UAE Royal Family holiday photos; New luxury mall in Dubai; Saudi wage increases; Tax warning – 10 things you missed this week

The UAE also announced major changes to end of service benefit payments and issued a warning over corporate tax payments for businesses.

New real estate laws were introduced and the UAE announced the launch of a federal authority to manage commercial gaming and a national lottery.

In Dubai, a new luxury mall was officially opened and residents were givven a ‘Golden Chance’ to pass driving tests without taking lessons.

Meanwhile, in Saudi Arabia, the Human Resources Development Fund announced salary increases for citizens working in the private sector.

Catch up with 10 of the biggest news stories on Arabian Business this week.

UAE Royal Family holiday photos: Sheikh Mohammed, Sheikh Hamdan and Sheikha Mahra vacation pictures

Members of the UAE Royal family have been enjoying summer holidays across Europe, with snaps of the vacations garnering attention on social media.

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai took a vacation in Scotland and social media posts show him enjoying the remarkable views, taking a boat ride and walking in the hills.

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, recently posted a carousel of photos, showing his 15 million Instagram followers a glimpse into his family vacation in the UK. Meanwhile, UAE royals Sheikha Mahra Bint Mohammed Bin Rashid Al Maktoum and Sheikh Mana Bin Mohammed Bin Rashid Bin Mana Al Maktoum have shared pictures of a holiday to Greek Islands.

New luxury mall opened in Dubai

Dubai’s luxury shopping offering has been expanded with the opening of a new mall in the city.

DAMAC Group has announced the opening of DAMAC Mall, adding a new retail and leisure destination to Dubai’s luxury landscape.

The mall was officially inaugurated on September 1 by Amira Sajwani, Managing Director, Sales and Development, DAMAC Properties.

Saudi Arabia announces private sector wage increases

Saudi Arabia has announced significant changes to salaries for some employees in the private sector.

The Human Resources Development Fund (HADAF) said the minimum salary for citizens working in the private sector will increase to SR4,000 ($1,066).

The existing minimum salary for qualifying individuals is SR3,200 ($853) and the new wages, subsidised by HADAF, will be introduced from Tuesday, September 5.

UAE announces major end of service benefit law change

The UAE introduced a new system for end-of-service benefits for workers in the private sector and freezones.

During a cabinet session held at the Al Watan Palace in Abu Dhabi, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced a new initiative aimed at safeguarding workers’ savings while promoting investment in coordination with the Securities and Commodities Authority and the Ministry of Human Resources and Emiratisation (MoHRE).

“The aim is to preserve the workers’ savings, which represent the end of their services in the operating companies, and to ensure that they are invested in a safe way to guarantee their rights and achieve the stability of their families,” Sheikh Mohammed said via X, formerly known as Twitter.

UAE issues corporate tax warning

The UAE has urged companies in the country to register for corporate tax in the country.

The UAE’s Federal Tax Authority (FTA) called on Public Joint Stock Companies (PJSCs), Private Shareholding Companies (PSCs), limited liabilities companies and private companies resident in the UAE to register for Corporate Tax.

The call is especially important for UAE companies and juridical persons with taxable income whose financial year started on June 1, 2023, as the Corporate Tax Law applies to financial years beginning on or after that date.

Dubai ‘Golden Chance’ driving licence test: How to apply, cost, everything you need to know

UAE residents holding driving licences from over 40 countries can transfer their existing licences to UAE driving licences.

The Dubai Road and Transport Authority (RTA), allows residents to take advantage of the ‘Golden Chance’ scheme.

This new scheme allows residents to take a road test without attending driving lessons. Residents were previously required to complete driving lessons before taking the test.

UAE announces national lottery and commercial gaming authority

The UAE has announced a new federal authority to manage commercial gaming and a national lottery in the country.

The General Commercial Gaming Regulatory Authority (GCGRA) has been officially established in the UAE as a federal authority to introduce a world-leading regulatory framework for a national lottery and commercial gaming. Globally respected regulator Kevin Mullally has been appointed as CEO.

The GCGRA is led by a team of internationally credentialed leaders, all with proven track records and a deep understanding of global best practices in regulating and maintaining an effective, safe, and responsible gaming industry.

Dubai rents only going up, ‘bad news’ for tenants as UAE population booms

Dubai rent prices are not expected to fall any time soon, experts told Arabian Business as more residents look to buy property in a significant shift for the once quite transient city.

Rents have increased to 2016 market peak levels in the emirate, resulting in tenants facing increasing pressure on their budgets. This has forced many to seek out cheaper alternatives such as moving out to less central areas or to buy property instead of renting at such high prices.

“I don’t think we’re going to see rents decrease in the near future,” Taimur Khan, Head of Research – MENA at CBRE, told Arabian Business.

UAE announces new real estate laws for Umm Al Quwain

New UAE real estate laws have been introduced to drive the sector across the country.

Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Ruler of Umm Al Quwain, has issued a number of laws concerning the Real Estate Foundation of Umm Al Quwain and the regulation of the real estate sector in the emirate.

The laws also aim to help in the development and implementation of plans to drive growth across the sector and keep pace with the emirate’s urban development drive. The wide-ranging laws cover such real estate activities as mortgage regulations, pricing of development, investors’ rights and property registration in the UAE.

Dubai millionaires want ‘new-age trophy wife’, claims matchmaker

The Dubai Matchmaker revealed that while most people assume millionaires and billionaires are looking for conventionally attractive partners, what they are really looking for is a “new-age trophy wife.”

“Our clients are looking for the ‘new age trophy wife’— a term I’ve coined myself,” said Christiana Maxion, the Dubai Matchmaker.

“The new age trophy wife is a woman that they can put on a pedestal not just for their looks, but for their successes, achievements and accomplishments. They want a partner that can walk into a room and turn heads, but also spark conversation and intrigue. Our clients are really in search for emotional and intellectual connections that go beyond beauty. They’re looking to build a life with someone… not just live a lifestyle.”