As 2022 ends and 2023 begins, major events took place last year and Arabian Business covered some of the biggest stories including the possibility of a Moon resort in Dubai, inside successful businesses, Saudi mega projects, all you need to know about visas, Dubai Bling, Queen Elizabeth and more.
Here are some of the biggest stories of 2022 covered by Arabian Business:
Dubai’s new $5 billion ‘Moon’ proposed as UAE shoots for the stars
Dubai could have a $5 billion (AED18 billion) moon building in the form of destination resort, Canadian architectural company and intellectual property licensor, Moon World Resorts Inc. (MWR) told Arabian Business.
Proposed and co-founded by Sandra G. Matthews and Michael R. Henderson, the resort is designed to be built in 48 months, and will have an overall height of 735 feet (224 metres).
When constructed, Moon Dubai is expected to add to the emirate’s economy in sectors such as hospitality, entertainment, attractions, education, technology, the environment and space tourism, Henderson said.
Revealed: How Americana’s value rose by AED200m a month for six years
The value of Americana Restaurants rose by a remarkable $55 million a month (AED204 million) every month since it was taken over in 2016 by Mohamed Alabbar, according to new data obtained by Arabian Business.
The listing of America Restaurants will take place on the Abu Dhabi Securities Exchange and Saudi Arabia’s Tadawul on December 12, following its IPO which valued the group at $6 billion.
Bloomberg said investors from the UAE and Saudi Arabia who subscribed to Americana Restaurants’ initial public offering (IPO) got a minimum of 1,000 shares and a minimum of 892 shares each, respectively.
Inside NEOM’s THE LINE: Saudi Arabia’s 170km city cutting straight through the desert
Located within NEOM in the Northwest of Saudi Arabia, THE LINE is a linear city that will be built on a footprint of just 34 square kilometres. The city intends to eventually accommodate over nine million people. The mirror facade allows the city to seamlessly blend into the nature around it.
With a reduced infrastructure footprint, THE LINE will have no roads, cars or emissions, running on 100 percent renewable energy with 95 percent of land preserved for nature. The city is built to prioritise health and well-being over transportation and infrastructure.
Dubai Bling review: Mirror mirror on the wall, who’s the fakest of them all?
The best thing that can be said about Dubai Bling is that by the end of the first episode, you almost feel sorry for the cast. You want to reach out to them, hug them, tell them it’s going to be okay. It isn’t their fault that for some of them, their careers, their reputations, their futures, are all in tatters.
Really, it isn’t. They genuinely thought the show would propel them onto the global stage and make international superstars out of them. It’s all the fault of those horrible people from Netflix, who had a grand plan to dish Dubai – and found 10 unsuspecting local residents to help them.
Emaar refunds real estate investor over Dubai Creek Tower project
Dubai development giant Emaar has refunded an investor who had bought real estate in the Dubai Creek area on the understanding that the property would have views of the Dubai Creek Tower project.
The Dubai Creek Tower was suspended in 2020, and there has been no indication of the construction restarting two years later, although Emaar has yet to officially comment on the status of the development, the company has removed all mentions and rendered images of the tower on its website. Real estate sold in the area was marketed with views of the Dubai Creek Tower, a practice that still continues.
Long-term visas for the UAE – including the 10-year Golden Residence Visa and the 5-year Green Residence Visa – as well as long-term permits to enter and stay in the country will become a lot more accessible for residents and visitors as of October 3, 2022, the country’s Identity, Citizenship, Customs & Port Security tweeted.
On Monday, April 18, the UAE Cabinet – led by Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President, Prime Minister, and Ruler of Dubai – revealed a sweeping set of executive regulations in order to attract and retain top talent in the country.
While on one hand, the new executive regulations widen the eligibility criteria to apply for long-term visas, on the other hand, it also widens the number of individuals – in various categories, professions, and roles – who can apply for the long-term visas.
Exclusive: Saudi Arabia to launch new airline ‘RIA’ with $30bn war chest to rival Emirates
Saudi Arabia is finalising the launch its multi-billion-dollar new international airline, which sources say is likely to be branded “RIA”.
The Kingdom has been working on the launch for the past 12 months, with the new venture backed by Saudi Arabia’s Public Investment Fund.
Sources close to the PIF told Arabian Business that “RIA” is being tipped as the name for the new carrier. Once launched, it will become Saudi’s second national carrier, based out of Riyadh. The current SAUDIA operates from Jeddah.
Saudi Arabia ‘not building The Line’ but AI is, says NEOM executive
Saudi Arabia will not directly build the futuristic city The Line at NEOM, but instead use “a lot of artificial intelligence to design through a digital twin backbone,” NEOM’s executive director Giles Pendleton said in an internal interview.
“We’ve got to build quite a lot of real estate in a short space of time. Well, we’re not actually building THE LINE. We’re assembling it from a series of modular pieces that are pre-engineered and predetermined as to what they do,” Pendleton said when asked about building a new city of nine million inhabitants in a short period of time.
Liverpool FC for sale: Dubai eyes $5 billion second bid
Investors in Dubai could be eyeing a purchase for Liverpool FC, England’s most successful football club, people familiar with the matter said.
This would be the second time that Dubai has attempted to purchase the club, with a bid in 2007 falling through. Dubai International Capital “almost signed” for a takeover of the club in 2007 for $360 million, the former DIC boss told Arabian Business.
Fenway Sports Group Holdings LLC said that it is working with Goldman Sachs Group and Morgan Stanley as it gauges buyer interest for the club, the people said, asking not to be identified.
One thing is for certain as the countdown starts in earnest for the 2022 FIFA World Cup in Qatar. This year’s global soccer spectacle will be unlike any other.
For the first time in the quadrennial tournament’s 92-year history, it will be staged in November and December instead of the mid-year months.
The FIFA World Cup Qatar is perhaps the world’s biggest sporting event, with the mega-tournament set to help raise Qatar’s global profile. as strong government support and growing commercial maturity are helping to raise the Gulf’s profile in the sporting world.
Queen Elizabeth II passes away at age 96
Britain’s Queen Elizabeth II passed away at the age of 96 at her residence in Balmoral, Scotland after a reign of over 70 years.
The Queen had been under medical supervision at Balmoral after pulling out of a virtual Privy Council meeting on Wednesday, with doctors advising her to rest.
At the time of her passing, Queen Elizabeth II was the second-longest reigning monarch in history, having served 70 years and 214 days as the UK’s head of state.
Follow us on
