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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 Thursday:

Renowned designer brand Elie Saab has partnered with Ras Al Khaimah real estate developer Marjan to launch its first branded residences, La Mer by ELIE SAAB, in the emirate. The development will feature three interconnected towers, offering residents a unique waterfront living experience infused with ELIE SAAB’s signature style. Elie Saab Jr., CEO of ELIE SAAB, said the development marks another milestone in the brand’s expansion.

Meanwhile, Emaar is celebrating major achievements in Dubai in the first half of 2024 as it has seen a surge in real estate sales, major construction contract agreements and growth in retail and hospitality sectors. Furthermore it has offered free repairs to more than 4,500 homes damaged in Dubai rains. Mohamed Alabbar said: “Our performance in H1 2024 shows Emaar’s relentless pursuit of excellence and innovation. We are not just managing businesses; we are shaping legacies and transforming communities for a prosperous future.”

In addition, the Dubai real estate sector recorded AED191bn ($52.5bn) in residential property sales in the first half of this year, according to a report published by Espace Real Estate. It represents an increase of 38 per cent on H1 2023, according to Espace Real Estate data. The report tracked the past six months of activity across 30 communities in Dubai and concentrated solely on the residential sector, to demonstrate how demand continues to win out over supply in a maturing market.

In other major developments, Emirates General Petroleum Corporation (Emarat) has announced a new agreement with the Emirates Airline group to supply aviation fuel for its cargo operations at Al Maktoum International Airport. The agreement is the first of its kind between Emarat and Emirates at Al Maktoum Airport and is part of the long-standing cooperation that has existed for more than three decades. Emirates is one of Emarat’s oldest customers.

Aside from this, a host of international and regional players are looking to foray into Saudi Arabia’s logistics market amidst the country currently experiencing growth of never-foreseen levels, fuelled by multi-billion infrastructure investments and booming e-commerce, industry insiders and the latest market research said. The beeline by industry majors comes at a time when the country’s logistics market is predicted to reach a whopping $36 billion (SAR 135 billion) by 2028, with new-age tech tools such as AI and IoT driving efficiency.

THE LONGER READ:

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