ABU DHABI // Forty billion down, one trillion to go. Fresh from a successful first Grand Prix at the Yas Marina circuit, Abu Dhabi is gearing up to spend as much as 25 times the amount committed to Yas Island on building up its infrastructure, including roads, power plants and a metro.
It represents a stimulus package that rivals those offered in the developed world. "This will lead to extraordinary demand for building materials and technological innovations, thus boosting the economy further," said Sultan bin Saeed al Mansouri, the Minister of Economy.
Boosting Abu Dhabi's infrastructure and manufacturing sector is central to the UAE's plans to wean its economy off oil. Economists also see such spending as a key to reviving growth after the global recession by creating jobs, lowering the costs of running businesses and attracting more foreign investment.
Infrastructure will account for 17.5 per cent of the Dh43.6 billion (US$11.9bn) budget for 2010 announced by the Ministry of Finance last week.
When dipping into the stimulus fund, planners will use the development of the US$40 billion Yas Island as a template for future projects.
At a panel discussion about the Yas Marina Circuit held by New York University Abu Dhabi last month, Khaldoon al Mubarak, the circuit chairman, said the development would act as a blueprint for the city's future. "We used Yas as almost the future urban component within the overall city of Abu Dhabi and we wanted to test things out," he said.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
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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More on animal trafficking
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
The biog
Age: 35
Inspiration: Wife and kids
Favourite book: Changes all the time but my new favourite is Thinking, Fast and Slow by Daniel Kahneman
Best Travel Destination: Bora Bora , French Polynesia
Favourite run: Jabel Hafeet, I also enjoy running the 30km loop in Al Wathba cycling track
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5