Abu Dhabi-based Core42 said on Thursday it had secured $550m in structured trade finance facilities from HSBC to expand its artificial intelligence cloud and compute infrastructure across the US and Europe.
Core42, which is part of Abu Dhabi technology group G42, said the financing was split into two facilities, each worth $240m and $310m, finalised in February and May 2026, respectively.
The company said the facilities would support the rollout of large-scale AI cloud infrastructure and accelerate deployments tied to long-term contracted demand from enterprise, government and hyperscale customers.
Core42 said the financing structures were non-equity dilutive, allowing the company to raise capital without issuing new shares, as it scales its international operations.
The announcement comes as AI infrastructure providers globally race to secure financing for data centres, cloud platforms and high-performance computing capacity amid surging demand for generative AI services.
Key development for Core42 and for the broader AI infrastructure sector
Core42, headquartered in Abu Dhabi, has been expanding its footprint in Europe and the US as governments and corporations seek sovereign and locally governed AI infrastructure.
The company said its European operations are anchored by a regional headquarters in Dublin, with deployments underway in Italy and France.
“The trade finance facilities represent a defining moment for Core42 and for the broader AI infrastructure sector,” said Neha Gupta, chief financial officer at Core42.
“The provision of the trade facilities by HSBC will strengthen our ability to deploy capacity at speed across the US and Europe while maintaining financial discipline and a long-term growth framework,” Gupta said.
Roopal Jobanputra, general counsel at Core42, said the financing had been structured to support “long-term deployment at scale” while maintaining governance and regulatory clarity across multiple jurisdictions.
Shaikha AlMarri, head of banking UAE at HSBC, said the facilities were designed to support both current deployments and future funding requirements for the company’s AI infrastructure expansion.
Parents in Dubai will not face tuition fee increases for the upcoming 2026-27 academic year after the emirate’s education regulator confirmed a freeze on private school fee hikes, easing pressure on households already managing rising living costs.
The decision by the Knowledge and Human Development Authority (KHDA) follows directives issued under Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, as part of a broader economic support package aimed at families and key sectors across the emirate.
The move marks a change from the previous academic year, when eligible for-profit private schools in Dubai were allowed to apply for fee increases of up to 2.35 per cent under the Education Cost Index, a benchmark linked to operational costs such as salaries, rent and support services.
Dubai’s latest support measures are tied to a wider Dh1.5bn economic incentives package announced by the government, bringing the total value of recent support initiatives to Dh2.5bn.
The package includes 33 initiatives scheduled to roll out over periods ranging from three to 12 months, with education among the sectors receiving targeted support.
Under the measures, KHDA-regulated private schools will receive operational relief, including deferred or instalment-based licence renewal fees and deferred fines, while early childhood centres will benefit from exemptions on licence renewal fees, fines and Dubai Municipality market fees.
Free ice cream and fun: Mövenpick gives UAE families a reason to chill out this weekend
Taking place on May 23 from 10am to 12pm, the activation, titled ‘Mövenpick Moments’, is designed as a simple gesture centred on togetherness, inviting children and families to enjoy one of the brand’s most recognisable signatures, its Swiss-style ice cream
Mövenpick Hotels & Resorts are offering complimentary ice cream and sorbet to children across ten UAE hotels on 23rd May. This 'Mövenpick Moments' initiative aims to create a shared experience for families. Participating locations in Dubai and Ras Al Khaimah will provide scoops in welcoming spaces, reinforcing the organisation's culinary heritage and focus on family-friendly hospitality.
Families across the UAE will have a sweet reason to step out this weekend as Mövenpick Hotels & Resorts rolls out a one-day initiative offering complimentary ice cream and sorbet to children across 10 of its hotels in the country.
Taking place on May 23 from 10am to 12pm, the activation, titled ‘Mövenpick Moments’, is designed as a simple gesture centred on togetherness, inviting children and families to enjoy one of the brand’s most recognisable signatures, its Swiss-style ice cream.
From beachfront resorts to city hotels, participating properties across Dubai and Ras Al Khaimah will serve complimentary scoops in open, family-friendly spaces intended to encourage interaction and shared experiences.
A sorbet option will also be available to ensure inclusivity for children with different dietary preferences.
Kerry Healy, chief commercial officer for premium, midscale and economy brands at Accor across the Middle East, Africa, Turkey and Asia Pacific, said the campaign was built around the idea that meaningful moments do not always need elaborate planning.
“Some of the most meaningful moments are also the simplest. They do not need to be planned or complex to stay with you, and that was very much the spirit behind this campaign,” she said.
“With Mövenpick Moments, we are creating something shared across our hotels and across the country that reflects who we are. It is generous, welcoming, and designed to bring people together through a shared moment of joy.”
The initiative also ties back to the hospitality brand’s culinary roots. Founded in 1948 by Swiss restaurateur Ueli Prager, Mövenpick began as a restaurant concept before expanding into an international hotel brand. Its ice cream, introduced in 1968, has since become one of the company’s most recognisable offerings.
Participating hotels include properties in Jumeirah Beach, Bur Dubai, Jumeirah Lakes Towers, Downtown Dubai, Media City, Al Bustan, Jumeirah Village Triangle, Dubai Creekside and Mövenpick Resort Al Marjan Island.
Beyond the one-day activation, the group said its UAE hotels continue to focus on family-oriented experiences ranging from weekend brunches to relaxed dining concepts and staycation offerings.
Jumeirah Golf Estates, the next chapter: Wasl elevates connectivity, scale and resort-style living
Wasl Group says connectivity, resort-style infrastructure and alignment with Dubai’s long-term urban strategy are driving strong demand at Jumeirah Golf Estates – The Next Chapter
As Dubai’s off-plan property market continues to evolve, developers are increasingly competing on more than just location.
Infrastructure, community planning and long-term investment are becoming central to buyer demand.
In an interview with Gulf Business, Mohamed Al Bahar, Director of Business Development at Wasl Group, discusses the launch of Cedarwood Estates South at Jumeirah Golf Estates – The Next Chapter, why the development is positioned for long-term growth, and how future transport links, international schools, resort-style living, hospitality and lifestyle infrastructure are shaping the next phase of development.
Here are insights from a recent interview with Mohammed Al Bahar.
Cedarwood Estates district sold out quickly. What drove such strong demand for the project?
Prior to launching Cedarwood Estates – South, we launched two other projects: Ashwood Estates, which included 185 villas and sold out in less than 48 hours, followed by Cedarwood Estates, which also sold out in under 48 hours.
We had strong demand from customers who missed out on those launches. Buyers believed in the product, the layouts and the overall vision for Jumeirah Golf Estates – The Next Chapter.
Connectivity has also played a major role. The development benefits from access to key road networks and future public transport infrastructure, including the Etihad Rail Station within the masterplan, the Jumeirah Golf Estates Metro Station and the announced Gold Line expansion. All of this has increased demand for the area, further strengthening accessibility and driving sustained demand.
Mohammed Al Bahar, Director of Business Development at Wasl Group.
Dubai’s off-plan market remains highly active despite rising supply. What gives Wasl confidence that Cedarwood Estates South will perform strongly?
We believe our products are well received and that customers trust the Wasl brand. We align closely with the Dubai 2040 Urban Master Plan, we deliver projects on time, and we maintain high quality standards.
We also have a strong track record across both the freehold and leasehold markets. In the freehold space specifically, buyers respect the brand, and that gives us confidence to continue launching projects within Jumeirah Golf Estates – The Next Chapter.
What is the investor case for a development like this?
Investors are looking for a reputable developer that can deliver on its promises and that is something we focus on strongly.
They are also looking for capital appreciation. Historically, the projects we have launched have performed well, while Dubai itself continues to strengthen its position as a global real estate destination.
In terms of rental yield and market maturity, Jumeirah Golf Estates already provides a strong benchmark for investors. We are not starting from scratch, we are building on the success of the existing development and moving into Jumeirah Golf Estates – The Next Chapter.
From our perspective, this next district represents another level in terms of customer expectations, amenities and overall delivery.
How do communities such as Wasl Gate, Wasl 1 and Jumeirah Golf Estates connect under a broader strategic vision?
All of our developments are aligned with the Dubai 2040 Urban Master Plan.
We ensure that every project and masterplan addresses the key priorities within that framework, including public transport, greenery, sustainability, amenities and social infrastructure.
Everything we develop is designed around those pillars while also contributing to Dubai’s long-term urban growth strategy.
What differentiates the larger villas within the development?
The six-bedroom villas are among the largest units within the district in terms of both layout and plot size.
The design language is very clean and contemporary, while the internal layouts are significantly larger than broader market standards. The homes include a diverse room mix, including offices, multi-purpose spaces and ensuite bedrooms throughout.
Plot sizes range from approximately 10,500 square feet up to 15,000 square feet, which is another major differentiator in the market.
Even the townhouses appear to have larger footprints than many competing developments. Is that intentional?
Absolutely. Within Pinewood Estates at Jumeirah Golf Estates – The Next Chapter, our smallest three-bedroom Estate homes are around 3,400 square feet, which is considerably larger than many of the townhouses launched in the market during the same period.
Looking ahead 5 to 10 years, how do you see Jumeirah Golf Estates evolving?
I see Jumeirah Golf Estates becoming a major hub for resort-style living.
The development includes one of the city’s largest central parks at 1.4 million square feet, in addition to golf course greenery throughout the masterplan. There will be a tennis stadium, equestrian village and a range of lifestyle offerings, such as concierge service and guest valet parking.
We are also introducing elements that were missing from Jumeirah Golf Estates One, including an international school as well as a major hospital within the masterplan.
On the hospitality side, Mandarin Oriental will introduce a five-star living hospitality and wellness offering overlooking the golf course and country club.
We are also developing a town centre with indoor and outdoor retail areas, alongside a transit-oriented development project in partnership with Dubai’s Roads and Transport Authority. This will help connect Etihad Rail with the metro station as part of an integrated commuter journey.
Overall, we believe this masterplan has all the elements required to become one of Dubai’s most connected and successful communities.
When can buyers expect Cedarwood Estates South to be delivered?
The project is currently in the off-plan sales stage and is expected to be handed over in the first quarter of 2029.
We believe the earliest investors in the project will benefit the most from the long-term growth of the development.
Dubai’s Salik, Parkin fees to increase with 5% VAT rollout
Parkin said the measure is aimed at ensuring “full compliance and transparency across all services” while aligning operations with the UAE’s broader regulatory framework
From June 1st, Dubai motorists will pay 5% VAT on Salik road tolls and Parkin charges, affecting both peak and off-peak rates. Salik's tag fees are also subject to VAT. The underlying tariff structure remains unchanged, with the VAT being passed onto the UAE's Federal Tax Authority. Salik's profits remain unaffected, despite a dip in Q1 2026 traffic.
Motorists in Dubai will pay more for road tolls and public parking from June 1 after both Salik and Parkin confirmed they will apply a 5 per cent value-added tax (VAT) to their services.
The move means motorists using Dubai’s road toll system and paid parking network will see slightly higher charges across the board, with the additional VAT revenue to be remitted to the UAE’s Federal Tax Authority (FTA).
Salik, Dubai’s sole toll gate operator, said on Friday that VAT would be applied to toll tariffs as well as tag activation fees from June 1.
The company stressed that the underlying tariff structure remains unchanged and that the VAT is a “pass-through item” collected on behalf of the FTA.
Under the revised pricing, Dubai motorists will pay Dh6.30 during peak-hour crossings at Salik gates, up from Dh6, while off-peak crossings will increase from Dh4 to Dh4.20.
Salik introduced variable toll pricing in January 2025, replacing the long-standing flat Dh4 fee structure. Peak pricing applies during busy morning and evening periods.
The company also confirmed that VAT implementation would not affect its profitability or financial position.
“As per the previously agreed mechanism, the company confirms that the retrospective VAT amount, for the period of July 1, 2022 till May 31, 2026, will be fully compensated by RTA resulting in no financial impact to Salik for this period,” the company said in a statement.
A Salik tag currently costs Dh100 when purchased in person and Dh120 online, meaning motorists will also pay VAT on those charges from next month.
Meanwhile, Parkin announced that VAT would apply to all of its parking-related services, including on-street and off-street parking, permits, seasonal cards and reservations.
The change means a standard Dh4 parking session will rise to Dh4.20 from June 1.
Parkin introduced variable parking tariffs in April 2025, increasing hourly parking fees during peak periods between 8am and 10am and again between 4pm and 8pm.
The Dubai government established Parkin in January 2024 to oversee the emirate’s public parking infrastructure.
The UAE first introduced a 5 per cent VAT on most goods and services in January 2018 as part of broader economic diversification efforts.
The VAT announcement comes as Salik reported softer traffic trends during the first quarter of 2026 amid the impact of the regional conflict earlier this year.
The company recorded 197.2 million trips through its toll gates in Q1 2026, down 6.4 per cent year-on-year, while toll usage fees declined 6 per cent to Dh625.5m.
Salik’s net profit for the quarter remained broadly stable at Dh369.3m, while total revenue slipped 3 per cent year-on-year to Dh728.9m.
Arabian Travel Market (ATM) 2026 has been rescheduled to September 14-17 at Dubai World Trade Centre, following industry consultations. The event, themed "Travel 2040," will highlight technology, sustainability, and luxury travel. ATM Travel Tech debuts fully, showcasing AI and related advancements. A new ultra-luxury lounge and the return of IBTM @ ATM are also planned.
Arabian Travel Market (ATM) has rescheduled its 2026 edition, with the major Dubai travel trade event now set to take place from September 14 to 17 at Dubai World Trade Centre (DWTC).
The latest shift comes after the event was previously moved from its original May 4 to 7 slot to August 17 to 20, amid disruption linked to regional uncertainty.
In a statement, Danielle Curtis, regional portfolio director of UAE at RX Global, said the revised timing followed extensive discussions with industry stakeholders.
“We have been listening and working closely with our exhibitors, partners and stakeholders from across the global travel industry, and the decision to move the event reflects that ongoing dialogue and collaboration,” Curtis said.
She added that the September dates would allow exhibitors, buyers and visitors from around the world to maximise participation and engagement at the show.
The 2026 edition will run under the theme Travel 2040: Driving New Frontiers Through Innovation and Technology, with organisers placing a strong focus on travel technology, sustainability, luxury tourism and cruise sector growth.
Among the headline additions this year is the full-scale debut of ATM Travel Tech, a co-located event spanning two halls and featuring 180 exhibitors from 30 countries.
The showcase is expected to spotlight developments in artificial intelligence, robotics, virtual reality, augmented reality, fintech and sustainability, alongside immersive experiences at the event’s Tech & Innovation Hub.
Organisers have also confirmed a new ultra luxury lounge targeting ultra-high-net-worth travellers, while IBTM @ ATM — the dedicated MICE platform — will return with hosted buyers, pre-scheduled meetings and business events-focused programming.
ATM remains one of the Middle East’s largest travel and tourism exhibitions, bringing together airlines, hotels, tourism boards, destinations, travel technology providers and hospitality groups from around the world.
According to organisers, the 2025 edition attracted more than 55,000 travel professionals from 166 countries and featured 2,800 exhibitors, representing a 16 per cent increase in participation.
