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Abu Dhabi’s IHC names Fount Trust as ultimate parent after restructuring

The restructuring does not change IHC’s operations, strategy or business activities

Neesha Salian
Neesha Salian

22 September, 2026

Abu Dhabi’s IHC names Fount Trust as ultimate parent after restructuring
Image: IHC

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Abu Dhabi-listed International Holding Company (IHC) has confirmed Fount Trust as its ultimate parent following a restructuring above Royal Group, while its ultimate beneficial ownership remained unchanged.

Royal Group will continue to exist and operate under the new structure, IHC said, adding that the restructuring would not affect its operations, strategy or business activities.

The ownership chain remains unchanged up to Royal Group. Pal Group of Companies remains the majority shareholder of IHC, while Royal Group remains the majority shareholder of Pal Group. Fount Trust now sits above Royal Group as its ultimate parent.

IHC said the restructuring was designed to provide continuity of ownership and long-term stewardship across generations.

The company will continue to be governed by its board and managed by its executive team under its existing corporate governance framework. It remains subject to reporting, disclosure and governance requirements applicable to companies listed on the Abu Dhabi Securities Exchange.

“Our responsibility is to build an institution capable of creating value over generations,” IHC chief executive Syed Basar Shueb said.

“The establishment of Fount Trust provides a framework for long-term stewardship, while Royal Group continues to operate and fulfil its role within the ownership structure,” he added.

IHC said the structure was intended to provide a consistent framework for long-term investment and ownership while allowing authorised decision-makers to respond to changing markets and opportunities.

The Abu Dhabi investment company has a market capitalisation of about Dhs840bn ($229bn) and operates through more than 1,300 subsidiaries spanning technology, infrastructure, financial services and consumer businesses, according to company figures.

The restructuring does not result in any change to IHC’s ultimate beneficial owner, the company said.

Honeywell’s George Bou Mitri on the Middle East’s shift from automation to autonomy

Cloud computing, 5G and AI have laid the groundwork; now Middle East businesses are moving beyond connected operations toward genuine autonomy. The president of Honeywell Technologies for the Middle East, Africa, Türkiye and Central Asia, tells us what that shift means, where it is already happening, and what companies must get right to scale it

Neesha Salian
Neesha Salian

22 September, 2026

Honeywell’s George Bou Mitri on the Middle East’s shift from automation to autonomy
Image: Supplied

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For decades, industrial progress in the region has been measured in automation: systems that follow predefined rules, reliably and at scale. That era is giving way to something more ambitious. With cloud computing, 5G connectivity and AI processing power now in place, businesses across the Middle East are beginning to move beyond connected operations toward autonomous ones, where systems do not just follow instructions but respond to changing conditions in real time.

The distinction matters. Where automation follows fixed instructions, autonomous systems sense, interpret and act on changing conditions, while people retain oversight and concentrate on higher-value decisions. And the pressures pushing companies down this path are real: skilled-labour shortages, ageing infrastructure, rising energy costs, tighter emissions targets and the quiet loss of expertise as veteran workers retire. Governments and businesses are responding with heavy investment in intelligent operations across industry, airports, energy, healthcare, data centres and smart cities, from an AI-powered control room with Borouge in Ruwais to the sensor-driven management of Msheireb Downtown Doha.

Honeywell Technologies is helping to steer that shift across the region. Its president for the Middle East, Africa, Türkiye and Central Asia, George Bou Mitri, spoke to Gulf Business about the “Three Ds” underpinning autonomy, why it has become a strategic priority, and how businesses can build a phased, safe and measurable path toward it. Here are excerpts from the conversation.

What does the transition from automation to autonomy mean for businesses today?
Rapid advances in cloud computing, 5G connectivity and AI processing power have established an infrastructure capable of supporting a path to autonomy. We are now at an inflection point, where businesses can build on that digital infrastructure to apply AI and progress from connected operations toward greater autonomy.

While traditional automation follows predefined rules, autonomous systems are designed to interpret changing circumstances and support or execute decisions. These systems can sense, decide and act within defined parameters, while people retain oversight and focus on higher-value decision-making.
Honeywell Technologies is building on decades of automation experience in the region to help customers make assets work harder, people work smarter and processes work more efficiently.

Why is autonomy becoming a strategic priority for businesses across the Middle East?
Autonomy is becoming a strategic priority because organisations across the region are managing increasingly complex operations while facing pressure to improve efficiency, reduce emissions, strengthen resilience and maintain competitiveness. The business case is also being strengthened by the retirement of experienced workers who take decades of operational knowledge with them. Autonomous systems can help preserve expertise while enabling personnel to focus on higher-value work.

Honeywell Technologies understands the environment customers are operating in today, with skilled labour shortages, ageing infrastructure, rising energy costs and increasing operational complexity commonplace. These pressures are accelerating demand for a phased path toward autonomous operations. PwC research found that 73 per cent of Middle East manufacturers expect data capture and analytics to be automated to a large or very large extent over the next five years.

Governments and businesses in the region are investing in connected, intelligent operations across industrial infrastructure, airports, energy, healthcare, data centres and smart-city developments, reflecting growing demand. One example is Msheireb Downtown Doha, where an AI-powered platform is being deployed to optimise urban operations, integrate thousands of sensors into a single point of control and support more intelligent city management. These capabilities will enable live monitoring, predictive maintenance, automated incident management and enhanced operational planning across the city.

What are the biggest opportunities and challenges organisations face as they move toward autonomous operations?
Central to the journey toward autonomy is what Honeywell Technologies calls the “Three Ds”: data, domain knowledge and deterministic AI. Through Honeywell Forge, Honeywell Technologies connects fragmented data with domain expertise and control systems so insights can support coordinated action across operations.

Domain knowledge is equally important. Organisations need a deep understanding of how assets operate both physically and digitally. Deterministic AI provides the final component by delivering the reliability required in mission-critical environments where performance, safety and uptime are essential. Together, the

Three Ds provide the foundation for safe, reliable and scalable autonomous operations.

The challenge is that many facilities still operate fragmented OT and IT environments. Successfully scaling autonomy requires secure, open platforms capable of managing data across diverse systems while maintaining strong cybersecurity.

How is AI accelerating the shift from automation to autonomy?
AI is accelerating the shift from automation to autonomy by helping organisations move from reactive operations to predictive and increasingly autonomous decision-making.

In the UAE, Honeywell Technologies, in collaboration with Borouge, successfully completed a proof of concept for AI-powered autonomous operations in Ruwais, supporting the development of an AI-driven control room designed for full-scale, real-time operation.

In Qatar, Honeywell Technologies is also supporting Msheireb Properties, a flagship smart city project, to help optimise urban operations and enhance the quality of life for all residents and visitors. These examples show how AI is already helping organisations accelerate their path to autonomy while improving operational performance.

What do businesses need to get right to successfully adopt autonomous technologies at scale?
The most important step is understanding where you are today. Honeywell Technologies encourages organisations to begin with an assessment of existing systems, digital maturity and operational gaps. This helps ensure the autonomy journey is focused, phased and tied to business requirements.

This assessment leads to a phased roadmap tied to measurable outcomes such as increased production, improved efficiency, reduced downtime and lower operating costs.

Autonomy is a phased progression built on existing automation investments, connected technologies, workforce capability and clearly defined business outcomes.
Organisations should focus on the operational challenges they want to solve and access the relevant data related to those operations. They can begin with the data that is available, provided they understand existing gaps and create a roadmap aligned with their current systems and connectivity.

Safety and cybersecurity must remain central throughout the process.

Looking ahead, what will the future of autonomy look like across the Middle East, and what impact will it have on industries in the region?
The future of autonomy across the region will be driven by connected technologies, workforce capability and clearly defined business outcomes.

Across the Middle East, autonomy will play an increasing role across industrial facilities, airports, hospitals, data centres and smart-city developments.

Investments will increasingly focus on AI-driven analytics, cloud-enabled platforms and software-led services that deliver predictive insights and operational intelligence.

Autonomy will also play an important role in addressing workforce challenges. The right form of AI can help a worker with two years of experience perform tasks with the insight of a 30-year veteran by drawing on historical records, predictive models and guided workflows. This helps reduce human error, maintain uptime and preserve operational knowledge.

Ultimately, autonomy is designed to augment people by combining human judgment with AI-enabled insight and action. Honeywell Technologies is helping customers advance their path to autonomy through more effective assets, more efficient processes and enhanced workforce capabilities, so they can make every day their best day of operations.

Saudi Crown Prince launches CEER’s first electric vehicles

The Public Investment Fund (PIF) launched CEER in 2022 as Saudi Arabia’s first vehicle brand

Rajiv Pillai
Rajiv Pillai

21 September, 2026

Saudi Crown Prince launches CEER’s first electric vehicles
Image: PIF website

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Saudi Arabia’s Crown Prince Mohammed bin Salman has launched the first vehicles from CEER, the kingdom’s national automotive company, as Saudi Arabia moves to develop a domestic automotive manufacturing industry under Vision 2030.

The EXOBOT sedan and SUV are the flagship electric vehicles from CEER and form part of a planned portfolio of seven models that the company intends to launch over the next five years.

The future portfolio will include midsize and compact vehicles with different propulsion options aimed at serving a range of customer requirements.

The EXOBOT sedan and SUV have been designed and engineered locally, with their design drawing inspiration from Saudi Arabia’s landscape and culture.

CEER to manufacture EXOBOT in Saudi Arabia

The vehicles will be manufactured at the CEER Manufacturing Complex (CMC), which the company describes as the largest automotive production facility in the Middle East and one of the most technologically advanced globally.

The launch forms part of Saudi Arabia’s broader efforts to establish an integrated domestic automotive ecosystem, attract investment and expand the private sector’s contribution to the economy.

By 2034, CEER is projected to contribute more than SAR30bn ($8bn) to Saudi Arabia’s GDP and more than SAR80bn ($21bn) towards improving the kingdom’s trade balance, while creating direct and indirect jobs.

Crown Prince Mohammed bin Salman said: “The launch of CEER’s first vehicles represents another step forward in Saudi Arabia’s progression to build a sustainable and prosperous industrial ecosystem. It further enables the automotive sector as a key driver of economic growth, through attracting investments, empowering national talent, and expanding the private sector’s role to further position Saudi Arabia to become a leading regional and global hub for this industry.”

PIF’s Saudi automotive push

The Public Investment Fund (PIF) launched CEER in 2022 as Saudi Arabia’s first vehicle brand, with a mandate to support the development of the kingdom’s industrial ecosystem and automotive supply chain.

The company is also intended to attract investment, create opportunities for private-sector businesses and increase the automotive industry’s contribution to Saudi GDP.

The launch of EXOBOT represents the next stage of that strategy, moving CEER towards bringing locally designed and engineered vehicles to market while building domestic automotive manufacturing capabilities.

RAK apartment prices rise 18% as luxury demand grows

Rental demand remained strong, with apartment rents up 14.3 per cent year-on-year, led by Mina Al Arab and Al Marjan Island

Rajiv Pillai
Rajiv Pillai

21 September, 2026

RAK apartment prices rise 18% as luxury demand grows
Image: Supplied

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Ras Al Khaimah’s residential property market continued to record strong year-on-year growth during the first half of 2026, with apartment sales values rising around 18 per cent to Dhs2,298 per square foot, according to new research from CBRE Middle East.

Villa sales values increased 7.3 per cent over the same period, although CBRE said pricing and absorption levels have moderated since the end of February following a period of rapid growth.

Waterfront communities continued to lead the market, with apartment values on Al Marjan Island increasing 23.1 per cent year-on-year and Al Hamra recording growth of 14.7 per cent.

The ready-property market also registered higher prices, with apartment values rising 11 per cent and villa values increasing 10 per cent compared with the same period last year.

Rental demand remained strong, with apartment rents up 14.3 per cent year-on-year, led by Mina Al Arab and Al Marjan Island.

Luxury deals set new records

RAK’s luxury segment recorded several major transactions during the first half, including the $35.4m sale of the Sky Palace at Waldorf Astoria Residences, which CBRE said was the highest-value residential transaction recorded in the emirate.

A penthouse at the same project sold for $15m, while a Sky Mansion at Mondrian Al Marjan Island Beach Residences changed hands for $34.7m.

The emirate is now preparing for a significant increase in residential supply. More than 34,000 units are expected to be delivered between 2026 and 2030, including around 10,000 branded residences.

Projects announced during the period included The Strand and Lunara by RAK Properties, Beyond Developments’ Dhs25bn Evermore masterplan and Karl Lagerfeld Beach Residences on Al Marjan Island.

RAK hotel visitors reach record 670,400

Tourism performance was more mixed during the first half. Ras Al Khaimah welcomed a record 670,400 hotel visitors, up 2.7 per cent year-on-year, supported by stronger domestic and GCC demand.

Domestic visitor numbers and arrivals from GCC markets both increased 47 per cent year-on-year.

Hotel operating performance, however, softened. Average occupancy stood at 49 per cent, while revenue per available room (RevPAR) declined 28.6 per cent to Dhs348 per night.

Average daily rates (ADR) increased 5.2 per cent to Dhs705.6, while hotels generated more than Dhs606m in total revenue during the six-month period, including Dhs385m from rooms and Dhs192m from food and beverage operations.

RAK currently has around 9,000 hotel keys across 60 properties, with another 8,500 keys planned between 2027 and 2030. More than 80 per cent of the future supply is expected to be in the five-star segment, with nearly two-thirds located on Al Marjan Island.

Matthew Green, head of research at CBRE MENA

The emirate’s development pipeline also includes the $5.1bn Wynn Al Marjan Island integrated resort, which is expected to open in September 2027.

During H1 2026, the RAK Chamber of Commerce & Industry reported Dhs771.5m in new investment capital across 967 newly registered establishments, involving 1,399 investors from 68 nationalities and an expected 2,449 jobs.

Matthew Green, head of research at CBRE MENA, said: “The pace of change we are witnessing in Ras Al Khaimah continues to impress. Despite a more challenging regional backdrop, investor interest in the emirate remains evident, supported by a growing pipeline of high-profile development and infrastructure projects.”

He added: “While we are beginning to see a moderation in some performance indicators including absorption levels and sales pricing following an exceptional period of growth, overall activity levels remain positive. With major hospitality, residential and tourism projects continuing to progress, Ras Al Khaimah is well positioned to strengthen its role as one of the UAE’s most compelling investment and lifestyle destinations in the coming years.”

QatarEnergy says Hormuz crisis threatens LNG expansion timeline

Qatar continues to deal with damage caused by attacks on Ras Laffan, which wiped out 17 per cent of the country’s LNG capacity

Reuters
Reuters

21 September, 2026

QatarEnergy says Hormuz crisis threatens LNG expansion timeline

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QatarEnergy expects the first train of its North Field East (NFE) liquefied natural gas expansion project to start production in the first half of 2027, but additional trains will depend on the Strait of Hormuz crisis.

Disruptions caused by the effective closure of the strait since the US and Israel began their war on Iran threaten to push back part of the world’s largest LNG expansion project at a time when Qatar is trying to replace volumes lost after attacks on its Ras Laffan export hub.

Speaking at the Qatar Economic Forum Special Edition in New York on Sunday, QatarEnergy CEO Saad al-Kaabi, who is also minister of state for energy affairs, said equipment needed for the expansion was still unable to reach the country because of the Strait of Hormuz disruption.

A few LNG trains under the NFE expansion are due to start during 2027 and the North Field South (NFS) expansion is expected to begin production in 2028, he said.

Qatar continues to deal with damage caused by attacks on Ras Laffan, which wiped out 17 per cent of the country’s LNG capacity.

Kaabi said the attacks damaged two LNG trains, where repairs could take three years to complete, and one gas-to-liquids (GTL) plant that will complete repairs in the first quarter of 2027.

Despite the damage, Qatar would be able to resume normal gas operations within weeks once the Strait of Hormuz reopens, Kaabi said, adding that QatarEnergy is producing very little LNG.

Asked about reports that Qatar was buying LNG in the market, Kaabi said QatarEnergy continued to expand its trading business and would become “the largest LNG trader in the world by far” in the near future.

Kaabi said that second and third trains at the Golden Pass LNG project in Texas, a joint venture between QatarEnergy and Exxon Mobil, are expected to be fully operational in 2027.

Golden Pass shipped its first LNG cargo in April after starting production at its first train in March. When fully operational, the project is expected to produce 18 million metric tons per year of LNG.

Kaabi dismissed suggestions that pipelines through neighbouring countries could provide a practical alternative to exports through the Strait of Hormuz. While thanking neighbouring countries for offering access to their territories, he said Qatar had rejected the option on commercial and technical grounds.

Tributes pour in for Sheikh Ahmed bin Rashid Al Maktoum

UAE leaders have paid tribute to Sheikh Ahmed bin Rashid Al Maktoum following his death on Monday, September 21

Rajiv Pillai
Rajiv Pillai

21 September, 2026

Tributes pour in for Sheikh Ahmed bin Rashid Al Maktoum

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Tributes and messages of condolence have poured in following the death of Sheikh Ahmed bin Rashid Al Maktoum, with UAE leaders remembering his decades of public service and contributions to the country’s development. Dubai has declared 10 days of official mourning, with flags to be flown at half-mast across the emirate.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, led the tributes to his younger brother, sharing a deeply personal message on X.

“May God have mercy on Sheikh Ahmed bin Rashid Al Maktoum… May God have mercy on you, my brother… You have settled with a Generous and Great Lord… You are absent from our eyes but not from our prayers and hearts, O Ahmed.

“May God make you dwell in the vast expanses of His Paradise… and inspire us and your loved ones with patience and solace… And to God we belong, and to Him we shall return,” Sheikh Mohammed wrote.

View post on X

Read: Sheikh Ahmed bin Rashid: His life and legacy

UAE President pays tribute

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan extended his condolences to Sheikh Mohammed and the Al Maktoum family, while highlighting Sheikh Ahmed’s contribution to the UAE since the country’s formation.

In a post on X, Sheikh Mohamed said Sheikh Ahmed’s achievements would remain in the country’s memory and that his national contributions bore testament to a life of giving. He prayed for mercy and forgiveness and for his family to be granted patience and solace.

The UAE Presidential Court also issued a statement mourning Sheikh Ahmed, extending its condolences to Sheikh Mohammed and the Al Maktoum family and praying for mercy and forgiveness for the deceased.

View post on X

Sheikh Hamdan remembers a ‘dear’ family member

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, also took to X to mourn his uncle, describing the loss as the passing of a dear member of the family.

Sheikh Hamdan said Sheikh Ahmed would “remain in hearts, memory, and prayers”, while praying for him to be granted mercy and a place in Paradise. He also prayed for patience and solace for the people of Dubai and the wider UAE.

View post on X

Sheikh Maktoum recalls contribution to UAE Armed Forces

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, remembered Sheikh Ahmed’s contribution to both Dubai and the UAE, including his role in the establishment of the UAE Armed Forces.

“The people of Dubai loved him and he loved them,” Sheikh Maktoum said in his tribute on X, adding that Sheikh Ahmed’s memory would remain in the hearts of those who knew him. He said that while Sheikh Ahmed was gone from sight, he would remain in the family’s hearts and prayers.

View post on X

Sheikh Mansour and Sheikh Ahmed bin Mohammed pay tribute

His Highness Sheikh Mansour bin Mohammed bin Rashid Al Maktoum, President of the UAE National Olympic Committee and Chairman of the Dubai Sports Council, also paid tribute on X, saying Sheikh Ahmed was being bid farewell with prayers and fond remembrance. He prayed for mercy and for patience and solace for his family.

His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council, similarly offered prayers for Sheikh Ahmed, asking God to grant him mercy and forgiveness and to reward him for the good and generosity he had shown during his life.

Condolences also came from elsewhere in the UAE and the wider region. The Ruler’s Court in Sharjah extended its condolences to Sheikh Mohammed, the Al Maktoum family and Sheikh Ahmed’s loved ones, while Oman’s Sultan Haitham bin Tarik sent a cable of condolences to the Dubai Ruler following his brother’s death.

Sheikh Ahmed, who died aged 76, served as Deputy Chairman of Dubai Police and Public Security and had longstanding involvement across the UAE’s military, business and sporting sectors. He was particularly closely associated with Al Wasl Sports Club and the development of horse racing in the UAE.

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Abu Dhabi's IHC names Fount Trust as ultimate parent after restructuring