Why the U.S. Remains Far From Recession
The pandemic’s after effects fuel economic resilience despite rising interest rates
5 min
More than a year after the Federal Reserve began rapidly raising interest rates to tame inflation, the hallmarks of a widely expected recession remain elusive.
Employers are hiring aggressively, consumers are spending freely, the stock market is rebounding and the housing market appears to be stabilising—the most recent evidence that the Fed’s efforts have yet to significantly weaken the economy.
Instead, the lingering effects of the pandemic have left consumers and employers still playing catch-up. That momentum could prove self-sustaining.
Americans are splurging on the activities they skipped during pandemic lockdowns, such as travel, concerts and dining out. Businesses are staffing up to satisfy the pent-up demand. Government policies in response to the pandemic—low interest rates and trillions of dollars in financial assistance—left consumers and businesses with lots of money and cheap debt. The same inflation that so worries the Fed translates into higher wages and profits, fuelling spending.
Many economists expect the Fed’s rate increases to cool the economy and price pressures over time, triggering a recession later this year. So far, however, the data keep coming in hotter than forecast.
Job gains, in particular, remain robust, pumping more money into Americans’ wallets. Payrolls grew by a surprisingly large 339,000 in May, and the increases for the preceding two months were higher than initially estimated, the Labor Department said Friday.
“I don’t think there’s any chance we’re in a recession,” said Justin Wolfers, professor of public policy and economics at the University of Michigan.
The National Bureau of Economic Research, an academic research group and the official arbiter of U.S. recessions, analyses a slew of economic data to help determine whether the economy is in a recession. Most of those indicators look healthy, Wolfers said.
Post pandemic labour market still recovering
Employers hiring last month included those in sectors such as healthcare, leisure and hospitality and government, which saw sharp job losses at the pandemic’s onset in spring 2020. State and local government—which includes public schools—and leisure and hospitality—a category that spans restaurants, hotels, entertainment and spectator sports—have yet to return to their pre pandemic employment levels amid continuing labor shortages.
Across the economy, job openings increased to 10.1 million in April from 9.7 million in March, far exceeding the 5.7 million unemployed Americans that month. The mismatch between job opportunities and job seekers continues to spur wage growth.
Average hourly earnings grew a solid 4.3% in May from a year earlier, similar to annual gains in March and April.
“I certainly did not think the labor market would remain this strong for this long,” said Carl Tannenbaum, chief economist for Northern Trust.
Courtney Wakefield-Smith is among those who have recently benefited from the strong labor market. The 33-year-old said she was promoted last year to an office job at a New Jersey water utility company. In her new role, she makes more than $25 an hour, well above her part-time jobs earlier in the pandemic that paid between $11 and $17 an hour.
Her higher wage and benefits including maternity leave are helping support her newborn son.
“This is my first child,” she said. “I don’t think I would have been able to afford a child before now to be completely honest.”
The job market could stay tight, largely because millions of former workers near retirement age have dropped out of the labor force since the pandemic began. The share of Americans age 16 and older working or seeking a job held steady last month at 62.6%.
Consumers have money to spend
Americans have about $500 billion in so-called excess savings—the amount above what would be expected had pre pandemic trends persisted, according to a May report from the Federal Reserve Bank of San Francisco.
That allows them to shell out for summer travel, concert tickets and cruises despite rising prices—and enabling companies to keep raising them.
Southwest Airlines Chief Executive Bob Jordan said recently the carrier sees strong demand in the next two to three months, the window during which most people book flights. American Airlines raised its projections for unit revenue in the second quarter, citing strong demand.
The number of people passing through U.S. airports during the Memorial Day weekend topped the pre pandemic figure from 2019, according to the Transportation Security Administration.
Brett Keller, CEO of travel site Priceline, a unit of Booking Holdings, said he has been surprised at the strength of travel demand when many consumers are paying more to book an airline ticket or reserve a hotel room.
Keller has seen examples for this summer, with round-trip fares from the East Coast to Boise, Idaho, exceeding $1,000, roughly double $500 a few years ago.
Economy’s resilience complicates Fed rate outlook
Economic activity and inflation haven’t slowed as much as Fed officials anticipated. Since March 2022, they have lifted the benchmark federal-funds rate from near zero to a range between 5% and 5.25%, a 16-year high.
Higher borrowing costs typically are felt first in rate-sensitive parts of the financial markets and economy, such as stocks and housing. The S&P 500, for example, fell about 25% from late December 2021 to last October as the Fed raised rates sharply. The broad index has since rallied about 20%, which wouldn’t typically happen if the economy were falling into recession.
Sales of existing and new homes fell sharply last year but have climbed since January. A shortage of homes for sale has helped drive home prices higher recently. Home builders are feeling more confident as a shortage of existing homes boosts demand for newly built residences. Residential and industrial construction firms added 25,000 jobs last month, up from a monthly average of 17,000 over the prior 12 months.
These signs of resilience suggest the Fed might need to raise interest rates further to push inflation down from its current rate around 5% toward the central bank’s 2% target.
Fed officials last week signalled an inclination to hold rates steady at their meeting this month. But Friday’s jobs report strengthened the likelihood that they would pair any such pause with a stronger preference to raise rates later this year.
“A decision to hold our policy rate constant at a coming meeting should not be interpreted to mean that we have reached the peak rate for this cycle,” Fed governor Philip Jefferson, said Wednesday. “Indeed, skipping a rate hike at a coming meeting would allow the committee to see more data before making decisions about the extent of additional policy firming.”
There are some signs higher rates are having an effect. Businesses slowed investment in the first quarter, cutting back on equipment spending particularly sharply.
The average workweek fell to 34.3 hours last month, the lowest since April 2020 and possibly reflecting that businesses are cutting hours instead of workers. The unemployment rate rose to 3.7% in May from 3.4% in April. The tech-heavy information sector cut 9,000 jobs in May.
Many economists and business executives say it is just a matter of time before interest-rate increases—which work with a lag—significantly sap the economy’s vigour.
Economists surveyed by The Wall Street Journal in April put the probability of a recession at some point in the next 12 months above 50%. But they have said that since October, and the recession appears no closer.
—Alison Sider and Chip Cutter contributed to this article.
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Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Ideal Standard has launched two new tap collections, Ceralife O and C, designed by Roberto Palomba. These minimalist designs combine eco-conscious innovation with modern aesthetics, offering a perfect balance of sustainability, performance, and everyday practicality. Made from Diamatec brass, they incorporate leading Ideal Standard technology, ensuring functionality and sustainability.
2 min
Ideal Standard, part of the Villeroy & Boch Group’s Bathroom and Wellness Division, introduces Ceralife O and C, two dynamic new tap collections designed by Roberto Palomba. These ranges combine minimalist design with eco-conscious innovation, offering a perfect balance of sustainability, performance, and everyday practicality.
Both collections offer a contemporary aesthetic, each with a distinct character. Ceralife C features crisp, geometric lines with rounded edges for a bold, modern look, while Ceralife O embraces soft, organic curves that bring a sense of flow and ease to the space. Whether for bathroom basins, kitchen sinks, baths, or shower controls, these taps deliver effortless style and versatility. Available in classic chrome and silk black, they pair seamlessly with Ideal Standard’s Ceratherm shower systems, ensuring a cohesive, contemporary bathroom design.
The new Ceralife collections place a strong emphasis on sustainability – from manufacturing to daily use. Engineered for maximum efficiency, these taps actively reduce CO₂ emissions, conserve water and energy, and minimize resource consumption, reflecting a steadfast commitment to environmentally responsible design.
Manufactured in Europe, Ceralife taps are made from Diamatec brass, a durable alloy engineered to resist stress corrosion, enabling thinner wall designs that reduce raw material usage while maintaining strength. This innovative material also improves production efficiency, enabling Ideal Standard to recycle 100% of its brass waste in-house while consuming 15% less energy, helping to lower the carbon footprint. Diamatec brass also enhances manufacturing consistency and precision, ensuring every tap meets the highest standards of uniformity and quality.
Ceralife taps incorporate Ideal Standard’s leading technology to enhance efficiency, durability, and ease of use. The FirmaFlow ceramic disc cartridge ensures lasting reliability, tested for over 500,000 cycles to provide more than a decade of smooth operation for a family of four. BlueStart technology reduces energy consumption by limiting unnecessary hot water use, lowering CO₂ emissions and household costs. EcoFlow regulators maintain a flow rate of just 3.8 l/min, conserving water without compromising performance. Practical details such as the SmartShine finish for lasting brilliance on chrome taps, EasyFix for straightforward installation, and a click waste system for effortless operation further enhance the user experience.
Roberto Palomba commented, “With Ceralife O and C, we wanted to create designs that feel natural and effortless, with forms that complement the way people interact with water every day. These taps bring a sense of balance and simplicity while delivering the highest standards of functionality and sustainability.”
Frederick Trzcinski, Vice President Commercial Ideal Standard MENA, “Ceralife O and C seamlessly enhance our product range, further strengthening the distinctive design language we’ve cultivated in partnership with Roberto Palomba over the years. These collections bring a perfect balance of modern aesthetics and sustainable innovation to any bathroom, reflecting our ongoing dedication to design, performance, and sustainability.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Dubai Future Foundation (DFF) and The Executive Council of Dubai have launched the Dubai Future Experts Program (DEEP), a government-led initiative aimed at creating a certified network of strategic foresight experts across Dubai’s key government sectors. The program, launched under the directives of UAE’s Crown Prince, Deputy Prime Minister, and Minister of Defense, equips Emirati professionals in government and semi-government entities with the skills to anticipate and shape Dubai’s future through strategic foresight, policymaking, and innovation-driven strategies. The program follows a structured learning journey, with two levels: ‘Certified Foresight Practitioner’ and ‘Certified Foresight Ambassador’. Participants earn a certified qualification in strategic foresight from DFF and The Executive Council of Dubai.
2 min
Dubai Future Foundation (DFF), in collaboration with The Executive Council of Dubai, has opened registration for the latest edition of the Dubai Future Experts Program (DEEP), the world’s first government-led initiative aimed at building a certified network of strategic foresight experts across Dubai’s key government sectors.
Launched under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense of the UAE, and Chairman of the Board of Trustees of DFF, the program equips Emirati professionals in government and semi-government entities with the skills to anticipate and shape Dubai’s future through strategic foresight, policymaking, and innovation-driven strategies.
Abdulaziz Al Jaziri, Deputy CEO of DFF, said: “The Dubai Future Experts Program equips a select group of Emirati leaders with specialized foresight expertise, enabling them to anticipate change, develop proactive strategies, and shape the future of Dubai’s government. By embedding strategic foresight within government entities, we are driving a transformative shift in governance, ensuring Dubai remains a leader in future-ready policymaking on the global stage.”
DEEP follows a structured learning journey that combines theoretical knowledge with real-world application to develop specialized foresight expertise. The first level, ‘Certified Foresight Practitioner’, runs from May to June 2025 and provides an intensive, hands-on training experience focused on foresight methodologies, horizon scanning, and future scenario development for Dubai.
The second level, ‘Certified Foresight Ambassador’, runs from September to October 2025 and follows a project-based approach. Participants will identify and develop a strategic foresight project, addressing a key future challenge or opportunity relevant to their sector or Dubai as a whole, and present a comprehensive project with actionable recommendations and an implementation plan.
The program integrates expert-led training, case studies, scenario development exercises, and interactive discussions. Participants will earn a certified qualification in strategic foresight from DFF and The Executive Council of Dubai, gain exclusive access to a global foresight network, and participate in specialized DFF events and training programs.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
Aramco has launched Saudi Arabia’s first carbon dioxide direct air capture test unit, capable of removing 12 tons of CO2 annually. The pilot plant, developed in collaboration with Siemens Energy, aims to accelerate the deployment of next-generation CO2 capture technologies and scale up the technology for large-scale facilities.
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Aramco launched today Saudi Arabia’s first carbon dioxide direct air capture (DAC) test unit, capable of removing 12 tons of carbon dioxide per year from the atmosphere. The pilot plant, developed in collaboration with Siemens Energy, marks a major milestone in the company’s efforts to expand its direct air capture capabilities.
Aramco seeks to use the facility as a testing platform for next-generation CO2 capture materials in Saudi Arabia’s distinct climate. It also aims to achieve cost reductions that could help accelerate the deployment of direct air capture technologies in the region.
“Technologies that directly capture carbon dioxide from the air will likely play an important role in reducing greenhouse gas emissions moving forward, particularly in hard-to-abate sectors,” stated Ali A. Al-Meshari, Aramco senior vice president of technology oversight and coordination.
Aramco targets large-scale direct air capture facilities
Aramco and Siemens Energy intend to continue working closely together with the aim of scaling up the technology, potentially laying the foundations for large-scale direct air capture facilities in the future.
“The test facility launched by Aramco is a key step in our efforts to scale up viable DAC systems, for deployment in the Kingdom of Saudi Arabia and beyond. In addition to helping address emissions, the CO2 extracted through this process can in turn be used to produce more sustainable chemicals and fuels,” added Al-Meshari.
These projects demonstrate Aramco’s strong focus on carbon capture, which represents a key pillar in the company’s ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050. The company is exploring options to capture CO2 both at the point of emissions and directly from the atmosphere, through its circular carbon economy approach and the deployment of innovative technology solutions.
Aramco builds Carbon Capture and Storage hub in Jubail
The launch of the direct air capture test facility follows the December 2024 announcement that Aramco and its partners, Linde and SLB, had signed a shareholders’ agreement that paves the way for the development of a Carbon Capture and Storage (CCS) hub in Jubail, Saudi Arabia.
With the support of the Ministry of Energy, phase one of the new CCS hub in Jubail, in Saudi Arabia’s Eastern Province, is expected to capture and store up to nine million metric tons of CO2 annually, and construction is expected to be completed by the end of 2027.
Phase one of the CCS hub will have the capacity to capture CO2 from three Aramco gas plants and other industrial sources. The captured CO2 will then be transported through a pipeline network and stored below ground in a saline aquifer sink, leveraging the Kingdom’s significant geological potential for CO2 storage.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
The Middle East’s commercial airliners fleet is predicted to grow at a CAGR of 5.1% over the next decade, double the global fleet growth rate of 2.8%. The region’s share of the global fleet is expected to increase from 5.3% to 6.7% by 2035, driven by the addition of narrowbodies. The Middle East’s aviation market is dominated by narrowbody aircraft, with China, the Middle East, and India capturing a larger share.
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The Middle East fleet of commercial airliners is projected to grow at a compound annual growth rate (CAGR) of 5.1% over the next decade, according to the Global Fleet and MRO Market Forecast, 2025-2035 report from Oliver Wyman, a global management consulting firm and business unit within Marsh McLennan (NYSE: MMC).
This is almost double the 2.8% annual growth rate anticipated for the fleet worldwide over the same 10 years, reflecting the region’s rising demand for air travel. The Middle East’s share of the global fleet is also expected to increase from 5.3% to 6.7% by 2035, as its fleet expands to close to 2,600 of the world’s more than 38,000 aircraft by 2035. Reflecting the increase in aircraft, the spending on maintenance, repair, and overhaul in the region will also trend upward, topping US$20 billion in 2035. The MRO spend in 2025 is expected to reach $16 billion.
“The Middle East commercial aviation market is on a growth trajectory, supported by strong demand for air travel, from both full-service airlines and low-cost carriers entering the market,” said André Martins, Oliver Wyman’s Head of the Transportation, Services, and Operations Practices for India, the Middle East, and Africa. “As the report highlights, the region’s fleet expansion will be driven primarily by the addition of narrowbodies that will cater to the growth in domestic and shorter-haul flights. In a region where widebodies have long dominated, narrowbodies will climb from 43% to 47% of the regional fleet over the decade.
“There is a significant opportunity for different countries in the Middle East to capture the large market potential across the entire value chain, while simultaneously enhancing the productivity and efficiency of operations. It will be imperative that there is close collaboration across the entire sector and strong investment in the expansion of local capabilities, including MRO services. By leveraging global insights and best practices, the aviation sector can adapt their strategies to address local challenges while driving substantial improvements,” he added.
Key findings from the report relevant to the Middle East include
Demand versus production: Air travel demand is soaring, with the number of passengers worldwide hitting an all-time high of close to 4.9 billion in 2024 and heading to well over five billion this year. Global revenue passenger kilometers (RPK), a measure of passenger traffic calculated by multiplying the number of paying passengers by the distance traveled, are up nearly 4% from 2019. Yet, despite the demand, aircraft production is not able to keep up with airline needs, with a record 17,000 unfilled aircraft orders projected through the next 10 years. At current rates of production, this order backlog is expected to take 14 years to clear – twice as long as airlines had to wait prior to 2019.
Emerging markets: Over the next decade, the regional composition of the global fleet is expected to shift, with China, the Middle East, and India capturing a larger share. North America’s fleet will grow at a modest 1.3% CAGR, while India and the Middle East will see significant CAGR gains at 8.5% and 5.1%, respectively.
The Middle East will see strong growth amid intense aviation competition: The Middle East’s aviation market is benefiting from significant aircraft orders and growing demand for air travel. Saudi Arabia and the UAE are leaders of this growth, representing just over 60% of the market, with carriers in each serving the market differently. In Saudi Arabia, domestic flying makes up 45% of seats whereas UAE air travel is solely based on international traffic.
Production challenges: Every year since 2018, when the global aerospace industry set an all-time high production record, the sector has failed to manufacture enough aircraft to satisfy demand. In 2024, the industry produced just over 1,300 aircraft, close to 30% below 2018’s peak of over 1,800 aircraft. In 2025, it is expected to repeat that level of production. This number is expected to rise to about 2,200 in 2029, and just above 2,400 by 2035. By 2029, production is projected to rise to about 2,200. It is expected to top 2,400 by 2035.
Future fleet projections: The global fleet is projected to exceed 38,300 aircraft by 2035, with production challenges prompting airlines to delay retiring older planes, pushing up the average age of the fleet. Narrowbody aircraft will continue to dominate the future fleet, with the share increasing from 62% to 68% by 2035. North America will continue to remain the largest market, but emerging regions like China, India, and the Middle East are expected to capture a larger share, highlighting the shifting dynamics in the global aviation sector.
MRO super cycle: The MRO (maintenance, repair, and overhaul) sector is set to hit $119 billion this year, 12% higher than the previous record set in 2019. The increase is driven by the maintenance of aging fleets and higher utilization rates. The Middle East will continue to see its global MRO market share increase, driven by a large order book, and the region will gain 25% in market size by the end of the forecast period.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
In 2025, AI is a top priority for global business leaders, with one in three companies planning to invest over $25 million. In the Gulf Cooperation Council, one in four plans to increase tech investments, with AI and GenAI being top strategic priorities. However, 66% expect AI to boost productivity, and successful AI adoption depends on strong leadership.
3 min
In 2025, artificial intelligence (AI) continues to rank among the highest priorities for global business leaders, with a rising emphasis on achieving measurable business outcomes. According to the latest AI Radar global survey by Boston Consulting Group (BCG), nearly one in three companies worldwide plans to invest over $25 million in AI this year. In the GCC, that number stands at one in four, highlighting the region’s strong commitment to AI-driven transformation. The survey, which gathered insights from over 1,800 C-level executives across 19 markets and 12 industries, revealed both optimism and growing awareness of the operational challenges involved in realizing AI’s full potential.
AI as a Catalyst for Digital Innovation in the GCC
GCC companies are leveraging AI for two key objectives: modernizing core operations and launching new AI-powered business models. This dual approach is transforming the way businesses operate while unlocking capabilities that were previously unattainable. As a result, 81% of GCC firms plan to increase their tech investments in 2025, while 72% rank AI and generative AI (GenAI) as one of their top three strategic priorities. In particular, 88% of executives in Qatar, 72% in the UAE, and 69% in Saudi Arabia place AI/GenAI among their top priorities—outpacing the global average of 73%.
While 66% of GCC executives expect AI to significantly boost productivity, many acknowledge the need for extensive workforce training to fully capitalize on AI technologies. Encouragingly, only 7% of Middle East leaders foresee job cuts due to automation, which is below the global average of 8%, pointing to a more positive outlook on talent retention and workforce transformation in the region.
Rather than dabbling in pilot projects, the GCC is focusing on scalable AI implementation. Organizations are widely adopting the 10-20-70 rule for AI value creation—allocating 10% of efforts to algorithm development, 20% to data and tech infrastructure, and 70% to people, processes, and cultural change. This strategy emphasizes that true digital transformation requires more than technology—it demands organization-wide mindset shifts. In the UAE, 27% of companies have already trained over a quarter of their workforce in AI tools, showcasing a region-leading commitment to upskilling.
Navigating AI Risks with a Strategic Mindset
Despite the optimism, GCC leaders are alert to AI-related risks, particularly around data privacy, regulatory compliance, and lack of control over decision-making processes. These concerns mirror global sentiments and underscore the importance of implementing ethical and secure AI frameworks.
“There’s a major shift in how GCC firms approach AI. It’s no longer isolated innovation—AI is being embedded into every aspect of business,” said Robert Xu, Managing Director and Partner at BCG X. “The focus on training shows the region’s serious commitment to building a future-ready workforce.”
Driving AI ROI Through Business Transformation
The region’s most forward-thinking companies are moving beyond simply adopting AI technology—they are using it as a tool for strategic business transformation. The most effective strategies combine short-term operational gains with long-term innovation, creating AI-powered models that offer lasting competitive advantage.
Success in AI adoption depends heavily on leadership. GCC executives seeing the strongest results are reimagining entire operating models instead of just digitizing existing workflows. They concentrate investments on a few high-impact use cases and treat AI as a core business transformation initiative, not just a tech upgrade.
These innovators are balancing data architecture, AI systems, and workforce readiness, laying the foundation for sustainable growth in a fast-evolving AI-driven global economy. By doing so, they position themselves at the forefront of digital leadership in the Middle East.
“While other regions remain focused on short-term AI experimentation, the GCC is taking a long-term, strategic approach,” said Dr. Lars Littig, Managing Director and Partner at BCG. “The significant investment we’re seeing reflects a deeper understanding that the real impact of AI will unfold over years. This patient, focused strategy on both talent and technology is setting the region apart on the global stage.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The Arab Energy Fund (AEF) has partnered with Hartree Partners to launch TAEF Hartree Cleantech LP, a $120 million initiative aimed at accelerating investments in climate tech and decarbonization technologies, focusing on early-stage startups in the US and Europe.
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The Arab Energy Fund (AEF) has announced the launch of TAEF Hartree Cleantech LP, a $120 million Limited Partnership with global energy firm Hartree Partners, aimed at accelerating investments in climate tech and decarbonization technologies, according to a statement released Tuesday.
Strategic Cleantech Partnership
This new investment platform, incorporated in the United Kingdom, will focus on identifying and supporting early-stage climate tech startups in the U.S. and Europe. Leveraging market intelligence and proprietary research, the initiative targets digital and physical decarbonization solutions, reinforcing AEF’s commitment to enabling sustainable innovation across global energy markets.
“Our partnership with Hartree reflects AEF’s strategy to strengthen the energy ecosystem through both debt and equity investments,” said Khalid Ali Al-Ruwaigh, CEO of the Arab Energy Fund. “It aligns with our mission to foster local and international energy value chains that support the MENA region’s energy transition.”
A Growing Cleantech Portfolio
The platform already manages a portfolio of ten cleantech companies and has established alliances with top global investors, including BlackRock, Microsoft, and Union Square Ventures. This collaboration aims to expand the platform’s investment reach, targeting companies with the potential to drive transformational climate innovations and contribute meaningfully to the global decarbonization effort.
Hartree’s cleantech investment strategy is executed via its affiliate Vertree Partners, which specializes in carbon markets, industrial decarbonization, and energy transition infrastructure, aligning perfectly with AEF’s sustainability goals.
Long-Term Decarbonization Strategy
Formerly known as APICORP, the fund rebranded to the Arab Energy Fund in December 2023, introducing a five-year strategy (2023–2028) to invest up to $1 billion in clean energy and carbon reduction technologies. The strategy is designed to support the region’s net-zero commitments and bolster the MENA region’s position in the global climate tech sector.
AEF has been at the forefront of green finance since 2021, when it issued a landmark $750 million green bond, the first of its kind from an energy-focused financial institution in the MENA region. This move followed the creation of its green bond framework, reinforcing its leadership in sustainable finance and climate innovation.
By combining forces with Hartree, the Arab Energy Fund continues to advance its role as a catalyst for climate finance, cleantech investment, and the broader energy transition agenda across Saudi Arabia, the Gulf, and international markets.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Radisson Hotel Group has opened the Radisson Blu Hotel & Convention Centre, Riyadh Minhal, in line with Saudi Arabia’s Vision 2030. The 310-room hotel features a Business Class Lounge, wellness facilities, and a rooftop pool. It can accommodate over 2,300 guests and offers Silk Road Restaurant and La Veranda Café.
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Radisson Hotel Group proudly announces the official launch of the Radisson Blu Hotel & Convention Centre, Riyadh Minhal, reinforcing its strategic growth across the Saudi hospitality sector and further strengthening its presence in the capital city of Riyadh. This high-profile brand conversion reflects the Group’s commitment to offering world-class hospitality experiences tailored to both business and leisure travelers in line with Saudi Arabia’s Vision 2030.
The unveiling of the transformed hotel took place in Riyadh’s esteemed ministries district, attracting ambassadors, senior officials from Radisson Hotel Group and Riyadh Minhal Hotel Company, corporate leaders, media professionals, and influencers. The event highlighted the hotel’s transition into a premium destination, featuring immersive entertainment, upscale dining, and Radisson Blu’s signature design and hospitality excellence.
Business Meets Luxury in the Heart of Riyadh
The Radisson Blu Hotel & Convention Centre now features 310 stylish rooms and suites, including 84 new executive accommodations designed for discerning international travelers. The hotel offers elevated business services such as the Business Class Lounge, wellness and fitness facilities, and a rooftop pool with city views, catering to both relaxation and productivity.
With a Convention Centre spanning 2,450 sqm, including 14 high-tech meeting rooms and capacity for over 2,300 guests, the hotel is ideal for corporate events, international conferences, and government summits. Its prime location near King Salman Park and the Ministry of Defence makes it one of the most accessible venues for high-level gatherings in Riyadh.
Exceptional Dining in Riyadh’s Hospitality Scene
Guests can enjoy global cuisine at Silk Road Restaurant, offering a sophisticated culinary experience, or relax at La Veranda Café, a casual outdoor space perfect for networking, coffee breaks, or informal meetings. Both venues are designed to elevate the guest dining experience in line with Radisson Blu’s luxury service standards.
A Milestone in Riyadh’s Hotel Industry
General Manager André Adel Saadé described the transformation as a pivotal step in the hotel’s evolution, stating, “This is more than a rebranding—it’s a bold upgrade to every guest touchpoint. With Radisson Blu, we’re delivering enhanced experiences while preserving the foundation that earned us trust in Riyadh’s corporate hospitality market.”
Radisson’s Growth Aligned with Vision 2030
With over 30 hotels across Saudi Arabia, including 10 in Riyadh, Radisson Hotel Group continues its robust expansion, supporting the Kingdom’s goal of becoming a global hospitality hub.
Tim Cordon, COO for the Middle East, Africa & South East Asia Pacific, noted: “This transformation reflects our deeper focus on guest-centric innovation, sustainable practices, and strengthening partnerships. Riyadh Minhal now embodies the elevated standards of the Radisson Blu brand, and we’re proud to integrate it into our growing portfolio.”
With its central location, modern amenities, and premium service offerings, the Radisson Blu Hotel & Convention Centre, Riyadh Minhal, sets a new benchmark for luxury hospitality in Riyadh, aiming to deliver unmatched experiences for every guest.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Accenture and the Commercial Bank of Dubai are partnering to train employees in data and AI fields, aiming to equip the bank’s workforce for digital transformation. Udacity, part of Accenture, will offer a comprehensive digital upskilling program, focusing on data management, analytics, and AI.
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Accenture (NYSE: ACN) has joined forces with the Commercial Bank of Dubai (CBD) to train the bank’s employees in the fields of data and AI. As the first bank in the UAE to launch an enterprise-wide data literacy program, CBD is setting a new standard by enabling its employees to achieve certifications in both Data and AI.
With the financial services industry navigating an era of unprecedented digital transformation, the ‘CBD AI and Data for the Future’ program will equip the bank’s workforce with the crucial skills needed to stay ahead of the curve.
This collaboration is designed to empower CBD’s employees by harnessing the full potential of innovative technologies, thereby enabling them to meet and exceed the evolving expectations of their customers. Through this initiative, Udacity, part of Accenture, brings their combined expertise to the forefront, offering a comprehensive and future-ready digital upskilling program that underscores the importance of data and AI in driving the bank’s digital evolution.
This program will leverage the power of data management, analytics, and AI to ensure enhancing customer experience and operational resilience as part of CBD’s strategic transformation goals. Participants will also undergo thorough hands-on training to strengthen job readiness to maximize engagement and learning outcomes. Udacity is also incorporating premium services such as expert-led, interactive sessions focused on mastering complex concepts, tech talks offering insights on emerging trends and applications in data and AI and personalized Q&A sessions, courtesy of its 1,400+ mentors.
Max Di Gregorio, Managing Director at Accenture in the Middle East, said: “We are happy to offer this innovative program that helps improve learning outcomes. As banking is quickly moving to digital, businesses that are building their digital core can improve their operations, increase revenue quickly, and improve the services they provide to their customers. This creates real value on a fast and large scale. CBD’s investment in making its employees digitally savvy gives it a big advantage.”
Ali Imran, Chief Operating Officer at CBD, said: “Through this first-of-its-kind initiative, CBD is enabling workplace modernization, fostering a culture of innovation, and setting a GCC-wide benchmark in data and AI upskilling. This program demonstrates our commitment to delivering value-driven banking that empowers both our customers and the broader UAE community, ultimately providing the Bank with a sharper competitive edge by ensuring our employees are future-ready.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The UAE’s affordable luxury real estate sector is experiencing a 34% surge in transaction values in 2024, driven by off-plan properties. The market is expected to continue growing, with a 2.28% annual growth rate from 2025 to 2029, reaching AED 2.79 trillion by the end of the decade.
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The UAE’s affordable luxury real estate sector is booming, with 2024 seeing a remarkable 34% surge in transaction values, largely driven by off-plan properties. This upward trajectory looks set to continue, with forecasts predicting 5-8% annual price growth and average rental yields of 7% in 2025. Specifically, Dubai’s luxury market saw a 26% year-on-year increase in transaction prices for apartments in the city’s most sought-after areas. This growth is expected to continue into 2025, with a further 5-10% rise in residential property prices, reflecting a maturing market that is effectively balancing supply and demand.
Industry analysts attribute this momentum to rising rental yields, favorable government policies, and a growing preference for premium yet attainable residential options. In 2024, Dubai’s real estate market recorded over 169,000 property sales, valued at AED 488 billion, further proof of the sector’s strength and resilience. Developers are responding with innovative payment plans and sustainability-focused projects, positioning the market for continued expansion.
Madhav Dhar, COO and Co-founder of ZāZEN Properties, commented, “The affordable luxury segment isn’t just a passing trend; it’s a fundamental shift in Dubai’s real estate landscape. Today’s homebuyers are looking for residences that strike the perfect balance between quality, sustainability, and value. At ZāZEN Properties, we’re proud to lead the charge with developments like The Hub Residences, which sets a new benchmark for premium luxury living.”
Looking ahead, the affordable luxury segment in the UAE is primed for continued growth. Projections indicate that the market will maintain an annual growth rate of 2.28% from 2025 to 2029, reaching an estimated value of AED 2.79 trillion by the end of the decade. This growth will be fueled by a combination of strong economic policies, investor-friendly regulations, and a strategic focus on urban development.
As developers continue to meet this demand, a 5-10% increase in property launches is forecasted, targeting this segment in 2025. This aligns with Dubai’s broader vision for affordable luxury development, reinforcing the city’s position as a premier global real estate hub.
With Dubai continuing its transformation into a global investment powerhouse, ZāZEN Properties remains at the forefront, aligning its projects with the evolving preferences of buyers and investors.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Abu Dhabi’s Department of Government Enablement has partnered with Microsoft and G42 to implement a sovereign cloud system to improve government services. The multi-year agreement aims to become the world’s first fully AI-native government by 2027, with over 200 AI-driven solutions improving public service delivery, operational productivity, and environmental sustainability.
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The Department of Government Enablement – Abu Dhabi (DGE), on behalf of the Abu Dhabi Government, has today announced a significant agreement with Microsoft and Core42, a G42 company specializing in sovereign cloud, AI infrastructure and digital services, to implement a sovereign cloud system that unlocks increasing efficiencies and innovations in the provision of government services.
The multi-year agreement between the Abu Dhabi Government, Microsoft, and Core42 was made in the presence of H.H. Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chairman of the Artificial Intelligence and Advanced Technology Council, and Khaldoon Al Mubarak, Chairman of the Executive Affairs Authority and member of the Artificial Intelligence and Advanced Technology Council.
The partnership was entered into by Ahmed Tamim Hisham Al Kuttab, Chairman of Department of Government Enablement – Abu Dhabi, Satya Nadella, Chairman and CEO of Microsoft, and Peng Xiao, Group CEO of G42.
The agreement will create a unified, high-performance sovereign cloud computing environment capable of processing more than 11 million daily digital interactions between Abu Dhabi Government entities, citizens, residents, and businesses.
Ahmed Al Kuttab said, “Technology has the power to transform how governments interact with people, making services more efficient, intuitive, and impactful. This partnership is a critical milestone in our digital transformation. By combining Microsoft’s cloud technologies, G42’s AI expertise, and the Government’s strategic vision, we are helping to enable a powerful platform that will redefine government services.”
The Abu Dhabi Government’s ambition is to enable the world’s first fully AI-native government by 2027 that is underscored by a commitment to multiple goals: enhancing government services to be more efficient and accessible for citizens and residents, creating greater transparency and security for businesses and investors, and fostering a more resilient and innovative environment for the public sector workforce.
Satya Nadella said, “AI will transform how governments operate and serve their citizens everywhere, and Abu Dhabi is leading the way. Through our partnership with the Department of Government Enablement – Abu Dhabi and G42, we are setting a standard for AI adoption in the public sector, as we help Abu Dhabi become the world’s first AI-native government.”
Abu Dhabi aims to automate 100 percent of its government processes, supported by AED13 billion (US$3.54 billion) investment in digital infrastructure through the Abu Dhabi Government Digital Strategy 2025-2027.
The Strategy will see amongst many things, over 200 AI-driven solutions deployed to improve public service delivery, boost operational productivity, and contribute to environmental sustainability. This is reflected in innovations such as TAMM 3.0, Abu Dhabi’s one-stop government services app, which has reduced the number of offline customer visits by 90% and made more than 73% of transactions instantaneous.
Peng Xiao added, “This agreement marks a pivotal step in G42’s commitment to supporting Abu Dhabi’s vision of becoming the world’s first fully AI-native government. Core42’s Sovereign Public Cloud, powered by Azure and enhanced by our sovereign controls platform, Insight, enables government entities to maintain data sovereignty while harnessing hyperscale innovation. This initiative goes beyond a technological leap; it is a commitment to building a resilient, future-ready digital infrastructure for AI modernization across Abu Dhabi government entities and sets a global benchmark for innovation.”
This collaboration between the Abu Dhabi Government, Microsoft, and G42 reveals the potential of strategic digital transformation to help governments operate more efficiently and responsively. By implementing AI and sovereign cloud technologies, this reinforces the emirate’s commitment to enabling a responsible AI-powered future that fosters innovation and delivers people-centric services aligned with the highest global standards.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The Dubai AI Festival, organized by Dubai AI Campus and DIFC, will showcase Dubai’s global leadership in AI and emerging technologies. The event, scheduled for 23-24 April 2025, will focus on AI’s transformative impact across industries, with a projected $15.7trn contribution by 2030.
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Building on the success of the inaugural edition, the Dubai AI Festival returns in 2025 to further demonstrate Dubai’s standing as a global leader in artificial intelligence and emerging technologies.
Held under the directives of HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense, UAE, the event will take place on 23 and 24 April 2025 at Madinat Jumeirah, Dubai. The Festival is organized by Dubai AI Campus, in partnership with DIFC, Minister of State for Artificial Intelligence, and Digital Economy & Remote Work Applications Office to explore AI’s transformative impact across industries.
As a significant event in Dubai AI Week, which was launched under the vision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Festival will bring together global AI leaders, innovators, and policymakers to explore advancements, investment opportunities, and regulatory frameworks shaping the future of AI.
AI is set to transform the global economy, with recent reports projecting a USD 15.7trn contribution by 2030, including USD 320bn in the Middle East. By 2033, the UAE’s AI market is projected to reach USD 46.33bn, while the machine learning market is expected to grow to USD 2.41bn. Experts predict over 80 per cent of enterprises will integrate AI-driven decision-making by 2026. Moreover, Dubai AI Campus is projected to grow beyond 100,000 square feet, host over 500 companies, create more than 3,000 jobs, and attract USD300 million in investments by 2028.
This year, key themes of the Dubai AI Festival include responsible AI deployment, transparency, and the future of work. Attendees will gain insights into AI’s impact while tackling the ethical challenges of its rapid integration.
His Excellency Arif Amiri, Chief Executive Officer of DIFC Authority, said: “DIFC is delighted to be presenting one of the most significant events as part of Dubai AI Week and reflects our commitment to cement the city’s position as a global leader for technology, as well as enable future focused industries to harness the transformative power of AI. As adoption accelerates, the Dubai AI Festival will serve as the key platform for accelerating responsible and effective AI implementation across business, government, and society.”
Aligned with Dubai’s vision for innovation and economic growth, Dubai AI Festival will bring together 8,000+ industry leaders, policymakers, and innovators from 100+ countries to drive collaboration and investment in AI and emerging technologies.
The event will also include a dynamic exhibition, featuring cutting-edge AI innovations, alongside a start-up showcase where emerging companies will pitch their solutions to investors. The FutureTech World Cup, will showcase top AI start-ups, connecting innovators with investors seeking the next big breakthrough. Additionally, the Global FutureTech Innovation Program will discover the brightest young minds from around the world harnessing AI to tackle real-world challenges. This combination of exhibitions, discussions, and competitions will drive collaboration and investment in the next wave of AI innovation.
Registrations for Dubai AI Festival are now open. For more details, visit: https://dubaiaifestival.com/.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Advanced Media has partnered with DHL Express UAE to reduce logistics carbon emissions through DHL GoGreen Plus solutions. The initiative, launched in 2022, uses Sustainable Aviation Fuel for shipments, ensuring transparency and accountability. Advanced Media will receive an SGS certificate confirming emissions reductions.
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In a strategic move toward sustainability, Advanced Media, a leading provider of cutting-edge media solutions in the Middle East, has partnered with DHL Express UAE, the global leader in international express logistics, to reduce logistics carbon emission through DHL GoGreen Plus solutions. This initiative aligns with Advanced Media’s commitment to environmental responsibility and sustainable business practices.
The agreement was officially signed at Advanced Media’s Dubai headquarters, with Jawad Ouaziz, VP Commercial of DHL Express UAE, and Alaa Al Rantisi, General Manager of Advanced Media, commemorating the beginning of this impactful collaboration.
As part of this partnership, Advanced Media will leverage DHL’s GoGreen Plus service, which enables businesses to reduce their carbon footprint by using Sustainable Aviation Fuel (SAF) for shipments.
Jawad Ouaziz, VP Commercial of DHL Express UAE, emphasized the significance of the collaboration: “This partnership exemplifies how innovative logistics solutions can contribute to a more sustainable future. With DHL’s GoGreen Plus service, we are empowering Advanced Media to actively reduce its carbon footprint and set a benchmark for sustainability in the media industry.”
Alaa Al Rantisi, General Manager of Advanced Media, added: “Our partnership with DHL’s GoGreen Plus is another important milestone towards Advanced Media’s commitments to carbon reduction and climate action. We hope that this marks the beginning of our sustainable journey together and we serve as an example to other SMEs in the region as well.”
Launched in 2022, DHL’s GoGreen Plus service has become an industry-leading solution that leverages SAF to reduce Scope 3 emissions, the indirect greenhouse gas emissions that occur in the value chain. The program operates on the carbon in setting principle rather than offsetting, with results audited by an independent third-party, ensuring transparency and accountability. As part of this agreement, Advanced Media will receive an SGS certificate confirming the emissions reductions achieved through the initiative.
DHL’s commitment to achieving net-zero greenhouse gas emissions by 2050 is further reinforced by its broader sustainability efforts, which include the electrification of its delivery fleet, the expansion of SAF use across its aviation network, and the operation of carbon-neutral facilities.
The agreement between Advanced Media and DHL Express UAE represents a milestone in sustainable logistics and media, reinforcing the UAE’s vision for a greener, more environmentally responsible future.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
Wego, the top travel app in the Middle East and North Africa, has partnered with Waves to offer family-friendly yacht trips across Dubai, Kuwait, Jeddah, and Qatar. The partnership aims to enhance travel convenience and experiential tourism in the region.
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Wego, the number 1 travel app and the largest online travel marketplace in the Middle East and North Africa (MENA), is thrilled to announce its partnership with Waves, the innovative experience app and aggregator that seamlessly connects users with yachts and chalets.
This collaboration brings an unparalleled luxury experience to travelers looking to explore coastlines, indulge in water activities, or celebrate special occasions in style.
With this partnership, Wego customers can now easily book family friendly yacht trips ranging from 2 to 6 hours, accommodating an average of 25 guests for bespoke journeys across Dubai, Kuwait, Jeddah, and Qatar. Whether it’s a tranquil coastal escape, an adventurous boating experience, or an exclusive celebration, Wego and Waves together offer the perfect setting for unforgettable moments at sea.
Mr. AbdulRahman AlSaadoon, CEO of Waves, added: “By integrating Waves with Wego, we are bringing our world class yacht experiences to a broader audience. This partnership is a testament to our commitment to redefining travel by seamlessly connecting land and sea.”
Waves has quickly established itself as a regional leader, beginning its journey in Kuwait before expanding to Qatar during the World Cup and further into Saudi Arabia and Dubai. The platform is known for its hassle-free booking experience, ensuring reliability, convenience, and premium service for all users.
Mamoun Hmidan, Chief Business Officer at Wego, said: “We are excited to partner with Waves to offer our customers exclusive luxury experiences. This partnership enhances our mission of providing travelers with unique, hassle-free travel options that go beyond conventional tourism.”
Through Wego’s extensive reach and seamless technology, travelers now have easier access to Waves’ fleet of luxurious yachts, making premium water experiences more accessible than ever. The collaboration aligns with both companies’ missions to enhance travel convenience and elevate experiential tourism in the region.
Travelers can now access Waves’ premium yacht rental services through Wego’s platform, allowing for smooth and effortless reservations. Whether planning a relaxing family outing, a corporate event, or a luxurious getaway, users can browse and book their dream experience within minutes.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
Dubai Future Foundation (DFF) has launched the fourth edition of its Future Opportunities: The Global 50 report, identifying 200 opportunities and 1,000+ actionable ideas across key sectors. The 2025 edition explores 10 global megatrends, including 6G, AI, energy innovations, and robotics, and outlines 50 key opportunities in five focus areas. Vice Chairman Mohammad Al Gergawi highlighted the report’s role in driving innovation, fostering partnerships, and shaping the future through proactive action.
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Dubai Future Foundation (DFF) has launched the fourth edition of the ‘Future Opportunities: The Global 50’ report, igniting global dialogues to harness promising opportunities and global trends in service of humanity’s future.
The launch of this annual fourth edition brings the total number of future opportunities identified since the report’s inception to 200, capable of generating over 1,000 actionable ideas across economic, societal, technological, and legal domains.
This year’s report also explores the top 10 global megatrends that are set to positively impact the quality of life in communities, drive sectoral and economic development, and enhance governmental performance worldwide in the coming years and decades. These trends are based on key indicators, including the expansion of 6G networks, the rapid evolution of artificial intelligence, advancements in energy technologies, and increased reliance on robotics and unmanned aerial vehicles.
The report outlines 50 key opportunities across five critical areas: Health Reimagined, Nature Restored, Societies Empowered, Systems Optimized, and Transformational. These insights aim to drive growth, address emerging challenges, and prepare industries for a rapidly evolving future.
His Excellency Mohammad Abdullah Al Gergawi, Vice Chairman of the Board of Trustees and Managing Director of DFF, highlighted the report’s role as a call for collective action and the strengthening of effective partnerships to support individuals, institutions, and governments in transforming future opportunities into tangible achievements.
“The report embodies a platform for inspiring new ideas and future opportunities that support the global foresight ecosystem and open new horizons for designing the best possible future,” HE Al Gergawi stated.
HE Al Gergawi also emphasized the need for proactive and strategic responses in a world of accelerating change. “Foresight is not just about exploration or speculation. It is about deliberate action driven by the pursuit of growth, prosperity, and well-being. The future is not a fixed destination; it is an ongoing series of experiences shaped by intent and action. Anticipating change requires more than imagining scenarios; it involves exploring unfamiliar paths and maintaining an open mind. Success will come from reflecting, adapting, and acting decisively. Progress is built on agility, resilience, and the courage to innovate,” Al Gergawi explained.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Emirates Driving Company has approved a cash dividend distribution for the fiscal year ending December 31, 2024, at 34% of the company’s share capital, yielding a 6.25% return. The company is committed to investing in modern technologies, AI, and human capital development.
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Emirates Driving Company, listed on the Abu Dhabi Securities Exchange (ADX) under the symbol “DRIVE,” announced that its General Assembly, convened on March 11, 2025, approved a cash dividend distribution to shareholders for the fiscal year ended December 31, 2024. The approved dividend is set at 34% of the company’s share capital, amounting to a total of AED 183,164,256, equivalent to 17 files per share, yielding a 6.25% return based on the closing price as of March 11, 2025.
This distribution is an extension of the company’s consistent approach to providing rewarding returns to shareholders and distributing cash dividends over the years. The company has maintained a stable policy of regularly and continuously sharing its successes with shareholders. Despite some notable challenges in the current market, Emirates Driving Company has managed to achieve strong economic growth in its operational and net profits, reinforcing its ability to continue implementing its strategy and delivering sustainable value to its shareholders.
The Board of Directors emphasized their commitment to further supporting the company’s strategic direction and strengthening its financial and operational position by focusing on investment in modern technologies, Artificial Intelligence (AI), and human capital development. They stressed the importance of integrating efforts between the executive management and the various business units to ensure the realization of growth objectives and expansion into new and diverse sectors and activities. The Board members also commended the efforts made to solidify the company’s leadership position in the driving education market for 25 years, and to fulfill its vision of creating a safe and responsible driving environment for the community.
They explained that achieving sustainable profits is the cornerstone of the company’s long-term strategies, prompting the Board to make well-considered decisions that contribute to expanding the company’s business base and reinforcing its approach to achieving financial sustainability. The Board reiterated its constant commitment to nurturing a strong relationship with shareholders and maintaining their trust by continuing regular dividend distributions and adhering to transparency and robust governance policies.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Self-tracking has moved beyond professional athletes and data geeks.
