Majid Al Futtaim, the UAE-based retail, shopping mall and leisure conglomerate operating across the Middle East, Africa, and Asia, has announced the appointment of Fadel Abdulbaqi Al Ali as chairman of its holding board, succeeding Sir Michael Rake.

The company confirmed the leadership transition on Tuesday, noting that Sir Michael Rake’s tenure, which began in 2009, concludes after nearly two decades of association with the group.

“I am honoured by my appointment to Majid Al Futtaim’s Board of Directors and welcome the privilege and responsibility of guiding one of the UAE’s most beloved institutions as it embarks on its fourth decade of growth and prosperity,” said Al Ali in a statement.

Majid Al Futtaim: New chairman praises Sir Michael’s legacy

Al Ali expressed gratitude to the company’s management, board, and shareholders, and acknowledged Sir Michael’s legacy. “Sir Michael Rake… led through important moments and key transitions, while carving a path forward for the group. His stewardship has left an indelible mark on Majid Al Futtaim,” he added.

Al Ali brings extensive experience in corporate governance and strategic leadership.

His past roles include deputy CEO and group chief of operations at First Abu Dhabi Bank, and CEO of Dubai Holding. He currently serves as chairman of the Dubai Financial Services Authority, vice chairman of the board of Wio Bank, and a board member at the Commercial International Bank of Egypt.

The appointment comes as Majid Al Futtaim enters its fourth decade, building on a diversified portfolio that includes malls, residential communities, retail partnerships such as Carrefour, and leisure ventures like Ski Dubai.

New board named by judicial committee

Previously, Dubai’s government-appointed special judicial committee, led by DIFC governor Essa Kazim, had announced a nine-member board for the group.

The judicial committee was set up in 2022 — under the directive of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai — to weigh in on potential legal disputes over the estate of the founder and billionaire Majid Al Futtaim, who died in December 2021.

Concurrently, the company was converted from a limited liability company into a public joint stock company.

With owned assets valued at $19bn, Majid Al Futtaim Group employs more than 43,000 people and serves 600 million customers across its physical and digital ecosystem each year.

Saudi Arabia has issued new regulations banning grocery stores, locally known as baqalas, from selling tobacco, dates, meat, fruit, and vegetables. The directive, announced by Minister of Municipalities and Housing Majed Al Hogail, takes effect immediately, with existing stores allowed a correction period of up to six months, according to a Saudi Gazette report.

Read-New food rules in Saudi: What you need to know about them

Under the new rules, kiosks and grocery stores or mini markets are prohibited from selling tobacco products—including regular and electronic cigarettes and shisha—as well as fresh dates, meat, fruit, and vegetables. These products may only be sold in supply stores (supermarkets) and hypermarkets, with meat sales requiring a separate license. The regulations also specify that charger cables and prepaid recharge cards can be sold across grocery stores, supermarkets, and hypermarkets.

Additionally, the government has set minimum floor space requirements: grocery stores must have at least 24 square meters, supermarkets at least 100 square meters, and hypermarkets at least 500 square meters.

In a separate development, King Faisal University has achieved a major academic milestone by earning international accreditation from the US Council on Education for Public Health (CEPH) for its Bachelor of Public Health program at the College of Applied Medical Sciences. This accreditation, valid through 2030, makes the program the first outside the United States—and the first in the Middle East—to receive CEPH recognition, a globally respected authority in public health education, a Saudi Press Agency report conveyed.

This accomplishment highlights the university’s dedication to academic excellence and aligns with Saudi Vision 2030’s goals to enhance education quality and prepare national talent to meet the evolving needs of sectors such as healthcare.

As the UAE accelerates efforts to build smart, sustainable cities, BEEAH has launched its first major real estate development, Khalid Bin Sultan City.

In this interview, Khaled Al Huraimel, group CEO and vice chairman, discusses the company’s move into real estate, the foundational values behind the project, and how it aligns with national and regional urban transformation agendas.

What prompted BEEAH’s move into real estate development at this point in its growth journey?

At BEEAH, we’ve always pursued a clear mission: to shape a sustainable future and enhance quality of life for all people. Our journey began in waste management, but our evolution has been shaped by a deeper understanding of what communities need to thrive – clean energy, smart technologies, healthcare infrastructure, and ultimately, environments that enhance quality of life.

Real estate became the natural next step. It’s not just an expansion of our business – it’s a platform that allows us to bring together everything we’ve built across sectors. From circular waste systems and renewable energy to AI–driven infrastructure and people–first urban design, real estate is where our ecosystem can be applied in the most tangible way. That’s what led us to launch Khalid Bin Sultan City: a landmark project that exemplifies our commitment to building people-first, cities of the future.

What is Khalid Bin Sultan City, and what foundational values does BEEAH offer its residents?

Khalid Bin Sultan City is a climate–smart, net–zero ready urban development – master planned by Zaha Hadid Architects and located in Sharjah’s Rodhat Al Sidir district. Envisioned as a city of the future, it will be shaped by four foundational pillars: sustainability, technology, culture, and people.

It will offer 1,500 freehold residential units – villas, townhouses, and apartments – surrounded by green corridors, cultural landmarks, wellness spaces, and smart infrastructure. Anchoring the city is a 1.5–kilometre green spine — a central landscape corridor that supports biodiversity, encourages active living, and connects neighbourhoods through nature.

At its heart is a landmark cultural centre that will host exhibitions, performances, and thought leadership events — creating a cultural anchor for the community. It’s a place where environmental harmony is standard, not aspirational; where daily life is enhanced by technology; and where human connection and wellbeing are built into the design of the built environment.

How will it redefine the real estate market in the region?

Khalid Bin Sultan City is not a traditional real estate development. It’s a blueprint for future cities – regenerative, resilient, and restorative in every sense.

We’re introducing net–zero–ready infrastructure and integrating renewable energy at the neighbourhood scale. Our waste management system is zero–landfill by design, supported by smart segregation infrastructure and integration with BEEAH’s regional waste recovery network. We’re embedding digital twin systems to optimise resource use in real time. And we’re reimagining mobility with EV–ready networks, smart parking, and ride–sharing platforms.

What this means for the market is a new standard – where developments are not only smart or sustainable, but also truly systemic in their thinking. We believe this project will challenge the current model and inspire others to raise their ambitions for what urban development can achieve.

How does BEEAH plan to differentiate its real estate offerings in a competitive regional market?

In a booming real estate market, differentiation must go deeper than architecture or amenities. What sets us apart is the integration of systems – systems that span energy, waste, water, logistics, culture, and community engagement.

We’re drawing on more than a decade of experience in designing and managing high–performance infrastructure. Our HQ in Sharjah, also designed by Zaha Hadid Architects, is already a benchmark for intelligent, low–emission buildings. The Sharjah Creative Quarter and the Jawaher Boston Medical District are further proof points of our ability to deliver visionary projects across different urban typologies.

Khalid Bin Sultan City brings all of these learnings together. It’s not just a city – it’s a living, evolving model for how a city can function in service of its people and its environment.

Sustainability, innovation, and quality of life are described as pillars of your projects. Can you elaborate on how these values will be embedded in upcoming developments?

Sustainability is the foundation – from LEED–aligned construction to circular material flows. We’re powering the city with a combination of solar and waste–to–energy solutions, and integrating on–site water recycling, stormwater management, and resilient drainage systems. Our aim is total landfill independence and a carbon–neutral trajectory.

Innovation comes through our digital layer. Every building, transport node, and utility will feed into a central digital twin – enabling real–time optimisation of energy and resource use. For example, public lighting and cooling systems can adapt to weather, occupancy, and time of day. Residents will have decentralised digital identities, offering seamless access to homes, services, and mobility platforms. AI will enhance everything from logistics to public safety.

Quality of life ties it all together. We’re creating walkable neighbourhoods, shaded green paths, wellness zones, vibrant parks, and cultural venues. No home will be more than a five–minute walk from key services. The entire environment — from greenery to infrastructure — is designed to support physical, emotional, and social wellbeing.

BEEAH has had success across sectors such as environment and healthcare. How will learnings from those industries inform your real estate strategy?

Our expertise across sectors gives us a 360–degree view of how cities operate. In environment, our zero–waste systems — which have helped Sharjah achieve over 90 per cent landfill diversion — are embedded in the city’s infrastructure, including smart bins, digital collection tracking, and decentralised composting hubs.

In energy, we’re applying waste–to–energy and solar innovation at the neighbourhood level, ensuring clean, reliable power with built–in resilience. From healthcare, particularly the Jawaher Boston Medical District, we’ve adopted a design philosophy that centres wellbeing, health access, and biophilic planning.

In technology, ventures like EVOTEQ and re.life have enabled us to build platforms for supply chain management, logistics, recycling, and EV infrastructure — all of which are being adapted to serve residents directly.

With Sharjah as your base, will future projects be concentrated in the UAE or will we see BEEAH real estate ventures regionally and globally?

Our roots are in Sharjah, and we’re proud to contribute to its growth. But the vision we are developing — for net–zero, smart, and human–centric cities — is one that has global relevance.

We see strong opportunities for regional expansion, especially in markets that are prioritising sustainability, infrastructure development, and climate adaptation. Our experience in Saudi Arabia and Egypt, through environmental partnerships, has shown us how our models can be adapted to different geographies. Real estate is a natural extension of this.

That said, we remain focused on execution — ensuring that our first developments deliver both impact and insight. Once that foundation is solid, we will absolutely explore opportunities beyond the UAE.

How do these efforts align with UAE and regional visions for smart and sustainable cities?

Khalid Bin Sultan City is deeply aligned with the UAE’s Net Zero 2050 strategy and Sharjah’s broader urban and environmental agenda. Our masterplan supports climate adaptation, renewable energy targets, AI–driven governance, and improved public health outcomes — all core to the national vision for the future.

More importantly, it offers a live demonstration of how those goals can be achieved through integrated, people–first design. Our hope is that this city, and BEEAH’s wider real estate platform, will serve as a model — not just for building sustainably, but for building meaningfully, with long–term impact and resilience.

Saudi Arabia’s Public Investment Fund (PIF) has established a commercial paper (CP) programme, introducing a new short-term financing tool to complement its existing funding instruments.

According to a statement from the sovereign wealth fund, the new program consists of two sub-programmes: a US commercial paper programme and a Euro commercial paper programe, issued through offshore special purpose vehicles.

It has secured the highest possible ratings for commercial paper initiatives — P-1 from Moody’s and F1+ from Fitch.

The CP programme is designed to enhance PIF’s short-term liquidity and cash management flexibility, supporting its dynamic approach to capital raising. “The establishment of our CP programme reflects the continued strength and depth of PIF’s capital-raising strategy; one that is dynamic, resilient, and fit for purpose, aligning funding solutions with our long-term investment priorities,” said Fahad Al-Saif, head of PIF’s Global Capital Finance and Investment Strategy and Economic Insights.

Programme part of PIF’s mid-term strategy

The launch marks the latest step in PIF’s medium-term capital-raising strategy, which includes a diversified mix of bonds, sukuk and loans.

In October 2022, the fund became the first sovereign wealth fund globally to issue a green bond, which included the world’s first century green bond. That milestone was followed by its inaugural sukuk issuance, raising $3.5bn.

PIF holds a long-term issuer rating of Aa3 with a stable outlook from Moody’s, and an A+ rating, also with a stable outlook, from Fitch.

Recognised as one of the world’s most influential institutional investors, PIF plays a central role in enabling the creation of new sectors and economic opportunities globally while driving the transformation of Saudi Arabia’s economy, the fund said in the statement.

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Gold prices fell to a near two-week low on Tuesday as risk appetite improved after US President Donald Trump said Iran and Israel had agreed to a ceasefire, denting demand for safe-haven assets.

Spot gold was down 0.5 per cent to $3,351.47 an ounce, as of 0257 GMT, after hitting its lowest level since June 11 earlier in the session.

Read-Gold gains as Israel-Iran crisis lifts safe-haven appeal

US gold futures slipped 0.9 per cent to $3,365.30.

“It seems like there’s a good bit of geopolitical risk that’s exiting the market here near term after, of course, we have signs of de-escalation between the US and Iran,” said Ilya Spivak, head of global macro at Tastylive.

Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day conflict that saw millions flee Tehran and prompted fears of further escalation in the war-torn region.

There was no immediate comment from Israel. While an Iranian official earlier confirmed that Tehran had agreed to a ceasefire, the country’s foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks.

Global shares rallied, while oil prices slipped to a one-week low after Trump announced the Iran-Israel ceasefire.

Meanwhile, US Federal Reserve Vice Chair for Supervision Michelle Bowman said on Monday that the time to cut interest rates is approaching amid potential risks to the job market.

Investors await testimony by Fed Chair Jerome Powell before the House Financial Services Committee later on Tuesday. Powell has been cautious about signalling near-term easing.

“The bias for gold prices is higher, but we might see a correction in near-term and an uptick in the dollar if Powell convinces markets that they’re not going to cut more than twice this year,” Spivak said.

Gold tends to thrive in a low-interest-rate environment.