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The Dubai Conference to Address Trump’s Controversies

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Addressing a bustling auditorium in Dubai, the founder of the Trump family’s cryptocurrency venture made an impactful announcement on Thursday. The Abu Dhabi-supported fund disclosed plans to utilize Trump company’s digital coins for $2 billion in business dealings.

This agreement marks a significant investment from foreign governments into President Trump’s private enterprise, aiming to generate substantial income for the Trump family. It also serves as a striking example of the ethical dilemmas surrounding Trump’s crypto business, blurring the lines between governmental and business interests.

Zach Witkoff, founder of World Liberty Financial, the Trump’s crypto firm, announced that the innovative Stablecoin created by the company will facilitate a transaction involving the globe’s largest crypto exchange, the state-backed Emirati investment firm MGX, and Binance.

Almost every aspect of Witkoff’s announcement, presented during a conference committee alongside Trump’s second son, Erdest, highlighted an inherent conflict of interest.

As MGX engages with World Freedom’s USD1 Stablecoin, Trump’s family business leads the way in collaboration with foreign government-backed ventures. This agreement establishes a formal connection between World Freedom and Binance, a platform under US scrutiny since 2023 due to previous money laundering violations.

The glamorous announcement served as a beacon for crypto investors worldwide, showcasing the potential for partnership with a firm associated with President Trump, who is recognized as a leading advocate for global Liberty.

“We appreciate MGX and Binance for their confidence in us,” stated Witkoff, whose family has ties to a Middle Eastern White House envoy. “This is just the beginning.”

Witkoff and Eric Trump participated in a panel at Token2049, a prominent crypto conference occurring in the UAE. This event is part of Witkoff’s ongoing international tour, having visited Pakistan the previous month to engage with the Prime Minister and other officials. Eric Trump has been in Dubai for a week, revealing plans to promote Trump-branded hotels and towers.

In two weeks, the president will embark on a state visit to Saudi Arabia, Qatar, and the UAE.

The panel featuring Witkoff and Eric Trump was the highlight of the Dubai conference. The venue, a luxurious resort along the Persian Gulf, was packed with crypto investors from around the globe.

“This country is incredible,” Witkoff remarked from the stage. “Today, it stands as one of the most, if not the most, innovative nations on the planet.”

Representatives from Binance, MGX, and World Liberty did not respond to requests for comments.

President Trump, who previously expressed skepticism towards cryptocurrencies, embraced digital currencies during his campaign as the industry invested tens of millions into the 2024 election. Last September, he and his sons introduced the concept of World Freedom as a new internet banking platform facilitating borrowing and lending using cryptocurrencies.

Since then, World Liberty has sold $550 million worth of the new cryptocurrency, known as $WLFI, allocating significant revenue to business entities linked to the Trump family. Moreover, the company launched Stablecoin in March, designed to maintain a consistent dollar value, making it favorable for large transactions.

The transactions conducted by the company have created an unprecedented conflict of interest in modern American history. Some investors purchasing $WLFI coins are foreigners prohibited from supporting the president through campaign contributions or donations. Furthermore, many corporate partners have strong incentives to seek favors from the federal government as they plan to expand within the US market.

The panelist lineup at the Dubai event underscores the ambiguity surrounding the Trump family’s business interests relative to US policy and regulations.

Joining Witkoff and Eric Trump on stage was Justin Sun, one of the leading Liberty investors and a Chinese-born billionaire behind the crypto platform Tron. Sun acquired $75 million in $WLFI coins following the election.

Approximately a year ago, the Securities and Exchange Commission filed a lawsuit against Sun, alleging he manipulated Tron cryptocurrency prices. When Trump assumed office, the SEC requested federal judges to pause the lawsuit while negotiating a settlement.

“I’ve come to value your support,” Justin remarked. “Tron is remarkable technology, and we are fortunate to partner with you.”

Witkoff soon made a significant announcement during the panel.

In March, Binance revealed that MGX, an investment fund backed by the Abu Dhabi government, would utilize Stablecoins for a $2 billion investment in exchange, although the specific Stablecoin to be employed was not disclosed.

Witkoff confirmed that the chosen coin for the transaction is World Liberty USD1.

“Wow,” Sun responded.

The leaders of MGX and Binance maintain significant stakes with US officials.

MGX is headed by Sheikh Tanoon bin Zayed Al Nahyan of the Emirati Royal Family, who also serves as the national security adviser. In March, Sheikh Tanoon visited the United States for discussions with President Trump and various Cabinet members and advisors.

In 2023, Binance acknowledged guilt regarding violations of US money laundering laws, enabling criminals to conduct trades on its platform. As part of a settlement with the Department of Justice and other federal agencies, the company fell under the supervision of the Department of Treasury to ensure legal compliance.

In recent months, Binance’s founder, Changpeng Zhao, has pleaded guilty to money laundering offenses and sought clemency from the Trump administration after spending four months incarcerated.

The role of USD1 in the Binance-MGX deal significantly underpins the World’s Freedom.

Stablecoin issuers like World Liberty generate income by accepting deposits from investors, issuing Stablecoins in return, and investing those deposits to produce yields.

While the precise nature of the arrangement between MGX and Binance remains unclear, it appears World Liberty currently holds $2 billion in deposits. This alone could yield tens of millions in annual income for the Trump family and their World Liberty associates.

Ultimately, Witkoff expressed optimism from the Dubai stage, anticipating that the World’s Liberty Stablecoin would escalate further, reaching “billions in market capitalization.”

One day, he envisioned that visitors to the UAE might utilize USD1 coins for payments at Abu Dhabi’s Four Seasons.

At that moment, Eric Trump interjected.

“I’m not stepping into the Four Seasons with USD1,” he remarked. “You’ll find me at the Trump International Hotel and Tower.”

Source: www.nytimes.com

Telegram founder makes a comeback to Dubai amidst ongoing French investigation

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Pavel Durov, the Russian-born founder and CEO, has returned to Dubai after receiving permission to leave France, where he is currently under investigation.

Durov was arrested at an airport near Paris last August, and he was later barred from leaving France due to a formal investigation into criminal activities related to the messaging app he created.

He stated that he spent several months in France cooperating with investigations regarding criminal activities on Telegram. The investigation is ongoing, but he expressed relief at being back home.

He expressed gratitude to the investigative judge for allowing him to leave France and praised his legal team for demonstrating Telegram’s commitment to moderation, cooperation, and fighting crime.

Durov’s arrest at Le Bourgette airport marked the first time the founder of a social media platform was detained for content on the platform. With over 900 million active users, Telegram is among the world’s top messaging apps.

After his arrest, he was charged with failing to control extremist and terrorist content and released on 5 million euros bail.

Sources revealed that he left France with official permission, granted by an investigative judge, within a few weeks of his arrest.

Durov, who holds passports for Russia, France, and the United Arab Emirates, has received French nationality, defended by President Emmanuel Macron.

Elon Musk, CEO of X, expressed support for Durov under the hashtag Freepavel, warning of potential political persecution by the Kremlin.

Despite initially criticizing the French authorities, Durov acknowledged the seriousness of the allegations during his custody, where he was confronted with numerous criminal accusations.

Source: www.theguardian.com

UAE government denies cloud seeding occurred prior to Dubai floods

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DUBAI, United Arab Emirates – The National Meteorological Center, the government task force responsible for cloud seeding missions in the United Arab Emirates, stated that they did not carry out any weather modification techniques in anticipation of severe storms that led to flooding in places like Dubai.

According to CNBC, the group confirmed that they did not deploy pilots for seeding operations before or during the storm that affected the UAE on that fateful Tuesday.

Omar Al-Yazidi, deputy director of NCM, emphasized that no seeding operations were conducted during the storm, stating, “If you find yourself in severe thunderstorm conditions, you should carry out seeding operations before the rain falls. It’s too late.”

On Tuesday, the UAE experienced heavy rainfall. NCM reported that Al Ain received 10 inches of rainfall, while Dubai saw over 100 mm. This is significantly higher than the average annual rainfall in the UAE, which ranges from 140 to 200mm.

NCM’s statement contradicted previous reports suggesting that some of the rain was caused by cloud seeding. The process of cloud seeding has been a crucial aspect of the UAE’s efforts to combat water scarcity since the 1990s, with over 1,000 hours of cloud seeding conducted annually.

The increase in precipitation is attributed to climate change, with a study projecting a 30% increase in precipitation by 2080. This shift in weather patterns has posed challenges for the UAE’s infrastructure, especially in managing drainage systems during heavy downpours.

The UAE government issued warnings through the National Emergency Crisis and Disaster Management Authority, advising residents to adhere to safety guidelines due to the extreme weather conditions.

Despite the region’s unique weather patterns, the UAE’s drainage systems struggled to handle the unprecedented rainfall, leading to flooding in many areas, including Dubai Airport.

Source: www.nbcnews.com

Cloud Seeding: An Explanation and its Potential Role in the Dubai Floods

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Driver abandons car after rainstorm in Dubai, United Arab Emirates, April 17

Christopher Pike/Bloomberg/Getty

Record rainfall has hit the Arabian Peninsula this week, causing flooding in Dubai, Abu Dhabi and other coastal cities in the United Arab Emirates. The extreme weather sparked speculation on social media that the UAE’s long-standing cloud seeding program may have played a role. However, cloud seeding almost certainly does not have a significant impact on flooding.

How unusual was the recent rain in the Arabian Peninsula?

It was the most extreme event in the UAE since record-keeping began in 1949. according to to the state-run Emirates News Agency. From April 15th to 16th, some parts of the country received more than their normal annual rainfall in a 24-hour period. Heavy rains in desert regions are not uncommon, but they are not unheard of – as the UAE sees it. heavy rain and flooding For example, 2016.

A drainage system in a coastal city in the United Arab Emirates (UAE) has been overwhelmed by spills, causing flooding. Dramatic images of a plane driving through stagnant water at Dubai International Airport have been widely shared online.

In neighboring Oman, died in flash flood At least 18 people. Parts of Bahrain, Qatar and Saudi Arabia also experienced unusual rainfall.

What is cloud seeding? Did it affect extreme rain?

Cloud seeding is a way to increase precipitation, From about the 1940s. This involves spraying powders such as silver iodide onto clouds from airplanes or rockets, or burning them from stations on the ground. Droplets of supercooled water form around these particles and fall to the ground as rain or snow.

Since 2002, the UAE has maintained one of the largest cloud seeding programs in the world. Planes regularly fly cloud-seeding missions in an effort to increase freshwater resources in arid regions.

Meteorologists at the UAE’s National Center of Meteorology (NCM) have further fueled speculation that cloud formations may be responsible for the recent rains. Said bloomberg news That in the days before the storm, planes had spread clouds over the country. However, NCM later stated: statement That no seed was sown during the storm.

“We take the safety of our employees, pilots and aircraft very seriously,” the company said. “NCM does not conduct cloud seeding operations during extreme weather conditions.”

Even if cloud formation had occurred during the storm, it would have had at most a small effect on precipitation and would have been localized. The extent of rainfall across several countries and the generally limited influence of cloud species suggest that cloud occurrence almost certainly does not play a significant role. “There is no technology that can create or even significantly alter this type of rainfall event.” Maarten Ambaum at the University of Reading, UK statement.

He noted that cloud seeding would have little impact on clouds that were already predicted to bring rain to the region. And that assumes that cloud seeding is effective at all.

“Many claims of successful cloud seeding are false, scientifically flawed, or actually fraudulent,” he says. Andrew Dessler at Texas A&M University. “This makes most atmospheric scientists very skeptical about cloud formation.”

What weather factors were behind the rain?

The extreme precipitation was caused by large storms called mesoscale convective systems. Suzanne Gray Researchers at the University of Reading say this happens “when many individual thunderstorms coalesce to form a single large high-level cloud shield.”

Forecasters had predicted a high risk of flooding in the area for at least a week before the storm.Writing in progress XJeff Berardelli, a meteorologist at WFLA-TV in Florida, linked the storm to a blocking pattern created by a slow-moving jet stream.

Has climate change made rain worse?

Further analysis is needed to link this particular event to climate change, but climate change likely plays a role.

“These types of heavy rainfall events are likely to become more extreme with climate change, as a warming atmosphere retains more water vapor,” Ambaum said. Changes in temperature can also affect atmospheric circulation patterns in the form of changes in precipitation.

For example, recent study The same type of storm that caused this extreme rainfall has occurred in the region 95 times since 2000, with the most frequent occurrences on the Arabian Peninsula in March and April, researchers found. However, it has also been found that the duration of these storms has increased over the UAE since 2000, which may be linked to rising temperatures.

Alternative climate modeling study They predict that annual rainfall in the UAE will increase by 10 to 25 percent by mid-century, characterized by more intense precipitation events.

topic:

  • climate change/
  • Abnormal weather

Source: www.newscientist.com

Rare Flooding in Dubai Caused by Heavy Rainfall

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Parts of the Middle East were hit by heavy rains on Tuesday, leading to school closures in the United Arab Emirates and flooding at Dubai International Airport. Oman has reported at least 18 deaths in recent days due to the inclement weather.

The storm caused flooding on roads and dangerous conditions throughout the region. This area is typically dry and not used to heavy rainfall or flash floods.

Airport officials confirmed that flights to Dubai Airport had to be diverted temporarily due to the unusual weather events in the UAE. Statement

Cars drive through flooded roads in Dubai on Tuesday after a heavy rainstorm.
Abdel Hadi Ramahi/Reuters

Video footage showed Dubai’s tarmac flooded, with planes navigating through floodwaters and support vehicles almost submerged, according to reports from Saudi Arabia’s Al Arabiya news agency.

Over 4.7 inches of rain fell in a day in the UAE, causing road and property flooding in Dubai. Associated Press reported.

The UAE’s National Emergency, Crisis and Disaster Management Authority advised people to stay home. Commenting on X’s post, they suggested parking vehicles in safe, elevated areas away from flood-prone zones.

Pedestrians cross a flooded road in Dubai on Tuesday.
Anadolu (via Getty Images)

Private schools in the UAE were closed before the storm and government employees were advised to work remotely.

While the UAE is known for its dry climate, rain does occur occasionally during the winter.

In neighboring Oman, recent storms and heavy rain have led to the deaths of 10 school children and an adult driver in a flooded car, as reported by the Associated Press.

Other parts of the Middle East, such as Qatar and Saudi Arabia, also experienced unusually wet weather this week.

It’s unclear if recent storms have been influenced by global warming, but the warming atmosphere from climate change can hold more moisture, leading to stronger storms and heavier rainfall. Studies have suggested this possibility.

Source: www.nbcnews.com