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Brussels has moved to recalibrate its anti-money laundering framework with a significant update to its high‑risk third‑country list. The European Commission has put forward a delegated regulation that, pending a one-month scrutiny by the European Parliament and member states, would remove the United Arab Emirates from the bloc’s “high‑risk” list under the Fourth Anti‑Money Laundering Directive. Simultaneously, Algeria and Lebanon—alongside eight others—will be newly classified as jurisdictions with “strategic deficiencies” in their national AML and counter‑terrorism financing frameworks.

The UAE, delisted in tandem with Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda, has undergone a sequence of reforms aimed at strengthening judicial oversight, regulatory compliance, and enforcement against illicit financial flows. Its exit from the FATF’s grey list in February 2024 marked the start of a broader crackdown that included the creation of specialised courts for financial crimes and a succession of heavy penalties—most recently, a ₫3.3 million fine imposed by the Central Bank on multiple currency exchange houses for compliance violations.

In Brussels, Commissioner Maria Luís Albuquerque emphasised that the overhaul aligns with global standards and is based on rigorous evaluations involving FATF findings, bilateral dialogues and onsite assessments. The process reflects a broader ambition to shore up the integrity of Europe’s financial system by enforcing transparency and curbing illicit financial flows.

The inclusion of Algeria, Lebanon, Angola, Côte d’Ivoire, Kenya, Laos, Monaco, Namibia, Nepal and Venezuela signals rising concern about governance standards in these jurisdictions. Algeria’s entry follows high-profile anti-corruption prosecutions and its low standing in Transparency International’s Corruption Perceptions Index. Lebanon’s designation reflects ongoing socioeconomic volatility and persistent finance networks linked to non-state armed actors.

Monaco, already on the FATF grey list since mid‑2024, was also added to the EU’s high‑risk list despite its recent enhancements to its financial intelligence unit and AML supervisor. The Commission acknowledged its progress while noting unresolved weaknesses.

The dynamics surrounding the UAE’s delisting, however, are not without controversy. Previously, the European Parliament blocked the move, echoing concerns voiced by Transparency International, citing insufficient progress. Opposition is noted to persist among MEPs, particularly from Spain and its stance on Gibraltar, complicating consensus.

From an economic standpoint, the delistings carry tangible incentives. Banks and financial institutions across the EU will scale back enhanced due diligence on transactions linked to the UAE, reducing compliance burdens and speeding up capital flows. Analysts suggest this could enhance foreign investment, signalling confidence in the UAE’s reputation as a global financial hub and factoring into ongoing free-trade negotiations with the EU.

Despite the acknowledged legislative reforms in the UAE, dissent persists. German Green MEP Rasmus Andresen criticised the move as premature, warning that regulatory gaps remain that could be exploited for illicit financial activities. Commission spokespersons framed the update as technical, decoupled from trade ambitions, though the timing follows the launch of EU–UAE trade negotiations in April.

On the other side, proponents speak of a “reputational course correction” for the UAE, part of a sweeping strategy since 2022 that included legislative overhauls, enforcement operations and judicial mechanisms to reinforce compliance with FATF standards.

Should no objections arise during the legislative review, the updated list will come into force in late July. Transaction oversight requirements across EU financial institutions will adjust accordingly, with the UAE reclassified and new protocols applying to the newly added jurisdictions.

Harrison Street, a US-headquartered real assets investment firm with over $56 billion in assets under management, has formally expanded into the Middle East by establishing an office within the Abu Dhabi Global Market, after receiving regulatory approval from the Financial Services Regulatory Authority. The move is being viewed as a strategic step to tap into the region’s institutional capital base and aligns with Abu Dhabi’s ambitions to attract global investment managers.

The firm’s new office, located at ADGM’s Al Sila Tower, is expected to anchor its regional operations and serve as a platform for growth across the Gulf and wider MENA region. Harrison Street becomes the latest in a line of global asset managers to choose Abu Dhabi as a regional headquarters, following similar moves by BlackRock, Brevan Howard, and Apollo Global Management. The announcement underscores the appeal of ADGM as a regulated environment that offers tax benefits, legal certainty, and direct access to sovereign wealth and pension funds.

Christopher Merrill, co-founder and CEO of Harrison Street, described the expansion as a natural extension of the firm’s long-term growth strategy. He emphasised that the company is aiming to offer institutional investors across the Middle East access to thematic investment opportunities in alternative real assets, including student housing, senior living, healthcare infrastructure, and digital assets. Merrill said the firm sees “substantial appetite among Gulf-based investors for exposure to long-duration, inflation-protected assets with stable yield profiles.”

While Harrison Street has traditionally focused on North America and Europe, its new ADGM base signals an intention to deepen partnerships with investors in the Gulf region. The decision is also part of a broader effort to diversify funding sources and tailor strategies that align with regional priorities such as healthcare expansion, demographic shifts, and digital infrastructure.

The ADGM licence will enable Harrison Street to carry out regulated investment activities and offer tailored asset management services to qualified investors in the UAE and beyond. According to the firm’s regional head, who is set to be announced in the coming weeks, the Abu Dhabi office will focus on both capital raising and direct investment origination, particularly in sectors aligned with government-backed development goals across the Gulf.

Industry observers say Abu Dhabi’s financial centre has matured into a viable launchpad for international firms targeting sovereign and institutional capital. With assets under management in ADGM growing to over $1 trillion this year, the financial centre is increasingly positioning itself as a global hub for private equity, venture capital, and asset management. Harrison Street’s entry follows a regulatory trend where ADGM has been accelerating approvals for asset managers, family offices, and hedge funds in a bid to rival more established global centres.

Global interest in Middle East capital pools has surged, with firms across Europe and the US actively seeking to establish an on-the-ground presence. Harrison Street’s thematic investment strategy, focused on secular trends such as ageing populations and technological adoption, is seen to resonate well with Gulf investors pursuing diversification beyond traditional energy-linked assets.

Merrill indicated that the firm will look to build co-investment partnerships and joint ventures with local institutions, leveraging its experience in structuring real estate and infrastructure funds across developed markets. He also hinted at the possibility of localised strategies that may include greenfield development and operating partnerships in sectors like education and senior care, particularly in markets undergoing demographic transition such as Saudi Arabia and the UAE.

ADGM authorities welcomed the firm’s entry as further validation of Abu Dhabi’s rising influence in the global investment ecosystem. The financial centre has actively courted global asset managers through a mixture of regulatory reforms, dual licensing frameworks, and strategic partnerships with Abu Dhabi Investment Office and Mubadala.

Dubai’s Crown Prince Sheikh Mohammed bin Rashid Al Maktoum has marked the commencement of work on the long-planned Dubai Metro Blue Line, laying the foundation stone for its first station—an architectural masterpiece poised to become the world’s highest metro stop at 74 metres. The AED 56 billion project will see construction of a 30 km rail corridor featuring 14 stations and 15.5 km of tunnels. When completed in 2029, it will extend Dubai’s transit network to 131 km with 78 stations, serviced by 168 trains.

Laying out the design, Sheikh Mohammed described the station—named ‘Emaar Properties’—as an “architectural icon” that aligns with Dubai’s cultural landmarks. Designed by Skidmore, Owings & Merrill, the station spans approximately 11,000 m² and is expected to handle 160,000 passengers daily, rising to 70,000 by 2040. Built to bridge Dubai Creek via a 1.3 km viaduct, the alignment also encompasses advanced sustainable features and full Platinum-level green building certification.

The Blue Line will connect nine key districts, from Bur Dubai/Deira through Dubai Silicon Oasis to Academic City, also establishing interchanges with the existing Red and Green lines at Al Rashidiya and Al Jaddaf respectively. Travel time is expected to be between 10 and 25 minutes, with a projected ridership of 200,000 by 2030 and up to 320,000 by 2040.

Oversight for the project was awarded five months ago to a consortium led by Turkey’s MAPA and Limak, with China’s CRRC delivering rail systems. The contract, valued at AED 20.5 billion, follows an international tender detailed by the Roads and Transport Authority. Construction began in April under RTA supervision and is slated to complete by September 2029, coinciding with the Metro’s 20th anniversary.

The Blue Line is not only a transport project but also a key driver of Dubai’s broader economic and urban strategy, under the Dubai 2040 Urban Master Plan. Analysts predict it could deliver AED 2.60 in economic, social, and environmental benefits for every dirham invested by 2040, with potential reduction of road congestion by 20% and a 25% uplift in land values near stations.

At a ceremony held on June 9 2025, Sheikh Mohammed was accompanied by Mattar Al Tayer, RTA Director‑General, and representatives from the MAPA-Limak-CRRC group, as he laid the foundation stone for the Emaar Properties Station in Dubai Creek Harbour. The station’s design reflects a fusion of traditional stone, bronze, and glass to evoke a modern heritage, with natural lighting enhancing passenger experience.

Beyond the landmark station, the Blue Line includes Dubai’s largest underground interchange station at International City 1, covering 44,000 m² and capable of processing 350,000 passengers per day. The elevated–subterranean route is engineered for flexibility: a Y‑junction system allows trains to run directly from Academic City to either Creek or Centrepoint without passenger transfers.

An important feature of the new line is the metro’s first-ever bridge spanning Dubai Creek—a 1.3 km link set to provide scenic and efficient connectivity between the city’s burgeoning north‑east and the urban core.

Emaar Properties has secured naming rights for the iconic station under a ten-year agreement beginning at its 2029 inauguration. Similar agreements for other stations are expected to follow.

Since opening in 2009, the Dubai Metro has carried over 2.5 billion passengers, averaging 900,000 day-to-day users. With the Blue Line operational, that figure is projected to only grow—annual ridership is expected to surpass 300 million by 2026.

SOM’s involvement as design lead brings a legacy of landmark architecture—its portfolio includes global icons such as the Burj Khalifa, New York’s Olympic Tower, and Chicago’s Willis Tower. The firm’s concept of a “crossing gateway” symbolises Dubai’s ambition to blend aesthetics and connectivity in its infrastructural projects.

As Dubai develops rapidly under its 2040 plan, transport-oriented infrastructure such as the Blue Line serves multiple objectives: reducing road travel times, supporting high-density developments like Dubai Creek Harbour and Academic City, and promoting sustainable urban growth. Amenities across Blue Line stations will include bus bays, taxi ranks, bike and e-scooter zones, and full accessibility provisions tailored to ‘people of determination’.

The $5.6 billion deal for the Blue Line contract, confirmed by Reuters in December 2024, sets high expectations for the consortium’s delivery through to 2029. Monthly monitoring by the RTA forecasts a phased construction schedule that aligns with urban expansion milestones tied to Expo City Dubai and continuing population growth.

By 2040, the RTA projects that the Metro network will serve 320,000 riders per day on the Blue Line alone, integrated with over 80% of city services reachable within a 20-minute public transit ride—supporting the ‘20‑Minute City’ goal.

The Blue Line is expected to be a catalyst for new patterns of mobility, shaping development in under-served districts like Mirdif, Al Warqa, and Ras Al Khor, while reinforcing Dubai’s status as a testbed for smart and sustainable infrastructure. The combination of landmark design, intermodal connectivity, and environmental ambition positions the line as a model for future metro expansions globally.

The Dubai International Financial Centre has announced the launch of the Future Sustainability Forum, a global platform aimed at accelerating sustainable finance and innovation. Scheduled to take place on 4–5 December 2024 at Madinat Jumeirah, Dubai, the event seeks to foster collaboration among industry leaders, investors, policymakers, and technology innovators to address pressing environmental challenges.

Arif Amiri, CEO of DIFC Authority, emphasised the forum’s role in advancing climate action through collaborative efforts and innovative financial solutions. The initiative aligns with DIFC’s broader commitment to sustainable economic growth and its leadership in the Dubai Sustainable Finance Working Group, established in 2019.

The forum will explore eight core pillars, including sustainable banking and finance, renewable energy, sustainable infrastructure, and green technology. It aims to channel investment flows between the global north and south, supporting the UAE’s Year of Sustainability and its objectives for COP28.