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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 Saturday and Sunday:

The UAE has announced petrol prices will be reduced in July 2024. It is the second month in a row that petrol prices across the country will fall, after they tumbled in June, as costs for motorists fell for the first time this year, following four consecutive months of increases. Diesel prices will be virtually the same, with an increase of just AED0.01 per litre.

Meanwhile, Dubai aims to attract AED650bn ($177bn) in FDI by 2033 and is offering major incentives to businesses, according to the Executive Council. The Executive of Dubai has approved a series of new initiatives and programmes designed to support its ambitious economic agenda and make it one of the world’s top three urban economies by 2033. In addition to plans to boost FDI, the Executive Council has also backed plans to develop land near Dubai Metro stations, double the number of citizens working in mosques and empower content creators to contribute to society.

In other news, Dubai’s Roads and Transport Authority (RTA) has awarded a AED431m ($117.3m) project to construct direct entry/exit points for Dubai Harbour, in partnership with ‘Shamal Holding,’ a leading diversified investment firm managing a portfolio of extraordinary investments, experiences, and assets. The project encompasses the construction of a two-lane bridge in each direction spanning 1.5km extending from Sheikh Zayed Road to Dubai Harbour, a unique residential seafront destination, home to the largest marina in the region.

On the real estate front, the property market in Abu Dhabi is booming, with rising demand for premium properties such as luxurious waterfront apartments and exclusive villas. Increased investment and development are transforming the city’s skyline, highlighting its prominence in luxury living and architectural innovation. Luxury real estate agency, Whitewill identified nine leading luxury projects in Abu Dhabi.

Aside from this, the best UAE universities have been ranked for the first time in a major move introduced to monitor and raise the standards of higher education in the country. In line with its ongoing efforts to advance higher education in the UAE, the Ministry of Education (MoE) has introduced the National Higher Education Institutions Classification Framework, approved by the UAE Cabinet. Based on the new Framework, MoE-licensed higher education institutions (HEIs) will be ranked based on clear and fair criteria that align with the UAE’s vision and priorities.

THE LONGER READ:

Here is all you need to know about the current rent-to-own property segment in Dubai’s booming real estate market

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