Latest news with #ArabianBusiness
Arabian Business
7 days ago
- Business
- Arabian Business
Abu Dhabi real estate: New property laws explained
Abu Dhabi has launched sweeping real estate law reforms that create a 'triple protection' system for investors along with fines of up to AED 2 million for violations, experts told Arabian Business. The reforms, which came into effect on August 2, introduce more robust protections for developers, purchasers, and financiers. The changes are enforced through the Abu Dhabi Real Estate Centre (ADREC), which is the central regulator for the emirate's property sector. New Abu Dhabi real estate laws enhance investor protections and escrow rules 'The new real estate laws in Abu Dhabi introduce significant protections and opportunities for investors,' Nada Osman Jaouhar, Abu Dhabi Branch Director at Betterhomes said. 'The 2025 amendments provide 'triple protection' covering developers, purchasers, and financiers, creating a more secure investment environment. Investors will benefit from stricter escrow account regulations, where developers can only access funds after achieving 20 per cent project completion, reducing the risk of stalled projects. The laws also clarify mortgage frameworks and introduce a centralised Real Estate Development Register, enhancing transparency,' she added. Among the most significant changes is the ability for developers to cancel off-plan sales agreements without court intervention. 'Yes, developers can now cancel off-plan contracts without court intervention, but this action is strictly regulated,' Jaouhar explained, adding that developers may terminate contracts if purchasers default on payments, but only after obtaining approval from ADREC. 'This change aims to expedite dispute resolution while safeguarding buyers' rights, as purchasers retain the option to appeal through arbitration or the courts. The requirement for ADREC oversight ensures that cancellations are justified and not abused, maintaining a fair balance between developer flexibility and buyer protections,' she said. The reforms also target Abu Dhabi's ambition to attract more institutional capital into the real estate market. 'These reforms introduce stronger legal protections, clearer title frameworks, and enhanced oversight of developers, reducing regulatory friction, increasing transparency and strengthening confidence in asset underwriting, investing, and market liquidity for exits,' Mohamed Ali, Senior Director at GFH Partners Ltd said, adding that the timing of these reforms aligns with significant growth projections for Abu Dhabi's logistics sector. 'Abu Dhabi's logistics sector is projected to grow at a CAGR of over 5 per cent through 2028, fueled by accelerating e-commerce demand, supply chain modernisation, and major infrastructure developments such as the expansion of Khalifa Port, KEZAD, and Etihad Rail,' he added. Aside from this, the new legal framework offers a 'more stable and transparent foundation for developing and managing assets in these high-growth segments, particularly build-to-suit logistics facilities, cold-chain storage, and light manufacturing,' Ali said. Property management restructured through new Owners' Committees The new laws also restructure property management by replacing Owners' Associations with Owners' Committees. These committees now focus on strategic oversight, while daily operations are outsourced. 'Owners' Committees, introduced under the new laws, serve as advisory and oversight bodies, focusing on strategic decision-making. Day-to-day management of properties, including maintenance of shared spaces, is outsourced to professional firms,' explained Jaouhar. 'In contrast, the previous Owners' Associations were responsible for both oversight and operational tasks, often leading to inefficiencies.' Dispute resolution mechanisms have also been revised. ADREC will now mediate conflicts, including those related to contract terminations. 'The new rules simplify dispute resolution by introducing a more structured and efficient process. ADREC now acts as a mediator, reducing the need for lengthy court proceedings,' Jaouhar said. 'The laws provide clear guidelines for contract terminations and other disputes, ensuring both parties have defined avenues for recourse.' In the leasing segment, new rules introduce a Rental Index and enforce limits on rent increases. 'The introduction of a Rental Index now benchmarks lease rates by asset type and location, while annual rent increases are capped between 5–10 per cent,' Ali explained, adding lease agreements must also be 'registered and monitored through Tawtheeq, ensuring equitable leasing practices and enabling more predictable rental escalations.' New licensing rules and penalties for real estate professionals Real estate professionals must also adhere to new licensing requirements under ADREC's unified regulatory framework. 'Real estate professionals must adapt to expanded definitions of regulated activities, including brokerage, valuation, and property management. Licensing requirements are now more stringent, with all professionals required to register with ADREC,' Jaouhar warned. 'The laws also impose strict penalties for violations, such as misusing escrow funds or failing to comply with service charge regulations.' The new enforcement structure includes fines of up to AED 2 million. 'Property owners who default on service charges may face restrictions on disposing of their assets until payments are settled,' she added. ADREC is now responsible for a broader range of functions, including developer registration, contract termination approvals, and compliance monitoring. 'ADREC's role has been expanded to serve as the central regulatory authority for Abu Dhabi's real estate sector. The agency now oversees developer registrations, approves contract terminations, and mediates disputes between buyers and developers,' Jaouhar said, adding that ADREC also monitors compliance with escrow account regulations and imposes fines for violations. 'The new rules ensure the protection and sustainable management of shared spaces through professional oversight. Owners' Committees will oversee the allocation of service charges to maintain communal facilities, while professional management firms handle daily operations,' Jaouhar explained, adding that 'this structure guarantees that resources are used efficiently and that shared amenities like pools and gyms are properly maintained.' The reforms also support broader investor accessibility by enhancing transparency and expanding foreign investment avenues. The introduction of verified property listing platforms, improved land ownership clarity, and increased accessibility for foreign capital positions Abu Dhabi to pursue institutional-grade opportunities aligned with long-term growth strategies, Ali concluded.
Arabian Business
15-07-2025
- Entertainment
- Arabian Business
EXCLUSIVE: ‘Saudi Arabia is different,' says Esports World Cup CEO; Riyadh tops LA, Seoul in global gaming
Saudi Arabia's Crown Prince publicly identifies as a gamer – a unique advantage that traditional esports capitals such as Los Angeles and Seoul do not match, according to the CEO of the Esports World Cup. 'What is different in Saudi Arabia [is] that it has a head of state, the Crown Prince, who himself publicly has identified as a gamer,' Ralf Reichert, CEO of the Esports World Cup, said in an exclusive interview with Arabian Business. 'I think in the rest of the world, we're still living in a world where the head of states, or not all leadership has grown up with video games.' This political backing, Reichert argued, gives Riyadh a decisive advantage over traditional esports capitals like Los Angeles or Seoul. The kingdom's young population and relatively young leader create a 'cultural, political basis' that puts 'esports right front and centre,' he explained. Building a lasting esports ecosystem For the Esports World Cup, the ambition is as big as the prize pool – turn gamers into global superstars and make the platform a single unifying force in a fragmented industry. 'The core, core goal of the Esports World Cup itself is number one, elevating the industry,' Reichert said. 'If you look back at the history of esports, it has grown continuously. It has jumped through a lot of hoops and made a lot of steps forward. But what was missing was this one uniting tournament that brings all the best games together. This is the role of the Esports World Cup.' The inaugural edition, now underway in Riyadh, is already the largest esports event ever staged, attracting thousands of players and fans from around the globe. The choice of Riyadh as host city reflects more than just infrastructure. Reichert pointed to widespread government support – from special esports visas, to the city's branding and even mobile networks displaying 'Esports World Cup' on devices – as proof of how seriously Saudi Arabia is investing in the sector. 'It goes through any touchpoint you can have with the city and the government, that the Esports World Cup is right front and centre, which just shows how welcoming and supportive the country, the city of Riyadh, is from a structural perspective,' he added. For Reichert, the Esports World Cup is not just about competition, but about creating an ecosystem that can sustain careers, clubs, and publishers alike. 'It all starts with the players, where we want to make them global superstars and actually enable them to follow their passion as a job. That's why we have our life-changing prize,' he said. Reichert envisions the tournament becoming among the largest sports event in the world within the next decade, positioning it as an 'unparalleled' gathering where 'people can come together without borders.' Looking ahead, Reichert envisions the Esports World Cup becoming one of the biggest sporting events and perhaps the largest global gathering of any kind. 'It will be among the largest sports events in the world, which is our clear goal as well. And it will be one point in time where, probably unparalleled, people can come together without borders,' he said. 'One of the big differences in gaming is that even when you play your everyday match, you don't have borders. Everyone who competes in esports by itself is a global citizen, and then participating and visiting esports tournaments, therefore, always has this extra community feeling. And therefore it should be the biggest community gathering in the world.' The initiative includes life-changing prize pools, a club programme designed to bring stability to the ecosystem, and significant investment in broadcast networks. For Reichert personally, gaming remains a family affair. He plays Dota and Clash Royale with his children, 'I hope my kids make it something,' he said with a laugh. Reichert said outsiders often fail to grasp how embedded gaming already is in Middle Eastern culture. 'Gaming is so deeply cultural, rooted in the Middle East that it's very hard to find someone who hasn't gamed or doesn't game,' he said. 'It's much harder than to find someone who does not game, right? 70 per cent plus of the Saudi population are gamers. It's a social fabric that is connecting people across the Middle East, across the world, across families, and across any border you can think of.' Riyadh hosts record-breaking Esports World Cup The 2025 Esports World Cup is taking place this summer in Riyadh as the largest competitive gaming tournament ever staged, featuring more than 24 game titles, 2,000 athletes, 200 teams, and a record-breaking $70 million prize pool — the biggest in esports history. Running for seven weeks at Riyadh Boulevard City, the event has drawn thousands of players and fans, with millions more watching online through its global broadcast network. Within the next decade, Reichert expects the Esports World Cup to evolve dramatically and grow in global relevance over the next decade. 'It will be among the largest sports events in the world, which is our clear goal as well,' he said. He believes esports has a unique ability to transcend borders in a way traditional sports cannot. 'Even when you play your everyday match, unlike in other sports, you don't have borders. Everyone who competes in esports by itself is a global citizen,' he explained. That sense of global connection, he said, is what makes esports special — and what he hopes the World Cup will embody. 'Participating and visiting esports tournaments always has this extra community feeling,' Reichert said. 'And therefore it should be the biggest community gathering in the world.'
Arabian Business
11-07-2025
- Business
- Arabian Business
UAE holiday dates; Commission-free Dubai real estate apps; 2025 visa-free travel ideas; Major Saudi property news – 10 things you missed this week
From game-changing real estate trends to major government updates across the UAE and Saudi Arabia, this week's top stories are shaping the region's business and lifestyle landscape. Whether you're planning your next holiday, exploring investment opportunities, or tracking policy changes, we've got you covered. Catch up on 10 of the biggest news stories this week, as selected by Arabian Business editors. UAE National Day 2025: Will there be a five-day weekend? Expected dates revealed UAE residents may be able to look forward to another long weekend in December 2025 as National Day approaches. UAE National Day is officially marked on December 2 and 3 each year. In 2025, these dates fall on a Tuesday and Wednesday. While the UAE government has not yet confirmed any extended break, residents may expect Monday, December 1 to be an additional day off, making it a five-day weekend. Commission-free apps challenge Dubai real estate brokers as direct buyer-seller models rise Dubai's property market is facing a shift as new digital platforms allowing direct buyer-seller connections threaten to make traditional real estate brokers obsolete, experts told Arabian Business. This shift mirrors how online booking services disrupted the travel agency industry over a decade ago. Some believe the real estate industry is now facing its travel agency moment. 'We're not approaching disruption, we're already in it,' said Ainsley Duncombe, founder of Off Market Listing Dubai and a 17-year veteran of the emirate's property scene. 'Think back to the travel industry. How often do people still use traditional travel agents? That same transformation is already underway in real estate.' UAE summer 2025: Visa-free travel destinations for Indian passport holders from Dubai Indian passport holders residing in the UAE have access to a wide range of visa-free, visa-on-arrival, and e-visa destinations in summer 2025. Click here to see a few countries and regions open for travel without a pre-approved visa or visa-on-arrival for Indian passport holders from Dubai. Indian passport holders in Dubai are advised to confirm entry requirements with official embassy or consulate sources before booking travel, as visa rules may change without prior notice. Dubai real estate: Investors can soon buy, sell property under new DLD, deal Dubai real estate investors may soon be able to buy and sell property using digital currencies like Bitcoin, following a new partnership between Dubai Land Department (DLD) and DLD, in partnership with will develop a digital investment environment for virtual real estate assets and explore blockchain technologies and digital currencies within the sector. The agreement follows the Dubai Government's announcement of plans to enable payment of government fees using digital currencies, representing a step forward in integrating technology with public services and reinforcing the emirate's leadership in government innovation. Saudi Arabia announces new work permit system for expats Saudi Arabia's Ministry of Human Resources and Social Development has implemented a new system for expat work permits. The new classification system divides expat workers in the kingdom into three skill categories: high-skill, skilled, and basic. Minister Ahmed Al-Rajhi announced the decision, which aims to enhance worker performance and attract global talent to transfer expertise and experience to the Saudi labour market. Dubai real estate prices climb in H1 2025 as villas surge up to 11% and ROI hits 11% in key communities Dubai's residential real estate market maintained strong momentum in the first half of 2025, with rising prices, high rental yields, and increased investor confidence across both ready and off-plan segments. According to a market report from Bayut and dubizzle, the emirate's real estate sector is entering a more mature, data-driven phase, where long-term value, transparency, and trusted insights are shaping buyer and seller decisions. In the ready sales segment, villa prices in Dubailand surged by up to 10.4 per cent, driven by demand for larger, affordable homes. Other high-performing communities included Dubai South, DAMAC Hills 2, and Dubai Sports City. Saudi cabinet approves law on property ownership by non-citizens The Saudi Arabian Cabinet, chaired by Crown Prince and Prime Minister Mohammed bin Salman, approved an updated law regulating property ownership by non-Saudis. The law aims to develop the real estate sector and encourage foreign direct investment. The new law permits ownership in the Holy Cities of Makkah and Madinah, albeit with special requirements, and comes into effect from January 2026. The cabinet decision mandates the Real Estate General Authority with the responsibility for proposing the areas within which non-Saudis may own real estate or acquire other property rights. The authority will publish the executive regulations of the law on the Istitaa public survey platform and seek viewpoints and suggestions of the public within 180 days of its publication in the official Umm Al-Qura Gazette. Dubai's RTA launches trials for driverless vehicles Dubai's Roads and Transport Authority (RTA) has signed a Memorandum of Understanding with a company specialising in autonomous driving technologies, to begin pilot trials of autonomous vehicles in the emirate. The trials are scheduled to begin later this year, with plans to launch a fully driverless commercial service in 2026. recently unveiled the seventh generation of its autonomous vehicles, developed jointly with automotive manufacturers including Toyota, GAC, and BAIC. The company's vehicles feature artificial intelligence algorithms and sensors, including lidars, radars, and cameras, designed to ensure navigation and safety across road and weather conditions. UAE denies lifetime Golden Visa claims The UAE has denied rumours it is granting lifetime Golden Visas to citizens of certain nationalities. The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) denied the accuracy of rumours circulated by some local and international media outlets and websites regarding the granting of lifetime Golden Visas to certain nationalities. ICP clarified that the categories, conditions, and regulations of the Golden Visa are clearly defined in accordance with official laws, legislations, and ministerial decisions. UAE flight cancellations: Emirates announces travel update Dubai-based carrier Emirates has announced updated flight cancellations, extending its suspension of Iran flights. Until July 17, Emirates will not fly to and from Tehran citing 'operational reasons' in its latest travel update. The airline announced the extension on July 8, marking the latest in a series of suspensions that have affected the route since mid-June due to regional tensions.
Arabian Business
11-07-2025
- Business
- Arabian Business
From Paris to Abu Dhabi: Inside Thales' three-continent growth strategy and post-AI roadmap
Thales, the 130-year-old French global tech giant in defence, aerospace and cyber, is navigating a profound strategic shift as it positions itself for the post-AI era, while deepening its footprint across the Middle East and the United States. In an exclusive interview, Chairman and CEO Patrice Caine outlined a bold vision that leverages quantum sensing technology, boosts R&D investments, and reflects a changing geopolitical landscape reshaping global defence markets. 'These quantum sensors will bring an improvement of at least 1,000 times in terms of performance,' Caine told Arabian Business, highlighting the scale of technological leap compared to artificial intelligence's typical gains of 10 to 100 times. 'This is not a 20 per cent or 30 per cent improvement. It's 1,000 times better so you totally change your scale.' This represents what experts call 'the second quantum revolution.' While the first quantum revolution led to applications such as microelectronics, lasers and atomic clocks (enabling GPS), this second revolution exploits more advanced quantum phenomena such as state superposition and quantum entanglement to achieve breakthroughs in sensing, communications, and computing. This quantum technology push forms a pillar of Thales' ambitious plan to increase R&D global spending to €5 billion ($5.8bn) by 2028, up from roughly €4 billion ($4.7bn) today. The investment underpins the company's effort to extend its competitive edge amid growing global tensions and rapid technological evolution. A three-continent growth strategy Central to Thales' strategy is a geographic realignment, with the Middle East and the United States emerging as primary growth engines, while Europe remains a potential — but uncertain — third pillar. 'Clearly when I look at strong areas of growth for us, the two main engines will be the Middle East in general and the US for different reasons,' Caine said. 'These are the two strong engines for the next decade.' The United Arab Emirates stands out as a keystone in the company's expansion. Thales is preparing to launch its third global radar centre of excellence in Abu Dhabi within two years, joining already established hubs in France and the Netherlands. 'I've been proposing for a while to set up in the UAE a centre of excellence in one of our domains of excellence. And clearly our radar is probably the best in the world,' Caine said, underscoring the strategic importance of the Gulf region. This move reflects a shift toward long-term partnerships centred on sovereignty and national capability-building. 'The UAE leadership has a strong appetite for high tech, and in particular, sovereign technologies,' Caine noted. 'Technologies that strengthen this country access to sovereignty in as many fields as possible.' This partnership approach has already borne fruit. Thales recently secured a contract to build the airlock module for the UAE's contribution to the Lunar Gateway, a NASA-European Space Agency lunar outpost project. Quantum as the next big bet While AI remains central to Thales' product suite — employing approximately 800 AI specialists across centres in France, the UK, Singapore, and Canada — Caine acknowledges the company's gaze is shifting. 'AI, okay, that's more or less done,' he said. 'We have our plan. We have already embedded AI in our products. Things are in place. Now I'm really thinking of what will be next.' This marks a notable inflection point for a company that, according to Chief Technology Officer Bernhard Quendt, has embedded explainable hybrid AI across hundreds of products, particularly in defence. Caine emphasised the unique demands of defence AI — where explainability, frugality in processing, cybersecurity, and deep operational understanding are critical. 'In our safety-critical domains, you are able to understand why the result produced by an AI is as such, and if the result is wrong, then you can detect why it was wrong and potentially correct the artificial intelligence,' he explained, contrasting this with consumer AI, where such transparency is often lacking and also less useful. Thales' AI-powered reconnaissance pods for combat aircraft — which the UAE is reportedly 'on the verge of acquiring' — and fully autonomous underwater mine-hunting systems for the UK and French navies showcase the blend of cutting-edge innovation and operational robustness. These autonomous mine-hunting systems represent a significant shift in naval operations. They allow warships to remain in safe positions while underwater robots scan, identify, classify and neutralise mines without risking human lives. Since their initial development for the UK and France, more navies are now considering adopting this approach to mine warfare. Thales has developed several advanced quantum technologies, including SQIF (Superconducting Quantum Interference Filter) technology for antenna miniaturisation and cold atoms techniques for quantum inertial units. The company is also working with SpeQtral on quantum satellite communications to test the transmission of entangled photons between space and Earth. This work has taken on new urgency after recent reports that China may have made progress in breaking RSA encryption using quantum computing techniques. Thales' post-quantum algorithm 'Falcon' was one of just two algorithms selected by the NIST standardization body after years of international competition. Defence R&D economics and funding model Behind these tech ambitions is a funding model uniquely shaped by defence industry regulations. Approximately 75 per cent of Thales' R&D budget is customer-funded — mostly enterprise customers and government agencies — with the remaining 25 per cent self-funded. 'In a given country, by law, you cannot export defence equipment without government authorisation,' Caine said. 'Hence, you cannot build your own business case saying, 'I invest this much and then I will recoup my investment over the products I will sell worldwide.'' Maintaining this model, Thales' planned €5 billion R&D spend by 2028 corresponds to about 6 per cent of projected sales, sustaining the company's long-standing R&D intensity ratio.
Arabian Business
11-07-2025
- Business
- Arabian Business
EXCLUSIVE: Thales chief shifts focus to Middle East, accelerates quantum tech as ‘AI is done'
Thales is pivoting towards the Middle East and quantum technologies as it looks beyond artificial intelligence for its next growth phase. 'AI, okay, that's more or less done,' Chairman and Chief Executive Officer Patrice Caine said in an exclusive interview with Arabian Busines s. 'We have our plan. We have already embedded AI in our products. Things are in place. Now I'm really thinking of what will be next.' Thales shifts focus beyond AI That next step involves establishing the United Arab Emirates as Thales' third global radar centre of excellence and accelerating quantum sensors — technologies Caine says will deliver performance gains '1,000 times' better than current systems. Quantum sensors derive their performance from the extreme sensitivity of quantum states to any external perturbation. By measuring these 'perturbations', it is possible to build new sensors that are significantly smaller and more sensitive than conventional technologies. The move comes amid uncertainty over whether European countries will follow through on military spending increases promised after Russia's invasion of Ukraine. 'When I look at strong areas of growth for us, the two main engines will be the Middle East in general and the US for different reasons,' Caine said. 'These are the two strong engines for the next decade.' Thales plans to open the UAE radar centre within two years, joining existing hubs in France and the Netherlands. The facility will support domestic and regional defence markets. 'It's not something that we take a decade to be,' Caine said. 'It's clearly one year typically to have a kind of first opening, and to be fully functioning two years.' Thales intends to increase its global R&D spending to €5 billion by 2028, up from about €4 billion today. Around 75 per cent of R&D funding comes from government customers. On quantum sensors, Caine said: 'These quantum sensors will bring an improvement of at least 1,000 times in terms of performance.' He added that similar gains should apply to size, weight and power consumption. 'By comparison, AI typically delivers improvements of 10 to 100 times.' This represents what experts now call 'the second quantum revolution.' While the first quantum revolution led to applications such as microelectronics, lasers and atomic clocks (enabling GPS), this second revolution uses more advanced quantum phenomena such as state superposition and quantum entanglement. Unlike quantum computing, whose practical uses remain largely theoretical, Caine expressed confidence in quantum sensing. 'It's 100 per cent sure because it's already working in our labs,' he said. 'It's more a question of years than a question of decades.'
