On Wednesday, Arabian Business covered some of the most happening stories in the region, which included Dubai real estate transactions falling in September as off-plan sales dip 41.5 percent, UAE announcing smart vehicle cluster to generate 50,000 jobs and add $33bn to economy, and more.
Here are five trending stories you missed yesterday.
Dubai real estate slowdown: Transactions fall in September as off-plan sales dip 41.5%
The Dubai real estate residential market recorded a total of 7,523 transactions in September 2023, according to analysis by CBRE.
It represents a decline of 8.3 per cent compared to a year earlier.
This slowdown in activity levels has been underpinned by a drop of 41.5 per cent in off-plan market sales, whereas secondary market sales increased by 30.5 per cent.
Saudi Arabia’s flynas announces 7 new Madinah Airport routes
Saudi Arabia’s flynas has announced adding seven new routes to its ever-expanding flight network from its new operations base at Madinah Airport starting from December 1, 2023.
After becoming the only carrier with four operations bases across the Kingdom, the leading low-cost carrier will launch two domestic routes from Madinah to Abha and Tabuk and five international routes to Dubai, Amman, Baghdad, Istanbul, and Ankara to be operated alongside the other four existing routes from Madinah to Riyadh, Jeddah, Dammam, and Cairo.
These additions will bring the total number of routes operated by flynas from Madinah to 11 so far.
Dubai announces new bridges over major road
Dubai’s Roads and Transport Authority (RTA) has opened two new footbridges on Ras Al Khor Road as part of a broader initiative to construct seven footbridges, as announced earlier in 2023.
The inauguration of the two bridges affirms RTA’s commitment to enhancing traffic safety, providing safe mobility means for pedestrian crossing, and fostering wellbeing to bring more happiness to residents and visitors of Dubai.
The two bridges are characterised by attractive designs and are fitted with hi-tech electromechanical systems, alarms, firefighting, remote monitoring systems, and dedicated bike racks.
UAE announces smart vehicle cluster to generate 50,000 jobs and add $33bn to economy
A smart vehicle cluster in the UAE will add AED120bn ($33bn) to the national economy.
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has endorsed a plan to establish a world-leading Smart and Autonomous Vehicle Industries (SAVI) cluster in Abu Dhabi.
The SAVI cluster is expected to contribute AED90-AED120bn ($25bn-$33bn) to the UAE economy and generate 30,000-50,000 jobs.
Dubai home to 210 centi-millionaires and 15 billionaires – expect more ultra-rich residents to come in next decade
Dubai is home to 15 billionaires and more than 200 centi-millionaires and is expected to be one of the fastest growing cities for the ultra-rich in the next 10 years, according to a report by Henley & Partners.
The residency and investment specialist places Dubai 16th in its annual global ranking of cities with the most ultra-rich residents. It classifies centi-millionaires as people with assets worth $100m or more.
Dubai leads the region, with 210 centi-millionaires, ahead of Riyadh which has 65. Meanwhile, according to Henley & Partners, Dubai has 15 resident billionaires and Riyadh has nine.
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