This week, Arabian Business covered some of the biggest stories in the region.
Dubai‘s property market offers contrasting options in Marina and JVC for £1 million investments, whilst Ras Al Khaimah anticipates a 50 percent price surge.
Riyadh Air unveils new uniforms as Saudi Arabia welcomes global restaurants. In the UAE, loyalty programmes drive online retail growth, the used car market expands, and employers reassess degree requirements.
Meanwhile, Careem develops AI for restaurant discovery, Emirates offers passenger discounts, and retailers prepare for potential impacts from weight loss drugs.
Catch up on 10 of the biggest stories this week, as selected by Arabian Business editors.
Dubai Marina vs JVC: How much real estate can you buy with $1m?
Dubai’s real estate market is experiencing a remarkable boom, offering a diverse array of property options to cater to varying investor interests and preferences, including branded residences, villas, apartments and more.
This diversity in residential offerings, among other factors, has contributed to high global and regional investor interest in the city’s property sector.
Two popular neighbourhoods, Dubai Marina and Jumeirah Village Circle (JVC), present starkly different options for those seeking to invest $1 million in property.
EXCLUSIVE: Careem gearing up to launch in-app AI chat to simplify food discovery on DineOut
UAE multi-service platform Careem is on the brink of finalising a new AI feature to its DineOut service to simplify food discovery in Dubai and Abu Dhabi, the company’s Managing Director exclusively revealed to Arabian Business.
The new AI feature will change the way users interact with the DineOut service on the app – a feature that helps consumers find the best restaurants in Dubai and Abu Dhabi.
“Today, you go into the app, you can discover restaurants based on a view, cuisine, or location,” explained Bassel Al Nahlaoui, the company’s managing director.
My Emirates Pass: How to avail big discounts on attractions, activities via your boarding pass
Flyers with Emirates between May and September this year will be able to enjoy discounts across Dubai and the UAE by simply showing their boarding pass.
Under the airline’s ‘My Emirates Pass’ scheme, customers just have to present their printed or mobile boarding pass at participating venues alongside a photo ID.
This gives access to special deals and offers during the summer period.
Zuma, Maido in Saudi Arabia: Global F&B majors cash in on Riyadh, NEOM with slew of new high-end restaurant openings
Major food and beverage groups from across the world are lining up to open branches of their iconic high-end restaurant chains in Saudi Arabia, with a particular focus on Riyadh and NEOM’s Sindalah Island, industry insiders told Arabian Business.
Globally renowned Latino restaurant Central, popular Peruvian-Japanese fusion restaurant Maido and Zuma London, a Japanese Izakaya-style restaurant chain are among a growing list of international majors gearing up to open branches soon, while Gymkhana, London – inspired by the elite clubs of India – just opened a branch, modelled on its flagship London restaurant, in Via Riyadh, industry insiders told Arabian Business.
Riyadh Air CEO: New uniforms ‘chic and elegant’ and ‘pay homage’ to Saudi lavender fields
Riyadh Air’s newly unveiled cabin crew uniforms are not just stylish attire, but a symbol of Saudi Arabia’s natural beauty and the airline’s commitment to luxury, CEO Tony Douglas told Arabian Business.
In an exclusive interview, Douglas revealed how the uniforms, designed by Saudi fashion designer Mohammed Ashi and showcased at Paris Haute Couture Week, reflect the airline’s brand identity and vision.
The full collection of the uniforms, in “Dark Amethyst” for men and “chic and elegant Electric Amethyst” for women, is scheduled to launch early next year, he said.
“The unique amethyst shades pay homage to Saudi Arabia’s stunning lavender fields and are rooted within Riyadh Air’s primary colour,” said Douglas.
UAE jobs: Do you really need a university degree to secure a high-paying role? Experts weigh in
The UAE job market is changing rapidly as many now see new opportunities that don’t necessarily require a standard university degree.
Employers are considering work experience over education and welcoming applicants with specialised skills or on-the-job training, opening up real career paths for skilled workers across different fields.
This begs the question of whether higher education degrees are really necessary for competitive, highly-paid roles. Do experts still see a university degree as crucial? Does it truly aid professionals? Here’s what experts told Arabian Business.
RAK real estate: Ras Al Khaimah property prices to surge 50% ahead of Wynn casino launch
Ras Al Khaimah’s property market has seen a notable increase in prices, with a rise of 20-25 percent in the past eight months, according to a report by Metropolitan Premium Properties (MPP).
This trend is particularly prominent in Al Marjan Island, where regular property launches are driving prices higher with each new phase.
The market has been active, with approximately 1-2 new property launches each week over the last three months. This has introduced a range of options, from high-end branded properties to more affordable units.
Revealed: Loyalty programmes drive online shopping in UAE to hit $5.5bn till half-way 2024
Loyalty programmes by companies and online marketplaces emerged as the prime criteria for decision making for shoppers in the UAE, with just 30 percent of high-value loyalty programme members contributing about $5.5 billion, amounting to as much as 50 percent of the online retail revenues in the country, new research revealed.
Discounts led the list of reasons for 55 percent of loyalty programme members for increased online shopping, followed by the convenience of free delivery (52 percent), cash back (42 percent) and early access to sale (35 percent), said the market study by RedSeer Strategy Consultants, the leading global consultancy specialising in digital sectors.
Retailers face potential ‘tens of millions’ in financial losses as weight loss drugs Ozempic, Wegovy shift clothing demand
The widespread use of weight loss drugs like Ozempic and Wegovy could potentially cost retailers “tens of millions” in lost sales and excess inventory as sizing demands begin to shift on a massive scale, an expert told Arabian Business.
This sizing curve shift is already being seen in the US, data from Impact Analytics revealed. Concerns are now mounting around this sizing trend as it could catch many retailers flatfooted before they are able to properly adjust their inventories.
This is particularly crucial as companies plan their assortments months in advance and by sizing curves and market demand.
UAE used car market set to double to $48.15bn by 2030: Report
The UAE’s used car market is poised for significant expansion, with projections indicating it will nearly double in size to $48.15 billion by 2030, according to a new study by AutoData Middle East.
The research forecasts a compound annual growth rate (CAGR) of 11.5 percent over the next eight years for the sector, which was valued at $20.15 billion in 2022.
AutoData’s Vehicle Report platform highlights a strong demand for pre-owned vehicles priced between AED20,000 and AED30,000 ($5,445 – $8,168), followed by the AED50,000 – AED80,000 and AED150,000+ price brackets.
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