Business Blog

The summer resort of Taif is on its way to becoming the third gateway to the Kingdom for pilgrims and visitors after Jeddah and Madinah.

Building and selling a Sharia-compliant hotel apartment is a completely different ball game compared to what it is for a standard unit. But that is not about to deter Damac Properties from taking it on.

A level playing field is what has been achieved with Dubai Land Department’s requirement that all freehold property transactions in the emirate from May 1 should come with an unified set of contracts involving the buyer, seller and the agent. These will now form the basis for any property deal to be validated by the Dubai Land Department.

Union Properties’ first quarter net profits soared to AED 179.79 million from AED 21.91 million a year ago, helped by proceeds from the sale of non-strategic assets as well as the rollback of its liabilities.

The Iranian government will use Kish Island as a testing ground for foreign investment and tourism initiatives, according to a businessman from the free trade zone.

The EU-UAE visa waiver agreement may be ratified by the end of this year or the beginning of next year, whereby Emiratis would no longer require a visa for short stays (up to 90 days) in the Schengen countries, whether for business, tourist or family visit purposes, officials said.