UAE Roundup: Terrorist groups, blue residency, UAE supports Egypt

Terrorist groups

Suspected terrorist groups, including Hezbollah and Houthis, are allegedly channelling funds into Dubai real estate, according to a report by the Center for Advanced Defense Studies. The investigation, involving leaked data from the Dubai Land Department, identified over 200 individuals, some under US sanctions, with links to illicit activities who have bought property in Dubai, The Business Standard indicated. The European Union has also flagged the UAE as a "high-risk third country" for money laundering. Additionally, the real estate market in Dubai has seen significant growth, with the number of homes sold for at least $10 million surging by 92% in 2023.

Blue residency

The UAE has introduced a new "Blue Residency" category to honour sustainability experts. This is the first long-term residency for individuals with exceptional contributions to environmental action and sustainability, both within and outside the UAE. The initiative aims to support and maintain the country's efforts in sustainability and is in line with the Year of Sustainability initiative for 2023 and 2024. According to Emirates 24|7, the residency will be granted to supporters of environmental action, including international organizations, companies, and individuals committed to environmental protection.

UAE - US partnership

A business delegation from the UAE and the U.S. met with President Mnangagwa to discuss investment opportunities in Zimbabwe. They also met with government officials to discuss sports facilities and the Zim Digital Initiative. The delegation plans to meet with various ministers to discuss investment issues. The investors expressed support for the government's efforts to address food shortages and expressed excitement about investing in sports in Zimbabwe, Zimbabwean media The Herald reported. The Second Republic's friendly policies have attracted a large number of investors, leading to the establishment of new companies and the revival of others, creating hundreds of jobs.

UAE supports Egypt

Egypt has received a $14 billion payment from the UAE to develop the coastal city of Ras Al Hekma. The investment is part of a $35 billion deal and is expected to increase foreign direct investment, create jobs, and support Egypt's private sector, The National News reported. The UAE has intensified its investment in Egypt in recent years, acquiring companies and opening an office in Cairo. This investment could help Egypt ease currency pressures and address shortages of foreign currency and high inflation.

New payment card

UAE Banks Federation is rolling out a new payment card called Jaywan to replace existing debit cards and reduce expenses for businesses. Developed in partnership with India’s RuPay, the card aims to improve travel and cross-border transactions for Indian expats in the UAE. According to news agency Siasat, the initiative also aims to boost trade between India and the UAE through digital transactions and financial inclusivity.