Dubai dominated headlines this week, with major shifts in housing, spending and ultra-luxury real estate, while the UAE advanced flagship projects from casinos to fintech.
Elsewhere, there were reports of new alcohol stores planned in Saudi Arabia, expected UAE petrol price changes, rental pressures and an ongoing billionaire migration.
Catch up with 10 of the biggest news stories this week, as selected by Arabian Business editors.
Saudi Arabia to open alcohol stores: report
Alcohol is forbidden in the Kingdom and not sold to the public. In 2024 a store selling alcohol to non-Muslim diplomats was opened in the capital city, Riyadh.
Citing sources, Reuters reports that there will be two additional alcohol stores in Saudi Arabia:
- An outlet serving foreign staff at Aramco in the Eastern province of Dhahran
- An outlet serving diplomats in Jeddah
Why record $29bn Dubai 2026 budget could trigger global wealth migration
The moves come as global investors and families increasingly reassess traditional destinations in favour of stable, high-growth jurisdictions. In November 2025, the Government of Dubai announced the largest budget in the city’s history, with projected revenue of AED107.7bn ($29.3bn) for 2026 and AED99.5bn ($27.1bn) in spending.
Between 45 and 48 per cent of the budget will support infrastructure and construction, while around 28 per cent is directed to social development including schools, hospitals, housing and community services.
Dubai ‘Golden Triangle of Wealth’ and the next neighbourhoods set for $10.9m+ villa boom
The agency reports sharp growth in AED 70m–AED 100m ($19m–$27m) deals, resales overtaking new sales, and the emergence of a “Golden Triangle of Wealth” spanning Palm Jumeirah, Emirates Hills and MBR City.
Analysis from fäm Properties highlights rapid expansion in Dubai’s ultra-prime segment, with AED 70m–AED 100m ($19m–$27m) transactions climbing sharply and resales now forming the majority of AED 40m+ ($10.9m+) villa activity.
UAE casino update: Wynn Al Marjan nears structural completion ahead of 2027 opening
In a recent construction update, the tower has reached the 70th floor with roof deck work underway while exterior progress continues at pace with 19,206 of 26,247 facade panels installed, representing 73 percent completion.
Across the resort’s low-rise structures, combined concrete and steel works are now 97 percent complete with exterior facades, interior fit-out and elevator and escalator installations also progressing.
UAE petrol prices to change for December 2025
The UAE is set to announce petrol prices for December 2025 this week.
Last month petrol prices fell for all categories, following a period of relatively stable prices.
Despite fluctuating prices throughout the year, it is now slightly cheaper to fill up a tank than year ago, with all categories becoming less affordable than they were 12 months ago.
New mall opens in Dubai in community with 3km waterfront promenade
The new mall is designed to elevate daily living for South Bay residents while serving the wider community. Spanning approximately 200,000sq ft. across the ground, first and rooftop levels, South Bay Mall will offer panoramic lagoon views, open-air walkways and a curated blend of retail, dining and wellness experiences.
The development will house 60 retail units, two anchor stores and a premium food hall, alongside extensive outdoor leisure areas.
Dubai rental pressures push tenants toward ownership as 55% plan to buy
According to betterhomes’ Future Living Report 2025—based on a survey of 1,439 residents—tenant purchase intent has more than doubled, driven by rising rents, accessible mortgage products and longer-term residency plans.
The findings suggest a structural change in Dubai’s housing landscape, with tenants reassessing the long-term viability of renting as average annual rents reach AED99,000 ($26,963). The report reveals that 55 per cent of tenants now plan to buy property within the next one to three years, up sharply from 25 per cent last year.
Lakshmi Mittal, one of Britain’s richest men, quits UK to relocate to Dubai
The Sunday Times, quoting sources familiar with Mittal’s plan, said the billionaire, a resident in Switzerland for tax purposes, will now spend much of his future in Dubai, where he already has a mansion and has now bought up “tracts of an intriguing development on the nearby Naïa Island”. Mittal becomes the latest UK billionaire to move to Dubai.
According to The Standard, Mittal joins Norwegian shipping magnate John Fredriksen in Dubai, while German investor Christian Angermayer moved to Switzerland, after saying the non-dom changes are the UK’s “death blow”. Herman Narula and Nik Storonsky, co-founders of tech companies Improbable and Revolut, have also raised concerns about UK tax changes, and moved to Dubai.
Revolut steps up UAE build-out as launch nears, pending full licence – GCC CEO
The UK-based fintech received in-principle approval from the Central Bank of the UAE earlier this year. Revolut is now focused on converting that approval into a full licence before going live in the Emirates.
“We have not launched in the UAE yet,” GCC CEO Ambareen Musa said in an interview. “We are working closely with the Central Bank to obtain our full licence. Once that is approved, we will be able to set a public launch timeline.”
Majid Al Futtaim, Emirates NBD partner to offer off-plan mortgage financing
The agreement marks a first for Majid Al Futtaim customers, allowing homebuyers to apply for financing during the off-plan phase once 50 per cent of their property payments are completed. Buyers can access competitive interest rates and repayment periods of up to 25 years, with eligibility open to both UAE nationals and residents meeting Emirates NBD’s lending criteria.
The initiative simplifies the ownership journey by enabling customers to manage remaining payments through a single banking partner, offering clearer long-term financial visibility and confidence in planning.
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