VIDEO: GCC economies buck global downturn; GDP to hit 4.4% in 2025

The stronger-than-expected growth will be driven primarily by higher oil output and robust non-oil sectors, especially in the region's two largest economies, the UAE and Saudi Arabia. Watch the Zawya video here:

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Jordan targets 50% renewable energy in 2033

Jordan is pushing ahead with plans to expand its reliance on solar power and other renewable energy sources to 50 percent in 2033, an official has said. Renewable energy currently accounts for around 27 percent of the total energy mix in the Arab countries after it was negligible a decade ago, said Amani Azzam, secretary general of the Energy and Mineral Resources Ministry. Azzam, quoted by Al-Ghad and other local newspapers on Friday, said Jordan is facing real challenges in its power sector given its heavy reliance on gas imports. 'We are working hard to tackle these challenges…we have drawn up an ambitious strategy to expand renewable energy sources from 27 percent to 50 percent in 2033,' she said. Jordan has awarded several renewable energy projects to foreign companies over the past two years and is pursuing an ambitious project to develop a key desert gas field to ensure at least 60 percent of its energy needs. (Writing by P Deol; Editing by Anoop Menon) (

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Seera's board proposes capital cut to $720mln

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Gulf Business

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Naguib Sawiris on ORA Developers' UAE debut and vision behind Bayn

Images: Supplied ORA Developers has established a new UAE headquarters at One Central in Dubai's central business district, reinforcing its commitment to regional growth under the leadership of chairman and CEO Naguib Sawiris. The announcement coincides with the developer's UAE debut project: Bayn, a 4.8 million sqm beachfront master-planned community in Ghantoot. Featuring 1.2 km of natural Arabian Gulf coastline, more than 55 per cent open space, and a 15-minute city philosophy, Bayn aims to redefine coastal living between Dubai and Abu Dhabi. The developer has also made key appointments and plans to triple its UAE workforce by end-2025, leveraging its international expertise across Egypt, Cyprus, Greece, Pakistan, and the Caribbean to shape Bayn into a world-class lifestyle destination. In this interview, Sawiris shares the story behind Bayn, ORA's regional vision, and how global learnings are shaping the UAE's newest coastal city. Bayn marks ORA Developers' debut in the UAE. Why did you choose Ghantoot as the location for such a large-scale master-planned community, and what sets Bayn apart from other coastal developments in the region? Bayn marks ORA Developers' debut in the UAE, and Ghantoot stood out to us because it offers something increasingly rare: true natural beachfront, direct access to both Dubai and Abu Dhabi, and the ability to shape a destination from the ground up with long-term vision. Strategically located between UAE's two hubs, Bayn sits just 30 minutes from Dubai and 45 minutes from Abu Dhabi and near the upcoming Al Maktoum International Airport. This location gives it unique access to two major markets, future growth corridors, and tourism hubs like Yas Island and Palm Jebel Ali. But location alone doesn't define Bayn. Its 1.2km stretch of natural Arabian Gulf beachfront is a rare asset in a region where most coastal developments rely on reclaimed land. Bayn is built around a 15-minute city philosophy, where daily needs, nature, and leisure are all within easy reach. Over 55% of the masterplan is dedicated to open space, creating room for movement, connection, and wellbeing. We've also embedded green infrastructure into every layer of the project. Bayn is built to support clean energy, water-smart systems, and walkable mobility. Bayn is poised as an ideal first home beach community offering space, privacy, and a deeper sense of connection. From a 108,000sqm sports club to an integrated beach town and marina, every detail is crafted to provide a holistic lifestyle. In essence, Bayn redefines what a coastal or beach community can be. It's where city life meets beach living without compromise. The first phase of Bayn includes 464 villas and townhouses, with handover expected in 2028. Can you share more about your long-term vision for the development and how you see it evolving over the next decade? The first phase of Bayn, comprising 464 villas and townhouses across two gated clusters, is just the beginning of a much larger journey. The first phase sets the tone. So, we focus on creating a complete environment, not merely the building. That means prioritising key anchors like education, community spaces, hospitality, greenery alongside the first residential offerings. When people arrive, they need to feel like life can begin immediately. That early momentum builds trust with buyers, supports value appreciation, and gives the whole development long-term stability. We don't just launch with floorplans, we launch with a vision people can experience from the start. Our long-term vision is to transform Bayn into one of the UAE's most comprehensive and future-ready beach communities, one that evolves organically while staying rooted in liveability and design excellence. What sets this vision apart is our commitment to building a fully self-sustained destination, not a development that ends at the doorstep, but a lifestyle ecosystem that supports work, leisure, family, and wellbeing within a walkable, human-centric layout. More than 55 per cent of Bayn's land is dedicated to open space. How does this reflect ORA's design philosophy, and what role do sustainability and wellness play in shaping the community experience? Dedicating over 55 per cent of Bayn's land to open space is a direct reflection of ORA's design philosophy: build around people, not just property. For us, open space is not a luxury, it is fundamental to quality of life our residents will enjoy. We believe that true value in real estate comes from how a place makes people feel, move, and connect not just from square footage. At Sustainability measures are embedded at every level. Native greenery supports biodiversity and minimises water use. Building orientation and design maximise natural light and ventilation, reducing cooling demands. Solar-powered energy systems and smart water infrastructure ensure long-term environmental performance. Wellness, too, is approached holistically. From a 108,000 sqm sports club to car-free zones and active mobility trails, Bayn encourages balance, movement, and mental clarity. In contrast to developments that maximise buildable land at the expense of livability. ORA Developers has an expanding international footprint, with projects across Egypt, Pakistan, Cyprus, and now the UAE. How does your experience in diverse markets influence your approach to real estate development, and what lessons are you applying to the UAE market? ORA Developers' international portfolio spans Egypt, Pakistan, Cyprus, Grenada, Greece, Iraq, and now the UAE — covering over 76 million square meters and owns a portfolio of real estate products worth over $45bn. With a rapidly expanding global portfolio and a reputation built on design excellence and delivery, ORA's vision is to develop spaces that transcend architecture, delivering lifestyle destinations that are timeless, soulful, and rooted in harmony. With the UAE as its next frontier, ORA offers a promise: to deliver elevated living, grounded in purpose and made to last. What sets ORA apart is its ability to craft integrated destinations that blend residential, commercial, and hospitality elements into cohesive lifestyle ecosystems. The group's hospitality assets include Silversands Grand Anse and Silversands Beach House in Grenada, the Caribbean, an upcoming five-star hotel in Mykonos, in addition to other pipeline under development hospitality projects. Our strength lies in our ability to tailor globally successful models to fit local needs. Beyond real estate, you've been a prominent investor in telecoms, gold, and media. How does Bayn — and your broader investment in lifestyle developments — align with your personal investment philosophy and your view of regional economic trends? My investment philosophy is deeply rooted in a commitment to creating spaces that genuinely elevate the quality of life. I believe in identifying untapped potential in locations others may overlook, and in enhancing the natural character of the land rather than altering it. Beyond mere structures, we aim to build thriving communities that offer enriching experiences and foster a strong sense of belonging. As for the economic landscape of the Middle East, particularly here in the UAE, it presents a compelling opportunity for well-conceived lifestyle developments. The region's increasing affluence, coupled with ambitious government initiatives focused on enhancing city living and attracting global talent, fuels a significant demand for sophisticated residential offerings. People are seeking environments that not only meet their practical needs but also resonate with their aspirations for a high standard of living. Our investments in this sector are a direct response to this evolving market, aiming to contribute to the region's growth by creating landmark destinations that set new benchmarks for quality and design. My vision extends beyond mere financial returns. We are driven by the desire to leave a positive and enduring impact on the communities we create, building a legacy of innovation and excellence that will be associated with our name for generations to come. As a well-known advocate for private sector leadership in economic development, what role do you believe developments like Bayn can play in contributing to the UAE's broader economic diversification and Vision 2031? As a strong advocate for private sector leadership, I believe initiatives like Bayn are pivotal in reducing the UAE's reliance on oil and driving economic diversification — a cornerstone of Vision 2031's 'Forward Economy' pillar. The non-oil sector already accounts for 74.6 per cent of UAE's GDP in the first nine months of 2024, showcasing the nation's successful shift toward a more resilient economy. The UAE's Emiratisation programme, which saw over 131,000 citizens join the private sector by 2024, further exemplifies the growing contribution of the private sector to national development. Moreover, private sector investment drives innovation, fuels the introduction of new technologies and supports business models crucial for achieving UAE's ambition to become a global leader. With domestic credit to the private sector accounting for 66.59 per cent of GDP in 2022, the UAE's robust financial ecosystem is ready to support ambitious developments that contribute to the country's long-term goals. As a real estate developer, I believe projects like Bayn are crucial to fostering livability and creating sustainable environments central to Vision 2031. Bayn addresses the pressing need for well-designed communities that not only provide high-quality living spaces but also prioritize well-being and long-term resilience. Amid increasing city congestion in the region, Bayn offers a low-density, nature-integrated alternative that aligns with the UAE's Green Spine initiative and the broader goal of enhancing the quality of life for its residents. In essence, projects like Bayn are more than just real estate developments. They are vital components of the UAE's strategy to build sustainable, livable communities and drive forward the nation's ambitious economic transformation.