This week brought forth many developments across various sectors in UAE and Saudi Arabia.
From both the UAE and Saudi Arabia joined the BRICS economic group, to Sheikh Mohammed marking 18 years of leadership, Arabian Business covered some of the biggest stories this week.
On the real estate front, rents could climb 20 percent this year, which is also why you must read our story on when is the best time to buy property this year.
Dubai is also garnering attention to become a global wedding destination, adding to its allure. We also covered the 20 ‘Outstanding’ schools in the emirate for 2023-2024, as rated by the KHDA.
A new Public Joint Stock Company was announced by Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, Vice President and Prime Minister of the UAE, who also announced the Dubai Social Agenda 33 plan to double Emirati families in 10 years.
In terms of global news, the Zombie Deer Virus has been getting a lot of attention, with UAE healthcare experts urging continued precautions as global case numbers climb. With deadly viruses and wars on the loom, the ultra-rich are currently building doomsday underground, luxury bunkers for shelter.
That said, catch up with 10 of the biggest stories this week as selected by Arabian Business editors.
Dubai real estate rents to climb 20% this year, investors eye returns: Analyst
Dubai real estate rents could jump by up to 20 percent this year as investors seek long and short-term returns, according to forecasts from property experts at Colife.
In the first half of 2023, rental prices surged by nearly 23 percent annually.
By year’s end, projections hint at an anticipated growth of approximately 30 percent.
KHDA school ratings: Every ‘Outstanding’ school in Dubai
In the most recent round of school inspections carried out by the Knowledge and Human Development Authority (KHDA) in Dubai, twenty private schools were given an ‘outstanding’ rating.
As per the KHDA website, these are the ‘Outstanding’ schools in the emirate.
UAE, Saudi Arabia officially join BRICS: All you need to know
The UAE, Saudi Arabia, and Egypt, are among six nations that received invitations to join BRICS, last year. As of January 1, 2024, the UAE and Saudi have officially joined the economic group but what does this mean?
BRICS, an acronym for Brazil, Russia, India, China, and South Africa, is a coalition of economic powerhouses, founded to foster economic growth, enhance geopolitical influence, and collectively address shared global challenges.
Dubai’s Sheikh Mohammed announces Parkin PJSC for city’s parking operations
Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, Vice President and Prime Minister of the UAE, has issued Law No. (30) of 2023, announcing the establishment of Parkin PJSC, a public joint stock company responsible for managing parking spaces in Dubai.
The newly formed company will enjoy financial, administrative, and legal autonomy, enabling it to effectively carry out its duties, according to a statement released by the Office of Sheikh Mohammed bin Rashid Al Maktoum.
‘Zombie deer virus’: Middle East is safe but doctors warn of human infection risk as animal cases climb globally
Despite no reported cases of Chronic Wasting Disease (CWD) – commonly known as the “zombie deer virus” – in the Middle East so far, doctors in the UAE are urging continued precautions as global case numbers climb.
Infected animals can display neurological symptoms such as impaired cognition and changes in behaviour ultimately resulting in death. The disease affects animals like deer, elk, reindeer, sika deer and moose.
Dubai real estate: When is the best time to buy property in 2024?
The Dubai real estate market has witnessed tremendous growth and demand, achieving record-breaking numbers last year.
This upward trend is anticipated to continue, with experts asserting that there is no ideal month or season to purchase property.
“With demand exceeding supply, there’s no ideal month or season to buy. We encourage our clients to be ready to act when their desired opportunity becomes available,” said Luke Remington, Managing Director, haus&haus in an exclusive interview with Arabian Business.
Sheikh Mohammed announces new $56bn Dubai Social Agenda 33 plan to double Emirati families in 10 years
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has unveiled a new strategy aimed at doubling Dubai’s Emirati families within the next ten years.
The visionary UAE leader, who also marked 18 years since he assumed responsibility of the Council of Ministers on Thursday, outlined plans to enhance housing standards, healthcare, and overall quality of life for citizens under this initiative.
Billionaire ‘doomsday’ bunkers: Why are the ultra-rich buying these underground mansions?
In recent news, billionaire doomsday bunkers have become a topic of interest, with reports emerging about Meta chief Mark Zuckerberg’s construction of a bunker on the northeast side of Hawaii’s Kauai island.
This development has further intensified public curiosity surrounding these high-profile underground shelters.
Zuckerberg’s underground bunker will be located on the $100 million island, featuring self-sustainable resources, leading many to speculate that he is preparing for a doomsday scenario.
Saudi Arabia megaprojects: 24 massive developments in the making
Saudi Arabia has announced several ambitious plans to build a series of large-scale projects aimed at reshaping the country into a prominent global economic force, over the past few years.
These initiatives, which involve substantial investments amounting to billions of dollars, seek to diversify the nation’s economy beyond oil, generate employment opportunities, and enhance its reputation as a premier destination for trade and tourism.
That said, here are 24 upcoming megaprojects that will play a key role in ensuring the kingdom’s massive transformation.
Dubai couples are getting married faster than the rest of the world
Dubai is expected to see a rise in marriage proposals and weddings this year, bucking the global trend of declines according to local industry experts.
Caroline Ralston, founder and CEO of Dubai-based Proposal Boutique, planned 310 marriage proposals in 2023, a 10 percent increase from 2022. She expects engagements in the region to rise by around 25 percent in 2024.
“We have already noticed a big increase in tourists who are planning to propose on their layover when travelling between Europe and Asia which is a noticeable increase from previous years, where it was predominantly people who were holidaying here,” said Ralston.
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