{"id":116880,"date":"2026-05-11T00:00:00","date_gmt":"2026-05-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=116880"},"modified":"2026-05-11T03:01:46","modified_gmt":"2026-05-11T03:01:46","slug":"this-morning-wynn-confirms-rak-resort-delay-archer-aviation-is-a-step-closer-to-air-taxi-launch","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/05\/11\/this-morning-wynn-confirms-rak-resort-delay-archer-aviation-is-a-step-closer-to-air-taxi-launch\/","title":{"rendered":"THIS MORNING: Wynn confirms RAK resort delay + Archer Aviation is a step closer to air taxi launch"},"content":{"rendered":"

Good morning, lovely people, and happy <\/strong>back-to-school day<\/a><\/strong> for all the parents celebrating. <\/strong>Despite reports of ongoing attacks from Iran, with the UAE saying it intercepted two drones yesterday<\/a> and a ship attacked<\/a> on its way from Abu Dhabi to Qatar, the UAE seems to be back to BAU. No phone alerts have been sent out and traffic is pretty close to normal levels. <\/p>\n

Oh, and DIFC?<\/strong> It\u2019s pretty much as busy as ever, with restaurants fully booked days in advance and banks like Standard Chartered and Citi resuming operations<\/a> from all branches after brief suspensions earlier in the conflict.<\/p>\n

The uncertain environment is still weighing on some parts of the economy: <\/strong>Bloomberg reports that M&As and IPOs \u2014 as we\u2019ve also said before \u2014 are likely to be delayed, or possibly even pulled altogether, while megaprojects like Wynn Resorts are facing delays due to supply chain disruptions. <\/p>\n

A lot of the pain the economy is seeing will be due to logistics and supply chain disruptions \u2014 making this year\u2019s Make It in the Emirates, which wrapped last week, a critical chance <\/strong>for the government to breathe new life into its localization drive and make it much more ambitious than before, from defense to the petrochemicals sector. We take a look at the importance of the agreements signed at the event and the broader policy shift they signal in this morning\u2019s news well below. <\/p>\n

And those supply chain disruptions we\u2019re talking about? <\/strong>They\u2019re also making themselves evident in logistics firms\u2019 earnings, with both Aramex and Gulf Marine Services earnings taking a hit due to the war. <\/p>\n

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PSA<\/p>\n

<\/a> Classrooms <\/strong>across the UAE are set to fill back up today <\/strong>after the Education Ministry confirmed the return to in-person learning for students, teachers, and administrative staff at public and private schools and nurseries nationwide, according to a post on X<\/a>. The decision follows a brief disruption last week after the UAE reported attacks from Iran on Monday.<\/p>\n

WEATHER- Temperatures are still on the cooler side <\/strong>\u2014 at least by GCC summer standards \u2014 with highs of 36-37\u00b0C in Dubai and Abu Dhabi and lows of 25-26\u00b0C. <\/p>\n

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Watch this space<\/p>\n

<\/a> TOURISM \u2014<\/strong> Wynn <\/strong>Resorts confirms delay in <\/strong>RAK resort: <\/strong>Wynn Resorts\u2019 CEO Craig Billings confirmed that the launch of its USD 5.1 bn Wynn Al Marjan Island project in Ras Al Khaimah (RAK) will be pushed back from its planned opening date of early 2027, Zawya<\/a> reports, citing comments made by Billings during the firm\u2019s 1Q 2026 earnings call.<\/p>\n

So, when? <\/strong>While he didn\u2019t specify a new opening date, Billings described the shift as a \u201cmodest delay\u201d following logistics disruptions and shipping constraints on the back of the regional war. Tensions had forced rerouting of materials and alternative sourcing, which he said has added to costs. \u201cI use the word modest very, very intentionally because that\u2019s what we believe it will be,\u201d he added, saying that visibility on timing will only firm up once conditions stabilize.<\/p>\n

ICYMI- <\/strong>Last week, Bloomberg had reported that<\/a> the firm was eyeing pushing back the opening, after development work had already briefly paused following the outbreak of war. Rival MGM Resorts\u2019 Dubai mega-project<\/a> is still on track for a 3Q 2027 opening, despite MGM Resorts CEO Bill Hornbuckle saying visitor activity to the region was likely to dip around 15%. <\/p>\n

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<\/a> AVIATION \u2014 Ar<\/strong>cher Aviation is a step closer to rolling out<\/strong> its air taxi operations<\/strong> after securing a restricted type certificate program from the UAE\u2019s General Civil Aviation Authority, the firm said in a statement<\/a>. The new license puts Archer on an established route to rolling out its Midnight series. The firm is already planning to set up more than 10 vertiports<\/a> across Abu Dhabi, in a move that will place the UAE capital among the first cities worldwide to host eVTOL transport on a commercial scale. <\/p>\n

ICYMI- <\/strong>At the end of last year<\/a>, there were reports of Archer\u2019s planned 2025 launch being delayed as the company waited on approval from local authorities, meaning launch plans were pushed to 2026. Flying taxis are on course to hit Dubai\u2019s skies this year<\/a>, with electric aircraft developer Joby Aviation initially said to be targeting an early 2026 launch.<\/p>\n

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TAX \u2014 M<\/strong>ore time to appoint ASP: <\/strong>Companies now have an extra three months \u2014 until 30 October 2026 \u2014 to appoint accredited service providers (ASP) to handle the transmission of electronic invoices, according to a statement<\/a> from the Finance Ministry. So far, 32 ASPs have been approved to operate.<\/p>\n

DIVE DEEPER- <\/strong>Check out our explainer<\/a> of the UAE\u2019s upcoming phase-in of e-Invoicing. Voluntary adoption of the system will start in July 2026, followed by a hard mandate from January 2027 for businesses with annual revenues exceeding AED 50 mn. The requirement will include smaller firms in later stages.<\/p>\n

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Data point<\/p>\n

<\/a> AED 6.2 bn \u2014 that\u2019s how much support the<\/strong> Central<\/strong> Bank of the UAE <\/strong>(CBUAE) has shelled out for both businesses and individuals<\/strong> affected by the regional disruption so far, in the form of tools like loan deferrals, interest relief, fee waivers, and access to financing, according to a statement (pdf)<\/a>. <\/p>\n

So far, a total of 65.4k beneficiaries have tapped the support line<\/strong>, primarily individuals at 60.6k, followed by 4.3k SMEs, and 485 corporates. The CBUAE said hospitality, transport, and entertainment sectors had priority in the scheme, as they\u2019ve been the most exposed so far to the war. <\/p>\n

BACKGROUND- The central bank is drawing attention to the UAE\u2019s ongoing economic stabilization push<\/strong>, which has been rolled out in stages since the regional conflict began. The CBUAE launched a resilience package<\/a> for the banking sector relatively early on, while more recently the UAE set up an AED 1 bn national fund<\/a> focused on localization and supply-chain resilience. Help is also on the way for the healthcare<\/a>, SME<\/a>, tourism<\/a>, and <\/a>postal<\/a><\/a> sectors, along with a dedicated package for Dubai\u2019s private sector<\/a>.<\/p>\n

\n

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<\/a> <\/p>\n

Riyadh to Mumbai. Abu Dhabi to Singapore. Dubai to London. Cairo to Shenzhen.<\/strong><\/p>\n

The most important business stories in MENA aren\u2019t happening inside MENA anymore<\/strong> \u2014 they\u2019re happening at the edges, where regional capital meets global ambition.<\/p>\n

EnterpriseAM MENA+ is our new flagship newsletter<\/strong>, built to cover the flows of capital, people, and ideas across the Middle East \u2014 and beyond it. AI, geopolitics, the war for talent, sovereign wealth strategy, the changing energy economy, and the new corridors reshaping global trade.<\/p>\n

Tap or click here to get your own copy<\/a><\/strong> delivered to your inbox every Monday, Wednesday, and Friday at 12pm UAE | 11am KSA | 11am Egypt.<\/p>\n

\n

\n

\n

The big story abroad<\/p>\n

The US-Iran stalemate crowds the front pages once again. <\/strong>President Donald Trump dismissed<\/a> Iran\u2019s response to Washington\u2019s latest proposal, calling the demands \u201ctotally unacceptable.\u201d Tehran reportedly floated moving a portion of its highly enriched uranium reserves to a separate nation and refused to decommission its nuclear infrastructure \u2014 this account was later denied by Iran\u2019s semi-official outlet Tasnim.<\/p>\n

Pakistan-Iran talks seem to have made some headway<\/strong>, with Qatar managing to export its<\/a>first LNG cargo<\/a> \u2014 bound for a Pakistani port \u2014 through the Strait of Hormuz since the conflict started. Islamabad reportedly expects three more vessels to ship Qatari LNG through the waterway in the coming days.<\/p>\n

The regional conflict <\/strong>is set to dominate<\/a><\/strong> the agenda during Trump\u2019s summit with Chinese <\/strong>President Xi Jinping in Beijing later this week. <\/strong>Both leaders have good reasons to resolve the Iran war, as it is taxing Trump\u2019s domestic popularity and straining Beijing\u2019s reliance on low-cost Iranian oil. Washington\u2019s worries over AI and a proposed new dialogue with China are also reportedly on the table<\/a>.<\/p>\n

Meanwhile, in the world of AI: <\/strong>Alphabet has rapidly evolved<\/a> into an AI powerhouse, significantly narrowing the valuation gap with chipmaking giant Nvidia. Analysts suggest that the strength of the Gemini model, combined with Google Search, Cloud, YouTube, and Waymo, positions the company as the primary contender to lead the next era of tech growth.<\/p>\n

In a <\/strong>retrospective piece<\/a><\/strong> on the outgoing Federal Reserve Chair<\/strong>, Bloomberg chronicles Jerome Powell\u2019s long battle to maintain the institution\u2019s independence. Powell\u2019s term saw heavy criticism from Trump, a probe from the Justice Department, and an unusual decision to stay on after his successor stepped up to assume the mantle.<\/p>\n

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