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Hello reader,

In today’s newsletter:

UAE branded residences: $1.3bn JW Marriott development launched in Ras Al KhaimahPetrol prices: UAE fuel rates to change for February 2024UAE Central Bank: State regulator issues $327,000 fine to insurance companyAbu Dhabi Business Activity Report: Non-oil activity boom, $57.4bn new business capital, tourism and industry growthRising above adversity: Millennials are no longer victims of bad luck and economic downturn

Discover the latest developments curated by our expert editorial team at Arabian Business, providing you with a comprehensive overview of the region's massive updates from Tuesday.

A $1.3bn UAE branded residence development has been launched in Ras Al Khaimah. WOW Resorts has unveiled the JW Marriott Residences and JW Marriott Al Marjan Island Resort, on Al Marjan Island, one of the Northern Emirate’s premium tourism, business and investment destination.

In addition, the UAE is set to announce the new petrol prices for February this week. Petrol and diesel prices across the country have significantly fallen in the past three months, following fuel cost cuts in November, December and January.

Aside from this, the Central Bank of the UAE (CBUAE) imposed a financial sanction on an insurance company operating in the country. The sanction is pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.

Meanwhile, Abu Dhabi witnessed a period of sustained growth in 2023, with an increase in the number of economic licences as non-oil business continued to thrive. The total capital of new economic licences announced during the past year exceeded AED210.7bn ($57.4bn).

In other news, as many Millennials edge closer to 30 and age into their early 40s, they are beginning to shift their habits to finally spend like grownups by focusing more on long-term goals that prioritise homeownership, retirement and wealth building through investing, experts told Arabian Business.