Trump’s sons in Dubai attend wedding of Damac developer

Trump’s sons in Dubai attend wedding of Damac developer
Donald Trump Jr., left, and Eric Trump jetted out to Dubai to attend the wedding of Emirati developer Hussain Sajwani’s daughter. (Reuters)
Updated 06 April 2018

Trump’s sons in Dubai attend wedding of Damac developer

Trump’s sons in Dubai attend wedding of Damac developer
  • Hussain Sajwani shared a picture on Twitter of himself with Eric and Donald Trump Jr., saying he was delighted to host the two for the occasion of his daughter’s wedding.
  • Last year, Eric and Donald Jr. opened the Trump International Golf Club in Dubai, the first of two to be built in the United Arab Emirates by DAMAC Properties.

Dubai: President Donald Trump’s two elder sons have visited Dubai, attending the wedding of the daughter of a billionaire Emirati developer and business partner of the Trump Organization.
Hussain Sajwani shared a picture Friday on Twitter of himself standing with Eric and Donald Trump Jr., saying he was delighted to host the two for the occasion of his daughter’s wedding. He described them as “dear friends and business partners.”
Last year, Eric and Donald Jr. opened the Trump International Golf Club in Dubai, the first of two to be built in the United Arab Emirates by DAMAC Properties, which is majority-owned by Sajwani.
Eric on Thursday shared a picture of himself and his brother visiting the Trump-branded golf club in Dubai, but made no mention of attending the wedding.


Crypto-miners take down Iran electric grids, prompting crackdown

Cryptocurrency mining is a process in which specialized computers complete progressively more difficult calculations to verify transactions and thereby produce cryptocurrencies, the most popular of which is Bitcoin. (Shutterstock/File Photo)
Cryptocurrency mining is a process in which specialized computers complete progressively more difficult calculations to verify transactions and thereby produce cryptocurrencies, the most popular of which is Bitcoin. (Shutterstock/File Photo)
Updated 46 min 12 sec ago

Crypto-miners take down Iran electric grids, prompting crackdown

Cryptocurrency mining is a process in which specialized computers complete progressively more difficult calculations to verify transactions and thereby produce cryptocurrencies, the most popular of which is Bitcoin. (Shutterstock/File Photo)
  • Multiple cities have experienced blackouts and a halt to industrial work in recent weeks
  • Tehran offering $4,750 reward for informants who expose illegal cryptocurrency mining operations

LONDON: Iran has ordered a crackdown on cryptocurrency miners after blackouts in major cities were attributed to the excess toll the activity takes on the energy grid.

Parts of Tehran, as well as Mashhad and Tabriz, have experienced repeated blackouts in recent weeks, temporarily halting production lines and plunging the cities into darkness.

State electricity company Tavanir said it had temporarily halted all known crypto-mining operations, including a Chinese-Iranian mine in Rafsanjan that is reported to have been consuming 175 megawatt hours — enough electricity to power an average Western home for 17 years.

Cryptocurrency mining is a process in which specialized computers complete progressively more difficult calculations to verify transactions and thereby produce cryptocurrencies, the most popular of which is Bitcoin.

The process is extremely energy intensive, meaning that cryptocurrency mining is most profitable in locations with cheap energy.

Because of significant state subsidies and excess fuel reserves held by Iran due to sanctions, oil-fueled electricity is very cheap in the country — less than 1 cent per kilowatt hour.

This has massively fueled production of cryptocurrencies in Iran, to the extent that in 2020, the country was responsible for 8 percent of all the world’s Bitcoin production.

The effect of the crypto-mining on Iran’s grids has become such a problem that the government is now offering a $4,750 reward for tips on illegal crypto-mining locations.

At $35,000 each, the price of Bitcoin has reached record levels in recent weeks, making mining of the currency particularly attractive in a place with few economic opportunities such as Iran.

The appeal of Bitcoin and other cryptocurrencies is also relevant for states and groups that operate on the fringes of the global economy, such as Iran, Venezuela and North Korea, as well as terrorist groups.

Bitcoins can be traded outside the traditional banking system, allowing Iran to circumvent economic sanctions on its financial sectors, and terrorist groups such as Hezbollah and Daesh to trade on the black market anonymously.

In 2019, Iran’s President Hassan Rouhani announced that his country would launch its own cryptocurrency to circumvent US sanctions, but little else is known about the project.

Despite the difficulty in tracing cryptocurrency transactions, in 2018 the US sanctioned two Iranians who had been converting cryptocurrency into Iranian rials on behalf of hackers who had targeted American corporations, hospitals, universities and government agencies.