Dubai unveils $3.5B expansion of Silicon Oasis free zone
Dubai will seek to attract 6,500 new tech companies and 75,000 specialized workers with a $3.5 billion expansion of its Silicon Oasis free zone.
Two new projects form the backbone of the expansion. The first, District I0, will be a hub for research, development and innovation, housing small-to-medium enterprises and startups working in industries including robotics, smart mobility, AI and quantum computing.
The second element, Block 14, will be a residential and commercial district close to the Dubai Metro Blue Line.
Launching the initiative, Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, said the project would contribute to an “advanced, technology-driven business environment for emerging economic sectors.”
Abu Dhabi’s ADGM plans to expand with $16B investment
Abu Dhabi is planning a $16 billion expansion of its ADGM free zone, as the hedge funds, banks and fintech companies that have been flocking to one of the region’s fastest growing financial hubs demand more space to expand.
The emirate’s Mubadala sovereign fund and its biggest developer, Aldar Properties, are partnering on the mixed-use development, which will double the Grade A office space available on Al Maryah Island and add another 3,000 luxury residences, Bloomberg reports.
The number of operational entities within ADGM rose to 3,227 in the third quarter, up 43% year-on-year. Billionaire Alan Howard told Abu Dhabi Finance Week that his hedge fund, Brevan Howard Asset Management, which is Abu Dhabi’s largest, has run out of office space and is looking for more.
Balyasny Asset Management, a $29 billion multi-strategy hedge fund, is the latest newcomer, with plans to open an office early next year.
Non-oil industries drive Saudi growth for 5th straight quarter
Expansion of Saudi Arabia’s non-oil economy – highlighted by construction, tourism and entertainment – is fueling a rebound in the kingdom’s finances amid falling petroleum prices.
Gross domestic product is expected to have expanded 3.9% in the second quarter of 2025 compared to the same period last year as Saudi Arabia and other OPEC+ states lifted production limits to stimulate sales.
It was the fifth consecutive quarter of growth for the overall economy after a 3.4% expansion in the first three months of the year, according to the Saudi General Authority of Statistics.
The kingdom’s non-oil economy, which Crown Prince Mohammed bin Salman set as the fulcrum of his Vision 2030 economic blueprint, grew 4.7% in the second quarter.
Meanwhile, oil continued to be the driving force in the economy, with the sector expanding 3.8%.
The Saudi economic rebound was reflected in the International Monetary Fund’s decision on Wednesday to raise its GDP forecast for this year to 3.5%, revised from its earlier prediction of 3%.
The kingdom “has demonstrated strong resilience to shocks, with non-oil economic activities expanding, inflation contained, and unemployment reaching record-low levels,” the IMF said.
Emirates Group launches global hiring campaign to fill 17,300 jobs
Emirates Group has launched a global talent drive to support expansion, with plans to hire 17,300 people across 350 different roles this year.
Recruits are being sought across Emirates airline and the dnata ground-handling unit, from cabin crew, pilots and engineers to IT, human resources and finance roles.
The company, which already has a 121,000-strong workforce, will host open days and other recruitment events across 150 cities including the UAE, The National reports.
Emirates airline posted its third consecutive year of record profits last year, with a post-tax profit of AED19.1billion ($5.2 billion) for the year ended in March.
It paid out a generous 22-week bonus to eligible employees following the result.
UAE’s Etihad Rail aims to upgrade dilapidated network in Africa
Etihad Rail could take a lead role in upgrading dilapidated railways in Africa, as the developer and operator of the UAE’s nascent national rail network eyes opportunities for overseas expansion.
The company signed a host of initial cooperation agreements in May with governments in Uganda, Kenya, South Sudan and Chad, Arabian Gulf Business Insight reports.
Chiefly, the UAE is being courted to provide a potential lifeline to Kenya’s Mombasa-Malaba standard gauge railway connection to Uganda, an ambitious project which stalled about 400 kilometers short of the border after China pulled back on lending.
The railway will eventually continue on to South Sudan.
Etihad Rail, established in 2009, successfully launched freight operations in the UAE in 2023, with passenger rail services expected to start next year.
Abu Dhabi’s free zone expansion to create one of the biggest financial districts in the world
As Dubai breaks ground this week on its own financial hub expansion, Abu Dhabi too is bursting at the seams to accommodate the financial firms flocking to the UAE capital, Bloomberg reports.
For several years Abu Dhabi Global Market on Al Maryah Island struggled to attract tenants and its four towers were largely unoccupied.
But recent efforts to attract global players in finance have brought the campus to near-capacity.
The government is now looking to bridge the free zone with next-door neighbor Al Reem Island, a move, first announced in April 2023, that will give it 10 times as much space and make it one of the largest financial districts in the world, occupying 3,558 acres.
Alabbar announces $408 million expansion plan for Dubai Mall
Sitting at the base of the world’s tallest skyscraper where dozens of dancing fountains greet more than 100 million credit-card-wielding visitors a year, the Dubai Mall ranks as the biggest and glitziest shopping center in the Middle East. Now it’s getting bigger and glitzier.
Mohamed Alabbar, founder of Emaar Properties, which built the 162-story Burj Khalifa that towers above, announced an expansion of the mall on Monday that will add 240 stores and restaurants to the 1,200 currently in operation.
The $408 million plan to enlarge the Dubai landmark comes after Emaar posted a 70% increase in net profit last year and the UAE reported record tourism.
“This expansion reflects Dubai’s ambitious vision to remain at the forefront of global innovation and culture, further solidifying our city’s position as a top global destination,” Alabbar said in a statement.
The mall, which first opened in 2008, is anchored by Bloomingdale’s and Galeries Lafayette, with boutiques that include Chanel, Dior, Gucci, Armani, Louis Vuitton, Hermes and Dolce & Gabbana.
The vast shopping galleries also house the Dubai Aquarium and Underwater Zoo, an Olympic-size skating rink and a 24-screen cinema complex.
The Daily Circuit: Dubai Mall expands + Etihad IPO on track
👋 Hello from the Middle East!
Today in The Daily Circuit, we’re looking at clues that Etihad Airways will hold an IPO, Qatar’s testing of a digital currency, Saudi PIF bonds denominated in British Sterling and a new government cabinet in the works for Egypt. But first, Dubai’s retail shrine unveils its expansion plans.
Sitting at the base of the world’s tallest skyscraper where dozens of dancing fountains greet more than 100 million credit-card-wielding visitors a year, the Dubai Mall ranks as the biggest and glitziest shopping center in the Middle East. Now it’s getting bigger and glitzier.
Mohamed Alabbar, founder of Emaar Properties, which built the 162-story Burj Khalifa that towers above, announced an expansion of the mall on Monday that will add 240 stores and restaurants to the 1,200 currently in operation. The $408 million plan to enlarge the Dubai landmark comes after Emaar posted a 70% increase in net profit last year and the UAE reported record tourism.
“This expansion reflects Dubai’s ambitious vision to remain at the forefront of global innovation and culture, further solidifying our city’s position as a top global destination,” Alabbar said in a statement.
The mall, which first opened in 2008, is anchored by Bloomingdale’s and Galeries Lafayette, with boutiques that include Chanel, Dior, Gucci, Armani, Louis Vuitton, Hermes and Dolce & Gabbana. The vast shopping galleries also house the Dubai Aquarium and Underwater Zoo, an Olympic-size skating rink and a 24-screen cinema complex.
FIRST CLASS
Etihad Airways is moving ahead with plans for a possible IPO, the first for a major airline in the Middle East, CEO Antonoaldo Neves said in an interview with Bloomberg. The potential listing comes amid booming demand for air travel globally. Airlines have raised their profit forecast to $30.5 billion this year as passenger count is expected to reach a record 5 billion, the International Air Transport Association said during its annual meeting, which wraps up in Dubai today. Middle East carriers are faring particularly well, set to earn a net profit of $3.8 billion this year, up from $3.1 billion last year, according to the IATA. Profit per passenger is among the highest in the world, netting $15.20 compared to the global average of $6. Etihad, which has already recruited more than 1,000 cabin attendants this year, announced this week it is looking to add another 1,000 crew members. The UAE flag carrier will host recruitment drives from June until the end of the year in 19 locations, including Athens, Vienna, Singapore, Cape Town, Colombo and Jaipur.
FRESH MINT
The Qatar Central Bank has the infrastructure ready to circulate a national digital currency and will soon start an experimental phase that will operate through October. The state news agency reported this week that the central bank plans to focus on distributed ledger technology, enhancing liquidity and transactions with securities. Meanwhile, Sheikh Mansour bin Zayed, the UAE’s Vice President and Chairman of the Central Bank of the UAE (CBUAE), chaired a meeting of the bank’s Board of Directors in Abu Dhabi on Monday in which plans to introduce a digital currency and regulate cryptocurrencies were discussed. The CBUAE has participated in Project mBridge, in which interoperability for a digital currency was successfully tested earlier this year with the central banks of China, Hong Kong and Thailand and used for remittance payments to India. Digital currencies are coming into focus in the Gulf as governments respond to cryptocurrency market volatility and assert their monetary sovereignty, according to Qatari think tank Middle East Council on Global Affairs.
Public Investment Fund: Saudi Arabia’s sovereign wealth fund has initiated plans to issue bonds denominated in British sterling, Arab News reports. The PIF hired Barclays, BNP Paribas, HSBC, and JPMorgan as joint global coordinators of the sale. The kingdom’s PIF-backed STC Group is, meanwhile, in the early stages of considering an offer for European telecom and pay-TV operator United Group, Reuters reports.
Mubadala: The Abu Dhabi sovereign wealth fund’s Mubadala Capital unit hired Sam Merksamer as a senior member of its private equity team, with a focus on direct investments, Bloomberg reports. Merksamer, a partner at Rajeev Misra’s One Investment Management, earlier worked at Softbank.
⚓ Shipping Pools: Adnoc Logistics & Services said it will pay $1 billion for an 80% stake in Navig8 TopCo Holdings, an operator of global shipping pools, and buy the remaining 20% in 2027.
🏭 Factory Pact: Khalifa Economic Zones Abu Dhabi (KEZAD) and NMDC Energy, a subsidiary of the UAE’s National Marine Dredging Co., signed a 50-year leasing agreement in which the energy company will build a new $100 million manufacturing facility in KEZAD.
☂️ Soaked Runways: The record rainstorm that flooded Dubai International Airport in April cost Emirates $110 million and will lead to a major review of the airline’s contingency processes, CEO Tim Clark said.
🚆 On Track: French engineering firms Egis and Systra won an Egyptian government contract to supervise construction of two new high-speed electric rail lines that will run 1,325 kilometers from Cairo to Abu Simbel.
🇪🇬 Cabinet Remake: Egyptian President Abdel-Fattah El-Sisi instructed Prime Minister Mostafa Madbouly to form a new government as the country enacts major economic reforms after obtaining more than $50 billion in investments and loans.
🚫 Swedish Blacklist: Sweden’s Seventh AP pension fund said it blacklisted Saudi Aramco and six Chinese and Indian companies from its portfolio “because they do not act in line with the Paris Agreement due to large-scale oil or coal operations without transition plans.”
✈️ Aircraft Shopping: Saudi Arabia’s Flyadeal, the low-cost subsidiary of national flag carrier Saudia, is in the early stages of deciding whether to expand its fleet with Boeing 787 aircraft or the Airbus A330neo, CEO Steven Greenway told Reuters.
🏡 Property Manager: Colife, a Dubai-based startup that runs a platform for managing rental properties, launched an office in Hong Kong and plans to operate in 10 major Asian and Middle East cities by 2028.
💱 Iran Links: Whistleblowers say they have uncovered billions of dollars worth of previously undetected transactions carried out by Standard Chartered with Iran-linked entities, including sanctioned companies and terrorist organisations, the Financial Times reports.
Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs, met yesterday with Lawrence Wong, the newly appointed Prime Minister of Singapore. Sheikh Abdullah congratulated Wong on taking office and the pair discussed bilateral relations and the comprehensive partnership between their countries. The meeting in Singapore was also attended by Jamal Abdullah Al Suwaidi, UAE Ambassador to Singapore, and Saeed Mubarak Al Hajeri, UAE Assistant Foreign Minister for Economic and Trade Affairs.
Russian President Vladimir Putin will host government officials from Oman as the honored guest nation at his annual forum in St. Petersburg this week as the Kremlin looks to warm up economic ties with the sultanate.
Omar Al Olama, UAE Minister of State for Artificial Intelligence, said his country is seeking “a marriage” with the U.S. over technology development, speaking in an interview with the Financial Times.
James Hogan, former CEO of Etihad Airways and current Chairman of Abu Dhabi-based Knighthood Global, was inducted into Air Transport World’s Hall of Fame at an awards ceremony in Dubai.
Hend Al Otaiba, UAE Ambassador to France, participated alongside Sultan Al Neyadi, Minister of State for Youth Affairs, in the “First Student Forum in France” organized by the Embassy of the UAE in Paris in collaboration with the Emirates World Youth Council in France on Monday.
Loia Fadel Muqames resigned as CEO of Al Ahli Bank of Kuwait after four years in the job. Ahmed Khalid Al Duwaisan, General Manager of Corporate Banking, was named acting CEO.
👟 Trend Point: Keen-eyed sneakerheads have spotted piles of Yeezy trainers on sale at half price at an Adidas outlet store in Dubai, prompting some existential questions about the once-viral fashion item, The National reports. Kanye West’s cult brand has suffered blowback from the rapper’s fall from grace, although it hasn’t put some diehards off, with one fan asking, “How much is a ticket to Dubai?”
June 5, Hong Kong: Bloomberg Wealth Event. A gathering to bring actionable intelligence to portfolio managers and other dealmakers and analysts from asset managers and owners, family offices and hedge funds. Conrad Hong Kong.
June 11-13, Rio de Janeiro, Brazil: Future Investment Initiative Priority Summit. Saudi Public Investment Fund holds FII conference for first time in Latin America. Copacabana Palace.
June 16-18, Across MENA: Eid Al Adha. Government offices and businesses are closed across the MENA region for the Islamic holiday. Dates are subject to sighting of the moon by state religious committees in each country.
June 22-23, New York City: Mubadala New York Sail Grand Prix. Flying catamarans compete at SailGP’s two-day racing festival in New York Harbor. Governors Island.
June 23-26, National Harbor, Maryland: SelectUSA Investment Summit. The highest profile event in the U.S. to facilitate business investment by connecting thousands of investors, companies, economic development organizations and industry experts to make deals. Gaylord National Resort and Convention Center.
July 15-26, Granada, Spain: ADIA Lab International Summer School. A course of lectures and case studies to explore the critical role of trust and safety in AI, examining the ethical, technical and societal implications of AI applications. University of Granada.
Qatar energy minister lays out plans for LNG expansion
Qatar expects demand for liquified natural gas to keep growing and sees little prospect of a growing glut in coming years.
Speaking at the Qatar Investment Forum in Doha on Wednesday, Energy Minister Saad Al-Kaabi said his country will press on with its multibillion-dollar expansion of liquified natural gas facilities, and may consider adding further capacity if more gas becomes available, Bloomberg reports.
“If we have a reasonable economic growth going forward, I think you’ll see all that supply and demand will catch up and you’ll need another phase of development of gas in the 2030s,” he said. “I don’t think gas is going away anytime soon.”
Qatar is boosting its LNG capacity to 126 million tons a year by 2027 from 77 million a year currently. It’s targeting 142 million tons a year by the end of the decade.
