Oman’s Public Authority for Special Economic Zones and Free Zones (OPAZ) has signed an investment usufruct agreement with South Korea’s EL B&T to establish a facility for electric vehicle and battery cell production in the Special Economic Zone at Duqm (SEZAD), state media said.

The project carries an investment value of approximately OMR96.2m ($250m), according to the Oman News Agency (ONA).

The agreement was signed on behalf of OPAZ by Qais Mohammed Al Yousef, chairman of the authority, while Dr Young Ill Kim signed on behalf of EL B&T, ONA reported.

EV and battery plant to be built in two phases

The project will be developed in two phases and is expected to reach a production capacity of up to 60,000 electric vehicles annually, alongside 1.6 million battery cells upon completion of Phase II.

Phase I will be developed across an area of 467,000 square metres, with the company reserving an additional 429,000 square metres for the second phase.

Authorities said the project is expected to contribute to the development of an integrated industrial ecosystem for the electric vehicle sector in Duqm, strengthening value chains linked to batteries and components and attracting related industries over time.

During its initial phase, production will primarily target Oman’s domestic market, with plans for gradual expansion into the Gulf Cooperation Council (GCC), wider Middle East and North Africa markets.

Read: UAE’s MoEI, BEEAH, LOHUM to develop large‑scale EV battery recycling facility

Etihad Airways has launched a limited-time global sale offering discounted Economy fares from Abu Dhabi to more than 40 destinations across Europe, Asia and the Middle East, as the carrier looks to capture peak summer travel demand among UAE residents planning holidays for 2026.

The promotion offers up to 30 per cent off Economy base fares. Bookings are open until May 14, with travel valid from June 1 to October 15, 2026. Tickets are available via Etihad’s website and through travel agents.

The discounted network includes more than 40 destinations, with a strong focus on seasonal summer hotspots in Europe and the Mediterranean. Featured locations include Santorini, Mykonos, Milan, Paris, Madrid, Malaga and Palma de Mallorca, alongside Kraków, Nice, Salalah and Zanzibar City, among others.

Timing aligned with peak UAE travel demand

The airline said the timing of the offer aligns with rising travel demand ahead of Eid Al Adha and the UAE school summer holidays, when residents typically book European city breaks, Mediterranean beach escapes and regional leisure trips. Industry-wide, this period is among the busiest for outbound travel from the UAE. Booking activity typically peaks immediately after airline promotions, as travellers look to secure lower fares well in advance of summer travel.

Read more-Etihad rolls out new perks: Premium discounts, easier status upgrades

Etihad highlighted the value proposition in its promotional messaging, stating: “Enjoy up to 30 per cent off on over 60 destinations worldwide and let Etihad take you there in unmatched comfort. Book before May 14 and travel June – October 2026.”

Ticket prices start from Dh990, and customers can also redeem bookings using Etihad Guest miles, depending on availability and fare rules.

Flexibility, stopover options and conditions

The airline is also offering added flexibility for travellers, including no change fees until March 31, 2027, for bookings made from March 6, 2026, limited to one date change. Changes will be recalculated based on the best available fare at the time of rebooking.

Travellers are advised to review fare families and route-specific conditions before purchase, as discounts apply primarily to Economy Basic and Value fare categories. Blackout dates, weekend surcharges and seasonal pricing variations may apply depending on destination.

Additional terms apply, including availability limits, potential peak and weekend surcharges, visa and document requirements, and variable airport taxes. The promotion may be amended or withdrawn at any time.

The offer also includes Etihad’s Abu Dhabi Stopover programme, allowing travellers to extend their stay with up to four nights in the UAE capital. The offer includes up to two nights of complimentary hotel accommodation, with discounted rates for additional nights depending on itinerary. The hotel retains the right to charge for any extra hours, and the airline notes it is not responsible for hotel pricing variations. More details are available at:

Travellers can view full details and latest fares on Etihad’s dedicated flight deals page or subscribe for updates on new promotions, as the airline continues to position Abu Dhabi as a key global transit and leisure hub. The carrier continues to expand its global network and seasonal scheduling strategy, positioning its Abu Dhabi hub as a gateway between Europe, Asia and Africa during peak travel periods.

Dubai Holding and the Investment Corporation of Dubai (ICD) said on Monday they have completed a transaction under which Dubai Holding acquired a 22.27 per cent equity stake in Emaar Properties from ICD.

In an another statement published on DFM, Emaar Properties said ICD transferred its entire stake in the company to Emirates Power Investment, a wholly owned subsidiary of Dubai Holding, via the Dubai Central Securities Depository.

As a result, Emirates Power Investment now holds a 22.27 per cent stake in Emaar Properties, while ICD no longer holds any shares. The transaction represents a change in shareholding of more than 10 per cent.

Dubai Holding stake in Emaar Properties rises to 29.73 per cent

Following completion of the deal, Dubai Holding’s total shareholding in Emaar Properties has increased to 29.73 per cent, making it the company’s largest shareholder.

Emaar Properties, listed on the Dubai Financial Market, is one of the largest real estate developers in the Middle East with a diversified portfolio spanning residential, commercial, hospitality and retail assets.

The group operates across the Middle East, North Africa, Asia and Europe, supported by a development pipeline and a portfolio of recurring income-generating assets.

For Q1 2026, Emaar Properties reported revenue growth of 23 per cent to Dhs12.4bn ($3.4bn), while EBITDA rose 34 per cent to Dhs7.2bn ($2bn), driven by operating leverage, portfolio strength and cost discipline.

Property sales increased 16 per cent year-on-year to about Dhs22.4bn ($6.1bn), supported by strong performance in UAE development, steady occupancy in malls and commercial assets, and continued international contributions.

Revenue backlog stood at approximately Dhs163.4bn ($44.5bn), up 29 per cent year-on-year, providing strong visibility ahead. Net profit before tax also reached Dhs7.2bn ($2bn), up 33 per cent year-on-year.

A strategic investment in Emaar Properties

Dubai Holding said the acquisition represents a strategic investment in Emaar Properties, reflecting its confidence in the company’s market position, asset quality and long-term growth prospects, as well as in the fundamentals of Dubai’s economy and real estate sector.

It added that the transaction reinforces its strategic partnership with Emaar Properties, building on a long-standing relationship and existing collaborations across joint ventures.

Dubai Holding is a diversified global investment company with investments in more than 30 countries and an asset portfolio of more than Dhs500bn across sectors including real estate, hospitality, entertainment, retail, media and investments.

UAE-based premium fresh food retailer Spinneys reported an 11.9 per cent rise in Q1 2026 revenue, supported by new store openings, higher fresh and private label sales, and stronger online penetration, while profit for the period increased 1.9 per cent despite regional disruption.

For the three months ended March 31, revenue climbed to Dhs1,014m (Dhs1.014bn) from Dhs906m a year earlier.

Growth was driven by like-for-like sales gains of 7.4 per cent, the opening of three new stores during the quarter, and expansion across the UAE and Saudi Arabia since April 2025 (13 stores now).

Profit for the period rose to Dhs87m, compared with Dhs85m in the same period last year. Profit before tax was broadly stable at Dhs101m, while adjusted EBITDA increased 1.2 per cent to Dhs184m.

Gross profit rose 8.4 per cent to Dhs406m, though margins eased to 40.1 per cent from 41.3 per cent a year earlier.

Spinneys Q1 performance reflects the resilience of the business model, says CEO

Chief executive Sunil Kumar said the performance reflected the resilience of the business model amid regional uncertainty.

“Our strong first-quarter performance, delivered against a backdrop of regional uncertainty, is a testament to the resilience of our business model and the commitment of our people,” Kumar said in a statement.

He added that around 88 per cent of the company’s stores are located in residential communities, which helped cushion the impact of disruption seen in other retail formats during the quarter.

Transaction volumes rose 8.5 per cent to 10.8 million, while average basket size increased to Dhs92.9 from Dhs89.9 a year earlier.

Online sales penetration increased to 18.8 per cent, up from 15.6 per cent in the prior-year period. Fresh and private label categories also saw increased contribution, the company said.

Spinneys said March was the most challenging month of the quarter as regional crisis created freight disruption and supply chain volatility. The retailer said it activated contingency measures including diversified sourcing, forward buying of key products and tighter logistics coordination to maintain availability.

Despite these pressures, it said on-shelf availability remained strong, supported by its integrated sourcing and supply chain model.

Looking ahead, the company said it remained cautious on the outlook due to ongoing regional uncertainty and would focus on cost optimisation, supply chain efficiency and disciplined capital spending.

Spinneys operates 94 stores across the UAE, Oman and Saudi Arabia, including Waitrose-branded outlets.

As an estimated $30tn in global wealth is expected to shift into the hands of women by 2045, the financial services industry is facing a major structural change, and an urgent question: are existing tools built for the next generation of wealth holders?

In the UAE, that shift is already visible. Women are taking on greater influence across boardrooms, entrepreneurship and investment decisions, yet many financial systems remain fragmented and outdated.

Vault22, a global wealth and wellness platform with more than one million registered users, is focused on addressing that gap through consolidated financial visibility, personalised guidance and integrated Shariah-compliant solutions.

Dr Farah Hashim, who leads Shariah operations and marketing at the company, has spent much of her career working at the intersection of ethical finance, accessibility and product development. She previously co-founded Taqwa Invest, the first homegrown Shariah advisory platform established in Dubai International Financial Centre.

In this interview, she discusses why the coming wealth transfer is more than a demographic milestone, why financial infrastructure is struggling to keep pace, and what needs to change.

What does the projected $30tn transfer of wealth to women by 2045 represent?

It represents one of the most significant reallocations of financial power in modern history. This is not simply a demographic trend, it is a structural shift in global wealth ownership. In the UAE and across the region, it is already visible through rising female participation in the workforce, entrepreneurship and capital markets. Women are becoming central decision-makers in how wealth is preserved, invested and deployed.

How is the UAE positioned within this global shift?

The UAE is one of the clearest examples of this transition. Women now hold 141 board seats in publicly listed companies, up from 47 in 2021, marking a rise of more than 200 per cent in three years.

The country also leads the GCC in female board representation and ranks highly on global gender equality indices. With women accounting for 57 per cent of STEM graduates, the pipeline of financially and technically skilled talent is strong and expanding.

Despite this progress, why have financial tools not kept pace?

The gap is not capability, it is infrastructure. Women are increasingly financially active, but the systems they use remain fragmented. Savings, investments and liabilities are often spread across multiple platforms with no unified view. This creates friction and reduces clarity.

The issue is not access to finance, but whether financial systems are usable, coherent and designed for how people actually manage money today.

Is this really a financial literacy gap?

Not entirely. That framing no longer reflects reality. Women are already active financial participants. In the UAE, they show strong engagement in savings and pension participation.

Globally, studies also show women often outperform men as long-term investors due to more disciplined and consistent strategies. The challenge is not willingness or capability, it is whether systems are designed to support their behaviour.

What would a more effective financial system look like in practice?

It starts with consolidation, a single real-time view of an individual’s full financial position. It also requires simplification in how information is presented without reducing sophistication.

In the UAE and GCC, relevance is equally important. Shariah-compliant finance is a mainstream requirement, not a niche consideration, and should be integrated seamlessly into the core experience rather than treated separately.

What is the key message readers should take away?

The conversation has long focused on how women can adapt to finance. That needs to change.

The more important question is how finance must adapt to women. The $30tn transfer is already underway, and its impact will depend on whether financial systems evolve quickly enough to match the users they are meant to serve.

Read: 44 women leaders share advice to power your success