Business

Saadiyat Cultural District ready in 2025

Abu Dhabi’s Saadiyat Cultural District is set to become a global cultural hub with its completion scheduled for 2025. This ambitious project, which includes the Guggenheim Abu Dhabi, the Zayed National Museum, and the Natural History Museum Abu Dhabi, aims to transform Saadiyat Island into a premier destination for art, culture, and education, complementing the already operational Louvre Abu Dhabi. Abu Dhabi’s Saadiyat Cultural District ready in 2025.

Abu Dhabi’s Saadiyat Cultural District ready in 2025 — Natural History Museum Abu Dhabi5

A Vision for Cultural Excellence

The Saadiyat Cultural District is a testament to Abu Dhabi’s commitment to cultural development and international collaboration.

The project reflects the vision of the UAE’s leadership to position Abu Dhabi as a centre of cultural exchange and intellectual dialogue.

The district is designed to host a collection of world-class institutions that will offer visitors unique experiences and insights into global and local cultures.

Abu Dhabi’s Saadiyat Cultural District on Track for Completion in 2025

The Louvre Abu Dhabi: A Beacon of Culture

The Louvre Abu Dhabi, which opened its doors in November 2017, marked the beginning of Saadiyat Island’s transformation into a cultural epicentre.

Designed by the renowned architect Jean Nouvel, the museum’s striking architecture features a dome that creates a ‘rain of light’ effect, symbolising the interconnection of cultures.

The stunning building houses an extensive collection of artworks and artefacts from around the world, bridging the gap between Eastern and Western art. Louvre Abu Dhabi

Guggenheim Abu Dhabi: A Contemporary Art Haven

The Guggenheim Abu Dhabi, set to be the largest Guggenheim museum in the world, is designed by the legendary architect Frank Gehry.

Scheduled for completion in 2025, the museum will feature modern and contemporary art from around the globe, with a particular focus on Middle Eastern artists.

The Guggenheim Abu Dhabi aims to foster a deeper understanding of art through its diverse exhibitions and educational programmes. Guggenheim Abu Dhabi

Zayed National Museum: Celebrating UAE’s Heritage

The Zayed National Museum, named in honour of the UAE’s founding father, Sheikh Zayed bin Sultan Al Nahyan, will celebrate the rich history and cultural heritage of the UAE.

The Zayed National Museum will showcase the UAE’s journey from its early history to its rapid modernisation, offering insights into the nation’s traditions and achievements. Zayed National Museum

Natural History Museum Abu Dhabi: A Journey Through Time

The Natural History Museum Abu Dhabi, another key component of the Saadiyat Cultural District, will provide an immersive journey through the natural world.

Featuring exhibits on the evolution of life, the wonders of the planet, and the universe, the museum aims to inspire curiosity and a deeper appreciation for the natural world.

The museum will also include a focus on the natural history of the Arabian Peninsula, highlighting the region’s unique biodiversity. Abu Dhabi Department of Culture and Tourism

Economic and Tourism Impact

The Saadiyat Cultural District will have a significant economic and tourism impact on Abu Dhabi.

By attracting international visitors, the district will boost the local economy and create numerous job opportunities.

The presence of world-renowned cultural institutions will also enhance Abu Dhabi’s reputation as a global cultural destination, drawing art enthusiasts, researchers, and tourists from around the world.

In addition to its economic benefits, the Saadiyat Cultural District will provide substantial educational and social advantages.

The institutions within the district will offer educational programmes, workshops, and events that promote cultural understanding and intellectual growth.

These initiatives will not only benefit residents and visitors but also foster a greater appreciation for arts and culture within the local community.

Architectural Marvels

Each institution within the Saadiyat Cultural District is an architectural marvel in its own right.

From the futuristic design of the Guggenheim Abu Dhabi by Frank Gehry to the innovative structure of the Zayed National Museum by Foster + Partners, the district showcases the work of some of the world’s leading architects.

These buildings are not only functional spaces but also works of art that enhance the aesthetic appeal of Saadiyat Island.

Community Engagement and Global Collaboration

The development of the Saadiyat Cultural District represents a significant investment in community engagement and global collaboration.

By partnering with prestigious international institutions like the Louvre and the Guggenheim, Abu Dhabi is fostering cultural exchange and building bridges between different cultures.

This collaborative approach ensures that the district will be a dynamic and inclusive space that reflects the diversity of human experience.

As the Saadiyat Cultural District moves closer to completion, it promises to be a landmark achievement in Abu Dhabi’s cultural landscape.

With its blend of world-class institutions, innovative architecture, and commitment to education and cultural exchange, the district will become a beacon of cultural excellence and a must-visit destination for art and culture enthusiasts worldwide.

Stay tuned to What’s Hot in UAE for more business news.

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Google CEO Sundar Pichai, Alibaba’s Jack Ma to Speak at World Government Summit 2025

The World Government Summit (WGS) 2025 is set to take place in Dubai from February 11 to 13, bringing together a powerhouse lineup of global leaders, innovators, and policymakers. This year’s edition will host over 200 speakers, including some of the biggest names in technology, business, and government to discuss the future of governance, innovation, and international cooperation.

Tech Titans and Business Moguls Headline WGS 2025

Among the most anticipated speakers at WGS 2025 is Sundar Pichai, the CEO of Alphabet (Google’s parent company). Pichai is expected to discuss the role of AI, digital transformation, and the impact of emerging technologies on governance and global economies. Given Google’s leadership in AI development—especially with projects like Gemini AI and DeepMind—his insights will be highly anticipated.

Also joining the stage is Jack Ma, the co-founder and former chairman of Alibaba Group. Known for revolutionizing e-commerce in China and globally, Ma’s return to a major international forum marks an important moment, as he has kept a relatively low profile in recent years. His speech will likely cover the evolution of digital economies, the future of global trade, and the role of AI in business and governance.

Another notable name is David Baszucki, the CEO of Roblox, the gaming and metaverse giant. With the metaverse continuing to shape digital interactions and online economies, Baszucki’s insights will provide valuable perspectives on how governments can adapt to and regulate virtual economies.

Jack Ma will be at the World Government Summit 2025

World Leaders to Discuss Global Governance and Collaboration

Beyond tech and business, several world leaders will take the stage at WGS 2025 to discuss collaboration between governments, economic policies, and global development strategies. Attending dignitaries include:

Prabowo Subianto, President of Indonesia

Anura Kumara Dissanayake, President of Sri Lanka
Ahmad Al-Abdullah Al-Sabah, Prime Minister of Kuwait

With geopolitical tensions and economic uncertainties at the forefront of global discussions, these leaders will focus on diplomatic relations, economic growth, and digital transformation strategies in governance.

Theme of WGS 2025: “Shaping Future Governments”

The 2025 World Government Summit is themed “Shaping Future Governments,” reinforcing its mission to foster international cooperation, identify innovative solutions, and empower the next generation of government leaders.

Discussions will focus on:

✅ Artificial Intelligence in Governance 🤖📊
✅ Digital Economies & E-Commerce 💻📈
✅ Climate Change & Sustainability 🌍🌱
✅ The Role of Emerging Tech in Government Efficiency 🚀🔍
✅ International Collaboration & Policy Innovations 🤝🏛️

With Dubai positioned as a global leader in smart governance and innovation, WGS 2025 will set new benchmarks in global policymaking and digital transformation.

World Government Summit features speakers at the highest levels

Why This Year’s Summit Matters

The World Government Summit has long been a key forum for forward-thinking discussions on global challenges and technological advancements. With some of the biggest tech leaders, policymakers, and business pioneers coming together, WGS 2025 will drive crucial conversations on the future of AI, digital governance, and international cooperation.

Will AI reshape policymaking? Will the metaverse redefine governance? What does the future of e-commerce look like? These are just some of the questions that will be tackled at WGS 2025.

Stay tuned as Dubai once again becomes the global hub for shaping the future of governance and technology.

Business

Abu Dhabi’s Space42 Secures Dh18.7 Billion Deal With UAE Government for Critical Space Services

Abu Dhabi-based AI-powered space technology company, Space42, has signed a landmark Dh18.7 billion ($5.1 billion) agreement with the UAE Government to provide secure satellite communication services until 2043. The 17-year contract, set to commence in 2026, highlights the UAE’s growing leadership in space technology and reinforces Space42’s financial strength.

Long-Term Revenue and Advanced Services

The contract significantly strengthens Space42’s financial position, forming a large part of its Dh26 billion backlog of contracted revenues, which represents approximately 10 times its last-12-month revenues as of September 30, 2024. This ensures a clear, long-term cash flow outlook through 2043.

Under the new agreement, Space42 will continue providing secure satellite capacity and managed services via its Al Yah 1 and Al Yah 2 satellites already in orbit. These will be supplemented by two new cutting-edge satellites, Al Yah 4 and Al Yah 5, expected to launch in 2027 and 2028, respectively.

The deal consolidates Space42’s operations by replacing two existing agreements—the Capacity Services Agreement and Managed Services Mandate—both set to expire in late 2026. Additionally, the new contract integrates operations, maintenance, and advanced technology management for ground segment systems and terminals, currently covered under separate agreements.

Dh3.7 Billion Advanced Payments for New Satellites

Space42 will receive Dh3.7 billion in advance payments to fund the construction of Al Yah 4 and Al Yah 5 satellites. These advanced satellites will deliver secure and reliable communication capabilities across the Middle East, Africa, Europe, and Asia, addressing evolving governmental requirements with greater efficiency and security.

Ali Al Hashemi, CEO of Yahsat Space Services, Space42, emphasised the contract’s significance, stating:

“The Al Yah 4 and Al Yah 5 satellites will offer new capabilities to advance our technology and service offerings, enabling us to continue providing our innovative SpaceTech solutions that meet the UAE Government’s evolving requirements more efficiently, securely, and reliably.”

Cutting-Edge Technology and Launch Partners

Space42 has partnered with Airbus to construct the satellites, leveraging the Airbus Eurostar Neo platform, known for deploying flexible multiband payloads in orbit. To ensure a reliable launch, SpaceX has been selected to deliver the satellites into orbit using its trusted Falcon 9 rocket.

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The total cost for the development of Al Yah 4 and Al Yah 5, including the spacecraft, ground infrastructure, launch, and insurance, is estimated at Dh3.9 billion.

Strategic Communication Capabilities

Once operational, the new satellites will play a pivotal role in enhancing secure governmental communications and boosting the UAE’s regional and global connectivity. This project aligns with the country’s continued investment in space innovation, cementing its position as a leader in the evolving SpaceTech sector.

With this monumental contract, Space42 is poised to set new standards for secure communication technology, further advancing the UAE’s ambitious space programme.

Business

Apple Pay, Cash App, and Other Digital Wallets Face Bank-Like Regulations

The rapidly evolving landscape of digital payments is entering a new chapter. Apple Pay, Cash App, PayPal, Google Wallet, and other popular digital wallets will soon be held to the same regulatory standards as banks, following a landmark rule issued by the US Consumer Financial Protection Bureau (CFPB). Digital wallets face bank-like regulations going forward.

Digital Wallets Face Bank-Like Regulations

What the Rule Means for Digital Wallet Providers

The CFPB’s new rule, finalised last Thursday, targets digital payment apps that process over 50 million transactions annually. These providers, which collectively handle over 13 billion transactions each year, will now be subject to enhanced supervision. This move aims to ensure that digital wallet providers adhere to strict federal regulations surrounding consumer privacy, fraud prevention, and legal compliance.

“Digital payments have gone from novelty to necessity, and our oversight must reflect this reality. The rule will help to protect consumer privacy, guard against fraud, and prevent illegal account closures.”

Under the new framework, digital wallet providers will undergo proactive examinations, allowing the CFPB to enforce compliance in real time. This marks a significant shift in how these companies are regulated, aligning their operational scrutiny with that of traditional banks and credit unions.

Why the Regulation Is Necessary

The explosion of digital payments has transformed how people manage money, making these platforms indispensable tools for daily transactions. However, their widespread adoption has also raised concerns about privacy violations, fraud risks, and insufficient consumer protections.

Previously, digital wallets operated in a regulatory grey area, overseen less strictly than banks despite handling billions of dollars in transactions. With this rule, the CFPB aims to close that gap, ensuring users of these platforms enjoy the same level of protection as traditional bank customers.

Digital Wallets Face Bank-Like Regulations

Key objectives of the regulation include:

Consumer Privacy: Strengthening measures to safeguard user data against misuse.

Fraud Prevention: Ensuring digital payment providers implement robust systems to detect and prevent fraudulent activity.
Account Security: Addressing issues such as arbitrary or unlawful account closures that have plagued some users in the past.

From Proposal to Reality

The CFPB’s journey toward regulating digital wallets began in earnest last year when it proposed a broader rule that would have impacted companies processing over 5 million transactions annually. While that initial proposal faced pushback, the finalised version targets a narrower scope of providers—albeit the most influential ones in the market.

Implications for Digital Payment Platforms

Digital wallet providers like Apple Pay and Google Wallet now face the challenge of navigating a more complex regulatory environment. They must invest in compliance systems and practices similar to those of large financial institutions. For consumers, this change should translate to enhanced security and accountability from the platforms they use daily.

However, increased regulation may come at a cost. Stricter compliance could lead to higher operational expenses for these companies, potentially trickling down to users in the form of fees or revised terms of service.

Timeline and Next Steps

The rule is set to take effect 30 days after its publication in the Federal Register. Once active, the CFPB will begin examining the selected digital wallet providers to ensure their compliance with federal laws.

This development underscores the growing importance of regulatory oversight in the digital economy. As digital wallets continue to blur the lines between technology and finance, they are increasingly seen as integral components of the financial system—necessitating bank-like scrutiny.