Aldar Investment Properties (AIP), a subsidiary of Aldar Properties, has raised $500m through a 10-year green sukuk, further strengthening its financial position.

The issuance was oversubscribed 7.2 times, attracting orders exceeding $3.6bn, with regional and international investors accounting for 61 per cent and 39 per cent of the allocation, respectively.

Priced at a spread of 110 basis points over the 10-year US Treasury yield, the sukuk carries a coupon rate of 5.25 per cent.

The transaction mirrors the company’s May 2024 green sukuk issuance, which achieved the company’s tightest-ever spread for a public debt offering.

The issuance, Aldar’s third under its $2bn Trust Certificate Issuance Programme, was buoyed by Moody’s reaffirmation in January of Aldar and AIP’s investment-grade ratings of Baa2 and Baa1, respectively, with a stable outlook.

“Our ability to consistently achieve a favourable cost of capital, even in the context of global market volatility, underscores the strength of our financial position and disciplined capital management,” said Faisal Falaknaz, chief financial and sustainability officer at Aldar Properties. “The strong demand for our latest green sukuk is a clear sign of investor confidence in our strategy and commitment to sustainable growth that delivers real impact for our stakeholders and communities.”

Sukuk proceeds to refinance sustainability-accredited real estate within Aldar’s portfolio

The proceeds will be used in line with the company’s Green Finance Framework to refinance sustainability-accredited real estate within AIP’s portfolio.

Aldar has invested over Dhs150m in retrofitting 67 properties to enhance energy efficiency and reduce emissions as part of its net zero goals.

The new issuance will support the early redemption of a sukuk maturing in September 2025 and the repayment of outstanding bank debt.

JP Morgan and Standard Chartered acted as joint global coordinators, as well as joint lead managers and book runners alongside Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Capital, Mashreq, and Sharjah Islamic Bank.

The company has raised Dhs16.3bn in new liquidity across its capital structure since the start of 2025, reinforcing its commitment to sustainable growth and financial resilience.

Ripple has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services in the Dubai International Financial Centre (DIFC).

The entity, a leader in enterprise blockchain and crypto solutions, will be the first blockchain-enabled payments provider licenced by the DFSA.

Read-Abu Dhabi’s MGX makes $2bn crypto investment in Binance

The development marks Ripple’s first licence in the Middle East and underscores the company’s long-standing commitment to the region and regulatory compliance globally.

How will the licence benefit Ripple?

The licence will now make Ripple’s seamless compliance-first global payments product available to businesses in the UAE. It will also reinforce Ripple’s role as a trusted partner for financial institutions looking to leverage the superior capabilities of digital assets to drive real-world utility.

“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” Brad Garlinghouse, Chief Executive Officer of Ripple, said.

Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit, Garlinghouse added.

Ripple’s DFSA licence adds to its growing list of over 60 regulatory approvals worldwide, including a Major Payments Institution licence from the Monetary Authority of Singapore (MAS), a New York Department of Financial Services (NYDFS) Trust Charter, a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and Money Transmitter Licences (MTLs) across multiple US states.

What do crypto-native firms and traditional financial institutions demand?

The UAE is a global hub for outbound finance, with a market worth over $400bn for international trade. Most of the crypto-native firms and traditional financial institutions have been found to be seeking solutions to the inefficiencies of traditional cross-border payments—such as high fees, long settlement times, and lack of transparency.

A 2024 business survey carried out by Ripple revealed that 64 per cent of finance leaders in the Middle East and Africa (MEA) see faster payments and settlement times as the biggest value proposition for incorporating blockchain-based currencies into their cross-border payments business.

Payments utility is also expected to drive greater stablecoin adoption in the UAE. Stablecoins tend to offer real-time settlement compared to traditional banking systems, which often take days to process.

Ripple’s own RLUSD stablecoin had surpassed $130m in market cap after being launched on global exchanges at the end of December.

“We are thrilled that Ripple is deepening its commitment to Dubai by securing a DFSA licence that makes it the first blockchain-enabled payments provider in DIFC. This milestone not only highlights our commitment to fostering innovation, but also opens the door for Ripple to tap into new growth opportunities across the region and beyond. As the Middle East, Africa and South Asia’s leading global financial centre, DIFC is proud to support forward-thinking companies like Ripple as they shape the future of finance and accelerate the adoption of blockchain technology in the payments industry,” Arif Amiri, Chief Executive Officer of DIFC Authority, commented on the development.

Ripple’s position in the region

Ripple has substantially cemented its position in the region since establishing its headquarters in DIFC in 2020. This regulatory approval has positioned Ripple as an entity to further accelerate growth and innovation in a high-potential market.

Around 20 per cent of Ripple’s global customer base is already operating in the Middle East.

MEA region: The crypto-adoption scenario

The MEA region has one of the highest levels of institutional readiness when it comes to crypto adoption, with over 82 per cent of MEA finance leaders stating they are “very or extremely confident” when it comes to integrating blockchain solutions into their business.

“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” said Reece Merrick, Ripple’s Managing Director for the Middle East and Africa.

“Securing this DFSA licence is a major milestone that will enable us to better serve the growing demand for faster, cheaper, and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs. We’re grateful for the support of our partners at DIFC, and we’re ready to hit the ground running with a growing local team and strong customer pipeline,” Reece Merrick added.

Ripple’s securing of the DFSA licence has further strengthened its mission to bring the benefits of compliant blockchain technology to financial services companies and their customers globally.

Noor Sweid, founder and managing partner of Global Ventures, has witnessed firsthand the transformation of the MENA region’s entrepreneurial and investment landscape.

From scaling businesses to angel investing and launching her venture capital firm to publishing her book, Sweid’s journey is a testament to the region’s burgeoning innovation.

Sweid’s book, Coming of Age: How Technology and Entrepreneurship Are Changing the Face of MENA, published by Motivate Media Group’s Books Arabia, is the story of the region’s entrepreneurial growth in the last 25 years, spanning industries as diverse as fintech, healthtech and agritech all of which have emerged out of the desert since the new millennium to produce global-leading transformative ventures, and leapfrogging technologies.

In this interview, she discusses her founding journey, the vision behind Global Ventures, her book and the excitement surrounding MENA’s emergence as a global tech hub.

Sweid also shares her insights into the future of the region’s investment scene, tips for entrepreneurs, and the sectors poised for disruption in the coming years.

Tell us about Global Ventures’ founding journey. What inspired you to start a venture capital firm?

I have been fortunate and blessed to have had many experiences in my career — from consulting in the biopharma industry to working in the family business to scale and IPO Depa, to being an entrepreneur myself in establishing ZenYoga, which grew into the largest chain of yoga and Pilates studios in the Middle East before being successfully sold to a private equity firm in 2014. Finally, my experiences gave me the privilege of working in the Dubai Future Foundation, realising the incredible vision for innovation that the leadership has.

Whereas all of these different experiences had steep learning curves, running an IPO and subsequently being involved in the public company, which was listed at over $1bn was challenging, my firsthand experience in scaling a regional startup from scratch helped me realise and understand the challenges that entrepreneurs face – and discover how tough it was. This is what led me to begin angel investing and supporting founders across the region.

Mentoring founders and angel investing further revealed a significant funding gap for startups. This realisation drove me to establish Global Ventures, pooling capital to back extraordinary founders building solutions that positively impact millions of lives.

Since starting Global Ventures, it has been inspirational to see venture capital evolve from its regional infancy to where it is now.

Congratulations on the launch of your book. What motivated you to write it?

Thank you. I’m thrilled to share Coming of Age, which explores how technology and entrepreneurship are transforming the MENA region. I believe that there are so many incredible stories of founders across the region, and many of them have yet to be told. In particular, the personal journeys and trials and tribulations are still not shared. Every time I listen to these founders; I am incredibly inspired and moved. So, I felt it would make sense to share these stories with the world as much as possible.

The book features the experiences of 35 pioneering regional founders, highlighting their transformative ventures, leapfrogging technologies, and the critical industries they have shaped that address acute market needs, including fintech, healthtech, agritech and transformative sectors like AI, blockchain, crypto and energy.

To buy the book, go to: https://booksarabia.com/books/business-and-economics/coming-of-age-how-technology-and-entrepreneurship-are-changing-the-face-of-mena.html

What does the book focus on?

The book chronicles MENA’s remarkable entrepreneurial journey, weaving together its history and current status as a global innovation hub.

While the coming-of-age stories of emerging markets like China, India, and Brazil have been well-documented, I noticed a lack of similar narratives for MENA, despite its impressive economic growth and entrepreneurial evolution.

Having invested in the region for over 15 years, I’ve witnessed incredible innovations by regional founders who are leveraging technology to drive both regional and global impact. The region’s story needed to be told, not only to celebrate its journey but also to inspire the next generation of entrepreneurs.

What is the most important takeaway from the book for readers?

There are so many, but if I had to choose one, it would be how promising MENA’s future is.

A decade ago, MENA was largely a blank canvas for innovation. Many of the early founders, those I refer to as the ‘Originals’ in the book, faced the solitude of building in uncharted territory. Today, however, that creative isolation has given way to a thriving ecosystem teeming with talent, capital, and opportunity.

The UAE and Saudi Arabia are positioning themselves as global venture capital hubs, attracting international investors while nurturing home-grown startups that promise to make a global impact.

MENA’s cities have evolved into innovation centres, addressing pressing challenges such as financial inclusion, food security, and healthcare access. The region is no longer just a consumer market but a launchpad for ideas that can change the world.

The ‘Originals’ paved the way, and now the next generation of innovators is building on their legacy. As MENA comes of age, the future is ours to imagine, create, and shape. It’s an incredibly exciting time.

Share your insights on the region’s VC and entrepreneurial landscape. How do you see the investment landscape evolving in the GCC, particularly in 2025?

The MENA investment landscape is vibrant and evolving. While regional venture funding dipped in 2024, mirroring global private capital trends, the overall trajectory since 2019 has been upward, with the sector growing from $990m to $2.6bn in just four years, reaching its peak in 2022.

In 2024, over half of venture capital investments (52 per cent) originated from international sources, a significant shift from the primarily domestic funding base just five years ago. International investors are drawn to the region’s focus on profitability and capital efficiency. We expect this momentum to continue, fuelled by larger investment rounds, increasing M&A activity, and maturing capital markets.

Regional exits, for example, have doubled over the last five years. Government initiatives also play a key role, in fostering an innovation-friendly environment.

Sovereign wealth funds are increasingly investing directly in regional ecosystems, seeding new possibilities for local founders.

What has Global Ventures recently invested in?

We recently invested in BioSapien, a patented drug delivery platform treating cancer locally. Its flagship product, MediChip, is a 3D-printed, slow-release delivery system that minimises systemic side effects by concentrating treatment within the tumour microenvironment. This technology improves oncology outcomes and represents a cost-effective innovation with far-reaching patient benefits.

These are the types of innovations we see coming out of the MENA region and enabling us to create new technologies and solutions that are applicable around the world.

What is your long-term vision for Global Ventures?

Global Ventures will continue to back emerging-market founders who are creating transformative change. As highlighted in my book, the MENA region has transitioned from being an emerging market to a global innovation powerhouse.

It has the perfect blend of youthful energy, cutting-edge technology, and progressive regulatory frameworks to catalyse growth and leapfrog into the future.

Our vision is to remain at the heart of this transformation, inspiring the next generation of entrepreneurs.

These are exciting times for both Global Ventures and the region.

What tips do you have for entrepreneurs to succeed?

• Do what you love: Entrepreneurship is demanding, so it’s essential to enjoy what you do.
• Just start: The entrepreneurial journey is rarely linear or predictable. Momentum follows action.
• Solve clear problems: This not only defines your market but also provides clarity on your business and product. Avoid being distracted by the solution and focus on the problem you’re solving.
• Build the right team: Surround yourself with talented, positive people. They will help you reach your goals faster and more effectively.
  

Impact Financial Company (Impact46), acting as fund manager for the Venture Capital InsurTech Fund and Impact Growth Fund, has successfully sold its entire stake in Rasan Information Technology Company (Rasan) through an accelerated book build offering to institutional investors.

The offering included 13,296,836 shares, representing approximately 17.16 per cent of Rasan’s issued share capital, with the final offer price set at SAR69 per share, reflecting a 4 per cent discount relative to the closing price on March 12, 2025.

The total offering size amounted to approximately SAR918m and was covered multiple times.

The transaction aligns with Impact46’s investment strategy of supporting high-growth, early-stage companies and optimising capital allocation for future opportunities.

Following the sale, Rasan is expected to benefit from increased stock liquidity and a diversified shareholder base, further positioning the company for its next phase of growth.

Strong market confidence in Rasan

Abdulaziz Alomran, founding partner and CEO of Impact46, highlighted the transaction as a milestone in the firm’s investment journey.

“For Impact46, this transaction marks the culmination of our successful partnership with Rasan as one of its earliest investors. We have supported its evolution from a motor insurance platform to a leading fintech and insurtech company. With Rasan now listed on one of the world’s largest stock exchanges, it is the right time for us to exit. This move aligns with our strategy of identifying and scaling high-growth companies while reallocating capital for future investments,” Alomran said.

He also emphasised the robust interest from both domestic and international institutional investors, underscoring Rasan’s strong market position, operational excellence, and growth prospects.

“By transitioning to a broader institutional investor base, Rasan is well-positioned to sustain its momentum and create long-term value for shareholders, further contributing to Saudi Arabia’s economic transformation in alignment with Vision 2030,” Alomran added.

Impact46’s track record of successful exits

The transaction marks another fully realised investment for Impact46 in Saudi Arabia, following previous successful exits from companies such as Jahez, Tamara, and Lendo.

The firm continues to demonstrate leadership in venture capital and private equity, reinforcing its role in scaling high-growth companies and strengthening the Kingdom’s investment landscape.

A number of airlines have announced a ban on carrying power banks onboard since the beginning of this year.

The most recent being Singapore Airlines, which has joined the list of airlines that have now banned power banks from being used and charged onboard, an Executive Traveller report said.

Singapore Airlines conveyed that from 1 April 2025, passengers on Singapore Airlines will neither be allowed to charge portable power banks on the USB ports onboard, nor use them to charge their personal devices throughout the duration of the flight.

Thailand’s state-owned national carrier, Thai Airways International, also announced a ban on the use of power banks onboard. The rule is to come into effect on 15 March, a malay mail report conveyed.

SKorea’s new lithium battery rules on planes highlight growing risk for aviation

South Korea had also on March 1, tightened rules on carrying lithium batteries on planes, highlighting a growing risk to flights worldwide from the batteries used in cellphones and e-cigarettes which can malfunction to produce smoke, fire or extreme heat.

Last year three incidents a fortnight of overheating lithium batteries on planes were recorded globally by the US Federal Aviation Administration, compared to just under one a week in 2018.

Aviation has long recognised the increasingly used batteries as a safety concern, and rules are periodically tightened in response to accidents.

From Saturday, passengers on South Korean airlines should keep power banks and e-cigarettes on their person and not in overhead cabin bins. Devices should not be charged on board, and battery quantity and strength limits will be enforced.

Passengers will be permitted to carry up to five 100-watt-hour portable batteries, while batteries over 160-watt-hours won’t be allowed on board. The batteries will also need to be stored in clear plastic bags, according to the transport ministry.

South Korean travellers flying out of Incheon International Airport, the country’s largest airport, told Reuters that they were “relieved” by the new rules.

“I feel safe since we have new guidelines that can protect us. I was also advised to carry (these batteries) with me when I’m on board, that makes me feel relieved that we can find out immediately when something happens,” said 37-year-old Kim Jae-woung.

Korean authorities said the measures were in response to public anxiety about fires after an Air Busan plane was consumed in flames in January while waiting to take off.

Investigators have not yet determined the cause of the fire, but a preliminary investigation statement on Thursday said it started in a cabin overhead locker after boarding.

All 170 passengers and six crew were evacuated before the aircraft was destroyed. The fire was detected around 20 minutes after the delayed flight had originally been scheduled to depart.

“Existing cabin crew firefighting procedures have been demonstrated to be effective for all (lithium battery) incidents which have occurred in-flight. However if such an incident occurs while on the ground, the safest option is to evacuate the aircraft,” a spokesperson for the International Air Transport Association said.

Cabin crew are trained to put out flames with extinguishers, cool the battery with liquid, and isolate the device in fire containment pouches or boxes.

Hundreds on each plane

Lithium metal and lithium-ion batteries are types of non-rechargeable and rechargeable batteries found in devices such as laptops, mobile phones, tablets, watches, power banks and electronic cigarettes.

Passengers on a full flight could be carrying hundreds between them.

Manufacturing faults or damage, such as a phone being crushed in the gap between plane seats or exposed to extreme temperatures, can cause them to short circuit and rapidly overheat.

Heat, smoke and fire can result, and they can even explode in a “high-energy expulsion of extremely hot gel and parts of the device acting as shrapnel”, the Flight Safety Foundation says.

Current aviation standards say power banks and personal electronic devices should travel in the cabin, not in checked luggage, so any malfunction can be tackled.

A December 2024 research report by the European Union Aviation Safety Agency (EASA) found that “non-compliant lithium batteries persistently travel in hold baggage”, and that hold baggage screening need to be improved.

The industry is exploring new detection methods, including the use of scent detection dogs.