Wio Bank said on Monday it has crossed Dhs50bn ($13.6bn) in customer deposits, less than three years after its launch, as digital banking adoption accelerates across the UAE.

The Abu Dhabi-based digital bank said deposits have nearly doubled year-on-year, reflecting a strong shift in how individuals and businesses in the country manage their finances. The milestone underscores Wio’s growing role in the UAE’s push to become a global fintech hub.

Wio’s customer base expanded 72 per cent over the past year, driven by a 93 per cent rise in personal banking customers and 42 per cent growth in business clients.

Wio bank credits customer-centric approach for growth

The bank attributed the surge to its customer-centric approach, including competitive savings tools, salary-linked benefits, multi-currency accounts, and AI-powered investment features through its Wio Invest platform.

“We set out to help UAE businesses and individuals achieve more of their goals by building a platform that is truly born to back you,” said Jayesh Patel, CEO of Wio Bank . “This milestone reflects the trust our customers have placed in us and the shift towards digital-first, customer-centric banking.”

Read: CEO Jayesh Patel on Wio Bank’s rise in UAE’s digital banking space

Wio Bank said it plans to continue expanding its digital offerings and partnerships to support a more integrated and innovation-led financial ecosystem.

Majid Al Futtaim, the prominent shopping mall, communities, retail, and leisure conglomerate in the Middle East, Africa, and Central Asia, has announced the launch of Ghaf Woods Mall, a flagship shopping and leisure destination in Dubai. Announced on October 6, the mall will be the first forest-integrated retail space in the region, offering a unique blend of nature and commerce.

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The new mall will anchor the Dhs15.4bn Ghaf Woods residential community, representing a pioneering step in biophilic retail design, a concept that integrates natural elements into built environments to improve visitor well-being and engagement.

“Ghaf Woods Mall is set to mark a bold new era in retail and community placemaking; an unprecedented landmark nestled within a forested landscape,” said Ahmed El Shamy, CEO of Majid Al Futtaim Development.

“From design to delivery, the ‘Mall in the Forest’ highlights our unwavering commitment to environmental innovation and excellence.”

Strategically located on Sheikh Mohammed Bin Zayed Road (E311), the mall will offer a curated mix of retail, dining, and entertainment set against immersive natural surroundings. The development is geared toward attracting flagship and anchor tenants looking to establish an early presence in a premium, high-growth district.

Ghaf Woods Mall is set to become the 30th mall in Majid Al Futtaim’s portfolio, its 19th in the UAE, and the first in the region to showcase the future-ready evolution of retailing.

Expanding footprint in Saudi Arabia with Diriyah Square partnership

In a parallel move that further expands its regional footprint, Majid Al Futtaim Holding has also announced a landmark partnership with Diriyah Company, bringing a state-of-the-art VOX Cinemas multiplex and a handpicked selection of seven top-tier brands to Diriyah Square, Saudi Arabia’s emerging luxury lifestyle hub.

The agreement establishes Majid Al Futtaim as the first major lifestyle and entertainment partner at Diriyah Square and marks a significant milestone in the development of the destination. Covering a total of 13,167.41 square metre, the offerings will include 7,632.93 square metre for VOX Cinemas and 5,534.48 square metre for retail space, featuring an elevated mix of fashion, home furnishings, and beauty outlets.

Notably, the deal introduces the first standalone retail store in Saudi Arabia for Japanese beauty brand Shiseido. Additionally, flagship stores for lululemon, Crate & Barrel, and Abercrombie & Fitch will debut at Diriyah Square, alongside new locations for AllSaints, CB2, and Hollister.

The agreement was formally signed at Diriyah Company’s headquarters by Jerry Inzerillo, Group CEO of Diriyah Company, and Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, with senior leadership from both companies in attendance.

A strategic alignment with Saudi Vision 2030

Speaking on the significance of the partnership, Jerry Inzerillo noted, “We are enormously proud to partner with Majid Al Futtaim, one of the region’s giants in lifestyle and entertainment. Their decision to bring this exceptional portfolio of brands to Diriyah is a testament to the confidence the retail community has in our vision.”

Echoing the sentiment, Ahmed Galal Ismail highlighted the alignment with Saudi Arabia’s national goals: “Diriyah is poised to become a global beacon of culture, heritage, and innovation. We are proud to contribute to this transformative national project. With our diverse brand portfolio, world-class VOX Cinemas, and immersive lifestyle concepts, we are confident in helping shape Diriyah Square into a vibrant, pedestrian-first destination.”

When completed, Diriyah Square will feature over 400 of the world’s leading retail brands, luxury boutiques, and dining concepts, all within a pedestrian-centric precinct designed to integrate culture, leisure, and commerce. The broader Diriyah development, a centerpiece of Saudi Vision 2030, is expected to contribute $18.6bn (SAR70bn) to the kingdom’s GDP, create nearly 180,000 jobs, and house approximately 100,000 residents.

This latest partnership comes on the heels of a $600m (SAR2.249bn) construction contract awarded to Salini Saudi Arabia Co. Ltd., covering critical infrastructure work for the Diriyah Square development, including one of the world’s largest underground parking facilities with over 10,500 spaces.

A cohesive regional strategy

Together, the Ghaf Woods Mall launch in Dubai and the strategic expansion into Diriyah Square reflect Majid Al Futtaim’s aggressive regional growth strategy and continued commitment to redefining retail, leisure, and entertainment experiences across the Middle East.

Both initiatives underscore the group’s ability to blend innovation with cultural and environmental awareness, while tapping into high-growth markets and national transformation agendas such as Saudi Arabia’s Vision 2030 and Dubai’s urban development masterplans.

With a mix of biophilic design in Dubai and luxury integration in Diriyah, Majid Al Futtaim is not just building malls, it’s curating next-generation lifestyle destinations poised to shape the future of regional retail.

Blackstone, the world’s largest alternative asset manager, and Lunate, the Abu Dhabi-based global investment management firm with more than $110bn in assets under management, have partnered to invest in logistics assets across the Gulf Cooperation Council (GCC).

The two firms will establish Gulf Logistics Infrastructure Development Enterprise (GLIDE), a new platform focused on developing, acquiring, and managing Grade A logistics assets across the GCC.

Blackstone, which owns more than 1.2 billion square feet of logistics assets globally, will combine its global experience with Lunate’s regional investment network and expertise.

Additional strategic partners from the GCC are expected to join GLIDE, which will operate with dedicated teams across the region to support its growth.

Blackstone and Lunate platform, GLIDE, will focus on greenfield developments

The partners said demand for logistics space in the GCC is expanding rapidly, driven by economic growth, the rise of e-commerce, and manufacturing activity. However, a shortage of modern, efficient Grade A logistics facilities that meet international standards has created strong investment opportunities.

Targetting $5bn in high-quality warehouse assets, GLIDE will focus on greenfield developments, selective portfolio acquisitions, and sale-and-leaseback transactions with leading regional businesses.

“The profound economic transformation underway in the GCC, driven by pro-growth policies, favourable demographic shifts and broad-based economic diversification, is creating powerful momentum for sectors like logistics,” said Jon Gray, president and COO at Blackstone. “We are thrilled to partner with Lunate to combine our investment expertise and deep logistics experience with their strong GCC presence and capabilities to build GLIDE, a pan-regional logistics platform at scale.”

Khalifa Al Suwaidi, managing partner at Lunate, said, “GLIDE will offer our clients and investors access to compelling investments in high-quality logistics assets and support the development of new infrastructure to drive growth across the GCC. This partnership combines global scale with regional expertise to unlock a market ready for transformation.”

The U.S. government shutdown entered its sixth day on Monday, with President Donald Trump‘s Republicans and congressional Democrats still at an impasse and the White House threatening to ramp up pressure by ordering mass layoffs of federal workers.

The Republican-led Senate was slated to vote again on dueling measures to fund federal agencies, including a Republican stopgap bill approved by the House of Representatives that would fund operations through November 21, and a Democratic alternative. Neither was expected to receive the 60 votes needed to advance.

Asked on Sunday night when the government would begin laying off federal workers, Trump said: “It’s taking place right now.” He blamed Democrats for the impasse but did not elaborate on the layoff plans. The White House has said thousands could be fired if the shutdown persists.

Trump’s budget director, Russell Vought, has already frozen at least $28bn in infrastructure funds for New York, California and Illinois — all home to sizable Democratic populations and critics of the president.

Trump and his Republican allies have also taunted Democrats on social media with deepfake videos drawing on Mexican stereotypes with images that Vice President JD Vance described as a joke.

But Democratic leaders showed no sign of knuckling under to the White House’s hardball tactics, which have caused unease among some centrist Republicans who fear the approach could make the impasse harder to overcome.

“What we’ve seen is negotiation through deepfake videos, the House canceling votes and, of course, President Trump spending yesterday on the golf course. That’s not responsible behavior,” House Democratic leader Hakeem Jeffries told NBC’s “Meet the Press.”

The partial shutdown, the 15th since 1981, was tied for the fourth-longest in US history on Monday, matching the six-day length of a 1995 shutdown that began after then-President Bill Clinton vetoed a Republican spending bill. The longest shutdown lasted 35 days in 2018-2019, during Trump’s first term in office.

Senate Democrats, who are demanding a permanent extension of federal subsidies to help people afford health insurance under the Affordable Care Act, have voted down the House-approved funding bill, known as a continuing resolution or CR, four times.

With a 53-47 seat majority and one Republican opposed to the CR, Republican leaders need at least eight Democrats to support their funding legislation. But only two Democrats and an independent who caucuses with them have crossed the aisle so far.

“All we have to do is get five more Democrats to vote ‘yes,’ the government opens up, and then we can start talking about all these other things they want to have conversations about,” Senate Majority Leader John Thune said on the Fox News program “Sunday Morning Futures.”

But efforts to strike a deal have gone nowhere so far.

“In those conversations, the Republicans offered nothing,” said Senate Democratic leader Chuck Schumer, who said that any breakthrough would depend on a deal among him, Trump, Thune, Jeffries and House Speaker Mike Johnson.

Some Democrats want a deal on ACA healthcare subsidies in place before open enrollment for next year begins on November 1.

“We have to get this done by November 1,” Democratic Senator Ruben Gallego told CNN, warning that missing that date would mean higher healthcare costs for enrollees and possibly no insurance coverage at all.

Democrats also want protection against White House actions to withhold or cancel funding allocated by Congress.

“If we agree to a CR and nothing more, they’re telling us: ‘We don’t plan to abide by it,'” Democratic Senator Adam Schiff told NBC. “We need some written assurance in the law. I won’t take a promise that they’re not going to renege on any deal we make.”

The standoff has frozen about $1.7tr in funds for agency operations, which amounts to roughly one-quarter of annual federal spending. Much of the remainder goes to health and retirement programs and interest payments on the growing $37.5tr debt.