Ramadan has begun in the UAE, Saudi Arabia and across the world and resident are already looking ahead to Eid Al Fitr.
This year people in the UAE could enjoy either a six or nine-day holiday for Eid Al Fitr, depending on the duration of Ramadan.
Meanwhile, citizens from across the GCC are eyeing visa-free travel to Schengen countries in Europe as the bloc is campaigning for exemption from travel rules.
Real estate has been making headlines, with experts forecasting price rises in Dubai this year as well as the impact of premium visa schemes on property investment in Saudi Arabia.
Catch up also on Dubai transport plans including flying taxis, cycle tracks and Metro timings during Ramadan.
Arabian Business editors have picked 10 of the biggest stories this week.
UAE Eid Al Fitr 2024 could be 9-day holiday in Dubai; expected dates explained
UAE residents enjoying Ramadan could be set for a nine-day Eid Al Fitr holiday at the end of the Holy month. Ramadan started on Monday, March 11 after the crescent moon was sighted in the country.
All months in the Islamic calendar have either 29 or 30 days, as dictated by moon sightings. With Ramadan starting on March 11, it means Eid Al Fitr will begin on the first of Shawwal, corresponding to either April 9 or April 10, depending on whether Ramadan is 29 or 30 days.
Accordingly, Eid Al Fitr could mean either six or nine-day holiday depending on the duration of Ramadan. See the possible scenarios here.
Schengen: UAE, Saudi Arabia, Qatar, Kuwait, Bahrain and Oman seek visa-free travel to Europe says GCC secretary general
The GCC official told television reporters he will travel to Brussels, Belgium next week to make a case for the visa waiver. If successful, citizens of the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain and Oman will be able to visit 27 European countries, including Germany, France, Italy and Spain, without needing the Schengen visa.
Speaking on Saudi Television Channel 1, Albudaiwi said GCC countries deserve exemption from the visa, adding that the bloc has a strong case. He said: “During negotiations in Brussels with the leaders of the European Union, which is scheduled to begin in the second week of Ramadan, I will speak, on behalf of the GCC states, to exempt the Gulf citizens from the regime of Schengen visa.
Dubai to Abu Dhabi ‘flying taxi’ commutes in just 30 minutes to take off next year
Designs for vertiports for the high-tech transport have been revealed and journey times as little as 30 minutes are being offered. Archer Aviation has announced UAE-based Falcon Aviation as its vertiport infrastructure partner for critical locations in Dubai and Abu Dhabi.
This collaboration marks a significant step towards launching Archer’s Midnight flying car with Falcon Aviation in the UAE and across the MENA region as soon as 2025. Archer and Falcon Aviation will start by developing state-of-the-art UAE vertiport infrastructure at Falcon Heliport at Atlantis, the Palm in Dubai and the Marina Mall heliport in Abu Dhabi’s Corniche.
Dubai announces Metro, public parking and bus timetables for Ramadan 2024
The detailed RTA breakdown covers Customer Happiness Centres, paid parking zones, public buses, Dubai Metro and Tram, marine transport, and service provider centres (technical testing).
EXCLUSIVE: Aman CEO announces ‘most expensive hotel in Dubai’
Swiss-headquartered luxury hospitality group Aman announced its first Dubai location on Monday, the group’s CEO told Arabian Business. Aman Dubai will feature ultra-premium hospitality offerings in the prime coastal location of Jumeirah 2 which will be the ‘most expensive hotel in Dubai.’
In an exclusive interview, Chairman and CEO Vlad Doronin confirmed that Aman Dubai is set to bag the title of the most expensive hotel in the city, akin to the group’s renowned property, Aman New York.
“We are really doing a lot, it is not expensive because we want it to be expensive but the point is, it is a very big investment into this property so we need to get our return,” he said.
New Saudi real estate visa a massive boost for investors; ultra-rich eye $2bn opportunity with high returns
Muslim global high net worth individuals (HNWI) are prepared to spend $1.96bn on real estate in the Holy Cities of Makkah and Madinah, said Knight Frank in its inaugural Destination Saudi report. Knight Frank surveyed 506 Muslim global HNWI from nine countries to understand their attitudes, aspirations and appetite towards real estate investment in the Holy Cities of Makkah and Madinah.
Harmen de Jong, Regional Partner – Head of Consulting, MENA said: “The new Premium Visa for property owners is a welcome move by the authorities. It is likely to bolster demand at a time when affordability and shifting residential market demand dynamics, largely driven by a greater desire among young intra-Saudi migrants to rent rather than own, has been slowing the level of deal activity.
Dubai real estate prices to increase up to 7% this year after bumper transactions of $117bn in 2023
Dubai property prices are set to increase by between five and seven per cent this year, according to D&B Properties. The UAE property market is set to witness significant growth amid strong buyer demand, according to industry experts and analysts.
Buoyed by government initiatives, economic resilience, and robust investor interest, the market is poised for expansion. Government initiatives and sustained economic growth have fuelled a surge in transaction volumes, particularly notable in Dubai, which recorded a significant uptick in new property transactions.
In 2023, Dubai witnessed an extraordinary surge in its real estate market, with 116,116 property transactions amounting to AED429.6bn ($117bn).
Retiring in Dubai: How much do you need to save to retire comfortably?
As Dubai continues to cement its position as a preferred hub for business and travel, it is also becoming viewed as the ultimate retirement destination in the region, especially among long-residing expats who are not quite ready to let go of the city’s many luxuries.
According to an Instagram poll conducted by Arabian Business, a staggering 57 percent of respondents said they believed an annual income exceeding $150,000 is necessary for a comfortable retirement in the emirate. 24 percent said $100,000-$150,000 per year was enough while 14 percent chose $50,000-$100,000 and only 6 percent opted for $20,000-$50,000 per year.
Dubai launches new cycle tracks, 1,000km of paths planned with Marina and Jumeirah connected to Al Qudra
The Roads and Transport Authority (RTA) has inaugurated cycling tracks in Al Khawaneej and Mushrif extending 7km to connect with the existing tracks in the two districts, which already span 32km.
Consequently, this expansion brings the total length of cycling tracks in these residential communities to 39km.
Sheikh Mohammed announces Dubai investment platform to support businesses with instant licences, fee payments, permits and more
In his capacity as the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Decree No. (13) of 2024 on the Unified Digital Platform for establishing companies in Dubai. The Decree forms part of Dubai’s efforts to enhance its business environment and advance economic growth.
The Decree, which applies to all economic activities in Dubai, also aims to regulate the issuance of licences, permits and approvals in the emirate to enhance clarity and simplicity. It also seeks to help investors overcome obstacles in setting up or operating businesses in Dubai.
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