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☆ Dubai's new airport will be five times the size of its current one and aims to be the largest in the world
▼ + stars: | 2024-04-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Digital render of the planned entrance of Dubai's Al Maktoum International Airport, set to be the biggest in the world upon completion. DUBAI, United Arab Emirates — Dubai's leadership approved a 128 billion dirham ($35 billion) plan to build a new passenger terminal at the emirate's Al Maktoum International Airport, which will make it five times bigger than Dubai's main international airport in terms of size — and the biggest in the world. For reference, Dubai International Airport in 2023 serviced 86.9 million passengers, the second-highest in the world after Atlanta's Hartsfield-Jackson International Airport in the U.S.All of the operations at Dubai International Airport, currently the second-busiest in the world by passenger traffic, will be transferred to it in the coming years, the statement said, adding that the new airport will have 400 aircraft gates and five parallel runways. An entirely new city will be built around the airport, which the Dubai ruler said will create demand for housing for a million people. Dubai will be the world's airport, its port, its urban hub, and its new global center."

Persons: Dubai's Al, United Arab Emirates —, Al, Sheikh Mohammed bin Rashid Al Maktoum, Atlanta's, Sheikh Maktoum, Sheikh Ahmed bin Saeed Al Maktoum, Al Maktoum Organizations: Dubai's Al Maktoum International Airport, United Arab Emirates, Al Maktoum International Airport, Al Maktoum International, Dubai International Airport, Atlanta's Hartsfield, Jackson International Airport, U.S, The Dubai Media Office, Dubai's, Emirates Airline, Dubai Locations: Dubai's, Dubai's Al Maktoum, DUBAI, United Arab, Al Maktoum, Dubai, UAE, @emirates

☆ Dubai ruler approves 246.6 billion dirham budget for 2024-2026
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

Horse Racing - Dubai World Cup - Meydan Racecourse, Dubai, United Arab Emirates - March 30, 2019 Dubai's Ruler Sheikh Mohammed bin Rashid al-Maktoum, Prime Minister and Vice-President of the United Arab Emirates gestures from the podium during the trophy presentation for the Dubai World Cup Sponsored By Emirates Airline ... Acquire Licensing Rights Read moreDUBAI, Nov 6 (Reuters) - Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum approved a budget of 246.6 billion dirham ($67.14 billion) for the emirate's government in 2024-2026, the Dubai media office said on Monday. Expenditure for the fiscal year 2024 alone is estimated at 79.1 billion dirham, and public revenues at 90.6 billion dirham, the media office added. Of the estimated revenues, 85.1 billion dirham would be allocated to the budget, and the remaining 5.5 billion dirham would go to the general reserve, it said. Dubai, one of the seven emirates that constitute the oil-rich United Arab Emirates, is widely regarded as the trade and tourism hub of the Gulf region. ($1 = 3.6729 UAE dirham)Reporting by Nayera Abdallah; editing by Mark Heinrich and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sheikh Mohammed bin Rashid al, Maktoum, Saleh Al Saleh, Al Saleh, Nayera Abdallah, Mark Heinrich, Barbara Lewis Organizations: Racing, Dubai, United Arab Emirates, United, Emirates Airline, Department, Finance, Thomson Locations: Dubai, United Arab, United Arab Emirates, DUBAI, Gulf, UAE

☆ Dubai's DEWA selects Abu Dhabi's Masdar to construct solar park
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: 1 min

Saeed Al Tayer, Chief Executive Officer of Dubai Electricity and Water Authority (DEWA), speaks during the groundbreaking ceremony of the 4th phase of Mohammed bin Rashid Al Maktoum Solar Park, south of Dubai, United Arab Emirates March 19, 2018. Picture taken March 19, 2018. REUTERS/Satish Kumar/ File PhotoCompanies Dubai Electricity and Water Authority PJSC FollowDUBAI, Aug 13 (Reuters) - Dubai Electricity And Water Authority (DEWA) selected state-owned renewable energy firm Masdar to construct and manage the 1,800 MW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park with an estimated cost of up to 5.51 billion Emirati Dirhams, the Dubai media office said on Sunday. Reporting by Ahmed Elimam; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Saeed Al Tayer, Mohammed bin Rashid Al Maktoum, Satish Kumar, Ahmed Elimam, Andrew Heavens Organizations: Dubai Electricity, Water Authority, United Arab Emirates, REUTERS, Companies Dubai Electricity, Water, Thomson Locations: DEWA, Dubai, United Arab, DUBAI

At the same time, the property price surge and demand for the ultra-high-end segment is stirring memories of old excesses. In 2008, the global financial crisis hit Dubai hard, leading to a flight of capital and people, a crash in property prices and highly leveraged flagship companies known as government-related entities (GREs) struggling to repay debts. Dubai set up a Debt Management Office in 2022, has repaid or restructured some outstanding debt, and announced plans to list government stakes in 10 companies to raise capital and deepen financial markets. 'GLOBAL SAFE HAVEN'The United Arab Emirates' commercial centre, Dubai has shovelled resources into social and business reforms and sectors like digital technology. Average property prices rose 12.8% in Q1, with villa prices up almost 15%, according to property research firm CBRE.

Persons: Knight Frank, Nasser Al Shaikh, GREs, Shaikh, Justin Alexander, Betterhomes, Richard Waind, Philippe Zuber, Beyonce, Rachna Uppal, Yousef Saba, Lisa Barrington, William Maclean Organizations: Reuters, Khalij, GlobalSource Partners, Dubai Media Office, Management, HAVEN, United Arab Emirates, Villa, Dubai Inc, Emirates, Kerzner, Thomson Locations: Ukraine, DUBAI, Dubai, glitzy, Property, Jebel Ali, Abu Dhabi, Gulf, India, Saudi Arabia, UAE

☆ Dubai ruler appoints new second deputy - Dubai Media office
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: 1 min

April 28 (Reuters) - Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum on Friday appointed another of his sons as a deputy ruler of the emirate, following the death of his brother and long-serving deputy ruler Sheikh Hamdan bin Rashid Al Maktoum in 2021. Dubai now has first and second deputy rulers, the decree published by the Dubai Media Office said. The decree appointed as first deputy ruler Maktoum bin Mohammed bin Rashid al-Maktoum, one of Sheikh Mohammed's sons who has been a deputy ruler since 2008 and is currently the United Arab Emirates' finance minister. Newly appointed to the role of second deputy ruler is Ahmed bin Mohammed bin Rashid al-Maktoum, another of Sheikh Mohammed's sons and the chairman of the Dubai Media Council. Reporting by Yomna Ehab; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk cofounded the company behind ChatGPT but he's warning that unregulated AI comes with 'great danger'
▼ + stars: | 2023-02-16 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +3 min

He said that regulating AI "may slow down AI a little bit," but it "might also be a good thing." "It's both positive or negative and has great, great promise, great capability," Musk said of AI, adding that "with that comes great danger." "I think we need to regulate AI safety, frankly," Musk said Wednesday. As the founder of Neuralink and CEO of Tesla, both of which utilize AI, Musk has previously spoken out about AI. Because I think by the time we are reactive in AI regulation, it's too late," he continued.

☆ Dubai scraps 30% tax on alcohol sales amid economic rebound
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] Fireworks explode from the Burj Khalifa, the tallest building in the world, during the New Year's Eve celebrations in Dubai, United Arab Emirates, January 1, 2023. REUTERS/Satish KumarDUBAI, Jan 2 (Reuters) - Dubai has suspended a tax of 30% on alcohol and dropped a licence fee previously needed to buy alcohol in the commercial and tourism hub, two major retailers said on social media. "With the removal of 30% municipality tax and a free alcohol licence, buying your favourite drinks is now easier and cheaper than ever," MMI, one of two major purveyors of alcohol in Dubai, said on its Instagram account. Another retailer, African+Eastern, confirmed the tax no longer applied, but prices would remain subject to a 5% value added tax (VAT). The Dubai Media Office did not immediately respond to a request for comment.

☆ Fact Check-Meteor-like flares seen over Dubai night sky were skydivers, not meteoroids or asteroids
▼ + stars: | 2022-12-15 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

Meteor-like flares recorded soaring over the Dubai skyline on Dec. 11 were skydivers performing a stunt with flares attached to them, not meteoroids or asteroids, as has been claimed online. One Facebook user uploaded a video of glowing objects flying over the UAE city’s night sky on Sunday (here), along with the caption: “Numbers of meteorites falling in Earth. Every time planet Nibiru comes in our solar system it drags space dust, asteroids and meteorites with its tail. It shows sky divers performing a stunt with flare-like objects attached to them. The video shows skydivers performing a stunt involving flares, not meteors breaking up in the atmosphere over Dubai’s skyline.

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