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DIB leads $1bn Shariah-compliant financing for Government of Pakistan

Structured over five years, the facility includes a significant Islamic financing component

Rajiv Pillai
Rajiv Pillai

09 July, 2025

DIB leads $1bn Shariah-compliant financing for Government of Pakistan
Image: Dubai Islamic Bank website

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Dubai Islamic Bank (DIB), the world’s first Islamic bank and the largest in the UAE, has announced the successful completion of a $1bn syndicated term-finance facility for the Government of Pakistan. The transaction was arranged in collaboration with a consortium of regional and international financial institutions.

Structured over five years, the facility includes a significant Islamic financing component, with approximately 89 per cent of the total structured as an AAOIFI-compliant Commodity Murabaha. This underlines Pakistan’s continued push to expand its access to Shariah-based funding.

The transaction is notable for being partially guaranteed by a Policy-Based Guarantee (PBG) from the Asian Development Bank (ADB). This marks the first time ADB has provided a PBG for such a financing transaction with Pakistan.

DIB acted as the Sole Islamic Global Coordinator and also served as Joint Mandated Lead Arranger and Bookrunner alongside Standard Chartered. Other participating institutions included Abu Dhabi Islamic Bank, Ajman Bank, and Sharjah Islamic Bank.

Pakistan’s minister of finance, Muhammad Aurangzeb, commented: “This landmark financing arrangement not only underscores the strong confidence of regional and international financial institutions in Pakistan’s economic reform trajectory, but also marks an important step in expanding our access to innovative and Shariah-compliant funding solutions. We deeply value the role of partners like DIB and ADB in supporting our efforts to ensure macroeconomic stability and sustainable growth.”

Read: DIB bumps up stake in Türkiye’s T.O.M. Group to 25%

Dr. Adnan Chilwan, group chief executive officer of DIB, said: “This transaction marks a key milestone in demonstrating how Sharia-compliant financing can be scaled effectively to meet sovereign objectives while upholding partnership and prudence. DIB is delighted to have re-introduced Pakistan’s credit to the Islamic term financing market after a hiatus of over two years through an innovative structure. We are confident this will pave the way for the Government to access broader pools of Sharia-compliant liquidity in the near future. Developed in close coordination with the Government of Pakistan, the Asian Development Bank, and leading financial institutions, the structure reflects strong alignment between market capabilities and national priorities. It offers a compelling example of how values-driven finance can support tangible, real-economy outcomes. At DIB, we remain committed to enabling such purposeful transactions, ones that serve the present, strengthen resilience, and help shape a more inclusive financial future.”

Pakistan’s fiscal reforms

The transaction serves as a key milestone for sovereign Islamic finance. It demonstrates renewed investor confidence in Pakistan’s fiscal reforms and macroeconomic outlook, while also providing a model for other emerging markets to adopt ethical and cost-effective financing. For the Government of Pakistan, it signifies a strategic return to Middle East capital markets after more than two years. For participating institutions, it opens opportunities to support long-term, sustainable economic development and the broader adoption of Islamic finance in sovereign funding.

Wellness isn’t what it used to be – and that’s a good thing. Here’s why

Wellness has gone digital and consumers don’t just expect products to be effective, they expect them to be accessible

Marko Dakovic
Marko Dakovic

09 July, 2025

Wellness isn’t what it used to be – and that’s a good thing. Here’s why
Image: Supplied

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Not too long ago, health was something you checked in on only when something went wrong. You went to the doctor, visited the pharmacy, and picked up the prescription. Job done.

Today, that definition feels outdated.

What we’re seeing, across the Middle East and globally, is a shift from reactive health to proactive wellbeing.

The modern consumer is no longer waiting to fall ill to start paying attention to their body or lifestyle. Health is being redefined through a more holistic lens – one that includes mental clarity, emotional resilience, better sleep, digestive health, nutrition, movement, and yes, skincare routines built around ingredients most people hadn’t heard of five years ago.

This isn’t just a change in consumer behaviour. It’s a full-scale cultural evolution. And one that’s shifting how we think about the role of health and beauty in everyday life.

A generation that knows more – and expects more

Much of this change has been driven by younger generations, according to a recent McKinsey report, primarily millennials who are leading the way in wellness-focused spending.

Gen Z, meanwhile, has shown a noticeable shift over the past five years — especially in the MENA region—toward beauty and skincare. Under-30s now make up 55 per cent of the region’s population — a generation that’s connected, curious, and values authenticity.

In the past, skincare marketing focused heavily on anti-ageing, mostly targeting older demographics. Now, we’re seeing Gen Z and millennial audiences stepping into wellness stores, scanning ingredient labels, and asking about retinol, niacinamide or probiotics. Not because of hype, but because they’ve done their research.

The difference today is access to information. Health-related content, from expert videos, AI tools, to Reddit threads, is everywhere. People are becoming more aware, more curious, and more intentional. This means retailers and brands alike can no longer lead with vague promises. They need to lead with facts.

Beyond the buzzwords

This shift in awareness also calls for greater responsibility. We’ve seen a rise in the use of labels like “natural”, “clean”, or “organic” across products. But what do these really mean? In many cases, there’s still no global standard or universal regulation that holds those words accountable.

As an industry, we have a duty to help consumers cut through the noise. Education, whether through trained staff, verified certifications, or clearer brand communication – should be at the core of any modern wellness strategy. The more people understand what they’re buying, the more confident and empowered they feel in taking care of their wellbeing.

Health is becoming more personal – and more digital

Wellness has also gone digital. Consumers don’t just expect products to be effective. They expect them to be accessible.

Whether it’s a pharmacy experience on WhatsApp, advice via telehealth, or same-day delivery of nutrition supplements, convenience now sits at the heart of health. In fact, the GCC’s telehealth market is forecasted to exceed $2.5bn by 2033, with growing emphasis on wellness and preventive healthcare and integration of telehealth platforms among the leading contributors.

Technology will continue to play a huge role in the future of the industry. AI, in particular, will have wide-ranging applications. From helping brands predict wellness trends to enabling more personalised consumer journeys. Within the GCC, AI is expected to shape the healthcare landscape, transforming the future of patient care But for any of it to matter, it must make health more human – not less.

What’s next

As the definition of wellness continues to expand, I believe the Middle East region is uniquely placed to lead. The Middle East and North Africa (MENA) beauty and personal care market alone is projected to reach $60bn by 2025. We have a digitally engaged, culturally diverse population with high expectations and strong spending power. The opportunity lies in listening closely to what consumers want, and to what they’re still unsure about.

At GMG, our focus is on designing health and beauty experiences that meet people where they are – in their lifestyles, their cultural needs, and their values. We see wellness not as a trend, but as a long-term movement grounded in knowledge, trust, and progress.

Because while trends may come and go, the desire to feel better, more energised, more balanced, more informed, is here to stay.

The writer is the president of Health & Beauty, GMG.

UAE’s Golden Visa clarification issued: Authority denies rumours

The authority emphasised that all Golden Visa applications are handled exclusively through official government channels within the UAE

Gulf Business
Gulf Business

09 July, 2025

UAE’s Golden Visa clarification issued: Authority denies rumours
Image credit: WAM

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The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has denied the accuracy of recent rumors circulated by some local and international media outlets and websites, claiming that the United Arab Emirates (UAE) is granting lifetime Golden Visas to certain nationalities.

Read-UAE Golden Visa now more accessible to Indian applicants

ICP clarified that the categories, conditions, and regulations governing the Golden Visa are clearly defined in accordance with official laws, legislation, and ministerial decisions. Official information is available on the Authority’s website and smart application, a WAM report said.

The authority emphasised that all Golden Visa applications are handled exclusively through official government channels within the UAE.

No internal or external consultancy is recognized as an authorized party in the application process.

Warning against false claims and unofficial channels

The Authority noted recent misleading claims by a consultancy office based abroad, which suggested that lifetime Golden Visas could be obtained for all categories from outside the UAE through consulting or commercial entities under simplified conditions. These claims, ICP stated, have no legal basis and were made without coordination with the UAE’s relevant authorities.

ICP reaffirmed its commitment to providing a secure and transparent process for applicants, continuously enhancing its services via official digital platforms only.

Legal action will be taken against any entity disseminating false information or attempting to illegally collect money from individuals seeking residency in the UAE, thereby exploiting their hopes for a dignified and secure life.

The Authority urged individuals wishing to visit, live, or invest in the UAE not to respond to inaccurate rumors or false news spread for quick profit. People are advised not to pay any fees or submit personal documents to parties falsely claiming to offer such services.

ICP strongly advised the public to verify the accuracy of procedures only through official sources—either by visiting the Authority’s website or contacting the call center at 600522222, available 24/7—before taking any action.

RTA appoints Parsons to oversee Dubai Metro Blue Line

Parsons will oversee key aspects of the project, including design review, procurement support, construction supervision, testing and commissioning, and final handover

Rajiv Pillai
Rajiv Pillai

08 July, 2025

RTA appoints Parsons to oversee Dubai Metro Blue Line
Image credit: Parsons

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Parsons Corporation has been appointed as the Project Management Consultant for the Dubai Metro Blue Line by Dubai’s Roads and Transport Authority (RTA). The five-year contract marks new work for the firm and reinforces its long-standing collaboration with the RTA.

As part of the contract, Parsons will oversee key aspects of the project, including design review, procurement support, construction supervision, testing and commissioning, and final handover. The Blue Line is a strategic component of Dubai’s D33 Economic Agenda, which seeks to position the emirate among the world’s most advanced and connected cities by 2033. The line is expected to be operational by 2029.

‘‘We are proud of our long-standing partnership with the RTA and are committed to working with their expert team on expanding the Dubai Metro network in line with the RTA’s goal to provide seamless, safe, and sustainable mobility solutions that cater to the needs of Dubai’s growing population,’’ said Pierre Santoni, President, Infrastructure EMEA at Parsons. ‘‘Our team will leverage our 80-plus years of global experience coupled with our local knowledge to deliver a world-class transportation system using the safest methods and most innovative technology available.’’

Read: Dubai Metro Blue Line: Inside the world’s tallest metro station

Malek Ramadan Mishmish, Director of Rail Planning and Project Development at RTA, said: “We are pleased to appoint Parsons as the project management consultant for the Dubai Metro Blue Line, particularly given the company’s extensive and proven experience in delivering projects awarded by the RTA since its establishment in Dubai. Parsons is a key partner in the RTA’s success and achievements, which it continues to deliver.”

Malek Ramadan Mishmish, Director of Rail Planning and Project Development at the Roads and Transport Authority (RTA).

He added: “The RTA is committed to working with leading global companies to implement its various projects and initiatives in line with the vision and ambitions of the Government of Dubai to make the Emirate the smartest and happiest city in the world. The RTA also strives to play an active role in achieving this vision, which is based on excellence, innovation, and future foresight, while leveraging advanced technologies in the field of smart and sustainable transportation.”

Blue Line facts

The 30-kilometer Blue Line will feature 14 stations and link major districts such as Mirdif, Dubai Silicon Oasis, Dubai Creek Harbour, and Dubai Festival City. Once completed, the line is expected to handle up to 320,000 passengers daily, supporting the Dubai 2040 Urban Master Plan.

Parsons has been a key partner in shaping Dubai’s transport infrastructure since the inception of the RTA in 2005. Its portfolio includes work on the Dubai Metro Red and Green Lines, Route 2020 expansion, the Dubai Intelligent Traffic Systems Center, the Infinity Bridge, and over 100 other infrastructure projects across the Emirate.

With more than six decades of experience in the region, Parsons remains a trusted leader in project and program management, smart mobility, rail, aviation, and urban development, working with more than 400 rail and transit clients worldwide.

Al Ansari confirms technical glitch at exchange unit, most funds recovered

Al Ansari emphasised that the incident did not disrupt its regular operations

Rajiv Pillai
Rajiv Pillai

08 July, 2025

Al Ansari confirms technical glitch at exchange unit, most funds recovered
Image: Al Ansari Financial Services

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Al Ansari Financial Services has confirmed that its wholly owned subsidiary, Al Ansar Exchange (AAE), experienced a minor technical issue on Saturday, 5 July, resulting in the unintentional transfer of funds to a limited number of customer accounts.

In a disclosure on the Dubai Financial Market (DFM) website, the company stated that its teams responded immediately to the incident, working closely with relevant financial institutions. “The vast majority of the amounts were successfully recovered,” the statement noted.

Al Ansari emphasised that the incident did not disrupt its regular operations. “Regular daily transactions and our operations have not been impacted by this incident, and AAE continues to operate as usual,” the company said.

The company further assured stakeholders of its ongoing commitment to operational excellence. “Additional preventative measures are being implemented to further strengthen our systems and prevent such occurrences in the future.”

The company concluded by extending its apologies to those affected, and expressed gratitude for the cooperation and understanding of all parties involved.

Middle East: the emerging global hub for digital health innovation

Governments across the region are making bold investments in healthcare innovation, with the UAE and Dubai leading the charge

Gulf Business
Gulf Business

08 July, 2025

Middle East: the emerging global hub for digital health innovation

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From virtual hospitals to AI-powered diagnostics, the Middle East is rapidly becoming one of the world’s most dynamic frontiers for digital health.

Governments across the region are making bold investments in healthcare innovation, with the UAE and Dubai leading the charge.

Fuelled by national transformation strategies and the rise of change-making platforms like WHX Tech, the region is no longer just participating in the global health tech movement. It’s helping define it.

A sector on the rise

In the UAE, the digital health market is poised for exponential growth. Valued at $745.7m in 2024, it is projected to reach $2.6bn by 2030, growing at a compound annual rate of 23.5 per cent, according to Grand View Research.

This acceleration is being driven by the widespread adoption of telemedicine, AI-assisted diagnostics, remote monitoring tools, and mobile health platforms: all priorities in the country’s broader digital transformation agenda.

Increasingly, Dubai is emerging as the region’s epicentre for digital health events, innovation, and collaboration.

This is amid the backdrop of massive investments in AI in the UAE more broadly. In May this year, it was announced that a next-generation AI compute cluster, dubbed Stargate UAE, would be located at the newly established UAE–US AI Campus in Abu Dhabi. The likes of G42, OpenAI, Oracle, NVIDIA, SoftBank Group and Cisco are behind the project which will span 10 square miles and be the largest such deployment outside of the US.

Why Dubai, and why now?

As the UAE’s most internationally connected city, Dubai is fast becoming the nexus of digital health innovation in the region. The emirate’s smart city ambitions, world-class digital infrastructure, and targeted investment in health tech make it the ideal launchpad for WHX Tech.

Over the past year, Dubai has accelerated efforts to integrate AI, telemedicine, and predictive analytics across its healthcare system, along with initiatives led by Dubai Health Authority and the Dubai Future Foundation.

Districts such as Dubai Healthcare City and Dubai Science Park are drawing global startups, while regulatory innovation and a commitment to open data have positioned the city as a pioneer in next-generation health solutions.

WHX Tech, hosted at Dubai World Trade Centre, builds on this momentum by bringing the world’s leading health tech voices to the region’s most future-focused city.

Organised by the team behind WHX Dubai (formerly Arab Health) and in partnership with HIMSS, WHX Tech is designed to convene the sharpest minds in tech, policy, and care delivery. Taking place from 8–10 September 2025 at Dubai World Trade Centre, it will bring together over 5,000 health tech leaders, 300 exhibitors, and 250+ speakers from more than 30 countries.

Top speakers are set to include the likes of British fitness coach, entrepreneur, author, and television personality Joe Wicks and prominent British entrepreneur, investor and Dragon’s Den Judge Peter Jones.

Other healthcare voices will include Jyoti Gupta, the president and CEO for Women’s Health and X-Ray at GE HealthCare; Faisal Albaraiki, the CEO of Vision Hospitals, among many more.

Meanwhile, the Xcelerate Zone, WHX Tech’s dedicated startup stage, will host the region’s largest digital health pitch competition with a $50,000 prize, giving early-stage ventures an unprecedented platform to connect with global investors and buyers.

As Dr David Rhew, global chief medical officer and VP of healthcare at Microsoft, puts it: “WHX Tech is uniquely positioned to serve as a digital health hub for the world because of its central geography, large regional investments in digital health and biotechnology and AI, and growing footprint of healthcare organisations located in the Middle East.”

Digital health is no longer a trend in the Middle East: it’s a strategic priority reshaping healthcare delivery across the region. And WHX Tech is where that movement gathers momentum.

Join the digital health revolution. Register now at WHX Tech Dubai: https://shorturl.at/yEK8N

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