AB Espresso: Dubai’s MASSIVE car market

Hello reader,

In today’s newsletter:

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

Dubai has announced plans to build the world’s largest car market in the city. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance announced plans for the Municipality and DP World to collaborate on the new 20m square foot facility. The enormous car market will connect to 77 ports worldwide and is set to have a major impact on the automotive industry in the UAE.

On the real estate front, Ras Al Khaimah’s property market has seen a notable increase in prices, with a rise of 20-25 percent in the past eight months, according to a report by Metropolitan Premium Properties (MPP). This trend is particularly prominent in Al Marjan Island, where regular property launches are driving prices higher with each new phase.

In other news, the UAE job market is changing rapidly as many now see new opportunities that don’t necessarily require a standard university degree. Employers are considering work experience over education and welcoming applicants with specialised skills or on-the-job training, opening up real career paths for skilled workers across different fields. This begs the question of whether higher education degrees are really necessary for competitive, highly-paid roles. Do experts still see a university degree as crucial? Does it truly aid professionals? Here’s what experts told Arabian Business.

Meanwhile, loyalty programmes by companies and online marketplaces emerged as the prime criteria for decision making for shoppers in the UAE, with just 30 percent of high-value loyalty programme members contributing about $5.5 billion, amounting to as much as 50 percent of the online retail revenues in the country, new research revealed.

Aside from this, the widespread use of weight loss drugs like Ozempic and Wegovy could potentially cost retailers “tens of millions” in lost sales and excess inventory as sizing demands begin to shift on a massive scale, an expert told Arabian Business. This sizing curve shift is already being seen in the US, data from Impact Analytics revealed. Concerns are now mounting around this sizing trend as it could catch many retailers flatfooted before they are able to properly adjust their inventories.

THE LONGER READ:

“The unique amethyst shades pay homage to Saudi Arabia’s stunning lavender fields and are rooted within Riyadh Air’s primary colour,” says CEO Tony Douglas

Was this newsletter forwarded to you? Subscribe now.

For editorial queries, please contact:

[email protected]

For advertising enquiries, please contact:
[email protected]

© 2024 ITP Digital Media Inc. All rights reserved.

Terms Policy