A multi-billion dollar gaming resort in Ras Al Khaimah is rapidly taking shape ahead of a planned 2027 opening date, with more than 80 per cent of its 1,542 rooms now built and a $2.4 billion loan secured to help finance the landmark project.
The $3.8 billion Wynn Al Marjan Island resort − which will feature suites and villas, two dozen restaurants, a spa, an event centre and a theatre − was granted a gaming licence from UAE authorities in October.
The five-star facility is operated by Wynn Resorts − which runs high-end hotel complexes in Las Vegas, Boston and the Chinese territory of Macau.
Wynn said on Thursday that the funding agreement was the “largest hospitality financing transaction” in the history of the Emirates.
A large pool of lenders includes local institutions such as Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Emirates NBD Capital Limited and the National Bank of Ras Al Khaimah, as well as a number of international banks.
Gambling remains prohibited in the Emirates, as it is across the Gulf, but the UAE's gaming regulator has been set up to oversee and supervise commercial “gaming activities”. These include lottery, internet gaming, sports wagering and land-based integrated gaming centres or resorts.
The use of the word “gaming” is the same language used by the equivalent authorities in the US.
Laying the groundwork
Wynn said projection construction was “proceeding well”, with almost two thirds of the structure complete.
The “topping off” – referring to the completion of the structural phase of a construction project – of the resort tower is set to be reached by the end of the year, the Las Vegas-based developer said in an update on its website.
“The construction team is completing one floor per week, working toward a topping off in December of this year. In the last 100 days, the resort tower has grown approximately 140 feet (42m),” said the company.
Gaming licence
The gaming licence was issued by the UAE's General Commercial Gaming Regulatory Authority.
“The licence award follows a diligent and extensive review by the GCGRA,” Wynn said last October.
“Wynn Resorts thanks the GCGRA for the confidence and trust the licence grant signifies and is proud to be the recipient of the first commercial gaming facility licence in the UAE.”
The GCGRA also issued a licence for the country's first regulated national lottery in July.
The Lucky Day Lottery – operated by the Game LLC – held its inaugural draw on December 14. It offers a Dh100m ($27.2 million) jackpot prize.
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
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- Engineering leader: Dh30,000 to Dh55,000
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- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
UAE currency: the story behind the money in your pockets
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