HEA Energy has successfully priced its inaugural $550m senior secured bond, marking a major financing milestone for the marine services provider as it expands its offshore support fleet and strengthens its position across the offshore wind and oil and gas sectors.

The company said the transaction was materially oversubscribed, attracting strong demand from a diverse group of global institutional investors. HEA Energy added that the deal ranks as the largest bond ever placed in the Nordic market by a MENA-headquartered company.

Investor interest was supported by the company’s diversified business model, with revenues split evenly between the offshore wind and offshore oil and gas markets.

The proceeds from the issuance will be used to refinance existing financing facilities, fund milestone payments linked to the continued expansion of HEA Energy’s fleet of self-propelled self-elevating support vessels (SESVs) and offshore support vessels (OSVs), and support general corporate purposes.

Upon completion of its fleet delivery programme, HEA Energy expects to become the largest owner of SESVs operating in the North Sea.

The bonds will be listed on the Euronext Alternative Bond Market.

Hassan Elali, founder and chairman of HEA Energy, said: “This transaction is a defining milestone for HEA Energy and a strong endorsement of our strategy by the wider global investment community.

“The breadth of international demand we saw confirms that investors recognise both the quality of our contracted fleet and the depth of operational experience behind it. The proceeds give us the firepower to deliver our newbuild programme and continue serving our clients across the GCC, Europe and beyond.”

DNB Carnegie, Fearnley Securities and Pareto Securities acted as joint global coordinators and joint bookrunners for the transaction, while Magellan Capital served as strategic and financing adviser to HEA Energy.

The successful issuance comes as offshore energy and marine services companies continue to access international debt markets to finance fleet expansion, support energy transition projects and meet growing demand across both renewable and traditional energy sectors.

Saudi Arabia’s Ministry of Municipalities and Housing has unveiled a proposal to allow a range of commercial activities within public parks located along residential streets, a move aimed at supporting economic growth in neighborhoods while enhancing residents’ quality of life.

Under the proposed framework, commercial activities would be permitted based on the size of individual parks, with larger parks eligible for a wider range of services and facilities.

According to a Saudi Gazette report, parks covering 5,000 square meters or more could host gyms and sports centers for men and women, entertainment centers, childcare facilities, non-residential centers for senior citizens, and daycare centers for people with disabilities.

Read more-Dubai to roll out ‘Work from Park’ spaces in push to blend productivity with green areas

The initiative forms part of the kingdom’s broader efforts to support economic activity in residential areas and advance the goals of Vision 2030, particularly those focused on creating a vibrant society and improving urban living standards.

Activities linked to park size

The ministry has published the proposal on the Istilaa Public Survey platform as part of the public consultation process.

Under the proposal, parks with an area of 1,500 square meters or more would be allowed to accommodate retail outlets selling fresh and preserved fruits and vegetables. Hydroponic vegetable production would also be permitted within these parks.

Meanwhile, parks spanning 1,200 square meters or more could include cafes, ice cream shops, businesses serving fresh juices and cold beverages, as well as flower and rose retail outlets.

The ministry said the proposed regulations are designed to ensure that commercial activity complements public amenities while preserving the primary recreational function of parks.

Strict development conditions

The proposed decision requires municipalities and local authorities to include provisions in investment contracts that ensure compliance with municipal licensing procedures and their executive regulations.

Under the plan, buildings and commercial facilities must not occupy more than 25 percent of a park’s total area. Authorities also emphasized that any development must not undermine the park’s status as a public facility or alter its approved purpose.

Additional conditions have been outlined to protect surrounding residential areas. The ministry stipulated that eligible parks must overlook a street that is at least 15 meters wide, while newly established commercial activities must not directly face residential streets.

Building heights would also be regulated, with all structures limited to a maximum of two stories and required to comply with approved construction standards.

Investors to oversee development and maintenance

The proposal places significant responsibilities on investors participating in park development projects.

Where land has been designated for an undeveloped park, investors would be responsible for establishing, operating and maintaining the entire facility in accordance with approved technical requirements and guidelines.

For parks that have already been developed, investors would be tasked with operating and maintaining the sites in line with regulations governing park management and landscaping projects.

The ministry also stressed the importance of adhering to public park design standards outlined in the Public Domain for Parks and Urban Interventions handbook and the Saudi Architecture Design Guidelines.

In addition, all projects would be required to comply with noise control regulations in accordance with Article 48 of the Environmental Law.

Traffic studies required for larger parks

For parks exceeding 5,000 square meters, the proposal introduces an additional safeguard aimed at minimizing traffic-related impacts.

Before any commercial activities can be approved within such parks, the relevant municipality must conduct a comprehensive traffic study and implement its recommendations.

Officials said the requirement is intended to ensure that increased visitor numbers and commercial operations do not negatively affect nearby communities or local infrastructure.

Oversight committee established

To oversee implementation of the proposed regulations, the ministry has established a committee comprising representatives from the Agency for Privatization and Financial Sustainability, the Agency for Urban Planning and Lands, and the Agency for Licensing and Project Coordination.

The committee will be responsible for monitoring implementation and reviewing proposals related to adding, removing or amending activities permitted within parks located along residential streets.

The move reflects Saudi Arabia’s continuing efforts to modernize urban spaces, expand community services and encourage private-sector participation in public amenities as the kingdom advances its long-term development agenda.

His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has issued a new law regulating the drone sector in the Emirate of Sharjah, marking a significant step towards enhancing airspace safety while supporting innovation and technological development.

The legislation establishes a comprehensive framework governing the operation, use and management of drones across the emirate. Officials said the law is designed to ensure the safe and efficient use of airspace while creating opportunities for government entities, private-sector organisations and entrepreneurs to benefit from advancing drone technologies, a WAM report said.

Read more-Keeta Drone’s Junwei Yang on the future of UAE drone logistics

The provisions of the law apply to all types of drones, regardless of the control systems used or their intended purpose. It covers all areas within the Emirate of Sharjah, including free zones and special development zones, and applies to both public and private sector entities, as well as individuals operating drones within the emirate.

Exemptions for military and security operations

Under the new legislation, drones used for military or security purposes are exempt from the law’s provisions.

The law also allows for exemptions to be granted by the Chairman of the Sharjah Department of Civil Aviation when deemed necessary in the public interest or based on the nature of a drone’s use.

The move reflects the emirate’s efforts to create a clear and structured regulatory environment while maintaining flexibility for specialised operations that may require separate oversight.

Focus on safety and airspace protection

A key objective of the law is to preserve the safety and security of air navigation within Sharjah and ensure the efficient use of the emirate’s airspace.

The legislation seeks to regulate drone operations and monitor related activities in accordance with internationally recognised standards and best practices. It also aims to reduce risks associated with drone usage by clearly defining the responsibilities and powers of relevant authorities.

Officials noted that the framework is intended to strengthen oversight of a rapidly evolving sector while ensuring that technological advancement does not compromise public safety or aviation security.

Supporting innovation and economic growth

Beyond regulation, the law is also designed to encourage wider adoption of drone technologies across both government and private-sector activities.

The legislation aims to enable organisations to use drones in service delivery, helping improve efficiency, enhance service quality and increase public awareness of emerging technologies.

In addition, the law seeks to support research, development and innovation in areas such as drones, smart mobility and technology localisation. It places a strong emphasis on nurturing national talent and empowering start-ups operating in the sector.

Authorities said these measures align with Sharjah’s broader ambitions to position itself as a regional hub for the drone industry and emerging technologies.

Civil aviation department granted wide-ranging powers

The law outlines an extensive role for the Sharjah Department of Civil Aviation in overseeing the sector.

Without prejudice to Federal Decree-Law No. (26) of 2022, the department will work in coordination with the General Civil Aviation Authority (GCAA) and other relevant government entities to issue permits, approvals and certificates required for drone operations and related activities within the emirate.

The department will also be responsible for licensing independent safety assessors in accordance with approved standards and requirements, as well as supervising and inspecting authorised operators to ensure compliance with the law and its implementing regulations.

Among its additional responsibilities, the department will define and approve the airspace and flight corridors in which drones may operate, helping safeguard the security and safety of Sharjah’s airspace.

Regulating infrastructure and flight operations

The legislation also grants the department authority over drone-related infrastructure and operational procedures.

This includes issuing approvals for drone landing sites and reviewing their designs, engineering plans, facilities and associated infrastructure. Any future modifications to approved sites will also require authorisation.

The department will be tasked with taking all necessary measures to protect the emirate’s airspace and ensure the safety of drone operations and testing activities.

It will also establish licensing conditions for drone pilots, controllers and crew members, while defining their responsibilities and obligations.

In addition, authorities will set operational regulations governing drone-related activities, supervise operations within designated airspace and conduct regular oversight to ensure compliance with approved standards.

Defining flight zones and operational requirements

The law further requires the development and approval of regulatory procedures governing permits for drone operations and associated activities, including operational testing.

Authorities will define and approve authorised, restricted and prohibited zones for drone use throughout the emirate.

A dedicated drone information map will also be prepared, outlining operational areas and restrictions. The legislation further provides for mechanisms to publish and disseminate this information to stakeholders.

The department will additionally establish aviation safety, security and environmental systems and services related to drone operations, while overseeing risk assessment and management procedures.

Research, innovation and industry development

The law highlights the importance of research and technological advancement in shaping the future of the drone sector.

In coordination with relevant government entities, the Sharjah Department of Civil Aviation will establish categories, conditions and procedures for issuing qualification certificates to operators, drone pilots, controllers and crew members based on drone types and approved control systems.

The department will also contribute to research initiatives focused on drone traffic management and the integration of drone operations with conventional air navigation systems.

Guidance manuals and operational documents will be developed and issued to help ensure drones are used safely across the emirate and in accordance with international standards and best practices.

The legislation further empowers the department to undertake any additional duties related to regulating the drone sector as assigned by the Ruler of Sharjah or the Executive Council.

Sharjah Police to oversee enforcement

The law assigns Sharjah Police a central role in enforcing the new regulatory framework.

Working in coordination with the Sharjah Department of Civil Aviation, the force will be responsible for addressing offences arising from the use of drones and related activities.

Sharjah Police will also implement security and preventive measures aimed at protecting individuals and property from risks associated with drone operations.

Prior approval required for drone activities

Under the legislation, prior approval from the Sharjah Department of Civil Aviation will be mandatory before drones can be used within the emirate for a range of activities.

These include government operations, commercial activities, scientific and research projects, as well as recreational activities, hobbies and aerial sports.

The law further states that additional activities may also require prior authorisation through a separate decision issued by the Chairman of the Sharjah Department of Civil Aviation. That decision will set out the relevant regulations, conditions and operational requirements.

Registration mandatory before operations begin

Drone owners will be required to register their aircraft with either the Sharjah Department of Civil Aviation or the General Civil Aviation Authority before commencing operations.

Registration must be completed in accordance with approved regulations and procedures.

The law also prohibits any person from operating a drone or conducting operational tests unless the aircraft is clearly marked with registration numbers, identification codes or any other approved identification method specified by the relevant authorities.

Comprehensive framework for emerging technology

The legislation includes a broad range of provisions covering the classification and categorisation of drones, design and manufacturing requirements, importation procedures, sales and ownership regulations, and control systems.

It also addresses the use of helicopter landing pads and the designation of authorised operating zones and airspace.

With the introduction of the new law, Sharjah has established a comprehensive framework designed to support the safe expansion of drone technologies while encouraging innovation, investment and industry development across the emirate.

Businesses in the UAE are shifting from awareness to implementation as they prepare for the country’s mandatory e-invoicing regime, with overall readiness reaching 57.5 per cent, according to a new study by tax compliance technology firm ClearTax.

The UAE E-Invoicing Readiness Index 2026, based on a survey of more than 500 chief financial officers, tax directors and financial controllers, found that businesses are entering a “developing” stage of readiness ahead of voluntary adoption beginning on July 1, 2026. Mandatory implementation is scheduled to take effect on January 1, 2027.

The report said awareness of the forthcoming mandate is high, but many organisations have yet to establish the operational processes, governance structures and technology needed to support e-invoicing over the long term.

Among respondents, 73.3 per cent have not formalised post-implementation operating models, including processes for reconciliation, exception handling and audit readiness, while 64.8 per cent expect existing finance teams to absorb additional responsibilities once the system goes live.

The study described the challenge as one of execution rather than awareness. Although 62 per cent of finance leaders said e-invoicing differs fundamentally from VAT and other compliance programmes, 66.2 per cent have yet to map compliance requirements for the countries they invoice into, an important step in implementation planning.

Technology readiness emerged as one of the biggest gaps. The report gave technical infrastructure the lowest score among its five readiness pillars, at 54.3 per cent.

It found that 38 per cent of organisations said their enterprise resource planning (ERP) systems cannot currently generate compliant electronic invoices in the required PINT AE XML format, while 60.5 per cent have not conducted an ERP gap analysis. Only 14.1 per cent described themselves as fully capable of producing compliant e-invoices today.

Read: UAE rolls out e-invoicing guide: What businesses should know

The report also highlighted operational challenges under the UAE’s planned real-time clearance framework. Around 70.4 per cent of businesses said they cannot automatically process responses received from the tax authority, underscoring the need for systems capable of handling invoice approvals, rejections, corrections and reconciliations.

ClearTax said the six-month voluntary adoption period provides companies with an opportunity to test these processes before compliance becomes mandatory.

The survey also found differences across industries. Technology and telecommunications, professional services, and logistics and supply chain ranked as the most prepared sectors, while retail and consumer goods, hospitality and tourism, and manufacturing recorded lower readiness levels, reflecting the need for greater investment in ERP systems, workflow automation and operational planning.

Mid-sized companies with annual revenues between Dhs200m ($54.5m) and Dhs1bn were identified as the least prepared segment, as they balance increasingly complex compliance requirements with expanding finance and technology functions.

“The UAE has created a valuable six-month voluntary adoption window that gives businesses the opportunity to gain real-world experience before mandatory implementation begins,” ClearTAx founder and CEO Archit Gupta said in a statement.

“The organisations that use the coming months to assess ERP readiness, automate workflows and build post-go-live processes will be best positioned to realise the full benefits of e-invoicing.”

The report recommends that finance leaders map compliance requirements across jurisdictions, conduct ERP gap analyses, develop workflows for invoice validation and exception management, and use the voluntary period to test systems and train staff before the January 1, 2027 deadline.

The Dubai Department of Economy and Tourism (DET) and Google recently unveiled “Map Your Dubai: Insider Edition”, a community-led initiative designed to increase visibility for Dubai’s homegrown food and beverage businesses and drive greater discovery through digital platforms.

The initiative was unveiled at an exclusive Breakfast Club event held at the Etihad Museum, attended by senior officials and ecosystem stakeholders, including Ahmad AlRoom Almheiri, CEO of the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), alongside culinary entrepreneurs, content creators and members of the regional food community.

The programme forms part of DET’s wider “From Dubai, For Dubai” movement, which aims to highlight local businesses and encourage residents, visitors and creators to actively engage with and support homegrown brands.

“Map Your Dubai: Insider Edition” is built around Google’s Local Guides network, a global community of volunteers who contribute reviews, photos and updates on Google Maps. In Dubai, Local Guides have curated 11 thematic lists featuring around 100 homegrown restaurants, cafés and neighbourhood dining concepts across the city.

The lists are available through a dedicated campaign portal, allowing users to explore venues directly via Google Maps and visit them in person. Public voting began on June 22 and run until July 6, with participating Local Guides set to be recognised across official campaign channels.

The initiative is intended to support greater visibility for small and medium enterprises in the F&B sector by leveraging community-driven recommendations and digital discovery tools to increase awareness of local dining concepts.

It also builds on earlier city-wide engagement efforts such as #MyDubai, which have encouraged residents and visitors to contribute to the city’s broader narrative through digital storytelling.

Speaking on the sidelines of the launch, Almheiri said the initiative reflects Dubai’s approach to strengthening its SME ecosystem through partnerships that combine government support, digital platforms and community participation.

Here are excerpts from the discussion.

What does “Map Your Dubai” represent for Dubai SME and the wider ecosystem?

It signals a more connected approach to SME support, where visibility and discovery are treated as key parts of the same ecosystem. For many SMEs, particularly in the F&B sector, the main challenge is not product quality but discoverability.

This initiative brings together government, technology platforms and the community to make discovery more structured and accessible.

Why does visibility remain such a challenge for SMEs?

Because competition is strong and consumer attention is fragmented. Many SMEs rely on word of mouth and immediate networks, which limits their reach.

Digital tools like Google Maps, combined with trusted input from Local Guides, help bridge that gap by making discovery more scalable and consistent.

How does the ‘Local Guides’ model strengthen discovery?

Local Guides contribute real, experience-based input through reviews, photos and updates. When this is organised into curated lists, it becomes a practical way for users to discover new places.

In this case, more than 100 homegrown restaurants and cafés have been grouped into themed lists that make Dubai’s F&B scene easier to explore.

How does this align with Dubai’s broader economic strategy under D33?

It aligns with the Dubai Economic Agenda, D33, which aims to strengthen Dubai’s position as a global business and tourism hub.

SMEs are central to that strategy, and initiatives like this ensure they are not only supported through policy and funding, but also through visibility and digital discovery.What message would you send to entrepreneurs looking at Dubai as a base?

Dubai remains one of the most straightforward places to start and grow a business. The ecosystem is designed to reduce friction and support entrepreneurs at different stages of growth.

The wider message is that Dubai is open for business and continues to build the systems that help entrepreneurs establish and scale here.

Read: du CCO Karim Benkirane on redefining infrastructure for UAE’s next generation of entrepreneurs