Oil prices are likely to drift lower this year as a wave of supply creates a market surplus, although geopolitical risks tied to Russia, Venezuela and Iran will continue to drive volatility, Goldman Sachs said in a note on Sunday.

The investment bank maintained its 2026 average price forecasts of $56/$52 per barrel for Brent/WTI, and expects Brent/WTI prices to bottom at $54/50 in the last quarter as OECD inventories build up.

“Rising global oil stocks and our forecast of a 2.3mb/d surplus in 2026 suggest that rebalancing the market likely requires lower oil prices in 2026 to slow down non-OPEC supply growth and support solid demand growth, barring large supply disruptions or OPEC production cuts,” Goldman Sachs said.

Brent crude futures LCOc1 were trading around $63 a barrel, as of 0412 GMT, while US West Texas Intermediate crude CLc1 holds ground at $59. Last year, both the benchmarks posted their worst annual performance since 2020, with an almost 20 per cent decline. O/R

US policymakers’ focus on strong energy supply and relatively low oil prices will keep sustained oil price upside in check ahead of the midterms, analysts at the bank noted.

Prices are expected to gradually start recovering in 2027, with the market returning to a deficit as non-OPEC supply slows down and solid demand growth continues, Goldman analysts said in a note.

Read: Most Gulf markets ease on weak oil prices

The investment bank expects Brent/WTI to average at $58/54 in 2027, although $5 lower than its prior estimate, citing upgrades to 2027 supply in the US, Venezuela and Russia by 0.3, 0.4 and 0.5mb/d, respectively.

Goldman said it expects a substantial price recovery later this decade as demand grows through 2040 after years of low long-cycle investment, with 2030–2035 Brent/WTI prices averaging $75/$71, $5 below its previous estimate.

Risks to the price forecasts are skewed modestly to the downside given a further increase in non-OPEC supply, Goldman said, adding that it expects no OPEC production cuts, despite geopolitical risks and low speculative positioning.

“We still recommend investors short the 2026Q3-Dec2028 Brent time-spread to express the 2026 surplus view, and oil producers hedge 2026 price downside.”

Emrill, an integrated facilities management provider in the UAE, completed the post–New Year’s Eve clean-up across Downtown Dubai in under 55 minutes, deploying more than 308 team members to restore public spaces following one of the city’s largest annual celebrations.

Delivered for the thirteenth consecutive year as part of Emrill’s long-standing collaboration with Emaar, the operation underscored the company’s experience in supporting complex, high-profile events in dense urban environments.

This year’s New Year’s Eve programme featured an expanded line-up of attractions, including a parade along Sheikh Mohammed bin Rashid Boulevard, Bollywood performances at Burj Park, acrobatic displays, and cultural entertainment at Dubai Fountain. In response to the increased scale and footfall, Emrill enhanced its deployment strategy, assigning additional cleaning resources across extended event zones and high-traffic public areas.

The operation was supported by a structured workforce comprising an associate director, an assistant general manager, ten managers, two HSSEQ officers, two engineers, 19 supervisors, 36 technicians, and 237 cleaners. Teams were strategically positioned across Sheikh Mohammed bin Rashid Boulevard, surrounding plazas, public parks, and pedestrian corridors to ensure a coordinated clean-up.

Extensive planning and phased execution were critical to the operation’s success. Emrill deployed specialist equipment including nine ride-on scrubber driers, four heavy-duty mechanical sweepers, five mobile high-pressure club cars, and a CMAR street cleaner. A robot scrubber was also used to conduct detailed cleaning within the Burj Khalifa precinct once celebrations concluded.

Read: From reservations to festivities: The business of Dubai hotels’ New Year frenzy

Post-event clean-up began at 12:10am on January 1, 2026, with all designated areas fully cleaned, operational, and accessible by 1:05am.

Throughout the operation, Emrill prioritised safety and coordination through structured zoning, controlled equipment movement, and real-time supervision to minimise disruption to residents, visitors, and surrounding properties.

Gopalakrishnan, chief operating officer at Emrill, said: “Delivering the clean-up operations for Emaar’s New Year’s Eve celebrations in Downtown Dubai for so many years reflects the experience, planning and coordination required to manage one of the city’s most demanding operational environments. Our teams worked efficiently to restore public spaces quickly, safely and to the highest standards.”

Emrill’s continued role in delivering Downtown Dubai’s New Year’s Eve post-event clean-up for Emaar highlights its ability to execute large-scale facilities management operations within tight timeframes, reinforcing its position as a trusted partner for major public events and landmark destinations across the UAE.

India is moving to introduce a comprehensive set of security compliance requirements for smartphones sold in the country, a move that could significantly affect global device manufacturers including Apple, Samsung, Google, and Xiaomi.

The proposed measures, outlined in government and industry documents reviewed by Reuters, are intended to enhance cybersecurity standards and reduce vulnerabilities across mobile operating systems used by hundreds of millions of Indian consumers.

The proposals have drawn objections from technology companies and industry groups, which argue that several of the requirements pose operational, technical, and commercial challenges.

Read more-Samsung outlines ‘AI living’ strategy at CES as it expands connected devices

Concerns range from the protection of proprietary source code and global privacy commitments to the potential impact on device performance, software update timelines, and compliance costs. As discussions continue between policymakers and manufacturers, the outcome is expected to have broader implications for how multinational technology firms adapt their products and governance models to meet India’s evolving regulatory environment.

Below are key security requirements India is proposing for smartphone makers like Apple and Samsung, prompting opposition from tech companies, according to four sources, as well as industry and government documents seen by Reuters.

1-Source code disclosure

Manufacturers must test and provide proprietary source code for review by government-designated labs to identify vulnerabilities in phone operating systems that could be exploited by attackers.

Industry group MAIT, which represents Apple, South Korea’s Samsung, Google, China’s Xiaomi 1810.HK, has told the government this is “not possible” due to corporate secrecy and global privacy policies.

2-Background permission restrictions

Apps cannot access cameras, microphones or location services in the background when phones are inactive. Continuous status bar notifications are required when these permissions are active.

Manufacturers say this lacks any global precedent and there is no specific test method prescribed.

3-Permission review alerts

Devices must periodically display warnings prompting users to review all app permissions, with continuous notifications. Companies say notice should be limited to “highly critical” permissions.

4-One-year log retention

Devices must store security audit logs, including app installations and login attempts, for 12 months.

MAIT argues consumer phones lack the storage capacity for a year of data.

5-Periodic malware scanning

Phones must periodically scan for malware and identify potentially harmful applications.

Manufacturers warn that constant on-device scanning significantly drains the battery and slows hardware performance.

6-Option to remove pre-installed apps

All pre-installed apps bundled with the phone operating system, except those essential for basic phone functions, must be deletable.

Companies argue many apps are critical system components that cannot be removed.

7-Informing government of major updates

Phone makers must notify a government organisation before releasing any major updates or security patches.

Manufacturers argue this is “impractical” because security fixes must be released quickly to protect users from active exploits, while government delays could leave users vulnerable.

8-Tamper-detection warnings

Devices must detect if phones have been rooted or “jailbroken”, where users bypass built-in security restrictions, and display continuous warning banners to recommend corrective measures.

Companies say there is no reliable mechanism to detect jailbreaking.

9-Anti-rollback protection

Phones must permanently block installation of older software versions, even if officially signed by the manufacturer, to prevent security downgrades.

There is no global standard related to this requirement, manufacturers say.

Mattar Al Tayer, director general and chairman of the Board of Executive Directors of Dubai’s Roads and Transport Authority (RTA), and Yunpeng Wang, corporate vice president of Baidu and President of Baidu’s Intelligent Driving Group, have inaugurated Baidu Apollo Go’s Autonomous Vehicles Operations and Control Centre at Dubai Science Park.

The opening marks a significant milestone for the company, representing the establishment of Apollo Go’s first operations centre outside China.

The facility underscores Dubai’s continued push to position itself at the forefront of smart mobility and advanced transport technologies, while also reflecting the emirate’s growing appeal to global technology leaders seeking to scale autonomous vehicle solutions beyond their home markets.

Read more-Dubai launches Robotaxi service: Uber, WeRide debut autonomous rides in RTA-led rollout

Spanning an area of 2,000 square metres, the centre has been designed as a comprehensive operational hub supporting infrastructure resources, service management, and internet-based applications. According to an RTA media report, the facility also houses a simulation room, a training room, and a dedicated operations and maintenance centre, enabling end-to-end oversight of autonomous vehicle deployment and performance.

First-of-its-kind permit in Dubai

In conjunction with the opening of the centre, RTA granted Baidu Apollo Go Dubai’s first permit of its kind, authorising the company to conduct trials of fully autonomous vehicles on designated public roads without a safety driver behind the wheel. The permit represents a landmark regulatory step for the emirate and signals a high level of institutional confidence in Apollo Go’s autonomous driving technology.

The approval allows Apollo Go to advance its testing and operational readiness for driverless mobility solutions within Dubai’s public transport ecosystem. It also reinforces RTA’s stated objective of developing a flexible and forward-looking regulatory framework that accommodates rapid innovation while maintaining the highest safety standards.

During a tour of the newly inaugurated centre, Mattar Al Tayer was briefed on its facilities and operational capabilities. The centre has been designed as a fully integrated hub for autonomous vehicles, bringing together intelligent road infrastructure, charging and maintenance facilities, and supporting technologies within a single operational environment.

The facility aligns with Apollo Go’s long-term plans to expand its autonomous vehicle fleet in Dubai to more than 1,000 vehicles in the coming years. From a technical and operational perspective, the centre is responsible for the daily operation of vehicles, routine maintenance activities, charging operations, software updates, and vehicle inspection processes.

In addition, the centre oversees the maintenance of components and equipment dedicated to test vehicles, while supporting safety testing and ensuring rapid and effective responses to operational commands. It also enables safety drivers and operational staff to perform a wide range of roles, including test readiness, safety awareness, training, device inventory management, and support for day-to-day office operations.

Operational steps toward commercial deployment

The opening of the Autonomous Vehicles Operations and Control Centre builds on a series of regulatory and operational milestones achieved by Baidu Apollo Go in Dubai. In March 2025, RTA and the company signed a Memorandum of Understanding to enable the large-scale operation of autonomous taxis across the emirate.

This was followed in July 2025 by the issuance of Dubai’s first autonomous driving trial permit, allowing Apollo Go to conduct operational trials of autonomous vehicles. In August, the company launched trials involving 50 RT6 autonomous vehicles operating on designated roads across Dubai, further advancing its testing programme.

Securing the first permit to conduct fully driverless trials without a safety driver behind the wheel marks a pivotal milestone in Apollo Go’s efforts to launch a fully integrated commercial autonomous ride-hailing service in the emirate in the first quarter of 2026.

Global confidence in Dubai

Mattar Al Tayer expressed satisfaction with the opening of Baidu Apollo Go’s Autonomous Vehicles Operations and Control Centre, describing it as a strategic milestone in Dubai’s journey toward consolidating its global leadership in smart mobility and artificial intelligence-driven transport solutions.

He said the opening of Apollo Go’s first operations centre outside China reflects strong confidence among leading global companies in Dubai’s advanced regulatory environment and the readiness of its smart infrastructure to support autonomous vehicle technologies in line with the highest standards of safety and efficiency.

Al Tayer added that RTA’s issuance of Dubai’s first permit for fully driverless operational trials without a safety driver represents a qualitative milestone that translates the authority’s commitment to developing a secure and flexible legislative framework. He noted that such frameworks are essential to keeping pace with rapid advancements in mobility technologies, supporting innovation, and fostering partnerships with specialised global companies.

He further stated that collaboration with Baidu Apollo Go forms part of RTA’s broader vision to expand future mobility solutions and enhance the deployment of autonomous vehicles across taxi and ride-hailing services. These efforts are expected to contribute to improving quality of life, enhancing road safety, reducing carbon emissions, and increasing the efficiency of Dubai’s transport network.

Expansion in the UAE

Yunpeng Wang said Baidu was honoured that Dubai’s Roads and Transport Authority had entrusted Apollo Go with the emirate’s first driverless vehicle trial permit. He noted that, together with the opening of the company’s first overseas Apollo Go Park, the development marks a significant milestone in Apollo Go’s expansion in the United Arab Emirates and underscores its long-term commitment to the region.

Building on its global expertise, Wang said the company looks forward to working closely with RTA and local partners to deliver safe, efficient, and sustainable autonomous ride-hailing services, while accelerating Dubai’s transition toward intelligent transportation.

Liang Zhang, MD for Europe, the Middle East and Africa at Baidu Apollo, said receiving Dubai’s first driverless vehicle trial permit is a testament to the safety and maturity of the company’s technology. He added that establishing the first overseas Apollo Go Park in Dubai creates a strong foundation to localise operations and deliver autonomous mobility solutions tailored to the needs of residents.

240 million autonomous kilometres

Apollo Go’s expansion in the UAE is supported by its industry-leading autonomous driving technology and extensive real-world operational experience. The company’s autonomous vehicles have logged more than 240 million kilometres in autonomous operation, including over 140 million kilometres completed in fully driverless mode without a human driver.

With operations spanning 22 cities globally, Apollo Go’s weekly ride volume has exceeded 250,000 trips, while cumulative completed rides surpassed 17 million as of October 31, 2025.

Gaurang Jhunjunwala does not believe in cookie-cutter hotels. “No one wants to stay at an XYZ Hotel in Tokyo and then go to the same XYZ Hotel in Dubai where the only difference is the artwork above the headboard,” says the group CEO of Naumi Hotels. “They want to immerse themselves in the local culture.”

This conviction runs in the family. The Jhunjhnuwalas trace their entrepreneurial roots to Burma, where Gaurang’s grandfather began in textile manufacturing before fleeing during the military coup with nothing but backpacks. The family rebuilt in Japan through watch manufacturing, then pivoted to real estate in Hong Kong when digital timepieces disrupted the industry. They eventually acquired the Oberoi Imperial in Singapore before founding Naumi in 2007.

“I’ve always been inspired by my grandfather’s pioneering journey,” says Gaurang, born in Hong Kong and second-generation outside India. “We even have a coffee table book documenting his story.”

That same restlessness now animates Naumi’s expansion. The group operates eight properties across Singapore, New Zealand, Australia, and, as of 2025, Dubai, where a 237-key hotel in Barsha Heights marks its Middle East debut.

The case for constraint

Naumi caps its properties at 250 rooms, with most falling in the 100-to-200-key range. “That’s our sweet spot,” Jhunjunwala explains. “It allows us to maintain personalised guest interaction, while still embracing a strong design-led approach.”

The Dubai property sits at the upper end of that spectrum, a calculated bet in a fiercely competitive market. “Dubai represents the epicentre of the region’s thriving hospitality landscape,” he says. “It’s a symbol of innovation and confidence.”

The hotel, which faces Sheikh Zayed Road, is undergoing a phased transformation over the next twelve months. When complete, it will feature Naumi’s signature elements, curated art, playful sophistication, and distinctive, design-forward interiors.

“We believe we’ll stand out as a design-forward neighbourhood hotel,” Jhunjunwala says. “Among the corporate hotels in the area, we aim to be the one that’s art-inspired, featuring pieces that tell stories, not art for decoration’s sake.”

Where Naumi truly differentiates itself from Dubai’s larger hotels, he adds, is in its scale and spirit. Proudly boutique, the brand is not trying to be a grand resort. Instead, it focuses on being a neighbourhood, people-centric hotel that reflects local culture and celebrates individuality in every detail.

The Naumi rituals

What connects Naumi’s properties is a set of rituals designed to make stays feel less transactional and more human.

There are “nudge cards” in rooms, conversation prompts that encourage guests to talk rather than default to television. Nighttime rituals include a special tea blend to aid sleep, while smart TVs remember exactly where guests left off on their favourite show. Design details are equally intentional, from bird-inspired bedside lamps so popular that parents have requested multiples for their children’s rooms, to custom rugs by Australian artist Belinda Henry depicting city skylines that guests have tried to purchase.

“While we embrace AI and technology, it’s primarily to improve efficiency, not replace human interaction,” Jhunjunwala says. “Our staff are at the heart of the experience.”

That philosophy extends to site selection. Naumi acquires existing buildings rather than pursuing greenfield development. “Our special sauce is giving established buildings a fresh identity,” he explains. “That’s where Naumi truly shines.”

Soul work

Beneath the design flourishes lies a deeper commitment. Naumi Soul, the group’s social impact programme, partners with local organisations in every city where it operates.

“Naumi Soul isn’t just about protecting the environment,” Jhunjunwala says. “It’s about uplifting people and creating meaningful change within the community.”

The Dubai property is already certified autism-friendly through a partnership with the Dubai Autism Center, an initiative aimed at promoting empathy and autism awareness while helping to create a more inclusive society.

“Guests increasingly prefer to stay with hotel groups that give back,” Jhunjunwala adds. “For us, it’s about being distinctive without losing our heart.”

Looking ahead

Jhunjunwala is clear-eyed about how traveller behaviour is evolving. “The younger the traveller gets, the more savvy and selective they become,” he says. “Time has become their biggest currency, they want to know exactly what to expect before the stay.”

In Dubai, Naumi aims to stand apart from the surrounding corporate hotels. “We want to be the one that’s art-inspired, a place with personality, not polish for its own sake,” he says. A restaurant and bar with its own concept-driven identity will add another layer to the experience.

The Dubai opening marks the first step in a broader regional strategy. Naumi is eyeing expansion into Saudi Arabia, Muscat, and Doha, though each move must make sense from a real estate perspective. The group’s dual role as both property owner and operator gives it a patient, long-term view.

“At Naumi, sustainability is deeply human,” Jhunjunwala says. “It’s about people, purpose, and the communities that shape our story.”