- Smashi Business
- Posts
- 🎰 Historic Move: UAE Grants First License for National Lottery and Legal Gambling
🎰 Historic Move: UAE Grants First License for National Lottery and Legal Gambling
Augustus Media FZ LLC
July 29, 2024
Marhaba folks! 🌞In today's edition, we discuss the UAE's historic issuance of its first national lottery and gambling license, controversy in Egypt over Bill Gates' son-in-law's Paris Olympics trip, and a $44.9 million upgrade to the Mall of the Emirates to cut commute times. Yalla, let’s go 🏃🏻♀️
🎰 Historic Move: UAE Grants First License for National Lottery and Legal Gambling
Wynn Al Marjan Island
What is it about:
UAE grants first license for national lottery and legal gambling.
Establishment of the General Commercial Gaming Regulatory Authority (GCGRA).
Initial license awarded to The Game LLC under the ‘UAE Lottery’ brand.
Anticipated casino developments, including Wynn Al Marjan Island.
Why does it matter:
Introduces a structured regulatory framework for gambling in the UAE.
Ensures transparency, fair play, and responsible gambling through GCGRA guidelines.
Part of the UAE's strategy is to diversify its economy and attract international investment.
Includes measures to prevent money laundering and align with social and ethical standards.
What is next:
Operators must adhere to stringent guidelines set by the GCGRA.
Launch of major casino developments and new lottery opportunities.
Players are required to use licensed operators and self-exclusion tools.
Potential influence on other regions in the Middle East regarding gambling regulations.
📈 Markets
EGX 30 | 29,279.50 | +0.84% |
DFMSI | 4,310.45 | +0.70% |
ADX | 9,355.16 | +0.40% |
Tadawul | 12,181.08 | +0.05% |
🏇 Bill Gates’ Son-in-Law’s Paris Olympics Trip Sparks Egyptian Outrage
Nayel Nassar
What is it about:
Nayel Nassar, Bill Gates' son-in-law, represents Egypt in equestrian jumping at the Paris Olympics.
A delegation of 10 people has been sent to support him.
Why does it matter:
Egyptian social media criticizes the delegation's size and the use of public funds for support staff including administrators, trainers, grooms, and horse owners.
Concerns are raised about allocating resources for a single rider and horse.
What is next:
The Egyptian Equestrian Federation has clarified that the delegation members are not funded by Egypt and will assist with entry permits and support.
Nassar will cover all his own travel expenses, and his team is not receiving financial support from the government.
Quote of the day
"Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don't quit." – Conrad Hilton
🏢 Mall of the Emirates Gets a $44.9 Million Upgrade to Cut Commute Times
Mall of the Emirates
What is it about:
Mall of the Emirates is undergoing a $44.9 million (AED 165 million) upgrade.
Dubai’s Road and Transport Authority (RTA) and Majid Al Futtaim Group are collaborating on the project.
Why does it matter:
The upgrades aim to improve commuting efficiency and reduce travel times to the mall.
A new 300-meter single-lane bridge on Sheikh Zayed Road will provide direct access to the mall's parking.
This new bridge will cut travel time from 10 minutes to just one minute from Abu Dhabi and Jebel Ali.
What is next:
Implementation of the infrastructure enhancements will begin, with a focus on reducing congestion and improving access.
The new bridge and expanded entrances are expected to streamline traffic and enhance the shopping experience at Mall of the Emirates.