AB Espresso: Dubai rents to slow down in 2024

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9 months ago

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In today’s newsletter:

UAE 'virtual tourism': Metaverse adoption surges ahead of global peers on tourism, AI bets as market poised to contribute $16bn yearly by 2035CBRE: Dubai real estate prices up 20% but rent increases could slow down this yearWorld Islands, Dubai: IHG announces Portofino-themed InterContinental resort to open in 2026Hans Zimmer in Dubai: Academy Award-winning composer to perform live concert on May 31Saudi Arabia: Kingdom issues VAT warning

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The UAE is fast emerging as a globally leading centre for ‘virtual tourism’, fuelled by the rising use of AI (Artificial Intelligence) and other new-gen technologies for creating hyper-personalised experiences of the country’s iconic landmarks for travellers, expected to corner a major chunk of the projected $3.26 billion global market for the metaverse-enabled sector by 2025.

Meanwhile in Dubai, real estate residential prices are still rocketing, but rents are showing signs of slowing down, according to analysis by CBRE. Average residential prices rose by 20.1 percent in the year to December 2023, in the emirate, whereas average apartment and villa prices increased by 19.8 percent and 21.8 percent, respectively.

The emirate will also have its first InterContinental Resort when a Portofino-themed hotel opens in the World Islands in 2026. The Heart of Europe has signed an agreement with IHG Hotels and Resorts to launch and manage the InterContinental Resort Portofino, The Heart of Europe on The World Islands, Dubai.

In addition, multiple Academy Award-winning composer Hans Zimmer will return to Dubai for a live concert on May 31, 2024 at the Coca-Cola Arena. Zimmer’s show at the arena last year was met with overwhelming success, drawing a diverse audience to experience his unforgettable musical journey.

In Saudi Arabia, the kingdom's tax authorities have warned businesses to submit VAT returns or face hefty fines. The Zakat, Tax, and Customs Authority (ZATCA) has extended an invitation to businesses that are subject to value-added tax (VAT) and have annual supplies exceeding SR40m ($10.7m).