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In today’s newsletter:

Check out the latest updates from Arabian Business, where our editorial team has compiled the region's developments from Monday:

Chinese cosmetics brand SHEGLAM is claiming market leadership in several Gulf countries, its CEO said, potentially disrupting the long-standing dominance of well-established global beauty brands. SHEGLAM CEO Sylvia Fu told Arabian Business in an exclusive interview that the brand now leads monthly sales in the UAE, Oman, Qatar, and Kuwait.

On the real estate front, leading Dubai real estate companies and consultancies are upping their marketing games by directly tapping wealthy buyers for their ultra-luxury, multi-million-dollar residential units, holding high-end events in celebrity clubs and roadshows with ‘invite only’ groups of investors in beach cities in France, Monaco and Italy and bustling business hubs in mainland Europe.

In addition, the property market in Dubai witnessed substantial growth in residential transactions during May 2024 compared to the previous month. According to new figures released, transactions for off-plan villas increased sharply by 209 percent in May versus April. Overall property sales transactions in May rose 47 percent from April. The total value of transactions also increased by 54 percent to reach AED20.6 billion.

Meanwhile, Saudi Arabia’s Dar Global and The Trump Organisation have announced plans to develop a new project in Jeddah. This new agreement builds on the success of The Trump International Oman project within the AIDA development, one of the largest premium mixed-use real estate projects in the world. Targeting the luxury Saudi Arabian market and international investors, this development significantly advances Dar Global’s growth strategy of capitalizing on opportunities across key cities in the Kingdom.

In other major developments, Saudi Arabia is extending an exemption on paying fines for tax violations until the end of the year. The Zakat, Tax and Customs Authority (ZATCA) announced the Minister of Finance’s statement of the extension of the Cancellation of Fines and Exemption of Financial Penalties Initiative for taxpayers subject to all tax laws for six months until December 31, 2024.

THE LONGER READ:

The trend of young South Koreans keeping “pet rocks” has resurged as a way to cope with rising loneliness and burnout, but experts say genuine human interaction is needed for mental well-being over such substitutes

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