Employment Saudi Arabia should raise retirement age, study shows Saudi Arabia should raise the retirement age to create a sustainable pension system and institute other much-needed improvements, according to a study released this week. The Global Pension Index by Mercer, a New York professional services company, ranked Saudi Arabia – the leading Arab economy and world’s biggest oil exporter – at 28 out of […] October 20, 2023
Employment Expats in UAE get ready to leave ‘golden goodbye’ behind The “golden goodbye” has long been a staple of UAE office life. Expat staff are handed a lump sum by their employer when they leave, based on a percentage of their salary and length of service. But the practice is starting to change. More companies are looking to set up workplace pension and saving plans instead. […] September 25, 2023
Real Estate Russians snap up plots of land to build ‘Little Moscow’ in Dubai Russian investors in Dubai are working to become real estate developers or acquire clusters of homes to build “Little Moscow” communities in the emirate. Buyers from Russia have become big investors in Dubai property since sanctions imposed on Moscow locked them out of European and North American markets. The UAE has also become a key […] September 20, 2023
EXCLUSIVE Business of Sport Baseball ready to strike home run in the Middle East When the opening pitch is thrown at Dubai International Stadium in November it will signal the official start of the first ever professional baseball league in the Middle East and South Asia. And the power broker behind the ambitious project hopes the 25,000-seater venue will be at least a quarter full to mark the inaugural […] August 6, 2023
Real Estate Oyo expands to meet expat demand for Abu Dhabi flats Indian hospitality chain Oyo is adding 2,000 apartments to its offering in Abu Dhabi as demand grows for expat housing. The furnished units will be available for long-term rent and many will be located in business districts such as Khalifa City, Al Zeina, Al Raha, Al Reem Island, Al Reef and Al Mushrif. Other apartments […] August 2, 2023
Opinion Economy The GCC will need to make peace with inflation settling higher Gulf inflation will be more benign but looks set to persist into 2024 August 1, 2023
Real Estate Aldar targets China as sales to overseas buyers balloon Aldar Properties is working to attract more Chinese customers as it reports a fourfold increase in sales to overseas and expat buyers for the first half of the year. “One interesting demographic we are starting to see is the Chinese,” said Faisal Falaknaz, group chief financial and sustainability officer at the Abu Dhabi developer. “It […] August 1, 2023
Video length: 03:53 VIDEO Construction Dubai tests modular building to cut demand down to size Dubai Municipality has awarded Linq Modular a licence to start work on a pilot for a seven-storey modular building. Linq will design and build the pilot modules at its 300,000-sq-ft factory in Dubai Industrial City – which has the capacity to produce 1,900 units per year. The units could be used for a residential or a […] August 1, 2023
Construction Aldar Education expands into Bahrain and Dubai Aldar Properties has increased investment in its education business, with over AED350 million ($95 million) added to the initial AED1 billion commitment announced last year, it said on Monday. A filing to the Abu Dhabi Stock Exchange notes that the company is expanding into Dubai and Bahrain, as well as adding a new acquisition in […] July 31, 2023
Opinion Entrepreneurs In Dubai vs Riyadh, it’s the startups that win Competition between the two major business hubs is great for entrepreneurs July 27, 2023
Real Estate Russians bucking trend in Dubai with bigger, pricier homes Russian buyers are bucking the trend in Dubai real estate and buying bigger, more expensive houses as they make the emirate their new permanent home. Residential property prices in the emirate climbed at their fastest rate in almost a decade in the first half of this year. Villas topped previous records set in 2014. Property […] July 27, 2023
Analysis Real Estate Residential deals slump in Saudi as mortgage costs rise Residential real estate deals in Saudi Arabia fell by nearly a third during the first half of 2023 as higher mortgage costs eroded purchasing power. New analysis from Knight Frank showed there were about 70,000 transactions during the first six months of the year, down from 103,000 in the same period last year, representing a […] July 26, 2023
Analysis Economy Jordan GDP growth forecasts raised on domestic demand Real GDP growth forecasts for Jordan have been raised after sectors including manufacturing, finance, transport and retail performed stronger than expected in the first quarter of the year. Analysts at BMI (formerly Fitch) expect Jordan’s real GDP growth to hit 2.8 percent – up from a previous forecast of 2.6 percent. Growth stood at 2.5 […] July 25, 2023
Tourism UAE passports gain most visa-free access since 2013 The UAE’s passport has recorded the biggest improvement over the last decade in access to global markets, as the Gulf state develops international tourism and trade. Figures from the Henley Passport Index show that Emirati passport holders enjoy access to 179 out of 226 countries and territories without requiring a visa in advance. This places […] July 24, 2023
Video length: 2:58 VIDEO Lifestyle Private vaults fill the gap as banks abandon deposit boxes Private vaults in Dubai are emerging to take the place of the safety deposit boxes once provided by traditional banks. Costs, concerns over legal liability and the rise of online banking have made providing safety deposit boxes less appealing for banking giants. Capital One, HSBC, Barclays and JPMorgan Chase have all withdrawn from the market. […] July 24, 2023
Economy Non-oil sector propels Q1 growth in Bahrain Bahrain’s economy expanded by 2 percent in the first quarter of 2023, driven by a 3.5 percent rise in real GDP for the non-oil sector, the finance ministry said in its quarterly economic report. The oil sector recorded a 5.9 percent drop in real GDP, as seasonal maintenance led to a downturn in production. Nominal […] July 18, 2023
Analysis Lifestyle Personal security grows as wealthy expats flock to GCC As more and more high net worth individuals choose to call the states of the GCC home, the private personal security sector has become big business, and some providers are reporting surging demand for their services. Last year 5,200 more HNWIs relocated to the UAE than left. The Gulf state had the highest net inflow […] July 17, 2023
Lifestyle Bahrain named best country in Middle East for expats Bahrain is ranked among the top 10 countries in the world and number one in the Middle East for expatriates to live and work, according to the latest Expat Insider Survey by InterNations. The survey ranked countries in 56 categories including quality of life, ease of settling in, working abroad, personal finance and expat essentials. […] July 13, 2023
Real Estate Sharjah real estate sales surge from Dubai spillover The loosening of buying rules and a steady spillover of tenants from Dubai has boosted real estate sales in its neighbouring emirate Sharjah. Arada, a master developer in the emirate, has reported a 186 percent increase in sales during the first half of this year. It sold a total of 1,616 homes worth a total […] July 13, 2023
Opinion Banking & Finance Taxing questions at the heart of the Dubai economic model The low-tax regime in the UAE was the result of very deliberate economic strategy July 11, 2023
Real Estate UAE changes bank rules for Emirati mortgage holders The Central Bank of the UAE has introduced new mortgage repayment rules for citizens this week as a response to rising interest rates. Customers who have a monthly income of AED40,000 ($10,890) or more will now have their mortgage repayments capped at 60 percent of their present salary. Banks were previously only allowed to deduct […] July 5, 2023
Real Estate Indian buyers flock to Dubai for higher rental yields With more wealthy Indians moving to the UAE and rental yields in the Gulf state more than twice the size of those in India, interest in purchasing real estate is set to continue to rise. Indians were the top foreign buyers in Dubai last year, spending more than those from Russia, China, Pakistan and the […] June 29, 2023