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  • Emirates NBD

UAE’s First Transition Finance Framework by Emirates NBD Opens New Funding Route for Carbon-Heavy Industries

UAE’s first transition finance framework has arrived, and it changes how carbon-heavy companies in the country can access funding for their shift

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Saudi Arabia rethinks NEOM giga-project
  • Saudi Arabia

Saudi Arabia rethinks NEOM giga-project plans as new budget figures reveal billions set aside for cancellations. The 2026 to 2030 budget includes around $16 billion in payments to contractors, according to Semafor. These payments are tied to penalty clauses inside long-term agreements signed during years of rapid contracting. Saudi authorities now expect to spend more on cancelling work than on building it. You should watch this shift because it reshapes one of the world’s largest development plans.

NEOM sits under the Public Investment Fund, which now reviews spending across its entire portfolio. The fund once projected that the full project would cost more than $1 trillion to build. Officials have already spent $64 billion on the site, with progress focused on select areas. Visible work centres on Oxagon NEOM, the industrial city and port near the Red Sea. An $8.4 billion green hydrogen project also nears completion within this same coastal zone.

This reset gained pace after Aiman Al-Mudaifer became NEOM’s chief executive during the past year. His strategic review brought layoffs, corporate restructuring, and a fresh look at development plans on-site. Saudi Arabia rethinks NEOM giga-project priorities through tighter procurement and a clear focus on delivery.

THE COST OF SLOWING DOWN GROWS

The reported $16 billion bill shows that scaling back a project this size carries high costs. NEOM contract cancellation costs equal more than a third of the projected 2026 budget deficit. Negotiations with contractors might change the final figure, people familiar with the matter told Semafor. The Line Saudi Arabia plan has become the clearest symbol of this wider recalibration effort. Planners first presented it as a 170-kilometre linear city running from the coast inland. Its scale, cost, and timeline drew growing scrutiny as the kingdom reassessed spending priorities. Semafor reported earlier work on The Line stays delayed until after the year 2030. Officials now redirect this spending toward infrastructure carrying clearer strategic or commercial near-term value. Selected parts of the development stay fully active even during this broader financial pullback.

WHY SAUDI ARABIA RETHINKS NEOM GIGA-PROJECT SPENDING

Saudi Arabia rethinks NEOM giga-project budgets because deficits and weak foreign investment forced tighter choices. The Public Investment Fund now favours projects tied to clearer returns and national priorities. Those priorities include logistics, artificial intelligence, defence, and infrastructure for Expo 2030 and the 2034 World Cup. Oxagon NEOM gained importance as the Iran war disrupted shipping through the Strait of Hormuz. The Red Sea port now serves as an alternative route for goods moving into the Gulf. One Qatar-based firm moved cargo from Europe to Doha in 22 days using this route. NEOM still plans to spend $10.7 billion on new work, mostly tied to Oxagon and utilities.

WHAT THE RESET MEANS FOR YOU

By contrast, some tourism plans face long delays under the revised NEOM budget 2026 framework. MAGNA resorts and the Trojena mountain site wait until the next decade for fresh funding. As I see it, Saudi Arabia rethinks NEOM giga-project plans to protect long-term financial stability. You now see a kingdom balancing bold ambition against cost, liquidity, and tight delivery timelines. The shift signals discipline reaching every corner of the kingdom’s wider development programme today.

  • 3 min read
UAE banks phase out OTPs
  • Banking System

UAE banks phase out OTPs to protect your money from rising online fraud and theft. The shift replaces text message codes with secure approvals inside your everyday banking app. Lenders across the country now move customers to in-app authentication banking for daily payments. Customers receive a quick notification, check the details, and confirm with a fingerprint or face scan. This method blocks the SIM swap scams and phishing tricks behind many recent losses.

The UAE Central Bank OTP directive sets a clear deadline for every licensed lender. By the March 2026 OTP deadline, all banks must drop text and email codes. Regulators issued the rule in July 2025 and gave lenders roughly twenty months to comply. Online fraud keeps rising worldwide, so the country wants stronger and faster protection for you.

Many lenders moved early because fraud cases climbed sharply over the past twelve months. Banks now carry the full cost of fraud linked to old OTP based logins. New liability rules push every lender to adopt safer tools quickly without long delays. Commercial Bank of Dubai began the switch early this year with an in-app secure code. Adoption came fast, and the bank now runs all secure online card checks this way.

How the new approval works

A CBD spokesperson said over 80 per cent of active users now use the secure code. The lender said the response shows strong demand for a safer digital authentication experience. Emirates NBD has moved more than 2.5 million card customers to in-app approvals already. Dubai’s largest bank ran the move gradually so customers kept a smooth and secure experience. The lender partnered with Emirates Face Recognition to support strong biometric banking verification for payments. It expects to finish all remaining journeys by mid-March, ahead of the official cutoff.

Digital payments keep growing fast across the country, which raises the value of tight security. Banks expect digital payments to reach 132 billion dollars by 2028 from 43 billion in 2023. Stronger logins protect this growth and keep your savings safer during every online transaction. From my standpoint, this dual focus on safety and speed gives customers real long-term value. The SMS OTP phase-out UAE plan aligns with similar moves in Singapore and Malaysia. Those countries dropped text codes after phishing scams hit many everyday bank account holders. Security experts say the country now leads the region in app-based payment approvals. You should download your bank app and register before the rule takes full effect.

Why UAE banks are phasing out OTPs now

UAE banks phase out OTPs because text codes no longer stop modern fraud attacks. Criminals can intercept a code, but they cannot copy your fingerprint or face scan. When UAE banks phase out OTPs fully, your everyday transactions become harder to hijack. Commercial Bank of Dubai said it stays focused on a compliant and secure customer experience. Acting now means UAE banks phase out OTPs smoothly while you keep banking without stress. The next few weeks will define how the country secures its fast-growing digital economy.

  • 3 min read
Omla Community Bank
  • Banking

Omla Community Bank has received in-principle approval from the Central Bank of the UAE. The new lender will start operations in Umm Al Quwain over the coming year. Mint Gateway and Alternative Venture Capital announced the approval milestone on Wednesday, May 13. Alternative Venture Capital operates as a subsidiary of the larger Abu Dhabi Capital Group. This bank plans to expand its services across all seven emirates in due time. Founder Abdulrazzaq Al Abdulla leads the venture as Chairman of Mint Gateway and GBS Holding. He thanked the Umm Al Quwain government and regulators for their trust and clear support. Al Abdulla called the approval a strategic step toward a fresh digital banking UAE model. He said the in-principle approval “represents a defining milestone” in their banking vision. You should know the bank still needs final regulatory review before any public launch. The founders position Omla Community Bank as a community lender for workers and small firms.

Omla Community Bank builds an AI-native model

Omla Community Bank works as an AI-driven institution designed for the UAE from its inception. The team built AI-powered banking UAE features across customer experience, compliance, and risk management. Intelligent automation and advanced digital tools support the bank’s daily operations and governance work. Artificial intelligence also guides cybersecurity, core banking systems, and transparency across the entire platform. You can expect faster service because the model handles routine tasks through smart automation. Al Abdulla said the bank targets responsible AI use and steady growth for local communities. My analysis indicates the AI-first design separates this lender from older, slower banking systems.

Every day needs come first

The bank wants to serve everyday needs beyond traditional accounts and basic money transfers. Omla Community Bank plans support for housing, education, healthcare, and reliable daily transportation services. Its platform will also cover public services, food, and everyday commerce for many residents. The founders want to widen financial inclusion for families, entrepreneurs, workers, and small enterprises. Al Abdulla noted the bank will follow a relaxed culture with a clear no-tie policy. You can see how this approach blends modern finance with simple, practical daily living.

A broad suite of digital services

The lender will offer digital accounts, payments, transfers, savings, and fast cross-border remittance options. Customers will gain responsible financing, vehicle financing, and lifestyle products tied to rental needs. The bank also builds merchant payment tools and strong SME banking services for businesses. AI-powered financial insights will help you track spending and plan your money with confidence. These services support the UAE’s goals around SME growth and steady digital economy development. The Central Bank of the UAE will review every product before the official launch date. Omla Community Bank joins other digital lenders like Wio Bank and the new Reem Bank. Al Maryah Community Bank also serves micro-enterprises and other underserved customer groups across the country. These lenders target growth segments that the bigger banks often overlook in the wider market. Omla now competes in a crowded field built on speed, access, and lower service costs. For you, the bigger story shows how technology now reaches core financial services here. Their next phase will shape banking access for many UAE residents in the years ahead.

  • 3 min read
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