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Dubai ranks as competitive global hub for affluent lifestyles: Julius Baer report

Optimism among Middle Eastern high-net-worth individuals (HNWIs) remains exceptionally strong: a third reported major wealth accumulation last year, and 43 per cent are expanding their investments and expenditures

Neesha Salian
Neesha Salian

13 July, 2026

Dubai ranks as competitive global hub for affluent lifestyles: Julius Baer report
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Dubai remains a competitive global hub for affluent individuals, offering relative value across luxury real estate, premium vehicles, jewellery and travel despite a global rise in the cost of a premium lifestyle, according to the Julius Baer Global Wealth and Lifestyle Report 2026.

The report said Dubai ranked 14th in this year’s index, with the shift in position largely reflecting higher costs in other global wealth centres rather than a decline in the emirate’s affordability.

Globally, the cost of a premium lifestyle increased by an average of 10.2 per cent in US dollar terms over the past year, driven mainly by currency fluctuations rather than local inflation, Julius Baer said.

Cities linked to strengthening currencies, including the euro and Swiss franc, saw sharper increases in prices for high-end goods, while locations anchored to the US dollar benefited from more favourable cost structures for affluent expatriates and internationally mobile families.

Dubai’s dirham peg to the US dollar supported its relative position, the report said, helping protect purchasing power for residents amid global currency volatility.

The report highlighted Dubai’s competitiveness in high-value spending categories, noting that premium automobiles, jewellery and business-class travel remain attractively priced compared with peer cities globally.

Dubai’s prime real estate market also continues to offer relative value compared with higher-priced Asian and European wealth centres, while maintaining premium standards across areas such as five-star hospitality and Michelin-calibre dining, the report said.

Middle East wealth outlook

The report found strong optimism among Middle Eastern high-net-worth individuals (HNWIs), with a third reporting major wealth accumulation over the past year, more than double the proportion recorded among European counterparts.

It said 43 per cent of affluent Middle Eastern individuals were expanding their investments and lifestyle spending, exceeding levels seen in the Americas and Europe.

The report also highlighted the region’s focus on family wealth preservation, with 98 per cent of respondents living in larger family households. Six in ten HNWIs had addressed succession planning over the past year, while 65 per cent used family offices and 73 per cent had established formal family governance frameworks.

Rishabh Saksena, co-head of Global Asset Class Specialists at Julius Baer, said the GCC entered 2026 from a position of strength but had faced challenges from heightened geopolitical uncertainty affecting short-term growth prospects.

“Oxford Economics and ICAEW now forecast Gulf Cooperation Council (GCC) GDP to contract by 0.2 per cent in 2026, against a previously projected 4.4 per cent expansion for the year, with a strong rebound of 8.5 per cent projected for 2027 as conditions normalise,” he said.

Saksena said the near-term pressure was concentrated in sectors exposed to confidence and connectivity, including tourism, hospitality, real estate and aviation.

“Governments across the Gulf have responded with targeted fiscal measures, while central banks moved to protect liquidity and maintain market stability, drawing on the deep fiscal buffers accumulated through years of deliberate economic reform,” he said.

GCC diversification and AI investment

The report said the GCC’s longer-term economic outlook was supported by structural transformation, with non-oil sectors now accounting for approximately 73 per cent of total GCC GDP.

Artificial intelligence has also become central to government economic strategies across the Gulf, with sovereign capital deployed through dedicated national vehicles and regional strategies, the report said.

AI is projected to contribute up to $320bn to the Middle East economy by 2030, according to the report.

Julius Baer said supportive residency frameworks and stronger regulatory policies would continue to attract capital flows, institutional investment and wealth migration to leading financial centres in the region.

The report also highlighted changing priorities among global affluent individuals, with demand for luxury experiences, high-end dining and travel remaining strong.

It said investments in personal wellbeing had increased, reflecting a growing focus on longevity, health and security as components of modern wealth.

Julius Baer said the report’s data collection ended in late February, while survey fieldwork concluded in early March, meaning the impact of the ongoing situation in the Middle East had not been reflected in the findings.

iPhone 18: What you need to know about its higher prices, delayed launch

For years, Apple has followed a familiar iPhone launch strategy, unveiling its flagship smartphones in September with both standard and Pro models arriving together

Nida Sohail
Nida Sohail

13 July, 2026

iPhone 18: What you need to know about its higher prices, delayed launch

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Apple’s next iPhone generation could bring major changes to one of the company’s most closely watched product cycles, with reports suggesting the technology giant may separate the launch of its premium and standard models while facing increasing pressure from rising component costs.

For years, Apple has followed a familiar iPhone launch strategy, unveiling its flagship smartphones in September with both standard and Pro models arriving together. The company has typically introduced more affordable devices later, including the previous iPhone SE lineup and the newer “e” series.

However, reports suggest that the iPhone 18 generation could mark a significant shift from that approach. According to reports cited by Macworld, Apple may launch the iPhone 18 Pro and iPhone 18 Pro Max in the fall, alongside a more expensive foldable iPhone model, while delaying the standard iPhone 18 and iPhone 18e until spring 2027.

Read more-Apple rumoured to delay standard iPhone 18 to 2027: Here’s what you should know

The possible change comes at a time when Apple is also dealing with rising memory and storage costs linked to growing artificial intelligence demand. According to Reuters, Apple CEO Tim Cook has warned that increasing prices for memory and storage chips are becoming increasingly difficult for the company to absorb, raising the possibility that higher costs could eventually reach consumers.

Together, the reported launch changes and rising production expenses point toward a possible new strategy for Apple: placing greater focus on premium devices while managing a more challenging supply environment.

A possible split in Apple’s traditional iPhone launch schedule

Apple’s September iPhone event has become one of the most predictable moments in the technology calendar. For years, consumers have expected the company to introduce its latest flagship lineup during the same period each year.

That pattern could change with the iPhone 18 generation.

According to Macworld, Apple is expected to introduce the iPhone 18 Pro and iPhone 18 Pro Max in the fall, while the standard iPhone 18 could be pushed to the spring of 2027. The publication also reported that Apple could launch the iPhone 18e during the same spring period.

The report said that while Apple has released standard and high-end models together since the introduction of the first Pro iPhone in 2019, the company could break from that practice with the upcoming generation.

If the reported timeline becomes reality, customers who purchase the iPhone 17 at launch and want to upgrade may have to choose between buying a premium iPhone 18 Pro model or waiting until March or April for the standard iPhone 18 launch.

The change would leave the standard iPhone 18 on the market for a longer period than previous models, according to Macworld.

Apple could focus attention on premium devices first

The reported launch split could allow Apple to place greater attention on its higher-end smartphones.

According to the reports, Apple’s next major products are expected to include the iPhone 18 Pro, iPhone 18 Pro Max and the company’s first foldable phone, which may be called the iPhone Ultra.

The premium models are also expected to be among the biggest showcases for Apple Intelligence, the company’s artificial intelligence software platform.

According to News18, Mark Gurman addressed Apple’s usual September launch pattern in his Power On newsletter. Gurman explained that Apple’s September events typically take place shortly after Labor Day, allowing the company to place new devices on sale before the holiday season.

“Apple’s September iPhone events tend to follow a familiar playbook,” Gurman wrote, according to News18, describing the schedule as a carefully planned process involving Apple’s marketing, finance and operations teams.

The possibility of a staggered launch could allow Apple to create multiple moments of consumer attention throughout the year instead of concentrating all interest around a single September event.

Rising AI demand puts pressure on memory and storage costs

While Apple may be preparing changes to its product launch strategy, the company is also facing increasing pressure from higher component costs.

According to Reuters, Tim Cook said Apple plans to raise prices on some products to offset increasing memory and storage chip costs.

The increase in demand for artificial intelligence data centres has created intense competition for memory supplies, pushing prices higher across the electronics industry.

“Unfortunately, price increases are unavoidable,” Cook told the Wall Street Journal, according to Reuters.

“We’re doing our best to mitigate the huge increases that are being passed to us, and we’ve been trying to shield our customers from the increases, but the situation has become unsustainable.”

Cook did not specify when price increases could happen, how much prices could rise or which products could be affected.

Reuters reported that Cook highlighted concerns around the DRAM market, noting that more supply is being directed toward high-bandwidth memory used in AI servers.

“There’s less supply at a time when consumers want devices and the memory guys are passing along huge price increases,” Cook said, according to Reuters.

He added that Apple wants memory pricing and supply levels to return to reasonable conditions for consumer products.

Cook also said Apple was prepared to use its balance sheet to help address supply challenges but clarified that the company does not plan to build its own memory and storage factories.

New hardware upgrades could increase manufacturing costs

Beyond broader industry pressures, reports suggest Apple’s upcoming premium iPhone models could feature hardware improvements that may increase production expenses.

According to Sunday Guardian Live, the iPhone 18 Pro and iPhone 18 Pro Max may introduce a variable aperture camera system, replacing the fixed-aperture technology used in previous Pro models.

The publication reported that experts believe the advanced camera hardware could cost Apple around 50% more than the current iPhone 17 Pro camera module.

The report also said leaks suggest Apple could introduce a larger battery, a next-generation A20 Pro chip and design changes aimed at improving photography and battery performance.

According to Sunday Guardian Live, leaked battery capacities for the iPhone 18 Pro Max include a 5,567mAh battery for the US model and a 5,391mAh battery for the international model.

The publication reported that the increase could represent nearly 500mAh more capacity compared with the iPhone 17 Pro Max.

The report also suggested that the US version could have a larger battery because Apple no longer includes a physical SIM tray in US iPhones, potentially freeing additional internal space.

Apple has not officially confirmed these details.

AI features could drive demand for more powerful hardware

Additional reports suggest Apple’s next premium smartphones could require more advanced components to support artificial intelligence features.

According to Hindustan Herald, leaks surrounding the iPhone 18 Pro Max point toward a larger battery, improved camera capabilities and increased AI-focused hardware.

The publication reported that leaked dummy units and frame measurements indicate the device could become slightly thicker than the iPhone 17 Pro.

According to Hindustan Herald, the additional thickness could be linked to the larger battery and changes to the camera system.

The report also said the iPhone 18 Pro Max is expected to use more memory and battery capacity to support AI features running directly on the device.

Apple has not confirmed these specifications.

Consumers could face a new iPhone decision

If the reported changes happen, Apple customers could face a different decision when upgrading their smartphones.

Instead of choosing between standard and Pro models during the same launch period, consumers may have to decide whether to buy a premium device immediately or wait several months for a more affordable option.

At the same time, rising memory and storage costs could make future iPhones more expensive.

Apple has not officially announced the iPhone 18 lineup, pricing details or launch schedule. However, the reports surrounding the company’s next generation of smartphones highlight the challenges facing the world’s largest technology companies as artificial intelligence reshapes demand for critical components.

For Apple, the next iPhone cycle could become a test of whether consumers are willing to accept higher prices, longer waits and a stronger focus on premium devices.

Dubai’s new 12km corridor to serve 650,000 people by 2028

Stretching approximately 12 kilometres, the new strategic corridor will strengthen links between some of Dubai’s busiest road networks, connecting Sheikh Zayed Road through Al Khail Road

Nida Sohail
Nida Sohail

13 July, 2026

Dubai’s new 12km corridor to serve 650,000 people by 2028

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Dubai’s Roads and Transport Authority (RTA) has awarded the contract for the Dhs2bn Latifa bint Hamdan Corridor Development Project, marking another major investment in the emirate’s expanding transport infrastructure as authorities continue efforts to improve connectivity, ease congestion and support future urban growth.

Stretching approximately 12 kilometres, the new strategic corridor will strengthen links between some of Dubai’s busiest road networks, connecting Sheikh Zayed Road through Al Khail Road, Al Meydan Street, Sheikh Mohammed bin Zayed Road and Sheikh Zayed Bin Hamdan Al Nahyan Street to Emirates Road, a WAM report said.

The project forms part of the emirate’s long-term infrastructure strategy aimed at expanding road capacity, improving traffic movement and keeping pace with rapid population growth and ongoing urban development. It is scheduled for completion by the end of 2028.

Image credit: Dubai Media Office/Website

Major infrastructure investment

The development includes the construction of seven bridges spanning a combined 2,300 metres and eight tunnels extending 900 metres, creating a fully integrated transport corridor designed to improve traffic flow across key parts of Dubai.

Read more-Dubai’s road overhaul: New roads, bridges to transform commutes

Once completed, the corridor is expected to accommodate around 16,000 vehicles per hour in both directions while serving more than 130,000 trips every day. Officials also estimate that travel time between Umm Al Sheif Street and Emirates Road will be reduced from 33 minutes to just 15 minutes, representing a 54 per cent reduction.

Beyond easing congestion, the project is designed to support both existing communities and future developments while enhancing mobility for residents and visitors across the emirate.

Image credit: Dubai Media Office/Website

Supporting Dubai’s long-term vision

Mattar Al Tayer, director general, chairman of the Board of Executive Directors of the Roads and Transport Authority, said the latest project reflects Dubai’s long-term commitment to investing in world-class transport infrastructure.

He said the emirate’s major infrastructure developments embody the leadership’s vision of placing roads and transport at the centre of Dubai’s future economic growth and global competitiveness.

Al Tayer noted that expanding and modernising the road network remains one of the key pillars supporting Dubai’s rapid urban and economic development, while strengthening the city’s position as a global investment destination and one of the world’s leading places to live, work and visit.

He said, “Dubai has adopted a proactive approach to infrastructure development, centred on delivering major projects ahead of growth requirements. This ensures the road network is ready to accommodate the urban, population and economic expansion witnessed by the emirate.

“RTA continues to deliver strategic projects that strengthen connectivity between different areas, enhance traffic efficiency and ensure smoother mobility. These projects have a positive impact on quality of life and support the objectives of the Dubai Economic Agenda D33 and the Dubai 2040 Urban Master Plan, both of which aim to reinforce Dubai’s leadership as a global model for sustainable urban development.”

Image credit: Dubai Media Office/Website

Strengthening strategic road corridors

Al Tayer said the Latifa bint Hamdan Corridor Development Project forms part of a broader programme aimed at supporting strategic road corridors experiencing increasing traffic demand, including Al Khail Road, Dubai-Al Ain Road, Umm Suqeim Street and Sheikh Mohammed bin Zayed Road.

According to RTA, the project will help distribute traffic more efficiently across Dubai’s road network while improving access to several major residential and commercial developments.

Al Tayer added, “Latifa bint Hamdan Corridor Development Project forms part of RTA’s efforts to support strategic road corridors experiencing rising traffic volumes, such as Al Khail Road, Dubai–Al Ain Road, Umm Suqeim Street and Sheikh Mohammed bin Zayed Road. The project will contribute to distributing traffic flow and managing demand.

“The new corridor also aims to serve development projects by providing entry and exit points that facilitate access to them and enhance their economic competitiveness. Latifa bint Hamdan Corridor is a new strategic corridor that strengthens integration across the main road network, provides advanced infrastructure to serve current and future urban projects, and improves connectivity between the eastern and western parts of the emirate. It will support economic growth, facilitate the movement of residents and visitors, and enhance the capacity of the road network in line with the highest international standards.”

Designed to serve growing communities

The Latifa bint Hamdan Corridor is expected to become one of Dubai’s most important east-west transport routes, increasing the capacity of the emirate’s east-west road corridors by approximately 12 per cent.

The corridor will provide improved access to several established and emerging communities, including Nad Al Sheba, Al Barari, Dubai Hills, Dubai District One, Mohammed Bin Rashid Gardens, Living Legends, Majan and Global Village. It will also benefit residential, commercial and industrial areas located along Latifa bint Hamdan Street and Al Meydan Street, as well as communities situated between Al Khail Road and Emirates Road.

RTA estimates the corridor will ultimately serve around 650,000 residents and visitors.

As part of the project, Latifa bint Hamdan Street will be expanded to four lanes in each direction. An integrated system of free-flow interchanges, bridges and loop ramps will also be constructed to allow uninterrupted traffic movement across the network.

In addition to the seven bridges and eight tunnels, the project includes a new road linking Al Khail Road with the extension of Latifa bint Hamdan Street, further improving connectivity between key transport corridors.

The development also involves upgrades to sections of Al Meydan Street, including the construction of a new interchange that will improve access to nearby development projects while boosting traffic efficiency.

Cycling infrastructure included

Alongside road improvements, the project incorporates 12.5 kilometres of dedicated cycling tracks that will connect with Dubai’s existing cycling network.

The new route will create a continuous connection between Al Qudra and Jumeirah, supporting the emirate’s wider sustainable mobility strategy while expanding transport options for cyclists.

Officials said integrating cycling infrastructure into the project reflects Dubai’s continued focus on encouraging alternative modes of transport and promoting healthier, more sustainable travel.

Significant traffic benefits expected

According to RTA, the corridor’s projected capacity of approximately 16,000 vehicles per hour in both directions will help ease pressure on several of Dubai’s busiest highways.

The project is expected to improve traffic conditions on surrounding corridors, including Al Khail Road, Sheikh Mohammed bin Zayed Road, Dubai-Al Ain Road and Umm Suqeim Street.

By strengthening links between major transport routes, the development is also expected to improve service levels, enhance road safety through modern multi-level interchanges and support future urban expansion across the emirate.

Officials believe the project will play a significant role in accommodating future transport demand while ensuring smoother movement for commuters travelling across Dubai.

Building on previous success

The latest development builds on earlier improvements completed by RTA along the western section of Latifa bint Hamdan Street as part of the Latifa bint Hamdan and Umm Al Sheif Streets Development Project.

That project significantly improved connectivity between Jumeirah, Al Khail Road and surrounding parallel roads through the construction of an integrated network of multi-level bridges providing uninterrupted traffic flow.

The earlier works reduced travel time between Sheikh Zayed Road and Al Khail Road from 12 minutes to just four minutes while also improving freight access to and from Al Quoz Industrial Area.

RTA said the previous development also strengthened links between residential communities and major development projects, helping integrate them into Dubai’s wider road network.

The newly awarded corridor project will complete the development of this important transport route, reinforcing its position as one of Dubai’s strategic road corridors. It also supports RTA’s long-term vision of delivering a world-class road network capable of driving economic growth, supporting sustainable urban expansion and enhancing quality of life as Dubai continues its development.

From prison terms to fines up to Dhs10m: How UAE aims to protect its cultural assets

The Federal National Council has approved a draft law designed to strengthen protection of UAE cultural heritage, introduce new heritage categories and impose tougher penalties for violations

Neesha Salian
Neesha Salian

13 July, 2026

From prison terms to fines up to Dhs10m: How UAE aims to protect its cultural assets
Image courtesy: WAM

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The UAE’s Federal National Council (FNC) has approved a federal draft law on Cultural Heritage that sets out new measures to protect, document and preserve the country’s cultural assets.

The draft legislation aims to safeguard UAE cultural heritage in all its forms, while supporting research, cultural exchange, heritage tourism and the integration of heritage into sustainable development plans, state news agency WAM reported.

The FNC reviewed a report from its Committee on Education, Culture, Youth, Sports and Media Affairs, which said the draft law was examined through legal, social and economic studies, as well as discussions with Ministry of Culture representatives.

Among the key provisions, the law introduces the concept of “digital heritage”, covering digital materials and resources with cultural, historical, scientific, social, environmental or economic value, whether created digitally or converted into digital formats.

It also defines “archaeological survey” as the exploration, documentation and recording of archaeological sites using scientific methods.

The legislation outlines the responsibilities of the Ministry of Culture, in coordination with relevant authorities, including developing policies and strategies for cultural heritage protection, implementing awareness and tourism promotion programmes, supporting education and research, and building national capabilities in the sector.

The law also allows cultural heritage elements to be nominated for inclusion on regional and international heritage lists, subject to approval from the Ministry of Culture and procedures set out in executive regulations.

To strengthen protection measures, the draft law introduces penalties for serious violations, including prison sentences of up to 10 years and fines ranging from Dhs500,000 to Dhs10m.

The penalties apply to offences including deliberate damage to tangible cultural heritage or archaeological sites, theft, smuggling, and carrying out construction, alteration or relocation works without the required authorisation.

Read: Dubai issues new law governing violations, penalties, administrative measures

Majid Al Futtaim launches premium Carrefour Market concept in UAE

Majid Al Futtaim said the premium Carrefour Market format would be rolled out across multiple stores in 2026 as part of continued investment in Carrefour Market and hypermarket formats across the UAE

Neesha Salian
Neesha Salian

13 July, 2026

Majid Al Futtaim launches premium Carrefour Market concept in UAE
Image: Supplied

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Majid Al Futtaim recently launched its first premium Carrefour Market concept in the UAE at Jumeirah Park Centre, introducing a new supermarket format as the retailer expands investments in store modernisation and customer experience.

Majid Al Futtaim, which holds the exclusive rights to operate Carrefour in the UAE, said the new store will serve as a prototype for Carrefour’s next-generation premium supermarket format and is part of its wider 2026 transformation strategy.

The 2,200 square metre store features a food-focused layout, with fresh and ready-made food offerings expanded to 38 per cent of the total selling area from 25 per cent previously, the company said.

New concept revealed at the premium Carrefour offering

The new concept also introduces Carrefour’s first BakeHouse Café, offering freshly baked goods, speciality coffee and casual dining options.

The store includes an expanded Fresh Market, more than 900 new products including over 300 imported items, a redesigned health and beauty section featuring dedicated K-Beauty bays, an enhanced pet care offering, and a Food-for-Now deli.

Majid Al Futtaim said the premium Carrefour Market format would be rolled out across multiple stores in 2026 as part of continued investment in Carrefour Market and hypermarket formats across the UAE.

Founded in 1992, Majid Al Futtaim operates across the Middle East, Africa and Asia, employing more than 41,000 people and serving 600 million customers annually through its physical and digital ecosystem, according to the company.

The group introduced modern grocery retail to the region in 1995 and currently operates a network of nearly 500 stores across its retail portfolio. It also operates shopping malls, hotels, entertainment destinations and lifestyle businesses across the region.

Read: Majid Al Futtaim Asset Management’s CEO on turning malls into growth engines for SMEs

e& Group to sell its Vodafone stake for nearly $6bn

Vodafone has undergone significant restructuring under chief executive Margherita Della Valle since she took over in 2023

Reuters
Reuters

13 July, 2026

e& Group to sell its Vodafone stake for nearly $6bn
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French billionaire Xavier Niel is set to become Vodafone Group’s VOD.L largest shareholder after UAE telecoms group e& agreed to sell its entire stake in the British telecoms group for almost $6bn.

The deal gives one of Europe’s most active telecoms dealmakers, who has long championed consolidation in its fragmented industry, the largest stake in Britain’s biggest mobile operator.

Some analysts expect Niel to seek greater influence over Vodafone‘s strategy.

“We believe the general playbook for Xavier Niel is to buy and hold – and to try to exert influence over the company – and potentially move to full control over time,” NewStreet Research said in a note.

Analysts at Berenberg said Niel’s investment could accelerate cost-cutting and free cash flow growth at Vodafone, citing the value his Iliad had created at Sweden’s Tele2 since acquiring an initial 20 per cent stake in 2024.

A spokesperson for Vega, the investment vehicle owned by the Niel family group, said the transaction was a straightforward purchase of e&’s stake and did not include any governance arrangements. The immediate focus is securing the necessary regulatory approvals, including foreign investment clearances, the spokesperson said.

Vega said it had struck a binding agreement to buy the roughly 16.2 per cent stake for about GBP4.4bn ($5.91bn), 13 per cent above Vodafone‘s closing share price on Thursday.

Vodafone has undergone significant restructuring under chief executive Margherita Della Valle since she took over in 2023. The group has exited Spain and Italy, sharpened its focus on Germany, Britain and Africa, and completed its merger with Three UK, creating Britain’s largest mobile operator.

“Vodafone is a compelling investment opportunity, underpinned by quality assets, strong brands, leadership positions and a diversified geographic footprint,” Niel said in a statement.

“As a simpler, more focused business, Vodafone is ready for a new phase of growth and is well-placed to unlock substantial untapped value across its European and African operations.”

Vodafone shares rose 12 per cent to a high of 110 pence in early trade on Friday, while e& shares traded around 4.5 per cent higher.

E& said its exit reflected the “natural evolution” of its priorities to “sharpen its strategic focus on core businesses” while unlocking cash from the sale.

CCS Insight analyst Kester Mann said the move marked a surprising turnaround for e&, formerly known as Etisalat, which bought an initial 9.8 per cent stake in Vodafone in 2022 for $4.4bn and gradually built it up.

“The announcement indicates that the Middle East company is taking a step back from its strategy to become a global telecom and technology player and now wishes to concentrate on its core businesses.”

Vodafone welcomed Niel’s arrival as its largest shareholder.

“We know the Niel family group well and look forward to engaging with them as a supportive, long-term shareholder,” Vodafone said in a statement.

Niel first bought a 2.5 per cent stake in Vodafone in 2022 through a separate vehicle, but that stake has since been sold, according to a spokesperson for Vega. He also sought to acquire Vodafone‘s Italian business twice over the last few years and was rebuffed on both occasions.

The billionaire has emerged as one of the leading players in the European telecoms sector, building up his Iliad from a French challenger into a group spanning France, Italy and Poland.

Niel is the second French tycoon in as many years to target a major British telecoms company. Patrick Drahi’s Altice group acquired nearly 25 per cent of BT BT.L before offloading it to Bharti Global two years ago to cut debt.

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