Sobha Realty, the UAE-based luxury property developer, said on Wednesday it has raised $750m through its first green sukuk, the largest ever by a real estate developer globally.

The five-year sukuk, maturing in 2030, was issued under the company’s $1.5bn trust certificate issuance programme.

It will be listed on the London Stock Exchange and Nasdaq Dubai, the company said.

Investor demand reached about $2.1bn, 2.8 times the issue size, allowing Sobha to tighten pricing by 50 basis points from initial price thoughts.

The sukuk was priced at a profit rate of 7.125 per cent per annum with an effective yield of 7.375 per cent.

Regional investors accounted for 56 per cent of allocations and international investors 44 per cent.

Proceeds will be used to finance or refinance projects under Sobha’s Green Financing Framework, which is aligned with the International Capital Market Association’s Green Bond Principles and the Loan Market Association’s Green Loan Principles. The framework received a second-party opinion from DNV.

“The resounding success of our inaugural green sukuk issuance is a powerful testament to the market’s recognition of Sobha Realty’s robust financial standing and our deep, unwavering commitment to sustainable development,” said Ravi Menon, chairman of Sobha Group.

Sobha green sukuk rating

The sukuk is expected to be rated Ba2 (Stable) by Moody’s and BB (Stable) by S&P, consistent with the corporate credit rating of the obligor, PNC Investments.

Dubai Islamic Bank, Emirates NBD Capital, J.P. Morgan, Mashreqbank and Standard Chartered acted as joint global coordinators. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Arab Banking Corporation, Arqaam Capital, Deutsche Bank, First Abu Dhabi Bank, RAKBank, Sharjah Islamic Bank and Warba Bank were joint lead managers and bookrunners.

Deutsche Bank and Emirates NBD Capital were joint ESG structuring coordinators. Clifford Chance and Dentons acted as legal advisers and Grant Thornton was appointed auditor.

The Dubai Government Human Resources Department (DGHR) formally extended its ‘Our Flexible Summer’ initiative to all Dubai Government entities following the success of a pilot phase conducted in 2024. The initiative, which aimed to enhance work-life balance for government employees, ran from July 1 and will go up to September 12, 2025, with implementation determined at the discretion of each participating entity.

Read more- UAE embeds AI at the heart of new federal government strategy cycle

The full rollout marked a significant shift in the government’s workplace strategy, designed to prioritise employee wellbeing, institutional efficiency, and operational sustainability, especially during the emirate’s hottest months.

“This initiative demonstrated our firm commitment to enhancing the government work environment, making it more adaptable and responsive to the needs of employees and the community,” said Abdullah Ali bin Zayed Al Falasi, Director-General of DGHR.

Strategic alignment with broader national objectives

The 2025 expansion of the initiative coincided with the UAE’s designation of the year as the ‘Year of Community’, reinforcing the government’s commitment to cultivating supportive, family-friendly workplaces. The move also aligned with long-term national visions, including the Dubai Quality of Life Strategy 2033, which aims to position Dubai as a global hub for superior living and sustainable work.

According to DGHR, the initiative formed part of a strategic transformation in public administration, focusing on building people-centric institutions that are capable of adapting to evolving employee needs and future work trends, a Dubai Media Office report said.

“The implementation of this year’s expanded edition built on the successful outcomes of the 2024 pilot phase,” Al Falasi noted. “It reflected a comprehensive vision aimed at developing an advanced government system that balances institutional efficiency with human well-being. This supported Dubai’s aspirations to lead in delivering flexible, sustainable, and people-centric government services.”

Results from the 2024 pilot phase

The initiative’s expansion in 2025 followed positive results from its 2024 pilot phase, which was implemented across 21 government entities from August 12 to September 30, 2024. The pilot was introduced to assess the impact of reduced working hours on productivity, workplace satisfaction, and energy efficiency.

Key findings from the pilot included:

• A 98 per cent satisfaction rate among employees
• Marked improvements in workplace morale and productivity
• Enhanced performance metrics in several entities, as assessed under the Dubai Government Excellence Programme

The pilot also validated the initiative’s alignment with broader sustainability goals by demonstrating potential reductions in energy consumption due to decreased in-office hours during peak summer periods.

Origins: A pilot to test reduced summer hours

The ‘Our Flexible Summer’ initiative was first introduced in 2024 as a pilot program involving 15 government entities. The goal was to assess whether shortened summer working hours could improve employee wellbeing, institutional productivity, and workplace safety, especially under high-temperature conditions.

Participating employees worked seven-hour days from Monday to Thursday, with Fridays off, allowing more time for social activities, rest, and family engagement, a WAM report said.

The pilot was structured to align with Dubai’s vision of becoming a global leader in employee-friendly policies, and formed part of DGHR’s broader agenda to modernise human resources practices across government departments.

“We were thrilled to launch the ‘Our Flexible Summer’ initiative as part of our long-standing efforts to nurture a flexible work environment,” said Al Falasi during the pilot announcement. “This initiative aimed to promote the work-life balance of government employees, in accordance with best international practices. It also supported our vision to empower human resources through smart solutions and innovative policies.”

Two work schedule models in the 2025 edition

The 2025 edition of ‘Our Flexible Summer’ was designed to preserve Dubai’s five-day workweek, while offering flexibility through two distinct scheduling models:

1. Model A: Employees worked eight hours from Monday to Thursday and had Fridays off.
2. Model B: Employees worked seven hours from Monday to Thursday and 5 hours on Friday.

Each government entity was given the autonomy to adopt the model that best suited their operational needs, ensuring minimal disruption to public services while providing employees with greater flexibility.

DGHR emphasised that the initiative’s discretionary implementation allowed for tailored solutions without compromising institutional productivity or public service delivery.

Employee feedback and government assessment

Ahead of the pilot rollout in 2024, DGHR conducted a survey among government entities to assess their openness to reduced summer hours and gather input on possible implementation models. The responses indicated strong institutional and employee support, particularly in areas related to work-life balance, employee engagement, and mental well-being.

Following the pilot, DGHR enabled participating entities to submit detailed feedback on productivity metrics and employee responses. These insights were compiled into a comprehensive report outlining the initiative’s impact, challenges, and long-term potential.

DGHR also confirmed it would continue to monitor and evaluate the 2025 edition to refine the program further and ensure alignment with Dubai’s evolving public sector goals.

Sustainability and well-being at the core

In addition to its human resource benefits, the ‘Our Flexible Summer’ initiative also aligned with Dubai’s sustainability and energy efficiency objectives. By reducing in-office hours during high-consumption months, government departments saw lower energy usage, contributing to Dubai’s environmental, social, and governance (ESG) goals.

The policy also sought to promote a healthier, more balanced work culture, leading to:

• Better employee retention
• Stronger family and community engagement
• More adaptive and resilient public sector operations

“The initiative aimed to enhance employees’ quality of life and promote sustainable use of government resources,” Al Falasi said. “It helped position Dubai as the ideal city for a superior lifestyle.”

Setting a new standard for government work culture

As governments globally reevaluate the future of work, Dubai’s approach offered a scalable model for public sector flexibility without sacrificing efficiency or service quality. The success of the 2024 pilot and the smooth execution of the 2025 edition positioned Dubai as a regional leader in government workforce innovation.

DGHR confirmed that it would continue to assess the long-term impact of the initiative, with an eye toward expanding similar flexible work policies throughout the year or integrating them into broader HR reforms.

PRYPCO, the UAE-based property technology company, said that US venture capital firm General Catalyst has led its pre-series A funding round, marking the investor’s first proptech commitment in the Middle East.

The deal underscores PRYPCO’s position as one of the region’s fastest-growing proptech platforms, with the company already facilitating close to Dhs10bn ($2.72bn) in mortgages, supporting over 3,000 individuals in securing UAE Golden Visas, and attracting more than 50,000 users to its fractional ownership platform, PRYPCO Blocks.

Users have invested nearly Dhs20m across 21 properties through the platform, the company said.

PRYPCO has also introduced tokenised property investments in the region via its PRYPCO Mint platform, which has seen nearly 2,000 investors commit over Dhs16m.

It is the first platform in MENA to tokenise real estate and the first globally to partner with the Dubai Land Department on title deed tokenisation.

“With this new capital, PRYPCO will further expand its offerings, deepen regulatory collaboration, and continue scaling,” the company said in a statement.

General Catalyst backing a key milestone for PRYPCO, says CEO

Founder and CEO Amira Sajwani said: “We’re building the future of real estate, where property ownership is no longer limited by capital, geography, or bureaucracy. General Catalyst backing us at this stage is a major milestone; it validates the urgency of what we’re solving and reinforces our role in leading this shift globally.”

Neeraj Arora, MD at General Catalyst, said: “We are excited to partner with Amira and PRYPCO’s team in their mission to democratise real estate investments in one of the world’s most dynamic and prominent property markets.”

PRYPCO also provides tools for more than 60,000 real estate agents in the UAE, including access to 300 secondary projects, a database of 1,500 projects, and additional income streams through mortgage and Golden Visa referrals.

The company said its properties have sold out within minutes and that it continues to attract global investors as Dubai and the wider region push forward with property innovation and digital assets.

Read: PRYPCO Blocks introduces UAE’s first upfront rental guarantee

ne’ma – the National Food Loss and Waste Initiative – in collaboration with the Federal Competitiveness and Statistics Centre (FCSC) and local statistics centers across the Emirates, has launched the data collection phase of the UAE’s first-ever National Food Loss and Waste Baseline Study.

From September 8 to 21, 2025, field teams will conduct household-level food waste measurements nationwide, while businesses registered in the study will submit their own data directly through the ne’ma data hub. This two-week effort marks the first large-scale direct waste composition analysis at the source in the UAE, engaging multiple sectors across the entire food supply chain.

Scientific rigor and national collaboration

The fieldwork is being coordinated by FCSC and local statistics centers to ensure statistical credibility and nationwide representation. Their role covers:

• Validating the national sample size using scientifically sound methodologies.

• Ensuring compliance with UAE survey protocols, quality control, and ethical standards.

• Consolidating local data into a unified federal dataset that will form the foundation of national food loss and waste indices.

FCSC, as the lead authority on national statistics and sustainable development indicators, also oversees UAE reporting on the UN Sustainable Development Goals (SDGs) in line with international frameworks by FAO and UNEP.

Read: Food waste: Is it a ‘wasted’ opportunity?

“This nationwide fieldwork is an essential step in building a data-driven foundation to measure, monitor, and execute the targeted strategies based on evidence to reduce food loss and waste across the UAE,” said Khuloud Hassan Al Nuwais, chief sustainability officer at Emirates Foundation and Secretary General of the ne’ma Committee. “The baseline study is collective way to assess the current levels of food loss and waste through a unified approach driven by key ne’ma stakeholders across the UAE representing government, private sector and the public, Through ne’ma’s close collaboration with the FCSC and local statistics partners, we are ensuring that this baseline study is scientifically robust and internationally aligned.”

Turning insights into action

The study aims to capture both the scale and root causes of food loss and waste, covering every stage of the value chain – from production and import, to processing, distribution, retail, and household consumption. Data gathered will:

• Feed into the UAE’s official food loss and waste indices.

• Identify geographic and demographic waste patterns.

• Support evidence-based solutions, awareness campaigns, and systemic interventions.

• Build capacity for regular national reporting, with the study repeating every three years.

“The cooperation between FCSC, ne’ma, and local statistics centers reflects the UAE’s commitment to transforming food loss and waste insights into systematic and effective federal action,” said Hanan Mansour Ahli, managing director of the Federal Competitiveness and Statistics Centre. “Our role is to ensure the highest levels of statistical accuracy and reliability, delivering results that are nationally representative and globally comparable. This approach reinforces the UAE’s position as a global role model in sustainability and reaffirms its dedication to turning the SDGs into tangible achievements that serve the present and safeguard the future.”

The initiative brings together over 25 federal and local entities, including MOCCAE, ADAFSA, Tadweer Group, Dubai Municipality, Dubai Environment and Climate Change Authority (DECCA), Aldar, and other municipal and statistical authorities.

Alia Abdul Rahim Al Harmoudi, Assistant Undersecretary for the Sustainable Communities Sector at the Ministry of Climate Change and Environment, said: “The UAE Food Loss and Waste Baseline Study is a cornerstone in supporting the National Food Security Strategy 2051 and advancing the UAE’s commitments to the environment and climate, conserving natural resources from waste, and achieving sustainability in its comprehensive sense. As the national custodian for Sustainable Development Goal (SDG) 12, the Ministry of Climate Change and Environment is committed to raising awareness and enhancing education around sustainable consumption and production patterns. In this context, ne’ma –the National Food Loss and Waste Initiative– plays a pivotal role in reducing food loss and waste, with a special focus on SDG 12.3, which calls for halving per capita food waste by 2030. Through this study, led by the ‘ne’ma’ initiative, we will have the accurate data needed to reduce waste, enhance resource efficiency, and accelerate our transition toward a more sustainable, circular economy.”

The final results of the study will be published in the first half of 2026, setting the stage for new initiatives, partnerships, and public engagement campaigns to help achieve the UAE’s 2030 food loss and waste reduction targets.

The Dubai’s Roads and Transport Authority (RTA) has completed a key road widening project on a 700-metre stretch of Sheikh Zayed Road, near the Umm Al Sheif Street exit. The upgrade expands the highway from six to seven lanes in one direction, boosting capacity by 16 per cent to accommodate up to 14,000 vehicles per hour.

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The initiative is part of the RTA’s broader strategy to improve traffic flow and reduce congestion across the emirate’s major road networks. By increasing capacity at one of the city’s most critical junctions, the project aims to offer smoother, faster, and safer commutes for road users, a Dubai Media Office report said.

The enhanced stretch specifically targets traffic coming from Abu Dhabi and heading toward central Dubai. The upgrade eliminates overlapping traffic movements near the Umm Al Sheif junction, a known bottleneck during evening peak hours. This is expected to reduce delays and enhance overall safety by lowering traffic density.

Sheikh Zayed Road: A lifeline for Dubai’s economy

Sheikh Zayed Road is one of Dubai’s busiest and most important highways, acting as a key artery that connects major residential, commercial, and financial districts. The corridor runs through high-density areas and provides access to iconic landmarks such as the Burj Khalifa, Dubai Mall, and the Dubai International Financial Centre.

The road is also home to numerous multinational firms, banks, and leisure destinations, reinforcing its role as a vital economic and mobility hub. The recent improvements reflect the RTA’s commitment to maintaining Dubai’s infrastructure at global standards while supporting growth and livability.