DUBAI // Dubai has set up a nine-man committee to tackle the global financial crisis. The advisory council reports directly to Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai.
Its mandate is to assess and review Dubai government finances, the property and banking sectors and equity markets. It will also look to encourage further central bank action to ensure banks and companies have access to sufficient liquidity.
The committee is made up of key business and political figures including the heads of the top three property firms and the sovereign wealth fund, the chief of both of Dubai's bourses, and federal government representation through the UAE Cabinet Affairs Minister and the vice-chairman of the central bank.
The advisory council
MOHAMMED ALI ALABBAR ? chairman, Emaar Properties
The face and voice of Dubai in the early days of the boom, Mohammed Ali Alabbar has spent much of the last three years quietly building up a regional property empire, overseeing the construction of the world's tallest tower and biggest malls and battling shareholder discontent. The finance and business graduate has been brought in to chair the new advisory council and will be its spokesman. Mr Alabbar is also the director-general of the Dubai Department of Economic Development.
NASSER BIN HASSAN AL SHAIKH, Director-General of the Dubai Department of Finance, chairman of Amlak Finance and Deyaar
Like Mr Alabbar, Mr Shaikh has been pushed into the limelight over the last few weeks after returning to a position similar to one he held previously as head of Dubai's Department of Finance. In charge of Dubai's sovereign debt, the calm and measured Mr Shaikh has also been leading the merger between Amlak and fellow mortgage lender Tamweel.
MOHAMMED ABDULLAH AL GERGAWI, UAE Minister of Cabinet Affairs, chairman of Dubai Holding
One of Sheikh Mohammed's closest aides, Mr Gergawi's role will also be to link any Dubai action with federal action in his capacity as minister of state for cabinet affairs. He is chairman of the Executive Office, a top government body led by the ruler, and is chief executive of the ruler's private company Dubai Holding, which is an investor in Sony and EADS. Its real estate arm Dubai Properties is one of the emirate's leading three developers.
ESSA KAZIM ? chairman of Bourse Dubai and the Dubai Financial Market
Mr Kazim was director-general of the Dubai Financial Market (DFM) from 1999 to 2006 before assuming the role of chairman and taking a more hands-on approach to the development of the Dubai International Financial Exchange (DIFX). His membership gains further importance given the DFM falling almost 70 per cent this year. Mr Kazim has also overseen the sale of a 33 per cent stake in DIFX to NASDAQ OMX and last week its rebranding into the NASDAQ Dubai.
MOHAMMED AL SHAIBANI, Director-General of Dubai Ruler's Court, chief executive of Dubai's sovereign wealth fund Investment Corporation of Dubai.
Widely-deemed to be the man behind the scenes, Mr Shaibani wears many hats. He has come into greater prominence over the last year taking on new positions such as chairman of Dubai Islamic Bank, leading the emirate's anti-corruption drive and assessing the emirate's key entities. He heads up the ruler's court and is chief executive of its sovereign wealth fund. He also sits on the board of Emaar.
OMAR BIN SULAIMAN, Governor of the Dubai International Financial Centre and vice-chairman of the UAE Central Bank
As governor of the Dubai International Financial Centre, Mr Sulaiman's mandate is to convince the world the Middle East's Canary Wharf can compete on a global stage and become the bridge between east and west. Among his many roles, he is also chairman of DIFC Investments, which holds a 2.2 per cent stake in Deutsche Bank. He was recently appointed to the board of the UAE central bank as vice-chairman.
SULTAN BIN SULAYEM ? Chairman of Dubai World
Since the onset of Dubai's construction boom in 2002, Mr Sulayem has filled the pages of the international media with some of Dubai's most glamorous and ambitious projects. From three man-made palm-shaped islands to a map of the world reclaimed from sea and now plans for a kilometre-high tower, Mr Sulayem has made his name in property through Nakheel. His mandate as chairman of Dubai World also covers the world's fourth-largest port operator DP World.
ABDUL AZIZ AL MUHAIRI ? Managing Director of the Investment Corporation of Dubai
Mr Muhairi joined Dubai's sovereign wealth fund after stepping down from his position as chief executive of Dubai Bank in May. With a bachelor of science degree, Mr Muhairi was one of the architects in converting Dubai Bank into an Islamic bank and paving the way for it to become one of the world's largest Islamic financial institutions within five years.
MARWAN BIN GHALITA ? Chief executive of the Real Estate Regulatory Authority (RERA)
An engineering graduate from California State University, Mr Ghalita has spent the bulk of his career at the Dubai Land Department. Mr Ghalita holds the keys to Dubai's real estate sector after being handed the top job of regulating the industry and clamping down on malpractice in 2007. Since RERA's creation, Mr Ghalita has overseen a new mortgage law, the introduction of Escrow and the end of property flipping.
*Reuters
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
FIGHT CARD
Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)
Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)
Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)
Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)
Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)
Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)
Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)
Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)
Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)
Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)
Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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