World’s Largest Bitcoin Conference Debuts in the Middle East This December

The world’s largest Bitcoin Conference is set to make its debut in the Middle East, with Abu Dhabi playing host to the inaugural Bitcoin MENA Conference on December 9-10, 2024. The event will take place at the prestigious ADNEC Centre, marking a significant milestone for the region as it becomes a central player in the rapidly growing Bitcoin economy, often referred to as the “New Gold Rush.”

This Middle East and North Africa edition of the global Bitcoin Conference series is organized by ADNEC Group in collaboration with BTC Inc., the parent company behind Bitcoin Magazine and the Bitcoin 2024 conference. Bringing together influential voices from across the industry, Bitcoin MENA will cover pivotal topics shaping the future of Bitcoin in the region.

As the UAE cements its role as a hub for Bitcoin innovation, the conference will spotlight the nation’s strategic advantages, including vast energy resources, capital reserves, and a vibrant innovation ecosystem. Notable speakers already confirmed include Anthony Scaramucci, former White House Director of Communications, Vishal Sacheendran, Binance’s Head of Regional Markets, HRH Hereditary Prince Filip Karađorđević of Serbia, and Dr. Marwan Ahmed Al Zarouni of Dubai Blockchain Summit.

Following the success of the Bitcoin 2024 conference in Nashville, which attracted 22,000 attendees and featured prominent figures like Donald J. Trump and Michael Saylor, Bitcoin MENA is expected to draw significant attention from regional and global players in the industry. Attendees will have the chance to participate in high-level discussions, network with industry leaders, and explore an expo hall showcasing cutting-edge technology and art.

For those seeking an exclusive experience, Whale passes are available, providing VIP access and insider opportunities at this premier Bitcoin event.

As Bitcoin continues to expand its influence, this conference is a must-attend for anyone looking to shape the future of finance in the Middle East. Be sure to secure your place at Bitcoin MENA and witness the next chapter in the evolution of the Bitcoin economy.

UAE Economy Set for 5.1% Growth in 2025, Says IMF

The UAE economy is on track to grow by 5.1% in 2025, according to the latest World Economic Outlook (WEO) report from the International Monetary Fund (IMF). The Gulf nation continues to see solid economic performance, with GDP growth expected to hold steady at 4% in 2024 before accelerating the following year.

Key drivers of this growth include vibrant domestic sectors such as tourism, construction, and financial services, which have shown impressive activity, contributing to the UAE’s broad-based economic expansion. The IMF’s report highlights the country’s ongoing efforts to diversify its economy, with non-oil GDP now accounting for over 70% of the total.

Increased public and private investments, along with major structural reforms in renewable energy and technology, are anticipated to boost the UAE’s economic trajectory further. The IMF emphasized the significance of these reforms, which align with the UAE’s vision for sustainable development and private sector growth. Higher hydrocarbon GDP growth is also expected to support the overall economy, bolstered by increased crude oil production as part of the UAE’s OPEC+ quota adjustments.

In a statement earlier this year, the IMF praised the UAE’s comprehensive reform agenda, which aims to enhance governance frameworks and promote green growth. These initiatives are vital for maintaining the country’s upward momentum and cementing its role as a global economic hub.

Regionally, the Middle East and Central Asia economies are projected to grow by 2.4% in 2024 and 3.9% in 2025. While the UAE’s outlook remains strong, the IMF revised its GDP forecast for Saudi Arabia downward for 2024, citing the impact of extended oil production cuts and geopolitical tensions, but predicts a rebound with 4.6% growth in 2025.

As the UAE continues to invest in its future, the nation is well-positioned to further strengthen its economy, with key sectors driving growth and diversification efforts ensuring long-term stability.

AHS Properties Celebrates AED 130M Sale of Ultra-Luxury “Searenity” Villa on Palm Jumeirah

AHS Properties has reached a significant milestone with the sale of its ultra-luxurious “Searenity” villa on Palm Jumeirah for AED 130 million. Known for setting new standards in high-end residential living, AHS Properties continues to elevate Dubai’s luxury real estate market with this landmark transaction.

“Searenity” is the final villa from a series of five ultra-premium properties redeveloped by AHS Properties since its inception. Each of these homes, spread across prestigious locations such as Palm Jumeirah and Emirates Hills, was meticulously transformed into exclusive residences. Featuring bespoke designs, first-class amenities, and unmatched comfort, these villas cater to buyers looking for unique, tailor-made living experiences. The sale to an end-user buyer further underscores the company’s vision of creating exceptional luxury homes.

Spanning over 17,000 square feet, “Searenity” is a true representation of AHS Properties’ commitment to redefining opulence in residential living. The villa boasts an impressive array of world-class amenities, including an indoor and outdoor pool, cinema room, gym, steam room, spa, DJ area, and private elevators. With expansive city and sea views, “Searenity” offers a blend of cutting-edge design and prime location, making it a standout in Dubai’s luxury real estate landscape.

Founder and CEO of AHS Properties, Abbas Sajwani, shared his excitement over the successful sale, stating, “We are delighted to have closed the sale of ‘Searenity’ to a buyer who appreciates the exclusivity and luxury we strive to deliver. This transaction highlights Palm Jumeirah’s status as one of Dubai’s most coveted residential addresses and reflects our ongoing dedication to crafting homes with meticulous attention to detail.”

The sale of “Searenity” marks the culmination of AHS Properties’ focus on ultra-luxury villa developments, a testament to their forward-thinking approach in delivering innovative and opulent residential projects. The company remains steadfast in its goal of pushing boundaries in the luxury real estate market, with more groundbreaking projects expected in the future.

Dubai Completes Al Khail Road Development Project: Five New Bridges and Wider Roads to Ease Traffic

Dubai Completes Al Khail Road Development Project: Five New Bridges and Wider Roads to Ease Traffic

The Roads and Transport Authority (RTA) of Dubai has announced the successful completion of the Al Khail Road Development Project. This ambitious initiative includes the construction of five new bridges and the widening of roads over a total length of 6,820 metres, aimed at alleviating traffic congestion in the emirate.

Key Enhancements to Al Khail Road

The project focused on enhancing seven critical areas along Al Khail Road: Al Jaddaf, Business Bay, Zabeel, Meydan, Al Quoz 1, Ghadeer Al Tair, and Jumeirah Village Circle. This road serves as a vital corridor, linking major highways such as Sheikh Zayed Road, Sheikh Mohammed bin Zayed Road, and Emirates Road. Al Khail Road itself stretches from Business Bay Crossing to its intersection with Sheikh Mohammed bin Zayed Road, consisting of five lanes in each direction and expanding to over six lanes in certain sections.

With an estimated capacity to serve around 1.5 million residents, the development has resulted in a remarkable 30% reduction in travel time and can now accommodate approximately 19,600 vehicles per hour. The enhancements have effectively eliminated traffic bottlenecks at key interchanges, ensuring a smoother and more efficient flow of vehicles.

Details of the New Infrastructure

The project included the following significant developments:

Zabeel: A 700-metre, three-lane bridge was constructed, capable of handling up to 4,800 vehicles per hour. This bridge connects Oud Metha Street and Financial Centre Street to Al Khail Road, facilitating traffic towards Jebel Ali.

Meydan: A 610-metre, two-lane bridge was built, accommodating up to 3,200 vehicles per hour. This bridge links Al Meydan Road to Al Khail Road, enhancing traffic movement toward Deira. An additional 1,550 metres of surface road improvements were made to facilitate connectivity to Ras Al Khor Street.

Al Quoz 1: A 650-metre, two-lane bridge with a capacity for 3,200 vehicles per hour connects Al Meydan Road and Al Waha Street, while 2,170 metres of surface road improvements link Al Khail Road to Al Waha Street and Latifa Bint Hamdan Street.

Ghadeer Al Tair: A two-lane, 640-metre bridge was constructed, also serving 3,200 vehicles per hour. This bridge links Latifa Bint Hamdan Street to Al Khail Road toward Deira, with an additional 1,350 metres of road enhancements to improve traffic flow.

Jumeirah Village Circle: A 700-metre, two-lane bridge connects Hessa Street and Al Khamila Street, accommodating 3,200 vehicles per hour. Surface road improvements of 900 metres were also made to link traffic from Jumeirah Village Circle to Al Khail Road.

Al Jaddaf: A new lane was added over 600 metres, increasing capacity by approximately 2,000 vehicles per hour between Oud Metha Street and Financial Centre Street.

Business Bay: An additional 435-metre lane was introduced to improve traffic flow into the Business Bay area from Al Khail Road, enhancing road safety in this sector.

The completion of the Al Khail Road Development Project represents a significant step toward improving Dubai’s transportation infrastructure and enhancing the overall driving experience for residents and visitors alike.

 

 

 

 

 

LuLu Group International to Launch 25% Share IPO on Abu Dhabi Securities Exchange

In a landmark move, UAE retail powerhouse LuLu Group International announced on October 21 that it will offer 25% of its shares in an initial public offering (IPO), set to be listed on the Abu Dhabi Securities Exchange (ADX).

The hypermarket chain operator aims to sell a total of 2,582,226,338 shares, each with a nominal value of Dirham 0.051. The IPO will be conducted in three tranches, with subscription starting on October 28 and closing on November 5, 2024. The offering is open to UAE retail investors, employees, institutional investors, and eligible senior executives.

Book Building Process and Dividend Strategy

The final offer price will be determined through a book building process, with trading expected to commence on the ADX around November 14. LuLu Group anticipates a total dividend payout ratio of 75% of annual distributable profits after tax, distributed semi-annually. The company plans to issue dividends for the six months ending December 31, 2024, in the first half of 2025.

Leadership Remarks and Company Growth

M A Yusuffali, founder and Chairman of LuLu Group, expressed pride in the IPO announcement, highlighting the company’s position as the largest full-line retailer across the GCC. Since its founding in 1972, LuLu Group has expanded to over 240 stores in six GCC countries, exceeding its own growth expectations.

“We’re eager to welcome new shareholders to LuLu and share our passion for the company and our excitement for future endeavors,” Yusuffali stated.

Saifee Rupawala, CEO of LuLu Retail, emphasized the brand’s strong presence in the GCC retail market, noting, “Our scale is matched by a proven track record of substantial revenue growth, attractive profit margins, and a focused growth strategy.” He added that LuLu Group is committed to enhancing value from existing stores, expanding its network, improving operational efficiencies, and growing its high-value private label and loyalty programs.

With the GCC retail sector poised to present a $100 billion market opportunity over the next five years, Rupawala expressed confidence in LuLu’s potential, particularly in the Saudi Arabian market, stating, “We are certain that LuLu will continue to be the go-to destination for shoppers worldwide.”

President Sheikh Mohamed meets with Vladimir Putin During Official Russia Visit

President Sheikh Mohamed arrived in Moscow on Sunday for an official visit aimed at enhancing the longstanding relationship between the UAE and Russia. His visit includes high-level discussions with President Vladimir Putin, who hosted a special dinner in his honor at his official residence that evening.

During the dinner, Sheikh Mohamed expressed gratitude to President Putin for his dedication to strengthening UAE-Russian relations. In return, Putin emphasized the importance of furthering bilateral ties, as reported by state news agency WAM.

Upon his arrival at Vnukovo International Airport, Sheikh Mohamed received an official reception, complete with a guard of honor and the playing of both countries’ national anthems.

Delegation and Agenda

Sheikh Mohamed’s delegation is notable, comprising key figures such as:

  • Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs
  • Sheikh Hamdan bin Mohamed, Deputy Chairman of the Presidential Court for Special Affairs
  • Sheikh Mohammed bin Hamad, Adviser for Special Affairs at the Presidential Court
  • Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology
  • Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade
  • Ahmed Al Sayegh, Minister of State

On Monday, Sheikh Mohamed and President Putin will engage in discussions aimed at bolstering cooperation across various sectors, including economy, trade, investment, and energy. Their talks are part of the strategic partnership between the two nations, and they will also address regional and international issues of mutual interest.

Previous Engagements and BRICS Summit Participation

This meeting follows Sheikh Mohamed’s prior engagements with Putin, including a state visit to the Emirates in December, where they discussed issues such as the conflicts in Gaza and Ukraine. The two leaders also met in St. Petersburg during Sheikh Mohamed’s working visit to Russia last June.

Notably, the UAE has become Russia’s largest trading partner in the Gulf, accounting for 55% of total Russian-Gulf trade. During this visit, Sheikh Mohamed will also participate in the 16th BRICS summit, held in Kazan from October 22 to 24. This marks the UAE’s inaugural participation in the summit as a member, having joined the bloc, which initially consisted of Brazil, Russia, India, China, and South Africa, in January 2024.

Sheikh Mohamed’s visit underscores the UAE’s commitment to fostering strong ties with Russia, highlighting the importance of collaboration in various sectors to support mutual interests.

Dubai Airport to Implement AI-Driven Facial Recognition for Seamless Travel Experience

Dubai Airport is set to replace all physical passport control stations and smart gates with facial-recognition cameras powered by artificial intelligence, allowing travelers to be continuously scanned and verified as they navigate through the terminal.

According to a senior government official, there will be no need for passengers to stop and present documents from the moment they enter the airport until they board their flights. “The concept of gates and passport corridors will be eliminated,” he stated.

This comprehensive system will confirm travelers’ biometric data, identify them, and officially record their arrival or departure during the passport control process. Khaled bin Madia Al Falasi, Deputy Assistant Director for Smart Services at Dubai’s General Directorate of Residency and Foreigners Affairs, emphasized, “We have all the travelers’ data; we have all the citizens’ and residents’ data.”

The system will collect biometric prints as passengers pass through the airport, get off the plane, retrieve their luggage, and head to their vehicles—effectively removing the sensation of encountering border control.

The advanced Travel Without Borders program, which will be implemented in collaboration with airlines and other partners, is expected to launch “very soon” at Dubai International Airport and Dubai World Central, according to Al Falasi.

Initially, the network of facial-recognition cameras will cater to first-class and business-class passengers, providing them with a “seamless” travel experience through departure and arrival halls, with plans to extend the system to all travelers.

First-time visitors to Dubai airports will need to complete an app-based “pre-registration process” prior to arrival. Al Falasi explained, “We will perform a match the first time upon entry, and then they can utilize the Travel Without Borders system.”

Emirates Crowned ‘World’s Best Airline’ in Telegraph Travel’s 2024 Study

UAE-based Emirates Airline has earned the distinguished title of “World’s Best Airline” in the Telegraph Travel’s comprehensive 2024 study. This evaluation scrutinized 90 international airlines, showcasing Emirates’ outstanding performance across more than 30 key service metrics.

The airline rose to the top following an extensive assessment that included data from over 18 independent international awards, passenger surveys, and expert evaluations. Important performance indicators such as punctuality, baggage handling efficiency, route network coverage, fleet modernization, and overall inflight service quality were taken into account.

According to the Telegraph Travel report, “Emirates ticks nearly every box,” reinforcing its dominant position in the global aviation landscape. The airline operates the world’s largest fleet of Airbus A380s, which has transformed passenger comfort across all cabin classes. These “superjumbo” aircraft are renowned for their spacious configurations, providing ample legroom even in economy class—a vital factor in today’s competitive travel market.

Premium travelers have special reason to celebrate, as Emirates’ premium economy service, available on 21 major international routes, has been recognized as “the best in the sky.” This service features meticulously designed leather seats with a generous 40-inch pitch, advanced entertainment systems, and exclusive dining options, including vintage champagne.

In business class, Emirates continues to stand out with its comprehensive door-to-door service, which includes the increasingly rare complimentary chauffeur transfers. First-class passengers are treated to what Telegraph Travel calls “the finest wine list of any carrier,” along with the unique luxury of onboard showers available on A380 flights.

This premium experience extends beyond the cabin, with access to over 34 dedicated airport lounges globally, including seven located in Dubai. Emirates serves 140 cities across 77 countries, showcasing its extensive route network. This remarkable connectivity, coupled with consistent service excellence, earned the airline top honors in Telegraph Travel’s reader poll, where around 30,000 participants named it the best long-haul carrier worldwide.

The year 2024 has already been remarkable for Emirates, having secured 19 major industry awards in the first half alone. Notable accolades include seven prestigious Skytrax World Airline Awards, recognizing excellence in various categories such as inflight entertainment and family-friendly services. The airline’s innovative ice entertainment system, offering over 6,500 channels in more than 40 languages, has consistently been praised for its diverse content and superior connectivity options.

Further validation of Emirates’ leadership came from the Business Traveller Middle East Awards, where it was named “Best Airline Worldwide,” along with awards for its premium economy class, first-class service, airport lounges, and frequent flyer program. The airline’s dedication to customer loyalty was also recognized at the International Loyalty Awards, where Emirates Skywards was honored as the “Global Loyalty Programme of the Year Middle East.”

Families traveling with Emirates benefit from the airline’s thoughtful service approach, which includes priority boarding, spacious seating configurations, and dedicated entertainment options for children. The airline pays special attention to unaccompanied minors and provides services for neurodivergent passengers, underscoring its commitment to accessible travel.

Emirates’ success is further complemented by technological innovations. AirlineRatings.com recognized the airline for its superior inflight entertainment and connectivity solutions, offering all passengers some form of complimentary Wi-Fi access to enhance their travel experience.

The methodology used in the Telegraph Travel study incorporates multiple independent sources, making it a reliable measure of airline excellence. As the air travel landscape continues to evolve, Emirates’ dedication to innovation, comfort, and service excellence positions it as a leader in the industry. This latest accolade as “World’s Best Airline” not only highlights current achievements but also points to a promising future for premium air travel.

Emirates Expands Boeing 777F Freighter Fleet Amid Rising Cargo Demand and Delays

Dubai’s Emirates Airline, recognized as one of the largest cargo carriers globally, is moving forward with an expansion of its Boeing 777F freighter fleet to meet the expected surge in global cargo demand. According to industry sources, the airline has placed fresh orders for additional 777F freighters, despite ongoing tensions with Boeing over delivery delays of the next-generation 777X passenger jets.

Boeing confirmed it had received orders for 11 777F freighters in September from undisclosed buyers, and sources have revealed that Emirates is among those customers. However, both the airline and Boeing have declined to comment on the specifics of the deal.

Emirates has been a long-time operator of the Boeing 777 family and holds the title of the largest customer for the delayed 777X model, which Boeing recently announced will be pushed back to 2026 due to ongoing industrial challenges. Tim Clark, President of Emirates Airline, recently expressed frustration over the cumulative six-year delay of the 777X, adding to the complexities surrounding the airline’s fleet expansion.

Currently, Emirates operates around a dozen Boeing 777F freighters, with four more on order, and is leasing four 747 freighters with crews to meet rising demand. As the airline looks ahead, it’s in discussions to further grow its cargo fleet, considering the freighter versions of the newer Airbus A350 and Boeing’s future 777X models. Emirates aims to triple its cargo fleet by 2030 to keep pace with the global demand for air freight.

A senior Emirates executive recently hinted at upcoming announcements regarding further investments in freighters. Meanwhile, analysts point out that the delays in passenger planes have further fueled the need for dedicated freighter aircraft. As a significant amount of air cargo typically travels in the bellies of passenger jets, the shortage of passenger planes has shifted focus toward freighters.

The International Air Transport Association (IATA) reported that average global cargo yields increased by 12% in August, marking the highest growth in over two years. This uptick in cargo yields underlines the growing demand for freighter capacity, especially as passenger plane production faces delays from both Boeing and Airbus.

 

Dubai Reduces Dh47 Billion Debt as IPOs and Corporate Tax Fuel Revenue Growth

Dubai’s economy has seen a robust recovery since the pandemic, with all sectors experiencing exponential growth. As a result, the Dubai Government has successfully paid off over Dh47 billion in debt, according to a new report released on Wednesday.

Global rating agency S&P highlighted that the emirate repaid Dh40 billion in debt during 2022-2023 and an additional Dh7.1 billion in bonds. This significant reduction is expected to bring Dubai’s general government debt down to 34% of its GDP by the end of 2024, compared to 70% in 2021.

S&P noted that the government’s debt repayment included a Dh20-billion loan from Abu Dhabi and the Central Bank of the UAE and Dh7.1 billion in bonds. This debt reduction has been supported by Dubai’s booming economy and strong revenue streams, including the introduction of a 9% corporate tax.

In addition to the tax, the government has monetized several of its assets through IPOs over the past two years, raising approximately Dh33 billion. Major listings included partial sales of Dewa, Salik, Empower, and Tecom. With more companies scheduled to go public, Dubai could see further financial boosts, helping to reduce debt or fund significant projects like airport expansions.

Dubai’s gross government debt is expected to decline further, with S&P predicting fiscal surpluses from 2024 to 2027 and no additional debt issuances during this period. However, funding for large-scale projects such as the Al Maktoum Airport expansion and the Tasreef rainwater drainage system remains uncertain in terms of timing and government participation.