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Dubai’s DMCC and VARA partner to drive tokenisation of commodities

The initiative builds on DMCC’s existing work in digital commodities, including its gold-backed digital asset offerings via the Tradeflow platform

Gulf Business
Gulf Business

08 October, 2025

Dubai’s DMCC and VARA partner to drive tokenisation of commodities
Image: DMCC

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DMCC, Dubai’s leading international business district, has entered a strategic partnership with the Dubai Virtual Assets Regulatory Authority (VARA) to accelerate the development of global infrastructure for tokenised commodities.

The collaboration marks a major milestone in Dubai’s efforts to integrate physical commodities such as gold and diamonds into blockchain-based financial systems.

As tokenisation gains traction in global markets, the partnership combines DMCC’s commodities expertise and extensive 26,000-member network with VARA’s regulatory framework.

The two entities will work together to establish a secure, transparent, and scalable system for tokenised commodities that enhances access to international markets and supports the broader adoption of blockchain-powered trading.

Under the agreement, DMCC and VARA will launch pilot projects to explore how commodities including gold and diamonds can be tokenised and traded on blockchain infrastructure.

These pilots will assess technical and regulatory needs, market viability, and investor protection requirements, providing the foundation for practical and investable tokenisation models.

Education and investor protection are central to the collaboration. A series of joint workshops, seminars, and awareness programmes will be organised to deepen institutional and public understanding of tokenisation, its benefits and risks, and the associated regulatory landscape.

Partnering with VARA is a key milestone for digital-asset ecosystem

Ahmed Bin Sulayem, executive chairman and CEO of DMCC, said: “Partnering with VARA is a pivotal step in the evolution of Dubai’s digital-asset landscape. By combining VARA’s world-class regulatory oversight with DMCC’s 26,000-member community and unmatched expertise in commodities, blockchain and Web3, we are creating a secure, scalable framework to tokenise assets such as gold, diamonds and other high-value commodities. In doing so, we will unlock a new era of real-world, investable products that expand global market access, enhance liquidity and trust, and cement Dubai’s position at the forefront of trade and blockchain innovation.”

The initiative builds on DMCC’s existing work in digital commodities, including its gold-backed digital asset offerings via the Tradeflow platform.

With more than 1,500 companies in the gold and precious metals sector and over 700 Web3 firms based in its Crypto Centre, DMCC is well positioned to advance the tokenisation of real-world assets across Dubai’s financial ecosystem.

Matthew White, CEO of VARA, said: “Dubai has long been where global trade meets global innovation and tokenisation is the next chapter in that story. By working with DMCC, we are bringing together deep commodities expertise with regulatory foresight to create a framework that can turn tokenised assets from concept into trusted market infrastructure. This is not about experimenting at the edges; it is about setting global benchmarks for how physical and digital markets converge.

“Our role at VARA is to ensure that as these new products emerge, they do so in a way that is safe, transparent, and credible, reinforcing Dubai’s position as a leader in shaping the future of finance and trade.”

Read: DMCC launches SPV and holding company licences

Agreement highlights

The agreement also covers collaboration on aggregated data sharing, sector growth analysis, and economic impact reporting.

DMCC will contribute industry benchmarks and insights to inform VARA’s policy development, supporting a data-driven approach that balances innovation with market integrity.

As the two entities work to build trusted frameworks for tokenised commodities, the partnership strengthens Dubai’s status as a global hub for digital assets. DMCC’s Crypto Centre has seen 38 per cent year-on-year growth in registered crypto firms, solidifying its position as the region’s leading Web3 hub.

DMCC hosts nearly 26,000 companies and contributes about 15 per cent of Dubai’s total foreign direct investment and 7 per cent of its GDP, underscoring its central role in the emirate’s economy and its growing influence in shaping the future of global trade and finance.

After UAE exit, Wizz Air revives Abu Dhabi operations

This year, in July, Wizz Air announced it was quitting its Abu Dhabi operations after six years to focus on its core European markets

Rajiv Pillai
Rajiv Pillai

07 October, 2025

After UAE exit, Wizz Air revives Abu Dhabi operations
Image: Getty Images

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Ultra-low-cost carrier Wizz Air is set to resume operations from Abu Dhabi, reopening routes to several European cities just months after its UAE unit ceased operations.

According to the airline’s website, Wizz Air Hungary has begun taking bookings for flights between the UAE capital and multiple destinations in Europe, including Katowice and Krakow in Poland, Cyprus’s Larnaca, and Bulgaria’s Sofia.

Flights from Katowice and Krakow will commence on October 10, 2025, as per the airline’s website. Meanwhile, Larnaca services will begin on November 15 and operate on Tuesdays, Thursdays, Saturdays, and Sundays, while Sofia flights will launch on November 17, running on Mondays, Wednesdays, and Fridays.

This year, in July, Wizz Air announced it was quitting its Abu Dhabi operations after six years to focus on its core European markets, citing geopolitical instability and limited market access.

“Supply chain constraints, geopolitical instability, and limited market access have made it increasingly difficult to sustain our original ambitions,” Wizz Air CEO Jozsef Varadi said at the time. The airline said its strategic decision was aimed at strengthening its more profitable European network, which remains its primary focus.

Gulf Business reached out to Wizz Air and it confirmed that “the airline keeps Abu Dhabi connected with Bucharest, Budapest, Katowice, Krakow, Larnaca and Sofia. Flights are operated by Wizz Air Hungary and Wizz Air Malta. Tickets are available on wizzair.com and on the airline’s mobile app.”

Oil steady after smaller-than-expected OPEC+ output hike

OPEC+ has increased its oil output targets by more than 2.7 million bpd this year, equivalent to about 2.5 per cent of global demand

Reuters
Reuters

07 October, 2025

Oil steady after smaller-than-expected OPEC+ output hike
Image credit: Getty Images

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Oil prices were steady on Tuesday as investors assessed a smaller-than-expected November output hike by OPEC+ against the backdrop of oversupply expectations.

Brent crude futures fell 9 cents, or 0.14 per cent, to $65.38 a barrel by 1007 GMT. US West Texas Intermediate crude lost 10 cents, or 0.16 per cent, to $61.59.

Read more-Unexpected drop in Middle East oil premiums raises Saudi pricing dilemma

Both contracts settled up more than 1 per cent in the previous session after the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers, known as OPEC+, decided to increase its collective oil production by 137,000 barrels per day, starting in November.

The move was in contrast to market expectations for a more aggressive reintroduction of supply, a sign that the group remains cautious about increasing its production share in the global oil market amid predictions of a supply surplus in the fourth quarter as well as next year, said ING analysts.

“Brent had fallen by around $5 per barrel last week in response to earlier expectations of a larger supply boost, so this mild rebound seems reasonable,” said Anh Pham, a senior analyst at LSEG.

“For now, the market still appears capable of accommodating the extra volume, and we have yet to see a shift into contango at the front of the curve.”

OPEC+ did not discuss increasing quotas after November, Russian Deputy Prime Minister Alexander Novak said on Tuesday.

OPEC+ has increased its oil output targets by more than 2.7 million bpd this year, equivalent to about 2.5 per cent of global demand.

Geopolitical factors have kept a floor under prices, with tensions between Russia and Ukraine affecting energy assets and creating uncertainty over Russian crude supply.

Russia’s Kirishi oil refinery halted its most productive distillation unit following a drone attack and subsequent fire on October 4, with recovery likely to take about a month, two industry sources said on Monday.

India seeks details from Boeing after emergency system glitch on Air India jet

The crew of the aircraft which was flying from the Indian city of Amritsar to Birmingham, detected the deployment of the emergency power system

Reuters
Reuters

07 October, 2025

India seeks details from Boeing after emergency system glitch on Air India jet
Image credit: Getty Images

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India’s air safety regulator has sought more information from Boeing after an emergency power system unexpectedly activated on an Air India 787 Dreamliner on Saturday, a government source with direct knowledge of the matter said.

Boeing and Air India spokespersons did not immediately respond to requests for comment.

Read more-Air India crash: How will it challenge the airline’s ‘world class’ ambitions

The crew of the aircraft – which was flying from the northern Indian city of Amritsar to Birmingham, UK, detected the deployment of the emergency power system, known as the Ram Air Turbine, during the final approach, Air India said on Sunday, adding that the aircraft had landed safely and all electrical and hydraulic parameters were found to be normal.

The aircraft was briefly grounded and then returned to service after checks.

“Once we get to know more details, we are going to reach out to the necessary stakeholders to see what we need to do so that these things don’t happen,” India’s Civil Aviation Minister Ram Mohan Naidu told broadcaster India Today on Tuesday, October 7.

The incident occurred at a height of 500 feet (152 metres), according to the Federation of Indian Pilots.

The pilots’ union asked the air safety regulator, the Directorate General of Civil Aviation, to thoroughly check and investigate the electrical system of dozens of Dreamliners operating within the country, according to an email by the labour body to the aviation ministry officials.

Boeing and a spokesperson for the ministry did not immediately respond to requests for comment on the email from the Federation of Indian Pilots.

An Air India Boeing 787 crash killed 260 people in June. A preliminary report by Indian investigators showed the plane’s fuel engine switches had almost simultaneously flipped from run to cutoff just after takeoff.

Global Village unveils upgrades, new attractions for Season 30

Since its debut in 1997, Global Village has hosted over 100 million visitors

Gulf Business
Gulf Business

07 October, 2025

Global Village unveils upgrades, new attractions for Season 30
Image: Supplied

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Global Village, the UAE’s multicultural family destination, will return for its 30th season on 15 October 2025 with several new attractions, enhanced facilities, and design upgrades across the park.

Season 30 will introduce Gardens of the World, a new landscaped area featuring floral arrangements and miniature landmarks from across the globe.

The gardens, located between the Egypt and Iran pavilions, will serve as a calm retreat for visitors and families.

A new interactive feature, The Dragon Kingdom, will make its debut as an immersive, walk-through experience with 11 themed rooms. Visitors will follow the story of Ignis, the last dragon, and solve puzzles and challenges through settings such as enchanted forests and fiery caverns.

For younger visitors, The Little Wonderers at Carnaval will open later in the season. The indoor adventure zone, styled with glowing neon lights, will feature climbing structures, obstacle courses, slides, and tunnels designed for children.

The Main Stage area is also undergoing a complete transformation with greater capacity and upgraded production, setting the scene for larger live performances and cultural shows.

Other upgrades at Global Village this season

Other enhancements include new ticket counter screens, LED directional signage, and refreshed landscaping.

The Dragon Lake attraction, which features a Guinness World Record-holding underwater screen, will receive a new display with improved clarity and updated fire effects for the central dragon installation.

New arches will welcome guests at the Sharjah and Abu Dhabi entrances, while the Sharjah Tunnel will showcase a new, vibrant design. Fiesta Street is expanding to complement over 200 dining options across the park.

The Railway Market has been renamed Dessert District, offering a mix of nostalgic charm and modern aesthetics.

Meanwhile, the Indian Chaat Bazaar and Happiness Street will both feature updated designs, and Road of Asia will return as Asia Boulevard, highlighting diverse culinary and cultural experiences.

Global Village said the Season 30 enhancements reflect its ongoing commitment to “creating exceptional experiences for all guests” and building on nearly three decades of growth.

Since its debut in 1997, Global Village has hosted over 100 million visitors. Season 29 recorded 10.5 million guests, featuring 30 pavilions representing over 90 cultures, more than 3,500 retail outlets, and over 250 dining concepts.

Airbus A320 surpasses Boeing 737 as most-delivered jetliner

Boeing’s decades-old record fell as a jet was delivered overnight to Saudi carrier Flynas

Reuters
Reuters

07 October, 2025

Airbus A320 surpasses Boeing 737 as most-delivered jetliner
Image: Getty Images

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Europe’s Airbus AIR.PA broke a major commercial barrier on Tuesday when its A320 family of planes overtook the Boeing BA.N 737 to become the most-delivered jetliner in history.

Boeing’s decades-old record fell as a jet was delivered overnight to Saudi carrier Flynas, bringing deliveries to 12,260 since the A320 began service in 1988, according to data from UK-based consultancy Cirium, which is used across the industry.

Airbus did not immediately respond to a request for comment on the data, tracked by aircraft supply analyst Rob Morris.

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