The new American ambassador to the UAE was announced on Wednesday by President Donald Trump.
John Rakolta of Michigan is a business executive and civic leader who has served as chairman and chief executive of Detroit-based construction company Walbridge Aldinger since 1993.
The 102-year-old Walbridge, which builds manufacturing plants, hospitals and government facilities, reported $1.5 billion in revenue last year, according to Crain's Business Detroit list of largest family-owned companies.
Mr Rakolta is also co-chairman of the Coalition for the Future of Detroit School Children and of the Metropolitan Affairs Coalition.
Unlike predecessor Barbara Leaf, a long-standing foreign diplomat who served in the Balkans and during the reconstruction of Iraq, Mr Rakolta is new to diplomacy, only serving as honorary-consul general for Romania in the state of Michigan.
Mr Rakolta is a trustee of advocacy group New Detroit and a campaign cabinet member for United Way of south-east Michigan, a community volunteers organisation.
The 70-year-old was also a fundraiser for Mr Trump during the presidential campaign, with donations from him and his family to the Trump Victory Fund reaching more than $260,000.
Mr Rakolta served as finance chairman for former Massachusetts governor Mitt Romney's presidential campaigns in 2008 and 2012.
In July, Mr Rakolta told The Detroit News that he travelled to Chicago, where he met Mr Trump at one of the president's hotels before agreeing to be a fundraiser. He was said to have attended Mr Trump's election night party in New York City when the property mogul became the first Republican to win Michigan since 1988.
Mr Rakolta is said to have played a central role in lobbying the Republican-controlled legislature to relieve the Detroit public schools district of $617 million in debt piled up over seven years by state-appointed managers, according to Crain's.
He has also recently been advocating for reforms in special education funding to make it more equitable for traditional school districts.
Mr Rakolta is the third Detroit businessman to be nominated by the Republican president for an ambassadorship.
In November, Mr Trump nominated the Suburban Collection chairman and chief executive David Fischer to be US ambassador in Morocco.
Last month, he nominated Ann Arbor, Michigan, property consultant Joseph Cella to be ambassador to Fiji.
In November 2016, Mr Rakolta spoke of Mr Trump to Politico, saying: "Right now, I'm undecided. I haven't seen that 'pivot' that we'd need to see from someone who's capable of being the next president of the United States."
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
CREW
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERajesh%20A%20Krishnan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ETabu%2C%20Kareena%20Kapoor%20Khan%2C%20Kriti%20Sanon%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
The specs
Engine: 2.5-litre, turbocharged 5-cylinder
Transmission: seven-speed auto
Power: 400hp
Torque: 500Nm
Price: Dh300,000 (estimate)
On sale: 2022
Results
5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)
6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi
9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
MATCH INFO
Champions League last 16, first leg
Tottenham v RB Leipzig, Wednesday, midnight (UAE)
What%20is%20cystic%20fibrosis%3F
%3Cul%3E%0A%3Cli%3ECystic%20fibrosis%20is%20a%20genetic%20disorder%20that%20affects%20the%20lungs%2C%20pancreas%20and%20other%20organs.%3C%2Fli%3E%0A%3Cli%3EIt%20causes%20the%20production%20of%20thick%2C%20sticky%20mucus%20that%20can%20clog%20the%20airways%20and%20lead%20to%20severe%20respiratory%20and%20digestive%20problems.%3C%2Fli%3E%0A%3Cli%3EPatients%20with%20the%20condition%20are%20prone%20to%20lung%20infections%20and%20often%20suffer%20from%20chronic%20coughing%2C%20wheezing%20and%20shortness%20of%20breath.%3C%2Fli%3E%0A%3Cli%3ELife%20expectancy%20for%20sufferers%20of%20cystic%20fibrosis%20is%20now%20around%2050%20years.%3C%2Fli%3E%0A%3C%2Ful%3E%0A
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.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
