Diplomat Geraldine McCafferty will become the UK’s next ambassador to the UAE, taking up the role at a pivotal time for trade and investment relations between the two countries.
Geraldine McCafferty has been appointed as the UK's next ambassador to the UAE.
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Experienced diplomat Geraldine McCafferty has been appointed by the UK government as the new ambassador to the UAE, succeeding Edward Hobart, who will step down after more than three years in the role.
The appointment comes as bilateral trade between the two countries continues to grow, with total trade reaching £24.8bn ($33.4bn) in the 12 months to the end of June 2025, making the UAE the UK’s largest trading partner in the Gulf.
It also follows the conclusion of the landmark UK-GCC Free Trade Agreement, which covers a UK-GCC trading relationship worth approximately £53bn a year. The UK government estimates the agreement will deliver a £3.7bn long-term annual boost to the British economy while further expanding opportunities across trade in goods, services and investment between the UK and the six GCC member states.
McCafferty joins the UAE from Beijing, where she served as Deputy Head of Mission and helped advance UK engagement on areas including science, research and innovation cooperation.
During a diplomatic career spanning almost three decades, she has also held senior roles including Director of Policy at the FCDO, Minister Counsellor in Bogotá and Copenhagen, and Private Secretary at the Foreign Office.
McCafferty joined the Foreign and Commonwealth Office in 1996 and has since served in Bosnia and Herzegovina, Cyprus and Russia, as well as holding a number of senior policy and leadership roles in London.
She succeeds Edward Hobart, who was appointed British Ambassador to the UAE in May 2023 after previously serving as the UK’s Consul General in Dubai and Deputy Head of Mission in Abu Dhabi.
During his tenure, the UK and UAE expanded cooperation across trade, investment, clean energy, technology and financial services.
PepsiCo bets on healthier products to win over budget-conscious consumers
PepsiCo had cut prices on brands such as Lay’s and Doritos in North America to lure back budget-conscious consumers, who are increasingly shifting toward cheaper alternatives and smaller pack sizes
PepsiCo on Thursday highlighted the strong performance of health-focused prebiotic sodas, zero-sugar drinks and protein-rich snacks as it navigates higher costs and pressure on financially stretched consumers.
The company, whose shares edged around 2 per cent lower in premarket trading, beat estimates for second-quarter revenue, helped by its beverage and international units, even as North America food sales slipped about 2 per cent due to price cuts.
PepsiCo had cut prices on brands such as Lay’s and Doritos in North America to lure back budget-conscious consumers, who are increasingly shifting toward cheaper alternatives and smaller pack sizes amid persistent inflation concerns.
“Results were tempered in the quarter as US food and beverage category performance moderated with consumer budgets tightening due to rising inflationary pressures,” CEO Ramon Laguarta said in prepared remarks.
The company kept its annual forecasts unchanged, expecting fiscal 2026 organic revenue growth in the range of 2 per cent to 4 per cent and core constant currency earnings per share to rise between 4 per cent and 6 per cent.
“Pepsi’s challenge isn’t building iconic brands, it’s keeping them relevant,” eMarketer analyst Suzy Davidkhanian said.
“Consumers are still spending, but they’re becoming more intentional about where they spend, and they expect the brands they already know to evolve with them by giving them more choice,” she added.
PepsiCo is expecting higher input cost inflation in the second half of the year, but CFO Steve Schmitt said refund claims for tariffs paid last year and productivity savings should help cushion the hit.
Quarterly revenue rose 6.4 per cent to $24.18bn from a year earlier, beating analysts’ estimates for a 5.4 per cent increase to $23.95bn, according to data compiled by LSEG.
PepsiCo posted quarterly core earnings per share of $2.20, compared with $2.12 a year ago.
Dubai Chambers teams up with Wio Bank for faster business banking
Through the collaboration, members of Dubai Chamber of Commerce will benefit from a simplified digital account opening process with Wio Bank, alongside improved access to credit solutions
Dubai Chambers has signed a Memorandum of Understanding (MoU) with Wio Bank to provide alternative banking services for its members, strengthening support for small and medium-sized enterprises (SMEs) across the emirate.
The partnership is designed to give businesses easier access to digital banking solutions, including streamlined business account opening and financing services that can help improve operational efficiency and support long-term growth, according to a WAM report.
Through the collaboration, members of Dubai Chamber of Commerce will benefit from a simplified digital account opening process with Wio Bank, alongside improved access to credit solutions. The initiative is expected to help businesses better manage cash flow, invest in expansion plans, and scale their operations with greater confidence.
Partnership supports SME development
The agreement reflects the shared commitment of both organisations to strengthen the business ecosystem by making essential financial services more accessible to entrepreneurs and growing companies.
“Our partnership with Wio Bank is a significant step forward in our mission to provide the business community with the tools they need to succeed,” said Khalid AlJarwan, executive vice president of Commercial and Corporate Services at Dubai Chambers.
He added, “By simplifying access to digital banking and financing, we are empowering SMEs to unlock their full potential and contribute to Dubai’s dynamic economy. This initiative is aligned with our strategic goals to foster innovation and enhance the competitiveness of local businesses.”
The collaboration comes as SMEs continue to play a pivotal role in Dubai’s economic growth, with access to efficient banking services and financing remaining key priorities for businesses seeking to expand.
Easier banking experience
Wio Bank said the partnership reinforces its commitment to making banking more accessible and efficient for the SME sector by reducing friction in key financial processes.
Prateek Vahie, chief commercial officer at Wio Bank, said, “We built Wio Business to make banking simple for SMEs, and this partnership extends that simplicity to Dubai Chambers’ members. From account opening to financing, our goal is to remove the barriers that slow businesses down, so they can focus on what matters: growing.”
The partnership is expected to provide Dubai Chamber of Commerce members with a seamless digital banking experience while improving access to financial solutions tailored to the needs of SMEs. By simplifying account opening and expanding financing options, the initiative aims to help businesses strengthen their financial resilience, accelerate growth plans, and contribute to the continued development of Dubai’s vibrant business landscape.
DP World has acquired 700 new trucks to strengthen its road freight network across the GCC, expanding its multimodal logistics capabilities as regional trade volumes continue to grow.
The investment forms part of the company’s long-term strategy to build an integrated supply chain ecosystem linking ports, terminals, economic zones and digital platforms to provide end-to-end logistics solutions for customers across the region.
The expanded fleet will support up to 35,000 truck trips per month, serving domestic and cross-border freight movements while enhancing first-, middle- and last-mile connectivity for both containerised and non-containerised cargo.
Ahmad Yousef Al-Hassan, CEO and managing director of DP World GCC, said: “This is a long-term investment in our multimodal network and the customers that trade in the GCC. As regional demand grows, we are scaling our capabilities to provide customers with an integrated network they can depend on at every stage.”
The trucks are being deployed progressively across DP World’s regional operations and will complement the company’s existing road transport network, which currently handles around 3,000 truck movements every day across the GCC.
According to the company, the new fleet is designed to transport a broad range of cargo, including general freight, vehicles and temperature-sensitive goods, while improving reliability and operational flexibility for customers.
Raveen Guliani, chief operating officer – Logistics at DP World GCC, said: “Our customers want certainty, reliability, efficiency and more sustainable supply chain solutions. The capability to move goods, containers, vehicles and perishables across our connected network of warehouses and ports provides exactly that. These new trucks are fuel-efficient and meet the Euro V emissions standard and we will explore green-energy vehicles in the future.”
The latest investment builds on a series of recent logistics initiatives aimed at strengthening regional supply chain resilience. These include the launch of fast-track bonded corridors linking east coast gateways directly to Jebel Ali Port, the establishment of a bonded corridor connecting Sohar in Oman, and expanded Red Sea routing through Jeddah Islamic Port’s South Container Terminal.
DP World said these initiatives have enabled the movement of more than 350,000 twenty-foot equivalent units (TEUs) overland following recent maritime disruptions, helping customers maintain cargo flows despite global shipping challenges.
By expanding its road freight capabilities, the company aims to provide greater certainty, flexibility and efficiency for businesses moving goods across the GCC, while reinforcing its integrated port-to-door logistics offering.
How Madinah’s Knowledge Economic City is becoming Saudi’s next property destination
The regulatory development represents a significant milestone for Saudi Arabia’s real estate sector, creating a structured pathway for eligible international investors
Knowledge Economic City (KEC) has welcomed the Saudi Government’s approval of the Executive Regulations governing real estate ownership by non-Saudis, alongside the designation of approved zones where such ownership will be permitted.
The regulatory development represents a significant milestone for Saudi Arabia’s real estate sector, creating a structured pathway for eligible international investors to acquire property within designated developments in Madinah.
As one of the approved developments, Knowledge Economic City is preparing to facilitate ownership opportunities for eligible international buyers as the implementation of the new framework progresses.
The introduction of the regulations forms part of Saudi Arabia’s broader Vision 2030 strategy to enhance economic diversification, attract international capital and strengthen the competitiveness of the kingdom’s property market.
Image credit: Supplied
Regulatory framework creates greater clarity for international investors
The new ownership framework establishes defined legal procedures that will enable eligible non-Saudi individuals, companies and qualifying entities to own real estate within approved areas.
The government-regulated process is expected to provide greater transparency and confidence for international buyers by establishing clear requirements, formal procedures and a structured ownership journey.
The move reflects Saudi Arabia’s continued efforts to develop a more accessible and globally connected investment environment, while supporting sustainable growth across key economic sectors, including real estate.
For international buyers, particularly those seeking a long-term connection with Madinah, property ownership represents a combination of investment potential and personal significance.
The city holds unique importance for millions of Muslims worldwide, and the opportunity to establish a residential presence in Madinah represents a significant milestone for many families.
Image credit: Supplied
Knowledge Economic City advances integrated development vision
As demand grows for destinations that combine cultural significance with modern infrastructure, investors are increasingly evaluating developments that offer connectivity, quality amenities and long-term value creation.
Knowledge Economic City has been developed to meet these requirements through a large-scale, integrated urban model.
Located within the Haram boundary of Madinah, Knowledge Economic City extends across more than 6.8 million square metres and represents one of the Kingdom’s largest master-planned developments.
The project integrates residential communities with hospitality, retail, commercial, educational, healthcare and public facilities, creating a comprehensive urban environment designed to support residents, businesses and visitors.
The development benefits from strategic connectivity, with close access to key religious landmarks including the Prophet’s Mosque, Mount Uhud, Quba Mosque and Qiblatain Mosque.
It is also connected to major transport infrastructure through proximity to the Haramain High-Speed Railway Station and Prince Mohammad bin Abdulaziz International Airport, linking Madinah with Makkah, Jeddah and international markets.
Image credit: Supplied
Al Alyaa strengthens KEC’s residential offering
Knowledge Economic City’s residential portfolio builds on the successful delivery of Dar Al Jewar, an established residential community within Madinah.
The development’s next phase is represented by Al Alyaa, a contemporary residential neighbourhood designed to provide eligible buyers with access to a modern living environment within one of Saudi Arabia’s most strategically important cities.
Al Alyaa incorporates contemporary architecture, landscaped areas, community facilities and family-oriented amenities, creating a residential destination aligned with changing expectations among global property buyers.
Several homes within the development also offer views towards Mount Uhud, combining modern residential standards with the distinctive character and heritage of Madinah.
Structured ownership process to support international buyers
Following implementation of the new framework, eligible buyers will be able to complete the required government procedures before purchasing property through the official Saudi property platform.
Upon completion of the ownership process and handover procedures, buyers will receive their title deeds in accordance with the applicable regulations.
Knowledge Economic City’s sales team will provide dedicated support throughout the process, assisting buyers with guidance and information to ensure a smooth and transparent ownership experience.
The introduction of the framework is expected to further strengthen Madinah’s position as an attractive destination for international investment, particularly among buyers seeking opportunities that combine real estate value with cultural and lifestyle considerations.
International demand highlights growing market potential
Hazem Banna, acting CEO & CCO, Knowledge Economic City, said: “The approval of Saudi Arabia’s new ownership framework marks a defining moment for Madinah. For the first time, eligible international buyers will have a clear and transparent pathway to own property in this remarkable city.
“As one of the designated developments, Knowledge Economic City looks forward to welcoming buyers from around the world and offering a destination that brings together faith, lifestyle and long-term investment. Building on the success of Dar Al Jewar and now with Al Alyaa, we are creating communities where people can invest, belong and become part of Madinah’s future.”
Knowledge Economic City has reported growing interest and enquiries from key international markets, including the UK, USA, Egypt, Pakistan, Malaysia, Indonesia and countries across the GCC.
The interest reflects increasing international recognition of Madinah’s potential as both a residential destination and an emerging investment market within Saudi Arabia’s evolving real estate landscape.
Supporting Saudi Arabia’s long-term economic objectives
As the kingdom continues to advance its Vision 2030 objectives, the expansion of international property ownership opportunities represents another step towards building a diversified and globally integrated economy.
Knowledge Economic City remains positioned to support this transformation by providing an integrated development environment that aligns with investor expectations and contributes to Madinah’s future growth.
Through its residential, commercial and community-focused offerings, KEC aims to support the development of a sustainable real estate ecosystem while strengthening Madinah’s role as a destination for international residents and investors.
For more information about Al Alyaa and property ownership opportunities at Knowledge Economic City, visit www.madinahkec.com or contact the Knowledge Economic City Sales Centre.
Standard Chartered launches Asia-focused investment fund for UAE wealth clients
The launch comes as Standard Chartered sees growing demand from UAE-based investors for globally diversified portfolios that provide exposure to long-term structural growth opportunities while helping improve resilience across market cycles
Standard Chartered has launched a new Asia Pacific-focused multi-asset investment fund under its Variable Capital Company (VCC) platform, expanding its wealth management offering for high-net-worth clients in the UAE and other key international markets.
The Signature Select APAC Allocation Plus fund will be managed by BlackRock as sub-manager and is designed to provide investors with diversified exposure to Asia Pacific through a single investment solution spanning equities, fixed income and liquid alternatives.
The fund will initially be available to Accredited and Professional Investors across Standard Chartered’s Priority, Priority Private and Private Banking segments in Hong Kong, Singapore, the UAE, Jersey, Malaysia, Kenya and Nigeria, with additional markets expected to follow.
The launch comes as Standard Chartered sees growing demand from UAE-based investors for globally diversified portfolios that provide exposure to long-term structural growth opportunities while helping improve resilience across market cycles.
Ayesha Abbas, managing director and head of Affluent and Wealth Solutions, Deposits and Mortgages, EMEA & UAE at Standard Chartered, said: “The UAE continues to attract globally mobile investors and entrepreneurs who are increasingly looking beyond traditional geographic allocations in pursuit of long-term growth opportunities. Asia Pacific remains one of the world’s most dynamic investment regions, underpinned by structural growth trends, innovation and evolving consumer demand. Through the launch of the Signature Select APAC Allocation Plus fund, we are providing our clients in the UAE with access to a professionally managed, diversified multi-asset solution that helps them participate in these opportunities while maintaining a disciplined approach to portfolio construction and risk management.”
Managed using BlackRock’s Multi-Asset Strategies & Solutions platform, the portfolio will dynamically allocate capital across Asia Pacific asset classes, combining systematic equity strategies with actively managed fixed income investments to generate diversified returns.
Sumeet Bhambri, global head of Advisory and Managed Investments, Wealth Solutions at Standard Chartered, said the launch further strengthens the bank’s VCC platform by providing clients with institutional-quality investment strategies designed to navigate increasingly complex market conditions.
Andrew Landman, deputy head of Asia-Pacific and head of Asia Pacific Wealth at BlackRock, said Asia Pacific continues to offer compelling opportunities for active investors, supported by strong economic growth prospects and attractive valuations across parts of the region.
The new strategy becomes the eighth sub-fund launched under Standard Chartered’s VCC platform since its establishment in June 2024, and the third fund introduced by the bank in 2026.
The VCC platform was created to combine the expertise of global asset managers with Standard Chartered’s in-house investment specialists, enabling the bank to offer exclusive, professionally managed investment solutions to its wealth management clients as it continues to expand its international private banking and affluent business.
