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Car insurance hike in Oman: Authority issues clarification

Consumers are urged to report any irregularities or lodge complaints regarding vehicle insurance pricing directly through the FSA’s official channels

Gulf Business
Gulf Business

08 August, 2025

Car insurance hike in Oman: Authority issues clarification
Image credit: Getty Images

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The Financial Services Authority (FSA) in Oman has reaffirmed that no insurance company in Oman has been granted approval to increase vehicle insurance premiums. The regulator warned it will take firm legal action against companies that do not comply with the officially approved pricing.

The FSA emphasised that any deviation from approved premiums constitutes a violation of the regulatory framework and principles of fair competition. Such actions undermine consumer protection and the stability of the insurance market, the Authority said, according to a report by the Oman Observer.

Read-New rule for businesses in Oman: Here’s what you need to know

Last week, the FSA disclosed that some insurance firms were raising premiums on mandatory third-party vehicle insurance without permission. It stressed that as the sole regulatory and supervisory body for the insurance sector in Oman, it had not issued any such approvals.

Consumers are urged to report any irregularities or lodge complaints regarding vehicle insurance pricing directly through the FSA’s official channels.

The authority reiterated its commitment to safeguarding the rights of policyholders and ensuring fair market practices in the insurance industry.

OceanQuest’s CEO on why deep-ocean science should be globally collaborative but locally relevant

OceanQuest to explore deep ocean frontiers with cutting-edge research and global collaboration

Neesha Salian
Neesha Salian

08 August, 2025

OceanQuest’s CEO on why deep-ocean science should be globally collaborative but locally relevant
Images: Supplied

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Saudi Arabia’s OceanQuest is turning curiosity into action. The newly-launched not-for-profit foundation, based at KAUST in Thuwal, aims to redefine deep-ocean exploration and elevate Saudi scientific leadership on the global stage. Its mission: accelerate discovery, pioneer breakthrough technologies, and foster international cooperation, all while engaging the public and nurturing the next generation of marine scientists.

At the helm is Professor Dr Martin Visbeck, a renowned oceanographer with nearly 40 years of experience. His career spans high-impact ocean-climate research, leadership in international initiatives like the UN Decade of Ocean Science, and a strong focus on using tech and collaboration to unlock the ocean’s hidden potential.

Now, as CEO of OceanQuest, he’s setting out to drive innovation while supporting Saudi Arabia’s Vision 2030 goals and expanding the country’s role in global marine science. Here, we chat with him about the organisation’s vision and wider goals.

What made you want to become CEO of OceanQuest, and how has your background in ocean science shaped your vision?

OceanQuest’s vision was truly inspiring to me, and I saw it as a unique opportunity to lead an organisation committed to unveiling the wonders of the deep ocean for the benefit of humanity.

With almost 40 years of experience in ocean science, including more than 20 ocean expeditions and several international research projects, I’ve developed a deep passion for discovery and global collaboration.

As CEO, I’m focused on accelerating exploration while championing equitable partnerships that ensure scientific innovation benefits everyone, everywhere.

OceanQuest aims to explore the deep ocean and promote global teamwork. How will you balance science with regional needs, especially in the Gulf?

OceanQuest’s mission is based on the idea that deep-ocean science should be globally collaborative but locally relevant. As a Saudi not-for-profit foundation, we’re in a unique position to explore deep ocean regions from the Red Sea to the Indian Ocean and Tropical and South Atlantic, while simultaneously developing local scientific leadership in Saudi Arabia and the broader MENA region.

We prioritise elevating regional voices through hands-on roles in international missions like the recent Africa expedition, targeted capacity-building efforts, and regional partnerships. For example, earlier this year, three Saudi early-career ocean professionals joined international teams aboard the OceanXplorer. This shows how we enable local talent to contribute meaningfully to global deep-ocean dialogue — not just close to home but across international waters.

Your work with OceanX featured advanced tech like robotics, AI, and digital twins. How are these tools changing deep sea research?

The deep ocean is one of the most challenging environments to study — vast, dark, high-pressure, and remote. That’s why breakthroughs in robotics, AI, and smart sensors are transforming what’s possible.

At OceanQuest, we’ve taken a technology-first approach focused on seamounts — undersea mountains that make up just 5 per cent of the deep ocean yet are essential to biodiversity, carbon cycling, and marine mixing. These ecosystems also have untapped biomedical potential, yet most remain uncharted and unprotected.

We use robotic fleets with advanced sensors to scan seamounts, collect high-res environmental data, and capture real-time imagery. That data feeds into digital twins — AI-powered, dynamic models that simulate how ecosystems function and respond to environmental pressures.

These tools reduce the need for constant human presence, make research more scalable, and help scientists and policymakers test conservation strategies virtually. They’re not just helping us explore more, but also helping build the global baseline data needed to protect these hidden frontiers.

Can you share a recent example from an expedition that shows how new technology is changing how we explore the ocean?

Yes, in our recent missions, we’ve used high-fidelity camera systems and robotic specimen sampling tools that work in tandem with AI to improve species detection. We’ve also leveraged Environmental DNA (eDNA) as a rapid biodiversity monitoring tool, which provides faster insights than traditional methods.

However, eDNA still requires validation with real-world sampling, which is why we emphasize integrated, multidisciplinary research.

The combination of advanced imaging, robotics, AI, and eDNA gives us a much clearer and quicker understanding of deep-sea ecosystems than ever before.

Why was Saudi Arabia the right place to launch OceanQuest, and how does it support the kingdom’s sustainability goals?

Saudi Arabia is strategically located along key marine ecosystems, particularly the Red Sea, which makes it an ideal hub for deep ocean research. OceanQuest supports the kingdom’s Vision 2030 priorities by focusing on technology, AI, sustainability, and environmental stewardship.

Our foundation is set to contribute to the national research and innovation targets with SAR3bn in R&D funding by 2050, supporting over 150 scientists each year. We also aim to inspire the next generation of ocean scientists and STEM professionals in the region through education and outreach, further supporting the kingdom’s goal of nurturing a knowledge-based society.

By advancing global deep-ocean science from Saudi Arabia, we’re not only contributing to the country’s growth but positioning it as a leader in marine innovation and sustainability.

After the UN Ocean Conference, what are OceanQuest’s top goals for the next year or so?

After our debut at the 2025 UN Ocean Conference, our top priority is protecting vulnerable deep-sea ecosystems, especially seamounts. These ecosystems are critical to ocean health but remain largely unexplored and at risk.

We aim to generate robust baseline data to inform international conservation strategies and sustainable ocean governance. We’re also scaling our support for Early-Career Ocean Professionals (ECOPs) through expedition participation, mentorship programs, and global training. This aligns with the UN Decade of Ocean Science, which recognises ECOPs as central to long-term impact.

One example already in motion is our Around Africa Expedition, where 69 scientists from 31 countries — over 40 of the ECOPs — collaborated on research and training. We’re building on that model to expand our inclusive, collaborative approach globally.

What are some of the key challenges when it comes to deep sea research?

First, public awareness of the deep ocean’s role in planetary health is still low. Many don’t realise how vital it is for biodiversity, climate regulation, and sustainability. Second, ocean management is often fragmented — many regions lack a unified ocean policy, leading to overexploitation and underprotection.

The solution lies in open collaboration and equitable data-sharing. It’s essential that knowledge, technology, and opportunity are accessible to scientists in every part of the world, especially in the Global South.

What are the key concerns facing our oceans today, and how can both private and government enterprises in the region contribute to their protection?

The ocean is a global system that connects us all, yet it’s often viewed through fragmented, local lenses. One of the main concerns is the absence of holistic ocean policy. Another is the lack of visibility for the deep ocean’s role in biodiversity and climate systems.

Private and government players can step up by funding inclusive ocean research, investing in sustainable technologies, and building coalitions across sectors. Together, they can help shape a shared vision for ocean stewardship that balances exploration with preservation.

Barco Developers enters UAE market with 2 million sq ft residential pipeline

Barco Developers aims to deliver homes with high utility, modern designs, and technology-enabled amenities

Rajiv Pillai
Rajiv Pillai

08 August, 2025

Barco Developers enters UAE market with 2 million sq ft residential pipeline
Dubai skyline

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Barco Developers, a newly established UAE-based real estate company founded by industry veterans with over 25 years of experience in real estate, finance, consulting, F&B, and manufacturing, has announced its official entry into the UAE property market. The developer plans to deliver more than 2 million square feet of low- to mid-rise residential communities across Dubai and Ras Al Khaimah.

With a track record of successful real estate and investment projects across Europe and North America, Barco Developers is now bringing its global expertise to the UAE. Its vision is to create value-driven communities where comfort and technology meet, catering specifically to the underserved end-user segment.

The company’s first projects will be in Dubai South, beginning with a meticulously planned residential development to be launched soon. Additional projects are in the pipeline for Arjan, Dubai Land Residential Complex (DLRC), and Jebel Ali Hills, focusing on emerging neighborhoods that offer long-term livability and growth potential.

Read: Dubai Land Department inks 7 key deals with top developers

“With over 25 years of cross-sector experience, we’ve learned that lasting success lies in understanding real market needs and executing with precision. There’s a clear opportunity to serve the growing number of professionals and families seeking more than just housing, we are here to serve those who want a connected, modern lifestyle at a fair price,” said Safdar Badami, director at Barco Developers.

Safdar Badami, director at Barco Developers

The initial focus on Dubai South reflects the area’s rapid rise as a key business and residential hub, supported by its proximity to Al Maktoum International Airport and the infrastructure legacy of Expo 2020.

“At Barco, we’re reimagining residential living in the UAE by bringing high-quality, Smart home communities to emerging markets. We’re taking a disciplined, data-driven approach to development, one that prioritises long-term value over short-term gains,” said Saadaat Bajwa, director at Barco Developers. “Each of our projects is backed by rigorous market analysis, efficient design practices, and a commitment to sustainable construction.”

Saadaat Bajwa, director at Barco Developers
Saadaat Bajwa, director at Barco Developers

Barco Developers aims to deliver homes with high utility, modern designs, and technology-enabled amenities designed for end users rather than short-term investors. By focusing on mid-income buyers in strategic growth zones, the company seeks to fill a critical market gap while building lasting value for residents and stakeholders.

Dubai RTA’s fast-track fix: New lane to slash Ras Al Khor traffic by 30%

The change will benefit motorists heading towards Business Bay, Ghadeer Al Tair, Al Quoz, Al Safa, and surrounding development areas

Gulf Business
Gulf Business

08 August, 2025

Dubai RTA’s fast-track fix: New lane to slash Ras Al Khor traffic by 30%
Image credit: Dubai Media Office/Website

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Dubai’s Roads and Transport Authority (RTA) has introduced a series of Quick Win improvements aimed at easing traffic congestion from Ras Al Khor towards Al Meydan Street Interchange. The main upgrade involves widening the right-turn lane by increasing its capacity from two to three lanes.

Scheduled for completion by August 10, the enhancement is set to significantly improve traffic flow between Ras Al Khor Industrial Area and Nad Al Sheba. It will also ease access for vehicles traveling to Al Meydan Street Interchange and adjacent communities, a Dubai Media Office report said.

Image credit: Dubai Media Office/Website

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

By expanding the number of lanes, RTA will increase the road’s capacity from 1,800 to 2,700 vehicles per hour—a 30 per cent boost. This is expected to reduce congestion and cut down waiting times at the intersection during peak traffic periods. The change will benefit motorists heading towards Business Bay, Ghadeer Al Tair, Al Quoz, Al Safa, and surrounding development areas.

Image credit: Dubai Media Office/Website

Part of broader strategic vision

RTA says the project is part of a larger, continuously updated strategic plan to enhance Dubai’s transport infrastructure. Roads selected for such enhancements are identified based on four key data sources: traffic studies, feedback from control centers, public input, and on-the-ground monitoring by RTA’s operational teams.

The initiative aligns with RTA’s wider goals of improving network efficiency, reducing travel times, alleviating congestion, and boosting road safety.

“These upgrades reflect our commitment to keeping pace with Dubai’s rapid urban development and growing population,” RTA said in a statement. “By continually investing in smarter road infrastructure, we aim to enhance the overall mobility experience for all road users.”

GPT-5 is here: Here’s why the entire AI industry is watching

OpenAI is now in early discussions to allow employees to cash out at a $500bn valuation, a huge step-up from its current $300bn valuation

Reuters
Reuters

08 August, 2025

GPT-5 is here: Here’s why the entire AI industry is watching
Image credit: Getty Images

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OpenAI launched on Thursday, August 7, its GPT-5 artificial intelligence model, the highly anticipated latest installment of a technology that has helped transform global business and culture.

OpenAI’s GPT models are the AI technology that powers the popular ChatGPT chatbot, and GPT-5 will be available to all 700 million ChatGPT users, OpenAI said.

Read-OpenAI rolls out new shopping features with ChatGPT search update

The big question is whether the company that kicked off the generative AI frenzy will be capable of continuing to drive significant technological advancements that attract enterprise-level users to justify the enormous sums of money it is investing to fuel these developments.

The release comes at a critical time for the AI industry. The world’s biggest AI developers – Alphabet, Meta, Amazon and Microsoft, which backs OpenAI – have dramatically increased capital expenditures to pay for AI data centers, nourishing investor hopes for great returns. These four companies expect to spend nearly $400bn this fiscal year in total.

OpenAI is now in early discussions to allow employees to cash out at a $500bn valuation, a huge step-up from its current $300bn valuation. Top AI researchers now command $100m signing bonuses.

“So far, business spending on AI has been pretty weak, while consumer spending on AI has been fairly robust because people love to chat with ChatGPT,” said economics writer Noah Smith. “But the consumer spending on AI just isn’t going to be nearly enough to justify all the money that is being spent on AI data centers.”

OpenAI is emphasising GPT-5’s enterprise prowess. In addition to software development, the company said GPT-5 excels in writing, health-related queries, and finance.

“GPT-5 is really the first time that I think one of our mainline models has felt like you can ask a legitimate expert, a PhD-level expert, anything,” OpenAI CEO Sam Altman said at a press briefing.

“One of the coolest things it can do is write you good instantaneous software. This idea of software on demand is going to be one of the defining features of the GPT-5 era.”

In demos on Thursday, OpenAI showed how GPT-5 could be used to create entire working pieces of software based on written text prompts, commonly known as “vibe coding.”

One key measure of success is whether the step up from GPT-4 to GPT-5 is on par with the research lab’s previous improvements. Two early reviewers told Reuters that while the new model impressed them with its ability to code and solve science and math problems, they believe the leap from the GPT-4 to GPT-5 was not as large as OpenAI’s prior improvements.

Even if the improvements are large, GPT-5 is not advanced enough to wholesale replace humans. Altman said that GPT-5 still lacks the ability to learn on its own, a key component to enabling AI to match human abilities.

On his popular AI podcast, Dwarkesh Patel compared current AI to teaching a child to play a saxophone by reading notes from the last student.

“A student takes one attempt,” he said. “The moment they make a mistake, you send them away and write detailed instructions about what went wrong. The next student reads your notes and tries to play Charlie Parker cold. When they fail, you refine the instructions for the next student. This just wouldn’t work.”

More thinking

Nearly three years ago, ChatGPT introduced the world to generative AI, dazzling users with its ability to write humanlike prose and poetry, quickly becoming one of the fastest growing apps ever.

In March 2023, OpenAI followed up ChatGPT with the release of GPT-4, a large language model that made huge leaps forward in intelligence. While GPT-3.5, an earlier version, received a bar exam score in the bottom 10 per cent, GPT-4 passed the simulated bar exam in the top 10 per cent.

GPT-4’s leap was based on more compute power and data, and the company was hoping that “scaling up” in a similar way would consistently lead to improved AI models.

But OpenAI ran into issues scaling up. One problem was the data wall the company ran into, and OpenAI’s former chief scientist Ilya Sutskever said last year that while processing power was growing, the amount of data was not.

He was referring to the fact that large language models are trained on massive datasets that scrape the entire internet, and AI labs have no other options for large troves of human-generated textual data.

Apart from the lack of data, another problem was that ‘training runs’ for large models are more likely to have hardware-induced failures given how complicated the system is, and researchers may not know the eventual performance of the models until the end of the run, which can take months.

At the same time, OpenAI discovered another route to smarter AI, called “test-time compute,” a way to have the AI model spend more time compute power “thinking” about each question, allowing it to solve challenging tasks such as math or complex operations that demand advanced reasoning and decision-making.

GPT-5 acts as a router, meaning if a user asks GPT-5 a particularly hard problem, it will use test-time compute to answer the question.

This is the first time the general public will have access to OpenAI’s test-time compute technology, something that Altman said is important to the company’s mission to build AI that benefits all of humanity.

Altman believes the current investment in AI is still inadequate.

“We need to build a lot more infrastructure globally to have AI locally available in all these markets,” Altman said.

DP World expands vehicle capacity at Jebel Ali to meet surging demand

In H12025, the port handled 545,000 vehicles, a 28 per cent increase from the same period last year

Neesha Salian
Neesha Salian

08 August, 2025

DP World expands vehicle capacity at Jebel Ali to meet surging demand
Image: Supplied

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DP World has expanded its automotive logistics capacity at Jebel Ali Port with the launch of a 2.6 million square foot vehicle storage yard at Terminal 4, as Dubai moves to meet rising demand in global vehicle trade.

The upgrade adds 13,000 car equivalent units (CEUs), increasing total storage capacity at the port to 75,000 CEUs. The move strengthens Dubai’s role as the region’s top automotive trade hub.

The expansion also includes an 800-metre quay, capable of handling three roll-on/roll-off (RoRo) vessels at the same time.

RoRo operations have now been relocated from Terminal 1 to the newly designated area in Terminal 4, a shift aimed at improving berth availability, reducing turnaround times and creating more operational space across the port.

“Dubai is scaling up its role as a global automotive trade hub and this expansion gives car manufacturers, dealers, and logistics providers faster, more reliable access to key markets across the Middle East, Africa, and beyond,” said Abdulla Bin Damithan, CEO and MD, DP World GCC.

Read: Abdulla bin Damithan on how DP World’s Jafza has become a global trade powerhouse

“This is a customer focused investment. More yard space, quicker service and reliable berth availability are all designed to help the automotive supply chain grow,” added Shahab Al Jassmi, SVP, Commercial, Ports and Terminals, DP World GCC.

DP World’s Jebel Ali Port sees rising vehicle volumes

The announcement follows a sharp rise in vehicle volumes at Jebel Ali. In H12025, the port handled 545,000 vehicles, a 28 per cent increase from the same period last year. Imports made up 65 per cent of total volumes, with vehicles arriving predominantly from China, Japan, Thailand, India and South Korea.

The terminal upgrade is part of DP World’s broader automotive strategy, which also includes plans to develop a 20 million square foot advanced car market in Dubai.

Once complete, it will be the largest of its kind globally. Both projects align with the emirate’s D33 agenda to double the size of its economy by 2033 and strengthen its position as a global smart logistics hub.

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