AB Espresso: Dubai announces new $8.2bn ‘Tasreef’ network

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In today’s newsletter:

Discover the latest developments curated by our expert editorial team at Arabian Business. Here's what you missed on Monday:

Dubai has approved an integrated project 'Tasreef' to develop the emirate’s rainwater drainage network costing AED30 billion ($8.2 billion). The project was described as “the largest rainwater collection system in the region” by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The new network will increase Dubai’s rainwater drainage capacity by 700 percent and “enhance the emirate’s readiness to face future climate challenges” according to Sheikh Mohammed.

In other major developments, Dubai’s best schools have been revealed, following extensive inspections by the Knowledge and Human Development Authority (KHDA). Private schools in Dubai are regulated by the KHDA, ensuring they meet high standards of education. The KHDA provides oversight to ensure schools offer diverse curricula and foster environments that support both academic excellence and holistic development.

Aside from this, the Federal Tax Authority (FTA) is urging all resident companies in the UAE with licenses issued in March or April to register for corporate tax by June 30, 2024 or face fines of AED10,000. This reminder applies regardless of what year the license was originally issued.

In other news, meal plan services in the UAE have rapidly gained popularity, promising convenience, variety, and balance over the last few years. However, as residents and visitors embrace pre-packaged meal options, the question arises: Are they worth hype? Here's what experts had to say.

Meanwhile, Qiddiya Investment Company (QIC) has announced the introduction of an innovative Performing Arts Centre in Saudi Arabia. This visionary addition promises to enrich Saudi Arabia’s cultural landscape and enhance the array of attractions within Qiddiya City. With stunning architecture, pioneering technology, and commitment to artistic innovation, the centre promises to redefine the cultural experience for residents and visitors alike.

THE LONGER READ:

The Dubai property market has an array of real estate offerings to suit buyer needs, here is a comparison of what $1 million can get you in two of the city’s real estate hotspots

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