Hello reader,

In today’s newsletter:

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

The Dubai Real Estate Sector Strategy 2033 has been launched with the goal of growing the emirate’s property market to AED1 trillion ($272 billion). This strategy aims to enhance the sector’s economic impact by significantly increasing transaction volumes, doubling GDP contributions to around AED73 billion ($19.9 billion), boosting home ownership, and expanding Emiratisation efforts.

Lulu Retail Holdings raised AED6.32 billion ($1.72 billion) in gross proceeds from its initial public offering (IPO) on the Abu Dhabi Securities Exchange, making it the largest public share offer this year. Lulu set its final offer price at AED2.04 per share, which reached the top of the offer price range and values the group at AED21.07 billion ($5.74 billion). The IPO concluded following the bookbuild and public subscription process.

Meanwhile, Donald Trump has won the 2024 US Presidential Election, defeating Vice-President Kamala Harris. This win will see Trump return to the White House as the 47^th President of the United States in 2025. US Congress is scheduled to meet on January 6, 2025, to finalise the vote count.

On the aviation front, international airfares across the UAE, Middle East, and Asia Pacific have risen by over 10 percent in several markets, despite air traffic recovery and increasing seat capacity, according to a report by Airports Council International Asia-Pacific and Middle East (ACI APAC and MID). This trend was a key topic at the Airports Council International Asia-Pacific and Middle East Board Meeting, held in Phnom Penh.

Finally, Arabian Business examined the costs of raising a child in the UAE, which can now rival the price of a luxury property. Experts revealed that the average cost of raising a child from birth to age 18 is between AED900,000 to over AED1.2 million, driven by factors such as education expenses and inflation.

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

THE LONGER READ:

Today, Binance has 230 million users around the world, and of that figure, a staggering 50 million were added only this year

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