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Chinese investment bank CICC opens branch in Dubai’s DIFC

CICC is positioning the new Dubai branch as a two-way investment banking gateway between China and the Gulf region

Gulf Business
Gulf Business

16 May, 2025

Chinese investment bank CICC opens branch in Dubai’s DIFC
Image: Dubai Media Office

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Investment bank China International Capital Corporation (CICC) has officially launched its branch at Dubai International Financial Centre (DIFC), strengthening China’s financial presence in the Middle East, Africa, and South Asia (MEASA) region.

Operating under China International Capital Corporation Hong Kong Securities and trading as CICC (DIFC Branch), the new office holds a category 4 license and is regulated by the Dubai Financial Services Authority (DFSA).

CICC’s entry into DIFC comes amid deepening economic ties between China and the UAE, and further underscores Dubai’s growing role as a hub for Chinese financial institutions.

Currently, around 30 per cent of Chinese firms operating in DIFC are Fortune 500 companies.

Dubai a top destination for Chinese investments

“Dubai and DIFC remain a top destination for Chinese investments, further accentuated by a surge in interest from banks, wealth and asset management firms, large corporations, and insurance sector market players,” said Essa Kazim, governor of DIFC. “We are delighted to welcome CICC to DIFC, bolstering the strategic relations between the UAE and China.”

Kazim added that DIFC provides a well-developed ecosystem designed to support Chinese businesses looking to scale across MEASA, and pointed to growing synergies between China’s strengths in research and technology and Dubai’s ambition to lead in artificial intelligence through initiatives such as the Dubai AI Campus.

Chen Liang, chairman of CICC, said the launch of the CICC DIFC Branch is a “significant milestone” in the bank’s international expansion strategy. “CICC remains committed to delivering innovative financial solutions that facilitate cross-border capital flows and foster deeper economic ties between China and key global markets,” Chen said. “

From UAE, a key gateway for the Gulf region, we will build tailored solutions to serve regional clients’ evolving needs while supporting Chinese enterprises seeking strategic opportunities abroad,” he added.

CICC to enable two-way investment banking gateway

CICC is positioning the new Dubai branch as a premier two-way investment banking gateway between China and the Gulf region.

The bank plans to work closely with sovereign wealth funds, financial institutions, and major corporations to structure cross-border investments and facilitate greater participation in China’s capital market projects.

Founded as China’s first joint venture investment bank, CICC has been instrumental in the development of China’s capital markets. It combines global best practices with deep local expertise across investment banking, asset management, FICC (fixed income, currencies, and commodities), wealth management, and private equity.

It operates globally through offices in Hong Kong SAR, New York, London, Singapore, Frankfurt, and Tokyo.

With the DIFC launch, CICC is seeking to deepen financial ties under China’s Belt and Road Initiative, while expanding its influence in the region’s financial services ecosystem.

US President Donald Trump lands in Abu Dhabi, received by UAE President Sheikh Mohamed

The visit of US President to the UAE marks a milestone in the nearly five-decade-long diplomatic relationship between the two nations

Gulf Business
Gulf Business

15 May, 2025

US President Donald Trump lands in Abu Dhabi, received by UAE President Sheikh Mohamed
Image: Win McNamee/Getty Images

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US President Donald Trump has landed in Abu Dhabi. He was received by the UAE’s President Sheikh Mohamed bin Zayed Al Nahyan.

President Trump is on the last leg of his Middle East tour, which included stops in Saudi Arabia and Qatar.

According to state news agency, WAM, the US leader was also welcomed by a delegation, which included Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and National Security Adviser; Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs; Sheikh Mohammed bin Hamad bin Tahnoon Al Nahyan, Advisor to the UAE President; Dr Ahmed Mubarak Al Mazrouei, Chairman of the President’s Office for Strategic Affairs and Chairman of the Abu Dhabi Executive Office; Khaldoon Khalifa Al Mubarak, Chairman of the Executive Affairs Authority; and Yousef Al Otaiba, UAE Ambassador to the US, along with a number of senior officials.

Air Force One was met by a ceremonial escort of military jets in honour of his visit. The squadron leader radioed the aircraft to request permission to accompany it to the Presidential Airport, extending a warm welcome to President Trump on behalf of the UAE, WAM reported.

Trump’s visit marks key milestone

The visit of US President to the UAE marks a milestone in the nearly five-decade-long diplomatic relationship between the two nations.

The visit, described by White House press secretary Karoline Leavitt as a “historic return to the Middle East”, is aimed at deepening collaboration across development, economy, trade, security, and innovation.

The UAE and the US established diplomatic ties in 1971 and opened embassies in 1974.

The US is the UAE’s leading trade ally

The UAE is the US’s top trading partner in the Middle East and North Africa, with non-oil trade reaching $32.8bn in 2024.

It is also a major investor in the US, with investments estimated at $1tn across sectors like aviation, advanced tech, energy, and AI.

The two nations are advancing joint efforts in artificial intelligence through multiple high-profile collaborations. These include Microsoft’s $1.5bn investment in UAE-based G42, and the establishment of the first AI integration centre in Masdar City by World Wide Technology and NXT-Global.

A framework for AI cooperation was also announced in September 2024, followed by the launch of the “Responsible AI Foundation” and the formation of the AI Infrastructure Partnership, aiming to mobilise up to $100 billion in capital.

In the energy sector, UAE’s ADQ and US-based Energy Capital Partners have committed $25bn in joint investments in US power generation projects.

Space cooperation is also expanding. Building on the UAE’s 2021 Hope Probe mission, the UAE is contributing to NASA’s Lunar Gateway project with a crew airlock module and plans to send its first astronaut to lunar orbit by 2030.

This landmark visit underlines the shared commitment of the UAE and US to a future of sustainable growth, innovation, and strategic cooperation.

AlUla Development Company CEO Fabien Toscano on developing the destination with purpose

The CEO shares how the team is balancing development with preservation, empowering local communities, and embracing environmentally-sensitive design to welcome two million annual visitors by 2035 — without compromising AlUla’s unique spirit

Neesha Salian
Neesha Salian

15 May, 2025

AlUla Development Company CEO Fabien Toscano on developing the destination with purpose
Image: Supplied

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Two years into his role as CEO of AlUla Development Company, Fabien Toscano reflects on the journey of transforming one of Saudi Arabia’s most treasured cultural destinations into a global tourism and hospitality hub.

As the company unveils new projects like NUMAJ in collaboration with Marriott and aligns with Vision 2030’s ambitions, Toscano shares how the team is balancing development with preservation, empowering local communities, and embracing environmentally-sensitive design to welcome two million annual visitors by 2035 — without compromising AlUla’s unique spirit.

It’s been two years since the launch of AlUla Development Company. How would you describe the progress so far and how do you approach the responsibility of preserving its beauty while developing it?

I think it’s been great, to be fair. We’ve been building the organisation while also focusing our business on what we wanted to achieve. That includes growing the team, getting projects underway, and developing new assets. Personally, it’s been a very interesting journey. I joined because I was inspired by the opportunity in AlUla.

Unlike other projects, the place is already there — it’s a location crafted by nature and steeped in history. Our job is to carefully place beautiful, purposeful assets within this extraordinary setting without disrupting it. Every step we take is guided by that principle.

How does your mandate align with Saudi Arabia’s Vision 2030, especially considering the latest progress updates?

Our strategy is fully aligned with the Public Investment Fund (PIF) strategy and Vision 2030, particularly regarding economic diversification. As a development company, we contribute in three key ways:

  1. Developing real estate assets, whether hospitality — like some of our hotels — or residential and other types of developments.
  2. Asset management, including our own hotels and several of the Royal Commission for AlUlA’s (RCU) properties.
  3. Private sector collaboration, by attracting external investors to AlUla.
    These are the three clear avenues through which we support the goals of Vision 2030.

You launched a new project at ATM 2025 — tell us more about it and what makes it special.

The project is called NUMAJ, a 250-room eco-conscious Autograph Collection hotel in AlUla, Saudi Arabia. This hotel is being developed in partnership with Marriott International and is set to open in 2027. The name is inspired by a star formation — Nou Ursae Majoris — which was historically referred to as AlUla Borealis. We combined “Nou” and “Majoris” to create NUMAJ.

What features and design elements define NUMAJ, and how does it reflect the spirit of AlUla?

We’ve been very deliberate with the architecture — paying close attention to colour, texture, and even engravings that reflect AlUla’s character. It’s a hotel that embodies everything the destination stands for.
It offers both indoor and outdoor experiences, incorporates mashrabiya design elements, and deeply reflects the local culture. It’s built for both business and leisure travellers, featuring conference rooms, business facilities, and a broad range of amenities including:

  • The first five-star spa in central AlUla
  • Two pools, including a rooftop pool
  • One signature restaurant and five additional F&B outlets

This hotel is going to bring tremendous value to the central AlUla offering, and we’re very proud of our collaboration with Marriott to bring it to life.

How do you bring a balance between creating a resort-like leisure experience and offering business-focused facilities in AlUla’s hospitality projects?

For our most recent project, flexibility was key. We wanted a hotel with strong enough amenities to serve both business and leisure travelers. For example, someone visiting for business might also enjoy the leisure facilities — and vice versa. That flexibility is essential, especially given the location in central AlUla, which draws both tourists and business visitors. Our goal was to create a broader offering that could meet diverse expectations without compromising the individual care guests expect.

How are you working with other organisations to promote tourism, and what’s the strategy for attracting domestic, regional, and international visitors?

We’re working in close partnership with the Royal Commission and benefiting from improved connectivity. The strategy involves expanding our portfolio to include diverse accommodations. Currently, we operate Caravan by Habitas (a glamping experience), and asset manage several hotels such as Dar Tantora The House Hotel, The Chedi, and Cloud7 Residences catering to different price points and experiences.

Our strategy is to gradually grow this offering with a phased, low-impact approach that respects AlUla’s natural beauty. This supports the broader target to welcome two million visitors annually by 2035.

What kind of tourist demographics are you seeing today, and how has international interest evolved?

We’re seeing a growing number of international visitors from diverse nationalities — Chinese, Americans, French, Italians — alongside strong numbers from Saudi Arabia and the GCC. The mix keeps evolving each year, influenced by flight connectivity and destination marketing. AlUla is increasingly becoming a year-round destination. Even in summer, some hotels performed well in occupancy. Improved infrastructure and global awareness are making a real difference.

Tell us how you’re involving and benefiting the local community through your projects.

We’re committed to engaging the local community both directly and indirectly. In development, we prioritise sourcing materials locally and working with Saudi contractors. In operations, we employ many Saudis — including locals from AlUla — across our hotels. As hospitality grows, it creates more career opportunities, and we’re ensuring our teams reflect the local culture. Our success also supports SMEs, local shops, and the wider economy. Human connection and storytelling from the local community are some of AlUla’s strongest assets.

What’s the focus of your real estate development beyond hospitality? Are there residential or retail plans?

Our focus is primarily on hospitality and residential. We’re currently working on a 569-room asset in central AlUla to house hospitality and operational staff — an important project for workforce wellbeing. Retail may come in as amenity-based components, but it’s not a current priority. We follow a careful, phased development strategy, ensuring every asset aligns with our environmental, social, and design standards.

How important is connectivity and accessibility to your plans for AlUla’s growth?

Connectivity is fundamental. AlUla is now linked to Riyadh, Jeddah, Dubai, and Qatar by air, with more routes coming. The journey from Riyadh is around 1.5 hours by flight, and about three hours by road from Medina or Tabuk. To achieve the two-million visitors goal, increasing accessibility while preserving the visitor experience is key. It’s all part of our integrated approach.

How are you leveraging technology while preserving AlUla’s authenticity?

We’re very intentional about using invisible technology that enhances, rather than distracts from, the guest experience. This includes smart mobility, greywater recycling systems, and efficient utilities. Technology should remain behind the scenes. Guests come for AlUla’s authenticity and natural beauty, so our design and operations are built around that principle.

What makes AlUla such a special destination in your view?

It’s unique and features more than 7,000 years of human activity, Saudi Arabia’s first UNESCO World Heritage Site, iconic locations like Elephant Rock and Maraya, and lush green oases. The geological formations are stunning, and the authenticity of the people makes it even more special. Visitors feel something profound. Even my wife ranks it among her top two favourite places in the world. The peace, the beauty — it slows you down and connects you to something deeper.

Finally, what is your leadership philosophy, and how do you inspire your team?

Passion is the starting point. I believe everyone in the organisation — regardless of title — can be a leader. I foster a collaborative environment where ideas are discussed, and people are empowered. Real estate creates lasting impact, and in a place like AlUla, we have a deep responsibility to enhance what’s already beautiful. I lead by example and encourage others to do the same. Our culture is evolving, and I want everyone on the team to feel they can make a difference every day.

UAE’s Etihad Rail eyes passenger service launch for 2026

The train is expected to reduce travel time between the two emirates to just 30 minutes

Nida Sohail
Nida Sohail

15 May, 2025

UAE’s Etihad Rail eyes passenger service launch for 2026
Image credit: Etihad Rail/X account

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Etihad Rail has announced that its high-speed passenger train service is scheduled to launch in 2026. The announcement was made via the company’s official X (formerly Twitter) account.

View post on X

First revealed in January 2025, the project aims to build the UAE’s first all-electric, high-speed passenger train connecting Abu Dhabi and Dubai. The train is expected to reduce travel time between the two emirates to just 30 minutes.

Operating at speeds of up to 350km/h, the train will stop at six key stations: Reem Island, Saadiyat, Yas Island, and Zayed International Airport in Abu Dhabi, as well as Al Maktoum International Airport and Al Jaddaf in Dubai.

Once completed, the Etihad Rail network will span over 1,200 kilometers across the UAE.

As part of a joint venture formed after a 2022 agreement between the governments of the UAE and Oman, Etihad Rail is also constructing a 303-kilometer railway linking Sohar Port in Oman to the UAE National Rail Network. The total investment for the project is estimated at $3bn.

The expansion of the network has enabled the launch of Etihad Rail’s freight operations, with the carrier expected to transport up to 60 million tonnes annually by 2030.

The rail passenger services will connect 11 cities and regions across the UAE, stretching from Al Sila to Fujairah. Each passenger train will accommodate up to 400 passengers.

Estimated travel times between key destinations are as follows:

Abu Dhabi to Dubai: 57 minutes

Abu Dhabi to Ruwais: 70 minutes

Abu Dhabi to Fujairah: 105 minutes

By 2030, the number of passengers is projected to exceed 36.5 million annually. The first four stations to open will be in Abu Dhabi, Dubai, Sharjah, and Fujairah.

Qatar Airways orders 160 Boeing twin-aisle jets during Trump visit

President Trump, along with Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani, witnessed the signing of a major deal between Boeing and Qatar Airways

Reuters
Reuters

15 May, 2025

Qatar Airways orders 160 Boeing twin-aisle jets during Trump visit
Image: Getty Images

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Boeing landed its biggest deal for widebody airplanes on Wednesday when state carrier Qatar Airways placed firm orders for 160 jetliners plus options to buy 50 more during President Donald Trump’s visit to the Gulf Arab country.

The deal for Boeing 777X and 787 planes with GE Aerospace engines was worth $96bn, according to the White House. It is a win for Trump on a high-profile visit to the region, even though it will be years before the jets are delivered.

The sale is also a boost for Boeing and its biggest engine supplier at a time when large versions of rival Airbus’ A350, powered by Rolls-Royce engines, have struggled with maintenance problems from operating in the world’s hottest climates, including the Gulf region.

The agreement is for 160 firm orders – 130 787s and 30 777Xs – and options for another 50 of the two long-haul airplanes, according to Boeing. The company’s shares rose 0.6 per cent in New York, while GE Aerospace stock gained 0.7 per cent.

For the 787s, Qatar opted for GE Aerospace’s GEnx engines rather than Rolls-Royce’s Trent 1000, according to the administration. GE Aerospace’s GE9X is the only engine option for the 777X.

The deal for 400 GE engines is the largest ever for GE Aerospace, the company’s CEO Larry Culp said in a statement, a point echoed by Qatar Airways, which told Reuters in March that it was working on a large order for widebody jets.

Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani joined a signing ceremony with Boeing CEO Kelly Ortberg and Qatar Airways CEO Badr Mohammed Al-Meer. Trump said Ortberg told him it was the largest jet order in Boeing’s history.

The deal was signed during Trump’s second stop on a tour of Gulf states after he struck a string of deals with Saudi Arabia on Tuesday.

The 777X is still in development and slated to start deliveries in 2026, six years behind schedule. Qatar Airways already has orders for 94 777Xs. Its competitor, Emirates, has orders for 205 777Xs. The two airlines were among the first customers when Boeing launched the program in 2013.

Boeing’s order book included 521 777X orders and 828 787 orders as of April 30, according to the company.

GE Vernova unveils $14.2bn energy equipment initiatives in Saudi Arabia

GE Vernova has operated in Saudi Arabia for nearly 90 years, with a power generation installed base of over 50 gigawatts

Gulf Business
Gulf Business

15 May, 2025

GE Vernova unveils $14.2bn energy equipment initiatives in Saudi Arabia
Image: GE Vernova

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GE Vernova announced energy initiatives valued at up to $14.2bn to support power generation and grid stability projects in Saudi Arabia.

The announcement includes up to $2bn in backlog or reservation agreements as of Q1 2025, alongside a pipeline of future contracts and memorandums of understanding (MOUs) extending over the next four years.

The initiatives were signed during US President Donald Trump’s visit to Saudi Arabia.

The initiatives are aligned with the kingdom’s Vision 2030 and its target of achieving net zero emissions by 2060.

“As the world’s energy equipment manufacturer, GE Vernova is proud to deploy world class technology to help deepen the longstanding relationship between the USand Saudi Arabia, advance energy security, and strengthen the economic prosperity and competitiveness of both nations,” said GE Vernova CEO Scott Strazik. “We are committed to continuing our work to grow capacity and jobs in the U.S. and beyond to meet these critical needs.”

Saudi partnerships to drive energy transition

Among the key collaborations:

  • Saudi Electricity Company (SEC) and GE Vernova will supply heavy duty gas turbines built in Greenville, South Carolina; synchronous condensers and balance of plant equipment to stabilize the grid; and capital parts and maintenance services to enhance operational efficiency.

  • Principal Buyer and GE Vernova signed MOUs for supplying advanced power generation equipment and services, commercializing carbon capture technologies, and investing in training, manufacturing, and R&D in the power sector.

  • ACWA Power and GE Vernova agreed to explore opportunities for supplying high-efficiency gas turbines and electrification equipment. ACWA Power is a global leader in desalination, energy transition, and green hydrogen.

  • Aramco and GE Vernova will collaborate on maintenance services, repairs, and spare parts to ensure reliability across Saudi power plants.

GE Vernova has operated in Saudi Arabia for nearly 90 years, with a power generation installed base of over 50 gigawatts. Its presence includes the GE Manufacturing and Technology Center (GEMTEC) Campus in Dammam, which houses facilities for turbine servicing, component manufacturing, and R&D, employing up to 850 people.

The announcements underscore GE Vernova’s role in Saudi Arabia’s evolving energy landscape and its long-term commitment to supporting industrial growth, energy security, and technological innovation in the region.

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