The UAE has successfully launched its first homegrown rocket to conduct space research.

The tiny projectile, weighing 13 kilograms (29 pounds), blasted off on Friday from a remote island off Abu Dhabi and soared to an altitude of 3 kilometers (1.9 miles) before a parachute opened and the vessel landed in the UAE desert, The National reports.

The flight itself was a test of the UAE’s ability to launch a reusable research rocket, which was equipped with an engine, injectors, tanks, control systems and avionics that were designed and built by the government’s Technology Innovation Institute.

“This launch is a defining moment for science and engineering in the UAE,” said Najwa Aaraj, the institute’s CEO.

Abu Dhabi’s International Holding Co., the UAE’s largest publicly traded company, said it plans to launch Judan Financial Holding, a new international financial services firm with $237 billion in assets under management.

The new conglomerate will consolidate IHC’s largest finance businesses, including Alpha Dhabi, 2PointZero Group and Sirius International, providing services in banking, insurance, asset management and fintech. 

Sheikh Tahnoon bin Zayed, the UAE National Security Adviser, will serve as Judan’s Chairman, as he does at IHC. Investment Minister Mohamed Alsuwaidi will be CEO, Vice Chairman and Managing Director, according to a government statement.

Creating Judan as an umbrella holding company comes amid a broader restructuring in Abu Dhabi’s investment holdings and reflects IHC’s push to build up its financial services globally. The firm will control more than 20 operating companies and serve over 11 million clients in 13 countries.

Last month, Abu Dhabi’s newest sovereign wealth fund, L’Imad Holding, took control of ADQ, creating an investment firm chaired by Crown Prince Sheikh Khaled bin Mohamed. ADQ, which managed $263 billion before the merger, had been chaired by Sheikh Tahnoon and headed by Alsuwaidi, who now leads asset management firm Lunate.

Abu Dhabi tech investor MGX co-led a $30 billion funding round in U.S. firm Anthropic, the maker of the Claude AI chatbot.

The deal, led by Singapore’s sovereign wealth fund GIC and Coatue Management, roughly doubled Anthropic’s valuation to $380 billion.

Anthropic, founded in 2021, has rapidly grown its revenue run rate to $14 billion, focusing on safer AI applications for sectors like finance, healthcare, and software.

MGX, which was set up less than two years ago with support from Mubadala and tech conglomerate G42, has been expanding its U.S. tech footprint, including stakes in OpenAI and Elon Musk’s xAI, and participation in a $40 billion acquisition of Aligned Data Centres.

Saudi Arabia performed a sweeping reshuffle on Thursday evening, replacing more than 40 senior and regional government positions, as the kingdom continues to overhaul its financial priorities in light of falling oil revenues.

Leading the changes was the removal of Investment Minister Khalid Al Falih, one of the most recognizable faces of the Kingdom’s Vision 2030 plan and a former Energy Minister and Chairman of Saudi Aramco. 

Al Falih, who has held the role since 2020 and was a regular on the global conference circuit, has been replaced by Fahad Al Saif, a senior executive at the Public Investment Fund. Al Falih will remain in the cabinet and serve as a Minister of State.

Dozens more appointments were made in the kingdom’s biggest reshuffle since 2022, including Dr. Khalid Al Yousef, the president of the Board of Grievances, being promoted to the role of Attorney General. He replaced Sheikh Saud Al Muajab, who joined the royal court as an advisor with the rank of minister. 

Royal watchers were quick to point to the appointment of Prince Rakan bin Salman, Crown Prince Mohammed bin Salman’s youngest full brother, as the Governor of Diriyah, an area considered the crown jewel of the kingdom and the birthplace of the Saudi state. 

Other regional changes included Prince Saud bin Nahar moving from Taif Governor to Medina Deputy Governor, with Prince Fawwaz bin Sultan taking over Taif, and Prince Mohammed bin Abdullah being named Northern Borders Deputy Governor.

Saudi Arabia’s Minister of Investment Khalid al-Falih, the former chief of Aramco, was dismissed today by King Salman in a cabinet reshuffle announced by royal decree.

Fahad al-Saif, Chairman of Gulf International Bank, was appointed to replace Al-Falih, who held the post for six years. Al-Falih will remain in the cabinet and serve as a Minister of State.

The move comes amid expectations that Saudi Arabia’s $925 billion Public Investment Fund will shortly release a new five-year plan, outlining its strategy as the kingdom struggles with declining oil revenue and budget shortfalls.

Al-Falih, 65, was previously Chairman and CEO of Saudi Aramco, the world’s largest oil company. He also served as Minister of Energy and Minister of Health.

A record number of flights taken on private jets has prompted UAE aviation companies to bolster their luxury charter fleets, amid an influx of millionaires and billionaires. 

Dubai-based jet operator Vista Global has placed a $1 billion order with Canadian manufacturer Bombardier. The deal for 40 Challenger 3500 business jets has an option for an additional 120 planes, which would bring the value to as much as $4.7 billion, Reuters reports.

With the lure of an advantageous tax regime and a safe and luxurious lifestyle, Dubai and neighboring Abu Dhabi have become the world’s top destinations for millionaires, driving a sustained boom in luxury property and, now, demand for private jets. 

Dubai’s main private jet hub at Dubai South reported a record-breaking 20,289 business aviation movements in 2025, up 17% on the prior year.

Shares in Montreal-based Bombardier have risen by more than 200% over the past year based on strong revenue growth, including higher demand for aftermarket servicing. The company is looking at increasing production of private jets to meet the growing demand.

The 3500 model is an upscale version of Bombardier’s Challenger 350, seating up to 10 passengers. It features a 6-foot cabin height, deep-reclining seats and voice-controlled cabin lighting, temperature and entertainment. 

Saudi Arabia’s Qiddiya megaproject is galloping ahead with plans to make the Saudi Cup horse race a global showpiece, even as the kingdom trims spending on some other giant developments.

The $40 billion entertainment city is investing heavily in racing facilities and fan experiences tied to the world’s richest horse race, Arabian Gulf Business Insight reports.

The Saudi Cup itself carries a $20 million purse for the main race and more than $35 million across the race weekend, drawing top international horses and stables.

Backers see the high-stakes event as a headline attraction designed to anchor Qiddiya’s push to become a global sports and entertainment hub. The new venue will include a 21,000-seat grandstand and a 110-meter parade ring.

Dubai’s five-year property boom is showing signs of slowing down.

A surge of new homes coming onto the market this year is likely to cool the pace of rising prices, according to a report by Moody’s.

The ratings firm said that major Emirati developers and banks are in a strong enough financial position to cope with a softer market. 

Population growth and continued demand from wealthy overseas buyers should prevent a sharp downturn, according to a report by Moody’s Vice President and Senior Analyst Lisa Jaeger.

Since 2021, developers have been capitalizing on high prices to sell an increasing number of homes off-plan for completion several years later.

This will drive a surge in new deliveries between 2026 and 2028 in Dubai in particular, before tapering off, Jaeger writes.

“The slowdown will prompt developers to scale back the launch of new projects and lead to lower new sales values over the next 12 to 18 months, a trend we expect will persist for several years,” the report says.