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Sheikh Hamdan launches landmark Dubai Reef sustainability project

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His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has inaugurated the landmark Dubai Reef project with the launch of the pilot reef modules.

A sustainable initiative by Dubai Can, Dubai Reef is the world’s largest marine reef development project and marks a pioneering step in Dubai’s efforts to promote ecological sustainability. Working around a plan to deploy 20,000 purpose-built reef modules of various sizes over a four-year period, Dubai Reef marks a significant endeavour for the city that will span a staggering 600 square kilometres across Dubai’s waters. The meticulously crafted design of the reef units will see them exceed 400,000 cubic metres in volume.

In line with the directives of His Highness Sheikh Hamdan and The Executive Council of Dubai, the Dubai Reef project is a city-wide collaboration uniting key partners to support the wider strategic goals and ambitions of Dubai and the UAE, including the Dubai Economic Agenda (D33), the UAE’s Green Agenda – 2030, and the UAE Net Zero 2050 strategy.

Sheikh Hamdan said: “The landmark Dubai Reef initiative is a testament to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Reef ecosystems are unique life sources and vital components in the protection of marine life. Dubai Can’s Dubai Reef project will inject vitality into our coastal waters and contribute to global conservation efforts. The project’s significant long-term environmental and socio-economic impacts will serve Dubai’s commitment to ensuring a sustainable future for generations to come.”

With an initial proof of concept championed by His Excellency Ahmed Mohammed bin Thani and contractors HaejooX in 2021, the first modules have now been activated as part of the Dubai Reef pilot project. Working alongside the Dubai Department of Economy and Tourism (DET), the newly formed Dubai Environment and Climate Change Authority (DECCA) will be a critical partner in ensuring successful project delivery. As Director General of DECCA, His Excellency Bin Thani will continue to play a key role in supporting the Dubai Reef project and further strengthen the emirate’s advocacy in the realm of environmental protection and climate action. DP World; Dubai Chambers; Nakheel; the Ports, Customs and Free Zone Corporation; and Emirates join DET as strategic partners in the Dubai Reef project.

His Excellency, Helal Saeed Almarri, Director General of DET, said: “Aligned with the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and guided by the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, the Dubai Reef project showcases the emirate’s enduring commitment to sustainability and environmental conservation. This collaboration between public and private sector entities will see each partner bring their expertise to drive Dubai’s sustainable future and contribute towards achieving the ambitious goals set forth in the D33 Agenda.”

His Excellency Ahmed Mohammed bin Thani, Director General of DECCA, said: “The Dubai Reef project will provide diverse environments to attract and stimulate fish and marine life. In 2021, we partnered with leading reef developer HaejooX to launch a two-year proof of concept, analysing the effectiveness of purpose-built reefs in Dubai. The study used advanced technologies and utilised a three-dimensional scanning system to understand the quantities and types of fish present. Preliminary data showed an abundant expansion in marine life.”

The Dubai Reef initiative is a strategic investment set to leave a lasting legacy in terms of protecting marine life and environmental sustainability. The project’s key drivers include enhancing biodiversity, safeguarding Dubai’s coastal and marine habitats, supporting fish populations, and increasing ecosystem resilience. The project will also encourage environmental stewardship, strengthen socio-economic prosperity and ecotourism, and preserve Dubai’s marine heritage.

The project has won over renowned investor Ray Dalio who is involved in various philanthropic initiatives and takes a keen interest in ocean exploration and conservation. “I love this audacious Dubai Reef project because it will be a remarkable contribution to the world’s understanding of the benefits of ocean restoration and as well make the Dubai environment healthier and provide an incredible recreation park. Once again, Dubai is pursuing an ambitiously great project, this time under the visionary guidance of His Highness Sheikh Hamdan. It is an amazing project in an amazing place under amazing leadership,” he said.

Announcements

UAE’s Jaywan card can now be used for online shopping on thousands of websites

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Online shopping with the UAE’s Jaywan card just got a major upgrade.

Network International has announced that Jaywan cardholders can now use their cards to pay on thousands of online stores connected to its payment gateway, expanding the domestic payment scheme beyond in-store purchases.

The move is expected to make online payments faster and more convenient while supporting the UAE’s push towards a cashless economy.

What is Jaywan?

Launched by Al Etihad Payments, a subsidiary of the Central Bank of the UAE, Jaywan is the country’s domestic payment card scheme.

It was introduced to provide a secure local payment option, reduce transaction costs and strengthen the UAE’s digital payments ecosystem.

Until now, Jaywan cards were mainly accepted for in-store purchases. With the latest expansion, cardholders can also use them for online shopping across thousands of merchants powered by Network International.

What this means for shoppers

For UAE residents, the update means more flexibility when shopping online.

Whether you’re ordering groceries, booking services or buying products online, you’ll be able to use your Jaywan card anywhere that supports Network International’s payment gateway.

The company says the integration offers secure, fast and seamless online payments, while merchants won’t face additional charges for Jaywan transactions processed through its platform.

A step towards a cashless UAE

The expansion is part of the UAE’s broader strategy to accelerate digital payments and reduce reliance on cash.

By making Jaywan available both in stores and online, payment providers are helping create a more connected digital payment ecosystem for businesses and consumers alike.

As more banks, merchants and payment providers adopt the scheme, residents can expect to see Jaywan accepted across even more everyday payment services in the future.

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Dubai Chambers launches one-stop digital platform to help businesses start, grow and expand

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Starting and growing a business in Dubai is set to become easier with the launch of Business in Dubai, a new digital platform by Dubai Chambers that brings together essential corporate services in one place.

Designed as a single gateway for companies, the platform connects businesses with trusted service providers, helping them access everything from financial solutions to technology, marketing and certification services without having to navigate multiple channels.

The initiative aims to simplify business operations while strengthening Dubai’s position as one of the world’s most competitive destinations for investment and entrepreneurship.

What does the platform offer?

The Business in Dubai platform currently provides 65 corporate services through seven accredited partners, offering companies a wide range of support as they establish or expand their operations in the emirate.

The services are grouped into four key categories:

  • Financial services
  • Marketing and business growth services
  • Technology services
  • Testing, inspection and certification services

The current network of partners includes ZENDATA Cybersecurity, FAST Ventures, Mamo, OCTA, SGS Gulf Limited, Vault, and Pemo.

Helping businesses grow

Dubai Chambers said the platform has been designed to save companies time and resources by bringing multiple business services under one digital roof.

Khalid AlJarwan, Executive Vice President of Commercial and Corporate Services at Dubai Chambers, said the initiative reflects the organisation’s commitment to creating an environment that supports business growth both locally and internationally.

He said the platform will strengthen Dubai’s investment ecosystem by making it easier for companies to access the services they need to scale their operations and contribute to the emirate’s long-term economic development.

Boost for the digital economy

Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, said the platform will particularly benefit businesses operating in the digital economy by simplifying access to trusted service providers.

He added that the initiative creates a more flexible and efficient business environment, enabling entrepreneurs and companies across different sectors to focus on growth rather than administrative processes.

A single digital gateway

By consolidating key business services onto one platform, Dubai Chambers aims to reduce the time and effort companies spend searching for service providers, allowing them to concentrate on innovation, expansion and day-to-day operations.

The launch forms part of Dubai’s wider efforts to strengthen its business ecosystem and reinforce its position as a leading global hub for trade, investment and entrepreneurship.

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What the new DIFC investment fund proposals mean for investors

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Dubai’s financial regulator is planning the biggest update to the Dubai International Financial Centre (DIFC) investment fund rules in more than a decade.

The Dubai Financial Services Authority (DFSA) has launched a public consultation on a wide-ranging package of reforms designed to modernise the DIFC’s investment fund framework, simplify regulations for fund managers and strengthen investor protection.

Here’s what you need to know.

Why is the DFSA changing the rules?

The DFSA says the investment fund industry has evolved significantly since the current framework was introduced in 2006.

The proposed reforms aim to:

  • Modernise regulations to reflect today’s investment market.
  • Reduce unnecessary compliance requirements.
  • Make it easier for fund managers to operate.
  • Maintain strong investor protection.
  • Align DIFC regulations with international best practices.

What are the proposed changes?

The consultation includes several key proposals:

More flexible rules for private investment funds

The DFSA plans to replace rigid classifications for specialist private funds with a more flexible framework that can better accommodate modern investment strategies.

Simpler licensing for fund managers

Investment managers may no longer need separate licences for certain activities, such as arranging investments or dealing on behalf of clients, as these would be covered under an existing asset management licence.

Updated rules for master-feeder funds

The regulator also wants to modernise regulations governing “master-feeder” fund structures to reflect current market practices better.

Removal of the external fund manager regime

The DFSA proposes removing the external fund manager framework as more firms are now seeking direct authorisation from the regulator.

More investment opportunities for employees

Employees could be given greater flexibility to invest in private funds managed by their own employers, either directly or through dedicated investment vehicles.

Technical improvements

The consultation also proposes several technical amendments to improve clarity and consistency within the Collective Investment Law.

Could tokenised investment funds become a reality?

The consultation also seeks industry feedback on regulating tokenised investment funds.

Tokenisation uses blockchain technology to represent ownership units digitally, potentially making investment funds more efficient and accessible.

At this stage, the DFSA is only gathering feedback and has not proposed formal regulations.

Will retail investors get access to more investment opportunities?

Another topic under discussion is the possible introduction of a long-term investment fund regime.

If developed in the future, it could allow retail investors to access certain long-term assets—such as infrastructure projects or private market investments- that are currently limited to professional investors.

No regulatory changes have been proposed yet; the regulator is first seeking industry views.

Who can provide feedback?

The consultation is open until September 7, 2026.

The DFSA is inviting comments from:

  • Fund managers
  • Asset managers
  • Fund administrators
  • Legal advisers
  • Auditors
  • Compliance professionals
  • Other participants in the DIFC investment funds industry

The proposals form part of Dubai’s wider efforts to strengthen its position as a leading regional hub for wealth and asset management while ensuring regulations remain modern, proportionate and investor-focused.

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