UAE In-Focus: SHUAA launches new Shariah-compliant funds; MoU signed for waste-to-hydrogen plant 

Dubai’s total residential transaction volumes stood at 10,505 in November. (Shutterstock)
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Updated 13 December 2022
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UAE In-Focus: SHUAA launches new Shariah-compliant funds; MoU signed for waste-to-hydrogen plant 

RIYADH: UAE-based investment banking firm SHUAA Capital has launched three new Shariah-compliant funds in a move to offer more investment choices to institutional high-net-worth individuals and corporate investors.

The new funds, which include SHUAA Global Sukuk Fund, SHUAA Global Equity Fund, and SHUAA North America Equity Fund, were launched under the Incorporated Cell Co. umbrella, the company said in a press release.  

SHUAA Global Sukuk Fund will seek to maximize total return over the medium to long term through a combination of capital growth and income by investing in sukuk and other Shariah-compliant debt instruments, it said. 

Whereas, SHUAA Global Equity Fund will primarily invest in global Shariah-compliant equities, and SHUAA North America Equity Fund will focus on North American Shariah-compliant equities.   

Funds are managed by SHUAA GMC, a wholly owned regulated subsidiary of SHUAA, which established the ICC fund structure in the Abu Dhabi Global Market in 2020 to launch differentiated fund strategies under the ICC platform.  

SHUAA GMC, which now manages a total of $200 million in assets under management, spanning five different funds under the ICC umbrella, is working to launch three additional funds in the first quarter of 2023. With these new funds, its assets under management under the ICC platform are expected to exceed $400 million. 

As part of its new fund pipeline, SHUAA said it also plans to add Saudi Arabia and Gulf Cooperation Council-focused funds to its ICC platform. 

Mideast’s first waste-to-hydrogen plant  

Three companies from the UAE, the UK and Japan have signed a memorandum of understanding as a first step to forming a consortium that will advance progress on the Middle East’s first waste-to-hydrogen plant in Sharjah.  

The MoU was signed between UAE’s BEEAH Group, Japanese conglomerate Air Water and Chinook Sciences, a UK-based innovator in waste-to-fuel technologies, to produce fuel cell-grade hydrogen from waste wood and plastic. 

BEEAH has expertise in waste management and material recovery, Chinook Sciences patented the world’s only universal thermal treatment system and gasification process, and  Japanese firm Air Water has Hydrogen Refinement technology. 

The waste-to-hydrogen plant will use these companies’ expertise to transform waste wood and plastic into fuel-cell-grade green hydrogen. 

The plans for the waste-to-hydrogen plant include an on-site green hydrogen dispensing station capable of fuelling several vehicles, according to a press release.  

The UAE last year announced the Net Zero by 2050 Strategic Initiative following COP26 in Glasgow, making it the first nation in the Middle East to announce a net-zero emissions strategy.  

The waste-to-hydrogen plant in Sharjah was first announced by BEEAH Group and Chinook Sciences Green in May 2021 and was formalized later in the same year with the commencement of development plans.  

Dubai residential market volumes spike in November 

Dubai’s total residential transaction volumes stood at 10,505 in November, recording an increase of 60.8 percent compared to the previous year, according to global property consultant CBRE. 

The spike in volumes was supported by a 63.3 percent rise in off-plan transactions and a 58.4 percent rise in secondary market transactions, it added. In the year to date to November 2022, Dubai recorded a total of 81,919 residential transactions, surpassing the record highs registered in 2009 over the same period. 

This is despite the fact that Dubai’s average residential prices increased by 9.5 percent in the 12 months to November. Over this period, the CBRE report showed that the emirate’s average apartment and villa prices increased by 9 percent and 12.7 percent, respectively.  

This comes as Dubai’s average apartment prices stood at 1,161 dirhams ($316) per square foot, while average villa prices stood at 1,374 dirhams per square foot. CBRE noted that these average rates for apartments and villas remain below the highs recorded in 2014 by 22 percent and 4.9 percent, respectively.

 


Saudi Arabia sets global benchmark in AI modernization

Updated 15 January 2026
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Saudi Arabia sets global benchmark in AI modernization

  • Executives hail the Kingdom’s robust infrastructure and strategic workforce programs

RIYADH: Saudi Arabia is emerging as a global leader in artificial intelligence, according to executives from OpenText, one of the world’s largest enterprise information management companies. 

With 22 years of international AI experience, Harald Adams, OpenText’s senior vice president of sales for international markets, said the Kingdom’s modernization efforts are now setting a global standard.

“From my perspective, Saudi Arabia is not only leading the modernization towards artificial intelligence in the Middle East, I think it is even not leading it only in the MENA region. I think it is leading it globally,” Adams told Arab News.

In an interview, Adams and George Schembri, vice president and general manager for the Middle East at OpenText, discussed the Kingdom’s significant investments in AI during the inauguration of OpenText’s new regional headquarters in Riyadh.

“So for us (OpenText), from our perspective, it was a strategic decision to move our MENA headquarters to Saudi Arabia because we believe that we will see here a lot of innovation coming out of the country, we can replicate not only to the MENA region, maybe even further to the global level,” Adams said.

The new headquarters, located in the King Abdullah Financial District, will serve as a central hub for OpenText customers and partners across the Middle East. Its opening reflects a broader trend of tech giants relocating to Riyadh, signaling the Kingdom’s rise as a hub for global AI innovation.

Adams attributed Saudi Arabia’s lead in AI modernization to a combination of substantial financial backing, a unified national strategy, and a remarkable pace of execution.

“I mean, a couple of things, because the ingredients in Saudi Arabia are of course, quite interesting. On the one hand side, Saudi Arabia has deep pockets and great ambitions. And they are, I mean, and they are executing fast, yeah,” he said.
“So from that perspective, at the moment, what we see is that there are, especially on the government side, I can’t see any other government organizations globally moving faster into that direction than it is happening in Saudi Arabia. Not in the region, not even on a global level, they are leading the game,” he underlined.

Schembri added, “Saudi’s AI vision is one of the most ambitious in the world, and AI on a national scale is not good without trusted, secured, and governed, and this is where OpenText helps to enable the Saudi organizations to be able to deliver on the 2030 Vision.”

“The Kingdom’s focus on AI and digital transformation creates a powerful opportunity for organizations to unlock value from their information,” Schembri stated.
“With OpenText on the ground in Riyadh, our customers gain direct access to trusted global expertise combined with local insight — enabling them to manage information securely, scale AI with confidence, and compete on a global stage,” he added.

DID YOU KNOW?

• Saudi Arabia ranks 5th globally and 1st in the region for AI growth under the 2025 Global AI Index.

• The Kingdom is also 3rd globally in advanced AI model development, trailing only the US and China.

• AI is projected to contribute $235.2 billion — or 12.4 percent — to Saudi Arabia’s GDP by 2030.

The inauguration of OpenText’s new regional headquarters was attended by Canada’s Minister of International Trade and Economic Development, Maninder Sidhu, and Jean-Philippe Linteau, Canada’s ambassador to Saudi Arabia. 

Sidhu emphasized the alignment of Saudi Vision 2030 with Canada’s economic and innovation goals.

“His Highness (Crown Prince Mohammed bin Salman) and Vision 2030, there is a lot of alignment with Canada, as you know, with the economic collaboration, with his vision around mining, around education, tourism, healthcare, you look at AI and tech, there’s a lot of alignment here at OpenText Grand opening their regional headquarters,” Sidhu told Arab News.

Saudi Arabia’s AI ambitions are projected to contribute $235.2 billion — or 12.4 percent — to its GDP by 2030, according to PwC. The Saudi Data and AI Authority, established by a royal decree in 2019, drives the Kingdom’s national data and AI strategy.

One flagship initiative, Humain, chaired by Crown Prince Mohammed bin Salman, was launched in May 2025 under the Public Investment Fund. It aims to build a full AI stack — from data centers and cloud infrastructure to models and applications — positioning Saudi Arabia as a globally competitive AI hub. The project plans to establish a data center capacity of 1.8 GW by 2030 and 100 GW of AI compute capacity by 2026.

Saudi Arabia is also expanding international partnerships. In May 2025, Humain signed a $5 billion agreement with Amazon Web Services to accelerate AI adoption domestically and globally, focusing on infrastructure, services, and talent development.

The Kingdom ranked fifth globally and first in the Arab region for AI sector growth under the 2025 Global AI Index, and third worldwide in advanced AI model development, behind only the US and China, according to the Stanford University AI Index 2025.

Education is another pillar of Saudi AI strategy. Starting in the 2025-26 academic year, AI will be taught as a core subject across all public school grades, reaching roughly 6.7 million students. The curriculum will cover algorithmic thinking, data literacy, and AI ethics.

OpenText executives emphasized their commitment to supporting Vision 2030 and the national AI strategy through workforce development.

“OpenText has put a lot of investment in the Kingdom, right. We brought cloud to the Kingdom, we’ve opened our headquarters in the Kingdom, we’ve basically hiring Saudis in the Kingdom, We basically building, if you like, an ecosystem to support the Kingdom. And on top of that, what we’re doing is we’re putting a plan together, if you like, a program to look at how we can educate, if you like, the students at universities,” Schembri said.
“So this is something that we are looking into, we are basically investigating and to see how we can support the Saudi nationals when they come into the workplace. And I’m really excited. I have Harry who is, our leadership who’s supporting this program.”
“It’s something that we are putting together. It’ll take some effort. So it’s still in play because we want to make sure what we put it basically delivers on what we're trying to achieve based on the vision of Saudi,” he added.

“The younger generation is sooner or later either working for us or maybe for a partner or for maybe for a customer. So that’s why we are to 100 percent committed to enable all of that,” Adams said.