UAE’s $51 Billion Pledge for Turkey Is Marred by Failed Deals

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 The United Arab Emirates’ pledge to invest $51 billion in Turkey is facing challenges two years after its announcement, as shifting economic conditions in Ankara complicate deal-making. The initial commitment, intended to strengthen economic ties between the two nations, has encountered roadblocks stemming from valuation disputes and shifting investment priorities. In 2021, the UAE announced its ambitious plan to inject substantial capital into various sectors of the Turkish economy, including finance, technology, and infrastructure. The pledge was seen as a major step in restoring relations between the two countries, following years of geopolitical tensions. However, since then, Turkey's economic landscape has evolved, with a strengthened lira, rising investor confidence, and an improved trade balance making local businesses more resistant to external acquisitions and partnerships. Turkish companies, buoyed by a rebound in economic stability, have adopted a firmer stance on valua...

UAE woman wins Dh1 million in Mahzooz draw

 

UAE

A woman in the United Arab Emirates (UAE) won Dh1 million ($272,000) in Saturday's Mahzooz draw, becoming Mahzooz’s 45th millionaire.

On 27 May 2023, the Emirati woman took home the guaranteed $270,000 (Dh 1 million). She was one of 888 participants in the 130th Mahzooz draw on Saturday.

She is the first woman and the third Emirati to win Dh1 million in the draw. After winning the money, she said, “While money does not buy happiness, I believe it can bring comfort and security to the life of a person. This is what the prize is going to do for my family.”

After winning the prize, she said that she thought the win was an “orchestrated joke” among friends. She expressed happiness after winning the money.

Three UAE National winners have been crowned millionaires by Mahzooz, a lucky draw that takes place every week in the UAE. Mahzooz has given a total of $2 million (Dh 7.5 million) in prize money to over 8,000 Emirati winners in its 130 draws.

The woman identified as Sahar was first introduced to Mahzooz by her brother. For the last two years, she participated in the weekly draw almost every weekend. On Saturday evening, Sahar finally won the money.

After winning the money, she received multiple calls from her friends. When her friends congratulated her, she thought it was a joke. Later on, she checked her Mahzooz account to know if she really won the money.

According to The National, she said, “This is not the first time I have won with Mahzooz. In fact, the year started off on a good note for me, as I won the third prize in January having scored three out of five numbers. But this time, the prize is incomparable.” She said she would invest the money. 

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