The best places to work in the UAE, Qatar, Kuwait and Bahrain were announced this week.
Global workplace culture specialists Great Places to Work revealed the list of highly regarded employers across the GCC for 2024.
Saudi Arabia hit the headlines after tax authorities gave companies a deadline to submit VAT returns or risk facing hefty fines.
Dubai real estate, as ever, was a hot topic this week, with Emaar Properties announcing a major expansion of the Oasis project, waterfront property investments in the spotlight and new financing for cross-border payments being announced.
Elsewhere, Oman announced a three-day weekend holiday, a new taxi service for Dubai millionaires was revealed and UAE restaurants shared ambitious plans for global domination.
Catch up with 10 of the biggest stories this week, as selected by Arabian Business editors.
Revealed: Best places to work in the UAE, Qatar, Kuwait, Bahrain and Oman
The best places to work in the UAE, Qatar, Kuwait, Bahrain and Oman have been revealed, in a survey identifying top employers in the region.
Great Place to Work has revealed the list of Best Workplaces in the GCC countries for the year 2024.
The list recognised organisations across the UAE, Qatar, Kuwait, Bahrain and Oman for creating outstanding workplace cultures, fostering employee engagement, satisfaction and productivity.
Saudi Arabia issues VAT warning
Saudi Arabia tax authorities have warned businesses to submit VAT returns or face hefty fines.
The Zakat, Tax, and Customs Authority (ZATCA) has extended an invitation to businesses that are subject to value-added tax (VAT) and have annual supplies exceeding SR40m ($10.7m). They are required to submit their VAT returns for last January no later than February 29 of this year.
The ZATCA urged entities to promptly submit their VAT returns through the official website zatca.gov.sa or by using the ZATCA smartphone application. This act is to ensure that they avoid incurring fines for late submission, which can range from 5 per cent to 25 per cent of the declared VAT returns.
Oman announces holiday, declares 3-day weekend for schools
Oman has announced a new holiday and declared a 3-day weekend for public and private schools in the country.
To recognise and celebrate the impact of educators, Teachers’ Day, February 24 has been declared an official holiday for all educational bodies.
New Dubai taxi firm targets millionaires with member-only service to compete with Emirates First Class
“In the past few years, a lot of European high net worths moved to Dubai and many Middle Eastern residents have experienced our services in London and Paris. Dubai also became the most requested destination by our customers,” Anton Chirkunov, Co-Founder and CEO of WHEELY said in an exclusive interview with Arabian Business.
“There is a lot of opportunity with the city’s almost 70k millionaires,” he added.
Dubai real estate: The true cost of buying property beyond the listing price
Buying property in Dubai is widely seen as a great investment, but prospective buyers must consider more than just the advertised listing price.
Additional fees, charges, insurance costs, and recurring expenses come into play that significantly increase the total cost of ownership.
UAE real estate market boost as finance giants offer cross-border payments for international property investors
UAE property investors have been handed a financing boost, thanks to an international payment innovation from a trio of finance companies. Visa has partnered with Checkout.com and MENA digital real estate investment platform Stake to introduce an innovative cross-border account funding solution.
This first-of-its-kind partnership in GCC leverages Visa Direct cross-border Account Funding Solution, enabling consumers to seamlessly and swiftly upload funds to their Stake accounts to invest in prime rental properties in the UAE.
This cutting-edge solution simplifies digital payments, ensuring seamless and convenient investments from anywhere in the world. It creates a new digital investment opportunity for both regional and international investors, facilitating their entry into the vibrant UAE real estate market and promoting the democratisation of real estate investment.
UAE rain: Cooler weather, rough seas and heavy showers forecast across the country
UAE weather forecasters are braced for more rain as they predict showers on Monday and Sunday.
The National Centre of Meteorology (NCM) forecasts that the UAE will experience a surface low-pressure system extending from the Southwest on Sunday and Monday, accompanied by an extension of an upper air depression and a westerly trough.
This will result in the influx of clouds from the west at intervals. The NCM stated that the weather on Sunday and Monday will be partly cloudy to cloudy at times with a chance of light to moderate rainfall, which might be heavy at times over some Northern, Eastern, and coastal areas with a decrease in temperatures by Monday especially westward.
Dubai real estate: Emaar Properties announces MASSIVE expansion of The Oasis project
The project, known for its architectural design and interiors by renowned global talents, now presents an astounding 108 percent increase in lush landscapes, bringing the total development value up from AED34bn to AED73bn.
“With The Oasis’ expansion, this extraordinary development is growing not only in size but also in vision, enabling us to bring significant new projects to the market and further elevating Emaar’s sales levels. The AED73bn investment exemplifies Emaar’s objective of creating living spaces that combine luxury and sustainability, establishing The Oasis as an exemplary model for integrating opulent living with a greener future in Dubai’s dynamic landscape,” Mohamed Alabbar, founder of Emaar Properties said.
Dubai real estate: Is waterfront better than other properties? Experts weigh in
The Dubai real estate market is experiencing a surge in demand for waterfront properties, both in the sales and rental sectors. Prime locations like Palm Jumeirah, Jumeirah Lakes Towers (JLT), and Dubai Marina are seeing a significant uptick in interest. But beyond the hype, what are the benefits of choosing a waterfront property over other options?
“Investing in waterfront properties can offer exceptional returns due to the city’s renowned reputation for luxury living and its stunning coastline,” said Sean McCauley, CEO of Devmark in an exclusive interview with Arabian Business.
As per recent market statistics, Palm Jumeirah, Dubai Marina, Business Bay and Jumeirah Lakes Towers (JLT) continue to remain areas with high rental and investor interest, all boasting waterfront views. Despite their higher upfront cost, waterfront properties tend to appreciate in value at a faster rate, making them a prime option for investors seeking long-term returns.
Dubai restaurants go global: GAIA, Pickl, WOK BOYZ head to Miami, London, Canada as UAE dining takes on world
Fundamental Hospitality, Yolk Brands, and WOK BOYZ – three leading homegrown operators – have shared ambitious plans with Arabian Business to take their locally crafted concepts to new markets in London, Miami, Toronto, and across the Gulf region in 2024.
The expanding global footprint of these brands could instigate a wider trend in the UAE, transforming it from a destination that imported franchised chains to one that exports authentic homegrown creations worldwide. Industry experts see this as a significant step that could elevate the country’s status as a culinary hub.
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