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RIYADH:  Dubai’s property market witnessed significant momentum in the first half of the year, registering 4,049 real estate activities.

According to the Dubai Land Department, the surge reflects the emirate’s growing appeal to investors and the range of opportunities for property service providers, Emirates news agency WAM reported.

It also comes amid broader market drivers such as sustained population growth, ongoing infrastructure projects, and government-led efforts to modernize services and enhance regulations.

“These activities reflect the professional diversity in the market and the department’s keenness to provide a flexible environment that meets the needs of investors and clients in various areas of the real estate sector, enhances competitiveness, and aligns with the population and economic growth requirements of the emirate,” WAM said.

One of the most notable undertakings is the “Trakheesi” system, the official platform of the Dubai Land Department for registering and activating a variety of core real estate services.

Registration through the system is mandatory for several types of property licenses, including brokerage for sales and purchases, leasing brokerage, property administrative supervision, valuation services, purchase and sale of land and properties, management of jointly owned holdings, and real estate and mortgage consultancy.

In addition, specific real estate licenses, such as property development, leasing and management of private and third-party properties, and the work of real estate service and promotion trustees, require prior approval from the Trakheesi system.

Brokerage for property sales and purchases topped the list of activities during the first half, accounting for 2,301 registrations.

Leasing brokerage followed with 1,279 activities, reflecting the extensive network of real estate brokers and their role in serving tenants and owners. A total of 273 activities were related to the purchase and sale of land and properties.

Among the recorded activities were property administrative supervision services, mortgage brokerage, real estate consultancy, leasing and management of private and third-party properties, and mortgage consultancy.

The figures directly reflect the streamlined procedures adopted by the department through an integrated digital platform, enabling clients to issue and renew activities with ease, WAM said.

The initiatives are part of the department’s commitment to enhancing Dubai’s investment climate and encouraging innovation in the property sector.

They also align with the Dubai Real Estate Strategy 2033, which seeks to position the emirate as a global property hub while maintaining a safe, flexible business environment that supports sustainable growth and economic diversification.

NEW DELHI: Oil prices fell in Asian trade on Monday, extending declines of more than 4 percent last week as investors awaited the outcome of talks between the US and Russia later this week on the war in Ukraine.

Brent crude futures fell 62 cents, or 0.93 percent, to $65.97 a barrel by 8:31 a.m. Saudi time, while US West Texas Intermediate crude futures were down 69 cents, or 1.08 percent, to $63.19.

Expectations have risen for a potential end to sanctions that have limited the supply of Russian oil to international markets, after US President Donald Trump said on Friday that he would meet Russian President Vladimir Putin on Aug. 15 in Alaska to negotiate an end to the war in Ukraine.

The talks follow increased US pressure on Russia, raising the prospect that penalties on Moscow could also be tightened if a peace deal is not reached.

“If peace talks falter and the conflict drags on, the market could quickly pivot to a bullish stance, potentially triggering a sharp rally in oil prices,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

Trump set a deadline of last Friday for Russia, which invaded Ukraine in February 2022, to agree to peace or have its oil buyers face secondary sanctions. At the same time, Washington is pressing India to reduce purchases of Russian oil.

Consultancy Energy Aspects estimated Indian refiners have already purchased WTI totalling 5 million barrels for August loadings, with an incremental 5 million barrels possible depending on tender outcomes, and 5 million barrels for September loadings.

WTI arbitrage to Asia remains open, and India looks set to continue absorbing US crude for now, Energy Aspects said in a weekly note.

Trump’s higher tariffs on imports from dozens of countries, which took effect on Thursday, are expected to weigh on economic activity as they force changes to supply chains and fuel higher inflation.

Dragged down by the gloomy economic outlook, Brent fell 4.4 percent over the week ended Friday, while WTI dropped 5.1 percent.

“The near-term direction will hinge on several key events, including the August 15 meeting between the US and Russian presidents, upcoming speeches from Federal Reserve officials, and the release of the US CPI data,” said Sachdeva.

Separately, data from the National Bureau of Statistics on Saturday showed China’s producer prices fell more than expected in July, while consumer prices remained flat, highlighting the extent to which weak domestic demand and ongoing trade uncertainty are weighing on consumer and business sentiment.