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UAE business leaders are sending a message of resilience despite regional uncertainty. Emaar founder Mohamed Alabbar revealed property sales have fallen more than 50%, but said the company has no policy of offering discounts. Investment Minister Mohamed Hassan Alsuwaidi said the UAE has emerged stronger than expected despite being drawn into a war. Meanwhile, DAMAC founder Hussain Sajwani defended the AI boom, saying Microsoft, Google and Meta are not stupid to be investing billions. Elsewhere, Etihad CEO Antonoaldo Neves warned airfares could rise from the second quarter of 2027 as fuel costs increase, while the airline continues expanding its fleet and passenger capacity.

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UAE's Three Powerhouses on War, Real Estate and the $20 Billion AI Race

Three of the UAE's most influential business figures took the stage at Bloomberg Invest Dubai 2026 recently sharing their views on the property market, economic resilience and the global artificial intelligence race.

Mohamed Alabbar, founder of Emaar, said the company's property sales had fallen by more than 50% after a record year in which it recorded around AED 80 billion in sales. He said Emaar had no policy of offering discounts, while pointing out that the company had previously been growing sales by around 50% annually.

"We as a company, we have no policy of no discount," Alabbar said.

His Excellency Mohamed Hassan Alsuwaidi, UAE Minister of Investment, said the country had demonstrated remarkable resilience despite being drawn into a regional war. He highlighted continued capital inflows, new businesses, population growth and infrastructure investment, despite softer real estate conditions.

"We were dragged into a war that isn't our war," he said, adding that he was positively surprised by the UAE's performance.

Hussain Sajwani, founder of DAMAC Properties and DAMAC Digital, dismissed concerns about an AI bubble, arguing that major technology companies understand the scale of the opportunity. He revealed a $20 billion commitment to data centres, including nearly $9 billion for three US sites, and said the company was negotiating major land deals in the UK and Australia.

Referring to Microsoft, Google and Meta's investments in AI, Sajwani said: "They're no stupid. They know that they cannot miss this game."

Etihad CEO Warns Airfares Could Rise In 2027 As Jet Fuel Costs Increase

What Happened

Etihad Airways CEO Antonoaldo Neves has warned that airfares could rise from the second quarter of 2027 as airlines face higher jet fuel costs. Fuel accounts for an estimated 35% to 40% of airline operating expenses, with jet fuel currently costing around $150 a barrel, including refining costs.

Why It Matters

Airlines have relied on fuel hedging to protect themselves against price increases, but those arrangements are expected to decline from the second quarter of 2027. Neves said airlines may have to pass higher costs on to passengers if fuel prices do not fall. Etihad would prefer to keep fares low.

What's Next

Despite cost pressures, Etihad is expanding. The airline is operating 15% more seats, with passenger demand also up 15%. Neves expects passenger numbers to reach 30 million next year. Etihad also plans to retrofit its fleet, targeting a new configuration for 95% of aircraft by the end of 2028.

👨‍💻From Smashi Business’ Desk

• Qatar Investment Authority (QIA) CEO Mohammed Saif Al-Sowaidi has publicly addressed the sovereign wealth fund’s participation in the $110 billion Skydance-Paramount-Warner Bros. Discovery deal for the first time.⁠

• Egyptian-American creator Kareem, the man behind viral interview series @subwaytakes, has been named one of just 25 winners of the 2026 Instagram Rings Awards.

• A $12 chicken sandwich has sparked a debate over wealth and inequality in Lebanon.

• An Islamic brokerage founder says Anthropic wouldn’t make the cut on his app.

• An Emirati AI company has outperformed Microsoft, ElevenLabs, Google and OpenAI in Arabic speech recognition accuracy.

🔍In other news…

• Karen Wazen Collection Just Expanded to Egypt With Two New Stores

• Saudi's PIF, Silver Lake have held recent talks to buy gaming software provider Unity, sources say

• U.S. Offers $20 Million Reward for Iran Nuclear Secrets

• GCC rejects US claim Hormuz could become ‘worthless’

• Aramco's Q3 profit rises by a third despite attacks

• Saudi Arabia Pushes Ahead With IPO Rule Changes Despite Banker Warnings

• Dubai's Emaar plans offer to buy out construction arm in $3.4 billion deal

• US President Donald Trump says Washington will stop giving Israel $4 billion annually after this year

• UN shipping chief criticises huge payouts for crews risking Hormuz

🦄 World of Startups

• NoorNation: Egypt-based cleantech startup NoorNation raised $1.05 million in seed funding from Linah Farms, Catalyst Fund and KBW Ventures to expand its solar-powered irrigation and desalination solutions.

• Silkhaus: UAE-based short-term rental startup Silkhaus is winding down its holiday-home business in the country, with owner agreements set to end on November 11, 2026.

• MNT-Halan: Egyptian fintech MNT-Halan received a $71.2 million capital injection from its parent company, MNT Investments BV, increasing the parent’s stake to 80.47% shortly after the fintech’s $139.5 million IPO.

• Alpha Dhabi: UAE-based Alpha Dhabi Holding committed $1 billion to Alpha Wave III, a global investment fund managed by Alpha Wave Global that focuses on high-growth companies, with AI at its core.

• Mubadala Capital: UAE-based Mubadala Capital secured a minority equity investment from US asset manager Apollo Global Management, which manages $1.05 trillion in assets, with the investment value undisclosed.

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