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<ul class="summary-list"><li>The United Arab Emirates wants to become an AI leader by 2031.</li><li>It's leveraging its oil wealth to attract new talent and fund new research initiatives.</li></ul>The AI revolution is expanding far beyond Silicon Valley.From the <a target="_blank" class="" href="https://www.businessinsider.com/malta-ai-startups-artificial-intelligence-hub-destination-travel-2024-5">shores of Malta</a> to the streets of Paris, hubs for AI innovation are forming worldwide. And the United Arab Emirates is emerging as a key center in the Middle East.Last week, the UAE made headlines by participating in the most lucrative funding round in Silicon Valley history: the $6.6 billion <a target="_blank" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">deal closed by OpenAI</a>. The investment was made through MGX, a state-backed technology firm focused on artificial intelligence and semiconductors.The move was part of the UAE's bid to become a global AI leader by 2031 through strategic initiatives, public engagement, and research investment. Last year, the country's wealthiest emirate, Abu Dhabi, launched Falcon — its first open-source large language model.Another indication of the UAE's commitment to AI is its appointment of Omar Sultan Al Olama as the country's AI Minister in 2017.The minister acknowledges that the UAE faces tough competition from powerhouses like the United States and China, where private investment in AI technology in 2023 totaled $67.2 billion and $7.8 billion, respectively, according to Stanford's Center for Human-Centered Artificial Intelligence.So he says he is embracing cooperation over competition."I don't think it's going to be a zero-sum game where it's only going to be AI that's developed in the US, or only going to be AI that's developed in China or the UAE," Al Olama said at an event hosted by the Atlantic Council, a DC think tank, in April. "What is going to happen, I think, is that we're going to have centers and nodes of excellence across the world where there are specific use cases or specific domains where a country or player or a company is doing better than everyone else."The UAE's strengths are evident.It is one of the wealthiest countries in the world, mostly due to its vast oil reserves. The UAE is among the world's 10 largest oil producers, with 96% of that coming from its wealthiest emirate, Abu Dhabi, <a target="_blank" href="https://www.trade.gov/country-commercial-guides/united-arab-emirates-oil-and-gas">according to the International Trade Administration</a>.Abu Dhabi's ruling family also controls several of the world's largest <a target="_blank" href="https://www.businessinsider.com/trump-and-biden-us-should-have-a-sovereign-wealth-fund-2024-9">sovereign wealth funds,</a> including the Abu Dhabi Investment Authority and Mubadala Investment Company, a founding partner of MGX.These funds have been used to diversify the country's oil wealth and could now be diverted to funding new AI companies. AI could contribute $96 billion to the UAE economy by 2030, making up about 13.6% of its GDP, according to a <a target="_blank" href="https://www.pwc.com/m1/en/publications/potential-impact-artificial-intelligence-middle-east.html">report</a> by PwC, the accounting firm.But capital is only part of the equation. The bigger question is whether the tiny Gulf nation can attract the requisite talent to keep up with Silicon Valley.Recent developments show promise. Between 2021 and 2023, the number of AI workers in the UAE quadrupled to 120,000, Al Olama said at the Atlantic Council event. In 2019, it rolled out a 'golden visa' program for IT professionals, making entry easier for AI experts. It's also making the most of its existing talent. In May, Dubai launched the <a target="_blank" href="https://www.wam.ae/article/b39jbfx-hamdan-bin-mohammed-launches-%E2%80%98one-million">world's biggest prompt engineering initiative</a>. Its goal is to upskill 1 million workers over the next three years,Abu Dhabi, meanwhile, has — over the last decade — become a nexus for AI research and education.In 2010, New York University launched a branch in Abu Dhabi that has since developed a focus on AI. And, in 2019, Mohamed bin Zayed University of Artificial Intelligence opened as a "graduate research university dedicated to advancing AI as a global force for good." Professors from the university also helped organize the inaugural <a target="_blank" href="https://ioai-official.org/1st-international-olympiad-in-ai-founders-we-have-a-record-number-of-participating-countries/">International Olympiad in Artificial Intelligence</a> in August, which drew students from over 40 countries worldwide."Abu Dhabi may not directly surpass Silicon Valley, however, it has the potential to become a significant AI hub in its own right," Nancy Gleason, an advisor to leadership on AI at NYU Abu Dhabi and a professor of political science, told Business Insider by email. Its "true strengths lie in the leadership's strategic vision, substantial investments in AI research and compute capacity, and government-led initiatives in industry. The UAE has also made strategic educational investments in higher education like the Mohamed bin Zayed University of Artificial Intelligence and NYU Abu Dhabi."Beyond that, she noted, it's "very nice to live here."

Want to get into the AI industry? Head to Abu Dhabi.

<ul><li><keyword id="20399945" type="General" weightage="20" keywordseo="Coldplay" source="keywords" meta.keywordsubtype="org" meta.entityname="Coldplay" meta.hostid="261" meta.entityid="Coldplay">Coldplay</keyword> is set to perform in Abu Dhabi in January 2025.</li><li>If you could not get your hands on tickets for their Mumbai concert, you can instead see them perform in Abu Dhabi.</li><li>Here’s how much you will have to spend to watch Coldplay perform in Abu Dhabi.</li></ul>Grammy-winning pop band Coldplay is all set to perform in India in January 2025 and the tickets went on sale recently. While excited fans rushed to book the tickets, most fans unfortunately couldn’t get their hands on them despite the band adding an extra show due to overwhelming demand. Not all tickets were booked by fans as a lot of tickets showed up on re-selling platforms and social media, with scalpers charging a bomb for these tickets. With tickets costing as much as ₹3.65 lakh on re-selling platforms such as Viagogo, there’s another option for Coldplay fans to see their favourite band perform without burning a hole in their pocket. <h2>Watch Coldplay perform in Abu Dhabi</h2>As part of the <keyword id="23232180" type="General" weightage="20" keywordseo="Music-of-the-Spheres-World-Tour" source="keywords">Music of the Spheres World Tour</keyword>, Coldplay will perform at Zayed Sports City Stadium on January 11, 2025. If you are someone who couldn’t get their hands on the tickets for the concert in Mumbai, you can instead visit Abu Dhabi and watch the band perform. We look at the approximate costs that you will incur and how you can book the tickets to help you understand. <h3>Ticket prices</h3>Starting with the ticket prices, there are several options to choose from, starting at AED 195. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ticket </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price in Rupees </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Standard seating </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 195 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,440.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bronze </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 295 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,717.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Silver </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 495 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,271.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gold </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 595 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹13,548.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ruby </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 695 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15,825.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Platinum </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 995 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22,656.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deluxe </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 1,495 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹34,041.15 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">General Admission Standing </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">AED 395 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,994.15 </td></tr></tbody></table> While the pre-sale for the tickets has already started for those who had registered, you can get the tickets during the general sale which will begin on September 27 at 1:30 PM IST. The pre-sale on Live Nation will begin on September 26 at 1:30 PM IST. <h3>Flight tickets</h3> As per various flight booking platforms, round-trip tickets from Delhi to Abu Dhabi in January 2025 will cost around ₹21,000 for an economy ticket. <h3>Visa fees</h3>You can apply for an Express UAE Visa, which costs ₹820 for a 48-hour stay and ₹2,650 for a 96-hour stay. <h3>Hotel and more</h3>The cost of a hotel stay is completely dependent on what kind of hotel you want to stay at, the kind of room you are looking for and more. It can either be an affordable option to keep the costs down or a premium option if you wish to splurge Three-star Hotel options within a 10 km radius of the stadium start around ₹15,000 per day for two adults. Apart from these expenses, you can add a bit more for food, transportation, sightseeing and more. Setting aside ₹15,000 for transportation, ₹20,000 for food and some amount for miscellaneous expenses might be wise. You can extend your stay and make a trip out of the concert instead of paying exorbitant amounts to scalpers in the country. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/hyundai-motor-indias-25000-crore-ipo-gets-sebi-approval-indias-biggest-ipo-expected-to-launch-in-october/articleshow/113658837.cms">Hyundai Motor India’s ₹25,000 crore IPO gets SEBI approval – India’s biggest IPO expected to launch in October</a> <a href="https://www.businessinsider.in/business/auto/news/tata-nexon-ev-with-a-bigger-battery-launched-starting-at-13-99-lakh/articleshow/113631992.cms">Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh</a> <a href="https://www.businessinsider.in/stock-market/news/sebi-report-reveals-the-ugly-truth-of-fo-trading-in-india-93-of-retail-traders-incurred-losses/articleshow/113620397.cms">SEBI report reveals the ugly truth of F&amp;O trading in India – 93% of retail traders incurred losses</a>

It is cheaper to watch Coldplay perform in Abu Dhabi than to pay scalpers for Mumbai tickets

<ul><li>The Bharti Airtel subsidiary provides telecom services in Rajasthan and the North East.</li><li>The issue is a complete offer-for-sale where <keyword id="21177918" type="General" weightage="20" keywordseo="telecommunications-consultants-india" source="keywords">Telecommunications Consultants India</keyword> will offload 15% stake.</li><li>It has raised ₹1,923.7 crore from anchor investors ahead of opening the issue to the public. </li></ul>As much as 34% of <keyword id="20275184" type="General" weightage="20" keywordseo="bharti-hexacom" source="keywords">Bharti Hexacom</keyword>’s ₹4,275 crore public offer was subscribed by the end of the first day of the issue, on Wednesday. It has received a similar amount of interest from all classes of investors. The issue will close on April 5. The company is Bharti Airtel’s subsidiary and provides telecom services in Rajasthan and the North East. It has fixed a price band of ₹542-₹570 per share for its initial public offer (IPO). The issue is a complete offer-for-sale — wherein the company will receive no proceeds from the sale. Telecommunications Consultants India will offload 15% of its equity as a part of the issue. It has raised ₹1,923.7 crore from anchor investors ahead of opening the issue to the public. Its anchor investors include <keyword id="21183058" type="General" weightage="20" keywordseo="blackrock-global-funds" source="keywords">Blackrock Global Funds</keyword>, <keyword id="21183057" type="General" weightage="20" keywordseo="fidelity-funds" source="keywords">Fidelity Funds</keyword> and <keyword id="20392245" type="General" weightage="20" keywordseo="abu-dhabi-investment-authority" source="keywords">Abu Dhabi Investment Authority</keyword> and more such. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of times subscribed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QIBs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.29 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.36 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.48 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.34 </td></tr></tbody><tbody></tbody></table>Source: BSE Its revenues have been rising steadily, but its profits have been wavering in the last three years. In FY21, its revenue and profitability were impacted by low average revenue per user (ARPU). It was addressed by a tariff hike in November 2021 by the company. “Further, our restated profit in FY22 is significantly attributable to exceptional items (net) amounting to ₹1,951 crore, which comprises gain on account of a commercial settlement with a service provider, settlement with a strategic vendor, and charge on account of levies,” the company said. In the nine months of FY24 ending December, its revenue from operations was at ₹5,220 crore, which is 7.8% higher than the ₹4,846 crore it reported in the same period of FY23. Its profits went up by 34% to ₹622 crore as compared to ₹463 crore in the same period. Apart from intense competition and a heavy churn rate in the industry, Bharti Hexacom is also vulnerable to regulatory pressures. Apart from its business continuity depending on its ability to rebid and acquire spectrum, its revenues face the risk of regulatory ceilings on pricing, pricing pressure, a reduction in ARPU and more. As of December 31, 2023, its total outstanding borrowings stood at ₹3,771 crore. Not only can this limit its ability to undertake certain types of transactions, it also makes its business vulnerable to fluctuations in interest rates. “We require significant capital to fund our capital expenditure and if we are unable to raise additional capital, our business, financial condition and results of operations could be adversely affected,” the company said in its RHP.

Bharti Hexacom IPO opens to a tepid response with 34% of the issue subscribed

<ul class="summary-list"><li>The world's ultra-rich families have added a staggering $1.5 trillion in wealth in 2023, according to Bloomberg.</li><li>The owners of French luxury fashion house Hermès had a banner year, with their fortune ballooning by $56 billion.</li></ul>The world's 25 wealthiest families have had a stellar 2023, according to <a href="https://www.bloomberg.com/features/2023-worlds-richest-families/?srnd=premium-uk&amp;embedded-checkout=true" target="_blank" rel="noopener">Bloomberg</a>.Ultra-rich dynasties have added another $1.5 trillion to their personal fortunes this year, the outlet reported Thursday. <a href="https://www.businessinsider.com/gdp-recession-outlook-economy-gross-domestic-product-third-quarter-2023-10">Strong economic growth</a>, cooling <a href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11">inflation</a>, and <a href="https://www.businessinsider.com/taylor-swift-beyonce-wont-prop-up-us-economy-much-longer-2023-11">resilient consumer spending</a> have all helped to support their businesses over the past 12 months.Abu Dhabi rulers the Al Nahyans and the owners of the French luxury fashion house Hermès have both seen their wealth balloon in 2023, per Bloomberg.The Al Nahyans, who preside over the oil-rich Middle-Eastern emirate and own UK soccer club Manchester City, blew past the US's <a href="https://www.businessinsider.com/life-of-the-walton-family-behind-walmart-and-sams-club-2018-12">Walton clan</a> to become the world's richest family, according to the publication. It's the first time in five years that a family other than the Walmart heirs has been the world's richest.Meanwhile, the family that controls Hermès – 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 – <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> CEO Elon Musk and <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> 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 world's wealthiest families got $1.5 trillion richer in 2023, with Hermès' owners and the rulers of Abu Dhabi leading the way

Billionaire Gautam <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword>'s group on Tuesday said it will prepay USD 130 million of debt as it looks to boost investor confidence post being targeted by a US short-seller. <keyword id="895682" type="General" weightage="20" keywordseo="Adani-Ports" source="Orion">Adani Ports</keyword> and <keyword id="6365230" type="General" weightage="50" keywordseo="special-economic-zone" source="Orion">Special Economic Zone</keyword>, the ports company of the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>, had last month floated a tender to buy back as much as USD 130 million of its July 2024 bonds and similar amounts in each of the next four as it looked to regain investor confidence by showing that its liquidity position is comfortable. In a stock exchange filing, APSEZ said an aggregate principal amount of USD 412.7 million was validly tendered. "Since the principal amount of notes validly tendered and not validly withdrawn on or prior to the early tender date (of May 8) exceeded the maximum acceptance amount of USD 130 million in aggregate principal amount of the outstanding notes, the company will accept such notes for purchase subject to the proration factor of 34.2649 per cent," it said. Shares of Adani group companies pummelled after <keyword id="9916845" type="General" weightage="50" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> in a January 24 report accused it of accounting fraud and improper use of offshore tax havens for stock manipulation. The group has denied all allegations. APSEZ said the buyback programme for its 3.375 per cent 2024 maturity dollar-denominated bonds closed on May 8. "The purpose of the tender offer is to partly prepay the company's near-term debt maturities and to convey the comfortable liquidity position," it had said in a statement last month. The company had engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, <keyword id="4370138" type="General" weightage="50" keywordseo="first-abu-dhabi-bank" source="Orion">First Abu Dhabi Bank</keyword>, PJSC, <keyword id="17366045" type="General" weightage="50" keywordseo="mufg-securities-asia-singapore-branch" source="Orion">MUFG Securities Asia Singapore Branch</keyword>, <keyword id="616606" type="General" weightage="50" keywordseo="smbc-nikko-securities" source="Orion">SMBC Nikko Securities</keyword> (Hong Kong) and <keyword id="127691" type="General" weightage="50" keywordseo="standard-chartered-bank" source="Orion">Standard Chartered Bank</keyword> to serve as dealer managers for the offer. In addition to the principal amount, the company will pay accrued interest, in respect of any notes purchased in the tender offer from, and including, the last interest payment date. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/possibility-of-rival-bids-for-go-airlines-it-is-a-hypothetical-question-says-ceo-kaushik-khona/articleshow/100100179.cms">Possibility of rival bids for Go Airlines? It is a hypothetical question: says CEO Kaushik Khona</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/need-to-step-up-quickly-to-install-refining-capacity-anand-mahindra-on-lithium-reserves-discovery-in-rajasthan/articleshow/100099312.cms">Need to step up quickly to install refining capacity: Anand Mahindra on lithium reserves discovery in Rajasthan</a>

Adani group to prepay USD 130 million debt to boost investor confidence

<ul><li>Eyewear unicorn <keyword id="1518229" type="General" weightage="100" keywordseo="lenskart" source="Orion">Lenskart</keyword> has signed a definitive agreement with <keyword id="126284" type="General" weightage="80" keywordseo="abu-dhabi-investment-authority" source="Orion">Abu Dhabi Investment Authority</keyword> (ADIA).</li><li>Abu Dhabi Investment Authority invests $500 mn.</li></ul><keyword id="2552077" type="General" weightage="50" keywordseo="omnichannel" source="Orion">Omnichannel</keyword> eyewear unicorn Lenskart has signed a definitive agreement with Abu Dhabi Investment Authority (ADIA) to raise $500 million from the authority. The investment is an extension to last year's funding round, helping Lenskart maintain its $4.5 billion valuation. The company said that the capital will be deployed to deepen its presence in Asia and the Middle East. ADIA's investment includes some secondary purchase of shares from some early backers of Lenskart. The eyewear company has so far raised $1.5 billion in primary and secondary rounds, according to reports. Founded in 2010, Lenskart ships over 10 million pairs of eyewear every year and has over 20 million app downloads, 300 home eye test representatives as well as over 1,100 stores across India, Singapore, and Dubai, the company said last year. Lenskart is backed by <keyword id="4675626" type="General" weightage="50" keywordseo="falcon-edge-capital" source="Orion">Falcon Edge Capital</keyword>, <keyword id="163404" type="General" weightage="50" keywordseo="softbank" source="Orion">SoftBank</keyword>, KKR, Temasek, Premji Invest and Kedaara Capital, among others. In June last year, the eyewear unicorn took a majority stake in Japanese eyewear brand Owndays in a deal that was reportedly around $400 million. This took the merged firm to reach 13 markets in Asia including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia and Japan. The company said it will continue its rapid expansion in India and South East Asia to serve the mass to mid-premium segments. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/innovative-ai-powered-applications-and-websites-that-are-revolutionizing-the-way-we-live-and-work/articleshow/98607475.cms">Innovative AI-powered applications and websites that are revolutionizing the way we live and work</a> <a href="https://www.businessinsider.in/tech/news/apples-airpods-to-offer-health-tracking-features-in-future-releases/articleshow/98624577.cms">Apple's AirPods to offer health tracking features in future releases</a>

Abu Dhabi Investment Authority invests $500 mn in eyewear unicorn Lenskart

<ul class="summary-list"><li>SeaWorld opened its first international location in May in the United Arab Emirates. </li><li>The location features no orcas but includes thousands of other animals. </li></ul>SeaWorld's newest park on Yas Island in Abu Dhabi, which opened its doors in May, is the first SeaWorld location that does not feature orcas.The park, <a href="https://www.businessinsider.com/seaworld-opening-first-park-without-signature-killer-whales-2016-12">announced in 2016</a>, said it would not be holding orcas at the onset. The decision came a couple of years after the documentary "Blackfish," which highlighted the aggressive behavior of <a href="https://www.businessinsider.com/orcas-dont-pose-threat-to-humans-boat-encounters-have-risks-2023-6">orcas</a> at SeaWorld Orlando. The film's main claim is that the captivity of the whales led to the aggressive behavior.Research shows it is not uncommon for <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7222779/" target="_blank" rel="noopener">animals in captivity</a> to display signs of aggression. SeaWorld announced a few years later that it would no longer <a href="https://seaworld.com/san-diego/commitment/killer-whales/#:~:text=In%202016%2C%20SeaWorld%20announced%20that,last%20generation%20at%20our%20park." target="_blank" rel="noopener">breed killer whales.</a> <div type="image" title="A group of sea lions rest on a brown rock platform while one swims in the water nearby" height="3989" width="5319" msid="101654414" hostid="261" sizebytes="1569856"></div>This does not mean that cute critters, big and small, will be absent from the park, which is the first SeaWorld location to open in over 30 years. A <a href="https://www.seaworldabudhabi.com/en/news/worlds-largest-aquarium" target="_blank" rel="noopener">press release from SeaWorld</a> claims that the park is the world's largest marine aquarium and houses 68,000 marine animals, including sharks, manta rays, and sea turtles.Next to the park is the Yas SeaWorld Research &amp; Rescue, the "first dedicated marine rescue and rehabilitation center" in the country. The facility is meant for ecologists and conservationists to study and rescue marine wildlife.The park is certified by American Humane, but has yet to submit a certification application to the Association of Zoos and Aquariums — the "gold standard" for animal certification — <a href="https://apnews.com/article/seaworld-emirates-marine-life-park-557d11c562ed1eb0250b9faf91b8a4e3" target="_blank" rel="noopener">the Associated Press reported.</a><div type="image" title="A man sits in front of a large, clear water tank filled with sharks" height="4000" width="5333" msid="101654417" hostid="261" sizebytes="3009702"></div>One of said marine animals is an 800-pound walrus named Smooshi and her calf, Koyuk. Smooshi, who hailed from Ontario, Canada, found a new home in the UAE after activists accused her former home, Marineland — a Canadian theme park similar to SeaWorld — of not adequately taking care of her, <a href="https://www.cbc.ca/news/canada/hamilton/smooshi-leaving-marineland-1.6764158" target="_blank" rel="noopener">CBC reported.</a> Inside the Magic <a href="https://insidethemagic.net/2023/07/seaworld-abu-dhabi-review-cj1mmb/" target="_blank" rel="noopener">reported that in lieu</a> of orcas, dolphins are taking over the park's headline shows, with trainers working outside of the water as the marine mammals flip and jump for the duration of the 20-minute performance.SeaWorld has recently come under fire after it was discovered that dolphins at the <a href="https://affiliate.insider.com?h=eaeff112f3d878f9687bcd381fae9300d376f1daff1815c88a0821aa1ee374d3&amp;postID=64ac921930464112332416d4&amp;site=in&amp;u=https%3A%2F%2Fwww.nationalgeographic.com%2Fanimals%2Farticle%2Fusda-seaworld-orlando-florida%3Floggedin%3Dtrue%26rnd%3D1689029245000" target="_blank" rel="noopener">Orlando facility acted aggressively</a> and attacked a bottlenose named Rascal until it <a href="https://www.orlandoweekly.com/news/peta-calls-out-seaworld-orlando-after-obtaining-records-of-dolphin-and-trainer-injuries-33928408" target="_blank" rel="noopener">could no longer lift its tail.</a> The US Department of Agriculture later cited the park for high levels of chlorine in dolphin tanks. Animal rights groups like People for the Ethical Treatment of Animals have criticized the parks for continuing to keep and train dolphins and seals, saying that the company is "built on the suffering of intelligent, social beings," the AP reported.<div type="image" title="Dolphins perform at the SeaWorld marine life theme park, on Yas Island in Abu Dhabi on May 21, 2023." height="4350" width="5800" msid="101654421" hostid="261" sizebytes="1444066"></div>The $1.2 billion project on Yas Island, an entertainment hub in Abu Dhabi with multiple theme parks and a Formula 1 circuit, is built on five indoor levels, each displaying various ocean environments around the world, <a href="https://seaworldentertainment.com/media/press-releases/first-seaworld-park-outside-of-the-us-now-open/" target="_blank" rel="noopener">per a press statement.</a> The park also boasts a roller coaster that features the "world's first zero-gravity" coaster flip, <a href="https://twitter.com/SeaWorldAD/status/1645323735191175168?s=20" target="_blank" rel="noopener">according to the park</a>, as well as a ceiling that displays drone footage of oceans. <div type="image" title="People tour at SeaWorld, the region's first marine life theme park, on Yas Island in Abu Dhabi on May 21, 2023." height="4000" width="5333" msid="101654678" hostid="261" sizebytes="1541072"></div>The park was built in partnership with Miral Asset Management, a <a href="https://miral.ae/what_we_do/seaworld-abu-dhabi/" target="_blank" rel="noopener">developer based in Abu Dhabi</a> and owned by the state.Representatives for SeaWorld did not immediately respond to Insider's request for comment.

SeaWorld's newest park in Abu Dhabi has no orcas but does have a walrus mom named Smooshi. Take a look inside.

<ul><li><keyword id="126284" type="General" weightage="20" keywordseo="Abu-Dhabi-Investment-Authority" source="Orion">Abu Dhabi Investment Authority</keyword> will own a 9.99% stake in the insurer, after the deal.</li><li>The health insurance company plans to use this capital to drive its growth.</li><li>ADIA sees significant potential in India’s health insurance sector driven by higher awareness and broader economic growth.</li></ul>Abu Dhabi Investment Authority (ADIA) today invested ₹665 crore in <keyword id="3501066" type="General" weightage="20" keywordseo="Aditya-Birla-Health-Insurance" source="Orion">Aditya Birla Health Insurance</keyword>, for a 9.99% stake in the insurer. After the investment, Aditya Birla Capital will hold 45.91% stake and Momentum Metropolitan Holdings will have a 44.10% stake in the company. ADIA will be the third partner in the insurance company which was formed as joint venture between Aditya Birla Capital and Momentum Metropolitan Strategic Investments; in 2016. The health insurance company plans to use this capital to drive growth. Hamad Shahwan Al Dhaheri, executive director of ADIA says he sees significant potential in India’s health insurance sector driven by higher awareness and broader economic growth. “This partnership with ADIA strengthens our resolve to further expand the company’s ‘Health-First’ proposition, as we empower our customers to lead a healthy life. We remain committed to this promise and have reimagined our business model and customer engagement accordingly, by creating differentiated products, a digital health ecosystem and a large distribution presence across the country,” said Mayank Bathwal, CEO of Aditya Birla Health Insurance. Aditya Birla Health Insurance has a nationwide distribution presence in over 4,800 cities through branches and partner offices, 14 bancassurance partners, and over 68,000 direct selling agents. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/a-startup-founder-was-asked-to-do-a-coffee-run-on-her-first-pitch-now-shes-among-indias-richest-women/articleshow/93480578.cms">A startup founder was asked to do a coffee run on her first pitch, now she's among India's richest women</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jio-airtel-could-emerge-stronger-weaking-vodafone-idea-further-say-analysts/articleshow/93499353.cms">Jio, Airtel could emerge stronger weakening Vodafone Idea further, say analysts</a>

Abu Dhabi Investment Authority invests ₹665 crore in Aditya Birla Health Insurance

<ul class="summary-list"><li>The 524.9-foot Capital Gate is also known as the "Leaning Tower of <keyword id="12424480" type="UNKNOWN" weightage="60" keywordseo="abu-dhabi" source="Orion">Abu Dhabi</keyword>."</li><li>The building inclines 18 degrees westwards — more than four times the lean of the Tower of Pisa.</li></ul>Millions of people flock to the city of Pisa in Italy to see its world-famous leaning tower. But while the Leaning Tower of Pisa might be the most iconic leaning building in the world, it's not the most extreme.That title belongs to Abu Dhabi's Capital Gate.In a new book called <a href="https://www.stefanal.com/supertall">"Supertall,"</a> architect Stefan Al dives into the world of skyscrapers and explores the design boundaries we push to build them — including intentionally tilted buildings like Capital Gate."While Italian engineers are toiling over how to reduce the lean of Pisa and avoid collapse, elsewhere, engineers are locked in a race to vie for the most leaning building," Al wrote.Capital Gate leans 18 degrees westwards, which is over four times that of the tower in Pisa, per Al's book. The Leaning Tower of Pisa is inclined at around <a href="https://www.britannica.com/topic/Leaning-Tower-of-Pisa">four degrees</a>.<div type="image" title="Capital Gate in Abu Dhabi" height="2741" width="3648" msid="91980111" hostid="261"></div>Nicknamed the "<a href="https://www.architecturaldigest.com/gallery/the-craziest-skyscrapers-in-abu-dhabi">Leaning Tower of Abu Dhabi,</a>" Capital Gate also holds the <a href="https://www.guinnessworldrecords.com/world-records/farthest-manmade-leaning-building#:~:text=The%20farthest%20manmade%20leaning%20building,Arab%20Emirates%2C%20in%20January%202010.">Guinness World Record</a> for the "farthest manmade leaning building." At 160 meters tall, or 524.9 feet, the glass building is one of the city's most iconic <a href="https://visitabudhabi.ae/en/what-to-see/iconic-landmarks/capital-gate">landmarks</a>.To achieve the tilt, Capital Gate was built with a "pre-cambered core," Al wrote. The building's core was built in the opposite direction of its incline in order to balance the forces out."When you go into a <keyword id="12169657" type="UNKNOWN" weightage="60" keywordseo="skyscraper" source="Orion">skyscraper</keyword>, you tend to have the elevators and emergency stairs in the middle of it. And often what skyscraper designers do is they build very heavy walls around the elevators that are also meant to support the building," Al told Insider.In the case of Capital Gate, the upper part of the core was put under pressure when constructed, leaning in the opposite direction of the building to keep it stable, he added."Normally we associate leaning buildings with failure, like when something goes wrong and a structure could collapse," Al said. "A building like that makes a dramatic statement and shows that they were able to defy nature in a way.""<a href="https://wwnorton.com/books/9781324006411/overview">Supertall</a>" was released on April 12, under the publisher W. W. Norton &amp; Company.

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