Rami Al-Saadi

Writer,

icn.live

Rami Al-Saadi has written for Reuters MENA, Business Insider Middle East, and CoinNews Arabia over a career that now spans seven years. Rami is an ICN.live writer since 2024 and his investigations explore Capital and Business sectors. Rami pursued graduate-level study in Media Studies with a focus on digital economies.

Saudi Arabia

Brookfield Middle East Partners fund closes at $2bn with PIF as anchor

The Brookfield Middle East Partners fund reached its first close with $500 million of Brookfield’s own money committed alongside its partners. That figure says something before any strategy deck does. A manager willing to place half a billion dollars next to its investors is telling you where it believes the returns sit. In total, the vehicle raised close to $2 billion, drawn from Saudi Arabia’s Public Investment Fund and a group of other global and regional institutions. Neither the size of PIF’s own commitment nor the final fundraising target has been disclosed.

PIF sits at the center of the deal as the PIF anchor investor. A backer of that size gives the fund a base of capital and, harder to price, local standing. An anchor like this can open the door to larger and more sensitive transactions than a first-time manager would reach alone. Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said the partnership is built to bring international private equity into Saudi Arabia and the wider region. The Brookfield Middle East Partners fund gives PIF a way to test that idea with real money.

What the Brookfield Middle East Partners fund will buy

Half the capital is set for Saudi Arabia. The rest will move across high-growth markets in the Gulf Cooperation Council. BMEP plans to pursue buyouts, minority growth equity and other deals across financial and business services, consumer services, industrials, technology and healthcare. Brookfield built the Brookfield $2 billion Saudi Arabia fund on nearly three decades of regional work. Since starting direct investments in 2015, the firm has managed more than $16 billion in assets across private equity, real estate and infrastructure in the Middle East.

The agreement did not appear overnight. PIF and Brookfield signed a non-binding memorandum of understanding in October 2024 at the Future Investment Initiative in Riyadh, naming PIF as the strategic anchor. This first close follows the approval of PIF’s 2026 to 2030 strategy earlier this year, a plan weighted toward financial returns and wider private-sector participation. Public Investment Fund private equity commitments have grown as the sovereign fund shifts from writing every check itself toward drawing outside money in beside it. The pattern shows up again in the Brookfield Middle East Partners fund.

Why the Kingdom wants the money local

PIF said the investment supports its work to deepen Saudi capital markets, widen financing for local companies and bring new products to market. That aim runs straight through Saudi Vision 2030 investments, the program meant to move the economy off oil. The fund reported assets under management above $900 billion in 2025, up from $150 billion in 2015. More than $199 billion went into new domestic projects between 2021 and 2025. GCC private equity has drawn steady foreign interest as regional governments court managers willing to build teams on the ground.

What comes next

Bruce Flatt, chief executive of Brookfield, said the fund reflects growing international confidence in the region and a chance to back businesses for long-term growth. The firm will also bring the Brookfield Academy, founded in 2019, to Saudi Arabia, running professional development for investment staff. Whether the Brookfield Middle East Partners fund returns what both sides expect will take years to read. The money, for now, sits on the table.

📸: Saudi Gazette

By Rami Al-Saadi
3 min read

Apollo Go

Dubai Is Ready With Free Autonomous Taxi Service in Two Coastal Areas

A single line on the RTA’s social feed told residents their next ride might arrive with no one at the wheel. Dubai is ready with a free autonomous taxi service, and the offer began in two neighbourhoods that hug the coast. The Roads and Transport Authority opened public rides in Umm Suqeim and Jumeirah, both close to the beaches, on July 15, 2026.

Riders reach the vehicles through two apps rather than an RTA channel. Uber customers pick the Autonomous option and receive a WeRide car when one is free nearby. Apollo Go users book inside that company’s own app. Fleet allocation depends on how many vehicles sit inside the active zone at the time.

The split behind the wheel is worth noting. Tawasul Transport handles dispatch and operational control for WeRide taxis booked through Uber. Dubai Taxi Company manages local fleet needs for Apollo Go. The technology firms run the driving systems. The licensed operators handle the ground work under RTA supervision.

This Dubai driverless taxi rollout removes something the earlier trips carried. When Uber first offered WeRide rides in December 2025, a vehicle specialist sat inside. The current free service drops that specialist and completes the move to fully autonomous operation.

From testing to public roads

The path here was slow and deliberate. RTA started commercial operations on March 30, 2026, after trials on set roads. By September 2025, more than 60 vehicles from Apollo Go, WeRide and Pony.ai were already running in Jumeirah and Umm Suqeim.

Apollo Go Dubai began with 50 RT6 vehicles used for testing and data collection. Agreements signed in April 2025 made Dubai the company’s first operating market outside mainland China and Hong Kong. Each RT6 carries 40 sensors and detectors. By April 2025, Apollo Go had logged more than 150 million kilometres of safe driving and over 10 million autonomous trips across several cities.

WeRide ran about 150 autonomous vehicles across the Middle East by December 2025, including more than 100 robotaxis. Anyone asking how to book driverless taxi Dubai rides will find the answer sits inside apps they already use.

What the cars actually do

The autonomous taxi Dubai fleet leans on artificial intelligence, high-definition maps and deep learning. Onboard systems read the road in real time and make driving choices without a person. The software handles intersections, signals, pedestrians and nearby cars while following road rules. These vehicles share open roads with live traffic.

The bigger target

Every robotaxi Dubai adds points toward one number. Dubai’s Self-Driving Transport Strategy aims for autonomous operation across 25 per cent of all journeys by 2030. The strategy covers several transport modes, not taxis alone.

Mattar Al Tayer, Director General and Chairman of the Board of Executive Directors at RTA, named licensing, infrastructure and operating rules as core requirements back in April 2025. Dubai’s population passed four million residents by December 2025, which lifts demand for taxis and app-based mobility.

The free window has limits Dubai has not spelled out. RTA has not disclosed operating hours, wider route boundaries, or an end date for free pricing. Published plans place 100 vehicles in the first phase and up to 1,000 Apollo Go units within three years. Later reporting suggests a Dh5 fare has since appeared on Apollo Go, a sign the free period may be short. Coverage will widen as demand, service quality and regulatory readiness allow.

By Rami Al-Saadi
3 min read

Sharjah Islamic Bank

Sharjah Islamic Bank H1 2026 results show net profit rising 15.3 percent

Sharjah Islamic Bank H1 2026 results showed net profit after tax reaching AED803.9 million. The lender lifted earnings 15.3 percent from AED697.2 million during the same period last year. Balanced growth across core business lines drove this result, alongside a strengthened capital base. You can see the strength in both income diversification and improved operating efficiency this half.

Income from Islamic financing and sukuk rose 12.1 percent to about AED2.1 billion this half. The increase equals AED227.6 million more than the AED1.9 billion posted one year earlier. Net fee and commission income grew 8.1 percent to AED445.7 million over the year. Total operating income reached AED1.4 billion, a rise of 20.5 percent from last year. Sharjah Islamic Bank net profit gains rested on wider income streams and lower relative costs.

Profit efficiency improves while the bank keeps investing

General and administrative expenses rose 17.2 percent to AED475.2 million during the first half. The bank spent more on people, technology, and stronger operational systems across this period. Net operating income before provisions and tax grew 22.3 percent to reach AED925.8 million. SIB net profit after tax rose while the bank kept investing in future growth. Impairment provisions for financial assets stood at AED79.2 million by the end of June. Recoveries reached AED37.9 million during the same six-month period across the financing portfolio here. The non-performing financing ratio improved to 3.6 percent, down from 3.8 percent last year. Provision coverage held firm at 107 percent, close to the 109 percent recorded earlier. These indicators point to a prudent credit policy and careful risk management across the book.

Balance sheet expands as customer deposits growth continues

Total assets increased to AED94.5 billion by the end of the first half period. The figure grew 4.7 percent from AED90.3 billion recorded at the close of 2025. Growth came mainly from the Islamic financing portfolio, which reached AED49.9 billion this half. The portfolio climbed 9.5 percent from AED45.6 billion posted at the end of 2025. Customer deposits growth reached 6.6 percent, lifting total balances to AED59.4 billion this half. The financing-to-deposits ratio rose to 84 percent, up from 82 percent one year earlier. Liquid assets stood at AED19.8 billion, close to 20.9 percent of total assets overall. Shareholders’ equity rose by AED2.6 billion after the bank completed its capital increase this year. The bank issued 1.1 billion new shares at AED1 each, plus a share premium. Investors added a premium of AED1.4 per share during the bank’s successful capital raise. These Sharjah Islamic Bank H1 2026 results also show a firmer capital base overall.

Sharjah Islamic Bank H1 2026 results lift shareholder returns

Return on equity improved to 14.81 percent from 14.78 percent during the prior year. The lender pushed return on assets to 1.74 percent from 1.55 percent last year. In its official results statement, Sharjah Islamic Bank tied these gains to disciplined risk management. The bank said results reflected “balanced growth across its core business activities” this half. From my reading, these numbers point to steady, well-managed expansion rather than one-off gains. Sharjah Islamic Bank H1 2026 results confirm strong momentum heading into the second half. You should watch deposits, financing demand, and margins closely as the year moves forward.

By Rami Al-Saadi
3 min read

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