The Dubai International Financial Centre (DIFC) has announced new changes to the Employment Law that mandate contributions to a savings scheme for Gulf nationals employed at the financial hub.

These changes have been made after a period of public consultation in 2023. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, has promulgated these updates to ensure that the DIFC’s laws meet global best practices.

Under these changes, DIFC companies are required to make top-up payments into a Qualifying Scheme, which includes the DIFC Employee Workplace Savings plan (DEWS) for employed GCC nationals. Additionally, companies have to make contributions to the workers’ General Pension and Social Security Authority (GPSSA).

These top-up payments are required if the amount of GPSSA contributions made by employees is less than the monthly end-of-service contributions under the Employment Law that they would have received if they were not GCC nationals.

This ensures that GCC nationals in DIFC are not disadvantaged and receive benefits similar to other employees.

Other changes have been made to ensure that Qualifying Schemes do not receive contributions from companies or workers subject to sanctions. The DIFC has also updated Trust Law, Foundations Law and Operating Law to comply with the latest regulations.

The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai that was established in 2004 as a financial hub for companies operating in the Middle East, Africa, and South Asia (MEASA) markets. The zone spans 110 hectares, or 272 acres.

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The Majid Al Futtaim (MAF) Group, a shopping malls and retail organization in the UAE, reported a marginal increase in its net profit to AED2.7 billion ($735 million) in 2023, up from AED2.4 billion in 2022.

The group’s revenue was impacted by a decline in the retail business due to geopolitical headwinds.

However, the group recorded a consolidated revenue increase of 1% to AED34.5 billion, with its Lifestyle vertical contributing to the growth by crossing AED1 billion for the first time.

MAF Group’s EBITDA increased by 12% to AED4.6 billion, and total assets increased to AED69.7 billion, up from AED66.1 billion in 2022.

MAF Properties was one of the key performers for the company, with revenue growing by 20% year-on-year to AED6.9 billion and EBITDA increasing by 21% to AED3.6 billion.

The growth was attributed to increased footfall and higher occupancy rates, along with growth in its Tilal Al Ghaf development.

The group’s shopping malls business witnessed tenant sales of AED30 billion, an increase in overall occupancy to 96%, and an 8% rise in footfall, to 232 million visitors.

Revenue for its entertainment vertical grew by 7% to AED1.8 billion, with the group stating that the cinemas business was recovering from delays and adjustments to its content pipeline.

This reflected positively on EBITDA, which increased by 53% to AED193 million in 2023.

The group’s retail arm, on the other hand, saw revenues decline by 4% on a restated basis to AED24.7 billion, primarily due to currency devaluations in Egypt, Pakistan, Kenya, and Lebanon.

EBITDA for the retail vertical also declined by 15% to AED1.1 billion year on year. However, at a constant currency rate, MAF added that its revenue grew by 4%, and EBITDA fell 4%.

The group’s retail digital business saw “significant growth,” with revenue increasing 17% to AED2.6 billion, contributing nearly 10% of MAF Retail’s revenues in 2023.

The group said its net debt increased to AED15 billion, primarily due to investments in working capital.

Additionally, MAF retained its “BBB” credit rating with a stable outlook from Standard & Poor’s and Fitch Ratings.

Commenting on the 2024 outlook, Ahmed Galal Ismail, Chief Executive Officer, Majid Al Futtaim, said, “While we are not immune to the impact of the regional macroeconomic challenges, including currency devaluation in Egypt, Lebanon, Pakistan, and Kenya, and the deeply concerning geopolitical events that are shaping market dynamics and consumer behaviors, we are confident in our ability to navigate the path ahead while delivering value to our stakeholders in 2024 and beyond.”

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Aman, a Swiss-based hospitality brand, is currently developing its first hotel property in Dubai.

The company sees Dubai’s opening as part of a move to expand its presence in the Middle East, along with its sister concern Janu.

The development of the hotel has been partnered with Bright Start, a UAE-based real estate investment company that already owns the Four Seasons in Dubai. H&H Development, a real estate developer, will be leading the delivery of the Dubai project.

While some details are still under wraps, Aman Dubai is expected to be located in Jumeirah 2 neighborhood with an expansive private beach.

The hotel will feature all-suite rooms, a spa of over 2,000 sqm, several restaurants, and an Aman Club.

Additionally, a limited number of Aman branded residences will also be available. The hotel will be designed by Singapore-based Kerry Hill Architects, with a minimal and contemporary design aesthetic while incorporating Arabian heritage.

The property will also have nine acres of gardens.

Aman Dubai is currently in the development phase, and the luxury hotel group has been expanding its pipeline in the Middle East over the last few years.

It has plans to open three properties in Saudi Arabia, including a tented camp, a desert ranch-style resort, and Hegra in AlUla.

Janu, its sister hospitality brand, also has a pipeline that includes a project in the UAE.

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Dubai has been recognized as one of the best cities in the world for work and being livable.

According to the latest Global Expat Index, Dubai has secured the 9th spot with a score of 6.80, surpassing other popular destinations such as Toronto, Sydney, and Lisbon.

Additionally, the emirate has been ranked as the third most preferred city in Asia for expats, with a score of 6.81, while Abu Dhabi has landed on the 8th spot with a score of 6.09.

As per the report by Preply, an online language learning marketplace, Dubai is known for its luxurious lifestyle, however, its cost of living is relatively high, standing at $3,787 per month.

Nevertheless, the average tax-free salary in Dubai is the second highest among all Asian cities, with a figure of $3,894.

Moreover, the UAE’s favorable tax laws, which include no income tax, can benefit those earning more than $64,000 annually.

Dubai has also scored high on the safety index, with a score of 83.40, making it the third-safest city in the ranking.

Meanwhile, the average cost of living in Abu Dhabi, Dubai’s neighboring emirate, was $3,501, with the tax-free salary averaging $3,597.

Abu Dhabi has also been ranked as the safest livable city in Asia, with a score of 86.71.

Other top expat cities

Tallinn, Estonia topped the list with the highest overall expat score of 7.35 out of 10, making it the best city for work and living.

Estonia’s capital city also scored a high safety index of 77 out of 100, placing it among the top 10 safest cities for expats. Bern, Switzerland ranked second with a score of 7.32, followed by Singapore and Basel, Switzerland, jointly occupying the third spot with a score of 7.08.

Toronto and Sydney jointly ranked 11th on the list with a score of 6.76, while Lisbon was at 16 with a score of 6.54

On the Asia index, Singapore took first place as the ideal city for expats looking for the best-suited areas to move to in 2024, with a score of 7.20.

The top three positions were rounded off by Bangkok in second place with a score of 6.96, followed by Dubai at 6.81.

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The Ministry of Economy (MoEc) held a media briefing at its headquarters in Dubai on Wednesday, March 6, 2024, to outline its plan to supervise the prices of products and services in the country’s markets during Ramadan 2024.

The goal is to ensure that consumer rights are protected within a comprehensive and leading consumer ecosystem that is in line with global standards.

This will maintain a balanced trade-consumer relationship in the UAE.

Through this plan, the Ministry aims to strengthen its collaboration with partners in enforcing consumer protection laws and regulations in the country.

It also seeks to educate consumers about the country’s legislative framework for consumer protection, pricing policies for essential goods, and promote consumer knowledge and awareness of their rights and responsibilities when making purchases. This will guide them toward making informed consumption choices.

H.E. Abdullah Sultan Al Fan Al Shamsi, Assistant Undersecretary for the Monitoring & Follow Up Sector at the Ministry of Economy, emphasized that the UAE is moving forward in establishing a comprehensive regulatory and legal framework to safeguard consumers and guarantee their rights.

The initiatives The Ministry of Economy took include:

He pointed out that the Ministry of Economy consistently works in cooperation with relevant government bodies at the federal and local levels, particularly through the Supreme Committee for Consumer Protection.

The Ministry engages and coordinates with the cooperative sector, private sector, and stakeholders to create a safe and favorable environment for consumers when buying products or using services.

Al Shamsi stated that the Consumer Protection Department at the Ministry organized over 26 meetings with suppliers of essential goods in the country in 2023.

These meetings were aimed at ensuring the adequate availability of products to meet consumer needs during Ramadan 2024.

The essential goods included cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread, and wheat.

In a recent meeting, H.E. discussed new initiatives aimed at strengthening consumer protection in collaboration with relevant federal and local authorities and economic development departments.

These initiatives will create a safe environment for consumers in the country and improve its competitiveness and prosperity.

Establishing a national team to monitor the prices of essential consumer goods and products, promulgating a code of conduct to strengthen the contractual relationship between outlets and suppliers in the country’s markets, and overseeing retailers’ adherence to unit prices while monitoring and taking appropriate action on any irregularities regarding the obligation of not raising the prices of essential consumer goods.

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Dubai Municipality has launched a new project as part of its efforts to enhance the city’s greenery. The project is focused on the intersection of Al Meydan and Al Khail Streets, which is at the center of Dubai. 

Covering an area of 302,266 square meters, this project demonstrates the Municipality’s commitment to expanding green spaces in the city and implementing beautification projects that improve its overall appearance.  

The project features advanced technologies employed by the Municipality to implement sustainable irrigation systems and water drainage. 

These systems include fully automated irrigation mechanisms that eliminate the need for human intervention. Furthermore, wind-resistant spraying techniques have been integrated, resulting in a water-saving of around 30%. 

The Municipality has implemented effective sustainable groundwater and rainwater drainage systems, especially during the recent rainfall. 

They have established a pumping station that can handle over 280 cubic meters per hour and a tank with a capacity of 1,000 cubic meters. To enhance the area’s beauty, the Municipality has installed multi-color linear lighting systems at the intersection.  

According to H.E. Al Hajri, the Municipality prioritizes the development of agricultural beautification projects. Their primary goal is to improve the vitality of Dubai with integrated world-class standards. They aim to foster sustainability in Dubai by implementing innovative irrigation technologies that rely on fully recycled water.  

Furthermore, the Municipality will plant ‘Chorisia’ trees (Chorisia Speciosa) at the intersection of Al Meydan and Al Khail Roads for the first time. This tree, which belongs to the mallow family, has a broad, swollen stem that serves as a water reservoir. It also has large pink-red flowers.  

Dubai Municipality carries out agricultural beautification projects that adhere to the highest global standards. These efforts integrate innovative design elements. employ cutting-edge irrigation techniques utilizing recycled water. The goal is to promote the sustainability of environmental resources. 

In 2023, the Municipality of Dubai successfully planted over 185,000 trees, achieving the objectives of the Green Dubai initiative. This accomplishment led to the addition of 234 hectares of green area in the city. 

It demonstrates Dubai Municipality’s commitment to afforestation, highlighting their dedication to expanding vegetation and improving the per capita allocation of green spaces. 

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On February 6th, 2024, AD Ports Group announced that its digital arm, Maqta Gateway, has acquired a Majority stake, 60% equity in Dubai Technologies, a Dubai trade and transportation solutions developer.

The total purchase consideration for the 60 percent shareholding amounts to AED 28 million.

The company recorded revenues of AED 70.5 million and EBITDA of AED 8.4 million for FY2023.

The company has created a platform for managing port operations called Minato®. In addition, they have developed four transportation platforms and nine customized solutions for digitally-focused government agencies at the regional level.

These solutions have been developed in-house by the company’s 300+ team members who work collaboratively across the UAE and India.

Minato® is a technology that port operators are currently using across the globe. It includes an advanced digital twin technology that is sought after in the port industry. Its addition to Maqta Gateway’s existing single window offering for port digitalization will be highly beneficial.

Furthermore, the gradual implementation of Minato® across all international ports managed by AD Ports Group will lead to cost synergies for the company.

The company’s transportation platform includes fleet management, passenger transportation, smart driving analytics, and waste transportation management.

This can be utilized by the group to improve logistics efficiency in both hinterland and industrial zones’ operations.

Maqta Gateway, a company specializing in digital trade solutions, has acquired to broaden its portfolio in this area. This move will also extend its in-house capabilities, realize cost synergies, and strengthen its position as a developer of digital trade solutions.

The offshore development expertise of the acquired company will be of value as Maqta Gateway expands internationally. Additionally, Maqta Gateway has set up an R&D hub in Vietnam, following its acquisition of TTEK Inc.

Captain Mohamed Juma Al Shamisi, the Managing Director and Group CEO of AD Ports Group, stated that the company has recognized the importance of keeping up with advanced technologies and utilizing innovative solutions to reimagine the future of trade on a regional and global scale.

This aligns with the vision of their leadership. The recent acquisition of new technologies reflects the company’s plans to enhance AD Ports Group’s position as a provider of integrated digital trade solutions to core markets and increase self-reliance on critical technologies for their business.

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FedEx, the world’s largest express transporting company, announced its plans in the Middle East with an investment of USD350 million into the Dubai World Central Airport.

The investment will go into the Airport through infrastructure and technological advancements, aiming to increase the UAE’s foreign trade in line with its National Agenda for Non-oil Export Development or Vision 2040.

Quotes about the FedEx investment:

His Highness Sheikh Ahmed bin Saeed Al-Maktoum announced that:

The inauguration of the FedEx MEISA hub in Dubai South is a strategic milestone for Dubai’s aviation and logistics sectors, consolidating the emirate’s robust infrastructure, key location, and ongoing efforts to enhance global reach.

As we continue to strengthen Dubai’s position as a leading business hub, this new facility underscores our commitment to supporting the growth of trade and commerce, aligning perfectly with our vision for economic diversification and innovation-led development.”

FedEx Express President and CEO, Richard Smith said “The establishment of our new hub in the UAE is a strategic move that significantly boosts our presence and capabilities in the MEISA region.”

He added “This investment is not just about expanding our network; it’s about enhancing the region’s connectivity and playing a key role in facilitating trade and commerce across the world,”

He also stated that “Given the UAE’s current status among the top five countries in global re-export operations, our regional hub not only aims to serve the MEISA region, which accounts for about 45% of the world’s population but is also a crucial part of our global air network that connects 220 countries and territories.”

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Dubai International Boat Show 2024:

The event focuses on showcasing and displaying boats to encourage sales of marine shipyards.

Marking this as the event’s 30^th year, it will feature over 200 boats and 1,000 brands from the global market.

Lastly, the event will showcase environmental-friendly projects including the Dubai Reef Project.

• Location: Dubai Harbor
• Active date: February 28^th to March 3^rd

World Police Summit 2024:

Hosted by Dubai Police, the World Police Summit brings together various leading global police such as the FBI and Interpol.

The event will feature seven major conferences with 140 sessions focusing on current challenges and priorities with key speakers from the UAE such as Major General Ahmed Al Mheiri and his Excellency Nasser Ismail.

• Location: Dubai World Trade Center
• Active date: March 5^th to 7^th

Dubai International Wood and Machinery Show:

The event will display the growth of the furniture and construction market in the Middle East.

Aiming to connect suppliers and manufacturers with businesses, the only event made specifically for B2B in the wood industry.

• Location: Dubai World Trade Center
• Date: March 5^th to 7^th

Dubai Entertainment, Amusement and Leisure Exhibition:

The event has been shaping the entertainment business in the Middle East for 30 years, in 2024 (DEAL) will host people from all around the world including the USA, Africa, Asia and the Mediterranean.

Visitors can try out Leisure experiences such as Virtual Reality, 9D Park rides, 12D cinemas and arcades.

• Location: Dubai World Trade Center:
• Date: March 5^th to 7^th

Global Women Leaders Conference:

Returning for its 26^th year, the event is organized by Datamatrix with other global partners, it aims to encourage emerging female figures and instill leadership skills.

The event is planned in a way to coincide with the international women’s day.

• Location: Sheraton Grand Hotel
• Date: March 6^th to 8^th 

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Orfali Bros has taken the number one spot for the best restaurant in the Middle East for the second year in a row, it has also received the ranking of 46^th for the best restaurant globally.

Furthermore the restaurant has also received the What’s-On award of Homegrown Restaurant of The Year in 2022.

Located in Jumeirah 1, Dubai, which is a popular seaside location with a variety of options.

Dubai dominates the top 5 restaurants in the Middle East rankings, a ranking system made by S.Pellegrino and Acqua Panna.

The restaurant was opened by 3 brothers who originated from Aleppo, Syria, Mohammad, Wassim and Omar.

The Restaurant was opened in 2021.

The oldest brother, Mohammad is the head chef, who was also a TV cook and restaurant chef.

The two younger brothers Wassim and Omar focus more on pastries, specifically French ones.

The restaurant mixes traditional Syrian food with global flavors to create new outcomes.

Orfali Bros Service:

Orfali Bros serves Lunch and Dinner from Monday to Sunday from 12-11:30 PM, with Saturdays being off.

The expected cost per person up to USD50 with the cheapest item on their menu being OB croquettes priced at USD5.72.

They offer a variety of menu items including for one, cold, hot, pide and deserts.

The cheapest Hot item on the menu is Adobo chicken wings priced at USD9.

The most expensive hot item is Halloub, which are braised short ribs, the dish is priced at USD36.7.

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