AI real estate consultant launched; Pakistan updates visa rules; travel ban rule change; UAE and Saudi law updates – 10 things you missed this week

Pakistan has announced it will offer visas-on-arrival to residents of Gulf countries and travellers in the UAE are able to make visa applications from the comfort of their own home.

In real estate, this week, it was revealed that an AI agent has already closed more than $30m of property deals. Furthermore, a AED7bn Al Wasl development was announced and experts identified signs of stabilisation in the Dubai market.

The UAE and Saudi Arabia announced new laws for labour market and investment.

Anti-money laundering rules and a cancellation offer on black points for Dubai motorists also hit the headlines.

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

UAE’s first AI real estate consultant closes $30m worth of property deals within weeks of launch

Artificial intelligence (AI) is making gigantic strides in the real estate sector in the UAE, expanding the reach and speed of transactions to stratospheric levels, with Dubai-headquartered global real property consultancy Realiste launching what it claims to be the world’s first AI consultant on social media – Jucica Brown – on the popular short message site Telegram.

Jucica Brown has already struck real estate transactions worth $30m in just three weeks of its launch on the social media site.

Besides, Brown’s influence on social media is surging day by day, with her virtual persona captivating a broad audience, notching up 100,000 followers already on Instagram. “Many of the users interact with her posts unaware of her digital nature,” Alex Galt, Founder of Realiste AI, told Arabian Business, adding that “AI is not just a tool; it’s a revolution in real estate transactions.”

Pakistan announces visa on arrival for UAE, Saudi Arabia, Kuwait, Qatar, Oman and Bahrain, fees waived for 126 countries: reports

Pakistan will offer visa on arrival to residents of UAE, Saudi Arabia, Kuwait, Qatar, Oman and Bahrain and waive visa fees for 126 countries, according to local media reports. In a press conference on Tuesday, Pakistan announced a new visa policy as it looks to attract more visitors to the country, reported The Nation Newspaper.

Federal Minister for Information, Broadcasting, Culture, and National Heritage Attaullah Tarar said visa fees for citizens of 126 countries will be waived and visa application procedures will be simplified. Visas will be valid for 90-days and can be renewed said the Minister.

The new procedures will be effective immediately and travellers to the Asian nation will be able to complete simplified visa applications in 10 minutes and by answering just 30 questions, said reports in The Tribune.

UAE residents can get visas for UK, France, Germany, Italy Japan and 18 other countries without leaving their home

UAE residents are opting for premium visa services from the comfort of their own home, according to a report by VFS Global.

VFS Global’s Visa at Your Doorstep solution, which provides visa application services at the applicant’s home or office, has witnessed a 20 per cent growth in demand from travellers, both from Middle East and within the UAE, in the first half of 2024. This year, VFS Global added Bulgaria, Croatia and Japan to the list of countries it offers the service for.

The service entails trained professionals visiting the applicant’s preferred location to accept the documents and enrol biometrics and has been popular globally among corporate and student groups, providing convenience to those applying with a higher number of co-passengers.

Travel ban: UAE announces new rules to lift bans, reduce requirements

The United Arab Emirates’ Ministry of Justice has announced significant changes to its travel ban-lifting procedures.

This move is part of the country’s broader “Zero Government Bureaucracy” initiative which aims to simplify administrative processes and enhance efficiency.

This streamlined approach is expected to have a positive impact on the quality of life for UAE residents and support the country’s sustainable economic development.

UAE announces new labour laws

The UAE has introduced new labour laws as it looks to enhance protections for employers and employees in the country.

Among the new laws are rules governing the employment of minors, fake Emiratisation and improper recruitment procedures in the country.

Failure to adhere to the amended rules will lead to fines of up to AED1m ($272,000).

Dubai real estate: Al Wasl District announces new AED7 billion development

A new phase of development is underway in Dubai’s Al Wasl District, with AED7 billion worth of villas and mansions being constructed.

The area is titled as the ‘Downtown Villas of Dubai’, offering freehold homes in the city centre.

The AED1 billion Nordic by fäm development is at the heart of this transformation, featuring 17 villas and mansions near Dubai’s Central Business District (CBD) and lifestyle landmarks. The new properties in the Wasl District are priced between AED40 million and AED150 million, depending on various factors such as plot size, built-up area, design and finishes.

Saudi Arabia announces major new investment laws

Saudi Arabia has approved new laws to encourage more investment in the Kingdom. New laws will enhance transparency and confidence for both domestic and international investors.

It comes as foreign direct investment in Saudi Arabia soared to $215bn in 2024 and the Kingdom looks to attract more business from overseas to the country.

The updated law brings together several existing freedoms and rights and expressly applies them to investors under one unified framework, providing investors with greater transparency, flexibility and confidence.

Explainer: UAE tightens anti-money laundering laws, forms new committees to fight financial crime

The United Arab Emirates introduced a new Federal Decree-Law to amend provisions of the existing law on anti-money laundering and combating the financing of terrorism on Sunday.

The move aims to strengthen the country’s legal framework and align it with international standards in the ongoing battle against illicit financial activities. This comes almost six months after the UAE was removed from the Financial Action Task Force’s grey list.

“These amendments are in line with the UAE’s ongoing efforts to develop its legislative and legal system, aiming to further strengthen the country’s legal framework in support of the authorities’ efforts to combat financial crimes,” said Lily Eid, Money Laundering Reporting Officer at BSA Ahmad Bin Hezeem & Associates.

Dubai real estate sector shows signs of slowing down as off-plan sales outperform secondary market: experts

The Dubai real estate sector continues to thrive, but there are signs of a slowdown said Cushman & Wakefield Core in its Q2 2024 market update. The real estate agency said that while Dubai’s market continues to perform steadily across most indicators, signs of stabilisation are emerging and the pace of growth is slowing, especially in the secondary residential market, which is gradually transitioning into a stabilisation phase.

In the second quarter of 2024 the number of properties handed over to buyers fell markedly, although the number is expected to surge in the second half of the year. The price of property in Dubai has increased for the 16th consecutive quarter, with a 21 per cent annual increase.

Ultra-prime properties are performing well, with more than 300 homes sold for AED20m ($5.4m) and above in Dubai between April and June. Despite this, signs of a steadying of growth are emerging said Cushman & Wakefield Core.

UAE offers black point discount to mark Accident-Free Day 2024

The UAE is offering motorists to remove four black points from their driving licence in return for supporting Accident-Free Day.

The Ministry of Interior (MOI), represented by the Federal Traffic Council and the General Command of Police, will launch a national awareness campaign titled Accident-Free Day on August 26, coinciding with the start of the new school year. The campaign aims to ensure a traffic accident-free first day of school.

To encourage participation, those who commit to the Accident-Free Day campaign can benefit from a reduction of four black traffic points. To qualify for this discount, participants must sign the initiative’s pledge, and must refrain from any traffic violations or accidents on the designated day.