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Bitcoin will buy you a Trump Tower apartment in Dubai, says Eric Trump

The tower, expected to be completed between 2030 and 2031, will have a gross development value of $1 billion

Reuters
Reuters

30 April, 2025

Bitcoin will buy you a Trump Tower apartment in Dubai, says Eric Trump

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The Trump Organisation launched a new tower in Dubai on Tuesday, April 29, in partnership with a luxury real estate developer.

The 80-story tower, located in Dubai—the Gulf’s tourism hub known for the world’s tallest building and palm-shaped islands—will feature a luxury hotel, premium residential apartments, and two penthouse residences.

Read-Dar Global to build Trump Tower Dubai, marks third collab in region

It is being developed by the Trump Organisation in collaboration with Dubai-based Dar Global.

The official launch comes just weeks ahead of Donald Trump’s upcoming trip to the Gulf, during which he will visit Saudi Arabia, Qatar, and the UAE—regions where he previously cultivated close ties during his first term.

“The whole region is dependent on a strong America, and I hear that time and time again from the biggest leaders in the Gulf,” said Eric Trump, the U.S. president’s son, in an interview with Reuters on Tuesday. “Dubai, like the entire world, thrives on a healthy, safe world, and that’s what President Trump wants,” he added.

While most of the Trump Organisation’s business is based in the United States, it maintains significant interests overseas, including in Saudi Arabia and the UAE.

Ahead of the president’s inauguration, the Trump Organisation stated that control of the company would be handed over to his children, replicating the arrangement from his first term. However, concerns about potential conflicts of interest persist.

Eric Trump confirmed he will not be part of the business delegation accompanying his father during the Gulf visit. “I won’t be part of it, no… I keep total separation. I want nothing to do with politics or policy,” he said, adding that his father “loves the region” and “has a lot of friends over here.”

Bitcoin-friendly features

The Dubai tower will feature the world’s highest outdoor swimming pool upon completion, and buyers will be able to pay with bitcoin, Eric Trump said.

The Trump family has previously launched cryptocurrency meme coins, and the former president also holds a stake in World Liberty Financial, a crypto platform.

“You’re seeing two worlds that I love so much finally blend together, and that’s very exciting,” Eric Trump said, referring to real estate and cryptocurrency investment.

The tower, expected to be completed between 2030 and 2031, will have a gross development value of $1 billion, according to Dar Global CEO Ziad El Chaar.

Other projects with the Trump Organisation

Dar Global—the international arm of Saudi Arabia’s Dar Al Arkan Real Estate Development Company—has already announced several joint ventures with the Trump Organization.

These include planned Trump towers in Riyadh and Jeddah, real estate developments in Oman, and further expansion in Abu Dhabi.

Additionally, Dar Global and developer Qatari Diar are expected to announce an agreement on Wednesday to develop a Trump International Golf Course and Trump Villas in Qatar, according to a source familiar with the plans.

Emirates inks new codeshare partnerships with these airlines, signs more MoUs

Emirates now maintains commercial cooperation agreements with 164 partners across interline, codeshare, and intermodal formats, extending its reach to nearly 1,800 cities

Gulf Business
Gulf Business

30 April, 2025

Emirates inks new codeshare partnerships with these airlines, signs more MoUs
Image: Emirates

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Emirates has expanded its global network through the activation of a reciprocal codeshare partnership with German leisure carrier Condor and a newly established codeshare agreement with Air Seychelles, enhancing connectivity for travellers ahead of the 2025 summer season.

Under the reciprocal agreement with Condor, Emirates customers will be able to access 11 additional destinations across Europe and the Caribbean via Frankfurt, Dusseldorf, and Hamburg.

These include holiday hotspots such as Palma de Mallorca, Ibiza, Gran Canaria, Fuerteventura, Tenerife, Cancun, and Montego Bay.

In return, Condor passengers will gain access to 13 destinations on the Emirates network via Dubai, including Bali, the Maldives, Sri Lanka, Bangkok, Phuket, Hanoi, and Cape Town.

Bookings under the codeshare are now available through the airlines’ respective websites, global distribution systems, and travel agents, with travel commencing from May 10.

Emirates Skywards members can earn and redeem miles on codeshare flights operated by both carriers.

Emirates-Air Seychelles partnership

In a separate announcement, the airline confirmed a new partnership with Air Seychelles. The codeshare agreement will allow Emirates to place its code on Air Seychelles-operated flights between Mahe and Praslin Island, streamlining travel to one of the Indian Ocean’s most visited islands.

Passengers will benefit from single-ticket itineraries, competitive fares, and through-checked baggage from Dubai to Praslin.

“Our codeshare partnership with Air Seychelles will provide customers with seamless connections to Praslin Island, and complements our existing services between Dubai and Mahe,” said Adnan Kazim, deputy president and CCO, Emirates. “We look forward to developing the relationship further and introducing more added-value benefits.”

The Dubai-based carrier currently operates 14 weekly flights between Dubai and Mahe, serving travellers predominantly from France, Italy, Germany, Switzerland, and the UK.

Sandy Benoiton, CEO of Air Seychelles, added, “This agreement not only simplifies travel for our customers but also showcases our commitment to making the Seychelles more accessible to travellers from around the world.”

With these new tie-ups, Emirates now maintains commercial cooperation agreements with 164 partners across interline, codeshare, and intermodal formats, extending its reach to nearly 1,800 cities.

Over the past year alone, the airline has launched 11 new partnerships.

New MoUs signed at ATM 2025

As part of its ongoing commitment to global tourism, the airline has strengthened its collaboration with seven tourism boards — Malaysia, Sri Lanka, Morocco, Seychelles, The Bahamas, Warsaw, and Nigeria — by signing new memoranda of understanding (MoUs) during ATM 2025.

Read: Emirates strikes 8 deals to power global tourism growth

These agreements are designed to boost inbound travel from across Emirates’ vast global network, positioning each destination as a premier choice for international visitors.

The renewed and new partnerships will see Emirates and its tourism partners co-develop targeted marketing campaigns, organise familiarisation trips for media and travel agents, and launch joint promotional initiatives across key source markets.

From showcasing Malaysia’s lush landscapes and Sri Lanka’s island allure, to supporting Morocco’s goal of attracting 17.5 million visitors annually, and enhancing Nigeria’s positioning as a vibrant African destination, Emirates is playing a pivotal role in unlocking tourism potential and supporting national growth strategies.

Yas Island sees 38 million visits, Saadiyat Island grows 10% in 2024: Miral

International visits to the theme parks also saw significant growth, with a 40 per cent, rise, led by a substantial increase from key markets, including India, China, the UK and Russia

Gulf Business
Gulf Business

30 April, 2025

Yas Island sees 38 million visits, Saadiyat Island grows 10% in 2024: Miral
Images: Supplied

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Miral, the developer behind Abu Dhabi’s popular leisure destinations, announced record-breaking visitation numbers across Yas Island and Saadiyat Island in 2024, driven by surging demand from regional and international markets.

Unveiled during the Arabian Travel Market 2025, Yas Island welcomed over 38 million visits, marking a ten per cent year-on-year increase and its strongest performance since 2019. Saadiyat Island also recorded a 10 per cent rise in visitors, underscoring its appeal as a luxury cultural and beach destination.

“These exceptional results are a testament to our commitment to contributing to Abu Dhabi’s vision of becoming a leading global destination,” said Dr Mohamed Abdalla Al Zaabi, Group CEO of Miral. “We’re not only attracting visitors, but also creating joyful moments that leave a lasting impact.”

Hospitality numbers up across

Yas Island’s hospitality sector hit 82 per cent occupancy, peaking at 90 per cent in August, alongside a 17 per cent increase in average daily rate (ADR).

Theme parks and CLYMB Abu Dhabi saw a 20 per cent jump in attendance, with GCC visitation up 56 per cent and international visits surging 40 per cent, led by India (44 per cent), China (81 per cent), UK (40 per cent) and Russia (29 per cent).

The destination’s growing status as an events powerhouse was underscored by a ten per cent rise in consumer event attendance in 2024. Major highlights included concerts by Diljit Dosanjh and the Backstreet Boys, the Wireless Festival, NBA, UFC, and Formula 1, as well as regional premieres of hit musicals like Hamilton and Life of Pi.

Business tourism also surged, with a seventeen per cent increase in conferences and a seven per cent rise in room nights. Miral revealed its latest digital initiative — a Yas Island Metaverse developed with e& enterprise — aiming to elevate corporate engagement through immersive virtual experiences.

Hotel occupancy grew on Saadiyat Island, reports Miral

On Saadiyat Island, hotel occupancy hit 74 per cent in 2024, with ADR growing 14 per cent.

The island saw significant inbound growth from China (58 per cent), India (30 per cent) and the UK (11 per cent), cementing its appeal as a nature and culture-focused destination.

Yas Waterworld expansion announced

Looking ahead, Miral is set to unveil a host of new attractions in 2025, further enhancing Abu Dhabi’s position as a global leisure and cultural hub. A major expansion of Yas Waterworld is slated for summer 2025, featuring 12 new rides, including the world’s first blaster ride designed for kids.

At Yas Bay, a 560-metre beachfront development will add to the lifestyle offerings along Yas Bay Waterfront, complementing the area’s vibrant leisure scene. Warner Bros. World Yas Island, Abu Dhabi will also see a significant footprint expansion, with new DC attractions, the highly anticipated Wizarding World of Harry Potter, and two additional rides, building on the theme park’s immersive experiences.

Meanwhile, on Saadiyat Island, the Natural History Museum Abu Dhabi — expected to be the largest of its kind in the region—is on track for completion by the end of 2025. The museum will offer visitors a captivating journey through the history of the natural world and the diversity of life on Earth.

Adding to the cultural landscape, teamLab Phenomena Abu Dhabi opened its doors on April 18 at the Saadiyat Cultural District. Spanning 17,000 square metres, the multi-sensory art experience was developed in collaboration with the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) and Japanese art collective teamLab, and is operated by Miral Experiences.

These milestones reflect Abu Dhabi’s broader Tourism Strategy 2030, which targets 39.3 million visitors annually, Dhs90bn in GDP contribution, and 178,000 new tourism jobs.

Read: The wait is over: teamLab Phenomena Abu Dhabi opens to public

Hajj 2025: Saudi announces SR100,000 fine, ban for violations

illegal infiltrators attempting to perform Hajj—whether residents or overstayers—will be deported to their home countries

Nida Sohail
Nida Sohail

29 April, 2025

Hajj 2025: Saudi announces SR100,000 fine, ban for violations
Image credit: Getty Images

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The Ministry of Interior in Saudi Arabia has announced penalties for individuals who violate regulations requiring a permit to perform Hajj, as well as for those who facilitate such violations.

The following penalties will be applicable to the violators during the period starting from Dhul Qada 1, corresponding to April 29, until the end of Dhul Hijjah 14 (June 10).

Performing Hajj without a permit

According to an SPA report, firstly, a fine of SR20,000 will be imposed on individuals caught performing or attempting to perform Hajj without a permit. This includes holders of all types of visit visas who attempt to enter or stay in Makkah and the holy sites during the specified period.

Read- Hajj 2025: Saudi Council reiterates permit requirement for pilgrimage

Facilitating Hajj without a permit

Secondly, a fine of SR100,000 will be imposed on individuals who apply for a visit visa on behalf of someone who has performed or attempted to perform Hajj without a permit. The same fine will also apply to those who have entered or stayed in Makkah and the holy sites during the restricted period.

The fine will multiply for each individual involved.

Transporting or sheltering visit visa holders

Thirdly, a fine of SR100,000 will also be imposed on individuals who transport or attempt to transport visit visa holders to Makkah and the holy sites during the specified period. This applies equally to those who shelter or attempt to shelter these individuals in any accommodation, including hotels, apartments, private residences, shelters, or pilgrims’ housing.

This also includes concealing their presence or providing any assistance that enables their stay. The fine will multiply for each individual sheltered, concealed, or assisted.

Illegal infiltration to perform Hajj

In addition, illegal infiltrators attempting to perform Hajj—whether residents or overstayers—will be deported to their home countries and banned from entering Saudi Arabia for ten years.

Confiscation of vehicles

Finally, the relevant court may order the confiscation of any land vehicle used to transport visit visa holders to Makkah or the holy sites during the specified period, if owned by the transporter, facilitator, or any accomplice.

New rule for businesses in Oman: Here’s what you need to know

Oman’s investment sector has recently undergone several reforms, allowing foreign investors to own 100 per cent of their businesses

Nida Sohail
Nida Sohail

29 April, 2025

New rule for businesses in Oman: Here’s what you need to know
Image credit: Getty Images

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The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) in Oman has issued a new directive requiring foreign investors to employ at least one Omani national within one year of starting commercial operations.

Mandatory social insurance registration

As reported by the Oman Observer, the Omani employee must be registered with the General Authority for Social Insurance. This move aligns with the Ministry of Labour’s Omanisation policy, which promotes the employment of Omani citizens in the private sector.

Read-Rules in Oman: TikTok use, WhatsApp calls explained

Council of ministers’ decision supports foreign investment

This regulation follows a Council of Ministers’ decision to reduce commercial registration fees for foreign investors and treat them similarly to Omani investors—provided they meet the requirement of hiring at least one Omani employee.

Fee reductions and digital alerts

On June 18, 2023, MoCIIP announced the fee reductions for foreign investment companies via its digital platforms. Eng. Ammar bin Sulaiman Al Kharousi, Director General of the Investment Services Centre at MoCIIP, noted that the commercial register now includes an alert informing investors of the employment condition one year after registration.

Improving the investment environment

Al Kharousi also highlighted ongoing efforts to make Oman more attractive to investors by addressing challenges faced by both local and foreign businesses. Hiring Omani nationals is expected to contribute to local economic development and improve the labor market.

Enforcement through Oman Business Platform

As of April 1, 2024, MoCIIP has implemented administrative restrictions on transactions through the Oman Business Platform for foreign investors who fail to meet the employment obligation within a year of registration. A grace period of 30 days—subject to extension—is granted for companies to rectify non-compliance.

If the employed Omani is later dismissed, the obligation is automatically re-applied electronically, enabling MoCIIP and the Ministry of Labour to monitor compliance more effectively.

Simplified investment procedures

Oman’s investment sector has recently undergone several reforms, allowing foreign investors to own 100 per cent of their businesses and invest in over 1,700 commercial and industrial activities. The government has also streamlined procedures by reducing, canceling, or merging 836 services.

UAE’s FAB profit beats estimates on strong growth in non-funded income

The results come as FAB undergoes a restructuring aimed at strengthening its business in the Gulf and boosting shareholder return

Reuters
Reuters

29 April, 2025

UAE’s FAB profit beats estimates on strong growth in non-funded income
Image credit: fabconnects/Instagram

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First Abu Dhabi Bank (FAB), the United Arab Emirates’ biggest lender by assets, beat first-quarter profit estimates on Tuesday, boosted by strong growth in non-interest income from fees and commissions.

The results come as FAB undergoes a restructuring aimed at strengthening its business in the Gulf and boosting shareholder return, according to sources.

Read-FAB reports Dhs17.1bn in net profit for 2024

Under the reorganisation, FAB is splitting its operations into four new divisions and appointed Citi dealmaking veteran Linos Lekkas as its new head of investment banking, sources told Reuters last month.

The restructuring at FAB, headed by Hana Al Rostamani since 2021, follows a series of senior management departures including its former head of global markets and chief operating officer earlier this year.

The company said that it had reorganized its operating segments during the January-March period.

Net interest income climbed 3 per cent to Dhs5bn ($1.36bn) in the quarter ended March 31, while non-interest income jumped 22 per cent to Dhs3.8bn.

Fees and commissions income rose 23 per cent in the quarter versus a year earlier.

Net profit rose 23 per cent to Dhs5.13bn, beating analysts’ average expectations of Dhs4.24bn, according to data compiled by LSEG.

The bank’s total assets rose 6 per cent to Dhs1.31tn.

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