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Abu Dhabi’s real estate sector has experienced a significant surge in foreign direct investment (FDI), with a 225% increase in the first half of 2024 compared to the same period in 2023. The emirate attracted AED 3.28 billion ($893 million) from 971 individual investors spanning 75 countries, including the United States, the United Kingdom, China, Kazakhstan, and Russia. ([adrec.gov.ae](https://adrec.gov.ae/en/News/Foreign-Direct-investments?utm_source=chatgpt.com))

This influx of foreign capital underscores the growing confidence in Abu Dhabi’s property market. The Abu Dhabi Real Estate Centre (ADREC), the regulatory body overseeing the sector, attributes this growth to strategic initiatives aimed at positioning the emirate as a premier global investment destination. Rashed Al Omaira, Acting Director General of ADREC, emphasized the emirate’s commitment to creating a business-friendly environment characterized by innovation, transparency, and efficiency. ([adrec.gov.ae](https://adrec.gov.ae/en/News/Foreign-Direct-investments?utm_source=chatgpt.com))

In the first half of 2024, the real estate market recorded 12,439 transaction activities valued at AED 36.2 billion ($9.85 billion). This includes AED 23.7 billion from 7,088 sales and purchase transactions and AED 12.5 billion from 5,351 mortgage transactions. ([adrec.gov.ae](https://adrec.gov.ae/en/News/Foreign-Direct-investments?utm_source=chatgpt.com))

The surge in FDI is part of a broader trend of international interest in Abu Dhabi’s real estate. In February 2024, Fiera Capital, a Toronto-listed fund managing $166 billion in assets, announced the opening of its first Middle East office in Abu Dhabi. The firm plans to establish an office in Saudi Arabia within the next 18 to 24 months, aiming to engage more closely with sovereign wealth funds, family offices, pension funds, and listed corporations in the region. ([Financial News London](https://www.fnlondon.com/articles/fiera-capital-plans-saudi-arabia-office-following-middle-east-foray-in-2024-ac7cc384?utm_source=chatgpt.com))

Additionally, Abu Dhabi’s Modon Holding has been active in international real estate investments. The company acquired half of Citadel’s new office tower at Broadgate in the City of London, marking a strategic entry into the London real estate market. The tower at 2 Finsbury Avenue is set to complete in 2027 and is one-third pre-let to Citadel. ([ft.com](https://www.ft.com/content/ed5b219c-e18a-4b8b-bfe8-88430f7dbd76?utm_source=chatgpt.com))

Modon Holding also expanded its portfolio by acquiring the luxury development La Zagaleta in Marbella, Spain. This acquisition includes the Majarambuz project, a 2.2 million square meter development in Sotogrande. The group plans to develop these areas while maintaining the exclusivity and legacy of the original developments. ([Cinco Días](https://cincodias.elpais.com/companias/2024-12-19/modon-holding-con-sede-en-abu-dabi-adquiere-en-marbella-la-urbanizacion-de-lujo-la-zagaleta.html?utm_source=chatgpt.com))

In Egypt, a partnership between Egypt’s Safwat Kaliouby Group (SKG) and the Emirati KSH Investment Company resulted in a 24 billion Egyptian pound ($500 million) agreement to develop a real estate project along the Nile in Cairo. The project will span 20,000 square meters and include residential and commercial towers, as well as a five-star hotel. ([reuters.com](https://www.reuters.com/markets/deals/egyptian-emirati-companies-sign-500-mln-real-estate-deal-egypt-2024-07-09/?utm_source=chatgpt.com))

These developments highlight Abu Dhabi’s growing influence in the global real estate market and its strategic efforts to attract and deploy foreign direct investment. The emirate’s focus on creating a transparent and efficient investment environment continues to position it as a preferred destination for investors worldwide.

The Ras Al Khaimah Economic Zone (RAKEZ) has achieved an extraordinary milestone in 2024, welcoming over 13,000 new companies into its business ecosystem. This record growth marks a significant expansion for the free zone, reflecting its growing appeal to both regional and international businesses looking to capitalize on the strategic advantages offered by the UAE’s business-friendly environment.

This surge in company registrations can be attributed to a combination of factors, including the free zone’s comprehensive range of services, its cost-effective infrastructure, and the robust business climate in Ras Al Khaimah. As one of the fastest-growing economic zones in the region, RAKEZ has established itself as a vital hub for diverse industries, including manufacturing, logistics, technology, and services.

The 13,000 new companies span various sectors, underlining the broad interest in the region’s diverse economic opportunities. This growth not only strengthens RAKEZ’s position as a key player in the UAE’s economic landscape but also contributes significantly to the emirate’s overall economic development.

The free zone’s flexibility in offering tailor-made business solutions has become increasingly attractive to entrepreneurs, particularly in sectors like technology, e-commerce, and logistics, which have seen significant demand for their services. RAKEZ’s efforts to continuously enhance its infrastructure, improve customer services, and adapt to market trends have played a central role in its success.

Key to RAKEZ’s growth has been its ability to provide businesses with efficient, cost-effective solutions for setting up operations in the UAE. The zone offers a range of services, including 100% foreign ownership, zero taxation, and a simple licensing process that is especially appealing to start-ups and international companies entering the Middle East market.

Another factor contributing to the zone’s growth is the ongoing global demand for logistics and manufacturing services. As the UAE continues to develop as a global trade hub, companies in these sectors are finding Ras Al Khaimah’s strategic location and modern infrastructure increasingly appealing for establishing a foothold in the region.

For many entrepreneurs and international companies, RAKEZ’s proximity to key markets in Europe, Asia, and Africa is a major draw. The economic zone’s proximity to ports, airports, and trade routes makes it an ideal location for global logistics companies looking to expand their footprint in the Middle East and North Africa (MENA) region. With modern infrastructure that includes state-of-the-art warehouses and business parks, RAKEZ has become a preferred choice for firms seeking to establish a presence in this region.

RAKEZ’s efforts to promote innovation and technology-based industries have been a cornerstone of its success. The free zone has attracted a growing number of technology-driven companies, with particular focus on areas such as artificial intelligence, data analytics, and software development. With initiatives aimed at fostering innovation, RAKEZ continues to position itself as a leading destination for tech start-ups and established firms alike.

The zone has also focused on sustainability, which has increasingly become a significant factor for companies when choosing their business location. The UAE’s commitment to green initiatives, combined with RAKEZ’s sustainable infrastructure and green energy solutions, has contributed to its reputation as a responsible and forward-thinking business environment.

RAKEZ’s strategic focus on customer satisfaction and ease of doing business has been another key factor behind its success. The free zone provides a wide array of services that streamline the process for businesses, including fast-track licensing, streamlined visa processing, and operational support. The customer-centric approach has made it easier for companies to set up and grow, which in turn has contributed to RAKEZ’s ongoing expansion.

The steady rise in the number of new business registrations can also be seen as a testament to the overall economic resilience of Ras Al Khaimah. The emirate has shown impressive growth in various sectors, with increased foreign direct investment (FDI) and a stable business environment that continues to attract international players.

Another key driver for RAKEZ’s success has been the government’s commitment to fostering economic diversification. The UAE’s focus on creating a conducive environment for businesses to thrive has played a crucial role in ensuring that RAKEZ remains an attractive option for entrepreneurs and multinational corporations. By encouraging investment in non-oil sectors, the government has made significant strides in positioning the country as a diversified, future-ready economy.

As the global business landscape continues to evolve, RAKEZ is well-positioned to remain a major player in the UAE’s free zone ecosystem. The region’s continued growth will be shaped by its ability to attract new companies, encourage innovation, and adapt to the changing needs of a globalized economy. With its increasing prominence in key sectors like logistics, manufacturing, and technology, RAKEZ is set to remain a crucial component of Ras Al Khaimah’s economic development strategy.

Abu Dhabi-based private equity firm MGX has made a substantial contribution to former President Donald Trump’s ambitious $100 billion artificial intelligence (AI) initiative. This investment, reportedly one of the largest in the tech space, is set to fuel groundbreaking developments in AI technology, specifically in areas like data processing and autonomous systems. The strategic partnership between MGX and Trump’s venture signals the UAE’s growing interest in the AI sector and positions both entities as key players in the global AI race.

The AI project, which aims to revolutionize industries such as healthcare, finance, and manufacturing, is part of Trump’s broader strategy to solidify his legacy in technological innovation. The initiative, described as the largest private-sector investment in AI, is intended to foster a new era of automation and machine learning. Experts in the field believe the collaboration with MGX could accelerate the timeline for implementing AI technologies at scale.

MGX, which has a history of backing high-profile ventures, is known for its investments in technology startups and its involvement in cutting-edge sectors. The firm’s decision to back Trump’s AI initiative underscores the growing convergence between Middle Eastern capital and American tech ventures. This partnership comes at a time when both the UAE and the United States are competing to lead in the rapidly evolving AI landscape.

The move also aligns with the UAE’s vision to diversify its economy and establish itself as a global leader in emerging technologies. Through strategic investments, the country has sought to expand its footprint in the global tech market, which is rapidly becoming dominated by AI-driven advancements. In recent years, the UAE has invested heavily in tech startups and AI research, positioning itself as a hub for innovation in the Middle East.

MGX’s contribution to the AI initiative marks a significant step in its expansion plans, particularly in terms of its growing influence in the global tech industry. The firm’s investment in AI technologies follows its track record of supporting businesses that aim to revolutionize established sectors. By entering the AI space, MGX not only bolsters its portfolio but also positions itself at the forefront of a rapidly evolving field.

Trump’s AI venture is expected to have far-reaching implications, particularly in sectors such as autonomous vehicles, smart cities, and healthcare. The potential of AI to automate complex tasks and process massive datasets holds the promise of transforming industries and improving efficiency across multiple sectors. However, experts warn that the ethical and societal impacts of widespread AI adoption will need to be carefully managed, with attention to issues such as job displacement and data privacy.

While the details of the deal between MGX and Trump’s venture remain closely guarded, insiders suggest that the collaboration will focus on the development of AI systems capable of transforming traditional industries. This includes advancements in predictive analytics, machine learning algorithms, and natural language processing, all of which have the potential to revolutionize how businesses operate.

The partnership is also expected to draw attention from policymakers and regulators, especially as the global debate over the regulation of AI intensifies. As AI becomes an increasingly powerful tool, questions about its ethical use, data security, and impact on employment will likely become central to the political discourse. Trump’s backing of AI is likely to spur more interest from global governments seeking to navigate the complex issues surrounding AI deployment.

At the heart of this initiative is the drive to position AI as a catalyst for economic growth and technological advancement. By aligning himself with MGX, Trump is positioning his venture at the intersection of innovation and capital, securing the funding necessary to scale his AI vision. The partnership serves as a demonstration of how private sector investments can shape the future of technological development, particularly in a field as dynamic and impactful as artificial intelligence.

For MGX, this deal represents a further expansion into the global tech sector, adding to its diverse portfolio of high-value investments. The firm’s deep pockets and commitment to backing groundbreaking technologies make it an influential player in the AI field. As the demand for AI solutions grows, particularly in sectors like healthcare and finance, MGX’s stake in the AI space is poised to yield substantial returns in the coming years.

As AI technology continues to evolve, both MGX and Trump’s venture are betting on its transformative power. The partnership serves as a reminder of the growing influence of private equity in shaping the future of technological development. With the combined resources of MGX and Trump’s ambition, the AI venture is set to become a cornerstone in the next wave of technological innovation.

Dubai Investments is gearing up to take its subsidiary companies public, with plans for an initial public offering (IPO), according to the company’s CEO. The move reflects the growing trend among Middle Eastern conglomerates to unlock value and attract investment by listing some of their high-performing subsidiaries. The company, a prominent player in the UAE’s investment sector, has not specified a timeline or details about which subsidiaries will be included in the offering, but the announcement marks a significant step in Dubai Investments’ ongoing strategy to diversify its capital base and enhance its market position.

The UAE has seen a surge in IPO activity in recent years, with companies from various sectors, including real estate, energy, and financial services, opting to go public to leverage favorable market conditions. Dubai Investments, with its diverse portfolio spanning sectors like manufacturing, real estate, and healthcare, is positioning itself to tap into this growing market momentum.

The decision to pursue an IPO aligns with the broader push by UAE-based companies to boost their financial profiles and capital flexibility. UAE’s stock exchanges have seen a revival of IPO activity, with several high-profile listings, such as those of Dubai-based Emirates Central Cooling Systems Corporation (Empower) and the real estate developer Emaar Properties. These IPOs, coupled with the UAE government’s efforts to make the country more attractive to foreign investors, have set a strong precedent for other major firms like Dubai Investments to follow suit.

CEO of Dubai Investments, Khaled Al Huraimel, expressed optimism regarding the company’s plans, pointing to a robust market appetite for high-growth companies with a diversified asset base. He emphasized that the decision to list subsidiaries will help maximize shareholder value and unlock greater capital for reinvestment into core operations. With Dubai’s stock market seeing record levels of participation, the potential for a successful IPO seems favorable.

As part of Dubai Investments’ growth strategy, the IPOs will likely be part of a broader restructuring that focuses on enhancing operational efficiencies and sharpening the strategic direction of its subsidiary companies. These subsidiaries, which include some of the UAE’s most successful ventures in manufacturing, real estate, and healthcare, stand to benefit from increased visibility and liquidity once listed. The capital raised from the IPO could be reinvested into expanding these businesses, as well as funding new projects and acquisitions, further solidifying Dubai Investments’ footprint in the region.

Market analysts expect the IPOs to create a ripple effect across the UAE’s business landscape, potentially encouraging other conglomerates in the region to pursue similar paths. By going public, Dubai Investments and its subsidiaries will gain access to a larger pool of capital, allowing them to expand operations more aggressively, strengthen market share, and accelerate their regional and international growth plans.

The UAE government’s pro-business initiatives, including efforts to attract foreign investments and regulatory reforms aimed at increasing market transparency, have made the country an attractive destination for initial public offerings. These efforts are part of the UAE’s broader economic diversification strategy, which aims to reduce reliance on oil revenues and foster the growth of non-oil sectors. The country’s stock exchanges, particularly the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX), have benefited from these policies, experiencing increased investor interest and a rise in IPOs in recent months.

Experts believe that the market conditions are ripe for Dubai Investments to capitalize on the growing investor demand for stocks from well-established firms with strong operational histories. With a track record of success across various sectors, Dubai Investments is well-positioned to attract a wide range of institutional and retail investors who are eager to tap into the growth potential of its diverse subsidiary companies.

The company’s move to pursue an IPO comes at a time when Dubai is further consolidating its position as a regional financial hub, thanks to government-backed initiatives aimed at making the city an appealing destination for business and investment. Dubai’s ease of doing business, robust infrastructure, and investor-friendly regulations make it a favorable environment for companies like Dubai Investments to expand their capital base and achieve long-term growth.

However, the decision to go public also carries risks. IPOs can be volatile, particularly in times of global uncertainty or market fluctuations. Dubai Investments will need to carefully navigate the process to ensure that its subsidiaries are positioned for success post-listing. The company’s management will also need to ensure that the IPOs do not dilute the control or influence of its parent company, preserving its strategic direction and long-term vision.

For Dubai Investments, listing its subsidiaries is a key part of its transformation and efforts to modernize its portfolio. While the IPO route is seen as a way to enhance liquidity and raise capital, it also provides an opportunity to unlock value from a number of high-growth subsidiaries, many of which have proven resilient in the face of economic challenges.

DP World has launched a multi-currency stablecoin aimed at transforming cross-border trade payments. This initiative seeks to reduce settlement costs, enhance transparency, and expedite transaction times for international businesses.

The company is collaborating with leading financial institutions and technology providers to address inefficiencies in traditional cross-border payment systems. By leveraging blockchain technology, DP World aims to offer a more efficient and secure alternative to conventional banking methods.

The stablecoin solution is designed to simplify and accelerate cross-border payments, ultimately helping businesses in emerging economies navigate the complexities of global trade and unlock new growth opportunities. This initiative is part of DP World’s broader strategy to offer end-to-end solutions for its customers and facilitate seamless global trade.

Sultan Ahmed bin Sulayem, DP World’s group chairman and CEO, emphasized the significance of this development, stating, “By introducing stablecoin-based payment options, we are not just addressing a critical gap in the trade ecosystem but also reaffirming our commitment to innovation and leadership in global commerce. This initiative aligns with DP World’s broader mission to enhance trade flows and economic development in regions that need it most.”

The new payment system is designed to drastically reduce settlement costs and times for cross-border transactions. For example, a textile manufacturer in Ethiopia that exports raw cotton to an Indian fabric producer currently faces significant delays in receiving payments due to the traditional correspondent banking systems, which require multiple intermediaries. This process often leads to settlement times extending over several days, or even weeks. By adopting stablecoin-based payments, DP World aims to streamline this process, reducing both the time and cost associated with cross-border transactions.

The initiative also seeks to improve financial accessibility for businesses of all sizes. In the Ethiopian example, the textile supplier faces cash flow constraints that limit its ability to scale operations or meet new orders. Similarly, the Indian fabric producer is often unsure whether shipments will be dispatched on time due to payment delays. The stablecoin solution will provide more predictable, real-time transactions that can help both businesses plan and manage their operations more efficiently.

The Abu Dhabi government has unveiled the “Abu Dhabi Government Digital Strategy 2025-2027,” a comprehensive plan to establish the emirate as a global leader in artificial intelligence (AI)-driven governance. Spearheaded by the Department of Government Enablement – Abu Dhabi (DGE), the strategy entails an investment of Dhs13 billion over the next three years to foster innovation and accelerate technology adoption across government operations.

Central to this initiative is the ambition to become the world’s first fully AI-native government by 2027, integrating AI across all digital services. The strategy outlines the deployment of over 200 innovative AI solutions aimed at enhancing public service delivery and optimizing governmental processes. This move is expected to contribute more than Dhs24 billion to Abu Dhabi’s gross domestic product (GDP) by 2027 and create over 5,000 new jobs, aligning with the emirate’s economic diversification and Emiratisation efforts.

A significant component of the strategy is the “AI for All” program, designed to equip citizens with the necessary skills to leverage AI applications effectively. This initiative underscores the government’s commitment to inclusive technological advancement, ensuring that the benefits of AI integration are accessible to the entire population.

The strategy also emphasizes the development of a robust digital infrastructure, aiming for 100% adoption of sovereign cloud computing for government operations and the complete digitization and automation of processes. This includes the creation of a unified digital enterprise resource planning (ERP) platform to streamline operations and enhance efficiency.

His Excellency Ahmed Hisham Al Kuttab, Chairman of the DGE, stated, “The Abu Dhabi Government Digital Strategy 2025-2027 reflects our leadership’s vision of being an AI-native government, seamlessly integrating AI across all government systems for a future that is proactive, agile, and fully technology-enabled.” He added that incorporating AI, cloud technologies, and data-driven insights will transform public service delivery, optimize government operations, and drive sustainable economic growth.

This strategic move builds upon more than a decade of digital evolution in Abu Dhabi, transitioning from e-government to smart services, and now to AI-powered governance. Recent initiatives, such as the third evolution of the TAMM platform (TAMM 3.0) and the Abu Dhabi Program for Effortless Customer Experience, lay the foundation for next-generation digital solutions rooted in AI, sustainability, cloud computing, and data analytics.

The government’s commitment to cybersecurity is also evident, with plans to develop comprehensive digital guidelines and frameworks to maintain the highest standards of security. This proactive approach aims to prepare the emirate for future technological challenges and ensure the integrity of its digital infrastructure.

The International Monetary Fund (IMF) has revised its 2025 gross domestic product (GDP) growth projection for Saudi Arabia downward to 3.3%, attributing this adjustment primarily to the extension of oil production cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

This revision marks a significant decrease from the IMF’s earlier forecast of 4.6% growth for the same period. The 2024 growth estimate has also been lowered to 1.4%. These adjustments have influenced the broader economic outlook for the Middle East and Central Asia region, with the IMF now anticipating a growth rate of 3.6% in 2025, down from the 3.9% projected in October.

The downward revision is largely due to the decision by OPEC+ to extend oil production cuts. In December, the alliance, which includes Saudi Arabia, postponed the commencement of output increases by three months to April 2025 and further extended the full unwinding of cuts, citing concerns over weak demand and rising production from non-OPEC+ countries.

Despite the anticipated slowdown in oil sector growth, Saudi Arabia is actively pursuing its Vision 2030 initiative, aimed at diversifying the economy and reducing dependence on oil revenues. The non-oil sector has shown resilience, with projections indicating growth rates exceeding 4% in both 2024 and 2025. This expansion is supported by substantial investments in large-scale projects, including NEOM and the Red Sea developments.

The IMF also forecasts a 2.6% decline in energy commodity prices for 2025, a more significant drop than previously expected. This projection reflects the complex dynamics of global oil markets, where production decisions by major exporters like Saudi Arabia play a crucial role in influencing prices.

Hedge funds are recalibrating their positions in the oil market as geopolitical tensions in the Middle East introduce new uncertainties. The recent escalation of conflicts, particularly involving Israel and Iran, has prompted a reassessment of oil price trajectories among major financial players.

In October 2024, oil futures and options trading reached unprecedented levels. The Intercontinental Exchange (ICE) reported a total of 68.44 million barrels traded, surpassing the previous record set in March 2020. Similarly, the CME Group noted a single-day volume record for weekly crude oil options on October 18, with 58,132 contracts exchanged. This surge in trading activity reflects heightened concerns over potential disruptions to oil infrastructure and anticipated price volatility due to the ongoing Middle East conflicts.

Despite the geopolitical turmoil, oil prices have exhibited volatility. Following initial spikes due to fears of supply disruptions, Brent crude futures experienced a decline of approximately $4 per barrel, fluctuating between $70 and $81 throughout October. This price movement underscores the market’s complex response to geopolitical events and underlying supply-demand dynamics.

Market analysts have observed that while geopolitical conflicts pose upward risks to oil prices, traders are also contending with weak fundamentals projected for 2025. Factors such as potential oversupply, especially if OPEC+ decides to increase production, contribute to a bearish outlook. In response, the market has seen a notable 38% year-on-year increase in West Texas Intermediate (WTI) crude oil monthly options traded on the CME, indicating a strategic shift towards options for risk management.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have played a pivotal role in influencing market sentiment. In October, OPEC+ decided to delay its planned December output increase by one month to counteract weak demand and rising supply pressures. This decision reflects the group’s cautious approach in navigating the delicate balance between supporting prices and maintaining market share.

Hedge funds’ strategies have evolved in tandem with these developments. In September 2024, money managers reduced their combined net-long positions on Brent and WTI by 99,889 lots, bringing the total to 139,242 lots—the lowest level recorded since March 2011. This significant reduction in bullish bets indicates a cautious stance amid concerns of growing supply and weakening demand.

However, the landscape shifted in October as geopolitical tensions escalated. The increased risk of a region-wide Middle East war led to a 3% rise in oil prices, with Brent surpassing $80 per barrel for the first time since August. This price movement was likely driven by money managers closing bearish bets due to the heightened risk of disruptions to Middle Eastern oil supplies.

The Dubai Land Department (DLD) has announced that private property owners along Sheikh Zayed Road—from the Trade Centre Roundabout to the Water Canal—and in the Al Jaddaf area are now eligible to convert their properties to freehold ownership. This policy change is applicable to all nationalities, encompassing a total of 457 plots: 128 on Sheikh Zayed Road and 329 in Al Jaddaf.

To initiate the conversion process, property owners should first verify their eligibility through the “Dubai REST” application. The procedure requires submitting an application to the DLD for property evaluation and valuation. Following this, common area fees and service charges will be determined in line with the Real Estate Regulatory Authority’s guidelines. A conversion fee amounting to 30% of the property’s valuation, based on its Gross Floor Area, will be applicable. Upon payment, a new map and freehold ownership title deed will be issued to the owner.

This initiative is anticipated to enhance the market value of properties in these areas, particularly for those opting for freehold conversion. It is also expected to bolster the economic appeal of these locations, paving the way for real estate developments tailored to freehold investors and attracting new investment to Sheikh Zayed Road and Al Jaddaf.

Eng. Marwan Ahmed bin Ghalita, Director General of DLD, stated that enabling private property owners in the designated areas to convert their properties to freehold ownership will drive significant growth in Dubai’s real estate sector. This move aligns with Dubai’s Real Estate Strategy 2033, reinforcing the city’s position as a global economic hub and a leading destination for real estate investment.

The distinction between leasehold and freehold ownership is significant. Leasehold grants property rights for a fixed term, up to 99 years, without ownership of the land. In contrast, freehold ownership provides absolute ownership of both the property and the land it occupies, allowing owners to sell, lease, or occupy at their discretion. While the initial cost of purchasing a leasehold property may be lower, there are limitations on modifications, which often require approval from the freehold owner.