Red Sea Global (RSG) has secured SAR 6.5 billion ($1.73 billion) in financing from a consortium of Saudi banks to advance the next phase of construction at AMAALA, the luxury wellness tourism destination on the kingdom’s Red Sea coast.

The facility, arranged under a mix of conventional and Islamic financing, was led by Riyad Bank as sole underwriter, with The Saudi Investment Bank (SAIB) and Bank AlBilad acting as mandated lead arrangers. The structure follows RSG’s Green Loan Framework, which aligns with global sustainability-linked lending standards.

The financing marks the latest collaboration between RSG and Riyad Bank, which also supported the company’s earlier SAR 2 billion facility for a joint venture to develop the Four Seasons Resort on Shura Island.

The deal was advised by Akin (borrower counsel) and Linklaters (lenders counsel), which structured the package under internationally recognised Green Bond and Green Loan Principles.

The transaction adds to a growing pipeline of green financing in Saudi Arabia as the country positions sustainable tourism as a key pillar of economic diversification.

Amazon UAE has teamed up with Emirates Islamic and Mastercard to launch its first credit card in the Middle East and North Africa region. 

The free-for-life card bears no annual membership fee, and will soon be available in the UAE.

The Amazon Emirates Islamic Mastercard Credit Card will earn customers value back of up to 6% on their purchases off Amazon website and up to 2.5% on purchases elsewhere. Benefits will be credited and available to redeem as a discount on their next Amazon purchase. 

“True to our commitment that Prime is the best way to enjoy Amazon, this card is no different, offering incremental savings along the way to Prime members who sign up for the card,” said Ronaldo Mouchawar, Vice President, Amazon Middle East, Africa, and Turkey.

“This collaboration with Amazon and Emirates Islamic highlights the trust in our ability to drive digital-first innovation at scale. By combining security, rewards, and convenience, the Amazon Credit Card is set to become a preferred option for consumers while supporting the UAE’s growing digital payments landscape,” said Dimitrios Dosis, President, Eastern Europe, Middle East and Africa, Mastercard. 

Qatar Financial Centre has rolled out a proof of concept to facilitate the uptake of blockchain technology across Islamic finance. 

The Qatar-based business hub will demonstrate a blockchain-based digital receipt system to bolster transparency and regulatory compliance in Shariah-compliant asset-backed finance. 

The system will operate on HashSphere, a private distributed ledger technology (DLT) built by software company Hashgraph, utilising Google Cloud infrastructure, in collaboration with QFC’s Digital Assets Lab, a statement said. 

A distributed ledger is a database shared by multiple participants in which each member maintains and updates a synchronized copy of the data. The ledger enables members to verify, execute and record transactions, obviating reliance on intermediary entities such as banks, brokers or auditors. 

QFC will offer infrastructure support and expertise to guide the use case development, Blade Labs will lead the develop of the receipt system, while AlRayan Bank will validate the system’s functionality and explore commercialisation pathways. 

“Through our Digital Assets Lab, we’re proud to facilitate this pilot as a step forward in exploring how blockchain can bring greater efficiency and scalability to Shariah-compliant financial products,” said Yousuf Mohamed Al-Jaida, chief executive officer at QFC. 

“The Digital Receipt System POC will showcase that blockchain, smart contracts, and global identity standards can address the operational bottlenecks that currently prevent Islamic finance institutions from scaling certain Shariah-compliant asset-backed products,” said Sami Mian, CEO, Blade Labs. 

In 2023, QFC signed an agreement with blockchain technology platform to collaborate on blockchain and digital asset initiatives in the financial industry.
 

Malaysia's Zetrix AI Bhd has unveiled a Shariah-aligned large language model to offer Shariah-compliant guidance and support across several domains, including finance, law, healthcare, education, and daily lifestyle. 

The NurAI platform aims to provide culturally relevant, faith-compliant assistance for Muslim-majority markets, starting with Malaysia, Indonesia, and Brunei, which has a combined population of 340 million. The service is available in Bahasa Melayu, Bahasa Indonesia, Arabic, and English.

The model is built on China’s open-source DeepSeek model with technical input from Chinese researchers under the ASEAN–China AI Lab initiative.

“This is a prime example of how we can harmonise religion and technology for the benefit of the ummah and the advancement of the nation,” deputy premier Dr Ahmed Zahid Hamidi said at the launch.

NurAI will offer AI Avatar channels which will simulate interactions with Islamic scholars and subject experts. These avatars, trained on exclusive datasets, will provide personalised advice on topics ranging from inheritance law and Islamic finance to medical bioethics.

Zetrix AI has partnered with institutions including INCEIF University, an affiliate of Bank Negara Malaysia, to ensure financial services channels meet scholarly standards.

The system is guided by a formal Shariah Supervisory Board and works with religious bodies such as JAKIM in Malaysia, the Indonesian Ulama Council (MUI), the International Islamic Fiqh Academy, and Egypt’s Al-Azhar University.

Future updates will expand coverage across different religious schools of thought.

Fadzli Shah, co-founder and head of AI development at Zetrix AI, said the project addresses a critical gap in global AI development.

“Current models are shaped by Western and Chinese contexts. With two billion Muslims and a $3 trillion Islamic economy, there is clear demand for AI tools aligned with Islamic perspectives and Global South priorities."

NurAI is rolling out as a freemium consumer app during its launch phase, with premium tools such as inheritance calculators to follow.

In its second phase, Zetrix AI plans to integrate the platform into financial institutions, halal certification bodies, and government agencies.

Indonesia is moving swiftly to secure land in Mecca to build a dedicated Hajj village that will serve as a residential hub for its pilgrims during Hajj and Umrah, ahead of Saudi Arabia’s legal reform allowing foreign land ownership in the holy city starting January 2026.

Investment minister Rosan Roeslani told reporters at a briefing held at the Presidential Palace in Jakarta that negotiations were ongoing with the Royal Commission for Makkah City to finalize the land acquisition. 

He credited the initiative to high-level diplomatic engagement between Indonesian President Prabowo Subianto and Saudi Crown Prince Mohammed bin Salman, noting that Indonesia would gain full ownership of the land and autonomy to design and build facilities specifically for its pilgrims.

The Hajj village aims to enhance mobility and comfort for Indonesia’s Hajj and Umrah pilgrims, with plots ranging in size from 25 to 85 hectares—some located as close as one kilometer from the Grand Mosque (Masjid al-Haram). 

Rosan assured that the Saudi government would manage any required relocation of current residents, with prices offered to Indonesia covering land clearance. “The price would also include the cost of clearing the land of current occupants.

Indonesia is expected to submit a comprehensive master plan by October 2025, detailing zoning, infrastructure design, and service delivery for the Hajj village. The development will be funded through Indonesia’s sovereign wealth fund, Danantara, chaired by Rosan.

The move marks a significant milestone in Indonesia’s efforts to improve Hajj services for its citizens, who comprise one of the largest groups of pilgrims visiting Mecca annually.