Latest from Gulf Business
Gulf Business
an hour ago
- Business
- Gulf Business
Islamic New Year 2025: GCC countries declare holidays
Image: Getty Images Governments across the Gulf region have announced public holidays to mark the Islamic New Year, giving residents in the UAE, Kuwait, and Oman extended weekends. The holiday marks the beginning of the Islamic lunar calendar year 1447 AH. Read-I In Dubai, the Government Human Resources Department (DGHR) has confirmed that Friday, June 27, 2025, will be an official public holiday for all government departments, entities, and institutions. According to a circular issued by DGHR, the holiday does not apply to employees working shifts or those involved in providing essential public services or managing vital infrastructure. These organisations may determine alternative work schedules based on operational requirements, Nationwide, the UAE Ministry of Human Resources and Emiratisation also announced that private sector employees will receive June 27 off as a paid holiday. This follows an earlier statement from the Federal Authority for Government Human Resources confirming the same date for federal employees, effectively creating a long weekend for much of the country. In Kuwait, the cabinet declared Thursday, June 26, as a public holiday on the occasion of the Islamic New Year. All ministries and state institutions will suspend operations, resuming work on Sunday, June 29. The decision was made during the Cabinet's regular session, chaired by His Highness the Prime Minister Sheikh Ahmad Abdullah Al Ahmad Al Sabah. The cabinet extended its congratulations to the Amir, the Crown Prince, and the people of Kuwait, as conveyed by A
Gulf Business
3 hours ago
- Business
- Gulf Business
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.
Gulf Business
3 hours ago
- Business
- Gulf Business
UAE ranks 10th globally for FDI in 2024, attracts record Dhs167.6bn
Image: WAM/ For illustrative purposes The UAE ranked 10th globally in 2024 for foreign direct investment (FDI) inflows, bringing in a record Dhs167.6bn ($45.6bn), a 48 per cent increase from the previous year, according to the United Nations Conference on Trade and Development's ( World Investment Report 2025 . The country accounted for 37 per cent of all FDI inflows into the region, reinforcing its position as the leading investment destination in the Middle East and North Africa. 'Out of every $100 invested in the region, $37 comes to the UAE,' said Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai. The UAE also ranked second globally, after the US, in the number of newly announced greenfield FDI projects, with 1,369 projects launched in 2024. Despite a global slowdown in greenfield project growth to 0.8 per cent, the UAE posted a 2.8 per cent increase, with announced greenfield project capital reaching Dhs53.3bn ($14.5bn). Key sectors fuelling UAE FDI inflows Key sectors driving this growth include software and IT services (11.5 per cent of total greenfield project value), business services (9.7 per cent), renewable energy (9.3 per cent), coal, oil, and gas (9 per cent), and real estate (7.8 per cent). The energy sector alone attracted Dhs4.8bn ($1.3bn) in greenfield FDI, aligned with national goals to triple renewable energy production capacity by 2030. Since 2015, annual FDI inflows into the UAE have grown from Dhs31.6bn ($8.6bn) to Dhs167.6bn, representing a compound annual growth rate of 10.5 per cent. The cumulative FDI stock reached $270.6bn by the end of 2024. Mohamed Hassan Alsuwaidi, Minister of Investment, attributed the record inflows to strategic reforms and long-term policy direction. 'The UAE's investment ecosystem has become a global model, thanks to its stability, transparency, trade openness, and ease of doing business,' he said. The Ministry continues to support investor confidence through enhanced legislation, full foreign ownership in mainland companies, a 9 per cent corporate tax rate, and streamlined licensing. The country also ranks fifth globally for attracting highly skilled talent and third in AI talent, according to recent studies by INSEAD and Stanford University. This talent pool supports ongoing digital transformation, including a $1.5bn AI-focused joint venture between Microsoft and Abu Dhabi-based The UAE's National Investment Strategy 2031 aims to double annual FDI inflows by the end of the decade, targeting Dhs2.2tn in cumulative FDI by 2031. Strategic focus areas include advanced manufacturing, clean energy, financial services, and IT. 'Our foundation is strong, our future is promising, and our focus on our goals is crystal clear,' said Sheikh Mohammed. 'Our message is simple: development is the key to stability, and the economy is the most important policy.'
Gulf Business
18 hours ago
- Entertainment
- Gulf Business
Dubai Summer Surprises 2025 to start soon: 11 unmissable experiences
Image: DSS/ DFRE Dubai Summer Surprises (DSS) is back for its 28th edition, running from June 27 to August 31. Organised by Dubai Festivals and Retail Establishment (DFRE), this year's From exclusive retail promotions and world-class concerts to raffles, hotel deals, and pop-up food experiences, here's everything you need to know to make the most of The festival is sponsored by Commercial Bank of Dubai with major partners including Al Futtaim Malls, Majid Al Futtaim, Emirates Airline, ENOC, talabat and many more. 1. Three curated shopping seasons Summer holiday offers (June 27–July 17): Early-season deals, family-friendly offers, and first-round raffles. Great Dubai Summer Sale (July 18 – August 10): The biggest citywide bargains—over 800 brands, 3,000+ retailers. Back to School (August 11–31 ): Essential term-time savings + giveaways and scholarship chances. 2. Dubai Summer Surprises: Opening weekend extravaganza June 27–29: Family-focused activities and free concerts at major venues. Dubai Festival City Mall: Regional acts (Abri & Band, Sabrina, Reina Khoury, Noel Kharman) City Centre Mirdif: Live music by Jadal and Al Shami, plus roaming entertainment Headline shows: Miami Band and Mutref Al Mutref, Tribute to Adele, Adnan Sami, and more. 3. Mall Raffles and big wins Immediate chances to win big: Polestar 4 car, SUVs, electronics, jewellery, and Skyward Miles through retailer loyalty programmes (Mercato, Majid Al Futtaim, Festival Plaza, Dubai Outlet Mall). 4. Dubai Summer Restaurant Week (July 4–13) Enjoy set-menu dining across 50+ family and international restaurants at exclusive value. Reserve via OpenTable. 5. DSS Gahwa Beats Weekend café pop-ups on July 26, and August 2, 9, 16, 23: enjoy live music, coffee culture, and vibrant vibes at city hotspots. Locations TBC soon. 6. 10 Dirham Dish (August 1–31 ) Discover affordable eats across Dubai — restaurants offer a special dish for just Dhs10. 7. Headline concert series and live shows Beat The Heat DXB (July 4–13): Arabic pop, indie, hip-hop acts Individual concerts: Adonis (July 3), TJ Monterde (July 13), Shreya Ghoshal (July 19), Sufi maestro Sagar Bhatia (August 16), Natalie Imbruglia (August 23), Made in Kuwaiti theatre (August 29–30) 8. Shop and save citywide Nine weeks of retail excitement: themed flash sales, 'Cool Off at The Beach, JBR', 'Win Your School Fees', loyalty promos: Amber Millionaire, AURA draw, Win 1 Million Skywards Miles, and more. 9. Staycations and family fun Exclusive deals at 100+ hotels and 15 attractions, plus the DSS Entertainer BOGO offer (Dhs 195) unlocking 7,500+ discounts—covering theme parks, dining, gyms, spas. 10. Fitness events Get moving at mall-based runs: Courtyard run at Dubai Hills Mall (June 28, in partnership with Skechers) RX Run series at City Centre Mirdif (July 6) & Mall of Emirates (August 3) Fun runs at Ibn Battuta Mall (July 13) and Festival City Mall (August 31) Messi Experience at Festival City Mall until August 31— interactive football fun for all ages. 11. Modesh and Dana mascot moments Keep an eye out for Dubai's most-loved mascots making surprise appearances at malls, schools, attractions, and interactive pop-ups. Enjoy themed décor, meet-ups, and new merchandise across the city.
Gulf Business
18 hours ago
- Business
- Gulf Business
Basketball major LA Lakers to be sold for a record 10bn
Image courtesy: Los Angeles Lakers/ X Tthe Los Angeles Lakers (LA Lakers) are set to change hands in a landmark deal, with minority owner Mark Walter reportedly acquiring the family's majority stake for $10bn, according to ESPN and multiple reports, making it the most expensive sale of a US professional sports franchise ever. The Buss family, owners since 1979 when Jerry Buss purchased the team for $67.5m, agreed to the sale in a move approved by the NBA's board of governors. Post-sale, Jeanie Buss is expected to remain as team governor and the family will retain just over 15 per cent of shares for a period. Walter, already a 27 per cent stakeholder since a 2021 investment, will take majority control, it is reported. Walter is CEO and chairman of His purchase follows earlier buys of a 26–27 per cent stake in the LA Lakers for approximately $1.35bn, secured with first refusal rights on the majority share. Celebratory reaction at the sale Magic Johnson, former Lakers star and Dodgers co-owner, posted on X: 'Laker fans should be ecstatic. A few things I can tell you about Mark … he is driven by winning, excellence, and doing everything the right way.' He added Walter will 'put in the resources needed to win,' praising Jeanie Buss for choosing a successor aligned with the Lakers legacy. LA Dodgers manager Dave Roberts also tweeted that Walter is competitive and prepared to build a championship-calibre Lakers team. The valuation eclipses recent high-profile NBA team sales: Mavericks (circa$3.5 bn), Celtics ($6.1 bn), and Suns/Mercury ($4bn). It also tops other major US sports deals. What comes next for the LA Lakers The NBA's board of governors is expected to review the transaction. The LA Lakers have not yet issued an official statement. Walter's track record with the Dodgers and Sparks suggests continued emphasis on investment in player talent, facilities, and franchise growth.
