Drydocks World, a DP World company, said on Monday it has secured an engineering, procurement, and construction (EPC) contract from AMIGO LNG to deliver the world’s largest floating liquefied natural gas (FLNG) liquefaction facility.

The project involves converting two LNG carriers into floating storage units (FSUs) and building two new FLNG barges at Drydocks World’s Dubai yard.

Once operational in the second half of 2028, the four-vessel complex will provide more than 4.2 million tonnes per annum (MTPA) of liquefaction capacity, exceeding any existing floating LNG project worldwide.

Drydocks World EPC contract for project off Mexico’s east coast

AMIGO LNG is a joint venture between Texas-based Epcilon LNG and Singapore-based LNG Alliance.

The facility will be located off Guaymas, Sonora, on Mexico’s west coast and supplied with natural gas from the US Permian Basin. It aims to boost Mexico’s role in the global energy market by enabling direct LNG exports to Asia and Latin America.

The west coast location shortens shipping times compared with US Gulf terminals, cutting costs and emissions while creating a new LNG export corridor.

“This contract represents a major milestone for Drydocks World and Dubai,” Captain Rado Antolovic, CEO of Drydocks World, said in a statement. “With our expertise in complex offshore conversions and large-scale new builds, we are setting new global benchmarks for floating LNG solutions. At the same time, this project reinforces Dubai’s position as a hub for advanced maritime engineering that powers global trade and the energy transition.”

The EPC scope will be delivered using a modular build strategy designed to allow precision fabrication, system integration and pre-commissioning in a controlled environment. The approach is expected to support quality control, shorten delivery schedules, lower environmental impact, and improve long-term reliability.

“By partnering with Drydocks World on the world’s largest FLNG facility, we are securing best-in-class quality, exceptional production capacity, and reliable long-term performance of this critical asset,” said Dr Muthu Chezhian, CEO of LNG Alliance.

“We are also harnessing the key advantages of FLNG solutions — from faster project schedules to rigorous testing and seamless pre-commissioning in a controlled fabrication yard environment, as well as the substantial environmental benefits this approach delivers,” he added.

Drydocks World has previously completed more than 10 major LNG and floating storage regasification Unit (FSRU) conversion projects.

The UAE Ministry of Finance said on Monday that the Organisation for Economic Co-operation and Development (OECD) has granted its Domestic Minimum Top-up Tax (DMTT) transitional qualified status.

The OECD has published the UAE’s DMTT on its Central Record of Legislation with Transitional Qualified Status, available on its website.

The ministry said the recognition demonstrates the UAE’s commitment to international tax standards and its alignment with the OECD and the Inclusive Framework on Base Erosion and Profit Shifting (BEPS).

The DMTT qualifies to benefit from the OECD Pillar Two Safe Harbour, meaning multinational enterprises (MNEs) operating in the UAE will be exempt from calculating top-up tax in other jurisdictions.

This, the ministry said, reduces administrative burdens and provides greater clarity, transparency and certainty in tax compliance.

OECD’s recognition of DMTT a key development for UAE

“Adherence to international tax standards, coupled with the OECD’s recognition, cements the UAE’s position as a world leading hub for international business and investment and drives its sustainable development agenda,” the ministry said in a statement.

Under the qualified status, the DMTT provides certainty to MNE groups that no foreign tax will be applied to UAE profits, while other jurisdictions will recognise the top-up tax obligations due in the UAE.

The ministry said this minimises the risk of complex and costly multilateral audit challenges and disputes.

The safe harbour qualification also reduces the administrative burden for both MNEs and the tax administration as top-up calculations are not required to be performed in other jurisdictions for UAE in-scope entities.

The ministry said the announcement provides clarity and certainty to MNEs doing business in the UAE.

All cabinet decisions and ministerial decisions relating to the DMTT are available at www.mof.gov.ae

Ras Al Khaimah Tourism Development Authority (RAKTDA) has announced a solid performance for the first half of 2025, setting a new standard with over 654,000 visitor arrivals, marking a 6 per cent year-on-year increase, and a 9 per cent rise in tourism revenues.

This strong growth highlights Ras Al Khaimah’s expanding appeal as a premier travel destination and reflects the effectiveness of RAKTDA’s strategy to broaden connectivity, diversify tourism offerings, and deepen engagement with key international markets.

Read-UAE: RAK’s residential supply set to double by 2030

Key highlights from the first six months include:

• 654,000 visitor arrivals, the highest ever for a six-month period, up 6 per cent year-on-year
• 9 per cent growth in tourism revenues compared to the same period last year
• 36 per cent surge in revenues from Meetings, Incentives, Conferences, and Exhibitions (MICE) and weddings
• Robust visitor numbers from core markets such as CIS countries, the UK, India, China, and Central and Eastern Europe
• Significant visitor growth from regions benefiting from expanded direct flight connectivity, including Romania (+65 per cent), Poland (+56 per cent), Uzbekistan (+47 per cent), and Belarus (+30 per cent)
• Major hotel announcements, including Four Seasons, Fairmont, Taj, and NH Collection (Minor Hotels), supporting plans to double hotel keys by 2030
• Several strategic partnerships with key stakeholders like Fujairah Adventures, Huawei, Open World, and leading online travel agencies in China and Saudi Arabia
• An expanding events calendar featuring the RAK Half Marathon, UAE Tour, HIGHLANDER hiking adventure, and the inaugural Jais Ride cycling challenge

These results underscore Ras Al Khaimah’s ongoing momentum in transforming into a dynamic, globally competitive destination.

Expanding connectivity and hotel infrastructure

A key driver behind Ras Al Khaimah’s tourism growth is enhanced connectivity through Ras Al Khaimah International Airport, which saw significant route expansion in the first half of 2025. New direct flights from key cities such as Katowice and Warsaw (Poland), Bucharest (Romania), Moscow (Russia), Tashkent (Uzbekistan), and Prague (Czech Republic) have facilitated easier access for international visitors. The airport is undergoing strategic upgrades to increase capacity for larger aircraft and improve passenger experience, solidifying its position as a vital gateway to the emirate.

The hospitality sector is also experiencing substantial growth. Several high-profile hotel developments have been announced, including:

• NH Collection Ras Al Khaimah Al Marjan Island Hotel & Apartments with 156 keys
• Fairmont Al Marjan Island with 250 keys
• Taj Wellington Mews Al Marjan Island featuring 336 hotel apartments
• Four Seasons Resort and Residences Ras Al Khaimah at Mina Al Arab offering 150 keys

These new properties expand Ras Al Khaimah’s appeal across multiple market segments. Complementing these is the opening of Rove Al Marjan Island, a beachfront hotel bringing the popular Rove brand’s accessible and lively atmosphere to the emirate.

This pipeline supports the ambitious target of more than doubling the number of hotel keys by 2030, one of the fastest hotel growth trajectories in the region.

Signature events elevate destination appeal

Ras Al Khaimah is leveraging large-scale sporting and entertainment events to boost its global profile and enhance the visitor experience. The first half of 2025 featured a packed calendar, including:

• The 18th Ras Al Khaimah Half Marathon, which attracted a turnout of over 10,000 participants and spectators
• The 7th UAE Tour, including the Jebel Jais Mountain stage
• The 4th Ras Al Khaimah Championship, part of the internationally broadcast DP World Tour, held at Al Hamra Golf Club
• The globally recognised HIGHLANDER hiking adventure, marking its 4th edition with participants from around the world
• The debut of Jais Ride, a challenging 25km cycling event climbing the UAE’s highest peak

These events reinforce Ras Al Khaimah’s growing reputation as a regional hub for sports, outdoor adventure, and entertainment, attracting diverse traveller demographics and encouraging longer stays.

Rapid expansion of the hotel sector

With tourism demand at an all-time high, Ras Al Khaimah’s hotel sector is poised for substantial growth. By 2027, the total hotel inventory is expected to exceed 14,600 rooms, more than doubling the current stock of 7,144 rooms with an additional 7,537 rooms under development.

Notably, 71 per cent of this pipeline consists of five-star accommodations, further cementing Ras Al Khaimah’s status as a luxury hospitality hotspot, according to Stirling Hospitality Advisors’ fourth edition of the RAK Investment Pulse report.

The emirate is set to welcome over 15 international hotel brands spanning all segments, from luxury to midscale. New entrants such as Wynn, Millennium, Radisson Red, Ushuaïa, and Rove Al Marjan highlight the sector’s growing diversity. The report also notes a shift in market leadership among operators: Accor overtook Hilton in 2024, driven by the rebranding of Al Marjan Resort into Pullman and Hilton Beach Resort into Rixos Al Mairid. Marriott is also rapidly gaining ground, with major developments including The Westin, W Al Marjan, and JW Marriott Al Marjan scheduled to open by 2027.

Tatiana Veller, managing director of Stirling Hospitality Advisors, commented on these trends:

“Ras Al Khaimah’s hospitality sector is undergoing a remarkable transformation. The combination of strong government support, ambitious development plans, and the arrival of global hotel brands and investors is setting the stage for a new era of growth. Our latest edition of RAK Investment Pulse provides invaluable insights into these shifting dynamics, offering investors, operators, and developers a comprehensive guide to the opportunities that lie ahead.”

Wynn Al Marjan Island: A game-changer for luxury hospitality

One of the most anticipated projects is Wynn Al Marjan Island, set to open in 2027 as the UAE’s first fully integrated resort. This development will be a transformative milestone for Ras Al Khaimah’s hospitality landscape, expected to attract high-net-worth travelers and reshape the Emirate’s luxury market.

The resort will feature:

• 1,542 rooms and suites, with 80 per cent of guest rooms structurally complete
• Twenty-two restaurants, lounges, and bars, including a nightclub and beach club
• A luxury shopping promenade with the world’s top boutiques
• A signature Wynn spa and salon
• An extensive 39,000-square-foot poolscape adjacent to the beach
• A 145,000-square-foot meetings and events center with outdoor terraces and lawns
• A theater and resident show created exclusively for Marjan Island

Construction progress includes installation of over 20 per cent of the façade window glazing panels and ongoing interior fit-out works covering walls, floors, ceilings, and mechanical, electrical, and plumbing systems.

Located just 50 minutes from Dubai International Airport, Wynn Al Marjan Island is being developed in partnership with Marjan and RAK Hospitality Holding. The resort is expected to elevate Ras Al Khaimah’s international profile and redefine luxury hospitality in the region.

The arrival of Wynn is anticipated to shift the average guest profile towards more mature, luxury-driven travellers, lowering the typical double occupancy factor from 2.5 to between 1.75 and 1.85. This change is projected to increase annual room night demand from 2.41 million to 4.28 million by 2027, underlining the resort’s expected impact on local tourism.

Dubai’s Roads and Transport Authority (RTA) has completed traffic works at 10 school-zone sites benefiting 27 schools across the emirate during the summer of 2025, as part of its strategy to improve safety and ease congestion around educational institutions.

The upgrades, carried out during the summer break to minimise disruption, covered school areas in Al Warqa 1, 3 and 4, Al Safa 1, Al Barsha 1, Al Garhoud, Al Mizhar 1 and 4, Al Qusais and Al Barsha South.

Dubai school zone upgrades include road widening

Works included widening roads near the Al Warqa schools complex, adding parking for staff and parents in Al Mizhar and Al Barsha, constructing new entrances and exits in Al Mizhar and Al Warqa, and installing pedestrian signals and traffic-calming measures.

According to the RTA, the improvements increased parking capacity at some schools by 90 per cent and boosted traffic flow in surrounding areas by 25 to 40 per cent.

The authority said the works enhance road safety, support teaching staff, bus drivers and parents, and reflect efforts to keep pace with Dubai’s urban growth.

More traffic solutions in play for 2025: RTA

The RTA said further traffic solutions are planned for 2025 in areas including Al Barsha 1, Umm Al Sheif, Al Barsha South and Al Warqa, under a framework developed with Dubai Police to increase road capacity and cut journey times.

The authority urged parents and bus drivers to comply with safety rules such as using designated pick-up and drop-off areas, avoiding random parking, stopping at school bus signs, and reducing speeds around schools to ensure a safe, accident-free environment.

The UAE and Angola signed a comprehensive economic partnership agreement (CEPA) during a state visit by UAE President Sheikh Mohamed bin Zayed Al Nahyan, in a move aimed at expanding trade and investment ties between the two countries.

The agreement was exchanged in the presence of Sheikh Mohamed and Angolan President João Manuel Lourenço. UAE Minister of Foreign Trade Dr Thani bin Ahmed Al Zeyoudi and Angola’s Minister of Industry and Commerce Rui Miguêns de Oliveira signed on behalf of their governments, state news agency WAM reported.

Sheikh Mohamed said the CEPA would stimulate trade flows, expand investment, and enhance coordination between the business communities of both nations. He described the deal as a step forward in strengthening the UAE’s strategic partnerships with African countries that share its vision for economic growth and sustainability.

The Angolan President welcomed the accord along with a series of memoranda of understanding (MoUs), saying they would reinforce and diversify bilateral economic cooperation.

CEPA to expand ties with with Sub-Saharan and West African markets

According to the WAM report, Dr Al Zeyoudi said the CEPA expands the UAE’s ties with Sub-Saharan and West African markets, describing the region as a high-growth area seeking to accelerate development through strategic partnerships.

He noted Angola’s young population, abundant natural resources, and GDP growth of 4.4 per cent in 2024 make it one of the region’s most promising economies.

He said the agreement builds on momentum in bilateral trade, particularly in sectors such as gemstones, minerals, mining, digital trade, and agri-tech, while Angola’s Atlantic coast location gives it potential as a logistics hub.

Non-oil trade between the UAE and Angola reached $2.17bn in 2024, rising 29.7per cent in H1 2025 to $1.4bn.

According to Al Zeyoudi, UAE non-oil exports to Angola stood at $135.6m in 2024, while Angola’s main exports to the UAE included diamonds, gold, copper, and grains, accounting for nearly all imports. The UAE exported light petroleum distillates, iron and steel products, cigarettes, and perfumes, while re-exports included vehicles, diesel trucks, and spare parts.

The CEPA is designed to cut or remove customs duties, dismantle non-tariff barriers, expand market access for services, and create new investment opportunities across multiple sectors.

Al Zeyoudi forecast that the agreement will raise non-oil bilateral trade to more than $10bn annually by 2033, add about $1bn to both economies, and create nearly 30,000 new jobs.

He added that the agreement is balanced and mutually beneficial, with scope to expand imports from Angola worth nearly $1bn in products such as glass, fish, and fruits, while boosting UAE exports by up to $235m in machinery, electrical equipment, chemicals, and plastics.

Al Zeyoudi said the deal will also strengthen cooperation in services such as logistics, healthcare, tourism, and finance, which already represent nearly 40 per cent of Angola’s GDP, and will support SMEs by easing restrictions and creating a platform for collaboration between incubators, accelerators, and youth- and women-led projects.

The minister highlighted major UAE investments in Angola, including Masdar’s 150MW solar project to power 90,000 homes, Dubai Investments’ 2,000-hectare industrial park project, and AD Ports Group’s operation of a multipurpose terminal at Luanda Port.

He stressed that the CEPA is central to the UAE’s foreign trade strategy, aimed at raising trade volumes to $4tn ($1.1tn) by 2031 and doubling exports.

The agreement will enter into force once ratification procedures are completed in both countries, bringing immediate benefits such as streamlined customs processes, reduced tariffs, and expanded market access.

UAE-Angola sign MoUs in tech, finance and agriculture

According to WAM, the two leaders also oversaw the signing of MoUs in artificial intelligence, central banking, and agriculture. An AI cooperation agreement was signed by UAE Deputy Prime Minister Sheikh Saif bin Zayed Al Nahyan and Angola’s Minister of State for Economic Coordination José de Lima Massano.

The Central Bank of the UAE and the National Bank of Angola signed an MoU on financial cooperation, while agricultural firm Al Dahra signed an agreement with Angola’s Ministry of Agriculture and Forestry.

Other agreements covered areas including political consultations, diplomatic cooperation, tourism, investment, renewable energy, culture, education, labour, sports, health, climate action, and technology.

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