The past week witnessed a series of events across Dubai and the UAE, from weather concerns to culinary delights and economic developments.
Earlier this week, the UAE faced with unstable weather conditions, with authorities issuing directives for public and private sector firms in Dubai to implement remote work on February 12 and 13.
In the cryptocurrency world, the collapse of FTX has sent shockwaves, revealing vulnerabilities in the industry. Experts are advocating for a more regulated framework to restore investor trust and ensure financial transparency.
On the developmental front, Saudi Arabia’s NEOM project continues to make progress, with construction updates on ambitious projects like The Line showcasing the futuristic vision for urban living.
Valentine’s Day this week witnessed a surge in consumer spending globally, with companies capitalizing on promotions and schemes to boost sales, Arabian Business reported.
In the real estate sector, Dubai authorities have mandated the removal of fake property listings within three days to enhance market transparency.
Plans for Bharat Mart, a massive Indian marketplace in Dubai set to open in 2026, were unveiled, along with Dubai’s Roads and Transport Authority (RTA) signed a memorandum of understanding (MoU) with Etihad Rail to develop ticket booking and payment solutions, and more.
Catch up with the 10 biggest stories this week:
UAE Rain: Public and private sector firms in Dubai told to work from home, schools urged to offer remote learning on Monday, February 12
Companies in Dubai, Abu Dhabi and across the UAE have been told to work from home on Monday, February 12 due to safety concerns amid unstable weather.
READ MORE: UAE work-from-home rules continue on Tuesday, February 13
The Ministry of Human Resources and Emiratisation called on private sector firms to introduce flexible work patterns on Monday, to protect the safety of commuting employees.
It also stressed the importance of adhering to health and safety rules for any companies working outdoors.
UAE fine dining is taking Dubai by storm, but is it worth the cost?
Dubai’s culinary revolution has captured the attention of both locals and global travellers, according to a recent report by the Dubai Department of Economy and Tourism (DET).
The emirate’s fine dining scene especially has seen a remarkable growth in recent years, with Gault&Millau-vetted chefs, innovative concepts, and luxurious settings setting the stage for gastronomic adventures like no other.
However, the question arises among many: is fine dining truly worth the hype and the price tag?
Arabian Business took a look inside the world of fine dining to uncover how these lavish dining experiences are redefining the art of indulgence in the UAE.
Crypto after FTX: Rebuilding a broken industry
The collapse of FTX sent shockwaves throughout the cryptocurrency industry, exposing vulnerabilities that undermined user trust and investor confidence on a global level. Experts say the aftermath provides an opportunity to build a more robust, regulated framework and reboot the sector’s prospects.
The sudden fall of FTX in late 2022 revealed critical risks that ultimately proved fatal for the exchange. FTX’s downfall was due to fraudulent leadership masking activities through opaque financials, according to Michael Carbonara, Co-Founder of compliance platform Bitline. Without proper oversight, FTX took undue risks with client funds.
NEOM: Stunning photos show 2024 construction progress of The Line, Sindalah and Oxagon in Saudi Arabia
Saudi Arabia’s NEOM is home to some of the world’s most exciting upcoming developments.
The flagship project of the $500bn mega-development is The Line, a futuristic city set to become home to 9 million residents. The Line will be 170km long and 500m high, with a footprint of just 34 sq km, and residents will have access to all daily essentials within a five-minute walk, in addition to high-speed rail – with an end-to-end transit of 20 minutes.
Development of The Line and other NEOM projects is ongoing and Chief Operating Officer Giles Pendleton has posted construction images showing progress on social media.
Inside the business of love: Companies cash in on Valentine’s Day as consumer spending hits billions
On February 14th every year, love is in the air and so are Valentine’s Day offers, schemes and promotions, as companies around the world brace themselves for a far from usual Valentine’s Day celebration: increased sales and profits. According to recent data from the National Retail Federation and Prosper Insights & Analytics, consumer spending this year is expected to be in the highs of $25.8 billion.
The NRF data further predicts a whopping $14.2 billion in spending on spouses and partners, translating to an average of $101.84 per person, contrary to the trend last year where consumers indicated interest in Valentine’s Day spending on friends, classmates, teachers and co-workers.
Dubai real estate agents ordered to remove fake property listings within 3 days or face fines
Dubai real estate agents have been given 3 days to remove unavailable properties from all online listings, according to the Land Department.
Following investigations by the Real Estate Regulation Agency, properties not available for sale or rent were identified among online listings.
Real estate agents in Dubai have just three days to remove the “fake” listings or face fines, said the Land Department.
Bharat Mart in Dubai: Sheikh Mohammed and Narendra Modi lay foundations for MASSIVE Indian market set to open in 2026
Dubai will open a massive Indian market place called Bharat Mart in 2026 as it looks to further boost trade ties between the UAE and India.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai; and Narendra Modi, Prime Minister of India, laid the foundation stone for Bharat Mart, a market and trading platform for Indian businesses in Dubai, during a ceremony held at the World Governments Summit 2024.
Plans for the marketplace were unveiled by DP World. Expected to open in 2026, Bharat Mart will offer a world-class trading platform for Indian manufactures and exporters to access global markets.
UAE Golden Visa $272,000 rule change ‘widens door for more diverse pool of Dubai real estate investors’
UAE Golden visa rule changes will bring a diverse pool of investors to the Dubai real estate sector, according to analysis by Springfield Properties.
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.
As of January 24, 2024, the UAE abolished the minimum down payment requirement of AED1m ($272,000) or 50 per cent of the property’s value for the property Golden Visa.
WGS 2024: RTA inks MoU with Etihad Rail for ticket issuing system
Dubai’s Roads and Transport Authority (RTA) signed a memorandum of understanding (MoU) with Etihad Rail, the developer and operator of the national railway network of the UAE, for developing ticket booking and payment solutions.
The authority is to develop the booking and payment solutions system through its nol card system.
The signing of the MoU, which took place during the World Governments Summit (WGS) 2024, marks the first step in a joint venture initiative between the two.
EXCLUSIVE: Naomi Campbell, Umar Kamani reveal plans to launch Dubai ‘talent management’ business
Supermodel and entrepreneur Naomi Campbell and former PrettyLittleThing CEO Umar Kamani revealed plans to launch a new talent management company based in Dubai, he exclusively told Arabian Business.
“Myself and Naomi are in the process now of starting a talent management company,” Kamani shared.
“We feel there is an opportunity to bridge some gaps in the current talent management world. Countries in the Middle East are aggressively pursuing talent and signing them to big deals, but sometimes it feels very transactional. The talent comes in just for the money and leaves without truly experiencing the culture.”
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