AB Espresso: UAE approves record 2025 budget

Hello reader,

In today’s newsletter:

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

The UAE Federal National Council (FNC) has approved a balanced budget for 2025, with revenues and expenditure totalling AED71.5bn ($19.5bn). The decision was made during the council's second ordinary session, chaired by FNC Speaker Saqr Gobash. Key ministers, including Abdul Rahman bin Mohammad Al Owais and Mohamed Hadi Al Hussaini, were present during the approval.

Meanwhile, Dubai's property market has seen over 188,000 transactions, with a total value of AED625bn ($170.2bn) so far this year. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai reviewed the progress of the Dubai Real Estate Sector Strategy 2033, which aims to solidify Dubai’s position as a global hub for real estate investment.

On the transportation front, Etihad Airways will launch ten new routes in 2025 as part of its expansion strategy. The new destinations span Asia, Africa, and North America, complementing recently announced routes to Prague, Warsaw, and Al Alamein. This initiative is aligned with the airline’s plan to cater to passenger demand for broader global connectivity.

Aside from this, a survey by Preqin and the Saudi Venture Capital Company (SVC) indicates 97 percent of Middle East-based institutional investors see Saudi Arabia as the most promising market for private debt funds in 2024, up from 82 percent in 2023. The Kingdom's private debt market is set to expand as its private capital market matures.

In other news, a new AB Majlis podcast episode explores Dubai's advancing lab-grown diamond market through 2DOT4 Diamonds, a manufacturing facility producing premium-quality stones. The facility focuses exclusively on D and E colour grades, which represent the top tier of diamond quality. The development aligns with growing global demand for sustainable and ethical alternatives in the luxury jewellery sector.

Until next time, Sharon Benjamin for Arabian Business

THE LONGER READ:

London’s loss, however, is turning out to be a boon for Dubai as the property sales-spree by GCC investors is leading to an influx of capital returning to the emirate and the wider region

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