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Al Ansari confirms technical glitch at exchange unit, most funds recovered

Al Ansari emphasised that the incident did not disrupt its regular operations

Rajiv Pillai
Rajiv Pillai

08 July, 2025

Al Ansari confirms technical glitch at exchange unit, most funds recovered
Image: Al Ansari Financial Services

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Al Ansari Financial Services has confirmed that its wholly owned subsidiary, Al Ansar Exchange (AAE), experienced a minor technical issue on Saturday, 5 July, resulting in the unintentional transfer of funds to a limited number of customer accounts.

In a disclosure on the Dubai Financial Market (DFM) website, the company stated that its teams responded immediately to the incident, working closely with relevant financial institutions. “The vast majority of the amounts were successfully recovered,” the statement noted.

Al Ansari emphasised that the incident did not disrupt its regular operations. “Regular daily transactions and our operations have not been impacted by this incident, and AAE continues to operate as usual,” the company said.

The company further assured stakeholders of its ongoing commitment to operational excellence. “Additional preventative measures are being implemented to further strengthen our systems and prevent such occurrences in the future.”

The company concluded by extending its apologies to those affected, and expressed gratitude for the cooperation and understanding of all parties involved.

UAE Golden Visa now more accessible to Indian applicants

The initiative is expected to attract a growing number of Indian applicants looking to make the UAE their long-term base

Gulf Business
Gulf Business

08 July, 2025

UAE Golden Visa now more accessible to Indian applicants
Image: Getty Images

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Accessing expert guidance for the UAE’s prestigious Golden Visa has just become more convenient for Indian residents. VFS Global’s Education, Trade & Migration (ETM) Services, a division of the global outsourcing and technology services leader, has partnered with the Rayad Group to offer specialised immigration advisory services tailored for UAE Golden Visa applicants in India.

This new initiative enables eligible individuals, including business owners, professionals, scientists, entrepreneurs, creatives, and influencers, to apply for a 10-year UAE residency under the government nomination category. Notably, there is no requirement to invest in real estate or set up a business to qualify. Successful applicants can also sponsor their spouses, children (including adult dependents), parents, and household staff to join them in the UAE.

Applicants can initiate the process by visiting this link or contacting the dedicated helpline at +91-22-62018483.

The service is the first offering from the new Centre of Excellence jointly established by VFS ETM and Rayad Group, with locations in New Delhi, Mumbai, Ahmedabad, Chennai, Hyderabad, and Pune. These centres combine legal advisory expertise with the latest advancements in Generative AI to streamline the immigration process and ensure regulatory compliance.

Read: No golden visas for crypto investors, UAE authorities confirm

Founded in 1994, the Rayad Group brings extensive experience in global immigration and legal consulting, including advisory on UAE Golden Visas, US EB-5 programs, and citizenship-by-investment options in over 45 countries.

VFS Global, a trusted partner to 69 client governments, operates over 3,800 application centres in 158 countries. Since 2001, it has processed more than 461 million applications globally, delivering secure mobility solutions for governments and citizens alike.

“We believe there is strong demand for immigration advisory services, particularly for the UAE Golden Visa. In line with our customer-first policy we are delighted to roll out this solution that empowers applicants to get sound understanding of the immigration process and take informed decisions,” said Yummi Talwar, Chief Operating Officer – South Asia, VFS Global.

Rayad Kamal Ayub, Managing Director of Rayad Group, added, “The United Arab Emirates’ unique blend of economic stability, favourable tax policies, and luxurious living standards positions it as a premier destination for high-net-worth individuals seeking new opportunities and an elevated quality of life. The nation’s safety, political stability, and world class healthcare and educational systems coupled with the Golden Visa program provide an ideal environment for residents to realise their aspirations.”

With a strong value proposition and trusted advisors behind the rollout, the initiative is expected to attract a growing number of Indian applicants looking to make the UAE their long-term base.

New route alert: Air Arabia launches flights to European destination

The airline aims to provide a seamless and comfortable flying experience, reinforcing its position as a leading low-cost carrier in the region

Gulf Business
Gulf Business

08 July, 2025

New route alert: Air Arabia launches flights to European destination
Image credit: WAM/Website

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Air Arabia has announced the launch of a new daily non-stop service connecting Sharjah International Airport with Munich International Airport, starting December 15, 2025.

The new route marks a significant addition to the airline’s growing European network, providing travelers with affordable and convenient connectivity between the UAE and one of Germany’s key economic and cultural hubs, a WAM report said.

Read-Date announced: Air Arabia resumes flights to Damascus

Strategic expansion into Europe

“Munich stands as one of Germany’s leading economic and cultural centers, offering strong appeal for both business and leisure travelers,” said Adel Al Ali, Group Chief Executive Officer of Air Arabia. “The launch of our new non-stop service to Munich marks another important step in expanding our European network from the UAE to key global destinations.”

He added that the move supports Air Arabia’s long-term growth strategy while reinforcing its commitment to value-driven travel.

Growing route network

With the addition of Munich, Air Arabia now connects Sharjah to a growing list of European cities, including Vienna, Athens, Milan Bergamo, Krakow, Warsaw (Chopin and Modlin), and Prague. The airline continues to strengthen its presence in Europe, offering increased options for travelers seeking budget-friendly and reliable air travel.

The airline aims to provide a seamless and comfortable flying experience, reinforcing its position as a leading low-cost carrier in the region.

Oil prices ease as traders assess US tariffs, OPEC+ output hike

Trump’s tariffs have prompted uncertainty across the market and concerns they could have a negative effect on the global economy and, consequently, on oil demand

Reuters
Reuters

08 July, 2025

Oil prices ease as traders assess US tariffs, OPEC+ output hike
Image: Getty Images

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Oil prices eased on Tuesday after rising almost 2 per cent in the previous session, as investors assessed new developments on US tariffs and a higher-than-expected OPEC+ output hike for August.

Brent crude futures dropped 21 cents at $69.37 a barrel by 0041 GMT. US West Texas Intermediate crude fell 24 cents at $67.69 a barrel.

US President Donald Trump on Monday began telling trade partners, which included major suppliers South Korea and Japan as well as smaller US exporters like Serbia, Thailand and Tunisia, that sharply higher US tariffs will start August 1, marking a new phase in the trade war he launched earlier this year.

Trump’s tariffs have prompted uncertainty across the market and concerns they could have a negative effect on the global economy and, consequently, on oil demand.

However, there are some signs current demand remains strong, particularly in the US, the world’s biggest oil consumer, which has supported prices. A record 72.2m Americans were projected to travel more than 50 miles (80 km) for Fourth of July vacations, data from travel group AAA showed last week.

Investors were bullish heading into the holiday period with data from the US Commodity Futures Trading Commission released on Monday showing money managers raised their net-long futures and options positions in crude oil contracts in the week up to July 1.

Regarding supplies, on Saturday the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, agreed to raise production by 548,000 barrels per day in August, exceeding the 411,000-bpd hikes they made for the prior three months.

The decision removes nearly all of the 2.2m-bpd of voluntary cuts and analysts at Goldman Sachs expect OPEC+ to announce a final 550,000-bpd increase for September at the next meeting on August 3.

However, the actual output increase has been smaller than the announced levels so far and most of the supply has been from Saudi Arabia, analysts said.

Dubai’s smart commute: How RTA’s AI is changing the city’s roads

The Public Transport Station Management Using AI tool monitors crowd movement to enhance passenger flow and reduce wait times

Gulf Business
Gulf Business

08 July, 2025

Dubai’s smart commute: How RTA’s AI is changing the city’s roads
Image credit: WAM/Website

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Dubai’s Roads and Transport Authority (RTA) recently hosted a week-long exhibition at its headquarters to showcase its leading artificial intelligence (AI) initiatives, supporting the implementation of its Artificial Intelligence Strategy 2030.

The exhibition was designed to engage RTA employees and strategic partners, highlighting how AI is being used to enhance service delivery, integrated mobility, and global best practices in transportation and infrastructure, a WAM report said.

AI tools driving smart mobility

Eleven AI-powered initiatives were presented during the event, each aligned with six strategic pillars of RTA’s AI Strategy: Seamless and Innovative Mobility, People Happiness, Smart Traffic Management, Smart Licensing, Asset Excellence, and Future Readiness.

Among the highlights was the Bus Drivers Support System: Control and Operation Centre, which uses AI to analyse voice and data for real-time communication between drivers and the control centre. The Dubai Metro Water and Electricity Consumption Forecast Dashboard was also showcased — a predictive analytics tool aimed at improving sustainability and cost efficiency in metro operations.

The exhibition also featured the AI-powered Madinati WhatsApp service, allowing users to report public transport asset damage, and the Smart Assessment of Cycling Track Infrastructure, which uses new global indicators to evaluate safety and rider comfort. The Smart Road Asset Assessment System, powered by LiDAR and AI, helps prioritise road maintenance and keeps digital asset records updated.

In traffic management, the Smart Traffic Management initiative presented at the Dubai Intelligent Traffic Systems Centre demonstrates how big data and AI can be used to optimise traffic flow. Similarly, the AI-Powered Bus Network Management tool analyses ridership data to improve route efficiency. The Instructor Monitoring System uses in-vehicle AI cameras to assess driving instructors’ performance and maintain training standards.

Other notable projects included the Plate Price Prediction System, which uses historical data to forecast revenue from number plate auctions, and the Microsoft Copilot-enabled operations, which streamline data analysis and task automation. The Public Transport Station Management Using AI tool monitors crowd movement to enhance passenger flow and reduce wait times.

Hackathon highlights innovation drive

Alongside the exhibition, RTA hosted expert panels, forums, and interactive discussions on AI’s role in the future of smart mobility and urban development. A three-day AI Hackathon saw RTA employees competing to develop AI-based transport solutions, with the event concluding in an awards ceremony honoring the most innovative ideas.

Mohammed Yousef Al Mudharreb, CEO of the Corporate Technology Support Services Sector and Deputy Head of RTA’s AI and Data Science Team, said the event reinforced the momentum of Dubai AI Week held last April. That initiative, launched under the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, aims to position Dubai as a global AI hub.

Al Mudharreb emphasized the importance of involving staff and strategic partners in applying practical AI use cases while strengthening governance and technical capabilities.

In April, RTA launched its Artificial Intelligence Strategy 2030, comprising 81 projects aimed at transforming Dubai into a global leader in AI-driven mobility and improving residents’ quality of life.

UAE rescues 22 crew after Houthis sink ship in Red Sea

The UAE said it had successfully rescued all 22 people aboard the Magic Seas after an AD Ports Group vessel, Safeen Prism, responded to a distress call

Reuters
Reuters

08 July, 2025

UAE rescues 22 crew after Houthis sink ship in Red Sea
Image credit: Getty Images

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Yemen’s Houthis said on Monday that a cargo ship they struck with gunfire, rockets and explosive-laden remote-controlled boats had sunk in the Red Sea, after their first known attack on the high seas this year.

The ship’s Greek operator Stem Shipping told Reuters it had no independent verification. Reuters could also not immediately verify whether the ship had sunk.

The Houthis claimed responsibility for Sunday’s assault and said they had allowed the 19 crew members to disembark from the Liberian-flagged bulk carrier, the Magic Seas.

All crew were rescued by a passing merchant vessel and were expected to arrive in Djibouti later on Monday, Stem Shipping told Reuters.

The United Arab Emirates said on Monday it had successfully rescued all 22 people aboard the Magic Seas after an AD Ports Group vessel, Safeen Prism, responded to a distress call from the commercial ship following an attack in the Red Sea.

The Magic Seas was taking on water after the attack and remained at risk of sinking, the company’s representative, Michael Bodouroglou, had said earlier. The ship had been carrying iron and fertiliser from China to Turkey.

The attack ended half a year of calm in the Red Sea, one of the world’s busiest shipping routes, where Houthi attacks from the end of 2023 through late 2024 had disrupted shipping between Europe and Asia through the Suez Canal.

The Houthis launched more than 100 attacks on ships in the Red Sea, the Gulf of Aden and the Bab al-Mandab Strait that links them, in what they described as solidarity with the Palestinians after war erupted in Gaza in 2023. But those attacks had halted this year, with the last known to have taken place in December.

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