AqlanX secures $10mln investment from DoxAI to launch Arabic-first enterprise AI in Middle East
DUBAI: AqlanX, a UAE-based artificial intelligence company, today announced a US$10 million investment from Lakeba Group through their venture DoxAI, marking a significant milestone in the region's digital transformation journey.
The investment, facilitated through connections fostered by the UAE's NextGen FDI initiative, will accelerate AqlanX's mission to localise and expand the proven enterprise automation capabilities of DoxAI across the Middle East.
Founded on the vision of building UAE-Made, Arabic-first AI technologies, AqlanX focuses on automating business processes, enhancing operational efficiency, and transforming enterprise document management for large organisations.
The company's roadmap is tightly aligned with the UAE's innovation and digital economy strategy, positioning the nation as a hub for AI and innovation-driven ventures.
As part of its national capacity-building strategy, AqlanX, DoxAI and Lakeba have also formed a strategic partnership with the University of Wollongong in Dubai (UOWD) to establish an AI Centre of Excellence. This initiative will cultivate homegrown AI talent, research, and innovation directly in the UAE.
The agreement was signed in the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, who commented, 'This collaboration between AqlanX, Lakeba, and DoxAI demonstrates the power of the NextGen FDI program to catalyse strategic, cross-sector partnerships. It underscores our commitment to fostering an ecosystem that nurtures innovation and collaboration in priority sectors like artificial intelligence.'
Giuseppe Porcelli, Executive Chairman of Lakeba and DoxAI, said, 'This investment is more than capital—it's a commitment to a shared vision. AqlanX represents the next frontier of enterprise AI in the Middle East, and we are proud to bring our experience, technology, and strategic resources to support its growth.'
Demetrio Russo, Founder and CEO of AqlanX, added, 'With Lakeba and DoxAI behind us, AqlanX is equipped to deliver Arabic-first AI that is not only world-class, but also born in, and for, the UAE. We are building an innovation hub that reflects the ambitions of this region and empowers its enterprises to lead globally.'
With its foundation backed by the expertise and intellectual property of DoxAI, and strategic capital from Lakeba Ventures, AqlanX is positioned to become a regional leader in enterprise AI.
The NextGen FDI initiative, launched in 2022, is a core component of the UAE's strategy to promote investment into future-focused sectors, solidify its position as a global hub for innovation, and accelerate the diversification of the national economy. AqlanX joins a cohort of more than 100 companies operating in sectors such as renewable energy, advanced manufacturing, and robotics.
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From an expanding international airport to its positioning as an adventure tourism hotspot and economic incentives like 100 per cent foreign ownership, 0–9 per cent corporate tax, full capital repatriation, and long-term residency, RAK's developments are attracting every major real estate player. DAMAC Properties, for instance, launched its inaugural project, Shoreline by DAMAC on Al Marjan Island. It has 17-stories with one-two-and-three BHK apartments and duplexes offering resort experience with beach access, gardens, wellness areas, a sunset bar and floating cabana. Priced from Dh1.83 million, the homes, which start at 730sqft, are set for completion by July 2028. 'Our expansion into Ras Al Khaimah aligns with the emirate's rapid rise as a destination for expatriates and home investors,' says Mohammed Tahaineh, chief project officer at DAMAC. BNW Developments is another key entrant in the sector. It recently announced the Taj Wellington Mews project in collaboration with Indian hospitality giant IHCL. 'We identified a striking gap when we saw that RAK had embraced nearly every global hospitality name but missed one of the most iconic names in Indian luxury, Taj,' says Ankur Aggarwal, chairman and founder of BNW Developments. Their growing portfolio also includes 'Aqua Arc' (offering turnkey furnished apartments), 'Aquino' (tailored for high-end users), and 'Pelagia' (hospitality-style residence with concierge services, rooftop indulgences, and wellness lifestyles). The sea-view balconies, smart systems, private spas, and gourmet cafés are all designed to attract the quiet luxury buyer. 'Luxury isn't about the label,' says Aggarwal. 'It lies in the lifestyle it enables.' Vimal Dharamshi Vaya, CEO of Apex Capital Real Estate, says RAK's real estate buzz has intensified in the past three years. 'It's drawing interest from top private players and even government-linked developers,' he says, adding that investors from Russia, Japan, and Europe are especially charmed by its serenity and sophistication. 'Our move into Ras Al Khaimah wasn't reactive; it was predictive,' says Aggarwal. 'We foresaw it transitioning from a serene emirate to a global hospitality and investment magnet.' An emirate comparison A quick comparison between Dubai and RAK's real estate scene brings to the fore some interesting facts. Kirill Dolgin, founder and CEO of BrokerDeck, says: 'Dubai is a larger, more mature, and globally established market with higher price points and potentially higher liquidity, but RAK has rapid growth trajectory, significantly more affordable property prices, higher rental yields, and capital appreciation potential. While Dubai offers a fast-paced, ultra-urban lifestyle, RAK provides a more relaxed, nature-centric environment despite its proximity to Dubai.' And the numbers prove it. In RAK, the transaction value increased nearly 25,000 per cent and mortgage values surged almost 21,849 per cent between June 2017 and June 2024. Branded residences' growth is projected to be 40 per cent of new units by 2029 and the average property prices increased by 30 per cent in 2022, with off-plan rates growing 15-20 per cent in 2024. 'All these indicate that Ras Al Khaimah's real estate market has dramatically transformed from an emerging player to a prime investment destination,' says Dolgin. Wynn-ing Resort The real game-changer for Ras Al Khaimah is, undoubtedly, Wynn Resorts at Al Marjan, slated to open by 2027. Mustafa Haider Kamal, senior relationship manager at Richmind — currently working on the Oystra project — believes Wynn's gaming licence was the turning point. 'It eliminated all the 'ifs and buts' about the casino,' he says, noting how it shifted not just market dynamics but also investor mindsets. 'Perhaps even Dubai or Abu Dhabi could have hosted a Wynn, but those cities already have their attractions. RAK has landed a big opportunity; it's going to transform the economy, creating jobs and drawing major brands and hotels.' Even ahead of completion, the project's impact is being likened to the rise of Las Vegas and Macau as global gaming hubs. So, will RAK become the Vegas of the Middle East? Experts suggest a more nuanced take. Rather than replicating Vegas, the vision here is to create an integrated resort tailored to RAK's distinct environmental and cultural identity. The multi-billion-dollar development will feature 1,540 keys, a meeting, incentive, convention, and exhibition area, gaming zones, entertainment and luxury retail. Clearly, it is aimed at attracting both residents and tourists. Nevertheless, the economic parallels to Macau are compelling. 'Macau witnessed rapid economic expansion and a significant upswing in property demand and residential property values following the introduction of international casino operators,' says Dolgin. 'Similarly, Wynn's entry into RAK is expected to drive swift economic growth and heightened property demand.' The impact is already visible. Since the announcement in 2022, RAK has seen primary residential sale prices jump dramatically; apartment prices surged by around 128 per cent, while villas rose by 73 per cent compared to 2021. Tourism, too, is on an upward curve. The casino is expected to propel RAK into a new league, with projections estimating over 3.8 million visitors by 2027 and more than 5.5 million by 2039. Some of these numbers may be drawn from Dubai, which welcomed 7.5 million visitors in the first four months of 2025 alone. 'Those who enjoy gaming experiences will come here rather than fly halfway across the world to Vegas or Macau,' says Vaya. So, how should you invest? The flurry of developments is also sending a strong message to savvy investors: now is the time to consider owning property in this emerging luxury destination. With more accessible entry points and solid growth forecasts, experts agree it's an opportune moment to secure that dream home. RAK offers many advantages — from diversifying your investment portfolio beyond established markets like Dubai and Abu Dhabi to tapping into high rental yields (up to 12 per cent for short-term rentals) and potential capital appreciation. As Dolgin observes: 'RAK's focus on enhancing its lifestyle offerings and tourism infrastructure is creating a positive feedback loop, directly boosting demand, property values and overall investor confidence.' Pricing is the key. Realtors estimate beachfront properties in RAK to currently average Dh3,000–Dh3,500 per sqft — a stark contrast to comparable high-value enclaves in Dubai where prices range from Dh5,000 to Dh8,000 per sqft. A useful tip: Look at holiday homes and short-term rentals. 'Holiday homes can deliver a return on investment of 18–25 per cent per annum,' says Haider. 'People will stay in hotels, but there are many who prefer holiday homes.' Dolgin suggests looking beyond the allure of Al Marjan Island. 'Consider properties in established areas like Al Hamra, RAK Central and other parts of Ras Al Khaimah for their infrastructure and variety,' he suggests. Vaya, on the other hand, highlights RAK's superior value for space and returns. 'While an average RAK one BHK is 800-900sqft for a lesser price point and higher rental return, the same would be about 700sqft and lesser return in Dubai. Go for one or two BHK if you are looking at pure investment. For self-use, opt for two or three BHKs,' he advises. The novelty and future upside also play in RAK's favour. 'Once the casino is operational, everything else will follow,' predicts Haider. 'Imagine the traction by 2030. Anyone investing in 2025–26 will be sitting on a goldmine. Al Marjan is for a niche market of seasoned investors or first-timers with a bold appetite.' Some other important rules to remember: Invest in branded residences, do your due diligence, and choose developers wisely. Vaya concludes: 'Buy real estate and wait — don't wait to buy real estate.'
