News related to
Dhabi

Abu Dhabi has initiated a landmark pilot for self-driving delivery vehicles in Masdar City, with the Integrated Transport Centre collaborating with K2 and EMX under oversight from the Smart and Autonomous Systems Council. The operation includes the issuance of the emirate’s first licence plate for an autonomous delivery vehicle.

The vehicles, developed by K2’s Autogo subsidiary, are designed to travel urban routes and deliver orders without direct human control, using artificial intelligence and smart mobility systems. Officials say the trial is a stepping-stone toward broader commercial deployment across the emirate.

This pilot follows approved Level 4 autonomous vehicle trials in Masdar City, overseen by the Integrated Transport Centre in partnership with the smart mobility provider Solutions+, a Mubadala firm. Under these trials, vehicles are operating over a 2.4-kilometre geofenced route linking landmarks such as the Siemens building, Central Park, My City Centre Masdar mall, and others. Initially safety officers are onboard; remote control from a central operations hub is planned as trust and performance increase.

Regulators emphasise that safety, compliance, and adaptability are core to the initiative. Dr Abdulla Hamad AlGhfeli, Acting Director-General of the ITC, stated that the project marks a significant milestone in Abu Dhabi’s strategy to support innovation while ensuring legal and operational frameworks protect public welfare. Ahmed Baghoum, Chief Executive Officer of Masdar City, described the undertaking as a leap forward in autonomous mobility capabilities and aligned with the emirate’s vision of sustainable, technological integration.

Tariq Al Wahedi, Group CEO of 7X, said that through its logistics arm EMX, the company views this pilot as part of a broader last-mile delivery ecosystem. He indicated plans to expand coverage beyond Masdar City to areas such as Khalifa City and Dubai, with full commercial rollout expected within the next twelve months.

The moves align with Abu Dhabi’s goals under its smart mobility strategy, including the target that a quarter of all trips in the emirate use smart transport solutions by 2040. The ambitions also dovetail with the UAE’s broader sustainability framework, including its Net Zero by 2050 initiative.

Eshraq Investments has struck sale and purchase agreements totalling AED 264 million with Blue Lake Properties and Al Ain Properties to dispose of several land plots on Al Reem Island. The move forms part of its strategy to monetise land holdings and respond to mounting financial losses.

The sale takes place in prime zones of Al Reem Island adjacent to Al Maryah Island and inside the jurisdiction of the Abu Dhabi Global Market, locations particularly attractive to developers seeking centrality and regulatory stability. The agreements bolster Eshraq’s land monetisation drive, which has become a priority as the company seeks to improve its financial footing.

Financial filings show that accumulated losses for the first half of 2025 reached AED 484.85 million, equal to 18.05% of Eshraq’s capital. That marks an improvement from a loss of AED 526.55 million at the end of 2024, helped by gains from independent valuations of assets held by Goldilocks Investments, which rose by AED 55.14 million during the same period.

Goldilocks, a key non-core investment, had its net investment value boosted to AED 827.70 million as at 30 June 2025, up from AED 772.56 million in December 2024, offering some cushion against Eshraq’s operating losses.

In its first quarter of 2025, Eshraq reported a net loss of AED 27.03 million, a sharp decline from AED 306.05 million in the same period of 2024. Revenue across its portfolio has faltered, prompting management to accelerate the disposal or development of under-utilised land.

Industry observers note that investor appetite for Al Reem Island remains strong, driven by its proximity to key business hubs, relatively favourable regulatory environment, and demand for residential and mixed‐use projects. The sale with Blue Lake and Al Ain Properties underscores that even amidst financial pressure, prime real estate in central Abu Dhabi retains market confidence.

Abu Dhabi-based developer Object 1 is accelerating its expansion into the capital, using the platform of the International Real Estate & Investment Show at ADNEC to roll out its latest developments and strategic vision. Head of Business Development, Ismail Gasanov, will speak on panels addressing investment prospects for foreign nationals, sustainability, and intentional design.

The company is opening its first sales gallery in Abu Dhabi to serve investors, brokers, and homebuyers. Sales figures for Abu Dhabi’s wider real-estate sector demonstrate strong performance: Abu Dhabi Real Estate Centre reported Dh25.3 billion worth of transactions in the first quarter of 2025, a year-over-year increase of 34.5 %, with demand shifting toward lifestyle, waterfront, and premium residences.

Object 1’s growth in Abu Dhabi builds on its rapid ascendance in Dubai. With over 17 active projects, the developer has become a top-ten player in Dubai’s development landscape within just a few years. The company claims sales value jumped 188 % in the first half of 2025 compared to the same period in 2024, while transaction volume rose 157 %. Its development pipeline now exceeds 4.5 million square feet, including ALTA V1EW, its newest tower slated to rank among the tallest in Jumeirah Village Circle.

At IREIS 2025, with more than 35 exhibitors and over 2,000 investors expected, Object 1 joins Gold Sponsors such as Reportage Properties, Danube Properties, and Dugasta Properties. The show features an Investment Conference that will examine foreign investment, property law reforms, new ownership models, and how proptech, smart cities, and sustainability are reshaping the market.

Tatiana Tonu, CEO of Object 1, said that Abu Dhabi’s stable economy, high-quality infrastructure, and affluent communities continue to draw discerning investors seeking both capital growth and lifestyle excellence. The expansion into the capital reflects the firm’s long-term confidence in Abu Dhabi as a hub for design-led, sustainable developments that combine community living and investment value.

Abu Dhabi’s active development pipeline is considerable. A report by BNC Network puts the total value of active projects at about US$758.79 billion, with the urban construction component contributing some US$221.56 billion. Residential supply is increasing, with around 2,400 units already delivered in Abu Dhabi city this year; by year end, about 10,400 units are projected, and 11,000 more scheduled for delivery in 2026.

Taraf, the real-estate arm of Yas Holding, has entered a joint venture with Masdar City to build a residential community covering 1.4 million square metres within Masdar City, Abu Dhabi’s flagship sustainable innovation hub. The development will offer over 1,000 homes, including two- to six-bedroom villas and townhouses, with freehold ownership options.

Designed around a neighbourhood cluster model, the community emphasises human-centred amenities: shaded walkways, cycling routes linked to Al Masar Park, numerous parks, and extensive open spaces for wellbeing and active lifestyles. The layout will also include family-friendly infrastructure: dedicated clubs, safe environments for children, and walkable areas throughout.

Low Ping, Group CEO of Yas Holding, said that this project reflects Taraf’s strategy of building “design-led communities that inspire modern living where sustainability and innovation come together,” and that it aligns with Abu Dhabi’s Falcon Economy Vision for dynamic, connected growth. Ahmed Baghoum, CEO of Masdar City, emphasised the intention for the development to combine Taraf’s design focus with Masdar’s sustainability framework, creating a place “where people can live, work, learn, and innovate” under low-carbon principles.

This project represents a growing trend in the UAE towards full-community developments built on sustainable, low-carbon design and green infrastructure. Masdar City has already established itself as a leader in eco-innovation, hosting many businesses, research centres and incubation hubs under strict environmental standards. The inclusion of freehold ownership is relatively rare in developments of this nature in Masdar City, potentially making the homes attractive to investors and owners seeking long-term assets.

Investors and urban planners are likely to monitor how the community balances high design and sustainable living with affordability and infrastructure delivery. Ensuring that walkable, shaded and bike-friendly pathways are effectively integrated, as well as ensuring accessibility of services such as schools, healthcare and public transport, will be critical to the success of the development.

Regulatory and market conditions in Abu Dhabi have been increasingly favourable to sustainable urban development, with government policy pushing for low-carbon goals, renewable energy adoption, and integrated infrastructure. Abu Dhabi’s Falcon Economy Vision is central to this, aiming for economic diversification and environmental sustainability together.

European regulators are finalising a set of remedies with Abu Dhabi-based oil major ADNOC for its €14.7 billion bid to acquire chemical manufacturer Covestro, adjustments that aim to satisfy concerns under the EU’s Foreign Subsidies Regulation.

ADNOC is expected to convert a planned €1.2 billion capital increase into a shareholder loan bearing market terms. The move seeks to counter claims by the European Commission that the proposed capital equity injection could constitute unfair foreign aid under EU rules. In addition, ADNOC will likely address issues around an alleged unlimited state guarantee and commit to keeping Covestro’s intellectual property and technology within Europe.

The EU launched its formal investigation in July to assess whether UAE-based government support might distort competition in the internal market. Scrutiny has focused on whether ADNOC’s offer price, bolstered by state subsidies such as guarantees and capital injections, created an unlevel playing field. A regulatory deadline of 2 December looms for the European Commission’s final decision.

ADNOC has expressed frustration with the breadth of information requests from the Commission, describing them as “disproportionate and invasive.” The company warned that such demands could threaten the viability of its acquisition bid if not managed carefully.

Negotiations involve high level officials: ADNOC CEO Sultan Ahmed Al Jaber spoke with EU antitrust chief Teresa Ribera about the remedy proposals. ADNOC will likely mirror similar steps taken by UAE telecoms group e&, which recently prevailed in an EU review by eliminating an unrestricted state guarantee and following domestic bankruptcy statutes more closely.

Covestro, which produces materials used in insulation, automotive parts and consumer goods, would be one of the biggest acquisitions of an EU firm by a Gulf state if the deal proceeds. The transaction, announced in October, has drawn close attention for being ADNOC’s largest ever and for raising questions about foreign capital’s role in European markets.

Dubai Business Events secured the Association Development Award at the ICCA Middle East Summit, recognising its leadership in fortifying association capacity and fostering knowledge exchange across the region. The accolade was conferred by Fatima Bint Jaafar Al Sairafi, Bahrain’s Minister of Tourism, at Exhibition World Bahrain in partnership with the Bahrain Tourism and Exhibitions Authority.

At the summit, attended by more than 100 destination leaders and industry stakeholders from the region, the bureau’s commitment to advancing collaboration and sustainable development in the meetings industry was spotlighted. This recognition reflects its alignment with the Dubai Economic Agenda D33 and its mission to enhance the region’s global competitiveness in business events.

Dubai Business Events—part of the Dubai Department of Economy and Tourism—participated in a high-level panel discussion titled “The Future of Destination Leadership: Unlocking Regional Potential through Innovation, Inclusivity, and Sustainability,” alongside counterparts from Abu Dhabi, Bahrain, Oman and Jordan. The session highlighted how destinations across the Gulf are leveraging innovation, inclusivity and sustainable practices to shape the future of association meetings.

Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment, hailed the accolade as evidence of their strategic foresight. He emphasised that associations—regardless of scale or sector—play a pivotal role in Dubai’s growth by facilitating knowledge exchange, industry development and economic impact.

Abu Dhabi Global Market recorded more than 11,000 active licences and a striking 42 per cent rise in assets under management in the first half of 2025, underpinning its emergence as the Middle East and North Africa region’s leading international financial centre. ADGM Exceeds 11,000 Licences, AUM Surges 42 %.

The expansion sees ADGM surpass AED 500 billion in market capitalisation of its listed entities on the Abu Dhabi Securities Exchange, reflecting its pivotal role in strengthening the emirate’s non-oil economy, which grew to 9.1 per cent in the first quarter of 2025.

More than 2,970 firms—comprising 308 financial and 2,664 non-financial entities—are now operating from ADGM, marking a 42 per cent year-on-year increase. The centre issued 1,869 new licences during the period, the highest ever in a half-year span, up by 47 per cent from the previous year.

Asset management continued to thrive: ADGM is now home to 154 fund and asset managers overseeing 209 funds, driving AUM up by 42 per cent over the year to June 2025.

Powerful global partnerships fuelled the centre’s momentum. Fortress Investment Group set up an office in ADGM and joined a US$1 billion co-investment venture with Mubadala. Kimmeridge opened its ADGM branch and inked an MoU with Mubadala Energy to develop natural gas and LNG projects. Meanwhile, IHC, BlackRock and ADGM-based Lunate launched an AI-native reinsurance platform worth over US$1 billion. A private credit joint venture between Mubadala and Alpha Dhabi scaled to US$2.5 billion—all anchored at ADGM.

ADGM’s increasing workforce reflects its expanding influence: by end-June 2025, nearly 36,000 professionals were working across Al Maryah and Al Reem Islands.

ADGM’s achievements are underpinned by enhanced regulatory frameworks. The Financial Services Regulatory Authority issued 52 In-Principle Approvals and 45 new Financial Services Permissions. The Registration Authority implemented improvements such as the AccessRP digital platform for property interest verification, Commercial Permit Regulations to support non-financial businesses, and revised fees to simplify market entry. Mutual recognition of digital platforms with Astana International Financial Centre and a 223 per cent increase in supervision assessments further underscore ADGM’s commitment to governance and global alignment.

International engagement has also grown: ADGM participated in CityWeek 2025 in London, held roadshows in China and Japan, and concluded MoUs with regulators in Azerbaijan, Bhutan, Hong Kong and Sweden. These moves have promoted cross-border regulatory collaboration, innovation in capital markets, and sustainable finance initiatives.

NMDC Group PJSC and ADNOC Logistics and Services Plc forged a three-year agreement today to assess joint delivery of maritime services for offshore projects, reinforcing their partnership in Abu Dhabi’s energy infrastructure.

The agreement, signed by Engineer Yasser Zaghloul, Group Chief Executive of NMDC Group, and Captain Abdulkareem Al Masabi, Chief Executive of ADNOC L&S, at NMDC’s headquarters, lays the groundwork for a stronger framework for offshore EPC collaboration. It covers marine services and integrated logistics, signalling both organisations’ dedication to supporting the emirate’s offshore energy operations. This expanded collaboration reaffirms the offshore maritime services pact strengthening cooperation between the two groups.

Zaghloul highlighted NMDC Group’s five decades of expertise in multi-sector marine engineering, procurement, construction delivery and complex project logistics. He underscored that the launch of NMDC LTS, the group’s latest business unit, allows the market to leverage these capabilities. He praised ADNOC L&S for its leadership in offshore energy support and hydrocarbon logistics, pointing out that both entities operate some of the region’s largest marine fleets. He said the pact would “ensure a robust framework between our two powerhouse organisations” to drive synergies, market differentiation and value growth, ultimately fortifying the industrial marine sector in Abu Dhabi and beyond.

Captain Al Masabi said the collaboration aligns with ADNOC L&S’s long-term ambition to deliver top-tier, integrated logistics that underpin the UAE’s offshore energy expansion. He commented that combining strengths with NMDC would unlock new opportunities, deliver value to ADNOC, its shareholders and clients, and support the UAE’s broader economic development.

Splash247 noted that the pact establishes an “expanded framework for continued collaboration on offshore EPC projects in Abu Dhabi,” emphasising its role in promoting synergies and value growth. It also highlighted ADNOC L&S’s aim to enhance performance through such partnerships.

This development follows earlier significant milestones and investments by NMDC that demonstrate its pivotal role in regional marine and energy infrastructure. In 2024, NMDC secured a contract worth more than US$200 million from ADNOC for marine dredging works in the Ruwais LNG Project, involving removal of approximately 15 million cubic-metres across a five-kilometre channel and installation of navigational aids. NMDC also launched the NMDC LTS unit as part of efforts to diversify into logistics and technical services, reinforcing its leadership in the UAE’s marine EPC, dredging, and logistics sectors.

Passenger traffic at airports across the UAE surpassed one billion between 2015 and 2024, with aircraft movements exceeding 6.4 million during the same interval, driven by strategic planning and expansion across the aviation sector, the Federal Competitiveness and Statistics Centre reported. The country also emerged as the global leader in air transport quality and ranked among the top ten worldwide across five additional air performance indicators, underlining its position as a premier aviation hub.

Data from the Centre reveal that annual passenger numbers climbed from 114.8 million in 2015 to 147.8 million in 2024, marking the underlying foundation for cumulative traffic exceeding one billion passengers. Meanwhile, aircraft movements rose sharply, culminating in more than 800,000 operations in 2024 and taking the ten-year total past 6.4 million flights.

These gains coincide with the UAE’s top global ranking in air transport quality and inclusion among the top ten in five further air-related indicators, as noted in the Centre’s analysis.

The escalation of aviation activity reflects the UAE’s broader aviation transformation. The General Civil Aviation Authority emphasises that the UAE now operates a dense, globally connected network, with twelve certified airports, 100 heliports, and a web of bilateral air agreements linking to over 300 destinations worldwide. In 2024 alone, the UAE recorded over one million air traffic movements and continued to lead globally in international passenger traffic and seat capacity.

Dubai International Airport remained the busiest airport globally for international passengers in 2024, registering more than 92 million passengers and 440,000 aircraft movements, and handling 2.2 million tonnes of cargo.

Abu Dhabi’s Zayed International Airport, renamed in February 2024, handled nearly 29.5 million passengers and recorded 249,747 aircraft movements, reinforcing the dominance of UAE airports in the regional aviation landscape.

These milestones underscore how UAE aviation achieves unprecedented growth, advancing capacity, connectivity and performance standards to global leadership.

The Federal Competitiveness and Statistics Centre attributes these successes to forward-looking directives and investment, positioning the aviation sector as a cornerstone of economic sustainability. The enhancements bolster not only passenger and cargo mobility but also broader economic diversification goals, tourism development, and the UAE’s growing prominence as a global transport hub.

eToro Group Ltd is poised to pursue bolder acquisitions after securing a substantial liquidity base, according to one of its co-founders. At the Ambrosetti Forum in Cernobbio, Italy, Ronen Assia, executive director and co-founder, confirmed that the firm “has cash and cash equivalents of around $1.2 billion at the end of the first half of the year, with a cash position of $988 million, with no debt.” He added: “We’re looking to do more ambitious stuff involving acquisitions,” emphasising that eToro aims to broaden both asset classes and its geographic footprint.

eToro’s deliberate pivot into more aggressive mergers and acquisitions comes on the heels of its listing on Nasdaq in May 2025, where it raised $620 million in its initial public offering. The company’s robust cash war-chest endows it with flexibility to explore new verticals and markets in a dynamic fintech landscape.

Beyond financial strength, eToro is deepening its product offering. The platform recently rolled out tokenisation and artificial intelligence tools targeted at retail investors, along with expanding its global reach. Meanwhile, preliminary selected business metrics for July and August reveal continued operational momentum: assets under administration rose to $19.7 billion, funded accounts approached 3.69 million—both reflecting high year-on-year growth—while crypto trading volumes surged by nearly 50 percent.

The company’s healthy balance sheet is grounded in a successful IPO and product innovation. In Q1 2025, eToro reported $736 million in cash, cash equivalents, and short-term investments, alongside growth in user accounts and assets under administration. The firm also expanded its trading products, launching options in the UK and futures in Europe, while diversifying geographic access to include exchanges in Abu Dhabi and Hong Kong.

This marks a clear signal that bold acquisitions are on eToro’s horizon—a phrase that captures the firm’s evolving strategic ambition and its capacity to act decisively in a competitive market.

The timing of this announcement is significant. Mergers and acquisitions within fintech and crypto sectors have become tools for scale, innovation, and regulatory navigation. With its substantial liquidity and no leverage, eToro may look to acquire firms offering complementary capabilities—whether in tokenisation, AI-driven trading, wealth management, or regional expansion.

Ronen Assia’s stance highlights both intent and preparedness. The expressed goal to take on “more ambitious” deals indicates a readiness to move beyond smaller bolt-ins, aiming instead for transformative moves that could reshape the firm’s product and regional scope. The emphasis on adding asset classes and locales suggests potential targets might include firms with niche offerings or solid footprints in under-penetrated markets.

At a time when many fintech companies are consolidating or recalibrating amid macroeconomic shifts and evolving regulation, eToro’s proactive posture sets it apart. With backing of a strong balance sheet and public market credibility, the platform is well placed to capitalise on strategic M&A opportunities as they arise.

Net profits for banks listed across the Gulf Cooperation Council surged to an unprecedented $16.6 billion in the second quarter, marking the second straight quarter of gains and a sequential increase of roughly 3.7 %, with year-on-year growth at a robust 9.2 %, according to Kamco Invest. This performance was driven by broadly higher revenues and a lower cost-to-income ratio that more than compensated for a rise in impairments. Lending activity remained resilient, underpinned by strong economic fundamentals and a pipeline of projects in the region.

Banks across the GCC achieved strong growth, with net profits rising 10.3 % year-on-year to $16.6 billion in Q2 2025, according to the latest Kamco Invest analysis. The sequential increase of about 3.7 % was fuelled by a broad-based rise in revenues, while a leaner cost-to-income ratio offset the impact of elevated impairments. Lending growth persisted, reflecting healthy demand and continued economic momentum.

Abu Dhabi led regional outperformers as its banks posted aggregate Q2 earnings of $3.2 billion—a 23.1 % rise compared to the year before. First Abu Dhabi Bank stood out with a 29.4 % surge in quarterly net profits to $1.5 billion, supported by stronger non-interest income and lower impairment charges. Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank also delivered solid gains, buoyed by elevated interest and fee income.

Dubai’s banks, by contrast, experienced a contraction: aggregate city-listed earnings fell by 6.4 % to $3.2 billion, weighed down by increased impairments at major lenders such as Emirates NBD. Some resilience came from Commercial Bank of Dubai, which posted a 15.4 % rise, alongside a surge in real-estate and utilities profits—Emaar Properties and DEWA among the top performers.

Among other GCC markets, Q2 net profits for Oman-listed banks were around $1 billion, while those in Qatar also posted gains, contributing to the overall strength in the banking sector.

The headline figure—$16.6 billion in quarterly profit for GCC banks—captures the scale of the region’s banking sector resilience. This strong performance highlights how GCC banks post record-high quarterly profits, powered by sustained credit growth and operational efficiencies even amid higher impairments.
—