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UAE bank penalised over anti-money laundering lapses

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The Central Bank of the UAE (CBUAE) has hit a bank operating in the country with a financial penalty. This comes under the rules set out in the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations.

The fine was imposed after a review by the CBUAE found that the bank wasn’t following the required Anti-money Laundering and Combating the Financing of Terrorism policies and procedures.

The CBUAE takes its role in overseeing the financial sector seriously, ensuring that all banks and their staff stick to UAE laws and regulations. This is to maintain the integrity and transparency of the UAE’s banking system.

(Source: Wam)

With over 35 years of experience in journalism, copywriting, and PR, Michael Gomes is a seasoned media professional deeply rooted in the UAE’s print and digital landscape.

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Dubai Musical Debuts with Amanda Maalouf’s Anthem

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In a performance that blended emotion, elegance, and East-West harmony, Lebanese-French singer Amanda Maalouf on Wednesday gave a select UAE audience a stirring preview of the upcoming musical Once Upon A Time in Dubai, set to premiere in December 2025.

The exclusive showcase featured Maalouf performing “Habibi,” one of the show’s signature numbers, at an invite-only preview attended by media, partners, and cultural stakeholders. The song—a poignant blend of Arabic influences and Western theatrical arrangement—earned enthusiastic applause, offering a glimpse of what producers are calling “a new kind of musical for a new Dubai.”

“Dubai is more than a setting—it’s a character in this story,” said Stéphane Boukris, co-producer of the musical. “This project is about cultural unity, artistic innovation, and shining a spotlight on a new generation redefining identity in the Middle East. We’re proud to bring this bridge between France and the UAE to life.”

For Maalouf, whose performance marked the first public taste of the show, the moment was deeply personal. “Habibi is a song that speaks from the heart—it’s a journey through love, self-expression, and identity,” she told reporters after the performance. “Performing it here in Dubai, where East and West meet so beautifully, is a dream. This is just the beginning [of great things together].”

The team behind Once Upon A Time in Dubai says the musical is more than entertainment—it’s a cultural project designed to showcase Dubai as a city of stories, voices, and future-forward artistry.

The production is backed by Universal Music and features a cast and crew with international credentials, with more previews and announcements expected soon.

A collaboration between a visionary French team and Universal Music, the musical tells the story of a young generation rising in the heart of Dubai, navigating identity, ambition, and tradition in a rapidly changing world. With original compositions by renowned composer Nazim Khaled and set against the backdrop of the UAE’s global crossroads, the show promises to be a landmark moment for original musical theatre in the region. The story, told through original music and dance, will premiere later this year, with full production details expected to be announced over the coming months.

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Relief for shoppers: Dubai gold prices fall below Dh400 after record high

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Gold prices in Dubai took a sharp dip on Wednesday morning, falling below the symbolic Dh400 mark per gram, offering some much-needed relief to buyers following a record-setting rally earlier this week.

The price for 24-carat gold opened at Dh399.50 per gram, a significant drop from Dh420 on Tuesday. The decline comes after weeks of price surges that had seen rates climb almost hourly.

Other gold variants also saw notable decreases:

  • 22K gold is now priced at Dh370.00, down from Dh388.75
  • 21K gold sits at Dh354.75, previously Dh372.75
  • 18K gold dropped to Dh 304.00 from Dh319.50

Mixed Reactions from Consumers

The recent rollercoaster in gold prices has sparked a variety of responses across the city. While some residents rushed to sell old jewellery for cash at higher prices, others opted to buy new pieces in anticipation of further increases.

Local jewellers say shoppers are gravitating towards lighter jewellery designs and smaller investment pieces like gold coins. Some are even trading in older items to secure better value at current rates, according to a local report.

Global Factors at Play

On the international stage, spot gold fell by 0.7% to $3,357.11 per ounce, while US gold futures dropped 1.5% to $3,366.80.

The dip is largely attributed to a rebound in the US dollar index. Market sentiment shifted after US President Donald Trump backed away from earlier plans to dismiss Federal Reserve Chair Jerome Powell, a move that reassured investors and strengthened the dollar.

Earlier price surges were driven by a weaker dollar, recession fears, and tense US-China trade relations. Now, with the dollar stabilising, gold prices are adjusting accordingly.

For real-time updates and historical data on gold prices in Dubai, visit GoldTrade.ae.

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US President Trump’s UAE visit next month aims to boost jobs with major investment deals

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US President Donald Trump is expected to visit the UAE in mid-May as part of a broader Middle East tour that includes Saudi Arabia and Qatar, a trip he says could bring massive investment and job creation to the region.

Speaking to reporters in the Oval Office on Monday, Trump said he plans to travel to Saudi Arabia “as early as May” to sign a deal that could inject more than $1 trillion into the US economy, including major purchases of military equipment. He added that similar agreements could be signed in the UAE and Qatar.

“Tremendous jobs will be created in those two or three days,” Trump said, without revealing specific details of the investment plans.

Sources briefed on the visit say the trip is tentatively scheduled for mid-May, marking Trump’s first foreign visit since returning to the White House. Like his 2017 tour, which also began in Saudi Arabia, the trip is expected to underscore the administration’s push for economic diplomacy in the Gulf region.

In the UAE, expectations are high that the visit could open the door to large-scale trade, infrastructure, and technology investments, sectors that align with the country’s ongoing push to diversify its economy and create new employment opportunities.

Beyond economic deals, the visit may also involve high-level discussions on key geopolitical issues, including the wars in Ukraine and Gaza. Trump is also expected to continue efforts to expand the Abraham Accords.

A White House official confirmed that the international trip is under active consideration, noting: “We don’t yet have a specific plan, and we will provide that information when it is official.”

As anticipation builds, all eyes in the UAE will be on the potential economic ripple effect of Trump’s visit, especially if it delivers on promises of job growth and international investment.

(Source: Reuters)

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