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- Dubai Real Estate Hits AED 11.7B; Tabby Secured UAE Wallet Licence; Khabib Launches $70M Project
Dubai Real Estate Hits AED 11.7B; Tabby Secured UAE Wallet Licence; Khabib Launches $70M Project
Monday, April 20, 2026
Happy Monday everyone!
Dubai’s property market maintains its upward trajectory, recording AED 11.7 billion in transactions across 3,068 sales last week, including a standout AED 64 million apartment deal on Palm Jumeirah. In the fintech sector, Tabby co-founders Hosam Arab and Daniil Barkalov secured a Central Bank wallet licence, allowing the firm to expand into digital banking services following a $55 million net profit in its Saudi unit. Meanwhile, UFC legend Khabib Nurmagomedov entered the real estate arena, partnering with DIA Holding to launch the $70 million LuzOra Residences on Dubai Islands.
In the wake of developments in the region, we hope everyone stays safe. At this critical moment, it is essential to remain united and follow guidance issued by official authorities from your country.
Markets
EGX30 | 52,372.64 | 1.82% |
DFMGI | 5,929.51 | Closed |
ADX | 9,920.94 | Closed |
Tadawul | 11,464.54 | 0.78% |
Dubai Real Estate Hits AED 11.7 Billion in Weekly Sales
What Is It About?
Dubai recorded AED 11.7 billion in real estate transactions between April 13 and 17, with over 3,000 sales finalized. High-value purchases led the way, including a AED 64 million unit on Palm Jumeirah and major acquisitions at the Dubai Water Canal. Sales accounted for AED 8.75 billion of the total, showing that both residents and overseas buyers are still putting cash into the city's skyline.
Why It Matters?
These numbers show that the "safe haven" narrative for Dubai is holding firm despite regional friction. While the market "tanked" elsewhere, investors are choosing hard assets over volatile stocks. The demand for premium properties at prices above AED 30 million suggests that wealthy individuals are moving their capital into the emirate to shield it from global economic swings.
What’s Next?
Watch for whether this AED 11.7 billion pace continues into May. Analysts are looking to see if the surge in Palm Deira and Dubai Islands transactions signals a permanent shift in buyer interest toward the city's newer northern coastal developments.
UAE Grants Tabby Wallet Licence for Digital Banking Push
What Is It About?
The UAE Central Bank has granted Tabby a Stored Value Facilities licence, moving the company beyond its "buy now, pay later" roots. Founded by Hosam Arab and Daniil Barkalov, the firm can now hold customer funds, issue payment cards, and offer money management tools. This follows a strong 2025 where its Saudi unit reported a $55 million net profit.
Why It Matters?
This licence allows Tabby to go head-to-head with traditional and digital banks. By holding deposits and offering cards, it is becoming a full financial ecosystem for its millions of users. Given the $378 million revenue reported last year, the company has the cash to scale these new services quickly across its 65,000 brand partners.
What’s Next?
Expect Tabby to roll out a digital wallet and spending account in the coming months. The focus will be on how many of its current shopping users switch their primary banking habits to the app, potentially draining deposits from older, brick-and-mortar institutions.
Khabib Nurmagomedov Launches $70 Million LuzOra Residences
What Is It About?
UFC legend Khabib Nurmagomedov is debuting his first real estate project, the $70 million LuzOra Residences on Dubai Islands. Partnering with DIA Holding, the development features hotel-style services with 70% of units reserved for investors. It targets a mix of lifestyle buyers and those looking for high-yield rental returns in a growing part of the city.
Why It Matters?
Khabib’s entry into the market shows that Dubai is still a magnet for global icons looking to diversify their wealth. The decision to build on Dubai Islands highlights the area's rising profile as the next big luxury hub. With most units set aside for investors, the project is banking on the continued demand for high-turnover, flexible properties.
What’s Next?
As construction moves forward, the success of LuzOra will likely lead to more "celebrity-backed" developments in the northern emirates. Buyers should watch the handover dates to see if the Dubai Islands infrastructure can keep up with the rapid pace of these new luxury launches.
👨💻From Smashi Business’ Desk
US billionaire Bill Ackman has launched a €55bn bid to take Universal Music Group private
Dubai-based Independent Food Company is hiring across roles including marketing, content and hospitality.
In a striking move that defies industry trends, Alsayegh Worldwide has made a bold commitment to its workforce. Leadership vows there will be no salary reductions and no job losses through 2026.
Saudi Research & Media Group (SRMG) is rewriting the rules of media in MENA.
Semafor is doubling down on the Gulf. The Semafor is expanding to a five-day publishing schedule, scaling hiring, and growing its events business as global attention on the region surges.
Telegram founder and UAE citizen Pavel Durov said Iran’s ban on the platform has led to widespread VPN usage rather than adoption of state-backed messaging apps.
🔍In other news…
🦄 World of Startups
Egypt’s Lucky Raises USD 23M Series B. Its Consumer Credit Model is Expanding Into North Africa
“We Got Funded!” Maison Safqa Raises US$620,000 in Pre-Seed Funding to Expand Luxury Flash-Sale Platform Across GCC
Via Separations, US-based deeptech startup, raised $36M in funding from Aramco Ventures (Saudi), and other global investors.
