
Abu Dhabi Airports sees 13% rise in passenger numbers despite airspace disruptions
Zayed International Airport, the UAE's second-largest air base and a key international hub connected to over 120 passenger destinations, played a central role in the surge. It recorded 15.5 million passengers by the end of June — a 13.2 percent year-on-year increase, according to the UAE's official news agency WAM.
The government-owned operator showed resilience, maintaining steady growth in both passenger traffic and flight movements despite regional disruptions caused by a 12-day conflict between Israel and Iran. The unrest led to airspace closures across the Gulf, including the UAE, resulting in flight suspensions and rerouting.
Elena Sorlini, managing director and CEO at Abu Dhabi Airports, said: 'Consistently delivering positive growth for the past 17 quarters is testament to the dedication and collective effort of the entire Abu Dhabi Airports team.'
She added: 'It reflects our operational agility and commitment to delivering an exceptional aviation experience and attracting international investors.'
This increase in passenger traffic was accompanied by 133,533 total flights across the five airports in the first half of 2025, marking a 9.2 percent rise compared to the same period last year, according to the WAM report.
Zayed International Airport recorded 93,858 aircraft movements during the first half, up 11.4 percent from 84,286 flights in the first six months of 2024.
Etihad Airways temporarily halted some regional flights amid the tensions. Meanwhile, Wizz Air recently announced plans to exit Abu Dhabi from Sept. 1, citing geopolitical instability and airspace restrictions.
Abu Dhabi Airports pushed ahead with network expansion, introducing 16 new destinations and onboarding several new airline partners in the first half of the year.
These include China Eastern Airlines' four-times-weekly Shanghai service, which will become daily in September; Air Seychelles' six weekly flights; and Fly Cham's route to Damascus.
Indian carrier IndiGo also added new services to Madurai, Bhubaneswar, and Visakhapatnam, making Zayed International its most connected hub in the UAE.
Cargo volumes also rose, reaching 344,795 tonnes in the first half of the year, supported by infrastructure upgrades and growing trade flows through the emirate.
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Arab News
5 hours ago
- Arab News
Lean Technologies poised to capitalize on open finance boom
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The company collaborates closely with regulators and financial institutions to provide secure, compliant connectivity that supports a variety of applications — from onboarding and credit scoring to payment processing and account verification. Founded in 2019, Lean Technologies set out to bridge critical infrastructure gaps that had long stifled fintech innovation across the region. Al-Falih, who returned to Saudi Arabia after several years in Silicon Valley, was struck by the lack of digital financial services in a market marked by high mobile penetration, a youthful population, and a growing venture capital ecosystem. 'There was a big gap in the market when it came to accessing consumer data and accessing cutting-edge payment capabilities,' he said. Lean's core offering enables businesses to access consumer-authorized bank data and real-time payment services within a fully regulated framework. The company collaborates closely with regulators and financial institutions to provide secure, compliant connectivity that supports a variety of applications — from onboarding and credit scoring to payment processing and account verification. Since its inception, Lean has partnered with over 300 enterprise clients and financial institutions across the UAE and Saudi Arabia. It currently handles more than $2 billion in transaction volume and projects reaching $2 billion in annualized volume in the UAE alone by the end of the year. Lean's momentum was further strengthened by a high-profile funding round in 2023, bringing its total capital raised to over $100 million since inception. The latest round included a $67.5 million investment led by global investors such as Sequoia Capital, General Catalyst, and Bain Capital Ventures. 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He described this as a natural progression from open banking, which has already enabled consumers to safely share banking data with third-party providers. The advantages of this expanded data access are already evident. Lean's platform supports clients across diverse sectors including lending, e-commerce, trading, and insurance. For instance, buy now, pay later provider Tabby integrated Lean's platform to reduce customer application times from days to minutes, enhancing credit decisions through real-time bank data access. Talabat utilized Lean to automate vendor payouts and customer refunds, boosting operational efficiency. employed Lean's account verification tools to cut onboarding drop-off rates by 30 percent and reduce transaction costs by 20 percent. 'These are companies that are benefiting from our underwriting capabilities, our onboarding flows, and our payment capabilities,' Al-Falih said. Lean also serves an advisory role within the regulatory ecosystem, actively collaborating with financial authorities across the Gulf to offer technical insights and ensure alignment with evolving compliance frameworks. 'We've been working closely with central banks and associated parties in the ecosystem to provide our feedback,' he said. The company holds a license from the Financial Services Regulatory Authority at Abu Dhabi Global Market and is preparing for direct oversight by the Central Bank of the UAE. Lean is also System and Organization Controls 2 compliant and has made significant investments in cybersecurity infrastructure to safeguard its platform. SOC 2 is a compliance standard developed by the American Institute of CPAs that focuses on the security of a service organization's systems and controls related to handling customer data. 'We have invested literally millions of dollars in our cybersecurity posture and maturity,' Al-Falih noted. 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Looking ahead, Lean is exploring the convergence of artificial intelligence and digital assets as a new frontier for innovation. The company sees promising use cases for generative AI in helping consumers better manage their finances, as well as for stablecoin technologies that could lower transaction costs and improve the speed of digital payments. Al-Falih pointed to the rise of agentic AI — autonomous systems capable of making decisions on behalf of users — as a potential game-changer in personal finance. Such tools, he said, could one day optimize account activity in real time based on an individual's risk profile and financial goals. While Lean has not yet announced specific products in this space, Al-Falih confirmed that the company is actively exploring how to integrate these technologies into its platform to deliver greater long-term value to users. Despite the company's progress, Al-Falih emphasized that Lean's mission is far from complete. 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Arab News
7 hours ago
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Saudi real estate expo ‘SEREDO 2025' to open in Jeddah on Sept. 9
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Arab News
8 hours ago
- Arab News
IsDB drives development across over 2 percent of world's countries
JEDDAH: A year after marking its 50th anniversary, the Islamic Development Bank remains at the forefront of global development finance, recognized for its distinctive model that blends Shariah finance principles with strategic investments. Established in August 1974 and commencing operations in October the following year in Saudi Arabia, the IsDB has grown into a distinctive institution within the global development landscape, championing ethics, equity, and solidarity among its 57 member countries and impacting one in five people worldwide. The bank was founded through a visionary initiative led by Saudi King Faisal bin Abdulaziz and other Islamic leaders to foster development cooperation among member states of the Organization of Islamic Cooperation and enhance the wellbeing of Muslim communities. Financial strength The IsDB is recognized as one of the world's most active multilateral development banks and a global leader in Islamic finance. It boasts prestigious AAA credit ratings by Moody's, S&P, and Fitch — reflecting its strong financial stability and low risk. With a subscribed capital of $76 billion, the bank is well-positioned to support large-scale development projects and foster economic growth across its member countries. The Jeddah-based organization has evolved into a group of five institutions representing member states across four continents, with total approvals exceeding $182 billion for more than 12,000 development projects, as of April 2024. Built on strong partnerships and trusted governance, the bank continues to promote sustainable socioeconomic development. Saudi Arabia's enduring support remains crucial as the IsDB charts its strategic future, committed to tackling today's challenges and strengthening solidarity throughout the Muslim world. Among its strongest partnerships is with Turkiye, a founding member that has received nearly $13 billion in IsDB approvals across 545 projects. In April 2024, both sides launched a new $6.3 billion framework to boost sustainability, productivity, Islamic finance, and digital transformation, reaffirming the bank's long-term commitment to Turkiye's development. Speaking to Arab News, Abdulmohsen Al-Alshiekh, assistant professor and board member of the Saudi Economic Association, said over the past five decades, the IsDB has played a critical role as a development catalyst across the Islamic world. He added that its effectiveness can be assessed on several fronts, including Infrastructure development, human capital investment, Shariah-compliant financing, crisis response, and South-South cooperation. 'IsDB has financed thousands of projects in transport, energy, water, and urban development, significantly improving connectivity and public services across its member countries,' Al-Alshiekh said. He added that through scholarship programs, capacity-building initiatives, and education sector support, IsDB has contributed to advancing education, vocational training, and knowledge economies in low- and middle-income member states. As for the bank's Islamic law financing compliance, Al-Alshiekh said that one of IsDB's unique strengths is its adherence to Islamic finance principles. 'By promoting risk-sharing and asset-backed investments, it has provided an alternative to interest-based lending and contributed to the growth of the Islamic finance industry globally,' he added. Crisis response Al-Alshiekh said the bank has shown agility in responding to global crises, including the COVID-19 pandemic, by mobilizing special funds, providing concessional financing, and supporting resilience and recovery efforts in vulnerable member countries. He added that the bank continues to foster cooperation among member states through trade finance, investment insurance, and technology transfer initiatives, reinforcing its role as a key platform for intra-OIC economic collaboration. Development reach Al-Alshiekh noted that countries across sub-Saharan Africa, the MENA region, South Asia, and Southeast Asia have benefited from IsDB's interventions, underscoring several priority sectors including infrastructure, education, health, agriculture, and trade. 'These investments have helped close infrastructure gaps and improve regional integration, especially in landlocked and low-income countries,' he added. On education and health, the assistant professor said the IsDB has funded scholarships, technical training, hospitals, and pandemic response. It has also supported irrigation, rural development, and agribusiness in sub-Saharan Africa and South Asia to fight poverty and boost food security. 'Countries such as Senegal, Niger, Nigeria, and Sudan have received substantial support in infrastructure, agriculture, and education,' he said. Countries recovering from conflict or facing economic challenges, such as Yemen, Egypt, Morocco, and Tunisia, have received significant assistance, while Bangladesh, Pakistan, Indonesia, and the Maldives have also benefited from a mix of infrastructure, health, and education investments, Al-Alshiekh added. Unequal model Unlike conventional multilateral development banks, all the bank's financial transactions comply with Islamic principles. 'One of IsDB's unique strengths is its adherence to Islamic finance principles,' Alalshiekh said 'By promoting risk-sharing and asset-backed investments, it has provided an alternative to interest-based lending and contributed to the growth of the Islamic finance industry globally.' Youssef Saidi, a research fellow at the Economic Research Forum, emphasized the importance of distinguishing the IsDB's model from that of conventional multilateral development banks. 'To understand the unique contributions of the IsDB, it is essential to examine how its development model contrasts with those of the conventional multilateral development banks, which often focus on standardized approaches that may not fully address the unique needs of developing countries, potentially limiting their effectiveness in fostering sustainable growth,' Saidi told Arab News. He added that the IsDB focuses on Islamic finance principles, socio-economic development, and innovative approaches to financing and project implementation. 'These characteristics emphasize the importance of adaptability and responsiveness to the specific needs of member countries, which is essential for effective development financing,' he said. He noted that this adaptability allows the IsDB to forge partnerships that boost funding and enhance project delivery, similar to other multilateral development banks. Future priorities As the global development landscape becomes increasingly complex, both Saidi and Al-Alshiekh agree that the IsDB must recalibrate its strategic focus to address emerging challenges. 'The challenges facing the IsDB include addressing governance issues, ensuring effective resource allocation, and adapting to the evolving needs of its member countries to enhance development outcomes,' Saidi said. To maintain its relevance, the IsDB must navigate challenges such as regional disparities in development, ensuring equitable resource allocation, and fostering innovation in Islamic finance practices, he also said. Looking ahead, Al-Alshiekh said the IsDB is expected to broaden its role in key areas such as climate action through green sukuk, private sector partnerships focused on small and medium enterprises, fintech, digital infrastructure and e-governance, and support for fragile regions via stabilization funds and humanitarian-development-peace frameworks. Enduring values While the IsDB shares several features with conventional development banks, including alignment with the UN Sustainable Development Goals, it remains rooted in a distinct ethos. 'Unlike conventional MDBs, IsDB operates entirely on Islamic finance principles. This means it avoids interest-bearing loans and instead uses instruments like Murabaha, or cost-plus sale, ijara, or leasing, and istisna'a, or construction financing, as well as sukuk,' Al-Alshiekh explained. He added that the IsDB's approach is value-based, emphasizing ethical finance, social justice, and equitable growth that aligns with Islamic principles. 'This contrasts with the often secular and market-oriented frameworks of conventional MDBs.' Governance is another differentiator. 'IsDB's governance model is rooted in the OIC (Organisation of Islamic Cooperation), with its members being exclusively Islamic countries,' he said. This allows for a greater cultural and strategic alignment among its stakeholders, while conventional MDBs tend to have a broader, more diverse global membership, he noted. Al-Alshiekh also underlined the principle of solidarity that guides the bank's resource allocation. 'The IsDB emphasizes 'Islamic solidarity', often prioritizing needs-based resource allocation and South-South cooperation, in contrast to performance-based lending criteria or conditionalities common in conventional MDBs,' he said.