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  • Real Estate

Emaar Properties H1 2026 Results Show Profit Rising 23 Percent

A number sits at the center of the Emaar Properties H1 2026 results, and it is worth pausing on. The revenue backlog

Trending Economy

$16 billion pipeline lease
  • Kuwait

The $16 billion pipeline lease signed by Kuwait Oil Company gives three of the world’s biggest investors a share of the oil arteries that have carried Kuwaiti crude for decades. Kuwait Petroleum Corporation announced the agreement on Saturday. Its subsidiary, KOC, leases usage rights to all 13 of its pipelines into a newly formed Kuwaiti joint venture. Backing that venture: Blackstone, Brookfield and KKR.

Here’s the clever part. The pipelines never leave Kuwaiti hands.

How the $16 billion pipeline lease works

The structure is a lease-and-leaseback agreement, and it runs 20.5 years. KOC leases the network to the joint venture, then the venture leases the same pipelines straight back to KOC. In return, KOC keeps exclusive rights to use, operate and maintain every kilometre, and pays a tariff tied to the volume of crude that flows through. Roughly 320 kilometres of pipe sit inside the deal.

Ownership splits cleanly. KOC holds 51% of the joint venture and full operational control. Blackstone, Brookfield and KKR share the other 49%, each taking an equal one-third slice. The State of Kuwait still decides how much oil the country pumps and refines. No investor gets a vote on that.

Why $7.85 billion matters now

Cash is the point. The $16 billion pipeline lease is expected to generate $7.85 billion in upfront proceeds for KOC once the transaction closes. That money feeds Kuwait Petroleum Corporation’s spending plans, including a target of 4 million barrels of crude production capacity a day by 2035.

Think of it like remortgaging a house you fully intend to keep living in. You pull cash out today against an asset you still control, and you agree to steady payments over time. Kuwait gets funding without selling the pipelines or handing over the taps.

A signal to global investors

The timing tells its own story. Shaikh Nawaf Saud Al-Sabah, Deputy Chairman and CEO of KPC, called Project Peregrine the largest foreign direct investment in Kuwait’s history. He said the deal shows Kuwait rising as a destination for global capital, even amid a challenging regional environment.

That environment is real. The agreement lands as regional tensions weigh on the Gulf, yet three major asset managers still committed long-term money. Blackstone plans to open an office in Kuwait on the back of it.

The Kuwait Oil Company pipeline deal follows a path other Gulf producers already walked. Saudi Arabia’s Aramco and Abu Dhabi National Oil Company ran similar pipeline fundraisings, pulling private capital into infrastructure while keeping control of the barrels. The $16 billion pipeline lease puts Kuwait firmly in that company.

What happens next

The transaction is governed by Kuwaiti law. It still needs customary closing conditions and regulatory approvals before the money moves. Centerview Partners, HSBC and J.P. Morgan advised KPC on the deal.

For you as a reader watching where oil money flows, the message is direct. Gulf producers now treat their pipelines as financial assets, not fixed furniture. The $16 billion pipeline lease shows how a state oil company can raise billions today while keeping its hands on the wheel. Expect more deals shaped like this one.

  • 3 min read
Buy Now Pay Later
  • Digital Payments

Buy Now Pay Later records from Tabby and Tamara will enter UAE credit reports from July 2026, changing how lenders read the finances of people who split payments into instalments, WAM announced today. Etihad Credit Bureau, the federal body that oversees credit information in the country, said the accounts of both current and new customers will be covered, along with relevant historical transactions. The move brings a fast-growing corner of consumer finance under the same reporting rules that already apply to loans, cards, and mortgages.

Buy Now Pay Later plans once sat outside the formal record. A shopper could hold several active instalments without any of them showing on a UAE credit report. That gap made it harder for banks to gauge how much a borrower owed. Now the picture becomes fuller.

Who governs the data?

The question behind this shift is not only about spending. It is about who holds the record and who answers for it. Etihad Credit Bureau sits at that centre, and its decision places two of the region’s largest fintech names, Tabby and Tamara, inside a regulated framework rather than beside it.

The Central Bank of the UAE recognised instalment schemes as a form of short-term credit in 2023. Under those rules, providers must check a borrower’s credit report once a total credit limit passes 5,000 dirhams. Late fees on these plans are capped at 30 percent of the purchase under central bank rules, and the plans carry no interest. Adding instalment data to the file makes that check sharper. Lenders and authorised entities can weigh a person’s full set of commitments before they approve more.

Marwan Ahmad Lutfi, Director General of Etihad Credit Bureau, said the Bureau wants credit reports to reflect the way consumer finance now works, with a broad view of what a person owes. His framing puts governance first. Better data, he argued, supports steadier decisions across the system.

Does BNPL affect credit score?

A common question among shoppers, does BNPL affect credit score, now has a firmer answer. Missed instalments could lower a score, while steady repayment could help build one. The UAE credit score runs from 300 to 900, and the report behind it is what lenders read to explain the number.

Hosam Arab, CEO and Co-founder of Tabby, said responsible lending starts with a clear view of a person’s money, and that customers who pay on time can now let that record count toward their wider standing. Sagar Shah, General Manager for Tamara in the UAE, tied the step to trust, saying it widens the door for more people to take part in the financial system.

What it means for the BNPL UAE market

The buy now pay later UAE market has expanded quickly as shoppers reach for interest-free instalments on everyday purchases. Bringing that activity into the credit file rewards discipline and exposes strain earlier. For new-to-credit customers, a clean instalment history can open a path toward loans and cards that once stayed out of reach.

Etihad Credit Bureau framed the addition as part of a longer effort to work with banks, fintech firms, and other data providers. The aim, in its account, is a credit system that sees more and misses less.

  • 3 min read
FTA VAT refund now
  • VAT

The VAT refund for UAE nationals building new homes reached Dhs353.5 million in the first half of 2026, the Federal Tax Authority confirmed. About 4,000 applications won approval in that period. Each covered VAT paid during construction of a private residence.

The prior year set a lower base. In H1 2025, the authority approved 3,100 applications worth Dhs284.8 million. Approved applications climbed 27.5 per cent. The value refunded rose 24.1 per cent.

Numbers behind the increase

The gap between the two years is measurable. About 900 more applications cleared approval. Refunds grew by roughly Dhs68.7 million year on year. The average refund per approved application sat close to Dhs88,000 in H1 2026.

Abdulaziz Mohammed Al Mulla, Director-General of the FTA, tied the result to changes in how the scheme runs. He said the authority has added measures to simplify and speed up procedures through its digital refund platform. He also pointed to awareness work across several channels, aimed at showing citizens how the service works and what has improved.

How the VAT refund for UAE nationals now works

The Federal Tax Authority has built a proactive service into the process. A refund application can be generated automatically through the Maskan app once the municipality issues the building completion certificate. Where it applies, the building permit can trigger the same step.

After the application is created, the citizen gets an SMS and an email. Both confirm that a refund application for the residence exists. The messages carry a link or a QR code that sends the citizen to the Maskan app to finish the required steps.

Less manual work for applicants

Invoice details now flow in on their own. Once registered suppliers issue invoices, the details populate the citizen’s account inside the Maskan app. The number of banking-information fields has been cut through integration with the Central Bank of the UAE.

Invoice data is also compiled into one Excel file that holds applicants’ details once typed in by hand. Artificial intelligence checks the accuracy of refund amounts and suppliers’ Tax Registration Numbers. All invoices are consolidated into a single file.

Wider eligibility under the Year of Family

The 2026 designation as the Year of Family shaped one change to the scheme. The FTA expanded the range of eligible expenses that qualify for VAT refunds tied to new residence construction. The authority said the step supports a modern housing system and helps citizens fund a stable family home.

For homebuilders, the practical route runs through two channels. Applicants can file through the EmaraTax portal or the Maskan app, depending on preference. The VAT refund for UAE nationals covers construction VAT, not furniture, appliances, or other non-structural items, based on FTA guidance published earlier in 2026. Claims generally must be lodged within 12 months of completion.

  • 3 min read
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