Dubai RTA Earns AED69 Million in Vehicle License Plate Auction

Dubai’s RTA Collects AED69 Million in Record-Breaking License Plate Auction

In a significant boost to Dubai’s vehicle licensing sector, the Roads and Transport Authority (RTA) has generated an impressive AED69.137 million through its latest auction of premium vehicle license plates. This open auction, the 116th of its kind, featured 90 exclusive plates ranging from two to five digits, representing letters such as AA, L, N, P, Q, R, S, T, U, V, W, X, Y, and Z.

The star of the auction was plate number AA17, which attracted the highest bid of AED8.02 million. Among the other top-selling plates, Y1000 was sold for AED4.55 million, V96 fetched AED4.1 million, and AA333 went for AED3.01 million.

These auctions are part of RTA’s well-structured approach to offering premium plates to the public, with an emphasis on neutrality, transparency, and equal opportunity for all participants. The plates often hold deep significance for buyers, symbolizing personal milestones, affiliations, or ambitions, which drives their popularity in these high-stakes auctions.

RTA continues to meet the demand for unique identifiers through both public and electronic auctions, offering a wide range of options to Dubai’s vehicle owners.

UAE Cabinet Approves Record-Breaking AED 71.5 Billion Union General Budget for 2025

The UAE Cabinet, presided over by His Highness Sheikh Mohammed bin Rashid Al Maktoum, has officially approved a historic Union General Budget for the fiscal year 2025. This budget totals AED 71.5 billion in both revenues and expenditures, maintaining a balanced approach that reflects the strength and sustainability of the national economy.

This budget marks a significant milestone as it represents the largest financial allocation in the UAE’s history. It is part of a comprehensive multi-year financial plan running from 2022 to 2026, emphasizing the government’s commitment to supporting critical developmental, economic, and social initiatives across the nation.

The 2025 budget is strategically distributed among key sectors, ensuring a wide-reaching impact. Notably, AED 27.859 billion, accounting for 39% of the total budget, is earmarked for Social Development and Pensions. Within this allocation, AED 10.914 billion (15.3%) is dedicated to public and higher education programs, while AED 5.745 billion (8%) is set aside for healthcare and community prevention services. Additional funds include AED 3.744 billion (5.2%) for social affairs, AED 5.709 billion (8%) for pensions, and AED 1.746 billion (2.5%) for public services.

The Government Affairs sector receives AED 25.570 billion, making up 35.7% of the budget, while the Infrastructure and Economic Affairs sector is allocated AED 2.581 billion, representing 3.6% of the total. Furthermore, AED 2.864 billion (4%) is designated for Financial Investments, alongside AED 12.624 billion (17.7%) reserved for other federal expenditures.

This budget approval underscores the UAE’s unwavering commitment to enhancing its social infrastructure and economic growth, ensuring the well-being of its citizens and residents while fostering a sustainable future.

Luxe Developers Partners with China State Construction for AED1.5 Billion Oceano Project

The Luxe Developers has officially selected China State Construction Engineering Corporation (Middle East) as the primary contractor for its ambitious AED1.5 billion Oceano development located on Al Marjan Island. This strategic partnership marks a significant milestone for the project, as China State Construction, the world’s largest construction firm by revenue, will oversee essential aspects including the construction, completion, and long-term maintenance of the development. The initial enabling works, such as shoring, piling, and excavation, have already been successfully completed by S.S. Lootah Foundations.

Shubam Aggarwal, Chairman and Co-owner of The Luxe Developers, expressed enthusiasm about the collaboration, stating that China State Construction is not only firmly established in the industry but also possesses a robust reputation. He highlighted the contractor’s extensive experience with prestigious projects in the UAE, the broader Middle East, and globally, emphasizing how their expertise will be crucial in delivering the high standards expected for the Oceano project.

Tian Sanchuan, President of China State Construction Engineering Corporation (Middle East), conveyed their commitment to excellence, stating, “We are honoured to be appointed as the main contractor for The Luxe Developers’ Oceano project. This partnership reflects our dedication to delivering innovation in every endeavor. We look forward to leveraging our extensive experience to bring this visionary development to life.”

The Oceano project, anticipated to be completed by 2026, is designed to offer a total of 206 residential units spread over 18 stories. The development includes an array of one-, two-, three-, and four-bedroom apartments, six luxurious penthouses, and two exclusive sky villas, catering to a diverse range of residents and their needs. Positioned on a unique corner plot on Al Marjan Island, the development spans an impressive built-up area (BUA) of 79,000 sqm.

Oceano promises a wealth of high-end amenities designed to enhance the living experience. Residents will enjoy an infinity pool boasting breathtaking views of the Arabian Sea, advanced fitness facilities complete with state-of-the-art gyms and yoga studios, and rejuvenating spa services that cater to their wellness needs.

Architecturally, Oceano will feature distinctive design elements such as free-flowing glass facades and minimalist frames, ensuring an aesthetic appeal that complements the surrounding environment. Each floor will be designed to rotate on different planes, providing residents with unique and unobstructed panoramic views of the Arabian Gulf, thereby enhancing the overall living experience.

Siddharta Banerji, Managing Director and Co-owner of The Luxe Developers, emphasized the company’s commitment to excellence, stating, “At The Luxe Developers, we are dedicated to building unique homes that create extraordinary living experiences. Every project we undertake reflects our commitment to craftsmanship and meticulous attention to detail while pushing the boundaries of design. Our vision is to redefine exclusivity and transform spaces into architectural landmarks that endure.”

As the Oceano development progresses, it is set to not only redefine luxury living in Dubai but also contribute to the overall vibrancy of the real estate market on Al Marjan Island, attracting attention from potential buyers and investors alike.

Dubai Land Department Collaborates with Digital Dubai to Enhance Real Estate Transparency

Dubai has made significant strides in improving transparency in its real estate sector through a new strategic partnership between the Dubai Land Department (DLD) and Digital Dubai. This collaboration aims to develop advanced data systems to monitor property prices, benefitting investors, developers, and buyers by providing reliable market insights.

The initiative reflects Dubai’s broader vision to strengthen confidence in key industries, particularly real estate, which contributed 7.5% to the emirate’s GDP in 2023. The partnership will introduce specialized indicators to track both residential and commercial property prices, enabling stakeholders to make informed decisions in a rapidly evolving market.

Hamad Obaid Al Mansoori, Director General of Digital Dubai, emphasized that this collaboration is crucial for digitizing various sectors and enhancing their economic contributions. He highlighted that the partnership will deliver solutions that stimulate market activity and attract further investment.

His Excellency Eng. Marwan Ahmed Bin Ghalita, Director General of DLD, noted the importance of accurate market indexes in helping decision-makers and investors plan effectively for the future. This partnership comes at a time when Dubai’s real estate sector is gaining global recognition, being the only property market in the Middle East and North Africa classified as ‘Transparent’ in the 2024 Global Real Estate Transparency Index, ranked 28th worldwide.

Furthermore, the integration of cutting-edge technologies like AI, blockchain, and data analytics into real estate practices aligns with Dubai’s ongoing digital transformation efforts. Recent statistics show positive growth in the residential real estate price index for Q2 2024, reflecting a 2.93% increase overall, driven by strong investor confidence.

This strategic partnership between Digital Dubai and the Dubai Land Department is a significant step toward a more transparent and data-driven real estate market, enabling stakeholders to capitalize on emerging trends and opportunities.

 

Fadie Musallet: A Philanthropic Force and Entrepreneurial Innovator in Dubai

Fadie Musallet, popularly known as “FadieCakes,” is a distinguished Palestinian-American entrepreneur and socialite who has carved out a notable presence in the vibrant city of Dubai. With roots in Florida, Musallet is renowned for his exceptional networking skills, successfully connecting with high-profile figures across various sectors, particularly in sports and entertainment. Celebrities such as Jay-Z, LeBron James, and Kevin Hart have crossed paths with him, underscoring his significant influence within elite circles.

A significant aspect of Musallet’s work is his philanthropic initiative, The Giving Family. This charity is dedicated to providing meals and essential support to underprivileged communities, particularly during Ramadan. Last year, The Giving Family distributed over 150,000 Iftar meals to blue-collar workers, highlighting Musallet’s commitment to social responsibility and community welfare. His bold mission aims to reach even greater heights, with aspirations to distribute over 500,000 meals in the future. He is actively seeking partnerships with organizations such as the United Nations and the Palestinian Children’s Relief Fund to expand the charity’s global reach.

Fadie’s entrepreneurial spirit was showcased during the COVID-19 pandemic when he organized the record-breaking concert “Kiss 2020 Goodbye,” which set two Guinness World Records. This remarkable achievement came amidst a global crisis, illustrating his resilience and creativity in the face of adversity. Musallet’s ability to pivot and innovate under challenging circumstances has cemented his reputation as a leading figure in the entertainment industry.

 

What sets Fadie apart is his philosophy of prioritizing the success of others over seeking personal fame. Throughout his career, he has focused on being a connector, helping people realize their dreams rather than seeking credit for himself. This approach has shaped his successful ventures, providing him with a deep sense of fulfillment as he brings joy and opportunities to others.

In addition to his professional endeavors, Musallet maintains a disciplined lifestyle, starting his day at 4:45 AM with spiritual practices, followed by rigorous workouts. He believes in the importance of balance, viewing work not merely as a job but as an integral part of life. His mantra—never regret what you do, but regret what you don’t—guides his actions, inspiring him to embrace opportunities as they arise.

Fadie Musallet also gained widespread recognition by appearing on the reality series Dubai Bling, which showcases the luxurious lifestyles and high-profile connections of Dubai’s elite. His charismatic presence on the show has further solidified his status as a prominent figure in the city’s social landscape.

With a degree in sports management from Florida State University, where he was part of the national championship football team, Musallet possesses a strong educational foundation that complements his business acumen. His ability to navigate the worlds of sports, entertainment, and philanthropy exemplifies how one can blend diverse interests into a successful career.

As a key figure in Dubai’s social and philanthropic landscape, Fadie Musallet continues to make a lasting impact through his entrepreneurial endeavors and charitable efforts. With aspirations to further the reach of The Giving Family and attract more top talent to the region, his future looks bright as he works to uplift his community and inspire others to contribute to the greater good. Fadie Musallet’s journey illustrates that true success is not solely measured by personal achievements, but also by the positive influence one has on the lives of others.

UAE Establishes Supreme Space Council to Propel National Space Sector

The UAE Cabinet, led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, has officially approved the establishment of the Supreme Space Council, a new permanent entity that will report directly to the Cabinet.

The council will be chaired by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Deputy Prime Minister. Its membership will consist of key figures in the UAE’s governance, including:

  • The Minister of Industry and Advanced Technology
  • The Minister of Economy
  • The Chairperson of the Board of Directors of the UAE Space Agency (serving as Secretary-General)
  • The Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications
  • The Vice President of the Mohammed bin Rashid Space Centre, Faisal bin Abdulaziz Al Bannai
  • Major General Dr. Mubarak bin Ghafan Al Jabri, Assistant Undersecretary for Support and Defence Industries within the Ministry of Defence

The Supreme Space Council will have several key responsibilities, including:

  • Approving public policies to regulate the space sector and its activities
  • Defining national priorities for the space sector
  • Identifying necessary technologies for achieving technological independence
  • Setting investment and acquisition priorities for public and private entities in space activities

Moreover, the council will focus on plans and strategies for space security, collaborating with international partners, and creating a comprehensive framework for managing infrastructure and assets in the space sector to ensure integration across relevant sectors.

Another critical role of the council will be to foster capacity building in the space sector while establishing local, regional, and international partnerships to enhance the industry. It will also review and approve legislation, policies, strategies, and national programs related to the space sector, in coordination with appropriate authorities.

The UAE Space Agency has been designated as the General Secretariat for the Council, tasked with providing the necessary technical and administrative support.

UAE’s Investment in India Set to Reach $100 Billion with Food Corridor Plans

The United Arab Emirates (UAE) is poised to significantly enhance its investment in India, with projections reaching $100 billion across various sectors. Union Commerce and Industry Minister Piyush Goyal announced this during the 12th meeting of the India-UAE high-level task force on investments, co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan, managing director of the Abu Dhabi Investment Authority.

This commitment builds on the UAE’s 2018 pledge to invest up to $75 billion in India. Goyal expressed optimism that this initial investment would evolve into $100 billion, covering areas such as infrastructure, manufacturing, and markets, although no specific timeline was provided.

The task force, established in 2013, aims to bolster trade and economic cooperation between the UAE and India. In the fiscal year 2022-23, bilateral trade reached $85 billion, making the UAE India’s third-largest trade partner, following China and the US. Additionally, the UAE is India’s second-largest export destination, accounting for nearly $31.61 billion in the same period. India currently faces a $12 billion trade deficit with the UAE, a decrease from $21 billion the previous year.

During his visit to the UAE earlier this year, Prime Minister Narendra Modi met with President Sheikh Mohamed bin Zayed Al Nahyan, where they signed several agreements focused on energy, finance, digital infrastructure, investments, and regional connectivity.

As part of this investment drive, Goyal revealed plans for a food corridor, with over $2 billion allocated for development over the next 2 to 2.5 years. This initiative aims to boost Indian farmers’ incomes and generate additional jobs, alongside discussions about establishing food parks in India. Goyal noted that the UAE is interested in investing in food processing facilities in India to provide high-quality products for the UAE market.

In a related announcement, India’s Press Information Bureau stated that the India Pavilion at Expo City in Dubai will house the first overseas campus of the Indian Institute of Foreign Trade (IIFT). The new campus is expected to open in early 2025, initially offering short and medium-term training programs, with plans to eventually launch its flagship MBA program in International Business.

UAE to Launch First National Baseball Team with Baseball United’s Support

The United Arab Emirates (UAE) is gearing up to launch its first national baseball team, a landmark development for the sport in the region. The initiative is being spearheaded by Baseball United, which will also lead a countrywide development program after receiving approval from the Emirates Cricket Board (ECB).

First Arab Classic Tournament

The UAE’s national team will make its debut at Baseball United’s inaugural Arab Classic event next month. The tournament will feature teams from eight nations, including Pakistan, India, and Saudi Arabia, with both Saudi Arabia and the UAE fielding national baseball teams for the first time. The event will take place at Baseball United’s new ballpark at The Sevens Stadium in Dubai, marking the region’s largest national baseball competition to date.

Baseball United’s Role

Baseball United, which presented the national team project to the ECB as part of its grassroots and community strategy, will be responsible for overseeing player selection, development, and the team’s participation in international competitions. The organisation is committed to growing the sport of baseball across the Middle East and South Asia.

“We are grateful for the support from His Highness Sheikh Nahyan bin Mubarak Al Nahyan, chairman of the Emirates Cricket Board, and other key leaders,” said Kash Shaikh, chairman and CEO of Baseball United. “This milestone is not just about launching a team, but about inspiring young players, coaches, and fans across the UAE. We aim to build a competitive national team that can make the UAE proud.”

Broader Impact

The UAE’s national team will adhere to World Baseball Classic (WBC) eligibility rules, enabling the selection of players from a broad pool of citizens and residents, reflecting the country’s diverse population of over 11 million people.

Shaikh emphasized the importance of this development, noting that Baseball United has already supported national baseball teams in countries like India, Pakistan, Sri Lanka, and Nepal. He expressed confidence that the UAE’s team will be competitive and a source of national pride.

This initiative is expected to energize interest in baseball within the UAE and further enhance the country’s reputation as a growing hub for sports development in the region.

Conclusion

With Baseball United leading the charge, the UAE is ready to establish itself as a key player in the world of baseball. As the nation prepares for the Arab Classic and its first foray into competitive baseball, the groundwork is being laid for a bright future for the sport in the Emirates.

UAE Weather Update: Rainfall Expected This Week

Residents of the UAE, particularly those in Abu Dhabi, should prepare for varying intensities of rainfall starting Monday, October 7, through Wednesday, October 9. The media office has announced that these weather fluctuations will be due to a surface low-pressure system moving into the region, accompanied by a relatively cold air mass at higher altitudes. This combination is expected to bring about a series of weather changes across the Emirates.

Recent weather observations indicated that some parts of the UAE experienced moderate to heavy rain on Sunday, October 6, with hail reported in the Murbad and Maidaq areas of Fujairah. The National Centre of Meteorology (NCM) issued an orange alert regarding the potential formation of convective clouds associated with rainfall, warning residents of the likelihood of heavy downpours lasting until 8 PM on the same day. Such weather conditions underscore the importance of staying informed and prepared for sudden changes in the environment.

Looking ahead, light to moderate rainfall is anticipated in Abu Dhabi, especially in the interior areas. The forecast also indicates the possibility of fresh winds accompanying the rain, which may lead to reduced visibility on the roads. In Al Ain, residents can expect a mix of light, moderate, and heavy rainfall, coupled with fresh to strong winds. Meanwhile, the Al Dhafra region is also expected to see light to moderate rainfall, with similar wind conditions.

Authorities are urging residents to exercise caution during this period. They recommend adhering to modified speed limits, especially in areas prone to flooding or reduced visibility. Travelers are advised to avoid venturing into valleys and other low-lying areas that may be more susceptible to rain-related hazards. In preparation for adverse weather, it is also advisable to carry first-aid kits and alternative light sources, ensuring safety during any potential power outages or emergencies.

As the weather continues to change, residents should stay updated with the latest forecasts and heed any warnings issued by the NCM and other local authorities. Preparedness is key to ensuring safety for both individuals and families during this period of unpredictable weather.

 

MENA Startup Funding Soars to $328.3 Million in September 2024

The Middle East and North Africa (MENA) startup ecosystem continues to demonstrate resilience and growth, securing a remarkable $328.3 million across 60 startups in September 2024. According to the latest report from Rasmal, this significant funding influx involved contributions from 36 different investors, showcasing growing confidence in the region’s innovative ventures and entrepreneurial talent.

Saudi Arabia and UAE: Leading the Charge

Saudi Arabia emerged as a major startup hub, attracting $165.34 million in funding, which accounted for more than half of the total capital raised in the MENA region. The Kingdom’s cities, particularly Riyadh and Jeddah, are rapidly developing into key startup centers, benefiting from robust government initiatives and private investments.

Meanwhile, the UAE secured $114.32 million, with strong interest in sectors such as FinTech, eCommerce, and property technology (PropTech). Dubai’s business-friendly policies and strategic location continue to draw investors, with 28 UAE-based startups securing funding in September alone, further solidifying the country’s dominance in the number of funded ventures.

FinTech: The Dominant Sector

The Rasmal report highlights FinTech as a driving force in the MENA startup scene, with $134.84 million invested in financial technology startups. This reflects the region’s rapid shift towards digital financial solutions and services. Additionally, logistics technology (LogTech) garnered substantial interest as the eCommerce boom drives demand for efficient supply chain solutions.

Late-Stage Startups on the Rise

Investment in late-stage startups saw significant gains, totaling $129.08 million in September. This trend indicates a growing investor preference for established companies that have already demonstrated strong market performance and scalability. However, early-stage startups still play a crucial role, raising $57.30 million across 33 deals.

Addressing Gender Disparity in Funding

Despite the impressive overall growth, a stark gender disparity persists in startup funding within the region. Male founders received 96.79% of the total funds raised, while female founders accounted for just 3.21%. This significant gap highlights the urgent need for more inclusive investment practices to support female-led startups, fostering a balanced and diverse entrepreneurial landscape.

Key Success Stories

Notable startups that secured funding in September include SHIFT, a logistics and transport technology company, which raised an impressive $83 million, marking the largest single investment of the month. Other standout startups include Syarah, an online marketplace for car sales that attracted $40 million, and TON, a FinTech firm that secured $30 million in investment.

Future Outlook

The MENA region’s startup ecosystem is well-positioned for continued growth, with strong investor interest in key markets like Saudi Arabia and the UAE. While FinTech and LogTech dominate, other sectors are beginning to gain traction. However, challenges such as the gender funding gap and underdeveloped markets in countries like Iraq and Kuwait need addressing to ensure a more inclusive entrepreneurial environment.

As investors, entrepreneurs, and governments collaborate to foster innovation and growth, the future looks promising for startups across the MENA region. The September 2024 funding data reinforces MENA’s status as a burgeoning hotspot for startups and investment, offering significant opportunities for both entrepreneurs and investors alike.