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☆ Dubai nixes its 30% alcohol tax in a bid to attract more tourism
▼ + stars: | 2023-01-03 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

"Dubai Municipality has temporarily stopped collecting the 30% fee from alcoholic beverage companies for a period of one year from the beginning of 01/01/2023 to the end of 12/31/2023. The companies authorized to sell in the Emirate of Dubai have been notified of this decision," Dubai Municipality wrote in a post from its official Twitter account. It also said that personal liquor licenses, previously a requirement for all Dubai residents for purchasing alcohol in shops and costing 270 dirhams ($73.50), are now free. Some Dubai residents were unhappy about the abrupt announcement, having recently paid the full fee for their yearly license. Woman sunbathers sit along a beach in the Gulf emirate of Dubai on July 24, 2020, while behind is seen the Burj al-Arab hotel.

See more mortgage rates on Zillow Real Estate on ZillowMortgage refinance rates todayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year fixed mortgage ratesThe current average 30-year fixed mortgage rate is 6.42%, according to Freddie Mac. Inflation remains elevated, but has started to slow, which is a good sign for mortgage rates and the broader economy. Just keep in mind that HELOC rates are variable, so if rates start to trend up further, yours will likely increase, as well.

☆ The gourmet food scene in the UAE is taking on the likes of Paris, New York and London
▼ + stars: | 2022-12-30 | by ( Emma Procter | ) www.cnbc.com time to read: +4 min

DUBAI, United Arab Emirates — While the economic outlook for much of the world is predicted to be rocky over 2023, in the Gulf there's a buoyant mood. This is especially true for the United Arab Emirates, with the country's economy growing by more than 6% this year, according to the International Monetary Fund. For a few nights only, well-heeled guests sampled creations such as pan-fried squid with black garlic, Paris mushrooms and rocket. Michelin chiefs agree, saying that the UAE is now on par with the big global gourmet destinations such as Paris, New York, Singapore, and London. "We would say the restaurants in the Michelin Guide selection in the UAE are equal to the big cities."

Average 30-year fixed mortgage rates dropped around a full percentage point over the past few weeks, and they remain low today. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year fixed mortgage ratesThe current average 30-year fixed mortgage rate is 6.27%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 5.69%, an increase from the prior week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and have increased significantly so far in 2022.

If you're thinking about buying a foreclosed home, here's everything you'll need to know. With a short sale, you'll be buying the home from the owner, but the lender will need to agree to the amount. It depends on the type of foreclosure you're buying. If you're buying a foreclosure at auction, you'll need to attend the auction and make a high enough bid to get the home. If you're considering buying a foreclosure, you need to be prepared to do a lot of research and learn everything you can about the process.

☆ Uniper says working with UAE's Masdar on hydrogen project
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Dec 22 (Reuters) - German utility Uniper (UN01.DE) on Thursday said it was involved in a project with the United Arab Emirates (UAE) clean energy company Masdar to produce green hydrogen, confirming a report on Bloomberg. A spokesperson for the Duesseldorf-based firm said Uniper is actively involved in large-scale hydrogen projects in the Middle East, with a view to exporting hydrogen to Europe and Asian markets. "The project in UAE with MASDAR has already seen impressive public support," the spokesperson said, adding Uniper declined to provide further detail at this stage. The Bloomberg report said that Masdar and Uniper will build a 1.3 gigawatt (GW) solar plant from which they expect to produce clean hydrogen via electrolysis from 2026, citing an interview with Masdar's executive director for clean energy, Mohammad Abdelqadar El Ramahi. ($1 = 0.9439 euros)Reporting by Vera Eckert, editing by Rachel More and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

New Fannie Mae changes aim to make access to mortgage financing more equitable. But with these new changes, which allow mortgage lenders to use data from a borrower's bank statements to help establish creditworthiness, those who have no credit score may have an easier time qualifying for a mortgage. These changes only affect borrowers who have no score, meaning that those who do have a credit score will still be evaluated based on whether their score meets minimum requirements. Many of those who are credit invisible would otherwise be ideal borrowers, but because they don't have a traditional credit score, they often have trouble getting a mortgage. Just because you don't have a traditional credit score doesn't mean it's impossible to get a mortgage and purchase a home.

☆ UAE's ADNOC, Taqa and Mubadala complete Masdar stake deal
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Dec 8 (Reuters) - Abu Dhabi's National Oil Company [RIC:RIC:ADNOC.UL], Taqa (TAQA.AD) and Abu Dhabi sovereign wealth fund Mubadala Investment Company said on Thursday they would all become shareholders in Masdar, the Emirate's flagship clean energy company. Taqa will hold a 43% share in the company, Mubadala will retain its 33% and ADNOC will hold 24%, the three companies said in a statement. The partnership will see Taqa, which paid $1.02 bln in cash for its stake, take a lead role in Masdar's renewable business while ADNOC will be at the forefront of the firm's green hydrogen plans. The Abu Dhabi Future Energy Company Masdar was established by Mubadala in 2006 to extend the UAE's role in the global energy sector and drive the country's climate action agenda. Under the new partnership, Masdar has a target to grow to at least 100 GW of renewable energy capacity, mostly wind and solar, by 2030.

☆ PE wants to see some cash flow before it starts making deals
▼ + stars: | 2022-12-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

As the markets continue to sour, and a recession looms, everyone's wondering when PE firms will begin scooping up assets. High on Bae's wishlist are "all things digital," he said, with one giant caveat: profitability. There are plenty of companies doing fascinating things in the digital space, but many have yet to reach profitability (*cough* fintechs *cough*). Goldman Sachs is going dumpster diving for crypto companies. Chaos in the crypto markets is creating investing and acquisition opportunities for the bank, according to Matthew McDermott, Goldman's head of digital assets.

☆ United Arab Emirates ranked as having the best passport in the world
▼ + stars: | 2022-12-07 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

GIUSEPPE CACACE/AFPDUBAI, United Arab Emirates — The United Arab Emirates is ranked as the world's number one passport to hold in terms of mobility and freedom from travel restrictions, according to the latest publication of the Passport Index, a global ranking by Montreal-based citizenship financial advisory firm Arton Capital. They need a visa for just 19 countries, meaning they're able to access 91% of the world's countries without having to apply for a visa before traveling. The U.S. passport's "world reach" is calculated at 83% of the world's countries, compared to the UAE's 91%. "The Mobility Score is how the power of a passport is measured in the Passport Index," it added. People walk on the Pedestrian Bridge at the Bluewaters Island in Dubai, United Arab Emirates, December 08, 2021.

☆ KKR's co-CEO says the firm is looking at investments in 'all things digital,' while avoiding tech companies with lofty valuations and no earnings
▼ + stars: | 2022-12-06 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +3 min

KKR's co-CEO said on Tuesday that the firm is staying away from unprofitable companies. The private-equity behemoth KKR still has an appetite to invest in tech companies. KKR oversaw $496 billion as of September 30 as one of the largest managers of alternative assets such as private equity, private credit, and real-estate. While it used to be far more heavily weighted toward private equity, KKR's fundraising has increasingly shifted toward other assets like private credit, liquid credit, and real estate, Bae said. Private credit has been a particular focus for alternative money managers like KKR, Blackstone, and Carlyle amid rising rates and big banks' retreats from some lending, Insider previously reported.

☆ UAE president visits Qatar in sign of warming ties
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

DOHA, Dec 5 (Reuters) - The United Arab Emirates (UAE) president arrived in Qatar on Monday on the first such visit since Saudi Arabia and its Arab allies ended a boycott of Doha nearly two years ago. Qatar is currently hosting soccer's World Cup,The visit "is another step towards strengthening Gulf solidarity and joint action," Anwar Gargash, diplomatic adviser to the UAE president, said on Twitter. Saudi Arabia, the UAE, Bahrain and Egypt early last year ended a 3-1/2 year embargo of Qatar, but ties between Doha and Abu Dhabi have not warmed at the same pace as those with Riyadh and Cairo, which re-established diplomatic ties with Doha. UAE National Security Adviser Sheikh Tahnoon bin Zayed al-Nahyan visited Doha twice as part of Abu Dhabi's push to manage regional differences. Abu Dhabi, like Manama, has not appointed an envoy to Doha, but restored travel and trade links between the UAE and Qatar.

☆ 4 waitresses carried an Animal Rebellion protester out of Salt Bae's London steakhouse on Saturday night
▼ + stars: | 2022-12-04 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +2 min

Diners applauded as staff physically removed Animal Rebellion activists from the Nusr-Et Steakhouse. Animal Rebellion said it targeted the restaurant because it symbolized a "broken system." Eight protesters from Animal Rebellion entered the restaurant and sat at empty tables holding mock menus outlining their demands, the Evening Standard reported. The London branch targeted by Animal Rebellion serves gold-plated steaks costing up to £1,450 (almost $1,800). Police removed a number of protesters following the peaceful action and Animal Rebellion said in a tweet that arrests were made.

☆ UAE's ADNOC to cut 5% of Dec crude volumes to term-buyers in Asia - sources
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 28 (Reuters) - Abu Dhabi National Oil Company (ADNOC) will cut 5% of the December crude oil supply to some term-lifters in Asia but will provide full contractual volumes in January, five sources with knowledge of the matter said on Monday. ADNOC exports the bulk of its crude to Asia and its grades include Murban, Umm Lulu, Das and Upper Zakum. "The output cut has to be reflected in the market. And it makes sense that oil producers want to hold off selling at such oil prices," a Singapore-based trader said. read moreSpot premiums of Middle Eastern crude, Oman, Dubai and Murban, slid this month as market sentiment soured amid oversupply fears.

This has led to two IHC subsidiaries rounding out the three biggest companies on the Abu Dhabi Securities Exchange (ADX). ITH was expected to turn over half a billion dirhams ($136 million) and have $1 billion in assets by the second quarter, Shueb said. Pure Health, under Alpha Dhabi, aims to raise more than $1 billion in a first-quarter IPO delayed from this year. Its merger with state-owned Abu Dhabi Health Services (SEHA), which Shueb said has almost 24,000 employees, is taking longer than expected, delaying the IPO. IHC, which completed four IPOs this year and plans a similar number in 2023, has yet to appoint banks for the Pure Health IPO, Shueb said, adding it is considering a possible 2023 IPO of International Energy Holding.

☆ Superyacht rentals, private jets and a soccer-themed hotel: Dubai is cashing in on the Qatar World Cup
▼ + stars: | 2022-11-24 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

A yacht that can be rented to watch the World Cup while sailing around Dubai is docked in Dubai harbor on November 1, 2022, ahead of the Qatar 2022 FIFA World Cup football tournament. Paul Griffiths, CEO of Dubai Airports, in August called Dubai "the major gateway" to the World Cup and predicted it would see more tourists than Qatar itself. Getty Images | A general view of the West Bay area ahead of the FIFA World Cup Qatar 2022 at on November 18, 2022 in Doha, Qatar. "Its tourism infrastructure and straightforward entry requirements make it a convenient base for World Cup fans." Dubai, meanwhile, as a city has more than 140,000 hotel rooms, according to hotel data firm STR.

However the talks aim to remove remaining obstacles in the initiative extended last week and ease global food shortages by unblocking Ukrainian and Russian exports, they added. Putin said on Wednesday that Russian officials would work to unblock Russian fertilisers stuck in European ports and to resume ammonia exports. The export of Russian ammonia would be via an existing pipeline to the Black Sea. Neither Russia nor Ukraine have released official figures on how many prisoners of war they have taken since Russia invaded in February. On Oct. 29, Ukrainian President Volodymr Zelenskiy said that since March, Russia had freed a total of 1,031 prisoners.

See more mortgage rates on Zillow Real Estate on ZillowCurrent refinance ratesMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year fixed mortgage ratesThe current average 30-year fixed mortgage rate is 6.61%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 5.98%, a 40-basis-point drop from the prior week, according to Freddie Mac data. But average 30-year fixed rates will likely remain somewhere in the 5% to 6% range throughout 2023.

☆ Inside one of the Middle East’s best-known family businesses
▼ + stars: | 2022-11-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInside one of the Middle East’s best-known family businessesEasa Al Gurg, group CEO of the UAE's Easa Saleh Al Gurg Group, which was founded by his late grandfather, speaks to CNBC's Dan Murphy about taking leadership of the conglomerate and the inner workings of one of the Middle East's most prominent family businesses.

☆ UAE official calls for 'unambivalent' US security commitment
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Nov 14 (Reuters) - A senior United Arab Emirates official called on Monday for "codified and unambivalent" commitments from the United States to its security, adding it had no interest in "choosing sides". Both have voiced concerns about the Washington's commitment to the region and chafed at restrictions on arms sales from the United States, their main security guarantor. "Our primary strategic security relationship remains unequivocally with the United States," Gargash said. The UAE would continue avoiding dependence on "just one or two countries" for its economic prosperity and security by maintaining balanced and diversified relations, he said. "The UAE has no interest in choosing sides between great powers," Gargash added, stressing the need for measured approaches during a "turbulent" time in global politics.

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☆ COP27: UAE and Egypt agree to build one of world's biggest wind farms
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +3 min

The Memorandum of Understanding was signed between the UAE's renewable energy firm Masdar alongside its joint venture with Egypt's main renewable energy developer Infinity and Hassan Allam Utilities, the statement on news agency WAM said. "With this agreement to develop our largest ever project, Masdar is proud to bolster our contribution to Egypt's renewable energy goals," Masdar's CEO Mohamed Jameel al-Ramahi said. When completed, the wind farm would be part of Egypt's Green Corridor initiative, a grid dedicated to renewable energy projects that is aimed at ensuring renewable energy makes up 42% of the country's energy mix by 2035. The wind project would save Egypt an estimated $5 billion in annual natural gas costs, the statement said. Egypt's total installed power capacity was around 59.5 GW in 2019/2020, the country's renewable energy authority said in an annual report.

☆ Midterms could be a 'game changer' for stocks - and experts see big upside for the S&P 500 this election cycle.
▼ + stars: | 2022-11-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Whether or not this means Democrats hold onto their majority or Republicans claim victory in today's elections is still an open question. Early voters cast their ballots in Atlanta, Georgia in the 2018 midterm elections in October. If Republicans gain seats in today's midterm elections, the thinking is that Democrats would have a harder time passing aggressive fiscal spending plans. What's your view on how a Democrat or Republican victory in today's midterm elections impacts the stock market? Goldman Sachs named which stocks to buy now that can help you capitalize on gains during Tuesday's midterm elections.

☆ Consumer confidence in the housing market hits a new low, according to Fannie Mae
▼ + stars: | 2022-11-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Rising mortgage rates, high home prices and uncertainty in the overall economy have Americans feeling more pessimistic about the state of the housing market. In October, just 16% of consumers said they thought now is a good time to buy a home, according to a monthly survey by Fannie Mae. Fannie Mae's survey looks not just at buying and selling but tests sentiment about home prices, mortgage rates and the job market. More also believe mortgage rates will rise. By June it crossed 6%, and it's now just over 7%, according to Mortgage News Daily.

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