UAE residents are looking forward to the Eid Al Adha holidays and top travel trends are already emerging, with most popular travel dates and destinations being revealed.
Also making headlines this week have been new real estate developments in Dubai, discount deals on school fees, new transport into and around the city, record property prices and the fluctuating price of gold in the region.
Catch up with 10 of the biggest stories this week, as selected by Arabian Business editors.
Eid Al Adha 2024: UAE residents plan extended holidays
UAE residents are planning ahead for extended Eid Al Adha holidays, according to Skyscanner. The global travel marketplace has revealed the top trends and insights among UAE travellers ahead of the holiday.
Findings reveal that June 14, 2024 is the most popular travel departure date during this period, and more than half of UAE travellers (53 per cent) are searching for trips that are one week or less.
At the same time, 33 per cent of travellers are looking for trips that are over more than one or two weeks long, and 14 per cent are looking to book holidays for up to a month.
Emaar announces new AED55bn residential community in Dubai: The Heights Country Club & Wellness
Dubai development giant Emaar revealed plans for a new masterplan in the city with a focus on health and wellness at a grand event held at the Armani Hotel on Monday, May 20. The Heights Country Club & Wellness community spread across 81 million square feet will house over 11,400 residential units with the aim to provide an exclusive retreat lifestyle.
The master community was unveiled with several VIP guests, investors and stakeholders in attendance.
The AED55bn ($15bn) development will merge high-quality amenities with serene landscapes to become a sustainable residential hub to foster health and wellbeing in the city. The project’s strategic location, just 10 minutes from the expanding Al Maktoum International Airport, underscores its accessibility and convenience. The airport’s expansion will transform it into the world’s largest, with a capacity to handle 260 million passengers annually.
Dubai Metro to reopen 3 closed stations on Sunday, May 19
The Energy Metro Station is scheduled to return to service before end of May 2024.
All necessary maintenance and testing jobs have been completed to ensure the stations’ full operational readiness and that they meet all safety requirements to provide the highest level of secure and smooth service to the public.
Dubai to pay 50% of school fees of 1,800 gifted students
In an effort to strengthen collaboration between the public and private sectors and provide high-quality educational opportunities for Emirati students, the KHDA, the Knowledge Fund, and nine private schools in Dubai have joined forces to offer more than 400 scholarships to exceptional Emirati students in Dubai’s private schools.
As part of the Dubai Social Agenda 33, the Dubai Distinguished Students Programme will cover half the annual tuition fees for outstanding Emirati students in schools rated Good or better in the most recent inspections cycle.
Dubai real estate: 10,000 new properties entered market in Q1, rent increases are slowing down
Dubai’s strong economic performance and commitment to enhancing the quality of life and attracting skilled professionals will continue to attract a substantial number of expatriates.
During Q1 2024, the Dubai market witnessed the delivery of over 10,000 residential units comprising 7,300 apartments and 2,750 villas. This represents a significant increase compared to the previous quarter and sets a promising trajectory for the year ahead.
Dubai announces 13.5km cycle track with new bridges over Sheikh Zayed Road and Al Khail Road
Dubai’s RTA has announced a new 13.5 km track tailored for bicycles, scooters, and pedestrians.
This new track, which links Al Sufouh to Dubai Hills via Hessa Street, features two architecturally innovative bridges crossing over Sheikh Zayed Road and Al Khail Road.
Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of the Roads and Transport Authority said: “This track designated for cyclists, scooter riders and pedestrians is part of Hessa Street Improvement Project currently undertaken by RTA spanning 4.5km between the intersections with Sheikh Zayed Road and Al Khail Road. It encompasses upgrades to four major intersections along Hessa Street with Sheikh Zayed Road, First Al Khail Street, Al Asayel Street, and Al Khail Road. Hessa Street will be widened from two to four lanes in each direction, doubling its capacity to 16,000 vehicles per hour in both directions.”
Etihad goes back to the future
The dizzy heights of carrying 18 million passengers a year were floated, and a network that would expand to 125 destinations. This “pivotal turning point in the carrier’s journey” was also heavily laden with the X-factor: Flight EY1 touched down at John F. Kennedy International Airport in New York, showcasing the A380 double-decker service featuring the Residence, a three-room suite in the sky. In a handful of years, the fleet size would be over 150.
But no, this wasn’t May 2014 when the then Group CEO James Hogan outlined the airline’s spectacular vision at a spectacular event in Abu Dhabi, in front of the world’s media. This was just five months ago, as new Group CEO Antonoaldo Neves laid down his own marker. If it all sounds familiar, it’s because it is. Ten years later, with a global pandemic to deal with in between, Etihad Airways is back – and back to the future.
Dubai real estate: Residential property values hit new peaks in April, says report
Villas topped the previous market peak by 25.6 percent, with the villa index hitting 216 points, while apartments stood at 141.4 points.
The average villa valuation per square foot surpassed AED2,000 for the first time in ten years, the report said, adding that since the pandemic period, villas in Dubai have more than doubled in value, and apartments are almost one and a half times more expensive. Off-plan home sales increased by 76.4 percent annually but declined 9.4 percent month-on-month, with 7,387 transactions.
Resorts World Cruises announces Dubai to Doha and Muscat cruises; 150,000 passengers expected
Resorts World Cruises has announced it will expand its footprint to the Arabian Gulf and Gulf of Oman with the Resorts World One for a 6-month homeport deployment in Dubai.
Starting from October 18, 2024, the Resorts World One will homeport and depart from Dubai to offer:
- A two-night Sir Bani Yas weekend cruise with departures on Fridays
- A three-night Oman cruise to Khasab and Muscat departing on Sundays
- A two-night Doha cruise departing on Wednesdays
UAE gold price: Should investors buy right now? Experts weigh in
Gold has historically performed well under such conditions and continues drawing interest from various market participants, suggesting its enduring role as a portfolio diversifier.
Due to these continuing economic uncertainties and global markets fluctuations, financial experts are advocating for inclusion of gold in investment portfolios, citing its potential as a long-term store of value and hedge against volatility.
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