Latest news with #Dh100m
The National
27-04-2025
- Automotive
- The National
Dubai car number plate sells for more than Dh8.3 million as auction raises close to Dh100 million
A number plate sold for Dh8.35 million at an auction in Dubai on Saturday evening. The public auction of licence plate numbers, organised by the emirate's Roads and Transport Authority, raised approximately Dh100m. The number plate that raised the eye-watering sum was CC22, it was closely followed by another number plate, BB20, which sold for Dh7m. The number BB19 went for Dh6.68m, while AA707 was bought for more than Dh3.31m. Also raising a handsome sum at the auction was the number plate AA222, which fetched Dh3.3 million. To participate in the auction, entrants had to deposit a security cheque of Dh25,000. Last month, The National reported how Dubai real estate tycoon Muhammad Binghatti paid Dh35 million for a DD number plate.
The National
07-02-2025
- Business
- The National
UAE's $3.8 billion gaming resort takes shape with 80 per cent of rooms completed
A multi-billion dollar gaming resort in Ras Al Khaimah is rapidly taking shape ahead of a planned 2027 opening date, with more than 80 per cent of its 1,542 rooms now built and a $2.4 billion loan secured to help finance the landmark project. The $3.8 billion Wynn Al Marjan Island resort − which will feature suites and villas, two dozen restaurants, a spa, an event centre and a theatre − was granted a gaming licence from UAE authorities in October. The five-star facility is operated by Wynn Resorts − which runs high-end hotel complexes in Las Vegas, Boston and the Chinese territory of Macau. Wynn said on Thursday that the funding agreement was the 'largest hospitality financing transaction' in the history of the Emirates. A large pool of lenders includes local institutions such as Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Emirates NBD Capital Limited and the National Bank of Ras Al Khaimah, as well as a number of international banks. Gambling remains prohibited in the Emirates, as it is across the Gulf, but the UAE's gaming regulator has been set up to oversee and supervise commercial 'gaming activities'. These include lottery, internet gaming, sports wagering and land-based integrated gaming centres or resorts. The use of the word 'gaming' is the same language used by the equivalent authorities in the US. Laying the groundwork Wynn said projection construction was 'proceeding well', with almost two thirds of the structure complete. The 'topping off' – referring to the completion of the structural phase of a construction project – of the resort tower is set to be reached by the end of the year, the Las Vegas-based developer said in an update on its website. 'The construction team is completing one floor per week, working toward a topping off in December of this year. In the last 100 days, the resort tower has grown approximately 140 feet (42m),' said the company. Gaming licence The gaming licence was issued by the UAE's G eneral Commercial Gaming Regulatory Authority. 'The licence award follows a diligent and extensive review by the GCGRA,' Wynn said last October. 'Wynn Resorts thanks the GCGRA for the confidence and trust the licence grant signifies and is proud to be the recipient of the first commercial gaming facility licence in the UAE.' The GCGRA also issued a licence for the country's first regulated national lottery in July. The Lucky Day Lottery – operated by the Game LLC – held its inaugural draw on December 14. It offers a Dh100m ($27.2 million) jackpot prize.
