Amira Khalil, Author at icnlive

Real Estate

Eagle Hills eyes 2027 construction start on $20 billion Maldives project

For thousands of Maldivian families, a $20 billion Maldives project now stands between where they live today and a new home by the water. Abu Dhabi developer Eagle Hills has signed a commercial terms agreement with the Government of Maldives to build an island destination called Maldives Waterfront and Marina. The site covers 550 hectares, roughly 1,359 acres, in the Ras Malé area.

Ras Malé sits at Fushi Dhiggaru Lagoon, about 17 minutes by speedboat from the capital, Malé. The agreement, signed on Monday, sets out the main commercial terms. Finer details will follow as the work moves ahead.

Inside the $20 billion Maldives project

The Eagle Hills Maldives plan runs in phases. It brings together international hotels, premium and branded residences, a marina and waterfront leisure spaces. Retail, dining and entertainment sit alongside wellness, education, healthcare and community services. The aim is a place where people can holiday, live and go about ordinary days in one connected setting.

Numbers show the scale. The Ras Malé development could draw more than one million visitors a year and more than $2 billion in annual tourism revenue, by early estimates. Over its lifetime, it could attract more than $30 billion in gross foreign investment, including about $18 billion in net foreign investment. Planners expect it to create more than 54,000 jobs.

Homes for local families, and a cut for the state

The $20 billion Maldives project promises more than tourism for the islands. Its plan sets aside 5,000 homes for Maldivian families. The government will take 10 percent of sales revenue from the commercial side, plus a 4 percent fee on every property deal, including sales and resales. Each time a unit changes hands, the state earns its share.

Mohamed Alabbar, founder and chairman of Eagle Hills, told Reuters construction could begin in the first quarter of 2027. He also raised the chance of a familiar name joining in.

Where Emaar Properties fits in

The current agreement rests with Eagle Hills alone. Even so, Alabbar left the door open to a shared stake in the $20 billion Maldives project. “We may go for 50:50 sharing, depending on the decision of the Emaar Investment Committee,” he said. Emaar Properties, which Mohamed Alabbar also founded, is the name behind Burj Khalifa and Dubai Mall. Its presence would carry weight for buyers weighing where to put their money.

Eagle Hills works across more than 18 countries and runs a portfolio of 45 hotels. The developer said the masterplan folds in sustainability, resilient infrastructure and steps to protect the fragile island environment.

Dubai Creek Tower and no IPO

Alabbar addressed other plans too. He said the tendering of the proposed Dubai Creek Tower would depend on the conflict involving Iran and the United States. “Once the situation in Iran and the US settled, I might tender it,” he said. Back in June 2026, reporting indicated Emaar had delayed that tender after port closures tied to the Iran-US war pushed up material costs and pricing.

On one point, he was firm. “For Eagle Hills, no IPO is on the table,” he said, ruling out a public listing.

For families near Malé, the next signal to watch is simple. If ground breaks in early 2027 as planned, the $20 billion Maldives project moves from paper to shoreline.

By Amira Khalil
3 min read

How the CBUAE base rate increase affects UAE mortgages, loans and savings

The CBUAE base rate increase takes the UAE base rate to 3.9%, a quarter-point step up from 3.65% that landed on Thursday, September 17. It applies to the Overnight Deposit Facility, the tool the Central Bank uses to set a floor for short-term money in the country. The Central Bank also kept the cost of borrowing short-term liquidity at 50 basis points above the base rate across all standing credit facilities. For most people, the mechanics matter less than the direction. Rates went up. For anyone with a loan or savings account, that direction is what counts.

Why the Fed decides the UAE’s rate

Behind the CBUAE base rate increase sits a US Federal Reserve rate hike of the same size. The Fed lifted its Interest Rate on Reserve Balances by 25 basis points and moved its target range to 3.75% to 4%. Because the dirham-dollar peg fixes the currency at 3.6725 to the dollar, the Central Bank tracks US policy closely to hold that line steady. When Washington moves, Abu Dhabi tends to follow within a day or two. This was the first increase in the UAE rate cycle since 2023, and it reversed a cut made late last year that had taken the rate down to 3.65%. Markets had largely expected the shift, so the reaction at home was calm.

What it means for your home loan

Here is where the numbers reach the kitchen table. Changes in the base rate feed into EIBOR mortgage rates, the Emirates Interbank Offered Rate banks use to price home loans and other credit. If you hold a UAE variable-rate mortgage, your monthly payment could rise the next time your rate is reviewed. A homeowner carrying a large variable loan may pay several thousand dirhams more over a year. Fixed-rate borrowers sit in a calmer spot. Your rate stays put until the fixed term ends, so nothing shifts right away. When that term does end, the loan could be repriced at whatever rate applies then.

Who gains and who pays more

The CBUAE base rate increase does not land on every wallet the same way. Savers may see better returns if banks pass the increase into deposit products, which rewards anyone keeping cash aside. Businesses face the other side of the ledger. Firms carrying variable loans, especially in real estate, construction and SME financing, could see borrowing costs climb while energy and shipping bills already weigh on margins. The effect spreads slowly, through repricing dates and new credit rather than an overnight jump. Households and companies that planned ahead for tighter conditions will feel less of a jolt.

What to watch next

The Central Bank has little room to steer its own course while the peg holds. That keeps attention on the Fed and its next meeting, where policymakers will weigh inflation and jobs data before deciding whether more increases are coming. For UAE residents, the practical questions are close to home. Check whether your mortgage is fixed or variable. Ask your bank when your rate resets. If you are shopping for a loan, factor in that credit costs a little more than it did a week ago. Small steps, but they add up when rates are on the move.

By Amira Khalil
3 min read

Saudi Arabia

Saudi Arabia’s Inflation Rate Holds Steady as Housing Costs Ease

Saudi Arabia’s annual inflation rate remained unchanged at 1.8 percent in August, according to the General Authority for Statistics, known as GASTAT. It is the fourth consecutive month the figure has held there, matching the pace recorded in May, June and July. Consumer prices rose just 0.1 percent from July, pointing to a month of largely uneventful price movement across the Kingdom.

For a household in Riyadh or Jeddah, a headline number like 1.8 percent can feel abstract. What matters more is what is actually getting more expensive, and by how much.

Housing remains the main pressure point

Housing, water, electricity, gas and other fuel prices rose 3.9 percent year over year in August, making housing the single largest contributor to the overall inflation rate. Actual rents climbed by the same 3.9 percent. That is still a meaningful annual increase for anyone renewing a lease, but it marks a slowdown from July, when housing costs rose 4.2 percent and rents climbed 4.3 percent.

Housing alone contributed 0.8 percentage points to Saudi Arabia’s inflation rate in August, more than double the 0.3 percentage points each attributed to food and beverages and to transport. The category has been the most persistent source of price pressure in the Kingdom, driven largely by strong demand for housing in major cities.

Saudi Arabia introduced a five-year freeze on rent increases for new and existing residential and commercial contracts within Riyadh’s urban boundaries. Rental prices tend to respond to policy shifts slowly, since many tenants are locked into existing contracts with their own renewal timelines. That means the freeze’s full effect on Saudi Arabia’s inflation rate may not show up clearly for another few quarters yet.

Business Intelligence & News

UAE passport ranks first globally in 2026 with record mobility score of 182

UAE passport ranks first globally in 2026, recording a Mobility Score of 182 and worldwide access of 91.9 percent, per Passport Reports’ September ranking.
The score covers 128 visa-free destinations, 44 visa-on-arrival or simplified-entry destinations, and 10 reachable through an eTA.
Europe, the Gulf, and the Middle East each show 100 percent overall access for UAE passport holders.
Only 16 destinations remain visa-required, and the UAE itself ranks 91st out of 199 for inbound travel.

Food, transport and the categories that moved

Food and beverage prices rose 1.4 percent from a year earlier, while transport costs increased 2 percent. Personal care, social protection and other miscellaneous goods and services posted a sharper 3.5 percent annual rise. Inside that category, prices for personal effects other than clothing jumped 13.3 percent, pushed up by a 14.4 percent rise in jewelry and watch prices. Recreation, sport and culture prices rose 2.8 percent, helped along by a 4.7 percent increase in holiday package costs.

Not every category moved higher. Furnishings and household equipment prices fell 0.6 percent year over year, and clothing and footwear dropped 0.5 percent. On a monthly basis, personal care and miscellaneous goods posted the largest rise at 0.8 percent, while restaurants and accommodation services fell 0.4 percent, the steepest monthly decline among the main CPI groups.

Wholesale prices tell a different story

Away from the checkout counter, price pressure looks stronger. Saudi Arabia’s Wholesale Price Index rose 4.6 percent year over year in August, though that pace eased from 5 percent in July. An 8.2 percent rise in other transportable goods drove much of the increase. Basic chemical prices jumped 51.4 percent annually, a striking outlier within the wholesale data, while refined petroleum products rose 4 percent. Agriculture and fishery products increased 4.8 percent, and metal products, machinery and equipment rose 2.2 percent. Ores and minerals were the exception, falling 1.8 percent. Monthly wholesale prices slipped 0.2 percent, with ores and minerals down 2 percent.

What the IMF expects next

The International Monetary Fund projects Saudi Arabia’s inflation rate will average 2.2 percent across 2026, up from 2 percent in 2025, according to its most recent Article IV assessment. The Fund pointed to higher shipping and insurance costs as a source of upward pressure, but expects those to be partly offset by softer rent inflation and price caps on some fuel and food items. So far, the Kingdom’s actual monthly readings have stayed below that full-year forecast, and the housing slowdown gives some early support to the IMF’s view that rents will help keep prices in check.

For now, Saudi Arabia’s inflation rate sits comfortably below global norms, and the fourth straight month of stability suggests the Kingdom’s price environment has settled into a predictable rhythm, at least until the rent freeze’s effects become fully visible.

By Amira Khalil
3 min read

Amira Khalil