AB Espresso: UAE announces new anti-money laundering strategy

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Discover the latest stories from Arabian Business, compiled by our editorial team. Here's what you missed on Wednesday:

The UAE has announced a new national strategy to combat money-laundering and terrorism financing in the country. The strategy, developed between the public and private sectors, will address the risks of virtual assets and cybercrime as well as focussing on the importance of financial regulations. Following approval by the UAE Cabinet on September 2, the UAE has announced its new 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF).

On the real estate front, Azizi Developments, a UAE-based private developer, has announced plans for Burj Azizi, a 725-metre skyscraper set to become the second tallest building globally. The project, located on Sheikh Zayed Road in Dubai, is scheduled for completion by 2028. The 131+ storey structure will launch for sales in February 2025. It will feature a seven-star hotel, residences including penthouses and holiday homes, and a range of amenities such as wellness centres, swimming pools, and cinemas.

In addition, a new Dubai real estate development will bring a hint of upmarket London style to the UAE property sector. LEOS Developments has announced the official unveiling of its latest project, Knightsbridge, with a gross development value of AED1.75bn ($476m) located in the heart of Meydan in District 11. The project marks the commencement of the first climate adaptative wellness community in Dubai, seamlessly blending British architectural elegance with innovative environmental technology.

Meanwhile, the UAE has around 1.5m people living in labour accommodation, according to the Ministry of Human Resources and Emiratisation. The MoHRE announced that more than 1,800 companies are registered in the electronic Labour Accommodation System – the first national platform for registering labour accommodation and raising awareness among companies about the standards and requirements for proper labour housing, ensuring the comfort and well-being of the workforce residing in these accommodations.

In other news, NEOM will partner with Zannier Hotels to develop a luxury eco-resort in Zardun, one of Magna’s destinations located in the Northwest of Saudi Arabia on the coast of the Gulf of Aqaba. Overlooking crystalline waters, Zannier Zardun nestles will stretch from the mountains to the low hills, across the coastal plain to the sea. Known for its distinct hotels and resorts that harmonise with their environments, Zannier Hotels is partnering with NEOM to develop Zannier Zardun.

THE LONGER READ:

“We are setting the standard for the rest of the world to follow,” says Ruqayya AlBlooshi

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