AB Espresso: Dubai announces MAJOR travel rule change

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In today’s newsletter:

Check out the latest updates from Arabian Business, where our editorial team has compiled the region's developments from Monday:

UAE weather authorities recorded temperatures of more than 49 degrees over the weekend and have pointed towards topping 50 degrees and also rain this week. The highest temperature of the year, so far, was recorded at Sweihan in Abu Dhabi on Sunday, June 16. At 2.45pm temperatures were recorded at 49.4 degrees. An NCM forecast identifies Wednesday in Ras Al Khaimah as a possible day to pass the 50 degree mark in the UAE.

Meanwhile, Dubai has introduced new rules for divorced parents travelling outside the UAE with children. The new rules make it easier for parents to travel outside of the country with children and removes administrative and bureaucratic steps. The new guidelines lift a travel ban on children and are part of the D33 Social Agenda vision for communities in the emirate.

In other major developments, the UAE stock markets attracted a new market capitalisation of nearly AED21.3bn ($5.8bn), thanks to three new initial public offerings witnessed since the beginning of this year. This is in line with plans to double stock markets to around AED6tn ($1.6tn) in the coming years. The initial public offerings and new listings contributed to increasing market liquidity, enhancing its investment attractiveness, and solidifying the financial markets’ position in the country as one of the world’s most important financial and business hubs.

On the real estate front, the massive expansion project at Al Maktoum International Airport seemed to have set off a real estate boom in the surrounding areas, pushing up property prices upward, with industry projections indicating a potential price rise of up to 15 percent in Dubai South and neighbouring areas this year alone. Industry insiders predicted a massive demand for properties – both housing and commercial spaces – pegging the numbers at upwards of 100,000 properties in Dubai South and its vicinities over the next decade, leading to a further surge in prices and creating a lucrative market for investors.

Aside from this, in Saudi Arabia, people in the kingdom are looking to AI (artificial intelligence) skills as essential, with nearly four in five saying they will be impacted within a year, according to a LinkedIn report into the latest talent trends in the Kingdom. With more than 9m members in the kingdom, LinkedIn’s latest data offers a look into the Saudi workforce as it undergoes a rapid transformation to meet the ambitions of Saudi Vision 2030 while taking advantage of the opportunities that emerge from the rise of artificial intelligence.

THE LONGER READ:

UAE investment and finance experts advise on investment strategies for 2024, emphasising diversification across sectors and regions amid economic shifts and global events

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