According to Dubai Jewellery, 24K gold prices plunged Dh11.75 per gram on Friday, trading at Dh526.75 per gram. Similarly, 22K, 21K, 18K and 14K fell to Dh487.25, Dh467.25, Dh400.5 and Dh312.25 per gram, respectively.

Globally, gold fell below $4,400 on Friday evening, trading at $4,358 an ounce, losing 2.7 per cent.

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Simon-Peter Massabni, Head of Business Development at xs.com, said the increasing pressure on gold comes amid the absence of any near-term settlement of the war in the Middle East and rising fears among industry professionals that inventories will deteriorate over the next few weeks.

"Furthermore, the continuous, massive outflows of funds from physical gold exchange-traded funds, alongside the stock market's strong appeal and attractive bond yields, are adding to the selling pressure on the metal. No decisive agreement is on the horizon with Iran to end the war, contrary to all of Donald Trump's claims so far. In addition, the conflict between Hezbollah and Israel does not seem to be heading toward a resolution anytime soon, especially with the announced ceasefire collapsing even before taking effect," he said.

Without a signed and firm agreement and a true stop to the fighting on the Lebanon front, Massabni added, the Strait of Hormuz could stay closed for a long time.

"This would keep global supply disrupted, holding oil prices high and keeping the upward risks of inflation alive, prolonging heavy selling pressure on gold," he said.

Employers in the UAE are expanding other allowances and perks because they can’t compete on salary increases, which are growing by only about four percent.

“The real story isn’t that employers are getting more generous; it’s that they can’t win on salary anymore. Pay rises are modest, and people aren’t job-hopping the way they used to, so the competition has moved to benefits that actually build trust,” said Sanjeev Giri, head of operations and outsourcing at Adecco UAE.

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“In today’s workplace,” Giri said, “the most meaningful benefits are those that address employees’ overall well-being and long-term security. Employers are expanding their offerings to include mental health support, flexible and hybrid work, wellness allowances, and structured learning budgets. One of the fastest-growing areas is financial well-being.”

With the introduction of modern savings schemes, according to Giri, employers can now offer alternatives to traditional end-of-service gratuity structures, allowing funds to be invested rather than simply held. The UAE government has allowed private sector companies to invest employees’ end-of-service gratuity.

Succession, will-planning support

Moreover, UAE employers are also supporting their employees with will drafting and succession planning. “A small but growing number of organisations, particularly larger firms based in financial hubs such as the DIFC, are beginning to offer these services—largely because the workforce here is heavily expatriate and people worry about protecting their families and assets in the UAE. While the offering is not yet widespread, it is viewed as a high-impact, low-cost benefit that signals a deeper level of employer care and commitment,” added Giri.

According to UAE-based estate advisory firm Just Wills Legal Consultants, corporate demand for employee-focused succession planning programmes has risen sharply in recent months, with HR and people-and-culture teams seeking to address growing awareness gaps around inheritance laws, guardianship, and asset protection.

The trend is being driven largely by Dubai’s expatriate population, many of whom have established long-term roots in the country through property ownership, family life, and cross-border financial commitments.

“For years, employee benefits have centred around immediate needs like healthcare and insurance,” said Mohammad Marria, CEO and founder of Just Wills Legal Consultants. “What we’re now seeing is a clear shift toward long-term planning, where employees and employers alike are recognising the importance of legal preparedness, particularly in a market like the UAE where succession laws can be complex for expatriates,” he concluded.

The Dubai-listed healthcare and education company said the increase in ownership reflects its confidence in CHG’s long-term growth strategy and follows a period of strong financial and operational performance by the healthcare group.

CHG reported record results in 2025, with revenue rising 11 per cent year-on-year to Dh404 million and EBITDA increasing 14 per cent to Dh100 million. Growth accelerated further during the first quarter of 2026, with revenue increasing 27 per cent, EBITDA up 49 per cent and profit surging six-fold compared with the same period last year.

The transaction comes as demand for post-acute care, rehabilitation and long-term healthcare services continues to grow across the Gulf, supported by demographic trends, increasing healthcare specialisation and ongoing investment in healthcare infrastructure.

Over the past several years, Amanat has invested more than Dh500 million across CHG’s network, particularly in Saudi Arabia, where the group has expanded its footprint through new facilities and capacity upgrades.

Among the key projects are Cambridge Hospital Khobar, a 150-bed long-term care and rehabilitation facility that opened in 2024, and Cambridge Hospital Jeddah, which has expanded to 200 beds and is undergoing further development to add additional capacity as well as outpatient and surgical services.

The group currently operates 715 beds across six facilities in the UAE and Saudi Arabia and employs more than 1,200 healthcare professionals. Amanat said CHG is targeting expansion to more than 1,000 beds through a combination of organic growth, greenfield and brownfield developments, and strategic acquisitions.

Dr Ali Saeed bin Harmal Aldhaheri, Chairman of Amanat, said Cambridge Health Group remains a core pillar of the company’s healthcare strategy ،The investment they have made it across the network from Khobar to Jeddah, Abu Dhabi to Al Ain is delivering results and that the increase in ownership reflects confidence in the management team and the opportunities available across the region.

John Ireland, Chief Executive Officer of Amanat Holdings, said the company remains committed to supporting CHG’s next phase of growth and This transaction reinforces Amanat’s long-term commitment to the business and our intention to continue investing behind a market-leading post-acute care operator across the GCC’s rapidly growing post-acute care sector

The additional frequencies will be introduced in phases to meet growing demand and provide greater flexibility for passengers travelling between the two cities.

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The existing two daily flights will be increased to three daily flights effective today (June 5), followed by the introduction of the fourth flight from 15 June, and a fifth daily flight resumed during the summer season. The flights will be operated on Boeing 777 and Airbus A350 aircraft.

This expansion reinforces Qatar Airways’ commitment to enhancing connectivity within the region and supporting both business and leisure travel between Qatar and the UAE with up to 35 weekly flights.

The Gulf carriers are expanding their route networks after ceasefire was announced by the US and Iran.

Qatar Airways has been steadily restoring its network across the Middle East and is currently operating to over 20 destinations in the region. Providing passengers convenient and seamless connectivity, the airline resumed operations to Dubai (DXB) and Sharjah in April, and restarted flights to Abu Dhabi in May.

Building on this momentum, Qatar Airways is continuing the phased restoration and expansion of its global network to over 160 destinations by this summer.

The airline advises passengers to regularly check its official website or app, and ensure their contact details are correct and updated.

Please note that flight schedules are subject to change or cancellation due to operational, regulatory, safety, or other circumstances beyond our control. 

The State Bank of Pakistan (SBP) has expanded its Naya Pakistan Certificates (NPCs) to include the UAE dirham and Saudi riyal, effective June 1, removing a longstanding friction point for Gulf-based investors who previously had to route funds through dollar or rupee accounts.

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The dirham-denominated certificates offer returns starting at 6.50 per cent for a three-month term, rising to 7.50 per cent for a five-year investment. The dirham investments will be processed through First Abu Dhabi Bank via SBP's designated Nostro accounts, while SAR investments will flow through the Saudi National Bank, the Associated Press of Pakistan reported.

There are more than two million Pakistanis living and working in the UAE.

By denominating the certificates in dirhams, Pakistan government is making a direct pitch to its community in the UAE, allowing UAE-based Pakistanis to park savings in a familiar currency while earning fixed returns, without taking on rupee exchange-rate risk on the principal.

In addition, the SBP simultaneously raised returns on rupee-denominated NPCs. The revised Pakistani rupee rates, also effective June 1, stand at 11.75 per cent for a three-month term, 12 per cent for six months, 12.25 per cent for 12 months, 12.50 per cent for three years, and 12.75 per cent for a five-year certificate. The previous rates, notified in March 2026, ranged from 10.75 per cent to 11.50 per cent.

The NPCs remain available in US dollars, British pounds and euros as well. Dollar and pound certificates offer returns between 6.75 per cent and 7.75 per cent, and 6.75 per cent to 8.00 per cent, respectively, while euro-denominated certificates range from 4.75 per cent to 6.25 per cent.

The NPC scheme has its roots in the broader drive to formalise the financial relationship between Pakistan and its overseas diaspora. Pakistan's efforts to attract UAE and Gulf-based diaspora investment date back to the launch of the Pakistan Banao Certificate in 2019, which offered dollar-denominated returns and was specifically targeted at overseas Pakistanis in the Gulf region, with the government at the time describing it as a way to tap diaspora savings and bolster the country's foreign exchange reserves.

Pakistani officials have consistently urged expats to use formal banking channels for remittances, arguing that official transfers strengthen economic transparency and support the financial system. The dirham option now makes that case easier as expats no longer need to convert their savings before investing.

The minimum investment for foreign currency-denominated certificates, including the new dirham and riyal options, has been set at 1,000 currency units.

The measures include scrapping capital gains tax for foreign holders of government bonds, sweetening dollar deposit schemes for non-resident Indians, and subsidising hedging costs for offshore borrowing.

The RBI's rate panel voted unanimously to keep the policy repo rate unchanged at 5.25 per cent, a decision predicted by nearly 80 per cent of 56 economists polled by Reuters.

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The monetary policy committee also stuck to its "neutral" stance.

"The central bank's rate panel noted that the global environment has deteriorated," RBI Governor Sanjay Malhotra said while announcing the policy decision. The panel felt it was "prudent" to wait until greater clarity emerges, he said.

While inflation is expected to rise, underlying price pressures remain benign, Malhotra said. Second-round effects of the price pressure warrant vigil, he said.

India's benchmark 10-year bond yield tipped slightly lower to 6.96 per cent, after the RBI decision, while the rupee rose 0.35 per cent to 95.48 against the dollar. The benchmark equity indexes added marginally to early gains, and were up 0.2 per cent.

A war-driven surge in crude prices and record foreign fund outflows have pushed the rupee down nearly 5 per cent to historic lows since the Gulf conflict erupted late in February, fuelling calls from some analysts for higher rates to defend the currency.

Across the region, policymakers are already moving to shore up their currencies. Indonesia, the Philippines and Sri Lanka have raised interest rates in recent weeks, while South Korea has held fire but signalled a turn is imminent.

Steps to support rupee

The RBI held rates to avoid further pressure on growth, while policymakers moved separately to support the rupee.

The government, alongside the RBI's announcement, said it will scrap capital gains tax for foreign investors and removed the 20 per cent tax on interest earned from such investments, effective from April 1, 2026.

Foreign investors are subject to a 12.5 per cent long-term capital gains tax on listed shares and bonds held for more than 12 months.

Separately, the RBI said it will offer concessional forex swaps until September 30 to encourage state-owned firms to tap dollar borrowings.

It will also compensate banks for hedging costs on 3-year and 5-year foreign currency non-resident deposits aimed at the Indian diaspora.

Taken together, the measures could draw in $40 billion to $60 billion, said Sachchidanand Shukla, group chief economist at Larsen Toubro.

The rupee has slid 5% this year after a similar drop in 2025. Economists warn higher oil prices and capital outflows could widen India's balance of payments deficit to about $65 billion this fiscal year.

Higher inflation; lower growth

The central bank updated its economic forecasts for the current financial year. Average retail inflation for the year is now projected at 5.1 per cent compared with 4.6 per cent earlier.

The central bank expects core inflation at 4.7 per cent, up from its earlier projection of 4.4 per cent.

Retail inflation in India remains below the four-per-cent target and is projected to stay within the central bank's tolerance band of two to six per cent in the current fiscal year, giving the RBI headroom to hold interest rates.

GDP growth in the current financial year is now expected at 6.6 per cent, below the 6.9 per cent forecast in April. In the year ended March 31, 2026, India's economy is expected to have grown 7.6 per cent. Data is due later on Friday.

The global outlook and the prospect of a weak monsoon in India could add downside risks to growth, Malhotra said.

Economic growth has held up well so far with high-frequency indicators such as industrial output and the purchasing managers index showing steady momentum.

Rising inflation will likely prompt rate hikes in the second half of the year.

Given the RBI focus on "amplified risks on the inflation front, we expect 50 basis points of rate hike beginning in October," said Upasna Bhardwaj, chief economist at Kotak Mahindra Bank.

As companies deploy more AI-enabled devices, expand digital operations and support hybrid workforces, questions around device lifespan, energy use and e-waste are becoming harder to ignore.

This is shifting the conversation beyond technology adoption alone. Businesses are paying closer attention to how devices are repaired, reused, refurbished and recycled over time, not only to reduce waste, but also to manage costs and improve asset utilization.

At HP, sustainability has been part of the company’s DNA for more than 80 years. Today, that focus is increasingly practical: extending product lifecycles, improving repairability and expanding recycling and recovery programs. HP has reduced single use plastic packaging by 75 per cent compared to 2018, and nearly one third of the plastic used across its portfolio now comes from post-consumer recycled content.

In the UAE, circularity is also becoming more closely linked to business performance. Organisations are looking at how technology decisions affect operational efficiency. Businesses are under pressure to manage costs more carefully, reduce unnecessary device replacement and make better use of existing technology. Circular technology models can help address these issues in practical ways while also supporting broader sustainability goals.

Programmes such as HP Planet Partners are designed around that approach, helping organisations securely return used devices and supplies for refurbishment or recycling. HP has also worked with organisations in the UAE on low carbon IT strategies focused on extending device lifecycles, improving energy efficiency and strengthening responsible e-waste handling practices.

Encouragingly, participation in these initiatives continues to grow. Across the UAE, increasing returns through recycling and recovery programs are being matched by greater awareness of sustainability considerations such as recyclability, recycled content and product carbon footprints. This reflects a broader shift toward more informed technology decisions, where sustainability is becoming part of the value equation alongside performance, cost and productivity.

These initiatives are not only supporting sustainability goals. They are also helping organisations improve operational efficiency, strengthen lifecycle management and reduce unnecessary replacement cycles. In many cases, organisations are finding that sustainability measures also lead to better asset utilisation and lower maintenance requirements over time.

Partnerships are central to making this work.

In the UAE, HP is working closely with several local partners, schools and organisations to support more practical approaches to sustainability. Through initiatives focused on device reuse, responsible recycling, lifecycle management and partner education, the goal is not only to reduce waste, but also to make better use of technology.

Programmes such as HP Amplify Impact are also helping partners integrate sustainability more directly into business operations and customer conversations. Across the channel ecosystem, sustainability is becoming part of how organisations think about procurement, technology investments and operational efficiency.

Encouragingly, participation in these initiatives continues to grow. Across the UAE, increasing returns through recycling and recovery programmes are being matched by greater awareness of sustainability considerations such as recyclability, recycled content and product carbon footprints. This reflects a broader shift toward more informed technology decisions, where sustainability is becoming part of the value equation alongside performance, cost and productivity.

AI will make these conversations even more important.

AI is increasing demand for computing power, devices and data processing. That makes efficiency more important, particularly as organisations try to balance productivity goals with energy and resource use. The answer is not slowing technology adoption. It is managing technology more carefully from the start.

That includes designing products with recycled materials, improving repairability, reducing packaging waste and helping customers use devices for longer. Today, nearly half of the materials used in HP products and packaging are reused, recycled or renewable, reflecting the growing role circular design plays in product development.

What is changing is not only how organisations buy technology, but how they think about its long-term value. Increasingly, conversations are extending beyond performance alone to include lifecycle management, responsible disposal and opportunities to keep materials in use for longer.

The UAE has already created strong momentum around this shift. The country’s approach to growth has consistently balanced innovation, investment and long-term planning. As businesses continue investing in AI, digital services and workplace technology, circular models will become increasingly important to reducing waste, improving efficiency and supporting sustainability goals over time.

At HP, we believe progress on circularity depends on practical collaboration across the technology ecosystem. Through our programmes such as Planet Partners and Amplify Impact, and through ongoing collaboration with customers and partners across the UAE, the focus is on helping organisations make more sustainable technology decisions day to day.

Smarter technology alone will not reduce waste or lower resource use. Organisations also need better lifecycle management, stronger recovery systems and longer use of existing devices.

Circular technology is becoming an important part of how businesses in the UAE think about the future and HP is committed to helping support that transition.

Lavina Punjabi is sustainability lead for the Middle East and Africa (MEA) at HP Inc.

The 24K gold price was trading at Dh534.75 per gram, down from Dh538.5 per gram at the close of markets on Thursday, losing Dh3.75.

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Among the other variants of the precious metal, 22K, 21K, 18K and 14K slipped to Dh495.25, Dh474.75, Dh407 and Dh317.5 per gram, respectively.

Spot gold was trading at $4,448 per ounce, down 0.6 per cent, heading for a weekly loss due to Middle East tension and US interest rate hike fears.

Silver was down 1.35 per cent at $72.78 an ounce.

Tony Sage, CEO of Critical Metals, said gold prices rose to some extent on Thursday, buoyed by a slight retreat in the dollar and bond yields.

"However, the metal remained close to recent lows as investors face monetary policy risks amid rapidly changing geopolitical conditions in the Middle East. Although tensions in the region remain elevated, recent diplomatic progress has offered some hope that a broader resolution may eventually emerge. A ceasefire agreement between Israel and Lebanon, along with growing political pressure within the US to limit further military involvement, could help ease pressure on gold," he said.

However, as long as tensions remain unresolved, according to Sage, investors are likely to stay focused on the impact on energy markets, inflation expectations, and monetary policy.

"Elevated oil prices reinforce concerns that major central banks may need to maintain a restrictive stance for longer, placing selling pressure on the precious metal," added Sage.

Looking ahead, analysts say that attention will remain firmly on geopolitical developments and the upcoming US employment reports, which could significantly influence expectations for monetary policy. Despite these near-term headwinds, ongoing central bank purchases continue to provide a key source of long-term support for bullion.

But as residents digest the details, one question is dominating conversations: what about those who renewed their contracts just days before the decision was issued?

The answer, Abu Dhabi Real Estate Centre (Adrec) confirmed, is that the measure does not apply retrospectively. Contracts renewed and registered before the announcement remain unchanged, with the 0 per cent cap effective only from the date the circular was issued.

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Here is what the decision means for tenants and landlords:

- My contract is up for renewal soon. What happens now?

Your landlord cannot increase your rent during the freeze period. The renewal must reflect the same value recorded in your last registered Tawtheeq contract, with zero increase applied.

- I am moving into a unit that was previously rented. What is my reference price?

The rent you are offered cannot exceed the value recorded in the most recent registered Tawtheeq contract for that same unit. Ask your landlord or agent for a copy before signing.

- How long does the freeze last?

Adrec has not set an end date. The measure will remain in place until further notice, with any changes announced through official channels.

- What if my landlord tries to raise the rent anyway?

Contact Adrec directly through its website adrec.gov.ae, its customer service line, or its official email address.

Spot gold rose 1.7 per cent to $4,505.35 per ounce by mid-morning US trading, while US gold futures for August delivery climbed 1.5 per cent to $4,532.80, according to Reuters data. The move highlights how closely gold continues to track macroeconomic expectations, particularly around interest rates, currency movements and geopolitical risk.

Despite the latest uptick, gold’s broader trajectory has been shaped by deeper structural forces, with central bank demand emerging as a key long-term pillar of support. Analysts say this institutional buying trend is increasingly outweighing traditional drivers such as short-term inflation fears or speculative flows.

“Gold is often discussed through the lens of inflation, interest rates or geopolitical crises. Yet one of the most important drivers of the metal’s remarkable performance over the past several years has been far less visible: central banks,” said Daniela Hathorn, senior market analyst at Capital.com. 

Central banks, unlike private investors, tend to operate on longer time horizons, buying gold as part of strategic diversification rather than reacting to short-term volatility. This behaviour has kept demand resilient even at elevated price levels, raising questions about how policymakers view the global financial system.

According to Hathorn, reserve managers are increasingly reassessing the risks associated with traditional assets such as sovereign bonds, particularly in a more fragmented geopolitical environment.  The freezing of Russia’s foreign reserves in 2022 marked a turning point, highlighting the vulnerability of assets held within the global financial system and prompting a shift toward assets that carry no counterparty risk. 

“Gold, unlike foreign currency reserves held abroad, cannot be frozen, sanctioned, or restricted by another government,” she said, noting its growing appeal as a tool of financial sovereignty. 

Market participants say this shift is especially pronounced among emerging-market central banks such as China and India, which have historically held lower proportions of gold and are now diversifying more aggressively. Rather than replacing the U.S. dollar, the trend reflects a broader move toward spreading reserve risk in an increasingly uncertain world.

From a market perspective, however, gold’s recent price action reflects a more mixed picture. Ole Hansen, Head of Commodity Strategy at Saxo Bank, said bullion has faced headwinds in recent months despite its longer-term strength. “Since hitting a record peak near $5,600 in late January, gold has endured a challenging period, with prices falling for a third consecutive month in May, albeit by less than 2 per cent,” Hansen said, adding that shifting attention toward energy markets and their impact on inflation and interest rates had weighed on prices.

He noted that “despite the recent pullback, bullion remains up 5 per cent so far in 2026, 36 per cent over the past year and 91 per cent over the last two years,” underscoring the strength of the longer-term trend.

Hansen added that geopolitical developments continue to reinforce gold’s strategic appeal. “Concerns about sanctions risk, reserve diversification, fiscal sustainability, and long-term currency debasement continue to encourage central banks to reduce reliance on traditional reserve assets. We therefore expect central banks to remain net buyers over the coming year.”

Technically, gold has also shown signs of underlying resilience. “The market has tested \[the] 200-day moving average…twice during the recent correction and each time attracted renewed buying interest,” he said, pointing to continued participation from long-term investors even during periods of weakness.

Short-term trading signals, however, remain cautious. Vijay Valecha, Chief Investment Officer at Century Financial, said gold is still navigating a fragile near-term environment.

“Technically, gold continues to trade within a weak near-term, with immediate support seen near $4,430, followed by stronger downside support around $4,369,” Valecha said, referring to recent price levels. On the upside, he identified resistance near $4,570, with a sustained recovery potentially opening the move toward $4,750.

Silver, meanwhile, has remained relatively range-bound, with support around $71 and resistance near $78, according to Valecha. A break above that level could push prices toward $80, he added.

Looking ahead, analysts say gold’s outlook will continue to be shaped by a combination of macroeconomic shifts and structural demand. While interest rates, inflation expectations and currency movements will drive short-term fluctuations, central bank buying is increasingly anchoring the market’s long-term direction.

As Hathorn put it, central banks are not positioning for a single outcome but preparing for a world marked by “persistent fiscal deficits, rising government debt, geopolitical fragmentation, trade realignment and periodic inflation shocks.” 

In one of his starkest assessments since the outbreak of the US-Iran conflict, Birol said the world is approaching a critical juncture as emergency oil inventories are depleted and peak summer travel demand begins to gather pace across Asia, Europe and North America.

“If we are not able to see a fully and unconditional opening of the Strait of Hormuz by the end of June, July and August, we may be entering the red zone for the global economy, especially in Asia,” Birol warned.

The warning comes despite crude oil prices retreating from their wartime peak of nearly $144 a barrel to around $95. Analysts say the decline has created a false sense of security, masking the severe supply disruptions that continue to threaten global energy markets.

According to the IEA, the current conflict has removed more oil and gas supplies from the market than the combined disruptions caused by the 1973 oil embargo, the 1979 Iranian revolution and the 2022 Russia-Ukraine energy crisis.

“We are facing the largest energy crisis in history,” Birol said. “The amount of oil and gas lost in this conflict exceeds the combined losses from the major energy crises of the last half-century.”

The Strait of Hormuz remains the focal point of concern. Roughly 20 million barrels of crude oil and petroleum products pass through the strategic waterway every day, representing about one-fifth of global oil consumption. The route is also critical for liquefied natural gas exports from Qatar, which accounts for about 20 per cent of global LNG trade.

Buffers are shrinking

While alternative routes and emergency inventories have softened the immediate impact, Birol warned that these buffers are rapidly shrinking.

“When this crisis began, we had surplus production capacity, commercial inventories and strategic reserves. We have been drawing on all of them for months. Those cushions are now diminishing,” he said.

To stabilise markets, the IEA coordinated the largest emergency stock release in its history in March, injecting 400 million barrels into global markets. The move helped drive oil prices down by about $20 a barrel and eased immediate supply fears.

Yet Birol stressed that the release was only a temporary remedy rather than a permanent solution.

The 400-million-barrel intervention represented roughly 20 per cent of the strategic reserves available to IEA member countries, leaving about 80 per cent still available for deployment if market conditions deteriorate further.

For now, however, the agency sees no immediate need for a second emergency release.

“We are monitoring markets continuously. If conditions warrant further action, we are ready to act immediately and decisively. But at this stage, we are not there yet,” Birol said.

The warning carries particular significance for Asia, which remains heavily dependent on imported energy. China, India, Japan and South Korea collectively account for a substantial share of Gulf crude imports, making the region especially vulnerable to prolonged disruptions.

India, the world’s third-largest oil importer, sources nearly 90 per cent of its crude requirements from overseas markets. Elevated oil prices have already contributed to the rupee’s sharp decline this year and increased concerns over inflation and economic growth.

Billions in burden

Economists estimate that every $10 increase in crude oil prices adds billions of dollars to India’s import bill while widening the current account deficit.

The IEA chief also cautioned against describing current oil prices as low simply because they have retreated from their wartime highs.

“Prices remain about $30 higher than they were before the war started,” he said. “That is already causing significant pain for oil-importing countries and putting upward pressure on inflation.”

Many market analysts share the concern.

Ole Hansen, head of Commodity Strategy at Saxo Bank, recently noted that oil markets remain vulnerable because inventories are falling while geopolitical risks remain elevated. He warned that any prolonged disruption in Hormuz could quickly reverse recent price declines.

Similarly, Vivek Dhar, Mining and Energy Commodities Strategist at Commonwealth Bank of Australia, has argued that the market is underestimating the challenges involved in restoring Gulf energy exports even after a ceasefire.

Birol echoed those concerns, saying that reopening Hormuz alone would not immediately restore normality.

“It would be naive to think everything returns to pre-war conditions overnight,” he said. “Even if an agreement is reached, restoring production, shipping logistics and export infrastructure will be a rocky process.”

Countries such as Saudi Arabia and the UAE are expected to recover more quickly because of their strong financial resources, storage capacity and infrastructure resilience. However, nations with more limited storage facilities and damaged energy assets could take considerably longer to restore exports.

UAE's role

The UAE, which recently announced its decision to leave Opec while accelerating plans to expand production capacity, could emerge as one of the key stabilising forces in global energy markets. Abu Dhabi has already invested heavily in spare production capacity, strategic storage facilities and export infrastructure designed to withstand supply disruptions.

Yet even those advantages may not fully shield the global economy if Hormuz remains constrained through the summer.

Analysts say for now, the IEA’s message is clear: the world has survived the first phase of the crisis thanks to emergency inventories and strategic reserves. But unless normal shipping resumes soon, the global economy could be entering a far more dangerous phase where shrinking buffers, rising demand and fragile supply chains collide.

That prospect, Birol warns, could push oil prices higher again and prolong inflationary pressures at a time when many economies are already struggling to regain momentum.

The project is central to SpaceX's efforts to expand beyond rockets and satellite communications into advanced computing infrastructure and domestic chip production — ambitions that investors view as a key pillar of the company's future growth.

Next week, SpaceX is expected to launch what could become the largest IPO in history at an expected valuation of $1.75 trillion, and investors will scrutinize whether the company can translate its dominance in space into new markets tied to AI and semiconductor manufacturing.

A vote on three proposals followed a contentious hearing that drew more than 100 residents to the Grimes County courthouse. They packed the courtroom, spilling into hallways as commissioners heard public comments on the ballot. Speakers warned the project could strain water and power supplies, harm wildlife and permanently alter the county's rural character. One resident fought back tears while describing the potential impact of industrialization on the community and environment.

Grimes County, with a population of 34,000, features sprawling ranches and open land. Residents said the proposed site near the Gibbons Creek Reservoir is defined by dark nighttime skies, abundant wildlife and a quiet agricultural lifestyle.

"They sold out Grimes County," one person said as attendees streamed out of the room after the votes.

The result of the vote will allow Grimes County to negotiate tax abatements for a proposed chipmaking and advanced computing facility near the Gibbons Creek Reservoir.

SpaceX and its partner for the project, Tesla, will invest $55 billion initially, potentially raising that to $119 billion if fully built out. Both companies are run by billionaire Elon Musk.

Three commissioners voted for the three proposals on the ballot: one that outlined SpaceX’s infrastructure, job and investment obligations, one for a reinvestment zone that made SpaceX eligible for tax incentives, and one that reduced SpaceX's property-tax burden.

A tax abatement would temporarily reduce SpaceX's tax bill and help attract investments, but critics say this supposed economic development tool can shift more of the tax burden onto residents and existing businesses.

Grimes County Commissioner David Tullos, the sole dissenter, questioned SpaceX attorney Bucky Brannen about the size of the proposed reinvestment zone and the company's plans for portions of the land included within it.

Brannen said the final footprint of the project had not yet been determined and sought to reassure residents that "no one is going to be forced to sell their homes."

John Federspiel, senior director of Starlink Product Engineering at SpaceX, said at the hearing: "We recognize that large projects bring legitimate questions about infrastructure and environmental stewardship. Our company is committed to proactively addressing those concerns and taking care of them responsibly."

Tullos, the dissenting commissioner, said before the vote: "I have a real problem with the fact that we're going to be giving them a 100% tax abatement." He said an economic agreement would give the county a payment in lieu of taxes, known as a pilot, of $20 million a year.

Musk, in a post on X late on Wednesday, argued that the agreement would still result in a substantial increase in county revenues.

"SpaceX will still be paying an annual amount that increases tax revenue for Grimes County by ~25% and will be by far the biggest source of revenue for the county," Musk said.

He said the company requested the incentives because chip manufacturing facilities require large investments in costly equipment and that property taxes on those assets could put the project at a competitive disadvantage relative to other semiconductor plants globally.

While opposition dominated the hearing, a small number of speakers backed the project, arguing it would bring jobs and investment to a county they described as economically disadvantaged, while helping the United States compete with China in advanced technology.

Many residents urged commissioners to delay the vote, arguing they had been given too little information about the project's scope and impacts. Shirley Hesse, who lives near the proposed site, said she feared the development would strain local water and power resources. Developers, she said, "use utilities and don’t pay for it, and taxpayers have to pick up the bill."

"They're being asked to vote today on something they don't understand," said Kerry Bost of nearby Iola, Texas. Bost said she worried about impacts including light pollution.

Several residents questioned why local officials were considering tax incentives for a company that is expected to raise $75 billion in its IPO.

"On a community level, I'm against the tax abatement for the world's richest man," resident Sadie May said, referring to Musk.

"You cannot convince me that Elon needs assistance from Grimes County for this project. You have been offering the world's richest man a Black Friday deal on our resources and our way of life."

The South Asian nation is looking to attract foreign capital to counteract pressure on its rupee currency, which has weakened more than 5% since the start of the year, squeezed by higher oil prices and foreign portfolio outflows in equities.

The Economic Times newspaper was the first to report Wednesday's cabinet approval of the plan. The finance ministry did not immediately respond to a Reuters email seeking comment.

India's benchmark bond yield eased one basis point to 7.01% in opening trade, although it was not immediately clear when the plan would take effect.

Any tax easing should help flows at the margin, said Madhavi Arora, chief economist at Emkay Global Financial Services.

"It won't be a magic bullet in the current context," she cautioned, but added it could prove positive in the medium term.

Foreign investors are subject to a long-term capital gains tax of 12.5% on listed shares and bonds held longer than 12 months. A withholding tax of 20% they pay on interest earned in government bonds may also be removed, the source said.

India stands more or less in line with global standards on equity taxation, but is among the few countries that tax non-resident flows into debt, said the source, who sought anonymity as the decision is confidential and not yet made public.

Foreign investors have maintained net positive flows into Indian government debt this year, investing $1.4 billion, but nearly $28 billion has been pulled from equity markets.

Over the last few years, India has scrapped investment limits on a certain set of securities under a so-called 'fully accessible route', in its effort to lure more foreign capital.

That helped it gain entry to key global bond indices such as the J.P. Morgan Emerging Market Bond Index and the Bloomberg emerging market local currency bond index.

In January, Bloomberg deferred a decision to include India in its more widely tracked Global Aggregate Index - a decision likely to come up for review in June.

Just one of six foreign-based companies that listed their Indian units in Mumbai since 2024 raised new funds, with all others structured purely as secondary offerings - or offer for sale (OFS), where existing shareholders sell their holdings to the public without raising any new funds, according to data from Prime Database, an Indian market research firm.

Foreign-based parents of companies that have long invested in India pocketed nearly $5 billion through such secondary-offering IPOs, with Hyundai Motor and LG Electronics accounting for more than 80% of those payouts, the data showed. Simply put, for each dollar raised in these IPOs taken together, more than $59 went out.

And the trend is continuing: the planned $1 billion IPO of Walmart's Indian payments arm and Modern Times Group's $335 million IPO of its local gaming unit will both take the OFS route.

This week, Coca-Cola said the planned listing of its Indian bottler will have the American firm sell a portion of its stake. Banking sources said Carlsberg's planned Indian IPO will also have no new funds raised - it will also be an OFS.

The trend, which bankers and economists say is a result of sky-high stock valuations in India in recent years, shows that the prospect of a lucrative partial exit from Indian investments has become more attractive to many foreign companies than raising new funds to expand.

Global companies are pursuing "India listings as this provides them liquidity as well as a positive impact on the market cap for their parent," said Prashant Gupta, a partner at law firm Shardul Amarchand, which advised both Hyundai and LG on their OFS-structured IPOs.

Modern Times declined to comment, while Carlsberg said it is "exploring different options for increasing shareholder value which may potentially include an" Indian IPO.

Walmart's Indian unit, PhonePe, Hyundai, LG and other companies did not respond to Reuters requests for comment.

Rupee woes

The OFS trend comes at a troubling time for the Indian rupee, which has fallen 13% against the U.S. dollar since 2024 and 6% so far this year. That has raised concerns that the IPO-linked repatriations are compounding already heavy foreign capital outflows.

In January, MUFG Bank wrote that its analysis "shows one important contributor to Indian rupee weakness has been the strong IPO market in India."

So far this year, foreign portfolio investors have sold more than $23 billion of their holdings, surpassing 2025's record outflows of $18.9 billion.

IPO-linked capital outflows are "exerting a steady, though not abrupt, depreciation bias on the rupee," said Tanay Dalal, a senior vice president of business and economics research at Axis Bank.

Government officials and regulators have not indicated that they would try to curb the OFS trend, though India's Chief Economic Advisor V Anantha Nageswaran warned in November that IPOs had "increasingly become exit vehicles for early investors rather than mechanisms for raising long-term capital."

"This undermines the spirit of public markets," he said. He did not respond to Reuters queries.

The valuations game

India was the world's second-largest IPO market in 2025 after the U.S., with 367 listings raising $21.8 billion, according to LSEG data. Its markets surged to record highs over the last two years before starting to struggle this year due to uncertainties related to the U.S.-Israeli war on Iran.

Still, a record $26 billion worth of IPOs are awaiting approvals, according to regulatory data.

The appeal for using the OFS route is rooted in valuations.

Indian-listed units of foreign firms have consistently traded at multiples that dwarf their parents. Add to that a growing group of domestic investors that has resulted in high valuations in India over the past two years, making local listings attractive, lawyers and bankers said.

At least six foreign companies that listed their Indian units in recent years trade at a significant premium to their overseas parents, according to LSEG data.

Nestle India, which listed in 1969, has a price-to-earnings ratio - a measure of stock valuations relative to profit - of nearly 77 times, versus 22 times for Swiss parent Nestle . LG Electronics India, which listed last year, trades at nearly 59 times versus 44 times for its South Korean parent, LG Electronics.

On the day Hyundai listed its Indian unit in 2024, it was valued at about $18 billion, roughly 40% of its parent's market capitalisation.

"What's driving this is smart capital allocation - asset owners capitalizing on cross-market valuation arbitrage," said Abhishek Gang, a director at U.S.-based investment bank Houlihan Lokey.

Since 2024, the IPOs of the Indian units of Italian transmission systems maker Carraro, Norwegian consumer goods group Orkla, and American auto parts maker Tenneco Clean Air all had OFS structures.

Only one - Britain-based Bupa's India unit, Niva Bupa Health Insurance - structured its local IPO as a mix of fresh fundraising of $84 million and a larger $146 million OFS component.

"The final structure balanced the company's capital requirements with shareholder objectives, with the fresh capital supporting growth plans and the OFS providing partial liquidity to existing investors," Niva Bupa said in a statement to Reuters.

The new framework goes beyond simply authorising the use of wearable cameras. It establishes clear legal and technical standards, positioning the devices as tools of “accountability and trust” rather than basic recording equipment. “The regulation elevates body-worn cameras from simple recording devices to tools of accountability and trust,” said Rudie Opperman, Manager Engineering and Training for Africa and the Middle East at Axis Communications. 

The regulation marks a broader shift towards what industry experts describe as “responsible surveillance”, where performance is measured not just by video quality but by safeguards such as cybersecurity, encryption and privacy protection. “Future technologies will not be judged solely on video resolution, but on their cybersecurity, encryption, and ability to protect privacy,” Opperman said, adding that this will accelerate adoption of “secure-by-design” systems that prevent tampering and unauthorised access. 

Technology will play a central role in balancing transparency with privacy, Opperman said, highlighting features such as audit trails that create a digital record each time footage is accessed or shared. “Every time a video is viewed or exported, there is a digital record, creating transparency in how the data is handled,” he said.  These tools enhance oversight while ensuring sensitive data is handled responsibly. 

At the same time, advances in artificial intelligence are expected to make body-camera footage more useful for law enforcement agencies. Hybrid systems that combine edge-based analytics — such as audio classification and motion detection — with deeper cloud-based analysis could improve efficiency without compromising battery life. Opperman noted that these systems “work best as a hybrid solution… that then sends metadata, audio and video to server/cloud for deeper analysis.”

The operational benefits extend beyond real-time surveillance. Recorded footage can be used for officer training, particularly in de-escalation scenarios, allowing agencies to review real-world interactions and identify best practices. “Using real-world footage for de-escalation training is incredibly powerful… turning every shift into a potential learning opportunity to raise professional standards,” Opperman said. 

Growing demand is also being seen for integrated ecosystems that connect body cameras with fixed surveillance systems and evidence management platforms to maintain a seamless chain of custody. Such integration is increasingly viewed as essential rather than optional, as agencies look to strengthen legal compliance.

Looking ahead, innovations such as live-streaming capabilities and signed video technology — which verifies the authenticity of footage — are expected to shape the next generation of devices, particularly in supporting court proceedings.

With Dubai already positioning itself as a leader in smart city governance, the new rules could set a benchmark for other countries. By codifying standards around data protection and legal use of footage, the emirate is creating a model that others in the Middle East and beyond are likely to follow, industry experts say.

At the first 2026 edition of the bi-annual City Briefing, Issam Kazim, CEO of Dubai Corporation for Tourism and Commerce Marketing (DCTCM), outlined actions taken at both local and federal levels to help the economy navigate the crisis.

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“The city’s response to recent developments reflects a mature institutional framework built on long-standing collaboration between the public and private sectors, enabling decisive action and steady performance. As we transition into the second half of 2026, our focus remains on sustaining long-term growth and strengthening global competitiveness. We continue to evolve Dubai’s tourism and economic proposition in line with our ambitions and the priorities of the Dubai Economic Agenda, D33, as we move forward with clarity, confidence and shared purpose,” he said.

Here is how Dubai is powering ahead with its policies and initiatives:

Leadership: It starts with Dubai’s leadership, which set the tone by example. In the wake of the crisis, senior leaders attended high-profile events and met with leading members of the local business community to demonstrate support and confidence.

Rapid activation of contingency plans: Immediately after the outbreak of the conflict, authorities activated contingency frameworks to maintain stability and assist stranded airport passengers and hotel guests.

Flight rerouting: In close coordination with Dubai Airports and aviation partners Emirates and flydubai, flights were rerouted to preserve connectivity for travelers while minimizing disruption.

Constant communication: Authorities provided real-time guidance to operators across hospitality and entertainment via channels including the Dubai Info Hub WhatsApp groups, coupled with clear, consistent international messaging to reinforce Dubai’s position.

Financial support: To support private-sector firms, especially SMEs, the government announced a landmark Dh 2.5 billion package directly targeting tourism, hospitality, and entertainment. Designed to protect business continuity and jobs and to safeguard the visitor and resident experience, the package combined targeted financial relief with expedited regulatory and licensing processes.

Food for thought: Restaurants launched dining initiatives to sustain activity and footfall, while hotels offered preferential rates, value-add packages, and flexible booking policies. Programs such as “Dubai, A Fine Way to Dine” and “Dubai Restaurant Week” encouraged residents to explore both new and established venues, bolstering the wider gastronomy sector. Chefs also mobilized industry-led support - from grassroots “industry takeovers” to collaborative “Family Meal” programs for hospitality workers.

Community solidarity: Dubai’s resilience has been visible across daily life. From national flags flying over neighborhood villas to gatherings at Kite Beach and Nad Al Sheba under the “We Love Dubai” initiative, a strong sense of community has prevailed. Long-term expatriates and Emirati families alike have acted as passionate advocates for the city.

Strategic renovations: Many hotel renovation closures had been planned well before the crisis. Forward-looking hoteliers used current conditions to reinvest in world-class upgrades, ensuring properties remain at the cutting edge as Dubai enters its next phase of growth.

MICE momentum: Meetings, incentives, conferences, and exhibitions remain central to Dubai’s diversified, non-oil economy. Dubai Festivals and Retail Establishment (DFRE) rolled out initiatives across sectors to give fresh impetus to the economy, while flagship events such as Global Village and the Dubai World Cup continued, underscoring business continuity.

Taking Dubai’s message global: Sustained public–private partnerships amplified Dubai’s voice internationally with a clear, consistent message: the city is safe, fully operational, and delivering world-class experiences.

Dubai-based Emirates airline has promoted female pilots, Hanan Mohammed Jawad and Bakhita Al Mheiri, to captains. Both female pilots rose through the Emirates Group's National Cadet Pilot Programme, an initiative that has graduated numerous Emirati pilots.

Hanan Mohammed Jawad joined Emirates in 2008 through the cadet pilot programme, driven by her ambitious lifelong dream of taking to the skies. With mentorship and support from the airline’s fleet management, she steadily progressed through the ranks, building her career from the ground up.

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Bakhita Al Mheiri began her journey with Emirates as a cadet pilot in 2011. Inspired by successful Emirati female pilots and driven by her passion for flying, Bakhita continued to achieve one milestone after another, building a successful career with Emirates.

Hanan and Bakhita have both officially received their fourth stripe this year, becoming the first Emirati female captains at Emirates, both operating the Boeing 777 fleet. With many years of experience in their respective careers, they both reflect a determination as strong as ever, and their ambitions continue to reach new heights.

Hanan has accumulated a total of 9,253 flying hours throughout her journey as a pilot. Speaking about her promotion, Hanan said: “When I was 14, I saw the UAE’s first female pilot on TV and was struck by her confidence and presence. From that point on, all I wanted was to become a pilot.

"Receiving my fourth stripe is a proud milestone, but I don’t see it as the destination. This is just the beginning, I don’t believe the sky is the limit. The path to command is built over time, and my years as a First Officer prepared me for this moment.”

Hanan also reflected on how she’s grown, both professionally and personally, throughout her journey. “You change as you grow, and that’s a strength. When I was younger, I loved drawing and reading. Today, I challenge myself in new ways. I’ve recently started skiing and I’m still a beginner, I enjoy being in that learning space. Balance matters to me now. I’ve moved from intense gym training to practices that build focus and calm yoga - aerial yoga, Pilates, and reformer. They support the clarity, discipline, and presence my role demands.”

On her personal and professional growth shaped by the mentorship at Emirates, Bakhita said: “My journey at Emirates has been deeply influenced by the mentorship and guidance I received from exceptional training captains and leaders throughout my flying and command journey. Their experience, professionalism, and willingness to share knowledge and experience not only strengthened my technical and leadership skills but also shaped me personally by teaching me the value of responsibility, discipline, and continuous learning.

"One of the most meaningful lessons I gained throughout this journey was the importance of passing knowledge and experience forward. With the opportunity and responsibility I have been given as a captain, I hope to carry forward the same values and mentorship that were invested in me, and to support and guide the younger generations beginning their own flying journey, so they too can continue contributing to the future and success of the UAE.” 

They both had a message for the next generation of aspiring female pilots: “Our leadership has long recognised women as essential partners in shaping our nation's future, and Emirates is creating the environment and opportunities for women to thrive, and we will continue to build on this for future generations.” 

Commenting on the airline’s commitment to developing Emirati talent, Capt Hassan Alhammadi, Emirates’ Divisional Senior Vice President Flight Operations said: “At Emirates, we have always committed to developing our UAE Nationals as part of professional workforce. The cadet pilot programme remains vital in providing a path to young men and women to pursue professions as commercial pilots at Emirates, supporting our future pilot requirements.

We are immensely proud of Hanan and Bakhita for becoming Emirates’ first Emirati female captains, a well-deserved achievement that reflects years of dedication, professionalism, and hard work, and underscores the airline’s ability to nurture Emirati talent from entry level through to the highest leadership roles.”

About the National Cadet Pilot Programme (NCPP)

Launched in 1993, the NCPP is a fully funded initiative by the Emirates Group and has so far graduated many Emirati pilots, including Hanan and Bakhita. These pilots have moved on to become captains, training pilots, and senior leaders at Emirates and across the UAE aviation industry. This demonstrates the airline’s ability to foster long-term career growth and progression for Emiratis.

The programme offers comprehensive flight training at Emirates’ Flight Training Academy, combining world-class instruction, advanced technology, and rigorous safety standards. From foundational theory to hands-on flying experience, cadets are guided through every stage of their journey, preparing them for long-term careers as professional pilots with Emirates and for other air carriers. Cadets also experience robust training at Emirates’ new pilot training centre as part of the programme.

The expanded Memorandum of Understanding (MoU) deepens a decade-long relationship between two of Dubai’s most internationally connected institutions, bringing DIFC Courts’ full suite of legal services into direct reach of DMCC’s international business community operating across trade, commodities, finance and technology sectors worldwide.

Under the expanded partnership, DMCC member companies can include a DIFC Courts jurisdiction clause in commercial contracts with counterparties across global markets, giving them access to English common law dispute resolution, internationally recognised judges, and enforceable judgments for trade agreements, shareholder arrangements, and investment contracts. Where disputes arise, the DIFC Courts Mediation Service Centre, launched in 2025, also offers a faster and lower-cost alternative to court proceedings, with mediated settlements approved by the DIFC Courts carrying the same legal weight as a court judgment. For members navigating supplier disputes, partnership disagreements, or commercial claims, mediation provides a formal and enforceable pathway before litigation.

The partnership also extends into personal planning, asset protection, and digital economy readiness. The DIFC Courts Wills Service gives non-Muslim residents and business owners a trusted mechanism to register a Will that protects personal assets, business interests, and dependents in the UAE, a critical need for DMCC’s international community of executives, founders, family offices, and companies representing more than 180 nationalities.

The DIFC Courts and DMCC will deliver joint briefings, workshops and webinars on the DIFC Courts’ services for DMCC member businesses, with targeted campaigns promoting Wills, estate and digital legal services to DMCC’s Wealth Hub and family office communities, opt-in jurisdiction guidance for DMCC members entering commercial contracts and integration of DIFC Courts service information and referral pathways into the DMCC member portal. 

Justice Omar Al Mheiri, Director at the DIFC Courts, said: “Our partnership with DMCC, now in its second decade, reflects a shared belief that legal certainty and commercial dynamism advance hand in hand. Any DMCC member can write DIFC Courts into their next contract, with any partner, in any country, and access English common law dispute resolution at a world-class standard.” 

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said: “As global trade flows become increasingly interconnected, access to sophisticated legal infrastructure is critical to maintaining business confidence and supporting international growth. Our expanded partnership with the DIFC Courts reinforces Dubai’s position as one of the world’s most competitive and business-friendly jurisdictions. With almost 27,000 companies operating from DMCC across global trade and next-generation industries, institutional collaboration of this nature plays a key role in enabling businesses to scale internationally from Dubai.” 

With the launch of the Digital Assets Wills Service in 2025, members holding cryptocurrency, digital tokens, or other blockchain-based assets also have access to a pioneering form of protection. This is particularly relevant to DMCC’s FinX ecosystem across finance, fintech, crypto, and AI, where cross-border, technology-driven commercial relationships may give rise to complex disputes involving AI-generated contracts, digital asset insolvency, blockchain evidence, and emerging forms of global trade. Such matters can be addressed through the DIFC Courts Digital Economy Court, which provides a specialist judicial forum for resolving disputes in the digital economy.

The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development, more commonly known as Dubai SME, has launched a new virtual platform where business owners can operate more efficiently.

Called ‘SME in a Box’, the initiative will bring together 18 different entities across banking, payment, logistics, telecommunications, HR, and insurance. The platform help small and medium enterprises (SMEs) save Dh80,000 in potential value, and save up to 200 hours.

Rather than go through multiple channels, which is costly and time-consuming, 'SME in a Box' will allow founders to access licensing support, as well as other operational services, without having to source, negotiate and manage each provider independently.

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The initiative is open to all nationalities and is open to business operating either mainland or in a free zone.

“Anybody who will start licencing in Dubai is going to access those offers,” Ahmad AlMheiri, the CEO of Dubai SME, told Khaleej Times. He added that the idea formed after interacting with small business owners on the importance of speed, clarity and practical support.

Dubai SME, which forms part of the Dubai Department of Economy and Tourism (DET), has been instrumental in helping homegrown businesses flourish.

Last month, the entity launched an entrepreneurship programme (Majlis Al Mustaqbal) to empower young Emiratis in their own business endeavours. Winners of the competition told Khaleej Times earlier how the programme helped inspire confidence in their ideas and a bring a more thorough understanding of how the business process works.

Currently, the SME in a Box platform includes 18 different partners, thought the CEO said more will be added according to the needs of business owners. These include DHL, Aramex, du, Abu Dhabi Islamic Bank (ADIB), Emirates NBD, Commercial Bank of Dubai, Ziina, Bayzat, Paymob, Arab Financial Servies (afs), tabby, and others.

“We've made it as simple and as seamless as possible for them and it's free, it's open to everybody and so regardless of whether you're affiliated with another free zone, whether you're mainland or in another jurisdiction, it doesn't everybody benefits,” a Dubai SME representative explained.

The world's largest cryptocurrency dropped to its lowest level since February, extending a prolonged correction that has erased more than half of its value from the all-time high of $126,210 reached in October last year.

According to CoinMarketCap data, Bitcoin's market capitalisation has shrunk to about $1.24 trillion, down nearly 50 per cent from its peak valuation of $2.48 trillion. The latest slide has wiped out roughly $64,000 in value per token from last year's record high.

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The sharp sell-off reflects a convergence of several powerful headwinds — growing Middle East tensions, uncertainty over US monetary policy, declining inflows into Bitcoin exchange-traded funds (ETFs), and widespread liquidation of highly leveraged positions.

Market analysts say cryptocurrencies are increasingly behaving like high-risk technology stocks rather than alternative safe-haven assets. As geopolitical tensions intensify and investors brace for potential disruptions to global energy supplies and economic growth, capital has flowed into traditional safe havens such as gold, US Treasury bonds and the dollar, while speculative assets have come under heavy pressure.

Gold has remained near historic highs above $4,500 an ounce this year, while Bitcoin, often promoted as "digital gold", has failed to attract comparable defensive demand. Instead, investors have preferred assets with a longer history of preserving value during periods of uncertainty.

"The current environment is characterised by risk aversion," analysts said. "When uncertainty rises sharply, investors typically reduce exposure to volatile assets first, and cryptocurrencies remain among the most volatile assets in global markets."

The decline was amplified by forced selling in derivatives markets. More than $1.1 billion worth of leveraged crypto positions were liquidated within 24 hours, according to market trackers. Such liquidations occur when traders borrowing funds to amplify their bets are forced to close positions after prices move against them.

These liquidation cascades often intensify market declines as automated selling triggers further price drops, leading to additional liquidations in a self-reinforcing cycle. The latest correction has exposed the risks associated with excessive leverage that built up during Bitcoin's spectacular rally in 2025.

Another factor weighing on Bitcoin is the slowdown in institutional demand. The cryptocurrency's rally to record highs last year was fuelled largely by strong inflows into US spot Bitcoin ETFs, which opened the door for pension funds, wealth managers and institutional investors to gain exposure to digital assets.

However, recent data suggest that ETF inflows have cooled significantly as investors reassess their risk exposure amid economic uncertainty and concerns about slower global growth. Without sustained institutional buying, Bitcoin has struggled to maintain the momentum that propelled it to record levels.

Investors are also closely watching signals from the US Federal Reserve. While markets had expected a more aggressive cycle of interest-rate cuts this year, persistent inflation concerns and resilient economic data have complicated the outlook.

Higher interest rates generally reduce the appeal of non-yielding assets such as Bitcoin by increasing returns available from safer fixed-income investments. Any indication that the Federal Reserve could delay policy easing further is likely to keep pressure on cryptocurrency valuations.

The cryptocurrency market is also facing broader concerns over regulation, cybersecurity risks and the sustainability of speculative trading activity. These issues have become more prominent as market participants grow increasingly cautious in the face of heightened global uncertainty.

Despite the current downturn, many long-term Bitcoin supporters argue that corrections of this magnitude are not unusual. Historically, Bitcoin has experienced multiple declines exceeding 50 per cent during previous bull-market cycles before recovering and eventually reaching new highs.

Yet analysts caution that the near-term outlook remains highly uncertain. Market sentiment has weakened considerably, and prediction markets are assigning lower probabilities to Bitcoin returning to the $80,000-$90,000 range in the coming weeks.

For now, investors are likely to remain focused on three key variables: developments in the Middle East conflict, the direction of US interest rates, and whether institutional investors resume buying through Bitcoin ETFs. Until greater clarity emerges on those fronts, volatility is expected to remain the defining feature of the cryptocurrency market, with Bitcoin caught between its long-term promise and a rapidly deteriorating global risk environment.

India's rupee is facing its most severe test in recent memory, with economists warning that the currency could weaken to a record Rs98 against the US dollar, or to Rs96.70 against the dirham, by July and potentially breach the psychologically important Rs100 mark if the Middle East conflict drags on and oil prices remain elevated.

The warning comes as India's currency struggles under the combined weight of soaring energy costs, heavy foreign fund outflows and mounting geopolitical uncertainty. The rupee, already Asia's worst-performing major currency this year, was trading around Rs95.77 against the dollar this week after touching an all-time low of nearly Rs97 in May.   

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Analysts at BofA Securities believe the currency could weaken further as the economic fallout from the Middle East crisis intensifies.

The biggest threat remains India's dependence on imported energy. The country imports nearly 90 per cent of its crude oil requirements and around half of its natural gas needs. As tensions in the Gulf threaten supply chains and keep oil prices elevated, India's import bill is swelling rapidly, putting sustained pressure on the rupee and the country's current account deficit. 

The situation has been aggravated by a sharp exodus of foreign capital. Overseas investors have withdrawn approximately $27 billion from Indian markets this year, surpassing the previous annual record. Continued selling of Indian equities has increased demand for dollars, further weakening the domestic currency. 

The Reserve Bank of India (RBI) has responded aggressively, reportedly selling billions of dollars from its reserves and intervening almost daily in the foreign exchange market to prevent a disorderly fall in the rupee. Traders estimate the central bank spent more than $1 billion a day during one recent two-week period defending the currency. Yet despite these efforts, analysts believe market fundamentals continue to favour further depreciation. 

Adding an influential voice to the debate, Gita Gopinath, former first deputy managing director of the IMF, has argued that India should allow the rupee to adjust to economic realities rather than attempt to artificially hold it at a fixed level. She has endorsed the RBI's broad strategy of allowing gradual depreciation while intervening selectively to curb excessive volatility.

According to Gopinath, exchange rates should act as shock absorbers during periods of global stress. She cautioned that defending the rupee too aggressively could become counterproductive if investors believe depreciation is ultimately unavoidable. She also rejected suggestions that the RBI should raise interest rates solely to support the currency, arguing that higher borrowing costs would further slow an economy already facing external shocks.

For millions of Indians living in the UAE, however, the rupee's weakness is creating a financial windfall.

The UAE dirham, which is pegged to the US dollar, has strengthened dramatically against the rupee over the past two years. In 2024, one dirham averaged around Rs22.8 and rarely exceeded Rs23.4. Today, the exchange rate is hovering around Rs26.0-26.1 per dirham, representing a gain of nearly 15 per cent in favour of UAE-based earners. 

The impact on remittances is substantial. A UAE resident sending Dh5,000 home each month would have received approximately Rs114,000 on average in 2024. At current exchange rates, the same transfer is worth about Rs130,000 — an increase of nearly Rs16,000 without any rise in salary. 

If the rupee weakens to Rs98 per dollar as projected by BofA Securities, the dirham could appreciate to around Rs26.7. A slide to Rs100 per dollar would push the dirham close to Rs27.2, setting a new record and further boosting the value of remittances flowing from the Gulf. 

This could trigger a fresh surge in remittance flows from the UAE, home to the largest concentration of Indian expatriates outside India. India already receives more than $125 billion annually in remittances, the highest in the world, with the UAE accounting for one of the largest shares. Historically, periods of rupee weakness have encouraged expatriates to accelerate transfers, increase deposits in NRE accounts and invest more aggressively in Indian property and financial assets.

Paradoxically, therefore, a weaker rupee may provide India with a temporary cushion through stronger remittance inflows even as it raises inflation, increases import costs and widens trade deficits. However, economists caution that remittances alone cannot offset the economic damage from sustained high oil prices and capital outflows.

Looking ahead, the rupee's fate will depend largely on three factors: the trajectory of the Middle East conflict, global crude oil prices and the return of foreign investment flows. If geopolitical tensions ease and oil retreats below $90 a barrel, the currency could stabilise near current levels. But if the conflict intensifies and oil remains above $100, a move towards Rs98 — and perhaps even Rs100 per dollar — may become increasingly difficult to avoid.

For Indian expatriates in the UAE, that could mean record-breaking remittance gains. For India, it would signal a far more challenging economic landscape marked by higher inflation, costlier imports and slower growth.

Dubai has long proven itself as one of the world’s most resilient and attractive financial hubs. Even in times of global uncertainty, the emirate continues to reinforce its position through advanced regulation, sophisticated infrastructure, and flexible economic policies that attract talent, investments, and startups.

A clear example of Dubai’s appeal and strong fundamentals is the increased activity of seasoned international investment teams. Last year, my business partner Sergey Entts, an international financier with operations across Central Asia and the European Union, invested in Ypsilon, a reputable DIFC‑based financial company. He also became the founder and Chairman of the Board of Directors of Muras Bank in Kyrgyzstan, underscoring how Dubai’s ecosystem attracts global capital while enabling cross‑regional financial expansion. This ability to compete with major global economies makes Dubai a natural partner for emerging financial centres across Central Asia.

The UAE’s strengths are clear: free zones, full foreign ownership, golden visas, and capital mobility have transformed the country into a platform for global connectivity. Hosting around 200 nationalities, the UAE is more than a business hub; it is an integrated ecosystem that consistently ranks among the top five globally for entrepreneurship and startup access to international markets.

Central Asia’s rapid growth story

Central Asia today is experiencing rapid growth. Kyrgyzstan, for example, recorded real GDP growth of 11.1% in 2025, with Moody’s projecting historically strong expansion of 8.9% in 2026 and 8.4% in 2027. Fiscal performance remains sound, with moderate deficits of around 1% of GDP and debt stabilising at approximately 33% of GDP, which is well below peer levels.

These fundamentals, combined with a young population, mineral endowment, and strategic location between Asia and Europe, underpin the region’s long-term investment appeal. For investors, this is a frontier market with extraordinary potential.

Kyrgyzstan’s banking milestone

Kyrgyzstan’s banking sector has entered a new phase of development. The National Bank recently granted licenses to Muras Bank and Kylym Bank, expanding the system to 26 institutions. This milestone reflects the rapid transformation of the country’s financial landscape. What once looked like isolated growth has now become a stable long-term trend.

For Sergey Entts’ Muras Bank, the license marks the beginning of operations with retail and corporate products, while also setting strategic priorities around investment instruments and the development of the securities market. These steps are not only important for Kyrgyzstan’s domestic economy, but also for strengthening regional financial flows and creating new opportunities for cooperation with international hubs such as Dubai.

Building financial infrastructure in frontier markets

Yet these are still frontier markets, in the process of building financial infrastructure. This is where the UAE’s strengths - advanced legislative frameworks, digital and logistics infrastructure, and a multicultural ecosystem become critical.

The UAE has succeeded in creating an integrated business environment that supports entrepreneurship, fintech, and Islamic finance. Government initiatives such as Hub71, the Khalifa Fund, and the Mohammed bin Rashid Innovation Fund provide financing, incubation, and acceleration for startups and SMEs. This comprehensive support system is precisely what Central Asia needs as it develops its own financial ecosystem.

Islamic finance as a bridge

Islamic finance is a particularly promising area of cooperation. With Dubai’s established expertise and Kyrgyzstan’s growing interest, there is significant scope to develop Sharia-compliant investment products tailored to regional needs. This not only diversifies financial offerings but also deepens cultural and economic ties between the UAE and Central Asia.

For Kyrgyzstan, Islamic finance can become a pillar of resilience and inclusivity. For Dubai, it reinforces its leadership in shaping global financial standards.

A shared vision for growth

The licensing of Muras Bank marks a milestone in Kyrgyzstan’s financial sector development. Together with experienced professionals such as Sergey Entts, chairman of Muras Bank, myself and our colleagues, we are focused on building an international financial ecosystem that bridges Dubai and Central Asia. Our vision is to accelerate cooperation, strengthen capital flows, and create platforms for sustainable growth.

Our goal is to make undervalued securities from Central Asian countries accessible to international investors, while also enabling investors within those countries to tap into foreign markets. Right now, there are significant challenges - most of which stem from the lack of financial infrastructure. Entts has already voiced his personal mission: make trading securities between, say, Kyrgyzstan and the UAE as seamless as ordering food online - fast, efficient, and powered by the full potential of fintech.

The outlook is clear: Dubai’s resilience and Central Asia’s dynamism are complementary forces. By connecting these regions, we can unlock new opportunities for investors, institutions, and businesses alike. The UAE’s role as a trusted hub ensures that even in times of global uncertainty, partnerships with frontier markets can thrive. Central Asia, with Kyrgyzstan at the forefront, is ready to take its place on the global financial map, and Dubai is the partner to make it happen.

Aleksei Skorodumov is a financier and international investor with over 25 years of experience in banking and capital markets. He serves as head of business development at Ypsilon Capital (DIFC) Ltd. in Dubai and is a board member of Muras Bank in Kyrgyzstan, focusing on the expansion of financial ecosystems across Central Asia.

A statement issued by the Council added that the UAE is moving “full speed ahead” in executing its AI strategy despite regional tensions, and that the country has more than doubled down on this commitment.

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Last month, the Council confirmed that the UAE invested over $100 billion in the US in the past year.

This was announced following a meeting in the US attended by Khaldoon Al Mubarak, managing director and group CEO of Mubadala; Talal Al Kaissi, CEO of Core42; and David Scott, chief strategy and safety officer at MGX.

During US President Donald Trump’s visit to the UAE last year, the UAE announced plans to invest $1.4 trillion in different sectors across the US market over the next 10 years.

UAE and US officials also discussed the five-gigawatt AI Campus, sovereign cloud, data centers, trusted technology deployment, and strategic investment as increasingly central pillars of US-UAE cooperation.

Despite regional tensions following the US-Israel-Iran war, the discussion reflected continued confidence in the UAE as a safe, stable, and resilient platform for long-term investment, technology deployment, and commercial partnership.

During the meeting, participants noted the enormous capital intensity of AI infrastructure and the growing role of UAE investment platforms in supporting both domestic AI buildout and US-based digital infrastructure. Officials also highlighted that the UAE and its partners have collectively committed to construct 5.7 GW of new compute capacity in the United States, alongside major investments in platforms such as Vantage Data Centers, GlobalFoundries, the AI Infrastructure Partnership, and leading AI companies such as OpenAI.

“The simplest way I can describe the UAE is that we build strategic infrastructure before the rest of the world agrees that it is urgent,” Al Kaissi said.

“The way you win the AI race is by having your technology diffused deeply around the world, so that it becomes the incumbent technology everyone uses. The network effects and stickiness that follow are what make it the dominant technology,” Scott said.

During the meeting, officials stressed that AI has emerged as a defining pillar of the bilateral relationship, building on decades of cooperation in energy, defense, trade, and investment. The UAE has made a strategic decision to “bet big on the US AI stack.”

Last month, the UAE received the first batch of next-generation US AI chips under a strategic partnership.

The 24K gold price opened at Dh539.75 per gram on Thursday, up from Dh536.00 per gram at Wednesday’s close.

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Among other variants of the precious metal, 22K, 21K, 18K, and 14K were trading at Dh500.00, Dh479.25, Dh410.75, and Dh320.50 per gram, respectively.

Spot gold was up 0.8 percent at $4,473.60 an ounce. Silver was steady at $73.50 per ounce.

Simon-Peter Massabni, head of business development at xs.com, said gold is coming under pressure below the psychological $4,500 level as the market turns cautious ahead of the US nonfarm payrolls report, due on June 5.

“After failing to sustain its recovery above the $4,500-an-ounce area, gold has shown signs of stalling as investors refrain from opening large new positions before a data release that could directly influence expectations for the US Federal Reserve’s interest-rate path. This suggests that the market is not clearly leaning toward a sharp sell-off, but buying momentum is also not strong enough to push prices back into a clear uptrend,” Massabni added.

Gold’s short-term focus now lies in how the market reacts to US labor data. “If NFP continues to show that the labor market remains resilient, expectations that the Fed will keep interest rates higher for longer could be reinforced. In that case, the US dollar and Treasury yields may continue to hold an advantage, adding pressure on gold as the opportunity cost of holding a non-yielding asset increases. Under this scenario, gold could remain capped below the $4,500-an-ounce area and face the risk of retreating toward lower support zones,” he added.

Dubai Holding Community Management (DHCM), the operator of the community, said in a statement to Khaleej Times that the move was a “preventative, long-term measure” following routine inspections.

According to one resident who spoke to Khaleej Times on condition of anonymity, the vacating process is expected to take place in phases beginning on July 1. Some tenants have been asked to vacate for a minimum of 16 months, while others are required to leave for up to 20 months.

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In its statement, the DHCM said it is undertaking a “comprehensive remediation programme across parts of the Remraam community to address essential works required to safeguard the quality and standards the community expects”.

The company added that residents are being supported with "clear communication and assistance mechanisms in place, including a defined compensation framework, where applicable".

It said it is working closely with relevant authorities to ensure a “structured, compliant, and responsible rollout".

Compensation offered

According to an FAQ issued to residents and seen by Khaleej Times, compensation will be calculated as: period of vacation in months multiplied by the average RERA index value for that unit type.

In addition, residents will receive a relocation allowance ranging from Dh7,000 for a studio to Dh16,000 for a three-bedroom apartment. The document specifies that the payment will be made on or after the vacate date.

Some residents have raised concerns about service charges continuing during the works, with one-bedroom owners having to pay approximately Dh1,200 per month in addition to mortgage payments and the possibility of having to cover rental costs above the relocation allowance.

Impact on residents

One resident, S.K., said he needs to vacate in July but is in a difficult position while looking for alternative accommodation. “My eldest child is supposed to be leaving for university,” he said.

“However, due to the cancellation of final exams in the UAE, he has to wait until August to get a clear idea of his grades. Either he will take a gap year, or, he will apply to the few universities that have a late cut off date. So based on that, I would move into a larger apartment if he takes a gap year or a smaller one if he is going to university. This move has come at a time when we have a lot of other expenses. I am happy with the compensation package but I am worried about the process.”

Another resident, M.M., said he lives in one of the unaffected buildings. “While I am relieved that I don’t have to move, I am also worried about the impact of extensive construction,” he said. “I have severe dust allergy and this could trigger asthma. So I will wait and see how the situation pans out.”

P.M. has been a homeowner in the community for more than eight years and she said that she was unhappy with the situation. “Having to move out is a big hassle,” she said. “But the management tells us that there are structural issues with the building and the remediation will make it safer. So I guess, it is an inconvenience which will hopefully give a better future.”

The rocket and satellite communications company plans to sell 555.6 million shares, the source said. It is aiming for a valuation of $1.75 trillion, two other people said.

The listing leads a wave of high-profile private companies preparing to test public markets after years of muted large-cap IPO activity, with SpaceX expected to be followed by artificial intelligence giants OpenAI and Anthropic.

SpaceX aims to set records and break tradition with the public offering.

A fixed price ahead of presentations to investors and bookbuilding is highly unusual.

Companies planning to go public typically set a price range to frame valuation expectations and allow pricing to be adjusted based on investor demand. Strong demand can push the final price to the top of the range, or above it, ahead of the market debut.

SpaceX's roadshow begins on Thursday. It earlier held some "testing the waters" meetings with investors.

Mission: Mars and space data centres

Musk has rewritten the IPO playbook for SpaceX in many other ways, from planning to give retail investors a larger role in allocations to pushing for early index inclusion, and structuring governance to preserve strong founder control.

The company's valuation relies on SpaceX dominating technologies and markets that do not yet exist – from Mars missions to AI data centres in space.

It has been previously reported that the company is considering allocating as much as 30% of the offering to individual investors, an unusually large retail tranche aimed at tapping into Musk's cult-like following and broadening ownership of the company. The IPO is expected to be structured as an all-primary offering, meaning all proceeds would go to the company and existing SpaceX shareholders will not be able to sell any of their shares in the IPO, the sources said. Musk will be required to hold his SpaceX shares for 366 days after the IPO, one of the sources said, a signal to investors of his commitment to the company.

Proceeds of the IPO will be used for purposes including expanding AI computing resources and SpaceX's satellite network, the source added.

SpaceX merged with Musk's AI startup xAI earlier this year in a deal that valued the rocket company at $1 trillion and the developer of the Grok AI chatbot at $250 billion.

The company has no direct peers, making valuing the company subject to interpretation.

Morningstar placed a $780 billion price tag on SpaceX, 48% below its current private-market valuation, according to a June 1 research note. Most of that comes from its Starlink satellite communications business, which drove most of its revenue, profits and growth last year. SpaceX, however, has tied most of its growth prospects to AI, and its plans rely on yet-to-be-built technologies for a significant portion of future revenue, including solar-powered data centers in space, as it targets a potential $28.5 trillion market, Reuters previously reported. At a $1.75 trillion valuation with the company booking revenue of $18.67 billion in 2025, SpaceX would trade at a trailing price-to-revenue multiple of 93.7 times. On the same basis, space company Rocket Lab is trading on a multiple of 118, data analytics firm Palantir Technologies at 81, and Tesla at nearly 17.

SpaceX cannot be evaluated on a price-to-earnings basis as it reported a net loss last year.

Mega IPO wave

The listing is expected to kick off a wave of mega IPOs, with SpaceX, OpenAI and Anthropic together poised to add almost $4 trillion in market capitalization to public markets and intensify competition for investor dollars.

For many investors, the bet is as much on Musk as on SpaceX. His track record at electric-vehicle company Tesla and his ability to galvanize retail traders could likewise spur strong demand for shares, as his reputation has done for past ventures. Still, two of SpaceX's three businesses are burning cash, with only its connectivity segment, home to the Starlink satellite constellation, generating profits and widely viewed as the company's cash cow.

SpaceX revenue rose to $4.69 billion in the three months ended March 31 from $4.07 billion a year ago. Losses widened to $1.27 per share versus 18 cents per share over the same period. In 2025, it swung to a net loss of $4.94 billion from a profit of $791 million.

Since a large part of SpaceX's pitch to investors hinges on Musk, some corporate governance concerns could give investors pause, experts have said. Measures, including a dual-class share structure laid out in the IPO prospectus, concentrate voting power in the hands of Musk and a small group of insiders. SpaceX is aiming to trade on the Nasdaq under the ticker symbol "SPCX." The debut is expected on June 12, two of the sources said.

Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are the joint book-running managers for the offering, leading a syndicate of global investment banks underwriting the deal.

Forbes magazine on Tuesday estimated Musk's net worth at nearly $835 billion, as compared with $342 billion in its annual rich list in March 2025.

He is far beyond Google co-founder Larry Page, who is second at $298 billion.

SpaceX's market debut, expected around June 12, will "all but guarantee his net worth rising above $1 trillion," Forbes said in early April, when the company first filed to list on the Nasdaq.

The valuation of the company, founded in 2002, is expected to range from $1.7 trillion to $2 trillion, up from a range that topped out at $1.5 trillion in March.

On Tuesday, platforms for trading unlisted shares valued the group at about $1.5 trillion, with an individual share going for about $129 on Forge Global (up from $53 in mid-December) and $118 on Nasdaq Private Market.

The 54-year-old Musk currently holds 12 per cent of common SpaceX shares and about 94 per cent of Class B shares (each one retains 10 votes), according to a filing submitted to the US Securities and Exchange Commission.

According to AFP calculations, after the company goes public, Musk would hold about 42 percent of SpaceX capital and 79 percent of all voting rights -- or the equivalent of $735-840 billion, given the latest valuation estimates.

"Current trends are an incredible and continued centralization and concentration of wealth" in the hands of about 3,000 billionaires, William Robinson, a professor of sociology at the University of California, Santa Barbara, told AFP.

"At the top end of those billionaires, the concentration is accelerating."

'Tech oligarchy'

Robinson noted that at the same time, five billion people on Earth are living below the poverty line, creating an "extreme inequality" that can spawn civil wars and other crises.

He says the "new billionaire class" -- more precisely, the "tech oligarchy" -- holds a structural power over states, economies and society that echoes the rise of Nazism and fascism 100 years ago.

In February, SpaceX took over Musk's artificial intelligence outfit xAI, which itself had absorbed the X social network (formerly Twitter) a year before.

Musk also own about 12 percent of electric car maker Tesla, whose market capitalization currently sits at about $1.58 trillion. 

In mid-February, Musk said his net worth was almost entirely tied up in Tesla and SpaceX shares, and that less than 0.1 percent of his fortune was in cash.

Analysts expect to see a 2027 merger of SpaceX and Tesla, which is increasingly focused on robotics, energy and autonomous transport.

The two companies are already jointly developing some projects, such as the giant semiconductor manufacturing plant Terafab.

"We continue to believe that SpaceX and Tesla will eventually merge into one company in 2027 with the groundwork already in place for both operations to become one organization," said analysts at Wedbush Securities, noting that Tesla is a minor shareholder in SpaceX via its investment in xAI.

Musk also holds shares in The Boring Company, a tunnel construction service, and Neuralink, which is developing implantable brain-computer interfaces.

Robinson said Musk could take on an "aura of God" for some people should he become the world's first trillionaire -- but might develop a bit of a god complex himself as a result.

His net worth could balloon even more if he meets the criteria of the compensation plan drawn up in 2025 by Tesla's board of directors.

Should he meet the numerous financial and operational benchmarks, he could pocket another roughly $1 trillion over the course of 10 years.

At SpaceX, he stands to make more than $130 billion from two compensation plans -- but one of the conditions involves establishing a permanent human colony on Mars of at least one million people.

If the conflict proves short-lived, Gulf oil and gas production could gradually return to pre-crisis levels from the third quarter with shortages confined to Asia and cushioned by strategic reserves and shipments from other producers.

In that baseline scenario, global growth is projected to slow from 3.4% in 2025 to 2.8% in 2026 before picking up to 3.1% in 2027, broadly in line with the OECD's March forecasts.

"The longer the disruption lasts, the greater the economic, but also the social cost of this crisis, and it certainly will make policy changes much more difficult," OECD chief economist Stefano Scarpetta told a press conference.

If energy disruption persists well into next year, global growth could slow sharply to 2.1% in 2026 and 1.8% in 2027 - rates rarely seen outside major crises such as the 2008 to 2009 financial crash or the COVID pandemic.

Some economies could fall into outright recession, with Asian countries reliant on Middle East energy supplies expected to be hit hardest.

In the protracted disruption scenario, higher energy prices could add 0.4 percentage points to global inflation in 2026 and 1.3 percentage points in 2027, likely prompting central banks to hike interest rates by 0.5 to 0.75 percentage points in the short term.

In the baseline scenario, the OECD forecast that inflation across G20 economies would peak at 4% this year before slowing to 3.1% next year with interest rates largely on hold this year and cuts expected next year.

"Around one-third of OECD economies are projected to experience negative real wage growth this year. Workers in these countries will see their living standards fall, which is the human reality behind the inflation numbers," OECD Secretary General Mathias Cormann said.

Global trade growth is set to moderate following a strong 2025, though robust demand for AI-related goods and investment, especially in Asia, should provide some support.

Uneven outlooks across major economies

In the baseline scenario, stronger energy exports are expected to support U.S. growth, partly offsetting the drag from higher prices on household purchasing power. Growth is projected to ease from 2.1% in 2025 to 2.0% in 2026 and 1.8% in 2027.

In Europe, euro zone growth was seen slowing from 1.4% to 0.8% this year before rising to 1.2% next year as resilient labour markets and higher defence spending help offset government belt-tightening.

In Britain, growth is projected to slow to 0.9% this year before recovering to 1.1% in 2027 as global trade stabilises and financial conditions ease.

In Asia, China was seen slowing from 5.0% growth in 2025 to 4.5% in 2026 and 4.3% in 2027 with ample energy reserves limiting exposure to oil price spikes. Exports are set to benefit from lower U.S. tariffs and a competitive tech sector, although a property slump remains a drag.

Japan is expected to be among the hardest-hit by trade disruptions linked to the Gulf conflict, with growth slowing from 1.1% in 2025 to 0.6% in 2026 before edging up to 0.8% in 2027, a downgrade from March.

While subsidies will help cushion the energy shock, the OECD said Japan needs a "clear and credible" plan to rein in public finances over the medium term as interest rates rise.

Tech stocks continue to lead the Nasdaq Composite and S&P 500 in a record-breaking market rally, while Elon Musk's SpaceX is set to price its IPO this month and Anthropic rival OpenAI, led by Sam Altman, is waiting on deck.

MATT KENNEDY, SENIOR STRATEGIST AT RENAISSANCE CAPITAL, NEW YORK: "It's true that many private tech unicorns have sat on the sidelines waiting for an IPO market that would grant them their desired valuations. That is not the case with Anthropic and other "elite" AI developers."

"Virtually any private round Anthropic raised would have met equal or greater enthusiasm in public markets. There is insatiable demand for these companies among public investors. It's really more the holdovers from the 2021 cycle that are having a harder time hitting their private valuations."

HARRISON ROLFES, SENIOR LATE-STAGE COMPANY RESEARCH ANALYST AT PITCHBOOK, CALIFORNIA: "Anthropic filing a confidential S-1 today starts the clock on what will be the most scrutinized public offering in tech history, and the number that determines everything is not the $965B valuation or the $47B revenue run rate. It is gross margin, which no one outside Anthropic has ever seen, and which will either validate or collapse the entire narrative the private markets have been pricing for three years."

NATE ELLIOTT, AI ANALYST AT EMARKETER, NEW YORK: "We're about to find out whether the market thinks AI is a consumer story or an enterprise story. Because while Claude has built a solid enterprise user base, it's just not competitive as a consumer AI platform. Emarketer forecasts that only 5.4% of US internet users will use Claude in 2026, far behind the 36.6% who will use ChatGPT and the 27.4% who will use Gemini. The good news for Anthropic: more than 60% of US AI users say they use these tools for work, and we believe that percentage will only grow."

BRIAN MULBERRY, CHIEF MARKET STRATEGIST AT ZACKS INVESTMENT MANAGEMENT, COLORADO: "So the question we want to see answered more clearly is when would Anthropic be reliably cash flow positive leading to real EPS growth? There is no doubt that the demand for Claude product at the Enterprise level is huge as agentic capabilities grow, and also there are key strategic partnerships that help provide capital and infrastructure as a way of feeding the growth are all positives for the IPO but for establishing a valuation lacking some of the important details becomes difficult."

JAMIE COX, MANAGING PARTNER, HARRIS FINANCIAL GROUP, RICHMOND, VIRGINIA: "This is the part of the cycle where Wall Street gets to see what’s really going on with these companies. If the 1990s template holds, we are set to see the entire tech sector get a boost once the earnings picture on AI becomes less opaque."

DAN IVES, GLOBAL HEAD OF TECH RESEARCH, WEDBUSH SECURITIES, NEW YORK: "This represents a major step for Anthropic to get ahead of OpenAI as Altman Co. get ready to go through their own confidential filing. This comes at a much-needed time as SpaceX, which filed its S-1 on May 20th, is set to go on its roadshow later this week pointing to the all-out race to get the much-desired liquidity from public markets with SpaceX, Anthropic and OpenAI all looking to go public in 2026.

"We believe this represents an opening of the floodgates for the IPO market, which has been relatively dormant for a few years, with these three major conglomerates set to go public later this year, but this has turned into a race to reach public markets over the coming months. Investors will be eagerly awaiting more details from Anthropic's S-1 over the coming weeks."

The South Asian nation's currency has come under sharp pressure from surging oil prices and foreign money outflows, prompting higher taxes on precious metal imports and calls to conserve foreign exchange.

In a rare move over the past three weeks, the Reserve Bank of India (RBI) has sent at least 10 queries to ascertain whether funds were routed overseas without a clear business purpose or tangible asset backing, one of the three sources said.

"The scrutiny is not about curbs but about the pace of capital outflows and why and whether they are exacerbating pressure on the currency and reserves," another source said.

India’s capital account is only partially open. Companies can invest abroad through the overseas direct investment (ODI) route, subject to limits tied to net worth and for specific purposes. Individuals may remit up to $250,000 annually under the Liberalised Remittance Scheme (LRS) for uses such as education, healthcare and investments.

Regulators are focusing on large overseas investments routed through opaque structures, inflated valuations of offshore assets, and potential misuse of ODI routes for private wealth management by individuals and family offices, the sources said.

The sources declined to be identified as they are not authorised to speak to the media. Email queries sent to RBI and Securities and Exchange Board of India (SEBI) on Tuesday went unanswered.

Details of queries

According to RBI data, overseas direct investment rose 11% year-on-year to $48.39 billion in financial year 2025–26, while individuals remitted $28.9 billion abroad.

Under current rules, regulated entities must secure sectoral no-objections and file valuation reports with the RBI for ODI remittances. Larger or complex deals may also need prior RBI approval.

The SEBI has also recently slowed no-objection letters for its regulated firms seeking to establish overseas structures, a third source said.

Focus on family offices

In particular, regulators are taking a closer look at offshore remittances by family offices, many of which are structured as corporate entities, two sources said. This allows them to access higher remittance limits under ODI, compared with the individual remittance caps.

The RBI is examining at least two instances of family offices using the ODI route for managing personal wealth, the second source said.

The RBI could also scrutinise instances where corporates have established overseas investment arms, as such structures are often used for capital market exposure rather than genuine strategic expansion abroad, two sources said.

Separately, SEBI, while approving proposals from its regulated entities - including funds and wealth management firms - to set up overseas structures, is flagging cases where its assessments indicate aggressive valuations in capital market and private asset investments, one of the three sources said.

Valuations are typically conducted by SEBI-registered merchant bankers. Regulators are also scrutinizing whether bankers are assigning inflated valuations.

"The current approach appears to be one of enhanced oversight and calibration of remittances, rather than any rollback of legitimate cross-border expansion by Indian companies and entrepreneurs," said Moin Ladha, Partner, Khaitan Co, a law firm in India.

"We are seeing greater focus on ensuring that commercial rationale, deployment of funds and business plans remain robust throughout the life cycle of an overseas investment."

State retailers Indian Oil, Bharat Petroleum and Hindustan Petroleum implemented four rounds of price hikes since mid-May after holding off earlier due to elections. Gasoline prices are now 7.8% higher while those for diesel are up 8.6%.

Analysts say there could be more price increases that are likely to dampen demand further, given that the retailers are still selling the fuels below market rates and are losing a combined 5.5 billion rupees ($57 million) daily.

Slowing growth in fuel sales for India, the world's third-largest importer and consumer, is set to dampen the outlook for global demand now that transportation fuel consumption in China has peaked.

"We expect India's gasoline demand growth to drop to around 3.5-3.7% in 2026 amid reduced discretionary driving," said Dylan Sim, an analyst at FGE NexantECA.

That compares with an earlier estimate of 4% growth. The consultancy has also cut its forecast for growth in diesel demand to 2% from 2.5%.

Moody's Indian rating arm ICRA has revised down its forecast for gasoline demand growth for this financial year to 3% to 4%, compared with 5% to 6% before the war. For diesel, it expects demand to stay flat or shrink versus an earlier projection of 2% to 3% growth.

Prashant Vashisth, senior vice president at ICRA, said that the diesel and gasoline price hikes could exacerbate inflation which could hurt end-user demand.

Increases in logistics and shipping costs, also stemming from the Middle East conflict, could lead to "weak industry growth which would negatively impact diesel demand," he added.

TRUCKERS AFFECTED BY LESS INDUSTRIAL ACTIVITY

Global oil prices have surged 40% to trade near $100 a barrel since the war restricted shipments through the Strait of Hormuz, which used to see a fifth of the world's oil supplies pass through before the conflict.

Signs of lower diesel demand due to slower industrial activity have emerged in the trucking sector.

Freight prices have fallen between 13% and 15% on three-quarters of key long-haul routes despite the increase in retail fuel prices, said SP Singh, senior fellow at the Indian Foundation of Transport Research and Training.

Singh noted that drivers are having to wait longer periods before making return trips.

"Truckers are not getting return tonnages. There is a delay of 3-5 days because manufacturing has slowed, that is hitting their revenue as their round trips per month have been reduced," he said.

Preliminary data showed that Indian retailers' gasoline sales in May rose 2.8% from a year earlier while gasoil sales edged up 0.9%. That compares with April figures of a 6.8% climb for gasoline and a 0.8% increase for gasoil.

The Massachusetts-based startup, which allows users to generate songs via AI prompts, said Bond Capital led the Series D funding round alongside venture capital firms such as IVP, Forerunner and Union Square Ventures.

AI music companies have been under growing scrutiny from artists, who have objected to the use of their work to train models without compensation.

More than 1,800 independent artists are supporting class-action lawsuits against Suno and Udio, alleging that the actions of these startups "were an attack" on the music community's "most vulnerable and valuable members".

Last year Udio signed deals with Universal Music Group and Warner Music Group to settle copyright cases, while Suno reached a settlement with WMG.

Spotify announced a deal with UMG last month, allowing the Swedish streaming giant's subscribers to create AI-generated covers and remixes of tracks by some of the label's artists, doubling down on AI features to compete with Suno and Udio.

Suno plans to begin rolling out its first music model developed in partnership with WMG in the coming months.

The startup said in an emailed response it expects to work with additional industry partners, but did not provide further details.

Existing investors, including Lightspeed and Menlo Ventures, participated in the fundraise.

The startup had in November raised $250 million at a $2.45 billion valuation.

The acquisition secures Asyad’s ownership of critical freight gateways, including Universal Logistics Services (ULS) and Highway Logistics Center (HLC). Strategically positioned within Tashkent’s freight network, these assets capture approximately 25% of Uzbekistan’s railway container traffic and secure a dominant share in the premium warehousing segment. By integrating these inland multimodal terminals into its global network, Asyad establishes the operational infrastructure necessary to link Central Asian cargo flows directly to Oman’s ports, strengthening both the region’s logistics capabilities and Oman’s role as a global logistics hub

The transaction aligns directly with Oman’s Logistics Strategy (SOLS) 2040 and the Oman Investment Authority’s mandate to deepen strategic and economic ties with Uzbekistan and Central Asia. The acquisition reinforces Oman’s role as a gateway between Central Asia and global markets, creating new opportunities to facilitate trade flows, enhance connectivity and support the development of integrated multimodal supply chains across the region. 

Abdulrahman Salim Al Hatmi, Group CEO of Asyad Group, stated: “This strategic investment marks a pivotal advancement in Asyad Group’s global expansion journey, establishing our operational foothold in Central Asia and creating a direct logistics bridge between Oman and the region’s fastest-growing markets. This acquisition accelerates our growth ambitions into key international markets and advances Asyad’s position as a leading fully integrated supply chain partner, delivering integrated multimodal logistics solutions across critical trade corridors, connecting Central Asia to the GCC and global markets through a comprehensive, efficient, and future-ready logistics ecosystem.”

Davron Ozgurer, CEO of Orient Group Management, commented: “This partnership represents a transformative step in modernizing Uzbekistan’s infrastructure sector and positioning it as a premier regional logistics hub. By bringing together Orient’s deep local expertise and market presence with Asyad Group’s global logistics capabilities and international network , we are creating a platform that will strengthen Uzbekistan’s position as a key gateway for trade across Central Asia, the GCC and global markets.”

Omar Mahmood Bahram, CEO of UzOman, added: “This landmark transaction reflects the enduring sovereign and strategic partnership between the Oman and Uzbekistan. By facilitating Asyad Group’s entry into this high-growth market, we are advancing our mandate to strengthen economic  cooperation and deepen the vital commercial ties linking Central Asia and the Middle East. This investment establishes a direct logistics corridor that will channel Central Asian exports through Oman’s world-class ports and logistics infrastructure, enhancing connectivity, trade facilitation and economic integration.”

This strategic deal underscores growing international investor confidence in Uzbekistan’s transport and logistics sector, catalyzed by the country’s macroeconomic rise, trade liberalization, and accelerating integration into global supply chains. For Asyad Group, the acquisition serves as a robust platform for future expansion into neighboring markets, ensuring the Group remains at the forefront of global trade enablement and regional connectivity.

The government said the support would be provided as interest-free advances to oil marketing companies to cover under-recoveries - the gap between market-linked jet fuel prices and the moderated rates charged to airlines.

"The measure will help protect and sustain domestic and international air connectivity, ensuring continuity of air services," it added.

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Shares of India's largest airline, IndiGo, reversed course to trade up 1 per cent.

Globally, airlines have been squeezed by rising jet fuel prices, which can account for up to 40 per cent of operating costs.

The 60-minute showcase opened with a fresh look at Marvel's Wolverine and ended with the surprise reveal of God of War Laufey, while major franchises including Tomb Raider, Silent Hill and Until Dawn also returned. Here's everything you need to know about the biggest announcements.

Marvel's Wolverine finally shows its claws

Insomniac Games kicked off the show with an extended look at Marvel's Wolverine, offering the most detailed gameplay reveal yet. The footage showcased Logan's brutal combat style, featuring savage claw attacks, environmental takedowns and a darker tone than the studio's Spider-Man games.

Players also got a glimpse of Team X and several familiar Marvel characters, including Jean Grey, who appears to play a significant role in the story. The trailer confirmed that Wolverine is shaping up to be one of PlayStation's biggest exclusives.

God of War Laufey puts Faye in the spotlight

The show's biggest surprise came at the end. God of War Laufey shifts the focus away from Kratos and Atreus and places Faye, Kratos' wife and Atreus' mother, at the centre of the story.

Set after her death, the game follows Faye as she journeys through the afterlife of the gods to protect those she loves. The reveal suggests a fresh direction for the franchise while expanding one of the most important characters in the God of War universe.

Tomb Raider returns to Lara Croft's roots

Crystal Dynamics unveiled Tomb Raider: Legacy of Atlantis, launching on February 12, 2027.

The new adventure promises a return to classic Lara Croft exploration, with footage showing the iconic Peru Lost Valley and several familiar faces from the franchise's history. Early impressions suggest a stronger focus on puzzles, platforming and archaeological discovery.

Silent Hill Townfall and Until Dawn 2 bring the scares

Horror fans had plenty to celebrate. Silent Hill Townfall received a September 24 release date alongside a chilling new trailer introducing protagonist Zoe and a terrifying new creature stalking players through the Otherworld.

Meanwhile, Until Dawn 2 was officially revealed. Developed by Firesprite Games, the standalone sequel follows a group of ghost hunters investigating an abandoned tropical island, with player choices once again determining who survives.

Other major announcements

The showcase also featured release dates and updates for Control Resonant (September 24), Onimusha: Way of the Sword (September 25), Phantom Blade Zero (October 29), Dune Awakening (September 22), Ace Combat 8: Wings of Theve (October 2), No Rest for the Wicked, Marathon, Kemuri, ILL, The Lost Wild, Bancho The Chef, Dynasty Warriors 3: Complete Edition Remastered, Rayman Legends Retold and Stuntman: Hollywood.

With major exclusives arriving throughout late 2026 and early 2027, Sony's latest State of Play was a huge hit among gamers.

Want to know more about your favourite tech products in the UAE? Check out the links below or click here to see Khaleej Times' coverage on technology.

Global oil markets are entering a critical phase as the prolonged disruption to shipping through the Strait of Hormuz threatens to push crude prices towards $150 a barrel, a level that economists warn could trigger significant economic pain across both energy-importing and energy-exporting nations.

Brent crude climbed back towards the $97 mark on Wednesday after fresh military action in the Middle East reignited concerns about supply disruptions in one of the world's most important energy corridors. The August Brent contract was trading at $96.99 a barrel in early trading, while US benchmark West Texas Intermediate rose to $94.85.

While oil prices remain well below the triple-digit levels feared when the conflict first erupted, economists say the real test lies ahead as global inventories continue to decline.

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According to a new assessment by Oxford Economics, the global oil market has so far weathered the crisis better than expected due to weaker demand, shifting trade flows and strategic inventory drawdowns. However, these buffers are rapidly diminishing.

Bridget Payne, head of Oil and Gas Forecasting at Oxford Economics, said the consultancy's baseline scenario assumes an agreement is reached by the end of July to reopen the Strait of Hormuz before global inventories fall to dangerously low levels.

The narrow waterway connecting the Gulf to international markets handles roughly a fifth of the world's oil consumption and remains the single most important chokepoint in global energy trade.

"If the US or Iran's stance leads to a more prolonged closure of the Strait, OECD stocks could reach a critical threshold by mid-September, triggering a price spike towards $150 per barrel," Payne said.

She warned that oil prices at such levels would be difficult for the global economy to absorb for an extended period.

"Prices at this level would create overwhelming pressure on both the US and Iran to allow traffic through the Strait to resume," she added.

The warning comes as analysts increasingly focus on inventory levels rather than headline supply disruptions. Market participants believe the eventual reopening of Hormuz may be determined less by diplomacy and more by the pace at which global stockpiles are depleted.

Oxford Economics argues that inventory depletion could become the decisive trigger forcing all parties to seek a resolution.

So far, governments, refiners and traders have relied heavily on emergency stockpiles and alternative supply routes to cushion the impact of reduced Gulf exports. Additional crude supplies from producers outside the region, weaker global demand and logistical adjustments have also helped prevent a major supply shock.

However, Payne cautioned that these mechanisms have finite limits.

"The market has adjusted better than expected so far, with weaker demand, trade flow shifts and inventory drawdowns preventing major shortages. But these buffers are finite, and stocks do not need to reach zero before governments, refiners and traders become concerned about fuel availability," she said.

The implications of a sustained oil rally would be profound.

For major importing economies such as India, Japan, South Korea and much of Europe, a move towards $150 oil would significantly increase inflationary pressures, widen trade deficits and potentially force central banks to delay interest-rate cuts.

India remains particularly vulnerable, importing nearly 90 per cent of its crude oil requirements. Every $10 increase in crude prices adds billions of dollars to the country's annual import bill and places additional pressure on the rupee, which has already weakened sharply against the US dollar since the conflict began.

For Gulf economies, higher oil prices would boost fiscal revenues in the short term. However, economists warn that a prolonged period of exceptionally high prices could eventually damage global growth, weaken energy demand and create instability across financial markets.

 The warning from Oxford Economics echoes growing concerns among traders and investment banks that oil markets remain vulnerable despite recent signs of resilience. A Bloomberg Intelligence survey released earlier suggested that many market participants expect oil to trade between $81 and $100 a barrel over the next 12 months, although that outlook assumes the Strait of Hormuz eventually reopens and major supply disruptions are avoided.

For now, the market's central assumption remains that diplomacy, economic necessity and dwindling inventories will ultimately force a reopening of the Strait.

But with OECD stockpiles steadily shrinking and geopolitical tensions showing few signs of easing, the risk of a dramatic spike towards $150 oil can no longer be dismissed as a remote possibility. Instead, it is increasingly emerging as one of the most significant threats facing the global economy in the second half of 2026.

Dubai-based flydubai said it has cancelled all flights to and from Kuwait after Iranian drones struck the airport early on Wednesday.

“Flydubai flights to and from Kuwait International Airport (KWI) on 3 June have been cancelled,” a spokesperson from flydubai told Khaleej Times. “We continue to monitor the situation closely and will revise our flight schedule accordingly.”

Several Iranian drones struck the airport on June 3, killing one person and injuring at least 63. The day before, Iran launched a barrage of missiles and drones, which were intercepted by Kuwait. The UAE strongly condemned these attacks, calling them “terrorist attacks” that violate the sovereignty of Kuwait and are a threat to its security and stability.

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The airline said in the statement that the airline is in direct contact with passengers whose travel plans have been affected. It added that it will provide accommodation to those passengers, if required.

Flydubai added, “Customers are required to regularly check Flight Status and Operational Updates for the latest updates, before heading to the airport, and to ensure that their contact details are up to date by visiting Manage Your Booking on flydubai.com."

Its operations in Bahrain, which have also seen renewed attacks from Iran, are continuing as normal, flydubai said.

India’s IndiGo has also suspended all flight operations to and from Kuwait until June 4th.

Kuwait’s civil aviation authority said that an emergency plan had been activated at the airport, with flights either suspended or diverted to alternative airports.

Kuwait Airways also announced that it would halt operations following the attack. The National Bank of Kuwait branches in terminals 1 and 4 of the airport have been temporarily closed.

The Gulf region has seen relative calm since a fragile ceasefire was announced on April 8, with these recent attacks marking a significant escalation.

Elsewhere, in Lebanon, Israel intensified its strikes despite a US-brokered deal on Tuesday.

Microsoft, the first company to have invested massively in OpenAI, has for several years been seeking to reduce its reliance on its Sam Altman-led partner.

It renegotiated their alliance last year and retains only a non-exclusive license on its technology until 2032.

But Microsoft chief Satya Nadella has been saying it for years: he refuses to end up like IBM, the computing giant that backed the rise of Microsoft before being supplanted by the upstart company in the 1980s.

"It's important that we are self-sustaining and are not taking huge dependencies, as this is a very fast-moving, highly fluctuating environment," Sophie Lebrecht, who joined the group's AI team in March, said during a press visit to its Silicon Valley campus.

At its annual developer conference, Microsoft Build, the group unveiled MAI-Thinking-1, its first "reasoning" model — AI systems that break down problems step-by-step before responding, similar to offerings from OpenAI, Google or Anthropic.

Microsoft says it built the model "from scratch" with "no distillation" of rival models — a common shortcut that involves copying a competitor's outputs to train a new system more cheaply and quickly.

The tool, still limited to a select group of customers, arrives roughly a year and a half behind pioneers such as OpenAI and Google.

Microsoft also unveiled other in-house models for generating images, transcribing audio, creating synthetic voices and coding.

Joining the broader Silicon Valley craze, the group aims to ride the wave of so-called "agentic" AI, which has moved the technology beyond a simple chatbot to one that acts on your behalf.

From 'virus' to feature

It unveiled Microsoft Scout, an "always-on" assistant — for preparing meetings, managing schedules and drafting emails — based on OpenClaw, the open-source software whose global popularity launched this wave in late 2025.

Nadella at the time called it "a virus," with Silicon Valley alarmed by online security incidents triggered by the autonomous agents.

Less than a year later, OpenClaw's Austrian creator, Peter Steinberger, took the Microsoft stage on Tuesday to applause from executives and developers.

Scout is available only to a limited circle of customers.

Last month, Google unveiled its own autonomous agent, Gemini Spark, reserved for its premium US subscribers.

Microsoft also announced a Nvidia-powered mini-PC, the Surface RTX Spark Dev Box, capable of running AI models offline, as well as an AI platform dedicated to scientific research.

For bringing AI into the home, Microsoft unveiled its hardware bet: an ecosystem of Android-based devices designed to interact by voice with AI agents, without opening applications as on a computer or smartphone.

On stage, the company showed two prototypes: a desk speaker with a screen that recognises you by face, displays your tasks for the day and can double as a computer once plugged into a monitor; and a wearable badge for conversing with your AI agent, developed with Qualcomm.

New controls will allow employees to pause the data collection for up to 30 minutes at a time and request exemptions from the initiative, according to the memo, authored by Stephane Kasriel, a vice president in Meta's AI model-building Superintelligence Labs unit. Kasriel said the team behind the software had also introduced "several optimisations" to reduce its impact on computer battery life, after employees complained it was consuming so much data it was causing their home internet usage to spike.

"While we remain confident in the privacy protections we put in place at launch, which went through several layers of risk review, we have heard your concerns about personal data on work devices, battery life, and wanting more control over when capturing happens," Kasriel said in the memo.

A Meta spokesperson declined to comment. The company announced last month that it was installing new tracking software on US-based employees’ computers to capture mouse movements, clicks and ​keystrokes for use in training its artificial intelligence models, part of a broad initiative to build AI agents that can perform work tasks autonomously. The launch came during a far-reaching restructuring at Meta and prompted an angry backlash among staffers, who have likened Meta to an “Employee Data Extraction Factory.” It could deepen Meta’s regulatory troubles in the European Union, where tech companies are facing heated legal clashes over how they collect and deploy data, Reuters has reported.

The project will comprise a 2.6-gigawatt combined-cycle gas turbine (CCGT) power plant in Abu Dhabi, designed to support future carbon capture technologies while enhancing grid stability and enabling the integration of larger volumes of renewable energy into the emirate’s electricity network.

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EWEC has signed a power purchase agreement with the consortium that will run until 2050. Under the agreement, EWEC will act as the sole purchaser of electricity generated by the facility. Taqa will hold a 60 per cent stake in the project, while the international consortium will own the remaining 40 per cent.

Mohamed Almarzooqi, chief assets officer at EWEC, described the project as a key milestone in the company’s long-term strategy to balance energy security with decarbonisation goals.

He said the project would help support EWEC’s plans to expand renewable energy capacity, which is expected to exceed 30GW of solar photovoltaic capacity by 2035, while ensuring a reliable electricity supply to support economic growth.

The announcement comes as Abu Dhabi accelerates investments in clean energy infrastructure under its Energy Strategy 2050 and Clean Energy Strategic Target 2035. Earlier this year, the emirate continued to expand its solar and low-carbon energy portfolio as part of efforts to achieve net-zero emissions by 2050 and increase the share of clean energy in the power mix.

Dr Frank Possmeier, chief investment officer of Taqa Generation, said flexible gas-powered generation would continue to play an important role in supporting renewable energy integration and advancing the UAE’s net-zero ambitions.

The facility will utilise Siemens Energy’s high-efficiency H-class gas turbines and is expected to begin commercial operations in 2029. The project is also expected to contribute to Emiratisation goals by creating opportunities for UAE nationals in critical roles across the development and operational phases.

Taqa, Aljomaih Energy and Water Company, and Sembcorp Industries will be responsible for the design, financing, construction, operation and maintenance of the facility under Abu Dhabi’s independent power producer programme.