du is putting more money into data centres and its network to build businesses beyond mobile and fixed-line services, and its core operations kept growing while it did so.

Third-quarter capital expenditure rose 31.5 per cent to Dhs647m, mainly reflecting spending on data centre infrastructure and network upgrades. Quarterly revenue increased 7.1 per cent to Dhs4.1bn and net profit rose 7.3 per cent to Dhs786m.

“Our investments in data centres, cloud and advanced connectivity are extending our role beyond traditional connectivity and positioning du at the centre of the UAE’s digital economy,” chief executive Fahad Al Hassawi said in the results statement. “As enterprises and government entities digitise and scale, we aim to be their trusted partner.”

Over the first nine months of 2026, revenue rose 6.2 per cent to Dhs12.3bn, while service revenue increased 6.8 per cent to Dhs9bn. EBITDA grew 9.2 per cent to Dhs6bn and net profit increased 10.8 per cent to Dhs2.4bn.

du reported a nine-month EBITDA margin of 48.7 per cent, describing this as an expansion of 1.3 percentage points. Its quarterly margin was broadly stable at 47.7 per cent.

The quarter also brought long-term certainty. du’s telecom licence was renewed for another 20 years, and its royalty regime was extended for three years, while the company was added to the MSCI UAE Standard Index and the FTSE All-World Index.

The company said it continued to stabilise after disruption earlier in the year. Subscriber growth moderated amid regional headwinds, although demand for connectivity and digital services remained supportive.

The results provide the backdrop to a broader shift that du’s chief commercial officer, Karim Benkirane, outlined in September: growing the core telecom business while building new sources of revenue.

Speaking to Gulf Business on the sidelines of an exclusive VIP gathering to celebrate the regional launch of Apple’s iPhone 18 Pro and iPhone 18 Pro Max in September, Benkirane said diversification will shape the company’s growth over the next few years, from cloud, data and AI services to new propositions built with technology partners.

“Our strongest growth will happen through diversification, building new revenue streams alongside our core telecom business,” he said.

The business behind the handset launch

The iPhone 18 launch helped support handset sales and postpaid subscriptions during the quarter.

Postpaid customers increased 6.4 per cent year-on-year to 2 million, supported by premium consumer and enterprise demand, as well as the launch. The total mobile base grew 3.3 per cent to 9.5 million.

“Other revenues”, which include wholesale, ICT, handsets and accessories, rose 12.6 per cent to Dhs1.1bn.

Benkirane said interest and uptake for the latest iPhone models have been “tracking ahead of last year”. For an operator, however, the opportunity extends beyond the device sale.

A flagship launch prompts customers to review their data allowances, reconsider their plans or move to a higher-value package, he said. Referring to du’s first-half performance, he points to continued mobile revenue growth and an improving customer mix.

“So, while a launch like this creates an immediate commercial moment, its real value is in how it supports a broader trend: more customers moving up the value curve and staying with us for longer.”

The third-quarter figures bear that out: mobile revenue grew 3.9 per cent to Dhs1.8bn, supported by subscriber growth and a more favourable customer mix.
Fixed revenue increased 7.1 per cent to Dhs1.2bn, driven by home wireless and enterprise connectivity.

Fixed subscriptions rose 5.2 per cent to 756,000.

What customers expect from the network

Newer devices also change how customers use their connections. Benkirane said richer video and camera capabilities, AI features and more time spent on 5G are contributing to higher data consumption.

“Each flagship cycle reinforces a pattern we’re seeing across our base: customers upgrading not just their handset, but their expectations of what their network should deliver alongside it,” he said.

He sees that expectation extending beyond download speeds.

“The conversation is shifting from ‘how fast is my connection’ to ‘how capable is my experience.'”

Customers now expect their phones to handle tasks such as real-time translation, generative photography and predictive assistants, he says, and much of that relies on a network that is consistent as well as fast.

For du, the response includes investment in 5G+ and 5G-Advanced, with an emphasis on capacity, latency and reliability.

Benkirane cites what du describes as a world-first six-carrier aggregation deployment delivering 420 MHz of bandwidth. He says it gives the network more capacity to handle traffic in busy locations, including stadiums, business districts and major events.

“For customers, that translates into a smoother, faster experience even at peak times,” he says.

Making that capacity useful also requires work with handset manufacturers. Benkirane says the deployment involved close validation with device partners to ensure compatible phones could take advantage of the bandwidth.

Where the next revenue comes from

Benkirane sees different opportunities in consumer and enterprise services. For consumers, he expects 5G-Advanced to support premium experiences, higher-value plans and retention. The enterprise opportunity could be larger, he says, through private networks, connected devices and services for logistics, manufacturing and smart cities.

Alongside that sits du’s expansion into cloud, data and AI-related services, supported by du Ventures and investment in data centres.
du’s results do not separately disclose revenue or profit from those activities.

Benkirane also points to near-term opportunities in people-oriented AI, SMEs and hospitality.

He also sees growth in adjacent areas such as fintech, in earning revenue from data services, and in allowing partners to build products using du’s capabilities through application programming interfaces.

“The common thread is moving beyond a purely traditional telecom model into a broader digital and technology-enabled business,” he said.

Paying for expansion

Higher investment weighed on quarterly operating free cash flow, which fell 2.3 per cent to Dhs1.3bn. Across nine months, however, it increased 5.7 per cent to Dhs4.3bn.

du says its unleveraged balance sheet and cash generation give it scope to invest while continuing to deliver shareholder returns.
Benkirane described the aim as “sustained, disciplined investment that keeps our network ahead of customer and market needs, without losing sight of profitability and shareholder returns.”

Submarine cables are part of that approach. He pointed to du’s partnership with Datawave on the Singapore-India-Gulf cable system, the activation of the Oman Emirates Gateway cable with Omantel, and an agreement to extend the PEACE Cable System into the UAE.

Together, he said, the projects improve international connectivity, capacity and resilience.

Partnerships also feature in du’s service expansion. Benkirane says the company is working with Microsoft on AI and digital infrastructure, while its three-year Samsung agreement covers consumer and business services, product launches and customer experience.

“The biggest opportunities ahead, I think, are around AI partnerships and platforms that let us combine our network, our customer relationships and a partner’s technology to create something neither of us could deliver alone.”

With its licence secured for another two decades, premium customers growing and new businesses taking shape, du heads into the final quarter from a position of strength. As Al Hassawi put it, the company is “confident in the strength of the UAE’s economy and its prospects for the future.”

Read: CEO Fahad Al Hassawi on du’s H1 numbers, AI ambition and its next chapter

Wynn Al Marjan Island is transforming Ras Al Khaimah’s property market, with developers racing to capitalise on the arrival of the UAE’s first integrated gaming resort in September 2027.

But Al Hamra Group CEO Benoy Kurien has seen the emirate evolve from a relatively quiet property market into an increasingly sought-after luxury destination.

“Our biggest USP is our legacy. We’ve been around for a long time,” he told Gulf Business this week.

We meet Kurien at the upscale Lexington Grill & Bar at Waldorf Astoria Ras Al Khaimah, shortly after touring a luxury residence — valued at over Dhs20m — in the group’s branded residential development.

The Waldorf Astoria project has already made headlines after a three-level Sky Palace sold for Dhs130m earlier this year, setting a residential transaction record for the emirate.

Kurien arrives slightly late, delayed by an important meeting with the emirate’s leadership.

His own story is closely tied to Ras Al Khaimah’s transformation. He joined Al Hamra in 1998 as an accountant, becoming one of the first three employees at Manar Mall, before working his way through the ranks. He became general manager in 2011 and was appointed group CEO in 2018.

Nearly 28 years after joining the business, Kurien now oversees a portfolio spanning residential property, hospitality, retail and leisure.

“We have a track record… and we have a legacy of delivery,” he says.

The Wynn effect

Kurien is unequivocal about Wynn’s significance.

“I think it’s a game changer,” he says.

“The economic multiplier of such an asset in this part of the world, although it is untested, we can reasonably guesstimate what that impact is going to be.”

The $5.7bn integrated resort has helped propel Ras Al Khaimah onto the international property investment map, attracting developers, luxury hotel brands and investors hoping to benefit from a surge in tourism.

But Kurien believes Al Hamra has something that newer entrants cannot immediately replicate.

“We’ve been here a long time, much before many of the talked-about assets,” he says.

Al Hamra’s roots stretch back to 1998, with early investments in retail and residential development. Its portfolio has since grown to include Manar Mall, Al Hamra Golf Club, the Royal Yacht Club and several luxury hospitality developments.

“We built the first shopping centre, we built the first luxury resort in Ras Al Khaimah, we built the first golf course, we built the first marina,” Kurien says.

Today, Al Hamra’s master plan spans approximately 77 million square feet, with around 5,000 homes, 950 hotel keys and residents from more than 100 nationalities.

Beyond the property boom

Kurien acknowledges that the company benefited from earlier waves of investment in the UAE property market.

“In the initial part, we were riding the wave of real estate investment that was coming into the UAE. We were beneficiaries of it,” he says.

But he believes the company’s appeal has evolved significantly since 2020.

“We have built our own narrative, our own story,” he says.

“People today are buying in Ras Al Khaimah or investing in Ras Al Khaimah on the strength of what we have to offer rather than on what everybody else has to offer.”

The group is now expanding its residential portfolio, with Al Hamra Greens set to deliver 1,798 apartments in late 2028, while Al Hamra Waterfront will introduce 622 residences across five towers in early 2028.

Aila Homes will add 204 townhouses, with prices starting from Dhs3mn.

Meanwhile, the Waldorf Astoria Residences project is positioning Al Hamra in the emirate’s ultra-luxury market.

But with approximately 90 per cent of its existing master plan already developed, Kurien is also looking beyond Al Hamra Village.

“In the remaining 10 per cent of the land, we will be building more residential, some more hotels, some more branded residences,” he says.

“Then we will move into a new location, building new residential communities, new assets.”

And as Wynn accelerates Ras Al Khaimah’s property race, Kurien believes investors will increasingly distinguish between ambitious promises and proven delivery.

“If, as an investor, you want to put your money somewhere, you would want to put it with somebody who has some sort of a track record,” he says.

When Dubai Airport Freezone (DAFZ) opened its doors in 1996, its proposition was clear: locate a trading hub beside Dubai International Airport, provide flexible regulation and deliver fast, investor-focused services. The model was designed around Dubai’s geography, but its ambition was global.

Thirty years on, DAFZ’s performance reflects the scale of that ambition. Its trade volume rose from Dhs108.83bn in 2014 to more than Dhs479bn in 2025, while its share of Dubai’s total non-oil trade increased from 8.17 per cent to 15.4 per cent. Its contribution to Dubai’s GDP also rose from Dhs15.44bn in 2014 to Dhs17.43bn in 2023.

Yet the anniversary is less about what DAFZ has been than about what it is becoming. His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Integrated Economic Zones Authority (DIEZ), which oversees DAFZ, Dubai Silicon Oasis and Dubai CommerCity, describes the next phase as a move beyond the conventional free zone model and towards an integrated ecosystem aligned with D33.

“The next phase calls for a transition to an integrated ecosystem that fosters innovation and sustainability,” HH Sheikh Ahmed says.

That shift takes DAFZ beyond the conventional free zone model. The leadership’s vision brings together trade, investment, digital services, innovation, human capital, partnerships and sustainability within a connected economic platform.

THE FOUNDING VISION

The foundations of Dubai’s free zone story, HH Sheikh Ahmed says, can be traced to the late Sheikh Rashid bin Saeed Al Maktoum’s emphasis on openness, infrastructure development and anticipating the future. DAFZ represented a continuation of that approach: a practical response to Dubai’s need to diversify its economy and strengthen its position as an international trading centre.

The vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, added a contemporary operational dimension through the continuous development of legislation, services and standards of excellence. At launch, DAFZ’s proposition rested on three pillars: an exceptional location beside Dubai International Airport, flexible regulatory frameworks and investor-centric services.

As HH Sheikh Ahmed puts it: “True excellence lies not merely in incentives, but in a seamless customer experience, swift execution, and procedural transparency.”

That principle was especially important in the early years. DAFZ had to persuade global companies that a new zone in Dubai could offer a business environment capable of competing with established international centres. The challenge was not only to build infrastructure, but also to build trust.

The zone’s development was also tested by the 2008 financial crisis and the Covid-19 pandemic. Those shocks exposed the vulnerability of global trade and challenged businesses across sectors.

DAFZ responded by investing in talent, upgrading digital infrastructure and offering flexible support to affected companies. For HH Sheikh Ahmed, “Leadership is a continuous journey requiring constant review and a perpetual readiness for the future.”

THE PEOPLE WHO BUILT IT

The three leaders place people at the centre of DAFZ’s development.

HH Sheikh Ahmed describes human capital as the foundation of sustainable progress and Emirati talent as central to carrying the legacy forward.

“Human capital is the true engine of development and that Emirati talent is the ultimate guarantor of sustainable achievements,” he says.

A MORE INTEGRATED ECONOMIC ERA

The integrated ecosystem described by the leaders brings together trade, innovation, human capital and sustainability. It also connects DAFZ more closely with DIEZ’s wider network, linking investment attraction with talent development and long-term economic value. HH Sheikh Ahmed says Dubai’s competitive edge lies in constant renewal within a framework of stability and trust. The emirate competes through swift decision-making, high-quality legislation and a focus on investor experience, while linking economic growth to human development and quality of life.

“DAFZ’s 30-year journey is a national success story that extends beyond geographical borders, setting the pathway for a more integrated economic era with greater impact,” HH Sheikh Ahmed says.

For His Excellency Dr Mohammed Al Zarooni, Executive Chairman of DIEZ, who joined DAFZ in 1996, the objective was never to create a conventional business zone. The mandate was to establish an integrated ecosystem that generated genuine economic value and earned companies’ trust from the outset. The task, he says, “required clarity of vision and precision in execution.”

FROM AIRPORT ZONE TO GLOBAL PLATFORM

DAFZ’s location remains central to its value proposition, but that geography is only one part of the story. Its position beside Dubai International Airport is supported by modern infrastructure, advanced facilities, premium services and comprehensive logistics support. HE Dr Al Zarooni describes DAFZ as “the East gateway to global markets and a vital engine of Dubai’s economic growth.”

Today, DAFZ hosts more than 3,200 regional and international companies, including over 600 multinational corporations operating regional headquarters from Dubai. Its workforce exceeds 23,000 people from 163 nationalities across hundreds of specialised sectors, giving the zone a diverse business community.

The zone also hosts the headquarters of the World Free Zones Organization (WFZO), of which it is a founding and principal supporting member. WFZO brings together more than 1,700 members from 143 countries, reinforcing DAFZ’s position within the international free zones landscape.

FOUR TURNING POINTS

H.E Dr Al Zarooni identifies four major turning points in DAFZ’s development. The first was the separation of DAFZ from the Dubai Civil Aviation Authority and its establishment as an independent authority with its own financial and administrative structure under the leadership of HH Sheikh Ahmed. This gave the organisation greater capability to make strategic decisions and respond to market requirements.

The second came about a decade after establishment, when DAFZ shifted its focus more decisively towards investors and opened new markets across East Asia and the US. The third was the launch of WFZO in 2014.

The fourth came four years ago, when DAFZ, Dubai Silicon Oasis and Dubai CommerCity were integrated under DIEZ. The integration allowed the three entities to operate within a unified ecosystem, creating broader opportunities for collaboration and economic impact.

DIGITAL TRANSFORMATION AS STRATEGY

DAFZ was an early adopter of digital transformation and smart services, including emerging technologies such as blockchain and AI. Digital tools were introduced to improve operational efficiency, speed up processes, enhance the investor experience and raise productivity, rather than as technology upgrades for their own sake. HE Dr Al Zarooni puts the point directly: “Digital transformation is an integrated strategic direction aligned with Dubai Economic Agenda D33.”

He adds: “Our model is built on genuine, sustainable value rather than quantitative growth alone.”

HE Dr Al Zarooni points to a specific outcome of that commitment: “Hundred per cent Emiratisation is achieved across DAFZ’s senior leadership positions.”

HE Dr Al Zarooni is already looking ahead. “We are looking forward to another 30 years of leadership as we continue to write a global success story driven by national talents,” he says.

Amna Lootah, Director General of DAFZ, recalls those beginnings as a period in which DAFZ navigated logistical and legislative challenges while building international investors’ confidence in an untested model.

“DAFZ began as a vision built on modest foundations, but from its earliest days, it was underpinned by a strong belief in the future,” she says. The early strategy was deliberately specialised. With a limited footprint and a location designed for speed, DAFZ focused on high-value, low-volume products such as jewellery, watches, electronics, cosmetics and pharmaceuticals.

These categories were suited to air connectivity and proximity to the runway.

Lootah says DAFZ’s proposition also rests on an integrated regulatory environment, combining clear legislative frameworks and policy stability with the agility businesses need to respond to changing regional and global markets.

Its contribution to Dubai’s non-oil economy is reflected in export, import and re-export activity, as well as the presence of regional headquarters across sectors including aviation, automotive and electronics.

Lootah connects that direction to DAFZ’s wider economic role.

“DAFZ is an active contributor to the D33 Agenda through its role in economic diversification, investment attraction, and the development of digital services,” she says.

Lootah describes HH Sheikh Ahmed’s leadership as based on clarity, discipline and trust in national talent. She also highlights the role of women within the organisation.

“Emirati women play a pivotal role in DAFZ’s leadership and actively participate in decision-making,” Lootah says.

Lootah says DAFZ “is preparing for new decades of leadership and innovation, with a continued focus on strategic partnerships and excellence.”

DAFZ’s 30th anniversary marks a foundation, not a conclusion. The first three decades established the infrastructure, reputation, business community and institutional capabilities. The next phase will test whether those assets can be combined into an ecosystem with greater economic impact and a wider contribution to Dubai’s future.

Apple’s first foldable smartphone, the iPhone Duo, goes on sale in the UAE today, with prices starting at Dhs8,499, as developers introduce apps adapted for its larger screen and folding design.

The UAE is among more than 70 countries and regions included in the initial launch, alongside the US, Britain, China and India.

Apple said there will be “limited” availability of the iPhone Duo for walk-in customers at Apple Stores in select countries on October 23.

The device’s availability will expand to another 28 markets on October 30.

The device comes in star white and night sky, with storage options of 256GB, 512GB, 1TB and 2TB.

Its inner display is 50 per cent larger than that of the iPhone 18 Pro Max, according to Apple. Apps can transition between the outer and inner displays, while a Split View feature allows users to run two apps side by side.

Developers adapt streaming, productivity, gaming and creative apps for iPhone Duo

Apple said developers had adapted streaming, productivity, gaming and creative apps for the device, with some updates available at launch and others due in the coming weeks or later this year.

Netflix allows users to move from browsing clips on the outer screen to watching on the inner display. Prime Video can show video on the upper half of a partially folded device, with cast information and other details below.

Productivity apps include Zoom, which displays shared content alongside meeting participants, and Slack, which provides a wider view of channels and workspace activity.

Microsoft Word and Outlook will introduce updated layouts in the coming weeks, Apple said. Word will place formatting tools alongside documents, while Outlook will display the inbox next to an open message.

Creative apps adapted for the device include Instagram’s Edits, VLLO and Detail. Detail uses on-device AI models for features including captions, filler-word removal and audio enhancement, according to its developer.

The phone uses Apple’s A20 Pro chip and a custom vapour chamber. Apple said it delivers up to 35 per cent better sustained performance than the iPhone 17 Pro.

Gaming titles include Asphalt Legends, while an update adapting Zenless Zone Zero for the device is due in November. UnGodly, a role-playing game from Azra Games, is also scheduled to launch on the App Store in November.

Apple said dedicated App Store collections highlighting compatible apps and games would become available on October 23. Optimised apps will carry a “Made for iPhone Duo” badge, with further updates rolling out throughout the year.

The UAE Ministry of Investment launched a platform on Thursday listing 143 investment opportunities across six priority sectors, as the country seeks to attract Dhs240bn in annual foreign direct investment inflows by 2031.

The Investment Opportunities platform allows international investors to search opportunities by sector, compare investment profiles across all seven emirates and contact ministry advisers for support, the ministry said.

The six sectors are manufacturing, transport and logistics, healthcare and life sciences, renewable energy, information and communications technology, and financial services.

Initial flagship opportunities include components manufacturing, a transport and logistics decarbonisation retrofit cluster, and bioprocess inputs manufacturing for healthcare and life sciences.

Other opportunities cover low- and medium-voltage switchgear manufacturing for renewable energy, government technology platforms, and instant payments services and overlay platforms.

The platform also provides information on each emirate’s sector strengths and infrastructure to help investors assess potential locations. It outlines available incentives and ministry support at different stages of the investment process.

UAE Minister of Investment Mohamed Hassan Alsuwaidi said the government aimed to direct global capital towards sectors supporting diversification and national capabilities.

“As we advance the National Investment Strategy 2031, our focus is on channelling global capital into priority sectors that strengthen national capabilities, advance economic diversification and support the UAE’s long-term competitiveness,” he said.

The launch supports the National Investment Strategy 2031, which targets annual FDI inflows of Dhs240bn and total FDI stock of Dhs2.2tn by 2031.

The UAE attracted $48.3bn, or Dhs177.3bn, in inward FDI in 2025, marking a fourth consecutive year of record inflows, the ministry said. It ranked ninth globally in UNCTAD’s World Investment Report 2026, according to the ministry.