Markets Dubai shares slide nearly 2% on Israel and Iran tensions Dubai’s benchmark stock index fell sharply on Friday, as heightened geopolitical tensions in the Middle East triggered a sell-off in heavyweight property shares. The DFM General Index dropped 1.87 percent after Israel launched strikes on Iranian military targets. Israel said it had hit nuclear and missile sites as well as targeting senior commanders, calling it […] June 13, 2025
Exclusive Banking and Finance Stablecoin issuer Circle targets UAE’s $44bn remittance corridor Stablecoin issuer Circle, fresh off a $1 billion initial public offering on the New York Stock Exchange, is in early talks with money-transfer houses in the UAE to plug its USD Coin (USDC) into one of the world’s busiest remittance corridors. Circle is the sole issuer of USDC, the world’s second-largest stablecoin, with a market […] June 12, 2025
Finance EU plans to remove UAE from money laundering watchlist The European Union (EU) plans to remove the UAE from its list of high-risk countries for money laundering, a move that could ease compliance burdens for investors and banks operating in the Gulf state. The decision still requires final approval from the European Parliament and Council, which have up to two months to raise objections. […] June 11, 2025
Analysis Banking and Finance Gulf banks fight back to beat buy-now-pay-later advantage Gulf banks are moving aggressively to claw back billions of dollars in market share from buy-now-pay-later fintechs, turning to new payments infrastructure to reassert control at checkout, according to industry executives. Visa is working with lenders in the UAE and Saudi Arabia to expand its “Installment Solutions” platform, which allows credit cardholders to split payments […] June 10, 2025
Analysis Banking and Finance Banks slash IPO fees in Gulf scramble for market share Investment banks in the Gulf are cutting or even waiving fees to secure roles in regional initial public offerings (IPOs). As activity cools elsewhere, companies in the world’s largest oil producing region are selling shares to fund expansion. With IPO activity slowing in the US, Europe and China, legal and financial advisors say the Gulf, […] June 10, 2025
Infrastructure Startups invited to solve Medina’s challenges Saudi Arabia is inviting startups to tackle infrastructure challenges in Medina, one of Islam’s holiest cities, as it ramps up efforts to expand religious tourism. Madinah-Tech, an accelerator backed by the regional municipality and private investors, has opened applications for its first cohort as the city struggles to keep pace with growing visitor numbers. The […] June 5, 2025
EXCLUSIVE Real Estate Asif Aziz: from the heart of London to Al Maryah Island Asif Aziz owns more of Leicester Square and Piccadilly Circus than any other individual. His holdings include the Criterion Building, a West End landmark best known as the setting where Dr Watson first hears the name Sherlock Holmes; the former Trocadero, which housed music halls and cinemas from the 1890s; and One Leicester Square, overlooking […] June 2, 2025
Banking and Finance Shuaa Capital sues former executives for $70m over losses Investment bank and asset manager Shuaa Capital has filed a lawsuit against former executive managers, seeking approximately $71 million (AED 260 million) in compensation for alleged misconduct that the company claims contributed to its financial losses. The legal action, disclosed in a filing to the Dubai Financial Market, is part of Dubai-based Shuaa’s broader efforts […] May 30, 2025
Analysis Banking and Finance UAE’s cashless drive stymied by the humble rent cheque The UAE wants to be an almost completely cashless economy but rent, which is one of the country’s largest personal expenses, remains locked in paper. That is providing an opportunity for regional financial technology companies to plug the gap between tenants who want to pay their rent digitally and monthly, and landlords who want the […] May 30, 2025
Artificial Intelligence ‘Wins for America’: Nvidia chief hails Gulf deals Nvidia CEO Jensen Huang used a first-quarter earnings call on Wednesday to highlight artificial intelligence infrastructure deals in the UAE and Saudi Arabia, describing them as major US victories at a time when export controls have dented the company’s Chinese sales. Ahead of Nvidia’s Q1 call, the Financial Times reported that Trump had ordered US […] May 30, 2025
Trade EU launches UAE trade talks despite watchlist status The European Union has relaunched free trade talks with the UAE, even as it continues to keep the Gulf state on its money laundering watchlist, a designation that can pose risks for investors. In February last year the UAE was removed from the Financial Action Task Force (FATF)’s grey list after being praised for reforms […] May 29, 2025
Exclusive Health Globalpharma seeks early lead in race for Ozempic alternatives Globalpharma, which is a wholly owned subsidiary of Dubai Investments, is laying the groundwork to manufacture generic versions of blockbuster drugs such as Ozempic, positioning itself ahead of potential patent expiries and shifting regulatory frameworks. The UAE drugmaker is exploring partnerships to develop peptide-based injectables using off-patent precursors – drug ingredients that are no longer […] May 29, 2025
Health Abu Dhabi seeks bids for studies of indoor air quality Abu Dhabi is seeking proposals from research companies, consultancies and academic institutions to study the health impact of indoor air pollution, as the emirate plans to draft new evidence-based public health policies. The Abu Dhabi Public Health Center has invited bids to develop research to quantify the health burden of indoor air pollution and propose […] May 22, 2025
Aviation Ex-Etihad CEO James Hogan takes stake in UK’s Global Airlines James Hogan, the former Etihad Airways chief executive who was at the helm during the airline’s loss-making expansion, is set to become a shareholder in the UK’s Global Airlines, a startup attempting to bring the Airbus A380 back into commercial service. Hogan’s advisory firm, Knighthood Global, will take a stake in Global Airlines and advise […] May 20, 2025
Transport Neom-backed Volocopter delays rollout of air taxis German air taxi company Volocopter, a partner in Saudi Arabia’s Neom giga-project, has delayed the launch of passenger services until next year, as it focuses on emerging from insolvency following its acquisition by new Chinese owners. Borja Blond, CEO of the joint venture between Neom and German manufacturer Volocopter, had said in 2023 that Neom […] May 19, 2025
EXCLUSIVE Giga-projects PIF plans $100bn ‘Project Paradise’ Saudi Arabia’s $925 billion Public Investment Fund is drawing up plans for a $100 billion development in Riyadh, even as it reins in spending across some of its flagship projects, according to sources. The mixed-use project, known internally as “Project Paradise”, is in the early planning stage and is expected to be located southwest of […] May 19, 2025
Tech US and UAE agree tech plan as Trump lands in Abu Dhabi US and Emirati officials agreed a framework to enhance exchanges in advanced technology as Donald Trump arrived in Abu Dhabi on Thursday evening on the third and final leg of his tour of the Gulf. The deal includes commitments from both sides to ensure the shared technology is handled securely, Reuters reported, citing an unnamed […] May 15, 2025
Analysis Artificial Intelligence Saudi Arabia risks AI glut as Trump approves Nvidia sale Saudi Arabia’s plan to build one of the world’s largest artificial intelligence infrastructures may lead to oversupply in the short term, creating spare capacity for export to other emerging markets, AI experts have said. Although domestic demand is growing, Riyadh’s rollout of compute – computing power for AI – is outpacing current uses. Capacity is […] May 15, 2025
Health NMC’s BR Shetty fails to overturn $33m DIFC court ruling BR Shetty has lost his bid to appeal against a $33 million judgment by the Dubai International Financial Centre Courts in a case linked to the collapse of the company he founded, NMC Health. In the ruling made public this month, Chief Justice Wayne Martin dismissed Shetty’s request to challenge the judgment in favour of […] May 12, 2025
Markets Dubai lays out welcome mat for Chinese finance The Dubai International Financial Centre is stepping up efforts to attract Chinese securities firms and corporates hoping to raise funds through initial public offerings, positioning itself as an alternative jurisdiction to Hong Kong and New York. Set up in 2004, the DIFC provides a platform for financial institutions with a legal and regulatory framework that […] May 12, 2025
Leisure & Hospitality Wynn says UAE casino on track despite delays to US projects Wynn Resorts has said its $5 billion integrated resort in the UAE is progressing on schedule, even as the Las Vegas casino operator delays hundreds of millions of dollars in other projects due to rising construction costs linked to new Trump tariffs.` While gambling remains prohibited under UAE federal law, the 47-storey resort on Al […] May 9, 2025
Markets Tabby and Kitopi plan IPOs but raise economic concerns Fintech company Tabby and cloud kitchen operator Kitopi are preparing to go public. However they have warned about potentially limited share allocations to international investors and Gulf economic risks linked to oil prices being at a four-year low. Dubai-based Tabby, a regional buy-now-pay-later platform, said global funds are reluctant to spend the time and energy […] May 7, 2025
