Dubai announced new strategies for real estate, education and Expo City this week as it lays the foundations for ongoing growth, development and success in the year ahead.
Meanwhile Saudi Arabia revealed a major new visa update and revealed plans for construction of the world’s tallest tower.
Catch up on these and more of the biggest stories this week as selected by Arabian Business editors.
Saudi Arabia announces major visa rule update
Saudi Arabia has announced changes to temporary work visas for Hajj and Umrah.
The Ministry of Human Resources and Social Development shared details of the updated rules and the changes were approved by the Saudi Cabinet. The new visa rules will provide greater flexibility to the private sector and align with labour market requirements for Hajj and Umrah services.
A key feature of the updated guidelines will see the seasonal work visa renamed to “Temporary work visa for Hajj and Umrah services”. The grace period for the new visa will be Shaban 15 until the end of Muharram, which is expected to correspond to around February 14, 2025 to July 25, 2025.
UAE petrol prices slashed for October 2024
Petrol prices will drop by across the country in October, as motorists were handed a fall of between 8 and 9 per cent for Super 98, Special 95, E-Plus 91 and diesel prices were cut by around 6.5 per cent.
It is the cheapest to fill up a tank in more than a year and will be welcomed by motorists who have seen prices tumble since last October.
Dubai announces MAJOR real estate strategy with $272bn property target and new transport system
Dubai has announced major new plans as it looks to transform real estate, education, transport and more over the course of the next decade. Among the new plans will be a AED1tn ($272bn) real estate transaction target and the introduction of a new 65km system connecting Umm Suqeim Street, Al Khor and Zabeel.
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, approved a series of new plans aimed at boosting Dubai’s leadership in several sectors over the next decade.
The major plans approved by The Executive Council include the Education Strategy 2033 and the Real Estate Strategy 2033, which aims to increase the value of Dubai’s real estate transactions to AED1tn ($272bn) by 2033.
GCC airports in expansion race as UAE, Saudi, Qatar, Kuwait, Oman spend billions of dollars on upgrades
Home to some of the finest airlines in the world, the Middle East is now planning to dominate the list of the world’s best airports as well.
A key to executing such grand plans is for the country’s airlines is to have the capacity to handle the extra load. As of the end of 2023, the 10 largest airlines in the Middle East have placed a combined order of 795 aircraft to be delivered by the end of 2029—the largest order book in the world on a regional market basis.
Relief for UAE businesses as FTA extends corporate tax deadline
The United Arab Emirates’ Federal Tax Authority (FTA) has announced a significant extension to the deadline for filing Corporate Tax Returns and settling Corporate Tax Payable, offering a reprieve to businesses grappling with the new tax regime.
In a move aimed at easing the transition for companies, particularly those newly incorporated, the FTA on Sunday announced that it has pushed back the filing deadline to December 31 for tax periods ending on or before February 29, 2024.
This extension, formalised through Decision No. 7 of 2024, applies specifically to taxable entities incorporated, established, or recognised on or after June 1, 2023, whose first tax period is shorter than 12 months.
Dubai rises as epicentre of PropTech innovation as city’s real estate firms chase new-age tech tools with massive investments
The tech makeover, led by global and local players alike, is aimed at striking real estate transactions with greater speed and efficiency, using predictive market modelling for quicker decision-making, blockchain-enabled options for secure payment and ownership transfers and IoT-enabled systems to provide real-time monitoring for property management to buyers, industry insiders told Arabian Business.
The tech-enabled innovation drive is also leading to a surge in venture capital funding in the emirate – and the wider region – with PropTech startups securing over $200 million in funding in the first half of 2024 in MENA, surpassing even the traditionally dominant fintech sector, industry insiders said.
Dubai approves major Expo City masterplan: New $2.7bn exhibition centre, housing for 76,000 people, 5 distinct zones, DP World HQ and more
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved a new master plan for Expo City. The new plan outlines Expo City’s role in spearheading the emirate’s future development and enhancing the emirate’s global stature. The site of the historic 2020 World Expo and COP28, Expo City will serve as a key driver of the emirate’s progress in various sectors.
Expo City Dubai’s expansion plans firmly establish it as the lynchpin of the city’s growth, offering significant investment opportunities for future-focused entities.
Saudi construction firm resumes work on 1,000m skyscraper, world’s tallest tower to complete in 2028
Saudi Arabia’s Kingdom Holding has announced work will resume on a 1,000m tall skyscraper in Jeddah, which will become the world’s tallest building when complete. A statement to the Saudi Exchange said: “Kingdom Holding Company announces that Jeddah Economic Company, an associate company, has signed an agreement to complete the construction works of the Jeddah Economic Company Tower”.
Kingdom Holding Company informed shareholders that the Jeddah Economic Company has signed an agreement with Saudi Binladin Group Company to resume the construction of the project originally named the Kingdom Tower.
The construction contract was valued at SR7.2bn ($1.9bn), with around SR1.1bn ($300m) already paid for construction works previously completed on the tower. 63 storeys of a planned 157 have already been built, with an announced final height of more than 1,000m it will be the world’s tallest building when completed.
Dubai announces education strategy: 49,000 new affordable school places, ten-fold education tourism increase, plan to woo international universities
The ambitious strategy aims to establish Dubai as a global top 10 city for learning and introduce around 50,000 new affordable school places, massively increase education tourism and attract prestigious international universities to the city.
As well as taking major strides in advancing academic achievement the strategy will also look to boost vocational training, offer personalised education plans, promote Arabic language studies and nurture lifelong learning.
Beyond branded real estate: Inside Muhammad BinGhatti’s journey to UAE property mogul
Driving around Dubai, there are few names as prominent on the city’s skyline as Binghatti. In many ways, the firm’s founder, Muhammad BinGhatti, has been a pioneer of the emirate’s bustling luxury real estate market, as the mind behind some of the biggest emerging trends in property.
In particular, Binghatti’s role in bringing the trend of branded real estate cannot be understated. “We were trailblazers, in my opinion, when it came to [branded residences],” he quips.
The emergence of branded residences also stems from the developer’s efforts to cater to international tastes. BinGhatti has secured partnerships with automotive marques like Bugatti and Mercedes-Benz, along with storied jewellery and wristwatch firm Jacob & Co. Through these branded properties, BinGhatti has sought to leverage decades of reputation within these industries to resonate with a global audience.
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