On Wednesday, Arabian Business covered some of the most happening stories in the region, such as UAE, Saudi join BRICS amid ‘new world order’ of geopolitics, UAE insurance warning for all employees before October 1 fine deadline, YAS Holding, Taraf launching ‘sold out’ luxury residences Luce worth over AED350 million, and more.
Here are five trending stories you missed on Wednesday.
Dubai real estate: How much property does $1 million buy?
Dubai has earned a global reputation for its thriving real estate sector and opulent properties. The city is currently attracting significant international interest, with investments surging in properties across the emirate.
According to a recent study conducted by Savills, real estate transactions in the first half of 2023 witnessed a remarkable 44 percent increase, totalling nearly 60,000 units sold.
In conversation with several property experts in Dubai, Arabian Business understands that with a budget of $1 million, potential buyers can explore a diverse array of opportunities in the city’s bustling property market.
Sharjah announces 4-day weekend holiday
Public sector workers in Sharjah are looking forward to a four-day weekend after the Government announced dates for a holiday for staff this month.
The holiday is to mark the birthday of Prophet Mohammed (PBUH).
The emirate’s Human Resources Department has announced that Thursday, September 28 will be a holiday for Government departments, institutions and bodies.
UAE, Saudi join BRICS amid ‘new world order’ of geopolitics, ‘limited’ economic gains take backseat
The UAE and Saudi Arabia’s entry into the BRICS coalition may wield geopolitical advantage in the near term but promises limited economic gains, experts told Arabian Business.
The two nations are expected to join the BRICS group of emerging economies in 2024, according to an announcement made at its annual summit in Johannesburg last month, raising many questions about what this could mean for the Gulf region and how the UAE and Saudi will be impacted economically as a result.
The BRICS group, which currently includes Brazil, Russia, India, China, and South Africa, is one of the most important economic blocs in the world, accounting for over 40 percent of the world’s population and 25 percent of global GDP. Apart from the UAE and Saudi, the group has agreed to invite Ethiopia, Egypt, Iran and Argentina.
UAE issues insurance warning for all employees before October 1 fine deadline
UAE workers must sign up for mandatory job loss insurance before October 1 or face fines, said the Ministry of Human Resources and Emiratisation (MoHRE).
The MOHRE called on UAE citizens and residents eligible for the Unemployment Insurance Scheme to register in the system before October 1 to avoid a AED400 fine.
The Ministry said it has provided the option for employers to register their employees in the system, however, “it is the employee’s responsibility to enrol in the system, not the employer’s, who incurs no additional costs.”
Dubai Palm Jebel Ali real estate prices revealed, over AED40mn for premium villas
Dubai’s forthcoming Palm Jebel Ali development presents an extraordinary chance for investors seeking luxurious properties within the city’s thriving real estate market.
The real estate project’s official launch will take place next week, Arabian Business understands, with villa prices starting at AED18 million.
Properties on the new Palm Jebel Ali island range from exquisite beach villas to spacious coral villas and premium plots.
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