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Basketball major LA Lakers to be sold for a record 10bn

Walter is CEO and chairman of TWG Global, co-owner of the Los Angeles Dodgers, Sparks, Chelsea FC, and the Cadillac Formula 1 team

Gulf Business
Gulf Business

19 June, 2025

Basketball major LA Lakers to be sold for a record 10bn
Image courtesy: Los Angeles Lakers/ X

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Tthe Los Angeles Lakers (LA Lakers) are set to change hands in a landmark deal, with minority owner Mark Walter reportedly acquiring the family’s majority stake for $10bn, according to ESPN and multiple reports, making it the most expensive sale of a US professional sports franchise ever.

The Buss family, owners since 1979 when Jerry Buss purchased the team for $67.5m, agreed to the sale in a move approved by the NBA’s board of governors.

Post-sale, Jeanie Buss is expected to remain as team governor and the family will retain just over 15 per cent of shares for a period. Walter, already a 27 per cent stakeholder since a 2021 investment, will take majority control, it is reported.

Walter is CEO and chairman of TWG Global, co-owner of the Los Angeles Dodgers, Sparks, Chelsea FC, and the Cadillac Formula 1 team.

His purchase follows earlier buys of a 26–27 per cent stake in the LA Lakers for approximately $1.35bn, secured with first refusal rights on the majority share.

Celebratory reaction at the sale

Magic Johnson, former Lakers star and Dodgers co-owner, posted on X: “Laker fans should be ecstatic. A few things I can tell you about Mark … he is driven by winning, excellence, and doing everything the right way.”

He added Walter will “put in the resources needed to win,” praising Jeanie Buss for choosing a successor aligned with the Lakers legacy.

LA Dodgers manager Dave Roberts also tweeted that Walter is competitive and prepared to build a championship-calibre Lakers team.

The valuation eclipses recent high-profile NBA team sales: Mavericks (circa$3.5 bn), Celtics ($6.1 bn), and Suns/Mercury ($4bn). It also tops other major US sports deals.

What comes next for the LA Lakers

The NBA’s board of governors is expected to review the transaction. The LA Lakers have not yet issued an official statement. Walter’s track record with the Dodgers and Sparks suggests continued emphasis on investment in player talent, facilities, and franchise growth.

Here are the top 6 UAE property hotspots to invest in 2025

Based on market performance, pricing trends and rental yields, the Whitewills’ findings cover both established and developing areas across Dubai, Abu Dhabi and Ras Al Khaimah

Gulf Business
Gulf Business

19 June, 2025

Here are the top 6 UAE property hotspots to invest in 2025
Image: Supplied

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Dubai’s real estate market has maintained solid momentum into 2025, buoyed by steady population growth, economic diversification and robust investor demand. In Q1 alone, over 42,000 transactions worth around Dhs114bn were recorded — up roughly 23 percent year-on-year — while average residential prices rose about 5-6 per cent annually and villa prices nearly 8 per cent.

Despite increasing new stock deliveries, rental rates have remained firm and foreign investment strong, reinforced by Dubai’s no-income-tax policy and Golden Visa incentives.

This stable backdrop sets the stage for the six key investment areas highlighted by real estate consultancy Whitewill for 2025.

Based on market performance, pricing trends and rental yields, the consultancy’s findings cover both established and developing areas across Dubai, Abu Dhabi and Ras Al Khaimah.

Dubai’s key property hotspots

Dubai Creek Harbour

Dubai Creek Harbour remains in demand due to its proximity to Downtown Dubai, waterfront location, and planned green spaces. Apartments start from Dhs1.45m, with villas priced above Dhs5m. Yields range between 6 per cent and 6.8 per cent.

Al Marjan Island, Ras Al Khaimah

Interest in Al Marjan Island continues to rise, driven in part by the upcoming Wynn Resort and beachfront access. Apartments begin at Dhs585,000, with high-end properties exceeding Dhs30m. Annual rental yields are between 8 per cent and 9 per cent, and some areas have seen over 20 percent yearly appreciation.

Read: Why RAK’s Al Marjan is set for a big ‘Wynn’

Business Bay, Dubai

Business Bay remains popular for investors focused on short-term rentals. The area is close to DIFC and Downtown Dubai, with the Dubai Canal running through it. Studios and one- to two-bedroom apartments average Dhs1.4m, with returns of 6 per cent to 7 per cent.

Yas Island, Abu Dhabi

Yas Island is attracting buyers for its combination of leisure attractions and residential options. Villas average Dhs4.5m, and apartments range from Dhs1.2m to Dhs3.8m. Rental yields are steady at 6.5 per cent to 7 per cent.

Dubai South

Dubai South appeals to buyers looking for long-term growth and lower entry prices. The area is near Al Maktoum International Airport and Expo 2020 infrastructure. Off-plan units start at Dhs800,000, with yields of 6 per cent to 8 per cent. Prices are expected to rise by 15 pe rcent to 25 per cent by 2030.

Jumeirah Village Circle (JVC)

JVC continues to attract investors looking for affordable units with rental potential. Apartments start at Dhs650,000 and villas at Dhs1.6m. Rental yields are between 7 per cent and 8.6 per cent.

WhatsApp rolls out new features for businesses: How to benefit from them

WhatsApp says the new features are designed to help users discover new content and enable organisations to grow their presence on the platform

Nida Sohail
Nida Sohail

19 June, 2025

WhatsApp rolls out new features for businesses: How to benefit from them
Image credit: Getty Images

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WhatsApp has announced a suite of new features for its Updates tab, introducing monetisation options for Channel creators and new advertising tools aimed at businesses, while maintaining its focus on user privacy.

Read-New WhatsApp features updates: What’s changing in your app

The Updates tab—home to both Status and Channels—has seen rapid adoption, with more than 1.5 billion users visiting it daily, according to the company. Meta-owned WhatsApp says the new features are designed to help users discover new content and enable organisations to grow their presence on the platform, a WhatsApp blog reported.

“We’re encouraged by the enthusiasm for the Updates tab and want to help admins, organisations, and businesses grow on WhatsApp,” the company said in a statement.

Three major additions

The latest updates include three key features:

  • Channel Subscriptions: Users will soon be able to subscribe to their favorite Channels for a monthly fee to receive exclusive content.
  • Promoted Channels: A new discovery mechanism will allow Channel admins to pay for greater visibility in the directory, helping them reach a wider audience.
  • Ads in Status: WhatsApp will introduce advertising in the Status section, enabling users to interact with businesses directly from the ad.

WhatsApp emphasised that these features will be confined to the Updates tab, keeping users’ personal messaging experience unchanged.

“If you only use WhatsApp to chat with friends and loved ones, there is no change to your experience at all,” the company noted.

Privacy protections still in place

WhatsApp reiterated its commitment to privacy, stating that all personal messages, calls, and statuses remain end-to-end encrypted.

“To show ads in Status or suggest Channels, we’ll use limited information like your city, language, or which Channels you follow,” the company explained. “For users who have linked their WhatsApp with Meta’s Accounts Center, ad preferences and activity across Meta apps may also influence what is shown.”

Importantly, WhatsApp stressed that it will never share or sell users’ phone numbers to advertisers, nor will it use messages, calls, or group activity to target ads.

New opportunities for businesses

Businesses and Channel admins are being encouraged to take advantage of the new features. WhatsApp positions the Updates tab as a key area where brands can connect with users without intruding on private conversations.

“Over 1.5 billion users visit the Updates tab daily. That’s a huge opportunity for businesses to be discovered and grow,” the company stated.

Through ads in Status, businesses can promote products or services using temporary photo, video, or text updates. These ads will allow users to initiate conversations with businesses directly in-app.

Meanwhile, Promoted Channels will allow organisations to increase visibility within the Channels directory, which offers one-way broadcasts of text, media, stickers, and polls.

Carefully calibrated move

WhatsApp has long resisted introducing ads into its core messaging interface. With this rollout, the company is attempting to balance monetisation with user trust.

“We’ve been talking about our plans to build a business that does not interrupt your personal chats for years,” WhatsApp said. “We believe the Updates tab is the right place for these features.”

How Google contributed Dhs21.8bn to UAE’s economy in 2024

Google said 30,000 jobs were created by the Google Play and Android app ecosystem in the UAE

Neesha Salian
Neesha Salian

19 June, 2025

How Google contributed Dhs21.8bn to UAE’s economy in 2024
Image: Getty Images

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Google contributed Dhs21.8bn to the UAE economy in 2024, according to a new report by UK-based research consultancy, Public First.

The findings reflect the growing role of Google’s products — powered by artificial intelligence — in supporting digital transformation, business growth, and individual productivity across the country.

The Google Economic Impact Report, launched today, outlines the contribution of tools such as Google Search, Ads, Play, Maps, YouTube, and the Gemini AI assistant to people, businesses, and communities in the UAE.

According to the report, Google’s Search and Ads products alone were responsible for Dhs20.2bn in economic activity in 2024, helping thousands of local businesses reach customers and grow their operations.

“We’re incredibly proud to be a partner in the UAE’s boundless ambitions,” said Anthony Nakache, MD for Google in the Middle East and North Africa.

“The report reflects our investment in accelerating the country’s ambitious journey towards a diversified, AI-powered economy. Through strategic investments, local partnerships, and our AI-powered tools, we’re bringing substantial economic value and empowering individuals, businesses, and communities in the UAE,” he added.

Training and skills development

The report notes that more than 430,000 people in the UAE have received training in digital and AI skills since 2018 through Google’s Maharat Min Google initiative. These efforts support the UAE’s broader vision of becoming a knowledge-based economy.

The Android and Google Play ecosystem also contributed significantly to the UAE’s digital economy in 2024, supporting around 30,000 jobs and generating Dhs455m in revenue for local developers.

Impact on daily life and consumer productivity

Public First estimates that Google services deliver an average monthly consumer benefit of Dhs683 per user.

In the UAE, 63 per cent of adults said they had used Gemini, Google’s AI assistant, and 90 per cent of those users agreed it improved their productivity. Additionally, 71 per cent said Gemini was easier to use in Arabic than other AI chatbots.

Other widely adopted tools include Google Maps and Waze, with 89 per cent of adults saying they found them useful for navigation. Meanwhile, 90 per cent of users noted that mobile payment platforms such as GPay and GWallet improved everyday convenience.

Half of all adults surveyed said that Google Search was essential to their daily routines.

Business productivity and AI adoption

AI usage among UAE businesses is on the rise, with 91 per cent of companies reporting that they use at least one AI tool in their workflows.

Nearly all public sector respondents (97 per cent) agreed that Google’s AI-powered tools helped them be more productive.

Consumer behaviour also reflected strong digital engagement:

  • 94 per cent use Google Search monthly to compare prices

  • 86 per cent consult Google reviews before visiting businesses

  • 80 per cent use Google Maps or Waze to locate local venues

  • 73 per cent of 18–24-year-olds browse or shop online via Search weekly

Creative and developer ecosystem

The UAE’s creative economy is also benefitting from Google’s platforms. More than 600 UAE-based YouTube channels now have over one million subscribers — a 15 per cent increase year-on-year.

In addition, more than 20,000 journalists and journalism students across the MENA region, including the UAE, have been trained by the Google News Initiative.

Methodology

The report is based on surveys conducted in March 2025 with 1,110 UAE-based online adults and 389 business leaders, carried out in English and Arabic.

Results were weighted to ensure national representation.

New food rules in Saudi: What you need to know about them

The regulations will take effect on July 1, 2025 and also extend to digital food ordering platforms

Nida Sohail
Nida Sohail

19 June, 2025

New food rules in Saudi: What you need to know about them
Image credit: Getty Images

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The Saudi Food and Drug Authority (SFDA) has announced new technical regulations aimed at enhancing food transparency and empowering consumers to make informed dietary choices when dining out. The regulations will take effect on July 1, 2025.

Read-Job seekers alert: Saudi announces new employment rules

Under the new rules, food establishments—both physical and online—must include detailed nutritional information on all menus. Among the key requirements is a new “saltshaker” label for meals high in sodium, visible caffeine content disclosures for beverages, and an indication of the estimated physical activity time needed to burn off the calories in a dish.

These regulations also extend to digital food ordering platforms, a Saudi Press Agency report said.

According to the SFDA, the initiative is designed to promote healthier food options, raise awareness of dietary habits, and help consumers manage their salt and caffeine intake in accordance with global health recommendations.

World Health Organisation (WHO) advise

The World Health Organization (WHO) advises that adults should limit sodium consumption to no more than 5 grams of salt per day—roughly one teaspoon. For caffeine, WHO recommends a maximum of 400 mg per day for adults and 200 mg for pregnant women.

To support both compliance and public awareness, the SFDA has made resources available. Consumers and food establishments can access a “Caffeine Calculator” on the SFDA website to monitor intake levels.

The full technical regulations, covering high-salt meal labeling, caffeine disclosures, and calorie burn indicators, can be downloaded from the SFDA’s “Mwasfah” platform. For further information, the SFDA can be contacted via its unified hotline at 19999.

Holy Mosques authority urges health measures for safe worship

The General Authority for the Care of the Affairs of the Grand Mosque and the Prophet’s Mosque is also urging visitors to follow health and safety guidelines while performing their religious duties in Makkah.

Worshippers are encouraged to wear face masks, use hand sanitizers, wash hands frequently, avoid sharing personal items, and stay well-hydrated, especially during peak heat hours. Visitors should also avoid overcrowding at entry and exit points and seek medical attention if they experience any symptoms.

Three emergency health centers operated by the Makkah Health Cluster remain open 24/7 to serve visitors. The authority emphasized that these precautions reflect the Saudi government’s ongoing commitment to ensuring a safe and comfortable worship experience for all.

Iran-Israel tension: Gold rises on Middle East tension

Spot gold was up 0.1 per cent at $3,371.15 an ounce, as of 0526 GMT. US gold futures fell 0.6 per cent to $3,388.60

Reuters
Reuters

19 June, 2025

Iran-Israel tension: Gold rises on Middle East tension
Image credit: Getty Images

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Gold prices gained on Thursday, June 19, as the Iran-Israel tension entered its seventh day, while platinum rose to a more than 10-year high on expectations of a supply shortfall.

Spot gold was up 0.1 per cent at $3,371.15 an ounce, as of 0526 GMT. US gold futures fell 0.6 per cent to $3,388.60.

Read-Gold gains as Israel-Iran crisis lifts safe-haven appeal

“Gold has made a modest bounce as we await the next steps in the Israel-Iran conflict. If the US does decide to get directly involved, this could raise the geopolitical stakes,” KCM Trade Chief Market Analyst Tim Waterer said.

Gold edges up amid heightened geopolitical tensions

Gold is often used as a safe store of value during times of geopolitical and financial uncertainty.

Meanwhile, the US Federal Reserve held interest rates steady on Wednesday. Fed policymakers still forecast slashing rates by half-a-percentage point this year, but they have slowed the pace of future cuts.

However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of “meaningful” inflation ahead as higher import tariffs loom.

Elsewhere, platinum rose 1 per cent to $1,336.08. Earlier in the session, the metal hit $1,348.72, its highest level since September 2014.

Platinum surges to 10-year high on supply concerns

“Platinum lease rates are high, so the refineries are not looking to manufacture because the cost is much higher. So demand is coming, but there’s not enough supply… above ground inventory is tight,” said Brian Lan, managing director at GoldSilver Central, Singapore.

Platinum lease rates refer to the cost of borrowing platinum for a set period of time. High lease rates can indicate a shortage of platinum in the market.

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