News related to
business

Merger and acquisition activity in the Middle East and North Africa region experienced a significant uptick in 2024, with total deal value reaching $92.3 billion, a 7% increase from the previous year. The number of deals also rose by 3%, totaling 701 transactions compared to 679 in 2023. This growth has been largely attributed to substantial reforms in capital markets, strategic policy changes, and enhanced efforts to attract foreign investments.

The Gulf Cooperation Council countries were at the forefront of this surge, accounting for 580 deals worth $90 billion. Cross-border transactions played a pivotal role, representing 52% of the total deal volume and 74% of the overall value. Sovereign wealth funds such as the Abu Dhabi Investment Authority , Mubadala Investment Company from the United Arab Emirates , and the Public Investment Fund from Saudi Arabia were instrumental in driving this activity.

The UAE emerged as a key player, recording the region’s largest M&A deal of the year. Clayton Dubilier & Rice, Stone Point Capital, and Mubadala Investment announced the acquisition of Truist Insurance for $12.4 billion. Following closely, Saudi Aramco acquired a 22.5% stake in Rabigh Refining and Petrochemical Company from Japan’s Sumitomo Chemical for $8.9 billion. Additionally, a consortium comprising PAG, Mubadala, and ADIA acquired a 60% stake in China’s Zhuhai Wanda Commercial Management Group for $8.3 billion.

Outbound deals dominated the M&A landscape, contributing 61% of the total deal value with 199 transactions amounting to $56.6 billion. The MENA region continued to attract foreign direct investment, with 163 inbound deals valued at $11.4 billion, marking an 18% increase in volume and a 42% surge in value compared to 2023.

Sector-wise, technology and consumer products led in deal volume, each experiencing a 10% year-on-year increase. The United States stood out as the largest acquiring country outside the region, with 48 transactions totaling $4.6 billion.

The UAE maintained its position as a preferred investment destination, achieving the highest volume and value for inbound transactions. The country recorded 96 deals valued at $7.6 billion, representing 67% of the total deal value. The technology sector was particularly vibrant, with 35 deals driven by the nation’s focus on artificial intelligence, cybersecurity, and digital transformation. Notably, Microsoft’s $1.5 billion acquisition of Abu Dhabi’s Group 42 underscored the strengthening ties between the UAE and the United States.

Saudi Arabia also attracted significant investment, with the UAE and Saudi Arabia collectively reporting 318 deals valued at $29.6 billion. Both countries were among the top bidders in the MENA region, highlighting their active participation in the M&A landscape. In 2024, the United States was the favored target destination for MENA investors, with 41 deals amounting to $19.9 billion.

Domestic M&A activity saw an uptick, contributing 48% of the total deal volume with 339 deals, up from 333 in 2023. The combined disclosed value of domestic transactions stood at $24.4 billion. The technology and consumer products sectors attracted increased investor interest, fueled by digital transformation and evolving consumer behaviors, together accounting for 35% of the total domestic deal volume.

The oil and gas sector continued its upward trajectory, leading in disclosed deal value with $9 billion, representing 37% of the total domestic deal value. This was largely due to Saudi Aramco’s $8.9 billion acquisition of Rabigh Refining and Petrochemical Company.

The U.S. Securities and Exchange Commission has dismissed its lawsuit against Coinbase, the largest cryptocurrency exchange in the United States. This legal action, initiated in 2023, accused Coinbase of operating as an unregistered securities exchange and facilitating the trading of at least 13 crypto tokens that the SEC contended should have been registered as securities. Coinbase consistently refuted these allegations, maintaining that the crypto assets in question did not meet the criteria of investment contracts.

In a court filing dated February 27, 2025, the SEC agreed to voluntarily dismiss all litigation related to Coinbase and its parent company, Coinbase Global, with prejudice. This decision effectively terminates the case permanently. The SEC also withdrew its request for an interlocutory appeal with the U.S. Court of Appeals, signaling a significant policy shift under the current administration.

This move aligns with a broader change in the SEC’s approach to cryptocurrency regulation following the inauguration of President Donald Trump’s second term and the appointment of Paul Atkins, a crypto-friendly chairman, to lead the agency. Under this new leadership, the SEC has adopted a more lenient stance toward the crypto industry, reflecting the administration’s intent to support and promote the sector.

In addition to the Coinbase case, the SEC has also closed investigations into several other prominent cryptocurrency firms. Notably, the agency has ended its probes into OpenSea, a leading non-fungible token marketplace, and Robinhood’s crypto unit. These investigations, initiated during the previous administration, have been dismissed with prejudice, indicating that they cannot be refiled.

The decision to drop these cases has been welcomed by the affected companies. Coinbase’s Chief Legal Officer, Paul Grewal, stated, “SEC staff has agreed in principle to dismiss its unlawful enforcement case against Coinbase, subject to Commissioner approval—righting a major wrong.” Similarly, representatives from OpenSea and Robinhood expressed relief and optimism about the SEC’s revised regulatory approach.

This series of dismissals is part of a broader realignment of federal regulatory and enforcement priorities under the Trump administration. The SEC’s shift toward a more collaborative and transparent regulatory framework for the crypto industry is evident in the establishment of a new Crypto Task Force. Led by Commissioner Hester Peirce, the task force aims to develop comprehensive regulations that provide clarity and support for the burgeoning crypto sector.

Commissioner Peirce emphasized the need for a revised approach, stating, “It’s time for the Commission to rectify its approach and develop crypto policy in a more transparent manner.” This sentiment reflects a departure from the previous administration’s stringent regulation-by-enforcement strategy, which had been criticized for creating uncertainty and stifling innovation within the industry.

The SEC’s recent actions have also extended to other major players in the crypto space. The agency has dismissed its lawsuit against ConsenSys, the developer of the popular MetaMask crypto wallet. This lawsuit, filed in June 2024, alleged that ConsenSys engaged in the unregistered offer and sale of securities through its MetaMask Staking service and operated as an unregistered broker. The dismissal of this case further underscores the SEC’s evolving stance toward crypto-related businesses.

Market reactions to these regulatory developments have been notable. Shares of Coinbase Global Inc experienced fluctuations, with the stock trading at $208.37, reflecting a decrease of 2.20% from the previous close. Similarly, Robinhood Markets Inc saw its stock price at $48.78, a slight decline of 0.16%. In the cryptocurrency markets, Bitcoin is currently priced at $79,821.00, down 6.82%, while Ethereum stands at $2,121.24, a decrease of 9.14%. These movements suggest a period of adjustment as investors respond to the changing regulatory landscape.

The Trump administration’s influence extends beyond the SEC. The Consumer Financial Protection Bureau has also dropped several enforcement actions against companies such as Capital One and Rocket Homes. These cases, which included allegations of misleading customers and illegal kickback schemes, have been dismissed with prejudice under the bureau’s new leadership. This pattern indicates a significant shift in federal regulatory and enforcement priorities, favoring a more business-friendly environment.

In a significant advancement for the United Arab Emirates’ financial sector, Hubpay, a cross-border payments platform, has partnered with Aquanow, a leading digital asset infrastructure provider, to launch the nation’s first fully regulated cryptocurrency payment gateway tailored for businesses and small to medium-sized enterprises . This collaboration enables companies across various sectors—including real estate, manufacturing, and general trading—to securely accept cryptocurrency payments alongside traditional fiat transactions.

The introduction of this regulated crypto payment facility comes in the wake of the UAE Central Bank’s Payment Token Services Regulation , which was enacted on 6 July 2024. The PTSR establishes a comprehensive framework for digital payment services in the UAE, particularly those involving cryptocurrency ‘payment tokens’ or ‘stablecoins’. Under this regulation, entities offering payment token services must obtain appropriate licensing or registration from the Central Bank to operate within the country.

Aquanow, recognized for its comprehensive trading and payment solutions in the digital asset space, has been awarded a Virtual Asset Service Provider license by Dubai’s Virtual Assets Regulatory Authority . This license authorizes Aquanow to offer broker-dealer services, management and investment services, and lending and borrowing services related to virtual assets within the Emirate. The partnership with Hubpay leverages Aquanow’s licensed infrastructure to facilitate seamless and secure cryptocurrency transactions for businesses operating in the UAE.

The UAE has been proactive in positioning itself as a global hub for the cryptocurrency industry. Government-owned licensing firm KIKLABB in Mina Rashid, Dubai, now accepts cryptocurrency payments—including Bitcoin , Ethereum , and Tether —for various trade licenses and visas. Additionally, the Dubai Financial Services Authority has announced plans to develop a comprehensive crypto-regulatory framework, further solidifying the nation’s commitment to embracing digital assets.

The U.S. Securities and Exchange Commission and cryptocurrency entrepreneur Justin Sun have jointly requested a suspension of their ongoing legal proceedings to consider a potential settlement. In a letter addressed to Judge Edgardo Ramos of the Southern District of New York, both parties proposed a 60-day stay to facilitate discussions aimed at resolving the civil fraud case initiated by the SEC in March 2023.

The SEC’s lawsuit accuses Sun and his companies—Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. —of engaging in the unregistered offer and sale of crypto asset securities, specifically Tronix and BitTorrent . The complaint further alleges that Sun orchestrated a scheme to artificially inflate TRX’s trading volume through extensive wash trading, involving over 600,000 trades conducted by Tron Foundation employees. Additionally, Sun is accused of manipulating the market and concealing payments to celebrities who promoted these cryptocurrencies without proper disclosure.

The legal action also implicated several high-profile individuals, including Lindsay Lohan, Jake Paul, and Akon, who were charged with promoting TRX and BTT without disclosing their compensation. Most of these celebrities have since settled with the SEC, agreeing to pay over $400,000 collectively, without admitting to or denying the allegations.

This joint request for a stay mirrors the SEC’s approach in other high-profile cryptocurrency cases, such as those involving Coinbase and Binance, suggesting a possible shift towards negotiated settlements in the regulatory landscape. The outcome of these discussions could have significant implications for the cryptocurrency industry, potentially setting precedents for how regulatory bodies address alleged securities violations and market manipulation within the rapidly evolving digital asset space.

Justin Sun, a prominent figure in the cryptocurrency world, founded the Tron blockchain in 2017 and later acquired the peer-to-peer file-sharing platform BitTorrent in 2018. Despite his entrepreneurial successes, Sun has been a controversial figure, facing multiple legal challenges and allegations of unethical business practices. In addition to the SEC lawsuit, he has been involved in high-profile disputes, including a legal battle over the ownership of a valuable sculpture, highlighting the complex interplay between his business ventures and personal endeavors.

The Trump administration has unveiled plans to close more than 110 Internal Revenue Service offices, many of which house taxpayer assistance centers, as part of a broader initiative to reduce the federal government’s footprint. This decision, outlined in a letter from the U.S. General Services Administration , comes during the peak of the tax filing season, which concludes on April 15.

This move follows the recent termination of approximately 7,000 probationary IRS employees, representing nearly 7% of the agency’s workforce. The layoffs predominantly affected the Small Business and Self-Employed division, with over 3,500 employees dismissed. These actions are part of the administration’s broader strategy to downsize federal operations and reduce government spending.

Elon Musk, appointed as the administration’s “downsizing czar,” has been instrumental in driving these cost-cutting measures. Musk’s objective is to slash $1 trillion from the current $6.7 trillion federal budget. In pursuit of this goal, agencies have been directed to submit plans by March 13 detailing further staffing reductions, with a focus on veteran civil servants in upcoming cuts.

The IRS had recently undergone improvements due to funding from the 2022 Inflation Reduction Act, which led to reduced customer-service wait times, simplified tax filings, and increased recovery of unpaid taxes from affluent individuals and corporations. However, the current layoffs and office closures have raised concerns about the agency’s capacity to maintain these advancements. Historically, reductions in IRS staffing have resulted in slower refunds and delayed responses to taxpayer inquiries.

Commerce Secretary Howard Lutnick has articulated the administration’s ambition to abolish the IRS entirely by augmenting tariff revenues. The strategy involves increasing tariffs to generate sufficient income, potentially replacing federal income taxes and shifting the tax burden to foreign entities. Lutnick estimates that aligning U.S. tariffs with those of other nations could yield $700 billion annually, contributing to deficit reduction and possibly lowering interest rates.

In addition to the IRS reductions, the administration has mandated the termination of numerous federal office leases through the GSA. This directive aims to further decrease the federal government’s physical presence and operational costs. Agencies are also facing freezes on foreign aid, cancellation of grants, and other austerity measures as part of the comprehensive downsizing effort.

The WOW Summit 2025 is set to take centre stage in Hong Kong as a key platform for exploring the intersection of cutting-edge technologies like artificial intelligence , fintech, robotics, digital art, gaming, and decentralized finance. Organised by Invest Hong Kong and the Hong Kong Tourism Board, the event promises to delve into the transformative effects these technologies have on everyday life, with a particular focus on the innovation and opportunities they bring to global industries.

Held in one of Asia’s foremost hubs for technological innovation, the summit will bring together industry leaders, entrepreneurs, and experts from around the world. Attendees can expect a comprehensive overview of how technologies such as AI and blockchain are reshaping sectors from healthcare to finance. The event will highlight emerging trends, from automated systems and machine learning to virtual reality gaming, underscoring the potential impact on both business and society.

At the core of the summit’s agenda is the exploration of AI’s evolving role in society. Hong Kong has emerged as a key player in AI development, with substantial investments pouring into AI-driven start-ups and established tech giants ramping up their AI capabilities. During the event, thought leaders and innovators will discuss AI’s application in various fields, including predictive analytics, personalisation in services, and the role of machine learning in business decision-making. The future of work and the integration of AI into professional environments will also be a focal point, as companies seek to leverage automation to enhance efficiency.

A significant feature of the summit will be the discussions around decentralized finance , a rapidly growing sector that challenges traditional financial systems by offering decentralised, blockchain-based alternatives to traditional banking and finance. Hong Kong, with its robust financial infrastructure and regulatory frameworks, is positioning itself as a leader in this space. Experts will examine how DeFi is likely to evolve, its impact on the financial ecosystem, and the potential risks and benefits it brings for investors, businesses, and consumers.

Robotics will also take centre stage, with a particular focus on advancements in autonomous systems and robotics in manufacturing, healthcare, and logistics. Hong Kong’s strategic location in Asia has made it a key player in the robotics sector, with the city’s companies and research institutions driving innovations in automation, from drones to humanoid robots. The summit will offer insights into the future of robotics, exploring how these technologies can enhance efficiency, reduce costs, and improve service delivery across industries.

Gaming and digital art are expected to be key discussion points, with Hong Kong increasingly becoming a hub for digital art and interactive media. The event will bring together game developers, artists, and content creators to explore the evolving landscape of digital entertainment. Panel discussions and demonstrations will explore how augmented and virtual reality technologies are reshaping gaming experiences, as well as the growing role of NFTs in the digital art world. As the line between digital and physical experiences continues to blur, the summit will examine the role these technologies play in shaping new forms of creative expression and entertainment.

Alongside the spotlight on technologies, WOW Summit 2025 will offer significant networking opportunities for businesses, governments, and startups to collaborate on innovative projects and share insights. Hong Kong, with its well-established reputation as a global business and financial centre, will be the ideal location to connect entrepreneurs with investors, paving the way for cross-border partnerships and investment opportunities.

The event will also focus on Hong Kong’s potential as a global technology hub. As one of Asia’s most technologically advanced cities, Hong Kong is positioning itself as a bridge between East and West, offering unique opportunities for international collaboration. The city’s sophisticated infrastructure, business-friendly policies, and strategic location make it an attractive destination for technology companies looking to expand their reach in Asia and beyond.

The rise of AI, blockchain, and robotics in everyday life is a topic of intense interest globally, and WOW Summit 2025 is poised to be a critical meeting point for thought leaders in these fields. As businesses and governments around the world navigate the complexities and opportunities of emerging technologies, the summit offers a unique chance to gain a deeper understanding of how these innovations are likely to shape the future. The conference will provide a platform for the latest research, case studies, and practical insights that could redefine industries and lead to new solutions to contemporary challenges.

A highlight of the summit will be a series of keynote speeches and panel discussions led by some of the most influential figures in technology. Industry giants and startup founders will share their insights on the role of emerging technologies in shaping tomorrow’s world. Attendees will have the opportunity to hear about groundbreaking developments in AI, blockchain, and robotics, as well as the future of decentralised finance, all of which are driving significant changes in various sectors.

As part of the WOW META FEST 2025, the summit will also feature interactive exhibitions and live demonstrations of emerging technologies, offering visitors the chance to experience firsthand the innovations that are set to redefine how we live, work, and interact. The event aims to bridge the gap between the digital and physical worlds, providing an immersive experience that allows visitors to explore the future of technology in a tangible way.

The United Arab Emirates has solidified its position as a global nexus for trade and investment, with Ernst & Young projecting the nation to be among its fastest-growing markets worldwide in the next five to ten years. This optimistic outlook is attributed to substantial opportunities for collaboration across both public and private sectors, as highlighted by Anthony O’Sullivan, EY’s Managing Partner in the UAE.

Speaking at Investopia 2025 in Abu Dhabi, O’Sullivan emphasized EY’s strategic focus on the UAE and the broader Middle East and North Africa region. He noted that EY’s global leadership is keenly aware of the region’s attractive investment climate and robust economic growth policies, which have been instrumental in fostering a conducive environment for business expansion.

EY’s commitment to the UAE is underscored by its longstanding presence since 1966, with its Dubai office now serving as the largest in the region, housing several regional leaders and key clients. This deep-rooted establishment has enabled EY to play a pivotal role in the nation’s economic diversification efforts, aligning with the UAE’s Vision 2031 plan to reduce oil dependency and promote sustainable growth.

The UAE’s strategic initiatives have yielded tangible results. In 2024, the nation achieved a record non-oil trade value of 3 trillion dirhams , marking a 14.6% increase from the previous year. This milestone reflects the UAE’s proactive approach in forging Comprehensive Economic Partnership Agreements with various countries, enhancing its global trade relations. Notably, exports to CEPA partner nations surged by 42.3% in 2024, accounting for a quarter of the total non-oil exports.

O’Sullivan also highlighted the transformative role of technology and artificial intelligence across various sectors. He asserted that these technologies are vital in enhancing operational efficiency and improving financial compliance. “Technology and data are now integral to any business, particularly in consulting,” he stated. “We utilize AI to enhance tax compliance, helping clients meet regulatory requirements more efficiently. AI also plays a role in financial auditing, enabling better financial data analysis and consistency, allowing teams to focus on advisory services rather than routine tasks.”

EY’s integration of AI-driven solutions extends beyond internal processes. The firm leverages its extensive global network and consultancy expertise to assist clients in adopting these advanced technologies, thereby bolstering their competitiveness in an increasingly digital economy.

The UAE’s appeal as a consulting hub is further amplified by its strategic location and favorable business environment. The Gulf Cooperation Council region, which includes the UAE, experienced a 13.2% growth in consultancy services in 2023. This surge is driven by national efforts to diversify economies away from oil reliance, with major consulting firms establishing strong presences to support public sector projects and economic transformation initiatives.

PayPal Holdings Inc. is set to enhance the adoption of its stablecoin, PayPal USD , by integrating it into merchant payment systems and global payout services by 2025. This strategic move aims to provide over 20 million small and medium-sized merchants with the option to utilize PYUSD for vendor payments, thereby streamlining transactions and reducing reliance on traditional banking systems.

The forthcoming bill payment product will enable merchants to settle invoices using PYUSD, facilitating faster and more cost-effective cross-border transactions. By leveraging blockchain technology, PayPal intends to minimize currency conversion fees and expedite settlement times, offering a competitive edge in the global payments landscape.

In addition to merchant payments, PayPal plans to incorporate PYUSD into its global payout platform, Hyperwallet. Acquired by PayPal in 2018, Hyperwallet specializes in mass payments, assisting organizations in disbursing funds to contractors, freelancers, and sellers worldwide. The integration of PYUSD is expected to be operational in the first half of this year, enabling businesses to execute bulk payments with increased efficiency and reduced costs.

Alex Chriss, PayPal’s Chief Executive Officer, emphasized the company’s commitment to practical blockchain applications, stating, “We’ve been talking about blockchain for a decade—these concepts will never become real until you actually start consuming them. I think that’s what we’re achieving.” This initiative reflects PayPal’s broader strategy to incorporate digital currencies into its suite of financial services, positioning itself at the forefront of the evolving digital economy.

The introduction of PYUSD into PayPal’s ecosystem is poised to offer several benefits to merchants and service providers. By adopting the stablecoin, businesses can mitigate the volatility often associated with cryptocurrencies, ensuring stable value in transactions. This stability is particularly advantageous for small and medium-sized enterprises engaged in international trade, as it simplifies accounting processes and enhances financial predictability.

The use of PYUSD can lead to significant cost savings. Traditional cross-border payments often involve multiple intermediaries, each imposing fees that accumulate, increasing the overall cost of transactions. By utilizing PYUSD on a blockchain platform, PayPal aims to eliminate unnecessary intermediaries, thereby reducing transaction fees and making international commerce more accessible to a broader range of businesses.

The integration with Hyperwallet further extends PYUSD’s utility beyond merchant transactions. Freelancers, contractors, and other gig economy workers stand to benefit from faster and more reliable payments. Traditional payment methods can be slow, especially for international transfers, often taking several days to process. With PYUSD, payouts can be processed more swiftly, providing workers with quicker access to their earnings and improving overall financial liquidity.

PayPal’s strategic focus on PYUSD comes at a time when the global payments industry is increasingly embracing digital currencies. The company’s extensive user base and established trust in the financial technology sector position it well to drive mainstream adoption of stablecoins. By integrating PYUSD into everyday financial transactions, PayPal is not only enhancing its service offerings but also contributing to the broader acceptance and utilization of digital currencies in the global economy.

Jupiter’s founder, Meow, has unveiled a comprehensive strategy to bolster the project’s future, including the voluntary lock-up of 280 million JUP tokens, valued at over $204 million, until 2030. This move aims to align team incentives with the project’s long-term vision and enhance transparency within the ecosystem.

In a detailed announcement, Meow introduced the “GOAT framework,” focusing on Governance, Transparency, Organic growth, and Collaboration. As part of this initiative, an independent auditing firm will conduct a thorough audit of the project’s founders, treasury, and token allocations. The results will be publicly disclosed on the newly launched official website, jup.com, to ensure accountability and build community trust.

Further strengthening the project’s financial foundation, Jupiter has established the “Litterbox Trust Fund.” This fund is set to receive 50% of the protocol’s revenue over the next two years, dedicated to the strategic accumulation of JUP tokens. The objective is to enhance the token’s long-term stability and value, providing a robust financial backbone for future developments.

The centerpiece of Meow’s plan is the “2030 Incentive Plan.” Under this scheme, he will allocate his personal holding of 280 million JUP tokens to incentivize new team members. Importantly, Meow has pledged not to claim any tokens before 2030. His eligibility for a 500 million JUP reward will be entirely contingent upon community voting, allowing stakeholders to assess his performance and contributions to the project.

Jupiter has also outlined three primary business pillars to drive its ecosystem forward:

– Jup.ag: An aggregation trading platform designed to streamline user experiences and offer efficient trading solutions.

– Jupiverse: A community ecosystem aimed at fostering collaboration, innovation, and user engagement within the Jupiter network.

– Jupnet: A cross-chain network facilitating seamless interoperability between different blockchain platforms, enhancing the utility and reach of JUP tokens.

These initiatives underscore Jupiter’s commitment to binding the long-term interests of its ecosystem participants, ensuring that growth and success are shared collectively.

Meow emphasized that these measures are designed to break the industry’s tendency toward short-term profit-seeking. By aligning the team’s incentives with the community’s long-term goals, Jupiter aims to build a sustainable and value-driven network. The proposals have been submitted for Decentralized Autonomous Organization discussion, with final implementation pending community voting approval.

The announcement has sparked discussions within the Jupiter community. Some members have raised questions regarding the allocation and future retrieval of the 280 million JUP tokens designated for new team incentives. Concerns focus on the source of these tokens and the mechanisms in place to ensure transparency and fairness in their distribution. Community members are keen to understand how these allocations will impact the overall tokenomics and the long-term value proposition of JUP.

In the broader cryptocurrency market, Jupiter’s initiatives reflect a growing trend among blockchain projects to enhance transparency and align incentives with long-term success. By committing substantial personal holdings to the project’s future and subjecting rewards to community approval, Meow sets a precedent for leadership accountability and community engagement in the crypto space.

As of today, JUP is trading at approximately $0.00062616, with an intraday high of $0.00072182 and a low of $0.00058079. The market will closely monitor how these strategic initiatives influence JUP’s performance and adoption in the coming years.

President Donald Trump has unveiled a new immigration initiative offering a “Gold Card” visa for $5 million, granting affluent foreigners permanent U.S. residency and a pathway to citizenship. This program aims to attract high-net-worth individuals to stimulate economic growth and reduce the national debt.

The “Gold Card” is set to replace the existing EB-5 Immigrant Investor Program, which required a minimum investment of $800,000 to $1.05 million in U.S. businesses and the creation of at least ten jobs. Commerce Secretary Howard Lutnick criticized the EB-5 program for being “full of nonsense, make-believe, and fraud,” and emphasized that the new initiative would involve rigorous vetting to ensure applicants are “wonderful, world-class global citizens.”

Under the new scheme, applicants will not be required to create jobs or invest in specific projects. Instead, the substantial $5 million fee grants them green card privileges and a direct route to American citizenship. President Trump highlighted the potential economic benefits, suggesting that selling one million “Gold Cards” could generate $5 trillion in revenue, significantly impacting the national debt.

The administration also indicated that corporations might be able to purchase these visas for highly skilled or educated employees, potentially replacing certain work visa categories. This move is designed to attract top talent and investment, further bolstering the U.S. economy.