A resident of Georgetown, Guyana, waiting to register for the country’s new electronic ID card has probably never heard the name Sheikh Ahmed Dalmook Al Maktoum.

Nothing about the card would suggest it. Guyana’s government awarded the US$34 million contract to Veridos, a German identity-technology firm, in March 2023, and among the parties at the signing ceremony stood the Emirati royal, a detail recorded by Stabroek News at the time. His role went no further than that on the public record, yet the pattern it fits repeats across a striking number of countries.

Sheikh Ahmed Dalmook Al Maktoum chairs Inmā Emirates Holdings, a Dubai-based investment group, and separately maintains a private office that shows up at the formation stage of government deals from South America to South Asia. Neither entity builds ID cards, ports, or power plants itself. What they supply, on the firm’s telling, is the connective tissue: capital, sovereign-linked partners, and a willingness to commit for decades in places international investors tend to pass through quickly. Tracing where that telling can be checked against public records, and where it cannot, is the best way to understand what these deals mean for the people living alongside them.

How Sheikh Ahmed Dalmook Al Maktoum’s Name Reaches a Signing Page

Deals like Guyana’s tend to begin years before any contract, in visits that draw little attention. Guyana’s Ministry of Natural Resources recorded one such visit in October 2020, when a high-level team from his private office met the minister to scope investment across oil and gas, mining, forestry, and agriculture. Two and a half years separated that meeting from the e-ID signing ceremony.

That gap is the method. Rather than bidding on projects a government has already defined, the office cultivates the relationship first and lets specific ventures emerge from it. A scoping visit costs little; what it buys, sometimes, is a seat at the table when a contract finally comes together.

Inmā claims that method has spread far beyond Guyana. Among the ventures the firm lists are device manufacturing facilities in Nigeria, Angola, and Equatorial Guinea, meant to assemble phones and laptops near the people who will use them instead of importing finished hardware. Coverage of those facilities so far appears in the firm’s own materials rather than independent reporting, which is worth remembering when mapping where the model has verifiably landed versus where it is claimed to operate.

A Traveler in Bridgetown Would Notice Nothing Yet

Grantley Adams International Airport in Barbados shows the same pattern at an earlier, slower stage. A memorandum of understanding signed in 2023 joined the airport’s state operator with the Office of H.H. Sheikh Ahmed Dalmook Al Maktoum and the Chilean firm Agencias Universales, sketching a partnership the government valued near BDS$300 million, spanning airport operations, a cargo hub, and new hotel capacity. More than two years later the deal remained in negotiation, delayed repeatedly over designs and financing, with the government saying it had arranged preliminary funding while investors weighed final designs.

For now, a passenger moving through the terminal sees no trace of any of it. Should the partnership close, the promised changes are the kind travelers feel without attributing: more air bridges, faster cargo handling, added hotel rooms. Should it stall permanently, it joins a long list of announced island infrastructure that never moved past a memorandum.

Power for Ghana’s Grid, With a Handover Built In

Ghana offers the oldest and most concrete case. Sheikh Ahmed Dalmook Al Maktoum’s firm Ameri Energy signed a deal with Ghana’s government in 2015 for a 250-megawatt gas-fired power plant, with Greek contractor Metka building and operating the facility under a five-year build-own-operate-transfer arrangement (African Energy). A BOOT structure works differently from a conventional independent power producer: the private side finances and runs the plant for a fixed term, then hands the asset to the state outright. Whatever else can be said about the arrangement, its endpoint was public ownership by design.

Electricity from a plant like that reaches households and factories with no label on it. A decade on, the deal reads as an early template for the longer-dated arrangements that followed: private capital up front, a government counterparty throughout, and ownership designed to land with the public side.

Syria and the Numbers Only the Firm Can See

Inmā describes property development work in Syria built on local partners and local hiring, an approach meant to tie its returns to whether the surrounding economy recovers. It also says independent reviewers check its project data, from jobs created to services delivered, rather than letting the firm certify its own results. Those descriptions come from the company alone; no outside account of the Syria work or the review process has been published.

The same caveat covers the portfolio’s headline figures. More than 35 projects, upward of 15 countries, project timelines said to average roughly 16 years: all are Inmā’s own tallies, unverified by any independent count. A reader weighing the firm’s reach has documented individual deals on one hand and self-reported totals on the other, and the difference between the two is worth keeping in mind.

The Distance Between a Signature and a Service

Guyana’s president said in September 2025 that the e-ID system was ready to begin rolling out within the month, two and a half years after the signing ceremony. For the resident in that Georgetown line, the wait is the story: the gap between a contract and a working card is where these long-horizon deals succeed or quietly fail. Most of the ventures connected to Sheikh Ahmed Dalmook Al Maktoum still sit inside that gap, somewhere between signature and service.

That makes the honest ground-level verdict an incomplete one. Where his deals have finished, in Ghana’s grid and soon in Guyana’s card readers, ordinary people use the results daily without knowing his name. Whether the far larger set of pending commitments reaches the same point is the part no signing ceremony can settle.

Firms featured include Kubos Semiconductors, AerFin, Taylor Facilities Management and RGM Vehicle Body Repairs

Kubos Semiconductors has secured more than £1.5m in investment to accelerate the development of its novel compound semiconductor material technology.

The funding includes a Growth Catalyst project grant from Innovate UK, part of UK Research and Innovation, alongside matched investor funding from the Development Bank of Wales, the Low Carbon Innovation Fund 3 (LCIF3, a co-investment fund operated by the University of East Anglia,) and S4C Digital Media Limited.

The fundraise also includes follow-on investment from Kubos’ existing shareholders and brings the company’s total funding to around £6m.

Kubos is developing a patented compound semiconductor material aimed at enabling next-generation microscopic light-emitting diodes, known as microLEDs. The technology has potential applications in high-speed optical communications, AI and datacentre infrastructure, next-generation displays, augmented and virtual reality, and high-efficiency lighting.

Based at Cardiff University Kubos is part of the growing South Wales compound semiconductor cluster. The latest funding will help the company demonstrate improved production efficiency at scale, giving it a stronger pathway towards commercialisation and IP licensing within the microLED market.

The investment follows the Development Bank’s first backing for Kubos in 2024, when a £500,000 equity investment helped the company establish its Welsh base and strengthen its links with the region’s compound semiconductor expertise. That earlier round supported Kubos’ plans to bring its material technology to South Wales and recruit for specialist roles including testing engineering, device management and development.

This follow-on investment from the development bank has helped unlock further capital for the business, including the Innovate UK grant, and supports Kubos as it works towards its next technical and commercial milestones.

The support of LCIF3 also gives confidence that Kubos is making progress towards meeting its objectives in a key growth sector for South Wales.

Dr Susan Gormley, chief executive of Kubos, said:“We are deeply grateful to UKRI and our existing shareholders for this investment, which will accelerate the development of high-speed microLEDs for optical interconnects. The project perfectly complements Kubos’ ongoing development of a platform-material solution for high-efficiency microLEDs emitting across the visible wavelength spectrum.

“This is an exciting opportunity to strengthen Kubos’ pathway to commercialisation through the delivery of transformational technology for AI and datacentre infrastructure, next-generation displays and high-efficiency lighting.”

Gareth Mayhead, investment executive at the Development Bank of Wales, said:“Kubos is exactly the kind of Welsh tech venture that demonstrates the strength and potential of South Wales’ compound semiconductor sector. Since our first investment, the team has made encouraging progress in developing technology that could improve the efficiency and scalability of microLED production for global markets.

“Our follow-on funding is a relatively small investment, but it plays an important role in unlocking further capital, including Innovate UK grant support, and gives Kubos the runway it needs to continue proving its technology at scale. The continued support of LCIF3 also reflects confidence in the company’s progress and the opportunity for Wales to build on its growing reputation in this key growth sector.”

Taylor Facilities Management

Llanelli-based Taylor Facilities Management has been acquired in a management buyout backed with a £2.8m investment from the Development Bank of Wales that will also support its next growth phase .

The MBO has been led by long-term managers Trystan Lloyd, Pete Walsh, Jack Payne and Taylor Davies, along with Chris Thomas of SME Finance Partners. It has provides a partial equity exit for owners Pete and Leah Taylor.

Founded in 2013, Taylor Facilities Management has grown into a national facilities management company operating across the UK and Ireland. The business employs 70 people, and delivers a broad range of services and works with major commercial clients, alongside housing associations and local authorities.

The MBO strengthens the company’s leadership structure by introducing equity participation for key members of the management team. The new owners are central to delivering recently-secured contracts, and will play a leading role in driving further growth across the business.

Pete and Leah Taylor will retain a significant role within the business, continuing to lead operations and mentor the management team as it evolves under the new ownership structure. The transaction has been supported by SME Finance Partners, along with Barford Owen Davies and Blake Morgan.

Mr Taylor said: “We’ve built the business over the last decade and are incredibly proud of how far we’ve come. This investment allows us to recognise the contribution of the team that has helped drive that growth while putting the right structure in place for the future.

“The MBO gives our senior team a real stake in the business as we continue to expand and deliver new contracts across the UK and Ireland, while providing scope for an ambitious growth plan which will allow us to move into new sectors and create more jobs

Mr Lloyd, a member of the incoming ownership team and commercial director at Taylor Facilities Management, said: “As a group, we have been part of the business for a number of years. The family culture at the business means we’ve always felt comfortable in treating it as our own.

“This MBO has empowered us to move into management, allowing for continuity and ensuring our roles remain clear as we transition.

“Taking on ownership also gives us a start-up mentality – we see it as a new chapter with a strong foundation. It allows us to keep developing relationships and driving growth, without losing sight of where we’ve come from.”

Sam Macalister Smith, senior portfolio executive, and Mark Sommers, portfolio executive at the Development Bank of Wales, said: “Taylor Facilities Management is a strong example of a Welsh-founded business scaling successfully into a national operation.

This investment supports a well-planned management buyout that both rewards the founders and empowers the next generation of leadership, while keeping the business rooted in Wales and employing people locally

The business has secured high-profile contracts and demonstrated consistent growth, and we look forward to supporting the management team as they build on this momentum and continue to expand their footprint.”

RGM Vehicle Body Repairs

Family-owned accident repair specialist RGM Vehicle Body Repairs is under new ownership.

The business, which has been serving motorists across South Wales for more than 50 years, has been acquired by leading vehicle accident repair ventures the Vella Group, in a deal that gives it a presence in Wales for the first time.

The Vella Group were advised on the deal by the Cardiff office of FRP Corporate Finance. The value of the acquisition has not been disclosed. Vella’s acquisition has been backed by private equity firms Ama Capital and Keyhaven.

RGM Vehicle Body Repairs, which has repair workshops in Swansea and Haverfordwest, was originally founded by Robert Morgan and is now led by Paul Morgan.

As part of the transaction, Paul will remain with the business on a consultancy basis to help ensure a smooth transition for its 40 colleagues, its customers and partners.

FRP Corporate Finance, led by partner Thomas Edwards and manager Alexander Griffiths, advised on offer structure, project managed due diligence workstreams and led negotiations on equity price adjustments. This marks the fifth deal on which FRP Corporate Finance has advised the Vella Group.

Marc Holding, chief executive officer at The Vella Group, said: “We’re delighted to welcome Paul and everyone at RGM to the Vella Group. They’ve built a fantastic reputation over many years through hard work, integrity and consistently delivering for their customers. Businesses like RGM don’t earn that reputation overnight, and we’re committed to preserving everything that has made the business so successful while supporting its next chapter.”

Paul Morgan, director at RGM Vehicle Body Repairs said: “After 53 years in operation, finding the right home for the business was one of the most important decisions we’ve had to make.

” We wanted to work with a business that would value what we’ve built, look after our team and continue delivering the high standards our customers expect. From the outset, it was clear that the Vella Group shared those values, and I’m looking forward to supporting the business through the transition and seeing it go from strength to strength.”

Mr Griffiths, manager at FRP Corporate Finance said: “It has been a privilege to support the Vella Group as it has continued to grow and strengthen its position as one of the UK’s leading accident repair groups. This acquisition further demonstrates Vella’s commitment to strategic growth, expanding its geographic footprint and reinforcing its strong position in the market.

“RGM has become a well-established specialist provider over five decades, focusing on quality workmanship, investing in its people and always putting customers first. Those values closely align with the Vella Group’s own approach to building a sustainable, values-led business.”

Other advisers on the deal included, Broadfield (legal), and Crowe (due diligence).

AerFin

Welsh headquartered aviation maintenance, repair and overhaul company, AerFin, is being acquired by a Japanese venture in a deal worth hundreds of millions of pounds.

Newport headquartered AerFin, a leading aftermarket specialist that buys, sells, leases and repairs aircraft, engines and parts, is being acquired by Japanese firm Orix Aviation. Subject to regulatory approval the deal is expected to be finalised towards the end of the year.

The deal comes after AerFin, which also has operations in Miami, Singapore and Dublin, posted strong financials in 2025 with revenues climbing 25% to around £276m and Ebitda up 33% to more than £52m. The value of the deal has not been disclosed, but with debt, is understood to be around £475m.

Last year Aerfin completed a relocation from Bedwas to a new larger HQ and maintenance facilities at Indurent Park in Newport.

The deal provides an exit for AerFin’s private equity backers and majority owner CataCap. Of AerFin’s global workforce of more than 230 around half are based in Newport.

Established in 1991, Orix Aviation owns and manages aircraft and provides comprehensive asset management services to Japanese and international investors and funds through its full-service operating lease platform.

Chief executive of AerFin Simon Goodson said; “I am delighted that AerFin is joining the Orix Group, a business that shares our values and belief in trusted partnerships, flexible solutions and finding the way ahead for our customers.

“I would like to take this opportunity to thank our founder Bob James (who set up the business in 2010 originally in Cardiff) for his vision and tenacity, our departing majority shareholders CataCap for their outstanding custodianship and guidance, and of course our customers, employees and partners who have made our business what it is today.

“Wales has played a defining role in AerFin’s growth story. From our beginnings in Cardiff, through our time headquartered in Caerphilly, to our Newport headquarters today, we have built a global aviation business with Welsh talent, ambition and values at its core.

“This agreement is a major milestone for AerFin, but it is also a reflection of the expertise, commitment and commercial strength we have developed here in Wales. As part of Orix Aviation, we will have the backing to keep growing internationally while remaining proud of where our journey began.”

Crestline Cyber Security

An expanding IT and telecoms provider to businesses and organisations in the UK has made a further strategic acquisition in South Wales.

ITCS (UK) has acquired Bridgend-based Crestline Cyber Security, which provides digital asset protection, security resources and consulting, for an undisclosed figure.

It is the eighth acquisition by ITCS since being founded by Brian Stokes, managing sirector, nearly 22 years ago.

With the Crestline transaction, ITCS, headquartered in Bridgend, now employs a total of 65 plus staff with a turnover of £8m-plus.

ITCS’ operational footprint extends through South Wales and the Midlands to a data centre in London’s Docklands.

Mr Stoke said: “The acquisition further strengthens ITCS’s already extensive cybersecurity capabilities, bringing together two highly experienced teams with a shared commitment to protecting organisations from an increasingly sophisticated cyber threat landscape.

“By welcoming Crestline Cyber Security into the ITCS family, customers will benefit from an even broader portfolio of specialist cybersecurity services, fractional SCO, expert consultancy, strategic guidance and advanced protection incident response capabilities.

“The combined expertise will enable ITCS to deliver even greater value, helping businesses of all sizes strengthen their cyber resilience, safeguard critical digital assets and confidently navigate evolving security challenges.

“This strategic acquisition reinforces ITCS’s long-term commitment to investing in industry leading talent, innovative technologies and comprehensive security solutions that empower organisations to operate securely and with confidence. The acquisition represents another exciting chapter in the ITCS growth story, further cementing our position as a trusted technology partner and a leading provider of cyber security solutions across the UK.”

Crestline is ITCS’ eighth acquisition and follows the recent acquisitions of Midas Solutions in Bridgend and Poundbury Systems in Poundbury.

SYDNEY — Shares in Beach Energy Ltd climbed Tuesday, tracking a broader rally across ASX-listed oil and gas producers as global crude prices extended their advance amid continued uncertainty over shipping traffic through the Strait of Hormuz, a critical Middle East oil transit corridor.

The stock closed up 5.46% at 87 cents, after trading between 85 cents and 88 cents during the session, on volume of more than 16.4 million shares, giving the company a market capitalization of approximately $2 billion.

Tuesday’s gain came as global oil benchmarks continued climbing on concerns that a resolution to the standoff around the Strait of Hormuz remained elusive. Brent crude futures rose more than 1% on the news that a deal to reopen the strait to normal shipping traffic could still be some time away, extending a rally that has pushed prices well above levels seen just weeks earlier. The strait, through which roughly a quarter of the world’s seaborne crude oil and nearly a fifth of global liquefied natural gas shipments typically pass, has remained a focal point for energy markets since tensions between the United States and Iran escalated earlier this year.

The renewed uncertainty follows months of volatility in global oil markets tied to the broader conflict. Reports of fresh attacks on tankers and a disputed Iranian claim to control passage through the strait have kept traders on edge, with shipping data showing daily vessel movements through the corridor running at a small fraction of pre-conflict levels. That persistent disruption has kept a so-called war premium embedded in oil prices for much of the year, benefiting oil and gas producers with exposure to global benchmark pricing, including Beach Energy.

Beach Energy’s share price gain Tuesday came despite a more mixed recent run for the company following its full-year results, released last week. The Adelaide-based oil and gas producer reported sales revenue of 1.8 billion Australian dollars for the 2026 financial year, down 10% from a year earlier, alongside underlying EBITDA of 1 billion Australian dollars and underlying net profit after tax of 355 million Australian dollars. The company said the results reflected resilient operational performance despite flood-related disruptions in the Cooper Basin and severe rainfall earlier in the year that affected production. Total production for the year reached 19.4 million barrels of oil equivalent, down 2% from the prior year.

Despite the revenue decline, Beach Energy highlighted improved margins and strong cash generation for the year, with underlying EBITDA margin improving to 57% and operating cash flow reaching 890 million Australian dollars, aided by six cargoes shipped from its Waitsia liquefied natural gas project in Western Australia and stronger realized gas pricing. The company ended the year with net gearing of 10.6%, below its internal target of 15%, and closing cash reserves of 213 million Australian dollars.

Beach Energy shares had initially slipped following the results release, as investors focused on the year-over-year revenue decline despite the underlying operational improvements, but Tuesday’s session saw the stock recover ground alongside the broader sector-wide lift from rising oil prices.

The company’s Waitsia project, developed in partnership with Mitsui, has been a key focus for investors this year as it progresses toward full production, with LNG cargoes from the project already contributing meaningfully to cash flow. Beach Energy has also continued to emphasize cost discipline across its operated assets, alongside completion of a major offshore decommissioning campaign, known as the Equinox campaign, during the financial year.

Tuesday’s advance for Beach Energy formed part of a broader rally across the ASX energy sector, which has drawn sustained investor attention throughout 2026 given the sector’s direct sensitivity to swings in global oil and gas prices tied to the ongoing Middle East conflict. Other Australian energy names, including larger rival Santos, also posted gains during Tuesday’s session as crude prices continued climbing.

Looking ahead, analysts have said Beach Energy’s near-term share price performance is likely to remain closely tied to both the trajectory of global oil prices and the company’s ability to sustain the operational improvements highlighted in its recent results, particularly as the Waitsia project continues ramping toward full contribution. With the situation in the Strait of Hormuz still unresolved, market watchers say continued volatility in oil markets is likely to keep energy stocks like Beach Energy sensitive to fast-moving geopolitical headlines in the weeks ahead.

The shares of Naukri and 99acres-parent Info Edge jumped more than 4% on Tuesday after the company released its results for the April-June quarter of FY27, with international brokerages reiterating their ‘Buy’ calls for the stock and some raising their target prices.

Info Edge shares gained over 4% to trade at Rs 1,337 apiece on the NSE on Tuesday morning after the release of the Q1 earnings. The company reported a 43% year-on-year rise in consolidated net profit to Rs 490 crore in the June quarter, aided by an exceptional gain from transferring Info Edge’s holding in Shopkirana to Udaan parent Trustroot, partly offset by an impairment charge.

The company’s standalone billings rose 14.4%, while operating profit before tax climbed 33.4% as overall costs grew less than 1%. Recruitment, which includes Naukri and accounts for most of Info Edge’s revenue, recorded a 17.5% rise in billings to Rs 553 crore. Revenues increased 13% to Rs 612 crore, while operating profit grew 25% to Rs 356 crore, taking the margin to 58.3%.

Also read | Info Edge Q1 profit rises 43% to Rs 490 crore as Naukri, 99acres gather pace

Nomura on Info Edge share price

Nomura noted that recruitment billings grew 17.5%, above its estimates, aided by better enterprise renewals, stable hiring, mostly replacement, with some incremental hiring, and continued strength in the premium segment. Roughly one-third of the growth came from volume, one-third from pricing and one-third from newer monetisation levers, the international brokerage noted.

It raised its earnings estimates following the Q1 results. Nomura maintained its ‘Buy’ call on Info Edge, but raised its target price to Rs 1,480 apiece, implying more than 15% upside potential.

Nuvama on Info Edge share price

Nuvama Institutional Equities maintained its ‘Buy’ rating on Info Edge with a target price of Rs 1,520 apiece, implying around 19% upside potential. The brokerage said the company delivered a decent Q1 performance.“Management indicated both Naukri and 99acres are reporting a pickup in billings growth, with revenue to follow a similar trajectory with a lag. We stay positive on the Info Edge story, with its long growth runway and pricing power, coupled with commercial adoption and monetisation of its new AI initiatives to support the next leg of growth,” it added.

Motilal Oswal on Info Edge share price

Motilal Oswal Financial Services maintained its Neutral call on Info Edge, but raised its target price to Rs 1,250 apiece, implying 2.5% downside potential. The domestic brokerage noted that the company delivered a better-than-expected Q1 performance and raised its earnings estimates.

“Margin visibility has improved, led by lower costs and better operating leverage, with 99acres also benefiting from lower competitive intensity. However, with recruitment growth still moderate and newer offerings yet to establish sustained monetisation, we see limited scope for a meaningful earnings upgrade from here. Current valuations also appear to capture much of the near-term improvement,” it added.

Info Edge share price

Info Edge shares gained around 6% in a week and 11% in a month, but remain marginally lower in 2026 so far. Over the longer term, the shares have delivered returns of more than 49% over three years and nearly 24% over five years.

Also read | Elon Musk vs Michael Burry: World’s richest man says AI internet traffic will outpace humans, market expert asks who is paying

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Baby products company Frida is expanding into a line of personal care products for kids ages 6 to 11 that will be sold in Walmart and on Amazon, the company told CNBC exclusively.

CEO Chelsea Hirschhorn said the launch marks the next natural step for the company, which has seen its first customers age into new categories, and offers an opportunity to secure shelf space in a category that’s largely untapped and unexplored.

“It really wasn’t necessarily only that there was this opportunity created in the retail environment or in culture, but it was really the dearth of genuine, thoughtful innovation for this stage of parenthood that felt like a rinse and repeat of our playbook in mother care and baby care,” Hirschhorn told CNBC.

Hirschhorn, who created the company when her first child was a baby, said the gap in the market is one she’s seen firsthand as a mother of four children. As her eldest child has grown, she said there were plenty of options in the baby aisle and teen aisle, but nothing in between to address the needs of young kids’ personal care.

While the new category marks a significant step for the company, she said it’s ensuring it’s not alienating core customers looking for baby products.

Since its launch, Frida has generated more than $2 billion in retail sales and grown roughly 30% annually over the past five years, the company told CNBC exclusively. Though it began as a baby products company, it’s now branched out into products for pregnancy, postpartum and now kids.

According to a report from Kings Research, the kids’ personal care market was valued at roughly $82 billion in 2022 and was expected to reach $137 billion by 2030 at a compound annual growth rate of nearly 7%.

Hirschhorn said Walmart has been curating and launching a new aisle dedicated to kids’ care, where parents can find products in between baby and adult options. That dedicated shelf space, along with Walmart’s reach across the country and emphasis on value, made it an ideal destination for Frida for Kids, she added.

“Walmart came to the table in a really exciting way and said, ‘We see an opportunity in a dedicated spot for everything from tween deodorant to shampoo, nail care and oral care because this parent deserves convenience above all else,’” she said.

The new products span categories including body wash, deodorant, electric flossers and more, in the price range of $6.99 to $19.99. Hirschhorn said each of the products was designed specifically for kids in this age cohort without relying on certain ingredients that might not be appropriate for their age.

“It’s a glaring gap,” she said. “When I’m done with tear-free baby shampoo, strolling the aisles of the personal care section, the only thing that jumps out is … the section for men.”

Retail innovation in the tween space has been expanding over the past few years. Companies like Sephora have seen explosive growth in kids’ interest in beauty, while apparel retailers have created more dedicated sizing for tweens.

It coincides with Generation Alpha reshaping some of the retail landscape, as the digitally native and online-savvy cohort becomes increasingly important for brands to capture and build loyalty with. Alpha roughly starts with babies born in 2010 and goes through babies born in 2025, according to Merriam-Webster, but those start and end dates are debated.

Hirschhorn said Frida is taking notice of that trend.

“This is otherwise a pretty fragmented shopping experience for parents who are ready to graduate the diaper aisle,” she said. “There’s no holistic experience for all of the personal care products for kids with that age, and so that was a really important part for us, just as it was in mother care.”

Investment in rare disease biotechs has increased since the US Food and Drug Administration’s Rare Pediatric Disease Priority Review Voucher (PRV) programme was signed back into law in February, according to SynaptixBio, the only company licensed to commercialise a treatment for the rare, deadly disease H-ABC, though the United States remains dominant.

The programme, which grants tradable vouchers to developers of rare paediatric disease treatments, will remain in place until it is reviewed again in September 2029. Vouchers have recently been sold for between $150 million and $200 million, and because a sale does not require the seller to issue new equity, PRVs are considered a prime source of non-dilutive capital.

VC firm V-Bio said: “Reauthorization of the FDA’s Rare Pediatric Disease Priority Review Voucher (PRV) scheme has restored financial certainty and sparked intense interest from large pharma.”

Dan Williams PhD, chief executive of SynaptixBio, said: “The US dominates because the PRV program creates a highly valuable and, more importantly, tradable asset.

“VCs and private equity firms are far more willing to invest in rare disease biotechs simply because they provide a financial return on investment.”

He added: “While the UK is known for high-quality science and innovation, it has seen a sharp contraction in biotech fundraising. Without an equivalent to the FDA PRV program, UK rare disease biotechs rely heavily on public markets, private investment, or acquisition by larger global pharma to secure capital.”

The Association of the British Pharmaceutical Industry warned last September that the UK was slipping in the global race for life sciences investment, with foreign direct investment 58 per cent below 2017 levels.

There are signs of recovery at home. Figures from data platform Tracxn show UK life sciences funding rose 228 per cent to $3.2 billion in the first half of 2026, although the money went to fewer companies.

Market analysis published by Schroders in April said: “With public markets grappling with valuation volatility, the UK’s ‘golden triangle’ of innovation – spanning London, Oxford, and Cambridge – continues to produce the next generation of biotech champions.

“Historically, the UK’s Achilles’ heel has been the ‘Valley of Death’ – the gap between brilliant seed-stage science and the massive capital required for clinical trials. Too often, UK companies were forced to list in New York just to access the depth of capital needed to scale.”

Sergey Jakimov, founding partner at biotech VC firm LongeVC, told Cure: “Orphan therapies are already projected to be roughly a fifth of global prescription revenue. Pharma needs de-risked, clinically validated assets, and rare disease programs tend to show up better in diligence.”

The US has historically set the pace in rare disease drug development. The Orphan Drug Act of 1983 established incentives including market exclusivity, tax credits and support with getting into the clinic.

In the UK, the Medicines and Healthcare products Regulatory Agency published a draft rare disease therapies regulatory framework in May, designed to bring rare disease drugs to market more quickly. The consultation closed on 30 July.

Williams said: “It would be ideal if the UK could introduce a scheme similar to the PRV. With the proposed new framework we have everything in place to better manage the clinical trial and marketing authorisation process for rare disease therapies, but it stops there.

“Reducing regulatory and approvals timescales and costs can only be good for rare disease patients and their families, but adding this stronger incentive could transform the industry, making the UK a leading player in research and development in this key area.

“We still aim to conduct clinical trials in the UK, using the results to inform further trials in the US, but this all depends on raising further investment.”

SynaptixBio last year selected its lead candidate drug, an antisense oligonucleotide, for clinical trials. The technology silences mutated genes to stop them forming toxic proteins without altering the gene itself.

Around 1 in 17 people will be affected by a rare disease during their lifetime, more than 3.5 million people in the UK, but only around 5 per cent of the c10,000 known rare diseases have an approved treatment. Around 80 per cent are caused by a mutation in a single gene, making them more suitable for targeted treatments such as gene silencing.

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NatWest is making loan repayment holidays, interest rate reductions and temporary emergency lending with no arrangement fees available to farming customers, as drought conditions across large parts of the UK cut crop yields and put pressure on farm cashflow.

The bank said its specialist agriculture team is proactively contacting customers. Further support for eligible farming businesses includes overdraft help, working capital facilities and funding for resilience investments such as water storage and reservoir projects that capture water during wetter months for use in dry periods.

The move follows official drought declarations covering much of the country. The Environment Agency said on 10 August that 71.3 per cent of England is now in drought after the driest July in 190 years, with farmers reporting their earliest harvests in 20 years and reduced yields, and livestock farmers beginning to use winter forage stocks early because of poor grass growth.

NatWest said it is not currently seeing a significant increase in demand for support, but expects enquiries to rise later in the season as farming businesses assess the financial and operational effects of the prolonged dry weather.

According to the bank, arable farmers are facing lower yields and earlier harvesting, while livestock businesses are contending with reduced grass growth and increased feed costs. Water availability and irrigation restrictions are affecting some operations, and warmer conditions are increasing the risk of disease outbreaks that can affect livestock productivity and farm incomes.

Farmers had warned as early as the spring that dry conditions were already hitting UK crop production, with the National Farmers’ Union reporting that some growers had started irrigating weeks earlier than usual.

Ian Burrow, head of agriculture at NatWest Group, said: “British farmers are increasingly being forced to manage the consequences of weather extremes, from flooding one season to drought the next. The challenge for many businesses is no longer simply recovering from a single event but building resilience for a future where these conditions are becoming more frequent.

“While we are not yet seeing a material increase in demand for support, we expect pressures on some farming businesses to build over the coming weeks and months. With harvests progressing earlier than usual in some areas and livestock farmers already relying on winter feed stocks due to poor grass growth, cashflow and feed availability could become increasingly challenging. Through our network of named specialist agriculture Relationship Managers, we’re ready to provide tailored support and guidance to customers as those pressures emerge.”

The bank said its network of named agriculture relationship managers gives farming customers a dedicated point of contact with sector expertise.

Farming minister Stephen Morgan said: “I know how difficult these dry conditions have been for farmers, and it’s good to see NatWest stepping up support for their agricultural customers at this critical time. Through the National Drought Group, we are working hand-in-hand with industry, the Environment Agency and the water sector to help farm businesses manage today’s pressures and build long-term resilience. I’d encourage any farmer struggling with the impact of drought to speak to their bank and explore what support is available to them.”

The dry summer adds to pressure on a sector still recovering from 2024, when the second-worst wheat harvest on record left farmers facing an estimated £600 million hit, according to the Energy and Climate Intelligence Unit.

NatWest is encouraging agricultural customers experiencing financial pressure because of the drought to contact their relationship manager as early as possible.

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Defence technology company Cambridge Aerospace has raised $300 million at a valuation of $3.4 billion, two years after it was founded, in a series C funding round led by the San Francisco-based investor DFJ Growth.

The round takes the company’s total funding to $636 million since it was set up in 2024. The money will be used to expand development of its missile and drone interceptor systems and its manufacturing capabilities.

The company is developing Skyhammer, a low-cost anti-drone interceptor that is in production, and Starhammer, a rocket-powered interceptor missile built for higher-speed targets such as cruise missiles, which is due to come to market next year.

The Ministry of Defence announced in April that it was purchasing Skyhammer air defence systems, with deliveries starting from May. Skyhammer, which began development in January 2025, has a range of more than 18 miles and a top speed of 430mph, enabling it to intercept drones and low-speed missiles.

The latest raise follows a $200 million round in April at a $1.3 billion valuation, which took the company into the ranks of the UK’s billion-dollar start-ups. That round was co-led by the entrepreneur and investor Elad Gil and the venture capital firm Spark Capital. Gil also invested in the new round, alongside Lux, Accel and Lakestar among others.

Steven Barrett, chief executive, said the company had a “singular mission to protect Allied skies” and that the funds “will allow us to continue to scale our manufacturing and our delivery to meet the pace of threats”. The company is in talks with the US government.

Barrett relocated to Cambridge in 2024 to become regius professor of engineering at the university, having previously been head of aeronautics and astronautics at the Massachusetts Institute of Technology. He decided to launch the company after assessing “where I wanted to contribute in aerospace engineering”.

“Ukraine feels very close when you move back to the UK after a period thousands of miles away,” he said. “And it seems really obvious that we had a desperate need for cost-effective air defence. You can see that every day in the news and that was obvious even a couple of years ago.”

He has said the company is able to produce its interceptors at a lower cost and greater volume using technology, such as artificial intelligence, and its “highly driven, ambitious talent”.

Cambridge Aerospace employs about 250 people, mostly in the UK. Chris Sylvan, its chief commercial officer, is a former Royal Marine.

Sir Grant Shapps stepped down as the company’s chairman in April after the former Conservative defence secretary was found to have breached the rules on ex-ministers’ business appointments. Shapps, who lost his seat at the 2024 general election, was defence secretary from August 2023 to July 2024.

In March, Cambridge Aerospace was among 13 UK-based defence firms that met Gulf ambassadors at an MoD-convened meeting to discuss equipment and technology that could support regional allies in countering Iranian drone and missile attacks. In June, it signed a deal with Kawasaki Heavy Industries to build a manufacturing facility in Japan, part of a broader technology partnership between the UK and Japan.

Randy Glein, managing partner at DFJ Growth, said Cambridge Aerospace had developed “an affordable and accurate counter-UAS [unmanned aircraft system] for eliminating the inbound threats and battlefield chaos caused by low-cost aerial attack drones”.

He added: “We surveyed the global landscape and identified Cambridge as having the best team and technology to build the most advanced and modern air defence infrastructure for Europe and its allies.”

The government is working to focus more state procurement on UK start-up and scale-up companies to accelerate their growth.

Wes Streeting, the defence secretary, said: “It is exactly what our unicorn scheme is designed to create: British start-ups scaling into billion-pound companies, creating skilled jobs, cementing the UK’s position at the forefront of defence innovation.”

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