Daily News-


Egypt’s Export Development Fund (EDF) has concluded a series of consultations with the country’s 12 export councils after meeting with the Export Council for Building Materials, Refractory & Metallurgy Industries (ECBM) to discuss strategies for boosting exports and strengthening the sector’s global competitiveness.

The meeting, chaired by Hatem El Nawawy, CEO of the Export Development Fund and the General Organization for Export and Import Control (GOEIC), and Ahmed Hafez, Chairperson of the ECBM, focused on expanding Egypt’s export base, enhancing manufacturers’ competitiveness, and identifying priorities for the next phase of the country’s export development strategy.

The consultations come as the Ministry of Investment and Foreign Trade seeks to accelerate export growth in line with directives from Minister Mohamed Farid to diversify export markets and strengthen the global presence of Egyptian products.

El Nawawy said the ministry has adopted an integrated export development strategy centred on diversifying export destinations, opening new international markets, maximising the benefits of Egypt’s trade agreements, and increasing the value-added content of Egyptian products.

He described the building materials, refractories, and metallurgical industries sector as one of Egypt’s strategic export pillars, citing its strong industrial base, abundant raw materials, and growing international demand.

“The next phase requires deeper local manufacturing, greater value-added production, and enhanced competitiveness of Egyptian products to support expansion into regional and international markets, particularly promising markets in Africa and Europe,” El Nawawy said.

During the meeting, officials reviewed the sector’s latest export performance, which showed exports rising to $14.875bn in 2025 from $10.872bn in 2024, marking a 36% year-on-year increase.

The sector accounted for approximately 30% of Egypt’s non-oil exports in 2025, underscoring its importance to the country’s export portfolio.

Export momentum has continued into 2026, with shipments reaching $4.803bn during the first five months of the year, according to data presented during the meeting.

Participants also discussed several priority issues, including expanding local manufacturing, maximising the use of Egypt’s natural resources, increasing companies’ utilisation of the government’s export rebate programme, and enhancing support for participation in international trade exhibitions to sustain export growth.

Ahmed Hafez reaffirmed the Export Council’s commitment to working closely with the Ministry of Investment and Foreign Trade and the Export Development Fund to support exporters and expand their presence in overseas markets.

He stressed the importance of utilising idle production capacity and surplus output at Egyptian factories by directing more production towards export markets.

The meeting marked the conclusion of El Nawawy’s consultation tour with Egypt’s 12 export councils, covering the engineering industries, agricultural crops, home textiles, textiles, food industries, ready-made garments, medical industries, chemicals and fertilisers, printing and packaging, leather, furniture, and building materials sectors.

The consultations are expected to help shape the government’s export priorities and policy agenda as Egypt seeks to accelerate non-oil export growth and strengthen the competitiveness of domestic industries in international markets.

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The Representative Committee of the Hotel Sector Business Group, operating under the Sharjah Chamber of Commerce and Industry (SCCI)’s umbrella, discussed ways to strengthen the sustainability of Sharjah’s tourism sector and elevate its hospitality standards.

During its expanded coordination meeting at SCCI’s headquarters, the committee reviewed a newly launched package of incentives, facilitation measures, and strategic initiatives introduced by the Sharjah Electricity, Water, and Gas Authority (SEWA) for tourism and hospitality establishments.

The measures are designed to improve the operational performance of the hotel and tourism industry, thereby reinforcing Sharjah’s business environment and enhancing its attractiveness to entrepreneurs and investors.

The meeting was chaired by Fadi Musharafieh, Head of the Hotels Sector Business Group, and attended by Dr. Fatima Al Muqarrab, Director of International Relations Department at SCCI; Hadef Al Tunaiji, the committee’s permanent member and representative of SEWA; and Amjad Awad al Karim, Head of Sectoral Business Groups Department; along with senior officials from SEWA and representatives of hotel establishments.

SEWA’s incentive package reflects an advanced model of public-private partnership, transforming Sharjah’s sustainable economic vision into practical support measures for the business community. The initiatives provide investors with greater planning certainty, optimise operating costs, improve operational efficiency, and enable hospitality establishments to expand their capacity in readiness for future tourism demand.

Held at the outset of the summer tourism season, the meeting also highlighted the Representative Committee’s commitment to transforming strategic engagement with government entities into measurable operational outcomes for the hospitality industry. The discussions reinforced the sector’s role as a key pillar of Sharjah’s tourism ecosystem and a significant contributor to the emirate’s economic growth.

SEWA’s representatives outlined the objectives of the newly introduced incentive programme aimed at enhancing the operational efficiency and competitiveness of the hospitality sector, with positive spillover effects across Sharjah’s wider tourism industry.

They also presented details of the package of initiatives, introduced in June and running through the end of August, which offers a range of financial and operational incentives specifically tailored to the sector’s seasonal operating requirements. The measures are designed to reduce operating costs, improve business resilience, and encourage the adoption of sustainable operating practices across the sector.

The meeting centred on a set of strategic priorities aimed at supporting Sharjah’s sustainable economic and tourism development agenda. Discussions focused on highlighting SEWA’s newly launched incentive initiatives for the tourism sector, strengthening direct engagement with hotel owners and senior executives, and establishing a sustainable institutional partnership with the hospitality industry to enhance collaboration and support the sector’s growth.

Participants also highlighted the importance of on-site monitoring to ensure the effective implementation of the incentive programme through regular visits to hotel and tourism establishments.

These visits will help operators maximise the available benefits, identify operational requirements and gather feedback, and resolve any implementation challenges, thereby improving programme delivery and effectiveness. The initiative also supports the preparation of periodic reports for the relevant authorities, incorporating practical recommendations to further enhance the incentive package and strengthen its sustainable impact.

The meeting also explored ways to develop specialised training programmes for hospitality professionals to ensure the sector’s workforce continues to meet international standards of service excellence. Participants further discussed how the newly introduced incentive package could be leveraged to stimulate tourism activity and attract higher visitor flows during the summer season, complementing the emirate’s flagship promotional campaign, the Sharjah Summer Promotions, which continues through mid-September.

The incentive package introduced by SEWA provides a practical framework for addressing the operational challenges facing the hospitality sector and strengthening the resilience of hotel establishments in responding to changing market dynamics. The measures are expected to encourage the adoption of innovative solutions that support sustainable tourism growth in line with Sharjah’s ambitious vision, further consolidating the emirate’s position as a leading tourism destination at the local, regional, and international levels.

The Sharjah Chamber reaffirmed its commitment to fostering an attractive and sustainable investment environment for the hospitality sector by facilitating solutions to operational challenges and promoting close collaboration with government stakeholders.

The Chamber also praised SEWA for its strategic initiatives, which are expected to strengthen the competitiveness of hotel establishments, improve the sector’s overall business environment, and further reinforce Sharjah’s position as a leading economic and investment destination.

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Abu Dhabi’s XRG is rapidly expanding its presence across the Americas, assembling an integrated energy and industrial platform that extends the UAE’s economic reach and reinforces its role as a long-term global investor.

In recent months, XRG has advanced strategic investments across LNG, chemicals, advanced materials, and upstream gas while launching a new global trading platform with ADNOC and ADNOC Gas. Together, these moves position the company as one of the most active long-term investors in the Americas energy growth story, while demonstrating how the UAE is deploying capital internationally to build resilient businesses in sectors critical to energy security, industrial development, and future economic growth.

The clearest proof point is Rio Grande LNG in Texas, where XRG now holds equity interests across all five trains currently under construction at the 30 million tonnes per annum export project. The investment gives XRG exposure to one of the world’s largest LNG export developments and strengthens its ability to connect advantaged U.S. gas supply with growing international demand.

Rio Grande LNG is only one part of a broader platform. XRG is also building a global LNG marketing and trading business targeting a 47 MTPA marketable portfolio by 2035. It is expanding into Argentina’s Vaca Muerta basin through a 32% stake in upstream assets supporting the 12 MTPA Argentina LNG project, and establishing a major North American chemicals and advanced materials footprint through Covestro, Borouge International, and NOVA Chemicals, a major Canadian-based petrochemicals producer with operations across North America.

Covestro provides XRG with an established U.S. manufacturing and innovation platform serving industries including automotive, construction, electronics, and healthcare. Its recent acquisition of the former Vencorex production site in Freeport, Texas, further expands that footprint and strengthens its ability to supply high-performance materials for a range of industrial applications.

Together, these businesses demonstrate the strategic connection between XRG’s gas, chemicals, and advanced materials portfolio. XRG is investing across the value chain, from the molecules that provide energy and industrial feedstocks to the advanced materials used in smartphones, medical devices, vehicles, and buildings. This positions the company not only as an energy supplier, but as a provider of materials that support industrial development and technological innovation.

For the UAE, the significance is strategic as well as commercial. XRG’s Americas portfolio expands the nation’s economic reach into major global growth markets, deepens its participation in energy infrastructure and industrial value chains, and supports the creation of a diversified international platform anchored in long-term partnerships.

The United States is the anchor market for XRG’s growth strategy in the Americas. Across XRG, ADNOC, and Masdar, the UAE has already invested more than $85 billion in U.S. energy assets across 19 states, supporting power generation, advanced chemicals, and energy infrastructure.

“The United States is central to XRG’s ambition to build a globally integrated energy and industrial platform,” said Philip Haddad, CEO of XRG Americas. “With teams on the ground in Washington, D.C. and Houston we work with partners across the U.S. to identify investments that connect American energy and industrial capabilities with growing global demand. In doing so, we are supporting XRG’s growth while advancing the UAE’s role as a long-term international investor.”

The approach also reflects the UAE’s broader ambition to invest in businesses that can perform across market cycles, support global energy security and capture demand linked to AI-driven power growth, reindustrialization and rising global LNG consumption.

With assets and partnerships now spanning LNG in Texas, North American chemicals and Argentine gas, XRG is building a platform that positions the UAE not only as a supplier of energy, but as a global investor in the infrastructure, materials and commercial networks shaping the next phase of industrial growth.

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The United Arab Emirates, represented by the Ministry of Energy and Infrastructure (MoEI), participated in the Third BRICS Transport Ministers' Meeting, hosted in Nagpur, India.

The meeting brought together transport ministers and senior officials from BRICS member states as part of India's 2026 BRICS Presidency, held under the theme "Building for Resilience, Innovation, Cooperation, and Sustainability". The UAE delegation was led by Sheikh Nasser Al Qasimi, Assistant Undersecretary for the Infrastructure and Transport Regulation Sector at MoEI.

During the meeting, the UAE delegation took part in discussions on a range of strategic priorities aimed at advancing sustainable transport systems. Key topics included fostering innovation, accelerating the decarbonisation of the transport sector, promoting smart urban mobility solutions, enhancing the efficiency of supply chains and logistics services, and expanding research and technical cooperation among BRICS member states.

The BRICS Transport Ministers endorsed the meeting's Joint Declaration, which sets out a roadmap for strengthening cooperation among member states in the transport sector.

The declaration identifies several strategic priorities, including the development of sustainable transport infrastructure, the adoption of circular economy principles across the sector, the promotion of Sustainable Aviation Fuel (SAF), efforts to reduce carbon emissions, the development of integrated urban transport hubs, improvements to supply chain and logistics efficiency, and the establishment of a BRICS Railway Research Network.

The UAE's participation reflects its commitment to strengthening international cooperation and exchanging expertise and best practices in transport and infrastructure. It also reinforces the country's efforts to develop an integrated, future-ready, and sustainable transport ecosystem that supports its national development priorities and long-term strategic objectives.

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Invest Bank (INB) on Monday announced that Fitch Ratings has assigned Invest Bank P.S.C. (INB) a Long-Term Issuer Default Rating (IDR) of 'BBB+' with a Stable Outlook and Government Support Rating (GSR) of 'bbb+', marking the bank’s IDR at investment-grade.

The rating represents an important milestone in the bank's ongoing transformation and provides independent recognition of the progress achieved in strengthening its financial profile, rebuilding its franchise and positioning the Bank for sustainable long-term growth.

According to Fitch, Invest Bank's Long-Term IDR is backed by the expected Government support alongside adequate capitalisation, good liquidity coverage and improving financial performance. The Stable Outlook reflects the expectation that the bank will continue to execute its strategy while maintaining appropriate capital and liquidity buffers.

The rating follows a multi-year transformation programme undertaken by the bank to strengthen its balance sheet, enhance governance, risk management, improve operating performance and reposition the bank for sustainable growth.

Following past restructuring, the bank returned to profitability in 2025 and has continued to build this momentum through disciplined execution and a clear strategic focus.

Fitch noted the continued improvement in the bank's operating performance, including net interest income, adequate reserve coverage and a robust capital position. The agency highlighted the bank's liquidity profile and the expectation that legacy impaired assets may continue to reduce over the medium term as the transformation progresses.

While recognising that the bank continues to operate with a relatively small domestic franchise and remains in a rebuilding phase, Fitch acknowledged the progress made in strengthening the bank's financial resilience and executing its long-term strategy.

Edris Al Rafi, Chief Executive Officer of Invest Bank, said, “Receiving our inaugural investment-grade rating from Fitch is a defining milestone for Invest Bank and an important validation of the progress we have made over the past few years."

"This rating reflects the dedication of our people, the continued support of our shareholders, and our unwavering focus on disciplined execution. We have consciously worked to strengthen our balance sheet through focused diversification and digitisation," he added.

Al Rafi said that the bank's priority remains creating long-term value for all stakeholders, while continuing to build a stronger, more resilient and more competitive bank.

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ADI Chain and Tangem, the Swiss hardware wallet maker, have launched a co-branded hardware wallet available for purchase at Virgin Megastores across the UAE.

The wallet supports assets across 80+ blockchain networks, including BTC, ETH, and tokens native to ADI Chain, giving retail buyers access to secure self-custody across a wide range of digital assets.

The launch places ADI Chain's first co-branded hardware wallet inside one of the UAE's most recognised retail environments.

Rather than ordering online and navigating a technical setup, buyers can walk into a Virgin Megastore, pick up the wallet, and activate it in minutes using the Tangem app on any NFC-enabled smartphone.

Tangem's hardware wallet is a contactless smart card with a secure chip inside that generates and stores private keys on the device. The Tangem app handles everything from sending and swapping to managing balances across supported networks. Every transaction requires a physical tap of the card to sign. Private keys are generated and stored on the card's secure chip.

ADI Chain is purpose-built for institutional use, with compliance tooling and policy frameworks available to governments, banks, and enterprises building on the network.

The co-branded Tangem wallet brings that same infrastructure standard into a retail setting, making secure self-custody accessible through a product available on Virgin Megastores' shelves, backed by a zero-compromise track record across 6 million devices shipped since 2017.

"ADI Chain was built with the same security and compliance standards that institutions expect. Tangem's hardware has a zero-compromise track record across millions of devices, and Virgin Megastores gives us direct distribution access in one of the most recognised retail environments in the UAE. Retail distribution is how we can onboard more people on-chain, and that starts with making the self-custodial wallet available in places retailers can easily reach," said Ivan Branitskiy, Head of DeFi at ADI Foundation.

Darya Karpukova, Chief Commercial Officer of Tangem, said, "By partnering with ADI Chain and Virgin Megastores, we're bringing secure self-custody into everyday retail, making hardware wallets as easy to buy and use as any other consumer technology."

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Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced the establishment of the Kenyan Business Council to strengthen economic cooperation, promote partnerships and expand investment collaboration across diverse sectors.

The council’s inaugural meeting was held recently at Dubai Chambers’ headquarters.

Participants discussed ways to develop new business opportunities and advance mutual investments. They also focused on strengthening the connections between Kenyan companies and their counterparts in Dubai, exchanging expertise and data, and organising bilateral business events.

Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers, said, “The new Kenyan Business Council provides an important platform for strengthening trade and investment partnerships between Dubai and Kenya. It will play a key role in creating new avenues for bilateral cooperation across diverse sectors, contributing to economic growth and the development of long-term strategic partnerships between the business communities in both markets.”

The launch of the Kenyan Business Council reflects Dubai’s growing position as a global hub for Kenyan companies and investors. A total of 146 new Kenyan companies joined Dubai Chamber of Commerce during 2025, bringing the number of active Kenyan member companies to 587 by the end of the year, representing annual growth of 9.7 percent.

Non-oil trade between Dubai and Kenya reached AED13.6 billion in 2025, achieving year-on-year growth of 2.1 percent and reflecting the strength of bilateral trade relations.

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First Abu Dhabi Bank (FAB) has launched the Jaywan Debit Card, issued under the UAE’s national card scheme, managed by Al Etihad Payments, and backed by the Central Bank of the UAE (CBUAE).

The card is currently available for domestic use as part of the national roll-out of Jaywan.

Futoon Al Mazrouei, Group Head of Personal, Wealth and Business Banking at FAB, said, “The Jaywan Debit Card reflects FAB’s commitment to delivering secure, innovative and customer-focused payment solutions that support the UAE’s evolving financial ecosystem. As the national card scheme continues to strengthen the country’s payments infrastructure, Jaywan combines the trust of a nationally backed solution with the convenience customers expect.

"Through this initiative, we are contributing to the UAE’s vision for a more connected, resilient and inclusive financial future while enhancing everyday banking for our customers.”

Andrea Ciancetti, Chief Products Officer at Al Etihad Payments, said that the Jaywan Debit Card has been developed to provide the UAE with a sovereign, domestic card scheme that supports convenient, secure and efficient payments across everyday use cases.

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Khalifa Fund for Enterprise Development (KFED) has announced enhancements to its financing ecosystem to empower national entrepreneurship and accelerate the growth of startups and small and medium-sized enterprises (SMEs).

This is achieved through seven integrated financing programmes that support the needs of enterprises across different stages of growth, from inception and expansion to innovation and technology‑driven advancement. This enables entrepreneurs to choose the financing solution that best align with the nature and needs of their businesses.

This marks a significant milestone in Khalifa Fund’s journey, reflecting its commitment to supporting the objectives of the Falcon Economy, as well as the strategic growth priorities of Abu Dhabi and the broader UAE. It also consolidates the fund’s role as a catalyst for startups, SMEs, and Emirati entrepreneurial ventures, recognising them as vital contributors to the national economy and key drivers of social and economic development.

The development of the financing ecosystem is based on a comprehensive evaluation conducted by KFED, guided by its institutional strategy and aligned with global best practices. The process included a benchmarking study of financing programmes, an analysis of the solutions available across the banking and financial sectors, and direct engagement of entrepreneurs and SMEs through surveys and workshops to identify financing gaps and challenges and assess market needs.

The aim was to design and deliver financing solutions that are better aligned with the priorities of Emirati enterprises, thereby ensuring that financing is directed towards genuine business needs while also enhancing their prospects for sustainable growth.

KFED’s updated financing ecosystem is built around a set of key pathways aligned with Abu Dhabi’s economic priorities, including providing loans that enable Emiratis to embark on their entrepreneurial journey, while promoting innovation and digital transformation, bridging financing gaps for startups, supporting the expansion of enterprises, enhancing cash flow flexibility, and tailoring financing solutions to meet the evolving needs of enterprises throughout their growth journey.

In addition, the updated ecosystem keeps pace with the economic and technological shifts impacting the business environment, connects financing with economic and social impact, and expands access to Khalifa Fund’s support.

Mouza Obaid Al Nasri, CEO of Khalifa Fund for Enterprise Development, said: “Enhancing our financing ecosystem represents a major shift in Khalifa Fund’s financing strategy. It underscores our determination to keep pace with the rapid transformations within the SME sector, develop more flexible and impactful solutions, and actively support national priorities. Our goal is to strengthen the UAE economy, diversify its resources, and ensure its readiness for the future.”

She highlighted that the new programmes stem from an in‑depth understanding of the entrepreneurial needs and requirements of enterprises throughout their growth stages. As a result, each enterprise can access the most suitable financing solution, thereby enabling sustainable growth, accelerating expansion, and enhancing competitiveness within an innovation-based and technology-driven economy, while also promoting a culture of entrepreneurship across the Emirati community.

She said: “More than expanding the options available, this strategic move represents a shift in our financing methodology, ensuring solutions are more closely linked to economic impact and sustainable development. Through this integrated ecosystem, we seek to channel financing towards high-value opportunities, increase the economic impact of funded enterprises, and further strengthen the role of SMEs in promoting economic diversification and long-term competitiveness.”

The new programmes aim to address three essential priorities, empowering new entrepreneurs, driving innovation and advanced technologies, and enhancing operational liquidity for businesses – all within an integrated financing ecosystem that supports business growth.

As part of this ecosystem, the fund has launched the First-time Founders Loan, designed for Emiratis launching their entrepreneurial ventures. By providing access to essential financing, the programme helps business owners establish and launch their ventures on stronger financial foundations, improving their prospects of success right from inception.

Khalifa Fund also introduced the AI & Robotics Loan, to promote the integration of advanced technologies within SMEs. The programme facilitates greater operational and production efficiency, accelerates digital transformation, and strengthens the competitiveness of enterprises in priority sectors.

The new framework also includes the Revolving Loan, designed as a flexible financing facility that enables enterprises to access financing as needed and reuse the available financing limit after repayment in line with their changing business requirements. This enhances working capital management, improves cash flow efficiency, and supports business continuity.

The financing ecosystem also includes the Small Loan, Working Capital Loan, Fixed Assets Loan, and Expansion Loan, which provide specialised solutions tailored to the diverse needs of enterprises, whether for operational expenses, capital assets, or expansion plans. Each programme features financing criteria, eligibility requirements, repayment terms, and financing limits, tailored to the nature of the enterprise and its stage of growth.

Through this integrated ecosystem, Khalifa Fund continues to reinforce its role as a key enabler of SME growth by providing more efficient and flexible financing solutions that enhance entrepreneurs’ ability to establish, develop, and expand their businesses.

The move drives economic diversification, strengthens Abu Dhabi’s position as an environment conducive to entrepreneurship and innovation, and underscores KFED’s commitment to developing a sustainable financing ecosystem that aligns with the aspirations of the future economy and enhances the long-term competitiveness of Emirati enterprises.

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Ras Al Khaimah Economic Zone (RAKEZ) concluded a series of high-level business engagements in Mumbai, India, led by Group CEO Ramy Jallad.

The visit formed part of a broader two-week RAKEZ roadshow across India, also covering Bengaluru, Coimbatore, Hyderabad and Pune, aimed at strengthening UAE-India trade and investment ties and creating new pathways for Indian companies exploring regional and global expansion from the UAE.

In Mumbai, the delegation held a series of B2B meetings with prominent Indian companies across diverse sectors, including automotive manufacturing, banking and financial services, IT and BPO, petrochemical trading, chemical and fertiliser manufacturing, alternative energy solutions, engineering, fabrication, infrastructure development, logistics, and strategic minerals processing.

RAKEZ also signed a Memorandum of Understanding (MoU) with the Organisation of Plastics Processors of India (OPPI), representing India’s plastics processing sector. The MoU was signed by RAKEZ Group CEO Ramy Jallad and OPPI Secretary-General Deepak Lawale.

The partnership aims to stimulate trade and business opportunities, create synergies for cooperation and development, and support Indian business owners through commercial missions, fairs, exhibitions and other export and investment promotion activities.

Jallad said, “India has always been one of RAKEZ’s most important investor markets, and our latest visit reflects the depth of this relationship. The discussions we held with business leaders across multiple sectors reaffirm the strong appetite among Indian companies to choose Ras Al Khaimah as a base for regional and global growth.

"Through focused engagements and strategic partnerships such as our MoU with OPPI, we are creating more opportunities for Indian enterprises to access the UAE’s dynamic business environment, benefit from RAKEZ’s cost-effective ecosystem, and scale with confidence.”

The MoU with OPPI further supports RAKEZ’s efforts to engage sector-focused industry bodies in India and promote Ras Al Khaimah as a competitive destination for manufacturers, processors and exporters.

OPPI works closely with plastics processors, manufacturers and related industry stakeholders to promote technology adoption, quality enhancement, good manufacturing practices, sustainability, circularity, skill development and policy engagement.

RAKEZ’s Indian business community continues to grow in line with the strengthening UAE–India economic relationship under the Comprehensive Economic Partnership Agreement.

Today, RAKEZ is home to more than 13,500 Indian companies, ranging from SMEs to multinational brands such as Mahindra, Ashok Leyland, MSSL, JK Cement, Ace Cranes, G.K. Wire Industries, Bosco Aluminium & Glass, Shyam Middle East, Nash Industries, Xpro India (part of Birla conglomerate), and Dabur Naturelle.

Through continued on-ground engagement and sector-focused outreach, RAKEZ continues to position Ras Al Khaimah as a preferred destination for Indian businesses seeking sustainable growth, regional access and long-term expansion from the UAE.

Through its multi-city outreach, RAKEZ is engaging directly with Indian businesses and industry partners, providing practical insights into establishing and expanding operations in Ras Al Khaimah.

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Sanad, a global leader in aerospace engineering and asset management solutions wholly owned by Mubadala Investment Company PJSC (Mubadala), today announced strong financial and operational results for the first half of 2026, reporting AED 4.31 billion in revenue, representing 35% year-over-year growth from the same period last year.

The strong performance reflects sustained international demand for Sanad's maintenance, repair, and overhaul (MRO) services, the successful expansion of its new Asset Management division, and continued investment in advanced repair, testing, and infrastructure capabilities.

International customers generated 99% of total revenue, while Sanad secured eight new commercial agreements valued at AED 95.5 million during the first half of the year, further expanding its global customer portfolio while increasing its contribution to local content and in-country value.

As airlines increasingly seek strategic partners capable of supporting the entire engine lifecycle, from maintenance and repair to engine assets, testing, and used serviceable material (USM), Sanad continues to evolve beyond traditional MRO services.

By integrating MRO capabilities with asset management services, advanced repair capabilities, testing infrastructure, and engine material support, the company is building a comprehensive portfolio of end-to-end engine services that will support customers maximize engine performance, availability, and long-term value.

Commenting on the company's performance, Mansoor Janahi, Managing Director and Group Chief Executive Officer of Sanad, said: "The first half of 2026 marks another important milestone in Sanad's evolution. Despite continued disruptions affecting global supply chains, we delivered strong operational and financial performance, driven by our agile strategy.

As airlines increasingly seek partners capable of supporting the entire engine lifecycle, we are expanding beyond traditional MRO to deliver integrated engine solutions that combine maintenance, repair, testing, asset management, and technical expertise. Through continued investment in advanced capabilities, infrastructure, and our people, we are strengthening operational resilience for our customers while helping shape the future of aerospace from Abu Dhabi."

Building on this strong financial performance, Sanad is on track for another year of growth and excellence as it approaches its 40th anniversary next year. The company remains focused on its long-term growth strategy by expanding its engine support capabilities, strengthening global customer relationships, and investing in state-of-the-art infrastructure that will support the next generation of commercial aviation.

Supporting Sanad’s long-term growth strategy, more than AED 800 million has been invested over the past two years to expand repair capabilities, testing infrastructure, and next-generation engine maintenance capacity in the UAE, and strengthening its ability to serve a global customer base. These investments are strengthening the company's ability to meet growing global demand while reinforcing Abu Dhabi's position as a leading global aerospace hub.

One of the company's most significant investments during H1 2026 was the announcement of a AED 480 million Repair Center of Excellence in Al Ain. Scheduled to begin operations by 2030, the 17,600-square-meter facility will consolidate advanced repair capabilities across multiple engine platforms. In addition, Sanad invested more than AED 25 million to enhance its engine testing infrastructure, completing its end-to-end LEAP-1A and LEAP-1B overhaul capability within the UAE and the Middle East region.

Construction also commenced on Sanad's GTF Engine MRO Center in Al Ain, the project remains on track for operations in late 2028. The new facility spans more than 64,000 square meters and is set to become the world's second-largest GTF engine MRO center. Construction also progressed on its dedicated twin engine test cells project in Al Ain, which will form the region’s largest civil aircraft engine test facility, capable of supporting more than 500 engine tests annually.

These investments were matched by strong operational performance across Sanad's MRO network division. During H1 2026, the company inducted 120 engines, up 33.3% year over year, while engine deliveries increased 53.8%, reflecting significantly improved throughput despite ongoing global supply chain constraints. Together with its expanding infrastructure, Sanad is on track to increase its annual MRO network capacity to approximately 300 engine shop visits by the end of 2026.

Together, these achievements underscore Sanad's ability to scale its engine MRO operations while continuing to invest in the capabilities that will drive its future growth.

H1 2026 also marked the first full operating period of Sanad’s new Asset Management division, representing a major milestone in the company's strategy to expand beyond traditional MRO services. During the first half of the year, the division deployed approximately AED 165 million across engine acquisitions, repair and rebuild activities, and asset optimization initiatives, broadening Sanad's ability to support customers throughout the life of an engine.

The division acquired 11 additional engines, bringing its portfolio to 17 engines, while launching its Trent 700 rebuild program and expanding the availability of serviceable engine components to help customers reduce downtime and improve fleet availability.

Together, these capabilities enable Sanad to deliver a more integrated engine support services spanning maintenance, asset management, engine assets, and material solutions.

Continued customer demand translated into new commercial opportunities across both existing and new relationships, reinforcing Sanad's position as a trusted partner to airlines, OEMs, and lessors worldwide.

During H1 2026, Sanad extended its long-standing Trent 700 collaboration with Rolls-Royce through to 2031, expanding both the scope of work and the number of engine shop visits entrusted to the company’s advanced facility in Abu Dhabi. The renewal builds on years of collaboration that began in 2012 and reflects Sanad's growing role within the global Rolls-Royce MRO network.

Sanad also expanded its international customer base through new engine maintenance agreements with leading global airlines including Lion Air and Air Canada, while securing eight new commercial agreements valued at AED 95.5 million during the first half of the year. Together, these agreements reflect continued customer confidence in Sanad's expanding portfolio of engine services and advanced capabilities.

Supporting this continued growth requires continued investment in both infrastructure and people. As Sanad expands its operations and technical capabilities, developing a highly skilled workforce remains central to its long-term strategy.

During the first half of 2026, the company's workforce grew by 44% compared with the same period last year, reaching 898 employees, as it continued attracting specialized talent to support its expanding MRO, repair, and asset management operations.

At the same time, Sanad strengthened its commitment to developing national talent and building future leaders from within the organization. Emiratization increased to 36.9%, with UAE Nationals now representing 51.6% of senior leadership positions, while nearly two-thirds of leadership appointments were filled through internal promotions, demonstrating the strength of the company's leadership pipeline and succession planning.

Sanad enters the second half of 2026 with strong momentum, underpinned by record financial and operational performance, expanding infrastructure, growing asset management capabilities, and a broader global customer base. As global demand for integrated engine services continues to accelerate, the company is well positioned to strengthen its competitive advantage while advancing its ambition to become one of the world's leading independent providers of comprehensive engine solutions.

Continued investment in next-generation repair capabilities, testing infrastructure, and talent development will further strengthen Sanad's long-term competitiveness while reinforcing Abu Dhabi's position as a global aerospace hub and advancing the UAE's industrial diversification agenda.

Driven by the expansion of its technical capabilities, stronger partnerships with global customers and OEMs, continued growth in its Asset Management business, and its commitment to developing the next generation of aviation talent in the UAE, Sanad is steadily advancing towards its ambition of becoming the world's fifth-largest independent aircraft engine MRO provider.

Reflecting this momentum, Sanad was recognized at the Aviation Achievement Awards 2026 with MRO Management Team of the Year and Excellence in Aerospace Infrastructure Development, while Managing Director and Group Chief Executive Officer Mansoor Janahi were named Aviation Executive of the Year.

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Kuwait's consumer price index (CPI), a key measure of inflation, increased by 2.19% year-on-year at the end of June, driven by higher prices across several main expenditure groups, official data showed on Monday.

The Central Statistical Bureau (CSB) said the annual inflation rate was mainly attributed to increases in the prices of food, healthcare, clothing, education, and miscellaneous goods and services.

According to the data, carried by KUNA, the food and beverages group recorded the highest annual increase, rising 5.55% compared with June 2025, while tobacco and cigarette prices remained unchanged.

The clothing and footwear index rose 0.89% year-on-year, while housing services increased 0.16%. Prices for household furnishings and maintenance climbed 1.11%, and the healthcare index advanced 1.03%.

The transport group posted a notable annual increase of 4.83%, while communications prices rose 1.03%. Recreation and culture recorded a 1.13% increase, and education prices were up 1.02%.

The CSB added that restaurant and hotel prices increased by 0.22% annually, while miscellaneous goods and services registered a 5.8% rise.

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Network International (Network), a leading fintech company across the Middle East and Africa, has extended acceptance of ‘Jaywan’ — the UAE’s Domestic Card Scheme — to online payments, enabling cardholders to use Jaywan across Network’s e-commerce merchant network.

Jaywan is the domestic card scheme, launched by Al Etihad Payments, a subsidiary of the Central Bank of the UAE in line with the UAE’s digital transformation strategy to drive innovation, digitization and global interoperability and to reinforce the country’s position as a leading global hub for digital payments.

Network has integrated Jaywan card acceptance into its e-commerce payment gateway platform, enabling secure, fast, and seamless online transactions. Customers can now use their Jaywan cards across thousands of Network’s online merchants in the UAE, with no additional fees for merchants on Jaywan transactions processed through the gateway.

Pinar Alpay, Group Chief Product and Marketing Officer, Network International, said, “Extending Jaywan acceptance to online payments is a natural next step in our work with Al Etihad Payments, and reflects the trust placed in Network to help power the UAE’s digital payments infrastructure.

Having enabled Jaywan for in-person transactions across our merchant network, we are now bringing that same security and interoperability to online commerce, giving cardholders a consistent experience wherever they choose to pay. At Network, our purpose is to help businesses grow, and this milestone strengthens the digital foundation the UAE is building toward a fully cashless economy.”

Andrea Cianchetti, Chief Products Officer at Al Etihad Payments, commented, “Jaywan’s growth is driven by broad participation across the payments industry. Every issuer, acquirer, and payment service provider that enables the scheme expands where customers can use their cards, whether in-store, online or through mobile wallets. Network’s support for online acceptance is another important step in expanding the reach of Jaywan and making it available across more everyday payment journeys in the UAE.”

Network was among the first acquirers to enable Jaywan card acceptance in the UAE for in-person payments. By powering Jaywan cards for online payments, Network continues to contribute towards the UAE’s agenda of financial inclusion and digital transformation.

Jaywan endeavors to empower businesses and consumers with a secure, efficient, and innovative payment solution. Its multifaceted objectives include reducing transaction costs via an effective local alternative, enhancing operational efficiency through accelerated local payment processes, and fostering economic growth.

(WAM)-


Total expatriate remittances to Jordan rose 14.5% during the first five months of 2026 to USD 2.0621 billion, while outbound remittances from the Kingdom increased 15.0% to USD 806.7 million, according to preliminary figures released by the Central Bank of Jordan.

The data, carried by Jordan News Agency (Petra), showed that the United Arab Emirates ranked first among the sources of remittances to Jordan, accounting for 21.9% of total inflows, followed by the United States at 19.9%, Saudi Arabia at 17.9%, Qatar at 9.5%, and Kuwait at 5.4%. Other countries accounted for 25.4% of the total.

For outbound remittances, Egypt was the main destination, accounting for 41.1% of transfers from Jordan, followed by Bangladesh at 11.8%, the Philippines at 4.9%, and Palestine at 4.1%. Other countries accounted for 38.1%.

(WAM)-


The Endowment and Minors’ Trust Foundation in Dubai (Awqaf Dubai) delivered strong investment performance during the first half of 2026 (H1 2026), continuing to enhance the efficiency of its securities investment portfolio while achieving significant growth in market value and returns and consistently surpassing its performance targets.

By the end of H1 2026, the cost value of the securities investment portfolio reached approximately AED1.398 billion, compared to AED1.199 billion during the same period in 2025, representing growth of 16.6%.

The portfolio’s market value also increased to AED1.475 billion, up AED76.5 million, or 5.5%, reflecting Awqaf’s strong investment performance and the efficient management of its financial assets.

As part of its investment expansion strategy, Awqaf Dubai recorded new investments totalling AED285.11 million during the first half of 2026, compared to AED113.75 million during the corresponding period in 2025, representing growth of 150.65%.

The securities investment portfolio generated total returns of AED51.6 million during the first half of 2026, including AED34.9 million in recurring investment returns and AED16.7 million in non-recurring gains.

Excluding non-recurring gains, recurring investment returns increased to AED34.9 million, compared to AED27.9 million during the same period last year, marking growth of 25% and underscoring the portfolio’s operational sustainability.

Ali Mohammed Al Mutawa, Secretary General of Awqaf Dubai, said the results achieved during the first half of the year reflect the Foundation’s success in implementing a balanced investment strategy based on disciplined execution, prudent risk management, and maximising sustainable returns.

He added: “We view investment as a key enabler of endowment sustainability and a driver of its developmental impact. Awqaf Dubai remains committed to further developing its investment portfolio through prudent, low-risk investments, adopting an institutional approach that balances sustainable returns with capital preservation.”

Dr. Ahmad Al Yassi, Director of the Investment Department at Awqaf Dubai, said the results reflect the Foundation’s confidence in the financial markets, supported by the strength of the UAE economy.

He affirmed Awqaf Dubai’s commitment to growing endowment assets and managing minors’ funds through diversified investment portfolios that increase returns and diversify income sources, reinforcing the contribution to sustainable economic and social development while further strengthening Dubai’s position as a global model for endowment work and minors’ trust management.