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Oman Investment Authority reports record $7.8bn profit in 2025

According to data from SWF Global, OIA ranked third globally among sovereign wealth funds for overall return on investment and first worldwide for public market returns in 2025

Neesha Salian
Neesha Salian

19 May, 2026

Oman Investment Authority reports record $7.8bn profit in 2025
Image: Getty Images/ For illustrative purposes

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Article Summary
Oman Investment Authority reported a record-breaking year in 2025, with $7.8bn profits and a 14.6% return on investment. Assets reached $60bn, ranking OIA third globally for ROI. Restructuring state-owned enterprises and divestments generated significant capital. $4.1bn in foreign direct investment was attracted, supporting Oman's economic diversification programme and global capital role.

Oman Investment Authority, the Sultanate of Oman’s sovereign wealth fund, has reported its strongest annual performance, posting profits of about $7.8bn and a 14.6 per cent return on investment for 2025.

The fund said its assets reached around $60bn by the end of 2025, while cumulative portfolio value growth since 2020 stood at approximately 73 per cent.

According to data from SWF Global, OIA ranked third globally among sovereign wealth funds for overall return on investment and first worldwide for public market returns in 2025.

The results come as Gulf sovereign wealth funds continue to expand their global influence across sectors, including infrastructure, technology, energy transition, logistics and private equity.

OIA said it exceeded its approved annual performance indicators by 105 per cent, supported by gains in public markets, asset management measures and restructuring initiatives involving state-owned enterprises.

The authority also said it attracted around $4.1bn in foreign direct investment during the year, as Oman seeks to diversify its economy beyond hydrocarbons and strengthen its role in global capital flows.

Since taking ownership of several state-owned companies in 2020, OIA said it has implemented restructuring measures aimed at improving operational and financial performance, increasing profitability and enhancing efficiency across its portfolio.

The sovereign fund added that it settled approximately $2.4bn in debt across subsidiaries and completed 24 divestments under a programme launched in 2022 to recycle capital and maximise returns.

The divestments generated more than $7.3bn for reinvestment by the end of 2025.

Expanding portfolio

OIA said its portfolio spans more than 52 countries, with nearly two-thirds of investments held domestically in Oman. International allocations include 19 per cent in North America, 9 per cent in Europe, 4 per cent in Asia-Pacific and 7 per cent in other global markets.

The authority said international institutions, including the World Bank, had recognised Oman’s progress in strengthening governance and oversight of state-owned enterprises.

OIA said the 2025 performance reflected a broader strategy to use sovereign capital to generate returns, attract foreign investment, restructure state assets and expand Oman’s international investment platform.

Dubai rolls out Eid Al Adha staycation offers, family events from May 22-31

Dubai will offer a dynamic citywide Eid programme featuring attractions, cultural experiences, retail promotions, live performances and dining experiences across the city

Neesha Salian
Neesha Salian

18 May, 2026

Dubai rolls out Eid Al Adha staycation offers, family events from May 22-31
Image: Dubai Media Office

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Article Summary
Dubai is hosting a citywide Eid Al Adha programme from 22-31 May, featuring staycation deals and family entertainment. Organised by the Dubai Festivals and Retail Establishment, the programme includes hotel offers at various locations, from beachfront resorts to urban properties. Residents and visitors can access details on offers and bookings via eidindubai.ae.

Dubai will host a citywide programme of Eid Al Adha festivities, staycation offers and family experiences from May 22 to May 31 as part of the Season of Wulfa and in alignment with the Year of the Family, organisers said on Monday.

Organised by Dubai Festivals and Retail Establishment, part of the Dubai Department of Economy and Tourism, the Eid Al Adha programme includes limited-time hotel offers across beachfront resorts, desert retreats and urban properties, alongside citywide entertainment and shopping promotions.

Staycations for Eid Al Adha

Among waterfront destinations, NH Collection Dubai The Palm is offering a complimentary second night on stays starting from Dhs350, while Sofitel Dubai Jumeirah Beach said children under 12 can stay free.

Four Seasons Resort Dubai at Jumeirah Beach is offering 30 per cent off room rates alongside complimentary breakfast and flexible check-in and check-out options, while Address Beach Resort is providing savings of up to 35 per cent and a floating breakfast package at ZETA Seventy Seven.

Anantara The Palm Dubai Resort said guests can receive up to Dhs500 in daily resort credit in addition to 30 per cent savings on rooms and villas, while Raffles The Palm Dubai is offering club lounge access, dining discounts and spa promotions.

For visitors seeking quieter breaks, Meliá Desert Palm Dubai is offering discounts of up to 45 per cent on rooms and villas with private pools. The package also includes Dhs100 in food and beverage credit, Dhs100 in spa credit, stable tours and complimentary fitness classes.

Urban hotels are also participating in the campaign. Ciel Dubai Marina is offering suite packages with breakfast and flexible check-in options, while Grand Millennium Hotel Dubai is providing room upgrades, free stays for children up to 11 years old and discounts on dining and spa services.

InterContinental Residences Dubai Business Bay is offering extended-stay packages under a pay-for-less model, while Vida Creek Harbour, Shangri-La Dubai and Mandarin Oriental Downtown Dubai are also rolling out Eid promotions.

Other participating properties include Hampton by Hilton Dubai Al Seef, Swissôtel Al Ghurair, Canopy by Hilton Dubai Al Seef, Carlton Downtown Hotel, Zabeel House The Greens, SLS Dubai Hotel & Residences and Radisson RED Dubai Silicon Oasis.

Retail promotions during Eid Al Adha

Beyond hospitality offers, Dubai will host a wider programme of attractions, cultural activities, retail promotions, live performances and dining experiences across the city during the Eid holiday period.

Residents and visitors can find more details on offers and bookings via eidindubai.ae.

Ryanair lowers summer fares despite record profit

Ryanair forecast a mid-single-digit percentage fall in average fares year on year in the April-June quarter and broadly flat for July to September

Reuters
Reuters

18 May, 2026

Ryanair lowers summer fares despite record profit
Image: Getty Images/Image for illustrative purpose

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Ryanair is cutting summer air fares to woo wary consumers, it said after posting record annual profit, adding that the risk of jet fuel shortages has all but disappeared.

Europe’s largest airline by passenger numbers reported a slightly better than expected 40 per cent jump in full-year profit on Monday but downgraded its forecasts on fare income owing to consumer concerns over the broader impact of the Iran war.

“There is a little bit of customer nervousness out there,” chief executive Michael O’Leary told analysts on a conference call. “We’re having to do a little bit of price discounting to keep the volumes going.”

Ryanair forecast a mid-single-digit percentage fall in average fares year on year in the April-June quarter and broadly flat for July to September.

But that forecast is conservative, O’Leary said, adding that he expects a “reasonable surge” once the war ends.

O’Leary said that the risk of a jet fuel shortage forcing cancellation of flights in Europe this summer had dropped to “almost zero” thanks to production increases by refiners after securing alternatives to Gulf crude.

If the war does drag on, however, Ryanair would be squeezed by both weaker demand and higher costs, potentially leading to a dip in profitability.

The airline has hedged 80 per cent of its jet-fuel requirements for the year to the end of next March at $67 a barrel, less than half the current spot price. However, costs per passenger could still rise by a mid-single-digit percentage if fuel prices remain at current elevated levels.

Ryanair shares fell by 3 per cent after the results were released, but they recovered to a gain of 5.5 per cent by 1318 GMT after slightly more optimistic commentary on the analyst call.

The budget carrier has almost concluded negotiations on an extension to O’Leary’s contract to 2032, including a 10 million share-option agreement, subject to performance targets. A previous share option scheme is set to earn O’Leary as much as 100 million euros ($116.5m).

O’Leary, 65, did not directly answer an analyst who asked if the extension would be his last.

Ryanair’s full-year post-tax profit of 2.26 billion euros was slightly better than a forecast of EUR2.2bn in a company poll of analysts.

That excluded an 85 million euro provision related to a fine from the Italian competition authority, which Ryanair expects to be overturned on appeal.

Emirates breaks ground on $5.1bn engineering complex at Dubai South

The project is being delivered by China Railway Construction Corporation (CRCC), with Artelia appointed as project consultant

Rajiv Pillai
Rajiv Pillai

18 May, 2026

Emirates breaks ground on $5.1bn engineering complex at Dubai South

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Emirates has broken ground on its new $5.1bn engineering complex at Dubai South, a major aviation infrastructure project set to become the world’s most modern and advanced maintenance, repair and overhaul (MRO) facility.

The project is expected to further strengthen Emirates’ and Dubai’s position in global aviation capability and infrastructure, while expanding the airline’s engineering and maintenance capacity for future growth.

The new engineering facility is being delivered by China Railway Construction Corporation, a leading construction and infrastructure development company, with Artelia appointed as project consultant.

The groundbreaking ceremony was held in the presence of HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group; Sir Tim Clark, president Emirates Airline; HE Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation and Dubai South; and Dai Hegen, chairman, China Railway Construction Corporation Limited.

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group, said: “Today’s groundbreaking for the $5.1bn engineering facility is a strategic step forward in Dubai’s future-focused aviation ambitions. The new facility strengthens Emirates Engineering’s vertical integration strategy by bringing more skills, infrastructure, parts production, and specialist capabilities under one roof, while positioning the airline to serve as a strategic engineering partner for the future requirements of the regional and global aviation industry. This latest investment also aligns directly with Dubai Economic Agenda D33, reinforcing Dubai’s position as a global economic hub and centre of aviation excellence, and lays the foundations for the next chapter of growth for Dubai, the UAE and the wider MRO industry.”

HE Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation and Dubai South, said: “At Dubai South, our mandate is aligned with the vision of our wise leadership to further strengthen Dubai’s position as the aviation capital of the world through the development of an integrated ecosystem that supports the future needs of the global aviation sector. The groundbreaking of this world-class facility marks another milestone in advancing the aviation infrastructure surrounding Al Maktoum International Airport, which is set to become the largest once completed. This project will play a key role in enhancing Dubai’s capabilities to cater to the growing demand for advanced aviation services and maintenance solutions, while reinforcing the emirate’s position as a global benchmark for aviation excellence, innovation, and long-term industry growth.”

Dai Hegen, chairman, China Railway Construction Corporation Limited, said: “As an important milestone reflecting the good-neighbourly friendship and practical cooperation between China and the UAE, this project fully aligns with the consensus reached by the two heads of state and Dubai’s economic development vision, and demonstrates Emirates’ high recognition of CRCC’s comprehensive strength and brand reputation. As the main contractor, we will uphold our core values, mobilize premium resources and assemble a professional team to deliver high-standard construction, efficient progress and quality results, striving to build a model project for China-UAE cooperation and contribute our full strength to deepening bilateral economic and trade ties and building a China-UAE community with a shared future.”

The new Emirates Engineering facility at Dubai South will span 1.1 million square metres, making it one of the largest buildings in the world by volume and the largest steel structure in the GCC.

The facility will also feature the world’s only hangar complex with the capacity to simultaneously service 28 wide-body aircraft, alongside two painting hangars.

Key features of the mega-facility include the largest free-span hangar in the world, with a width of 285 metres, and the largest dedicated landing gear workshop in the world.

The complex will also include 77,000 square metres of dedicated workshop space for repairs and maintenance, as well as 380,000 square metres of storage and logistics capacity.

In addition, the facility will feature two state-of-the-art paint hangars to service Emirates’ fleet of wide-body aircraft, with extended capacity to also handle narrow-body aircraft.

The technical facilities will be supported by a dedicated administrative building for Emirates Engineering, providing 50,000 square metres of office space and 15,000 square metres of training facilities. A gateway facility will also be developed to control airside access.

Emirates said the new engineering complex is expected to set new sustainability benchmarks, with all project facilities targeting a Leadership in Energy and Environmental Design (LEED) Platinum rating. Solar panels will also be installed on roofs across the complex, alongside other sustainability initiatives.

Construction of the facility is expected to be completed by the middle of 2030. The hangar complex will initially start servicing aircraft requiring heavy maintenance, as well as spillover projects from the Emirates Engineering Centre at Dubai International Airport.

Careem doubles delivery radius with new Far-Away Gems feature

Initially available in Dubai and Abu Dhabi, the Far-Away Gems collection includes more than 600 hand-picked restaurants selected based on popularity, customer ratings and strong local reputations

Rajiv Pillai
Rajiv Pillai

18 May, 2026

Careem doubles delivery radius with new Far-Away Gems feature

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Careem has launched a new feature called Far-Away Gems, expanding its food delivery radius across the UAE and enabling customers to order from restaurants previously considered outside standard delivery zones.

The company said the feature more than doubles its existing delivery range, making Careem the first food delivery platform in the UAE to offer access to restaurants located significantly beyond customers’ immediate neighbourhoods.

Initially available in Dubai and Abu Dhabi, the Far-Away Gems collection includes more than 600 hand-picked restaurants selected based on popularity, customer ratings and strong local reputations. The initiative is designed to respond to growing customer demand for well-known local eateries that are often recommended through word of mouth but historically inaccessible through delivery platforms due to distance limitations.

According to Careem, the feature aims to spotlight neighbourhood institutions and independent restaurants that have built loyal followings over the years but lack the widespread footprint of larger restaurant chains.

Among the featured restaurants are Al Ustad Special Kabab, known for its longstanding presence in the UAE dining scene; Pechka, which specialises in Eastern European comfort food; Aqaya, a specialty coffee and bakery concept; Café De Paris; and Al Sultan Restaurant & Grills.

Restaurant partners said the initiative is helping local brands expand visibility and reach new customer segments beyond their traditional delivery radius.

“We built this restaurant on loyalty and word of mouth. Careem’s Far-Away Gems is the modern version of that. A recommendation that reaches further than we ever could on our own,” said Abbas Ansari, Al Ustad Special Kabab.

Nourhan Farhat, VP of Marketplace Businesses at Careem, added: “The UAE is home to some truly extraordinary restaurants that have built loyal followings over years, sometimes decades. People search for them, recommend them, and make the trip across the city just to eat there. But for most customers, ordering from them has never been an option. Far-Away Gems changes that. It is our way of making sure that where you live is never the reason you miss out on a great meal.”

The launch reflects increasing competition within the UAE’s food delivery sector, where platforms are investing in logistics capabilities, customer experience enhancements and differentiated offerings to capture consumer demand.

Far-Away Gems is now accessible through the Food section of the Careem app for users in Dubai and Abu Dhabi.

Bolt launches in Abu Dhabi: Here’s what it means for riders

Momentum continued into 2026, with e-hailing activity rising a further 9 per cent year-on-year in Q1, highlighting strong and sustained demand for digital mobility services

Nida Sohail
Nida Sohail

18 May, 2026

Bolt launches in Abu Dhabi: Here’s what it means for riders

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Dubai Taxi Company, the mobility provider in Dubai, and its strategic partner Bolt have announced the launch of Bolt’s ride-hailing services in Abu Dhabi. The move marks a significant expansion of the partnership across the UAE and strengthens their shared push into the country’s fast-growing digital transport sector.

The expansion comes amid sustained growth in e-hailing demand across the DTC–Bolt partnership. In 2025, DTC recorded a 24 per cent year-on-year increase in e-hailing activity across its taxi and limousine segments, supported by fleet growth and increasing adoption of app-based booking channels.

Read more-Bolt launches dedicated school rides across Dubai

Momentum continued into 2026, with e-hailing activity rising a further 9 per cent year-on-year in Q1, highlighting strong and sustained demand for digital mobility services.

Limousine-first rollout, followed by taxi services

Bolt will initially launch its operations in Abu Dhabi with limousine services, giving customers access to ride-hailing through a large network of fleet owners, drivers, and vehicles. Taxi services are expected to follow in the coming weeks as the rollout expands.

The expansion also builds on progress in Dubai, where Q1 2026 saw the integration of 1,823 National Taxi vehicles into the Bolt platform, further broadening its footprint in the UAE and strengthening its role in the evolving mobility ecosystem.

Leadership highlights strong demand for app-based mobility

Vasilis Hadjiaslanis, general manager of Bolt UAE, said:

“Abu Dhabi is a natural next step for Bolt in the UAE. We have seen exceptional demand for reliable, app-based mobility, and this milestone gives residents and visitors in the capital access to a service that is fast, convenient, and built around their needs. We are proud to be on this journey alongside our partners at DTC, and we look forward to continuing to grow our presence across the UAE.”

Driven by rising demand, the expansion reinforces DTC’s commitment to delivering more accessible mobility solutions for residents, visitors, and businesses nationwide. It also aligns with the UAE’s broader shift toward smart mobility and digitally enabled transport systems, as both companies continue scaling their services across major cities.

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