AB Espresso: Dubai, Abu Dhabi best cities in world for ‘executive nomads’

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In today’s newsletter:

Discover the latest stories from Arabian Business, compiled by our editorial team. Here's what you missed on Wednesday:

Dubai is the best city in the world for long-term remote workers, according to a report by Savills. Dubai retained its lead position, for the second consecutive year, in the latest Savills Executive Nomad Index, launched as part of the firm’s Impacts programme. Meanwhile, UAE capital Abu Dhabi is hot on its heels, moving from fourth place to second this year, with the UAE taking the top two spots on the index.

The UAE asset management sector is booming as number of licensed companies surged 83 per cent and total value of portfolios reached AED35bn ($9.5bn). The Securities and Commodities Authority (SCA) reported a strong surge in Assets Under Management by companies licenced to manage portfolios and investment funds, amounting to around AED35bn. It said that this surge was the result of its ongoing efforts to advance the asset management sector in the UAE and strengthen its regulatory environment in line with the best international practices, thus fulfilling the UAE’s vision to become a leading global hub for asset management.

On the transport front, Salik, Dubai’s exclusive toll gate operator, has valued the two new toll gates at Business Bay and Al Safa South at AED2,734 million ($744.4 million) and has revised its full-year revenue guidance for 2024 upwards because of its financial impact. Both gates are expected to be operational by the end of November 2024.

Meanwhile in Saudi Arabia, Saudia has announced the addition of Phuket to its seasonal destinations, making it the second city in Thailand to join its network, following the capital, Bangkok. This expansion aligns with the airline’s strategic objective to broaden its international flight network and bring the world to Saudi Arabia, leveraging its young fleet and enhancing its global competitive advantage. Saudia will commence flights to Phuket on December 2, 2024, offering 12 weekly round trips from Riyadh and Jeddah combined.

In other news, esports and gaming in Saudi Arabia could contribute $13.3bn (SR50bn) to the Kingdom’s GDP and generate nearly 39,000 jobs by 2030, according to the Kingdom’s National Gaming and Esports Strategy. This is highlighted in PwC Middle East’s latest report, in collaboration with the Saudi Esports Federation, titled “Centre of the game: KSA emerges as a significant player in global Esports market” that highlights Saudi Arabia’s efforts in developing an entire Esports value chain, creating new career and business opportunities to make the Kingdom a hub for Esports by 2030.

THE LONGER READ:

The company is preparing to launch its maiden mixed residential and commercial project in October in Dubai

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