The UAE Cabinet has already confirmed dates for holidays this year and, as temperatures creep towards 50 degrees and lucky residents are taking extended summer breaks, many in the country are looking ahead to the next long weekend in the country.
Of course, anybody looking for an international trip outside of the UAE could well be travelling on Emirates. This week Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai reflected on the incredible rise of the airline.
From a distant dream to an airline with revenues of more than $37bn a year, the rise of Emirates has been a remarkable story of growth, belief and vision.
Another area of UAE life witnessing impressive growth is the number of millionaires flocking to Dubai. With 6,700 millionaires leaving other cities to come to Dubai this year, it is the fastest-growing HNWI population in the world.
And what are millionaires doing? Buying in property and making further investments, it seems. This week there has been further evidence of a booming real estate market as well as tips on the best investments to make in 2024.
Catch up on 10 of the biggest stories this week, as selected by Arabian Business editors.
UAE holidays 2024: When is the next big weekend for public, private sector? Expected dates revealed
Earlier this year, the UAE Cabinet announced the dates for the public and private sector holidays in 2024. The Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, approved the 2024 official calendar of holidays in April.
This aims to allow employees and community members in the UAE to plan ahead for holidays, travel and personal activities.
Emirates has gone from a dream to a $37bn a year airline and Dubai is the world’s airport: Sheikh Mohammed
Despite people betting against the grand transport vision, the airline now has connections with more than 275 cities and Dubai is the “world’s airport” connecting civilisations around the world, he added.
In a post on social media, he said: “Establishing an airline company in Dubai was a dream more than four decades ago. Some people bet against it, and many tried to distract us from it. Today, the dream includes 112,000 employees, connects us with 277 cities, transports more than 50m passengers annually, and generates revenues exceeding AED137bn ($37.3bn) annually. The dream has not stopped. We are still dreaming of expanding the business and opening a larger international airport and reaching every city on the five continents”.
Dubai real estate boom: Property prices in Dubai South, neighbouring areas post 15% spike following Al Maktoum International Airport expansion announcement
Industry insiders predicted a massive demand for properties – both housing and commercial spaces – pegging the numbers at upwards of 100,000 properties in Dubai South and its vicinities over the next decade, leading to a further surge in prices and creating a lucrative market for investors.
The $35 billion passenger terminal at Al Maktoum International Airport, spread across 70 square kilometers, is designed to handle 260 million passengers annually, featuring 400 aircraft gates, five parallel runways, and at least 100,000 square meters of retail space, employing 10,000 people. This development, expected to be a cornerstone of Dubai’s economy, besides being a demand booster for housing and commercial properties in the area.
How 3 Schengen-style visas planned in GCC, Asia and Africa could change tourism forever
A single document offering unrestricted access to 29 countries, it delivers a major economic boost for member countries and a major timesaver for travellers themselves. So transformative is the Schengen visa, in fact, that countries around the world are looking to partner up to form trading and diplomatic blocs with mutually beneficial tourism benefits.
The GCC (UAE, Saudi Arabia, Qatar, Oman, Bahrain and Kuwait), ASEAN (Thailand, Vietnam, Cambodia, Laos, Malaysia and Myanmar) and parts of Southern Africa (Angola, Botswana, Namibia, Zambia and Zimbabwe) are all actively negotiating to create new unified visas.
UAE to attract 6,700 new millionaires this year with Golden Visas and zero-income tax as rich Indians, Brits and Africans plan moves
Millionaires from the UK, India and Africa re being lured by a combination of golden visas, low tax, enviable lifestyle and a strategic location, said the report.
For the third year running, the UAE looks set to take first place as the world’s leading wealth magnet, with a record-breaking 6,700 moneyed migrants expected to make the Emirates home by the end of the year. The number is significantly boosted by large inflows from the UK and Europe.
Dubai Courts announce major travel rule change for divorced parents and their children
Dubai has introduced new rules for divorced parents traveling outside the UAE with children.
The new rules make it easier for parents to travel outside of the country with children and removes administrative and bureaucratic steps.
The new guidelines lift a travel ban on children and are part of the D33 Social Agenda vision for communities in the emirate.
UAE weather: Temperature hits 49.4 degrees, more rain expected
The highest temperature of the year, so far, was recorded at Sweihan in Abu Dhabi on Sunday, June 16. At 2.45pm temperatures were recorded at 49.4 degrees.
An NCM forecast identified Wednesday in Ras Al Khaimah as a possible day to pass the 50-degree mark in the UAE. At the same time, the NCM forecast rain in the parts of the country this week.
Saudi giga-projects push 2024 construction costs; Riyadh most expensive city to build in
The Middle East’s ambitious giga-projects and state-backed developments are driving construction activity across the region, according to the International Construction Market Survey (ICMS) 2024 report. This rapid investment, paired with inflation falls and economic diversification, continues to attract global talent while also impacting supply chain capacity.
The survey shows that rising demand, particularly in the Kingdom of Saudi Arabia (KSA), is pushing up construction costs. Riyadh is the region’s most expensive city to build in at $2,593 per m2, as the Saudi capital benefits from accelerated growth.
GEMS Education: Brookfield-led consortium to invest in education giant
The consortium, which also includes Gulf Islamic Investments, Marathon Asset Management, and the State Oil Fund of Azerbaijan, has entered into a binding agreement to invest in GEMS, partnering with the Varkey Group.
The transaction is expected to reach completion by Q3 2024.
UAE real estate, tech stocks or gold? Here’s where you should be investing your money in 2024, according to experts
As the UAE continues to solidify its position as a global economic hub, investors are keen to understand the best strategies for navigating the financial landscape in 2024.
Industry experts have shared their insights on promising sectors, investment opportunities, and potential challenges that lie ahead.
Here are the best assets to invest in 2024, according to experts.
Follow us on
