Breaking News
10 months ago
Beijing, Shanghai and Dubai are the top three richest cities in the newly expanded BRICS bloc based on the number of millionaires, centi-millionaires and billionaires in each city. Following the expansion earlier this month, the group now includes: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE. The world’s wealthiest are increasingly setting their sights on rising stars in the global economy. Henley & Partners’ BRICS Wealth Report reveals the surprising cities topping the charts for super-wealthy residents, offering a glimpse into the shifting landscape of wealth creation. 1. Beijing, China Unsurprisingly, the Chinese capital takes the crown, boasting a 90 percent growth rate between 2013 and 2023. Its tech giants and booming entrepreneurial scene continue to mint fortunes. 2. Shanghai, China Close behind is Shanghai, another Chinese powerhouse with 123,400 millionaires. Its financial muscle and vibrant luxury market have made it a magnet for high-net-worth individuals in recent years. 3. Dubai, UAE Dubai came in third place with 72,500 millionaires, fueled by its business-friendly environment and status as a global travel hub. 4. Mumbai, India India’s financial capital claims the fourth spot with 58,800 millionaires, witnessing impressive 82 percent growth in just a decade. Its burgeoning […]
10 months ago
The Sharjah Police have foiled a major gold smuggling operation involving jewellery worth Dh800,000. The jewellery was robbed from a store in Khorfakkan in the late hours of the night. The Sharjah Police operations room received a report and immediately rushed to the scene of the crime. A team was formed to collect evidence and conduct an investigation. After a few hours of investigating, the team was able to identify the members of the gang that had carried out the robbery. The police also found the stolen jewellery in a shipping container at a port, where it was being prepared to be transported out of the country the next morning. They are currently working to arrest the gang members and have referred the case to prosecution for legal action to be taken. The Sharjah Police have called on owners of commercial establishments to secure their stores and install surveillance systems. They have also urged individuals and owners not to hesitate to use the emergency number 999 to report such incidents.
10 months ago
The UAE’s first female astronaut is set to graduate from a NASA training programme in Houston, Texas, in early March, Nasa confirmed to sources on Monday. Emirati mechanical engineer Nora Al Matrooshi, her colleague Mohammed Al Mulla, a former Dubai Police helicopter pilot, and 11 American astronaut candidates will graduate as part of the Nasa astronaut class of 2023. They will then become eligible for space missions, including to the International Space Station, as well any other future US-led missions, such as trips to the Moon planned under NASA’s Artemis programme. Since starting their training in 2021 at the Johnson Space Centre, the candidates have undergone a series of training courses, including land survival, flight training, spacesuit and spacewalks and geology field training. Astronaut graduation ceremonies are held at the Johnson Space Centre, but NASA is expected to confirm the location and exact date in a few weeks. NASA’s 2023 astronaut class patch features a US and UAE flag. The patch is shaped like a fly, and features an astronaut reaching for the Moon, with Mars pictured in the distance. The design symbolises the space agency’s goal of a human presence on the Moon and, later, travel to Mars as part of the Artemis programme. UAE’s […]
10 months ago
A layer of thick fog shrouded Delhi-NCR on Wednesday morning, causing visibility woes. In view of the same, Delhi Airport on Wednesday issued a passenger advisory that read, “While landing and takeoffs continue at Delhi Airport, flights that are not CAT III compliant may get affected.” “Passengers are requested to contact the airline concerned for updated flight information. Any inconvenience caused is deeply regretted.” The following flights to the UAE have been affected, as per the latest information on the Delhi Airport website: Visuals from around different places in Delhi have shown people swarming around bonfires to keep themselves warm. Speaking to ANI, a resident in the Red Fort area expressed the difficulties people are facing as buses are running late and, in some parts, public vehicles are not even available owing to the chilling weather. Earlier on Tuesday, a similar situation was seen as dense fog shrouded the national capital and vast swathes of North India, significantly impacting visibility and throwing flight and train services out of gear. Very dense fog was reported in isolated pockets of Punjab, Haryana, Northwest Rajasthan, and eastern Uttar Pradesh, read a post on the official X handle of the Indian Meteorological Department (IMD).
10 months ago
Last week, the UAE changed the rules for real estate investors to qualify for a 10-year Golden Visa, removing the requirement of a minimum AED1 million down payment. Previously, investors needed to put down at least 50 percent of the property value or AED1 million, as a down payment to qualify for a Golden Visa. The change will likely encourage more residents and investors to establish deeper roots in the UAE by making Golden Visas more accessible through real estate and buoying the property market. Now, all that is required is for the property value to be AED2 million or more, regardless of the down payment amount or financing terms. The new initiative could further result in increased investment in the real estate sector by lowering the financial barrier, and more transactions and construction activity could occur. The key eligibility requirements to receive the 10-year renewable residency permit are as follows: The update is yet to be reflected in government websites, however, lawyers and agents have been informed of the new down payment rule change by the Dubai Land Department, according to local media reports.
10 months ago
A 25-year-old man caught with drugs in his luggage at Dubai airport justified the presence of the contraband, saying he consumed it outside the UAE but forgot some in the bag when he came to the Emirates. Authorities recovered marijuana and a device designed for cutting cannabis plants from his travel bag. A Dubai court convicted the European man for drug possession and imposed a fine of Dh10,000. The Misdemeanour Court initially ordered his deportation, a decision the man appealed. He argued that he had legitimate reasons for being in the UAE and emphasised his clean criminal record. The appellate court, while overturning the deportation ruling, upheld the Dh10,000 fine. According to the Public Prosecution’s investigations, the accused was stopped at the Dubai airport after customs officers became suspicious of a trimmer in his possession. This device is typically used to cut cannabis plants. After a search, the officers recovered a medicine box with ten capsules of green herb with the distinctive appearance of marijuana. The General Department of Forensic Science and Criminology confirmed the substance as an illegal drug. During police and Public Prosecution questioning, the accused admitted to the charges, stating that he had unintentionally left the substance […]
10 months ago
Abu Dhabi witnessed a period of sustained growth in 2023, with an increase in the number of economic licences as non-oil businesses continued to thrive. The total capital of new economic licences announced during the past year exceeded AED210.7bn ($57.4bn). Abu Dhabi’s “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department of Economic Development (ADDED), has reported the annual growth of major indicators, emphasising the business ecosystem’s attractiveness and its ability to attract quality investments. Abu Dhabi Business Activity ReportThe report shows strong economic growth, especially within non-oil sectors, which contribute 52.8 percent of Abu Dhabi’s GDP. According to the report, 24,143 commercial sector licences were issued in 2023, comprising 94.1 percent of the total, while new occupational licences and professional licences touched 411 and 410, respectively. A total of 25,647 new economic licences were issued last year (2023), and 75,778 licences were renewed, a growth of 3.5 ppercent Active licences in the Emirate increased to 143,617, a growth of 10.9 percent compared to the year 2022. Last year witnessed remarkable growth in the professional, tourism, industrial, agricultural, fishery, and livestock sectors, with the number of new industrial licences during the past year reaching 363, an […]
10 months ago
The Central Bank of the UAE (CBUAE) imposed a financial sanction on an insurance company operating in the country. The sanction is pursuant to Article 14 of Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations. The financial sanction is the result of the findings of the regular examination conducted by the Central Bank, which revealed that the insurance company had deficiencies in its AML/CFT policies and procedures. Accordingly, the Central Bank has imposed a fine of AED1.2 million ($327,000) on the insurance company. The Central Bank, through its supervisory and regulatory mandates, works to ensure that all insurance companies, their owners, and staff abide by the country’s laws, regulations, and standards to safeguard the transparency and integrity of the insurance sector and the national financial system.
Flip through our magazines online and read amazing content.
