Millionaires in the UAE, real estate promotion in Sharjah, fast-track visas at new free zone, Dubai property updates and more of the top news stories this week
The UAE is attracting millionaires from around the world as it strengthens its reputation as a hub for the super-rich. From an influx of entrepreneurs from the UK to Brazilian footballer Neymar investing in Dubai property, the trend continues.
Elsewhere in the news, Sharjah has slashed real estate fees, Ajman has launched an innovative new free zone, Damac has launched a major new island property development and shoppers in the UAE are on the hunt for Black Friday bargains.
Catch up on 10 of the biggest stories this week, as selected by Arabian Business editors.
EXCLUSIVE: UK seeing ‘huge millionaire exodus’ to UAE, says Diary of a CEO’s Steven Bartlett
Celebrity entrepreneur Steven Bartlett has told Arabian Business the UK is facing a “huge millionaire exodus” following COVID-19 with many relocating to the UAE.
The 32-year-old who splits his time between London, Los Angeles, New York and San Francisco also shared his plans to move to Dubai “within the next five years.”
Speaking exclusively to Arabian Business from the Sharjah International Book Fair before giving a talk about his book and podcast ‘The Diary of a CEO’, Bartlett said: “There are a lot of entrepreneurs leaving the UK. We’ve seen this huge millionaire exodus especially post-COVID. Many are moving to the UAE because the region is incredibly entrepreneurial.”
Sharjah announces plan to slash real estate fees
Sharjah will slash fees for buying property at the ACRES Real Estate Exhibition 2025.
Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Chairman of Sharjah Executive Council (SEC), chaired a meeting of the Council on Tuesday, and the boost for the real estate sector was on the agenda.
In light of the significant growth in the real estate sector in the Emirate and the increasing interest from investors in buying and selling real estate units, SEC approved a reduction in the sale and purchase fees for transactions that will be executed at the ACRES Real Estate Exhibition 2025.
New UAE free zone offers visas within 24 hours and business licence in 120 minutes
A new UAE free zone is offering easy set up for businesses in the country, including visas within 24 hours, business licences in two hours and paperwork-free set up.
Ajman has announced the launch of the Ajman NuVentures Centre Free Zone (ANCFZ), a pioneering new free zone designed to streamline business setup and foster economic innovation.
As the UAE’s free zone landscape grows increasingly competitive, Ajman NuVentures Centre Free Zone introduces a fresh approach, making business establishment simpler, faster, and more accessible than ever before.
Dubai real estate: Brazilian football superstar Neymar invests over $50mn in Bugatti Residences penthouse
Brazilian football superstar Neymar Jr. has officially joined the ranks of elite homeowners in Dubai by acquiring a stunning AED200m ($54m) penthouse at the exclusive Bugatti Residences by Binghatti.
This acquisition marks a significant milestone in the ongoing trend of global celebrities investing in Dubai’s luxury real estate market.
The Bugatti Residences, the world’s first property branded by the iconic automotive manufacturer, boasts unparalleled opulence and a distinctive architectural design. Located in Business Bay, the development features the first French Riviera-inspired private beach in the area, underscoring Dubai’s commitment to luxury living. Each of the 182 residences in the project is uniquely designed, offering residents an exclusive living experience.
Black Friday: Sales in UAE predicted to see major spike this season as retail majors offer up to 80% discount
Black Friday sales this year are poised to see a major spike, with sales projected to post a 13 per cent jump over last year, with digital media channels predicted to power this year’s annual mega retail sales in the UAE, quick market research revealed.
Massive customer eagerness and expectations of deals and discounts are projected to add further momentum to this year’s sales, slated for November 29.
Companies and retail majors are also expected to launch several new brands in the current year’s Black Friday sales, adding the lure for customers.
UAE warns companies to hire Emiratis before end of the year or face $26,000 fines
The UAE has called on companies with Emiratisation targets to recruit citizens before the end of this year or face fines.
The Ministry of Human Resources and Emiratisation (MoHRE) has renewed its call for private-sector companies that are subject to Emiratisation policies to meet their 2024 targets by the end of December, noting that compliant establishments stand to benefit from a set of privileges.
Non-compliant establishments will be required to pay financial contributions starting from January 1, 2025.
Dubai real estate: DAMAC announces mega islands development
Dubai-based real estate developer DAMAC Properties is set to launch a massive project titled ‘DAMAC Island’, according to information seen on its website.
Located in Dubailand, the project aims to recreate six global island destinations within the emirate’s urban environment.
The development will include features from multiple tropical locations. The project includes an aqua dome, aqua park, waterfall lagoon, jungle river, and jungle swing amongst its facilities.
Roshn sued by former boss David Grover for $100m: reports
A former chief executive of Saudi real estate giant Roshn is suing the PIF-backed company for more than $100m, according to a Financial Times report.
David Grover, who left Roshn in April of this year, claims he is owed more than $100m in unpaid bonuses said the FT report.
Grover was appointed as the Group CEO of Roshn in 2020 and helped oversee the firm’s massive real estate development plans in the kingdom. Throughout his tenure, Roshn focused on increasing homeownership rates, improving living standards in Saudi Arabia, and reinventing the communities of the future.
No safety net? UAE expats turn to investment apps as local platform boom fills pension void for thousands
UAE-born digital investment platforms are experiencing unprecedented growth as thousands of expats turn to trading apps to build retirement funds in a region where pensions are virtually non-existent.
The surge comes as expats, who make up nearly 90 per cent of the UAE’s population, seek alternatives to traditional wealth management in a country where state pension benefits are reserved for citizens and many discover too late they have no safety net for retirement.
One of the UAE’s most prominent digital investment platforms, SARWA, has seen significant growth in the number of users on its platform that currently stands at over 220,000, CEO Mark Chahwan told Arabian Business. This shift in expat mentality mirrors a broader shift happening across the Gulf region: a surge in homegrown trading apps emerging to serve millions facing the prospect of retirement without pensions.
Saudi Arabia bans commercial use of national, religious symbols in new decision
Saudi Arabia has decided to ban commercial use of symbols and logos of countries, as well as religious and sectarian symbols and logos.
The move is aimed at preventing the abuse or misuse of these symbols and logos.
In a decision issued by Saudi Minister of Commerce Dr. Majed Al-Qasabi, legal procedures will be taken in accordance with the provisions of the punitive regulations related to municipal violations on the erring commercial establishments, starting from the date of entry into force of this decision. Any institution that uses these symbols and logos for commercial purposes will face penalties by the regulations, according to the order.
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