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Dubai reveals massive plans for the world’s busiest airport

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(CNN) — When it comes to airport expansion projects, the Gulf States are abuzz and the competition is fierce.

A mammoth airport in Saudi Arabia has already set records for size, but new plans in Dubai are ratcheting up the race to be the world’s busiest airport by passenger volume.

Saudi Arabia’s King Fahd International Airport currently wears the crown as the largest airport in the world by area. At a whopping 780 square kilometers (about 300 square miles), that’s bigger than neighboring country Bahrain.

The Saudis aren’t resting on their laurels, either. The country is working on a new six-runway airport on the King Fahd International site by 2030, with capacity eventually for 185 million passengers per year.

For comparison, that’s 75 million more than the 110 million passengers the world’s current busiest airport by passenger volume, Atlanta’s Hartsfield-Jackson International, is expected to serve this year.

And this is by no means Hartsfield-Jackson’s first time at the rodeo. It’s held that position every year — except for pandemic-hit 2020 — for more than two decades.

Dubai, however, just made a huge play, laying out plans Sunday for a new $34.85 billion (AED 128 billion) passenger terminal at Dubai World Central – Al Maktoum International (DWC), the emirate’s newest airport.

The stakes just reached a new level.

260 million passengers per year

Since DWC – Al Maktoum International opened 14 years ago, it was always planned for this brand new airport some 20 miles southwest of downtown Dubai to become the biggest passenger-handler in the world.

However, now the plan is for the megahub to eventually accommodate 260 million passengers per year. That’s a full 100 million passengers more than previous projections for the airport and would dwarf pretty much every other airport’s operations on the planet.

“It will be five times the size of the current Dubai International Airport, and all operations at Dubai International Airport will be transferred to it in the coming years,” Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, said Sunday when outlining Dubai Aviation Engineering Projects’ strategic plan. “The airport will accommodate 400 aircraft gates and feature five parallel runways,” he added.

Dubai World Central is the newer of two international airports in Dubai. The other, Dubai International Airport, was just ranked the No. 2 busiest airport in the world, but its traffic will eventually go to the newer airport, according to DWC’s expansion plans.

The airport will be the centerpiece of a much larger scheme, called Dubai South, that envisages the creation of a whole new city in a 145-square-kilometer (56-square-mile) stretch of desert just south of Dubai.

This entire new district, of which some pieces are already starting to take shape, will have eight neighborhoods each allocated to a specific industry or activity, with a mix of residential and commercial areas as well.

“As we build an entire city around the airport in Dubai South, demand for housing for a million people will follow. It will host the world’s leading companies in the logistics and air transport sectors,” said Sheikh Mohammed bin Rashid Al Maktoum.

“We are building a new project for future generations, ensuring continuous and stable development for our children and their children in turn. Dubai will be the world’s airport, its port, its urban hub, and its new global center.”

When completed, it’ll cover a very generous 70 square kilometers (27 square miles) – although that’s still less than a tenth of the land area of Saudi Arabia’s King Fahd International. Saudi Arabia will be holding onto that world record for a while yet.

The region’s other challengers

At present, Dubai World Central’s primary role is as a center for aircraft maintenance, repair and overhaul – “MRO” in industry parlance. It also hosts a number of air cargo operators (including Emirates Cargo, the freight subsidiary of the UAE flag carrier) and handles executive jets and some charter flights. Those cargo operations will ultimately handle up to 12 million tonnes per annum, according to the new plans.

As for the timeline, well, take note of the Sheikh’s words about “our children and their children.”

The plan is for the first phase to be ready within 10 years, with capacity increased to 150 million passengers annually. Beyond that, we’re looking at a decades-long time frame.

“The new airport will prepare the ground for the next 40 years of anticipated growth in Dubai’s aviation sector,” said Sheikh Mohammed bin Rashid Al Maktoum.

On Sunday, flag-carrier Emirates took to X to announce its long-awaited relocation to its “future home” at Dubai World Central – Al Maktoum International.

In the meantime, though, it’s business as usual at Dubai International (DXB), which earned its No.2 busiest airport in the world title this month for the very first time, serving 104.7 passengers in 2023.

Paul Griffiths, CEO of Dubai Airports, confirmed in a statement Sunday that “DXB will continue to serve as the primary hub […] over the next few years as phase two of DWC takes shape.”

Keep an eye too on Hamad International Airport in nearby Qatar, a direct competitor of Dubai in the long-haul connectivity market, which is gearing up to expand its capacity to more than 60 million annual passengers.

This adds to other airport expansion projects in the region: the opening of a $1.8 billion brand new airport in Muscat, Oman, in 2018, the $1.1 billion new terminal in Bahrain in 2021 and, more recently, in November 2023, of Abu Dhabi’s grand new Terminal A, a 780,000-square-meter facility able to handle up to 79 aircraft simultaneously.

At the northern end of the Gulf, Kuwait International Airport is building a new terminal designed by renowned British architectural firm Foster+Partners, which will have the capacity to handle 25 million passengers per year initially, with the possibility of doubling it up to 50 million in the future.

And less than 20 miles from Dubai’s downtown, Sharjah International Airport, which is primarily home to low-cost carrier Air Arabia, is also increasing its capacity to 20 million passengers annually.

Dubai plans to move its busy international airport to a $35 billion new facility within 10 years

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Dubai International Airport, the world’s busiest for international travel, will move its operations to the city-state’s second, sprawling airfield in its southern desert reaches “within the next 10 years” in a project worth nearly $35 billion, its ruler said Sunday.

Sheikh Mohammed bin Rashid Al Maktoum’s announcement marks the latest chapter in the rebound of its long-haul carrier Emirates after the coronavirus pandemic grounded international travel. Plans have been on the books for years to move the operations of the airport known as DXB to Al Maktoum International Airport at Dubai World Central which had also been delayed by the repercussions of the sheikhdom’s 2009 economic crisis.

“We are building a new project for future generations, ensuring continuous and stable development for our children and their children in turn,” Sheikh Mohammed said in an online statement. “Dubai will be the world’s airport, its port, its urban hub and its new global center.”

The announcement included computer-rendered images of curving, white terminal reminiscent of the traditional Bedouin tents of the Arabian Peninsula. The airport will include five parallel runways and 400 aircraft gates, the announcement said. The airport now has just two runways, like Dubai International Airport.

The financial health of the carrier Emirates has served as a barometer for the aviation industry worldwide and the wider economic health of this city-state. Dubai and the airline rebounded quickly from the pandemic by pushing forward with tourism even as some countries more slowly came out of their pandemic crouch.

The number of passengers flying through DXB surged last year beyond its total for 2019 with 86.9 million passengers. Its 2019 annual traffic was 86.3 million passengers. The airport had 89.1 million passengers in 2018 — its busiest-ever year before the pandemic, while 66 million passengers passed through in 2022.

Earlier in February, Dubai announced its best-ever tourism numbers, saying it hosted 17.15 million international overnight visitors in 2023. Average hotel occupancy stood at around 77%. Its boom-and-bust real estate market remains on a hot streak, nearing all-time high valuations.

But as those passenger numbers skyrocketed, it again put new pressure on the capacity of DXB, which remains constrained on all sides by residential neighborhoods and two major highways.

Al Maktoum International Airport, some 45 kilometers (28 miles) away from DXB, opened in 2010 with one terminal. It served as a parking lot for Emirates’ double-decker Airbus A380s and other aircraft during the pandemic and slowly has come back to life with cargo and private flights in the time since. It also hosts the biennial Dubai Air Show and has a vast, empty desert in which to expand.

The announcement by Sheikh Mohammed noted Dubai’s plans to expand further south. Already, its nearby Expo 2020 site has been offering homes for buyers.

“As we build an entire city around the airport in Dubai South, demand for housing for a million people will follow,” Dubai’s ruler said. “It will host the world’s leading companies in the logistics and air transport sectors.”

However, financial pressures have halted the move in the past. Dubai’s 2009 financial crisis, brought on by the Great Recession, forced Abu Dhabi to provide the city-state with a $20 billion bailout.

Meanwhile, the city-state is still trying to recover after the heaviest rainfall ever recorded in the UAE, which disrupted flights and commerce for days.

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April 28, 2024

Dubai sees a year’s worth of rain in 24 hours

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The desert nation of the United Arab Emirates attempted to dry out Wednesday from the heaviest rain ever recorded there after a deluge flooded out Dubai International Airport, disrupting travel through the world’s busiest airfield for international travel.The state-run WAM news agency called the rain Tuesday “a historic weather event” that surpassed “anything documented since the start of data collection in 1949.” That’s before the discovery of crude oil in this energy-rich nation then part of a British protectorate known as the Trucial States.Rain also fell in Bahrain, Oman, Qatar and Saudi Arabia. However, the rains were acute across the UAE. One reason may have been “cloud seeding,” in which small planes flown by the government go through clouds burning special salt flares. Those flares can increase precipitation.Several reports quoted meteorologists at the National Center for Meteorology as saying they flew six or seven cloud-seeding flights before the rains. The center did not immediately respond to questions Wednesday, though flight-tracking data analyzed by The Associated Press showed one aircraft affiliated with the UAE’s cloud-seeding efforts flew around the country Sunday.The UAE, which heavily relies on energy-hungry desalination plants to provide water, conducts cloud seeding in part to increase its dwindling, limited groundwater.The rains began late Monday, soaking the sands and roadways of Dubai with some 0.79 inches of rain, according to meteorological data collected at Dubai International Airport. The storms intensified around 9 a.m. local Tuesday and continued throughout the day, dumping more rain and hail onto the overwhelmed city.By the end of Tuesday, more than 5.59 inches of rainfall had soaked Dubai over 24 hours. An average year sees 3.73 inches of rain at Dubai International Airport, a hub for the long-haul carrier Emirates.At the airport, standing water lapped on taxiways as aircraft landed. Arrivals were halted Tuesday night, and passengers struggled to reach terminals through the floodwater covering surrounding roads.One couple, who spoke to the AP on condition of anonymity to speak freely in a country with strict laws that criminalize critical speech, called the situation at the airport “absolute carnage.”“You cannot get a taxi. There’s people sleeping in the Metro station. There’s people sleeping in the airport,” the man said Wednesday.They ended up getting a taxi to near their home some 18 miles away, but floodwater on the road stopped them. A bystander helped them over a highway barrier with their carry-on luggage, the bottles of gin they picked up from duty-free clinking away.Dubai International Airport acknowledged Wednesday morning that the flooding had left “limited transportation options” and affected flights as aircraft crews couldn’t reach the airfield.“Recovery will take some time,” the airport said on the social platform X. “We thank you for your patience and understanding while we work through these challenges.”Emirates said the airline had halted check-in for passengers departing from Dubai itself from 8 a.m. until midnight Wednesday as it tried to clear the airport of transit passengers — many of whom had been sleeping where they could in its cavernous terminals.“We sincerely apologize for the inconvenience caused,” the airline said on X. “Emirates is working hard to restore our scheduled operations.”Passengers on FlyDubai, Emirates’ low-cost sister airline, also faced disruptions.Paul Griffiths, the airport’s CEO, acknowledged continued issues with flooding Wednesday morning, saying every place an aircraft could be safely parked was taken. Some aircraft had been diverted to Al Maktoum International Airport at Dubai World Central, the city-state’s second airfield.“It remains an incredibly challenging time. In living memory, I don’t think anyone has ever seen conditions like it,” Griffiths told the state-owned talk radio station Dubai Eye. “We are in uncharted territory, but I can assure everyone we are working as hard as we possibly can to make sure our customers and staff are looked after.”Schools across the UAE, a federation of seven sheikhdoms, largely shut ahead of the storm and government employees were largely working remotely if able. Many workers stayed home as well, though some ventured out, with the unfortunate stalling out their vehicles in deeper-than-expected water covering some roads.Authorities sent tanker trucks out into the streets and highways to pump away the water. Water poured into some homes, forcing people to bail out their houses.The country’s hereditary rulers offered no overall damage or injury information for the nation, as some slept in their flooded vehicles Tuesday night. In Ras al-Khaimah, the country’s northernmost emirate, police said one 70-year-old man died when his vehicle was swept away by floodwater.Fujairah, an emirate on the UAE’s eastern coast, saw the heaviest rainfall Tuesday with 5.7 inches falling there.Authorities canceled school and the government instituted remote work again for Wednesday.Rain is unusual in the UAE, an arid, Arabian Peninsula nation, but occurs periodically during the cooler winter months. Many roads and other areas lack drainage given the lack of regular rainfall, causing flooding.Meanwhile in neighboring Oman, a sultanate that rests on the eastern edge of the Arabian Peninsula, at least 19 people were killed in heavy rains in recent days, according to a statement Wednesday from the country’s National Committee for Emergency Management. That includes some 10 schoolchildren swept away in a vehicle with an adult, which saw condolences come into the country from rulers across the region.

DUBAI, United Arab Emirates —

The desert nation of the United Arab Emirates attempted to dry out Wednesday from the heaviest rain ever recorded there after a deluge flooded out Dubai International Airport, disrupting travel through the world’s busiest airfield for international travel.

The state-run WAM news agency called the rain Tuesday “a historic weather event” that surpassed “anything documented since the start of data collection in 1949.” That’s before the discovery of crude oil in this energy-rich nation then part of a British protectorate known as the Trucial States.

Rain also fell in Bahrain, Oman, Qatar and Saudi Arabia. However, the rains were acute across the UAE. One reason may have been “cloud seeding,” in which small planes flown by the government go through clouds burning special salt flares. Those flares can increase precipitation.

Several reports quoted meteorologists at the National Center for Meteorology as saying they flew six or seven cloud-seeding flights before the rains. The center did not immediately respond to questions Wednesday, though flight-tracking data analyzed by The Associated Press showed one aircraft affiliated with the UAE’s cloud-seeding efforts flew around the country Sunday.

The UAE, which heavily relies on energy-hungry desalination plants to provide water, conducts cloud seeding in part to increase its dwindling, limited groundwater.

The rains began late Monday, soaking the sands and roadways of Dubai with some 0.79 inches of rain, according to meteorological data collected at Dubai International Airport. The storms intensified around 9 a.m. local Tuesday and continued throughout the day, dumping more rain and hail onto the overwhelmed city.

AP Photo/Jon Gambrell

Vehicles sit abandoned in floodwater covering a major road in Dubai, United Arab Emirates, Wednesday, April 17, 2024.

By the end of Tuesday, more than 5.59 inches of rainfall had soaked Dubai over 24 hours. An average year sees 3.73 inches of rain at Dubai International Airport, a hub for the long-haul carrier Emirates.

At the airport, standing water lapped on taxiways as aircraft landed. Arrivals were halted Tuesday night, and passengers struggled to reach terminals through the floodwater covering surrounding roads.

One couple, who spoke to the AP on condition of anonymity to speak freely in a country with strict laws that criminalize critical speech, called the situation at the airport “absolute carnage.”

“You cannot get a taxi. There’s people sleeping in the Metro station. There’s people sleeping in the airport,” the man said Wednesday.

They ended up getting a taxi to near their home some 18 miles away, but floodwater on the road stopped them. A bystander helped them over a highway barrier with their carry-on luggage, the bottles of gin they picked up from duty-free clinking away.

Dubai International Airport acknowledged Wednesday morning that the flooding had left “limited transportation options” and affected flights as aircraft crews couldn’t reach the airfield.

AP Photo/Jon Gambrell

A bus stands abandoned in pouring rain as the sky turned green as a storm hit in Dubai, United Arab Emirates, Tuesday, April 16, 2024.

“Recovery will take some time,” the airport said on the social platform X. “We thank you for your patience and understanding while we work through these challenges.”

Emirates said the airline had halted check-in for passengers departing from Dubai itself from 8 a.m. until midnight Wednesday as it tried to clear the airport of transit passengers — many of whom had been sleeping where they could in its cavernous terminals.

“We sincerely apologize for the inconvenience caused,” the airline said on X. “Emirates is working hard to restore our scheduled operations.”

Passengers on FlyDubai, Emirates’ low-cost sister airline, also faced disruptions.

Paul Griffiths, the airport’s CEO, acknowledged continued issues with flooding Wednesday morning, saying every place an aircraft could be safely parked was taken. Some aircraft had been diverted to Al Maktoum International Airport at Dubai World Central, the city-state’s second airfield.

“It remains an incredibly challenging time. In living memory, I don’t think anyone has ever seen conditions like it,” Griffiths told the state-owned talk radio station Dubai Eye. “We are in uncharted territory, but I can assure everyone we are working as hard as we possibly can to make sure our customers and staff are looked after.”

Schools across the UAE, a federation of seven sheikhdoms, largely shut ahead of the storm and government employees were largely working remotely if able. Many workers stayed home as well, though some ventured out, with the unfortunate stalling out their vehicles in deeper-than-expected water covering some roads.

Authorities sent tanker trucks out into the streets and highways to pump away the water. Water poured into some homes, forcing people to bail out their houses.

The country’s hereditary rulers offered no overall damage or injury information for the nation, as some slept in their flooded vehicles Tuesday night. In Ras al-Khaimah, the country’s northernmost emirate, police said one 70-year-old man died when his vehicle was swept away by floodwater.

Fujairah, an emirate on the UAE’s eastern coast, saw the heaviest rainfall Tuesday with 5.7 inches falling there.

Authorities canceled school and the government instituted remote work again for Wednesday.

Rain is unusual in the UAE, an arid, Arabian Peninsula nation, but occurs periodically during the cooler winter months. Many roads and other areas lack drainage given the lack of regular rainfall, causing flooding.

Meanwhile in neighboring Oman, a sultanate that rests on the eastern edge of the Arabian Peninsula, at least 19 people were killed in heavy rains in recent days, according to a statement Wednesday from the country’s National Committee for Emergency Management. That includes some 10 schoolchildren swept away in a vehicle with an adult, which saw condolences come into the country from rulers across the region.

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April 17, 2024

Biblical floods hit Dubai, disrupting Blockchain Life and Token2049

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Dubai is grappling with extreme weather conditions that has disrupted the city’s infrastructure at a time when crypto elites have descended on the city for several industry conferences.

Crypto conferences such as Blockchain Life and Token2049 encountered an unexpected twist on Apr. 16 as rainfall levels in Dubai surged to record highs within a 24-hour span, prompting adjustments to conference schedules, with Blockchain Life postponing its entrance opening due to traffic complications.

⚡️❗️Because of the traffic situation in Dubai we reschedule the entrance opening to 1:00 p.m. and the agenda starts at 1:30 p.m.!

— Blockchain Life 2024 Forum (@BlLife_Forum) April 17, 2024

Social media platforms were quickly flooded with numerous videos, showcasing disruptions not only across the city but also within the crypto conferences themselves, with social media managers joking about attendees’ plans to navigate their way to the conferences in X polls.

gm 🌅

Dry and sunny weather forecasted for the rest of #TOKEN2049Week ☀️

But how are you getting around Dubai today? ☔️

— TOKEN2049 (@token2049) April 16, 2024

Although the full extent of the disruptions is yet to be seen, a spokesperson for Token2049 assured the media that the storm had not affected entry and exit to Dubai, affirming that the conference would proceed as scheduled.

However, the heavy rainfall did actually impact the city’s infrastructure, leading Emirates airline to suspend check-in services for all departing passengers from Dubai from 8 a.m. local time to midnight on Apr. 17 due to operational challenges. Similarly, Fly Dubai, a government-owned budget carrier, halted all flights from the UAE hub until 10 a.m. local time on Apr. 17.

In response to the extreme weather conditions, the government issued a red warning on Apr. 16, prompting the closure of offices, schools, and banks nationwide. The National Emergency Crisis and Disaster Authority advised residents to remain indoors and to park vehicles in elevated locations away from flood-prone areas.

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Denis Omelchenko

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April 17, 2024

Dubai to build the world’s tallest skyscraper clock dubbed London Gate

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DUBAI is getting ready to build the world’s tallest residential clock tower in a nod to London’s Big Ben.

The immense building will stand at a staggering 450 metres high (1,476ft) – almost five times higher than its 96-metre British counterpart.

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Dubai is set to build the world’s tallest residential clock towerCredit: London Gate

The project is a partnership with Swiss watchmaker Franck MullerCredit: Youtube/ UAE Dubai Properties for Sale

The tower will feature gorgeous all-marble interiors, such as this living roomCredit: London Gate

Aeternitas Tower, dubbed ‘London Gate’, will be the child product of Dubai-based real estate developer London Gate and Swiss luxury watch manufacturer Franck Muller.

The sky-high tower will have a glistening all-glass facade with the enormous clock at the very top.

Measuring 40 metres tall by 30 metres wide, the clock will be built in Germany and be visible from miles away.

Following the Swiss watchmaker’s art-deco style, the clock will featured irregular squashed and stretched numbers.

How far does Gulf money go? An Abu Dhabi-backed newspaper buyout attempt is sparking panic in London

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Copies of The Daily Telegraph newspaper on a newsstand in a shop in London, UK, on March 12, 2024 (L), and UAE Vice President Sheikh Mansour bin Zayed al-Nahyan speaking at COP28 on Dec. 1, 2023.

Getty Images

DUBAI, United Arab Emirates — Mansions, university facilities, think tanks, sports teams — the U.K. is no stranger to Gulf money and multi-billion dollar investments streaming from Qatar, the United Emirates and Saudi Arabia into British institutions.

But newspapers? That’s a hard stop, apparently. The latest investment pursuit flowing westward from one of the U.K.’s close Gulf allies, the UAE, has thrown British lawmakers, journalists, and even former intelligence officials into a frenzy.

Just on Wednesday, Britain’s government announced it would change its laws to stop foreign governments from being able to own the country’s newspapers, potentially throttling a controversial Emirati ownership bid for one of the U.K.’s most influential papers.

More than 100 members of Parliament have signed a letter opposing the buyout of major British newspaper the Telegraph and news magazine, The Spectator, by UAE government-backed investment fund RedBird IMI. Long a favorite of Britain’s Conservative Party, ownership of the 168-year old daily is not just about profit, but about power.

The purchase would be backed by UAE Vice President Sheikh Mansour bin Zayed Al Nahyan, and would reportedly entail paying off some £1.2 billion ($1.53 billion) in debts owed by the paper’s current owners, the Barclay family, to Lloyds Bank. The deal would ultimately see the Telegraph, which is valued at a reported £600 million, come under full Emirati ownership.

For many in the U.K., the takeover presents a dangerous threat to free press in the country. Lawmakers have been scrambling to introduce a new law that would enable Parliament to veto buyouts of news outlets by foreign governments.

“If major newspaper and media organisations can be purchased by foreign governments, the freedom of the press has the potential to be seriously undermined,” the Parliament members wrote in a letter to the UK’s Secretary of State for Culture, Media and Sport, Lucy Frazer.

The General view of Abu Dhabi city at Sunset on April 26, 2018 in Abu Dhabi, United Arab Emirates.

Rustam Azmi | Getty Images

“No other democracy in the world has allowed a media outlet to be controlled by a foreign government. This is a dangerous Rubicon we should not cross.”

Some observers have pointed out that that rubicon has already been crossed, albeit it’s a much more grey area: London’s Evening Standard newspaper is owned by Russian-British businessman Evgeny Lebedev, whose father was a member of Russia’s intelligence service, the KGB. Former Prime Minister Boris Johnson gave Lebedev a seat in Britain’s House of Lords, despite protests and concerns from senior government officials about the Lebedevs’ links to Russia.

Alexander Lebedev, Evgeny’s father, was put under Canadian sanctions in 2022, accused of “directly enabling” Russia’s war in Ukraine. For his part, Evgeny Lebedev has strongly denied assertions that he is a “security risk,” writing in a March 2022 article: “I am not some agent of Russia.”

In response to the U.K.’s legal amendments, RedBird IMI said it was extremely disappointed and was evaluating its next steps, Reuters reported Wednesday.

Rival bids for the Telegraph include Rupert Murdoch’s News UK and Paul Marshall, hedge fund billionaire and co-owner of GB News — both of which are seen to have a clear right-wing leaning.

A media spending spree

RedBird IMI, a joint venture between American private equity firm RedBird Capital Partners and Abu Dhabi-based International Media Investments (IMI), was launched in late 2022 and is led by former CNN Chief Executive Jeff Zucker.

The joint venture’s backers have furnished Zucker with a $1 billion war chest in the hope that the longtime media executive can hunt down profitable investments across the worlds of news, entertainment and sports. Abu Dhabi’s IMI committed 75% to the venture, or $750 billion, with RedBird Capital providing the rest.

FILE – Jeff Zucker, then Chairman, WarnerMedia News and Sports and President, CNN Worldwide listens in the spin room after the first of two Democratic presidential primary debates hosted by CNN on July 30, 2019, in the Fox Theatre in Detroit.

Paul Sancya | AP

The UAE’s Sheikh Mansour is the ultimate backer and beneficiary of the fund, excluding the shares of RedBird Capital founder Gerry Cardinale, Jeff Zucker and other private partners or shareholders. Sheikh Mansour is vice president and deputy prime minister of the UAE, chairman of the country’s mammoth state-owned Mubadala Investment Company, which oversees $276 billion in assets, and owner of English Premier League soccer club Manchester City.

RedBird IMI has been on a spending spree, most recently inking a £1.45 billion deal to acquire British production house All3Media, the creator of hit shows like “Squid Game: The Challenge” and “Fleabag.”

But it’s faced regulatory probes and delays in the U.K. over its bid for the Telegraph.

Soft power and global influence

To Mazen Hayek, a Dubai-based media consultant and former spokesman at Saudi-owned media company MBC Group, the whole controversy is overblown.

“The acquisition bid for The Telegraph and The Spectator by RedBird IMI aligned with the UAE’s legitimate soft power and global influence goals. It included a firm commitment to uphold the publications’ managerial independence and editorial integrity,” Hayek told CNBC.

He cited political probes, protectionism, double standards and “business Islamophobia” as leading to the apparent U.K. ban on foreign media acquisitions.

“This raises questions about the U.K. government’s consistency and its stance on foreign investments, especially when compared to the ownership, for example, of prominent U.K. sports clubs by foreign investors,” Hayek added.

The Telegraph purchase is more sensitive, U.K. lawmakers argue, because of its potential impact on press freedom, given that free press and opposition to the government are not permitted in the UAE. The Gulf sheikhdom is ranked 145th in the world out of 180 countries for press freedom, according to Reporters Without Borders.

“You cannot separate sheikh and state,” Conservative MP Alicia Kearns said of the deal in January.

CNBC has contacted IMI and RedBird Capital Partners for comment. In a November interview with the Financial Times, Zucker accused the Telegraph’s rival bidders of “slinging mud” and vowed to maintain the newspaper’s editorial independence.

For Taufiq Rahim, a Dubai-based senior fellow in the Future Security program at the think tank New America, the more pressing issue is print newspapers disappearing altogether.

“While governments may restrict foreign ownership of the press, the real risk is that newspapers simply go out of business and out of print,” he told CNBC.

“If the law is passed, the competition of Gulf governments for traditional media will simply move to seeking ownership of new media platforms and social media.”

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March 14, 2024

The hottest housing markets for the super rich in 2024

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The Port of Fontvieille Harbor in the Principality of Monaco.

Education Images | Universal Images Group | Getty Images

The ultrawealthy are looking for a better lifestyle and strong investment when it comes to buying their next home, according to a new study.

One-quarter of American ultra-high-net individuals, or those worth $30 million or more, plan to buy a residential property this year, according to the Douglas Elliman and Knight Frank Wealth Report. The average ultra-high-net-worth individual already owns four homes, according to the report. One-quarter of their residential portfolio is outside their home country.

When it comes to priorities for their next big purchase, the ultrawealthy ranked “lifestyle” and “investment” at the top of the list, followed by taxes and safety.

Sign up to receive future editions of CNBC’s Inside Wealth newsletter with Robert Frank.

While luxury real estate has been buffeted by many of the same pressures as the rest of the market — low supply, slow sales, rising prices — the ultra-high-end has fared slightly better. Last year in the U.S., there were 34 sales over $50 million, down from 45 in 2022 but still way up from the pre-pandemic years.

With interest rates stabilizing and possibly falling this year, real estate experts say there are early signs that luxury supply may be growing, which could lead to more sales.

“If we do see a pivot to lower rates, or at least more confidence that inflation is going in the right direction, I think you will begin to see inventory building up again,” said Liam Bailey, partner and global head of research at Knight Frank.

The report forecasts that the best-performing U.S. luxury market this year for price growth will be Miami, with an expected increase of 4%, according to the report. New York ranked second in the U.S., with expected price growth of 2%, followed by Los Angeles with 1% growth.

Globally, the top market for luxury real estate is expected to be Auckland, New Zealand, with projected price growth of 10% in 2024. Mumbai ranks second, at 5.5%; followed by Dubai (5%); Madrid (5%); Sydney (5%); and Stockholm (4.5%).

Elegant adobe-style homes beneath the towering gaze of the nearby Burj Khalifa in Dubai.

Tyson Paul | Loop Images | Universal Images Group | Getty Images

Last year, the world’s top 100 luxury real estate markets posted a solid 3% gain on average price. The best-performing luxury real estate market in the world was Manila, Philippines, with 26% growth, fueled in part by investors fleeing Hong Kong and China. Dubai came in second place, at 16% price growth, followed by the Bahamas at 15% and the Algarve region in Portugal at 12%.

Among the worst performers last year were New York, with prices down 2%, and San Francisco, basically flat at 0.5%. The biggest decline in the world among prime markets was Oxford, in the U.K., down 8%.

Bailey said ultrawealthy American buyers are increasingly venturing overseas. He said U.S. buyers are now the leading foreign purchasers of ultraprime London properties — those priced above $10 million. They are also increasingly active in Europe.

“They’ve become quite a big presence, so much more noticeable now in Italy, France and Portugal particularly than they were,” Bailey said. “I think the American buyers have become much happier to explore and kind of think about alternatives.”

Still, $1 million doesn’t buy what it used to in the U.S. and abroad. In Monaco, the world’s most expensive real estate market, $1 million gets you 172 square feet of prime real estate, according to the Wealth Report. In Aspen, you get 215 square feet, while in Hong Kong, you get 237 square feet, which makes New York look like a bargain with 367 square feet.

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February 27, 2024

China’s biggest problem is a ‘lack of confidence,’ Standard Chartered CEO says

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DUBAI, United Arab Emirates — China is facing a confidence deficit as its economy undergoes massive transition and concern grows over its ongoing property crisis, a top banking CEO said while onstage at Dubai’s World Governments Summit.

“China’s biggest problem to me is a lack of confidence. External investors lack confidence in China and domestic savers lack confidence,” Bill Winters, CEO of emerging markets-focused bank Standard Chartered, told CNBC’s Dan Murphy Monday during a panel discussion.

“But I think China is going through a major transition from old economy to new economy,” Winters added. “If you visit the new economy, which many of you have — I have — it’s booming, absolutely booming, well into double-digit growth rates and in everything EV-related, the whole supply chain, everything sustainable finance and sustainability related, etc.”

Investors are closely watching China, whose stock market gyrations, deflation problem and property woes are casting a shadow over the global growth outlook. According to an International Monetary Fund report completed in late December 2023, demand for new housing in China is set to drop by around 50% over the next decade.

Decreased demand for new housing will make it harder to absorb excess inventory, “prolonging the adjustment into the medium term and weighing on growth,” the report said. Property and related industries account for about 25% of China’s gross domestic product.

IMF chief: China must show determination to take on economic reforms

IMF Managing Director Kristalina Georgieva, speaking to CNBC in Dubai on Sunday, stressed what she saw as the need for reforms from Beijing in order to stem its economic challenges.

The international lender has discussed with China “longer-term structural issues that the country needs to address,” Georgieva said. “Our analysis shows that without deep structural reforms, growth in China can fall below 4%. And that will be very difficult for the country.”

“We want to see the economy genuinely moving more towards domestic consumption, and less reliance on exports … but for that, [they need] confidence of the consumer,” she said, echoing Winters’ sentiments on domestic confidence. “And that means fix the real estate, get the pension system in place, as well as these longer-term improvements in the fundamentals of the Chinese economy, would be necessary.”

Standard Charters’ Winters, meanwhile, is ultimately optimistic about the world’s second-largest economy, pointing out that every society that’s undergone major economic transition inevitably experiences some level of tumult and growing pains.

“They’re trying to manage this transition without disrupting the financial system, which in the West, we’ve never managed to do,” the CEO said. “Every big industrial transition has had a major depression associated with it, or global financial crisis. They’re trying to avoid that which means it gets dragged out. I think they’ll get through the back end just fine.”

— CNBC’s Evelyn Cheng contributed to this report.

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February 12, 2024

UAE’s Central Bank Initiates Historic Cross-Border Digital Dirham Transfer to China

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On January 29, Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the UAE, marked a momentous occasion by conducting the first-ever cross-border payment using the UAE Central Bank’s digital currency, the ‘Digital Dirham.’

The transaction, amounting to Dh50 million, was executed through the innovative ‘mBridge‘ platform, connecting the UAE directly with China.

UAE’s Historic Cross-Border Transfer

The historic cross-border transfer to China took place while Sheikh Mansour attended the celebration of the ‘Golden Jubilee’ of the establishment of the Central Bank and the graduation of 1,056 Emiratis from the inaugural batch of the ‘Ethraa Emiratisation’ program, held at the Abu Dhabi National Exhibition Centre.

During the transaction, Sheikh Mansour emphasized the strategic commitment of the UAE’s leadership to solidify the nation’s position as a global financial hub.

He spoke of the pivotal role of the Central Bank in fostering financial and monetary stability, optimizing efficiency and flexibility in the financial system, and propelling economic growth to advance the country’s development efforts.

In his address, Sheikh Mansour reiterated the leadership’s dedication to empowering Emirati citizens and fostering their qualifications across diverse fields of work and knowledge.

This commitment, he explained, aims to provide the financial sector with highly qualified national talents, aligning with the highest international standards and contributing to the overall cultural and developmental renaissance witnessed by the country.

Congratulating the staff of the Central Bank and the Emirates Institute of Finance, as well as the accomplished graduates of the Ethraa program, Sheikh Mansour wished them success in serving their country and contributing to its continued progress.

‘Innovative Projects’ Pavilion

The event also involved the ‘Innovative Projects’ Pavilion, where the Central Bank’s subsidiaries showcased their initiatives.

Here, the Sheikh witnessed the launch of Al Etihad Payments company and the first successful financial transaction using the local payment card system, which includes distinctive specifications.

Sheikh Mansour also received briefings on the services offered by the Aani instant payment platform, launched by Al Etihad Payments in October 2023, and the supervisory technology project ‘Suptech.’ These initiatives reflect the UAE’s commitment to staying at the forefront of financial technology and innovation.

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Wayne Jones

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February 3, 2024

R&BeeEEeeEEf: Jacquees Accuses Trey Songz Of Ripping Out His Dreadlocks During Scalp Snatching Dubai Dust Up

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Happy Black History Month?????

A random R&BeeEEeeEEf has erupted between Trey Songz and Jacquees — and the latter is accusing the former of cattily snatching his dreadlocks out during a nasty fight overseas.

Source: Paras Griffin / Getty

In a series of since-deleted posts, Jacquees, 29, claimed he was assaulted by Songz during a heated physical dispute while out in Dubai. The “B.E.D.” singer alleged that his scuffle with the R&B veteran occurred as the two were partying at a club in the UAE.

“I want the world to know this b*tch ass n**** Trey Songz is a b*tch,” Jacquees shouted in a clip shared to his Instagram account on Feb.1, according to TheNeighborhood Talk.

“This n**** came in the club talking ‘bout rape. F*ck you talking ‘bout rape for b*tch ass n****? Then you come outside the club and swing on your little brother. You’s a b*tch,” Jacquees continued.

The Georgia native claimed that Songz was upset about a woman, that wasn’t even his “b*tch” at the time. Before ending his rant, Jacquees gave a shoutout to Chris Brown and warned Songz to stay away from him.

“F*ck you b*tch ass n****. You a rapist, b*tch,” the singer shouted, referencing the rape allegations that were brought forth against the “Na Na” artist in 2022.

Jacquees, Trey Songz, Dreadlocks, Instagram, Dubai, Fight

Source: Prince Williams / Getty

In a follow-up post — which was also scrubbed from the R&B star’s Instagram account — Jacquees showed pictures of the dreadlocks that Songz allegedly yanked from his hair during their Dubai brawl.

“F*ck Trey Songz can’t come back to Atlanta,” the singer captioned his photo carousel. He also claimed that Songz was hating on his outfit before their Dubai fight popped off.

“This n**** came in the club and said I got on QUE FIT LOL WHOLE TIME N*GGA HATING!! THIS MAN DANCING INTRODUCING HIMSELF TO N***** ALL TYPE OF SH*T B*TCH A** N****AND I GAVE THAT B*TCH A** N**** A COMPLIMENT MAN F*CK YOU P***Y YOU A HOE BOY THAT LOVE BE FAKE AND THIS N*GGA PULLED OUT MY DREAD YOU BETTER BE GLAD THEM BOYZ WASNT ME BOY YOU OVER WIT IN THE A EVERYSHOW WE THERE FROM THE A TO NC TO FLORIDA ALL THAT SH*T.”

Trey Songz Might Have Subtly Responded To Jaquees’ “Atlanta Ban” With A New Photo

Despite Jacquees’ ranting, a seemingly unbothered Trey Songz took to Instagram to promote his forthcoming tour amid the drama. He also coincidentally posted pics of himself alongside Atlanta celebs T.I. and Tiny as if to scoff at Jaquees’ ATL ban.

“LOVE HARD TOUR COMING TO A CITY NEAR YOU,” Songz captioned a slideshow of himself riding on an expensive yacht and partying.

Hilariously, fans couldn’t help but poke fun at Jacquees’ missing locs in the comments section— and they were eager to know if Songz was responsible for the singer’s damaged hair.

“Now why u pull that boy’s hair?” one user asked.

“I have reason to believe that you have a few dreadlocks in your possession,” another fan penned.

“Whoa, it’s Mr.Take yo dreads,” a third netizen joked.

Yikes!

This is a lot and it’s far from finished.

Most recently Jacquees went Live and doubled down on his accusations of Songz being a rapist.

“These n***s hoes for real, that n*** did it. I don’t know what y’all talking about, he did it,” said Jacquees during a rant.

What do YOU think about Jacquees and Trey Songz going at it?

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Shannon Dawson

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February 2, 2024

Human Generated: VESA

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This is Human Generated

This is an interpretation of VESA’s appearance on the Human Generated podcast by Omid Honari. The two met during a day of keynote speeches at the Mohammed Bin Rashid library, where as it turns out, both of their topics touched on not only art and its implications, but also spirituality.
It was no wonder that when VESA and Omid sat down to record this podcast, the deeper topics were soon elaborated on.

Watch the conversation on Youtube
Watch it on Spotify

Why read further ( or return)?
Breakdown, links and illustrations:

The conversation took place in late May when Dubai was plunging into the hot temperatures. Vesa told that as a 44-year-old, the elapsing winter was the first where he had enjoyed consistent warm weather, being natively from Finland and having lived in the UK for several years.
‘There’s a lot of cold trauma still to be purged’, he said.
Omid relayed a piece of advice he heard as a boy that coping with cold is much easier than coping with heat, since you always have the option of adding a layer of clothing, but there is only so much you can remove. This advice also speaks to how personal our relationship with the weather and our immediate surroundings is. We rationalize our emotions towards it via stories and these pieces of advice that we tell each other.

VESA and Omid met at the Mohammed bin Rashid Library in early 2023, where they both were speaking.

New Horizons

To delve right into the mouth of the beast, Omid poses an interesting proposition of the constellation of new technologies, NFTs, metaverse and the whole Web3 being at odds with the creative arts as we know it.
‘Most respectfully, I disagree with that, VESA starts.
VESA explains that one of the concepts that governs how he views art, and life itself, is Ken Wilber’s Integral Theory. This theory helps to see yourself, your contribution, philosophies, and beliefs as functional parts of the elaborate whole. This way of approaching art is not taught in colleges and universities, where most art history begins or at least emphasises the post-modern period without studying the roots of why humans began creating art in the first place, namely cave painting and body painting.
With a fractionalized outlook on art, new technologies can feel like a jarring, disjointed note in the melody of human creativity, whereas from the Integral point of view, these are tools that if utilized to their utmost potential, will remove the old gatekeeping systems for more creativity to blossom in society.
‘My LUXOR- inspired art gallery is a great example of this. It uses new technologies, it breaks barriers of entry and in substance, it studies the origins of art, VESA says.
‘It’ll take a little bit of time, and whether the traditional art institutions will adopt this remains to be seen, since their interest is so much in identity politics, but for people, this means total freedom’, he explains.

The Luxor Metaverse temple is live with Superworld

Possibilities or threats

Omid agrees that the limitation of the current arts education seems to be that it is taught from the perspective of the current ideological climate, and it must go along the epoch of our time and what that does is hides the vastness of possibility that is currently available.
Intrigued by VESA’s mention of primordial art, Omid asks next how does an artist with a capital A bridge together the gap of something so corporal, so essential as body paint with something as cerebral and intangible as the digital realm.
‘When I saw my first model with full body paint in my studio, I knew that this was it, it was like a superhero had appeared in front of me’, VESA says.
‘But when it comes to embarking on the digital journey, I had no other choice. My method dictated that my originals were digital ever since 2008, and this was a major issue for the art institutions before the advent of NFTs. They would ask for an oil original that I didn’t have’.

“Escapist” was the first bopypainting and photography based collage work VESA made in 2008.

‘The technology that facilitates Bitcoin is the turning point in digital scarcity and digital ownership, because it facilitates digital assets, like artworks, that are as rare as the physical Mona Lisa’.
Omid then points out that isn’t one of the most valuable digital artworks verified on the blockchain a picture of a monkey, homing in on his original point of new technologies diluting actual artistic endeavour.
‘There’s some genius marketing behind that project, and it gains its value also through being an access pass. What it’s not is art’, VESA explains.
‘How is the casual consumer going to gain an education about the difference between these two categories?’, Omid asks.
VESA explains that this is a deeper issue than what meets the eye, how in the words of the cultural critic Camille Paglia we are on the brink of another cultural Renaissance, should we take the steps to get there, but our institutions are not paving the way for our collective consciousness to get there. He also re-iterates the difference between the collectible digital art and the digitized fine art, where the only common factor is the underlying technology. Having said that, VESA expresses how positive it is that the gatekeeping of the old system is coming down due to technological advancements.
His native country Finland is a great example of this, where a lot of government grants are given only to art that perpetuates a certain narrative. This suffocates actual creativity and resembles more a high-school student, who studies what he knows the teacher cares the most about, not what is relevant.

The Camille Paglia lecture “Art belongs to everyone” has been one of the themes that have inspired this direction of thought.

The Origins

As VESA has mentioned Finland, and the general climate of art there, Omid is interested to know how art and VESA came to be.
‘What was the origin story?’, he asks.
‘It’s always been about connection, and the two points in time that come to mind are my connection to music, and especially African drums that lit something up inside me, and my connection to something spiritual that I experienced, when I very nearly drowned as a six-year-old.’, VESA says.
‘At its best, it doesn’t even feel like I am the one who is doing it. And skill comes into play so that it takes a form that others might enjoy as well, but it’s always about that connection that drives everything I do creatively’.

The Knight Rider theme was the first song to get VESA to play to be a rock star as his toy plastic axe as the guitar, sliding on his knees across the room as a 5 year old.

‘So where is the divine for you, then?’ Omid asks.
‘One of the books that talks about this is called Flower of Life, and it explains that this pattern at the very core of everything that comes into being is all coming through the One, but the multitude of expressions that the One takes, is our experience of the world’,

The ancient secret of the flower of life was a significant book to read while travelling shooting a documentary in Egypt and Mexico in 2012.

‘In terms of humans, I see the brain much more a receiver than a generator’, VESA says as he hints towards his understanding of the divine.
‘My traumatic experience of nearly drowning was so pivotal to my creative growth because it brought me violently close to that origin point, the point of ultimate connection to God. Maybe I remembered something, maybe I have been here before – it is a possibility’, VESA expands.
Omid illustrates our longing for our origins beautifully through a famous opening to a poem by Rumi, which describes the haunting sound of the reed pipe, longing to return to the whole it was cut from. Perhaps we are like the reed pipe, the divine breath moving through us, but always hankering to get back into unity with our origin.

The Pink Floyd “Back catalogue” poster on VESA’s wall as a teenager likely had a significant impact on his life choices later on.

Different bodies

Omid draws a parallel between VESA’s method of bodypainting and seeing inanimate objects as bodies, such as the body of a car that Omid had seen at an event recently. Does VESA see his Art Cars and other painted objects as a continuation of his bodypainting methodology?
‘In some sense, it is still human centric, because these different bodies are still painted for humans to admire’, VESA starts.

The Dr Marwan Tesla covered in art in Dubai also has a digital douible made by Zoan.

‘I also want to be incredibly respectful towards Islam, and not to portray a human as an idol, so I have a lot to study on how to bring to the front my goal of showcasing the divine spark in the human form, how He made us so magnificently’, VESA says.
‘In that spirit of further conversation and discussion, we could go on for so much longer, but I want to invite you to the possibility of having a second episode with you,
‘Inshallah’, VESA says.

Watch the conversation on Youtube
Watch it on Spotify

______

Until next time,

VESA & Lotta
Crypto & NFT Artist
All links to physical, NFTs, and more below
http://linktr.ee/ArtByVesa

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Vesa

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January 8, 2024

How Oto Wellbeing Took CBD Cosmetics Into the Middle East – WWD – Medical Marijuana Program Connection

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LONDON — The use of CBD in cosmetic products has become normalized in the last few years due to the boom it has enjoyed, but the globalization of CBD outside of the U.S. and Europe is still met with raised eyebrows.

In the Middle East, it’s still illegal.

“The United Arab Emirates is amazingly strict and it was a real challenge for all of our products. They all went through their own licensing process in order to be available in the U.A.E.,” said Gemma Colao, cofounder and creative director of Oto Wellbeing.

Her brand is one of the first to legally sell CBD cosmetics in the region; they’re exclusively stocked at the Mandarin Oriental, Emirates Palace Abu Dhabi’s spa. The products include a day cream, serum, eye cream, night face mask, hand balm and a seven-day ampoule glow treatment.

Gemma Colao, cofounder and creative director of Oto Wellbeing.

Every product was tested for quality and quantity of ingredients, purity and traceability. The testing took 12 months to complete.

The multinational luxury hotel group was Colao’s first partner, where the signature treatments use a clear quartz crystal; green aventurine crystal; frankincense, and a sculpting bamboo massage.

“We started to talk to the Mandarin Oriental about how we could extend our offering and move outside of London — it was their idea to go to the U.A.E.,” said Colao.

Original Author Link click here to read complete story..