Dubai saw new rules on speed limits and passport rules for visa violators this week as it also braced for new petrol price changes in the UAE.
Amid all that, analysts looked ahead to the chance of a housing bubble in Dubai, new financing options for tenants and landlords in the city, an influx of Russian investors and the arrival of a massive new property developer in the country.
Yes, it has been a busy week in the region, catch up on 10 of the biggest stories this week as selected by Arabian Business editors.
Dubai announces new speed limits on major roads
Dubai has announced new speed limits on major roads in the Emirate.
The Roads and Transport Authority (RTA) and the Dubai Police General HQ announced an increase in the maximum speed limit on sectors of Al Amardi Street and Sheikh Zayed bin Hamdan Street. The new speed limits are effective from September 30.
The maximum speed limit on Sheikh Zayed bin Hamdan Al Nahyan Street will be raised to 100 kmph between Dubai Al Ain Road and Academic City Roundabout. Between Academic City Roundabout and Al Khawaneej Street, the maximum speed limit will be increased to 90 kmph. Additionally, the speed limit will be standardised to 90 kmph on Al Amardi Street between Al Khawaneej Street and Emirates Road.
UAE petrol prices to change for October 2024
The UAE is set to announce the new petrol prices for October next week.
Petrol prices across the country fell in September, as motorists were handed a reprieve as Super 98, Special 95, E-Plus 91 and diesel were all made cheaper at the pumps.
Since January, petrol prices have increased for Super 98, Special 95 and E-Plus 91, while the cost of diesel has fallen fractionally.
Moscow’s loss, Dubai’s gain? Russian buyers flock to UAE real estate as mortgage rates skyrocket to 18% in home market
In another interesting trend, cash-rich investors from France are emerging as a significant investor group in Dubai’s upscale residential market, which offers them nearly half payback period on property investments, compared to that in Paris.
“Buyers, in large numbers, are looking at investing in Dubai real estate rather than in Moscow.” Olga Poletskaya, head of the investment department at Colife Invest, the investment wing of Dubai-based global property and rental services firm, told Arabian Business.
Is Dubai real estate sector a housing bubble risk? Experts analyse sector amid price rises, massive demand and supply increases
The buoyant Dubai real estate sector has seen residential property prices increase 17 per cent in the past four quarters and an increase of 40 per cent since 2020, according to global wealth manager UBS.
Amid the impressive price gains, any investment can see values decline as well as increase, and UBS has investigated the possibility of a housing bubble risk in Dubai and other leading cities in the world.
Coldplay in Abu Dhabi 2025: Band announces 4 UAE shows, here’s how to get tickets
Originally the British band announced they will play in Abu Dhabi at the Sheikh Zayed Sports City Stadium on January 11, and a second gig was revealed for the following night, confirmed Live Nation Middle East.
A third performance has also been announced for January 14. A fourth gig was announced for January 9, 2025 and demand for tickets for all the shows has been immense.
UAE announces passport rule change for visa violators
The Federal Authority for Identity and Citizenship, Customs and Ports Security (ICP) has decided to amend the passport validity period required as a condition for accepting a request to amend the status of violators from six months to only one month during the grace period for amending the status of violators that the Authority launched starting from September 1 for a period of two months.
This is to facilitate the task of amending the status of the violator, either by leaving the country without the entry ban stamp or obtaining a job opportunity and remaining in the country.
‘Every landlord’s dream’: Dubai real estate firm launches rent-now-pay-later financing allowing tenants to pay in 12 instalments
Keyper said the RNPL Marketplace gives tenants the option to pay rent in 12 monthly instalments instead of upfront for the year.
The marketplace curates a selection of high-quality, properties from top real estate agencies across Dubai pre-approved for RNPL, ensuring tenants have access to inventory that meet their varying rental needs.
RAK real estate: ‘The time to act is now’ as market booms ahead of gaming resort opening, experts say
“The announcement of Wynn Al Marjan Resort has significantly boosted real estate demand in RAK,” Maxim Novikov head of the RAK branch at Metropolitan Premium Properties told Arabian Business.
According to Novikov, the RAK real estate market is poised for significant growth, with property prices projected to rise by 10-15 per cent in 2024. This follows a staggering 50 per cent increase in 2023, demonstrating the area’s potential for lucrative investment opportunities.
Dubai to transform events sector with $2.7bn Expo City expansion
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved an AED10bn ($2.7bn) expansion plan for the Dubai Exhibition Centre (DEC) at Expo City .
On completion, the DEC will become the largest purpose-built indoor events and exhibitions venue in the region.
EXCLUSIVE: New UAE developer Source of Fate launches with $2.7bn pipeline in Dubai, Ras Al Khaimah
The firm is part of Dubai-based conglomerate Wheel of Fate, and will provide full funding for their pipeline of developments, “guaranteeing delivery, supporting its aim to build positive, sustainable and friendly communities in the UAE,” according to a release seen by Arabian Business.
So far, Source of Fate has confirmed that it’s five new projects would include two residential developments in premium Dubai locations, along with three residential projects on Al Marjan Island in Ras Al Khaimah. Prices have been skyrocketing on Al Marjan Island since the announcement that Wynn would be opening the UAE’s first gaming resort.
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