Dubai-based actor model Shreyas Mehta launches high-street designer fashion brand ‘Flashmob Nation’

  • Actor-cum-model and the “Dubai Boy”-fame Shreyas Mehta’s high-street designer brand ‘Flashmob Nation’ was launched at the Dubai Design District, marking the dawn of homegrown labels in the city’s flourishing textile and cosmopolitan culture

Dubai, UAE: Flashmob Nation, a high-street designer brand led by Dubai-based actor-cum-model Shreyas Mehta, was launched at the Design District, on 12th March, with great fanfare. The launch of a local high-street designer brand, Flashmob Nation, coincides with a unique juncture when the city is shaping a unique textile and cosmopolitan identity globally.

Actor and model of the “Dubai Boy” fame, Shreyas Mehta is the brains behind Flashmob Nation, which he regards as a product of his decade-long work experience as a buyer and a lifelong desire to launch a label that empowers people in more ways than one. A well-timed launch, Flashmob Nation garnered an overwhelming and positive response from industry stalwarts and attendees. The brand frenzy carried over to the glittering after-party as well.

“The launch of Flashmob Nation at Dubai Design District was special because of what we aim to achieve: A high-street designer brand that the city can call its own. My sincere gratitude to everyone who was part of this ambitious vision from the get-go. Your unconditional support, word-of-mouth efforts, and patronage turned this vision into a grand reality,” expressed Shreyas Mehta, who recently starred in Bravo TV’s popular reality show ‘Love Without Borders’.

A unisex brand with sartorial excellence and a strong sense of cosmopolitanism, Flashmob Nation has announced itself with diverse offerings. Its entire portfolio of dresses, t-shirts, partywear, denim, tracksuits, and more exhibit only a few uniformities: Premium material, eye-catching design, and an unapologetic sense of fashion. The inaugural collections include a bohemian ensemble called the ‘Snob Society’ and a fit-for-purpose set named the ‘Party Criminal’.

Sequin-heavy apparel dominates the collections with its exquisite attribute, bearing the stand-out promise of Flashmob Nation. From one-shoulder bodycon and mini dresses to contemporary crop tops to eccentric oversized jackets, sequin is the staple. Carefree clubbing is embodied by zip-up and buttoned co-ord sets in outlandish silver tones and solid colours. Shine-finish belted coats, faux fur corset tops, embellished denim, and vintage black blazers are not just party outfits but party starters in their own right.

“Creative expression meets high-street fashion in our inaugural collections. We have drawn eclectic influences before designing them, be it reinterpreting the bygone textile culture or pushing the boundaries of contemporary fashion. The core objective of Flashmob Nation is stylistic liberation; not to box itself within existing fashion paradigms,” added Mehta.

His beliefs are best exemplified by avant-garde options such as distressed t-shirts and embroidered collars and cuffs in plain shirts and flamboyant “shackets”. And for those who seek modern minimalism, Flashmob Nation strikes a chord with its “Basic” collection of co-ord sets of hoodies and trousers. The inclusiveness, Mehta says, will always be the defining spirit of Flashmob Nation — Dubai’s all-new homegrown high-street designer brand.

About Shreyas Mehta

Born in Mumbai and bred in Dubai, Shreyas Mehta is a model-cum-actor whose approach to life and career is rooted in a culture of discipline, hard work, and relentless pursuit of excellence — qualities he brought to the screen in his breakthrough role in Bravo TV’s ‘Love Without Borders’. In the hit series, Shreyas instantly struck a chord with the global audience for his screen persona and for truly embodying the multicultural spirit of Dubai. Like many success stories in Dubai, Shreyas’ journey began with robust academic credentials. 

The unique combination of an undergraduate degree in mass media and postgraduation in fashion design first led Shreyas to Twenty4, a brand where he honed his skills and excelled in the Buyer role. It didn’t take long for Shreyas to emerge as the face of leading brands, feature in several advertisements and major fashion weeks like IIJW, model for sought-after fashion designers, and bag many accolades, including the Tassel Designers Award 2013.

While building on the success of ‘Love Without Borders’ and advancing his career in the entertainment industry, Shreyas Mehta is gearing up for the launch of his own fashion label, which represents a blend of his strong creative streak, academic knowledge, and diverse cultural experiences spanning Middle Eastern, Indian and Western design influences.

Sheikh Mohammed bin Rashid meets President of Romania

The two leaders discussed opportunities to expand ties between their nations.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, held talks with Romanian President Klaus Iohannis on Tuesday.

The two leaders discussed opportunities to expand ties between their nations across trade, the economy, renewable energy, sustainability and food security.

They also reviewed regional and international issues during the meeting.

Mr Iohannis praised the positive role played by the Emirates on the global stage.

“During my meeting today with the visiting Romanian President, we discussed the overall relations, and agreed on the importance of developing communication between the two countries in all sectors,” Sheikh Mohammed wrote on Twitter.

The meeting was attended by a number of senior ministers and figures including Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance; Sheikh Ahmed bin Saeed, chairman and chief executive of Emirates Airline, Reem Al Hashimy, Minister of State for International Co-operation; Mariam Al Mheiri, Minister of Climate Change and the Environment, and Mohammed Al Gergawi, Minister of Cabinet Affairs.

President Sheikh Mohamed hosted the Romanian leader on Monday as part of his tour.

Mr Iohannis and first lady Carmen Iohannis were welcomed by a guard of honour and a 21-gun salute at Qasr Al Watan in the UAE capital.

Sheikh Mohammed bin Rashid pardons 971 prisoners for Ramadan 2023

UAE leaders typically offer an amnesty to hundreds of inmates each year.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has pardoned 971 prisoners on the occasion of Ramadan.

The humanitarian gesture will give the inmates from Dubai’s correctional and punitive establishments a second chance in life and help strengthen family ties.

UAE leaders typically offer amnesty to hundreds of inmates each year in keeping with the generous spirit of the holy month.

Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, ordered the release of 399 inmates.

Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, pardoned 338 inmates.

Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, ordered the release of 151 prisoners who have a proven track record of good conduct.

Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, approved the release of 135 prisoners who had demonstrated good conduct.

Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain, ordered the release of a number of prisoners from punitive and corrective institutions in the emirate.

On Tuesday, President Sheikh Mohamed pardoned 1,025 prisoners before the start of Ramadan.

Pardon lists

The humanitarian gesture to release prisoners ahead of Ramadan, also made during other religious festivals and national events, aims to reward prisoners who have sought rehabilitation and release a burden from the shoulders of their families.

Proposed pardon lists comprising names of inmates whose crimes are less serious, often financial offences, are prepared by prisons in each emirate and shared with prosecutors.

Based on orders from the attorney general in each emirate, the lists are revised and compared with the case files of each inmate before being finalised.

After being approved by the attorney general, the list would then be forwarded to the respective ruler’s court, where a decision is issued on their release.

Who could be eligible?

Those eligible for pardon must have served a portion of their sentence — a specific period is not dictated — demonstrated good conduct, have not been covered by previous pardon decisions and have participated in rehabilitation and reform programmes carried out by the correctional institutions.

Prisoners whose debts are not settled as part of their release must first clear any financial obligations.

If they are incapable of paying the sum, their cases will be shared with approved charities to help pay off their debts and help them return to their families.

Inmates who were sentenced to deportation after completing their terms will be deported after a pardon.

Emirates Lunar Mission: UAE’s Rashid Rover enters orbit

MBRSC explains final stages of rover prior to landing on Moon’s surface in April.

The Mohammed Bin Rashid Space Centre (MBRSC) on Tuesday announced the successful lunar orbit insertion by Rashid Rover, the first Emirati rover to land on the surface of the moon. The rover is now just one step away from making history.

The iSpace lander carrying the Rashid Rover performed its first lunar orbit insertion manoeuvre in accordance with the mission operation plan, at 5.24am UAE time on March 21, under the direction of lander engineers, MBRSC said.

After a controlled burn from the lander’s main propulsion system lasting several minutes, the manoeuvre was successfully completed.

The insertion into lunar orbit is an important step toward the upcoming milestones of the Rashid Rover, beginning with the remaining 5 subsystem checks.

The completion of all lunar orbital manoeuvres prior to the beginning of the landing sequence, which is scheduled to be announced around late April 2023.

Earlier this month, Salem Humaid Al Marri, director general of MBRSC had announced that the Rashid Rover was expected to land on the Moon’s surface on April 25.

However, on Tuesday said specific information on the date and time of the landing would be announced in the upcoming days.

Rashid Rover Milestones

Post the successful completion of the first milestone, that is the Launch and Early Orbit Phase (LEOP), and the second milestone the cruise phase, Rashid Rover is now on its way to complete the third milestone -the Arrival Phase (Entry, Descent, and Landing).MBRSC said this will be the most intense of all, as the lander will have to land on the lunar surface based on its system’s calculation to stay on course for a specific landing spot on the moon.

The next stage is the Deployment, Commissioning and Drive-off phase. Once the Lander has landed on the lunar surface, deployment, commissioning and drive-off command sessions will begin. Following completion of the post-landing checkout, instrument commissioning and initial data collection will begin.

Following that is the Nominal Surface Operations phase, which is the mission itself. For 10-12 days, the Rashid rover will conduct continuous surface research and image capture.

Two final stages

The two final phases after the lunar day are hibernation and last decommissioning. Then the rover prepares for the lunar night. When the secondary communication is activated, all information captured is downloaded and every effort is made to ensure that no information is missed, before the hibernation phase.

The chances of the rover restarting are slim; however, if the rover is activated after the lunar night then the mission will be extended to operate throughout the second lunar night which will end by the decommissioning phase.

This ambitious mission undertaken by the UAE to study the surface of the moon is considered a gateway for future exploration of other planets.The mission is funded by the ICT Fund of the Telecommunications and Digital Government Regulatory Authority (TDRA) which aims to support research and development in the ICT sector in the UAE.

UAE outlines plan to increase domestic food production and consumption

Launch of National Dialogue for Food Security aims to reduce imports and improve sustainability.

Salmon farming on land, Fitbit-style devices for cattle and acres of greenhouses producing vegetables in a Mediterranean environment — the face of farming in the UAE is changing fast.

With a 70 per cent increase in global food demand expected by 2050, and climate change affecting agricultural production, innovation is proving the key to easing food insecurity.

A campaign by the Ministry of Climate Change and Environment aims to unite businesses with innovation and funding to tackle such issues.

Local farms are at the heart of the National Dialogue for Food Security, which will be supported to become major suppliers in the UAE to help reduce the reliance on imported goods.

There is potential to localise sourcing for many of the UAE’s food needs and to do so in a way that is sustainable, economic and environmentally sound
Sky Kurtz, Pure Harvest chief executive

The project will develop a platform for emerging innovation in food production to improve the use of hydroponic, aeroponic and aquaponic farming that uses minimal resources to produce a high yield of fresh fruit and vegetables while providing a gateway into the mass market.

The drive aims to increase domestic production and self-sufficiency of selected food items and improve the income of UAE farms without compromising food trade.

Under the plan, bodies will increase their purchases of fresh national food products to 50 per cent by the end of this year, 70 per cent by 2025 and 100 per cent by 2030.

Food products and plant varieties identified in the first phase include red meat, poultry, eggs and other dairy products, dates, leafy vegetables, tomatoes, cucumbers, peppers and aubergine. A study is currently being conducted to identify more products for the second phase.

Mariam Al Mheiri, Minister of Climate Change and Environment, Minister of State for Food Security, said recent global crises have underlined the need for promoting food security in the UAE.

“To promote food security, the UAE has taken strategic steps, such as deploying advanced technology to strengthen the local food production sector, enhancing its contribution to closing the food gap and tackling food loss and waste by launching several initiatives, like Ne’ma, to promote the sustainability of national farms,” she said.

“These initiatives aim to enhance food security in the UAE by boosting production and marketing effectiveness for local farms, particularly those following a modern and sustainable approach.”

Ne’ma — Arabic for blessing — is a campaign aimed at curbing food loss and waste by encouraging responsible consumption.

At a meeting on Monday to discuss the latest developments, it was revealed a farm in Maliha in Sharjah had produced more than 15,000 tonnes of protein-enriched wheat.

It is the latest example of how staple foods can be produced sustainably in the UAE.

The planet’s population is expected to swell to 9.5 billion by 2050, with climate change continuing to cause extreme weather events and drought which heavily impact food production.

With freshwater sources also depleting, scientists have turned to innovation to solve these global issues.

The Ministry of Climate Change and Environment’s recent statistics show there are 38,000 farms operating in the UAE.

Total UAE vegetable production is about 156,000 tonnes annually, with more than 500 tonnes of field crops and feed, while fruit production is about 200,000 tonnes.

Domestic production of vegetables currently meets more than 20 per cent of the total demand in the country.

Precision farming, using data science and agricultural engineering, has increased yields, while high-tech greenhouses and vertical farms are reducing the need for water.

In livestock agriculture, gene editing, bio-engineering and smart tech to monitor cattle more closely are being used to increase meat production to keep up with consumer demand and close the food price gap.

Alternative proteins with more food derived from non-animal sources are also likely to become more common, using insects and plant-based meats.

Farming innovation

Health trackers worn by dairy cattle — known as rumination collars — keep track of their health and food consumption, monitoring production and allowing farm managers to oversee a large herd more effectively.

An innovation already in widespread use across the country is salmon farming on land, using huge tanks to replicate the fish’s life-cycle in the wild.

Fish were identified as one of the UAE’s strategic food items under the 2018 Food Security Strategy.

At about 30kg per capita, it has among the fish highest consumption in the GCC, according to the UN Food and Agriculture Organisation.

In 2019, domestic fish made up only 8 per cent of UAE consumption but that is beginning to change, with farmed salmon controlled in freshwater tanks (which are transferred to seawater as they grow) proving an efficient method of sustainable production.

Pure Harvest's temperature-controlled farming tunnels and domes create the perfect Mediterranean climate to produce impressive yields. Photo: Pure Harvest Smart Farms

Added to these innovative farming methods, the growing of fruit and vegetables in the arid desert has become one of the biggest success stories.

In huge temperature-controlled farming tunnels and domes, Pure Harvest Smart Farms has created the perfect Mediterranean climate to produce impressive yields of fruit and vegetables in Al Ain.

With temperatures regulated to between 14°C-32°C, tomatoes, green leafy vegetables and berries are produced using only a 30th of the amount of water usually required.

“This shows what can be done,” said Sky Kurtz, chief executive of Pure Harvest, a smart farm producing around 18 metric tonnes of food a week.

“Change [in the way we produce food] will require investment and re-education.

“There is potential to localise sourcing for many of the UAE’s food needs and to do so in a way that is sustainable, economic and environmentally sound.”

By the end of this year, the UAE hopes local farms and producers will be able to supply half of some basic food requirements, such as greens, tomatoes, meat and poultry, with an ambition to double that target by 2030.

“This will require a co-ordinated effort between the government and the private sector,” said Mr Kurtz.

“Many of the technology-enabled food production solutions that are necessary to produce food year-round in the UAE require capital, scale and know-how to deliver.

“The more that the government can do to support the many elements that underpin the fundamental business cases of these solutions, the better.”

Dubai World Cup: Bhupat’s crew out to dance on the big night

He has nine runners — two in Dubai World Cup, three each in Dubai Golden Shaheen and Godolphin Mile and one in A.l Quoz Sprint

Bhupat Seemar, champion trainer of the UAE in his rookie year 2021-22, is just one night away from a possible second straight crown.

‘Rookie’ would be a misnomer for the 46-year-old Bhupat. He has been with horses almost all his life, and trained in the US for seven years at age 21 before coming to the UAE and joining his uncle Satish, one of the most successful trainers in the UAE.

A change of roles two years ago saw Bhupat assuming the main responsibilities at Zabeel Stables, and it’s been a seamless transition. Last season, his horses won 47 races and he was the runaway champion trainer. This season, he trails Doug Watson’s 38 wins by one.

On Saturday night, Seemar potentially has the chance to win four races. He has nine runners — two in Dubai World Cup, three each in Dubai Golden Shaheen and Godolphin Mile and one in Al Quoz Sprint.

We got his thoughts on his runners…

Bendoog (Dubai World Cup): He has Christophe Soumillon riding, who has won a few World Cups and knows his way around here. So, we’ve got a great jockey on him. The horse is doing great. I can’t say that ‘we’re in it to win it’. You have to be realistic. Hopefully, we will get a good race.

He broke his maiden in Dubai last year and is a big, massive horse and he kept on improving all year. He is by a great sire and got a great owner behind him. Everything is going well for him, and he is improving with every race.

Remorse (Dubai World Cup): He ran really well last year. He was drawn 11 which was not bad because he’s a smallish horse and doesn’t like much kickback. That outside draw helped him and he was still finishing in the race, which is very encouraging. He was, I think, four-and-a-half length behind (champion) Country Grammer.

Switzerland (Dubai Golden Shaheen): He’s getting old and doing everything right. There was no point putting too much mileage on his legs. He’s had a nice break. He’s fresh, and he runs well when fresh. There’s only one prep run and he won that impressively. If all goes well, we’re hoping for a good run. Tadhg O’Shea knows him very well. He’s got a great finish on him. If he can get a good position in the race, they go fast at finishing.

Sound Money (Dubai Golden Shaheen): He has only been here this year is going to be much-improved horse next year, because all these American horses improve with time. He had a great performance on his only start. And he’s actually improved since then. My only worry is sometimes when you get these horses and they run after a long time…in America, they call it the bounce effect. I hope that doesn’t happen because he’s running after three weeks. But he’s not showing any signs of that.

Tuz (Dubai Golden Shaheen): He’s been a talented horse. And I’ve been bragging about him all the time. But I think it’s probably a trainer error that we were running him a bit too far. We brought him back in distance in 2021 and we ran him at a mile and he won. So, we kept him at a mile. I was like, he’s got too much speed. He is actually a sprinter.

Logo Hunter (Al Quoz Sprint): When we ran him the last time (Group 2 Blue Point Sprint on February 10), he’d only been in our stable for about 15 days. And from then to now, what I see in the mornings, he is a whole different animal. When he came, he was a bit of a woolly bear. He’s now got the Dubai coat on him. He is shining and his gallops are good. He should probably give a good account.

Discovery Island (Godolphin Mile): On form, looks like he’s going to be the best of our three in the race. Unfortunately, we’re drawn out in the carpark. Again, it might not be too bad a draw for him because he’s a little bit slow out of the gate. He doesn’t want too much kickback on him. You know, he makes it hard for himself. But he’s a very, very good horse. He’s doing everything right.

Law Of Peace (Godolphin Mile): Law of Peace is one of those sleepers who sits at the back. Richie will have to have ice on his bones and sit in the back and chill. And he just runs home.

Royal Mews (Godolphin Mile): Finished third to Discovery Island in the Group 3 Burj Nahaar race on Super Saturday. He had to go around everybody and do it the hard way. Royal Mews is one of those horses who puts himself in a race. Draw really doesn’t matter to him. But it’s a good thing that he’s got draw three. He’s got plenty of early tactical speed and he can sit in a race he can do whatever needs to.

 

Novak Djokovic hails Dubai’s ‘champion mentality’, calls city his ‘second home’

The 22-time Grand Slam winner also praised the emirate’s ‘incredible and rapid growth’.

World No. 1 men’s tennis player Novak Djokovic described Dubai as his “second home” and hailed its winning mentality at Dubai Future District Fund’s (DFDF) annual general meeting today.

The Serbian tennis player praised the emirate’s “incredible and rapid growth” in a conversation with Becky Anderson, Managing Editor at CNN Abu Dhabi & Anchor, at the Museum of the Future. The 22-time Grand Slam winner lauded Dubai and the UAE’s “culture of innovation” which has had a major positive impact around the world.

“I want to have Dubai as a base for my business and innovation,” the 35-year-old said in a fireside chat titled ‘Belief to Champion’. “I love the champion mentality here in Dubai. I love that people here want to be the best in the world. And I’m sure that with this kind of mentality and approach, they will become the leaders.”

In a wide-ranging discussion, Djokovic spoke on the “trials and tribulations” he faced as a young child growing up in conflict-hit Serbia, and how those experiences helped him become one of greatest-ever men’s tennis players.

“I was a young boy who dared to dream big and believe that those dreams would come true,” he added. “Obviously coming from a war-torn country in the 90s, it wasn’t easy, and there was a lot of adversity in society and challenges that my family had to face to support and fund the career of a tennis player.

“It has had a great influence on my character. Waiting in line for several hours from 6am to have a piece of bread that we would all share. It was hard, but at the same time I look back and reflect on that as a very important stage in my life.”

UAE Central Bank launches Digital Dirham strategy

CBDC is a risk-free form of digital money issued and guaranteed by the central bank.

 The Central Bank of UAE launched the CBUAE Central Bank Digital Currency (CBDC) Strategy, one of the nine initiatives of the CBUAE’s Financial Infrastructure Transformation (FIT) Programme, it said on Thursday. The CBUAE has engaged with G42 Cloud and R3 as the infrastructure and technology providers respectively for its CBDC implementation.

CBDC is a risk-free form of digital money issued and guaranteed by the central bank and serves as a secure, cost-effective and efficient form of payment and a store of value. As part of the UAE’s digital transformation, CBDC will address the challenges of domestic and cross-border payments, enhance financial inclusion and the move towards a cashless society.

“CBDC is one of the initiatives as part of the CBUAE’s FIT programme, which will further position and solidify the UAE as a leading global financial hub,” said Khaled Mohamed Balama, the Governor of the CBUAE. “The lauch of our CBDC strategy marks a key step in the evolution of money and payments in the country.”

CBDC will accelerate our digitalisation journey and promote financial inclusion

– Khaled Mohamed Balama, the Governor of the CBUAE

The first phase of the strategy, which is expected to complete over the next 12 to 15 months, comprises three major pillars, the soft launch of mBridge to facilitate real-value cross-border CBDC transactions for international trade settlement; proof-of-concept work for bilateral CBDC bridges with India; and proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.

With the launch of the new strategy, CBUAE aims to strengthen the UAE’s payment infrastructure, providing additional robust payment channels, ensuring a resilient and reliable financial system. More importantly, ensure the readiness of the UAE to integrate the payment infrastructures with the future potential tokenization world, the tokenization of financial and non-financial activities.

Hamdan bin Mohammed and Maktoum bin Mohammed commend achievements of Dubai Future District Fund

First annual general meeting of the Fund discusses new opportunities.

Under the patronage of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai and the Chairman of the Board of Trustees of the Dubai Future Foundation, and the follow-up of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, the Dubai Future District Fund (DFDF) held its first annual general meeting at the Museum of the Future in Dubai.

The meeting reviewed the DFDF’s achievements to date and discussed ways to support technology companies in the early stage of their growth, facilitate their future public listing on the Dubai stock market and help them leverage investment opportunities to boost their future projects.

Sheikh Hamdan said: “Driven by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai has become an international gateway for ambitious investment opportunities, a hub for future-driven project funding and a global testbed for tomorrow’s technology and digital economy applications. The emirate provides the ideal environment for technology ventures to develop the highest standards of agility and transparency and create opportunities for individuals, organisations and societies.”He highlighted the importance of enhancing the involvement of Dubai government entities in achieving the DFDF’s objectives and further consolidating Dubai’s position as a world-leading hub for entrepreneurship.

“As part of Dubai’s aim to transform itself into one of the world’s top digital economies, we continue to provide world-class regulatory frameworks and infrastructure designed to empower technology entrepreneurs and catalyse innovative smart projects, particularly those related to fintech and smart financing solutions. Thanks to these efforts, Dubai has become an attractive destination for startups, experts, tech giants, coders and digital nomads, as well as fintech companies seeking to list on Dubai’s stock market,” said HH Sheikh Hamdan bin Mohammed.

Sheikh Maktoum bin Mohammed stated that Dubai’s model for designing and shaping a sustainable future is focused on accelerating the adoption of new technologies in different sectors. This model is central to Dubai’s efforts to boost economic growth and implement national initiatives and strategies and plays a vital role in advancing UAE’s rankings in economic, digital, legislative, and future growth indicators, he added.

“The Dubai Future District Fund embodies our commitment to support futurists, entrepreneurs, innovators, startups, and technology companies. It creates opportunities for businesses based in Dubai to grow and expand locally, regionally and globally by taking advantage of Dubai’s integrated systems, future-driven regulations and technological advancement,” added His Highness Sheikh Maktoum bin Mohammed.

Key achievements

The first annual general meeting of the fund highlighted its key achievements and role in implementing Sheikh Mohammed bin Rashid Al Maktoum’s directives to establish an initial fund of Dh1 billion to support entrepreneurs and startups. The meeting explored ways in which other Dubai entities can support and participate in the Fund, which will facilitate the growth of its capital base in line with the vision to make Dubai the world’s leading startup city.

DFDF’s investment portfolio currently includes 16 entrepreneurial startups and investment funds operating in future technology, stock management solutions, the metaverse, digital content, banking, payments, real estate, healthcare, and artificial intelligence. The value of these investments is expected to reach $1.7 billion by 2025.

The meeting, attended by ministers, business leaders, CEOs, investors, experts, celebrities, and senior officials in the UAE, provided an opportunity to explore potential collaborations and review the DFDF’s plans to support the digital economy and contribute to the Dubai Economic Agenda D33’s objectives to double the size of Dubai’s economy and consolidate its position as one of the world’s top three cities over the next decade.

The meeting also included several panel discussions featuring experts from the government and private sectors, in addition to special sessions with Jessica Smith, the Australian Paralympic swimmer and motivational speaker who has a robotic arm, and Novak Djokovic, the world’s No. 1 ranked men’s tennis player.

Funding the future

Chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, DFDF is a development initiative launched by Dubai’s Securities and Exchange Higher Committee. A collaboration between the Dubai Future Foundation and the Dubai International Financial Centre, the Fund aims to support innovative ideas and projects, and develop new solutions, products and services out of Dubai. The Fund is focused on emerging technologies such as artificial intelligence, robotics, data analysis, cloud computing, Internet of Things, augmented reality, fifth-generation communication networks, cybersecurity, and blockchain technology.DFDF provides financing facilities for emerging technology companies and funds in Dubai and the region. It aims to support their growth and expansion in new markets, invest in local and regional portfolios, attract investment capital, and increase the contribution of future economy companies to Dubai’s GDP. The DFDF also seeks to create jobs for specialised talent and support private sector and foreign investments in Dubai’s future economy companies.

Dubai: Gold prices inch higher after Fed rate hike

Fed policymakers believe beating back inflation may require just one more interest-rate hike this year.

Gold prices edged higher in Dubai on Thursday morning after the US Federal Reserve raised interest rates by an expected 25 basis points, and signalled it was on the verge of pausing future hikes, given the recent turmoil in the financial sector.

Spot gold was up 0.34 per cent at $1,976.4 per ounce, as of 9.30 am UAE time.

The precious metal prices inched higher in the UAE in line with the global rates on Thursday. According to Dubai Jewellery Group data, the 24K opened higher at Dh239.5 per gram on Thursday morning, as compared to last night’s close of Dh239.25. Meanwhile, 22K, 21K and 18K were trading at Dh221.75, Dh214.75 and Dh184.0 per gram, respectively.

The yellow metal prices jumped two per cent on Wednesday after the Fed raised interest rates, but indicated it might pause further increases in borrowing costs after the recent collapse of two US banks.

Fed policymakers believe beating back inflation may require just one more interest-rate hike this year, but less easing next year than most thought would be appropriate just three months ago.