Dubai rain recovery plan; UAE petrol prices; real estate investment tips; Schengen visa changes; tax warning – 10 things you missed this week

As workplaces, schools and everyday life gets back to normal Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council approced a major recovery plan and highlighted efforts of the Government and communities to get the city moving again.

Meanwhile, the UAE Central Bank gave instructions to banks and insurance companies to financially support people affected by the floods and heavy rain.

Elsewhere in the UAE, a theme park boss revealed the potential for amusement attractions in the country, a warning was issued to taxpayers, and petrol prices are on the verge of change.

The Dubai real estate sector rolls on, with analysis of the biggest rent surges, developers launching new projects and a detailed look at the best places for high returns for investors.

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

Sheikh Hamdan approves Dubai rain recovery plan: free accommodation, pest control, food, cleaning and security offered

Dubai will support communities with extra housing, cleaning, food and security as it recovers from the rain storms, which caused major disruption across the UAE.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said that guided by the visionary leadership of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the emirate is always prepared to respond effectively to any challenge.

Highlighting Dubai’s robust crisis response mechanisms, he said that Dubai’s readiness is further strengthened by the strong support of the government and the community.

UAE petrol prices to change for May 2024

The UAE is set to announce the new petrol prices for May in the coming days.

Petrol prices across the country saw a slight increase In April, as costs for motorists increased for three consecutive months.

Prices have fluctuated in the past 12 months, with prices going up and down. In April 2023, E-Plus 91 was priced at AED2.82 a litre, while diesel was set at AED3.03 a litre. E-Plus 91 and Diesel are both now more expensive (at AED3.03 a litre and AED3.09 a litre).

Revealed: Dubai’s top areas with the highest ROI on villas, apartments

The latest quarterly report released by real estate portal Bayut has revealed a list of the most popular areas with the highest returns on investment.

Throughout the first quarter of this year, Dubai recorded almost 37,000 property sale transactions worth a staggering AED109.6 billion, reflecting high investor confidence in the city.

Due to high demand, sales prices for apartments and villas in the city’s most prominent neighbourhoods saw modest surges reaching up to 7 percent.

UAE orders banks and insurance companies to allow 6 months of payment deferrals without cost following heavy rainfall

UAE banks and insurance companies have been told to offer customers payment deferrals of up to six months without additional costs as they deal with the impact of severe rain in the country.

The Central Bank of the UAE has issued a notice to all banks and insurance companies to allow the deferral of repayment of instalments of personal and car loans for customers affected by the repercussions of the weather condition for a period of six months.

The deferral shall be without imposing additional fees, interest or profits, or otherwise increase the principal amount of the loan for the deferral of the repayment of instalments.

Dubai real estate: Emirati developer Binghatti to unveil new Dubai Hills megaproject

Dubai-based developer Binghatti is launching a new mega real estate development in the Dubai Hills district.

The landmark development, Binghatti Hills, is set to be the largest project within Dubai Hills, with 1,666 residential units across a massive land area and 21 retail spaces.

The project’s unveiling ceremony will be held on April 29 and will be followed by a four-day sales event at the Four Seasons Jumeirah, Dubai. The ceremony will provide the first insights into Binghatti’s ambitious plans to deliver a landmark development for the Dubai Hills community.

EU approves 5-year Schengen Visas for Saudi, Omani, and Bahraini citizens

The European Union has announced changes to visa policies for citizens of Saudi Arabia, Oman, and Bahrain.

At a forum between the EU and GCC in Luxembourg, EU foreign policy chief Josep Borrell said the Commission had harmonised rules for multi-entry visas granted to citizens of the three Arabian Gulf countries.

The new regulations allow multiple entries to visit the border-free Schengen zone of Europe over the five-year period, representing a significant step toward strengthening ties between the EU and GCC nations.

Dubai real estate: Palm Jumeirah villas see highest rent price surge of 63% in Q1 2024

Villas and townhouses in Dubai’s Palm Jumeirah neighbourhood recorded the highest rent price increase at 63 percent this quarter compared to the corresponding period in 2023, a new report revealed.

The Espace Real Estate Q1 2024 Market Report showed that rent prices for villas and townhouses in Palm Jumeirah rose from an average of AED 656,114 in Q1 2023 to around AED 1.07 million in Q1 2024. This exceptional surge highlights the enduring appeal and premium status of this iconic community.

The Dubai residential rental market experienced substantial price hikes across various communities. According to the market review, some communities witnessed staggering increases, while others saw more modest growth.

UAE theme parks rival Orlando in scope, with giant potential market of 3bn visitors, LEGOLAND Dubai boss says

The UAE is quickly becoming a major global theme park destination, positioning itself as a potential rival to Orlando’s domination as the theme park capital of the world.

From investing in world-class parks to attracting global brands, the UAE is drawing more international visitors seeking premium theme park experiences. A visit to LEGOLAND Dubai Resort’s “Legopit” reveals this trend in action, where children from over 160 nationalities came together to build memories with LEGO bricks last year.

According to the International Association of Amusement Parks and Attractions (IAAPA), the UAE was recognized as the fastest-growing amusement park market within the MENA region last year. Consumer spending at theme parks and related destinations in the MENA region is projected to grow at an annual rate of 10.9 percent. By the end of this year, it is forecasted to reach $474 million, according to IAAPA.

UAE issues tax warning

UAE authorities have told taxpayers to submit applications or face fines.

The Federal Tax Authority (FTA) has called on resident juridical persons who are taxable persons for Corporate Tax purposes with licences issued in January and February (regardless of the year of issuance) to submit their Corporate Tax registration applications no later than May 31 2024, to avoid violating UAE tax law.

In statement issued on Subday, April 21, the Authority stressed the importance of submitting Corporate Tax registration applications within the time frames specified in FTA Decision No.3 of 2024, which came into effect from March 1 2024, taking into consideration that Cabinet Decision No. 10 of 2024 issued an administrative penalty on the taxable person who has not submitted a registration application within the prescribed timeline.

Dubai Government orders early salary payment for April

Dubai Government will pay salaries early in April as it looks to support communities following heavy rainfall in the UAE.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, has directed the early disbursement of April salaries for government employees, military personnel, military retirees, and recipients of government social benefits in the emirate on Tuesday, 23 April.

This decision reflects the Crown Prince’s commitment to supporting employees and their families, amidst the extreme weather conditions faced by the country.