As 2023 draws to a close, it is an opportunity to reflect on the significant events that shaped the past 12 months.
From the momentous opening of Atlantis The Royal and the UAE hosting a historic COP28 to casino announcements and record-breaking real estate deals, this year has brought both continued success and moments of major progress and innovation.
Here are the most defining local news stories of 2023.
Atlantis The Royal opens with iconic Beyonce performance
Atlantis The Royal in Dubai had its grand opening in February 2023 after being built piece by piece like a game of Tetris. Spread across 795 guest rooms, 102 suites, and 2 kilometres of private beach, the resort caters to both leisure and business travellers with celebrity chef restaurants, a lavish spa, and oceanfront setting. Continuing the UAE’s tradition of superlative attractions, it debuted the world’s largest aquarium showcasing 4,000 jellyfish as well as a spectacular water and fire fountain display.
Originally planned for an October 2022 launch, the date was pushed back to early 2023. Rising 43 stories high with a distinctive cantilevered design, Atlantis The Royal consists of 231 luxury apartments and 693 hotel rooms and suites all boasting panoramic views of the Arabian Sea and nearby Palm Island. With its elements of luxury, entertainment, and engineering prowess, the property represents both a landmark addition to Dubai’s hotel scene and another example of the emirate’s ambitious vision.
For the opening, American music superstar Beyoncé took the stage for the first time in five years. It was a performance worth the wait, and one the invitation-only audience will remember for a lifetime. Three costumes, an entire squad of Lebanese dance troupe Mayas, a cameo appearance and an on-stage cameo from daughter Blue Ivy Carter to perform Brown Skin Girl, fire, water, smoke and fireworks aplenty.
A year of IPOs
Dubai Taxi Company (DTC) announced its initial public offering (IPO) on the Dubai Financial Market (DFM) in November, marking a huge milestone for the public sector. The Offer Price Range was set between AED1.80 and AED1.85 per share, with a total of 624,750,000 shares, equivalent to 24.99 percent of DTC’s total issued share capital, to be offered.
Another notable IPO in 2023 was that of ADNOC Logistics and Services, a key player in the logistics sector. The company made its debut on the ADX in June, attracting significant investor interest. ADNOC Logistics and Services raised an impressive $769.5 million in IPO proceeds, indicating strong confidence in the logistics sector. With a first-day return of 55 percent, the company’s shares have continued to perform well, showing an impressive 82 percent increase in share price since its listing.
Al Ansari Financial Services, a prominent player in the banking and capital markets sector, embarked on its IPO journey in April, with a listing on DFM. The company’s debut was met with enthusiasm from investors, raising $210.4 million in IPO proceeds.
But perhaps one of the standout IPOs this year was ADNOC Gas. The company’s listing on the Abu Dhabi Securities Exchange (ADX) in March, generated substantial excitement among investors. ADNOC Gas raised $2.5 billion in IPO proceeds, solidifying its position as a key player in the industry.
Dubai scraps alcohol tax
In a move to boost the city’s economy, Dubai authorities announced the suspension of the 30 percent tax on alcohol in January. The changes meant that hotels, bars and restaurants would pay 30 percent less than previous years when purchasing alcohol.
In addition to scrapping the excise fees, Dubai also removed costs for obtaining an alcohol license within the city. Previously, license fees were AED270 annually with a four-week processing time, but individuals eligible to purchase alcohol can now obtain licenses free of charge from the 21 branches of the MMI stores across Dubai.
UAE Corporate Tax comes into effect
The UAE Corporate Tax came into effect on June 1 this year in what was a major move for the country. UAE businesses are now expected to pay a 9 percent corporate tax if their incomes exceed AED375,000. Any profits below this threshold are not taxable.
Pension or investment funds, government, government-controlled organisations, public benefit organisations and extractive and non-extractive natural resource businesses that meet set conditions will not be required to register under the tax law.
UAE royal wedding
The royal nuptials of Sheikha Mahra bint Mohammed and Sheikh Mana bin Rashid in April 2023 were an elegant affair that captured widespread attention. Sheikha Mahra, whose father is UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, wore a couture white gown by the Dubai-based designer Ezra Couture for the ceremony. She styled the dress with glamorous diamond accessories, including a watch by the renowned jeweller Chopard.
Photographs from the extravagant event showed the beaming couple surrounded by family and dignitaries, bringing a moment of celebration to the ruling royal household. The royals then announced in October 2023 that a baby was on the way.
Unemployment insurance takes effect
The Federal Decree-Law No. 13 of 2022 Concerning Unemployment Insurance (Unemployment Insurance Law) came into effect on January 1, 2023, requiring both Emirati nationals and expat employees working full-time in the public and private sectors to enrol in a new unemployment insurance scheme. This was a major step for the UAE to provide greater economic security for its workers.
The implementation deadline was initially June 30, but was later extended to October 1 to allow more time for compliance. This new unemployment insurance program demonstrated the UAE government’s commitment to protecting labourers through down periods and economic uncertainty, giving the workforce a stronger sense of stability.
Etihad Rail 100% complete
In March 2023, Etihad Rail announced the successful completion of the 900 km UAE National Rail Network, a massive project linking all seven emirates with an integrated railway system connecting the seven emirates.
On completion, the system is set to revolutionise domestic transportation while integral the UAE’s strategic position regionally.
Ras Al Khaimah announces casino launch
The Wynn Marjan in Ras Al Khaimah will be home to the UAE’s first casino when it opens in 2026. Ras Al Khaimah is developing gaming laws based on regulations in Singapore and the US to allow casino operations at the Wynn Marjan.
Wynn Resorts CEO Craig Billings noted the casino will be larger than the one at Wynn Las Vegas at around 18,500 square meters. This would make it one of the largest casinos in the world, almost double the size of the Vegas location. Wynn is focusing heavily on the project due to the “very high return opportunity” it presents.
UAE takes historic step to establish gambling laws
The UAE launched the General Commercial Gaming Regulatory Authority (GCGRA) to manage commercial gaming and a national lottery in the country as the UAE gears up for the launch of the casino on Al Marjan Island and the MGM resort in Dubai, slated for completion in by end 2026 and beginning of 2027.
Palm Jebel Ali launch – sells out
The launch of the Palm Jebel Ali was announced in September. It reignited frenzied demand for luxury real estate in Dubai, with hundreds of agents queuing outside the Nakheel sales centre within the first few days of the announcement as they were looking to procure properties on the man-made island.
The waterfront villa project offers two options — coral and beachfront villas — with prices starting at AED18 million. Expected to house over 35,000 families and 80 hotels across 110km of coastline by its 2027 completion, Palm Jebel Ali presents a premier opportunity for investors seeking property within Dubai’s thriving market.
UAE’s most expensive penthouse sells for AED500 million
Earlier this month, the Como Residences Penthouse by Dubai real estate developer Nakheel sold for $136.2 million (AED500 million), becoming the most expensive property ever sold in the emirate.
The sale of the Palm Jumeirah-based 21,949 square foot penthouse brings the total value of real estate transactions on the Como Residences project to over $500 million. With access to residents via private elevator, the premium property promises an unmatched luxury lifestyle experience upon completion in 2027. The 71-story building is being built as part of a collaboration between Benjelloun Pipe Architecture and Nakheel.
The property also broke records globally, claiming the title of the third costliest penthouse ever sold, following Penthouse D at London’s One Hyde Park priced at $237 million and the Odeon Tower Penthouse in Monaco valued at $440 million.
UAE hosts COP28 UN climate talks
The UAE hosted the UN’s climate talks this year at the Expo 2020 site in Dubai. It was the biggest-ever climate summit and it attracted more than 65,000 core participants, surpassing previous attendance levels by 80 percent.
COP28 ended on December 12 with the UAE Consensus, an agreement that aims to deliver on the central aims of the Paris Agreement.
Abu Dhabi opens UAE’s first brewery
Abu Dhabi-based craft beer manufacturer Side Hustle announced plans to open the UAE’s first brewery this month at The Galleria Al Maryah Island.
Abu Dhabi updated its alcohol licensing regulations in 2021 to allow license holders to brew beverages on-site for consumption in licensed venues, according to Bloomberg. This paved the way for Craft by Side Hustle to launch as the region’s inaugural brewery operation.
Emiratisation crosses 88,000
The Ministry of Human Resources and Emiratisation (MoHRE) found that 18,000 UAE-based companies have adhered to the Emiratisation policies set out by the government, with the total number of UAE nationals employed by these firms crossing 88,000 from mid-2022 to date.
However, during this time, MoHRE also found that 916 companies violated Emiratisation policies.
In a recent statement, the ministry said that companies which “fail to comply with annual Emiratisation targets will be required to pay financial contributions starting from January 2024, in line with Emiratisation policies and decisions.”
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