Dubai real estate supply; Emirates named ‘World’s Best Airline’; $100m startup boost; Best Arab universities; Saudi expat job skill tests – 10 things you missed this week

Elsewhere, Saudi Arabia’s testing of skills for expat workers was in focus,  the 50 best Arab universities were revealed and former UK Boris Johnson spoke to Arabian Business about conflict in the Middle East, his liking for Donald Trump and more.

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

Emirates named ‘World’s Best Airline’; Qatar Airways and Etihad in Top 10

Emirates has been named as the “World’s Best Airline” in a comprehensive and methodological study by Telegraph Travel.

The ranking of 90 global carriers also featured Qatar Airways and Etihad in the top 10 and Middle East carriers Oman Air and Saudia in prominent positions.

Described as a “worthy winner,” the study announced that Emirates “ticks nearly every box, from baggage allowance to punctuality. It is the airline that operates the largest number of double-decker Airbus A380s, the jet that passengers love best – because it offers most space and legroom in all cabins, including economy. Premium economy on its A380s is the best in the sky. Business class never disappoints and comes with a chauffeur to drive you to and from the airport, increasingly a rarity. First class has the finest wine list of any carrier – and showers.

Dubai real estate market to add 90,000 new homes in 2 years; fastest-growing areas revealed

The Dubai real estate sector is heading for another peak in 2024 and property sector growth is set to continue over the next two years, with a record 90,000 new homes set to enter the market.

Figures released by fäm Properties underline the market’s capacity to keep pace with demand, with 1,034 projects, adding up to a total of 288,020 units, currently under construction.

Meanwhile, the all-time high of 101,654 yearly launched units set in 2023 looks set to be eclipsed, with the total for 2024 currently standing at 99,779, and counting.

Sheikh Hamdan announces $106m Dubai rural development investments with outdoor cinema, luxury camping, new cycle routes, kayaking, hot air balloons hiking trails and safaris

Dubai will invest AED390m ($106m) in projects to enhance rural and countryside tourism.

A portfolio of projects will see the introduction of five themed areas in dessert areas with plans for an outdoor cinema, luxury camping, a traditional market, new cycle routes, kayaking, hot air balloons hiking trails, safaris and much more. The plan includes the development of five service and recreational stations to provide an exceptional tourist experience for residents and visitors. These projects will be implemented in partnership with the private sector.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, Chairman of Dubai Executive Council, and Chairman of the Higher Committee for Development and Citizen Affairs in Dubai, approved the master plan for the Saih Al Salam Scenic Route.

Dubai Holding Asset Management rebrands residential leasing portfolio housing over 150,000 residents

Dubai Holding Asset Management (DHAM) has announced that its residential leasing portfolio, formerly known as Dubai Asset Management, has been rebranded as Dubai Residential.

This rebranding follows the integration of Nakheel and Meydan into Dubai Holding, resulting in the significant expansion of Dubai Residential’s portfolio.

The new identity marks a key milestone in the company’s journey of shaping the city’s residential leasing landscape, spanning over two decades. Unified under the Dubai Residential brand, the portfolio spans 40,000 homes, serving over 150,000 residents. From premium waterfront destinations to family-friendly neighbourhoods, the rebranding reinforces the company’s dedication to building future-focused, connected communities, with strategic growth planned for the future.

Dubai to give 100,000 startups a $100m boost with Ignyte digital platform: Sheikh Hamdan 

Dubai International Financial Centre will curate more than $100m of perks for startups and entrepreneurs with the launch of a new digital platform for businesses.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence of the UAE, Chairman of The Executive Council of Dubai, and Chairman of the Higher Committee for Future Technology and Digital Economy, announced the launch of Ignyte, a dynamic digital platform that seeks to empower the next generation of startups and entrepreneurs on their journey toward global growth.

Curated by Dubai International Financial Centre (DIFC), Ignyte serves as a key initiative under the Dubai Digital Economy Strategy, designed to empower over 100,000 startups and entrepreneurs. As part of Dubai’s vision to become a leading global hub for entrepreneurship, the platform connects founders with a global network of investors, mentors, corporate organisations, and government entities, creating a comprehensive growth ecosystem.

Dubai real estate: Average property prices jump 20% in a year as Q3 sales pass $32bn; office, retail and industrial rents in focus

Dubai property prices increased by an average of 20 per cent in Q3 2024 as total residential sales topped AED120bn ($32.4bn) according to the CBRE Middle East UAE Real Estate Market Review.

In Dubai, the residential market has again delivered a very solid performance during Q3 2024, with average prices registering close to a 20 per cent increase compared to the year prior.

This increase has been underpinned by a 19 per cent rise in average apartment prices and a 23 per cent increase in average villa prices.

Revealed: Best 50 Arab universities; Saudi, Qatar and UAE institutions top list

The best universities in the Arab world have been named in a prestigious academic ranking, with a Saudi institution taking the top spot.

QS Quacquarelli Symonds released the 11th edition of the QS World University Rankings: Arab Region. First published in 2014, the QS Arab Region University Rankings highlight the top universities in the Arab world.

The 2025 edition spans 20 countries, analysing 246 universities. King Fahd University of Petroleum and Minerals took first place, while Qatar University climbs to second, overtaking King Saud University, which places third.

EXCLUSIVE: Boris Johnson on Trump as President, millionaires fleeing the UK, and a return to Number 10

In an exclusive interview with Arabian Business while on a visit to the UAE, Boris Johnson brought his trademark personality and candid, perhaps often polarising, perspective to the table – discussing who he feels is the right person to become the next president of the United States, the ongoing tensions in the region, and whether a return to Number 10 is ever a possibility, along with praising the UAE as “the country in world that punches more above its weight than any other.”

From the moment Johnson stepped out of his car in an incredibly heightened security affair, he was clutching his new political memoir, ‘UNLEASHED’, like it was some sort of prized possession. It is little wonder, given his own famously talkative, and often controversial, nature, that this veritable tome comes in at staggering 784 pages, containing, allegedly, all of the answers needed for his interview.

As a former Foreign Secretary and G7 World leader – Johnson’s visit to the Middle East comes as the region suffers under a brutal conflict that has continued to mire regional stability for over a year. Despite his strong and personal friendship with Benjamin Netanyahu, Johnson agreed he felt “uncomfortable with the level of pain and suffering” Israel has been causing to the people of Palestine and Lebanon and reiterated calls for a two-state solution.

Saudi Arabia tests skills of expat workers from India, Pakistan, Egypt, Bangladesh and Sri Lanka; 209,500 workers accredited in job scheme

Saudi Arabia is ensuring the skills and experience of expat workers in hundreds of professions as it looks to ensure high-quality participation in the labour market.

The Ministry of Human Resources and Social Development is continuing the efforts to improve the quality of labour market outputs through the Professional Accreditation Program.

Since its launch the scheme has accredited more than 209,500 workers in various professions covering over 1,000 occupations worldwide. Since its launch, the service has included five countries that are among the highest exporters of expatriate workers to the Saudi labour market, including Pakistan, India, Bangladesh, Sri Lanka, and Egypt.

Lulu Retail to offer 25% stake in IPO scheduled for 28 October

UAE-based Lulu Retail, the largest pan-GCC retailer by selling space, sales and number of stores in 2023, has announced its intention to float 25 per cent stake in an initial public offering.

The Group will offer more than 2.582 billion shares, with the IPO process starting 28 October and closing on 5 November. Trading is expected to start on the Abu Dhabi Securities Exchange (ADX) on 14 November.

The price range will be announced on 28 October, but the offering could raise between $1.7 billion and $1.8 billion. Lulu declined Reuters’ request to comment on the deal’s value. The shares will have a nominal value of Dh0.051 ($0.014). The final offer price will be determined through a book-building process.