Back to all uncategorized news

PIF launches new company to deliver Expo 2030 Riyadh

The masterplan for Expo 2030 Riyadh spans 6 million square meters, making it one of the largest World Expo sites

Nida Sohail
Nida Sohail

20 June, 2025

PIF launches new company to deliver Expo 2030 Riyadh

TT

16

Public Investment Fund (PIF) on June 19 announced the launch of Expo 2030 Riyadh Company (ERC), a wholly owned subsidiary, to build and operate the facilities for Expo 2030 Riyadh – Saudi Arabia’s first World Expo. ERC will also be responsible for preserving the legacy of the event.

Read-New PIF company: Saudi Crown Prince launches HUMAIN

The masterplan for Expo 2030 Riyadh spans 6 million square meters, making it one of the largest World Expo sites. Located to the north of the city, the site will be near the future King Salman International Airport and directly connected to key landmarks across the Saudi capital.

Long-term vision and legacy

Expo 2030 Riyadh is expected to attract more than 40 million visits. Following the event, ERC will lead the transformation of the Expo’s gated area into a global village. This multicultural hub will feature retail, dining, and residential spaces with world-class amenities, aiming to set new benchmarks for sustainable tourism and urban living, a press release by PIF said.

PIF continues to deliver on its strategic mandate: achieving sustainable economic impact for Saudi Arabia while securing long-term returns. As one of the world’s most influential investors, PIF is at the forefront of Saudi Arabia’s economic diversification, driving the development of transformative giga-projects and landmark real estate initiatives.

Strategic partnerships and operational readiness

ERC is rapidly initiating operations to fulfill its mission. It will work closely with local and international private sector partners across construction, cultural programming, and event management to realize Expo 2030 Riyadh’s full potential.

Expo 2030 Riyadh will run from October 1, 2030, to March 31, 2031. It will enhance Riyadh’s appeal to global businesses, underlining its status as one of the world’s fastest-transforming capitals—offering sustainability, connectivity, and high quality of life at scale. Riyadh secured hosting rights for Expo 2030 in November 2023, winning the vote in the first round.

Economic impact and job creation

During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute approximately $64 billion to Saudi Arabia’s GDP and create around 171,000 direct and indirect jobs. Once operational, the Expo is expected to contribute about $5.6 billion annually to GDP.

Participating countries will have the option to construct permanent pavilions, contributing to the event’s enduring legacy. The Expo will serve as a platform for sustained business and investment opportunities, both regionally and globally.

UAE ranks 10th globally for FDI in 2024, attracts record Dhs167.6bn

Since 2015, annual FDI inflows into the UAE have grown from Dhs31.6bn ($8.6bn) to Dhs167.6bn, representing a compound annual growth rate of 10.5 per cent

Gulf Business
Gulf Business

20 June, 2025

UAE ranks 10th globally for FDI in 2024, attracts record Dhs167.6bn
Image: WAM/ For illustrative purposes

TT

16

The UAE ranked 10th globally in 2024 for foreign direct investment (FDI) inflows, bringing in a record Dhs167.6bn ($45.6bn), a 48 per cent increase from the previous year, according to the United Nations Conference on Trade and Development’s (UNCTAD) World Investment Report 2025.

The country accounted for 37 per cent of all FDI inflows into the region, reinforcing its position as the leading investment destination in the Middle East and North Africa. “Out of every $100 invested in the region, $37 comes to the UAE,” said Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai.

The UAE also ranked second globally, after the US, in the number of newly announced greenfield FDI projects, with 1,369 projects launched in 2024.

Despite a global slowdown in greenfield project growth to 0.8 per cent, the UAE posted a 2.8 per cent increase, with announced greenfield project capital reaching Dhs53.3bn ($14.5bn).

Key sectors fuelling UAE FDI inflows

Key sectors driving this growth include software and IT services (11.5 per cent of total greenfield project value), business services (9.7 per cent), renewable energy (9.3 per cent), coal, oil, and gas (9 per cent), and real estate (7.8 per cent).

The energy sector alone attracted Dhs4.8bn ($1.3bn) in greenfield FDI, aligned with national goals to triple renewable energy production capacity by 2030.

Since 2015, annual FDI inflows into the UAE have grown from Dhs31.6bn ($8.6bn) to Dhs167.6bn, representing a compound annual growth rate of 10.5 per cent.

The cumulative FDI stock reached $270.6bn by the end of 2024.

Mohamed Hassan Alsuwaidi, Minister of Investment, attributed the record inflows to strategic reforms and long-term policy direction. “The UAE’s investment ecosystem has become a global model, thanks to its stability, transparency, trade openness, and ease of doing business,” he said. The Ministry continues to support investor confidence through enhanced legislation, full foreign ownership in mainland companies, a 9 per cent corporate tax rate, and streamlined licensing.

The country also ranks fifth globally for attracting highly skilled talent and third in AI talent, according to recent studies by INSEAD and Stanford University. This talent pool supports ongoing digital transformation, including a $1.5bn AI-focused joint venture between Microsoft and Abu Dhabi-based G42.

The UAE’s National Investment Strategy 2031 aims to double annual FDI inflows by the end of the decade, targeting Dhs2.2tn in cumulative FDI by 2031. Strategic focus areas include advanced manufacturing, clean energy, financial services, and IT.

“Our foundation is strong, our future is promising, and our focus on our goals is crystal clear,” said Sheikh Mohammed. “Our message is simple: development is the key to stability, and the economy is the most important policy.”

Naguib Sawiris on ORA Developers’ UAE debut and vision behind Bayn

In this interview, Sawiris shares the story behind Bayn, ORA’s regional vision, and how global learnings are shaping the UAE’s newest coastal city

Neesha Salian
Neesha Salian

20 June, 2025

Naguib Sawiris on ORA Developers’ UAE debut and vision behind Bayn
Images: Supplied

TT

16

ORA Developers has established a new UAE headquarters at One Central in Dubai’s central business district, reinforcing its commitment to regional growth under the leadership of chairman and CEO Naguib Sawiris. The announcement coincides with the developer’s UAE debut project: Bayn, a 4.8 million sqm beachfront master-planned community in Ghantoot. Featuring 1.2 km of natural Arabian Gulf coastline, more than 55 per cent open space, and a 15-minute city philosophy, Bayn aims to redefine coastal living between Dubai and Abu Dhabi.

The developer has also made key appointments and plans to triple its UAE workforce by end-2025, leveraging its international expertise across Egypt, Cyprus, Greece, Pakistan, and the Caribbean to shape Bayn into a world-class lifestyle destination.

In this interview, Sawiris shares the story behind Bayn, ORA’s regional vision, and how global learnings are shaping the UAE’s newest coastal city.

Bayn marks ORA Developers’ debut in the UAE. Why did you choose Ghantoot as the location for such a large-scale master-planned community, and what sets Bayn apart from other coastal developments in the region?

Bayn marks ORA Developers’ debut in the UAE, and Ghantoot stood out to us because it offers something increasingly rare: true natural beachfront, direct access to both Dubai and Abu Dhabi, and the ability to shape a destination from the ground up with long-term vision. Strategically located between UAE’s two hubs, Bayn sits just 30 minutes from Dubai and 45 minutes from Abu Dhabi and near the upcoming Al Maktoum International Airport. This location gives it unique access to two major markets, future growth corridors, and tourism hubs like Yas Island and Palm Jebel Ali.

But location alone doesn’t define Bayn. Its 1.2km stretch of natural Arabian Gulf beachfront is a rare asset in a region where most coastal developments rely on reclaimed land.

Bayn is built around a 15-minute city philosophy, where daily needs, nature, and leisure are all within easy reach. Over 55% of the masterplan is dedicated to open space, creating room for movement, connection, and wellbeing. We’ve also embedded green infrastructure into every layer of the project. Bayn is built to support clean energy, water-smart systems, and walkable mobility.

Bayn is poised as an ideal first home beach community offering space, privacy, and a deeper sense of connection. From a 108,000sqm sports club to an integrated beach town and marina, every detail is crafted to provide a holistic lifestyle. In essence, Bayn redefines what a coastal or beach community can be. It’s where city life meets beach living without compromise.

The first phase of Bayn includes 464 villas and townhouses, with handover expected in 2028. Can you share more about your long-term vision for the development and how you see it evolving over the next decade?

The first phase of Bayn, comprising 464 villas and townhouses across two gated clusters, is just the beginning of a much larger journey. The first phase sets the tone. So, we focus on creating a complete environment, not merely the building. That means prioritising key anchors like education, community spaces, hospitality, greenery alongside the first residential offerings. When people arrive, they need to feel like life can begin immediately.

That early momentum builds trust with buyers, supports value appreciation, and gives the whole development long-term stability. We don’t just launch with floorplans, we launch with a vision people can experience from the start.

Our long-term vision is to transform Bayn into one of the UAE’s most comprehensive and future-ready beach communities, one that evolves organically while staying rooted in liveability and design excellence. What sets this vision apart is our commitment to building a fully self-sustained destination, not a development that ends at the doorstep, but a lifestyle ecosystem that supports work, leisure, family, and wellbeing within a walkable, human-centric layout.

More than 55 per cent of Bayn’s land is dedicated to open space. How does this reflect ORA’s design philosophy, and what role do sustainability and wellness play in shaping the community experience?

Dedicating over 55 per cent of Bayn’s land to open space is a direct reflection of ORA’s design philosophy: build around people, not just property. For us, open space is not a luxury, it is fundamental to quality of life our residents will enjoy. We believe that true value in real estate comes from how a place makes people feel, move, and connect not just from square footage.

At Bayn, this means expansive parks, waterfront promenades, landscaped walkways, and wellness zones are not afterthoughts, they are central to the masterplan. It’s about enabling a lifestyle where movement and nature are integrated into daily life. The entire community follows a 15-minute city model, ensuring that every essential, whether it’s a school, a retail hub, or a fitness trail is accessible by foot or bike.

Sustainability measures are embedded at every level. Native greenery supports biodiversity and minimises water use. Building orientation and design maximise natural light and ventilation, reducing cooling demands. Solar-powered energy systems and smart water infrastructure ensure long-term environmental performance.

Wellness, too, is approached holistically. From a 108,000 sqm sports club to car-free zones and active mobility trails, Bayn encourages balance, movement, and mental clarity. In contrast to developments that maximise buildable land at the expense of livability.

ORA Developers has an expanding international footprint, with projects across Egypt, Pakistan, Cyprus, and now the UAE. How does your experience in diverse markets influence your approach to real estate development, and what lessons are you applying to the UAE market?

ORA Developers’ international portfolio spans Egypt, Pakistan, Cyprus, Grenada, Greece, Iraq, and now the UAE — covering over 76 million square meters and owns a portfolio of real estate products worth over $45bn. With a rapidly expanding global portfolio and a reputation built on design excellence and delivery, ORA’s vision is to develop spaces that transcend architecture, delivering lifestyle destinations that are timeless, soulful, and rooted in harmony. With the UAE as its next frontier, ORA offers a promise: to deliver elevated living, grounded in purpose and made to last.

What sets ORA apart is its ability to craft integrated destinations that blend residential, commercial, and hospitality elements into cohesive lifestyle ecosystems. The group’s hospitality assets include Silversands Grand Anse and Silversands Beach House in Grenada, the Caribbean, an upcoming five-star hotel in Mykonos, in addition to other pipeline under development hospitality projects.

ORA redefines luxury through sensorial, masterfully designed spaces that embody both elegance and emotional value. Through strategic partnerships with governments, global designers, consultants, and premium brands, ORA ensures excellence from blueprint to build. Flagship projects such as ZED and Silversands in Egypt, Ayia Napa Marina in Cyprus, and Eighteen in Pakistan demonstrate the company’s ability to adapt and deliver transformative developments across geographies.

Our strength lies in our ability to tailor globally successful models to fit local needs.

Beyond real estate, you’ve been a prominent investor in telecoms, gold, and media. How does Bayn — and your broader investment in lifestyle developments — align with your personal investment philosophy and your view of regional economic trends?

My investment philosophy is deeply rooted in a commitment to creating spaces that genuinely elevate the quality of life. I believe in identifying untapped potential in locations others may overlook, and in enhancing the natural character of the land rather than altering it. Beyond mere structures, we aim to build thriving communities that offer enriching experiences and foster a strong sense of belonging.

As for the economic landscape of the Middle East, particularly here in the UAE, it presents a compelling opportunity for well-conceived lifestyle developments. The region’s increasing affluence, coupled with ambitious government initiatives focused on enhancing city living and attracting global talent, fuels a significant demand for sophisticated residential offerings. People are seeking environments that not only meet their practical needs but also resonate with their aspirations for a high standard of living.

Our investments in this sector are a direct response to this evolving market, aiming to contribute to the region’s growth by creating landmark destinations that set new benchmarks for quality and design.

My vision extends beyond mere financial returns. We are driven by the desire to leave a positive and enduring impact on the communities we create, building a legacy of innovation and excellence that will be associated with our name for generations to come.

As a well-known advocate for private sector leadership in economic development, what role do you believe developments like Bayn can play in contributing to the UAE’s broader economic diversification and Vision 2031?

As a strong advocate for private sector leadership, I believe initiatives like Bayn are pivotal in reducing the UAE’s reliance on oil and driving economic diversification — a cornerstone of Vision 2031’s “Forward Economy” pillar. The non-oil sector already accounts for 74.6 per cent of UAE’s GDP in the first nine months of 2024, showcasing the nation’s successful shift toward a more resilient economy.

The UAE’s Emiratisation programme, which saw over 131,000 citizens join the private sector by 2024, further exemplifies the growing contribution of the private sector to national development. Moreover, private sector investment drives innovation, fuels the introduction of new technologies and supports business models crucial for achieving UAE’s ambition to become a global leader.

With domestic credit to the private sector accounting for 66.59 per cent of GDP in 2022, the UAE’s robust financial ecosystem is ready to support ambitious developments that contribute to the country’s long-term goals.

As a real estate developer, I believe projects like Bayn are crucial to fostering livability and creating sustainable environments central to Vision 2031. Bayn addresses the pressing need for well-designed communities that not only provide high-quality living spaces but also prioritize well-being and long-term resilience.

Amid increasing city congestion in the region, Bayn offers a low-density, nature-integrated alternative that aligns with the UAE’s Green Spine initiative and the broader goal of enhancing the quality of life for its residents.

In essence, projects like Bayn are more than just real estate developments. They are vital components of the UAE’s strategy to build sustainable, livable communities and drive forward the nation’s ambitious economic transformation.

Basketball major LA Lakers to be sold for a record 10bn

Walter is CEO and chairman of TWG Global, co-owner of the Los Angeles Dodgers, Sparks, Chelsea FC, and the Cadillac Formula 1 team

Gulf Business
Gulf Business

19 June, 2025

Basketball major LA Lakers to be sold for a record 10bn
Image courtesy: Los Angeles Lakers/ X

TT

16

Tthe Los Angeles Lakers (LA Lakers) are set to change hands in a landmark deal, with minority owner Mark Walter reportedly acquiring the family’s majority stake for $10bn, according to ESPN and multiple reports, making it the most expensive sale of a US professional sports franchise ever.

The Buss family, owners since 1979 when Jerry Buss purchased the team for $67.5m, agreed to the sale in a move approved by the NBA’s board of governors.

Post-sale, Jeanie Buss is expected to remain as team governor and the family will retain just over 15 per cent of shares for a period. Walter, already a 27 per cent stakeholder since a 2021 investment, will take majority control, it is reported.

Walter is CEO and chairman of TWG Global, co-owner of the Los Angeles Dodgers, Sparks, Chelsea FC, and the Cadillac Formula 1 team.

His purchase follows earlier buys of a 26–27 per cent stake in the LA Lakers for approximately $1.35bn, secured with first refusal rights on the majority share.

Celebratory reaction at the sale

Magic Johnson, former Lakers star and Dodgers co-owner, posted on X: “Laker fans should be ecstatic. A few things I can tell you about Mark … he is driven by winning, excellence, and doing everything the right way.”

He added Walter will “put in the resources needed to win,” praising Jeanie Buss for choosing a successor aligned with the Lakers legacy.

LA Dodgers manager Dave Roberts also tweeted that Walter is competitive and prepared to build a championship-calibre Lakers team.

The valuation eclipses recent high-profile NBA team sales: Mavericks (circa$3.5 bn), Celtics ($6.1 bn), and Suns/Mercury ($4bn). It also tops other major US sports deals.

What comes next for the LA Lakers

The NBA’s board of governors is expected to review the transaction. The LA Lakers have not yet issued an official statement. Walter’s track record with the Dodgers and Sparks suggests continued emphasis on investment in player talent, facilities, and franchise growth.

Dubai Summer Surprises 2025 to start soon: 11 unmissable experiences

From June 27 to August 31, DSS 2025 promises a summer well spent with endless ways for residents and visitors to enjoy incredible value for 66 non-stop days

Gulf Business
Gulf Business

19 June, 2025

Dubai Summer Surprises 2025 to start soon: 11 unmissable experiences
Image: DSS/ DFRE

TT

16

Dubai Summer Surprises (DSS) is back for its 28th edition, running from June 27 to August 31.

Organised by Dubai Festivals and Retail Establishment (DFRE), this year’s festival is packed with more than two months of unbeatable shopping, dining, entertainment, and family fun across the city.

From exclusive retail promotions and world-class concerts to raffles, hotel deals, and pop-up food experiences, here’s everything you need to know to make the most of DSS 2025.

The festival is sponsored by Commercial Bank of Dubai with major partners including Al Futtaim Malls, Majid Al Futtaim, Emirates Airline, ENOC, talabat and many more.

1. Three curated shopping seasons

  • Summer holiday offers (June 27–July 17): Early-season deals, family-friendly offers, and first-round raffles.
  • Great Dubai Summer Sale (July 18 – August 10): The biggest citywide bargains—over 800 brands, 3,000+ retailers.
  • Back to School (August 11–31 ): Essential term-time savings + giveaways and scholarship chances.

2. Dubai Summer Surprises: Opening weekend extravaganza

June 27–29: Family-focused activities and free concerts at major venues.

  • Dubai Festival City Mall: Regional acts (Abri & Band, Sabrina, Reina Khoury, Noel Kharman)
  • City Centre Mirdif: Live music by Jadal and Al Shami, plus roaming entertainment
  • Headline shows: Miami Band and Mutref Al Mutref, Tribute to Adele, Adnan Sami, and more.

3. Mall Raffles and big wins

Immediate chances to win big: Polestar 4 car, SUVs, electronics, jewellery, and Skyward Miles through retailer loyalty programmes (Mercato, Majid Al Futtaim, Festival Plaza, Dubai Outlet Mall).

4. Dubai Summer Restaurant Week (July 4–13)

Enjoy set-menu dining across 50+ family and international restaurants at exclusive value. Reserve via OpenTable.

5. DSS Gahwa Beats

Weekend café pop-ups on July 26, and August 2, 9, 16, 23: enjoy live music, coffee culture, and vibrant vibes at city hotspots. Locations TBC soon.

6. 10 Dirham Dish (August 1–31 )

Discover affordable eats across Dubai — restaurants offer a special dish for just Dhs10.

7. Headline concert series and live shows

  • Beat The Heat DXB (July 4–13): Arabic pop, indie, hip-hop acts
  • Individual concerts: Adonis (July 3), TJ Monterde (July 13), Shreya Ghoshal (July 19), Sufi maestro Sagar Bhatia (August 16), Natalie Imbruglia (August 23), Made in Kuwaiti theatre (August 29–30)

8. Shop and save citywide

Nine weeks of retail excitement: themed flash sales, “Cool Off at The Beach, JBR”, “Win Your School Fees”, loyalty promos: Amber Millionaire, AURA draw, Win 1 Million Skywards Miles, and more.

9. Staycations and family fun

Exclusive deals at 100+ hotels and 15 attractions, plus the DSS Entertainer BOGO offer (Dhs 195) unlocking 7,500+ discounts—covering theme parks, dining, gyms, spas.

10. Fitness events

Get moving at mall-based runs:

  • Courtyard run at Dubai Hills Mall (June 28, in partnership with Skechers)
  • RX Run series at City Centre Mirdif (July 6) & Mall of Emirates (August 3)
  • Fun runs at Ibn Battuta Mall (July 13) and Festival City Mall (August 31)
  • Messi Experience at Festival City Mall until August 31— interactive football fun for all ages.

11. Modesh and Dana mascot moments

Keep an eye out for Dubai’s most-loved mascots making surprise appearances at malls, schools, attractions, and interactive pop-ups. Enjoy themed décor, meet-ups, and new merchandise across the city.

Emirates teams up with Uber: What will your next trip be like?

Select Emirates flyers may soon enjoy complimentary Uber rides to and from the airport—ushering in a true door-to-destination travel experience

Gulf Business
Gulf Business

19 June, 2025

Emirates teams up with Uber: What will your next trip be like?
Image credit: Emirates/Website

TT

16

In a bold move to enhance the travel experience, Emirates and Uber have signed a strategic Memorandum of Understanding (MoU) aimed at redefining how passengers move between destinations. This partnership seeks to offer a more seamless, rewarding, and technologically integrated journey for travelers around the world.

Read- Emirates soars to further success: CCO Adnan Kazim on its growth and global reach

The MoU was signed by Adnan Kazim, Emirates’ Deputy President and Chief Commercial Officer, and Anabel Diaz Calderon, Vice President and Head of EMEA Mobility at Uber. The agreement will focus on creating a smoother transition from home to airport to final destination, an Emirates media centre report conveyed.

Among the initiatives under consideration is the integration of Uber ride vouchers into Emirates’ booking system, enabling customers to arrange ground transportation at the time of flight booking.

Select Emirates flyers may soon enjoy complimentary Uber rides to and from the airport—ushering in a true door-to-destination travel experience. These initiatives are designed to remove friction points in the travel journey and bring more convenience to passengers in key Emirates markets.

Rewards, rides and Skywards miles

Loyalty program members will see expanded benefits. Emirates Skywards members in the UAE and select markets will soon be able to earn miles for Uber rides and redeem them for ride credits or vouchers within the Uber app. This strategic move blends Emirates’ world-class loyalty platform with Uber’s expansive ground mobility network, offering passengers an innovative way to enhance both their travel and everyday transportation.

Additionally, both brands are exploring exclusive offers, bonus earning opportunities, and targeted promotions as part of the rollout.

Exploring last-mile logistics

The partnership also opens doors beyond passenger services. Emirates and Uber plan to explore last-mile delivery solutions, potentially integrating Uber’s advanced delivery logistics into Emirates Courier Express. This could dramatically improve the speed and reach of package deliveries, especially in urban markets where Uber’s infrastructure is well established.

Adnan Kazim expressed optimism: “We’re excited to work with Uber to innovate new ways to connect people and enhance convenience. This partnership marks a new chapter in how travel should feel—effortless and rewarding.”

“By combining aviation excellence with mobility innovation, we’re setting a new standard for global travel,” Anabel Diaz Calderon added.

More news in uncategorized