Crypto enthusiasts descended on Dubai on Wednesday hoping the industry’s buoyant mood can keep going despite signs the euphoria around Donald Trump’s crypto stance is ebbing.
Speakers at the two-day event in the desert city include chief executives at some of the world’s major crypto firms, the head of digital assets at BlackRock and Goldman Sachs, as well as the US president’s son, Eric Trump, who is set to take the stage on Thursday.
Once a crypto sceptic, the US president has vowed to support the industry by easing regulatory curbs and has even launched his own cryptocurrency, in a turnaround for the industry after a series of crypto company collapses in 2022.
Cryptocurrency prices surged to a record high after his election win, but have fallen this year. Bitcoin is down about 12 per cent from its peak as the global trade war and industry concerns that the pace of pro-crypto regulation under Trump is slower than expected, knocked sentiment.
Attendees at the TOKEN2049 conference, which is expected to attract around 15,000 people, thronged the venue, while a pair of camels rested unbothered by the loud tunes playing in the background.
They shared mixed feelings about Trump’s impact on the industry.
“In the long term, it’s going to be good for crypto, but it really relies on the world economy picking up again,” said Miklos Veszpremi, the chief operating officer of a web3-integrated streaming platform.
“I think that once the tariffs actually start hitting countries, there’s going to be a lot of pain, and we might be headed towards some difficult times,” he said.
Still, the industry enjoyed a strong start to the year as money poured in.
Global venture capital investments in crypto companies totalled $5.4bn in the first quarter of 2025, its best quarter since mid-2022, according to data from PitchBook.
Attendee Herbert R. Sim, wrapped in a bitcoin-themed jacket, said that predicting the impact of Trump policies on the crypto sector was very hard “but so far is on the regulation side of things.”
“Things are easing up in America,” he said, as developers, investors and crypto fans weaved past packed industry marketing booths and joined queues to glide on outside zip lines.
Crypto hub
The United Arab Emirates is quickly emerging as a key hub for crypto companies, with several setting up shop or seeking to expand.
Binance, the world’s largest crypto exchange, announced in March that Abu Dhabi-backed investment group MGX had made a $2bn crypto investment in it, deepening its ties with the UAE.
The exchange’s founder, Changpeng Zhao, who last year served four months in prison after pleading guilty to violating US laws against money laundering, was welcomed to the main stage with cheers from the audience.
Zhao stepped down as CEO of Binance as part of a $4.3bn settlement with US authorities but remains a major shareholder.
UAE authorities continue to promote crypto adoption.
Buyers for apartments in a new planned tower in Dubai the Trump Organization launched this week alongside a luxury real estate developer will be able to pay with bitcoin, Eric Trump said.
Dubai’s Emirates NBD bank recently launched crypto trading services on its digital arm Liv and one of the city’s largest free zones, the DMCC, which hosts more than 600 crypto firms, plans to open a “crypto tower” in early 2027 to host more.
“It’s much easier to do business here,” said Germany-based attendee Andre Liesenfeld, referring to Dubai.
Dubai’s DXB eyes real estate future after DWC takeover
The operators of both airports have confirmed that all services at DXB will transition to DWC, which is expected to fully absorb operations within the next 10 years
Dubai International Airport (DXB) will eventually be decommissioned once Al Maktoum International Airport (DWC) is fully operational, Dubai Airports CEO Paul Griffiths said at the Arabian Travel Market (ATM) this week.
“The current thinking is when DXB gets to a point where we’ve got enough capacity at DWC to make the complete transition, we will move every single service to DWC.”
“There is little sense in operating two major hubs with such close proximity to one another,” he said, as reported by Skift.
DXB, which opened in 1960, has grown to become one of the world’s busiest airports, handling more than 92 million passengers in 2023.
Griffiths indicated that DXB may be too outdated to operate by the time DWC is fully developed.
“The other point is that DXB by then, every single asset at DXB will be close to the end of its useful operating role, so the economics of keeping DXB open will not be possible unless we invest a huge amount of money,” he added.
DWC to absorb DXB operations within a decade
The operators of both airports have confirmed that all services at DXB will transition to DWC, which is expected to fully absorb operations within the next 10 years.
Griffiths reiterated that the shift would allow the current DXB site to be redeveloped.
“We’re right up against Sharjah in the north, so it will spread the city out and actually make it perhaps a little easier than the traffic problems that we’ve got today,” he said.
In April 2024, Sheikh Mohammed bin Rashid Al Maktoum — Vice President, Prime Minister and Ruler of Dubai — approved the designs for a new Dhs128bn passenger terminal at Al Maktoum International Airport.
Al Maktoum International Airport will enjoy the world’s largest capacity, reaching up to 260 million passengers.
It will be five times the size of the current Dubai International Airport, and all operations at Dubai International Airport will be transferred to it in the coming years, said Sheikh Mohammed.
“The airport will accommodate 400 aircraft gates and feature five parallel runways. New aviation technologies will be employed for the first time in the aviation sector,” he added.
The completed airport will cover a vast 70-square-kilometre site.
Underground train to ease passenger movement
According to Khaleej Times, Griffiths also revealed plans for an extensive underground train system at DWC to streamline passenger movement and reduce walking distances.
“The underground system will be very comprehensive and pretty quick to reduce travel distance,” he said.
“It is such a large site that it would be about a 20-minute journey time and we have to make it fast, efficient and competitive in terms of circulation of transfer passengers to get to and from the airport.”
Griffiths said that the team at DXB had reviewed several designs and agreed that the train would need to be a seated service, with the journey expected to take between 15 and 20 minutes.
Ras Al Khaimah’s residential real estate stock is expected to double by 2030, underpinned by growing tourism demand and large-scale developments such as the Wynn Al Marjan Island resort, according to real estate consultancy Savills.
More than 11,000 new residential units are projected for delivery by the end of the decade, based on launches through 2024.
Off-plan sales are dominating activity in 2024, with Al Marjan Island, Mina Al Arab and Al Hamra recording notable growth in both capital values and rents.
“Branded residences now account for 32 per cent of expected supply on Al Marjan Island,” said Andrew Cummings, Head of Residential Agency at Savills Middle East. “This reflects growing appetite for lifestyle-led, premium real estate investments.”
Sales transaction values have surged past Dhs11bn in 2024, with Sunshine Bay on Al Marjan Island selling all 240 units in three months at an average of Dhs2,200 per sq ft.
British nationals made up over 40 per cent of buyers, part of a broader international pool spanning 37 nationalities.
The momentum is fuelled by rising visitor numbers, with the emirate recording 1.28 million tourists in 2024 — a 5.1 per cent year-on-year increase.
Air arrivals rose 28 per cent to 661,000, underlining Ras Al Khaimah’s emergence as a regional short-stay destination.
Tourism growth, anchored by beach resorts, desert landscapes and Jebel Jais attractions, is set to accelerate further with the 2027 opening of Wynn Al Marjan Island.
The 62-hectare project will feature 1,542 rooms and the UAE’s first commercial gaming operation.
RAK is more than just a tourist draw
“RAK’s evolution is now beyond tourism alone,” said Rachael Kennerley, Head of Research at Savills Middle East. “Infrastructure, education and lifestyle amenities are aligning to make it a long-term investment destination.”
Improved schooling and international dining options are also reinforcing the emirate’s appeal.
Seven schools received ‘good’ ratings in the 2023-24 academic year, up from three the previous year, with the British School Al Hamra rated ‘very good’ — a first for the Northern Emirates.
Savills is set to launch Anantara Mina Ras Al Khaimah Residences in April 2025, offering 84 units starting fromDhs2.2 m with handover expected in Q3 2028.
Job vacancy announcements and interviews must not contain any form of discrimination, including those based on gender, disability, age, marital status, or other factors.
The ministry’s new rules prohibit brokering or advertising employment opportunities for Saudis unless the activity is licensed by the ministry and complies with regulations governing such practices.
Additionally, these regulations stress the need to obtain proper licenses for job fairs or public job invitations held outside workplace premises. Such events must be coordinated through the Saudi Conventions and Exhibitions General Authority, in line with governing rules.
Compliance with professional standards
The ministry requires that advertised job roles align with the professions listed in the Saudi Standard Classification of Occupations. Job postings must be made through approved digital platforms, the company’s website, official social media accounts, or licensed job fairs.
Job advertisement guidelines
Key provisions of the regulations stipulate that job advertisements must include:
A brief description of the company, including its name, business activity, headquarters, and work location.
A clear description of the job vacancy, including the job title, responsibilities, required qualifications, and skills.
Years of experience required, application procedures, working hours, job nature, benefits, and the application deadline.
An electronic method for receiving job applications.
Employers must notify each applicant of the interview format (in-person, remote, or phone), date, and expected time at least three working days in advance.
Interview venues—whether inside or outside the facility—must be suitable for the number of applicants. They must be in visible, accessible locations with sufficient seating and desks, comply with occupational health and safety standards, and have security systems or guards, gender-specific restrooms, and drinking water.
Accommodations for persons with disabilities
For applicants with disabilities, employers must provide appropriate communication tools and ensure accessibility throughout the interview location. A job interview committee must be formed, comprising at least two Saudi individuals, including one human resources specialist. The committee may consult non-Saudi experts if necessary, provided they do not exceed half the committee’s members.
Restrictions on interview questions
The regulations prohibit interviewers from asking about personal freedoms or confidential details about previous employment. All interview outcomes must be documented for future reference.
Communicating interview results
Applicants must be informed of interview results through official channels within 30 days of the interview. If an applicant is not selected, the reasons must be communicated.
Etihad Airways has announced the launch of a new corporate travel programme aimed at enhancing the business travel experience for corporate travellers.
The announcement was made at the Arabian Travel Market 2025, marking a significant step forward in the airline’s corporate travel offerings.
Innovative digital platform
Etihad’s new programme introduces an innovative digital platform designed to simplify corporate travel management and deliver customised benefits tailored to each organisation’s needs.
Key features include:
A comprehensive travel management portal
Streamlined booking processes
Dedicated support options
“Today’s business environment demands travel solutions that are both efficient and adaptable. This new programme demonstrates our commitment to supporting our corporate partners with solutions that meet their evolving needs,” said Javier Alija, Vice President of Global Sales and Distribution at Etihad Airways.
Benefits for businesses
The programme offers businesses a range of benefits that scale with travel volume, including special corporate rates, priority services, and enhanced booking flexibility. Larger organisations will also gain access to dedicated account management and customised travel solutions.
“Our focus has been on creating a programme that delivers real value to businesses of all sizes,” Alija added. “Whether it’s a growing enterprise or an established multinational, we’ve designed our offerings to support their success.”
The digital platform enables efficient travel management with features such as performance tracking, automated reporting, and simplified expense management. Companies can access their personalised benefits through a dedicated corporate portal.
Eric Trump on why the ‘Gulf is the future of luxury real estate’
Eric Trump shares insights with Gulf Business on Trump Tower Dubai, the partnership with Dar Global and why the Gulf is a key focus for the brand’s luxury real estate expansion
Dar Global and The Trump Organization have unveiled their most ambitious Middle Eastern project yet: Trump International Hotel & Tower, Dubai. Standing tall at 80 floors and 350 metres on Sheikh Zayed Road, this launch marks the Trump Organization’s first hotel and tower in the UAE and its fifth collaboration with Dar Global.
Beyond its scale and prime location, the tower’s duplex penthouses with private sky pools are inspired by the iconic Trump Tower penthouse on New York’s Fifth Avenue. Floor-to-ceiling glass, opulent interiors, and panoramic skyline views come together to set a new benchmark for high-end living in Dubai.
Also central to the development is The Trump, a members-only private club that will offer hand-curated experiences in wellness, gastronomy, and leisure, catering to Dubai’s most discerning clientele.
To mark the official launch, Eric Trump, executive vice president of The Trump Organization, visited Dubai and spoke with Gulf Business editor Neesha Salian. From the tower’s rapid approval to the region’s “yes-first” attitude to development, Trump shared why Dubai, and the wider Gulf, are becoming the Trump Organization’s most exciting frontier for luxury real estate.
Here are excerpts from the conversation.
The Trump Organization is actively expanding across the Gulf, including iconic projects like Trump Tower Dubai. What excites you most about being in this region?
It’s every developer’s biggest playground. There are no “no’s” in Dubai and other parts of the Gulf. You go around the world — Europe especially frustrates me, and that’s tough because my mother was European, and I spent a lot of time there. But you try to get anything done, and all you hear is “no”.
In the Gulf, you’re met with “yes — and make it bigger, better, more luxurious”. That’s an amazing attitude. Most countries are always looking backwards. The Gulf doesn’t do that. It only looks forward.
You visit places that talk about history from 800 years ago. Here, they’re talking about where they’ll be in 50 years, in 30 years, in a decade. Big aspirations, smart people, monumental capital and mega projects. It’s genuinely exciting to be part of.
I tell people all the time, as many think their country or system does it better. I always say, be careful, because there are regions out there that are winning the race and doing so in a very big way. As a businessman, as a capitalist, as someone who values efficiency and loves to create, it’s inspiring to watch what’s happening — not just in Dubai, Abu Dhabi, but across the Gulf.
Look at Saudi. We’ve got two, maybe three projects there. Look at Diriyah and some of the master plans. Nowhere else in the world could they pull something like that off. It’s a lot of fun to be part of.
How do the forward-looking values here align with those of the Trump Organization?
We charge hard. We make decisions fast.
In Europe, if you want to build a golf course and move one green seven feet, you’ll spend five years in approvals, environmental studies, other surveys — you name it.
Now look at Dubai. We got Trump Tower Dubai—a 1,150-foot-tall building with the world’s highest outdoor swimming pool — approved in under a month. And that’s not because we’re Trump. It’s because this country is pro-business and wants to see great things happen.
Around the world, I see so many projects I’d love to do. But they take too long, cost too much, and are too hard to get off the ground. If they had the Gulf mentality and just said yes, I’d start tomorrow. But I don’t have the energy to spend seven years fighting for something I want to do out of passion. So, it doesn’t get done.
And honestly, I don’t think many countries realise how much that holds them back.
Tell us about your partnership with Dar Global.
We truly fell in love with them. I’ve known Ziad [ El Chaar, the CEO of Dar Global] for about 15 years now, and I worked with him on an incredible gold course project.
Honestly, Dar Global is exceptional at what it does. The company is fast, pragmatic, and incredibly focused on luxury. They’re determined to undertake the most beautiful, most incredible projects in the world. Beyond that, I truly enjoy working with them as people. Let’s be honest, we’re fortunate enough to work with anyone, but when you find people who not only meet all the professional criteria but also ones you genuinely enjoy being around, that’s a “marriage made in heaven”.
For me, the people component is more important now. Life is short — you want to enjoy the journey. If you’re going to travel around the world for four or five days, you want to have a great time. You want to create something incredible, but you also want to enjoy the experience. And with them, we’re so focused on work, we’ll be in a place for five days and barely sleep, but we enjoy every second of it.
That’s what truly defines a partnership. It’s not just about the physical product — we can do great work with a lot of people. But it’s the partnership itself, the love, the attention, the professionalism, and the honesty. Those qualities matter to me tremendously.
Trump properties span the globe. How do you ensure consistency in maintaining the unique identity of each project while managing such a diverse portfolio?
We’re building projects globally, but we haven’t become one of those “shotgun” companies with multiple hotels in the same city. Many big hotel brands do this, and while they’ve done well, it makes their properties lose their lustre — they all blend and lose their uniqueness.
I travel 200 days a year, and sometimes I can’t even tell which five-star brand I stayed at because they all feel the same, like clay that just blends. You can’t be unique when that happens.
And I never want to be that company. I want all our projects to look so different. We have wineries in the US with 19 rooms in 2,000 acres of vineyards in the Blue Ridge Mountains. We have projects on the Las Vegas Strip with 1,282 rooms in the tallest building in Las Vegas. We’ve got what’s going to be the tallest outdoor pool in the world in [Trump Tower] Dubai, and then we have Mar-a-Lago in Palm Beach.
Every single one of our projects is unique. It’s contextual to the location. You can feel it; you can see it. And when you look at our employees, they’re also our families. They’re not these big public corporations. They’re not numbers. They’re not people who come and go. They’re people who have stayed with us for decades, and you can feel that when you walk through the doors. You can feel the sense of family.
When you walk through the doors of a lot of other places, you may not feel the warmth. You can tell that people might do a nice job, it might be a nice experience, you might have a beautiful room, but people are a lot less invested in what that building is. It doesn’t feel like their own. It just feels like they’re in it, but not really part of it.
We take tremendous pride in this. We want the best projects in the world. We want them to be uniquely ours. We don’t want the ‘mass’. We want the best. And that’s my focus.
It enables me to avoid the problem you asked about. Don’t get me wrong, we’re incredibly busy. We’ve got close to 30 projects all over the world, but it allows us to put attention into all of them and really know them, feel them. I’ll know every single hotel, every building we have. I’ll know every detail of those projects.
How do you think technology is changing real estate, from tokenisation to the way we build and experience structures?
I could talk about this one forever. Obviously, technology is having a huge impact.
We’ll probably be the first mass-market project on a truly global scale to literally offer people the ability to buy their units in Bitcoin, in cryptocurrency. I spend a lot of time in that world. Tokenisation of real estate — it’s coming, and it’s coming very, very quickly.
That actually benefits us more than most, because guess what? It’s a lot harder to tokenise a very low-profile project — one no one’s heard of, in a bad location, with no brand recognition — than it is to say, “Hey, we’re building Trump Tower Dubai”. It’s the best hotel in the city, the best views, the best amenities, the best private club. We minted 20 million tokens — who wants to buy in?
That’s a massive advantage for brands like ours. We’re in demand. We’re phenomenal locations where people want to be a part of the story. Tokenisation opens access to a financial world that most people could never have been involved in. Someone might own a millionth of a percentage of a project — but they still get to feel that ownership, that pride of being part of something significant.
It also really opens up capital markets. So many investors today have limited options. You’ve got public companies — but they probably make up less than 1 per cent of the companies out there — yet everyone’s concentrated in those. Tokenisation changes that. Suddenly, you don’t need the public markets. You can invest in Trump Tower Dubai. And that’s a cool thing.
Technology affects so many aspects of the business. On the customer side: booking, service, overall experience. More and more, your phone is becoming your room key. You bypass the front desk, get to your room faster. The room service menu pops right onto your screen. It makes the entire travel experience more seamless.
But on the finance side — tokenisation, crypto, stablecoins, Bitcoin — that’s where the real shift is coming. Sit here in 10 years, and watch: you’ll see a major intersection between the tangible world and the intangible world.
That includes buying and selling, of course, but also financing, paying vendors, staff, receiving customer payments, issuing refunds. All of it — quicker, cheaper, more transparent. And that’s a very exciting thing.
There’s been a lot of global debate around President Donald Trump’s tariffs. What are you seeing in terms of reaction from the Gulf? And what’s your broader take on it?
That’s a really interesting question because the Gulf is one of those regions that isn’t impacted by tariffs the way other parts of the world are. The Gulf isn’t producing mass-market consumer goods and dumping them worldwide for pennies. That’s not the focus here. This region is built around hospitality, big business, oil and gas — and those sectors typically aren’t targets for tariffs.
What the Gulf really values are safety and security.
Now, if you look at the last four years globally, we’ve seen what happens when there’s weak leadership in America. The world changed—and not for the better. Conflicts erupted, like the Russia–Ukraine crisis. The Middle East, which had been one of the most stable regions, saw escalating tensions. What the UAE and others in the Gulf are saying is simple: we want peace, we want prosperity.
In my view, there aren’t many regions in the world that are more aligned with American values right now than parts of the Middle East. In fact, I’d say the UAE has been one of America’s strongest allies, especially when you consider that many other nations have taken advantage of US generosity — taking jobs, industry, and support without giving much back.
The Gulf is different. It’s built its success through vision, creativity, independence, and smart investment. And that makes for a very strong and mutually respectful relationship.
So yes, tariffs are a powerful tool, and the US will no longer be used or taken advantage of. Those days are over. Countries that continue to operate that way will feel the impact. But regions like the Gulf — where the focus is long-term growth, partnership, and mutual respect — will flourish in this kind of environment.
And at the core of that success is what makes Dubai, Abu Dhabi, and the wider region so unique: a commitment to security, stability, and forward-thinking leadership. A strong America only makes that foundation stronger.
What are the leadership values you’ve taken from your family that help shape how you build and grow your business today?
This might sound a bit contrite — and I think most real estate developers would say it — but I’m not sure all of them truly mean it: attention to detail. Detail is everything.
Many companies have high turnover — people come and go, without a real sense of belonging. But in this industry, you need a deep love for what you do.
Real estate, especially globally, is complex and demanding, with constant travel and time away from family. It’s not for everyone — you have to truly love it.
You have to be willing to sleep in beds that aren’t yours a lot of nights. But at the end of the day, you can sit back in some of these places, look at a skyline, and say, “That’s pretty cool — that’s there because of our efforts”. That building will be home to thousands of guests every night. It’ll support employees, their families, children going to local schools. You create a whole ecosystem.
So, love what you do, work hard, pay attention to small details, and have fun. Do the projects you want to do — not just the ones that are the most profitable. That’s how I’ve shaped my life.