Mercedes-Benz debuted a $1 billion residential luxury tower in Dubai, where apartments are expected to cost as much as $10 million each.
Dubbed “Mercedes-Benz Places,” the upscale auto company announced its venture into the real-estate world on Instagram on Thursday, which it’s doing with the help of Emirati developer Binghatti.
The 65-story building is expected to rise approximately 1,118 feet above downtown Dubai’s bustling metro when it’s complete in the fourth quarter of 2026, according to United Arab Emirates-based business news site ZAWYA.
For reference, New York City’s Chrysler Building stands 1,048 tall.
It’s home to 150 apartments, starting at $2.7 million, with the promise of “unobstructed views of the world’s tallest tower,” the nearly 3,000-foot-tall Burj Khalifa, according to Mercedes’ website.
Per the German automaker’s Instagram post on the joint development, the glass-encased Mercedez-Benz Places — whose “distinctive elliptical exterior thats reminiscent of the flowing lines of a host of ultra-modern Mercedes-Benz cars” — is meant to “underline [the company’s] strategy to strengthen its position as the worlds most desirable automotive brand.”
Binghatti is the first of its kind for an automaker, according to Bloomberg.
Binghatti, meanwhile, also has an ongoing residential project with fellow luxury car manufacturer Bugatti, which tapped the real-estate developer for a project that will include elevators to transport cars to penthouses, which broke ground in Dubai last year, Bloomberg reported.
The firm has already sold 32 of the 182 residences in the Bugatti Residences, with buyers shelling out as much as $2,620 per square foot some of the highest prices Dubai has seen, per the outlet.
Binghatti wouldn’t disclose how many apartments had been sold in the Mercedes-branded tower, only disclosing to Bloomberg that it sold all the residences available in its first phase.
Binghatti also has a partnership with upscale jewelry and watch firm Jacob & Co. for what’s set to become the worlds tallest residential building located in the wealthy Emirati city.
Despite recent warnings that there are “massive” issues within the commercial real-estate sector, Binghatti’s chief executive Mohammed Binghatti reportedly isn’t worried about a slowdown, per Bloomberg.
The firm has spent $330 million on land in the past three months alone, and Binghatti told the outlet: Were definitely going to see more growth this year and the following year.”
There is clear wealth migration coming to Dubai and an increase in the population, which provides room for organic growth in the market,” he added.
People who come to Dubai, a lot of them already have the liquidity to deploy. They want a safe haven to invest.
Representatives for Mercedes and Binghatti did not immediately respond to The Post’s request for comment.
In the US, however, the real estate market was likened to “a slow-moving train wreck” by Larry McDonald, the founder of financial analysis firm The Bear Traps Report.
Since the pandemic, New York City has been in a so-called urban doom loop caused by an influx of working from home during the pandemic a trend that has stuck despite return-to-office mandates.
The doom loop concept is defined by empty office towers, which destroy the quality of life and eventually drive residents out.
In the Big Apple, occupancy has only bounced back to 48.4% since the pandemic.
At the start of 2020, however, office occupancy was a strong 90% before it plummeted to 10% upon the outbreak of COVID-19.
After shouldering a wave of defaults from landlords,banks are sitting on as much as $160 millionin losses on loans to the commercial real estate market, according to researchers from Columbia, Stanford, the University of Southern California, and Northwestern, per aworking paper publishedby the National Bureau of Economic Research last month.
The grim findings support an earlier calculation by Morgan Stanley that showed lenders would need to negotiate more than $1.5 trillion of their commercial real estate portfolios by the end of 2025 in order to avert defaults.
The cost of rural crime in Wales is at its highest in more than a decade, a new report has revealed.
Last year, rural crime cost an estimated £2.8m in Wales, according to insurance provider NFU Mutual.
That’s an 18% increase on the previous year, with Wales the only UK nation to have seen a rise.
For farmers like Caryl Davies, that makes their work harder.
The 21-year-old farms on a beef and sheep farm in Pembrokeshire.
She told Sky News that having the quad bike stolen from her family farm last August had made them feel “really unsafe at home”.
Image: Caryl Davies farms in North Pembrokeshire
The fact it happened in such a rural area was a “really big shock” for Ms Davies and her family.
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“We’d rely on the bike day in day out, to look after our cows and sheep, and it’s had a really negative impact on us,” she said.
The cost of replacing a bike exactly like theirs would be “close to £10,000”.
“They’re a really expensive piece of kit, but you can’t be without them, especially in these rural areas where we’ve got the mountain and maybe places that aren’t very accessible,” she added.
“The bike is totally crucial for our day-to-day running of the farm.”
Image: Caryl Davies
The incident was caught on camera in the calving shed, but the Davies family have since invested in an enhanced CCTV system. That comes at an additional cost.
“For some farmers, this is spare money that we haven’t really got,” Ms Davies added.
“Farming is hard enough as it is, without people stealing your things and having to spend this extra money on making your home farm safe.”
The total cost of rural crime across the UK has fallen since 2023 – down from £52.8m to £44.1m.
Quad bike and All Terrain Vehicles (ATVs) remained the top target for thieves during the past year, NFU Mutual’s figures show.
James Bourne farms in Pontypool, Torfaen, and claims to have had over 200 sheep stolen from common land adjoining his farm over a four-year period.
The 32-year-old told Sky News that losing sheep from his herd was a “big hit” on his business as well as the young family he is trying to support.
“The way agriculture is at the moment anyway, we’re struggling to make ends meet, and any profit that is in it is obviously being taken from me,” he said.
“So I really need to try and find out and get to the bottom of where they’re going because obviously it’s an ongoing issue.”
Image: James Bourne
Andrew Chalk, from NFU Mutual, told Sky News that while there had been a “significant drop” across the UK, there were “worrying signs”.
“In Wales,especially, rural crime’s gone up which just shows that organised criminals are looking for ways to target the countryside again and again,” he said.
“What we’ve found increasingly is that organised criminals are targeting certain areas of the countryside, so they’re hitting multiple farms in one night.
“They’re raiding them, they’re moving away to another area and then hitting multiple farms there. So it is hugely concerning.”
Image: Andrew Chalk
Mr Chalk said NFU Mutual had also heard reports of criminals using drones and other equipment to “look at the lay of the land”.
“What it does show is that organised criminals are always going to find new ways to target rural crime and that’s why we need to be on top of it and to work together to actually disrupt them,” he added.
Police forces in Wales say they are aware of the “significant impact” that rural crimes have on those affected.
A Dyfed-Powys Police spokesperson said the force had acquired new technology to help combat rural crime, including “advanced DNA asset-marking kits” and hopes to “empower farmers with effective tools and advice”.
The spokesperson acknowledged the difficulty of patrolling the entire police force area, “given the huge area” it has to cover, and thanked rural communities for their “continuing vigilance and for reporting any suspicious activity”.
Temporary Chief Superintendent Jason White, from Gwent Police, said the force would be “increasing resources” within the rural crime team throughout this financial year and urged anyone in a rural area who believes they have been a victim of crime to get in touch.
A man has been taken into custody two days after a US politician and her husband were shot dead in Minnesota, law enforcement officials have said.
Authorities had urged the public not to approach Vance Boelter, 57, who they warned could be armed, and who was reportedly posing as a police officer.
A massive manhunt was launched on Saturday after Melissa Hortman and Mark Hortman were shot dead at their home in Minneapolis in what Minnesota governor Tim Walz called a “politically motivated assassination”.
Police said the same gunman that killed the Hortmans had earlier shot and wounded Democrat senator John Hoffman and his wife, Yvette, at their home nine miles away.
Image: Representative Melissa Hortman and Senator John Hoffman. Pic: Facebook/Minnesota Legislature
Boelter was arrested on Sunday evening in a rural area in Sibley County, southwest of Minneapolis.
He faces two counts of second-degree murder and two counts of attempted second-degree murder in the deaths of the Hortmans and the wounding of Hoffman and his wife.
Image: The FBI released this image of Vance Boelter posing as a police officer. Pic: FBI.
Police said they responded to gunfire reports at the Hoffmans’ Champlin home shortly after 2am on Saturday and found them with multiple gunshot wounds.
They then checked on the Hortmans’ home, in the nearby Brooklyn Park suburb, and saw what appeared to be a police car and a man dressed as an officer leaving the front door.
“The individual immediately fired upon the officers, who exchanged gunfire, and the suspect retreated back into the home” and escaped on foot, said Brooklyn Park police chief Mark Bruley.
Authorities believe Boelter wore a mask as he posed as a police officer, and also used a vehicle resembling a squad car.
Several AK-style firearms and a list of about 70 names, which included politicians and abortion rights activists, were allegedly found inside the vehicle.
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Governor calls it ‘targeted political violence’
‘We are both incredibly lucky to be alive’
Senator Hoffman was shot nine times and is having multiple surgeries, according to a text message shared on Instagram by fellow senator Amy Klobuchar on Sunday.
The text from Yvette Hoffman added: “I took 8 and we are both incredibly lucky to be alive.”
She said her husband “is closer every hour to being out of the woods”.
Mrs Hortman used her position to champion protections around abortion rights, including laws to cement Minnesota’s status as a safe refuge for people from restrictive states, who travel there for an abortion.
Her work also sought to introduce protections for services that provide abortions.
Career spy Blaise Metreweli will become the first woman to head MI6 in a “historic appointment”, the prime minister has announced.
She will take over from Sir Richard Moore as the 18th Chief, also known as “C”, when he steps down in the autumn.
“The historic appointment of Blaise Metreweli comes at a time when the work of our intelligence services has never been more vital,” Sir Keir Starmer said in a statement released on Sunday night.
“The United Kingdom is facing threats on an unprecedented scale – be it aggressors who send their spy ships to our waters or hackers whose sophisticated cyber plots seek to disrupt our public services.”
Of the other main spy agencies, GCHQis also under female command for the first time.
Anne Keast-Butler took on the role in 2023, while MI5 has previously twice been led by a woman.
Until now, a female spy chief had only headed MI6– also known as the Secret Intelligence Service (SIS) – in the James Bond movies.
Image: Blaise Metreweli is the first woman to be named head of MI6. Pic: Reuters
Dame Judi Dench held the fictional role – called “M” in the films instead of “C” – between 1995 and 2015.
Ms Metreweli currently serves as “Q”, one of four director generals inside MI6.
The position – also made famous by the James Bond films, with the fictional “Q” producing an array of spy gadgets – means she is responsible for technology and innovation.
Ms Metreweli, a Cambridge graduate, joined MI6 in 1999.
Unlike the outgoing chief, who spent some of his service as a regular diplomat in the foreign office, including as ambassador to Turkey, she has spent her entire career as an intelligence officer.
Much of that time was dedicated to operational roles in the Middle East and Europe.
Ms Metreweli, who is highly regarded by colleagues, also worked as a director at MI5.
In a statement, she said she was “proud and honoured to be asked to lead my service”.
“MI6 plays a vital role – with MI5 and GCHQ – in keeping the British people safe and promoting UK interests overseas,” she said.
“I look forward to continuing that work alongside the brave officers and agents of MI6 and our many international partners.”
Sir Richard said: “Blaise is a highly accomplished intelligence officer and leader, and one of our foremost thinkers on technology. I am excited to welcome her as the first female head of MI6.”