AB Espresso: Cost of living at Burj Khalifa revealed

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Stay informed with the latest updates from Arabian Business, where our dedicated editorial team brings you a diverse range of stories. Here's what you missed on Monday:

The UAE has emerged as the world’s second most hardworking country, following Butan which holds the top spot, according to data from the International Labour Organisation (ILO). According to the duke+mir UAE 2024 spotlight, although residents clock in an average of 50.9 hours of work per week, they ‘are busy in their free time’, and over 97 percent of survey respondents revealed that they enjoy ‘out of home’ entertainment.

Meanwhile, the UAE’s Federal Tax Authority (FTA) has released a comprehensive guide outlining how the Corporate Tax regulations apply to businesses operating in the country’s free zones. The guide provides clarity on the conditions companies must meet to qualify for the 0 percent Corporate Tax rate on certain income streams.

In other news, Dubai is a hub for capital markets and a growing pool of High-Net-Worth Individuals (HNWIs) are expected to invest in a booming IPO sector. Dubai International Financial Centre (DIFC), the leading global financial centre in the MEASA region, has published a “Regional Outlook for Banking and Capital Markets” report in partnership with LSEG Data and Analytics.

Aside from this, Abu Dhabi courts have ordered a refund of deposits worth $191m to buyers of a paused real estate project in the city. The Judicial Department in Abu Dhabi reached a full settlement for execution files in lawsuits brought by buyers in Wahat Al Zaweya Project. These lawsuits involved a total of 822 execution files, with final court rulings requiring the refund of deposits totalling AED702m ($191m).

In Saudi Arabia, the kingdom's New Murabba Development Company has put out an invitation for contractors worldwide to bid for roles in developing the Mukaab, a centrepiece of Saudi Arabia’s New Murabba mixed-use development. Owned by Saudi Arabia’s Public Investment Fund (PIF), New Murabba Development Company aims to partner with “contractors who uphold the highest standards of excellence, safety, worker welfare, sustainability, and innovation,” the company said in an emailed statement on Monday.

THE LONGER READ:

Apartments with views of the Burj Khalifa have a relatively higher price tag than those that do not, however, how much does it cost to live in the iconic building itself?

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