Monthly Archives: May 2026

Business & Investments

FAB’s AA- credit rating and stable outlook reaffirmed by Fitch Ratings

Abu Dhabi, UAE, 6 May 2026: First Abu Dhabi Bank (FAB), the UAE’s global bank and one of the world’s largest and safest financial institutions, has had its ‘AA-’rating with a Stable Outlook affirmed by Fitch Ratings.

Fitch highlighted FAB’s flagship status within the UAE and Abu Dhabi, supported by its strong domestic franchise, robust funding and liquidity profile, and sound asset quality. The agency also noted FAB’s significant exposure to government and public-sector entities, alongside strong capitalisation and ample liquidity buffers, with a Group CET1 of 12.8% and a liquidity coverage ratio (LCR) of 145% as of March-end 2026.

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Featured

Parkin Signs Long-Term Agreement with Master Developer Arada

Parkin Company PJSC (“Parkin” or the “Company”), Dubai’s leading provider of paid public parking facilities and services, is pleased to announce that it has signed a long-term framework agreement with Arada Developments LLC (“Arada”), a prominent UAE-based master developer known for its large-scale, mixed-use communities across the country.

Project overview

The contract marks Parkin’s first entry into the Emirate of Sharjah, representing a significant milestone in the Company’s geographic diversification strategy outside of Dubai.

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Business & Investments

IHC Q1 2026 Results: Revenue Up 33.2% and Profit Nearly Doubles

IHC Sustains Growth Momentum in Q1 2026  with AED 31.4 Billion Revenue and Net Profit Nearly Doubling to AED 8.2 Billion

Syed Basar Shueb, CEO of IHC, commented: “Q1 2026 marks a strong start to the year, reflecting the continued execution of our strategy to scale high-performing platforms and optimise capital allocation across the portfolio. Our performance demonstrates the strength of our diversified model, with broad-based growth, margin expansion, and a significant uplift in profitability. We continue to recycle capital into high-conviction opportunities, expand our global footprint, and transform our platforms into globally competitive businesses. With a disciplined approach and strong liquidity, we are well-positioned to sustain momentum and deliver long-term shareholder value.”

Syed Basar Shueb, CEO of IHC

Abu Dhabi, UAE – 6 May 2026: IHC, a global investment company focused on building dynamic value networks, today announced its financial results for the first quarter of 2026. The Group reported Revenue of AED 31.4 billion, up 33.2% year-on-year, and Profit After Tax of AED 8.2 billion, an increase of 98.5%, driven by strong operating performance, investment income, and disciplined execution across the portfolio. 

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Business & Investments

Fujairah I IWP Project: Major Desalination Initiative in UAE

Abu Dhabi, UAE – 05 May 2026: The development and investment arm of Etihad Water and Electricity (EtihadWE) has signed an Engineering, Procurement and Construction (EPC) agreement with NMDC Infra and Lantania Aguas for the Fujairah I Independent Water Producer (IWP) project, a 60 million imperial gallons per day (MIGD) seawater reverse osmosis (SWRO) desalination plant, with a total investment value of AED 1.046 billion.

The signing ceremony was held at the Make It In the Emirates exhibition.

The agreement was signed by Eng. Mohammed Al Shehhi, Chief Executive Officer of the development and investment arm; Haris Giatsos, Chief Executive Officer of NMDC Infra; and Pedro Almagro, Chief Executive Officer of Lantania Aguas. It was witnessed by Eng. Yousif Ahmed Al Ali, Chief Executive Officer of EtihadWE and Chairman of the development company, and Dr. Yasser Zaghloul, Group Chief Executive Officer of NMDC Group.

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Business & Investments

UAE pushes domestic capital as AI investments gather pace

  • AI already attracting more investment than any other industry in UAE history
  • Industry leaders urge manufacturers to accelerate adoption or ‘fall behind’

Abu Dhabi-UAE. 6 May 2026: A UAE minister called for greater recognition of domestic investors in driving industrial growth on day three of Make it in the Emirates 2026, as leaders gathered to explore how AI and advanced technology are reshaping the country’s manufacturing future.

His Excellency Mohamed Hassan Alsuwaidi, UAE Minister of Investment, told delegates that AI is already attracting more investment than any other sector in UAE history — and growing fast.

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