Floods in the UAE after record-breaking rain, booming Dubai real estate, major visa reform and new laws and rules in the Middle East – keeping up with the news has not been easy, so far in 2024.
Arabian Business subscribers have their fingers on the pulse of the biggest stories of the year so far.
From highlighting the 100 most influential business people in Dubai to revealing the city’s outstanding schools, catch up on 10 of the most popular stories of the year so far.
UAE rain breaks record as country sees biggest downpour in 75 years
The UAE saw the heaviest rain in more than 75 years as record-breaking downpours brought parts of the country to a standstill.
While parts of the country saw 254.8mm of precipitation in less than 24 hours roads were flooded, thousands of flights were cancelled and properties in the city were damaged – prompting major developers to offer free home repairs.
In a swift and immediate response to the disruption, Dubai offered support to communities with extra housing, cleaning, food and security as it recovered from the rain storms, which caused major disruption.
Dubai real estate is reaching record levels as investors eye Golden Visa benefits
At the halfway point of the year, Dubai real estate is booming with residential property sales reaching a record AED191bn ($52.5bn), according to reports.
One of the major developments has been game-changing UAE Golden Visa rules opening doors for Dubai real estate investors. Earlier this year it was announced that, in a bid to foster greater investor participation in the real estate sector and deepen ties with residents, the UAE government is scrapping the AED1m ($272,000) minimum down payment requirement for Golden Visa eligibility through real estate investment.
This means that, regardless of the down payment amount and the property’s status (off-plan, completed, mortgaged, or not mortgaged), investors can now qualify for a Golden Visa by owning a property worth AED2m ($545,000) or more. The move has been welcomed by real estate experts in the city, who labelled the news “a game-changer”, which would “open doors for a diverse range” of investors in the UAE property market.
UAE signs visa waivers with countries in Europe and Asia
UAE citizens looking to travel the world have seen a significant boost this year after the signing of visa waiver deals with countries in Europe.
Mongolia, Kosovo and Uzbekistan have all been added to the list of countries citizens can travel to without the need for prior visa arrangements after memorandum of understanding deals were signed.
Türkiye and Iran also offered visa-free travel to UAE citizens in major changes revealed earlier in 2024.
Dubai 100: Meet the 100 people you need to know in the emirate in 2024
Dubai, a thriving global business hub, owes much of its success to visionary and dynamic business leaders who have played instrumental roles in shaping the emirate’s economic landscape. Renowned for their innovation, resilience, and strategic acumen, Dubai’s business leaders are synonymous with a forward-thinking approach that has transformed the city into a dynamic commercial powerhouse.
These leaders have adeptly navigated through challenges, leveraging Dubai’s strategic location, pro-business policies, and world-class infrastructure to foster economic growth. The visionary leadership has not only attracted multinational corporations but has also incubated a vibrant entrepreneurial ecosystem, supporting the rise of startups and diverse business ventures.
Dubai’s business leaders are characterised by their commitment to excellence, fostering a culture of innovation and embracing emerging technologies. Their emphasis on sustainability and corporate social responsibility aligns with global best practices, reflecting a holistic approach to business. Moreover, the collaborative spirit among Dubai’s business leaders has facilitated public-private partnerships, driving large-scale developments and enhancing the city’s competitiveness. As Dubai continues to diversify its economy, these leaders remain pivotal in steering the course towards a knowledge-based and sustainable future, ensuring that the emirate remains a beacon of economic prosperity and opportunity on the global stage.
Dubai announces new tax
Dubai announced a new tax to be levied on foreign banks in the city. In his capacity as the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No. (1) of 2024 on taxation of foreign banks.
The Law applies to all foreign banks operating in Dubai, including special development zones and free zones, with the exception of foreign banks licensed to operate in the Dubai International Financial Centre (DIFC). According to the law, foreign banks are subject to a 20 per cent tax on their annual taxable income.
However, if these banks pay corporate tax in accordance with Federal Law No. (47) of 2022 on the Taxation of Corporations and Businesses and its amendments, the amount of corporate tax will be deducted from their total tax liability.
UAE new rules in 2024: Golden Visa requirements, employment notice period reforms and more – All you need to know
In 2024, the UAE introduced several new rules that have significant implications for residents and businesses.
From changes to notice period regulations and the introduction of paid parking to bans on single-use plastic bags and e-scooters on public transport there have been many changes to laws and rules in the city.
Catch up with some of the most important rule changes reported this year.
Saudi Arabia announces major change to recruitment in Philippines, Sri Lanka, Bangladesh and 3 more countries
Saudi Arabia has cut the maximum limits for recruiting domestic labour services in the Kingdom. The Ministry of Human Resources and Social Development recently announced a reduction in the maximum limits for recruiting domestic labour services in several countries, namely the Philippines, Sri Lanka, Bangladesh, Uganda, Kenya, and Ethiopia.
This measure is aimed at ensuring fairness in recruitment costs and is part of the Ministry’s broader initiative to review applicable regulations and associated costs. To establish equitable pricing, the revised maximum ceilings for recruitment costs are as follows:
- Philippines: SR14,700 ($3,920)
- Sri Lanka: SR13,800 ($3,680)
- Bangladesh: SR11,750 ($3,133)
- Kenya: SR9,000 ($2,400)
- Uganda: SR8,300 ($2,213)
- Ethiopia: SR5,900 ($1,573)
Previously, the Ministry had instructed licensed companies and offices to set maximum limits for recruiting domestic labour services from specific nationalities in Saudi Arabia.
Best schools in Dubai: Every 2024 ‘Outstanding’ KHDA school revealed
Private schools in Dubai are regulated by the KHDA, ensuring they meet high standards of education. The KHDA provides oversight to ensure schools offer diverse curricula and foster environments that support both academic excellence and holistic development.
According to a KHDA report there are 220 private schools in Dubai and 365,572 students. The KHDA inspected 209 schools in its most recent cycle, accounting for the education of 360.420 students in Dubai. Each school is rated as Outstanding, Very Good, Good, Acceptable or Weak, with the KHDA saying 81 per cent of Dubai students now attend private schools rated Good or higher.
Dubai International Airport named ‘most luxurious’ in the world, Qatar’s Hamad International Airport takes 3rd place
In an analysis of more than 1,800 global airports it was ranked as the best in the world for luxury experiences. With its zen gardens, luxury hotels, swimming pool, cinema and boutique dining Dubai took the top spot. Qatar’s Hamad International Airport was ranked third in a strong showing for the Middle East.
The rankings were based on the airports selection of passenger lounges available, with a minimum of 10 required. Each airport was then scored on several factors, from how many designer shops it has, to how many four and five-star hotels are located nearby.
Schengen: UAE, Saudi Arabia, Qatar, Kuwait, Bahrain and Oman seek visa-free travel to Europe says GCC secretary general
Citizens of the UAE, Saudi Arabia and the whole GCC are working towards visa-free travel to Europe and exemption from Schengen border rules, according to GCC secretary general Jasem Albudaiwi. 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 added that Gulf citizens are a positive presence in Europe, with beneficial trade and contributions to education, tourism and more.
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