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In today’s newsletter:

Explore the latest updates from Arabian Business, where our dedicated editorial team has meticulously compiled the most significant developments from the region and the world over on Wednesday.

Here's what you missed yesterday:

Saudi Arabia’s NEOM, which is home to some of the world’s most exciting upcoming developments, has posted construction images showing progress on social media. The flagship project of the $500bn mega-development is The Line, a futuristic city set to become home to 9 million residents. The Line will be 170km long and 500m high, with a footprint of just 34 sq km, and residents will have access to all daily essentials within a five-minute walk, in addition to high-speed rail – with an end-to-end transit of 20 minutes.

On the real estate front, the kingdom's residential real estate transactions in Saudi Arabia declined 16 percent last year compared to 2022, according to a new report by global property consultancy Knight Frank. The total number of residential property transactions dropped to nearly 150,000 between January and November 2023, the Winter 2023/24 Saudi Residential Market Review report found.

In Dubai, real estate agents have been given 3 days to remove unavailable properties from all online listings, according to the Land Department. Following investigations by the Real Estate Regulation Agency, properties not available for sale or rent were identified among online listings.

Gulf bosses are optimistic about the state of the labour market, with a majority expecting to give worker pay rises this year, according to the latest Hays Middle East Salary Guide. Despite global adversities, the labour market in the Gulf region is thriving and all signs point to further growth.

Meanwhile, an Indian court dealing with matters related to taxes announced that the income tax is not payable on services rendered abroad by non-residents deputed by Indian employers, a ruling which will have a major bearing for hundreds of thousands of Indian employees working overseas. The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held the view in a case involving a senior company employee, questioning the overcharging of tax by Indian Income Tax authorities.

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