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Bridget Otoo investigated husband for drugs, sakawa and political ties before marriage

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NANA KWESI COOMSON
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Bridget Otoo and husband

Broadcaster Bridget Otoo has spoken for the first time about how she inadvertently caused her now-husband, Dr Evans Ago Tetteh, to be subjected to a British intelligence investigation during their dating days. During an appearance on the KSM Show, Bridget shared how she first met Dr Ago through a friend and her initial impression of him.“It was through a friend, Fati.

She sent me a WhatsApp message saying her friend was interested in me; he had seen my picture on her WhatsApp status,” she recalled the events of 2018. She mentioned that her first impression of Dr Ago, based on his display picture, was not favourable.

“She gave my number to him, and he texted me on WhatsApp… I checked his WhatsApp DP, and saw this well-built guy having a good time, with a tattoo on his shoulder. As soon as I saw that, I thought, no, never,” she said.

Despite receiving his message in 2018, Bridget was hesitant to engage with Dr Ago, and it took about two years for them to finally meet.

He kept texting me, and I just said let me say hello to him again… This went on for more than two years; he kept saying, ‘I really want to meet you,’ and I kept refusing. Then during COVID, he kept pressuring me because I realised we lived close to each other. He kept pressing, and I said no, I am not going to be your COVID meal,” she recounted.

Upon meeting for the first time in September 2020, Bridget realised Dr Ago’s personality was very different from what she had imagined.Thus, she asked a friend with British intelligence connections to investigate him.

Credit: pulse.com.gh

Kanye West accuses former assistant of blackmail

By
NANA KWESI COOMSON
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Kanye West

Kanye West says he will counter-sue his former assistant, after she filed court documents accusing him of sexual harassment and breach of contract.

In her lawsuit, Lauren Pisciotta alleged the star sent her vulgar texts and performed sex acts while on the phone with her.

West’s legal representative has now called those accusations “baseless” and accused Pisciotta of engaging in “blackmail and extortion” after the star rejected her sexual advances.

“In response to these baseless allegations, Ye will be filing a lawsuit against Ms. Pisciotta,” they added, using the rapper’s current preferred name.

Pisciotta is believed to have worked for West from 2021 to 2022, initially on his fashion line before becoming his personal assistant on a salary of $1m (£780,000) per year.

She has alleged that, during her employment, the star bombarded her with explicit text, some of which included pornographic videos.

Pisciotta also claimed that he masturbated while talking to her on the phone and that, on one occasion, pleasured himself in front of her after “trapping” her in a private room on his plane.

In her lawsuit, the former OnlyFans model said she was abruptly fired in 2022, and never received her promised severance package.

West’s lawyer challenged the story, saying that Pisciotta “was terminated for being unqualified” and “demanding unreasonable sums of money”, including an annual salary of $4m (£3.13m).

They also accused Pisciotta of “lascivious, unhinged conduct”, claiming that she “consistently used sexual coercion” to demand money and material items, including designer handbags and a Lamborghini car.

The statement further alleged that, after West rejected her advances, Pisciotta attempted to blackmail him for $60m (£47m).

The BBC contacted Ms Pisciotta to request a response, but she did not immediately respond.

Credit: bbc.com

MUSIGA holds workshop in Tamale on using digital tools to generate revenue

By
NANA KWESI COOMSON
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MUSIGA hold workshop in Tamale

The Musicians Union of Ghana (MUSIGA) held its final workshop in Tamale on May 30 and 31, 2024, as part of the ‘Leveraging Digital Tools to Generate Revenue’ series.

The programme, sponsored by the Ghana Skills Development Fund (GSDF) follows two earlier sessions held in Accra and Kumasi, and marks the completion of this impactful series.

Renowned industry expert Kwabena Ofei-Kwadey Nkrumah aka Kobby Spikey led the sessions, providing participants with valuable insights and practical skills to harness digital tools for revenue generation. The workshop covered various topics, including creating content, online music distribution, and effective use of social media platforms.

The initiative aims to equip musicians with the necessary skills to thrive in the digital age and ensure sustainable income streams. Attendees expressed their appreciation for the comprehensive training and the opportunity to enhance their digital competencies.

S.K Agyemang, General Secretary of MUSIGA, remarked, “This workshop series has been a monumental step forward for our musicians. By embracing digital tools, we are empowering our members to reach global audiences and generate substantial revenue. We are grateful to the Ghana Skills Development Fund (GSDF) for their support in making this possible.”

Idris Baba, the Northern Regional Chairman of MUSIGA, added, “hosting the final workshop in Tamale has been an honor. Our local musicians are now better equipped to navigate the digital landscape, and I am confident we will see a positive impact on their careers and the music industry as a whole.”

As part of this initiative, MUSIGA will establish a Technical Resource Centre at its Accra office. This center will serve as a hub for continuous learning and support, offering resources and guidance to musicians navigating the digital landscape.

Credit: myjoyonline.com

India shares plunge after narrow election win for Modi

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admin
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National Democratic Alliance

Indian stocks have suffered their worst intraday fall since March 2020 and foreign investors sold the most on record, as vote-counting trends in the general election suggested Prime Minister Narendra Modi’s alliance was unlikely to win the overwhelming majority predicted by exit polls.

With over half the votes counted on Tuesday, Modi’s Bharatiya Janata Party (BJP) looked unlikely to secure a majority on its own in the 543-member lower house of parliament and likely to need allies in the National Democratic Alliance (NDA) to form the government.

That could lead to some uncertainty over economic policies, such as the push for investment-led growth, which has been the cornerstone of the Modi government’s rule. The Indian economy grew 8.2 percent in the financial year ended March 2024.

“The key question is whether BJP can retain a single-party majority,” said Ken Peng, head of investment strategy for Asia at Citi Global Wealth. “If not, then would its coalition be able to deliver economic development, particularly infrastructure?”

The NSE Nifty 50 index closed down 5.93 percent at 21,884.5 points, and the S&P BSE Sensex fell 5.74 percent to 72,079.05. The indexes fell as much as 8.5 percent earlier in the day, after hitting record highs on Monday.

At the day’s low, the indexes saw their biggest intraday fall since March 2020, when stocks were battered by the first lockdown during the COVID-19 pandemic.

Credit: aljazeera.com

Israel launches new military campaign in central Gaza

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admin
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Palestinian families have begun fleeing Bureij camp

The Israeli military says it has begun a ground operation against Hamas in the Bureij refugee camp and east of the town of Deir al-Balah in the central Gaza Strip.

Troops backed by air strikes were targeting “terrorists and terrorist infrastructure above and below ground”, the Israel Defense Forces (IDF) said in a statement.

The charity Médecins Sans Frontières said at least 70 dead people and 300 wounded, the majority of them women and children, had been brought to a hospital in Deir al-Balah since Tuesday.

It comes as US, Egyptian and Qatari mediators meet in Doha and Cairo to discuss how to finalise a new ceasefire and hostage release deal.

The US said on Tuesday it was still waiting for a response from Hamas to what it described as an Israeli proposal outlined by US President Joe Biden on Friday.

Qatar said it had delivered the plan to Hamas representatives and noted that it was also still waiting for a clear position from the Israeli government.

Israel launched a military campaign in Gaza to destroy Hamas in response to the group’s cross-border attack on southern Israel on 7 October, during which around 1,200 people were killed and 251 others were taken hostage.

At least 36,580 people have been killed in Gaza since then, according to the territory’s Hamas-run health ministry.

Credit: bbc.com

Biden imposes strict restrictions on asylum at southern US border

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admin
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Wire fence used to prevent migrants from crossing into the United States from Mexico

United States President Joe Biden has imposed new restrictions that would bar most migrants who cross the US southern border without authorisation from seeking asylum in the country.

The White House announced the new measures on Tuesday, saying that the US “must secure” its borders.

“They will make it easier for immigration officers to remove those without a lawful basis to remain and reduce the burden on our Border Patrol agents.”

The measure will prevent any migrant who crosses the southern border without authorisation from applying for asylum if the average number of unauthorised daily crossings passes 2,500.

CBS News reported last month that the average number of unauthorised daily crossings reported by the US Border Patrol was 3,700.

The new regulations will come into effect early on Wednesday and remain in place until the number of unauthorised crossings drops below a daily average of 1,500 for a week. The restrictions would be reimposed if the numbers increase again.

The decree makes exceptions for unaccompanied minors and people determined to be victims of human trafficking. While Biden has previously imposed restrictions on asylum seeking, Tuesday’s measures are the most sweeping curbs that he has placed on migration at the southern border.

The announcement comes amid Biden’s campaign for the presidential election in November, when he will face off against his predecessor and Republican rival Donald Trump.

Credit: aljazeera.com

ANC eyes national unity government after election loss

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ANC spokesperson Mahlengi Bhengu-Motsiri

South Africa’s African National Congress (ANC) has suggested forming a government of national unity after losing its parliamentary majority in last week’s elections.

It says it has reached out to all parties but negotiations are still underway.

“The results indicate that the South Africans want all parties to work together,” ANC spokesperson Mahlengi Bhengu-Motsiri told journalists.

The ANC got about 40% of the vote, with the centre-right Democratic Alliance (DA) on 22%, the MK party of former President Jacob Zuma on 15% and the radical Economic Freedom Fighters on 9%.

Under South Africa’s proportional representation system, any government would need to be formed of parties which together got more than 50% of the vote.

Ms Bhengu-Motsiri said the ANC has had discussions with the DA, the EFF and other smaller parties.

She revealed that despite reaching out to MK, there has been no positive response.

Since the results were announced, there has been feverish speculation in South Africa about what sort of coalition could be formed.

Forming a government of national unity would allow the ANC to sidestep the dilemma of who to work with.

A coalition with the DA would have angered many party activists who see it as representing the interests of the white minority – a charge the party denies.

There is also a wide chasm between MK and the ANC due to the personal animosity between President Cyril Ramaphosa and Mr Zuma, the man he replaced as ANC leader in 2018 after a bitter power struggle.

Mr Zuma has said he is open to working with the ANC as long as it has a new leader, while the ANC has said President Ramaphosa will not be removed and that it is non-negotiable.

Credit: bbc.com

High Court shoots down Opuni’s application to stay proceedings

By
BERNICE BESSEY
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Law Courts Complex, Accra

The Land Court 2 of the Accra High Court, presided over by Justice Aboagye Tandoh, has shot down an application by Dr Stephen Kwabena Opuni, former Chief Executive of Ghana Cocoa Board (COCOBOD), to stay proceedings and to set aside the court’s orders on May 27, 2024.

The application sought to challenge the orders of the court that Samuel Codjoe, counsel for Dr Opuni (A1) and the prosecution have four hours each to cross examine Rev. Fr. Dr. Emmanuel Okpoti Oddoye.

Mr. Codjoe filed an application to challenge the order before the same court, but the hearing of the motion was shifted to June 12, 2024.
His Lordship Aboagye Tandoh, however, abridged the time of hearing the application to Monday, June 3, 2024 which he subsequently dismissed because it lacked merit.
According to the court, it is not how long hours of cross examination that matters, but the quality of the evidence adduced.

The judge said allotting time to parties is not alien to the practice of the law. The court further stated that long cross-examination will exhaust the witness and it will deter subpoenaed witnesses from accepting the invitation to testify.
The court also held that long cross-examination leads to repetition of questions and facts already before the court.

The judge also spoke about the six years that the case has been dragging on in court. After dismissing the motion, the court allotted Dr Opuni’s time to continue with the cross examination of the witness to the prosecution.

Samuel Codjoe, in his submission, stated that the court erred by ordering that his cross-examination should be conducted in a space of four hours.
His argument was that Dr. Oddoye was a critical witness to the ongoing trial, therefore, the defence must be offered necessary resources to put their case across.

To him, the court’s order, dated May 27, 2024 in which he gave A1 four hours to complete the cross examination of DW4/A2/A3 was unconstitutional and should be set aside.
Benson Nutsukpui, counsel for Seidu Agongo and Agricult Ghana Limited, urged the court to grant the prayer of A1.

The prosecution, led by Evelyn Keelson, Chief State Attorney (CSA), opposed to the application, stating that the court was demanded by law to manage proceedings.
She prayed the court to dismiss the application, as four hours to complete cross examination was enough.

Dr. Opuni is accused, together with Seidu Agongo and Agricult Ghana Limited, for purchasing and supplying adulterated lithovit fertiliser, causing the country to lose some GH¢271.3 million.

Cross examination by Stella Ohene Appiah, Principal State Attorney (PSA)

Q. Rev., You are an animal scientist and not a crop scientist that is so?
A. That is so.

Q. From September 2013 to August 2014, you were on sabbatical leave, is that so?
A. That is so.

Q. And in Exhibit 143, in your statement to the police, you stated that you were not present when lithovit was submitted to CRIG for testing?
A. That is correct.

Q. And it is correct that you were not involved with the testing of lithovit?
A. That is so.

Q. You have also stated in your statement Ex 143 that the records at COCOBOD show that the lithovit that was submitted for testing was a powder and not liquid?
A. That is so.

Q. You have also stated that there is no evidence that the 10 Kg of lithovit fertiliser requested for was ever brought or received by CRIG. That is so?
A. That is so.

Q. Please have a look at Exhibit 18. That is the disciplinary proceedings against Dr Arthur, which you chaired have nothing to do with lithovit fertiliser, is that so?
A. That is so.

Q. And the main issue for the hearing was that the testing of Cocoa Nti fertiliser has not gone through the proper procedure that is passing the fertiliser through COCOBOD to CRIG. Is that correct?

A. That is not quite correct. If I may explain. Cocoa Nti was submitted to CRIG in the normal way. However, the report on Cocoa Nti was ready in six months because Dr Arthur claimed he had received a similar unnamed fertilizer from the same company a few years back. My lord, Cocoa Nti was officially submitted to CRIG in March 2016 and the report was ready by the end of September 2016. Dr Arthur had received an earlier fertiliser in 2013.

Q. Your committee recommended a strong worded warning to Dr Arthur as part of your recommendations?
A. That is so.

Q. The suspension which was meted out to Dr Arthur was a unilateral decision taken by Dr Anim Kwapong?
A. That is not so. My lord, as per minute 2 on the letter which forms part of Exhibit 18, Dr Anim Kwapong varied the punishment suggested by the disciplinary committee in consultation of the then DCE A&QC in the person of Dr Francis Oppong.

Q. I’m putting it to you that it was Dr AnimKwapong who made that recommendation to Dr Oppong?
A. I was not privy to that discussion so I cannot say exclusively.

Q. By the time Dr Arthur was brought back to the Soil Science Division, he had fully served his suspension period is that not so?
A. That is so.

Q. Please take a look at Exhibit 41. Rev Oddoye the kind of test that would be conducted on any fertiliser would depend on the request the company submitting the fertiliser will make, is that not so?
A. If counsel could clarify the question.

Q. Rev Oddoye the kind of test that would be conducted on any fertiliser would depend on the request the company submitting the fertiliser will make to COCOBOD, is that not so?

A. If my memory serves me right. The letter requesting CRIG to test any chemical would come from DCE A&QC COCOBOD who would have received the sample and any accompanied documents from the company. Usually in that letter, the DCE A&QC will simply state that the chemical was to be tested on cocoa.

Q. Reverend the kind of test conducted on a fertiliser would be stated on the report issued to COCOBOD, is that not so?
A. That is so.

Q. So when you look at Exhibit B1. Please look at the executive summary and read the first four lines
A: reading: “…”

Q. Lithovit Foliar Fertiliser was submitted to CRIG to be evaluated for its suitability for cocoa production is that not so?
A. That is so.

Q. Exhibit 41. Please read.
A. Reading “…”

Q. Omnifest Cocoa Aduane was submitted to CRIG for laboratory confirmation of its nutrients. Is that not so?
A. That is so.

Q. The two fertilisers, therefore, could not be treated the same way?
A. I’m not sure I understand what counsel means.

Q. The two fertilisers…
A. As per the Exhibits – Exhibit 41 was requesting for verification of nutrient contents and the other, Exhibit B1 was requesting for test on cocoa.

Q. So the period of testing cannot be the same for both fertilisers, you will agree with me?
A. The circumstances surrounding the testing of the two fertilisers were a little different. Although I was not present when lithovit was submitted, it went through a standard test for seedlings for six months after the content was verified in the laboratory.
In the case of Omni Cocoa Aduane, Soil Science Division decided to carry out only a laboratory verification.

Indeed, CRIG management initially wrote to COCOBOD to deny any knowledge of fertiliser trials that had been done earlier.
Subsequently, the Soil Science Division of CRIG, were able to prove that some earlier trials that had been carried out using a fertiliser formulation similar to the Omni Cocoa Aduane and so the report was allowed to stand.

Q. Omnifest cocoa Aduane requested for laboratory verification of its nutrients while Lithovit Foliar Fertiliser requested for evaluation for its suitability for cocoa production. it therefore stands that the length of time for testing these fertilisers cannot be the same?

Mr. Nutsukpui: Objection. The question was asked two minutes ago.

Court: Reframe your question

Q. So Rev. You will agree with me that the depending on the type of testing required, CRIG would determine the length of time the testing will take?
A. Length of test may varied under exceptional circumstances. In this particular circumstances in Exhibit A requesting test of lithovit, the letter is from COCOBOD.

Exhibit 41 the letter from COCOBOD is not attached. This letter is seven years old and I cannot remember the exact circumstances. I was looking at 3rd paragraph of the letter forwarding the report (Exhibit 41) which suggests that initially CRIG may have written to COCOBOD to ask questions about that particular request.

Q. You will agree with me that the length of time required to do laboratory verification of nutrients in a fertiliser will not be the same as the length of time required to test suitability of a fertiliser on cocoa from nursery stage to maturity. You will agree with me?
A. I agree in principle.

Q. Please turn to Exhibit B1 again. Exhibit B1 is the CRIG test report on the lithovit test report. You have no personal knowledge of the content of Exhibit B1, is that not so?
A. If you can explain my personal knowledge.

Q. Have you read the content of Exhibit B1?
A. Yes.

Q. You have no knowledge of how Exhibit B1 was generated?
A. It is a bit confusing. I was not there but I know how the report is generated. Even though I was not present, the report was generated by scientists who did the evaluation.

Q. And that is the only test report on Lithovit Foliar Fertiliser at COCOBOD?
A. My lord, the report I read at CRIG….if it’s CRIG then it is yes.

Case adjourned to Wednesday

What Is Phantosmia? Is your nose tricking you?

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admin
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If you’re constantly smelling something nobody around you seems to be able to smell, you may have a condition called phantosmia. It’s a term used to describe olfactory hallucinations — that means the organs related to your sense of smell are sensing odors that aren’t really there.

If you have phantosmia, the odors can vary from smells that almost make you sick to really pleasant scents. But most people with phantosmia tend to detect bad smells. The odors have been described as “burned,” “foul,” “rotten,” “sewage,” or “chemical.” You may be smelling it from one or both of your nostrils. But it isn’t constant. The smells usually come and go.

What Causes It?

Experts say there are a few things that may lead to these nasal “hallucinations.” They can include:

  • Head injury
  • Upper respiratory infection
  • Seizures in the temporal lobe of your brain
  • Sinus infection
  • Parkinson’s disease
  • COVID-19

If you notice phantom smells, talk to your doctor about it. They may do a thorough physical exam and ask about your medical history to make sure you don’t have another underlying cause, like a brain tumor.

Doctors may also have to rule out another similar smell disorder called parosmia. In this condition, your nose detects odors that are different from what’s actually there. For example, you might see a banana but smell rotting flesh. Parosmia usually happens when an upper respiratory infection damages tissues in your nose and nasal cavity.

COVID-19 and Phantosmia

Many people infected by SARS-CoV-2, the virus that causes COVID-19, lose their sense of smell and sense of taste. Reports also link COVID-19 infections to phantom smells like “burned toast” or unique scents that are hard to describe.

Some people’s senses of smell and taste return to normal after the infection clears up. But others’ symptoms may linger for a longer period of time. Scientists don’t have clear answers as to why this happens.

One study found that a little over 6% of the people with COVID-19 reported phantosmia. But experts say they need more information and larger studies done to see how COVID-19 affects your sense of smell in the short term and long term.

Problems Phantosmia Can Cause

Smells and tastes have a huge effect on your mood. Good aromas can boost your spirits. But constantly smelling foul odors because of phantosmia could reduce your quality of life. It might also cause:

And there are added dangers like not being able to smell spoiled foods or a gas leak.

If you work in a field that requires a strong sense of smell, like chefs, perfumers, or firefighters, phantosmia may make it impossible to do your job properly for periods of time.

Treatment Options

To treat smell disorders like phantosmia, you may need to see several types of doctors, especially if the condition results from damage or a head injury. Your treatment team can include:

  • Primary care doctor
  • Otolaryngologist, a doctor who specializes in ear, nose, and throat problems
  • Neurologist, a doctor who specializes in conditions related to brain and nervous system
  • Allergy specialist

Your doctor may do several lab tests and a physical exam to check what’s causing the phantom smells. They can give you medications to treat it. If the drugs don’t work and the problem doesn’t go away, you may need surgery to fix it. But there is a chance it might not work, or that you could lose your sense of smell completely. So doctors recommend it only when it’s really necessary.

If you got phantosmia after a viral infection like COVID-19 or a head injury, there’s no treatment. But damaged nerves in your nose and nasal cavity do have the ability to grow back. It’s possible for your sense of smell to partially or fully come back without treatment.

Source: webmd.com

Feature: Dubai: The Emerging Haven For African Investors Seeking Prosperity And Opportunity

By
JENNIFER AMBOLLEY
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0
Dubai City

As Dubai continues to solidify its position as a global financial center, it presents a unique and compelling opportunity for African investors to partake in its success story. Enabled by the government’s ambitious initiatives, incentivizing regulatory frameworks, tax policies, long-term residency visas, a robust financial ecosystem, high quality of life, and strategic geographic location, Dubai has become a preferred destination for private wealth and family offices, both homegrown and global.

The city boasts the highest concentration of ultra-high-net-worth individuals (UHNWIs) among cities in the Middle East, with projections indicating that this trend will not slow down. According to Henley & Partners, Dubai’s population of centi-millionaires is expected to surge by 78% within the next decade.

A Preferred Destination for Family Offices and Private Wealth

Dubai’s appeal to private wealth and family offices is multifaceted. The city offers a favorable regulatory environment, tax incentives and a high standard of living, making it an ideal hub for wealthy individuals and their families. Key factors contributing to Dubai’s attractiveness include:

Government Ambition and Regulatory Frameworks

The Dubai government’s ambition to establish the city as a global financial hub is central to its strategy. The D33 Agenda, Dubai’s ten-year economic plan, aims to position the city among the top four global financial centers. This agenda includes initiatives to attract family offices and private wealth, with more high-net-worth individuals (HNWIs) relocating and diversifying their investments in Dubai.

The city has taken notable measures to maintain favorable tax policies, implement expat-friendly regulations, and improve the regulatory landscape for family offices. For example, the Dubai International Financial Centre (DIFC) enacted the DIFC Family Arrangements Regulations, which simplify the legal framework for family offices and set a benchmark for good conduct.

Robust Financial and Banking Infrastructure

Dubai’s financial ecosystem is highly developed and continuously growing, offering a hyper-connected environment for family offices and UHNWIs. The city is home to some of the world’s most reputable banking institutions, hedge funds, and wealth management firms.

The DIFC houses over 300 wealth and asset management companies, representing an industry size of $450 billion. Additionally, Dubai ranks first in the Middle East and among the top 10 globally in the Global Financial Centres Index 2023. The city is the only financial center in the Middle East, Africa and South Asia (MEASA) region included in this classification.

Strategic Geographic Location

Dubai’s strategic geographic location offers unparalleled access to the world’s largest growth markets, including Africa, India, and Asia. With 2.4 billion people living within a four-hour flight and five billion within an eight-hour flight, Dubai provides a unique advantage for global business operations. This ideal time zone positioning, between the East and West, makes Dubai an attractive hub for global headquarters, financial giants, and executive nomads.

High Quality of Life and Luxurious Lifestyle

Dubai is renowned for its high quality of life and luxurious lifestyle, making it a desirable destination for UHNWIs. The city is ranked as one of the safest in the world, offering political stability and a luxurious living environment. Dubai’s real estate market is particularly attractive, with luxury property transactions and rental yields outperforming global benchmarks.

The city’s luxury property market recorded a 42% increase in sales transactions in the first half of 2023, totaling AED 178 billion ($48.4 billion). Moreover, Dubai offers significant value and return on investment (ROI), with luxury properties providing more space for the same price compared to other global cities.

Attracting Private Wealth, HNWIs and Family Offices

Dubai’s success in attracting private wealth, HNWIs, and family offices is evident from various reports and statistics:

– The UAE saw the highest net influx of HNWIs globally in 2022, with over 5,200 HNWIs relocating to the country, according to Henley & Partners’ 2022 Global Citizens report.

– Dubai houses $517 billion of wealth, the highest in any Middle Eastern city, and more than 55,000 HNWIs and UHNWIs. Over $3 trillion of private wealth is within an hour’s flight of Dubai, and $8 trillion across the region, according to DIFC.

– Dubai’s population of HNWIs rose to 67,900 in 2023, up from 54,000 in June 2021, according to Henley & Partners’ 2023 Private Wealth Migration report.

Ongoing Government Initiatives

Dubai’s government is committed to cementing the city’s position as a global hub for financial services and private wealth. The D33 Agenda aims to double Dubai’s economy over the next decade and position the city among the top three global cities. Additionally, the DIFC’s 2030 Strategy aims to double its size and economic contribution to Dubai’s GDP, promoting investment and encouraging financial institutions to establish themselves in the DIFC.

Factors Contributing to the Influx of Private Wealth

  • Favorable Policies and Regulatory Incentives

Dubai offers business-friendly tax policies, including zero personal income tax and a low corporate tax capped at 9% for annual profits above AED 375,000. Expat-friendly regulations have also been implemented, such as new laws governing marriage, divorce, inheritance, and child custody for non-Muslim residents. The Golden Visa residency system, introduced in 2019, has been a significant draw for investors and high-net-worth individuals. Over 150,000 golden visas have been granted, providing long-term residency for investors.

  • Growing Financial Ecosystem

Dubai’s capital market is thriving, demonstrated by the Dubai Financial Market (DFM), the leading financial market in the region. In 2022, AED 31.15 billion ($8.4 billion) worth of capital was raised through five IPOs, and the market cap of equities listed during the same year reached AED 582 billion ($158 billion). Dubai is home to some of the world’s most reputable banking institutions, private banks, hedge funds, and wealth management firms. The DIFC is a top global financial center, housing more than 300 wealth and asset management companies and 5,523 active companies.

  • Access to Capital, Funding, and Investment Opportunities

Dubai’s venture funding has seen tremendous growth, with the city becoming the only one in the MENA region to host startups raising funds in Series E and Series F rounds. In the first half of 2023, Dubai recorded a 70% year-on-year growth in total announced FDI projects, with greenfield FDI projects accounting for 65% of the total. The city maintained its ranking as the world’s top destination for greenfield FDI projects.

  • Luxury Lifestyle and High Quality of Life

Dubai offers a luxurious lifestyle and high quality of life, attracting UHNWIs from around the world. The city is ranked as the world’s third greatest city by The Economist and retains its leading position in the MENA region in Kearney’s Global Cities Index 2023. Dubai is also named the world’s best city to relocate to in a 2023 report by Remitly and the best city for remote workers according to Savills’ 2023 Executive Nomad Index.

The city’s luxury living options are unmatched, with Dubai ranked seventh in the Julius Baer 2023 Lifestyle Index. Dubai’s education system caters to all demographics and age groups, with numerous universities and higher education institutions from around the world. The city is also a leading healthcare destination, ranking first in the MENA region and sixth globally.

Dubai’s strategic initiatives and favorable environment have positioned it as a global financial hub and a preferred destination for private wealth and family offices. African investors have a unique opportunity to participate in Dubai’s success story, leveraging the city’s robust financial ecosystem, strategic location, high quality of life, and luxurious lifestyle.

As Dubai continues to attract and retain UHNWIs, the city promises unparalleled opportunities for prosperity and growth, making it an ideal destination for investors seeking new pathways to success.

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