Thursday, August 22, 2024 Genting Group Chairman Lim Kok Thay has expressed the conglomerate’s interest in exploring opportunities to develop integrated casino resorts in the United Arab Emirates as the country considers legalizing gambling. Speaking to shareholders during the Genting Singapore Ltd. annual meeting on April 18, Lim noted that it is improbable for an international tender solely for casino development to be issued in the Middle East.
The minutes from the meeting were later made public in a stock exchange filing on Friday. Genting Group’s potential interest in entering the UAE’s gaming industry comes on the heels of the country’s establishment of a federal regulatory body for gaming last year. The move to potentially introduce casinos marks a significant shift for the UAE, where Islamic, or Shariah law, forms the cornerstone of its legal framework.
Under Islamic law, gambling is strictly forbidden, and in the UAE, those found guilty of such activities can face severe penalties, including fines, imprisonment for up to two years, or both. The possibility of casinos in the UAE has sparked considerable attention, with the emirates of Abu Dhabi and Ras Al Khaimah emerging as leading candidates to host these developments. These regions have taken the lead in exploring the introduction of casinos, positioning themselves ahead of their neighboring emirate, Dubai.
Despite its reputation for luxury and entertainment, Dubai has temporarily shelved any immediate plan.