The UAE, Saudi Arabia and countries across the GCC have approved a new unified tourist visa, which will see increased freedom of travel across the region.
The announcement comes as the UAE said it will offer visa-free travel to a country in Europe and Saudi Arabia has made a major upgrade to its electronic business visa.
Meanwhile, tax in the United Arab Emirates has hit the headlines as new rules were introduced and a comprehensive guide was published to advise on business requirements for the year ahead.
- The Dubai real estate sector has been in the news, with analysts giving insights on:
- Affordable homes
- Property prices
- Rental prices
Elsewhere, travel experts forecast air ticket prices could soon fall and sustainable development was in focus.
Catch up on 10 stories you may have missed this week, as selected by Arabian Business editors.
GCC approves unified tourist visa for UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain
Present in the meeting were the Ministers of Interior in the Gulf Cooperation Council member states. The ministers approved the unified Gulf tourist visa project to contribute to facilitating movement of residents and tourists between the six member countries.
This visa will allow its holders to visit six GCC countries, focusing on attracting and retaining tourists within the region to enhance economic integration.
UAE announces visa-free travel to European country
The UAE has announced a visa-free travel agreement with Bosnia and Herzegovina.
The United Arab Emirates and Bosnia and Herzegovina have taken a significant step towards strengthening bilateral relations with the signing of a Memorandum of Understanding (MoU) on visa exemption.
The MoU aims to facilitate and promote travel, trade, and people-to-people exchanges between the two nations. Under the MoU, UAE and Bosnia and Herzegovina citizens holding valid passports are now eligible for visa-free travel for tourism, business, and short-term visits.
Dubai Wasl Tower to become tallest sustainable building in the world
The tower’s use of ceramic fins aligns with the UAE’s commitment to sustainability, particularly during the Year of Sustainability, the Dubai Media Office said in a statement.
Scheduled for completion in the third quarter of 2024, Wasl Tower stands as a testament to Dubai’s position as a global leader in adopting cutting-edge sustainable practices in the construction industry.
Cheap flights: UAE ticket prices to drop, says Skyscanner boss
The report has shown a remarkable surge in the demand for travel among UAE residents following the easing of Covid-19 restrictions, with approximately 90 percent of UAE travellers have expressing their intention to embark on an equal or higher number of trips abroad in 2024, compared to the previous year.
As travel demand soars, ticket prices also surge during peak periods, such as long weekends, summer holidays, and winter breaks.
Dubai real estate: Where are the most affordable houses to buy on an average salary?
However, while some property could take upwards of a century to own with an average salary, other areas still have affordable options, according to a study by Dubai proptech Realiste.
The Realiste study, based on extensive data related to 20 major locations in the emirate, said owning houses can be within the reach of residents’ lifetime even in some of the sought-after areas in the emirate such as Al Sufouh First part 2, Al Jaddaf Part 1, Nad Al Sheba, Al Hebiah Fourth part 6 or even in Palm Jumeirah. The average work years to buy a house in these areas could take 34.5 to 61 years based on the current average salary.
Dubai real estate trends: $8bn of transactions in October, apartments dominate, Marina popular, existing property value up 80 percent
The month saw 7,128 real estate transactions worth a total of AED29.7bn ($8.1bn), recording a 17.46 per cent increase in value compared to the same month last year.
According to the latest data, 60 per cent of property buyers were looking for an apartment, while 40 per cent were interested in villas/townhouses.
UAE tax guide 2024: Everything you need to know
A new tax is on the way in 2024 and businesses need to be prepared.
Arabian Business has created a guide for businesses to raise awareness of obligations in thecountry.
UAE announces new tax rules
The UAE has announced new rules on payment of tax in the country.
Official announcements clarify the amount of tax payable on intellectual property, as well as a tax exemption on income earned trading selected items on registered stock exchanges.
The UAE Ministry of Finance has issued Cabinet Decision No. 100 of 2023 on Determining Qualifying Income, as well as Ministerial Decision No.265 of 2023 on Qualifying Activities and Excluded Activities.
Saudi Arabia expands electronic business visit visas to cover all countries
The second phase of the electronic “visiting investor” visas will cover the rest of the countries of the world, not included in the earlier list.
The Undersecretary of the Saudi Ministry of Investment for Integrated Investor Services, Muhammad Aba Hussein, said foreign investors and employees of foreign establishments can apply for an electronic visit visa through the platform affiliated with the Ministry of Investment “Invest in Saudi Arabia”.
Dubai property price increase slowing down, residential supply declines, rental growth moderates
The full-service real estate company’s Q3 2023 real estate report shows that there has been a moderate decline in the supply of new residential units, a gradual moderation in rental rate growth and a deceleration in the increase of property prices.
Despite this, Asteco reports the city’s real estate landscape remains marked by an ongoing momentum, defined by a continuous stream of new project launches.
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