International Afropop, Dancehall & Reggae sensation Stonebwoy has officially been announced as the headlining artist for the upcoming All Africa Festival (AAF) scheduled for February 2, 2024, at Etihad Park, Yas Island in Abu Dhabi.
Returning for its third edition, the AAF is renowned as the UAE’s largest celebration of Africa’s rich and diverse cultures, highlighting their vibrant expressions and representations.
This three-day extravaganza promises a fun-packed event, uniting residents and visitors alike in a culturally immersive experience.
Stonebwoy, with millions of streams across various platforms, is known for blending Afropop, dancehall, and reggae influences into a captivating sound showcased across five outstanding albums. Notably, his album “5th Dimension” reached No. 8 on the Billboard World Reggae Chart.
Stonebwoy’s significant influence in the music industry is evident through sold-out tours spanning Europe, the UK, America, and Canada, as well as the remarkable turnout of over 50 thousand attendees at the 40,000-seater Accra Sports Stadium for the BHIM Concert in 2023.
The All Africa Festival aims to build on its previous successes, attracting both residents and tourists to this annual event celebrating the diversity of African culture and the culturally rich landscape for which the UAE is known.
The festival promises a mosaic of uniquely curated experiences that honor the spirit of Africa and its people residing in various corners of the world.
In a departure from traditional tax havens, such as the Cayman Islands and Switzerland, Abu Dhabi is gaining popularity among the world’s wealthiest individuals as a preferred destination to safeguard their assets.
High-profile figures like cryptocurrency’s wealthiest individual Zhao Changpeng, India’s Adani family, hedge fund magnate Ray Dalio, and Russian steel tycoon Vladimir Lisin have established special purpose vehicles (SPVs) in Abu Dhabi’s international financial center, according to a review of corporate filings in the United Arab Emirates by Bloomberg News.
The number of SPVs in Abu Dhabi Global Market (ADGM) has surged from 46 in 2016 to over 5,000, reflecting a broader global trend in how the world’s affluent are securing their wealth. While the specifics of asset relocation, reasons behind the move, and the contents of each SPV remain undisclosed, the influx of wealth underscores a shift in global wealth protection strategies.
Special purpose vehicles, pioneered by junk-bond king Michael Milken in the late 1980s, have become favored structures for high-net-worth individuals aiming to mitigate financial risks by establishing separate legal entities. Abu Dhabi’s SPVs, serving as holding companies managing wealth, reportedly encompass assets such as property and equity.
This trend not only signifies a new role for Abu Dhabi’s US$509 billion economy but also aligns with the Al Nahyan family’s efforts to diversify the emirate’s economy away from its dependency on oil. Concurrently, Abu Dhabi’s rise comes as low-tax jurisdictions like the British Virgin Islands and the Cayman Islands face increased scrutiny and experience a decline in new corporate registrations.
Abu Dhabi is gaining favor among high-net-worth individuals as a prominent destination for safeguarding assets, attributed to its effective measures to ring-fence assets from foreign jurisdictions and capitalize on the UAE’s extensive double tax treaty network, according to insiders familiar with the matter.
The UAE’s double tax treaty proves advantageous for affluent individuals seeking to minimize tax liabilities for companies within special purpose vehicles (SPVs), contingent on agreements between the Gulf state and additional countries where they conduct business.
Wealth advisers and international investors, many of whom spoke anonymously, highlight several benefits offered by the emirate. Abu Dhabi and neighboring Dubai have evolved into thriving global cities, offering incentives such as long-term residency and, in some cases, UAE passports for substantial investments.
The emirate boasts sovereign wealth funds controlling over US$1 trillion in assets, along with influential private investment firms. Additionally, in recent years, the UAE has served as a haven for individuals navigating regulatory challenges overseas.
Prominent figures, such as Zhao Changpeng, the former CEO of Binance, have established multiple SPVs in Abu Dhabi, taking advantage of its pro-crypto policies. Despite facing legal challenges, including a guilty plea for anti-money laundering and sanctions violations, Zhao has demonstrated confidence in the emirate.
Abu Dhabi’s international financial free zone, inaugurated in 2015, has grown in attractiveness due to the UAE’s strategic decisions, such as refraining from sanctioning countries like Russia, while other nations like the US, Britain, and the European Union increased restrictions.
Notably, subsidiaries of Royal Group, under the control of National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, the UAE President’s brother, have established several ADGM SPVs in the latter half of the year, affirming Abu Dhabi’s growing support, even from influential royals.
Abu Dhabi’s success in attracting more SPVs is further fueled by the strategic utilization of its golden visa and passport programs over the past couple of years, encouraging the wealthy to establish a more permanent residence in the Gulf state, as noted by Armand Arton, the founder of citizenship firm Arton Capital.
“We see this trend of more billionaires moving to the country,” said Mr Arton.
“Once they feel welcome and safe, they then look to relocate their businesses and assets, with ADGM being one of the preferred places.”
For decades, the world’s wealthiest individuals opted to secure their assets in various overseas havens, ranging from the Cayman Islands and Switzerland to the British Virgin Islands.
However, there is a notable shift in this trend as a new wealth hub gains immense popularity among billionaires—the towering skyline of Abu Dhabi.
Prominent figures like cryptocurrency’s wealthiest man, Zhao Changpeng, India’s Adani family, hedge fund billionaire Ray Dalio, and Russian steel magnate Vladimir Lisin are among the numerous high-net-worth individuals establishing special purpose vehicles (SPVs) in Abu Dhabi’s international financial center this year, as reported by Bloomberg News after reviewing hundreds of corporate filings in the United Arab Emirates.
The number of SPVs in Abu Dhabi Global Market (ADGM) has surged to over 5,000 from just 46 in 2016, as per data compiled by M/HQ, a leading wealth advisory firm specializing in their establishment.
While the specific details of where billionaires relocated their assets, the reasons behind the move, or the contents of each SPV remain undisclosed, the substantial increase in wealth flowing into Abu Dhabi reflects a broader global shift in how the world’s affluent individuals safeguard their fortunes.
“ADGM is a great place to set up SPVs and it’s increasing sharply,” said Mr Bhaskar Dasgupta, a corporate adviser who previously worked for the Abu Dhabi free zone. “We’re seeing more high-net-worth individuals moving from the BVI (British Virgin Islands), Caymans, Mauritius and Singapore to here.” Billionaire arrivals
SPVs, popularized by junk-bond king Michael Milken in the late 1980s, serve as separate legal entities and have become the preferred structures for high-net-worth individuals aiming to compartmentalize their financial risk.
Abu Dhabi positions its SPVs as holding companies managing wealth, with the flexibility to encompass diverse assets such as property and equity.
This influx of financial activity to the UAE signifies a new role for its US$509 billion (S$684 billion) economy as the ruling Al Nahyan family endeavors to diversify away from oil dependence.
Abu Dhabi’s prosperity in this regard coincides with increased scrutiny faced by low-tax jurisdictions like the British Virgin Islands and the Cayman Islands from officials worldwide, leading to a decline in new corporate registrations.
Bhaskar Dasgupta, a corporate adviser with previous experience in the Abu Dhabi free zone, attests to ADGM’s appeal, stating, “ADGM is a great place to set up SPVs, and it’s increasing sharply. We’re seeing more high-net-worth individuals moving from the BVI (British Virgin Islands), Caymans, Mauritius, and Singapore to here.”
The emirate’s attractiveness extends beyond its financial benefits, encompassing factors such as geopolitical stability, residency incentives, and the presence of sovereign wealth funds and influential private investment firms. Abu Dhabi’s strategic positioning and comprehensive regulatory framework contribute to its success in luring more SPVs.
The allure of the Middle Eastern business hub lies in its ability to safeguard assets from foreign jurisdictions and leverage the UAE’s double tax treaty network, as disclosed by individuals familiar with the matter.
The UAE’s double tax treaty facilitates tax minimization for affluent individuals with companies housed within the SPV, contingent on agreements between the Gulf state and the additional countries where they conduct business.
Wealth advisers and international investors, who spoke anonymously, highlight several advantages offered by the emirate. Abu Dhabi and nearby Dubai have evolved into thriving global cities, offering long-term residency and, in some instances, UAE passports to those making substantial investments.
Additionally, Abu Dhabi boasts sovereign wealth funds overseeing assets exceeding US$1 trillion and influential private investment firms. The UAE, in recent years, has served as a haven for those navigating regulatory challenges overseas.
Prominent figures like Zhao, the former CEO of Binance, found Dubai appealing, citing its pro-crypto policies. Despite legal issues leading to guilty pleas for anti-money laundering and US sanctions violations in November, Zhao established multiple SPVs in Abu Dhabi in 2021, holding both UAE and Canadian citizenship.
The international financial free zone, inaugurated in 2015, has gained attractiveness due to the UAE refraining from sanctioning countries like Russia while Western nations increased restrictions.
Simultaneously, countries like Switzerland, Britain, and certain Caribbean nations have tightened scrutiny on individuals linked to countries facing sanctions.
Abu Dhabi’s structures are gaining favor, even among the royals. Subsidiaries of Royal Group, controlled by National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, the UAE President’s brother and a prominent dealmaker, have established several ADGM SPVs in the latter half of this year, according to filings and insiders.
The success of Abu Dhabi in attracting more SPVs is attributed, in part, to the strategic utilization of its golden visa and passport programs over the past few years, fostering a trend of billionaires making the Gulf state their more permanent abode.
Armand Arton, founder of citizenship firm Arton Capital, notes this trend, emphasizing that as billionaires feel welcomed and secure, they increasingly consider relocating both their businesses and assets, with ADGM emerging as a preferred destination.
Bloomberghas reported that the world’s 25 wealthiest families experienced unparalleled success in 2023, marking a period of exceptional financial growth and prosperity.
Abu Dhabi’s Al Nahyan rulers and the proprietors of the esteemed French luxury fashion house Hermès have witnessed a significant surge in their wealth during 2023, as reported by Bloomberg.
Surpassing the Walton clan of the United States, the Al Nahyans, leaders of the oil-rich Middle-Eastern emirate and owners of the UK soccer club Manchester City, have claimed the title of the world’s wealthiest family, marking the first instance in five years that a family other than the heirs of Walmart has held this distinction, as reported by the publication.
Meanwhile, the family that controls Herms – including the brand’s artistic director Pierre-Alexis Dumas and executive chairman Axel Dumas – added $56 billion worth of wealth in 2023 to place third on Bloomberg’s list.
The Waltons, chocolate tycoons the Mars family, and oil billionaires the Kochs are the US’s three representatives in the outlet’s top 10.
The ultra-rich getting richer has been a consistent theme in 2023, with stock prices rebounding and the world economy tending to hold up better than gloomy forecasters had expected at the start of the year.
The world’s two richest men – Tesla CEO Elon Musk and Amazon founder Jeff Bezos – have added over $150 billion worth of wealth alone, according to Bloomberg’s Billionaires Index.
Indian tycoon Gautam Adani and American socialite and philanthropist Julia Koch are the only two of the world’s 20 richest people who’ve gotten poorer this year, per the outlet.
The Ghana Investment Promotion Centre (GIPC) has been acknowledged for its exceptional efforts in promoting investment opportunities and driving economic growth in Ghana.
During the Annual Investment Meeting (AIM) held in Abu Dhabi, the GIPC achieved second place for the best investment project in West and Central Africa, highlighting the Centre’s strong commitment in this field.
Having established a solid partnership with the AIM Congress over the years, the GIPC has consistently been recognized as the best Investment Promotion Agency (IPA) in Central and West Africa from 2016 to 2021. Additionally, in 2022, it earned the runner-up position for the best IPA in Africa.
This recognition further underscores the GIPC’s dedication to attracting investments and fostering a favorable business environment in Ghana.
In 2023, GIPC has once again maintained its strong position in the region, securing second place for the best investment project in West and Central Africa.
AIM Congress is a globally renowned conference that brings together investors, entrepreneurs, and government representatives from around the world. The event serves as a comprehensive platform for various sectors to engage in open discussions on the latest investment trends and opportunities.
AIM fosters an environment conducive to idea exchange and facilitates potential partnerships, unlocking new avenues of collaboration and growth for participants.
Commenting on the award, Yofi Grant, the Chief Executive Officer of GIPC, expressed his appreciation, stating, “We are deeply honored to have been recognized as securing one of the best investment projects in West and Central Africa at the Annual Investment Meeting. This award is a testament to our unwavering dedication to creating a business-friendly climate in Ghana and promoting lucrative investment opportunities in the country.”
Furthermore, Mr. Grant acknowledged the efforts of the GIPC team, partners, and investors for their support in achieving this remarkable feat. Their collaboration and effort according to him has been instrumental in paving the way for sustainable economic development in Ghana, attracting significant investments, and nurturing a favorable environment for businesses to thrive.
Also, during the AIM Congress, the GIPC, under the leadership of its CEO, successfully concluded a Memorandum of Understanding (MoU) with the Namibian Investment Promotion and Development Board, represented by CEO Ms. Nangula Shejavali.
An agreement has been established through a Memorandum of Understanding (MoU) between two agencies, namely the African Continental Free Trade Area (AfCFTA), represented by Secretary General Wamkele Mene, and the UAE Trade Center, represented by Chief Executive Officer Walid Hareb Al Falahi.
This agreement sets the framework for collaboration between the two entities, focusing specifically on investment promotion and facilitation.
Notably, they have committed to jointly organizing a series of side events during COP 28 in Abu Dhabi, slated for November. The signing of the MoU signifies an important milestone in their partnership and shared objectives.
These events will include dedicated business forums designed to facilitate interactions between UAE and African businesses, fostering mutually beneficial partnerships.
Additionally, dialogue sessions will be conducted to deepen understanding and awareness of the AfCFTA, ensuring that stakeholders are wellinformed about the potential benefits and opportunities it presents.
The events will cover crucial topics such as trade facilitation, incentives offered by the AfCFTA, cost-effective logistics, and strategies to empower UAE businesses under the agreement. This joint initiative promises to strengthen trade opportunities and enhance economic ties between the UAE and Africa.
President Nana Addo Dankwa Akufo-Addo left Accra on Saturday, January 14, 2023, for the Abu Dhabi Sustainability Week in the United Arab Emirates (UAE).
The Abu Dhabi Sustainability Week (ADSW) is a global initiative championed by the UAE and its clean energy powerhouse Masdar to accelerate sustainable development and advance economic, social and environmental progress.
Established in 2008, ADSW brings together heads of state, policy makers, industry leaders, investors, entrepreneurs and youth – who all have a stake in the future of the planet – to discuss and engage on bold climate action and innovations that will ensure a more sustainable world for future generations.
President Akufo-Addo will depart Abu Dhabi on Thursday, January 19, 2022 for London for a six-day private visit.
The President was accompanied by the Minister of Foreign Affairs, Shirley Ayorkor Botchway; Minister of Energy, Dr. Matthew Opoku Prempeh; Minister of Lands and Natural Resources, Samuel Abu Jinapor; Minister of Environment, Science, Technology and Innovation, Dr. Kwaku Afriyie, officials from the Presidency and Foreign Ministry.
President Akufo-Addo will return to Ghana on Wednesday, January 25, 2023, and, in his absence, the Vice President, Dr. Mahamudu Bawumia shall, in accordance with Article 60(8) of the Constitution, act in his stead.
Florence Otedola, popularly known as ‘DJ Cuppy‘ has gotten engaged to her British lover, Ryan Taylor, at an award ceremony in Abu Dhabi.
In videos making rounds on social media, the 30-year-old professional boxer went on his knees and asked Cuppy to be his wife.
In astonishment, Cuppy wasted no time in saying yes amidst a resounding applause from the audience present at the venue.
The couple was captured in a warm embrace and they shared a kiss after.
However, it appears that 2023 will be a busy year for the Otedola family as Temi and Cuppy’s weddings have been scheduled for that year
Read some reactions below
_donnalinda955 said: “So cuppy has been deceiving us abt being single,,, omo na today this single life pain me reach my bone ,,,, congratulations sweetheart,, God will do mine too soon.”
favee_ said: “Awwwwwnnnnnn Cuppy has shown us there’s a difference between Real life and Social media, know how to separate those those two lives. There’s Cuppy and there’s Florence the part we never know about her.”
ladyv_foods said: “Wow congratulations I knew she will not marry a Nigerian she feels Nigerian guys are after her father’s money .”
realpreshchinah.o said: “Everybody saying I thought you were single DJ cuppy…na so life suppose be, always make ur enemies confuse, put them in a guess and boom the result will be announced to them just like DJ cuppy did today by surprising all of us congratulations DJ cuppy .”
adejumola_olamide said: “Hmm cuppy dey part of the women Wey dey claim single for social media dey cuddle for night..Na so God go dey expose Una congratulations.”
Sebastian Vettel made it clear there are “far more important things than racing” as he said farewell to Formula 1 following the Abu Dhabi Grand Prix.
Vettel’s last race came under the lights in the 2022 finale, where he secured a 10th-placed finish to claim a final point of his illustrious career in his 299th grand prix.
Speaking on the track as he made his goodbye speech, Vettel used the opportunity to highlight the privileged position the drivers find themselves in and implored the rest of the grid to use their roles for good.
“I don’t have much more to say, I feel a bit empty to be honest, it’s been a big week. I can only repeat, the last two years have been very disappointing from a sporting point of view, but very useful and important for me and my life,” he said.
“There’s a lot of things I’ve realised. I think it’s a huge privilege to be in the position we are in and with that comes some responsibility, so I hope to pass on to some of the other drivers to carry on some of the good work.
“It’s great to see that we have the power to inspire with what we do and what we say. There are far more important things than racing in circles, but that is what we love.
“Through that, if we can transfer some of the really important values, that is big. For that, the last three years have been great for me, so thank you for the support, the messages, the letters, the love in general. It’s been an absolute joy throughout my career, so thank you.”
While others have returned to Formula One after retiring from the grid, former F1 ace Martin Brundle believes there was a “finality” to Vettel’s goodbye and does not expect him to return.
“It has been a wonderful send-off for him. It has a finality to it. There is nothing that suggests this is a temporary farewell, but I’m sure others felt like that as well – Kimi Raikkonen, Fernando Alonso, who came back,” he said on Sky Sports.
“This feels like he is moving on and I think he said in an interview that if he is stilling pining for F1 a couple of years from now he will have failed with the other things he wants to achieve in life.”
Black Stars held a recovery training session in Abu Dhabi without players who participated in their 2-0 friendly win over Switzerland on Thursday.
Coach Otto Addo put theses players through their paces in bid to get them ready for the World Cup.
Ghana concluded their 2022 World Cup preparation with a convincing win over Switzerland at the Zayed Sports complex.
Mohammed Salisu and Antoine Serlom Semenyo scored in the second half to ensure the West Africans head into the World Cup on a high note.
The team has been camping in the United Arab Emirates capital for the past four days as coach Addo look to fine tune his squad for the global showpiece.
Black Stars will leave Abu Dhabi for Doha today for Doha and are expected to arrive this evening to continue with preparations for the World Cup finals.
Black Stars who are the lowest-ranked team at the tournament have been drawn in Group H alongside Portugal, South Korea and Uruguay.
Ghana will take on Portugal in their first game on November 24 before playing South Korea and Uruguay on November 28 and December 2 respectively.
Ghana secured a 4th FIFA World Cup tournament having participated in 2006, 2010, and 2014 in Germany, South Africa, and Brazil after drawing 1-1 against Nigeria in the return leg of the final play-offs at the Moshood Abiola National Stadium in Abuja to seal qualification on the away goals rule.
The 2022 FIFA World Cup takes place between November 20 and December 18, 2022.
Only three sides from the continent have ever progressed to the quarter-finals; Cameroon in 1990, Senegal in 2002, and Ghana in 2010.
Ghana will be hoping to progress from the group stage at this year’s tournament.
In the mind of Isiah Thomas, his beef with Michael Jordan is far from over.
As reported by EuroHoops, Isiah recently sat down with the Greek NBA rights holder Cosmote during its broadcast of the Abu Dhabi Games 2022. When asked about his well-documented rivalry with MJ, Thomas shared his reaction to seeing Jordan in the 2020 Netflix documentary The Last Dance, revealing he demands a “public apology” from Michael.
“When I was watching the Last Dance, I’m sitting there and I’m watching it with my family and I’m thinking everything is good,” Thomas shared. “And then this guy comes on television and he says that he hates me and then he calls me an asshole. And then I proceed to watch a whole documentary about him being an asshole. I’m like ‘Wait a minute, time out.’ Until I get a public apology, this beef is gonna go on for a long long time, ’cause I’m from the West Side of Chicago.”
It isn’t the first time this year that Isiah has weighed in on his long-standing feudwith Jordan.
Back in July, Inquisitr published an article highlighting the origin of the MJ/Thomas feud, which has long been attributed to the theory that the Detroit Pistons point guard allegedly froze out Jordan during the 1985 NBA All-Star Game.
Isiah subsequently took to Twitter to respond to the article, rejecting Jordan’s comments about the origin of their beef.
“Stop lying this story is not factual or accurate, tell the truth man,” Isiah wrote.
“Dr. J, Moses Malone, Larry Bird, Sidney Moncrief and I did not freeze you out. If memory serves me correct I was injured most of the second half and Bird had a broken nose. Magic and Sampson dominated the game.”
Information available to JoyNews indicates that a government delegation is in Abu Dhabi negotiating a deal to bring petroleum products onto the Ghanaian market.
JoyNews understands that they have been scheduled to meet the Chief Executive of the Abu Dhabi National Oil Company (ADNOC), Sultan Al Jaber on Friday, November 4 to see how possible government can secure a cheaper fuel for the Ghanaian market.
The final details of this meeting are expected to be known after the meeting on Friday, November 4.
It could be recalled that President Akufo-Addoin his broadcast to the nation last Sunday evening, revealed that his government is working to stabilise prices of petroleum products through new supply arrangements in a bid to tackle the high cost of living.
The Information Minister in an interview on PM Express on Monday said government has commenced plans to secure cheaper petroleum products onto the Ghanaian market.
According to him, the National Petroleum Authority (NPA) and the Ministry of Energy will provide further details about the importation of fuel onto the Ghanaian market in the coming days.
He noted that the Energy Ministry had already begun talks with some major sources and sovereigns in the supply of petroleum products.
“In President Kufuor’s time, we did it with Nigeria, Sahara lifting for us and you could have supply credit lines and a fixed price that you could bank on and it is a very similar arrangement that has already commenced and I am expecting that in the coming weeks the NPA, the Energy Ministry will have the opportunity to provide the details,” he said.
