixed Masala Powder, and Curry Powder Mixed Masala Powder contained pesticide ethylene oxide.

According to a statement from the Singapore Food Agency (SFA), ethylene oxide is not fit for consumption, but is “used to fumigate agricultural products to prevent microbial contamination.”

“Members of the public should not consume the affected products. The trade should also stop using or selling the affected products immediately if they possess any of them,” said the Centre for Food Safety, Hong Kong’s food regulatory authority.

Meanwhile, Sridhar Vembu said on Wednesday that they have created first-of-its-kind power tools that are ready for commercial production.

Called ‘Karuvi’ (the Tamil word for instrument or tool), the hand-held tools will help create more rural jobs in the country.

“A few years ago, during the pandemic, a Zoho customer and fan, Abdul Gafoor, who owns ‘Mr Light Global’, a major own-brand distributor of electrical and electronics products in the Middle-East (and now in India), came to see me in Tenkasi with a box full of hand held tools from his company,” Vembu posted on X social media platform.

Gafoor told the Zoho founder to make these products and then, he would distribute them.

“I said, we know nothing about it. He said this could create rural jobs. That is how he hooked me,” said Vembu.

The software company took up the challenge and set up a small engineering team almost two years ago.

A lot of designs and redesigns later, Zoho now has built a suite of tools ready for commercial production.

“We are trying some innovative ideas in the factory being built in Tenkasi. A new adventure begins. Thank you Mr Gafoor for pushing me on this! Thank you Cibi Anand for suggesting the name,” Vembu added.

An X follower commented that he was looking to populate the “rural maker-space with power tools from Stanley”.

“But now, it’s going to be ‘Karuvi’ all the way, looking forward to getting every product you have in production,” he posted.

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Business Economy Tech Lite

realme Set to Shake up Market

realme will be making a substantial stride in the Indian market with its upcoming smartphone — realme C65 5G….reports Asian Lite News

5G technology, while increasingly common in mid-range and high-end smartphones, is still relatively rare in the entry-level segment. This is largely due to the cost associated with integrating 5G chipsets into devices, which can drive up the price beyond what is typically considered ‘entry-level’.

As a result, many manufacturers are faced with a difficult balancing act: they want to offer 5G capabilities to attract consumers looking for future-proof devices, but they also need to keep costs down to maintain a good price.

This often leads to compromises elsewhere in the device’s specifications which can impact the overall performance of the device, leading to slower processing speeds, and potentially a less smooth user experience. While these compromises might not be deal-breakers for all consumers, they can make these devices less appealing to those who want a well-rounded smartphone experience at an accessible price.

Acknowledging this market need, realme is dedicated to bringing 5G technology within reach for everyone, especially the tech-savvy younger generation, with its forthcoming product.

A distinguishing aspect of realme’s approach to 5G is its profound insight into the varied Indian market. What differentiates realme is its steadfast dedication to making 5G available to all, particularly the youth who seek cutting-edge technology at a reasonable cost.

realme will be making a substantial stride in the Indian market with its upcoming smartphone — realme C65 5G. Positioned as the fastest entry-level 5G phone under Rs 10,000, this device exemplifies realme’s dedication to offering top-quality 5G technology at an accessible price point.

The realme C65 promises not only 5G capabilities but also robust performance, demonstrating realme’s commitment to delivering value to its customers.

In a country like India, where connectivity is crucial for economic growth and social development, realme’s initiative holds immense significance. The company is not just addressing the needs of today’s consumers but also anticipating the demands of tomorrow.

This forward-thinking approach not only sets realme apart in the competitive smartphone landscape but also reaffirms its dedication to empowering Indian users with the tools they need to thrive in an increasingly digital world.

With its new launch, realme is not just introducing a new smartphone, but setting a benchmark in the entry-level segment. The realme C65 5G is more than just a device; it’s a testament to realme’s commitment to bringing cutting-edge 5G technology within reach for everyone. Be on the lookout for more updates on this entry-level powerhouse!

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Nestle Baby Food Study Rattles India, Shares Dip

The Indian government is reportedly looking into the issue of sugar being added to baby food…reports Asian Lite News

The baby-food brands sold by global giant Nestle in India contain high levels of added sugar, unlike the same products in the UK, Germany Switzerland, and other developed nations, revealed an investigation by Swiss organisation Public Eye and the International Baby Food Action Network (IBFAN), sparking concern in the country at the violation of health guidelines.

The Indian government is reportedly looking into the issue of sugar being added to baby food.

Meanwhile, the share price of Nestle India Ltd went down in the bourses on Thursday following the study.

At the BSE, on Thursday, Nestle India’s shares opened at Rs 2,539 (Wednesday closing price Rs 2,547.15) and went down to close at Rs.2,462.75.

Findings showed that in India, all Cerelac baby products contain an average of nearly 3 grams of sugar per serving. The same product is being sold with no added sugar in Germany and the UK, while in Ethiopia and Thailand, it contains nearly 6 grams, the study said.

The report said that Nestle adds sugar to infant milk and cereal products in several countries which is a violation of international guidelines aimed at preventing obesity and chronic diseases. Violations were found only in Asian, African, and Latin American countries.

However, a Nestle India Ltd spokesperson said the company has reduced the total amount of added sugars in its infant cereals portfolio by 30 per cent over the past five years and it continues to “review” and “reformulate” products to reduce them further. “We believe in the nutritional quality of our products for early childhood and prioritise using high-quality ingredients.”

On Wednesday, the leading UK paper The Guardian reported that the Swiss food giant adds sugar and honey to infant milk and cereal products sold in “poorer countries”. It cited data from Public Eye and IBFAN that examined Nestle baby food brands sold in these markets. Public Eye examined 115 products sold in Nestle’s main markets in Africa, Asia and Latin America across two key brands — Cerelac and Nodi.

In India, all Cerelac baby cereal products examined by Public Eye contained added sugar — on average nearly 3 gm per serving.

“Almost all the Cerelac infant cereals examined contain added sugar — nearly 4 grams per serving on average, equal to roughly a sugar cube — although they are targeted at babies from six months of age. The highest amount — 7.3 grams per serving — was detected in a product sold in the Philippines,” the report said.

WHO expert Nigel Rollins was cited in media reports as saying that “this is a double standard that cannot be justified.”

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Altos India amps up ‘Make in India’ with high-end tech

Altos India’s strategic entry into high-end manufacturing marks a significant milestone, underscoring its commitment to promoting domestic production…reports Asian Lite News

In a fillip to the government’s local manufacturing push for IT hardware, technology company Altos India on Thursday said it has expanded its manufacturing portfolio to include high-end ‘Make in India’ workstations and servers.

The company has added two India-made servers, designed to meet the evolving needs of large-scale IT and cloud data centres in the country.

“In today’s rapidly evolving technological landscape, there is a growing demand for advanced solutions that cater to the needs of large IT and cloud data centres. These products not only meet these demands effectively but also align seamlessly with government initiatives, highlighting our dedication to local manufacturing,” said Sanjay Virnave, Country Head and General Manager at Altos Computing.

The Centre’s PLI 2.0 for IT hardware scheme, with its increased budgetary outlay of Rs 17,000 crore and expanded tenure to six years, is expected to generate an incremental production of Rs 3,35,000 crore.

The government has set a target of achieving $300 billion worth of electronics manufacturing by 2025-26, with $100 billion to come from exports.

Altos India’s strategic entry into high-end manufacturing marks a significant milestone, underscoring its commitment to promoting domestic production. Through the ‘Make in India’ initiative, Altos launched ‘Rack and Tower Servers’ that delivers server-class features with flexible expansion options and management capabilities.

“We have launched a ‘Dual socket 2U’ system ideal to handle any workloads. This system can function as a Database Server for Big Data analytics, a computing node for your high-performance computing (HPC) environment or for virtualisation purposes in cloud infrastructure,” said the company.

Meanwhile, the electronics industry in India saw a massive 154 per cent growth in hiring and skilling in the last financial year (from March 2023 till March this year) and the telecom domain led the industry, a report showed on Thursday.

The telecom vertical accounted for 64 per cent of hiring, closely followed by lighting and automotive sectors, according to research conducted by Quess Corp Ltd, a workforce management solutions provider.

The electronics industry also witnessed a significant deployment of women in various roles, particularly in manufacturing.

“Women are increasingly being deployed as operators, quality assurance professionals, and in testing roles,” the findings showed. Women constitute 78 per cent of the industry’s workforce.

In terms of geography, Tamil Nadu leads the states with a significant 33 per cent share of electronics hiring demand, followed by Karnataka, Uttar Pradesh and Telangana.

“The Indian electronics manufacturing sector is on a growth trajectory fuelled by innovation and transformation. Industry experts forecast the creation of 1 million jobs by 2025-2026, and the market size is expected to reach $400 billion by 2025,” said Lohit Bhatia, President of Workforce Management at Quess Corp.

This growth is not only fueled by increasing consumer demand but has also received a boost from government initiatives such as ‘Make in India’ and the production-linked incentive (PLI) scheme.

The surge in women’s employment within electronics manufacturing can be attributed to several factors.

The nature of the work, which often involves intricate assembly and precise handling of small parts, complements women’s skill in dexterity and attention to detail.

“Additionally, women demonstrate a strong ability to learn quickly and adapt, enabling them to thrive in fast-paced production settings,” the report noted.

Several key roles are in high demand, such as electronic engineers, instrumental engineers and electronic design engineers. The average salaries for these roles range from Rs 18,000 per month to Rs 32,000 per month.

The research also showed that flexible staffing has emerged as the preferred mode of employment in the electronics manufacturing services (EMS) industry.

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Samsung’s Bold Bet on AI TV

Samsung is optimistic about the TV business in 2024, citing increased demand for premium TVs from MZ consumers….reports Asian Lite News

Samsung on Wednesday said that it is targeting Rs 10,000 crore revenue from its Artificial Intelligence (AI)-powered Neo QLED, OLED TV business in India.

Samsung ended 2023 with a 21 per cent volume market share and this year it is looking to further consolidate its leadership with the launch of AI TVs, the company said.

“For the first time, we have a very clear twin strategy on premium, the highest or the largest range as far as the consumer is concerned and with that, we are also looking at targeting unprecedented Rs 10,000 crore revenue in 2024,” said Mohandeep Singh, Senior VP, Visual Display Business, Samsung India.

The television market in India has been slow, with Counterpoint Research reporting a 16 per cent drop in shipments last year.

However, Samsung is optimistic about the TV business in 2024, citing increased demand for premium TVs from MZ consumers.

As per analysts, no TV brand in the country has achieved the Rs 10,000 crore revenue milestone before.

Samsung has launched its ultra-premium Neo QLED 8K, Neo QLED 4K and OLED TVs in the country to consolidate its leadership in the TV business.

According to the company, its new range of premium TVs is designed to boost consumers’ home entertainment experience with powerful, AI-driven solutions.

Meanwhile, Samsung on Wednesday said that it has developed the industry’s first low-power double data rate 5X (LPDDR5X) DRAM (Dynamic Random Access Memory) chip, a memory solution tailored for artificial intelligence (AI) applications.

The new chip supports the industry’s highest performance of up to 10.7 gigabits-per-second (Gbps), improving performance by over 25 per cent and capacity by more than 30 per cent compared with the previous generation, according to the company.

Low-power, high-performance LPDDR chips are playing a growing role in the rapidly expanding market for on-device AI, where AI runs on the device itself, reports Yonhap News Agency.

As per Samsung, its latest LPDDR5X products were leveraged with 12 nanometer-class process technology to achieve the smallest chip size among existing LPDDR chips, helping the company solidify its technological leadership in the low-power DRAM market.

“Samsung will continue to innovate and deliver optimised products for the upcoming on-device AI era through close collaboration with customers,” the company said.

Mass production of the LPDDR5X is scheduled to begin by the second half of the year, following verification by providers of mobile application processors and mobile devices, the company mentioned.

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IMF Pins Global Growth Hopes on India

As China lags due to its real estate sector downturn and US sanctions causing economic strain, the IMF report highlights India and other G20 emerging markets like Brazil poised to lead global growth and trade…reports Asian Lite News

Multilateral institutions such as the IMF and UNCTAD view India as a potential driver of global economic growth going ahead, as the country has become the fastest-growing emerging economy while China’s GDP growth has been pegged at 4.6 per cent in 2024 and expected to slow down further to 4.1 per cent in 2025.

The IMF’s World Economic Outlook report, released on Tuesday, has not only raised India’s growth forecast by 0.3 percentage points to 6.8 per cent for 2024-25 but also sees the country as a bright spot “supporting global growth over the medium term and spill over to other countries”.

With China having fallen behind after the crash in its real estate sector and US sanctions triggering an economic slowdown, the IMF report views India and other G20 large emerging market countries such as Brazil playing a bigger role in the global trading system and pushing global growth going ahead.

The IMF report also vindicates India’s economic policy as it attributes the robust growth rate to a “strong domestic demand”, which has been created by a huge increase in government expenditure on large infrastructure projects such as highways, railways, ports and power plants along with a revival in rural demand.

Stepped-up allocations for agriculture, rural employment schemes such as MNREGA and special programmes for women self-help groups have helped to bolster rural demand and create a larger market for industrial products.

During the 10-year tenure of Prime Minister Narendra Modi’s government, over 90,000 kilometres of national highways have been built which is almost twice that constructed in the preceding 10 years, according to official figures.

Government investment in highway infrastructure shot up more than four-fold to a staggering Rs 2.4 lakh crore in 2022-23 from Rs 51,000 crore in 2013-14.

The latest UNCTAD (UN Conference on Trade and Development) report, released on Tuesday, forecasts global economic growth at 2.6 per cent in 2024, barely above the 2.5 per cent threshold commonly associated with a recessionary phase.

However, amid the gloomy global scenario, it states that India’s economy is buoyed by strong public investment and service sector growth, with a forecasted expansion of 6.5 per cent in 2024.

India is expected to maintain its rapid pace of road construction with the addition of up to 13,000 kilometres in 2024-25, an increase of 5 to 8 per cent over the previous year, according to a report released by rating agency ICRA on Tuesday.

“The pace of execution in this fiscal will be supported by a healthy pipeline of projects at above 45,000 km as of March 2024, increased capital outlay by the government and focus on completion of projects by the Ministry of Road Transport and Highways, ” the report states.

Government investments in big infrastructure projects create more jobs and incomes that have a multiplier effect on the economy as demand for products such as steel and cement also goes up, which leads to more private investments and employment. With the creation of more jobs demand for consumer goods also increases leading to a further acceleration in the country’s economic growth rate.

To ramp up the virtuous cycle of investment and job creation, the budget for 2023-24 sharply increased the capital expenditure outlay on infrastructure projects by 37.4 per cent to a whopping Rs 10 lakh crore from Rs 7.28 lakh crore in 2022-23.

The interim budget, presented by Finance Minister Nirmala Sitharaman in February has gone in for another 11.1 per cent increase in the outlay for infrastructure projects to Rs 11.11 lakh crore to spur growth. The increase that comes on top of a large base of the previous year will result in massive investments to spur growth. The Finance Minister pointed out that this will also attract big investments from the private sector which will add to the growth momentum.

Since the government has cut the fiscal deficit, it will need to borrow less which will leave banks more funds to finance the investments of private sector companies to accelerate growth and create more jobs.

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Dubai luxury home sales mark 19 percent increase


Dubai’s luxury home market sees a 19 percent increase in sales, with Palm Jumeirah leading in both sales volume and total value, while Dubai Hills Estate emerges as a rising hotspot for luxury home buyers…reports Asian Lite News

According to the latest analysis from global property consultant Knight Frank, one hundred and five homes priced in excess of US$10 million were sold in Dubai during the first three months of the year. This marks a 19 percent increase compared to Q1 2023.

Faisal Durrani, Partner – Head of Research, MENA, explained, “The level of deal activity in Dubai continues to strengthen, particularly at the top end of the market, where the near constant stream of international high-net-worth-individuals vying for the city’s most expensive homes persists.

“The laser-like focus of the global wealthy on Dubai is best reflected in the rapid deterioration in the volume of $10 million+ homes for sale, which has fallen by 59 percent across the city over the last 12 months to just 864 homes.”

The total value of luxury homes sold during Q1 stands at $1.73 billion, up six percent from Q1 2023. This builds on Dubai’s emergence as the world’s busiest $10 million+ homes market.

Knight Frank says that last year, Dubai recorded 431 home sales above $10 million, nearly 80 percent higher than the next nearest contender—London (240). New York (211) rounded off the world’s top three most active luxury home markets in 2023.

Palm Jumeirah registered deals worth $628 million, and dominated the luxury homes market during Q1, accounting for 36.3 percent of sales by total value. Jumeirah Bay Island (11.1 percent) and Dubai Hills Estate (seven percent) followed in second and third place, respectively.

While Palm Jumeirah (39) also led the pack in terms of the total number of luxury homes sold, Palm Jebel Ali (ten) and Business Bay (seven) registered more high-end home sales than Jumeirah Bay Island or Dubai Hills Estate.

According to Knight Frank, other markets, away from the headline-grabbing Palm Jumeirah, Jumeirah Bay Island, and Emirates Hills, are fast rising in prominence among luxury home buyers, with Dubai Hills Estate, for instance, standing out as a market to watch.
Will McKintosh, Regional Partner and Head of Prime Residential, MENA, said, “Dubai Hills Estate has quietly for some time been rising up the ranks as not only one of Dubai’s most sought-after markets for domestic buyers, but now luxury home buyers are increasingly active here too.

“The relative proximity to both Downtown and New Dubai, combined with access to an international school, excellent neighbourhood facilities and amenities, and, of course, its abundance of green space, is quickly making Dubai Hills Estate one of Dubai’s most desirable neighbourhoods. Prices have unsurprisingly responded to the growing demand to live here and have risen by almost 11 percent in the last 12 months, while the number of homes available for sale has fallen by 75 percent to just over 1,000 units this past March.”
Knight Frank has previously found in its Destination Dubai 2023 report that access to parks and green space ranks as the most important consideration amongst global HNWI when considering an investment in the emirate.

According to Knight Frank, Dubai’s prime residential market, which includes Palm Jumeirah, Jumeirah Bay Island, and Emirates Hills, has also experienced a surge in performance.

Durrani concluded, “After growing by 16.3 percent in 2023, following an extraordinary 44.4 percent increase during 2022, Dubai’s prime residential market has grown by 26.3 percent over the last 12 months, easily making it one of, if not the fastest growing prime residential market globally. While these startling growth rates are phenomenal, it does not take away from the fact that Dubai’s luxury homes market still remains one of the most affordable in the world.

“Indeed, $1 million secures some 980 square feet of prime residential space in Dubai, compared to just 366 square feet in New York, 355 square feet in London, or 172 square feet in Monaco.”

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