Nakheel, a member of Dubai Holding Real Estate, has awarded a contract worth Dhs2.6bn to Fibrex Contracting for the construction of Bay Villas at Dubai Islands. The waterfront community will feature 636 luxury residences across five distinct property types, marking one of Nakheel’s most ambitious residential projects to date.

The development builds on Nakheel’s established partnership with Fibrex Contracting, following their collaboration on the District One West community in Mohammed Bin Rashid Al Maktoum City (MBRAMC). Bay Villas will introduce a variety of premium homes, including Townhouses, Semi-detached Villas, Garden Villas, Waterfront Villas, and Beachfront Villas, complemented by lifestyle amenities such as three pool houses, a beach club, landscaped parks, and leisure facilities.

Khalid Al Malik, chief executive officer of Dubai Holding Real Estate, said: “Our partnership with Fibrex Contracting marks a key milestone for Bay Villas, a landmark project that underscores our commitment to shaping Dubai’s future through elevated spaces that residents can proudly call home. This development delivers on our vision of designing waterfront communities that prioritise wellbeing, luxury and privacy, all while offering residents an opportunity to enjoy the best of island living.”

Strategically located along a prime promenade with direct beach access, the Beachfront Villas will offer three-storey residences with six bedrooms, a show kitchen, a rooftop lounge and terrace, and a dedicated dining space. Waterfront Villas will provide expansive plots with panoramic views, while Garden Villas will be surrounded by greenery to create a retreat. Semi-detached Villas are designed for a modern community lifestyle, and Townhouses will be arranged in four- to six-home clusters with private gardens.

Read: Dubai Islands: Nakheel launches third phase of Bay Grove Residences

Drawing inspiration from Dubai’s cultural heritage, Bay Villas incorporates traditional design touches, such as wooden finishes and arabesque detailing, while maximizing natural light and open living spaces. Residents will also benefit from a resort-inspired lifestyle, complete with a central park, swimming pools, sports courts, children’s play areas, and green corridors linking directly to the waterfront.

Sufyan S. Saleh, group managing director, Fibrex Contracting, said: “Fibrex Contracting is proud to work with Dubai Holding Real Estate, the region’s most distinguished and visionary developer, known for their exceptional track record in delivering iconic projects. This time, we are honoured to extend our successful collaboration to the prestigious Bay Villas project at Dubai Islands. As one of the UAE’s leading construction groups, we are committed to delivering this flagship development on time, while adhering to the highest industry standards. Through advanced construction technologies, specialised in-house capabilities and our trusted supply chain network, we are well-equipped to bring this waterfront community to life.”

Developed in line with the Dubai 2040 Urban Master Plan, Dubai Islands spans 18.6 square kilometres across five islands. The master development offers 59 kilometres of waterfront, over 20 kilometres of beaches, and expansive open spaces, along with parks, promenades, golf courses, and cycling routes. Located close to Downtown Dubai and Dubai International Airport, it is positioned as a prime destination for world-class hospitality, retail, dining, and entertainment.

In just three decades, Dubai has risen from a modest seaside town into one of the first great cities of the 21st century by leveraging its location and bold global ambitions. Yet the city’s best days may still lie ahead.

Today’s geopolitical tensions and trade protectionism are a far cry from the globalization ethos that helped fuel Dubai’s rise, but they play to the city’s strategic strengths.

Dubai’s leaders promoted real estate development, finance, shipping, aviation, and tourism, and in the space of a generation built a dynamic city that boasts the world’s tallest building and busiest international airport, and hosts the regional headquarters of most major multinationals.

Dubai now ranks 8th among 1,500 cities across Asia, Africa, Latin America, and the Middle East as a commercial hub, or city with vibrant corporate, industrial, retail, and hospitality sectors, according to the Oliver Wyman Forum’s index of The Cities Shaping The Future.

It also ranks 4th as a mobility connector, or city that facilitates the movement of goods and people.

That base gives Dubai an opportunity to capitalise on two major shifts in the global economy: the rebuilding of supply chains for greater resilience and the rapid rise of mid-tier cities across Africa, Asia, and the Middle East that need a sophisticated hub to connect them to global markets.

Seizing that opportunity can enable Dubai to challenge some of the Asian megacities that top our commercial hubs ranking, including Tokyo, Shanghai, and Singapore.

Capitalising on supply-chain disruption

To sustain robust growth and challenge top-ranked cities like Tokyo, Shanghai, Seoul, and Singapore, Dubai authorities should take advantage of the realignment of global supply chains in response to geopolitical tensions.

A recent surge in tariffs and other trade restrictions has prompted many multinational companies to double down on diversifying their supply chains for greater resilience. India is an increasingly attractive location for companies looking to avoid US tariffs on China and Southeast Asian countries, and our conversations indicate that Korean and Japanese investors are quickly pivoting to this large market. Japanese investment in India amounted to $5.5bn in 2024, more than three times the annual average between 2015 and 2020. Dubai is well-placed to take advantage of this trend given its proximity to India and the fact that Indian nationals make up roughly a third of the population of the UAE.

Dubai is already playing a growing role in shipping manufactured goods and parts to and from India and selling professional services to companies building new factories and distribution facilities in the country. The UAE and India signed an economic partnership agreement in 2022, and two-way trade between the countries reached nearly $85bnin the 12 months ended in March 2024. The UAE also is India’s seventh-largest overseas investor, having poured $22bn in foreign direct investment into the country since the year 2000.

Dubai also has an opportunity to play a greater role orchestrating trade flows between Southeast Asia, South Asia, and North Africa, as supply chains rebalance.

Morocco and Turkey are two potential winners from the latest tariff disruption, and in today’s highly interconnected supply chains, Dubai’s logistics companies will play an important role transshipping products between growing numbers of factories in India, Southeast Asia, and across the Middle East and North Africa.

Dubai can build on its record and replicate the success Hong Kong has had the past 30 years serving as a gateway between the rapidly expanding manufacturing sector in southern China and global markets.

Seizing the growth opportunity of mid-tier cities

Another opportunity closely related to supply-chain realignment is the rise of mid-tier cities. Dubai lies within a six-hour flight of over 800 cities across Africa, Asia, and the Middle East with populations greater than 250,000.

Combined, they have over one billion people and a GDP of $8tn, making them increasingly attractive markets.

These cities are poised to be a growing source of consumer demand for everything from travel services and tourism to e-commerce and financial services. The fastest-growing of these cities are benefiting from expanding manufacturing investments, growing business process outsourcing, and improved digital connectivity. As growth spreads beyond major cities to these mid-tier urban areas, the prospects for the emirate will grow.

Dubai, which serves as a destination or transit hub for more than 90 million travellers from over 270 cities around the world, is well placed to capture a big share of the growth in leisure travel from these mid-tier cities.

The emirate also can serve as a convenient and efficient distribution hub for e-commerce platforms selling to shoppers in these cities. Chinese e-commerce and logistic players, for instance, can easily tap these markets from Dubai’s existing transport infrastructure.

The city also has an opportunity to attract more corporate headquarters beyond those of multinationals that already have a presence. The growing consumer clout of the mid-tier market across Africa, Asia, and the Middle East makes it more compelling than ever for companies to establish a regional office to support their local presence in these cities. Dubai also can attract local conglomerates from these same markets as they seek to build out an international business.

Can Dubai seize these opportunities? For a city that has grown its population nearly five-fold in the past three decades and transformed a largely undeveloped coastline into a glittering global destination, the question might be better phrased, how can it not?

The writer is a partner in Oliver Wyman’s Finance and Risk practice and leads Asian initiatives of the firm’s think tank, the Oliver Wyman Forum.

Huawei, a global leader in ICT infrastructure and smart devices, has launched its latest flagship conference whiteboard – the IdeaHub S3 – in partnership with Eros Group, the official IdeaHub Gold Distribution Partner. Designed to transform workplace collaboration, the new solution enables enterprises to embrace a new era of intelligent communication and efficiency.

“The new IdeaHub S3, built on our groundbreaking AI+ architecture, delivers advanced capabilities including smarter interaction, enhanced image quality, real-time interpretation, and insightful meeting summaries,” said He Yujin, vice president of Huawei Intelligent Collaboration. “With this launch, we aim to transform communication and resource sharing and redefine what it means to offer a more precise, smarter, and safer AI experience.”

Smarter collaboration powered by AI

The IdeaHub S3 delivers crystal-clear visuals and audio, with AI-powered image enhancement and HD cloud conferencing ensuring sharp, seamless meetings without additional costs. Security is enhanced with an electronically controlled camera privacy shield, while a 24-mic array with 15-meter sound pickup and AI noise reduction boosts sound clarity. Huawei’s Acoustic Baffle 2.0 automatically filters out background noise, creating distraction-free discussions.

Collaboration made simple

Supporting up to nine panes per meeting, the IdeaHub S3 allows multiple viewpoints to be shared simultaneously, with layouts that adapt dynamically. The next-gen remote control offers pinpoint accuracy for drawing and selection, while bi-directional connectivity and interactive features keep teamwork smooth. A 66W fast-charging Type-C port ensures uninterrupted performance during extended sessions.

During the launch event, Rajat Ashtana, CEO of Eros Group, said: “The new IdeaHub S3 reflects the strength of our collaboration with Huawei and our shared commitment to shaping the future of innovation. Together, we are equipping enterprises to lead with confidence in an increasingly intelligent, connected and dynamic world.”

Read: du launches region’s first live 5G-Advanced network in UAE with Huawei

Huawei emphasised that the launch reinforces its mission to enable seamless connections across individuals, teams, and organisations. The company’s Intelligent Collaboration unit will continue advancing its “AI+ architecture” to redefine customer experiences, from workplace meetings to production decision-making. By working with its global ecosystem, Huawei is unlocking new digital opportunities and accelerating the shift towards a fully connected, intelligent world.

The Board of the Capital Market Authority (CMA) of Saudi Arabia has approved a regulatory framework governing foreign investment in securities, placing a 49 per cent ceiling on total foreign ownership in any listed company or its convertible debt instruments. However, foreign strategic investors are exempt from this cap, provided they hold their shares for a minimum of two years.

What is the difference between the qualified foreign investor (QFI) and the strategic foreign investor?

According to Capital Market Authority, a Qualified Foreign Investor (QFI) is a foreign investor that is qualified, in accordance with the provisions of Part (3) of Rules for Foreign Investment in Securities, to invest in the listed shares on the Main Market.

QFI according to part (3) of the rules:

1) shall have a legal personality.

2) shall have assets under its own or its group ownership, management, or custody of SAR (1,875,000,000) one billion eight hundred and seventy-five million Saudi Riyals (or an equivalent amount) or more, at the time of submitting an application to open an investment account. And the authority may reduce the minimum of these assets.

Foreign Strategic Investor: a foreign legal entity that aims to own a direct percentage in a listed company’s shares for a period of not less than two years, for the purpose of contributing in promoting the financial or operational performance of that listed company.

Read-Foreign investors alert: Saudi approves digital IDs for property ownership

The new rules were published in Umm Al Qura, the country’s official gazette, and are part of Saudi Arabia’s broader efforts to regulate capital inflows while maintaining financial market stability, a Saudi Gazette report said.

Ownership limits and strategic exemptions

According to the CMA, non-resident foreign investors are restricted to owning no more than 10 per cent of the shares in any listed issuer. Furthermore, foreign investors are not permitted to convert debt instruments into shares unless they fall within the authorised investor categories or operate under approved swap agreements.

Foreign strategic investors typically long-term institutional players with business or operational interests in the country, are not subject to the 49 per cent ownership ceiling. However, to qualify for this exemption, they must retain their investment for at least two years, a move aimed at attracting stable, long-term capital to the Saudi market.

Six categories of foreign investors

Foreign investment on Saudi Arabia’s main market is limited to six defined categories of non-resident investors:

1. Qualified foreign investors (QFIs).

2. Foreign strategic investors.

3. Ultimate beneficiaries of swap agreements with licensed financial institutions.

4. Foreign investors who are clients of CMA-licensed management firms.

5. Foreign investors residing in a Gulf Cooperation Council (GCC) country.

6. Former residents of Saudi Arabia or a GCC country who opened an investment account during their residency.

This classification ensures controlled access while enabling experienced or strategically aligned investors to participate in the market.

Tight oversight of swap agreements

The CMA’s rules also establish stringent conditions for institutions entering swap agreements. Key requirements include:

• Full segregation of client funds and assets.

• Comprehensive transaction coverage for the agreement duration.

• Exclusive voting rights retained by the licensed institution.

• Strict compliance with anti-money laundering (AML) laws.

Discretionary flexibility for exceptional cases

Importantly, the CMA reserves the right to grant exemptions from any part of the regulations, either at its own discretion or upon request, allowing room for flexibility in unique or strategic scenarios.

District cooling services provider Emirates Central Cooling Systems Corporation (Empower) has signed a contract to design a new district cooling plant at Dubai Science Park. The facility will have a total production capacity of 47,000 Refrigeration Tonnes (RT) and will serve nearly 80 mixed-use buildings in the community. Construction is scheduled to begin by the end of the first quarter of 2026.

Dubai Science Park, the region’s first free zone dedicated to the science sector, hosts hundreds of companies and over 3,000 specialised professionals. It serves as an innovation hub for entrepreneurs, SMEs, and multinational corporations engaged in scientific research and development.

According to Empower, the new plant will integrate its award-winning technologies, including thermal energy storage (TES) systems to reduce peak load on the grid and treated sewage effluent (TSE) systems to cut freshwater use in operations. Artificial intelligence applications and other advanced solutions will also be deployed to maximise efficiency and sustainability.

Empower currently commands more than 80 per cent of Dubai’s district cooling market. The new project forms part of its wider expansion plan to meet the city’s growing demand for sustainable cooling solutions.

Read: Empower begins district cooling service for world’s largest residential tower

“Empower is advancing its ambitious expansion plans by building new plants equipped with the latest technologies, under a strategic framework that places sustainability at the core of its operations and emphasises innovation and continuous development. This approach is guided by the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, aimed at reducing electricity and water consumption and positioning Dubai as a global hub for the green economy and the city with the lowest carbon footprint in the world by 2050,” said H.E. Ahmad Bin Shafar, CEO of Empower.

Bin Shafar added that the project highlights Empower’s ongoing commitment to sustainable growth. With its 47,000 RT capacity, the new plant will deliver reliable, energy-efficient, and environmentally friendly cooling to Dubai Science Park’s residential, commercial, and research facilities.

“Empower currently operates 88 district cooling plants across Dubai. This new facility is a significant addition to our capacity and a strategic step that expands the reach of efficient cooling services. It also highlights our vital role in supporting Dubai’s environmental and developmental objectives, while solidifying our position as the world’s largest district cooling services provider,” he concluded.