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World’s largest car market to come up in Dubai

The project aims to expand the market area from 2.8 million square feet to 20 million square feet, making it eight times its current size…reports Asian Lite News

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has directed the development of the ‘Dubai Car Market’, the largest and most advanced car market in the world.

The initiative aims to solidify Dubai’s position as one of the world’s most prominent and rapidly growing cities in the automotive trade sector.

In line with His Highness’s directives and under the supervision of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, witnessed the signing of a partnership agreement between Dubai Municipality and DP World for the development of the new car market, spanning 20 million square feet. DP World has been entrusted with the construction and management of the ‘Dubai Car Market’. DP World will leverage its extensive logistical expertise and global network, which includes over 430 business units in 86 countries, to ensure the market’s success.

Sheikh Mohammed said, “Today, we have mandated DP World to develop the ‘Dubai Car Market’, expanding the current market eightfold to create a 20 million square feet facility that will be the largest and most advanced car market globally. The ‘Dubai Car Market’ will be connected with 77 ports managed by DP World around the globe, enhancing its capacity and doubling its current sales of AED6.8 billion.

He added, “The new market will become a global hub that offers commercial services, and logistics and financing solutions for this vital sector. It will also be a premier destination for major conferences and specialised events for car enthusiasts. Dubai will continue to develop new development projects as part of its vision to be one of the largest economic and commercial centres in the world.”

A strategic project that contributes to realising Dubai’s future vision, the ‘Dubai Car Market’ will offer integrated services, including buying, selling, registration, banking, and logistics. The market will have the capacity to host global events, making it a preferred destination for car enthusiasts and investors.

Sheikh Mohammed bin Rashid said, “Through strategic initiatives like the ‘Dubai Car Market’, we aim to provide an integrated investment environment that supports sustainable economic growth.”

“This initiative will accelerate the achievement of the goals of the Dubai Economic Agenda D33 to double the size of the emirate’s economy and transform it into one of the world’s top three urban economies by 2033,” His Highness added.

The agreement between Dubai Municipality and DP World’s Economic Zones Sector aims to enhance Dubai’s position as a global innovation and trade centre for the automotive sector. DP World will leverage its extensive experience in developing and operating integrated economic zones to provide a range of services including advanced systems for businesses and investors, comprehensive logistical solutions, e-commerce, trade finance, and asset development.

Dawood Al Hajri, Director-General of Dubai Municipality, said, “Signing the partnership agreement with DP World represents a major step towards realising Dubai’s vision for developing the largest and most advanced car market in the world. We aim to provide the best services that meet the needs of investors and traders, enhancing Dubai’s position as a premier global investment destination in the automotive sector.”

Al Hajri added, “This project aims to enhance infrastructure and develop integrated services that contribute to supporting the local economy and achieving sustainable growth. Establishing the ‘Dubai Car Market’ will attract foreign investments and strengthen Dubai’s position as a global innovation and trade centre.”

Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, said, “We are proud to collaborate with Dubai Municipality on this ambitious project. We aim to leverage our services and expertise in managing economic zones to establish Dubai as a leading destination in the automotive trade sector. We will continue our commitment to providing the best logistical and technological solutions to support this project.”

Bin Sulayem added, “We are committed to providing services and infrastructure that keep pace with global developments and meet investors’ expectations. This project is vital to enhancing the local economy and achieving sustainable growth. We will provide all resources to ensure its success.”

Expansion of market area

The project aims to expand the market area from 2.8 million square feet to 20 million square feet, making it eight times its current size. The market will be a comprehensive global centre offering advanced and innovative automotive services.

Current sales and operations, valued at AED6.8 billion, are expected to double with significant infrastructure and service expansions. The new market will offer innovative government and banking services and will be connected to global markets through DP World’s network, enhancing access and trade.

Destination for specialised automotive events

The market will host major automotive events and conferences, making it a preferred destination for car enthusiasts and investors. It will include areas for exhibitions and events that bring together experts and global companies in the automotive field, as well as recreational, cultural, and commercial zones.

This project, which contributes towards achieving the goals of the Dubai Economic Agenda D33 to enhance innovation and trade, reflects the emirate’s commitment to providing top-tier infrastructure and services to support the local and global economy.

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Dubai sets ambitious Dh650B FDI goal

Dubai’s First Deputy Ruler announced the FDI Development Programme, which earmarks AED25 billion over 10 years to help attract AED650 billion of investments to Dubai in direct support of the objectives of the D33 economic agenda….reports Asian Lite News

The Executive Council of Dubai has approved a series of new initiatives and programmes designed to support its ambitious economic agenda and make it one of the world’s top three urban economies by 2033.

Chairing the Council’s meeting, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and Deputy Chairman of The Executive Council of Dubai, said, “Dubai, under the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and Ruler of Dubai, has designed a well-planned and agile economic model, positioning it as a top global destination for investment.”

Sheikh Maktoum announced the Foreign Direct Investment Development Programme, which earmarks AED25 billion over 10 years to help attract AED650 billion of investments to Dubai in direct support of the objectives of the D33 economic agenda.

He said, “Dubai has built an integrated, unique, and inspiring economic model, featuring advanced enablers and tools to enhance decision-making, create a broad array of promising opportunities, and attract top talents and global investment.”

He also announced the Dubai Economic Model, which will use 3,000 performance indicators to closely measure Dubai’s development against its economic targets.

“Dubai continues to lead in urban planning and sustainable urban mobility with residents able to access all key services through convenient, efficient and sustainable transport systems. Consequently, Dubai has become one of the best places in the world to live and work,” he added.

Sheikh Maktoum said, “The success of any economic model always starts with empowering the individuals as they are the ultimate beneficiary. Dubai is a diverse global city and an international commercial hub synonymous with vitality, diversity, and peaceful coexistence owing to the principles it upholds. At the same time, it maintains its core values and national identity by investing in people and launching initiatives to achieve the goals of Dubai’s Social Agenda 33, which fosters happy, strong and tolerant families who are proud of their values and identity.”

The Executive Council’s meeting was attended by H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Deputy Chairman of The Executive Council, and H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Civil Aviation Authority and Deputy Chairman of The Executive Council.

Aiming to attract AED650 billion in FDI by 2033, in line with Dubai’s D33 economic agenda, the programme will offer incentives worth AED25 billion over 10 years. The programme aims to attract international companies and support the expansion of existing international companies with bases in Dubai, aligning with the emirate’s ambition to become one of the world’s top three economic cities. The FDI programme will highlight Dubai’s unique competitive advantages, such as its logistics infrastructure, strategic geographical location, talent pool, and its position as a competitive global commercial hub.

The Dubai Economic Model will use an integrated framework, interactive dashboards and policy impact assessment reports to monitor economic development and measure progress against D33 targets. This approach will enable decision-makers to make informed, data-based decisions.

The project consists of three main components. First is a database that includes more than 3,000 indicators, covering macroeconomic data and sector-specific data for the emirate, as well as relevant global rankings and indicators. The second component comprises systems to measure and forecast economic performance indicators and assess the impact of local and global policies on Dubai’s economy. The third element involves economic reporting tools and interactive dashboards that will monitor Dubai’s economic performance and trends, supporting decision-makers to make informed decisions.

These tools will allow leaders and decision-makers to evaluate the impact of policies, measure performance in key sectors, enhance transparency, prioritise new policies’ rollout, and increase both consumer and investor confidence.

The model, overseen by the Department of Economy and Tourism, will study scenarios of economic performance indicators, while the Dubai Digital Authority will design a roadmap to activate the model by streamlining and automating data management processes, and accelerating data classification. Additionally, AI tools will be used to enhance the economic model’s capabilities.

The Executive Council of Dubai also approved a plan for developing areas around Metro stations with the aim of enriching economic opportunities, interconnecting modes of public transport, and improving the efficiency and convenience of sustainable transport.

The plan provides incentives for developers to utilise plots in areas surrounding Metro stations so as to help provide additional services, support the concept of the ‘20-minute city’, increase the number of Metro users, and boost sustainability and quality of life in Dubai.

Some of the plan’s key aims include increasing the share of public transport to 45%, reducing carbon emissions to 16 tonnes per capita, improving the quality of public spaces to encourage walking, and increasing shaded areas. The plan also aims to boost populations around stations, enhance the diversity of residential, commercial, office, and service spaces around the Metro, attract users, and increase economic spaces.

The scope of the Metro station area development plan will expand from 64 stations currently operating over 84 square kilometres to 96 stations over 140 square kilometres by 2030. It aims to cover 140 stations over 228 square kilometres by 2040.

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Dubai Chamber of Commerce launches Colombian Biz Council

The Business Councils operating under the umbrella of Dubai Chamber of Commerce represent the interests of companies and investors from markets of strategic importance to Dubai…reports Asian Lite News

Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced the establishment of the Colombian Business Council to strengthen bilateral trade and investment relations and pave the way for more joint opportunities between private sector companies in Dubai and Colombia.

The council’s inaugural annual general meeting, which was hosted recently at Dubai Chambers, saw participants identify key priorities and discuss plans for the months ahead, including the upcoming schedule of events. Through its activities, the council aims to further enhance economic cooperation between Dubai and Colombia, focusing on the most promising sectors for the business communities in both markets.

Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers, commented, “Business Councils serve as important platforms to enhance cooperation, develop promising opportunities, and build fruitful partnerships. We remain committed to ensuring they contribute to the growth of the private sector and strengthen its contribution to sustainable economic development in Dubai.”

The Business Councils operating under the umbrella of Dubai Chamber of Commerce represent the interests of companies and investors from markets of strategic importance to Dubai. They play a vital role in opening new channels of economic cooperation with business communities around the world and advancing the interests of investors operating in the emirate from the countries represented.

As part of its ongoing drive to contribute to the objectives of the Dubai Economic Agenda (D33), the chamber is working to increase the number of country-specific Business Councils to help promote Dubai’s foreign trade and support the expansion of local companies into global markets.

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Dubai announces Dh30b rain drainage network

The ‘Tasreef’ project, will enhance the capacity of Dubai’s rainwater drainage system by 700%, covering all areas of the emirate….reports Asian Lite News

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the ‘Tasreef’ project aimed at developing Dubai’s rainwater drainage network. Featuring a total cost of AED30 billion, the initiative is one of the emirate’s largest strategic infrastructure projects. The ‘Tasreef’ project, will enhance the capacity of Dubai’s rainwater drainage system by 700%, covering all areas of the emirate.

The project was approved in the presence of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE; and H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai.

H.H. Sheikh Mohammed bin Rashid Al Maktoum emphasised that the continuous enhancement of Dubai’s sustainable infrastructure is integral to its growth and prosperity. The initiative aims to create a drainage infrastructure that is advanced, safe, flexible, and ready to face future challenges.

“Today, we approved an integrated project to develop Dubai’s rainwater drainage network at a cost of AED30 billion. The largest rainwater collection project in a single system in the region, the initiative will increase the capacity of the drainage network in the emirate by 700%, ensuring the emirate’s readiness to face future climate-related challenges,” Sheikh Mohammed said.

“Covering all areas of Dubai, the project will raise the drainage network’s capacity to more than 20 million cubic metres of water daily, meeting our needs for the next hundred years. We have directed the immediate implementation of the project, which will be completed in phases by 2033. Dubai continues to drive infrastructure and urban advancements, enhancing safety and security for everyone living in the emirate,” His Highness further said.

Resilient infrastructure

The strategic project is a continuation of drainage projects launched by Dubai in 2019, covering the Expo Dubai area, Al Maktoum International Airport City, and Jebel Ali. It supports Dubai’s plans and strategies for developing a flexible, advanced, and future-ready infrastructure. As a sustainable strategic project, it addresses future climate change impacts, such as increased rainfall, with a network designed to seamlessly adapt to all rainfall events.

Dubai Municipality will implement the project, adhering to the highest global technical and engineering standards. This initiative aligns with the Municipality’s strategic goals for the integrated management of rainwater drainage and the sewage system, and underscores its commitment to infrastructure projects that enhance sustainability and quality of life in Dubai. It also supports Dubai’s comprehensive development plans, boosts its global competitiveness, and further improves its quality of life indicators.

Massive capacity

The ‘Tasreef’ project aims to enhance rainwater and surface water drainage services with a sophisticated and highly efficient infrastructure, improving operational efficiencies and reducing costs associated with station construction, operations and maintenance by 20% and increasing the network’s lifespan.

Additionally, the rainwater drainage capacity through tunnels will reach 20 million cubic metres per day, with a flow capacity of 230 cubic metres per second, making it the largest rainwater collection project in a single system in the region.

Advanced tunnelling equipment

The project will utilise the latest Tunnel Boring Machines (TBM), the largest of their kind in the Middle East, known for their efficiency, speed, and high precision in excavation, and their ability to handle various topographical conditions. These machines feature automated control systems that enable continuous monitoring and data analysis, with advanced safety systems to ensure the safety of workers and equipment.

The meeting held to approve the project was also attended by H.H. Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Ports and Borders Security Council; Mohammed Ibrahim Al Shaibani, Director General of His Highness The Dubai Ruler’s Court; Abdulla Mohammed Al Basti, Secretary General of The Executive Council of Dubai; Lieutenant General Talal Humaid Belhoul, Director General of Dubai’s State Security Department; Mattar Al Tayer, Commissioner General for Infrastructure, Urban Planning and Well-Being Pillar and Director General and Chairman of the Board of Executive Directors of the Roads and Transport Authority (RTA); Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA); and Dawoud Al Hajri, Director General of Dubai Municipality.

ALSO READ: Hamdan okays next phase of Dubai future project

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Hamdan okays next phase of Dubai future project

‘Dubai Future Solutions – Prototypes for Humanity’ initiative will be overseen by H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Dubai Culture chair….reports Asian Lite News

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai, and Chairman of the Board of Trustees of the Dubai Future Foundation (DFF), approved the launch of the next phase of the ‘Dubai Future Solutions’ initiative.

The ‘Dubai Future Solutions – Prototypes for Humanity’ initiative will be overseen by H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority (Dubai Culture).

The initiative aims to foster the development and implementation of innovative prototypes and pilot models, delivering transformative solutions from Dubai to the world.

This initiative aims to build on the successes achieved by the ‘Prototypes for Humanity’ initiative over the past nine years, and its efforts to advance innovation for the betterment of humanity.

Sheikh Hamdan bin Mohammed witnessed the signing of a cooperation agreement between the Dubai Future Foundation and the Hussain Sajwani – DAMAC Foundation (HSDF), which pledged AED100 million to support innovation and technology in Dubai and across the UAE. Signed by Khalfan Belhoul, CEO of DFF, and Hussain Sajwani, Founder and Chairman of DAMAC Properties, the agreement makes HSDF a strategic partner of the initiative.

Sheikh Hamdan affirmed that the initiative serves as a comprehensive platform to support innovators and designers of future solutions around the world and nurture top talent and creative thinkers across all future-oriented sectors. It is a pivotal step towards realising the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to transform Dubai into a global innovation hub, he said.

“The objective of the ‘Dubai Future Solutions – Prototypes for Humanity’ initiative is to create a dynamic platform that attracts leading innovations, projects, and experimental ideas from across the world, including contributions from bright students, top universities and international institutions, with the aim of transforming these ideas into impactful solutions benefiting humanity. We extend our gratitude to Hussain Sajwani for supporting Dubai’s innovation journey and his dedication to advancing future technologies across sectors,” he added.

H.H. Sheikha Latifa bint Mohammed said the directives of H.H. Sheikh Hamdan bin Mohammed provide a strong impetus to Dubai’s journey of innovation, entrepreneurship, future design, and human empowerment. They serve as a guide to strengthen international collaborations and partnerships and accelerate the advancement of new technologies and innovations.

“To achieve these goals, we are committed to cultivating strategic partnerships with government entities, the private sector, global universities, and academic, cultural, technological and creative institutions. Our objective is to spotlight a variety of future-oriented ideas and innovations that have a positive impact on society, ultimately transforming them into tangible achievements that will serve humanity,” she added.

Under the guidance of H.H. Sheikha Latifa bint Mohammed, the collaboration between DFF and HSDF will establish a global framework to enhance partnerships with academic institutions, students, laboratories, startups, and leading innovators worldwide. This initiative is designed to attract leading global innovations to Dubai, offering a platform for innovators to exhibit their work, drive community improvement, address significant global challenges, and convert experimental projects into thriving startups.

In addition, the initiative supports innovators and startups across various future sectors, enhancing job creation, investment opportunities, and market expansion. It also aids in patenting innovations and helps transition ideas into viable companies, while providing investment avenues for innovators looking to expand from Dubai to global markets. These objectives will be realised in collaboration with the Dubai International Financial Centre (DIFC) and Dubai Culture.

Furthermore, an annual event will be hosted at the Dubai Future District, showcasing the best 100 innovations from the ‘Dubai Future Solutions – Prototypes for Humanity’ initiative. The top innovations will be honoured during the annual ceremony.

DFF will also support this initiative through various national programmes, including the Dubai Research and Development Program and the Dubai Robotics and Automation Program. Leveraging its integrated ecosystem, DFF will promote entrepreneurship through AREA 2071 and the Dubai Future Accelerators (DFA), spotlighting promising projects and talents.

This announcement builds on the success achieved by the ‘Prototypes for Humanity’, an initiative of the Art Dubai Group, over the past nine years. Under the patronage of H.H. Sheikha Latifa bint Mohammed, the initiative has showcased hundreds of innovative projects from over 10,000 applications submitted by students from more than 700 universities worldwide.

The ‘Prototypes for Humanity’ initiative has been supported by its founding partners: Dubai Culture, DIFC, A.R.M Holding, and the Investment Corporation of Dubai. In the past year, the initiative received over 2,800 project submissions encompassing more than 200 research fields across diverse technological and future-oriented sectors.

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Dubai attracts Vietnamese EV pioneer ‘VinFast’

The move marks a significant milestone in the Vietnamese company’s global expansion strategy …reports Asian Lite News

Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has supported VinFast Trading and Production Joint Stock Company (VinFast), a pioneering manufacturer of electric vehicles, in establishing its regional headquarters in Dubai.

The move marks a significant milestone in the Vietnamese company’s global expansion strategy and reflects the chamber’s vital role in contributing to the goals of the Dubai Economic Agenda (D33).

The chamber arranged introductions and meetings with key stakeholders including government entities, potential dealership partners, and distributors, significantly smoothing VinFast’s market entry and operational setup in the region.

Salem Al Shamsi, Vice President of Global Markets at Dubai Chambers, commented, “Dubai is further cementing its position as a leading global business hub thanks to its favourable business environment and numerous competitive advantages for investors and entrepreneurs.

Dubai International Chamber remains committed to attracting companies and investors from around the world and ensuring they can capitalise on the exciting opportunities available in the emirate and leverage Dubai as a launchpad to enter regional and global markets.”

Ta Xuan Hien, CEO of VinFast Middle East, commented, “Close cooperation with the Dubai International Chamber and reputable partners in the region will be key for VinFast to quickly establish its position in the Middle East.”

The chamber currently operates 31 international offices, which serve as gateways to attract foreign direct investments and support the expansion of Dubai-based companies in line with the objectives of the Dubai Economic Agenda (D33) and the chamber’s strategic priorities.

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‘Dubai is meeting point of humanity’

During his meeting with senior officials of Emirates Airline and Group His Highness Sheikh Mohammed bin Rashid said Dubai is the world’s airport, a meeting place for humanity, and a link between the continents and civilisations of the world…reports Asian Lite News

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, met with senior officials of Emirates Airline and Group at the Union House in Dubai.

The meeting was held in the presence of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and H.H. Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group.

During the meeting, His Highness commended the organisation’s achievements that have strengthened its position as a leading global airline and an outstanding model for excellence in the international aviation industry.

His Highness Sheikh Mohammed praised Emirates for its record results in recent years, highlighting the airline’s key role in consolidating Dubai’s status as a global business hub and a leading destination for investment and tourism.

He also commended the airline for its pivotal role in realising the objectives of the Dubai Economic Agenda, D33, leveraging its significant capabilities in the air transport industry to expand Dubai’s economic networks, thereby contributing to the goal of doubling the emirate’s foreign trade volume by 2033.

“Establishing an airline company in Dubai was a dream more than 4 decades ago. Some people bet against it, and many tried to distract us from it,” Sheikh Mohammed said. “Today, the dream includes 112 thousand employees, connects us with 277 cities, transports more than 50 million passengers annually, and generates revenues exceeding 137 billion dirhams annually.”

His Highness said the dream has not stopped. “We are still dreaming of expanding the business and opening a larger international airport and reaching every city on the five continents.”

He added: “Today, Dubai is the world’s airport, a meeting place for humanity, and a link between the continents and civilisations of the world.”

“If you have determination and will, do not allow anyone to stand between you and your dreams, because what you can imagine, you can achieve,” Sheikh Mohammed added.

H.H. Sheikh Mohammed was briefed by H.H. Sheikh Ahmed bin Saeed on Emirates’ future plans and key initiatives, which include expanding their aircraft fleet, upgrading existing aircraft, enhancing capabilities in hospitality, cargo, and ground handling, leveraging advanced technologies to support operations, expanding training and employee development programmes, and advancing sustainability initiatives within the Group.

His Highness was then briefed by Sir Tim Clark, President of Emirates Airline, on the Group’s recent achievements, which include setting new records in profits and revenues. These accomplishments were driven by the global expansion of operations to meet strong customer demand for the airline’s high-quality products and services.

The Group’s 2023-24 results featured record-breaking performance, a testament to the forward-thinking vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum and the impactful policies of the Dubai Government, which facilitated these accomplishments.

Expressing confidence in Emirates’ ongoing commitment to driving Dubai’s economic growth, His Highness Sheikh Mohammed highlighted the airline’s ability to set new benchmarks in quality within the global aviation and travel sectors. He also underscored its efforts to enhance technical capabilities and improve workforce efficiency, thereby strengthening its competitiveness among the world’s leading airlines.

At the end of the meeting, His Highness posed for a commemorative photo with the senior officials of Emirates Airline and Group, extending his best wishes for their success in their responsibilities and endeavours to achieve excellence.

ALSO READ: ‘Dubai’s IPO boom signals market strength’

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‘Dubai’s IPO boom signals market strength’

Dubai’s tax-efficient and demonstrably resilient economy has not only bolstered the emirate’s appeal for foreign direct investment, but provided a valuable incentive for banks, brokerages…reports Asian Lite News

As illustrated in the Regional Outlook for Banking and Capital Markets 2024 report, regional IPO growth is expected to come in three phases. Firstly, through the continued privatisation of state-related entities, followed by listings by family-owned companies and latterly, FinTech and tech-enabled start-ups.

Driven by a convergence of state and private IPO listings, a subsequent increase in financial services fees and a growing population of high-net-worth individuals, Dubai’s tax-efficient and demonstrably resilient economy has not only bolstered the emirate’s appeal for foreign direct investment, but provided a valuable incentive for banks, brokerages, and law firms to either shore up their presence, or establish one.

Commenting on the report’s findings, Arif Amiri, Chief Executive Officer, DIFC Authority, said, “Driven by the surge in IPOs, capital markets across the MENA region have experienced remarkable expansion, driven by reforms aimed at enhancing market infrastructure and fostering greater foreign and regional investment inflows. With its strategic initiatives and robust regulatory framework, DIFC plays a pivotal role in driving innovation and stimulating growth within the financial sector. Dubai’s IPO boom underscores the city’s status as a thriving hub for capital markets, and DIFC’s role in enabling this acceleration through the firms that drive capital markets and provide advisory services for IPOs will continue to contribute to the dynamic evolution of global finance.”

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Empowering People of Determination: The Story of Mahaweb

Mawaheb is more than an art studio; it’s a symbol of hope, empowerment, and inclusivity. Through its transformative programs, it unlocks the potential of individuals of determination, enriching their lives and inspiring others to embrace diversity and celebrate the human spirit. In a world where differences are often seen as barriers, Mawaheb stands as a shining example of unity, acceptance, and the power of art to transcend boundaries. Founded under the vision of Mrs. Neelam Pagarani supported by her son Mr. Dinesh Pagarani this is the premiere offering for people of determination, between 18years and 70 years, who were lacking a safe space… A special story by Soniya Kirpalani, Images & Video: Santosh Rai, The Wordsmiths, UAE

In the heart of Dubai, nestled within the vibrant arts scene of Al Qouz, lies Mawaheb, a unique art studio and café. Designed in keeping with the needs of “Beautiful People” this is a beacon of creativity and inclusivity. Founded under the vision of Mrs. Neelam Pagarani supported by her son Mr. Dinesh Pagarani this is the premiere offering for people of determination, between 18years and 70 years, who were lacking a safe space.

When Covid closed down the last beacon of hope for adults of determination, Neelam Paghrani’s firsthand experience gave her the insight into the challenges faced by people of determination and their families. She realised how devastated they were when their routine, discipline and development was disrupted. She then contacted Ms. Wemmy who was the visionary behind the last Mawaheb school and they worked collectively to create a sustainable structure for the present day Mawaheeb.

“Even when I lived in London, and when I came to Dubai, I always had a utopian dream of building a safe space for people of determination” Ms. Neelam explains. A thought which is echoed by Ms. Wemmy. Brainstorming, using their intuitive experiences, Mawaheb was launched. Born out of an altruistic vision of empowering people of determination to be self-sufficient, to tap into their latent talents and skill them in Arts and Communication.

A Haven of Creativity

Mawaheb’s team ensures it serves as more than just an art studio. It’s a sanctuary where the Artist find their voices through creative expression and creative healing. With the support of carefully selected experts, Mawaheb’s nurturing environment is a safe space for them to explore and experiment with all their artistic abilities. This subtle guidance has helped evolved some of the talent, they are now showcasing at Art Dubai (Sikka), CoP28, Infinity’s Art Program where they have been winning accolades.

Art as a Universal Language

At Mawaheb, art is not merely a form of expression; it’s a bridge that connects people across diverse backgrounds and abilities. Through painting, drawing, and various artistic mediums, along with yoga and conscious networking the participants discover new ways to communicate and connect with the world around them. Each stroke of the brush and every hue on the canvas tells a story of resilience, creativity, and the human spirit. Today Mawaheb stands as a testament to the transformative power of creativity and communication.

Fostering Communication and Confidence

The core team understand the importance of every individual in ushering in societal development and they have developed programs at Mawaheeb so the artist can contribute towards their own growth and the growth of humanity. Fostering effective communication skills, their specialized programs foster verbal and non-verbal communication abilities to boost social interactions and stir confidence to navigate the world with greater independence and self-assurance.

Recognizing the importance of physical and mental well-being, Mawaheb offers a diverse range of activities aimed at promoting overall health and independence. From yoga sessions that enhance flexibility and mindfulness to workshops focused on communication skills and daily living tasks, participants are equipped with the tools they need to lead fulfilling and independent lives. The teams are very interactive and personalize the training to ensure that every individual has the opportunity to reach their full potential and live life to the fullest.

Inclusive Education for All

Whilst instilling skills, they also work to sensitize the community by creating interactions at public art events, with the aim of preventing discrimination. “The appreciation that our artists have received whilst showcasing their art, has served as a mirror, which has been a big boost for their self-confidence” Neelam says. Experimenting with greater inclusivity Mawaheb team ensure the artists not only showcases at international events and even give art talks.

Mawaheb’s commitment to inclusivity extends beyond its programs. It serves as a model for inclusive education, providing a supportive learning environment where individuals of determination receive personalized attention and support to grow interdependently. Neelam explains “Regardless of their abilities, their community, their gender and their financial status, everyone is welcomed and celebrated for their unique talents and contributions and their mentors enhance their inherent skills”

Building a Community of Support

Central to Mawaheb’s success is its strong sense of community, supportive families, volunteers, mentors, who all come together to create a nurturing ecosystem where everyone has the opportunity to thrive., “Fostering a sense of belonging and camaraderie among its participants, enriching their lives, is important. But we also have to teach them to be independent. This is a fragile balance. Simple tasks like paying for a coffee, requires a deeper understanding of money management. This is a simple task for us but it has to be differently instilled in people of determination” Mrs. Pagarani said, sharing her personal experience.

The First Inclusive Cafe

A spacious purpose-built facility which offers greater freedom of space for the various programs and activities. “We wanted to develop a sustainable model to support Mawaheeb. We built in the region’s first inclusive café. The space was carefully designed by Dinesh & Timsy Pagarani. We also created international quality merchandising with the creative artworks of Mawaheb’s artist. The café offers a perfect place for showcasing our artists creativity. This also strengthens our student’s bond with the community. In this way we challenge stereotyping, supports interaction and promotes inclusivity. It raises awareness about the abilities and potential of individuals of determination” Ms. Neelam shared. Through this subtle advocacy and outreach efforts, Mawaheb strives to create a more inclusive society where everyone interacts and has equal opportunities to pursue their passions and dreams.

Mawaheb is more than an art studio; it’s a symbol of hope, empowerment, and inclusivity. Through its transformative programs, it unlocks the potential of individuals of determination, enriching their lives and inspiring others to embrace diversity and celebrate the human spirit. In a world where differences are often seen as barriers, Mawaheeb stands as a shining example of unity, acceptance, and the power of art to transcend boundaries.

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22 Chief AI Officers appointed across Dubai govt entities

The Chief AI Officer position was established under the Dubai Universal Blueprint for Artificial Intelligence (DUB.AI), designed to enrich the quality of life and well-being of residents….reports Asian Lite News

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said that under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai remains committed to developing a pioneering model for AI-enabled government operations, as part of its broader vision to establish itself as a global leader in government innovation.

His Highness made these remarks on the occasion of appointing 22 Chief Artificial Intelligence Officers across various government entities in Dubai, who will spearhead specialised plans and programmes in the field of AI and advanced technology.

Sheikh Hamdan said: “We have approved the appointment of 22 Chief AI Officers across government entities in Dubai as part of a forward-looking vision aimed at leveraging AI to enhance government operations. This initiative will enhance Dubai’s progress and expertise in this sector and consolidate its position as a leader in creating innovative solutions built on advanced technology.”

“The accelerated adoption of AI, alongside the development of its tools and applications, represents a cornerstone of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, aimed at positioning Dubai as a global hub for the development and deployment of AI solutions,” His Highness added.

“The appointment of the new Chief AI Officers in the Dubai government marks the initial phase toward realising our vision for the future of government work, in line with the Dubai Universal Blueprint for Artificial Intelligence. We are confident that these officers will intensify their efforts and go the extra mile in translating our vision into reality. Their commitment is crucial in turning our ambitious plans into concrete actions that will shape the future of AI-enabled government operations in Dubai,” His Highness said.

The Chief AI Officer position was established under the Dubai Universal Blueprint for Artificial Intelligence (DUB.AI), designed to enrich the quality of life and well-being of residents. Additionally, it supports Dubai’s endeavour to become the most future-ready city, consolidating its leadership as a global hub for technology and innovation.

DUB.AI aims to cement the emirate’s position as a global hub for AI governance and legislation, while facilitating AI adoption across strategic sectors. Additionally, the initiative bolsters Dubai’s standing in the Global AI Readiness Index, where it presently holds a position in the top 10.

The newly appointed Chief AI Officers represent several government entities across Dubai including: Community Development Authority in Dubai, Dubai Government Human Resources Department, Dubai Customs, Dubai Police, The Judicial Council, Dubai Civil Aviation Authority, Mohammed Bin Rashid Housing Establishment, Dubai Electricity and Water Authority, Digital Dubai Authority, General Directorate of Civil Defense in Dubai, Dubai Data and Statistics Establishment, Dubai Health Authority, Public Prosecution, Protocol Department in Dubai, Dubai’s Roads and Transport Authority, Dubai Culture & Arts Authority, Hamdan Bin Mohammed Smart University, Dubai Department of Economy and Tourism, Dubai Corporation for Ambulance Services, Department of Finance in Dubai, Endowments and Minors’ Trust Foundation (Awqaf Dubai), and Dubai Municipality.

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