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Israeli investor glee met with Emirati caution after deal on ties

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TEL AVIV/DUBAI (Reuters) – From a proposed rail link to the Gulf from the Israeli port of Haifa, to quick-hop direct flights from Tel Aviv, the prospect of formal relations with the United Arab Emirates is stirring excitement in Israel.

In the UAE, which Israeli business executives with foreign passports have visited for years, companies that are likely candidates for above-board deal-making with Israel are taking a more cautious line, apparently awaiting government guidance on future policy.

Israel and the Gulf State announced on Thursday they would normalise relations under a U.S.-sponsored deal that still awaits negotiations on details such as opening embassies and travel links before it is officially signed.

Israeli officials have been quick to play up the economic benefits of the accord, which once formalised would also include agreements on tourism, technology, energy, healthcare and security, among other areas.

Some Israeli and Emirati businesses have already signed deals since Thursday, and several small-scale medical and defence collaborations were announced in the weeks preceding the normalisation agreement.

But Emirati state entities and private businesses have been circumspect in discussing investment opportunities before ties are official, with many declining to comment.

Conglomerate Al Habtoor Group, which has several hotels in Dubai, is in talks to partner with Israeli carrier Israir, a spokeswoman said, declining to provide further details. It was too early to discuss expanding the group’s business into Israel, she said.

Abu Dhabi state fund Mubadala declined to comment about potential business opportunities emerging from the deal, and some government departments deferred requests for comment to the foreign ministry.

‘Significant upgrade’

Israeli Finance Minister Israel Katz said official ties with the UAE “could be a basis for a very significant upgrade of Israel’s economy, alongside, of course, the things they need from us – in water technology, agriculture, hi-tech”.

On Israel’s Kan Radio, Katz highlighted the potential for grand, regional transportation projects – “a rail connection between Gulf countries and Haifa port” – that he said would make Israel the UAE’s “gateway to the Mediterranean”.

Such a rail network would have to cross Saudi Arabia, which has no relations with Israel and has so far been silent on its deal with the UAE.

An Israeli delegation is expected to travel to UAE within weeks to work out the modalities of normalisation, a historic shift that could reshape Middle East politics from the Palestinian issue to the fight against Iran.

The UAE would only be third Arab state in more than 70 years to establish relations with Israel, after Egypt and Jordan.

‘Not going to bet their shirts’

But there are sensitivities for businesses in openly welcoming Israeli investment in the Arab world’s second-largest economy when public opinion in the Middle East is largely pro-Palestinian.

Some in the UAE have called for boycotting Israel over its treatment of Palestinians in occupied territories.

Robert Mogielnicki of the Arab Gulf States Institute in Washington said UAE businesses would carefully gauge regional reactions to the deal to avoid tensions in existing relationships.

“Established UAE companies and family-owned businesses are not going to bet their shirts just to enter Israeli markets,” he said.

Israeli investors acknowledge that new trade agreements would likely take time to strike, but say Israel’s booming high-tech scene and innovations in agriculture would be tough for the UAE to pass up.

Jon Medved, CEO of Israeli crowdfunding firm OurCrowd, said “co-investment talks are ongoing (with Israelis) throughout the Arab world, not just with the UAE” – alluding to Israeli expectations that Bahrain and Oman would follow in normalising ties.

Tourism could also stand to benefit, some analysts say, though it would take time to kick off given the coronavirus pandemic’s impact on global travel.

Prime Minister Benjamin Netanyahu said on Monday Israel is preparing for direct flights, over Saudi Arabia, to the United Arab Emirates, but gave no timeframe for their start.

Saudi Arabia does not recognise Israel and its air space is closed to Israeli airliners.

Asked about flying to Israel, Dubai’s Emirates said it had nothing to announce. Abu Dhabi’s Etihad Airways had no immediate comment when contacted by Reuters.

Reporting and photo: Reuters

Events

Italian and Spanish media experience Maldivian paradise on exclusive journey with Atmosphere Core

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From September 28th to October 4th, 2024, Atmosphere Core hosted an exclusive media trip to the Maldives for ten prominent journalists and PR professionals from Spain and Italy. The group experienced the serene and captivating lifestyle of two stunning private islands—OBLU XPERIENCE Ailafushi and RAAYA by Atmosphere—both renowned for their distinctive hospitality, thoughtfully curated holiday plans, and the unique “Joy of Giving” philosophy.

“At Atmosphere Core, we believe in a more creative approach to media trips,” said Euan Blake, Assistant Vice President of Communications. “The Italian and Spanish markets have been expanding for the Maldives, with a notable increase in room nights and revenue compared to last year. Over the past two years, we’ve been building strong relationships in these regions, and this journey through our islands aims to leave journalists with not only cherished memories but also lifelong friendships.”

The trip began at OBLU XPERIENCE Ailafushi, a lively four-star resort just 15 minutes by speedboat from Velana International Airport. Journalists were welcomed with breathtaking lagoon views and vibrant social gatherings at the X360 Bar. A standout experience was the customised Martín Códax Wine Masterclass at the Element X restaurant, led by Ms. Celina, a representative of Bodegas Martín Códax, and Nicolas Laguette, Director of Wines at Atmosphere Core. Representing 600 winemaking families from northern Spain, Ms. Celina guided the group through an exquisite multi-course wine tasting, featuring a selection of wines perfectly suited for the tropical climate and fresh seafood.

This was followed by an unforgettable underwater dining experience at the Only BLU restaurant and a visit to the neighbouring “island of love,” OBLU SELECT Lobigili, where they enjoyed a chic lunch at Ylang Ylang. The island’s lively, party atmosphere provided the journalists with a full immersion into the vibrant and relaxing resort lifestyle.

Next, a scenic seaplane journey transported the group to RAAYA by Atmosphere—a picturesque escape offering a blend of fairytale island charm and authentic Maldivian experiences. The 45-minute flight over the stunning atolls’ turquoise waters set the stage for their arrival in paradise, presenting the perfect introduction to the Maldives’ breathtaking beauty.

At RAAYA, the journalists experienced an ideal mix of energy and tranquility. A private dinner atop a secluded watchtower, inspired by the legendary sailor Seb, captured the essence of the resort’s castaway theme. The group explored the island’s natural wonders, took part in customised activities, and dined at RAAYA’s signature restaurants, including Seb’s Shack, Ampers&nd, and the Italian-inspired The Village.

Throughout their stay at both islands, the media guests were treated to rejuvenating spa therapies and wellness sessions at ELE|NA Ayur, Atmosphere Core’s signature spa and wellness brand. This immersive journey offered the journalists a true taste of tropical luxury, intertwining indulgence and adventure into every experience. Their stories are sure to inspire countless Spanish and Italian travellers to discover the hidden treasures of OBLU XPERIENCE Ailafushi and RAAYA by Atmosphere firsthand.

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Minor Hotels to open NH Collection Maldives Reethi Resort in Baa Atoll in 2025

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Minor Hotels, in partnership with a private equity fund managed by Ares Management, has announced the upcoming rebrand of Reethi Beach Resort as NH Collection Maldives Reethi Resort, set to re-open in Q4 2025 after an extensive renovation.

The 129-key property is set on a lush island in Hanifaru Bay within the Baa Atoll. Just a 35-minute seaplane flight from Velana International Airport in Male, the resort offers easy access to the atoll’s unspoiled beauty, home to manta rays, whale sharks, turtles, and an abundance of vibrant marine life.

Reethi Beach Resort will remain open until 25th April 2025, after which it will close for six months to undergo its transformation into NH Collection. The renovation, the most significant in the resort’s 25-year history, will include upgrades to the villas, dining outlets, and leisure facilities while preserving the lush island’s natural beauty.

NH Collection Maldives Reethi Resort will offer a mix of on-land and overwater villas that cater to the needs of a wide range of travellers. With 10 distinctive food and beverage outlets, including all-day dining venues, specialty restaurants, and bars, the resort will offer something for every taste. The resort offers diverse water activities in the Baa Atoll and its house reefs, including diving, snorkelling, fishing, and water sports. On land, guests can unwind at the spa, lounge by the pools, or stay active with tennis, badminton and squash courts plus a fully equipped fitness centre.

“We are excited to partner with Ares Management to introduce a fresh chapter for Reethi Beach Resort under the NH Collection brand. Renowned for its breathtaking marine life, this iconic destination will offer guests an unparalleled Maldivian experience, with enhanced offerings and sustainability at the forefront. We look forward to unveiling the reimagined NH Collection Maldives Reethi Resort in late 2025,” Puneet Dhawan, Head of Asia at Minor Hotels, said.

“For over 25 years, Reethi Beach Resort has been a sanctuary of tranquillity in the Baa Atoll, offering guests a truly authentic Maldivian retreat. We believe our collaboration with Minor Hotels will redefine this legacy, elevating the resort’s appeal while preserving the essence of its natural beauty and heritage. We are excited about our shared future and what we will accomplish together,” Kieran Bestall, Managing Director in Ares Asia at Ares Management, added.

The premium brand property will join Minor Hotels’ two resorts in the Baa Atoll – Anantara Kihavah Maldives Villas and Avani+ Maldives Fares Resort – offering guests a more accessible way to experience one of the Maldives’ richest marine ecosystems. NH Collection Maldives Reethi Resort will be Minor Hotels’ ninth property in the Maldives and the second NH Collection property, alongside NH Collection Maldives Havodda Resort, which opened in 2023 in Ghaafu Dhaalu Atoll.

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BBM, Vismark bring Southeast Asian culinary mastery to Maldives resorts

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BBM’s recent collaboration with Vismark Food Industries brought Southeast Asian culinary innovation to the Maldives, with a series of successful live cooking demonstrations across 11 resorts. Vismark, known for its commitment to high-quality food solutions, specializes in developing premium ingredients and ready-made culinary products.

Led by Chef Samson Lin (Head of Culinary Development) and Chef Kent Lim – at Vismark lead the demos that showcased dishes like Dumplings, Pau, and Satay capturing the imagination of resort chefs eager to integrate these flavors into their menus.

“The response from the chefs was phenomenal,” remarked Chef Samson Lin. “Their passion for learning and embracing new flavors truly stood out.”

BBM’s Resort Sales team facilitated the sessions, ensuring seamless engagement between the chefs and the culinary experts. Each resort’s participants were eager to adapt these Southeast Asian flavours into their own kitchens, with practical takeaways and a renewed sense of culinary creativity.

Reflecting on the event’s success, AVS Subrahmanyam, Chief Operating Officer of BBM, said: “This partnership with Vismark is a testament to our commitment to bringing world-class culinary experiences to the Maldives. The level of engagement from the resort chefs exceeded our expectations, and we’re excited to see how these new flavours will enhance guest dining experiences moving forward.”

Chef Kent Lim shared his thoughts, adding, “The interaction and feedback from the chefs were invaluable. They were not only open to new ideas but also committed to perfecting them for their guests.”

The demonstrations, held from September 8 to 19, 2024, provided participants with fresh inspiration. The overwhelmingly positive feedback from the chefs has set the stage for these Southeast Asian flavours to become a standout feature in resort dining across the Maldives.

BBM’s continued efforts to collaborate with global culinary experts like Vismark reflect their dedication to pushing the boundaries of fine dining in the Maldives, elevating resort experiences one dish at a time.

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