Highlights:
– The decision to give people with exceptional talents and their families Emirati citizenship aims to embrace them as members of part of the UAE society, ensure the social stability of these people in the country and boost the overall national development process.
– The changes, taken upon the directives of President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, were approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Saturday.
– In addition to granting citizenship to the families- the spouse and children of this specialised and skilled segment, the law allows for them to also keep their current citizenship, which is a major change to the previous rule that doesn’t allow for dual citizenship
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Living at AlJurf
Find Out More About Living at AlJurf
AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm.
Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards.
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ADNOC Awards $1.46 Billion EPC Contracts for the Dalma Gas Development Project
Highlights:
– The Dalma field is part of the Ghasha Concession which is the world’s largest offshore sour gas development and an important enabler of gas self-sufficiency for the United Arab Emirates (UAE).
– Both engineering contracts are expected to be completed in 2025 and will enable the Dalma field to produce around 340 million standard cubic feet per day (mmscfd) of natural gas. The offshore Dalma field is located 190 kilometers northwest of the Emirate of Abu Dhabi
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Revealed: Winners at the 2021 Gulf Business Awards — gulfbusiness.com
Highlights:
– Gulf Business also presented the coveted Lifetime Achievement award to Colm McLoughlin, executive vice-chairman and CEO of Dubai Duty-Free, for his outstanding contribution to the travel retail industry.
BUSINESS LEADERS OF THE YEAR
Banking: Rola Abu Manneh, CEO, Standard Chartered UAE.
Energy: Paddy Padmanathan, CEO and president, ACWA Power.
Healthcare: Dr Shamsheer Vayalil, chairman and managing director, VPS Healthcare.
Investment: Bal Krishen, chairman, Century Financial.
Real estate: Hussain Sajwani, founder, DAMAC Properties.
Retail: Mohammad A Baker, deputy chairman and CEO, GMG.
Technology: Nidal Abou-Ltaif, president – Avaya International (EMEA & APAC).
Transport and Logistics: Captain Mohamed Juma Al Shamisi, chairman of the Hope Consortium Executive Committee; Group CEO, Abu Dhabi Ports.
Tourism and Hospitality: Issam Kazim, CEO, Dubai Corporation for Tourism and Commerce Marketing.
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G42 (Mubadala) Driverless Car Service: Yas Island News – Bloomberg — www.bloomberg.com
Highlights:
– Group 42’s Bayanat unit will begin with five cars on Yas Island.
– Bayanat signed an agreement to begin autonomous vehicle trials in March and the UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum approved testing of self-driving vehicles this month.
– Earlier this year, Cruise LLC, the self-driving car unit backed and majority-owned by General Motors Co., signed a deal to begin operating self-driving taxis in Dubai in 2023.
– Mubadala took a stake in the company last year.
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The $5 Billion Hoard of Metal the World Wants But Can’t Have – Bloomberg — www.bloomberg.com
Highlights:
– In the esoteric world of aluminium, those in the know say the stockpile in Vietnam is the biggest they have ever seen.
– To put it in perspective, it’s equivalent to the entire annual consumption of India, the world’s second-most populous country, said Duncan Hobbs, a London-based analyst.
– The blistering rally in prices means the value of the metal has risen more than 50% since it was impounded. If the stockpile ever started moving, the impact could be seismic. It would be more than enough to erase a global deficit that has emerged in the aluminium market this year, and a fire sale could send prices crashing.
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Asia’s Richest Man Mukesh Ambani Eyes Walton Family For Succession Plan – Bloomberg — www.bloomberg.com
Highlights:
– Ambani is considering moving his family’s holdings into a trust-like structure that will control the Mumbai-listed flagship Reliance Industries Ltd.
– Ambani, his wife Nita, and three children will have stakes in the new entity overseeing Reliance and be on its board, along with a few of Ambani’s long-term confidantes as advisers. Management, though, will largely be entrusted to outsiders, professionals who will handle the day-to-day operations of India’s most influential company and its businesses that span oil refining and petrochemicals to telecommunications, e-commerce and green energy.
– The magnate is drawn to the way the family behind Walmart managed the transfer of control after the death of founder Sam Walton in 1992, the people familiar with his thinking said.
– The Walton family model reflects unusual prescience on the part of founder Sam, who built the now global giant from a handful of five-and-dime stores. He started preparing for succession in 1953 — almost 40 years before he died — by passing 80% of the family business to his four children: Alice, Rob, Jim and John. That minimized estate taxes and helped the family retain control even as the company grew into the world’s largest retailer.
– A model that keeps the family central but delegates management has obvious appeal for someone like Ambani, given his history.
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