AB Espresso: The ‘most visited place on Earth ’ is in Dubai

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Hello reader,

In today’s newsletter:

Dubai real estate: Branded residences set for 410% increase as investors eye jewellery and motoring-themed property boomDubai Mall: ‘Most visited place on earth’ with 105mn visitors in 2023Eid 2024 in UAE: Residents plan longer holidays, family travel and eco-tripsGen Z: Young employees reject ‘soul-sucking’ 9-to-5 jobs to pursue passion, says new studySaudi Arabia: Kingdom issues urgent tax fine warning

Discover the latest updates from Arabian Business, where our editorial team covered stories across various topics including real estate, careers, and more. Here's a glimpse of what you missed on Tuesday:

Dubai branded residences are a global real estate phenomenon, with hotels, jewellery brands and motoring companies entering the real estate market. Dubai is the world’s leading city for the development of branded residences, with the number of standalone projects (developments without a hotel component) set to rise to 54 per cent of the market, accounting for 78 per cent of new projects over the next four years, against a global projection of 41 per cent.

In additon, Dubai Mall has become the ‘most visited place on earth’ with record-breaking numbers of 105 million visitors in 2023, a 19 percent increase from the previous year’s 88 million visitors. Sales also benefited from the increased visitors leading to an exceptionally strong performance.

Meanwhile, as Eid approaches UAE residents are planning longer holidays and speciality travel, according to a report by a leading travel company. With the potential for a six-day break during Eid Al Fitr, UAE residents are already planning vacations. Travel company musafir.com has revealed a significant surge in enquiries for Eid packages, indicating a remarkable 40 per cent growth compared to 2023.

In a new study by Qualtrics on behalf of Intuit Credit Karma, a staggering 60 percent of Gen Z respondents view traditional 9 to 5 jobs as “soul-sucking,” with 43 percent expressing no desire to pursue such employment at all. The study shed light on the attitudes of Gen Z towards traditional 9 to 5 jobs and their motivations for seeking alternative career paths.

In Saudi Arabia, tax authorities have told businesses to urgently file returns or pay fines. The Zakat, Tax and Customs Authority (ZATCA) has urged taxpayers from the business sector in the Kingdom subject to Withholding Tax to file their tax returns for February by March 10.