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Arabian Business
5 hours ago
- Business
- Arabian Business
UAE petrol prices to change; Dubai real estate hotspots; Millionaire investment tips; Leave guide and 2026 holiday dates – 10 things you missed this week
From UAE petrol price changes and new credit rules to real estate innovations and millionaire savings plans, the Gulf is seeing rapid shifts in finance and lifestyle. Meanwhile, smart city projects, public sector reforms, and Ramadan 2026 forecasts are helping shape the months ahead. Catch up with 10 of the biggest stories this week, as selected by Arabian Business editors. UAE petrol prices to change for July 2025 The UAE is set to announce petrol prices for July 2025 in the next few days. Petrol prices have remained virtually unchanged for the past three months, following two months of freezes to the cost of filling up at the pump. Despite the current stability, it is currently significantly cheaper to fill up a tank than year ago, with all categories becoming more affordable, despite prices fluctuating throughout the past 12 months. Saudi Arabia announces new credit card rules The Saudi Central Bank (SAMA) has announced updated credit card rules. The updated regulations will be for credit card issuance and operation, targeting cost reduction for customers whilst increasing disclosure and transparency levels, and will take effect within 30 to 90 days. Under the updated framework, credit card issuers must notify customers of fee changes via SMS, with customers permitted to terminate their agreements within 14 days of receiving such notices. E-wallet top-ups via credit cards will no longer incur charges. The regulations establish new fee structures for cash withdrawals. For amounts below SR2,500, fees are capped at 3 per cent of the transaction value. Dubai residents can now instantly check credit scores online Dubai residents can now check their credit reports and scores directly through the DubaiNow app, thanks to a new integration with the Etihad Credit Bureau. The collaboration between Etihad Credit Bureau (ECB) and DubaiNow, the UAE's leading unified government services app, allows users to access their personal Credit Report and Credit Score in real time with a single click—simplifying financial planning and enhancing digital accessibility. DubaiNow offers more than 300 integrated services from both government and private sector entities. With the new feature, users can log in to the app and instantly view their credit insights—supporting informed financial decisions and streamlining access to key personal data. UAE real estate: 6 major hotspots to invest in right now, delivering 9% returns The UAE's real estate sector recorded transactions worth over AED 239bn (approximately $65bn) in the first quarter of 2024, according to official figures. Property consultancy Whitewill has identified six locations drawing investor attention during the summer period. According to the analysis, the market favours projects combining lifestyle, location, and financial returns. Indian Aces 2025: Meet the Gulf's most powerful Indian business leaders The Indian business community remains an indispensable pillar of the United Arab Emirates' economic architecture. These entrepreneurs, executives, and visionaries – many of whom are celebrated in our Indian Aces 2025 power list – have transformed industries across the Emirates. From retail and healthcare to technology and construction, these business leaders have created enterprises that form the backbone of the region's economic landscape. Dubai real estate: How to buy property for $545 – tokenization explained Dubai is reshaping access to real estate with a new government-backed platform that lets investors own a slice of the city's booming property market for as little as AED 2,000. By turning property into digital tokens, the initiative introduces a new model of ownership that aims to make real estate investment faster, more flexible, and more accessible — all within a regulated blockchain ecosystem. But, what exactly is Dubai real estate tokenization and how does it actually work? Ajman reduces work hours and launches remote work Fridays from July1 Ajman has unveiled a new plan with reduced hours and remote work on Fridays. The 'Balanced Summer' initiative for government employees is aimed at promoting work-life balance, family cohesion, and environmental sustainability during the summer months. The plan was approved during a meeting of the Ajman Executive Council chaired by Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman. Under the initiative, 100 per cent remote work will be in effect every Friday from July 1 to August 22, 2025. In addition, working hours from Monday to Thursday will be reduced to seven hours, running from 7.30 am to 2.30 pm across all government entities. UAE Ramadan and Eid 2026: Expected dates for Ramadan, Eid Al Fitr and Eid Al Adha announced Expected dates for Ramadan 2026 in the UAE have been announced by the Emirates Astronomy Society. The Emirates Astronomy Society forecasts Ramadan will begin on February 18, 2026, with Eid Al Fitr likely on March 20 and Eid Al Adha on May 27. Ibrahim Al Jarwan, chairman of the board of directors of the Emirates Astronomy Society, shared expected dates for holidays and events next year. UAE residents need nearly $1,800 monthly to become millionaires in 10 years, financial experts reveal The UAE's wealth creation ecosystem has produced some of the world's fastest-growing millionaire population, with specific strategies emerging for building seven-figure wealth. Anchored by zero personal income tax, 100 per cent foreign ownership rules, and $817 billion in non-oil trade, the nation has transformed into a magnet for entrepreneurs, investors, and high-net-worth individuals (HNWIs) seeking to drive their way to millionaire status But, how much can one build and save to hit AED1 million in the UAE? UAE Leave Guide 2025: Every type of holiday you're entitled to explained UAE workers will enjoy a public holiday on Friday, June 27, to mark the Islamic New Year — giving many a long weekend. But did you know there are nine official types of leave you're entitled to in the UAE? From annual holidays and sick leave to study breaks and maternity support, here's your full guide to every type of leave under UAE Labour Law in 2025.
Saudi Gazette
a day ago
- Business
- Saudi Gazette
IMF praises Saudi economic resilience, inflation control, and Vision progress
Saudi Gazette report RIYADH — The Ministry of Finance has welcomed the Concluding Statement issued by the International Monetary Fund (IMF) following the completion of its 2025 Article IV Consultation with the Kingdom. The statement highlighted the resilience of Saudi Arabia's economy amid global uncertainty, driven by robust non-oil sector growth, low inflation, and record-low unemployment, all aligned with the strategic goals of Vision 2030. In a press release, the ministry noted the IMF's commendation of the Saudi government's efforts to reinforce fiscal sustainability and its ability to absorb economic shocks. The experts observed that strong domestic demand continues to fuel economic momentum despite global headwinds, reflecting the effectiveness of major Vision 2030 projects supported by both public and private investments. The IMF experts highlighted the Kingdom's success in containing inflation, which stood at 2.3% in April 2025, and is expected to remain near 2%. This stability is underpinned by several factors, including the riyal's peg to the US dollar, supportive government policies, lower transportation and communication costs, and a cooling of residential rent inflation. Imported inflation, largely stemming from global tariff increases, remains under control. The report also praised the Saudi Central Bank (SAMA) for enhancing its liquidity management framework, noting its role in maintaining stable monetary conditions. The experts acknowledged SAMA's continuous efforts to improve regulatory and supervisory mechanisms and further strengthen oversight in the financial sector. A key focus of the statement was the Kingdom's reform trajectory since 2016. The IMF noted the wide-ranging progress in business regulation, governance, labor markets, and capital market reforms. It cited new regulations enacted in 2025, including an updated investment law, labor law amendments, and a modernized commercial registration system. These initiatives are expected to enhance investor confidence, stimulate productivity, and support sustained non-oil sector growth. The IMF stressed the need for continued fiscal reform and a strong medium-term fiscal framework to maintain the sustainability of public finances and achieve Vision 2030's long-term objectives. The Concluding Statement represents the preliminary findings of the IMF mission and forms part of its annual economic consultations with member countries under Article IV of the IMF's Articles of Agreement. These consultations aim to assess economic developments, policy directions, and structural reforms. The Ministry of Finance reaffirmed its commitment to working closely with the IMF and other international institutions to ensure economic resilience, strengthen fiscal governance, and continue progress on structural reforms in support of the Kingdom's long-term development vision.
Leaders
2 days ago
- Business
- Leaders
IMF Praises Saudi Arabia's Strong Economic Resilience
The International Monetary Fund (IMF) on Thursday released its Concluding Statement of the 2025 Article IV Mission, following a visit to Saudi Arabia by the IMF's experts. The report, welcomed by the Saudi Ministry of Finance, emphasized the strong resilience of the Kingdom's economy to shocks. The IMF report pointed out that this resilience is supported by the expansion of non-oil economic activities, the containment of inflation, and the reduction of non-employment rate to a historic low, in line with objectives of Saudi Vision 2030. Strong Resilience The IMF report praised the Kingdom's government efforts in strengthening the public finance's sustainability and resilience to shocks. It also noted that the robust domestic demand continues to support economic growth despite heightened global uncertainty, underscoring the Kingdom's commitment to implementing Vision 2030 projects through public and private investments. The strong credit growth also contributed to driving economic growth. Containing Inflation Furthermore, the IMF report said that Saudi Arabia has managed to contain inflation, which slightly increased to 2.3% in April 2025. This is the result of a credible peg to the US dollar, domestic subsidies, declining prices for transport and communication, a slowdown in residential rent inflation, and an elastic supply of expatriate labor. It also expected that imported inflation from increased tariffs worldwide will remain under control. SAMA's Efforts The Saudi Central Bank (SAMA) played a pivotal role in improving its liquidity management framework to help reduce overall liquidity volatility, the report noted. It also praised SAMA's continued efforts to bolster regulatory and supervisory frameworks, in addition to efforts to boost the effectiveness of oversight and regulation. Structural Reforms Moreover, the report commended national reforms undertaken by the Kingdom since 2016 in business regulation, governance, labor, and capital markets. It also pointed to the new laws that took effect in 2025, including the updated Investment Law, Labor Law amendments, and the new Commercial Registration Law, expecting that they will enhance investors and businesses' contractual certainty, while supporting productivity gains. The report also underscored the importance of continued structural reform efforts to sustain non-oil growth and economic diversification. Additionally, the IMF report emphasized the importance of the government's continued efforts to strengthen the fiscal framework to support public finance sustainability and Vision 2030 objectives, with a key focus on enhancing the medium-term fiscal framework. Short link : Post Views: 13
Argaam
2 days ago
- Business
- Argaam
Saudi economy proves resilient to global shocks: IMF
Saudi Arabia's economy has shown strong resilience to global economic shocks, with non-oil activity expanding, inflation contained, and unemployment falling to a historic low, the International Monetary Fund (IMF) said in its 2025 Article IV Concluding Statement. These developments are in line with the targets of Vision 2030, the Ministry of Finance said. IMF staff praised the government's efforts to strengthen the sustainability and resilience of public finances. Despite elevated global uncertainty, strong domestic demand continues to support economic growth, reflecting ongoing implementation of Vision 2030 projects through public and private investment and buoyed by robust credit growth. Inflation remained contained, edging up slightly to 2.3% in April 2025, with expectations that it will stay anchored around 2%. The IMF attributed price stability to the credible SAR-US dollar peg, continued domestic subsidies, declining transport and communication costs, and a sustained slowdown in housing rent inflation. Imported inflation linked to higher global tariffs is expected to remain under control. The IMF commended the Saudi Central Bank (SAMA) for enhancing its liquidity management framework and welcomed its ongoing efforts to strengthen regulatory and supervisory frameworks, which are key to preserving financial stability. The statement reviewed structural reforms undertaken since 2016. New legislation that came into effect in 2025, including the updated Investment Law, amendments to the Labor Law, and the new Commercial Registration Law, is expected to boost contractual certainty, improve the business environment, raise investor confidence, and support productivity gains. The IMF emphasized the importance of sustaining reform momentum regardless of oil price trends. Strengthening fiscal institutions and prioritizing the medium-term fiscal framework are seen as essential to achieving Vision 2030 goals. Over the medium term, non-oil growth is expected to reach around 4% in 2027, supported by strong domestic demand ahead of large-scale international events, before stabilizing at 3.5% by 2030. With the planned phase-out of OPEC+ production cuts, total gross domestic product (GDP) growth is projected to accelerate to 3.5% in 2025 and 3.9% in 2026, before settling around 3.3% thereafter. The statement also noted that the banking sector remains resilient, with a capital adequacy ratio of 19.6% at end-2024. Despite higher funding costs, bank profitability remains strong, with average return on assets at 2.2% and non-performing loans at their lowest level since 2016.
Argaam
2 days ago
- Business
- Argaam
POS transactions reach SAR 10.9B last week: SAMA
The point-of-sale (POS) transactions in Saudi Arabia reached nearly SAR 10.9 billion in the week ended June 21, compared to about SAR 11.1 billion a week earlier. The number of POS transactions reached about 202.5 million last week, compared to nearly 203.8 million in the previous week, according to data issued by the Saudi Central Bank (SAMA). POS transactions represent consumer expenditure through debit and credit cards at major shopping centers, retail outlets, pharmacies, and others. The data indicated that the value of sales via POS increases in the weeks that coincide with the disbursement of salaries to government employees (the 27th of each month), in addition to the weeks that coincide with school vacations and the weeks preceding Eid Al-Fitr and Eid Al-Adha. On the other hand, the value of sales decreases in the weeks preceding salary disbursement and those coinciding with the start of the back-to-school season. The moving average value of POS transactions stood at about SAR 13.13 billion in 2025. Adopting the four-week moving average, the value of POS transactions soared during 2024 compared to 2023 and 2022. The average value of sales ranged between SAR 11 billion and SAR 14 billion in 2024, compared to SAR 10 billion to SAR 13 billion in 2023 and SAR 9 billion to SAR 12 billion in 2022. For the week ended on June 21, consumer spending was focused on the food and beverage (F&B) sector, representing 14.6% (SAR 1.60 billion) of last week's total POS transactions, followed by the restaurants and cafes sector at 14.1% (SAR 1.54 billion). Riyadh led in terms of POS transaction value by region, with approximately SAR 3.91 billion, representing 35.7% of the total. Jeddah followed with SAR 1.60 billion (14.6%). According to the latest data from the Saudi Central Bank (SAMA), e-payments in the retail (individuals) sector reached 79% of total payments carried out by individuals in the Kingdom during 2024. This achieved the target ratio in the Financial Sector Development Program, one of Vision 2030's programs, which aims to reach an e-payment ratio of 70% by 2025. Over the past few years, Saudi Arabia has witnessed remarkable progress and rapid growth in e-payment adoption, thanks to the myriad strategic efforts and initiatives launched by SAMA, in cooperation with the financial sector, to support the growth of the payments sector and stimulate the use of various e-payment methods in the Kingdom.
