News related to
First

EDGE, the United Arab Emirates’ premier defence technology conglomerate, has secured a landmark AED 9 billion contract with the Kuwait Ministry of Defence for the supply of eight FALAJ-3 class missile boats. This agreement represents the largest naval shipbuilding export in the Middle East and ranks among the highest-value naval export deals globally.

Under the terms of the contract, EDGE will serve as the prime contractor, overseeing the design, construction, trials, and delivery of the 62-metre vessels. The agreement also encompasses integrated logistics support and in-service support, with EDGE providing ammunition for the ships. Abu Dhabi Ship Building , EDGE’s naval subsidiary, has been designated as the build subcontractor for the programme.

Hamad Al Marar, Managing Director and CEO of EDGE, described the deal as a significant milestone that deepens long-term defence ties between the UAE and Kuwait. He emphasised that the agreement brings a proven class of advanced vessels into regional service and reinforces EDGE’s position as a trusted international partner. Al Marar highlighted the rapid industrial and engineering progress achieved by EDGE, noting the company’s ability to design, build, and deliver complex naval platforms at scale.

The FALAJ-3 class missile boats are designed for high performance and advanced combat capabilities, tailored to meet Kuwait’s operational requirements. These vessels are equipped for littoral defence operations, featuring advanced combat systems and enhanced capabilities to safeguard Kuwait’s maritime interests.

The Kuwaiti Ministry of Defence stated that the acquisition of these vessels will contribute to raising the level of combat readiness, enhancing maritime security, and protecting the vital and strategic maritime interests of the State of Kuwait. The ministry highlighted that the contract aligns with Kuwait’s strategic objectives to bolster its naval capabilities and ensure the security of its territorial waters.

The FALAJ-3 class has also been adopted by the UAE Navy, with the first vessel, ALTAF, commissioned into service in February 2025. This operational deployment underscores the vessel’s proven capability and performance in regional waters.

The signing ceremony was attended by Sheikh Dr. Abdullah Meshal Mubarak Al Sabah, Undersecretary of the Kuwait Ministry of Defence; Dr. Matar Al Neyadi, UAE Ambassador to Kuwait; Hamad Al Marar, Managing Director and CEO of EDGE; and Omar Al Zaabi, President of Trading and Mission Support at EDGE.

This contract is not the first collaboration between EDGE and Kuwait. Previously, EDGE subsidiary ADSB delivered eight landing craft to Kuwait and provided maintenance, repair, and overhaul services to the Kuwaiti Coast Guard. The current agreement further solidifies the defence partnership between the two nations and demonstrates EDGE’s commitment to delivering comprehensive defence solutions.

The FALAJ-3 class vessels are based on the Fearless-class ships originally designed by Singapore’s ST Engineering for the Republic of Singapore Navy. EDGE has adapted and enhanced these designs to meet the specific needs of regional clients, offering a versatile platform capable of operating in both littoral and blue waters. The vessels can be equipped with a range of weapons, including missiles, rockets, and medium-calibre guns, providing robust defensive capabilities against various threats.

South Korea has witnessed the first notable instance of an institutional investor divesting cryptocurrency assets following the government’s decision to lift its long-standing ban on crypto trading by financial institutions. This marks a significant moment in the country’s evolving digital asset landscape, as regulatory shifts continue to reshape market dynamics and investor behaviour.

The institution in question, a major South Korean asset management firm, has reportedly sold off a substantial portion of its cryptocurrency portfolio. This move comes amid growing caution within the sector, despite regulatory relaxation intended to encourage wider institutional participation. Analysts suggest that the sale signals a pragmatic reassessment by financial entities, weighing regulatory clarity against market volatility and emerging geopolitical risks.

South Korea’s approach to cryptocurrency regulation has long been characterised by stringent restrictions designed to curb speculation and protect investors. The ban on crypto holdings by institutional investors, introduced several years ago, effectively excluded major banks, pension funds, and asset managers from direct crypto market involvement. This policy, aimed at stabilising the financial system, has limited the scale and scope of institutional crypto activity compared to other leading markets.

However, government authorities have recently signalled a more open stance, allowing institutions to hold and trade digital assets under stricter compliance and transparency frameworks. The removal of the ban reflects a broader effort to position South Korea as a competitive hub for blockchain technology and crypto innovation while addressing investor protection concerns. Regulatory bodies have emphasised enhanced due diligence, anti-money laundering measures, and consumer safeguards as prerequisites for institutional engagement.

Despite the regulatory easing, the initial institutional response appears cautious. The divestment by the asset management firm highlights lingering uncertainties, including the lack of comprehensive global regulatory harmonisation and fluctuating crypto valuations. Financial executives involved in the transaction point to increased scrutiny from compliance teams and internal risk committees, which have recommended a more conservative stance amid the unpredictability of crypto markets.

Market observers note that institutional investors have been closely monitoring international regulatory developments, including regulatory crackdowns in major economies such as the United States and the European Union. These external pressures, combined with domestic regulatory adaptations, create a complex environment where institutional players must balance opportunity with risk management.

South Korea’s crypto market itself continues to show robust retail participation, with local exchanges reporting increased trading volumes and new account openings. However, institutional activity remains limited, constrained by cautious regulatory interpretations and the need for clearer operational guidelines. Industry insiders indicate that infrastructure development, such as secure custody solutions and regulatory-approved trading platforms, will be critical to attracting sustained institutional capital.

The government’s gradual liberalisation has also been accompanied by initiatives to bolster blockchain technology development and related financial products. South Korean regulators are promoting pilot projects and innovation hubs, fostering partnerships between traditional finance firms and crypto startups. These efforts aim to build an ecosystem that supports not only trading but also tokenisation, decentralized finance applications, and digital asset custody.

Analysts highlight the importance of regulatory certainty for institutional confidence. The absence of clear rules has historically driven many South Korean financial institutions to adopt a wait-and-see approach, fearing potential legal repercussions and reputational damage. The recent institutional exit underscores the delicate balance regulators must maintain between fostering innovation and imposing adequate safeguards.

Investor sentiment is further influenced by macroeconomic factors, including global interest rate trends, currency fluctuations, and geopolitical tensions impacting asset flows. Cryptocurrency’s volatility relative to traditional assets remains a key consideration for institutional portfolio managers. Many firms are adopting phased approaches, initiating pilot crypto investments or forming dedicated teams to evaluate blockchain’s long-term potential before committing substantial capital.

The South Korean government’s broader digital finance strategy integrates cryptocurrency within its fintech agenda, aiming to create a sustainable and regulated market environment. However, achieving widespread institutional adoption will require ongoing dialogue with industry stakeholders, continuous regulatory refinement, and enhanced transparency mechanisms.

The current institutional crypto divestment could serve as a valuable indicator for regulators and market participants alike, revealing the challenges and reservations that remain despite policy shifts. Financial institutions appear to be navigating a transitional period, balancing innovation enthusiasm with prudent risk controls.

The European Union has enacted measures to restrict Chinese medical device manufacturers from participating in large-scale public procurement contracts, citing systematic discrimination against European suppliers in China’s domestic market. This decision marks the first use of the EU’s International Procurement Instrument , a mechanism designed to enforce reciprocal access to public tenders.

Under the new directive, Chinese firms are barred from bidding on EU public contracts exceeding €5 million for a duration of five years. The European Commission’s investigation revealed that 87% of Chinese procurement tenders contained explicit or implicit barriers against foreign medical devices. These barriers include complex certification requirements, opaque approval processes, and pricing structures that disadvantage non-domestic suppliers.

The Commission’s findings highlighted China’s “Buy China” policy and the “Made in China 2025” strategy as central to these discriminatory practices. These initiatives aim to increase the share of domestically produced medical devices in Chinese hospitals, with targets set at 70% by 2025. Such policies have led to a significant reduction in the approval of imported medical devices in various provinces, notably in Guangdong, where approved imports dropped from 132 in 2019 to 46 in 2021.

In response, the China Chamber of Commerce to the EU expressed strong concerns, arguing that the EU’s measures could disrupt bilateral trade relations. The Chamber emphasized that European companies have historically enjoyed broad access to China’s medical device market and warned against unilateral actions that might escalate tensions.

The EU’s decision aligns with its broader strategy to reduce dependency on external suppliers for critical goods, a policy often referred to as “de-risking.” This approach seeks to ensure that European industries are not overly reliant on non-EU countries, especially in sectors deemed essential for public health and safety.

Trade Commissioner Maroš Šefčovič is scheduled to meet with Chinese Commerce Minister Wang Wentao in Paris to discuss the implications of the new measures and explore potential resolutions. While the EU maintains that its actions are proportionate and aimed at restoring fair competition, it remains open to dialogue to address the underlying issues.

The implementation of the IPI reflects the EU’s commitment to enforcing fair trade practices and ensuring that European companies have equitable access to global markets. However, the move also underscores the growing complexities in EU-China trade relations, particularly as both parties navigate the challenges of balancing domestic interests with international obligations.

Aldar Properties has unveiled a Dhs40 billion mixed-use development on Fahid Island, a 3.4 million square metre natural island situated between Yas and Saadiyat Islands in Abu Dhabi. The project aims to transform the island into a premier coastal wellness destination, featuring over 4,000 residential units, retail outlets, hospitality venues, and community facilities.

The first phase, Fahid Beach Residences, will comprise seven beachfront buildings, each housing 65 residences, offering a blend of apartments, townhouses, and ultra-luxury beach and mangrove villas. The development capitalises on the island’s 11 km of waterfront, including 4.6 km of pristine beaches and iconic mangroves, providing residents with prime sea views and direct beach access.

Aldar acquired the island for AED 2.5 billion, with the acquisition consideration to be paid over five years. The gross development value of the project stands at AED 26 billion. The development will include a school, retail and hospitality offerings, and a wide array of community facilities, aiming to create a vibrant and integrated community.

The project emphasises sustainability, with eco-friendly construction practices and measures to protect local wildlife and preserve natural resources. The lush mangroves surrounding the island are to be preserved, enhancing the area’s natural ecosystem.

Aldar’s CEO, Talal Al Dhiyebi, stated that the acquisition solidifies the company’s presence on the Yas-Saadiyat corridor and strengthens its ability to deliver sustainable value to Abu Dhabi and its communities. Jonathan Emery, CEO at Aldar Development, noted that Al Fahid Island presents a robust pipeline of development activity, catering to the strong appetite for ultra-luxury products in Abu Dhabi’s premier locations.

Dubai’s Roads and Transport Authority has initiated a comprehensive upgrade of Umm Suqeim Street, aiming to significantly enhance traffic flow and urban connectivity across the city. The project, stretching from the intersection with Jumeirah Street to Al Khail Road, is a pivotal component of a broader strategy to modernise the city’s infrastructure and accommodate its rapid urban expansion.

The upgrade is designed to increase the road’s capacity to 16,000 vehicles per hour in both directions, effectively reducing travel time between Jumeirah Street and Al Khail Road from 20 minutes to just six. This enhancement is expected to alleviate congestion and improve accessibility for key residential and commercial areas, including Jumeirah, Umm Suqeim, Al Manara, Al Sufouh, Umm Al Sheif, Al Barsha, and Al Quoz.

Integral to the project are the redevelopment of six major intersections along Umm Suqeim Street. These include the construction of four bridges and three tunnels, collectively spanning 4.1 kilometres. Notably, a two-lane tunnel in each direction will be constructed at the intersection with Jumeirah Street, complemented by a signalised surface-level junction. Another two-lane tunnel is planned at the intersection with Al Wasl Street to facilitate traffic flow from Sheikh Zayed Road towards Jumeirah Street, while maintaining uninterrupted surface traffic in the direction of Sheikh Zayed Road.

At the intersection with Sheikh Zayed Road, two bridges will be constructed to eliminate traffic overlap and enhance movement efficiency. Additionally, a tunnel will be developed at the intersection with First Al Khail Street to accommodate traffic from Al Barsha towards Sheikh Zayed Road, along with associated surface-level improvements. The stretch between First Al Khail Street and Al Asayel Street will be widened by adding one lane in each direction, increasing capacity to four lanes per direction. At Al Khail Road, the works involve the construction and widening of two flyovers—one connecting Al Khail Road with Al Quoz Industrial Area, and the other facilitating traffic from Umm Suqeim Street to Al Khail Road heading towards Deira.

Beyond vehicular traffic improvements, the project places a strong emphasis on enhancing pedestrian and cyclist infrastructure. Upgrades include the development of pedestrian walkways, dedicated cycling tracks, landscaped boulevards, and vibrant public spaces designed to foster community interaction and promote sustainable urban living. A direct link will also be established between the Mall of the Emirates Metro Station and nearby residential communities, enhancing last-mile connectivity and encouraging the use of public transportation.

This initiative is part of RTA’s master plan to overhaul the surrounding road network, which includes planned upgrades to Jumeirah Street, Al Wasl Street, and Al Safa Street. The overarching goal is to enable uninterrupted traffic flow from Jumeirah to Al Qudra Road over a distance of 20 kilometres, thereby improving connectivity across four major transport corridors: Sheikh Zayed Road, Al Khail Road, Sheikh Mohammed bin Zayed Road, and Emirates Road.

Mattar Al Tayer, Director General and Chairman of the Board of Executive Directors at RTA, stated that the upgraded corridor will directly serve vital residential and development areas with a combined population exceeding two million. He emphasised that the project is designed to accommodate Dubai’s rapid population growth and urban expansion while improving the overall quality of life for residents and visitors.

Construction is already 70% complete on a 4.6-kilometre segment of Umm Suqeim Street from Al Khail Road to Sheikh Mohammed bin Zayed Road. This phase includes an 800-metre tunnel near Kings’ School in Al Barsha South and a surface-level junction, scheduled to open in the third quarter of the year. The completion of this segment is expected to reduce travel time between Sheikh Mohammed bin Zayed Road and Al Khail Road by 61%, from 9.7 minutes to just 3.8 minutes.

The RTA is also leveraging advanced technologies to monitor and manage the project’s progress. Drones are being utilised to capture and analyse project data, while artificial intelligence is employed to track construction milestones and performance indicators. This integrated approach has enhanced operational efficiency on-site, accelerated decision-making processes, and enabled the provision of real-time, high-precision data. The adoption of these technologies has resulted in a 100% increase in field presence and a 60% reduction in the time required for site surveys. Time-lapse imaging systems are also being used to continuously monitor construction activities, contributing to a 40% improvement in overall project monitoring efficiency.

First Abu Dhabi Bank , the largest lender in the United Arab Emirates by assets, is set to raise approximately $480 million through a secondary share offering. The transaction involves the sale of around 113 million shares at a fixed price of 15.5 dirhams per share, representing a 3.7% discount to the bank’s closing price of 16.1 dirhams on the Abu Dhabi Securities Exchange. Citi, acting as the bookrunner, confirmed that the offering was fully subscribed, with demand surpassing the number of shares available.

The identity of the selling shareholder remains undisclosed. FAB’s largest stakeholder is Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, which manages assets exceeding $330 billion. As of the end of March, FAB reported total assets of 1.31 trillion dirhams, underscoring its dominant position in the region’s banking sector.

The oversubscription of the share sale indicates robust investor confidence in FAB’s financial health and strategic direction. The bank has been actively pursuing growth opportunities beyond the Gulf region. Two years ago, FAB explored a potential acquisition of London-listed Standard Chartered, signaling its ambition to expand its international footprint.

Under the leadership of Group CEO Hana Al Rostamani since 2021, FAB has undergone significant restructuring to enhance operational efficiency and shareholder returns. The bank reorganized its operations into four new divisions and appointed Linos Lekkas, a veteran from Citi, as the head of its investment banking division. This strategic realignment aims to strengthen FAB’s position in the Gulf and support its expansion plans.

FAB’s strong financial performance further bolsters investor sentiment. In the first quarter, the bank reported a 23% increase in net profit, driven by growth in non-interest income from fees and commissions. This performance exceeded analysts’ expectations and reflects the bank’s diversified revenue streams and effective cost management.