Hello reader,

In today’s newsletter:

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

Boris Johnson, former Prime Minister of the United Kingdom, spoke exclusively to Arabian Business during a visit to the UAE. In the interview, Johnson shared his views on the next potential president of the United States, regional tensions, and the possibility of a return to UK politics. He also praised the UAE, describing it as "the country in the world that punches more above its weight than any other."

Meanwhile, the UAE is set to attend its first BRICS summit since joining the bloc in January, in Kazan on Tuesday. The UAE’s growing trade with Russia, which reached $11 billion in 2023, highlights the strengthening economic ties between the two countries. Despite the increase in bilateral trade, geopolitical challenges remain, with the UAE navigating its position carefully amid Western sanctions on Russia, according to experts.

Moreover, the UAE continues to lead global labour markets in several key indicators for 2024. Initiatives like unemployment protection, end-of-service benefits, and stability for workers are highlighted in the latest international competitiveness reports, demonstrating the country's progress in labour market reforms.

On the real estate front, Dubai’s residential property prices rose by an average of 20 percent in Q3 2024, with sales exceeding AED120 billion ($32.4 billion), according to CBRE’s UAE Real Estate Market Review. Apartment prices rose by 19 percent, while villa prices saw a 23 percent increase, reflecting continued demand and market strength.

In addition, Arada has launched W Residences at Dubai Harbour, a new three-tower seafront development in partnership with Marriott International. The AED5 billion ($1.4 billion) project includes over 400 branded apartments, with the 40-storey complex scheduled for completion in 2027.

^{Until next time, Sharon Benjamin for Arabian Business}

THE LONGER READ:

The trend is expected to continue as regional economies rebound and investors look for opportunities in emerging markets

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