Hello reader,

In today’s newsletter:

Stay informed with the latest updates from Arabian Business, where our dedicated editorial team brings you a diverse range of stories. Here's what you missed on Tuesday:

The UAE has announced an official paid holiday for Islamic New Year. The Ministry of Human Resources and Emiratisation (MoHRE) announced that Sunday, July 7, 2024 (Muharram 1), will be an official paid holiday for private sector companies in the United Arab Emirates on the occasion of the new Hijri year 1446 AH. The Islamic New Year also referred to as the Hijri New Year, signifies the start of a fresh lunar year.

In other news, UAE multi-service platform Careem is on the brink of finalising a new AI feature to its DineOut service to simplify food discovery in Dubai and Abu Dhabi, the company’s Managing Director exclusively revealed to Arabian Business. The new AI feature will change the way users interact with the DineOut service on the app – a feature that helps consumers find the best restaurants in Dubai and Abu Dhabi.

Meanwhile, cryptocurrency firms in the United Arab Emirates are hailing a new era of regulatory clarity and market stability following the Central Bank of the UAE’s (CBUAE) recent decision to introduce a comprehensive licensing system for stablecoins. The move, which comes as part of the “Payment Token Services Regulation,” has been met with enthusiasm from industry professionals who see it as a crucial step in legitimising and integrating digital currencies into the UAE’s financial ecosystem.

On the real estate front, Sobha Realty has commenced the construction of first of its kind mall for its flagship community Sobha Hartland in the heart of Dubai. With an estimated cost of AED210m ($57m), the project blends the vibrancy of retail space with the serenity of an urban park, while ensuring exceptional experiences for residents and visitors. The mall is scheduled to be completed in second half of 2026.

In addition, Fairmont Hotels and Resorts, a leading luxury hotel operator, has partnered with developer SOL Properties to launch a new residential development in Downtown Dubai. Fairmont Residences Solara Tower is currently underway and is due for completion in Q3 2027. The premium project will combine Fairmont’s brand standards for hospitality with SOL Properties’ expertise in luxury real estate.

THE LONGER READ:

Both Dubai Marina and Jumeirah Village Circle (JVC) continue to provide attractive opportunities for investors and homebuyers as Dubai’s real estate market evolves

Was this newsletter forwarded to you? Subscribe now.