Could Dubai soon dethrone New York as the luxury real estate market king? As wealthy investors flock to the UAE city for a safe haven from geopolitical and economic uncertainty, its luxury real estate market has become the busiest in the world after New York, Los Angeles, and London, Bloomberg reported. There were 219 transactions involving properties worth USD 10 mn or more recorded in the city last year, according to property consultant Knight Frank. To put that in perspective, New York recorded 244 transactions worth USD 10 mn or more. Dubai is also one of the most "affordable" markets for high-end real estate, with a USD 1 mn investment buying you 1.1k sq ft of residential space in desirable areas, which is four times as much space as you would get for the same price in NYC, London, or Singapore.

The property boom in Dubai was fueled by a range of factors, including new residency visa options and the government's quick response to the pandemic, according to Faisal Durrani, head of Middle East research at Knight Frank. This has led to a flood of wealthy investors, like crypto m’naires, Indians looking for second homes, and bankers running away from strict Covid restrictions in Asia. Hedge fund traders have also moved to the city due to its low regulatory burden, absence of income tax, and attractiveness as a transit hub. An influx of wealthy Russian investors looking to protect their assets is also helping the market. In fact, Russians were the largest foreign purchasers of real estate in Dubai last year, Dubai-based brokerage Betterhomes reported, according to Reuters.

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When fast and slow fashion collide: The Spanish town of A Coruna is home to a growing collection of sustainably-conscious boutique labels and the world’s biggest fast fashion retailer, Zara-owner Inditex. While the boutiques focus on producing high-quality, durable products through limited collections, Inditex produced over 565k tons of garments in 2021, reports Reuters. The excessive output has driven the European Commission’s pledge to reverse the overproduction and overconsumption of garments by making all clothes sold in the EU bloc long-lived and recyclable by 2030.

Some 5.8 mn tons of textiles are thrown away every year in the European Union, which is about 11 kg per person. Statistics from the EU show that every second, one truckload of textile products is thrown away in landfills or burned. EU regulators want to cut wasteful production and will announce proposals to limit the manufacturing of surplus garments by the end of March. However, these will only come in the form of suggestions. Instead of imposing regulations, the EU will ask businesses to self-regulate in order to earn the sustainable label.

Zara’s owner wants to combine high output with environmentally friendly processes: Inditex claims that its priority is to rethink its processes rather than its output, allowing the company to continue releasing new ranges on a regular basis with minimal environmental impact. “It’s not a question of how much (is manufactured),” Inditex told Reuters, “but of how.” The company is reportedly aiming for net zero emissions by 2040 and is producing organic fiber garments. Meanwhile, for the smaller shops in A Coruna, reducing pollution is a key part of doing business. Stores prioritize low-emission collections and charge online customers for returns. And many are run by former Inditex designers and sales staff.