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MSCI adds Dubai’s DEWA to emerging markets index effective May 30

DEWA’s 2022 IPO was one of the region’s largest, and its MSCI inclusion adds momentum to its international investor profile

Neesha Salian
Neesha Salian

14 May, 2025

MSCI adds Dubai’s DEWA to emerging markets index effective May 30
Image: DEWA

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MSCI, a leading provider of investment decision tools, announced that Dubai Electricity and Water Authority PJSC (DEWA) will be included in the MSCI Emerging Markets Index, effective at market close on May 30.

DEWA, Dubai’s exclusive electricity and water services provider and the largest listed company on the Dubai Financial Market (DFM) by market capitalisation, was among the largest additions to the index by full company value.

“This inclusion marks a pivotal milestone in DEWA’s journey as a publicly listed company and reinforces our growing relevance on the global investment stage,” said Saeed Mohammed Al Tayer, vice chairman and MD and CEO of DEWA. “Our fundamentals, governance, and operating standards reflect global best practices.”

DEWA has a market cap exceeding Dhs130bn

DEWA has a market capitalisation exceeding Dhs130bn, a strong dividend track record, and a clean energy agenda aligned with Dubai’s net-zero ambitions.

The company’s inclusion is expected to result in increased visibility, improved liquidity, and passive capital inflows from institutional and index-linked funds that track MSCI benchmarks.

The MSCI Emerging Markets Index, tracked by an estimated $7tn in assets, is a widely followed benchmark that captures large- and mid-cap representation across 24 emerging markets including China, India, Brazil, Saudi Arabia, and the UAE.

Index additions often lead to non-discretionary capital inflows from passive investors, creating consistent buy-side pressure on newly added stocks.

DEWA’s addition underscores the growing relevance of the UAE’s capital markets and reflects rising investor appetite for stable, yield-generating infrastructure assets in the region.

The utility major’s 2022 IPO was one of the region’s largest, and its MSCI inclusion adds momentum to its international investor profile.

Robust quarter earnings

The inclusion in the MSCI Emerging Markets Index follows a robust financial performance for Q1 2025. DEWA reported quarterly revenue of Dhs 5.96 billion, EBITDA of Dhs2.43bn, and a net profit of Dhs496m.

Operating profit stood at Dhs838m, while net cash from operations reached a record Dhs3.85bn — 17.86 per cent higher than the same period last year—raising the company’s cash and cash equivalents to Dhs8.17bn.

The utility also saw continued demand growth, generating 10.5 TWh of electricity (including 1.86 TWh from clean sources) and producing 35.61 billion imperial gallons of desalinated water during the quarter.

With 17,579 MW of installed generation capacity — 20 per cent of which comes from clean energy sources — DEWA remains a key player in Dubai’s energy transition. It plans to expand clean energy capacity to 7.5 GW by 2030, representing 34 per cent of the generation mix.

The company also reaffirmed its commitment to long-term shareholder value with an expected Dhs6.2bn annual dividend payout policy, and distributed Dhs3.1bn to shareholders in April 2025 for H2 2024.

30 new stores across GCC: Inside of Majid Al Futtaim’s expansion

Majid Al Futtaim’s approach to luxury retail is guided by customer preferences for authenticity, craftsmanship, and modern luxury

Nida Sohail
Nida Sohail

14 May, 2025

30 new stores across GCC: Inside of Majid Al Futtaim’s expansion

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As part of a strategic expansion, Majid Al Futtaim is set to open 30 new stores across the GCC, encompassing both luxury and high street brands. The luxury additions include five standalone Eleventy boutiques, the regional debut of Corneliani, and Poltrona Frau’s first store outside the UAE, located in Saudi Arabia.

Read-Majid Al Futtaim to launch over 30 new stores in GCC

“These openings reflect our continued investment in building a strong, differentiated luxury fashion and home portfolio in high-performing destinations,” said Fahed Ghanim, CEO of Majid Al Futtaim Lifestyle.

The new Eleventy stores include recent openings at Solitaire Mall in Riyadh, Mall of the Emirates, and Marsa Al Arab, with upcoming launches at The Dubai Mall and The Grove. Corneliani made its regional debut at Solitaire Mall in April, while Poltrona Frau will open its first standalone store in the Kingdom at Centria Mall, Riyadh.

Growth momentum extends beyond UAE

“Our footprint of 90+ stores already spans the GCC, including Kuwait, Qatar, and Oman, with brands like lululemon, Hollister, Abercrombie & Fitch, and LEGO,” Ghanim said. “We’re building on this momentum by introducing the first Psycho Bunny stores in Qatar and Kuwait, following its success in the UAE.”

Ghanim added that Eleventy has seen strong traction in Abu Dhabi, Dubai, and Riyadh, and that Poltrona Frau’s performance in the UAE further validates expansion into Saudi Arabia.

Strategic brand selection

Majid Al Futtaim’s approach to luxury retail is guided by customer preferences for authenticity, craftsmanship, and modern luxury. The selection of Eleventy, Corneliani, and Poltrona Frau for standalone stores reflects their appeal to today’s discerning consumers.

“Our experience through THAT Concept Store has been instrumental in identifying and nurturing high-potential brands. Eleventy started as a shop-in-shop concept and has now evolved into multiple standalone boutiques,” Ghanim said.

Majid Al Futtaim Lifestyle recorded 26 per cent overall growth in 2024, expanding to over 90 stores and 27 e-commerce platforms across the GCC. The fashion segment alone saw 25 per cent growth, driven by brand momentum and localized strategies.

In the home category, year-on-year growth reached 36 per cent, led by consumer demand for premium, design-led living. Poltrona Frau, in particular, achieved a fivefold revenue increase last year. The company anticipates continued double-digit growth in 2025.

Shifting preferences and a new definition of luxury

Consumers in the Middle East increasingly value timeless style, personal relevance, and enduring quality over overt branding. Eleventy’s emphasis on understated luxury and craftsmanship aligns with this evolving demand.

“We’re adapting by designing more immersive and intentional retail experiences,” said Ghanim.

Younger consumers are redefining retail with demands for speed, transparency, and seamless, personalised experiences. Majid Al Futtaim is responding with technologies like WhatsApp commerce and data-driven personalisation.

“These behaviors are pushing us to be sharper, faster, and more relevant — and that’s a good thing for the industry,” Ghanim said.

THAT Concept Store exemplifies the shift toward curated, experience-driven retail. Customers can book personal styling sessions, beauty appointments, and use click-and-collect features via the app. In-store offerings include grooming, tailoring, gift-wrapping, and live brand activations.

UAE and Saudi Arabia: Key growth markets

The UAE and Saudi Arabia continue to offer significant opportunities for luxury brands due to their youthful demographics, rising purchasing power, and cultural openness to global trends.

“These are not just luxury markets; they are fast-evolving ecosystems demanding authenticity, agility, and cultural relevance,” said Ghanim.

Rather than focusing on competitors, Majid Al Futtaim prioritizes brand curation, customer connection, and local relevance to stay ahead.

“We’re not looking sideways — our focus is on being meaningfully different,” Ghanim noted.

Cultural identity shapes brand strategy

Marco Baldassari, Co-Founder and Menswear Creative Director at Eleventy, emphasized the importance of cultural adaptation: “We stay true to our DNA but tailor our offerings — richer color palettes, lighter fabrics — to suit local preferences.”

“The decision to expand into the UAE and Saudi Arabia goes beyond market entry — it’s about engaging with cultures that value craftsmanship and refined aesthetics,” said Baldassari. “Dubai’s international community and Riyadh’s rising fashion scene make both cities ideal for our global strategy.”

Smart transportation: Uber to roll out autonomous cars in Saudi

The initiative highlights ongoing efforts to adopt modern technologies and smart mobility innovations

Nida Sohail
Nida Sohail

14 May, 2025

Smart transportation: Uber to roll out autonomous cars in Saudi
An Uber Eats autonomous delivery vehicle driving around Santa Monica, the US. (Credit: Getty Images)

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The Transport General Authority (TGA) in Saudi Arabia and Uber Technologies have signed a strategic partnership agreement to launch autonomous vehicles in the country.

According to the Saudi Press Agency (SPA), the agreement was signed under the patronage of Minister of Transport and Logistic Services and TGA Chairman Saleh Al Jasser.

Read-WeRide, Uber to roll out autonomous vehicles in 15 more cities

The initiative highlights ongoing efforts to adopt modern technologies and smart mobility innovations in alignment with the National Transport and Logistics Strategy and Saudi Vision 2030, a press release from the TGA stated.

The memorandum of understanding was signed by TGA Acting President Dr Rumaih bin Mohammed Al Rumaih and Uber Chief Executive Dara Khosrowshahi following a meeting in Riyadh on the sidelines of the Saudi-US Investment Forum, attended by representatives from relevant government bodies.

Launch of smart transportation in Saudi

The TGA plans to launch the first autonomous vehicle rides through the Uber platform before the end of the year, in partnership with technology providers. Initially, these vehicles will include onboard drivers to ensure safety during the early stages of deployment.

Leveraging Uber’s ridesharing network, the TGA and Uber will collaborate with autonomous vehicle technology partners to expand consumer access to this emerging form of transportation.

In line with Saudi Vision 2030

This strategic partnership supports Saudi Vision 2030’s goals for the future of mobility, aiming to drive transformative change across the Kingdom’s economy, infrastructure, and transport sector. The integration of autonomous vehicles will complement existing infrastructure and accelerate the rollout of seamless mobility solutions for residents and visitors alike.

Dr Al Rumaih emphasised that the partnership advances national efforts to enable smart transportation technologies and achieve Vision 2030 objectives. He noted that through collaboration with Uber, the TGA aims to create a regulatory environment that fosters innovation while upholding high standards of safety and service across the transport sector.

Safety: A core priority

Both the TGA and Uber reaffirmed that safety remains a top priority. Together, they will establish a robust regulatory framework to improve transportation safety and contribute to the development of smarter, safer mobility solutions for all.

Elon Musk: Starlink has been approved in Saudi Arabia

Musk, who also heads Tesla, used the occasion to float his wider ambitions for the region

Gareth van Zyl
Gareth van Zyl

14 May, 2025

Elon Musk: Starlink has been approved in Saudi Arabia
Elon Musk attends a “coffee ceremony” with visiting U.S. President Donald Trump at the Saudi Royal Court on May 13, 2025, in Riyadh, Saudi Arabia. (Credit: Getty Images)

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Billionaire tech entrepreneur Elon Musk said on Tuesday that Saudi Arabia has approved the use of his satellite internet service Starlink for aviation and maritime sectors.

“I’d also like to thank the kingdom for approving Starlink for maritime and aviation use,” Musk said during the Saudi-US Investment Forum, which coincided with a White House-led visit to the Kingdom.

Starlink, operated by Musk’s aerospace firm SpaceX, has been pushing for broader international expansion, recently offering its hardware for free outside the US to attract new users. The service aims to provide high-speed connectivity, particularly in underserved and mobile areas, and Saudi Arabia’s transport and logistics sectors are likely to be key beneficiaries.

Musk, who also heads Tesla, used the occasion to float his wider ambitions for the region, signalling interest in introducing Tesla’s self-driving cars to the Kingdom. While no launch date was revealed, he said the move could bring cutting-edge autonomous technology to Saudi roads.

“I think it would be very exciting to have autonomous vehicles here in the kingdom, indeed, if you’re amenable,” he said.

He also revealed that he had shown several of Tesla’s Optimus humanoid robots to both President Donald Trump and Saudi Crown Prince Mohammed bin Salman.

Tesla has pitched its robots and self-driving vehicles as the foundation for its future profitability, although its Optimus model is still under development and faces stiff competition in the robotics space.

The high-profile event on Tuesday brought together Trump and a delegation of US tech executives focused on artificial intelligence, semiconductors and defence, further deepening cooperation between the US and Saudi Arabia on emerging technologies.

Air India, IndiGo have cancelled operations at multiple airports

Neither airline specified the exact cause of the disruption, although the suspended routes point to heightened security precautions

Gareth van Zyl
Gareth van Zyl

14 May, 2025

Air India, IndiGo have cancelled operations at multiple airports
Image credit: Getty Images

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Flight operations in northern and western India faced major disruptions on Tuesday, with Air India and IndiGo cancelling services to and from several airports due to “latest developments” in the region.

Air India confirmed that it had suspended two-way flights at eight airports for the day: Jammu, Leh, Jodhpur, Amritsar, Bhuj, Jamnagar, Chandigarh and Rajkot.

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IndiGo also announced similar cancellations, halting operations to and from Jammu, Amritsar, Chandigarh, Leh, Srinagar, and Rajkot for the day.

Neither airline specified the exact cause of the disruption, although the suspended routes point to heightened security precautions or airspace restrictions in India’s northern belt. The move comes amid rising tensions in some parts of the country, though no official security alerts have been issued as of yet.

Passengers travelling to or from the affected destinations have been advised to check with their respective airlines for updates and rebooking options.

The disruption is likely to have a knock-on effect on connecting flights and regional tourism, especially as several of the impacted airports — such as Srinagar and Leh — are major summer gateways.

DCTCM’s Hoor Al Khaja on strategy, sustainability and Dubai’s global appeal

The SVP of International Operations at DCTCM discusses Dubai’s unified tourism strategy, growing global appeal, sustainability and gastronomy focus

Neesha Salian
Neesha Salian

14 May, 2025

DCTCM’s Hoor Al Khaja on strategy, sustainability and Dubai’s global appeal
Image: Supplied

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Dubai welcomed over 5.31 million visitors in Q1 2025, marking a 3 per cent increase over the previous year while reflecting the city’s continued rise as a global tourism powerhouse and the successful efforts of the emirate’s tourism authority.

We caught up with Hoor Al Khaja, SVP of International Operations at Dubai Corporation of Tourism and Commerce Marketing (DCTCM), at ATM 2025 to discuss the unified vision driving this growth, key infrastructure and accessibility milestones, the city’s evolution into a gastronomic and sustainable hub, and her perspective as a female leader challenging long-held perceptions about the region.

The year 2024 was great for Dubai tourism, with Q1 2025 already showing a 3 per cent rise in visitors. What do you attribute this growth to? What has changed or paid off?

We welcomed 5.31 million visitors in Q1 2025 — an increase of 3 per cent over the same period last year. What’s working is a unified city-wide strategy, of which tourism is just one pillar. We’re all aligned under the D33 strategy set by the leadership to make Dubai not just a great place to visit, but to live, work, and invest in.

Tourism is often the first touchpoint for people who may eventually move, work, or invest here. What makes Dubai different is the strength of our public-private collaboration. That win-win mentality has always existed.

We also stay ahead of global trends — whether it’s adapting post-Covid, integrating AI, or catering to evolving traveller needs. Our agility and partnerships are major drivers.

You mentioned technology and accessibility. What are some recent initiatives that support this.

Connectivity is crucial. Dubai already prides itself on its world-class airlines and airports, but we have bigger goals. Dubai International Airport (DXB), one of the busiest airports globally, handles 90 million passengers annually. When Dubai World Central – Al Maktoum International Airport (DWC) reaches full capacity, that number will exceed 260 million.

We’re growing air capacity across Emirates, flydubai, and international charters.

We also want Dubai to be accessible to all travellers. A big milestone was becoming the first certified autism-friendly destination in the Eastern Hemisphere, including the airlines and the airport.

As the destination matures, we’re focused on enhancing experiences for all segments.

What are some of the challenges the department faces, and how are you working to address them?

One challenge is global misconceptions — not just about Dubai, but the region. To counter this, we launched the “If You Go, You Know” campaign.

Instead of using actors, we filmed real Dubai residents from diverse nationalities to show what life here truly looks like. It’s more genuine and trustworthy, especially for people who might relate more to peers from their own culture than a government spokesperson.

What new campaigns can we expect this year?

We always have 50-60 campaigns running globally, tailored to different markets.

Earlier this year, we launched “Live Your Story” with actress Millie Bobby Brown. She resonates with younger, global audiences and was a great fit for a fantasy-style narrative filmed in Dubai.

We also have regional campaigns coming up. Our strategy is global but tailored.

What emerging source markets are you focusing on more aggressively now?

Our approach is highly diversified — we’re currently active in 80 markets and have travel trade offices in over 30 of them.

Recent additions include Vietnam and Turkey. Vietnam had an Emirates route before, but we entered as a tourism board only last year, and the market is growing healthily. Dubai’s diplomatic reach allows us to continuously explore new markets and increase connectivity.

Gastronomy and sustainability have become strong pillars of Dubai’s identity. Tell us more about the focus on these.

For years, we knew Dubai had a great food scene, but it wasn’t globally recognised until recently. That’s changed. Michelin, World’s 50 Best, and others now recognise Dubai as a culinary hub. What’s exciting is that we’ve gone from importing F&B brands to exporting them — like the homegrown brand Kinoya, which is at Harrods in London.

We’re also hosting Dubai Restaurant Week (May 9-25) this month, making top-tier dining experiences more accessible.

On sustainability, we’re aligned with the UAE’s net zero 2050 goals. Our Dubai Sustainable Tourism Strategy is gaining traction — up from 70 certified hotels in the first edition to over 150 in the latest. The industry is embracing sustainability seriously.

As a female leader, how do you view your role in shaping perceptions and progress?

One misconception about the region is how women are perceived. Growing up in Dubai, I never felt it was a barrier to be a woman.

The ecosystem — government, corporate, community — supports women across all levels. Women earn leadership roles based on merit.

We don’t even debate this anymore — we’re already there. I’m proud to be in this role and even prouder that our leadership team is predominantly women, local and international.

Read: Dubai’s tourism triumph: Issam Kazim on the strategy driving Brand Dubai

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