Hello reader,

In today’s newsletter:

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

Dubai’s Roads and Transport Authority (RTA) has awarded the naming rights of Mashreq Metro Station to InsuranceMarket.ae. Mashreq Metro Station will be fully rebranded as InsuranceMarket Metro Station for 10 years. The station is on the Red Line between Mall of The Emirates and Dubai Internet City Metro Stations, strategically located on Sheikh Zayed Road.

On the real estate front, the Dubai property sector broke records again last month as the volume of sales of existing properties reached new heights as the entire market saw transactions worth AED47.2bn ($12.9bn), according to Property Finder’s market performance highlights for August 2024. Property Finder said its proprietary data shows August was a pivotal month for the industry, as transaction values remained at par with the highest peak recorded earlier this year, in May.

In addition, Ras Al Khaimah is emerging as a UAE real estate hub where investors can see property prices increase by 35 per cent in one year and rental yields of 9 per cent, according to analysts in the region. Imobiliare Dubai said Ras Al Khaimah is fast gaining traction as one of the prime destinations for real estate investors in the UAE with a unique blend of natural beauty, strategic location, and forward-thinking development policies.

Aside from this, the UAE has achieved major milestone as the Emirates Nuclear Energy Corporation (ENEC) announced the fourth unit of the Barakah Nuclear Energy Plant has entered commercial operations, marking its full delivery. This fulfils ENEC’s promise to bring clean, abundant electricity to the UAE. Barakah is one of the most successful new build nuclear projects in the past 30 years, representing a remarkable feat of engineering and teamwork, and a significant achievement for the nation.

In other major developments, legendary high street fashion store Primark is exploring the possibility of opening stores in the Middle East. Leading international retail franchise operator Alshaya Group has announced a strategic partnership with the international fashion retailer to explore opportunities to bring its stores to the Middle East.

THE LONGER READ:

Recessions in major economies could reduce oil demand, potentially leading to economic uncertainties in GCC nations, experts warn

Was this newsletter forwarded to you? Subscribe now.