UAE Cabinet Allocates Financial Support for Weather-Impacted Homes
The UAE government has taken action to mitigate the impact of recent severe weather conditions on its citizens.
3 min
During their recent meeting, the UAE cabinet expressed gratitude towards the government agencies, emergency response teams, volunteers, and the public for their combined efforts in tackling the adversities caused by harsh weather conditions.
Chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the UAE Cabinet has sanctioned an AED 2 billion financial package aimed at repairing the homes of citizens affected by the recent severe weather events.
The decision, made during a Wednesday cabinet meeting, was intended to provide swift relief and support to those impacted. A ministerial committee has been formed to assess the damage and oversee the distribution of compensations. This committee is tasked with working alongside both federal and local authorities to ensure a quick and effective response in providing the necessary support to the affected individuals.
Sheikh Mohammed reflected on the heavy rains, describing them as a blessing in disguise.
Continued National Solidarity
The sense of unity and resilience demonstrated by the nation in the face of this challenge was recognized and commended.
Sheikh Mohammed commented, “We approved an allocation of AED2 billion to address the damage suffered by citizens’ homes. A ministerial committee has been tasked with overseeing this file. With the follow-up and support of my brother, President His Highness Sheikh Mohamed bin Zayed Al Nahyan, life returned to normal quickly.”
Additionally, Sheikh Mohammed announced the establishment of another committee tasked with evaluating the impact of the floods and rains on infrastructure. Led by the Ministry of Energy and Infrastructure, this committee includes representatives from various federal agencies such as the Ministry of Defence, the Ministry of Interior, and the National Emergency Crisis and Disaster Management Authority, as well as delegates from all seven emirates. Its role is to devise national-level strategies and solutions to minimize future risks.
The effectiveness of the response to this severe weather event was evident, with central operation rooms handling over 200,000 reports and more than 17,000 security, emergency, and interior personnel, supported by 15,000 local authority staff and numerous volunteers, managing the aftermath of this unprecedented weather incident.
This extraordinary weather event proved to be beneficial. The dams are full, valleys are flowing with rainwater, and the underground water reserves are replenished. The government has enhanced its readiness and preparedness for the future, stated Sheikh Mohammed.
Updates on Tourism Progress
Beyond the weather-related discussions, the Cabinet also reviewed the progress of the UAE Tourism Strategy, celebrating significant achievements in the sector.
In 2023, the total number of hotel guests reached 28 million, marking an 11% increase from the previous year, with the tourism sector anticipated to contribute approximately AED 180 billion to the GDP, as reported by the UAE Government Media Office.
The meeting, held at Qasr Al Watan, saw attendance from notable figures such as Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court; Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; and Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister, and Minister of the Interior.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
With the growing global demand for digital infrastructure, Damac has been expanding its footprint in this important sector.
2 min
Damac Group, a renowned conglomerate with a diverse investment portfolio of luxury real estate, hospitality, property management, and logistics, has announced its plan to invest up to $1 billion in the data centers sector over the next few years.
Recognizing the increasing global demand for digital infrastructure, Damac has been expanding its footprint in this crucial sector. A significant milestone in Damac’s diversification strategy was the launch of Edgnex Data Centers in 2021, which has enabled the group to capitalize on the growing need for robust digital infrastructure.
According to Damac, Edgnex is making significant strides in Saudi Arabia, with facilities under construction in Dammam and Riyadh that will deliver 55MW by 2025. Additionally, plans are underway for a data centre in Amman, Jordan, and another in Turkey in partnership with Vodafone.
In May, Damac had announced its entry into the Indonesian market with plans to build a data center in Jakarta. The 15MW facility, located along MT Haryono, is scheduled to complete its first construction phase in the fourth quarter of 2025.
“This substantial investment in the data center sector reflects our commitment to advancing digital infrastructure and supporting the technological transitions that are essential for future growth and innovation,” said Hussain Sajwani, the Founder and Chairman of Damac Group.
In addition to the technological transitions and diversification, particularly in the data centers sector, Damac Group is heavily focusing on its Artificial Intelligence (AI) investments.
The increased focus on AI and technological infrastructure, he stated, is expected to bolster the Group’s existing portfolio and pave the way for new strategic partnerships and collaborations.
By investing in AI and data centers, it aims to leverage advanced technologies to create value and drive sustainable growth, he added.
The Damac Group’s diversified family office has already invested in over 70 funds across various strategies, demonstrating its commitment to fostering innovation and growth across multiple industries.
With this new focus on AI, the Group aims to further enhance its role in advancing foundational AI models and infrastructure.
“As a forward-thinking organization, we recognize the transformative potential of AI in shaping the future,” remarked Sajwani.
“Our increased investment in AI reflects our commitment to supporting the development of groundbreaking technologies that can drive significant progress and create new opportunities across various sectors,” he stated.
According to him, Damac has made notable investments in leading AI companies including a $50 million in the AI startup, Anthropic – as one of the top investors who have bought into the company from the bankrupt cryptocurrency exchange, FTX.
Also it has made investments in xAI – an American AI startup founded by Elon Musk and in Mistral – a France-based AI company which is one of the best European large-language model open source.
“We are excited to be part of the AI revolution and to contribute to the growth of this dynamic industry,” said Sajwani.
“Our investments in companies like Mistral, Anthropic, and xAI underscore our dedication to fostering innovation and driving the next wave of technological advancements,” he added.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
