News Bites

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In This Issue

Today’s issue will take around 6-7 minutes to read 🤓

Economy

• Do you really have a booming economy if people aren’t buying and selling on the web? The Kingdom of Saudi Arabia don’t think so! Thanks to investments from the government and other initiatives, the country’s e-commerce market is expected to explode! We’re talking hitting $44 billion per year by 2030 🤯

• The UAE maintains its position as the 2nd largest global commodity trading hub behind the USA. The strategy is in line with the government’s policy to continue expanding its influence worldwide 🌏

• Kuwait got that A1 rating we’re all striving for (still waiting to hear it from our moms too). Moody’s affirms that Kuwait’s low debt levels and strong cash positions are encouraging— the only slight problem is the nation’s dependence on oil (surprise surprise!) ✅

Real Estate

• Egypt’s been trying to bolster foreign direct investment in the country through real estate investments, which may be working! The real estate sector accounts for 20% of the GDP in 2023 and may grow even more 📈

• According to world-renowned global real estate consultants, Knight Frank, high net-worth individuals are set to invest $4.4 billion in Dubai’s residential real estate. Dubai is currently the busiest $10 million+ home sales market in the world (looks like mansions are just your average home there!) 🏡 🔑

• What’s been going on with that other war? Well, Russians bought up $6.3 billion worth of real estate in Dubai since the 2022 conflict in Ukraine 💸

Arts and Culture

• Cate Blanchett showed up to a Cannes red carpet in a Jean Paul Gaultier dress that was black, white, and green (eerily like the 🍉 flag when she held the dress up against the red carpet) — what do you think? Was it a cheeky sign of support or just a dress?? 🤔

  

• The blockout trend is taking over social media, with folks blocking celebs like Kim Kardashian, Selena Gomez, the Biebs and even TSwift because of their silence about the conflict in the Middle East 📱🚫

• The 9th SAFAR film festival will take place in 9 cities across the UK from June 18-30. Films in the lineup are from 15 Arab countries and cover themes like dreams, migration, love, and war— check out more info on the festival HERE 📽️

Technology

• Are we living like The Jetson’s?? Dubai is about to get lit with electric flying taxis by 2026 🛸 The RTA is teaming up with Joby Aviation and Skyports to make it happen. Joby’s bringing the aircraft, Skyports is building the vertiports (aka dope landing pads), and RTA’s got the air mobility game on lock. Big moves were made at the World Government Summit 2024, where Joby snagged 6 YEARS OF EXCLUSIVITY in Dubai (helloooo monopoly). Dubai Media Office dropped a tweet with His Highness Sheikh Mohammed vibing with a flying taxi, dubbing them the “Uber of the sky.” Get ready because travel in Dubai is about to hit different! 🚀✨

  

• ARDH Collective in the UAE is changing the game in sustainable construction with materials made from waste!! Founded by Alhaan Ahmed, Alyina Ahmed, Maximo Tettamanzi, and Nikhiliesh Mohan, they’re turning date seeds into DATEFORM (a durable surface) and desert sand into RAMEL (a low-carbon concrete alternative). They also dropped ‘DATEBREW’ ☕️, a caffeine-free coffee from date seeds. With the UAE's innovative vibe and support from the Dubai Institute of Design and Innovation, ARDH Collective is leading the eco-friendly building/brewing scene

✨ akhbaar Spotlight ✨

The “100 most influential Arabs” list is out, and up top is Al-Rumayyan, governor of Saudi’s Public Investment Fund (PIF) and chairman of ARAMCO and Riyadh Air (damn, those are a lot of hats keffiyehs to wear). We’ve said it before, and we’ll say it again…Saudi is seeming pretty hot right now (maybe also literally)!! 🐫