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Arab Times
3 hours ago
- Business
- Arab Times
Kuwait tightens grip on foreign property access
KUWAIT CITY, July 16: In a new regulatory move aimed at organizing the real estate market and improving the investment environment, Minister of Justice Counselor Nasser Al-Sumait announced that a draft decree has been submitted to the Fatwa and Legislation Department regarding controls on real estate ownership by foreigners through companies listed on the Boursa Kuwait and real estate funds. Al-Sumait explained that the draft decree was prepared under the provisions of Decree-Law No. 7/2025, which regulates real estate ownership, and is now pending approval by the Council of Ministers. The objective is to strike a delicate balance between attracting organized real estate investment and protecting the demographic structure as well as preventing the exploitation of residential properties for purely commercial or investment purposes. The decree takes into account the legal frameworks specific to citizens of the Gulf Cooperation Council countries and preserves the privileges granted to them regarding real estate ownership in Kuwait. The decree includes the following articles: Article 1: Companies listed on the stock exchange with non-Kuwaiti shareholders, as well as licensed real estate funds with non-Kuwaiti unit holders, may own real estate if their objectives include real estate dealings. The provisions of this paragraph do not affect the right of units supervised by the Central Bank of Kuwait or others to own real estate, per the law of the Central Bank of Kuwait or any other applicable legislation. Article 2: Persons licensed by the Capital Markets Authority (CMA) to practice the activity of investment portfolio managers may open and manage investment portfolios for non-Kuwaiti clients. These portfolios may include securities issued by companies listed on the stock exchange whose objectives include real estate dealings or units of real estate funds. Article 3: Listed companies, real estate funds, and investment portfolios licensed by the relevant regulatory authorities in Kuwait are prohibited from engaging in any transactions involving real estate, plots, or land designated for private residential purposes, whether by sale, purchase, mortgage, transfer of rights, authorization to dispose of the property to a third party, or acceptance of such authorization on behalf of a third party, except for the exceptions granted to units supervised by the Central Bank of Kuwait or any other exceptions specified by law. Article 4: Ownership of any real estate shares in kind may not be transferred to non- Kuwaitis in the event of the liquidation of a listed company or real estate fund, without prejudice to their right to receive an amount equivalent to their share of the liquidation proceeds, unless they have legal grounds permitting such ownership following the applicable laws. Article 5: The provisions of this decree shall not affect the treatment of Gulf Cooperation Council (GCC) citizens as Kuwaitis, per the relevant regulations. Nor shall they affect any provisions regulating real estate ownership contained in other laws. Such cases shall remain subject to the provisions of the laws, regulations, and decisions governing them. Article 6: Each minister, within their respective jurisdiction, shall implement this decree, which shall take effect from the date of its publication in the official gazette 'Kuwait Al-Youm'.
Time of India
15 hours ago
- Automotive
- Time of India
Tesla prices across the Gulf: Which models are available in the UAE, Qatar, and Saudi Arabia
Tesla offers Model 3, Model Y, Model S, Model X, and Cybertruck across the Gulf, with availability varying by country. TL;DR Tesla launched in the UAE (2017), Qatar (2023), and Saudi Arabia (2025). The UAE is the most advanced Tesla market in the region. All core models, Model 3, Y, S, X, and Cybertruck—are sold in the Gulf. Pricing starts around $45,000 and goes above $120,000 based on model and trim. Charging and service networks are growing across all three countries. When Tesla was founded in 2003, its goal was simple but ambitious: to change the way we think about cars by making electric vehicles the future of transportation. Nearly 22 years later, Tesla's reach has grown well beyond Silicon Valley, making a strong presence in the Gulf Cooperation Council countries. The company first arrived in the UAE in 2017, not just as another car brand, but as a catalyst for change in the region's automotive scene. Since then, Tesla has carefully expanded into Qatar in late 2023 and Saudi Arabia in early 2025, tailoring its models and support networks to fit each country's unique pace. Today, the Gulf stands as a vital market in Tesla's global strategy, with even its flagship models available, a clear indication of the region's accelerating adoption of advanced electric mobility and its rising significance in Tesla's international growth. Today, the Gulf stands as a vital market in Tesla's global strategy, with a full range of models available, reflecting the region's accelerating adoption of advanced electric mobility and its increasing significance in Tesla's global growth. United Arab Emirates: Tesla's First Market in the Middle East Tesla's first official Middle East entry began in February 2017, when it launched in the UAE with the Model S and Model X, sold directly via Tesla's website and supported by a growing physical footprint. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo The company began deliveries by mid-2017, opening showrooms and service centers in Dubai, Abu Dhabi, and Sharjah, and laying the groundwork for a vast network of over 300 Superchargers—some of them solar-powered. As of 2025, the UAE remains Tesla's most developed GCC market, with five models currently available: the Model 3, Model Y, Model S, Model X, and Cybertruck. What's Available in the UAE? The Model 3 remains the brand's most accessible offering. It's sold in three trims: The Rear-Wheel Drive (325 horsepower) delivers a balanced mix of efficiency and performance. The Long Range AWD (441 hp) extends the car's range while maintaining high-speed stability. The Performance AWD (513 hp) prioritizes acceleration, doing 0–100 km/h in just over 3 seconds. Prices range from AED 167,990 to 219,990 (about $45,700 to $59,900 USD). The Model Y, a compact SUV built for families and utility, comes in: A Standard RWD trim with 201 hp, A Long Range AWD version with 346 hp, And a Performance AWD version with 526 hp and a 7-seat layout. Prices run from AED 198,170 to 239,770 (~$54,000 to $65,400 USD). For luxury buyers, the Model S and Model X offer dual- and tri-motor configurations: Model S AWD : 670 hp, aerodynamic profile, top-tier range. Model S Plaid: 1,020 hp with hypercar-level performance. Price: AED 322,990–377,990 (~$87,900–102,800 USD) Model X AWD: Same 670 hp platform with more space and vertical doors. Model X Plaid: 1,020 hp and 0–100 km/h in under 2.6 seconds. Price: AED 342,990–397,990 (~$93,400–108,400 USD) Also available: the Cybertruck, priced at AED 300,800 (~$81,900 USD). Though it launched globally in late 2023, UAE buyers now have full access to the dual-motor AWD variant, known for its armored design and off-road credentials. Saudi Arabia: An Important Market Entry in 2025 Tesla launched in Saudi Arabia on April 10, 2025, opening its first showroom and service center in Riyadh, alongside a regional delivery hub. The launch was more than a retail expansion, it coincided with the Saudi government's clean energy push under Vision 2030. Initial offerings include the Model 3, Model Y, and Cybertruck. Pop-up locations in Jeddah and Dammam are in development, and Superchargers have already gone live in multiple cities. Vehicles Now Available in Saudi Arabia The Model 3 lineup is identical to the UAE's: RWD version priced at SAR 193,790 (~$51,600 USD) Long Range AWD: SAR 203,485–213,290 (~$54,200–56,800 USD) Performance AWD: SAR 237,985–243,290 (~$63,500–64,800 USD) The Model Y is also sold in three trims: RWD: SAR 194,037 (~$51,700 USD) Long Range AWD: SAR 220,591 (~$58,900 USD) Performance AWD: SAR 241,017 (~$64,300 USD) The Cybertruck is available for pre-order, with deliveries expected by the end of 2025. Saudi buyers are expected to receive both the Dual Motor AWD and Cyberbeast (Tri-Motor) configurations. This delayed but impactful entry aligns with the country's broader transition to clean mobility and domestic EV production partnerships (e.g. Lucid, Ceer), showing Tesla's place in a much larger national shift. Tesla's Growing Presence in Qatar After Recent Launch Tesla began taking orders in Qatar in December 2023, and opened its first retail location in June 2024, located in Doha Festival City mall. Though quieter than launches in the UAE and Saudi, Tesla's Qatar operation quickly brought its full vehicle lineup to market. Currently available: the Model 3, Model Y, Model S, and Model X, with pricing across a wide range of trims. Model Overview in Qatar The Model 3 starts at QAR 164,990 (~$45,300 USD) for the standard 60 kWh RWD trim. Long Range AWD (78 kWh): QAR 184,990–194,990 (~$50,800–53,500 USD) Performance AWD: QAR 214,990–224,990 (~$59,000–61,800 USD) The Model Y mirrors this: Standard RWD: QAR 184,990–194,990 (~$50,800–53,500 USD) Long Range AWD: QAR 204,990–214,990 (~$56,400–59,100 USD) Performance AWD: QAR 229,990–239,990 (~$63,200–65,900 USD) The Model S starts at QAR 391,190 ($107,400 USD) and climbs to QAR 431,490 ($118,400 USD) for the Plaid variant. The Model X ranges from QAR 407,290–447,390 (~$111,800–122,800 USD), depending on configuration. While Supercharging coverage is still developing, Tesla service is already active in Doha, with mobile support expanding to nearby areas like Al Khor and Ras Abu Aboud. Tesla in the Gulf: What This Means Going Forward With operations now active in the UAE (since 2017), Qatar (2023), and Saudi Arabia (2025), Tesla has completed its expansion into the Gulf's three key economies. Each launch aligned with local conditions, policy support in the UAE, rising consumer demand in Qatar, and Saudi Arabia's broader shift toward clean energy and industry. Across the region, Tesla now offers a broad lineup, primarily the Model 3 and Model Y in all three markets, with the higher-end Model S, Model X, and Cybertruck available in select countries like the UAE and Qatar. What began as a limited rollout has evolved into a tailored, multi-market presence that reflects the region's growing appetite for premium electric vehicles. Tesla prices in the Gulf vary by country, trim, battery size, and drivetrain (RWD or AWD). Listed prices usually exclude VAT, registration, insurance, delivery, optional accessories, software upgrades (like Enhanced Autopilot ), and home charging equipment. For accurate, up-to-date on-road pricing and configurations, visit Tesla's official regional website or consult local showrooms directly. FAQs: Q. Can I buy a Tesla in the Gulf region? Yes, Tesla is officially available in the UAE, Qatar, and Saudi Arabia, with showrooms and delivery options active. 2. What Tesla models are offered in these countries? You can buy the Model 3, Model Y, Model S, Model X, and Cybertruck, with different trims depending on the country. 3. How much do Tesla cars cost in the Gulf? Prices start around $45,000 (Model 3) and can go over $120,000 (Model X or S Plaid), depending on specs and features. 4. Where can I charge my Tesla in the region? Tesla Superchargers are available in major cities, especially in the UAE and Saudi Arabia, and home charging is also supported. Q. Is Tesla service available locally after purchase? Yes, Tesla offers service centers, mobile service units, and support through its app in all three countries.
Observer
a day ago
- Business
- Observer
Explore the Gulf with a single tourist visa
In a significant step towards enhanced regional integration in tourism, digital economy and security, the Gulf Cooperation Council (GCC) countries are set to roll out a unified Gulf visa by the end of 2025. Dubbed the GCC Grand Tours Visa, this historic initiative aims to facilitate tourist movement in the region. It has garnered consensus from Gulf nations and international support, drawing inspiration from the European Schengen visa model. The unified tourist visa was a key topic at the 39th meeting of the GCC Passport Directors-General, recently held at the General Secretariat headquarters in Riyadh. 'The unified visa reflects the vision of our leaders to strengthen cooperation," the GCC Secretary-General Jassem al Budaiwi said after the meeting. This visa allows its holder to enter the Sultanate of Oman, Saudi Arabia, Qatar, the UAE, Kuwait and Bahrain without the need to obtain separate visas for each country. According to details available so far, the visa is designed to allow travellers to choose between a single-country visa and a multi-country option. This change aims to simplify the planning and execution of multi-country trips across the Gulf region. However, it does not include provisions for employment or long-term stay. While this initiative is a strategic effort to enhance the Gulf countries' status as a cohesive tourist destination on the global stage, it will also pave the way for greater integration in the sectors of transport, hospitality, security and collaborative investment in tourism infrastructure, airports and hotels, while simultaneously creating more job opportunities. Estimates from Gulf tourism authorities indicate that the visa application process is expected to increase the number of visitors to approximately 128.7 million by 2030, thereby enhancing the Gulf's status as a global tourist destination. It is a well-established fact that travellers worldwide are the driving force behind the GCC's special interest tourism sector, thanks to its world-class infrastructure, luxury experiences and cultural attractions that appeal to high-spending visitors. According to Future Market Insights Inc, a US-based research firm, the special interest tourism market in the Gulf Cooperation Council is projected to experience substantial growth, rising from $1 billion in 2025 to $5.9 billion by 2035. The compound annual growth rate during this period is expected to reach 19.2 per cent. 'The special interest tourism industry in the GCC countries continues to grow as governments invest in niche travel experiences that cater to diverse preferences. Each country within the Gulf Cooperation Council has established a distinct tourism identity and welcomes visitors seeking cultural experiences, adventure and luxury,' notes the research firm in its report. According to the report, the Sultanate of Oman, the UAE, Saudi Arabia and Qatar have emerged as leading destinations, attracting millions of visitors seeking novel and exclusive experiences. When discussing Oman, the report highlights that the country has leveraged its rich heritage and modern attractions to draw international visitors, especially from Europe, thereby strengthening its position in the competitive Gulf tourism market through its cultural, natural and historical offerings. 'Oman flourishes as a nature and cultural tourism destination. Tourists come to its craggy mountains for trekking in Al Jabal Al Akhdhar, while the turquoise pools of Wadi Shab offer a stunning retreat. Traditional dhow cruises in Musandam provide an authentic Arabian Gulf experience, complementing the country's growing eco-tourism initiatives," the Future Market report further states. In alignment with several Gulf countries, Oman is intensifying its efforts to attract international tourists to achieve its goal of approximately 11.7 million visitors annually and create 500,000 jobs by 2040. This initiative is part of its sustainable tourism strategy. Oman Vision 2040 establishes clear objectives for the tourism industry, including strengthening infrastructure development through increased investments and promoting the country's unique cultural heritage and landscape. Looking ahead, the introduction of new policies and initiatives, such as the unified visa, is expected to pave the way for sustained growth in tourist arrivals in Oman and other GCC countries in the coming years.
Arab News
a day ago
- Business
- Arab News
Saudi Arabia raises $1.34bn through July sukuk issuance
RIYADH: Saudi Arabia's National Debt Management Center raised SR5.02 billion ($1.34 billion) through its riyal-denominated sukuk issuance for July, marking a sharp 113.6 percent increase compared to the previous month. In June, the Kingdom issued sukuk worth SR2.35 billion, while May and April saw issuances of SR4.08 billion and SR3.71 billion, respectively. Sukuk are Shariah-compliant financial instruments that offer investors partial ownership in an issuer's underlying assets, making them a popular alternative to conventional bonds. According to NDMC, the July issuance was divided into four tranches. The first tranche, valued at SR776 million, will mature in 2029. The second, worth SR1.34 billion, is set to mature in 2032, followed by a third tranche of SR823 million due in 2036. The largest tranche, totaling SR2.08 billion, will mature in 2039. Saudi Arabia's debt market has witnessed robust growth in recent years, attracting strong investor interest in fixed-income instruments amid a global environment of rising interest rates. In April, Kuwait Financial Center, also known as Markaz, reported that Saudi Arabia led the Gulf Cooperation Council in primary debt issuances during the first quarter of the year. The Kingdom raised $31.01 billion from 41 offerings, accounting for over 60 percent of total issuances across the region. Credit rating agency S&P Global noted in April that Saudi Arabia's expanding non-oil sector and steady sukuk issuance volumes are likely to support the growth of the global Islamic finance industry. The agency forecasts global sukuk issuance to reach between $190 billion and $200 billion in 2025, with foreign currency-denominated offerings contributing up to $80 billion, assuming market conditions remain stable. Echoing that outlook, a report by Kamco Invest published in December said Saudi Arabia is expected to account for the largest share of bond maturities in the GCC between 2025 and 2029, with $168 billion set to mature during the period. Earlier this month, S&P Global reiterated its positive view, stating that the global sukuk market is on track to maintain its momentum in 2025, with foreign currency-denominated issuances projected to reach between $70 billion and $80 billion.
Muscat Daily
a day ago
- Business
- Muscat Daily
Oman, Philippines strengthen ties with visa exemption agreement
Manila, Philippines – Oman and the Philippines have signed an agreement on mutual visa exemption for holders of diplomatic, special and service passports, in a move that reflects growing bilateral relations and commitment to enhancing cooperation in key sectors. The agreement was signed on Monday during a meeting in Manila between Sayyid Badr bin Hamad al Busaidi, Foreign Minister of Oman, and Maria Theresa Lazaro, Secretary of Foreign Affairs of the Philippines. The two ministers reviewed ways to further develop cooperation, particularly in economic and scientific fields. They agreed to continue efforts to finalise several bilateral memoranda of understanding, including an agreement to avoid double taxation and another to encourage and protect mutual investments. The ministers also agreed to convene the second Oman-Philippines Investment Forum in Muscat next year, aimed at strengthening sustainable economic ties between the two countries. On political matters, the discussions included regional developments and mechanisms to enhance cooperation between the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (ASEAN), particularly in knowledge exchange, capacity building and strategic partnerships. The Philippine foreign minister expressed appreciation for Oman's recent humanitarian efforts, including its role in securing the release of sailors from the Galaxy Leader ship detained in Yemen. She also lauded the sultanate's peace diplomacy, led by His Majesty Sultan Haitham bin Tarik, and the positive treatment of Filipino workers in Oman. Maria welcomed the outcomes of the recent Oman-Cebu Investment Forum and expressed her country's interest in expanding such initiatives, encouraging private sector engagement and investment. Sayyid Badr, in turn, commended the Philippines' support and affirmed the strong ties between the two nations. He noted the shared human values and friendship that continue to guide cooperation for mutual benefit. The meeting was attended by Nasser bin Saeed al Manouri, Ambassador of Oman to the Philippines, Raul Hernandez, Ambassador of the Philippines to Oman, and other officials from both sides.
