November, 1998. Painful memories of the first Gulf War linger. But a bright spot emerges as the Jabal Ali 1 departs Dubai for Iraq. Run by Naif Marine Services, the passenger ferry between Port Rashid and Umm Qasr was the first between Iraq and the Gulf countries in eight years. Baghdad airport had been closed to international traffic since 1990, with travellers forced to take a route through Jordan. The direct ferry link then became a lifeline for ordinary Iraqis. A New York Times article from 2005 reports that a return journey cost Dh660 and carried as many as 5,000 passengers a week in peak holiday season.
The service stopped for two months during the US bombing campaign in 2003. In 1998, the Port Rashid service ceased due to redevelopment at the Dubai port, and by 2010, services to Iraq had largely disappeared due to increasing air links.
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Read more:
Timeframe: NBAD logo
Timeframe: Back to school in Sharjah
Timeframe: Dreamland Aqua Park in UAQ has stood test of time
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Normal People
Sally Rooney, Faber & Faber
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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.
UAE currency: the story behind the money in your pockets
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
