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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 will create the world’s largest fruit and vegetable market as it looks to further develop the emirate’s economy. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the development of the Logistics Hub for Foodstuffs, Fruit and Vegetable Trade, the largest such facility in the world, serving the world’s largest market for foodstuffs, fruits and vegetables.

In addition, Dubai Police and the RTA have held a joint meeting to discuss current and future transport safety in the Emirate. In a review of traffic safety, the two parties identified a 93 per cent reduction in traffic fatalities in the emirate. They also looked ahead to safety strategy for the Dubai Metro Blue Line transport network.

On the real estate front, Dubai’s real estate market offered rental yields of up to 11 percent in some areas, significantly outperforming global market averages during the first half of 2024, a new report finds. This remarkable return on investment (ROI) comes amid a broader trend of rising property prices and increased demand in the emirate, as revealed in the latest H1 2024 market report by Bayut.

Meanwhile, Emirates has officially opened the doors to its first ever lounge in the region at King Abdulaziz International Airport in Jeddah, Saudi Arabia. The airline’s newest dedicated lounge will accommodate customers flying on its triple daily A380 services. The AED20m ($5.4m) investment, 900-square-metre lounge located in the airport’s newest Terminal 1 will cater to the airline’s First and Business class passengers, as well as Emirates Skywards Platinum and Gold members, with the capacity to accommodate over 190 guests at any one time, in a variety of seating options.

In other news, the kingdom's Sports Boulevard Foundation has also approved plans for the world’s tallest sports tower, complete with facilities for ice hockey, tennis, basketball, indoor sky-diving and even baseball. The ambitious 130m-tall tower will also have the world’s tallest indoor climbing wall and the highest running track on its roof.

THE LONGER READ:

The conclave will focus on the historical, current, and future aspects of the bilateral relationship between India and the UAE, UIBC-UC chairman said

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