Back to all saudi-arabia news

Saudi PIF unveils 2026–2030 strategy focused on value creation

PIF has also expanded its global footprint with offices across North America, Europe and Asia, while maintaining strong credit ratings from major agencies.

Rajiv Pillai
Rajiv Pillai

15 April, 2026

Saudi PIF unveils 2026–2030 strategy focused on value creation
Image: Getty Images

TT

16

Article Summary
The PIF's 2026-2030 strategy shifts focus to value creation and efficiency, building on its previous expansion to support Saudi Arabia's economic transformation. Investments are organised into three portfolios: Vision, Strategic, and Financial. The plan prioritises domestic ecosystem development, managing national assets, and delivering sustainable returns, whilst strengthening governance and private sector participation.

Public Investment Fund (PIF) has approved its 2026–2030 strategy, marking a shift from rapid expansion to a new phase focused on sustained value creation, efficiency and long-term economic impact.

The strategy was endorsed by PIF’s Board of Directors, chaired by Mohammed bin Salman, Crown Prince, Prime Minister and Chairman of PIF, and builds on the fund’s previous growth phase to further support Saudi Arabia’s economic transformation and enhance quality of life.

The 2026–2030 roadmap emphasises maximising returns, improving investment efficiency and strengthening governance, transparency and institutional standards. It also places greater focus on enabling private sector participation as a key partner in economic development.

Three-pillar investment structure

Under the new strategy, PIF has organised its investments into three core portfolios:

Vision Portfolio: Focused on developing competitive domestic ecosystems, integrating investments and unlocking opportunities for private sector participation and global partnerships
Strategic Portfolio: Designed to manage key national assets, maximise financial returns and support the growth of companies into global champions
Financial Portfolio: Aimed at delivering sustainable financial returns through diversified global investments and strengthening international partnerships

The Vision Portfolio will drive six strategic ecosystems aligned with national priorities:

  • Tourism, Travel and Entertainment
  • Urban Development and Livability
  • Advanced Manufacturing and Innovation
  • Industrials and Logistics
  • Clean Energy, Water and Renewables Infrastructure
  • NEOM

These sectors are expected to deepen economic diversification and create new opportunities for investors, suppliers and partners.

Yasir Al-Rumayyan, Governor of PIF, said: “PIF’s strategy continues to deliver results as we grow domestically and internationally. In less than a decade, we have launched unprecedented projects, including giga-projects and major real estate developments, in addition to unique investments in strategic sectors such as artificial intelligence, gaming and esports, and renewable energy. PIF also grew assets under management six-fold and attracted global partners and capital to take part in Saudi Arabia’s transformation. PIF will continue to support Saudi Vision 2030 objectives by delivering competitive domestic ecosystems, investing in national champions that have the potential to scale globally, and forming global economic partnerships, building on what has been achieved under PIF’s 2021-2025 strategy.

“The 2026-2030 strategy is a natural next step in PIF’s growth journey. It offers our partners more opportunities to invest in high-quality assets and ecosystems, alongside PIF. In the next five years, we will continue to build on our great achievements and strengthen our global leadership to deliver success for PIF and Saudi Arabia.”

Strong performance foundation

The new strategy builds on significant milestones achieved in recent years:

  • Assets under management (AUM) grew from $150bn in 2015 to over $900bn
  • Annualised total shareholder return exceeded 7 per cent since 2017
  • More than $199bn invested in Saudi projects between 2021 and 2025
  • Over $243bn contributed to non-oil gross domestic product (GDP) between 2021 and 2024
  • More than $157bn spent with the local private sector between 2021 and 2024

PIF has also expanded its global footprint with offices across North America, Europe and Asia, while maintaining strong credit ratings from major agencies.

The strategy reinforces PIF’s role as both a domestic growth engine and a global investor, with a focus on innovation, data and artificial intelligence (AI), as well as capital efficiency and sustainable returns.

The fund said it will continue to invest flexibly across local and international markets, responding to emerging opportunities while supporting Saudi Arabia’s long-term economic diversification goals.

Burj Al Arab’s next chapter: Why is this Dubai icon closing for visitors for 18 months?

The initiative is designed to preserve the long-term value, design integrity and cultural significance of one of Dubai’s most recognisable landmarks

Nida Sohail
Nida Sohail

15 April, 2026

Burj Al Arab’s next chapter: Why is this Dubai icon closing for visitors for 18 months?

TT

16

Article Summary
Jumeirah is undertaking an 18-month restoration programme for its flagship, Burj Al Arab, to preserve its design integrity and cultural significance. Interior architect Tristan Auer will lead the project, focusing on enhancing the hotel's interior whilst retaining its unique identity. This investment aims to maintain the Burj Al Arab's position as a luxury tourism landmark and brand anchor for Jumeirah.

Jumeirah, a global luxury hospitality company and part of Dubai Holding, has announced a phased restoration programme for its flagship asset, the Jumeirah Burj Al Arab.

The initiative is designed to preserve the long-term value, design integrity and cultural significance of one of Dubai’s most recognisable hospitality landmarks, a Jumeirah Media report said.

The programme, expected to span approximately 18 months, comes as the property approaches more than 25 years of continuous operations since its opening in 1999. The company said the restoration will focus on enhancing the hotel’s interior environment while maintaining its original design identity, treating the process with the same precision as preserving a heritage asset.

Credit for images: Jumeirah Media Hub/Website

Read more-Dubai hotel ties brunch bookings to Dhs1 overnight stay

Since its launch, the Burj Al Arab has played a central role in establishing Jumeirah as a global luxury hospitality brand. The sail-shaped structure has become one of Dubai’s most distinctive architectural assets, contributing significantly to the city’s international positioning as a high-end tourism and hospitality hub.

The hotel introduced several pioneering service standards at the time of its opening, including personalised butler service, which helped redefine global benchmarks in the ultra-luxury hospitality segment. Over the past two decades, it has remained a core revenue-driving flagship within Jumeirah’s portfolio of landmark properties.

Restoration led by international design figure

Following a competitive selection process, the restoration programme has been awarded to interior architect Tristan Auer. The appointment reflects Jumeirah’s emphasis on retaining design credibility while ensuring the property remains commercially and culturally relevant in the global luxury market.

Image credit: Jumeirah Media Hub/Website

Auer is recognised internationally for his work across high-end hospitality, residential and heritage projects. He founded his Paris-based studio in 2002 after working alongside designers Philippe Starck and Christian Liaigre. His portfolio includes landmark projects such as Hôtel de Crillon in Paris and the restoration of Les Bains Douches, positioning him as a specialist in high-value restoration and luxury interior transformation.

His design approach is known for balancing contemporary refinement with historical preservation, a methodology aligned with Jumeirah’s stated objective for the Burj Al Arab programme.

Strategic investment in long-term value

Commenting on the restoration, Jumeirah CEO Thomas B. Meier positioned the initiative as part of a long-term strategy to protect and enhance the brand’s most valuable asset.

“Jumeirah Burj Al Arab is far more than an architectural landmark; it is a symbol of ambition, craftsmanship and enduring excellence. For the last 27 years, this exceptional property has served guests with the same passion and world-class standards that distinguish it from any other hotel in the world. This restoration programme marks a new chapter in the story of Jumeirah Burj Al Arab, one that will carefully preserve the heritage of what is currently the sole property in our Jumeirah limited-edition collection of iconic landmark addresses defined by design distinction and prestige.”

Image combination credit: Jumeirah Media Hub/Website

The statement underscores the hotel’s positioning as a “limited-edition” asset within Jumeirah’s portfolio, reinforcing its role as a strategic brand anchor.

Auer described the appointment as a significant professional milestone, highlighting the scale and importance of the project within the regional hospitality landscape.

“Being entrusted with the very first restoration of a property of this calibre in Dubai, the Jumeirah Burj Al Arab, a timeless icon of the region, is a profound privilege. To carry forward, with the utmost dedication, the legacy of such an extraordinary landmark is both an honour and a responsibility.”

Image credit: Jumeirah Media Hub/Website

The Jumeirah Burj Al Arab remains the company’s flagship hospitality asset, featuring 198 suites and interiors characterised by high-end materials including Swarovski crystals, marble and gold leaf detailing.

The property continues to maintain strong international recognition. It has been named the Number One City Hotel in North Africa and the Middle East by Travel + Leisure and received a five-star rating from the Forbes Travel Guide in 2023.

As Jumeirah moves forward with the restoration, the programme is expected to reinforce the asset’s long-term positioning within the global luxury hospitality market while maintaining its contribution to Dubai’s premium tourism economy.

DWTC Hospitality hits record in 2025 with 1.28m guests across events

The conferences, associations and business meetings segment served more than 123,000 attendees in 2025

Rajiv Pillai
Rajiv Pillai

15 April, 2026

DWTC Hospitality hits record in 2025 with 1.28m guests across events

TT

16

Dubai World Trade Centre Hospitality reported record performance in 2025, serving 1.28 million guests across 2,578 events—a 37 per cent increase from 930,000 guests in 2024—underscoring its growing role in Dubai’s events and business tourism ecosystem.

The results, released by the hospitality division of DWTC, highlight strong demand across exhibitions, conferences, corporate functions and private events, reinforcing its position as a leading provider of large-scale and bespoke catering services in the region.

Exhibition catering emerged as the standout segment, with guest numbers exceeding 240,000—more than double the 120,000 recorded in 2024. Growth was driven by flagship events such as Gulfood, World Health Expo Dubai, Arabian Travel Market and GITEX Global.

DWTC Hospitality also supported international events, including GITEX Africa in Morocco, reflecting its expanding global delivery capabilities.

Conferences and business events gain momentum

The conferences, associations and business meetings segment served more than 123,000 attendees in 2025, reflecting Dubai’s increasing appeal as a destination for international business events.

Corporate and private events also recorded strong growth, with over 600,000 guests served, up from 400,000 in 2024. The weddings segment contributed 56,554 guests, highlighting demand for personalised, high-end event experiences.

Operations spanned DWTC’s core venues, including Dubai International Convention and Exhibition Centre, Dubai Exhibition Centre and Jafza One Convention Centre, as well as external and private locations across the UAE.

DEC and JOCC together catered to more than 80,000 guests, supporting DWTC’s ability to scale operations across multiple venues.

Off-site operations grew by 12 per cent, serving more than 160,000 guests across 1,211 events. These included high-profile engagements such as the Dubai International Boat Show, Abu Dhabi Grand Prix, Dubai World Cup and MEBAA Show, as well as events at Ain Dubai.

Strategic outlook and future growth

Mahir Julfar, executive vice president at Dubai World Trade Centre, said: “DWTC Hospitality plays a key role in supporting Dubai’s dynamic events and business tourism ecosystem, delivering exceptional experiences through world-class service. Our strength lies in operating at scale while maintaining the precision and service quality expected of a leading global destination. Hospitality today extends far beyond catering, encompassing trusted execution and seamless delivery across the entire event journey. As we continue investing in our people, infrastructure and multi-venue capabilities, alongside the expansion of Dubai Exhibition Centre, we are well positioned to support the next phase of growth in the region’s mega events landscape and further enhance Dubai’s reputation as one of the world’s leading events destinations.”

He added: “Moving forward, we will continue to raise the benchmark for event hospitality across the region. As Dubai’s events industry becomes more sophisticated and globally competitive, the role of hospitality becomes even more integral to overall event success. We are focused on building long-term partnerships with organisers, investing in culinary talent and innovation, and embedding sustainable practices across our operations. By doing so, we are strengthening the foundations for the next decade of growth and ensuring that every event we support contributes meaningfully to Dubai’s position as a world-class hub for business and beyond.”

The performance reflects the continued expansion of Dubai’s events industry, supported by large-scale infrastructure, international exhibitions and growing demand for premium hospitality services.

Central Bank of UAE partners with Norbloc to develop unified e-KYC platform

The new system will streamline both individual and business verification processes, including know your customer (KYC) and know your business (KYB) requirement

Neesha Salian
Neesha Salian

15 April, 2026

Central Bank of UAE partners with Norbloc to develop unified e-KYC platform
Image courtesy: WAM

TT

16

The Central Bank of the UAE has signed a technical partnership with Sweden-based Norbloc AB to develop a nationwide electronic know your customer (e-KYC) platform, as part of efforts to modernise the country’s financial infrastructure and strengthen financial stability.

The initiative forms a key component of the central bank’s Financial Infrastructure Transformation (FIT) Programme, which aims to build a more integrated financial ecosystem, enhance operational efficiency and advance digital regulatory frameworks.

The new platform is designed to address inefficiencies linked to duplicated customer due diligence processes, reduce compliance costs and reinforce the competitiveness of the UAE’s financial sector, while supporting a unified national approach to customer verification.

The agreement was signed by Saif Humaid Al Dhaheri, assistant governor for Banking Operations and Support Services at the central bank, and Norbloc chief executive Astyanax Kanakakis, in the presence of governor Khaled Mohamed Balama and other senior officials.

The e-KYC system will streamline both individual and business verification processes, including KYC and know your business (KYB) requirements, through automated workflows and integration with trusted data sources.

It is also intended to enhance compliance with anti-money laundering and counter-terrorism financing regulations.

e-KYC platform to incorporate “privacy by design” framework

Officials said the platform incorporates a “privacy by design” framework, allowing secure data sharing based on explicit customer consent, with safeguards to ensure confidentiality and data protection across the financial system.

The central bank said the unified approach would support banks and fintech firms by enabling faster and more reliable digital onboarding for individuals and businesses, reducing turnaround times and operational costs while improving ease of doing business.

“This platform represents a shift away from resource-intensive traditional processes towards more efficient digital models,” Al Dhaheri said, adding that it would help improve access to financial services while lowering costs and enhancing transparency.

Kanakakis said the partnership would allow financial institutions to access secure, real-time data from multiple sources while maintaining high international standards and giving users greater control over their information.

Future phases of the project will focus on expanding the platform’s capabilities and integration with additional stakeholders, as the UAE seeks to strengthen its position as a hub for digital financial services and regulatory innovation.

Ajman records surge in taxi demand in first quarter

Ajman Transport Authority said it will continue to invest in service enhancements, fleet upgrades and smart mobility solutions

Rajiv Pillai
Rajiv Pillai

15 April, 2026

Ajman records surge in taxi demand in first quarter

TT

16

Ajman Transport Authority reported a rise in taxi usage during the first quarter of 2026, with total trips reaching 3,322,268, up from 3,146,769 in the same period last year.

The increase of 175,499 trips represents a growth rate of approximately 5.6 per cent, reflecting steady demand for taxi services across the emirate, WAM reported.

Sami Ali Al Jallaf, Executive Director of the Public Transport and Licensing Corporation, said: “This growth reflects increasing demand for taxi services across the emirate, as well as high levels of safety and operational readiness, supported by the use of modern, well-equipped vehicles that meet the highest standards.”

Al Jallaf highlighted that taxis continue to play a critical role in Ajman’s transport ecosystem, offering flexible and efficient mobility solutions to meet daily commuting needs.

He added: “Taxis represent a vital component of the transport system in Ajman, given their key role in meeting daily mobility needs with efficiency and flexibility. He noted that the authority continues to develop its services, enhance fleet quality, and adopt modern solutions to improve traffic flow and quality of life in the emirate.”

The authority said it will continue to invest in service enhancements, fleet upgrades and smart mobility solutions as part of its broader efforts to improve transport efficiency and support urban development.

Adyen, Careem Pay deepen UAE remittance partnership

A key component of the partnership includes unified settlement and streamlined reporting through a consolidated framework

Rajiv Pillai
Rajiv Pillai

15 April, 2026

Adyen, Careem Pay deepen UAE remittance partnership
Image: Supplied

TT

16

Adyen has expanded its long-standing partnership with Careem Pay to support the scaling of its remittance services from the UAE to global markets.

The collaboration builds on more than eight years of partnership and is aimed at strengthening Careem Pay’s international money transfer capabilities across Europe, the Middle East, South Asia and other key corridors.

Under the expanded agreement, Adyen will provide integrated payments infrastructure to enhance performance, reliability and scalability as Careem Pay grows its remittance business.

A key component of the partnership includes unified settlement and streamlined reporting through a consolidated framework, designed to improve operational efficiency and increase transparency across transactions.

The platform will also support higher payment conversion and authorisation rates, underpinned by a secure and scalable infrastructure.

Daumantas Grigaravicius, head of Middle East at Adyen, said: “Careem Pay is a strategic growth area for Careem and supporting it is a natural step forward in our partnership. As remittances in the UAE continue to shift from physical to digital channels, our single platform helps reduce operational complexity, while delivering smooth, reliable payment experiences that strengthen long-term customer relationships and support Careem Pay’s continued expansion.”

Mohammad El Saadi, vice president at Careem Pay, said: “At Careem Pay, our mission is to simplify financial services and provide a fairer, more transparent way for people to manage their money. We recognize that we operate in an incredibly innovative and competitive ecosystem here in the UAE, which pushes us to keep improving every day. By deepening our partnership with Adyen, we’re ensuring our remittance service stays fast and reliable as we expand globally. We know our customers trust us with what matters most – supporting their families, so we’re committed to keeping every transfer easy, affordable and seamless.”

Careem Pay currently enables international transfers from the UAE to more than 35 countries via the Careem app, with services provided in partnership with Lulu Exchange, licensed by the Central Bank of the UAE.

The expansion reflects growing demand for digital remittance solutions in the UAE, as consumers shift towards faster, more transparent and app-based financial services.

More news in saudi-arabia