Dubai Restructures Municipality, Seeks Economic Opportunities Worth $2.7 Bln

Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, chairs the meeting of Dubai Council on Tuesday, May 10, 2022. (Asharq Al-Awsat)
Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, chairs the meeting of Dubai Council on Tuesday, May 10, 2022. (Asharq Al-Awsat)
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Dubai Restructures Municipality, Seeks Economic Opportunities Worth $2.7 Bln

Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, chairs the meeting of Dubai Council on Tuesday, May 10, 2022. (Asharq Al-Awsat)
Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, chairs the meeting of Dubai Council on Tuesday, May 10, 2022. (Asharq Al-Awsat)

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai announced Tuesday a new comprehensive structure for Dubai Municipality that supports the emirate’s priorities, future directions and development plans in various sectors.

This step aims to create economic opportunities worth AED10 billion ($2.7 billion) within five years, reduce operating costs by 10% and increase the quality of services by 20%.

This came during a meeting of the Dubai Council chaired by Sheikh Mohammed and attended by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and First Deputy Chairman of the Dubai Council, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Second Deputy Chairman of the Dubai Council.

During the meeting, the Council approved a comprehensive restructuring of Dubai Municipality to achieve the future goals and directions of the emirate, in addition to approving a comprehensive restructuring of the Land Department and a new system to ensure the sustainability of family businesses in the emirate.

The restructuring aims to transform Dubai Municipality into a specialized institution that adopts a private sector mindset to provide high-quality municipal services.

It also seeks to enhance its ability to keep pace with global changes in the areas of environment, climate change, circular economy, and the acceleration of partnerships with the private sector.

The Council also approved the comprehensive restructuring of the Land Department to enhance Dubai's leadership and competitiveness in the real estate sector and raise operational efficiency by at least 20%.

Dubai’s Agenda for the sustainability of Family Businesses for the next 100 years aims to provide all the necessary factors and enable them to effectively contribute to the economy and the emirate’s future.

The Agenda will see Dubai issuing a unified law for the sustainability of family businesses that meets all legislative requirements.

As part of the agenda, the Dubai Center for Family Businesses will be established as a central entity responsible for providing all services that ensure family businesses’ sustainability, launching four practical legal systems for the governance of family businesses, and establishing a center for settling family disputes through arbitration and mediation.

The Council further announced the establishment of a higher committee, headed by Sheikh Hamdan, to oversee all future technological developments in the digital economy.

Sheikh Mohammed directed the committee to develop the Dubai Metaverse Strategy in the next two months to contribute to enhancing Dubai’s position as a global hub for new Metaverse technology.

Also, the Council approved the establishment of the Higher Committee for Development and Citizens Affairs, which aims to provide all the support needed by citizens through a specific work strategy that contributes to achieving the goals set by Sheikh Mohammed in this regard.

The Committee will focus on ensuring the provision of advanced and integrated services to citizens, in addition to launching and approving a number of comprehensive initiatives.



Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
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Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.


Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
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Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.


Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
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Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.