Fresh from raising $500 million dollars through a five-year sukuk - Developer Muhammad Binghatti sees no reason to think that Dubai's property market is flagging, despite Fitch's warning of a possible 15% slowdown.

Dubai

Dubai's property market is experiencing robust growth, with developers launching seven new projects and delivering five in the first half of the year. This activity accounts for a significant share of the market, with over 5,000 new units introduced and further developments planned, including a major project in the Maydan district.

While some ratings agencies have raised concerns about a potential market correction due to the surge in new supply, industry representatives point to strong population growth and continued interest from international buyers as key drivers of demand. Recent figures show a 25 percent year-on-year increase in transaction value, and yields in Dubai remain higher than in comparable markets such as London.

Dubai’s property market still on the rise

like. As I understand it you've launched seven new projects. You've delivered five in the first half of the year. So the pace of building the pace of growth we're seeing is really strong right now. But walk me through what that pipeline actually looks like. Yes. So as you rightfully mentioned we delivered five out of 24 projects that were handed over in the entire market in the first half. So we represented a 20 percent market share in terms of project handovers. Simultaneously we launched five thousand more than 5000 new units in the market. And we're continuing to actively launch more projects towards the end of the year. As you may have heard we recently acquired a huge land parcel in Maydan district of Dubai which will translate into a 25 billion dirham development very soon constituting more than nine million square feet of gross floor area. And in addition to that we've been actively acquiring a lot of land in areas like Jumeirah Village Circle Dubai Science Park Business Bay a lot of areas that we've already existed in historically. So definitely a lot of exciting stuff is coming from now till the end of the year in terms of launches and handovers will continue. We have projects like being at the Aurora Phantom Royale Phoenix all being handed over before the end of the year. And I think that is what has some ratings agency. So concerns right now because the Dubai supply pipeline is surging here. You heard earlier and you and I have discussed that Fitch Ratings is now calling what could be a 15 percent correction in the market as we see this new supply coming online. Mohammed what is your latest thinking on that supply pipeline. And are you concerned that too much is being built in this market to match current demand. I wouldn't look at it so ominously. You know I would say I'd like to think that you know the populational growth that we've seen annually around 6 percent year on year. We've just crossed 4 million in terms of the population in Dubai. That's the main driver for the demand in Dubai. We're also still seeing a lot of people coming in ultra high net worth individuals from places like the UK Europe all around the world flocking into Dubai and specifically purchasing Dubai real estate. And when you when you look at the Dubai real estate market and the product itself and you compare it against product in London real estate market for example you see that the capital gains are still unmatched in Dubai. You can easily make between 15 to 20 percent over the past few years and yields are still standing steadfast between 7 to 9 percent as opposed to 2 2 to 3 percent in a market like London. The figures published by DLD again in terms of the market performance for the first half suggest otherwise. You know we've seen 431 billion billion dirhams worth of transactions in the first half. That's a 25 percent increase year on year. So there's no signs of immediate slowdown. And I think also we're seeing this on the ground when we're acquiring plots. You know prices are still holding. And a lot of people are coming into the market for different reasons. You know you have people coming in from Turkey and Egypt. We sold a Benghazi flare. Almost 90 percent of the project was sold in Egypt. A lot of customers coming in from there and you know a lot of the Egyptian buyers are coming in to protect themselves from currency fluctuations because of the stability of the Dubai real estate market. So I think as a product it still sits as a very viable alternative to many products out there.

The U.S. military struck a drug-carrying boat hailing from Venezuela, Secretary of State Marco Rubio said, as tensions spike between the Trump administration and the Venezuelan government. Charlie D'Agata has more.

Caracas

U.S. military strikes drug-carrying boat from Venezuela, Rubio says

The House Oversight Committee on Tuesday released over 33,000 pages of documents related to sex offender Jeffrey Epstein.

Washington

33,000 pages of Jeffrey Epstein documents released by House panel

Belgium joins the ranks of Australia, France, Canada and the UK, all who have pledged to recognize a Palestinian state at the UNGA next week in a bid to ramp up pressure on the Israeli government to end the war in Gaza.

Brussels

Middle East Conflict

Belgium to recognize Palestine at the UN General Assembly

A powerful 6.0 magnitude earthquake in eastern Afghanistan killed at least 1,400 people, according to the Afghan Red Crescent Society. Thousands more were  injured.

Kunar

At least 1,400 killed in powerful Afghanistan earthquake

The death toll from Afghanistan's worst earthquake in years jumped to over 1,100 with thousands more injured, as difficult terrain hindered rescue efforts in isolated villages of the country's mountainous eastern region.

Taliban appeals for aid after quake kills over 1100 in Afghanistan

The leaders of Russia, China and India showcased a renewed commitment to co-operation on the second day of the Shanghai Cooperation Organization summit. Analysts says the friendliness is designed to project an unified alternative to the West.

Tianjin

Russia, China, India tout renewed co-operation

A plane carrying European Commission President Ursula von der Leyen was disrupted by jamming that authorities suspect was the result of Russian interference in Bulgaria.

Plovdiv

Von der Leyen's plane affected by alleged Russian GPS jamming

The world's leading genocide scholars' association has passed a resolution saying that the legal criteria have been met to establish Israel is committing genocide in Gaza, its president said on Monday (September 1).

Jerusalem

Israel committing genocide in Gaza, scholars' association says

Chinese President Xi Jinping and Russian President Vladimir Putin outlined a new global security and economic order at a regional summit on Monday (September 1), as India and Russia continued to express strong ties between their nations.

China's Xi, Russia's Putin share vision for new global order

A devastating 6.0 magnitude earthquake struck eastern Afghanistan late Sunday, killing more than 800 people and injuring hundreds more, officials said. CBS News senior foreign correspondent Holly Williams reports.

Kabul

Powerful earthquake in Afghanistan kills hundreds, destroys villages

Iran-backed Houthis raided offices of the United Nations’ food, health and children's agencies in Yemen’s capital, detaining several UN employees, officials said. The rebels tightened security across Sanaa following the Israeli killing of their prime minister and several Cabinet members.

Sana'a

Houthis raid UN offices in Yemen, detain 11 employees

A large buildup of U.S. naval forces in and around the Southern Caribbean has officials in Caracas and experts in the United States asking: is the move aimed at combating drug cartels, as the Trump administration has suggested, or is it for something else entirely?

U.S. builds up forces in Caribbean as officials, experts concerned

Officials from the Trump administration spent the weekend pushing back against a U.S. appeals court ruling that most tariffs against Canada were illegal. Economic adviser Peter Navarro called the decision politically motivated.

Global Tariffs

Trump officials push back after court rules tariffs illegal

Israel's security cabinet is considering a plan to seize Gaza City with attacks ramping up over the weekend. The Israeli military has now ended a temporary pause of military action around aid delivery locations ahead of an expected 'full-scale assault'.

Tel Aviv-Yafo

Israel intensifying attacks ahead of planned seizure of Gaza City

Illinois Gov. JB Pritzker says he's making every effort to stop President Trump from using the military to "invade states." But the White House claims the National Guard is needed to stop violent crime in Chicago.

Chicago

Trump threatens to send military to Chicago over crime

A young boy who had wandered away from his parents ended up on a closed monorail at Hersheypark in Pennsylvania this weekend. A bystander helped rescue the boy as a gathering crowd cheered. It's not clear how he made his way onto the monorail.

Hershey

Boy rescued from monorail track at Pennsylvania amusement park

A flotilla of boats carrying humanitarian aid for Palestinians in Gaza, has set sail from Barcelona. On board are organisers from 44 countries, who say they're trying to break Israel's siege on the Strip.

Barcelona

Greta Thunberg onboard second aid flotilla heading for Gaza Strip

Indian Prime Minister Narendra Modi said New Delhi was committed to improving ties with China in a key meeting with President Xi Jinping, as the two leaders discussed the need to expand trade and investment ties against the backdrop of U.S. tariffs.

Beijing

Modi meets with Xi, vows to improve China ties

Pakistan's eastern Punjab province is facing one of the worst flood emergencies in recent history. Authorities say raging waters have affected the lives of more than 2 million people.

Punjab

Pakistan's Punjab province battered by historic flood

China’s Xi Jinping has welcomed Russia’s Vladimir Putin, India’s Narendra Modi and leaders from around 20 countries to the Shanghai Cooperation Organisation summit, a high-security gathering aimed at boosting Beijing’s influence and promoting "a multipolar world order."

Xi aims to show global south unity with Modi and Putin

Russia's Vladimir Putin is among a dozen leaders attending the regional security summit, which comes at a crunch moment in talks over his war on Ukraine, and for a summit that's demonstrating a strong show of unity among Global South leaders.

Putin arrives in China for key regional security summit

Chicago Mayor Brandon Johnson detailed his plan Saturday to resist President Trump's threatened immigration crackdown in his city. CBS News has learned the Trump administration plans to intensify immigration enforcement in the city as early as next week.

Chicago mayor pushes back on Trump's immigration crackdown

Russian strikes shook the Zaporizhzhia region in southern Ukraine overnight Friday, hitting a five-story apartment building, killing at least one person and injuring dozens more.

Zaporizhzhia

Russia continues assault on Ukrainian cities

For the first time since this week's deadly mass shooting at a Minneapolis church, which killed two young students and wounded more than a dozen people, a devastated community gathered Saturday at the site to attend Mass.

Minneapolis

Mass held at site of Minneapolis church shooting

The United States says it will not allow Palestinian Authority President Mahmoud Abbas to travel to New York next month for a United Nations gathering of world leaders, where several U.S. allies are set to recognise Palestine as a state.

New York

U.S bars Palestinian leadership from attending UN

The Department of Homeland Security is preparing for an immigration crackdown in Chicago as early as next week, sources told CBS News. Illinois Gov. JB Pritzker blasted the Trump administration's plans.

Chicago immigration crackdown could happen next week, sources say

The Israeli military on Friday declared Gaza City a “dangerous combat zone” before a new offensive in the Palestinian enclave's largest city. Israel is moving forward with plans to seize Gaza City despite growing international pressure to end the nearly two-year conflict.

Israel declares Gaza City a 'dangerous combat zone'

Palestinian Authority President Mahmoud Abbas has been blocked from attending the UN General Assembly in New York next month. That's as U.S. Secretary of State Marco Rubio has cancelled visas for the Palestinian delegation.

U.S. blocks Palestinian officials from attending UN general assembly

The death toll of a devastating Russian air assault in Kyiv earlier this week has been revised upward to 25. Now European allies suggest Russian President Vladimir Putin is playing U.S. President Donald Trump if he runs out the clock on Washington's peace efforts.

Breakdown