Here is a rundown of ten top stories – including UAE public transport plans, Saudi Arabia considering duty free alcohol sale at airports and Dubai’s most expensive villa being purchased by Mukesh Ambani – you might have missed this week on Arabian Business
UAE public transport: Dubai to Sharjah travel time to half
The Dubai Metro currently travels across the city at an approximate speed of 95 kilometres per hour, but a new railway project by Etihad Rail, will travel at speeds of up to 200 kilometres per hour, potentially slashing travel between emirates by half.
The railway mega-project is set to link the UAE up with a state-of-the-art public transportation system, reaching Ghweifat on the border of Saudi Arabia in the West to the border of Oman in the East.
The rail, on completion, will be utilised initially to transport heavy goods, before carrying over millions of passengers by 2030 – thus, reducing travel time between cities.
Saudi Arabia considers duty free alcohol sale at airports
Saudi Arabia is considering introducing alcohol sales in duty free areas of selected airports, Arabian Business reported.
The plans would see limited sales of alcohol, initially for international transit passengers, in specific airports. It is believed that strict requirements would have to be met, and the sales only available to passengers travelling on designated routes.
No final decision has been made, but a consultation process is underway with key stakeholders, sources said.
Dubai property sales record after $163m villa purchased by billionaire Mukesh Ambani
Mukesh Ambani, India’s second-richest man purchased another piece of property in Dubai, topping his previous purchase which was previously the city’s most expensive residential real estate deal, Bloomberg reported.
The villa on Palm Jumeirah was purchased by the Indian billionaire from the family of business enterprise family Al Shaya, who own franchises of brands including H&M, Starbucks and Victoria’s Secret.
Ambani’s net worth is reportedly over $86.7bn. He is the chairman and managing director of Reliance Industries Ltd which is a Fortune 500 company.
Moon Resort selects Dubai Pearl as location for $5 billion mega-project
After speculations around the $5bn Moon Resort coming to Abu Dhabi, Arabian Business reported that Moon World Resorts’ co-founders Michael Henderson and Sandra Matthews are considering the Dubai Pearl as the ideal location to set up the resort.
The two founders are still conducting a recce across the MENA region.
“At this time we are still considering potential regional licensees and land options around MENA. We believe the Dubai Pearl would be a prefect location for Moon Dubai; indeed it would be absolutely stunning,” Moon World Resorts’ co-founder Michael Henderson told Arabian Business.
Etihad hires Antonoaldo Neves as CEO as Tony Douglas quits for Saudi RIA job
Etihad Airways has appointed Antonoaldo Neves to replace Tony Douglas as Group CEO. Douglas, as exclusively revealed in Arabian Business last month, is moving to new Saudi carrier RIA.
Neves is the highly regarded former boss of Portuguese airline TAP. The airline has been looking for a new leader after Douglas informed the Etihad board of his decision to take the RIA post.
I’m worth more than $50mn, says Dubai Bling star
Dubai Bling star Ebraheem Al Samadi has said he is worth in excess of $50m, following publication of the Arabian Business Dubai Bling Rich List.
This week, Arabian Business reported that only three members of the Dubai Bling cast were millionaires, with Al Samadi’s net worth at $350,000. The Netflix reality show which launches on October 27, claims all ten cast members are millionaires.
However, Al Samadi’s representatives sent Arabian Business accounts detailing his shareholding in a number of Forever Rose brands, and stating revenues of $22.5m for the year to December 31.
Andrew Tate Dubai event cancelled
Controversial influencer Andrew Tate appeared in Dubai, but his much- hyped speaking event was cancelled.
Tate had boasted that the emirate would host his first ever speaking event, “41 Tenets of Tate”, on October 15, at the Meisters Club.
Although Tate did come to Dubai, and was seen with boxer Amir Khan on Saturday, he did not appear at the club.
UAE firms face AED6k a month fines for not hiring Emiratis
The UAE Ministry of Human Resources and Emiratisation (MoHRE) has urged private sector companies to reach their Emiratisation targets by the end of 2022. If companies fail to comply, they will face financial penalties.
Companies with over 50 employees must ensure 2 percent of their employees are Emirati before 2023. The move is in line with the government’s Nafis initiative.
NEOM to open 25hours hotel in Saudi mega city
Saudi Arabia’s NEOM will see two hotels – 25hours Hotels and Morgans Originals – in TROJENA, the mountain tourism destination that features a ski village. The move comes after NEOM signed its inaugural hotel partner, Ennismore.
“Our partnership with Ennismore echoes our mission to pioneer in the space of experiential hospitality in a way that shapes the future of hotels in the kingdom and beyond. With a shared passion for developing differentiated and imaginative hospitality concepts, we look forward to seeing this relationship – and others like it – flourish,” NEOM’s Hotel Development executive director Chris Newman said.
TROJENA’s 25hours team “is inspired by the futuristic architecture of the building and will include nods to science-fiction movies as well as to the alpine heritage of the brand,” NEOM said in statement.
Revealed: 10 of the most expensive schools in Dubai
Although the 2022-2023 academic year in Dubai did not see a tuition hike, school fees in the UAE have gradually risen over the last decade.
There are several factors, as well as certain requirements, for schools to implement a tuition hike, which the UAE’s Knowledge and Human Development Authority (KHDA) ultimately regulates.
In Dubai, the statistics authority releases an annual Education Cost Index (ECI) to determine the allowable fee increases for schools. The index measures costs of running a school, including salaries, rent, and utilities, and this academic year, it has been set at -1.01 percent.
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