Dubai, Abu Dhabi and the entire UAE are braced for stormy weather this weekend as heavy rains and severe weather conditions have been forecast.
The weather is a hot topic in Dubai as usual sunny skies are replaced by clouds and expected downpours.
Respite from weather conversations can be found in details of a new tax in the city and preparations for Ramadan, which is set to be announced in coming days.
As ever, the Dubai real estate market hit the headlines with branded residences and record February sales making the news.
Elsewhere in the region, Saudi Arabia is showcasing new digital documents to allow people to travel around the Kingdom without needing a passport, and Trump-branded villas were revealed at a luxury golf resort in Oman.
Catch up with 10 of the biggest stories this week as selected by Arabian Business editors.
Dubai announces new tax
Dubai has announced a new tax to be levied on foreign banks in the city. In his capacity as the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No. (1) of 2024 on taxation of foreign banks.
The Law applies to all foreign banks operating in Dubai, including special development zones and free zones, with the exception of foreign banks licensed to operate in the Dubai International Financial Centre (DIFC).
According to the law, foreign banks are subject to a 20 per cent tax on their annual taxable income. However, if these banks pay corporate tax in accordance with Federal Law No. (47) of 2022 on the Taxation of Corporations and Businesses and its amendments, the amount of corporate tax will be deducted from their total tax liability.
UAE weather warning: ‘Stay inside during rain storms’ and avoid floods residents told; Dubai, Abu Dhabi and Sharjah close beaches and parks
Residents across the country have been told to only go outside when absolutely necessary and stay safe on roads and in hazardous environments.
Amid rising concerns over weather conditions Dubai, Abu Dhabi and Sharjah have closed down beaches and parks to protect public safety.
Dubai real estate sales soar to $10bn in February, top neighbourhoods and property types revealed
In February 2024, there were more than 11,900 sales transactions compared to 9,371 in February 2023.
Further leveraging the positive trends from 2023, the value of transactions experienced a remarkable upswing, reaching almost AED36.6bn ($10bn) and marking an increase of 35 per cent compared to the same month in last year, highlighting the strength and dynamism of the real estate market.
Etihad Rail conducts Abu Dhabi to Dubai passenger train journey, announces Sharjah station
Etihad Rail has conducted a passenger train journey from Abu Dhabi to Dubai.
Major General Staff Sheikh Ahmed bin Tahnoun Al Nahyan, Deputy Chief of Staff of the UAE Armed Forces, experienced a journey on board Etihad Rail’s prototype passenger train, departing from Al Faya, Etihad Rail’s main operations and maintenance facility, to Al Qudra in Dubai.
Also this week, it was announced Sharjah will connect to other UAE cities with a train station on the Etihad Rail network. Trains running from the station will transport thousands of people a day around the UAE to and from Sharjah.
UAE, Saudi Arabia, Bahrain and Qatar watch out for Ramadan 2024 crescent moon
Moon-sighting committees in the UAE, Saudi Arabia, Bahrain and Qatar has invited people to sight the crescent of the month of Ramadan on Sunday evening, March 10, 2024.
Ramadan 2024 will only officially begin when a moon-sighting committee confirms it has seen the crescent moon.
Meanwhile, the UAE, Oman and Qatar have also announced reduced working hours for the duration of Ramadan 2024.
Saudi Arabia to offer passport-free travel to citizens, expats and visitors
The General Directorate of Passports is showcasing the digital document for visitors to the Kingdom of Saudi Arabia at the Ministry of Interior’s pavilion in the LEAP 2024 Conference. The digital document service is one of the digital and technical solutions provided to beneficiaries, including citizens, residents, and visitors, enabling them to benefit from services within the Kingdom.
The service aims to facilitate visitors’ arrival procedures into the Kingdom by providing a unified number that allows them to access the Ministry of Interior’s “Absher” electronic platform and extract their digital identities. These digital identities can be used in all their movements within the Kingdom on their mobile phones, eliminating the need for a physical passport.
Saudi real estate developer unveils Trump Villas at luxury resort in Oman, $200m collection come with Trump-branded golf cart
A Saudi real estate developer has launched Trump-branded residences at a luxury golf resort in Oman. Homes in the latest phase of the $4bn resort feature sea views, exclusive club membership and even a Trump-branded golf course. Dar Global has unveiled the Trump Villas at AIDA, one of Oman’s most expansive urban developments.
The significant launch follows the strategic collaboration between Dar Global and The Trump Organisation to develop a signature Trump community within AIDA. The “Trump Signature Villas” collection is comprised of luxurious villas, designed under the Trump family names.
Phase 1 of this collection has a combined value of $200m.
Starbucks Middle East operator AlShaya to lay off 2,000 staff amid boycott impacts: Report
The job cuts, which began on Sunday, represent around 4 per cent of AlShaya’s total workforce of almost 50,000 people.
A source familiar with the matter said most of the reductions are in its Starbucks operations across the Middle East and North Africa, the report said.
Etihad CEO: ‘My planes are more full than Wizz Air Abu Dhabi, Air Arabia Abu Dhabi, Emirates and Qatar Airways’
The airline recorded AED1.4 billion in operating result driven by massive growth in passenger revenue with AED4 billion. Last year, the Abu Dhabi airline carried 14 million passengers, up by a whopping 40 percent from the previous year and recording a load factor of 86 percent.
Neves compared the load factor, stating, “Our load factor last year was 86 percent, Emirates is not more than 80 percent. My planes are more full than Wizz Air Abu Dhabi, Air Arabia Abu Dhabi, Emirates and Qatar Airways,” he added.
Dubai real estate: Branded residences set for 410% increase as investors eye jewellery and motoring-themed property boom
Dubai is the world’s leading city for the development of branded residences, with the number of standalone projects (developments without a hotel component) set to rise to 54 per cent of the market, accounting for 78 per cent of new projects over the next four years, against a global projection of 41 per cent.
Over the past 10 years (from 2014 to end of 2024) the branded residences sector in Dubai will have grown by a 410 per cent, rising from ten projects in 2014 to 51 today.
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