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☆ Beyoncé, a $100k-a-night suite and a red carpet of influencers: Dubai basks in its booming economy
▼ + stars: | 2023-01-27 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Beyoncé performs on stage headlining the Grand Reveal of Dubai's newest luxury hotel, Atlantis The Royal on January 21, 2023 in Dubai, United Arab Emirates. Mason Poole/parkwood Media | Getty Images Entertainment | Getty ImagesDUBAI, United Arab Emirates — It was the talk of the town. "Igniting the next chapter of the Atlantis legacy," Atlantis Dubai wrote in an official tweet along with a promotional video of the opening fireworks. Beyoncé performs on stage headlining the Grand Reveal of Dubai's newest luxury hotel, Atlantis The Royal on January 21, 2023 in Dubai, United Arab Emirates. "Dubai is also growing in prominence as a financial services hub as underscored by several hedge funds opening up offices there."

☆ Fed up with facial recognition cameras monitoring your every move? Italian fashion may have the answer
▼ + stars: | 2023-01-16 | by ( Elliott Gotkine | ) edition.cnn.com time to read: +7 min

Facial recognition software immediately identifies the man as … a giraffe? While there, she read about how tenants in Brooklyn had fought back against their landlord’s plans to install a facial recognition entry system for their building. “This was the first time I heard about facial recognition,” she says. Whichever route they took, they had to test the images on a well-known object detection system called YOLO, one of the most commonly-used algorithms in facial recognition software. At the recent World Cup in Qatar, creative agency Virtue Worldwide came up with flag-themed face paint for fans seeking to fool the emirate’s legion of facial recognition cameras.

☆ Taliban asks to keep getting UN aid money despite ending education for women
▼ + stars: | 2023-01-16 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +3 min

The Taliban in Afghanistan recently banned women from universities, and working with NGOs. In response, the UN has said it cannot continue to supply the Taliban with humanitarian aid. But the Taliban still asked for support, arguing humanitarian aid shouldn't be "linked" to politics. Then, less than a week later, it banned women from working for non-governmental organizations. UN flights carrying stacks of cash for humanitarian aid into Kabul had already been suspended, he said.

☆ Venom, Iceberg set up $1 bln fund to invest in blockchain firms amid crypto winter
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

Jan 11 (Reuters) - Blockchain firm Venom Foundation and Abu Dhabi-based investment manager Iceberg Capital Ltd on Wednesday launched a $1 billion crypto venture fund and said it was leading a $20 million funding round in virtual world platform Nümi Metaverse. The fund, called Venom Ventures Fund (VVF), aims to invest in early-stage startups focused on payments, asset management, banking services and gaming on Web3, a much-hyped vision of a future internet built on blockchain. The launch comes at a time when funding for crypto startups has slowed following the global risk off mood and a series of crypto blowups that culminated in the high-profile downfall of FTX and shook investor sentiment. Cryptocurrencies have crept into the new year, licking their wounds with bitcoin steady at $17,421, after tumbling 64% in 2022. Venom Ventures fund is chaired by former BlackRock chief investment officer Peter Knez, and will be operated by investment firm Iceberg Capital that is regulated by Abu Dhabi Global Market - the emirate's international financial center.

☆ Abu Dhabi's Mubadala, Alpha Dhabi to enter credit markets via new venture
▼ + stars: | 2023-01-05 | by ( ) www.cnbc.com time to read: 1 min

Abu Dhabi state fund Mubadala Investment Co and UAE-based conglomerate Alpha Dhabi plan to deploy up to 9 billion dirhams ($2.5 billion) in credit markets through a new joint venture, the companies said on Thursday. The two companies plan to leverage on Mubadala's relationship with U.S. asset manager Apollo "to access high-quality private credit investment opportunities", they said in a joint statement with Apollo. Mubadala will own 80% of the venture, which will be based in Abu Dhabi Global Market, the emirate's financial freezone. The remaining 20% will be held by Alpha Dhabi, the statement said.

☆ Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
▼ + stars: | 2023-01-04 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

DUBAI, United Arab Emirates — Dubai on Wednesday announced a mammoth $8.7 trillion economic plan for the coming decade, aimed at turbocharging trade, foreign investment and its place on the map as a global hub. "Over 300,000 global investors are helping build Dubai into the fastest growing global city." Those include boosting foreign trade to 25.6 trillion dirhams from 14.2 trillion dirhams in the last decade, nearly doubling annual foreign direct investment to 60 billion dirhams yearly, and increasing government spending from 512 billion dirhams in the last decade to 700 billion in the next. The plan also aims to bring private sector investments up from 790 billion dirhams in the last decade to 1 trillion in the next and pledged 100 billion dirhams in annual contributions to the economy from digital transformation projects. The sheer size of the city's economic goals may draw some skepticism, but finance experts in Dubai believe they are achievable.

☆ 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.

London/Abu Dhabi CNN —Dubai has scrapped a 30% tax on alcohol and will no longer charge tourists or expats for permits to buy alcoholic drinks as the emirate tries to attract more foreign workers and visitors in the face of growing regional competition. Two major retailers in the city, located in the United Arab Emirates (UAE), said they had slashed their prices to reflect the tax cut. MMI, one of Dubai’s biggest alcohol retailers and a subsidiary of the state-owned Emirates group, has 21 stores across the city, according to its website. Muslims are prohibited from acquiring licenses for purchase of alcohol in Dubai. The sale of alcohol in the UAE is already more liberalized compared to neighboring Gulf countries.

☆ 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.

☆ Gulf equities ring in new year on mixed note as oil, recession worries weigh
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

Jan 2 (Reuters) - Major Gulf stock markets were mixed on Monday, coming off gains in 2022 for most, as investors braced for the new year with worries about a potential recession, crude demand and the U.S. Fed hiking rates further. A Reuters poll showed on Friday that of 30 economists and analysts forecast Brent crude would average $89.37 a barrel in 2023, about 4.6% lower than the $93.65 consensus in a November survey. Abu Dhabi's index (.FTFADGI) added 0.3%, bolstered by a 1.6% increase in AD Ports Group (ADPORTS.AD) and a 2.4% hike in Multiply Group (MULTIPLY.AD). The benchmark was 2022's best performer among the other peers in Gulf Cooperation Council countries finishing the year with a more than 20% gain, after hitting an all-time high in early November in 2022. In Qatar, the benchmark (.QSI) was also up 0.3%, supported by its financial stocks but Saudi Arabia's benchmark index (.TASI) retreated 0.2% with Saudi National Bank (1180.SE) falling 0.8% and oil behemoth and index heavyweight Saudi Aramco (2222.SE) easing 0.5%.

☆ 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."

☆ From a Deepfaked Elon Musk to RadioShack’s NSFW Tweets, CMO Today’s Twenty-Two Most-Read Stories of 2022
▼ + stars: | 2022-12-29 | by ( Nat Ives | ) www.wsj.com time to read: +7 min

Our report on deepfakes was the most-read CMO Today story in 2022. Prepare for what’s coming with this list of CMO Today’s most-read coverage in 2022, presented in order of popularity. How NSFW Tweets Plug Into RadioShack’s New Marketing StrategyAbel Czupor, who leads RadioShack’s newly edgy marketing. Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. Photo: KayakA hospitality empire decided to try its hand at ad sales, too.

☆ Accident in Afghanistan's Salang Tunnel kills at least 12
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +1 min

KABUL, Dec 18 (Reuters) - An accident in the landmark Salang alpine tunnel that connects Afghanistan's capital to its north killed at least 12 people and injured dozens, authorities said on Sunday. Thirty-seven people were injured in the accident in Salang Tunnel, located about 90 km (56 miles) north of Kabul, according to Qari Yusuf Ahmadi, deputy spokesperson for the Taliban-run administration. Local broadcaster Tolo, citing the Ministry of Public Works, said a fuel truck had overturned and caught fire in the tunnel on Saturday night. The blaze had been extinguished on Sunday but the tunnel was closed to traffic and casualties could rise, according to the Ministry spokesperson. The 2.6 km (1.6 mile) long Soviet-built tunnel is a historic engineering feat that links Kabul and Afghanistan's north, connecting the Indian subcontinent to Central Asia through a treacherous mountain pass at 3,400 metres (11,000 feet).

☆ Egypt: How the Arab world's most populous country became addicted to debt
▼ + stars: | 2022-12-16 | by ( Cnn Staff | ) edition.cnn.com time to read: +12 min

The loan, along with billions of dollars in cash inflows from Abu Dhabi and Riyadh, are Band-Aids, experts say, designed to keep the Arab world’s most populous country afloat. Without proper reforms, however, Egypt may never be able to shake off its chronic financial woes and break its growing debt addiction. Billions of dollars from Abu Dhabi and Riyadh have poured into the Egyptian economy in recent years. Saudi Arabia’s Public Investment Fund (PIF) also launched the Saudi Egyptian Investment Company (SEIC) in August, a company dedicated to investments in several vital sectors of the Egyptian economy. Still, the Egyptian economy has struggled to shake off its economic woes.

But other potential Chinese investors were less sure. Most investors had decided to head home ahead of Chinese New Year, said Yu. GUNFIRE, PANICNews of the hotel attack spread fast to the investors running China Town - a cluster of 10-storey blocks about 20 minutes drive away, overlooked by snow-topped mountains. After security forces secured the hotel, Yu got through to some of the guests by phone. In all, about 35 Chinese investors were in the hotel, he said - about a third of the number he estimated were in Afghanistan at the time.

☆ The Taliban has reintroduced public floggings and executions in Afghanistan, reports say
▼ + stars: | 2022-12-11 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +4 min

The Taliban have reintroduced public floggings and executions in Afghanistan under sharia law. On Wednesday, the Taliban performed the first public execution since seizing Kabul in August 2021. Girls attend class at a secret school on August 14, 2022 in Kabul, Afghanistan. Photo by Nava Jamshidi/Getty ImagesAn Afghan woman spoke to Al Jazeera about her experience living under the Taliban regime and her fear of public floggings or execution. Sadaf told Al Jazeera she was sentenced to a public flogging and whipped around 30 times until she passed out.

☆ Brazil Loses to Croatia on Penalty Kicks to Exit the World Cup
▼ + stars: | 2022-12-09 | by ( Andrew Beaton | ) www.wsj.com time to read: 1 min

AL RAYYAN, Qatar—Brazil arrived in this tiny emirate accompanied by a level of unmatched hysteria before this tournament even began. The country is always crazy about its soccer team. It’s even crazier when the team is the World Cup favorite. Then bleak reports about the health of Pelé put the entire country on the verge of national mourning. Suddenly, the Seleção faced the added pressure of trying to win the tournament for perhaps the most revered figure in soccer history.

☆ Who is Viktor Bout, the Russian arms dealer swapped for Griner?
▼ + stars: | 2022-12-08 | by ( Felix Light | ) www.reuters.com time to read: +7 min

[1/2] Suspected Russian arms dealer Viktor Bout is escorted by members of a special police unit after a hearing at a criminal court in Bangkok October 5, 2010. Russia got the jailed arms dealer back from the United States on Thursday after exchanging imprisoned U.S. basketball star Brittney Griner for him at Abu Dhabi airport. His notoriety was such that his life helped inspire a Hollywood film, 2005’s Lord of War, starring Nicolas Cage as Yuri Orlov, an arms dealer loosely based on Bout. For some experts, the Russian state's continued interest in Bout, plus his skills and connections in the international arms trade, hint strongly at Russian intelligence ties. “His case has become totemic for the Russian intelligence services, who are keen to show that they don’t abandon their own people,” Galeotti added.

☆ 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.

☆ Pakistani embassy in Kabul attacked, one injured
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +3 min

A spokesperson for Kabul police said the embassy compound was targeted by gunfire from a nearby building. Pakistan's Foreign Office said the attack had been aimed at the head of mission, Ubaid-ur-Rehman Nizamani. It said Nizamani was safe, but a Pakistani security guard, Sepoy Israr Mohammad, was critically wounded in the attack while protecting the ambassador. A spokesperson for Pakistan's foreign office said they had no plans to evacuate the embassy after the incident. "(The) Islamic Emirate of Afghanistan strongly condemns the attempted shooting and failed attack on the Pakistani embassy in Kabul," spokesperson Abdul Qahar Balkhi said on Twitter, adding that Taliban security agencies would investigate.

☆ Christie's International Real Estate expert on Dubai’s property boom
▼ + stars: | 2022-11-30 | 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 EmailChristie's International Real Estate expert on Dubai’s property boomJackie Johns, managing partner at Christie's International Real Estate Dubai, meets CNBC's Dan Murphy on the Emirate's so-called "billionaires' row" and explains why she thinks the local property market is booming and whether she thinks it'll last.

☆ Why Saudi Arabia is hosting one of the world's biggest raves
▼ + stars: | 2022-11-30 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +14 min

The kingdom’s Soundstorm music festival, which began in 2019, is back again for its fourth year and will start on Thursday. “(It) is a particularly powerful example because it seeks to bring together young people and women from across Saudi Arabia and the world,” she said. By contrast, Las Vegas’ Electric Daisy Carnival, considered North America’s biggest dance music festival, had an attendance of over 400,000 this year. Last year, Human Rights Watch (HRW) said that performers should either “speak up” about Saudi Arabia’s human rights violations or not attend the festival at all. Some however argue that opening up countries to international norms and values can allow for better discussion on human rights shortcomings.

☆ Protestor with rainbow flag runs onto field at World Cup
▼ + stars: | 2022-11-28 | by ( Associated Press | ) www.nbcnews.com time to read: +1 min

A protestor ran onto the field Monday carrying a rainbow flag and wearing a blue Superman T-shirt that said “SAVE UKRAINE” on the front and “RESPECT FOR IRANIAN WOMAN” on the back during a World Cup match between Portugal and Uruguay. Security officials chased the protestor down and the flag was dropped on the field before the person was escorted away. In the first week of the tournament in Qatar, seven European teams lost the battle to wear multi-colored “One Love” armbands during World Cup matches. Fans also complained they weren’t allowed to bring items with rainbow colors, a symbol of LGBTQ rights, into the stadiums of the conservative Islamic emirate. Qatar’s laws against gay sex and treatment of LGBTQ people were flashpoints in the run-up to the first World Cup to be held in the Middle East.

☆ Show's over already for host Qatar's World Cup team
▼ + stars: | 2022-11-25 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

DOHA, Qatar— The show is over already for the Qatar team, which was eliminated Friday from the World Cup less than a week after it opened the tournament and launched the first version of soccer’s biggest event in the Middle East. Becoming the quickest host nation team to depart the tournament in the 92-year history of the World Cup, Qatar can’t qualify for the last 16 no matter what happens in its last game against Netherlands. Friday’s performance by Qatar was a little, but not much better for a squad that all plays in the local league and is missing the kind of top talent that is present in almost every World Cup team now. “Efficiency efficiency, efficiency. The ball dribbled away from Khoukhi and Dia lashed it in for his first World Cup goal.

☆ 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.

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