Sukoon Insurance has acknowledged the latest bulletin issued by S&P Global Ratings, which reaffirmed the company’s stable outlook and solid standing in the market. The report underscores Sukoon’s continued ability to execute its long-term strategic plans and maintain strong financial performance, despite the ongoing CEO leadership transition.
According to S&P, Sukoon is expected to sustain its diversification efforts both within the UAE and internationally, guided by its board of directors. The agency identified several short- to medium-term growth drivers, including initiatives under Sukoon Takaful, the Lloyd’s syndicate 2880, inward treaty reinsurance, individual life insurance, and the Sukoon Workplace Savings Solution, which serves as an end-of-service gratuity programme. The bulletin also noted that Sukoon’s performance in the first half of 2025 exceeded expectations.
“The S&P Global Ratings statement is a strong testament to the fundamental strength of our business and the clear vision of our long-term strategy,” said Hammad Khan, Sukoon’s interim CEO and chief financial officer. “Our first-half performance, with a 20 per cent growth in insurance revenue and a 52 per cent increase in net profits, demonstrates the resilience and effectiveness of our team and business model. We are fully committed to building on this momentum and are confident in our ability to deliver continued value for our customers, partners, and shareholders.”
S&P also credited the company’s transformation to the leadership of Jean-Louis Laurent Josi, who took over as CEO in 2018. Under his direction, Sukoon underwent significant changes, including a corporate rebranding, the acquisition of Sukoon Takaful, and the successful integration of life insurance portfolios from Generali and Chubb in the UAE.
For the first half of 2025, Sukoon reported robust financial results, with insurance revenue reaching Dhs3.1bn and net profits climbing to Dhs192m. S&P Global Ratings assessed the company as having strong potential to maintain sustainable and profitable growth moving forward.
Abu Dhabi Chamber marks a year of transformation following board restructure
To support policy advocacy and reform, 15 working groups were established, while the chamber published 364 economic reports to inform decision-making across industries
A year after the directive by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council to restructure the Abu Dhabi Chamber of Commerce and Industry’s (Abu Dhabi Chamber) board of directors, the organisation is reporting solid gains in private sector engagement, international outreach, and economic momentum.
The resolution, issued on July 28, 2024, was a key move to align the chamber’s mandate more closely with Abu Dhabi’s broader economic strategy.
Since then, the chamber has entered what it calls a “new phase of strategic delivery”, marked by stronger ties with the private sector and a clear push to position Abu Dhabi as a globally connected business hub.
In the past year, chamber membership grew 4.9 per cent, surpassing 158,000 registered companies.
Some of the fastest-growing sectors included agriculture, forestry, and fishing (21 per cent), arts and entertainment (13 per cent), and ICT and technical services (10 per cent).
Additional gains were seen in utilities, real estate, education, and transport, while core sectors such as construction, manufacturing, and finance maintained steady growth of around 3 per cent.
On the ground, business engagement was strong. More than 1,000 private sector representatives participated in 69 business events, including the flagship Abu Dhabi Business Week, as well as 10 legal and commercial workshops.
To support policy advocacy and reform, 15 working groups were established, while the chamber published 364 economic reports to inform decision-making across industries.
Abu Dhabi Chamber scales global engagement
The chamber also scaled up its global engagement. Over the past year, it hosted 70 inbound diplomatic and trade delegations, signed 25 global cooperation agreements, and led 11 outbound delegations to strengthen international market ties.
In a major milestone, it opened its first international office in Poland, signalling a new era of global outreach.
Its commitment to business excellence remained a focal point, with seven companies honoured with the Sheikh Khalifa Excellence Award for innovation and performance.
Operationally, the chamber processed over 18,900 enquiries and recorded a 90.23 per cent satisfaction rating on the government’s TAMM platform, underlining its focus on service efficiency.
“Our progress over the past period demonstrates the resilience and ambition of Abu Dhabi’s private sector. Through meaningful partnerships and a commitment to innovation and excellence, we continue to open new pathways for businesses to thrive locally and globally,” said Shamis Ali Al Dhaheri, second VC and MD of the chamber.
The chamber’s renewed mandate is now clearly in motion — building a more empowered private sector, backing it with data-driven insight, and pushing Abu Dhabi’s position as a forward-looking economic powerhouse.
Groq, a US-based AI inference platform, and Saudi Arabia’s HUMAIN, a Public Investment Fund (PIF) company, have announced the immediate global availability of OpenAI’s latest open-source models — gpt-oss-120B and gpt-oss-20B — on GroqCloud, offering real-time responses, low latency, and local developer support in the kingdom.
The launch provides developers with full 128,000-token context windows, real-time inference, and access to integrated tools such as server-side code execution and web search.
The offering is now live with regional support delivered through HUMAIN, Saudi Arabia’s leading AI services provider.
OpenAI elevates standards
“OpenAI is setting a new high-performance standard in open-source models,” said Jonathan Ross, CEO of Groq.
He added: “Groq was built to run models like this, fast and affordably, so developers everywhere can use them from day zero. Working with HUMAIN strengthens local access and support in Saudi Arabia.”
HUMAIN aims to drive AI adoption in Saudi
HUMAIN CEO Tareq Amin said the partnership would help scale AI adoption across the region. “Groq delivers the unmatched inference speed, scalability, and cost-efficiency we need to bring cutting-edge AI to the kingdom. Together, we’re enabling a new wave of Saudi innovation.”
The two models — gpt-oss-120B and gpt-oss-20B — are designed to run at high throughput on GroqCloud, with the 120B model processing over 500 tokens per second (t/s) and the 20B model over 1,000 t/s.
Pricing is set at:
gpt-oss-120B: $0.15 per million input tokens, $0.75 per million output tokens
gpt-oss-20B: $0.10 per million input tokens, $0.50 per million output tokens
For a limited time, Groq is waiving fees on tool calls made with OpenAI’s open models.
Groq’s global infrastructure, including data centers across North America, Europe, and the Middle East, supports broad accessibility with low latency. The partnership also extends Groq’s support of OpenAI’s open-source initiatives, building on earlier deployments such as Whisper.
HUMAIN, which focuses on full-stack AI capabilities including data centres, LLMs, and applied AI, is positioning this partnership as part of Saudi Arabia’s push for leadership in AI IP and digital infrastructure.
Union Properties, through its facilities management subsidiary ServeU, has announced the acquisition of House Keeping and House Keeping Domestic Workers, including their subsidiary, in a strategic deal valued at Dhs100m.
The acquisition significantly strengthens ServeU’s market position as one of the UAE’s most trusted FM service providers. With a workforce exceeding 8,900 employees, ServeU manages a diverse portfolio that includes residential communities, commercial buildings, government facilities, and hospitality assets across the country. The company continues to invest in innovation, sustainability, and operational excellence to meet the evolving needs of its clients.
“This acquisition represents a pivotal step in advancing our long-term growth agenda,” said Eng. Amer Khansaheb, chief executive officer and board member of Union Properties. “Integrating a leading manpower and domestic workforce provider into our portfolio not only strengthens ServeU’s operational breadth, but also reinforces our commitment to delivering integrated, people-centric solutions that meet the evolving demands of our clients across sectors.”
House Keeping, currently the second-largest provider in its segment in the UAE, brings with it a strong client network, proven operational track record, and extensive sector expertise. The company’s specialized workforce includes 136 active housekeeping professionals and approximately 8,700 domestic workers. In FY2024, House Keeping (LLC) reported revenues of Dhs221.1m and an EBITDA of Dhs21.4m—figures that align with ServeU’s strategic focus on value creation, service quality, operational efficiency, and workforce development.
As part of the deal, House Keeping and its affiliated companies will continue to operate under their existing brand identities but will be fully owned and strategically directed by ServeU. The acquisition is expected to positively impact ServeU’s financial performance starting August 2025, contributing an estimated 23 per cent to revenue and increasing EBITDA by 33 per cent. The integration will maintain operational continuity while leveraging ServeU’s infrastructure, experienced leadership, and sector partnerships to unlock new growth opportunities.
Saudi Arabia has officially launched a value-added tax (VAT) refund program for tourists and Gulf Cooperation Council (GCC) nationals, allowing eligible visitors to reclaim 15 per cent VAT on qualifying purchases. The initiative is part of broader efforts to boost the country’s appeal as a global tourism and shopping destination.
According to the Saudi Gazette, the refund scheme is available through 1,442 authorised retail outlets across Saudi and applies to non-resident tourists aged 18 and above. To qualify, total purchases must exceed SAR500, and goods must be unused, for personal use only, and exported within 90 days of purchase.
Certain categories, such as accommodation, meals, vehicles, boats, aircraft, food and beverages, tobacco, and petroleum products, are excluded from eligibility.
Easy refund process at airports
Shoppers can request a VAT refund form at the point of sale by presenting a valid passport or GCC ID. Up to three invoices from the same retailer on the same day may be combined to meet the minimum threshold.
Before departure, travelers must validate their tax-free forms at one of 18 verification counters located at three major international airports: 10 at Riyadh’s King Khalid International Airport, four at Jeddah’s King Abdulaziz International Airport, and four at King Fahd International Airport in Dammam.
Refunds are processed via card or cash, with a daily cash limit of SAR5,000 per person. Notably, cash refunds are not available at Jeddah’s North Terminal.
Boosting tourism and retail growth
The VAT refund program supports Saudi Arabia’s strategy to enhance visitor experiences, encourage longer stays, and increase spending across the retail sector. It aligns with Vision 2030 objectives aimed at diversifying the economy and promoting sustainable tourism growth throughout the country.
Dubai’s real estate market has recorded a blockbuster first half of 2025, with the latest statistics from the Dubai Land Department (DLD) revealing that the city attracted approximately 94,700 investors, a robust 26 per cent increase compared to the same period in 2024.
Of these, nearly 59,000 were first-time investors, representing a 22 per cent year-on-year rise. UAE residents made up 45 per cent of the new investors, a figure that underlines the strong domestic confidence in the sector.
Image credit: Cavendish and Maxwell/Supplied
Residential transactions soar in value
This influx of investors fuelled a notable rise in residential property activity. The sector registered 91,900 transactions amounting to Dhs 262.1 billion, marking a 22.9 per cent increase in volume and an impressive 36.4 per cent rise in transaction value compared to the first half of 2024.
While there was a marginal 2.4 per cent dip in transaction volumes when compared with the second half of 2024, mainly due to a slower first quarter, the market showed a strong rebound in Q2, powered by solid demand from both local and international investors, as well as genuine end-users seeking long-term assets.
Alongside this transaction growth, supply has also picked up pace.
Approximately 17,200 residential units were completed in the first six months of 2025, with 42.4 per cent of these concentrated in key neighbourhoods such as Jumeirah Village Circle, Sobha Hartland, and Mohammed Bin Rashid City.
Looking forward, the market continues to anticipate substantial development. Over 61,800 units are under construction and slated for delivery before year-end. However, only 21 per cent of these projects have reached 75 per cent or more in construction progress, suggesting that delivery timelines may be at risk, according to Cavendish & Maxwell’s latest Dubai Residential Market Performance report.
Image credit: Cavendish and Maxwell/Supplied
Market leaders: Top developers by sales volume
The dominance of major players like Emaar, DAMAC Properties, and Sobha Group remained evident in H1 2025. Emaar maintained strong sales, particularly in The Valley and Emaar South. DAMAC Properties recorded significant volumes from its DAMAC Islands and DAMAC Hills 2 developments. Meanwhile, Sobha Group experienced consistent demand for Sobha Solis and Sobha Orbis in Motor City.
Emerging developers also made their presence felt. Binghatti and Danube Properties retained strong positions among the top players, while new entrant Beyond debuted in the top 10. Its projects in Dubai Maritime City captured growing buyer interest, highlighting the diversification in developer landscape and buyer preferences.
These shifts indicate that buyers are increasingly looking for high-quality, competitively priced properties with flexible payment structures — and developers delivering on these fronts are gaining traction.
Image credit: Cavendish and Maxwell/Supplied
Dubai’s global standing a key driver
Dubai’s strategic global positioning and progressive visa policies have played a pivotal role in converting international interest into investment.
Initiatives such as the Golden Visa and the 10-year investor visa have bolstered buyer confidence by offering long-term security, lifestyle access, and freedom to conduct business.
“This combination of lifestyle and legal certainty has been a game-changer,” said Daniel Hadi, CEO of Engel & Völkers Middle East. “It has significantly expanded our international client base and converted leads into serious, long-term investors.”
Amid global economic volatility, Dubai has emerged as a “safe haven” for capital. The city’s economic fundamentals, including its regulatory transparency, the Dhs-USD peg, and zero income tax policy, provide a stable and lucrative investment environment.
High-net-worth individuals (HNWIs) are increasingly directing funds into Dubai’s real estate sector, drawn by its low-risk, high-return proposition. “There’s growing confidence among our HNWI clients that Dubai offers a stable and rewarding market, especially in uncertain global times,” Hadi added.
Freehold vs. leasehold: Strategic decisions
Investors in Dubai continue to weigh the benefits of freehold versus leasehold ownership. Freehold properties offer full ownership rights, including the ability to resell, lease, or pass properties on to heirs, making them attractive to long-term investors.
Leasehold options, on the other hand, usually come with lower upfront costs and can still offer strong returns for those with short- to mid-term investment goals. Investment consultants are increasingly tailoring recommendations based on individual investment timelines.
Upcoming mega-developments and masterplans are reshaping Dubai’s urban fabric. Projects in areas such as Al Jaddaf, Dubai Islands, and various waterfront zones are attracting investor attention, thanks to their integration of lifestyle, wellness, and tech infrastructure.
“These developments are not just real estate projects; they’re future-proofed ecosystems,” said Hadi. “Early investors often see significant capital appreciation as these communities grow and infrastructure matures.”
Infrastructure mega projects to boost demand
Infrastructure plays a critical role in sustaining real estate momentum. Major projects like the Dubai Loop and the Etihad Rail network are opening up new development corridors and boosting demand in emerging zones.
“With improved connectivity on the horizon, we expect renewed interest from both end-users and investors. These projects are significant value drivers and will play a big role in shaping the next phase of Dubai’s property landscape,” Hadi concluded.
