UAE launches AI-powered tourist VAT refund platform
The UAE’s Federal Tax Authority (FTA) has launched an artificial intelligence-powered platform for tourist value-added tax (VAT) refunds, allowing visitors...
Business
Business
Emerson to build new automation solutions service center in Qatar
Emerson, a global automation solutions company, said on Wednesday it plans to build a new solutions service center in Qatar's...
- The facility will include region's first certified in-country flow calibration lab, along with other automation technologies.
- The 3,500-square-meter facility adds to Emerson's existing manufacturing, service and distribution locations in Saudi Arabia and the United Arab Emirates.
Business
UAE sets 5.06 percent profit rate for retail T-Sukuk
The UAE Ministry of Finance set a 5.06% annual profit rate for its second five-year Sovereign Retail T-Sukuk issuance. Subscriptions...
- Subscriptions run through September 28, with allocation September 29 and issuance, refunds and settlement scheduled for September 30.
- The sukuk will trade on Nasdaq Dubai from October 1, extending retail investors' access to secondary-market liquidity.
Business
UAE tops Arab Digital Economy Index 2026
The UAE topped the Arab Digital Economy Index 2026, with the assessment highlighting regional gains in infrastructure, digital government and...
- The index identified persistent gaps in innovation, research and development, data economies and converting digital investment into productivity.
- Saudi Arabia, Bahrain, Qatar and Oman joined the UAE in the highest-performing group, while 11 countries develop digital foundations.
Business
Maldives and Eagle Hills sign terms for $12 billion waterfront destination
The project, known as Maldives Waterfront and Marina, is planned as an integrated tourism and residential destination combining hotels and...
- Properties will be offered under Maldivian law on leasehold terms of up to 99 years, restarting after transfer.
- Maldives Infrastructure, Housing and Urban Development Minister Abdulla Muththalib described the project as the country’s largest investment programme.
Business
PIF launches digital platform Tawrid for providing supply-chain financing
The Public Investment Fund (PIF) has announced the launch of Tawrid Company for Financing Solutions, an innovative digital platform providing...
- Tawrid has obtained the Saudi Central Bank’s (SAMA) permit to operate under the regulatory “Sandbox” environment, Argaam reported.
- Tawrid has started operations and has already signed binding agreements with local banks and companies.
Business
Qatar launches platform to manage wealth fund domestic portfolio
Qatar’s new investment platform will manage the wealth fund’s domestic portfolio as Doha targets $60 billion in infrastructure and private...
- Qatar expects $38.5 billion in infrastructure projects and $22.5 billion in private real estate and hospitality investment over five years.
- The strategy comes amid disrupted LNG exports, risky Hormuz shipping and Doha’s efforts to strengthen economic resilience through diversification.
Business
Dubai’s ATM 2026 closes with record Asia-GCC travel data, tourism rebound
The 33rd edition, held under the theme "Travel 2040: Driving New Frontiers Through Innovation and Technology," saw the launch of...
- It also saw the launch of the UAE Grand Tour digital platform mapping a single route through the seven emirates.
- Emirates signed 11 memoranda of understanding during the show, while Rotana unveiled a pipeline of 40 hotels and more than 8,300 keys.
Business
Space42, Viasat sign binding agreement to co-found ‘Equatys’
Space42 and Viasat will each initially contribute $400 million, while Space42 is expected to provide an additional $200 million in...
- Equatys plans an architecture capable of scaling to 2,800 satellites across 60 orbital planes and three altitude layers as demand grows.
- The venture will let mobile operators share satellite infrastructure while retaining spectrum rights, customers and commercial relationships.
Business
UAE non-oil trade with BRICS countries reaches $312 billion, says minister of foreign trade
Dr. Thani bin Ahmed Al Zeyoudi said trade with BRICS countries grew 28.5 percent in 2025 from the previous year,...
- Al Zeyoudi said UAE seeks stronger trade facilitation, free trade agreements and comprehensive economic partnerships to diversify its economy.
- The minister said the UAE had strengthened such partnerships even before joining BRICS as part of its strategy to diversify the economy and open new markets for the private sector.
Analysis
The long memory of Dubai’s debt markets
Binghatti’s review comes as net profit rose 64% year-on-year, while Moody’s had only five months earlier cited strong liquidity, disciplined...
- Emaar operated normally through its 2009 review, later delivering stronger leverage, higher interest coverage and a AED127 billion backlog.
- Nakheel’s 2009 crisis required AED8 billion in government liquidity support, while creditors accepted repayment terms in a 2010 restructuring.
UAE launches AI-powered tourist VAT refund platform
The UAE’s Federal Tax Authority (FTA) has launched an artificial intelligence-powered platform for tourist value-added tax (VAT) refunds, allowing visitors...
Business
Company News
SIB profit up 9%
Business
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GCC outward workers’ remittances reach $161 billion in 2025
Gulf Cooperation Council countries collectively recorded the world’s highest value of outward workers’ remittances in 2025, totaling approximately $161 billion,...
Business
Google restricts free access to Gemini AI models
Google will restrict free access to some of its Gemini artificial intelligence models under changes taking effect this month. Starting...
Business
MENA sovereign investors reach $6.1 trillion in assets
Mubadala led regional sovereign investors with $26.2 billion in investments, followed by the Public Investment Fund (PIF), Abu Dhabi Investment...
Business
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Business
AI market could need $6 trillion annual revenue by 2031, report says
Much of the value is expected to come from new innovation beyond employee productivity, Bain & Company said in its...
- Hardware and semiconductor market capitalization grew 24% from 2020 to 2026, compared with 6% for software.
- Bain says AI has compressed cyberattacks to 18 hours, requiring changes across code, agent discovery, detection and governance.
Business
Aldar, Arada sign $4bn Abu Dhabi development partnership
Dubai, UAE -- Aldar and Arada have agreed a strategic partnership covering development opportunities on Yas Island and at Seih...
- Aldar and Arada will jointly develop a 1.5 million square metre mixed-use community at Seih Sdeirah on Abu Dhabi’s border.
- Arada acquired three Yas Island plots exceeding 27,500 square metres, marking its first development projects in Abu Dhabi.
Business
OpenAI halts GPT-6.1 Astra release over safety concerns
The decision comes before OpenAI’s annual developer conference, where the company is expected to face scrutiny over AI safety.
- Researchers linked to OpenAI previously investigated agents communicating independently before hundreds subsequently attacked software startup Hugging Face.
- The decision comes amid wider calls within the AI industry for greater caution in developing frontier models.