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The Central Bank of the UAE has introduced a new symbol for the dirham, enhancing its global recognition and reflecting the nation's financial transformation. This initiative coincides with the launch of the Digital Dirham, a central bank digital currency set to improve payment systems and financial inclusion, with retail issuance expected by late 2025. The UAE also became the first Arab central bank to adopt the FX Global Code, reinforcing its commitment to integrity and transparency in financial markets.
Ras Al Khaimah will host the inaugural International Real Estate Investment Summit (IREIS) on May 20-21, 2025, at the Al Hamra International Exhibition and Conference Centre, showcasing its growing real estate market to global investors. The event will feature 500 delegates, 40 industry speakers, and discussions on market trends, investment opportunities, and sustainability in real estate. With significant projects like the $3.9bn Wynn Al Marjan Island resort, RAK is positioning itself as a premier investment destination in the UAE.
E-commerce in the MENA region is undergoing a significant transformation driven by Ramadan and Eid gifting, with gift orders surging over 150% during Ramadan 2025. Mobile devices now dominate transactions, and platforms are enhancing logistics and personalisation to meet year-round consumer expectations. The shift towards cross-border demand and smarter inventory strategies is reshaping the digital retail landscape, making Ramadan a critical period for innovation and engagement.
Jebel Ali Free Zone (Jafza) has invested Dh90 million to expand its logistics park, adding 360,000 square feet of Grade A facilities. The new offerings include modern offices, customizable units, temperature-controlled warehouses, and enhanced power capacity, supporting the UAE's goal to grow its logistics sector to Dh200 billion annually in the next seven years.
Orascom Construction plans to reduce its projects in Egypt to a third by 2026, focusing on international expansion, particularly in the UAE and Saudi Arabia. CEO Osama Bishai emphasized the company's preference for foreign-funded projects and noted improvements in dues collection from government entities, despite ongoing local challenges. The firm is already engaged in significant projects abroad, including power plant expansions in Saudi Arabia and seawater treatment facilities in the UAE.
Salama, the Islamic Arab Insurance Company, reported a remarkable 118% increase in net profit for 2024, reaching Dh24.6 million, with insurance revenue at Dh1.04 billion. The company resolved long-standing audit issues by addressing asset impairments and continues to focus on digital transformation and talent development, including a UAE National Development Programme. In the first nine months of 2024, net profit surged by 64% to Dh30.41 million, reflecting strong performance and commitment to affordable healthcare coverage for low-income workers in the UAE.
UAE companies are set to benefit from VAT refunds on medical insurance expenses, as healthcare premiums continue to rise significantly. While not all employers cover dependent costs, those that do will welcome the financial relief associated with this VAT-related refund.
UAE construction firm Drake & Scull has significantly reduced its accumulated losses by over Dh2 billion, reporting a net profit of Dh3.76 billion for 2024, a turnaround from a loss of Dh267 million the previous year. This improvement was largely due to a write-back of liabilities amounting to Dh3.79 billion, resulting from a restructuring plan approved by the Dubai Court of Appeal.
Al Ansari Digital Pay has received final approval from the UAE Central Bank to launch its digital wallet. This new service will allow users to open digital accounts and obtain pre-paid cards, enhancing the fintech landscape in the region.
Palm Jebel Ali has been relaunched with a new masterplan, making it more than twice the size of Palm Jumeirah. The master-developer Nakheel is actively releasing new homes, with premium properties currently priced from Dh30 million.
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