Latest news with #AymanAlSayari
Arabian Business
22-02-2025
- Business
- Arabian Business
UAE visa changes; Saudi approves riyal symbol; Dubai rent rules; Mona Kattan leaves Huda Beauty – 10 things you missed this week
UAE visa updates, the introduction of a symbol for the Saudi riyal, Dubai real estate successes and more stories hit the headlines this week. Catch up with the biggest stories this week, as selected by Arabian Business editors. Saudi Arabia approves riyal symbol Saudi Arabia has officially approved a symbol to represent the riyal currency unit. Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has approved the Saudi riyal symbol in a historic move that will reinforce the Saudi currency's identity, said the Saudi Central Bank (SAMA). SAMA Governor Ayman Al Sayari extended his profound appreciation to King Salman and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for launching the Saudi riyal symbol. Al Sayari noted that this decision reinforces Saudi Arabia's financial identity locally, regionally, and internationally. He indicated that the implementation of the new symbol will be gradual for financial and commercial transactions, with coordination across all relevant entities. Starting February 13, 2025, Indian citizens holding ordinary passports and valid visas, residence permits, or Green Cards from the following new countries will be granted visas upon arrival at all UAE entry points. The new countries are Singapore, Japan, South Korea, Australia, New Zealand and Canada. The UAE grants residence visa to family members of an expat, provided they meet certain requirements. Dubai real estate: 90-day notice required for rent increases, says DLD The Dubai Land Department (DLD) has revealed that landlords must notify tenants 90 days before contract expiration for any rent increases, which must be validated by the new Smart Rental Index. The Smart Rental Index determines rent adjustments through analysis of contract values within buildings, area averages, and building classifications. If landlords fail to provide the 90-day notice, increases cannot be implemented, regardless of the index's findings, the Dubai Media Office (DMO) said in a statement. UAE law changes: New rules on marriage, divorce, child custody – All you need to know The UAE will implement its most significant personal status law reform in decades this April, introducing fundamental changes to marriage consent, custody rights, and divorce procedures that could affect thousands of families across the country. The Federal Personal Status Law No. 41 of 2024, taking effect April 15, marks several watershed changes, including the adoption of the Gregorian calendar for legal proceedings and a complete overhaul of custody age limits. A significant change allows wives to seek divorce if husbands abstain from marital relations for over six months without valid justification, regardless of whether the husband swore to abstain, according to Asma Siddiqui, senior associate at BSA Law. NEOM has announced plans to unveil the first phase of THE LINE, with the Hidden Marina development leading the initiative, its Chief Development Officer Denis Hickey revealed during his address at the PIF Private Sector Forum in Riyadh. The Hidden Marina will extend 2.5 kilometres and reach 500 metres in height, consisting of three connected modules designed to house more than 200,000 residents. The development will include 21 million square metres of built-up area, surpassing the Burj Khalifa's 350,000 square metres in Dubai, the report said, citing Hickey. The forecast follows Dubai's performance in 2024, which saw prime residential capital values rise by 6.8 per cent and rental values surge by 23.5 per cent. 'Dubai's prime residential sector continues to thrive, with demand outpacing supply in some of the city's most sought-after communities. The strong rental market performance, coupled with capital appreciation, makes Dubai an increasingly attractive destination for global investors. We expect 2025 to bring further momentum, with high-value transactions and new ultra-luxury developments reshaping the city's real estate landscape,' Andrew Cummings, Head of Residential Agency at Savills Middle East said. Giant 500m Dubai hotel and branded real estate project to have 'world's highest outdoor pool' A new 500m-plus Dubai hotel and branded real estate development will open in 2030 with the 'world's highest outdoor pool'. Corinthia Hotels and Dubai General Properties announced their partnership on the landmark hotel and residential development. The skyline-defining structure will comprise a traditional hotel and branded residences concept. Set within a two-tower structure on Sheikh Zayed Road near the Museum of the Future, the development will rise to more than 500m and rank among the world's tallest buildings. Mona Kattan leaves Huda Beauty Mona Kattan is departing from Huda Beauty to lead KAYALI as an independent fragrance brand, the company announced on Monday. The fragrance brand KAYALI, founded jointly by sisters Huda and Mona Kattan in 2018, will now operate as a standalone company following Huda Beauty's decision to sell its ownership stake. Mona, widely known as the 'Perfume Princess' and the creative force behind KAYALI's rapid growth, will partner with global growth equity firm General Atlantic to jointly own the brand. She will continue her role as KAYALI CEO. Demand for ultra-luxury homes in Dubai, including those in prime and waterfront locations, made a major bounce back during the first month of 2025, with wealthy buyers seen lapping up multi-million housing and land assets, industry players said. The scale and nature of transactions in January are also seen as a major shift in investor behaviour, with luxury real estate increasingly seen as a core asset class, besides a broader reflection of sustained liquidity in the high-end property market. Anticipation of a price rise on the cards due to supply constraints in prime locations and the rising migration of global high-net-worth individuals (HNWIs) to Dubai also drove demand for high-end properties in sought-after city neighbourhoods, they said.
Khaleej Times
21-02-2025
- Business
- Khaleej Times
Look: Saudi Arabia now has Riyal symbol; takes inspiration from Arabic calligraphy
Saudi Arabia's King Salman bin Abdulaziz Al Saud approved the new Riyal symbol, the Saudi Press Agency (SPA) reported. The new Saudi Riyal symbol is inspired by Arabic calligraphy and embodies the Kingdom's rich cultural heritage. The implementation of the new symbol will be gradual for financial and commercial transactions, with co-ordination across all relevant entities, Saudi Central Bank governor Ayman Al Sayari, said. Al Sayari said that this decision reinforces Saudi Arabia's financial identity locally, regionally and internationally and the initiative aims to promote national identity and cultural belonging, highlight the role of the national currency, and showcase the Kingdom among major global economies and G20 members. Check out the new symbol below: The initiative also signifies the increasingly important role of the national currency in the global financial ecosystem, he added. Saudi Arabia
