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

Dubai real estate developer OMNIYAT has announced the new AED7bn ($1.9bn) Alba development in Palm Jumeirah. OMNIYAT launched the luxury development at the recent Monaco Yacht Show to a select audience of VIP investors. The Dorchester Collection branded residence will offer luxury homes as well as an upscale hotel and spa.

In other news, the UAE has slashed the price of petrol and diesel, following a significant reduction in fuel prices by the UAE fuel price committee. Petrol prices will drop by across the country in October, as motorists were handed a fall of between 8 and 9 percent for Super 98, Special 95, E-Plus 91 and diesel prices were cut by around 6.5 percent. It is the cheapest to fill up a tank in more than a year and will be welcomed by motorists who have seen prices tumble since last October.

Meanwhile, the Saudi Ministry of Finance announced its Pre-Budget Statement for Fiscal Year 2025, which estimates total expenditures will reach SR1.285tn ($342.7bn), and total revenues will reach SR1.184tn ($315.7bn), recording a deficit of 2.3 per cent of Gross Domestic Product (GDP). The statement noted that the Government will continue increasing strategic transformational spending to achieve economic diversification and sustainable growth.

In addition, NEOM will welcome two luxury Hyatt hotels to the Jaumur development in Saudi Arabia. Hyatt announced plans for the debut of two Hyatt-branded hotels in Jaumur, one of Magna’s destinations, located on the coast of Gulf of Aqaba. Park Hyatt Jaumur and Andaz Jaumur Marina will mark a significant milestone in the expansion of Hyatt’s brand presence within Saudi Arabia and solidify its strategic collaboration with NEOM.

Aside from this, Hezbollah’s Shura Council has reportedly elected Hashim Safieddine as the new Secretary General of the Lebanese militant group following the death of Hassan Nasrallah in an Israeli airstrike in Beirut on Friday, Saudi-owned news outlet Al Arabiya reported on Sunday. The 59-year-old Safieddine, a cousin of Nasrallah, has long been viewed as the likely successor after serving as head of Hezbollah’s executive council for decades. He is closely tied to Iran, having studied in the Iranian city of Qom and he is married to the daughter of slain Iranian commander Qasem Soleimani.

THE LONGER READ:

Countries across the Arabian Gulf have put airports at the heart of ambitious tourism plans

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