Dubai is set to launch a new wave of urban development projects after HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, approved a package of initiatives aimed at enhancing quality of life, strengthening cultural heritage, and leveraging artificial intelligence to shape the emirate’s future public spaces.

Announced on X, the projects include the Dubai Falcon Market, the first specialised falcon market in the region, an 8-kilometre Dubai Creek Lighting project, and what is being described as the world’s first AI-designed park, developed through community participation and data-driven planning. The initiatives form part of Dubai Municipality’s broader strategy to improve urban services while reinforcing Dubai’s reputation as a global hub for innovation, sustainable development, and liveability.

Among the flagship developments, the Dubai Falcon Market seeks to preserve and celebrate the UAE’s rich falconry heritage through a modern destination that combines traditional culture with contemporary infrastructure. The project reflects Dubai’s continued investment in cultural assets as part of its long-term tourism and economic diversification strategy.

The Dubai Creek Lighting project will span approximately eight kilometres, transforming one of the city’s most historic districts into a new nighttime attraction. By enhancing the visual identity of Dubai Creek, the initiative is expected to support tourism, hospitality, retail, and waterfront economic activity while further elevating the area’s appeal to residents and visitors.

Meanwhile, the AI-designed park represents a significant milestone in the application of artificial intelligence within urban planning. According to Sheikh Hamdan, the project will combine community participation, AI technologies, and data analytics to inform its design and development, positioning Dubai at the forefront of smart public space innovation.

“Dubai continues to invest in innovative ideas that bring together heritage, technology, and quality of life for residents and visitors alike,” Sheikh Hamdan said in the announcement, underscoring the emirate’s strategy of integrating innovation with cultural identity to support sustainable urban growth.

The UAE has expanded its visa-on-arrival programme to include nationals of six countries and their accompanying family members, further strengthening the country’s efforts to facilitate travel and enhance its appeal as a global destination for tourism, business and investment.

Under the new decision, nationals of the Republic of Indonesia, the Socialist Republic of Viet Nam, the Kingdom of Thailand, the Republic of the Philippines, the Republic of Kenya and the Republic of South Africa holding ordinary passports will be eligible to obtain either a 14-day or 60-day visa on arrival.

The visa facility is available to eligible travellers who hold a valid residence permit issued by the US, a European Union member state, the UK, the Republic of Singapore, Japan, the Republic of Korea, Australia, New Zealand or Canada. Accompanying family members who meet the requirements will also be eligible under the scheme.

The move reflects the UAE’s flexible entry and residency framework and its commitment to making travel more convenient while ensuring visitors enjoy a seamless travel experience, according to a report by the Emirates News Agency (WAM).

Strengthening international ties

The Ministry of Foreign Affairs said the expansion of eligibility for the visa-on-arrival programme underscores the UAE’s commitment to strengthening bilateral relations with friendly nations and fostering closer economic, cultural and people-to-people ties.

The ministry noted that the initiative will create greater opportunities for eligible travellers to experience the UAE’s diverse cultural landscape, world-class tourism attractions and dynamic economy. It also highlighted the country’s attractive business environment and internationally recognised infrastructure as key factors supporting its position as a preferred destination.

In its statement, the ministry said it will continue working closely with relevant national authorities to facilitate the movement of travellers, streamline consular procedures and further reinforce the UAE’s standing as a leading global hub for business, investment, entrepreneurship and talent.

Enhancing the visa framework

The Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP) said the amendments form part of ongoing efforts to strengthen the UAE’s visa framework and broaden the range of beneficiaries.

According to the authority, the latest changes are aligned with international best practices in travel, tourism and mobility, while also supporting cooperation with partner countries.

The ICP added that the decision contributes to the UAE’s strong performance in global competitiveness indicators related to residency, tourism and travel, further enhancing the country’s reputation as a welcoming destination for visitors from around the world.

Eligibility, duration and fees

The authority explained that applicants and their accompanying family members must be nationals of one of the six eligible countries and possess a valid residence permit issued by one of the approved countries in order to qualify for the visa-on-arrival scheme.

Eligible visitors may receive either a 14-day visa or a 60-day visa, depending on the category issued.

The ICP clarified that the 14-day visa can be extended once while the holder remains in the UAE. However, the 60-day visa is valid for a single stay and cannot be extended.

Authorities also reminded travellers that they must leave the country upon the expiry of their visa. An overstay fine of Dhs50 per day will apply to individuals who remain in the UAE beyond the authorised period.

The total issuance fee for the 14-day visa is Dhs100, while the total fee for the 60-day visa is Dhs250.

Iraq will consider all available options if its OPEC quota is not significantly increased and has weighed leaving the producer group, sources with knowledge of Iraqi oil policy told Reuters.

The prospect of OPEC’s second-largest producer considering an exit would be a further blow to the group after the departure this year of the United Arab Emirates. Iraq is one of the five founding members of OPEC, which was formed in the Iraqi capital.

Iraq is suffering a financial crisis as a result of the Iran war and a significant rise in its OPEC quota should be treated seriously, a senior Iraqi oil ministry official told Reuters.

Iraq had considered leaving OPEC, but the current plan was to remain a member and seek a higher quota, he added.

“Saudi Arabia and other OPEC allies should treat this matter with the utmost seriousness. Failing that, Iraq will be compelled to consider all available options,” he said.

Asked if they had discussed an OPEC exit, he said: “It’s still premature for this step”.

OPEC did not immediately respond to a request for comment.

A government spokesperson said Iraq was working to restore full oil export capacity, but declined to comment further on its OPEC quota or the possibility of exiting the group.

“Iraq is working to restore its full oil export capacity and aims to raise oil production to 7 million barrels per day over the coming years,” Iraqi spokesperson Haider al Aboudi said.

Iraq’s economy, heavily dependent on oil revenue, has been squeezed since the Iran war disruptions to the Strait of Hormuz locked the bulk of its exports in.

Oil prices briefly extended their decline after the Reuters report, trading below $73 a barrel.

Since taking office in May, Iraqi Prime Minister Ali al-Zaidi has signalled that ​rebuilding Iraq’s economy, attracting foreign investment and combating corruption will be central to his administration’s agenda.

On Wednesday, he said Iraq wanted OPEC to raise Iraqi oil output in line with its production capacity and population, state news agency INA reported.

Seven core members of OPEC+ have increased their output quotas from April to June by almost 600,000 barrels per day. OPEC+ comprises the Organization of the Petroleum Exporting Countries and allied producers, including Russia.

The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), part of the Dubai Department of Economy and Tourism (DET), has signed a memorandum of understanding (MoU) with Hyatt hotels in Dubai to expand opportunities for SMEs across the emirate’s hospitality sector.

The partnership aims to strengthen collaboration between Dubai SME and one of Dubai’s leading hotel operators, supporting entrepreneurship, innovation and economic diversification in line with the objectives of the Dubai Economic Agenda, D33.

Under the agreement, qualified Dubai SME members will have the opportunity to become approved suppliers across Hyatt-branded properties in Dubai, providing goods and services to hotel operations while enhancing their commercial capabilities and long-term competitiveness.

The collaboration also extends beyond procurement. Hyatt hotels in Dubai will provide eligible SME members with access to available retail and activation spaces within participating properties, preferential commercial terms including discounted accommodation rates, and opportunities to participate in community events and brand exposure initiatives.

Both organisations will also work together to organise networking events and business engagement platforms aimed at strengthening links between entrepreneurs and Dubai’s hospitality industry.

Ahmad Al Room Almheiri, chief executive officer of the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), said: “Under the guidance of our visionary leadership, and aligned with the objectives of the Dubai Economic Agenda, D33, Dubai has consistently created the conditions for entrepreneurs to grow, compete, and contribute to the emirate’s long-term economic success. The resilience and ambition of our SME community have been central to the city’s continued momentum, and our responsibility is to open new pathways that connect them with high-impact sectors.

“Our collaboration with the Hyatt hotels in Dubai reflects this commitment by enabling SMEs to access opportunities across hospitality, a sector that sits at the very core of Dubai’s global identity and its growth ambitions. By increasing SME participation in strategic sectors, this initiative supports wider economic diversification and positions Emirati entrepreneurs not only as suppliers, but as active partners in shaping the future of tourism and hospitality in the emirate.”

Fathi Khogaly, area vice president, Hyatt hotels, Dubai, said: “We are proud to collaborate with Dubai SME in supporting the city’s entrepreneurial ecosystem and strengthening connections between local suppliers and the hospitality sector. This collaboration reflects our commitment to driving innovation and opening meaningful pathways for SMEs to become part of Hyatt’s operating ecosystem, creating opportunities to enhance their readiness, visibility, and long-term success across the industry.”

Dubai SME said the initiative reflects the growing role of public-private partnerships in supporting the development of the emirate’s SME sector. By connecting entrepreneurs directly with one of Dubai’s most important economic sectors, the collaboration aims to accelerate business growth, strengthen market access and reinforce the contribution of SMEs to the city’s long-term economic development.

Dubai’s International Financial Centre (DIFC) recorded its third consecutive year of double-digit growth in firm registrations in 2025, as the emirate climbed to its highest-ever position in a global financial centre ranking, according to the Dubai Financial Services Authority (DFSA) annual report.

The DFSA said 182 new firms were licensed and registered in 2025, up 16 per cent from a year earlier, taking the total number of regulated entities to 1,050 across banking, capital markets, wealth management, insurance and fintech.

Since the end of the reporting period, Dubai has risen to seventh place globally in the Global Financial Centres Index 39, published in March 2026, its highest ranking to date, reflecting continued investor confidence in the emirate’s financial sector and regulatory framework.

The growth comes as Dubai pursues its D33 economic agenda and DIFC 2030 strategy, which aim to position the emirate among the world’s top four global financial hubs by 2033.

“2025 saw a third consecutive year of double-digit growth in Dubai’s International Financial Centre,” said Mark Steward, chief executive of the DFSA.

“This signals continued strong confidence in DIFC and Dubai and a broadening and deepening of the ecosystem, underscored by the DFSA’s risk-based regulatory environment.”

The fund management sector remained a core pillar of DIFC’s financial ecosystem, expanding to 121 authorised firms, with 276 funds registered in total.

Assets under management in wealth and asset management rose 4 per cent year-on-year to $176bn, while assets under advisory increased 22 per cent to $220bn.

The insurance sector grew 15 per cent, driven largely by reinsurance activity, reinforcing DIFC’s role as a regional hub for risk transfer business.

Banks operating in DIFC saw combined balance sheets rise 19 per cent year-on-year to $251bn, up 195 per cent from 2015 levels.

Capital markets activity also expanded, with new debenture listings reaching $30.6bn in 2025 and total outstanding listings at $147.4bn. Sukuk listings stood at $107.9bn.

DFSA focused on supporting DIFC

The over-the-counter (OTC) market recorded more than $13tn in transactions in the fourth quarter of 2025 alone, more than doubling in value and volume compared with the prior year period.

“The Dubai Financial Services Authority continues to support the rapid growth of DIFC in line with Dubai’s long-term economic strategy,” said Fadel Al Ali, chairman of the DFSA.

“The recent Global Financial Centres Index ranking reflects the strength of what we are building together.”

The DFSA said enforcement and market integrity measures also intensified during the year, with 17 active investigative matters and 322 complaints received, of which 81 per cent were resolved within 28 days.

The regulator also issued 49 consumer alerts, a 69 per cent increase from 2024, citing rising attempts at financial scams and unauthorised activity.

On innovation, the DFSA said its tokenisation regulatory sandbox launched in March 2025 attracted 96 expressions of interest from firms across six jurisdictions.

It also reported rising adoption of artificial intelligence across the financial sector, with 52 per cent of DIFC firms using AI in 2025, up from 33 per cent a year earlier.

The DFSA said 120 memoranda of understanding, including five multilateral agreements, were in place by year-end 2025 to support cross-border regulatory cooperation.

Dubai continues to position itself as a leading financial centre for the Middle East, Africa and South Asia region, competing with established global hubs as it seeks to expand its role in capital markets, wealth management and fintech.

Read: Dubai rises to 7th place in Global Financial Centres Index