UAE strategies for transport, investment and real estate, Qatar tourism, Bahrain Golden Visas and more of the biggest stories this week
The UAE has announced strategies for investment, transport, savings and education in the past week as it looks to outline an environment for growth in the region.
Elsewhere Bahrain has given an update on its Golden Visa scheme, Qatar is welcoming tourists from across the GCC and the Dubai real estate sector has laid the foundations for a AED1tn ($272bn) property market.
Catch up with 10 of the biggest stories this week, as selected by Arabian Business editors.
Qatar offers visa-free travel to 102 countries; targets tourists from Saudi, UAE, Kuwait, Bahrain and Oman with Winter campaign
Building on a record-breaking tourism season, this campaign aims to elevate Qatar’s position as a leading destination for a family-friendly winter escape, featuring a variety of must-visit attractions and events. The campaign stars Saudi actor Yousef Al Jarrah and Bahraini artist Ahmad Sharif, with special cameo appearances by Qatar’s very own Chef Noof Al Marri and inspirational Qatari speaker Ghanim Al Muftah.
Offering visa-free travel for 102 countries, Qatar welcomes visitors by land, air, and sea. With just a short flight from neighbouring countries, visitors can enjoy the best of Qatar’s winter sun, luxurious resorts, and vibrant cultural offerings – all within close proximity of Doha’s city centre. After welcoming a record four million visitors in 2023, Qatar’s tourism industry continues to thrive in 2024. By October this year, the country had already surpassed 3.9m visitors, reflecting an impressive 24 per cent growth compared to the same period in 2023.
Bahrain issues 10,000 Golden Residency visas
Bahrain’s Nationality, Passports, and Residence Affairs (NPRA) has issued more than 10,000 Golden Residency permits to recipients from 99 countries.
It follows the country’s ongoing efforts to enhance its residency system, drive economic and investment growth, and attract skilled talent. This initiative aligns with government directives led by Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, with the follow-up of General Shaikh Rashid bin Abdullah Al Khalifa, the Minister of Interior.
The permits have been granted to a select group of property owners, skilled professionals- including artists and athletes, as well as long-serving employees and their families who met the eligibility criteria.
Dubai real estate: Property rentals set to surge 18% in 2025, driven by investor demand
The year 2025 promises to be another great year for investors and house owners in Dubai, with rentals in the city predicted to see an average jump of 18 per cent for short-term and upwards of 13 per cent for long-term leases, industry players said.
The continuous surge in the number of professionals from around the world moving to Dubai for work and lifestyle, coupled with the rising property prices in the emirate are cited as reasons for the expected spike in rentals next year.
The anticipated jump in rentals, in turn, are projected to provide further tailwind to demand for residential real estate in Dubai from buyers from around the world, looking to maximise returns from passive income.
UAE announces major change to university admission requirements
The UAE has announced significant changes to university admissions criteria and the immediate cancellation of Emirates Standardised Tests (EmSAT) for 12th grade students in the country.
The Ministry of Education and the Ministry of Higher Education and Scientific Research announced the cancellation of EmSATs and granted universities greater flexibility in determining admission criteria. It will allow UAE universities to attract students according to their academic and professional aspirations and is approved by the Education, Human Development and Community Council.
Universities in the UAE will also be able to accept students and enrol them in specialised remedial courses in the event that they do not obtain the required grade in the subjects required to study the specialisation.
Sheikh Hamdan reviews $4.4bn transport plan; Dubai to be transformed with massive road developments, trackless trams and dedicated bus and taxi lanes
Dubai will be transformed with a new transport plan to massively expand the road network, slash journey times, introduce trackless trams and create more dedicated bus and tram lanes in the city.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai reviewed the transformative initiatives of Dubai’s Roads and Transport Authority (RTA) aimed at advancing urban mobility and infrastructure.
These include the AED16bn ($4.4bn) 2024-2027 Main Roads Development Plan, which will add 22 projects across Dubai’s expanding road network, benefiting more than 6 million people and supporting Dubai’s comprehensive development plans.
UAE sets November deadline for Corporate Tax registration: What businesses need to know
The UAE Federal Tax Authority (FTA) has announced that businesses with licences issued in October and November must complete their Corporate Tax registration by November 30, 2024.
The announcement comes as part of FTA Decision No. 3 of 2024, which outlines registration timelines for the Corporate Tax law that took effect on March 1, 2024.
The FTA said: “The FTA advised Taxable Persons to adhere to the timelines specified in FTA Decision No. 3 of 2024 on the Timeline specified for Registration of Taxable Persons for Corporate Tax for the purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and its amendments, which came into effect on March 1, 2024. The FTA Decision provides deadlines for each category of Taxable Persons subject to Corporate Tax to submit their Corporate Tax registration applications”.
Dubai Real Estate Strategy targets $272bn market and 33% home ownership; AI to support massive growth
The Dubai Real Estate Sector Strategy 2033 has been launched as the emirate targets a AED1tn ($272bn) property market.
The strategy outlines a focused roadmap to elevate the sector’s economic impact on the emirate by significantly increasing transaction volumes and reinforcing its appeal as a premier destination for international investors.
Among the ambitious targets for the sector, the real estate strategy aims to double GDP contribution to approximately AED73bn ($19.9bn), increase home ownership, enhance Emiratisation and boost transactions by 70 per cent.
UAE announces National Investment Strategy 2031, eyes $599bn FDI balance
The UAE has unveiled a National Investment Strategy as it looks to triple the cumulative FDI balance to AED2.2tn ($599bn) by 2031.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in the presence of Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, attended the unveiling of the National Investment Strategy 2031 at the UAE Government Annual Meetings 2024 in Abu Dhabi. Convening on November 5 and 6, the Annual Meetings bring together more than 500 officials from the UAE government, local entities, private sector, and community organisations.
Targeting key sectors like advanced manufacturing and renewable energy, the strategy seeks to double cumulative FDI to AED1.3tn ($354bn/30 per cent of national investment volume) and triple the cumulative FDI balance to AED2.2tn ($599bn) by 2031.
UAE Savings Scheme v Gratuity: Employers urged to register for alternative end-of-service benefits service
UAE employers are being urged to register for an alternative end-of-service benefits service, which could replace gratuity pay for workers in the country.
The new Savings Scheme is seen as an attractive way to provide financial benefits to workers in the UAE and as a way for employers to attract the best talent to the country. As well as potentially increasing saving and investment returns it allows employees to top up their benefits with voluntary contributions and is also attractive to self-employed and freelance individuals in the UAE.
The Ministry urged private sector companies in the UAE to participate in the Savings Scheme to enhance their employees’ wellbeing, attract talent, and strengthen their corporate reputation in the increasingly competitive UAE labour market.
ANALYSIS: Trump’s return could signal new path for Israel, Gaza, Lebanon crisis
Donald Trump’s stunning return to the White House could reshape the trajectory of Middle East conflicts, with his signature dealmaker approach potentially recalibrating both the Gaza war and tensions along the Lebanon-Israel border, regional analysts told Arabian Business.
Trump’s decisive victory over Kamala Harris, securing swing states including Georgia and Pennsylvania, marks the first non-consecutive second term in over a century and comes as the Middle East grapples with its most severe crisis in decades.
