Latest news with #DubaiWorld
LBCI
16-05-2025
- Business
- LBCI
Syria and DP World ink $800 million deal for port development
The Syrian government and DP World signed a memorandum of understanding (MoU) worth $800 million to develop Syria's port of Tartus, Syrian state news agency SANA said on Friday, after the lifting of U.S sanctions cleared the way for the deal. The deal to develop, manage, and operate a multi-purpose terminal at Tartus includes cooperation in establishing industrial and free trade zones. DP World is a subsidiary of the United Arab Emirates investment company Dubai World. Reuters
Time of India
16-05-2025
- Business
- Time of India
Syria Port Development: Syria and DP World ink $800 million deal for port development, ET Infra
Advt Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. The Syrian government and DP World signed a memorandum of understanding (MoU) worth $800 million to develop Syria's port of Tartous, Syrian state news agency SANA said on Friday, after the lifting of U.S sanctions cleared the way for the deal to develop, manage and operate a multi-purpose terminal at Tartous includes cooperation in establishing industrial and free trade zones. DP World is a subsidiary of United Arab Emirates investment company Dubai World Syria is seeking to attract foreign investments to boost its struggling economy, and the deal was signed in the same week that US President Donald Trump announced plans to lift of sanctions on Syria during a visit to said he made the decision to lift sanctions after discussions with Saudi Crown Prince Mohammed bin Salman and Turkish President Tayyip Erdogan, whose governments have both strongly urged the lifting of had also met with Syrian President Ahmed Al-Sharaa ahead of the GCC summit in Riyadh on Secretary of State Marco Rubio said on Thursday that Trump intends to issue waivers under the " Caesar Syria Civilian Protection Act ", through which Washington imposed stiff sanctions on former President Bashar al-Assad's government and secondary sanctions on outside companies or governments that worked with US sanctions that cut Syria off from the global financial system will also clear the way for greater engagement by humanitarian organizations working in Syria, easing foreign investment and trade as the country rebuilds.
Skift
05-05-2025
- Business
- Skift
MGM Sets Date for Dubai Resort
MGM has been trying to enter the UAE since 2006, but something has always gotten in the way. This time seems different. MGM Resorts CEO and President Bill Hornbuckle said the company's Dubai project will finally be ready in the third quarter of 2027. If the timeline holds, it will mark the end of a 20-year effort to establish a foothold in the UAE. 'That building [the MGM in Dubai] is due to complete third quarter of '27. We are literally up on the fifth floor of the MGM Tower as we speak,' Hornbuckle told investors during the company's first-quarter earnings call on April 30. The development is known as 'The Island' and the plan includes three MGM brands — Aria, MGM, and Bellagio — combined into a 1,400-room beachfront resort. A 'Dubai Sphere' is also part of the plan. The project was originally announced in 2017 by Dubai's ruler, and has moved slowly. And MGM's efforts to enter the UAE date back to 2006 when MGM announced a new partnership with Abu Dhabi government developer Mubadala to explore opportunities. A render of MGM's 'The Island' project in Dubai A 20-Year History In 2007, MGM and Mubadala announced plans for a $3 billion non-gaming resort in Abu Dhabi with a projected 2012 opening. In 2011, Abu Dhabi officials said the project was still 'under review' and it has not been mentioned publicly since by either party. Also in 2007, Dubai World, the emirate's state-owned investment company, acquired a 9.5% stake in MGM Resorts (then MGM Mirage) and formed a joint venture aimed at building the $8.5 billion CityCenter complex in Las Vegas, with Dubai World holding a 50% stake through its subsidiary Infinity World Development Corp. The JV did not include plans to build projects in the UAE. In 2009, MGM announced its own project in Dubai, with plans for a 250-room Bellagio, a 350-room MGM Grand, and a Skylofts hotel as part of the Pearl Dubai development near Palm Jumeirah. The project never took off. The land remained largely undeveloped, and in 2023, the Dubai government repossessed the site and demolished all partially built structures. The land remains vacant, with no announced plans for reuse. MGM bought out Dubai World's stake in their joint venture in 2021 for $2.1 billion, and later sold parts of the real estate portfolio to Blackstone in a $3.8 billion deal. The New Gaming Landscape The 2027 target date for The Island coincides with a broader shift in the UAE's stance on gaming. Wynn Resorts is on track to open its integrated resort with a casino in Ras Al Khaimah — about an hour from Dubai — in early 2027. Wynn already holds a gaming license and is positioning the property to attract customers from Dubai and Abu Dhabi. Asked about MGM's own efforts to secure a license, Hornbuckle told investors that the decision rests entirely with local leadership. 'It's completely in their hands,' he said on the earnings call, referring to the UAE's seven sheikhs. 'This is just like the [United] States. It's in the province of any one of the individual rulers to determine whether they want gaming or not. They haven't said yes, they haven't said no.' The UAE established its federal gaming regulator — the General Commercial Gaming Regulatory Authority (GCGRA) — in 2023. In September 2024, Hornbuckle confirmed that MGM had submitted an application for a gaming license in Abu Dhabi. In November, the GCGRA stated it was in no rush to expand the casino sector beyond Wynn's project, signaling that the company may hold a monopoly for several years. CBRE estimates the gross addressable market of casinos in the UAE at upwards of $8.5 billion. This would suggest the UAE casino market would be similar in size to the Las Vegas Strip and 50%-70% larger than Singapore's current casino industry. Why This Time Might Be Different Despite the delays, several developments suggest that MGM's Dubai resort may finally cross the finish line. In late 2023, Wasl Asset Management — the local developer backing the project — awarded a $1.2 billion construction contract to China State Construction Engineering Corporation to build The Island. The GCGRA is chaired by Jim Murren, former chairman and CEO of MGM Resorts and Hornbuckle's former boss. The GCGRA board also includes William W. Grounds, the former president and COO of Infinity World Development Corp. Grounds was also on MGM's board when Murren was CEO. Hornbuckle said on the call that he and a team had just met with the Dubai prince. "[Our] mission [when in Dubai] was to see the prince and to update him on our project, tell him the opportunity that we thought it could bring, not only in the context of a fully integrated resort like we're building MGM, Aria, Bellagio, but the potential gaming could bring to not only UAE, but Dubai specifically and the whole notion of entertainment and the kind of unique things that we could bring to the city."
