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.

Troy Sutton: Champion of Body Positivity and Wellness

Troy Sutton, originally from Dublin, Ireland, is a prominent fitness influencer dedicated to redefining the landscape of health and wellness. Growing up in a digital age dominated by social media, he experienced firsthand the challenges of body image and self-esteem. Recognizing the need for a healthier approach to fitness, Troy embarked on a journey to inspire others to embrace their bodies and prioritize their well-being.

Trojan Coaching: A New Approach

Through his company, Trojan Coaching, Troy has built a platform that helps individuals pursue a healthier lifestyle without the constraints of strict dieting. With over 722,000 followers on Instagram and more than one million followers across various social media platforms, he has successfully created a community that values body positivity and balanced living. His approach encourages users to set realistic and manageable goals, steering away from the extremes often glorified in the fitness industry.

Philosophy on Health and Wellness

Troy advocates for a philosophy that prioritizes enjoyment over restriction. He firmly believes that fitness should not equate to deprivation; instead, it should be about finding a healthy balance. “You’re allowed your favorite things; it’s not all about eating your greens or hitting your protein target,” he emphasizes. This perspective allows his followers to cultivate a positive relationship with food and fitness, encouraging them to fit their favorite treats into their overall dietary goals.

 

Addressing the Challenges of Social Media

Understanding the dual nature of social media, Troy speaks openly about its potential drawbacks, especially for young people. He warns against the dangers of comparison, stating, “I don’t want anyone comparing themselves to anyone on social media and putting themselves down. It’s just about being the best version of yourself.” By promoting authenticity and self-acceptance, Troy aims to counteract the negative effects that social media can have on body image and mental health.

Impact on the Fitness Community

As a notable figure in Dubai’s fitness scene, Troy actively participates in events and collaborations that promote inclusivity and empowerment. His initiatives inspire individuals to celebrate their progress, no matter how small, and to support one another in their fitness journeys. By fostering a sense of community, Troy helps reshape the narrative around health and wellness, making it accessible to everyone.

Future Aspirations

Looking ahead, Troy Sutton is committed to expanding his impact on the fitness industry. With plans to develop new programs and initiatives through Trojan Coaching that cater to diverse audiences, he aims to continue advocating for body positivity and holistic wellness. Troy’s vision is to create a world where individuals prioritize their health and happiness without the pressures of societal expectations.

 

Troy Sutton stands out as a beacon of inspiration in the fitness landscape. Through his innovative approach to health and wellness, he is helping to empower individuals to embrace their bodies and live healthier lives. As he continues to grow and influence the fitness community, there’s no doubt that Troy’s commitment to body positivity and balanced living will resonate with many, leaving a lasting legacy in the industry.

Dubai Real Estate Achieves Record $38.6 Billion in Sales for Q3 2024

Dubai, UAE — The Dubai real estate market has reached an extraordinary milestone in the third quarter of 2024, recording a staggering $38.6 billion in sales. This remarkable achievement highlights the sustained growth and resilience of the property sector in the emirate, reflecting its status as a global investment hub.

Significant Growth Over the Years

Over the past five years, Dubai’s property market has experienced significant expansion, rising from AED 18.1 billion (approximately $4.9 billion) in Q3 2020, which encompassed around 8,600 transactions. The impressive growth trajectory underscores the increasing demand for residential and commercial properties in Dubai, driven by a combination of factors, including population growth, an influx of foreign investors, and favorable government policies.

Factors Contributing to the Boom

Several factors have contributed to the current peak in sales:

  1. Investor Confidence: Dubai’s property market has gained the trust of both local and international investors, who view the emirate as a safe haven for their investments. The stability of the UAE’s economy, along with its robust legal framework for property ownership, has attracted significant capital.

  2. Diversified Offerings: The market is witnessing a diverse range of property offerings, from luxury villas and high-end apartments to affordable housing options. This variety appeals to a wide range of buyers, catering to different budgets and preferences.

  3. Government Initiatives: The UAE government has implemented various initiatives to stimulate the real estate sector, including long-term residency visas for property investors, reduced registration fees, and initiatives aimed at enhancing the ease of doing business.

  4. Infrastructure Development: Continuous investments in infrastructure and amenities, such as transport links, healthcare, and education, have further increased the attractiveness of Dubai as a residential and business destination.

Market Trends and Future Outlook

The impressive sales figures for Q3 2024 indicate a robust demand that is expected to continue in the coming quarters. Analysts predict that the Dubai real estate market will maintain its upward trajectory, bolstered by ongoing infrastructure projects, a strong tourism sector, and an evolving lifestyle that appeals to a diverse population.

Moreover, as the global economy stabilizes and international travel restrictions ease, Dubai is anticipated to attract even more foreign buyers looking for investment opportunities in the emirate’s thriving property market.

Conclusion

The record $38.6 billion in sales during Q3 2024 marks a significant achievement for Dubai’s real estate market, showcasing its resilience and growth potential. As the emirate continues to innovate and attract investment, it is well-positioned to remain a leader in the global property landscape.

As the market evolves, stakeholders will be closely watching trends and developments to navigate the exciting opportunities that lie ahead.

Dubai Festival City Mall Set to Expand with 30+ New Stores in 2024

Dubai, UAE — The iconic Dubai Festival City Mall is gearing up for an exciting expansion in 2024, with plans to add over 30 new stores to its already impressive lineup. This move comes as the mall continues to solidify its status as one of Dubai’s premier shopping destinations, attracting millions of visitors each year.

Current Success and Occupancy Rates

The Dubai Festival City Mall currently boasts an impressive 95 percent gross leasing area (GLA) occupancy across its expansive 332,000 square feet. With approximately 400 stores, it has become a bustling hub for shopping, dining, and entertainment. Last year alone, the mall welcomed an astounding 23 million visitors, highlighting its popularity among both locals and tourists alike.

Expanding Retail Offerings

The planned addition of more than 30 new stores is set to enhance the mall’s already diverse retail offerings, which cater to a wide range of tastes and preferences. From luxury brands to high-street fashion, the mall aims to provide an unparalleled shopping experience that meets the needs of its diverse clientele.

The expansion reflects the mall’s commitment to evolving with market trends and consumer demands. By incorporating new retail concepts and brands, Dubai Festival City Mall is poised to attract even more foot traffic, further boosting its position in the competitive retail landscape of Dubai.

A Destination for Experience

In addition to shopping, Dubai Festival City Mall has made significant investments in creating a comprehensive lifestyle experience. Visitors can enjoy a variety of dining options, entertainment facilities, and leisure activities that make the mall more than just a shopping destination. With events, promotions, and activities throughout the year, the mall continues to engage visitors and enhance their overall experience.

The Future of Retail in Dubai

The expansion of Dubai Festival City Mall comes at a time when the retail sector in Dubai is thriving. As consumer confidence grows and footfall increases, malls are adapting to meet evolving shopping behaviors. The addition of new stores at Dubai Festival City Mall is a strategic move to stay ahead in an ever-changing retail environment.

As the mall prepares for this exciting expansion, it remains focused on providing a world-class shopping experience. The combination of a strong retail lineup, engaging experiences, and a commitment to customer satisfaction positions Dubai Festival City Mall as a leader in Dubai’s vibrant retail scene.

Conclusion

With over 30 new stores on the horizon, Dubai Festival City Mall is set to continue its trajectory of success and growth in 2024. As it enhances its offerings and attracts more visitors, the mall will undoubtedly play a pivotal role in shaping the future of retail in Dubai.

Stay tuned for more updates on the exciting developments at Dubai Festival City Mall as they unfold!

Mark Zuckerberg Surpasses Jeff Bezos: A New Era in Global Wealth Rankings

In a stunning turn of events within the global wealth landscape, Mark Zuckerberg, the co-founder and CEO of Meta Platforms Inc. (formerly Facebook), has officially surpassed Jeff Bezos, the founder of Amazon, to become the second-richest person in the world. As of now, Zuckerberg’s net worth stands at an impressive $206.2 billion, placing him just behind Elon Musk, the CEO of Tesla and SpaceX, who continues to lead the list of the wealthiest individuals globally.

A Remarkable Rise

Zuckerberg’s ascent in the wealth rankings is indicative of the shifting dynamics in the technology sector and the broader economic landscape. Since founding Facebook in 2004, Zuckerberg has navigated numerous challenges, including regulatory scrutiny, data privacy concerns, and fierce competition from other social media platforms. Despite these hurdles, his vision for the future of social media and digital interaction has remained steadfast.

In recent years, Meta has made significant investments in developing the metaverse, a collective virtual shared space that aims to revolutionize how people interact online. By focusing on virtual reality (VR) and augmented reality (AR) technologies, Zuckerberg is positioning Meta as a leader in this burgeoning field, which many experts believe will shape the future of the internet.

Zuckerberg vs. Bezos: A Comparison of Titans

Jeff Bezos, who held the title of the world’s richest person for several years, has also seen fluctuations in his net worth, largely due to the volatile nature of the stock market and the performance of Amazon. As of late, the company has faced challenges ranging from labor disputes to increased competition from other retail giants. While Bezos remains a formidable figure in the business world, his recent drop in wealth has allowed Zuckerberg to leapfrog him in the rankings.

The competition between these two tech giants highlights the broader trends in the industry, where innovation and adaptability are key to maintaining a leading position. As both Zuckerberg and Bezos continue to push the boundaries of technology, their strategies and visions for the future will likely influence not only their fortunes but also the direction of the entire tech industry.

The Impact of Zuckerberg’s Wealth on Meta

Zuckerberg’s increased wealth is not just a personal milestone; it also reflects the ongoing success of Meta as a company. The firm has reported robust financial results, driven by strong advertising revenue and user growth across its platforms, including Instagram and WhatsApp. Despite facing criticism over privacy issues and misinformation, Meta’s ability to adapt and innovate has allowed it to maintain a significant market presence.

Investors are particularly optimistic about Meta’s foray into the metaverse, which promises to create new revenue streams and enhance user engagement. As Zuckerberg focuses on this transformative vision, his wealth will likely continue to grow, further solidifying his position among the world’s wealthiest individuals.

Looking Ahead: The Future of Tech and Wealth

As Zuckerberg and Musk lead the charge in reshaping the technology landscape, the competition among the world’s richest individuals is far from over. With each innovation and breakthrough, the rankings can change dramatically, showcasing the unpredictable nature of the tech industry.

Investors and analysts alike will be watching closely as these titans continue to compete, not just for wealth but for influence over how we connect and interact in an increasingly digital world.

Zuckerberg’s journey serves as a reminder of the potential for growth and innovation within the tech sector, while also highlighting the importance of adaptability in a rapidly changing environment. As we move forward, it will be fascinating to see how the competition evolves and what new heights these industry leaders will reach.

UAE Insurance Sector Profits Surge to AED 2.5 Billion in 2023

The Central Bank of the UAE (CBUAE) has reported significant growth in the country’s insurance sector, with total profits reaching AED 2.5 billion in 2023, a marked increase from AED 1.96 billion in 2022. This growth is attributed primarily to a rise in net investment income across the industry.

According to the CBUAE’s Annual Statistical Report for the Insurance Sector of the UAE 2023, the total number of insurance policies issued soared to 14.6 million, up from 8.4 million the previous year. This remarkable rise was largely driven by an increase in property and liability insurance policies, particularly in the realm of Involuntary Loss of Employment Insurances.

Regional Breakdown of Insurance Policies

Dubai continues to dominate the insurance market, accounting for 59.9% of total policies written in the UAE. Other emirates contributed as follows: Abu Dhabi with 21%, Ras Al Khaimah at 6.6%, Sharjah with 4.58%, Fujairah at 1%, and Ajman at 0.5%. Additionally, policies written outside the UAE constituted approximately 6.4% of the total.

Premiums and Claims on the Rise

Gross written premiums also saw a year-on-year increase, totaling AED 50.4 billion in 2023, compared to AED 44.1 billion in 2022. Dubai’s share of these premiums was 61%, while Abu Dhabi contributed around 27.7%.

On the claims side, gross paid claims within the UAE rose to AED 30.3 billion, up from AED 26.5 billion in 2022. Dubai accounted for 60.7% of these claims, with Abu Dhabi responsible for 28.9%.

The data reflects a robust recovery and expansion within the UAE insurance market, indicating a strong demand for various insurance products across the region.