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Business

AI adoption exceeds 70% among DIFC firms as Emirates NBD commits half of tech budget
03.11.2026

AI adoption exceeds 70% among DIFC firms as Emirates NBD commits half of tech budget

DUBAI, 2nd November, 2026 (WAM) -- Artificial intelligence (AI) adoption is accelerating across the UAE's financial sector, with more than 70% of firms in the Dubai International Financial Centre (DIFC) using AI, while Emirates NBD has allocated around 50% of its technology budget to AI initiatives.Mark Steward, Chief Executive of the Dubai Financial Services Authority (DFSA), told the Emirates News Agency (WAM) on the sidelines of Dubai FinTech Summit 2026 that AI adoption had risen from 30% to 70%, with 64% of firms using generative AI.He anticipated continued strong growth in the DIFC's financial sector next year, highlighting a DFSA report on frontier and agentic AI and cyber resilience, alongside a specialised survey on financial asset tokenisation in investment funds.Neeraj Makin, Group Head of Strategy, Analytics and Venture Capital at Emirates NBD, said the bank had allocated approximately 50% of its technology budget to AI over the past year and would maintain this approach next year.The bank is developing more than 50 AI use cases, including fraud prevention and customer service. A trial involving 4,000 debt collection accounts, split equally between AI and employees, showed a 15% productivity improvement using AI.Mohammed Al Hakim, Vice Chairman of MultiBank Group and CEO of MB.io, said the UAE had become a global hub for financial innovation.He told WAM that the group, which relocated its operations from the United States to the UAE in 2021, had recorded trading volumes of approximately US$500 billion in a single month.Al Hakim said AI integration had improved trading and interbank financial operations, while the group continued developing technology solutions from the UAE for international institutions and clients.These developments underscore AI's growing role in improving efficiency, strengthening cyber resilience and attracting sustainable global investment.

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Alpha Dhabi nine-month net profit rises 23% to AED12.8 billion
03.11.2026

Alpha Dhabi nine-month net profit rises 23% to AED12.8 billion

ABU DHABI, 2nd November, 2026 (WAM) -- Alpha Dhabi Holding PJSC ("Alpha Dhabi" or "the Group"), a global investment holding company headquartered in Abu Dhabi and listed on the Abu Dhabi Securities Exchange (ADX: ALPHADHABI), today announced its financial results for the nine-month period ended 30 September 2026. The Group delivered a strong performance, with revenue of AED 58.3 billion and net profit of AED 12.8 billion, underpinned by disciplined capital allocation and strategic investments in future-facing industries.Alpha Dhabi's sustained focus on building a globally competitive and diversified portfolio translated into Group revenue of AED 58.3 billion, up 6.1% versus the same period of the prior year. This performance reflects the Group's strong financial foundation and balance-sheet resilience, supporting its ability to navigate changing market dynamics while continuing to deliver long-term shareholder value.The Group posted net profit of AED 12.8 billion, supported by contributions across its diversified business divisions. External revenue comprised AED22.2 billion from Real Estate, AED 21.3 billion from Industrial, AED 8.6 billion from Construction and AED 6.2 billion from Services & Others.Alpha Dhabi strengthened its balance sheet, with total assets of AED 236.4 billion, representing a 10% increase versus 31 December 2025. The Group's cash and bank balances stood at AED 36.5 billion, while total equity reached AED 114.6 billion, providing financial flexibility to pursue disciplined growth opportunities.Alpha Dhabi enters the final quarter of 2026 with strong momentum and a clear focus on sectors positioned for long-term growth, including artificial intelligence, digital banking, hospitality, advanced infrastructure, energy and healthcare. The Group will continue to pursue disciplined geographic expansion and investment opportunities that strengthen its portfolio, supporting confidence in its ability to deliver through the remainder of 2026 and into 2027.Alpha Dhabi's increasingly diversified portfolio, spanning multiple geographies and forward-looking sectors, continues to support resilient, sustainable growth. Portfolio companies generated AED 7.7 billion of revenue outside the UAE, representing 13.2% of total revenue, demonstrating the continuing international reach of the Group's businesses.Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of Alpha Dhabi Holding, said: "Our strong nine-month performance reflects the resilience of the UAE economy and the strength of Alpha Dhabi's diversified portfolio. We remain focused on disciplined capital allocation, portfolio optimisation and investment in sectors with compelling long-term potential. This approach supports sustainable shareholder value across market cycles. We enter the remainder of 2026 confident in our strategy and our ability to carry this momentum into 2027."Eng. Hamad Al Ameri, Managing Director and Group CEO of Alpha Dhabi Holding, said: "We continued to translate our strategy into disciplined execution across a portfolio growing in scale, capability and geographic reach. Revenue of AED 58.3 billion and net profit of AED 12.8 billion reflect the resilience of our operating platform and contributions across our diversified businesses. We advanced our priorities through investments in artificial intelligence, global technology and private credit, while strengthening our international presence. As we close out 2026, we are focused on operational performance, disciplined capital deployment and decisive execution to accelerate value creation and enter 2027 from a position of strength."As part of its investment activities, Alpha Dhabi signed an agreement to commit USD 1 billion (approximately AED 3.67 billion) to Alpha Wave III, a global investment fund managed by Alpha Wave Global. Building on the Group's participation in Alpha Wave Ventures II, the commitment expands its diversified exposure to artificial intelligence and other high-growth businesses developing and applying transformative technologies. The investment supports Alpha Dhabi's portfolio diversification strategy and focuses on long-term value creation and remains subject to any applicable approvals.In private credit, Alpha Dhabi doubled its capital commitment to the MICAD Credit JV managed by Mubadala Capital to US$1 billion and increased its ownership interest to 40% from 20%. The partnership's broadened mandate provides access to additional global private credit strategies alongside existing US and European direct lending activities. The joint venture manages approximately US$1.7 billion in assets across 45 portfolio companies, reinforcing private credit as a strategic pillar of Alpha Dhabi's diversified investment portfolio.In the real estate sector, Aldar has announced an AED 1.1 billion forward purchase agreement with Arada, marking its first real estate investment in Sharjah. The agreement covers three residential blocks comprising more than 1,100 units across nine buildings in Aljada, the emirate's flagship mixed-use master development, with delivery scheduled for Q4 2029. The transaction expands Aldar's develop-to-hold pipeline across sectors to AED 21 billion. It also gives the company exposure to Sharjah's growing residential market through one of the emirate's leading integrated communities.In healthcare, PureHealth, the largest healthcare group in the Middle East, has retained the highest provisional ESG rating of AAA from independent index provider MSCI for the second consecutive year, with an assessment score approximately 30% above the industry average. The recognition coincides with the release of the group's 2025 Sustainability and Social Impact Report, which documents measurable progress in climate action, social impact, workforce empowerment and national value creation. Corporate social responsibility spending in the UAE reached AED 41 million, with community initiatives across its UAE and UK operations reaching around 473,000 beneficiaries, up 116% year-on-year. The group also cut its Scope 1 and 2 emissions by 11% compared with 2024.In marine engineering and construction, NMDC Group (ADX: NMDC), a global leader in integrated marine, energy, construction, logistics and engineering solutions, has officially inaugurated the Abu Al Bakhoush, a self-propelled heavy-duty cutter suction dredger. The ceremony, held in Nantong, China, marks a strategic milestone in the Group's long-term international growth strategy. The 148-meter vessel adds 30,040 kW of installed power to NMDC's dredging capacity and joins a fleet of more than 170 vessels, strengthening the Group's readiness to deliver complex, large-scale projects in international markets. Certified under GREEN PASSPORT, the dredger also reinforces the infrastructure behind the Group's sustainable growth, in line with its strategy of international expansion and continued people development to create value for shareholders.In hospitality and lifestyle, Nammos Hotels & Resorts and Abu Dhabi-based Modon Holding have announced Nammos Ras El Hekma, the lifestyle and hospitality brand's first fully integrated destination in Egypt. Located within the Wadi Yemm precinct, the development will bring Ras El Hekma's promise of timeless Mediterranean living to life. It combines branded residences, a luxury resort, a retail village, and a curated selection of all-day dining and wellness experiences, including the globally renowned Nammos Restaurant & Beach Club, all introduced to Egypt for the first time. Nammos Ras El Hekma represents a new expression of contemporary Mediterranean luxury.

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Maktoum bin Mohammed attends launch of inaugural Dubai Future Finance Week
02.11.2026

Maktoum bin Mohammed attends launch of inaugural Dubai Future Finance Week

DUBAI, 2nd November, 2026 (WAM) -- H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of the Dubai International Financial Centre (DIFC), today attended the launch of the inaugural Dubai Future Finance Week, a DIFC-led initiative bringing together global financial leaders, policymakers and innovators to explore emerging trends and developments shaping the future of finance.The event focuses on the impact of artificial intelligence, emerging economic corridors, shifting capital flows and advances in financial technology on the global financial sector.H.H. Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group, also attended the event, where he toured the exhibition and unveiled a tenfold expansion of DIFC Academy.Held under the theme 'Finance Reimagined: Where Innovation Meets Policy and Purpose', Dubai Future Finance Week runs until 6th November. Its programme features more than 100 specialist events, 12 signature forums and 14 stages across Dubai, bringing together over 1,000 speakers to discuss the trends, opportunities and challenges shaping the global financial industry.H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said, "Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai continues to develop a forward-looking economic model that anticipates global shifts and transforms challenges into opportunities for growth and prosperity."DIFC is central to this vision, attracting investment, connecting global markets and creating new opportunities across emerging economic sectors. We remain committed to developing a financial sector supported by advanced infrastructure, flexible legislation, innovation and specialised talent, in line with the objectives of the Dubai Economic Agenda D33 and our ambition to strengthen Dubai's position among the world's leading financial centres."He added, "Dubai Future Finance Week reflects the emirate's growing role in shaping the future of global finance. By bringing together leading financial institutions, policymakers, industry experts and decision-makers, the event provides a platform for exchanging knowledge, examining emerging trends and exploring innovative solutions that support the continued development of the global financial sector. These discussions will contribute to strengthening the financial industry's readiness to respond to global economic changes and capitalise on new opportunities."The opening day of Dubai Future Finance Week marked the start of the Dubai FinTech Summit, taking place from 2nd to 3rd November as the Week's flagship event. The Summit explored how financial institutions are responding to changes in the global economy, with a focus on AI-driven banking, shifting capital flows, emerging financial corridors, interoperable payment systems and the future of money.In his opening address, Essa Kazim, Governor of DIFC, said, "DIFC's rise as a financial centre is one of Dubai's remarkable economic diversification achievements and a success story that other emerging financial cities look up to. In little more than two decades, Dubai has become one of the world's top ten financial centres. This progress demonstrates what can be achieved when ambition is matched by decisive action. Our progress has been significant, but our ambition reaches further."As part of DIFC's continued investment in developing future-ready talent, Essa Kazim highlighted the tenfold expansion of DIFC Academy to 370,000 square feet within the Centre's Zabeel District.The expansion will enable the Academy to accommodate more than 50,000 learners annually from 2030, building on two decades of executive education that have seen more than 51,620 graduates complete its programmes.During his visit, H.H. Sheikh Ahmed bin Saeed Al Maktoum was briefed by Arif Amiri, Chief Executive Officer of DIFC Authority, on plans for the expansion of DIFC Academy, in the presence of senior representatives from the Centre.Arif Amiri said, "Talent is fundamental to Dubai's ambition to drive the future of finance. The expansion of DIFC Academy will create a significantly larger platform for developing the specialist skills and future-focused capabilities that the financial industry increasingly requires. By connecting world-class education with one of the industry's most dynamic financial centres, we are investing in the people who will shape the next generation of finance from Dubai."The expansion, which forms part of DIFC's Zabeel District development, will transform the Academy from its current three-floor facility into a purpose-built campus spanning three dedicated buildings, with capacity for 50,000 learners annually.The new campus will include 54 seminar rooms, five research spaces, 23 academic and industry offices, seven technology-enabled teaching spaces and a dedicated graduation hall, providing expanded facilities for specialised education, research and collaboration with the financial industry.The opening day featured prominent speakers from the international banking and private wealth sectors, reflecting DIFC's growing position as a global centre for financial services. They included Dr. Shanu S.P. Hinduja, Chair of ARYA Banque Privée; Arshad Ghafur, President for the Middle East and North Africa at Bank of America; and Jason Moo, Chief Executive Officer of Bank of Singapore.Government speakers included Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Hadi Badri, Chief Executive Officer of the Dubai Economic Development Corporation at the Dubai Department of Economy and Tourism.The event also brought together senior leaders from the global financial, investment and business sectors, including George Karatzias, Chairman of the Cyprus Securities Exchange; Mohamed Ali Alabbar, Chairman of Emaar Properties; Iskandar Najjar, Co-founder and Chief Executive Officer of Equiti Group; Ahmed M. Abu Eideh, Chief Executive Officer of Jordan Ahli Bank; Max Crown, Co-founder of MoonPay; Mahdi Amjad, Founder and Executive Chairman of OMNIYAT Group; and Alex Manson, Chief Executive Officer of SC Ventures.Dubai Future Finance Week builds on Dubai's growing international standing as a leading financial centre. In the latest Global Financial Centres Index (GFCI), released in September, industry professionals ranked Dubai first globally for FinTech, reflecting the emirate's progress in advancing financial innovation.Throughout the week, a series of summits, specialised forums, executive dialogues and networking events will provide opportunities for cross-sector and international collaboration, while supporting new partnerships across the financial industry.The programme will also address key areas including sustainability, private capital, Islamic finance, family wealth, tokenisation and banking excellence, bringing together industry leaders and specialists to examine developments and opportunities across these sectors.

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'J.P. Morgan' expands DIFC presence by opening new private banking branch
02.11.2026

'J.P. Morgan' expands DIFC presence by opening new private banking branch

DUBAI, 2nd November, 2026 (WAM) -- J.P. Morgan Private Bank today announced its new branch in the Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, deepening its commitment to clients in the UAE and across the Middle East.Regulated by the Dubai Financial Services Authority (DFSA), the new presence will provide J.P. Morgan Private Bank with a dedicated platform in DIFC from which to serve clients across the UAE and the wider region.The expansion represents the latest chapter in J.P. Morgan's relationship with the UAE, spanning more than five decades. Over the past 20 years, the firm has also used DIFC as its regional base for corporate and investment banking and, more recently, broadened its activities with authorisation to provide asset management services through J.P. Morgan International Advisors.Arif Amiri, Chief Executive Officer of DIFC Authority, said, "J.P. Morgan Private Bank's expansion into DIFC reinforces Dubai's position as a global hub for private wealth and reflects the confidence that the world's foremost financial institutions continue to place in our financial centre. An institution of J.P. Morgan's global stature choosing to deepen its commitment to the UAE and specifically DIFC is testament to the strength of our ecosystem, international connectivity and ability to connect global institutions with opportunities across the region."Over the past 12 months, and in readiness for the authorisation, J.P. Morgan Private Bank has more than tripled the size of its Dubai-based private banking team in a deliberate move to ensure the right talent and capabilities are in place. The team is led by Selim Elgen, UAE Market Head and Senior Executive Officer, and Karim Rekik, Regional Head, Middle East at J.P. Morgan Private Bank.Selim Elgen commented, "Over the past year, we have worked tirelessly to recruit the finest talent in the region. We strongly believe that to truly understand our clients, from the challenges they face to the potential opportunities available to them, location and environment are key. That is why being here, in the UAE and operating from DIFC, with a team rooted in this market, matters."Karim Rekik said, "The UAE and the broader Middle East represent a significant and growing opportunity for us as a business and for our clients. This branch is about making sure we are here, with the right people and capabilities, to help our clients navigate that opportunity and make the most of what this region has to offer."Khaled Hobballah, Senior Country Officer, MENA, J.P. Morgan, said, "Our history in the UAE has given us a deep understanding of the market and strong confidence in its future. This branch underscores our continued commitment and strengthens how we serve clients here."The new DIFC branch reflects J.P. Morgan Private Bank's enduring commitment to the UAE and will strengthen its ability to serve clients across the country and where permitted in the broader region with greater proximity, continuity and local insight.

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ADIPEC 2026 opens in Abu Dhabi in record-breaking edition
02.11.2026

ADIPEC 2026 opens in Abu Dhabi in record-breaking edition

ABU DHABI, 2nd November, 2026 (WAM) -- ADIPEC 2026, hosted by ADNOC, opened today, with more than 239,000 attendees expected from over 170 countries.The opening ceremony was held at the Abu Dhabi Energy Centre, while the exhibition and conference are taking place at ADNEC Centre Abu Dhabi.The event runs until 5th November, bringing together more than 2,250 exhibiting companies and around 1,800 speakers, alongside 30 country pavilions.The programme features more than 380 sessions, bringing together government officials, business leaders, investors and experts to discuss developments and priorities in the energy sector.The event connects government leaders, energy producers, investors, technology companies and technical experts to advance the partnerships, projects and investments needed to secure today's energy supplies while building capacity for future growth.

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UAE climbs in 2026 Global Pension Index
21.10.2026

UAE climbs in 2026 Global Pension Index

ABU DHABI, 21st October, 2026 (WAM) -- The UAE has recorded progress in the 2026 Global Pension Index, published by Marsh (formerly Mercer), and CFA Institute. The UAE's score and ranking improved among the retirement-income systems assessed, with its overall score rising from 64.9 in 2025 to 70.0 in 2026, advancing from a C+ to a B grade. The UAE system also achieved an A grade in the adequacy and integrity categories, reflecting the strength of pension benefits and protections for insured members.The Index assesses retirement systems across three main pillars: adequacy, sustainability and integrity, alongside a range of economic, social and demographic factors.The General Pension and Social Security Authority (GPSSA) stated that the Index provides an important international benchmark supporting the continued development of the UAE's retirement-income system. GPSSA noted that strengthening the system's sustainability is an ongoing national responsibility focused on protecting the rights of insured members and pensioners today, while ensuring its ability to serve future generations.Over recent years, the pension system has undergone several legislative and administrative developments. These include the issuance of Federal Decree-Law No. 57 of 2023 on Pension and Social Security, alongside the continued development of digital services and efforts to strengthen financial literacy and early retirement planning.GPSSA supports citizens in preparing proactively for their financial future through several initiatives, including the Wafra programme, which promotes financial literacy, and the Balanced Step programme, which provides financial guidance, in addition to Pension Advisory Services and the digital services available through GPSSA's Ma'ashi platform.GPSSA confirmed that it will continue reviewing the Index findings and recommendations in coordination with the relevant government entities. It will draw on these insights to further develop the pension and social security system, improve services, and strengthen pension sustainability for current and future generations.

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'Takasago' opens new Creative Centre in Dubai
21.10.2026

'Takasago' opens new Creative Centre in Dubai

DUBAI, 21st October, 2026 (WAM) -- Takasago International Corporation, one of the world's leading fragrance and flavour companies, has opened its new Creative Centre in Dubai, marking a major milestone in the Group's expansion in the region.Designed as an integrated hub for fragrance creation, the facility incorporates advanced laboratories, bringing Takasago's global expertise closer to its customers and regional partners, while combining its international capabilities with a deeper understanding of local cultures, olfactive traditions, and consumer preferences."Takasago's new Creative Centre in Dubai reflects the emirate's position as a global hub for business and innovation," said Marwan Abdulaziz Janahi, Senior Vice President of Dubai Science Park, part of TECOM Group. "We continue to provide a specialised ecosystem, underpinned by state-of-the-art infrastructure, that enables companies to grow their presence in Dubai and pursue new opportunities across regional and international markets, in line with the objectives of the Dubai Economic Agenda 'D33'.""The Middle East is no longer simply one of the fastest-growing fragrance markets in the world. It has become one of perfumery's most powerful creative forces," said Bassel Kouchacji, Managing Director Fragrance Middle East, Takasago. "Opening our new Creative Centre in Dubai reflects our long-term commitment to the region."Takasago's presence in the Middle East has grown steadily over the past decade, following the establishment of its Dubai presence in 2015. With its new Creative Centre in Dubai, Takasago aims to respond to the specific needs of its regional customers and develop fragrances that resonate locally while reaching audiences beyond the region.Founded in Japan in 1920, Takasago now operates through subsidiaries in 28 countries, further strengthening the Dubai centre's role within its global research and innovation network.The Creative Centre in Dubai will work in close connection with Takasago's international network of perfumers, evaluators, scientists, and technical experts, creating a continuous exchange of expertise within its global network.The inauguration of Takasago's Creative Centre in Dubai coincided with Beautyworld Dubai 2026, where the company presented its latest creative vision through 13 new fragrances.

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