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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:

The UAE Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has declared a two-month grace period for residents who have violated the country’s residency system. The amnesty will begin on September 1, 2024, allowing individuals in breach of residency laws to either regularise their status or depart the country without facing fines.

In other news, e&, UAE’s communications and tech giant, reported consolidated revenues of AED28.3 billion ($7.71 billion) and net profit of AED5.5 billion ($1.5 billion) in its consolidated financial results for the first half of 2024 with all business verticals showing healthy growth. With the number of group subscribers growing 6 percent (175 million versus 165 million in H1 2023), revenue was up 6 percent as well from the corresponding period last year. Net profit grew by 17 percent.

Meanwhile, Dubai’s retail sector is experiencing a significant boost, largely driven by a perfect storm of population growth, golden visas, a tourism boom, and a thriving real estate market, according to a top executive in the city’s retail electronics sector. These factors have contributed to the wholesale and retail sector’s AED26.3 billion contribution to Dubai’s GDP in the first half of 2024, the largest of any sector, Vikas Chadha, CEO of Jumbo Electronics, told Arabian Business.

On the travel front, Dubai Airports has opened a new Baggage Service Centre at Dubai International’s (DXB) Terminal 2 to provide a one-stop shop for baggage inquiries and collections, the airport announced on Thursday. The newly established facility combines ‘Left Luggage’ and ‘Mishandled Baggage’ services together in one location.

In addition, UAE travellers planning a trip to Europe later this year will face new travel entry requirements and potential longer queue times as the European Union introduces its new Entry-Exit System (EES). After several delays, the latest updates from EU officials confirm that the new system is on track to launch in November this year.

THE LONGER READ:

The list celebrates the leaders who came before, those shaping the industry today, and the trends that will define the future of the healthcare sector

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