BlackRock Saudi Arabia and the Public Investment Fund (PIF) will launch of new mutual funds through their joint platform, BlackRock Riyadh Investment Management (BRIM), marking a deepening of their collaboration to develop Saudi Arabia’s capital markets.

The new funds will target Saudi systematic active equities and MENA fixed income, and will be available to both local and global investors.

The move follows the success of BRIM, which was established in April 2024 with an initial investment mandate from PIF and aims to channel more capital into Saudi markets.

The announcement was made at the PIF Asset Management Forum, held alongside the ninth edition of the Future Investment Initiative (FII9) in Riyadh.

Funds will be managed by Riyadh-based portfolio managers

BlackRock said its Saudi mutual funds build on a series of investment strategies introduced over the past year, including a Saudi systematic equity strategy launched in January and a Saudi index equity strategy announced in May following a letter of intent with PIF.

The firm said its Middle East offerings now span multiple public and private market asset classes, including infrastructure, as part of efforts to support the goals of Saudi Vision 2030.

The funds will be managed by Riyadh-based portfolio managers, underscoring BlackRock’s commitment to strengthening local investment expertise.

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BlackRock’s Riyadh headcount has nearly tripled since BRIM was setup

Since the establishment of BRIM, BlackRock’s Riyadh headcount has nearly tripled, with additional investment professionals and corporate staff hired to expand operations.

The company has also extended its global graduate analyst programme to Riyadh, with its third cohort set to join in 2026.

PIF, one of the world’s largest sovereign wealth funds, has played a central role in developing Saudi Arabia’s asset management industry and deepening market liquidity as part of its broader mandate to diversify the kingdom’s economy.

BlackRock said the latest announcement is non-binding and remains subject to regulatory and internal approvals, in line with the memorandum of understanding signed between the parties in April 2024.

Digital health platform myAster said it has reached more than 2.8m downloads and impacted over 5m lives in just three years, as the GCC’s leading omnichannel app for health, wellness, and beauty expands its footprint and digital offerings.

Launched in 2022 by Aster DM Healthcare, the app connects users with 7 hospitals, 72 clinics, and over 680 doctors across 30 specialties, offering a range of services from instant GP consultations and homecare visits to diagnostics and lab testing.

Users can book virtual consultations with a general physician in as little as 10–15 minutes, with more than 50,000 video consultations completed to date.

“myAster was built on the belief that healthcare and wellness should be connected, convenient, and centered around the individual,” said Nalla Kurunaithy, CEO of Digital Health & Omnichannel at Aster DM Healthcare. “Our growth reflects a shift in how people want to experience care – seamlessly blending medical, preventive, and self-care services through one trusted platform.”

myAster App: Key features

The app has broadened its focus beyond traditional healthcare into holistic wellness and beauty. Its Health Profile feature allows users to monitor vital parameters such as blood pressure, glucose levels, and body measurements, while Lab on App consolidates prescriptions, reports, and radiology results in one place. To support mental wellbeing, the platform also includes guided breathing exercises for stress management.

In the beauty segment, myAster hosts thousands of skincare and wellness products, including a curated selection of K-Beauty brands. Its AI-powered myBeauty Lens analyses more than 18 skin metrics to deliver personalised skincare recommendations that can be purchased directly through the app.

For greater convenience, myAster has expanded its 24/7 express delivery service to Dubai, Abu Dhabi, Sharjah, Ajman, and Ras Al Khaimah, with delivery times of around 90 minutes.

Earlier this year, the platform launched in Saudi Arabia, introducing Arabic voice support and AI-driven symptom analysis in partnership with Google Cloud, enabling users to describe symptoms in their native dialect for more accurate and culturally relevant responses.

With its growing suite of services, myAster is positioning itself as a one-stop destination for health, wellness, and beauty in the GCC, combining medical care, lifestyle management, and e-commerce into a single digital ecosystem.

International restaurant guide GreatList, renowned for its deep expertise in the global F&B industry, has launched GreatList Sessions, a culinary initiative designed to position Dubai as the world’s next gastronomic capital. The company organised the first and largest overseas showcase of Dubai’s top ten chefs—recognised by Michelin, Gault&Millau, The World’s 50 Best MENA, The Best Chef Awards, and GreatList—to connect cultures through food and give global audiences a richer understanding of the UAE’s diverse culinary identity.

Elevating Dubai’s culinary identity

The tour debuted in Moscow, marking the first large-scale international showcase in one of Dubai’s top ten tourist markets. Over a week of sold-out pop-ups, Dubai’s leading restaurants brought immersive dining experiences to Moscow, giving guests an authentic taste of the city’s culinary creativity while expanding the global perception of its F&B landscape. The event generated record-breaking visibility — over 400 publications, four national television features, and a media reach exceeding 45 million readers — strengthening Dubai’s growing reputation as a hub for cross-cultural collaboration through cuisine.

The initiative highlighted the richness and originality of Dubai’s dining scene, reflecting its multicultural fabric of over 200 nationalities. The showcase featured celebrated Dubai restaurants including Gerbou, HANU, Bayt Mariam and Sufret Mariam, Moonrise, Row on 45, Signor Sassi, BOCA, Takahisa, and Jun’s, spanning contemporary Middle Eastern, Asian, and modern global cuisines — a true reflection of the city’s culinary diversity.

Building bridges through food

Alexander Sysoev, founder of GreatList, said: “GreatList is proud to showcase the exceptional talent driving Dubai’s contemporary food culture. This project has become a bridge between the UAE and other culinary destinations, connecting chefs and ideas while highlighting Dubai’s role as one of the world’s most dynamic gastronomic capitals. We aim to inspire future travelers to explore the city more deeply through its chefs, flavors, and spirit. It’s an important step in connecting the best minds in the industry and strengthening collaboration across borders.”

Nurturing new talent

Alongside global recognition, GreatList is investing in the UAE’s culinary ecosystem and next-generation talent. In October, the company introduced the GreatList by Alexander Sysoev Scholarship in partnership with the Dubai College of Tourism (DCT), under the Dubai Department of Economy and Tourism. The annual scholarship honours top-performing students completing their Certificate in Culinary Arts, offering full and partial tuition awards to help them advance their careers. The initiative reflects GreatList’s mission to nurture homegrown talent and raise the standards of the UAE’s culinary and hospitality industries.

Fueling the UAE’s F&B sector

The UAE’s gastronomy market is projected to reach $50.21bn by 2033, supported by its vibrant tourism sector, robust hospitality infrastructure, and rising global profile as a culinary destination. GreatList’s international showcase aligns with this growth, spotlighting UAE chefs and restaurants on the world stage while fostering partnerships and cultural exchange.

Looking ahead, GreatList plans to expand GreatList Sessions to Shanghai, Bangkok, Hong Kong, and Singapore, further amplifying Dubai’s culinary influence and supporting the development of the UAE’s F&B ecosystem.

The UAE is consolidating its position as one of the world’s most dynamic and resilient economies, with the International Monetary Fund (IMF) forecasting that it will deliver the fastest growth in the Gulf region in 2025. Despite a challenging global backdrop marked by geopolitical uncertainty and uneven recovery, the UAE continues to attract strong investment inflows and deliver solid performance across key sectors.

According to the IMF, the country’s real GDP is now expected to expand by 4.8 per cent in 2025, up from earlier projections, with growth accelerating further to 5 per cent in 2026. The upgraded outlook underscores the UAE’s success in maintaining momentum through diversification, sound policy, and investor confidence.

Read more-UAE investors bullish on real estate, tech, and energy, survey reveals

The IMF projects Abu Dhabi’s economy will expand by around 6 per cent in 2025, while Dubai is expected to grow by 3.4 per cent, according to a WAM report quoting Dr Jihad Azour, Director of the Middle East and Central Asia Department at the IMF. The data was shared during a press conference hosted by the Dubai International Financial Centre (DIFC) in collaboration with the Fund, under the title “IMF Regional Economic Outlook: Middle East and North Africa Report.”

Dr Azour said the UAE’s growth leadership within the Gulf Cooperation Council (GCC) reflects the resilience of its non-oil sectors, particularly tourism, financial services, and real estate, alongside the benefits of improved oil production as OPEC+ supply restrictions ease.

He noted that Abu Dhabi’s economy continues to gain from both rising oil output and a strong performance in the services and real estate sectors. Dubai, meanwhile, remains buoyed by its global role as a tourism and financial hub, helping sustain balanced nationwide growth.

Diversification driving growth momentum

The UAE’s economic resilience continues to be anchored in its diversification strategy. Over the past year, non-oil sectors such as tourism, finance, logistics, and real estate have emerged as key engines of growth.

In Abu Dhabi, property transactions surged by more than 40 per cent in the first half of 2025, underlining robust demand from investors and residents alike. The strong real estate activity also reflects population growth, expanding infrastructure, and confidence in the market’s long-term fundamentals.

“The UAE offers investors a rare blend of growth and stability. It’s a market where you can seek alpha while also enjoying shelter from global volatility,” said Josh Gilbert, market analyst at eToro. “Corporate earnings remain strong, IPO activity is booming, and local markets like the ADX and DFM are near record highs. This performance is underpinned by solid fundamentals and rising investor confidence.”

IPO boom highlights investor confidence

The country’s vibrant equity market continues to capture regional and global capital, as a string of initial public offerings (IPOs) in 2025 drew heavy oversubscription. The surge in listing activity, spanning sectors from logistics to energy, reflects deep investor trust in the UAE’s economic trajectory and in the operational strength of its companies.

Supported by solid balance sheets, generous dividend payouts, and sustained government investment, UAE corporations are increasingly viewed as resilient plays amid global market uncertainty. This sentiment is reinforced by a young, expanding population and continued policy stability.

“Abu Dhabi’s 6 per cent growth forecast isn’t just a number,” Gilbert added. “It’s a reflection of a confident, diversified economy that continues to outperform expectations. The UAE’s combination of high growth, diversification, and policy stability makes it a market global investors can’t afford to overlook.”

In its latest World Economic Outlook (WEO), the IMF lifted its forecast for the UAE’s real GDP growth to 4.8 per cent for 2025, compared with earlier projections released in April. It also reaffirmed its 2026 growth estimate of 5 per cent, noting that the UAE’s economic fundamentals remain among the strongest globally.

The Fund projects global growth to slow modestly from 3.3 per cent in 2024 to 3.2 per cent in 2025, and 3.1 per cent in 2026, as advanced economies expand at around 1.5 per cent and emerging markets at just over 4 per cent. Against this backdrop, the Middle East and Central Asia region is set to accelerate from 2.6 per cent in 2024 to 3.5 per cent in 2025 and 3.8 per cent in 2026, a half percentage point higher than previous estimates.

The IMF also urged policymakers globally to sustain credibility through transparent fiscal management, preserve central bank independence, and continue implementing structural reforms to boost productivity and investor confidence.

The UAE’s macroeconomic performance continues to stand out, supported by stable fiscal policy, strong capital markets, and ambitious national strategies such as We the UAE 2031.

Government-led investments in technology, energy transition, and logistics infrastructure are expected to sustain momentum into the next decade.

Market analysts say that this alignment of policy, investment, and diversification is positioning the UAE as one of the most attractive global destinations for capital. With both Abu Dhabi and Dubai expanding above global averages, the country is set to remain a regional economic powerhouse and a safe haven for investors seeking growth with resilience.

Air Arabia Abu Dhabi has launched its first direct flights to the Syrian capital, Damascus, marking another milestone in the airline’s expanding network from the UAE capital. The new route reaffirms the carrier’s commitment to offering affordable and convenient travel options across the region.

The inaugural flight was greeted with a traditional water salute upon arrival at Damascus International Airport. A welcoming ceremony followed, attended by officials from Air Arabia, the Syrian Civil Aviation Authority, and Damascus International Airport management, according to a WAM report.

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Adel Al Ali, Group Chief Executive Officer of Air Arabia, expressed enthusiasm about the new connection.

“We are delighted to launch our direct service between Abu Dhabi and Damascus, further strengthening Syria’s position within our regional network and offering passengers more flexible travel options,” he said.

Al Ali added that the new route underscores Air Arabia’s continued focus on combining affordability with flexibility to meet evolving passenger needs.

The addition of Damascus to Air Arabia Abu Dhabi’s growing route map comes as the airline continues to enhance connectivity across the Middle East and beyond. The carrier said the expansion supports efforts to boost trade and tourism ties between the UAE and the wider region, reinforcing Abu Dhabi’s position as a key travel hub.