Global ratings agency S&P raised Saudi Arabia’s rating to ‘A+’ from ‘A’ with a stable outlook on Friday, underpinned by the ongoing social and economic transformation in the country.
Fitch said the country’s Vision 2030 project provides some flexibility in managing capital expenditure and debt issuance.
The sustained momentum in this project can help boost activity in construction, logistics, manufacturing and mining sectors, prompting GDP growth over 2025-28, the report said.
Earlier last week, the ratings agency had said it expects Saudi government to cut capex and associated current spending in 2025.
With Saudi’s main aim to diversify its economy away from its reliance on the hydrocarbon sector, Fitch said the current investments should boost consumption by Saudi Arabia’s young population and increase the productive capacity of the economy.
Last week, Saudi Arabia’s Public Investment Fund had signed a new memorandum of understanding worth $3bn with Italy’s state export credit agency SACE.
Dubai’s Roads and Transport Authority (RTA) has completed 40 per cent of its upgrade to the nol system, transitioning from the current card-based ticketing system to a more advanced account-based ticketing (ABT) technology.
The new digital payment system is designed to align with global advancements in digital payments and financial technology (fintech), adhering to international best practices.
The upgrade is expected to be completed by the end of Q3 2026.
Mattar Al Tayer, director general and chairman of the Board of Executive Directors of RTA, outlined the scale of the project, which has a total cost of Dhs550m, and noted that it has been divided into three key phases.
Project phases and timeline
The first phase will upgrade the central system to create digital accounts for users, linking them to their existing nol cards.
In the second phase, a new generation of nol cards will be introduced, incorporating advanced technologies that ensure compatibility with international banking card standards.
The third and final phase will complete the system upgrade, enabling the acceptance of alternative payment methods such as bank cards and digital wallets for public transport fare payments across Dubai.
New system features
The upgraded nol system will introduce several new features for users.
The system will allow users to create digital accounts, link their Nol cards to these accounts, add cards to smartphone wallets, and purchase tickets using QR code technology via digital channels. Additionally, the system will implement a flexible fare concept across public transport.
Al Tayer explained that with the upgraded system, users will be able to manage their accounts, link their own and family members’ nol cards, and control account settings, such as allocating top-up amounts for each card.
Users will also have the option to activate automatic balance top-ups by linking accounts to banking services, view daily transaction statements, and easily suspend cards to retrieve balances.
The system upgrade will also involve improvements to systems, devices, and smart kiosks at public transport stations, enabling users to pay fares using various methods, including QR code ticketing, the next generation of nol cards, facial recognition, fingerprint authentication, bank cards, and digital wallets.
Moreover, the upgraded system will extend the use of the cards beyond public transport, allowing users to make purchases across digital platforms and retail outlets in the UAE, similar to how bank cards are used.
Launched on September 9, 2009, alongside the Dubai Metro, the nol system was designed to facilitate seamless travel for public transport users.
In recent years, RTA has introduced several enhancements to the nol system, including incentive packages for students in collaboration with the International Student Identity Card (ISIC), a global organisation specialising in student discounts.
Additionally, RTA has launched nol Terhaal promotional and incentive cards for tourists and residents, and has enabled nol card payments for shared mobility services, such as e-scooters, supporting first- and last-mile connectivity.
The card remains a key element in Dubai’s drive to lead the world in smart mobility applications.
The Financial Services Authority in Oman has set a deadline for all private hospitals and clinics offering insurance-backed services to connect with the Dhamani platform, according to the Oman Daily Observer report.
The deadline is at the end of March, in accordance with the Regulation for Health Insurance Electronic Link, as specified in Ministerial Decision 83/2023.
Article 2 of the ministerial decision states that health insurance providers must execute all insurance transactions and exchange information through the platform from the commencement of the policy until the end of its coverage.
The authority also stated that institutions failing to meet the deadline will be removed from the networks of health service providers affiliated with insurance companies. This would not only impact their business activities but also prevent them from offering insurance-backed health services to their patients.
Dhamani is an electronic platform that facilitates medical treatment approvals and direct payment processes for private healthcare institutions, representing a significant advancement in health insurance technology due to its positive impact.
Gold reached an all-time high on Friday, driven by uncertainty over US tariffs, trade tensions and growing expectations of monetary policy easing by the Federal Reserve.
Spot gold was down 0.1 per cent at $2,984.71 an ounce as of 0701 GMT. Earlier in the session, safe-haven bullion hit a record high of $2,993.80 and hovered near the key milestone of $3,000.
Bullion is on track for a second consecutive weekly increase, with a 2.5 per cent gain so far.
US gold futures rose 0.2 per cent to $2,997.50.
“The risk-off market stance reflects investors’ expectations that trade tensions are likely to get worse before it cools, and are turning to safe-haven gold once again as a hedge against portfolio volatility,” said IG market strategist Yeap Jun Rong.
In the latest development of US President Donald Trump’s multi-front trade war, the European Union retaliated to blanket US tariffs on steel and aluminium.
“The psychological $3,000 level is now coming into view for gold prices, and as we approach the second quarter, where reciprocal tariffs could trigger another wave of market turbulence, gold remains a compelling safe-haven asset in an environment where alternatives are scarce,” Rong said.
Trump’s tariffs are widely expected to fuel inflation and economic uncertainty, and have prompted gold to reach multiple record highs in 2025.
Gold is seen as a hedge against political risks and inflation.
Investors now await the Fed’s monetary policy meeting, scheduled for Wednesday. The central bank is expected to keep its benchmark overnight interest rate in the 4.25-4.50 per cent range.
Non-yielding bullion thrives in a low-interest-rate environment.
Latest pictures: See how RAK’s Wynn Al Marjan is shaping up
A latest update on the project indicates that construction has been proceeding with 64 per cent of the structural concrete completed up to the 34th floor
Wynn Al Marjan Island is located 50 minutes from the Dubai International Airport in the emirate of Ras Al Khaimah and is all set for opening in 2027, according to recent statement from Wynn Resorts published last month.
The latest update on the project, which was published last month, indicates that construction has been proceeding with 64 per cent of the structural concrete completed up to the 34th floor of the main resort tower and elevator cores extending to the 36th floor. According to the same update, the construction team has been completing one floor per week, working toward a topping off in December of this year. In the last 100 days (preceding February 6, 2025), the resort tower has reached approximately 140 feet in height.
Construction on Wynn Resorts’ casino began in early 2023 and will include 1,542 rooms and suites, including 22 private villa estates, a 15,000 sqm shopping esplanade, a five-star spa, and a 7,500 sqm meetings and event centre at a cost of around £3.1bn (Dhs12.4bn).
The development of Wynn Resorts’ first casino in the UAE, combined with strategic government initiatives and infrastructure upgrades, is expected to propel real estate prices to an unprecedented Dhs10,000 per square foot by 2030, according to the likes of Omar Gull, CEO and founder of Cledor.
The photos posted below reflect how far development on the project has come. Gulf Business has received the latest pictures of the project’s progress from Invest Dubai Real Estate (IDRE).
Image credit: Supplied by Invest Dubai Real Estate (IDRE)
Image credit: Supplied by Invest Dubai Real Estate (IDRE)
General Commercial Gaming Regulatory Authority in UAE
The General Commercial Gaming Regulatory Authority (GCGRA) in the UAE has also laid out a mandate to regulate and oversee all commercial gaming activities in the UAE, including lotteries, internet gaming, sports wagering, and land-based integrated gaming facilities or resorts.
The entity was established by Federal Law by Decree and is headquartered in Abu Dhabi. It is the executive authority that holds exclusive jurisdiction to regulate, license, and supervise all commercial gaming activities and facilities in the UAE.
The authority also states that any commercial gaming activity conducted in the UAE without a license is illegal and violators, including individuals who play unlicensed games, will be subject to penalties.
GCGRA’s mandate for the casino, which comes under the umbrella of land-based gaming facilities, includes physical establishments that offer a variety of commercial gaming games, such as slots, roulette, blackjack, baccarat, craps, and more.
Residential development at the Al Marjan Island
The Al Marjan Island in Ras Al Khaimah will also feature around 20 residential developments, according to a statement from IDRE.
The brokerage says the stock is set to include off-plan studios, as well as one, two, and three bedroom apartments to be launched from April 2025 onwards.
IDRE says at launch of one-bedroom apartments under its portfolio, some of these will be listed at £475.64 per square feet (Dhs2,220) with a final cost of £368,621 (Dhs1,705,000).
“Wynn Al Marjan Island is one of the most exciting building projects happening in the UAE, and IDRE is delighted to be leading the sales of a number of the main residential developments in the area,” Asad Khan, CEO of IDRE, said.
“Every lot was sold months ago because people recognise that Wynn Al Marjan Island has the potential to be the new jewel in the crown of the UAE for aspirational people to work, live, and invest,” Khan added.
Highlighted below are concept images from Wynn Resort’s Instagram page which shows how it is intended to look once completed.
DFM-listed Dubai Investments has reported announced a net profit before tax attributable to shareholders of Dhs 1.3bn for the fiscal year ending December 31, 2024, compared to Dhs 1.07bn during the same period last year, marking a 21 per cent increase.
The group’s total income grew to Dhs 4.66bn, mainly driven by the sale of properties amounting to Dhs1.03bn due to strong demand for real estate projects and efficient execution of the Danah Bay project on Al Marjan Island in Ras Al Khaimah and higher rental income due to occupancy levels maintained in DIP and acquisition of additional assets in Al Mal Capital REIT.
Dubai Investments’ total assets grew to Dhs22.10bn by the end of 2024, up from Dhs21.44bn in 2023. The group’s equity attributable to owners stood at Dhs14.11bn.
With a net debt to total attributable equity ratio of 21.9 per cent, the group continues to maintain strong liquidity levels, underscoring the group’s robust financial position and resilience across economic cycles.
In line with its commitment to delivering value to shareholders, the board of directors has proposed a cash dividend of 18 per cent (Dhs 0.18 per share) for the year 2024, reinforcing Dubai Investments’ focus on enhancing shareholder returns while maintaining a strong financial position and sustainable growth trajectory.
Commenting on the full-year results, Khalid Bin Kalban, vice chairman and CEO of Dubai Investments, said: “Dubai Investments’ strong financial performance in 2024 has laid a robust foundation for sustained expansion and long-term growth. Dubai Investments remains focused on accelerating growth by actively evaluating investment opportunities across MENA and other regions, exploring strategic divestments, and assessing select group companies for potential IPOs. These initiatives align with the group’s vision to enhance market presence, maximise shareholder value, and drive sustainable growth in the years ahead.”
Dubai Investments: Future outlook
The group will launch several mixed-use real estate projects in the UAE whilst remaining focused on the timely execution of projects in hand. The group anticipates strong growth and remains optimistic about the real estate sector.
The construction of the group’s Violet Tower project is progressing steadily, supported by healthy off-plan sales and remaining on track for completion by Q4 2026.
A key priority is the continued expansion of the Al Mal Capital REIT portfolio, reinforcing its role as a reliable source of stable cash dividends.
With a long-term vision for impact-driven investments, Dubai Investments is strengthening its footprint in the healthcare, education, financial services, artificial intelligence, and business services sectors.
The group remains committed to nurturing and scaling investments in these essential industries, reinforcing its role in supporting community development and regional economic progress.
A disciplined approach to portfolio optimisation remains a priority. The group continues to monitor and reassess non-core assets to strengthen its market presence and drive sustainable growth in the years ahead.
