Hello, Smashi Business readers! 🌟

Today, we are discussing:

1. 🏝️ Wynn Al Marjan Island: Transforming RAK’s Tourism and Economy 💼

2. 🏙️ Dubai’s Real Estate Breaks Records: Q3 2024 Surge 🚀

3. 🏗️ NEOM’s Concrete Plans Cement Progress on THE LINE

Let's dive in! 👇

🏝️ Wynn Al Marjan Island: Transforming RAK’s Tourism and Economy 💼

📰 What is it about?

• Wynn Resorts is developing a $3.8 billion mega-resort on Al Marjan Island in Ras Al Khaimah (RAK) that includes a luxury hotel, casino, and various leisure facilities.

• The project, scheduled for completion in 2027, has received the UAE's first commercial gaming license from the General Commercial Gaming Regulatory Authority (GCGRA).

• The resort will target ultra-high-net-worth individuals and high-end tourists from the UAE's expatriate community and abroad.

• Wynn Resorts has also identified the UAE as one of its most “exciting markets for integrated resort development in decades.”

💡 Why it matters?

• The resort is set to become a major driver for tourism, employment, and foreign investment in RAK, creating at least 4,000 new jobs and stimulating economic growth.

• It marks a significant development for the UAE, as Wynn’s entry into the Middle East signals confidence in the country’s tourism and leisure potential.

• The project is expected to attract global gaming clientele, boosting RAK’s reputation as a premium destination and diversifying the UAE’s economic and tourism landscape.

🔜 What’s next?

• As construction progresses, Wynn Resorts and RAK authorities will continue promoting the resort as a global luxury destination, leveraging its prime location with beachfront views of the Arabian Gulf.

• The UAE's GCGRA is expected to refine its regulatory framework to oversee gaming activities, including lottery and integrated gaming centers, ensuring transparency and consumer protection.

• Once operational, the resort aims to become a model for future high-end gaming and entertainment complexes in the region, reinforcing RAK’s and the UAE’s status as emerging hubs for luxury tourism.

📈 Markets

🏙️ Dubai’s Real Estate Breaks Records: Q3 2024 Surge 🚀

📰 What is it about?

• Dubai's real estate market set new records in Q3 2024 with 50,439 transactions valued at AED 142 billion, the highest quarterly volume ever recorded.

• Off-plan sales led the growth, representing 63% of total transactions and showing a 58.7% year-on-year increase in volume, with values reaching AED 67.45 billion.

• The existing property market also saw a rise, with transactions increasing 13.3% year-on-year and values growing by 20.8%.

💡 Why it matters?

• The surge in off-plan sales highlights Dubai’s appeal as an investment hub, with increasing buyer interest and confidence in future developments.

• The robust growth in the ready property market indicates a rising trend towards owner-occupancy, supported by strategic investments like The Dubai Real Estate Strategy 2033.

• Property Finder’s insights reveal a dynamic market responding well to regulatory frameworks and increased transparency, making Dubai attractive for both investors and residents.

🔜 What’s next?

• With continued momentum, Dubai’s real estate market is expected to expand further, driven by new developments and strategic initiatives like the Dubai Real Estate Strategy 2033.

• Off-plan and existing properties will remain focal points for growth, providing ample opportunities for investors and homebuyers alike.

• Property Finder plans to enhance its services, offering tools and insights to empower buyers in navigating Dubai’s evolving real estate landscape.

Quote of the day
“Sooner or later, those who win are those who think they can.” - Paul Tournier

🏗️ NEOM’s Concrete Plans Cement Progress on THE LINE

📰 What is it about?

• NEOM has partnered with Asas Al-Mohileb to build a SAR 700 million ready-mix concrete factory dedicated to constructing THE LINE, a futuristic linear city in Saudi Arabia.

• The facility will produce over 20,000 cubic meters of ready-mix green concrete daily, incorporating sustainable technologies like carbon capture.

💡 Why it matters?

• This project is critical for Saudi Vision 2030, highlighting NEOM's rapid development and the growing strength of Saudi Arabia’s local construction industry.

• The partnership also reinforces Saudi Arabia’s commitment to sustainable construction, a key component for achieving the eco-friendly goals set for NEOM and its subprojects like THE LINE.

🔜 What’s next?

• The factory is expected to begin operations next month, with peak activity anticipated in 2025.

• The facility will play a significant role in laying the foundation for THE LINE, employing over 500 local workers, and further driving Saudi Arabia's economic and infrastructural growth.

In other news…

1. Bill Gates, Sundar Pichai lead tributes for late Indian business tycoon Ratan Tata.

2. Dubai-based dropshipping platform 4Partners secures $3.6 million funding for expansion.

3. Egyptian Entrepreneur and former Dubai resident Maha Abouelenein’s new book becomes an instant Amazon best-seller.

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