AB Espresso: Five stories to start your day

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Hello reader,

In today’s newsletter:

Saudi real estate: Riyadh housing shortage reaches boiling point as rents skyrocket 23% amid undersupply, population surgeSaudi Arabia: Kingdom to turn 5 grounded planes into cafés and entertainment centres at BLVD Runway in RiyadhRevealed: Skyscanner partners with record-holding traveller to launch UAE’s first ‘Everywhere Agent’UK millionaires head to UAE: Richest Brits leave as cost of living crisis worsens, Dubai real estate to benefitDubai real estate: Emirate doubles as global hub for luxury property over $10mn

Discover the latest trending stories from Arabian Business, featuring a variety of topics that are influencing the region's development.

If you didn't have the chance to read them yesterday, our editors have handpicked these stories to keep you well-informed and up-to-date with the latest news from Tuesday:

In Saudi Arabia, the housing crisis in the capital has reached a breaking point as demand continues to outpace the rate of new supply coming onto the real estate market, leading to a surge in rental prices that is only set to be further exacerbated by the anticipated population growth after the Regional HQ mandate which went into effect earlier this month.

The kingdom has also announced a massive plane-themed tourist attraction with reconfigured planes transformed into dining and leisure attractions.

In terms of travel, Skyscanner announced the launch of a new ‘everywhere’ agent and guide in the UAE, travel expert Ayoub El Mamoun revealed in an exclusive media event on Tuesday.

Coming to the UAE, a combination of high taxation, rising cost of living and deteriorating health system in the UK is driving the UK’s super-rich to migrate to various parts of the world, with the UAE emerging as their most favoured destination, recent studies and experts revealed.

These experts also revealed that sectors like real estate in the UAE will have an immediate positive impact with further investments from the UK.

Speaking of real estate, the luxury property market in Dubai continued its strong growth last year according to a new analysis by global property consultancy Knight Frank. According to the analysis, Dubai outpaced other global cities in the first nine months of last year for luxury home sales. It recorded 323 sales over $10 million compared to 159 such deals in New York, the next highest city.