Dubai Metro station renamed; 3 schools closed; 100 inspiring leaders; Real estate trends explained; Oman jobs update – 10 things you missed this week

A 725m skyscraper to be located on Sheikh Zayed Road was announced and analysts gave their views on million-dollar properties in the city.

Outside of the property market, a major rebranding for a busy Metro station was revealed and the KHDA gave an update on progress in the city’s education sector.

Arabian Business also revealed the identities of 100 of the most inspirational figures in the region.

On top of that there were major updates on the jobs market in Oman and a look ahead to the possibility of a recession in 2025.

Catch up with 10 of the biggest stories this week as selected by Arabian Business editors.

Major Dubai Metro station renamed for next 10 years

Dubai’s Roads and Transport Authority (RTA) has awarded the naming rights of Mashreq Metro Station to InsuranceMarket.ae.

Mashreq Metro Station will be fully rebranded as InsuranceMarket Metro Station for 10 years.

The station is on the Red Line between Mall of The Emirates and Dubai Internet City Metro Stations, strategically located on Sheikh Zayed Road.

Dubai closed 3 schools last year for failing to meet standards; best schools revealed by KHDA

Dubai’s Knowledge and Human Development Authority (KHDA) shut down three schools last year after they failed to meet educational standards in the emirate.

The KHDA is committed to ensuring that schools and educational institutions deliver the highest quality of education, in line with the leadership’s vision for Dubai to become a global leader in education and learning, according to Aisha Miran, Director General of KHDA.

Aisha Miran emphasised the Authority’s commitment to providing top-quality education in Dubai’s private schools. She highlighted ongoing efforts, such as the annual school inspections, to uphold educational standards. She noted that three schools were closed at the end of the 2023-2024 academic year for falling short of quality benchmarks, underscoring that student welfare remains a top priority.

Revealed: Arabian Business 100 Most Inspiring Leaders 2024

The Arabian Business Inspiring Leaders List spotlights the visionaries who have redefined the business landscape of the Middle East. From driving economic innovation to shaping industries and fostering creativity, this list recognises those at the pinnacle of leadership and influence.

In a region steeped in history and brimming with opportunity, these leaders stand out not only for their business acumen but for their ability to push boundaries, redefine industries, and chart bold new courses.

The Arabian Business Inspiring Leaders List isn’t just a roll call of success stories; it’s a testament to resilience, foresight, and the sheer will to transform both companies and communities. These figures aren’t just leading – they’re trailblazing.

Dubai real estate sales hit $12.9bn in August; top-performing areas and projects revealed

Dubai’s real estate market has experienced another strong month, with property sales in August totalling AED47.3bn ($12.9bn), a 40.8 per cent increase in value on the same month last year.

A market update issued by fäm Properties reveals that last month’s total of 16,159 transactions represented a 36.9 per cent increase in volume over August 2023, while the average price per sq. ft rose 6.1 per cent to AED1,493 ($407).

The most expensive individual property sold in August was a luxury apartment at the Dorchester Collection in Business Bay, which went for AED139m ($37.8m). The report also highlighted the top-performing area last month.

Is a recession coming in 2025?

The probability of a recession in 2025 is very likely, experts told Arabian Business, in light of recent economic data and market volatility.

Economists and market analysts are concerned about a recession next year due to shifting employment rates in the US, disappointing economic data, and global market volatility as was seen last month.

But is a recession in 2025 truly on the horizon, or are these fears overblown?

Dubai real estate: How much should you earn to buy property worth $1 million?

Dubai’s real estate market is booming, with property transactions hitting record highs. As local and international investors pour into the emirate, the $1 million price point has become a key focus.

But in this competitive landscape, what does it really take to secure a piece of Dubai’s property pie?

Industry experts weigh in on the financial requirements and hidden costs that potential buyers need to consider before taking the plunge in this fast-paced market.

Oman announces major jobs update, bans expats from some sales, engineering and tourism roles

Oman has announced major changes to employment laws in the country as it looks to prohibit expat workers from certain roles.

Jobs including web designers, travel agent, hotel reception manager and marketing specialist will become limited for Omani employees.

The announcement came from the Ministry of Labour, which issued Ministerial Decision No. 501/2024, amending the provisions of Ministerial Resolution No. 235/2022, which regulates the practice of certain professions. The rules expand the list of jobs prohibited for expat workers in the country, with the majority coming into effect immediately.

UAE real estate: Ras Al Khaimah property boom sees apartment capital values up by 35% and 9% rental yields ahead of Wynn Al Marjan Island casino opening

Ras Al Khaimah is emerging as a UAE real estate hub where investors can see property prices increase by 35 per cent in one year and rental yields of 9 per cent, according to analysts in the region.

Imobiliare Dubai said Ras Al Khaimah is fast gaining traction as one of the prime destinations for real estate investors in the UAE with a unique blend of natural beauty, strategic location, and forward-thinking development policies. The emirate’s real estate sector is on the brink of a significant upswing, offering an array of investment opportunities across residential and hospitality segments that promise robust returns and a high quality of life.

The real estate landscape in RAK has been marked by steadily increasing property values and exceptional returns on investment. In the past 12 months, the emirate has seen apartment capital values go up as much as 35 per cent, yielding internal rates of return (IRR) ranging from 20 per cent to 30 per cent.

Sheikh Hamdan appoints new CEOs for Dubai Government entities

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of Dubai Executive Council, issued a series of decisions pertaining to the appointment of new CEOs for Dubai Government entities.

Sheikh Hamdan issued Executive Council decisions appointing CEOs of various organisations.

Dubai real estate: Azizi Developments announce massive new $1.7bn tower ‘Burj Azizi’

Azizi Developments, a UAE-based private developer, has announced plans for Burj Azizi, a 725-metre skyscraper set to become the second tallest building globally.

The project, located on Sheikh Zayed Road in Dubai, is scheduled for completion by 2028.

The 131+ storey structure will launch for sales in February 2025. It will feature a seven-star hotel, residences including penthouses and holiday homes, and a range of amenities such as wellness centres, swimming pools, and cinemas.