{"id":96528,"date":"2024-10-07T00:00:00","date_gmt":"2024-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-first-gaming-license-handed-to-wynn-resorts-for-marjan-resort-some-teachers-to-get-golden-visas\/"},"modified":"2024-10-07T00:00:00","modified_gmt":"2024-10-07T00:00:00","slug":"this-morning-first-gaming-license-handed-to-wynn-resorts-for-marjan-resort-some-teachers-to-get-golden-visas","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/07\/this-morning-first-gaming-license-handed-to-wynn-resorts-for-marjan-resort-some-teachers-to-get-golden-visas\/","title":{"rendered":"THIS MORNING: First gaming license handed to Wynn Resorts for Marjan resort + Some teachers to get golden visas?"},"content":{"rendered":"

Good morning, lovely people. <\/strong>It\u2019s a relatively busy start to a new week, with a big milestone for Abu Dhabi sovereign wealth fund ADQ\u2019s megaproject in Egypt, amendments to VAT regulations, and not one, but two trade and economic partnership agreements inked. But first\u2026<\/p>\n

\u26c8\ufe0fWEATHER- We\u2019re in for a cloudy and rainy week: <\/strong>The National Center of Meteorology forecasts cloudy weather in eastern and northern areas, with a chance of light to moderate rainfall, and potentially heavy downpours \u2014 paired with lightning, thunder, and blowing dust \u2014 until Wednesday, the National Center of Meteorology said<\/a>. Temperatures today will hit 39\u00b0C in Dubai, with an overnight low of 31\u00b0C, and 36\u00b0C in Abu Dhabi, before cooling to an overnight low of 29\u00b0C.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- The UAE hands out its first gaming license: <\/strong>The General Commercial Gaming Regulatory Authority awarded the UAE\u2019s first commercial gaming operator's license to hotel and casino operator Wynn Resorts, Reuters<\/a> and Bloomberg<\/a> reported over the weekend, citing a statement from Wynn. Wynn plans to present its upcoming USD 3.9 bn project on the Marjan Islands in Ras Al Khaimah \u2014 in which it has funneled USD 514 mn<\/a> so far \u2014 to investors tomorrow. The project is set to be the first integrated gaming resort in the MENA region and is slated for handover in 2027.<\/p>\n

REMEMBER- <\/strong>The UAE issued a regulatory framework<\/a> for the gaming sector in July as the country makes a push in the sector. While the country still has yet to clarify regulations around gambling, gaming establishments are already underway, with Las Vegas entertainment giant MGM Resorts also applying for a license<\/a> to run casino operations in Abu Dhabi. Casinos in the UAE are expected to generate USD 3-5 bn<\/a> in gaming revenue annually, depending on whether locals are allowed to gamble, Morgan Stanley has recently said.<\/p>\n

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<\/a> #2- Dubai will offer golden visas to \u201cexceptionally performing<\/strong>\u201d educators in the <\/strong>private education sector<\/strong>, state news agency Wam<\/a> reports. The visas will be awarded to teachers who strongly influenced student academic development and garnered positive feedback, Wam said. The step comes under Dubai\u2019s new Education 33<\/a> strategy, which aims to attract more capable educators and international universities to the emirate.<\/p>\n

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<\/a> #3- The Commercial Bank of Dubai (CBD) issued a USD 500 mn five-year bond last <\/strong>Thursday<\/strong>, it said in a disclosure to the DFM (pdf)<\/a>, without providing details on the pricing of or demand for the issuance. The bond will be settled on Thursday, 10 October, and carries a coupon rate of 4.864%, Zawya<\/a> reports. The CBD issued the bond following an investor meeting<\/a> last week.<\/p>\n

ADVISORS- <\/strong>Citibank, Commerzbank, Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan Chase, and Standard Chartered have been appointed as bookrunners.<\/p>\n

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<\/a> #4- Abu Dhabi sovereign wealth fund Mubadala is in talks to buy a stake in US p<\/strong>ayments firm <\/strong>HPS<\/a><\/strong>, Semafor<\/a> reports, citing sources it says are familiar with the matter. Mubadala is already an investor in Blue Owl, which owns a stake in HPS. No additional details on the potential size or value of the stake were disclosed. <\/p>\n

In context-<\/strong> Mudabala has made a series of investments in the US this year, including buying a majority stake<\/a> in asset manager Fortress Management and investing in the second venture capital fund<\/a> of the private equity firm Blue Opal.<\/p>\n

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<\/a> #5- RedBird IMI closer to turning the page on the Telegraph:<\/strong> Abu Dhabi-backed RedBird IMI is advancing talks with the New York Sun\u2019s owner Dovid Efune for the sale of the Telegraph, with a GBP 550 mn agreement expected to be reached early next week, the Financial Times<\/a> reports, citing three people it says are familiar with the talks. Backed by several US investors and funds, Efune has reportedly submitted a higher offer than other bidders. <\/p>\n

REMEMBER-<\/strong> RedBird IMI, a JV between Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan's International Media Investments and RedBird Capital Partners, was looking to sell the papers<\/a> to recoup the GBP 600 mn invested last year to acquire the assets, before the takeover bid fell through due to opposition from the UK government. It has already sold sister magazine the Spectator to founding partner of Marshall Wace Paul Marshall, who was also interested in the Telegraph, as was Former Tory Chancellor Nadhim Zahawi and National World. <\/p>\n

ADVISORS- <\/strong>Robey Warshaw and Raine Group are acting as RedBird IMI\u2019s advisors on the transaction.<\/p>\n

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#6- <\/strong>Gov\u2019t confirms \u201ctargeted\u201d attack on ambassador\u2019s residence in Sudan, calls on UN to assess evidence<\/strong>: <\/strong>Assistant Minister for Security and Military Affairs Salem Al Jaberi confirmed the presence of irrefutable evidence that the Sudanese army attacked<\/a> the UAE Ambassador's residence in Khartoum, causing significant damage, according to a statement<\/a> from the Foreign Affairs Ministry. The army denied claims of a deliberate attack last week and shifted the blame<\/a> onto the rival Rapid Support Forces. Al Jaberi called on United Nations experts to review the evidence and assess the damage.<\/p>\n

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#7- The cabinet approved a new agriculture initiative and a <\/strong>National Agriculture Center to see it through<\/strong> in its latest cabinet meeting, state news agency Wam<\/a> reports. The center will provide technical support to agricultural projects, and will work on organizing exhibitions, events, and volunteer campaigns to boost the sector. <\/p>\n

The center will focus for the next five years on:<\/strong><\/p>\n