Hello reader,

In today’s newsletter:

A duct-taped banana artwork, Comedian by Maurizio Cattelan, was auctioned in New York for $6.2 million. The buyer, crypto entrepreneur Justin Sun, expressed plans to "eat" the artwork. Sun views the purchase as a statement on innovation and value in modern art.

Meanwhile, the Dubai Financial Services Authority (DFSA) has issued fines exceeding $2.5 million in 2024, addressing cases of unauthorised activities and financial misconduct in the Dubai International Financial Centre (DIFC). The DFSA finalised eight enforcement actions and released 24 alerts this year.

On the real estate front, Dubai-based AMIS Development has signed an agreement to obtain AED5bn ($1.4bn) in funding from Singapore’s First APAC Fund VCC. The deal reflects continued investor interest in Dubai’s real estate market. AMIS has announced plans for high-value developments in the emirate’s key areas.

In other news, Ras Al Khaimah has been ranked the best global city for expatriates starting a new life abroad, according to InterNations's 2024 Expat Insider report. The emirate scored high in housing affordability, digital infrastructure, administrative efficiency, and language accessibility.

Aside from this, Saudi Arabia has approved its 2025 fiscal budget, estimating a deficit of SR101bn ($26.9bn). The Cabinet, chaired by Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, reviewed the financial plans as part of its strategy for economic diversification and fiscal management.

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

THE LONGER READ:

The real breakthrough in space tourism accessibility is coming within the next 12-18 months, SpaceVIP CEO Roman Chiporukha reveals

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