Category: Latest Updates

Off-plan property transactions in Dubai have exhibited a complex pattern of growth and decline, underscoring the dynamic nature of the emirate's real estate market. In January 2025, off-plan sales accounted for 69.1% of total home sales, reflecting a 37.9% year-on-year increase, despite a 13.5% month-on-month decline . This trend continued into February 2025, with off-plan transactions comprising a significant portion of the market, even as the total number

Nakheel Properties has unveiled the third phase of its Bay Grove Residences development on Dubai Islands, introducing 241 residential units across three contemporary buildings. This expansion aims to meet the increasing demand for upscale waterfront living in Dubai.

The new phase offers a variety of living spaces, including one, two, and three-bedroom apartments, as well as four-bedroom duplexes. Unit sizes range from approximately 861 to 3,625 square feet, with

The Central Bank of the United Arab Emirates has officially granted Tap Payments a Retail Payment Services license, marking a significant advancement for the fintech company in the Middle East and North Africa region. This authorization enables Tap Payments to offer comprehensive payment solutions, including merchant acquiring, payment aggregation services, and domestic fund transfers within the UAE.

Established in 2014, Tap Payments has rapidly expanded its footprint

Smart Mobility International , a UAE-based distributor of New Energy Vehicles , has entered into a strategic partnership with IM Motors, a Chinese electric vehicle manufacturer co-founded by SAIC Motor, Alibaba Group, and Shanghai Zhangjiang Hi-Tech Park Development. This collaboration aims to introduce IM Motors' premium electric vehicles to the United Arab Emirates , marking the brand's inaugural entry into the Gulf Cooperation Council region.

IM Motors, established

The United Arab Emirates will enforce a 15% Domestic Minimum Top-up Tax on large multinational enterprises operating within its jurisdiction, effective for financial years commencing on or after January 1, 2025. This measure aligns with the Organisation for Economic Co-operation and Development's Two-Pillar Solution, aiming to ensure that MNEs pay a minimum effective tax rate globally. The DMTT applies to MNEs with consolidated global

Goldman Sachs Group Inc. has cautioned that Brent crude oil prices could plummet below $40 per barrel under extreme scenarios, as escalating trade tensions between the United States and China exacerbate fears of a global economic downturn. This warning follows the bank's recent downward revision of its 2025 Brent crude forecast to $77 per barrel, a $5 reduction from earlier estimates, citing unexpected increases in oil inventories and

Beacon Red, a subsidiary of the EDGE Group specializing in national security solutions, has entered into a strategic Memorandum of Understanding with Presight AI, a leading provider of big data analytics powered by artificial intelligence. The agreement aims to explore synergies between Presight's advanced AI and omni-analytics capabilities and Beacon Red's mission-focused security solutions. The partnership was formalized during the LAAD Defence & Security 2025 exhibition at

The United Arab Emirates Ministry of Finance has introduced Cabinet Decision No. 35 of 2025, outlining specific criteria under which non-resident juridical persons—entities not incorporated in the UAE—are considered to have a taxable presence, or 'nexus', in the country. This decision supersedes the earlier Cabinet Decision No. 56 of 2023 and provides clarity on the tax obligations of foreign investors, particularly those involved

Emirates Airline has intensified its sustainability initiatives by implementing a closed-loop recycling programme aimed at reducing plastic waste. This initiative involves recycling millions of onboard items, including plastic trays, bowls, snack dishes, and casserole dishes, at a local facility in Dubai. These items are remanufactured into new meal service products for use on flights, aligning with the principles of a circular economy where materials are reduced, reused, and recycled.

The recycling

The United Arab Emirates has reaffirmed its position as the global leader in Fibre to the Home connectivity, achieving a penetration rate of 99.3%. This marks the eighth consecutive year the nation has topped international rankings, surpassing technological hubs such as Singapore, Hong Kong, China, and South Korea. The FTTH Council's latest annual report highlights this milestone, underscoring the UAE's commitment to advancing its digital infrastructure.

The FTTH

Emirati trainer Saeed bin Suroor is set to field Godolphin's seasoned contenders, Dubai Future and Passion and Glory, in the Group 2 Dubai Gold Cup at Meydan Racecourse on Saturday, 5 April 2025. The Dubai Gold Cup, a 3,200-meter turf race, boasts a purse of $1 million and is a highlight of the Dubai World Cup meeting, which offers a total prize pool of $30.5 million.

Dubai Future, a

The Nasdaq Composite Index entered bear market territory on Friday, April 4, 2025, closing over 20% below its December peak. This significant downturn was precipitated by President Donald Trump's imposition of a 10% tariff on all imports to the United States, with additional substantial levies targeting technology-centric nations such as China, Taiwan, and Vietnam. China's swift retaliation, announcing a 34% tariff on all U.S. imports, intensified fears of

Beijing has announced the imposition of a 34% tariff on all imports from the United States, effective April 10, 2025, in direct response to the sweeping tariffs introduced by U.S. President Donald Trump. The Chinese Ministry of Finance stated that this measure aims to counteract what it perceives as unjust and protectionist policies from Washington.

This development follows President Trump's declaration of "Liberation Day" on April 2, during

Dubai's Roads and Transport Authority has entered into a strategic partnership with Uber Technologies Inc. and autonomous driving technology firm WeRide to introduce self-driving taxis to the city's transportation network. This collaboration aligns with Dubai's ambition to transform 25% of all journeys into autonomous trips by 2030, as part of its Self-Driving Transport Strategy.

His Excellency Mattar Al Tayer, Director General and Chairman of the Board of Executive

Dubai's leading parking management firm, Parkin, has announced a cash dividend of AED 280.9 million for the second half of 2024, slated for distribution in late April 2025. This decision reflects the company's robust financial performance and aligns with its commitment to delivering consistent shareholder returns.

Concurrently, Parkin is set to implement a Variable Parking Tariff Policy starting 4 April 2025. This initiative, introduced in collaboration with Dubai's

Blackstone, the US-based private equity firm, has agreed to acquire a 22% stake in AGS Airports, the operator of Aberdeen, Glasgow, and Southampton airports, for £235 million. The remaining 78% stake will continue to be held by AviAlliance, a subsidiary of the Canadian pension investor PSP Investments.

AGS Airports serves over 11 million passengers annually. The investment by Blackstone is aimed at supporting the

VEON Ltd., a global digital operator, has secured a 24-month, $210 million senior unsecured term loan from a consortium of international lenders, including ICBC Standard Bank and leading Gulf Cooperation Council banks. The facility bears interest at the Secured Overnight Financing Rate plus 425 basis points.

Kaan Terzioğlu, CEO of VEON, stated that this new debt facility reflects the market's strong confidence

La Liga, in collaboration with EA SPORTS, has initiated the 'Next Gen Draft' programme in the United Arab Emirates , aiming to unearth and nurture young football talent. This initiative, part of the broader EA SPORTS FC FUTURES social impact programme, seeks to identify promising players globally and provide them with advanced training opportunities.

The programme commenced with practical trials at the High Performance Centre in Dubai Sports City,

Chinese authorities have initiated a review of CK Hutchison Holdings Ltd.'s agreement to divest its port assets near the Panama Canal to a consortium led by BlackRock Inc., expressing dissatisfaction with the Hong Kong-based conglomerate's decision.

The deal, valued at approximately $22.8 billion, encompasses the sale of 43 ports across 23 countries, notably including the Balboa and Cristobal terminals situated at either end of

The Real Estate Regulatory Agency , operating under the Dubai Land Department , has unveiled the 'Tayseer' initiative, offering property owners flexible payment plans to settle overdue service fees. This programme allows owners to coordinate with jointly owned property management companies to structure payments over a minimum period of six months, aiming to alleviate financial pressures and enhance stability within Dubai's real estate

Airlines across the globe are tightening regulations concerning the use and carriage of power banks on flights, following a series of incidents involving lithium-ion batteries. These measures aim to enhance passenger safety by mitigating the risks associated with battery malfunctions.

In January, an Air Busan aircraft in South Korea was engulfed in flames while preparing for departure. Investigations suggest that a power bank was the likely cause of the fire. In response,

The Central Bank of the United Arab Emirates has issued a new Dh100 polymer banknote, marking a significant advancement in the nation's currency design. This initiative aligns with the UAE's commitment to sustainability and innovation within its financial sector.

The newly released banknote showcases the Umm Al Quwain National Fort on the front, symbolizing the UAE's rich cultural heritage. The reverse side features the Port of Fujairah alongside

President Vladimir Putin has expressed openness to Western companies considering a return to the Russian market, provided they comply with Moscow's terms. This stance comes amid ongoing geopolitical tensions and economic realignments following the Ukraine conflict.

In a recent address to the Russian Union of Industrialists and Entrepreneurs, Putin acknowledged the interest of foreign businesses in re-entering Russia but emphasized that any return would not

Wizz Air Abu Dhabi has announced the inauguration of a direct flight service connecting Abu Dhabi to Beirut, commencing on June 4, 2025. This development is seen as a strategic move to capitalize on Lebanon's burgeoning tourism sector following a prolonged period of conflict.

The ultra-low-cost carrier will operate three weekly flights to the Lebanese capital, with fares starting at 359 AED. This initiative underscores

A consortium of investors, spearheaded by Singapore-based private equity firm RRJ Capital, has committed $600 million in equity to Dubai-headquartered private aviation company Vista. This significant infusion aims to optimize Vista's capital structure, enhance free cash flow, and reduce existing debt. The transaction is anticipated to conclude by the end of this month.

Vista, recognized globally for its private aviation services, views this investment as a pivotal milestone in

The United Arab Emirates has unveiled an ambitious plan to significantly boost its foreign direct investment inflows, aiming to increase annual figures from AED112 billion in 2023 to AED240 billion by 2031. This initiative is part of the newly approved National Investment Strategy 2031, which seeks to position the UAE as a premier global investment hub.

The strategy outlines a comprehensive approach to

Gold prices in the United Arab Emirates have surged to unprecedented levels, reflecting a global trend driven by economic uncertainties and market dynamics. As of March 16, 2025, the price of 24-karat gold in Dubai stands at AED 360.31 per gram, while 22-karat gold is priced at AED 330.29 per gram.

This surge aligns with global movements, as gold prices worldwide have breached the $3,000 per ounce mark

The United States has escalated its economic pressure on Iran by imposing sanctions on Iranian Oil Minister Mohsen Paknejad and a network of vessels, commonly referred to as the "shadow fleet," accused of facilitating Tehran's evasion of existing sanctions. This move is part of President Donald Trump's "maximum pressure" campaign aimed at curtailing Iran's oil exports and hindering its alleged nuclear ambitions.

The U.S. Treasury

Janus Marine and Defense, a U.S.-based marine autonomy specialist, in collaboration with Nexus Remote Solutions, has announced plans to establish the United Arab Emirates' inaugural center dedicated to the testing, hiring, and maintenance of unmanned vessels. The Remote Operations Center , aptly named 'The Quarterdeck,' is set to be located at Addax Tower on Al Reem Island in Abu Dhabi, marking a significant milestone in the region's maritime

Four Seasons Hotel Riyadh at Kingdom Centre has announced a unique collaboration for Ramadan 2025, partnering with esteemed fashion brands Art of Heritage and DAR AL HANOUF to offer guests an elevated cultural experience. This initiative showcases a fusion of traditional Saudi craftsmanship and contemporary design, reflecting the Kingdom's rich heritage.

The collaboration commenced with an exclusive suhoor gala on March 8, held in the

Saudi Arabia has announced the establishment of the Saudi Investment Marketing Authority, a strategic initiative aimed at bolstering the nation's attractiveness to international investors. This decision was ratified during a Cabinet meeting chaired by Crown Prince Mohammed bin Salman, underscoring the Kingdom's commitment to economic diversification and global competitiveness.

Investment Minister Khalid Al-Falih expressed gratitude to King Salman and Crown Prince Mohammed bin Salman for

The United Arab Emirates has introduced the Jaywan co-badge card, a significant advancement in the nation's payment infrastructure, enabling residents to conduct transactions seamlessly both domestically and in over 180 countries worldwide.

Al Etihad Payments , a subsidiary of the Central Bank of the UAE , in collaboration with UnionPay International , has launched the "UnionPay – Jaywan" co-badge card. This initiative integrates the

Catalonia has solidified its position as a prominent biotechnology hub, with Barcelona at its epicenter, fostering innovation and attracting global attention. The region's strategic investments and collaborative initiatives have propelled its life sciences sector to new heights.

A cornerstone of this success is the Parc Científic de Barcelona , established in 1997 by the University of Barcelona. As Spain's first scientific park, the PCB was designed to enhance research,

DP World and the Saudi Ports Authority have inaugurated the advanced South Container Terminal at Jeddah Islamic Port, marking a significant milestone in Saudi Arabia's ambition to become a global trade hub. The SAR 3 billion project has more than doubled the terminal's capacity from 1.8 million to 4 million twenty-foot equivalent units , with plans to further expand to 5 million TEUs.

The three-year development has