AB Espresso: UAE announces new labour laws

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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 Monday:

The UAE has introduced new labour laws as it looks to enhance protections for employers and employees in the country. Among the new laws are rules governing the employment of minors, fake Emiratisation and improper recruitment procedures in the country. Failure to adhere to the amended rules will lead to fines of up to AED1m ($272,000).

On the real estate front, Hitches & Glitches (H&G), a UAE-based home maintenance company, reports a significant increase in demand for services in Dubai’s luxury residential sector. The firm, part of the Farnek Group, has secured contracts in areas such as Emirates Hills, Palm Jumeirah, and Dubai Hills Estate. One notable project involves a villa in Jumeirah Bay Island with a built-up area of 7,200 square metres.

In addition, a new phase of development is underway in Dubai’s Al Wasl District, with AED7 billion worth of villas and mansions being constructed. The area is titled as the ‘Downtown Villas of Dubai’, offering freehold homes in the city centre. The AED1 billion Nordic by fäm development is at the heart of this transformation, featuring 17 villas and mansions near Dubai’s Central Business District (CBD) and lifestyle landmarks.

In other news, Dubai free zone DMCC now accounts for 15 per cent of FDI and 7 per cent of DDP in the emirate, according to newly announced key performance results across the first half of 2024. In the first half of the year, DMCC recorded 1,023 new member company registrations to take its total to almost 25,000 companies across its business district. As it registers significant growth in commodity markets, finance and technology it will look to real estate and AI for ongoing expansion.

Aside from this, Arabian Business released a new podcast episode, featuring HSBC’s Head of Investments and Wealth Solutions for the Middle East, North Africa, and Turkey, Basit Saiyed. On the AB Majlis podcast, Saiyed shared his insights on navigating the complex world of investing, emphasising that it’s never too early to begin.

THE LONGER READ:

The social media influence of Jucica Brown, the new virtual real estate consultant launched by Dubai-headquartered Realiste on the short message platform Telegram, has also already garnered 100,000 followers on Instagram

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