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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:

UAE President Sheikh Mohamed bin Zayed Al Nahyan has announced July 18 as Union Pledge Day, a new national occasion in the UAE. The date marks the signing of the Union declaration by the UAE’s Founding Father and the Rulers of the Emirates in 1971, which led to the nation’s official establishment on 2 December of the same year.

On the real estate front, the Abu Dhabi real estate market saw notable increases in sales prices and rental rates across both affordable and luxury segments in the first half of 2024, according to a new report by Bayut. In the luxury villa segment, residential island communities have seen substantial price appreciation. Yas Island emerged as a standout performer, with prices for luxury houses increasing by 10.3 percent. This significant rise is attributed to the increased demand for upscale properties in the area.

In addition, Sobha Realty, a leading developer of luxury residential properties in the region, has announced plans to build its latest real estate project on Al Siniya Island in Umm Al Quwain. The development was unveiled through a partnership agreement between Sobha Realty and Umm Al Quwain Properties, witnessed by Sheikh Rashid bin Saud bin Rashid Al Mualla, Crown Prince of Umm Al Quwain, at a signing ceremony earlier this week.

In Dubai, Dar Global, a prominent real estate developer, has announced a partnership with the Trump Organisation to launch Trump Tower Dubai. The project, set to include a Trump Hotel and residential units, aims to establish new standards for luxury living in the city.

Aside from this, the UAE’s ADNOC and the Emirati Talent Competitiveness Council (ETCC), which is responsible for the Nafis leadership programme, have signed a strategic collaboration agreement to create 13,500 new private sector jobs for UAE Nationals in ADNOC’s supply chain by 2028. The agreement supports the UAE’s goal to create 100,000 private sector jobs for Emiratis over the next three years and will unlock high-skilled jobs in advanced sectors including artificial intelligence (AI), engineering and manufacturing.

THE LONGER READ:

International investors are flocking to Sharjah real estate, prompting a 13% increase in property values, an expert says

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