Category: MENA

LONDON, May 07, 2024 (GLOBE NEWSWIRE) — When it comes to the number of resident millionaires with liquid investable wealth of USD 1 million or more, the US leads the pack, with 11 cities in the Top 50, including New York City, which holds firmly onto 1^st place in the 2024 World’s Wealthiest Cities Report, published annually by international wealth migration specialists Henley & Partners. The total wealth held by the Big Apple’s residents now exceeds USD 3 trillion — higher than the total wealth held in most major G20 countries — and a staggering 349,500 millionaires, 744 centi-millionaires and 60 billionaires live in the city.

Hot on its heels in 2^nd place is Northern California’s Bay Area (encompassing the city of San Francisco and Silicon Valley), which has increased its millionaire population by a whopping 82% over the past decade, and is now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.

Tokyo, which led the pack a decade ago, has suffered a 5% decline in its resident HNWI population, and now sits in 3^rd place with just 298,300 millionaires. Singapore climbs two places to 4^th on the global ranking following an impressive 64% increase in millionaires over the last ten years — approximately 3,400 HNWIs moved there in 2023 alone and the city state now boasts 244,800 resident millionaires, 336 centi-millionaires, and 30 billionaires.

London’s falling

London, the wealthiest city in the world for many years, continues to tumble down the ranking, and now sits in 5^th place with just 227,000 millionaires, 370 centi-millionaires, and 35 billionaires — a decline of 10% over the past decade. By contrast, Los Angeles, home to 212,100 millionaires, 496 centi-millionaires, and 43 billionaires, has jumped up two places over the 10-year period to 6^th place, enjoying a notable 45% growth in its wealthy population. Paris, the wealthiest city in mainland Europe, retains its 7^th place with 165,000 resident millionaires, while Sydney ascends to 8^th position with 147,000 HNWIs after exceptionally strong wealth growth over the past 20 years.

Dr. Juerg Steffen, CEO of Henley & Partners, says a key factor driving growth in the world’s wealthiest cities has been the strong performance of financial markets. “The S&P 500’s 24% gain last year, along with the Nasdaq’s 43% surge and Bitcoin’s staggering 155% rally, has buoyed the fortunes of wealthy investors. Additionally, rapid advancements in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth creation and accumulation. Yet, even as new opportunities emerge, old risks persist. The war in Ukraine, which has seen Moscow’s millionaire population plummet by 24% to 30,300, is a stark reminder of the fragility of wealth in an uncertain and unstable world.”

China’s millionaire boom

China has established a notable presence on the latest Top 50 Wealthiest Cities ranking, with 5 cities in mainland China making the list, and 7 cities when counting Hong Kong (with 143,400 millionaires) and Taipei (30,200). Beijing (125,600 millionaires) makes it into the Top 10 for the first time following a 90% growth in its millionaire population over the past decade, and although Hong Kong has fallen four places to 9^th, Shanghai (123,400), Shenzhen (50,300), Guangzhou (24,500), and Hangzhou (31,600) have all recorded significant increases in their millionaire populations.

Andrew Amoils, Head of Research at New World Wealth, says Shenzhen is the world’s fastest-growing city for the wealthy, with its millionaire population exploding by 140% in the last ten years. “Hangzhou has also experienced a massive 125% increase and Guangzhou’s millionaires have grown by 110% over the past decade. When it comes to wealth growth potential over the coming decade, cities to watch include Bengaluru (India), Scottsdale (USA), and Ho Chi Minh City (Vietnam). All three have enjoyed exceptional growth rates of over 100% in their resident millionaire populations over the past ten years.”

Turning to the Middle East, Dubai easily takes the crown as the wealthiest city in the region, with impressive growth of 78% in its millionaire population over the past 10 years. Currently ranked as the 21^st-wealthiest city in the world, the millionaire magnate is highly likely to break into the Top 20 soon, and although the UAE’s oil-rich capital Abu Dhabi hasn’t yet cracked a spot in the Top 50, growth rates of over 75% make it a likely contender in future.

While no African or South American cities make it into the Top 50, the report identifies several rising stars including Nairobi (4,400 millionaires) and Cape Town (7,400), both of whom have enjoyed an increase in resident HNWIs of 25% and 20%, respectively, over the past decade.

Most expensive cities in the world

Monaco, arguably the world’s top safe-haven for the super-rich, where the average wealth exceeds USD 20 million, is also the top-ranked city on a wealth per capita basis. Over 40% of its residents are millionaires — the highest ratio of any city globally. It is also top of the World’s Most Expensive Cities list, with apartment prices regularly exceeding USD 35,000 per m².

New York City ranks 2^nd with the average price of prime real estate being USD 28,400 per m², followed by London (USD 26,500 per m²), Hong Kong (USD 25,800 per m²), Saint-Jean-Cap-Ferrat in France (USD 25,000 per m²), and Sydney (USD 22,700 per m²).

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Sarah Nicklin

Head of PR

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Mobile: +27 72 464 8965

GlobeNewswire Distribution ID 1000948899

Open Society Justice Initiative Files Complaint to the UN Human Rights Committee

New York, May 02, 2024 (GLOBE NEWSWIRE) — The Russian Federation has been accused before the UN Human Rights Committee in Geneva of carrying out a deliberate attack on a hospital in Syria—in a legal action that highlights Moscow’s repeated use of military force against health care facilities in Syria, where its forces have been supporting the regime of President Bashar al-Assad.

A complaint before the Committee, filed on May 1, focuses on a series of air strikes on Kafr Nabl Surgical Hospital in Idlib province on May 5, 2019.

It accuses the Russian Air Force of killing two civilians and endangering the lives of all those working in and using the hospital at the time—medical practitioners, patients, support staff, and visitors.

The complaint has been brought before the Committee by a Syrian man whose two cousins were killed by the attack, and by Hand in Hand for Aid and Development, the humanitarian NGO that was supporting the hospital at the time. Hand in Hand is representing the interests of the patients of the hospital.

The applicants are represented by lawyers of the Open Society Justice Initiative, with Professor Philip Leach, professor of human rights law at the UK’s Middlesex University as co-counsel.

The evidence being presented to the Committee includes a detailed account of the Russian Air Force attack on the hospital at Kafr Nabl, and on three other hospitals near Kafr Nabl in just 12 hours on May 5-6, 2019. There was no fighting near the hospital at the time of the attack, which lay in opposition-controlled territory some 20km away from the front line.

The complaint draws on a wealth of video and audio recordings made at the time, as well as eyewitness accounts that point to direct Russian Air Force involvement in coordinating and executing the attacks. The material includes observations of Russian aircraft in the area at the relevant time, and audio recordings of communications between a Russian pilot and Russian ground control, authorizing the release of aerial munitions and confirming that the aerial munitions had been dropped, at the precise times that strikes were captured on video. Some of the material included as evidence in the complaint was used by the New York Times in a special report published on October 13, 2019.

Fadi al-Dairi, the director of Hand in Hand, said: “The Russian air force attack on Kafr Nabl hospital was a well-documented atrocity that was part of a systematic assault on hospitals and healthcare facilities in opposition-held territory in Syria in 2019. The coordinates of the hospital had been shared with Russia by the UN under the UN Deconfliction Mechanism. Syrians are looking to the Human Rights Committee to show us some measure of redress by acknowledging the truth of this brutal attack, and the suffering caused.”

James A. Goldston, executive director of the Justice Initiative, said: “This complaint before a preeminent international human rights tribunal exposes the Russian government and armed forces’ deliberate strategy of targeting healthcare in clear violation of the laws of war. It must remind us all that attacks on protected healthcare facilities—whether in Syria, Sudan, Ukraine, or the Gaza Strip—are an abomination that must never be normalized.”

The complaint is being supported by expert analyses prepared by Syrian Archive and Physicians for Human Rights. Physicians for Human Rights has documented 604 attacks against medical facilities in Syria since 2011, the overwhelming majority conducted by Syrian and Russian forces.

Houssam al-Nahhas, MD, Middle East and North Africa Researcher for Physicians for Human Rights, said: “Widespread and systematic attacks on health care in Syria are part of a strategy implemented by the Syrian and Russian governments, devastating the country’s health care system. Despite the seriousness of these crimes, no perpetrators have ever faced accountability. We hope this landmark case helps to end the impunity for attacks on health care in Syria and serve as a warning to perpetrators in other conflicts around the world.”

The Geneva-based Human Rights Committee is a body of 18 independent experts that monitors implementation of the International Covenant on Civil and Political Rights (ICCPR), which has been signed by 173 countries. Under the ICCPR’s Optional Protocol, which the Russian Federation signed in 1990, individuals can bring complaints against signatory states before the Committee over rights violations.

The complaint accuses the Russian Federation of perpetrating a clear and serious violation of International Humanitarian Law by deliberately attacking a protected medical facility, in breach of the Right to Life under the ICCPR. The attack killed two brothers and endangered the lives of everyone working in and using the busy hospital. The hospital was operating normally at the time of the attack and neither Russia nor Syria provided any warning before the attack. This is not the only time the facility was targeted: Kafr Nabl Hospital was attacked 13 times between 2014 and 2019.

From a legal perspective, a decision against Russia would provide significant new jurisprudence on the extraterritorial obligations of States in armed conflict, and would pave the way for progressive decisions from other human rights bodies and courts.

The Open Society Justice Initiative is part of the Open Society Foundations, and pursues strategic litigation on a range of issues including advancing human rights and advancing the rule of law. Its work on Syria has included supporting efforts to bring top Syrian officials and leaders to trial before national courts in Europe for crimes against humanity committed in Syria.

Communications
Open Society Foundations
(212) 548-0378
media@opensocietyfoundations.org

GlobeNewswire Distribution ID 9109977

DUBAI, United Arab Emirates, April 30, 2024 (GLOBE NEWSWIRE) — One Za’abeel, the iconic mixed-use development developed by ICD (Investment Corporation of Dubai), is pleased to announce the launch of The Offices, its ultra-luxurious dual licensed corporate office spaces in One Za’abeel Tower. The Grade-A offices are set to become Dubai’s ultimate business address, attracting global and local organisations alike with its unique dual licensing for both Dubai World Trade Centre Free Zone (DWTC FZ) registered companies and those registered under the mainland.

One Za’abeel is comprised of two skyscrapers, One Za’abeel Tower and One Za’abeel The Residences, which are dissected by The Link, a 230m cantilevered building suspended 100 meters above the ground. The unique shape of the mixed-use development, coupled with its strategic location, garnered it the nickname “The Gateway to Dubai’s Central Business District.”

The Offices occupy 17 levels in One Za’abeel Tower and cover a total area of 280,000 sq ft.
Built with sustainability in mind, the development demonstrates exemplary environmental efficiency and sustainability standards and achieved LEED Gold certification in December 2023.

Characterised as smart offices, The Offices has incorporated smart technologies to provide automation and energy optimisation of all electrical, lighting, air conditioning, and ventilation systems. This allows for energy usage to be regulated, while simultaneously maintaining comfortable indoor temperatures and offering features such as floor to ceiling windows which provide an abundance of natural light and unobstructed views of the city. One Za’abeel is currently in the process of obtaining WiredScore and SmartScore certifications.

The Offices prime location within the mixed-use development allows ease of access to all of One Za’abeel’s offerings. Tenants can invite their guests to a meal at any of the many Michelin inspired restaurants in The Link, hold meetings or events at the conferencing facilities within the One&Only One Za’abeel resort, invite their guests to stay the resort or the unique fitness and recovery SIRO hotel, or simply meet at the shops and F&B on the retail podium.

Beyond the ecosystem of offerings at the development, additional distinguished services and advanced facilities at The Offices include 24/7 dedicated concierge and security services, 7 levels of basement and smart parking, valet services, and proximity to public transport.

Issam Galadari, Director of One Za’abeel Holdings commented: “We believe business success is accelerated with the right location, and hence we are pleased to launch The Offices at One Za’abeel Tower. Situated in the heart Dubai, this will undoubtedly become the ultimate business address for businesses and investors, offering luxurious, spacious, and connected offices with access to retail facilities, world-renowned hotels, and fine dining experiences only an elevator ride away. We look forward to welcoming innovative companies to The Offices and seeing them thrive as they utilise all that One Za’abeel has to offer.”

For further updates about One Za’abeel The Offices, kindly visit onezaabeel.com

 A Media Snippet accompanying this announcement is available by clicking on this link

pressenquiries@sabaconsultants.ae

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