Qatari group Estithmar Holding IGRD.QA is set to take control of Syria’s Shahba Bank and take a 30 per cent stake in Syrian International Islamic Bank, four people familiar with the matter said, marking the first foreign banking acquisitions in Syria since the fall of former leader Bashar al-Assad.
The move, which follows the lifting of US sanctions on Syria late last year, comes as the country’s central bank tries to recapitalise a banking sector severely impaired by 14 years of war and Western sanctions.
Estithmar, part of the Doha-based Power International Holding conglomerate led by the Syrian-Qatari brothers Moutaz and Ramez Al-Khayat, will take a controlling 60 per cent stake in Shahba after buying out the shares of Banque Bemo Saudi Fransi and Ahli Trust Bank, according to three of the people.
“They have a very ambitious plan for the bank by enhancing the capital and facilitating communication with correspondent banks,” one of the sources, who is familiar with Shahba Bank’s thinking, said.
Another 30 per cent of SIIB is already held by Qatari partners, according to a person with direct knowledge of the matter.
Bemo, ATB and SIIB did not immediately respond to requests for comment.
The acquisitions are still subject to regulatory approval.
Syrian Central Bank Governor Abdelkader Husrieh said he could not comment as these matters remained confidential.
“That said, the Central Bank welcomes any potential restructuring or market-led initiatives that strengthen the stability, resilience, and sound governance of the banking sector, provided they fully comply with applicable laws and regulatory requirements,” he told Reuters.
The acquisitions would add to a growing portfolio of projects and investments by the Khayats, whose companies already have contracts for power generation projects in Syria and to redevelop and expand Damascus airport.
The sources said ATB and Bemo would use proceeds from the sale of their stakes in Shahba Bank to inject capital into their own banks, which have been hit by exposure to a financial crisis in neighbouring Lebanon.
Solico Group, one of the Middle East’s food manufacturers, has strengthened its regional presence with the launch of SoFood, a Dhs130m ($35.4m) purpose-built production facility in Jebel Ali Free Zone. The new site is set to operate as the group’s GCC innovation and international manufacturing hub, marking Solico’s largest investment in the UAE to date.
The facility reinforces the UAE’s position as a centre for high-value, export-oriented food production while supporting regional food manufacturing resilience amid rising consumer demand. Built on a 5,000 square metre site, the plant is equipped with advanced European technologies and has an initial production capacity of up to 40 tonnes per day. Its modular design allows for rapid expansion into new food categories with minimal operational disruption.
“The UAE has created one of the most dynamic ecosystems in the world for food manufacturing and economic diversification,” said Gholamali Soleimani, founder and group chairman, Solico Group. “This investment allows us to deepen our regional footprint, transfer our expertise into the UAE, and build manufacturing capability that will support food security for years to come. It is also a reflection of the values my family built this company on more than 50 years ago.”
Drawing on its experience as the first builder of a milk refinery facility in Central Asia, Solico Group will deploy its advanced manufacturing and innovation capabilities in the UAE, enabling local production and future expansion. The project will be largely executed within the country, supporting domestic industrial development and strengthening local manufacturing capacity.
Value-added production infrastructure
The investment represents a strategic shift toward value-added production infrastructure, moving away from trading-led supply chains and contributing to long-term food security objectives. Designed with scalability in mind, the project has the potential to increase its total investment value to two to three times the initial level as operations expand.
The first phase of operations will focus on meat and protein production under Solico’s flagship brand Pemina, supporting large-scale distribution across the GCC and export markets. Subsequent phases will introduce additional categories, including cheese, dairy, premixes, sauces and co-packed solutions tailored for hotels, airlines and food service clients. These segments were selected for their strong alignment with regional food culture, localisation potential and export relevance.
Beyond manufacturing, SoFood will function as Solico Group’s regional innovation centre, developing products tailored to Middle Eastern tastes, shortening supply chains to improve freshness, and supporting local employment, skills development and knowledge transfer.
Inauguration event/Image: Supplied
Commenting on the investment, Sultan Ahmed bin Sulayem, group chairman and CEO of DP World, said: “Jafza continues to attract manufacturers that want to build for the region and export to the world. Solico’s decision to make its largest UAE investment here reflects the strength of Dubai’s industrial ecosystem and we look forward to seeing it strengthen food security, create high-quality jobs and support the UAE’s ambition to grow a competitive, value-added manufacturing sector.”
Sustainability has been embedded throughout the facility’s design and operations, including energy- and water-efficient systems, waste-minimisation processes, and compliance with ISO 22000, HACCP, Halal, and Dubai Municipality Grade A certifications.
Located within the DP World-operated Jebel Ali ecosystem, the facility benefits from direct access to global logistics corridors, enabling Solico Group to reach more than three billion consumers across nearby markets and supporting the UAE’s Make it in the Emirates industrial strategy.
flydubai, the Dubai-based carrier, is accelerating its digital transformation strategy through two major partnerships focused on enhancing passenger experience, operational efficiency, and data-driven decision-making across its growing global network.
In recent announcements, the airline revealed collaborations with Network International, a leading fintech company in the Middle East and Africa, and Amperity, an AI-powered customer data cloud provider. Together, the initiatives underscore flydubai’s continued investment in seamless digital experiences, from airport payments to personalised customer engagement throughout the travel journey.
As part of its collaboration with Network International, flydubai has integrated Network’s advanced Push to Pay solution on point-of-sale (POS) terminals across airport service touch points at Dubai International Airport (DXB).
The solution is designed to deliver fast, secure, and frictionless payments by eliminating the need for manual data entry. It supports all major international card schemes, including Visa, Mastercard, American Express, and Diners, while also expanding acceptance to Jaywan, the UAE’s national payment scheme. The enhanced acceptance framework provides passengers with greater flexibility and convenience when completing transactions at the airport.
“Our collaboration with flydubai reflects our shared commitment to innovation and elevating the customer experience at every touchpoint,” said Jamal Al Nassai, group MD, Merchant Services, at Network International. “By integrating our Push to Pay solutions on POS terminals, we are helping deliver a smoother, more efficient journey for travellers.”
Enhancing airport payments with network international
flydubai’s CFO, Francois Oberholzer, highlighted the airline’s long-standing focus on technology investment as a driver of operational performance and customer satisfaction.
“Investing in the latest digital solutions has been a longstanding commitment at flydubai, which is why we are pleased to have collaborated with Network International,” Oberholzer said. “As our operations continue to grow, offering our customers seamless payment solutions will ensure that we continue to enhance our operational efficiency while delivering a convenient and elevated travel experience, both on the ground and in the air.”
Under the commercial relationship, flydubai will continue to benefit from Network International’s expanding portfolio of payment solutions, supporting reliability and continuous improvements across passenger-facing touchpoints.
The payments partnership further reinforces Network International’s role as a trusted payments partner within the aviation and travel ecosystem, aligning with the UAE’s broader vision for seamless digital experiences across critical economic sectors.
flydubai currently operates a growing network of more than 135 destinations in 58 countries, spanning Africa, Central Asia, the Caucasus, Central and South-East Europe, the GCC and the Middle East, South Asia, and South-East Asia.
The airline is served by a modern fleet of 97 Boeing 737 aircraft, supporting its expanding international footprint.
flydubai partners with Amperity to advance customer data strategy
In a separate but complementary move, flydubai has also partnered with Amperity, the AI-powered customer data cloud, as part of its ongoing transformation journey. According to a flydubai newsroom report, the partnership is aimed at deepening personalisation and strengthening customer engagement through real-time data intelligence.
The collaboration brings together flydubai’s customer experience strategy with Amperity’s advanced data platform to unify and activate traveller insights across multiple touchpoints. By connecting customer data in real time, flydubai aims to build a more complete understanding of traveller preferences and behaviours throughout the end-to-end journey.
Customer data in the airline industry is often fragmented and complex. Passenger orders can span multiple systems, third-party agencies may provide limited information, and many travellers book without loyalty numbers or consistent identifiers. Amperity was selected for its proven ability to resolve this complexity using AI-driven identity resolution and an airline-specific data model purpose-built for passenger data.
Powering modern airline retailing
Through the partnership, flydubai will unify customer data across its ecosystem to support its roadmap for Modern Airline Retailing. The initiative is expected to empower flydubai teams with a unified, data-driven view of customers, enabling more relevant offers and timely communications aligned with evolving travel needs.
“We have carried more than 120 million passengers since 2009 and we welcome millions of passengers every year as our network and fleet continue to grow,” said Mohammed Hareb AlMheiri, chief procurement and technology officer at flydubai. “By leveraging Amperity’s platform, we aim to gain a deeper understanding of our customers’ preferences and behaviours, which will ultimately lead to an overall improved experience at every touchpoint.”
AlMheiri added that flydubai manages all passenger data in line with leading international security standards and the Dubai Electronic Security Centre’s Information Security Regulation (ISR) framework, ensuring robust safeguards to preserve system confidentiality and integrity.
flydubai will deploy Amperity’s Identity Keychain and multi-index Profile API to instantly retrieve and unify customer data across systems including passenger communications, airport check-in, in-flight recognition, customer service, and marketing.
“flydubai is part of a new generation of airlines redefining what it means to be customer-centric,” said Derek Slager, co-founder and CTO at Amperity. “With Amperity, flydubai can use every piece of data, from bookings and loyalty to day-of-travel interactions, to deliver personalised experiences.”
The partnership supports flydubai’s continued investment in digital-led service innovation across marketing, communications, eCommerce, customer experience, and operations.
IHC, US DFC forge strategic investment framework across priority sectors
Under the framework, IHC and DFC will co-identify, underwrite, and execute investments across sectors, including critical minerals and mining, energy and infrastructure, logistics and maritime operations
Global investment company IHC has announced a strategic framework with the US International Development Finance Corporation (DFC) to mobilise private-sector investment across priority sectors and high-growth markets of mutual interest.
The agreement was signed in Abu Dhabi in the presence of Sheikh Tahnoon bin Zayed Al Nahyan, chairman of IHC, with IHC CEO Syed Basar Shueb and DFC CEO Ben Black.
Under the framework, IHC and DFC will co-identify, underwrite, and execute investments across sectors, including critical minerals and mining, energy and infrastructure, logistics and maritime operations, healthcare and pharmaceuticals, ICT and data-centre connectivity, food security and advanced agriculture, and other enabling infrastructure.
Projects will target emerging and frontier markets, aligned with major global trade and connectivity corridors.
The collaboration will be overseen by a senior-level joint committee to accelerate transaction execution and deploy capital at scale.
IHC, US DFC strategic investment framework to promote investment flows between regions
The framework aims to align long-term commercial returns with shared strategic outcomes while strengthening resilient supply chains and promoting high-standard investment flows between regions.
“This strategic framework with DFC represents a powerful alignment of capital, capability and conviction,” Shueb said. “By combining IHC’s global platform and sectoral leadership with DFC’s financial expertise, we are creating a scalable mechanism to deliver transformational investments across critical industries. Together, we aim to unlock long-term value, strengthen resilient supply chains, and drive sustainable economic growth across key markets that matter to both our nations.”
Black said: “DFC’s work with IHC is a crucial step in executing President Trump’s foreign policy vision and deepens the US-UAE bilateral relationship. Together, IHC and DFC will focus on investments that strengthen and expand economic opportunity and advance shared US-UAE strategic goals – all while making a return for the US taxpayer. By leveraging IHC’s and DFC’s global reach and investment expertise, both nations will be positioned to deliver high-return projects and promote world-class investment standards.”
The framework will pursue opportunities that generate measurable economic impact, expand workforce capabilities, support innovation in advanced technologies, and reinforce long-term development and security objectives across partner economies.
The 37th edition of the Hero Dubai Desert Classic returns to Emirates Golf Club from Thursday 22 to Sunday 25 January 2026, reinforcing its position as one of Dubai’s most established global sporting events while continuing to evolve into a broader lifestyle and entertainment platform.
A flagship Rolex Series tournament, the 2026 edition builds on its golfing heritage with expanded interactive family zones, new live entertainment programming, the launch of Eat Street as a dedicated culinary destination, and enhanced wellness and sustainability initiatives. The expanded format positions the Hero Dubai Desert Classic as more than a sporting event, aligning elite competition with experiential offerings designed to attract families, corporates, hospitality partners and a wider consumer audience.
World-class golf remains the cornerstone
The Hero Dubai Desert Classic retains its status as the oldest professional golf tournament in the Middle East, with a 2026 field featuring many of the sport’s biggest names.
Rory McIlroy headlines the tournament as he pursues a record fifth Dallah Trophy, marking 20 years since his debut at the event as a 16-year-old. He is joined by defending champion Tyrrell Hatton, former world number one Dustin Johnson, Tommy Fleetwood, Shane Lowry, Viktor Hovland, Nicolai Højgaard, Ryan Fox, and rising star Tom McKibbin.
Rory McIlroy
The field is further strengthened by the return of former world number one and European Ryder Cup captain Luke Donald, Major champion Patrick Reed, current Race to Dubai leader Jayden Schaper, and UAE national golfer Ahmed Skaik, who will compete as a professional for the first time, underlining the tournament’s continued support for regional talent.
General admission remains free on Thursday 22 and Friday 23 January. Weekend tickets for adults are priced at Dhs100 in advance or Dhs125 at the gate, while children under 17 enter free across all four days when registered and accompanied by an adult. With last year’s event reaching capacity across ticket categories, early registration is recommended.
Tommy Fleetwood
Enhanced viewing and social spectator experiences
Spectators will once again have access to multiple public viewing areas across the Majlis Course, including the 1st Tee Grandstand and 15th Green Grandstand.
For 2026, new and refreshed viewing options add a more social dimension. The 18th Green now features a public viewing deck with an integrated bar, while the Public Bar & Viewing Deck offers a two-tier terrace overlooking the 6th, 12th and 14th tees. Additional perspectives are available from the Emirates Deck overlooking the 11th green and The Social on Sixteen, which continues to blend live golf with food, beverages and a lively atmosphere.
Eat Street also introduces new public bar spaces, including a rooftop terrace bar at the Driving Range by Callaway, further expanding spectator choice and dwell time.
Tournament Town expands as a family-focused hub
Tournament Town
One of the most notable developments for 2026 is the expansion of Tournament Town, where the outdoor Kids Zone has doubled in size. Positioned as the social heart of the event, the area integrates children’s activities with broader festival entertainment.
Family offerings include arts and crafts, seed-bomb making, soil painting, DIY workshops, playdough sessions, Fluid Bear painting, Build-a-Bear activities, and roaming performers such as The Tee Time Troupe, The Par-tee Players and The Garden Floaters. New attractions include a 2-in-1 bungee trampoline, expanded soft-play zones, an enhanced VR corner, the Big Red Slide and lawn games.
Workshops
Family Friday and live entertainment programme
The FamilyBeatz concept returns on Family Friday from 3pm to 6pm, transforming Tournament Town into Dubai’s first family-friendly rave, led by teenage DJ Julie alongside live performers.
From 5:30pm onwards, Tournament Town transitions into evening entertainment mode, with live bands and DJs including Skyline, Speed Wagon, Sweet Chilli Jam, Charley, and DJ Rainier, delivering an open-air festival atmosphere that appeals to after-work and weekend audiences.
Eat Street launches as a dedicated food destination
Eat Street
A major addition for 2026 is Eat Street, a curated food hub featuring 12 food trucks, central seating and a large LED screen streaming live tournament action.
Participating brands include MrBeast Burger, Salt, Topgolf, Yalla Mahalla, Vietnamese Foodies, Hangry Joe’s, PizzaExpress, La Morita, Pret A Manger, BŌTA, and Costa Coffee, positioning Eat Street as a casual dining destination that complements the sporting programme.
Premium hospitality offerings
Premium hospitality remains a core pillar of the event. The Social on Sixteen returns in an expanded format, offering four hours of free-flowing beverages and premium casual dining. Ticket pricing is Dhs695 on Friday and Dhs790 on Saturday and Sunday.
The Dallah Lounge continues to offer refined hospitality with gourmet dining, premium beverages, live cooking stations and Sky Deck access, with limited tickets available for Thursday at Dhs2,100.
The Emirates Golf Club Clubhouse provides a relaxed premium option, combining dining, lounges and course views, priced at Dhs250 on Thursday and Friday and Dhs350 on Saturday and Sunday.
Sustainability, wellness and activity initiatives
Sustainability remains central to the tournament, which is the first Middle Eastern golf event and the first DP World Tour Rolex Series event to achieve GEO Certified® Tournament status for three consecutive years.
Interactive sustainability workshops will take place on Saturday 24 and Sunday 25 January, alongside refillable water stations across the venue. The Step Fore It Challenge, presented by Mediclinic, returns to encourage spectator activity, with research showing golf spectators average more than 11,500 steps per day. Prizes include health packages, leisure passes, golf lessons and Topgolf sessions.
The Creators Dubai Desert Classic returns for its second edition on 17–18 January 2026, leveraging digital storytelling to reach a younger, global audience. The initiative brings together 16 international golf content creators, including Mac Boucher and The Fore Brothers, following strong online engagement in its debut year.
Access and transport
HDDC map
As part of its ‘Go for the Green’ initiative, visitors are encouraged to use public transport as there will be no public parking at Emirates Golf Club during the tournament. Al Fardan Exchange Metro Station on the Red Line is located directly outside Emirates Golf Club, with strong connectivity across Dubai. Free parking is available at selected metro stations, with onward travel by train.
Taxi services and bus route 83 also serve the venue. Visitors can plan routes using the Journey Planner on the Hero Dubai Desert Classic app or website.
With expanded family experiences, enhanced hospitality, a new food destination, wellness initiatives and elite competition, the Hero Dubai Desert Classic 2026 continues to strengthen its role as a cornerstone of Dubai’s winter events calendar, blending sport, lifestyle and business-friendly entertainment.
Sam North, market analyst at eToro/Image: Supplied
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The escalating friction between the Trump administration and Federal Reserve Chair Jerome Powell has moved beyond political theater into a genuine market risk event. For policymakers and investors in the Gulf Cooperation Council (GCC), this “battle for the boardroom” in Washington is not a distant spectacle, it is a direct variable in domestic monetary policy. The saying ‘when the US sneezes, the world catches a cold’ still runs true, and with the UAE Dirham and Saudi Riyal pegged to the Dollar, the region effectively imports its interest rate decisions from the US. If political pressure forces the Fed into a deeper or faster cutting cycle than the economic data warrants, the transmission mechanism to the Gulf will be immediate, bringing a mixed bag of liquidity boosts and inflationary risks.
The primary implication of a “dovish-by-force” Fed is that the Central Bank of the UAE (CBUAE) and its regional peers will likely follow suit, cutting benchmark rates in lockstep. In a vacuum, this is broadly positive for the region’s non-oil economy. We have already seen the CBUAE mirror recent moves, and a more aggressive descent in borrowing costs would act as a tailwind for credit growth.
For the UAE, particularly Dubai’s real estate sector, lower mortgage rates could sustain demand just as supply pipelines begin to swell. Cheaper liquidity is also a critical enabler for the region’s ambitious “giga-projects” and the burgeoning IPO pipeline. If the Fed cuts rates to 3 per cent or lower in 2026 to appease the White House, it reduces the cost of capital for GCC governments and corporates leveraging balance sheets to diversify away from hydrocarbons. In short: if Washington prints money, the Gulf gets a discount on its diversification bill.
Currency weakness
The risk, however, lies in the dollar. A Fed that is perceived to have lost its independence often leads to currency weakness. For the GCC, a weaker dollar is a double-edged sword. On one hand, it makes the region’s dollar-denominated assets (real estate and equities) cheaper for foreign buyers holding euros, pounds, or yuan, potentially spurring a fresh wave of inward investment.
On the other hand, it imports inflation. Since the GCC imports the vast majority of its consumer goods, a sliding greenback diminishes local purchasing power relative to Europe and Asia. While inflation in the UAE has remained relatively benign (hovering around 2 per cent), a sustained devaluation of the dollar could push import costs higher, squeezing margins for retailers and potentially forcing a rise in the cost of living that fiscal policy would need to address.
Interestingly, the weakness of the US Dollar since Trump took office again, correlates very positively to his first administration in 2016. If we are to continue to follow the trajectory of that 4-year period, we should expect to see some more Dollar weakness before things start to recover.
Can strong fiscal buffers offset these risks? Currently, yes. While a US economic slowdown, the very thing Trump is trying to avert (especially during the Midterms), typically dampens demand for crude, the GCC’s correlation to US GDP is evolving. The region’s economic pivots are increasingly oriented toward Asia, where demand dynamics differ. Furthermore, a weaker dollar historically supports nominal oil prices, which may provide a floor for crude even if physical demand softens.
However, the fiscal breakeven prices for some GCC states are creeping higher. If a US slowdown is severe enough to drag oil toward $60/bbl, the “cheap money” from Fed rate cuts becomes a necessity rather than a luxury, needed to plug deficits and keep non-oil growth engines firing.
For investors, this environment favors a tactical shift. In equities, sectors that benefit from yield compression, such as utilities, real estate, and high-dividend banking stocks, look more attractive. Fixed income within the GCC also becomes more compelling; as US yields fall, regional sukuk and bonds offering a spread over Treasuries will likely see capital appreciation.
There were reports that Treasury Secretary Bessent had told POTUS that the investigation is becoming a mess and a potential market negative, but it is worth saying that as of right now – US equities are the highest they have ever been, which indicates the overall sentiment of this market. Ultimately, the Gulf’s economic resilience in 2026 will depend on its ability to utilize looser US monetary policy to fuel domestic growth, while using its substantial fiscal buffers to smooth out the volatility arising from Washington’s political uncertainty.
