Senior officials and business leaders convened this week at CEPA Connect: Bridging Business between the UAE and Australia to assess the impact of the Comprehensive Economic Partnership Agreement (CEPA), which entered into force on October 1, on strengthening bilateral economic ties.

The event, jointly hosted by the Australia UAE Business Council, Aspen Medical, GHD Global and Aurora The Agency, examined CEPA’s scope across trade liberalisation, sustainability, education, innovation and cross-sector collaboration while removing virtually all tariffs and trade barriers.

Delivering the keynote, Ridwaan Jadwat described the CEPA as a “landmark agreement – Australia’s first-ever free trade agreement with a Middle Eastern country.” He added: “CEPA is also one of the most progressive free trade agreements Australia has negotiated. It recognises the unique and important contribution businesses make to trade and investment. It includes a historic first-of-its-kind First Nations chapter and chapters on women’s economic empowerment and the environment.”

Ellecia Saffron, founder and principal of Maysaffron and advisory board member of the Australia–UAE Business Council, said “CEPA’s success calls for close government–industry coordination to convert strategic intent into actionable trade and investment outcomes,” noting that “true delivery requires unified effort from government, industry and strategic connectors.”

A panel moderated by Craig Fitzgerald, group CEO of Aspen Medical, included Ambassador Jadwat, Professor Nahyan Al Helal, CEO of HMC Group, Dr Khalil Yousef, programme leader for Health Science at UOWD, and Tim Mawhood, ED of GHD Business Advisory, EMEA.

Panellists highlighted CEPA’s potential to accelerate green and renewable energy cooperation. Mawhood pointed to opportunities in solar, wind, battery storage, as well as sustainable aviation and maritime fuels. “I believe there are opportunities in sustainable fuels as both the UAE and Australia bring extensive experience,” he said.

“These include investments in both directions and the sharing of skills. CEPA creates a strategic corridor linking the two countries, especially with the UAE’s advantageous location as a vital aviation and shipping hub.”

CEPA connect panels

In healthcare, CEPA opens pathways for healthtech start-ups, remote monitoring solutions, workplace wellness and medical training.

Professor Al Helal said a UAE–Australia joint committee would help coordinate standards and licence compatibility. “The HMC Group partnering with a leading Australian healthcare solutions company like Aspen Medical signals our commitment to advancing CEPA’s vision for the region,” he said. “The establishment of a joint committee of experts will accelerate this vision and drive closer cooperation in healthcare and healthtech between the two countries.”

The discussion also referenced established success stories. “The University of Wollongong’s Dubai campus was established in 1993, pioneering educational partnerships between Australia and the UAE,” Dr Yousef said. “This semester, we welcomed a diverse cohort of students, 40 per cent of whom came from outside the UAE – demonstrating strong international demand for an Australian degree.”

Fitzgerald closed the session, noting CEPA’s role in economic diversification and innovation. “CEPA Connect underscores the shared commitment of both Australia and the UAE to economic diversification, innovation and inclusive growth, and its success lies in collaboration between both the private and public sectors.”

“CEPA cannot be just seen as a piece of paper. It must be a living reality,” Ambassador Jadwat said. “Frameworks within CEPA ensure a practical, sustainable, outcome-oriented approach to trade and investment between Australia and the UAE. CEPA has opened the door to vibrant trade relations for decades to come.”

The Australian government will continue promoting CEPA benefits to exporters and investors in the coming months, with enterprises and industry invited to engage in shaping future cooperation built on shared prosperity and innovation.

Dubai has never lacked ambition, but every so often, a new chapter signals a shift in how the city wants to be experienced. In October, Al Ghurair Development introduced Al Ghurair Collection, a move that speaks less to scale and more to intent, bringing together heritage, design, and a more considered way of living.

Its debut project, Wedyan, designed by Japanese architect Kengo Kuma in his first UAE work, reflects a quieter confidence, one rooted in craftsmanship, restraint, and the relationship between people, place, and environment.

For a group with more than six decades woven into Dubai’s growth story, the launch marks an evolution rather than a departure. It reflects a belief that the city’s next phase will be defined not by volume or spectacle, but by quality, permanence, and spaces created for life to unfold over time.

In this conversation, Sultan Al Ghurair, CEO of Al Ghurair Development, speaks about stewardship and legacy, the thinking behind this new direction, what it means to collaborate with a global architectural voice like Kengo Kuma, and how the Collection brand is shaping the group’s next chapter.

Al Ghurair is one of the UAE’s most established family groups, with a presence across multiple sectors. How do you balance the family’s legacy and proven track record with this new chapter, and what does this evolution mean for the company’s identity?

Al Ghurair has been part of Dubai’s story since 1960, with a history of firsts. We built the UAE’s first shopping mall and mixed-use concept, established the country’s first private bank, and developed and managed over 20,000 residential and commercial units, alongside nearly 1,000 hotel rooms, across Dubai. This is our foundation.

Guided by our purpose, “In pursuit of better”, we are extending that legacy through Al Ghurair Collection, our super-prime residential portfolio of Al Ghurair Development, which marks the next chapter in this journey. It translates our depth of expertise into a new realm of design-led living, bringing a more personal and experiential dimension to our development approach, with Wedyan being the first of its kind to date.

This move into the super-prime segment reflects our ambition to lead with originality and confidence. It continues our heritage of creating with intention. As pioneers in what we do, it is our honour to keep contributing to Dubai’s success and reputation as a global destination.

You’ve recently introduced Al Ghurair Collection as a distinct arm of the business. What prompted this move, and why did this moment feel right to formalise it as a new brand?

Dubai has evolved into one of the world’s most dynamic residential destinations, attracting international buyers who expect the same or higher standards than they would find in major global cities.

The market has transformed, and people are now seeking places to call home rather than just to invest in. For us, this was the right moment to bring Al Ghurair’s six-decade legacy into super-prime real estate. We have the proven credibility, commitment, and expertise to deliver at this level. This is our city, and Dubai deserves more architecturally significant residences that add value to its skyline and to the people who choose to live here.

Al Ghurair Collection is a natural evolution of our legacy, introducing a design-led and quality-driven way of living that reflects the city’s continued rise as a global hub for innovation and culture.

Your collaboration with Kengo Kuma marks his first project in the UAE. What was it about his philosophy that resonated with you, and how did that partnership come together?

Al Ghurair Collection marks a new chapter for us, the next phase of our long-standing commitment to the progress of Dubai.

Securing Kengo Kuma for Wedyan, our debut project together, was an intentional decision. From our first discussions, there was a natural meeting of minds, a shared commitment to originality, purpose-driven design, and meticulous attention to detail. Together, we set out to create something authentic to Dubai, a development that blends with the historic landscape, yet forward-looking in its expression. Wedyan embodies that dialogue between the built environment and the natural world, reflecting both our relationship with Dubai and Kengo Kuma’s unique design ethos.

Dubai has seen strong momentum across its economy and residential market in recent years. How did these broader shifts influence your thinking as you refined this new direction?

Dubai’s property market has reached a stage of maturity that rewards long-term vision and authenticity. The success of the super-prime market highlights that buyers are continually seeking quality assets and homes with long-term value. We recognised this trend well ahead of time and began preparing for it as early as 2023.
Following the pandemic, Dubai emerged as one of the most resilient cities globally, attracting people who chose to make it their home and set up or expand their businesses here for its agility, safety, and quality of life. The rising demand reshaped the city’s residential landscape, creating a need for meaningful spaces that represent permanence, individuality, and purpose, over short-term trends.

Through our observations, we also notice a lot of people buy homes and spend significant time, money and effort to redesign it to their preferences. This demonstrates a clear gap between high-volume “luxury” developments and homes that genuinely feature quality, functionality, and emotion. Our aim is to deliver timeless architecture, thoughtful details, and curated spaces that respond to our residents’ everyday needs.

At Wedyan, for example, every space serves a purpose, from the orientation that maximises natural light while balancing shade, to the fluid transition between indoor and outdoor spaces, and the amenities that are intuitively placed to foster privacy, convenience, and connection.

You’ve spoken about rethinking how people actually live in their homes. How are you approaching the idea of luxury differently today?

We have defined our approach from day one by engaging over 30 specialists, including landscape designers, lighting, façade, kitchen consultants and more, to ensure that every space is considered, makes practical sense and delivers a seamless journey for our residents. Each specialist was onboarded right from the start and briefed on every aspect of the project to look at details from different perspectives, ensuring a comprehensive approach to design, leaving no stone unturned.

With Wedyan, our vision was to create homes that exceed the expectations of global residents and reflect how people aspire to live in Dubai today. To me, luxury is not about display but about experience; it is a feeling unique to every individual. At Wedyan, luxury is expressed through the experiences it has to offer. Beyond architecture and aesthetics, Wedyan is created for how people live every day.

Each space has been designed around well-being and comfort. Featuring over 65,000 square feet of amenities, Wedyan welcomes residents through The Oasis, a tranquil, greenery- and water-lined arrival experience that leads into a temperature-controlled car stacker, then to The Shore and The Valley, which are dedicated to fitness, leisure, and family time. The Cave, a curated wellness cocoon, and The Mountain, a private space for business, further define Wedyan’s sense of purpose, comfort, and convenience at home.

Carefully considered details, including a fully equipped back-of-house kitchen designed for private chefs, non-intrusive staff access and circulation; resident move-in/move-out journey, delivery services, were all planned from day one rather than retrofitting later, reflecting a deep understanding of modern living. Every design decision was made in collaboration with Kengo Kuma’s team and our network of global consultants to ensure a unified balance of beauty, function, and experience.

Created as a place to belong, Wedyan is envisioned for those who choose Dubai as their home, designed to offer lasting comfort, privacy, and a meaningful connection to the city; a home that meets our residents’ needs and yet offers the choice for them to enjoy everything the city has to offer just beyond their doorstep.

What drew you to the Dubai Canal as the setting for this first project, and how does the area support your longer-term vision?

Dubai Canal represents a unique waterfront opportunity in the heart of Dubai. It is dynamic, connected, and increasingly refined. Its proximity to Downtown Dubai, Sheikh Zayed Road, and DIFC gives it both prestige and accessibility, making it an ideal setting for a project of this calibre.

Wedyan’s unique position places residents within minutes of the city’s cultural, business, and retail districts, including Business Bay, Jumeirah, and Downtown Dubai, as well as within 20 minutes of Dubai International Airport. The location also offers access to some of Dubai’s most renowned leisure and culinary destinations, such as Dubai Mall and City Walk.

While situated in the midst of the city’s energy and movement, Wedyan’s waterfront setting introduces a rare sense of calm and serenity, offering residents a private escape in the heart of Dubai.

Our vision with Al Ghurair Collection is to bring new meaning to super-prime residential living in Dubai through originality, architectural mastery, and long-term excellence. Each project is anchored by three core elements: a location that matters, an architect whose work transforms how people experience space, and amenities designed around how residents truly want to live. We’re not trying to be the biggest; we’re trying to be the best, focusing on a few, more meaningful developments, through collaborations such as Kengo Kuma, and the commitment of Al Ghurair.

How central is sustainability to your thinking, particularly when working with an architect known for environmentally sensitive design?

For us, sustainability goes beyond materials in a building; it extends to the well-being of those who live in it, creating homes that feel restorative, calm, and enduring. We believe sustainability is about longevity and the way people live within a space. A well-designed, well-built home that continues to bring value and comfort over the years prevents the constant cycle of moving from one property to another. That sense of permanence and long-term value is our added perspective on overall sustainability.

At Wedyan, for instance, sustainability has been considered from desert-tolerant planting to natural shading systems that minimise heat gain and energy use. The landscaping palette engineered by Gustafson Porter + Bowman considers the impact of Dubai’s climate.
We will continue to integrate sustainable and efficient strategies throughout the design and construction, contributing not only to the longevity of the building but also to the health and harmony of the environment it sits within.

Who are you ultimately designing for, and how does that audience shape your decisions?

Wedyan is crafted for discerning buyers, both local and international, who value discretion, intuitive design, and well-being as much as location. They see their homes as a haven, a legacy investment for generational living, or a prized possession. Our buyers are globally minded individuals who appreciate design, value privacy, and consider longevity.

Al Ghurair Collection is designed with a purpose for those who want to call Dubai home and who believe in its future, to meet the expectations of a globally minded audience while remaining deeply connected to Dubai’s roots. This includes UAE-based families seeking a refined sanctuary in the city, GCC buyers investing for lifestyle and security, and international buyers from Europe, Asia, and North America who desire a home that reflects Dubai’s status as a world-class city.

With Wedyan setting the tone, how do you see Al Ghurair Collection evolving from here?

Wedyan is only the beginning. Our ambition for Al Ghurair Collection is to establish a portfolio of landmark developments that creates the ultimate living expression in Dubai and beyond.

Each project will embody the same guiding principles of originality, obsession with detail, and meaningful experiences. Our immediate focus is on delivering on the commitment made with Wedyan. The goal is to curate developments that reflect what Al Ghurair Collection stands for and what residential living should be.

Building on Al Ghurair Development’s established portfolio in the premium segment, Al Ghurair Collection will remain highly selective, focusing only on projects that align with its design-led vision and long-term value.

The healthcare sector in the UAE is undergoing a fundamental transformation, driven by recent legislative reforms and an evolving regulatory landscape. Central to this shift are the amendments to the Federal law on Medical Products, the Pharmacy Profession, and Pharmaceutical Establishments (the Pharma Law), which was first amended and restated under Federal Law No. 8 of 2019 and more recently under Federal Law No. 38 of 2024.

These changes reflect the UAE’s broader strategic objective of driving healthcare innovation, supporting pharmaceutical manufacturing, and encouraging life sciences investment. The amendments to the Pharma Law represent a significant milestone in modernising the legal and commercial framework governing pharmaceutical and medical product activities.

To support investment opportunities from global pharmaceutical and healthcare companies, the Pharma Law introduces a paradigm shift in ownership structures. Historically, medical warehouses, medical stores, and pharmaceutical establishments were required to be wholly owned by UAE nationals.

This restriction effectively limited foreign pharmaceutical companies from operating through local distributors or agents.

The new Pharma Law delegates the determination of UAE national participation in such entities to the relevant local authorities (the Departments of Economic Development of each emirate), allowing them to specify the percentage of national ownership or, where permitted, to allow for full foreign ownership.

This development enables multinational pharmaceutical and healthcare companies to move away from the traditional distribution model towards a direct ownership and operational structure in the UAE.

This change is expected to result in greater alignment between local operations and global corporate strategies, increased investment in local infrastructure, and improved responsiveness to market needs, with many multinational pharmaceutical and healthcare companies already reorganising their business operations accordingly.

Another key regulatory evolution introduced under the amended Pharma Law framework is the requirement for companies to appoint at least two importers of healthcare products. This change will make the supply chain more reliable, curb monopolies, and boost healthy competition among importers and distributors.

Noting that in practice, many companies have struggled to meet this requirement due to long-standing agency arrangements.

Furthermore, the redistribution of competencies between the Ministry of Health and Prevention and the Emirates Drug Establishment has refined the regulatory oversight of the pharmaceutical sector.

This shift is creating a more specialised and collaborative environment, where industry participants can engage more effectively with the regulators.

UAE’s focus on technology has also impacted the healthcare sector. With huge investments led by UAE sovereign funds in AI to blockbuster deals with technology giants, the UAE has secured a spot among the world leaders in technology and we’re seeing results in healthcare in areas such as integration of AI and big data for improved decision-making, the expansion of telemedicine and remote patient monitoring, and the growing use of the internet of medical things (IoMT) with devices like wearables.

The UAE government has also introduced incentives to encourage companies to transfer know-how, introduce advanced technologies and establish local manufacturing capabilities. These incentives aim to localise production, strengthen supply chain resilience, and reduce dependency on imports.

Saudi Arabia is taking key steps to boost the healthcare sector

Saudi Arabia is also taking major steps forward. Saudi Arabia aims to be at the forefront of a global healthcare transformation, driven by its ambitious Vision 2030. This initiative is propelling unprecedented changes across the sector, resulting in a dynamic and high-growth environment. The focus is on creating a more private-sector-driven, patient-centric, and digitally advanced model.

This transformation is vital to address the high demand for healthcare services, ensure greater resilience within the system, and ultimately improve public health outcomes.

To support this transformation, local regulations and policies are actively incentivising the move towards privatisation. This includes promoting public-private partnerships (PPPs), localising production, and making substantial investments in digital transformation and workforce development.

The Ministry of Health is corporatising its delivery into independent provider networks, and the government is facilitating increased private sector involvement through management contracts and ownership.

Incentives are being created to attract private investment and participation.

The government is investing heavily in digital health initiatives such as unified electronic health records, telemedicine, and AI to improve efficiency and access, particularly for remote areas.

Finally, there is a strong push to increase the number of qualified Saudi citizens in the healthcare sector through specialised training, higher licencing standards, and making the profession more attractive.

The writers Hani Naja and Zahi Younes, are both corporate partners and Tala Shomar is a corporate associate at Baker McKenzie.

The Gulf Business Real Estate Summit took place in Dubai on November 25, 2025, bringing together top experts from finance, regulation, development, and brokerage to examine the future of the UAE real estate sector. The half-day event offered a platform to discuss pressing industry issues, including sustainability, regulatory changes, emerging technologies, and market opportunities amid record-high transactions and sales.

The summit addressed critical questions: How is tokenisation reshaping real estate investment? Will Dubai face a market correction in 2026? Where does value lie in off-plan properties, and how are evolving trends transforming the role of brokers in a rapidly changing market?

Read-Beyond the boom: what’s next for UAE real estate?

Tokenising UAE Real Estate: From concept to mainstream

The first panel, “Tokenising UAE Real Estate – From Pilot to Mainstream,” examined how the industry is moving from concept-stage initiatives to scalable investment solutions. Moderated by Neesha Salian, editor at Gulf Business, the discussion featured industry leaders including Cherif Sleiman (CRO, Property Finder), Scott Thiel (CEO and founder, Tokinvest), Riz Ahmed (CEO, SmartCrowd), Fouad Bekkar (CEO, Coraly.ai), and Felix Vartanov (director, Black River Capital).

Cherif Sleiman emphasised the importance of trust and transparency. “The regulatory environment still requires maturation, and investors need confidence not only in the assets themselves but also in the entities responsible for custody and settlement,” he said. Sleiman added that although tokenisation technology has existed for over a decade, mainstream adoption requires seamless operation so consumers can transact without navigating complex protocols.

Scott Thiel, CEO of Tokinvest, echoed these sentiments: “Mass adoption will depend on removing barriers, raising awareness, and ensuring investors can participate in an intuitive, accessible manner. The goal is to make investing in tokenised real estate as user-friendly as possible, even for those with limited technological familiarity.”

The panel underscored that achieving widespread adoption requires collaboration among developers, investors, and regulators, alongside technological solutions prioritising simplicity, security, and transparency.

Dubai market correction: Myth or reality?

The second panel, “Is a Dubai Real Estate Correction Imminent?”, moderated by Gareth van Zyl, Group Editor at Gulf Business, examined potential risks in a market experiencing rapid growth.

Lewis Allsopp, chairman of Allsopp & Allsopp, rejected predictions of an imminent downturn, citing strong underlying fundamentals such as population growth, infrastructure expansion, and $700bn in investment commitments. “Dubai remains highly attractive to high-net-worth individuals, including Premier League footballers. Real-world demand contrasts sharply with short-term reports suggesting weakness,” he said.

“It all depends on the location. Take fully developed areas, for example, The Palm, we’ve seen prices absolutely skyrocket over the years.

However, rental transactions are currently dropping in double digits. We are even seeing the launch of The Jebel Ali Palm now. So yes, Palm Jumeirah will, of course, hold its value to a degree and remains one of the go-to areas in Dubai, but there’s always something new on the horizon that can affect prices in the future,” said Gregory Lewis, founder & CEO of AirDXB.

Saurabh Bhatia, Director at Klay Capital, added insights by segment:

• Residential: Prime and luxury segments remain in high demand; mid-segment properties may experience mild corrections.
• Retail: Experiential and premium retail continue to thrive, while legacy retail may need reinvention.
• Office and commercial: Grade A and luxury offices attract new businesses and international headquarters, with potential growth in manufacturing expected to boost demand.

Bhatia outlined four factors influencing market corrections: global economic shocks, external geopolitical events, oversupply (mainly in mid-segment units), and government policy changes. He noted most upcoming handovers are pre-sold, cushioning potential price adjustments. “Even a 10–15 per cent correction would be healthy and create opportunities for new entrants,” he said.

Off-plan UAE: Where value still lies

The final panel, “Off-Plan in the UAE – Where the Value Still Lies”, moderated by Rajiv Pillai, deputy editor at Gulf Business, focused on the growing off-plan market.

Mohammad Khader, head of Project Development at Almal Real Estate Developments, emphasised the need for developers to differentiate through strategic choices and high-quality products. “Investors seek control and clarity. At the end of the day, the key answer is simple: it all comes down to the product,” he said. Khader highlighted that buyers increasingly compare multiple options and that developers must equip them with the right tools and information for confident decision-making.

Ben Crompton, managing partner at Crompton Partners Estate Agents, highlighted strong foreign interest, particularly from India, Tanzania, Russia, and Singapore, in luxury and waterfront properties. “Developers are offering premium units at record prices, and buyers are accepting these levels because they see strong long-term potential,” he said. Certain premium areas, such as Massa, have reached $6,000 per square foot, demonstrating confidence in UAE infrastructure and growth prospects.

Crompton stressed that the market has matured, with buyers increasingly willing to invest in high-end properties, recognising long-term appreciation and value.

A transforming landscape with resilient growth drivers

Insights from the summit underscore a UAE real estate sector that is evolving yet resilient. Strong economic fundamentals, robust investor confidence, and sustained demand across multiple segments continue to underpin growth.

Emerging trends such as tokenisation and innovative investment models signal a market preparing for its next chapter. With record-breaking sales milestones, rising occupancy rates, and a sophisticated investor base, the UAE property market appears poised to maintain momentum while navigating a dynamic, rapidly changing environment.

Al Khayyat Investments (AKI) has signed two Memorandum of Understanding (MoUs) to enhance bilateral economic cooperation and promote sustainable trade and investment between the UAE and the People’s Republic of China.

The signing ceremony took place in the presence of Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, deputy chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, and Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade. The agreements were signed by Zaid S Al Khayyat, MD of Al Khayyat Investments (AKI), with Cainiao, an Alibaba company, to advance collaboration in logistics and technology, and BioBAY, focusing on cooperation within the life sciences sector.

The MoUs were formalised during Al Khayyat Investments’ participation at the 8th China International Import Expo (CIIE) in Shanghai, at the China, UAE Economic & Trade Cooperation Promotion Conference, where the UAE was the Guest of Honour Country.

These partnerships mark a significant milestone in AKI’s expansion and reflect the shared commitment of the UAE and China to foster innovation, trade, and economic growth.

Dr Thani bin Ahmed Al Zeyoudi said the partnerships clearly demonstrate the growing economic bonds between the UAE and China:

“The UAE and China are two nations that believe in the importance of trade to economic growth and development, and we continue to pursue opportunities in each other’s markets. Our partnership is already forward-looking, and we both want to explore where the new opportunities lie. These MoUs between Al Khayyat Investments and Cainiao and BioBAY represent the latest steps towards cementing the trade and investment ties between our two private sectors in vital, high-growth industries.”

Zaid S Al Khayyat, MD of Al Khayyat Investments (AKI), said:

“Our partnerships with Cainiao and BioBAY reflect AKI’s continued expansion and our deepening engagement with China. The UAE and China share a common vision for innovation-driven, sustainable development, and through these agreements, we look forward to unlocking new opportunities in logistics, technology, and life sciences and more that benefit both economies and the region.”