AB Espresso: New Dubai Cashless Strategy announced

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In today’s newsletter:

Here's a revised version of the newsletter in British English, with reduced use of adjectives:

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

Dubai has set targets to make 90 percent of transactions in the city digital as it launches a cashless society strategy. Digital Dubai has introduced the "Dubai Cashless Strategy" to enhance digital payment solutions across government and private sectors, supporting Dubai's position in the global digital economy. This initiative aligns with the Dubai Economic Agenda (D33) and Digital Dubai's goal of "Digitalising Life in Dubai".

In real estate news, a Property Finder report has analysed whether off-plan or ready property sales lead the Dubai real estate market. Dubai achieved a record quarter with 50,439 transactions, valued at AED142bn ($38.7bn). Q3 2024 outperformed Q2 2024 by 15 percent in volume and 14.5 percent in value, led by off-plan transactions at 63 percent of total transactions, compared to 55 percent in Q3 2023.

In addition, Dubai's property market is reshaping investment strategies of wealthy individuals worldwide. Investors are shifting focus from the stock market to luxury properties in Dubai. 2024 is witnessing a change in investment trends, with millennials showing interest in real estate. Industry experts predict Gen Z buyers will dominate investments in the city's residential market in coming quarters.

Moreover, Dubai Sotheby's International Realty has reported a significant sale in Abu Dhabi. A five-bedroom villa on Saadiyat Island sold for AED130 million ($35.3 million), becoming the most valuable home sold in the UAE capital. The villa features contemporary architecture, spacious interiors, and views of the mangroves.

In transport news, Hafeet Rail has secured $1.5bn in financing to connect the UAE and Oman by rail. SSheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, and Chairman of Etihad Rail, attended the announcement ceremony for the bank financing of the Hafeet Rail network project, connecting the UAE with the Port of Sohar, Oman.

Until next time, Sharon Benjamin for Arabian Business

THE LONGER READ:

The ambassador also called for peace and stability in the region

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