Careem Pay has expanded its remittance offering to include Türkiye and Saudi Arabia, allowing UAE residents to transfer money directly to bank accounts in both markets within minutes.

The move extends Careem Pay’s regional footprint, with the platform now supporting transfers to more than 35 countries, including key corridors such as India, Pakistan, Europe, the UK and Egypt.

Transfers to both Türkiye and Saudi Arabia are processed within 5 to 10 minutes, with funds deposited directly into recipients’ bank accounts. The service supports high-value transactions, with limits of up to Dhs150,000 for Türkiye and Dhs36,000 per transfer to Saudi Arabia.

Careem Plus members will benefit from zero transfer fees and preferential exchange rates, positioning remittances as a value-added feature within the broader Careem ecosystem.

Mohammad El Saadi, VP of Careem Pay, said: “These two corridors were natural next steps for us, and each one reflects a different customer need. In the Kingdom of Saudi Arabia, people want to know their money is moving securely and that trust matters as much as the speed. For Türkiye, slow transfers and uncertainty about when the money actually lands has been an issue. We’re solving that with funds arriving in under 10 minutes. At a time when staying connected to family feels more important than ever, we want to make sure that’s one less thing people have to worry about.”

The expansion targets two distinct remittance dynamics. Saudi Arabia remains a major global remittance market, supported by strong cross-border flows and policy initiatives such as Saudi Vision 2030, which aim to boost financial inclusion and digital payments adoption.

Türkiye, meanwhile, represents a high-value remittance corridor driven by a large diaspora population, with the UAE serving as a key source market for outbound transfers.

The rollout reflects increasing demand for faster, more reliable cross-border payment solutions, as fintech platforms compete to capture a larger share of the region’s remittance flows.

The Dubai Integrated Economic Zones Authority (DIEZ) introduced a set of temporary economic measures on Thursday to ease operational pressures on companies across its three business zones, aiming to support resilience amid current regional conditions.

DIEZ, which oversees Dubai Airport Freezone, Dubai Silicon Oasis and Dubai CommerCity, said the measures are effective immediately and designed to help firms manage costs and maintain business continuity.

The steps include stabilising rental rates on contract renewals, waiving selected administrative fees such as penalties for late licence renewals, and allowing companies to pay rent in monthly instalments without instalment-related charges.

DIEZ said the rent instalment option is intended to support liquidity during the temporary regional situation.

The authority is also offering a three-month deferral of shareholder amendment fees, as well as waivers on fees related to company restructuring and authorised capital changes.

Fees for licence activity amendments will also be deferred for three months to give companies more flexibility to adjust operations or expand into new activities.

DIEZ measures to maintain business stability

DIEZ executive chairman Mohammed Al Zarooni said the measures reflect Dubai’s focus on maintaining business stability by providing flexible solutions that respond to current circumstances.

He added that the initiative aligns with the emirate’s broader economic agenda, which prioritises adaptability, innovation and competitiveness.

DIEZ said the package forms part of its effort to offer practical support that strengthens business confidence and contributes to a dynamic economic environment capable of keeping pace with shifts in market conditions.

Dubai Aerospace Enterprise (DAE) and Blackstone Credit & Insurance (BXCI) will form a new long-term global aviation leasing investment programme, targeting about $1.6bn in annual deployments.

The programme, branded “Equator”, will invest in commercial aircraft leased to airlines worldwide. DAE will source aircraft from third parties, while its Aircraft Investor Services unit will manage Equator’s assets.

DAE chief executive Firoz Tarapore said Blackstone’s capital base would support the expansion of the company’s third-party fleet management business.

He said DAE’s scale, customer network and servicing capabilities positioned the firm to help build Equator’s portfolio.

Aneek Mamik, senior MD and head of Financial Services for Asset Based Finance at BXCI, said the partnership would expand Blackstone’s aviation presence. He noted that the programme reflects BXCI’s focus on investing in hard-asset-backed opportunities.

BXCI plans to provide a range of capital solutions for the initiative, with additional commitments from funds managed by ITE Management, a strategic partner.

DAE has a 700-aircraft fleet

DAE has a fleet of about 700 aircraft, including more than 100 managed aircraft valued at over $4bn as of December 31, 2025.

The company serves as an asset manager under 17 agreements for institutional and financial investors.

BXCI’s Infrastructure and Asset Based Credit Group manages more than $100bn and has over 90 investment professionals as of December 31, 2025, investing across infrastructure, commercial finance and other asset-backed sectors.

Some careers are built on luck, others on timing, and a few on the ability to read a city as it evolves. Atif Rahman’s story sits in the last category. After arriving in Dubai with a one-month escape plan, the founder of ORO24 Developments went on to build three real estate ventures shaped by the city’s pace, ambition and appetite for reinvention. Here, he shares his remarkable journey that complements Dubai’s own success story.

When you look back, what first brought you to the UAE, and what have been the defining chapters in that journey that shaped both the person and entrepreneur you are today?

I arrived in Dubai 22 years ago as a young newly married man, telling myself I would head home within a month if it didn’t feel right. Instead, the city pulled me in completely, and I can honestly say it has given me everything I have today. The rest is history and I won’t be wrong in saying that this city has given me everything I have today.

My journey in Dubai started as a founding member of a team building an exciting property development firm, Advance Construction Works. We saw the highest of highs until 2008 and then the global economic meltdown taught us the toughest lessons of delivering real estate projects during the toughest times. This journey lasted until end of 2013, and it taught me the resilience in navigating through unfavourable times.

Then in January 2014, as part of the core team, I helped lay the foundation of Danube Properties, under which I launched several successful projects across several locations of Dubai mastering the art of land acquisition, joint ventures, real estate sales, consumer financing, construction management, supply chain management and project delivery through some glorious years and some tough periods like Covid-19.

In Q4 2021, I parted ways and laid the foundation for ORO24 Developments, my third property development venture in the city of real estate. The idea behind my latest venture was to build disruptive real estate led by governance, risk mitigation and supported by technology. Today, ORO24 delivers community led real estate with forward integration as a turnkey solution to the consumer.

The defining moment for me has always been the visionary leadership of the city. Like I always say, Dubai is a unique city where the government sector is ahead of the private sector, always offering the direction for the future. I continue to learn and evolve in this great city which continues to transform.

You have seen Dubai navigate multiple economic cycles, from the 2008 financial crisis to Covid-19 and beyond. Having lived and built through those moments, why do you remain confident in its ability to emerge strongly from periods of uncertainty?

Let me share my observations of few critical events which created a firm global sentiment and then what followed after:

• In the year 1999-2000, the Y2K problem or the lack of understanding of technology led many in the world to believe that tech stocks will be the worst performing and to never consider investing. Cut to 2025, the better part of the year drove investments to tech stocks including the Mag Seven, AI etc.

• When 9/11 happened, the whole world started talking about high-rise buildings and how dangerous they were. Go to New York City today and you will witness even taller skyscrapers built after the episode including the site at which WTC towers once stood.

• The unfortunate incident of 2011 in Japan which led to nuclear accident after the Tsunami caused the power grid failure created huge concerns about the nuclear energy. Moving forward the world only became more resilient including the economy of Japan and it continues to expand this method of energy production.

• During lockdown of Covid-19, I was speaking at a webinar hosting experts from global real estate industry. The general belief was that the way in which real estate is built will change forever, you will need to redesign work from home facilities, people will choose suburbs over the cities etc. Come 2026, we are again engaging in talks of density of population in major cities, traffic congestion, etc and people returning to offices instead of working from home.

• In 2008, some media stories conveyed that Dubai real estate will never recover and the investment would struggle to yield good returns. Cut to 2021, people started buying real estate in Dubai from every corner of the planet as if there is no other city better than Dubai.

The common thing you will notice is that the reality and facts are stronger and deeper than the panic created by news headlines or impulsive observations.

There are many things that have built this city and with contribution of many individuals and companies. However, for me, two things that powerfully navigate the city to growth are the “resilience” and “vision”. The former creates the unparalleled strength to bounce back, and the later ensures that the direction is only enhanced.

There is one aspect of Dubai’s “success”, which should not be misunderstood that we are free from challenges, risk, failures or economic impact. What it means is that in favourable or adverse situation, ultimately the city will curate the success. The city is growing and so is the economy and with it comes bigger challenges and exposures but also bigger opportunities and greater success.

In the immediate threat of global correction, it’s a tangible city with world class infrastructure so at max you will experience variable correction in which good asset class shall retain reasonable value. Overleveraged debt will come under stress. One of the outcomes of an exponential growth in real estate is that it causes deficit of delivery infrastructure which in turn generates the construction risk. These are natural growth pains and gets fixed organically.

At a moment like this, what is your message to entrepreneurs, executives and investors across the UAE who may be feeling cautious right now? What does resilience really look like in practice?

The UAE as a country has welcomed people from all races and religions, offering opportunities of growth. The country has been the gateway and torchbearer for regional growth. If I look around the world, I struggle to find a country equivalent to the UAE in terms of ease of doing business or living a comfortable life. May be Antarctica would be the only other place without challenges but neither I can do business nor live a comfortable life.

The government of any country offers platform and infrastructure to do business, and the private sector is expected to convert that into an economy through disciplined approach and ethical practice. The UAE offers one of the finest infrastructures with protection from external threats so that we can focus on building the economy, that’s what I would advise every business and individual to do.

The UAE is an advanced economy and will continue to prosper. The economy continues to diversify and grow in trade, logistics, renewable energy, technology, financial services, tourism, production etc making it more resilient.

I must emphasise that since 2008, the global economy has not experienced an economic correction. It got further postponed due to Covid-19 and cash surplus it created due to reduced spendings. In the recent term, the global economy will feel some stress due to the trade deficit and supply chain backlog which in my opinion will ease out after some time but not before leaving some impact. There is an imminent reset which the global economy is expected to experience in the short term.

Eventually, the global wealth will undeniably move towards strong and agile economy; on that count, not many nations offer the abovementioned attractions as does the UAE.

For many people, Dubai has been a place of reinvention. In your case, what did this country make possible for you that may not have happened elsewhere, and how central has Dubai been to the way you think about ambition, risk and scale?

For me, Dubai is an inspirational university and not just a metropolis. I have learned so much doing business here for the last 22 years. The city has taught me to dream, aspire, think big and achieve it. The city has always promoted doing something unique and different.

To experience the legacy, you need to look at the history of Dubai, and you will know what I mean. Let me share some examples; Jebel Ali port was built in the year 1979, the famous Burj Al Arab was built in 1999, World Trade Centre was inaugurated in 1979, Dubai Internet City was built in 1999, Emirates airlines was launched in early 80s, DIFC founding legislation was passed in 2002, Palm Jumeirah was built in 2006, Burj Khalifa was announced in 2004.

Now, none of them are new and between 20-50 years old but so much in line with today’s market, that’s Vision. By now, I have not even mentioned Dubai Frame, Dubai Safari, Dubai Parks, Museum of the Future, several other islands, malls, hotels and iconic buildings which are countless. Name one city in the whole world which has all of these.

I am in business of property development and no matter how much I innovate and build quality asset, ultimately the value is appreciated by the vision and infrastructure of the city. I can confidently say that if I relocate any of my projects to other major cities in the world, it will change in value.

The city offers me that platform to build disruptive real estate which will attract appreciated value. The government puts the roads, schools, hospitals, utilities, gas stations and attractions which further act as catalyst for the real estate. No one does it better than Dubai.

Read the cover article in the latest Gulf Business April 2026 edition:

Hundreds of cargo vessels remain stranded in the Gulf as disruption in the Strait of Hormuz continues, with analysts warning it could take weeks to clear the backlog — even if the waterway fully reopens.

According to the latest available Lloyd’s List Intelligence briefing (April 9), over 600 ships above 10,000 deadweight tonnage (dwt) are effectively trapped in the region, including 325 tankers, many of them laden.

The scale of the congestion underscores the lingering impact of weeks of conflict and restricted access through one of the world’s most critical shipping routes.

Analysts say that even in a best-case scenario, where transit conditions normalise, clearing the accumulated backlog will take several weeks, pointing to a prolonged knock-on effect for global trade and energy markets.

Limited movement despite ceasefire

Despite the announcement of a US-Iran ceasefire earlier this week, vessel movement through the Strait remains heavily constrained.

Traffic is still running at roughly 90 per cent below normal levels, based on the most recent available data, with only a modest pickup in transits recorded in recent days.

While Lloyd’s List says 75 transits were recorded in the week to April 5 — the highest since the conflict began — volumes remain far below pre-crisis norms, and early daily figures suggest that activity remains uneven.

Access through the waterway is also far from normal. Vessels are being required to follow prescribed routes and coordinate passage via locations such as Iran’s Larak Island, reflecting ongoing security concerns and operational controls in the Strait.

Read more: Iran’s $2m ‘toll gate’: How tiny Larak Island became a Hormuz chokepoint

Trump ramps up pressure

The slow recovery comes as US President Donald Trump intensifies pressure for the Strait to be fully reopened.

In a post on Truth Social on Friday morning, Trump said: “Iran is doing a very poor job, dishonorable some would say, of allowing Oil to go through the Strait of Hormuz. That is not the agreement we have!”

The remarks highlight growing frustration in Washington over the limited flow of vessels through the chokepoint, despite the ceasefire framework being linked to restoring free navigation.

At the same time, maritime authorities are raising concerns about the broader implications of restricted passage.

The International Maritime Organization (IMO) has warned that any attempt to impose conditions or tolls on transit through the Strait could undermine international law.

IMO secretary-general Arsenio Dominguez said: “There is no international agreement where tolls can be introduced in international straits. Imposing such a toll would set a dangerous precedent.”

The developments underline the geopolitical and economic stakes surrounding the Strait of Hormuz, which typically handles around a fifth of global oil consumption.

No quick return to normal

Delegations from the US and Iran have begun arriving in Islamabad, Pakistan to start peace talks, amid a fragile two-week ceasefire.

Commentators have already raised concerns that Israel’s attacks on Lebanon on Thursday, in which 250 people were reportedly killed, could derail the agreement.

This could have further implications for the reopening of the Strait of Hormuz, which is likely to be one of the key issues on the negotiating table.

In the meantime, calls across the region for the Strait to reopen have been growing.

On Thursday, Dr Sultan Al Jaber, managing director and group CEO of ADNOC, called for the immediate and unconditional reopening of the Strait of Hormuz in a LinkedIn post.

“The Strait must be open — fully, unconditionally and without restriction. Energy security and global economic stability depend on it.”

Read more: Sultan Al Jaber calls for unconditional reopening of Hormuz