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In today’s newsletter:

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

Ajman has introduced the Ajman NuVentures Centre Free Zone (ANCFZ), offering simplified processes for business establishment. Key features include visa issuance within 24 hours, business licences in two hours, and a paperless setup process. The new free zone aims to attract businesses by offering competitive services in the UAE’s expanding free zone sector.

In other major developments, UAE-based digital investment platforms are growing as expats seek financial alternatives in a region with limited retirement options. SARWA, a leading platform, reports over 220,000 users as expats increasingly turn to trading apps to build retirement funds. The trend underscores the demand for wealth management solutions tailored to the region’s expatriate population.

On the real estate front, Dubai’s real estate market is projected to grow by 30 per cent year-on-year in 2024, according to Property Monitor. October saw four records broken: property prices per square foot surpassed 2014 levels, 20,460 transactions were recorded in a month, over 4,300 mortgages were issued, and 15,000 off-plan units were launched.

Meanwhile, in Saudi Arabia, Riyadh’s high-end office space has reached 98 percent occupancy, driven by more than 120 foreign companies relocating regional headquarters to the city. Demand from technology, media, and telecommunications firms accounted for 40 percent of new leases, according to Savills’ Q3 2024 report. Rental values have increased by 19 percent year-on-year as Riyadh strengthens its position as a regional business hub.

Aside from this, Italy’s Webuild has confirmed that its activities related to Saudi Arabia’s NEOM are proceeding as planned, following the departure of the mega project’s CEO. Webuild stated there have been no delays in payments or changes to the project’s original timeline.

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

THE LONGER READ:

The state government will hold an investors meet in Dubai on January 13-14 to hard sell its investment initiatives to regional and global companies and investors from the region

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