Eid Al Etihad holiday announced; UAE petrol prices set to change; AED100m lottery launched; Riyadh Metro opening date – 10 things you missed this week

Before the holidays the UAE launched the region’s first federally licensed national lottery, updated petrol prices and saw the launch of major real estate projects. Elsewhere in the region Riyadh revealed launch dates for the long-awaited Metro project.

Catch up on the biggest stories this week as selected by Arabian Business editors.

Eid Al Etihad: UAE declares two-day private sector holiday for National Day 2024

The UAE Ministry of Human Resources and Emiratisation (MoHRE) has confirmed a paid holiday for private sector workers on December 2 and 3 to mark the country’s 53rd National Day.

The announcement follows a circular issued by the Ministry, which implements the Cabinet’s decision on official holidays for public and private sectors in 2024.

The Ministry extended congratulations to UAE’s leadership, citizens, and residents on the occasion.

UAE petrol prices to change for December 2024

The UAE is set to announce the new petrol prices for December this week.

Petrol prices went up across the country in November, as motorists were handed a slight increase for Super 98, Special 95, E-Plus 91 and diesel.

It is cheaper to fill up a tank than a year ago and prices have fluctuated throughout the past 12 months.

UAE launches region’s first and only licensed lottery with AED100m top prize

The UAE launched its first federally licensed lottery on Tuesday, introducing a range of games including a grand prize draw of AED100m ($27.2m), marking a significant development in the Gulf region’s gaming sector.

The UAE Lottery, operated by The Game LLC under licence from the General Commercial Gaming Regulatory Authority (GCGRA), will hold its inaugural draw on December 14, offering residents aged 18 and above multiple ways to participate through its official website.

Beyond the main “Lucky Day” draw’s top prize, the lottery will guarantee seven winners of AED100,000 each through “Lucky Chance IDs.” The operator is also introducing scratch cards ranging from AED 5 to AED 50, with potential winnings of up to AED1m.

Revealed: UK non-dom tax changes trigger large-scale property sales by long-term GCC investors, experts say

The London and also the wider UK real estate market of late is seeing a rush for liquidation of residential assets by long-term GCC owners due to tax implications in the wake of the British government’s move to amend non-dom rules, industry insiders said.

London’s loss, however, is turning out to be a boon for Dubai as the property sales-spree by GCC investors is leading to an influx of capital returning to the emirate and the wider region.

In parallel, the tax implications of the current UK government proposals are also seen to be prompting a significant number of ultra-high net worth individuals (UHNIs) residing in the country to look at relocation to the GCC region, sector experts said.

Saudi Arabia issues 1,238 Premium Residency visas as it looks to attract investors

Saudi Arabia has issued 1,238 international investors with Premium Residency (Investor Residency) visas, according to Minister of Investment Khalid Al Falih.

The announcement was made at the 28th World Investment Conference held in Riyadh from November 25 to 27. The conference serves as a global platform for dialogue among leaders and major investors worldwide.

Highlighting its importance, Al Falih stressed that Premium Residency plays an important role in attracting foreign investments by streamlining processes for investors and increasing their access to the Kingdom’s lucrative opportunities, in the process boosting Saudi’s position as an attractive global investment destination.

Riyadh Metro launch date and phased opening revealed

The Riyadh Metro will officially launch on Sunday, December 1 and a phased opening will see additional lines opened.

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud inaugurated the Riyadh Metro, the backbone of the capital’s public transport network. King Salman viewed an introductory video about the Riyadh Metro, one of the Kingdom’s major projects during his prosperous reign, distinguished by its standout design and technological features.

The network spans 176km across six lines and 85 stations, including four iconic ones. Royal Commission for Riyadh City said the Riyadh Metro will begin operations on December 1, 2024.

Dubai announces new Salik and parking prices; variable tolls and free journeys explained

Dubai has announced new fees for Salik and parking in the city, with variable fees and free journeys at certain times.

Dubai’s Roads and Transport Authority (RTA) has announced that it will implement Variable Road Toll Pricing (Salik) and Variable Parking Tariff Policies, including event-specific parking tariffs, as part of a comprehensive strategy to enhance traffic flow in the city.

The Variable Road Toll Pricing (Salik) system, set to launch at the end of January 2025, will offer motorists toll-free passage between 1am and 6am. During weekdays, the toll will be AED6 ($1.63) during morning peak hours (6am to 10am) and evening peak hours (4pm to 8pm).

Sheikh Hamdan highlights Dubai real estate market’s importance as transactions pass $170bn in 2024

The thriving Dubai real estate market has seen more than 188,000 transactions and passed AED625bn ($170.2bn) so far this year, according to Land Department data.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, has reviewed the operations of the Dubai Land Department (DLD).

Sheikh Hamdan also reviewed the progress made towards achieving the objectives of the Dubai Real Estate Sector Strategy 2033, aimed at realising the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to strengthen the city’s position as a global economic hub and a leading destination for real estate investment.

Eid Al Etihad 2024: du offers 53GB of free data for UAE National Day

In celebration of the UAE’s 53rd National Day, du has announced special offers including free data to customers.

A range of exclusive offers and promotions are available from the November 28 until December 4.

All postpaid customers can enjoy free 53GB of national data valid for seven days, the offer is available until 4 December 2024.

UAE real estate: Arabian Hills launches phase 2 of massive $6bn development

The UAE’s Arabian Hills Real Estate Development has announced the official launch of phase two of its iconic project, Arabian Hills Estate.

Arabian Hills Estate is strategically located on the Dubai-Al Ain Road, just 45 minutes from the Burj Khalifa district.

Spanning 244 million square feet, this visionary development is valued at AED22bn ($6bn).