The UAE hosted the Arabian Travel Market event this week and welcomed hospitality and tourism experts from around the world to the country to focus on the sector development.
One of the biggest developments in UAE hospitality is the upcoming Wynn Al Marjan in Ras Al Khaimah, and this week new images of the MENA region’s first gaming resort were unveiled.
Other top stories in the UAE and across the region this week included detailed Dubai real estate analysis, an update on a unified tourist visa in the GCC, major transport plans in Dubai and more.
Catch up with 10 of the biggest stories this week, as selected by Arabian Business editors.
UAE casino: Wynn Al Marjan releases new images of gaming resort, details revealed
The beachfront resort will be built on the island spanning 62 hectares in partnership with Marjan and RAK Hospitality Holding, set to be the MENA region’s first ever gaming resort.
Boasting 1,542 rooms and suites, including 22 lavish Villa Estates along the newly designed marina, the resort’s expansive poolscape, covering 3.6 hectares, features multiple swimming pools, water features, and private cabanas.
UAE non-compete clauses: Employers could face challenge of enforcement if terms unclear, experts warn
The inclusion of post-contractual non-compete clauses in employment contracts has become commonplace in the UAE, particularly in freezones.
These clauses aim to protect companies’ legitimate business interests, client relationships, and confidential information. However, the impact of these clauses for some employees can be unclear, with ambiguity in contractual language making the feasibility of enforcement unclear, experts told Arabian Business.
Dubai real estate: Over 8,000 new units hit the market in Q1, experts silence ‘oversupply concerns’
According to Cushman & Wakefield Core’s Q1 market report for Dubai, more than 8,351 units were handed over during the first three months of 2024 which were “in line with market demand.”
An additional 29,690 units are expected to be handed over between Q2 and Q4, bringing the yearly forecast to nearly 38,000 units.
Dubai Duty Free boss is stepping down
“I am pleased to announce my retirement and want to extend my sincere thanks to all of our management and staff who have supported me so well,” McLoughlin said.
McLoughlin has been instrumental in the growth and success of Dubai Duty Free, which has become the world’s largest duty-free operation under his leadership.
Dubai set for summer real estate rental boom
A range of tourism initiatives in Dubai and rising prices in European resorts make a visit to the UAE an attractive option for business and leisure travellers.
Short term let accommodation is set to enjoy a busy summer thanks to the UAE’s diversified entertainment offerings, compelling summer calendar of events, government tourism incentives, and the addition of even more flight routes across Abu Dhabi, Dubai and Ras Al Khaimah.
Schengen-style unified GCC tourist visa ‘in place by end of 2024’ says official, plan allows travellers to spend over 30 days in UAE, Saudi Arabia, Oman, Kuwait and Bahrain
Speaking of the unified GCC tourist visa, UAE Minister of Economy Abdulla bin Touq Al Marri said the visa will allow travellers to visit Saudi Arabia, UAE, Qatar, Oman, Qatar and Kuwait and spend more than 30 days in the region. In October of last year, Al Marri announced that the tourism ministers of the Gulf Cooperation Council (GCC) countries have given their approval for a unified Gulf tourist visa.
Now, at ATM 2024, he said: “In a significant move aimed at simplifying travel logistics and fostering tourism, the Gulf Cooperation Council has given the green light to a unified tourist visa that will allow travellers to visit all six countries. “The GCC Grand Tours, that we are working on and aiming to finish, will allow tourists to spend more than 30 days in the region.”
Dubai real estate: JVC, Dubai Marina popularity booms as British buyers hunt for affordable apartments
“The data… shows that traditionally Brits are, on the whole, looking to settle and create a life in Dubai. They overwhelmingly elect to purchase mid-range, ready properties. There is quite an even split between apartments and villas in terms of the property type they go for,” said Paul Kelly, Operations Director at Allsopp & Allsopp Group.
The buying trend points to “typical behaviour” of those who are buying to live in the properties themselves.
Dubai announces major projects: $4.6bn commercial transport strategy, remote work to slash traffic jams, data economy boost, new community policy
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has approved major projects aimed at further strengthening Dubai’s position as a leading catalyst for economic growth, a destination for global tourism, and a pivotal transport hub connecting continents in accordance with the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
The Executive Council approved the Commercial Transport Strategy 2030 in line with the D33, aiming to nearly double the contribution of the commercial transport and logistics sector to the emirate’s economy to approximately AED16.8bn ($4.6bn), increase technology adoption in infrastructure by 75 per cent, reduce carbon emissions by 30 per cent, and improve operational efficiency by 10 per cent.
Dubai residents stop renting, start buying as mortgage payments start to ‘match’ rental costs: Experts
UAE real estate agencies are also beginning to see more tenants move out of Dubai, downsize, or move to cheaper areas due to the rent price hikes, especially if they were hit with an increase over consecutive years. While rents are expected to increase by 20 percent in Dubai this year, the property market has already seen rents in some areas surge by as much as 66 percent.
Louise Heatley, Owner and Managing Director at Exclusive Links Real Estate Brokers, said: “In some cases, tenants are getting priced out of their current property and there is a need for this to be addressed offering some relief for tenants. In JVC, you can buy an affordable property where today’s monthly mortgage payments can match yesterday’s monthly rental payments”.
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