Hello reader,

In today’s newsletter:

Discover the latest stories from Arabian Business, in case you missed them on Wednesday:

The Dubai World Trade Centre has started phase one of its AED10 billion ($2.7 billion) expansion of the Dubai Exhibition Centre (DEC) at Expo City Dubai. Approved by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai in September, the project aims to double Dubai’s capacity to host large events annually by 2033, with the DEC set to become the largest indoor events venue in the region.

In other major developments, Sheikh Mohammed bin Rashid Al Maktoum, has also launched a series of Dubai Police projects valued at AED2bn ($545m) to enhance security, support specialised training, and improve employee wellbeing through new housing initiatives. The announcement came during his visit to the Dubai Police Officers Club in Al Jaddaf.

On the real estate front, IMAN Developers has reported that its One Park Square project in Jumeirah Village Circle sold out in just four hours. Valued at AED320mn ($87mn), One Park Square, set to complete by 2028, reflects rising demand for quality residential options in Dubai.

Meanwhile, Saudi-based Al Basateen and Riyad Capital have partnered on a SR2bn ($533m) fund to develop the Kings’ Square project in Riyadh. Announced at Cityscape Global 2024, Kings’ Square will feature residential, commercial, and office spaces designed by global architectural firm OMA.

Finally, Dubai Opera has achieved a milestone with 250,000 tickets sold last season, a significant achievement for the UAE’s cultural sector. Paolo Petrocelli, Head of Dubai Opera, highlighted the wide-reaching economic impact of cultural events, which support tourism and benefit industries like hospitality and transport, in a new episode of the AB Majlis podcast.

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

THE LONGER READ:

The entry of the new breed of tech players comes at a time when data security is emerging as a major challenge for the traditionally operating real estate industry

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