Dubai Municipality has awarded the contract for the first phase of the Dhs650m Ras Al Khor Wildlife Sanctuary Development Project, with initial works valued at Dhs100m and slated for completion by the end of 2026.

The initiative aligns with Dubai’s 2040 Urban Master Plan, is part of efforts to strengthen the emirate’s position as a leading global destination for sustainable eco-tourism and biodiversity conservation.

The project supports the Dubai Economic Agenda D33, which aims to place the city among the world’s top three tourism hubs.

Phase one of Ras Al Khor Wildlife Sanctuary Development Project

Phase one of the project will cover 6.4 square kilometres of the sanctuary.

Key environmental features include rehabilitating mangrove habitats, increasing mangrove coverage by 60 per cent to 65 hectares, expanding water bodies by 144 per cent to 74 hectares, and adding 10 hectares of mudflats. A Green Spine will also be developed, alongside mangrove lakes, reed ponds and new irrigation channels.

“The Ras Al Khor Wildlife Sanctuary Development Project is one of the most prominent environmental infrastructure initiatives being undertaken by Dubai Municipality,” said Engineer Marwan bin Ghalita, director general of Dubai Municipality. “It supports the goals of the eco-tourism sector and reinforces Dubai’s position as the best city in the world to live, work and visit.”

Dubai Municipality said the development will help multiply annual visitors to the sanctuary six-fold, from current levels to between 250,000 and 300,000, and aims to boost public awareness around biodiversity and environmental protection.

Phase two details

The second phase of the project will focus on infrastructure and recreational services, including a visitor centre, birdwatching towers, restaurants, kiosks, and educational spaces.

It will also feature 5.6 kilometres of cycling tracks, 3 kilometres of walking trails and 23 hectares of landscaping.

The design of the project has won seven international and regional awards and was developed in collaboration with Dubai Environment and Climate Change Authority.

Ras Al Khor Wildlife Sanctuary, spanning 6.4 square kilometres, was the UAE’s first Ramsar-listed site and hosts around 20,000 migratory birds each year.

It is home to nearly 450 species of flora and fauna, including the iconic flamingo.

The US dollar languished at its weakest against the euro since September 2021 on Tuesday, as President Donald Trump’s spending bill stoked fiscal worries while uncertainty around trade deals remained a drag on sentiment.

Investors have also started wagering on a quicker pace of monetary policy easing by the Federal Reserve this year ahead of a slew of US economic data this week, headlined by Thursday’s non farm payrolls report.

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That spurred dollar-selling, leaving the euro perched at a near four-year high of $1.1808. The single currency surged 13.8 per cent in the January-June period, its strongest-ever first half performance, LSEG data showed.

Sterling was steady at $1.3739, not far from the three-and-a-half-year high it touched last week, while the Japanese yen firmed to 143.77 per dollar. The yen has gained 9 per cent in the first half of the year, its strongest performance since 2016.

The dollar, which measures the US currency against six others, slipped to 96.612, its lowest since February 2022.

“There are many reasons not to like the USD. Some are structural, like the erratic trade policies and fiscal risks,” said Moh Siong Sim, a currency strategist at Bank of Singapore.

“They have earlier caused the USD to weaken despite its relative yield advantage. But the risk of a more dovish Federal Reserve eroding USD’s yield advantage is the latest source of USD weakness.”

Investors are grappling with uncertainty over the U.S. Senate’s efforts to pass Trump’s tax-cut and spending bill, which faces internal party divisions over its projected $3.3tn addition to the national debt. The fiscal concerns have dampened sentiment and prompted some investors to diversify.

The world’s reserve currency is down more than 10 per cent, its biggest first-half dive since the era of free-floating currencies began in the early 1970s.

“In 2025, the US exceptionalism narrative has been called into question. Treasury auction demand has been under pressure in recent months, and foreign investor appetite has reduced,” said Nathan Hamilton, investment analyst for fixed income at Aberdeen Investments.

Trump versus Fed

Meanwhile, Trump has continued hammering the Fed to ease monetary policy, sending Fed Chair Jerome Powell a list of central bank interest rates around the world adorned with handwritten commentary saying the US rate should be between Japan’s 0.5 per cent and Denmark’s 1.75 per cent.

Trump’s constant tirade against the Fed and Powell has fuelled investor worries about the central bank’s independence and its credibility. Trump cannot fire Powell over a policy dispute, but last week urged him to resign.

Investor focus will be on comments from Powell, who joins several other central bank chiefs at the European Central Bank forum in Sintra, Portugal, on Tuesday. Traders are now pricing in 67 basis points of easing from the Fed this year.

Goldman Sachs now expects Fed to deliver three quarter-point interest rate cuts this year compared with its earlier forecast of a single reduction in December, citing muted tariff effects and labour market weakness.

“The very early evidence suggests that the tariff effects look a bit smaller than we expected…and we suspect that the Fed leadership shares our view that tariffs will only have a one-time price level effect,” the strategists said in a note.

Thursday’s nonfarm payrolls is expected to show 110,000 new jobs in June, down from 139,000 in May, according to a Reuters poll of economists. The unemployment rate was expected to have crept higher to 4.3 per cent, from 4.2 per cent last month.

With the July 9 deadline for Trump’s tariffs fast approaching, investors are also keeping an eye on trade deals between the US and its partners although there have not been many agreements so far.

Trump expressed frustration with US-Japan trade negotiations as Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs despite good-faith negotiations.

The population of Abu Dhabi grew by 7.5 per cent in 2024 to reach 4,135,985 people, according to new data released by the Statistics Centre – Abu Dhabi (SCAD).

The latest figures underscore the emirate’s rising appeal as a hub for global talent and investment, with growth outpacing that of major international financial centres.

The emirate’s population has expanded by 51 per cent over the past decade, increasing from 2.7 million in 2014 to over 4.1 million in 2024.

The demographic expansion coincides with a period of sustained economic growth.

Emirate’s GDP rises to 3.8 per cent

In 2024, Abu Dhabi’s GDP rose 3.8 per cent to an all-time high of Dhs1.2tn, driven by a 6.2 per cent increase in non-oil sectors, which now contribute 54.7 per cent of total output.

“Abu Dhabi’s sustained population growth reflects the government’s success in creating an environment that attracts international talent and investment,” said Ahmed Tamim Hisham Al Kuttab, chairman of the Department of Government Enablement – Abu Dhabi and chairman of SCAD. “The 7.5 per cent population growth validates Abu Dhabi’s talent-first strategy.”

Abu Dhabi’s demographic profile supports its transition toward a knowledge economy, with 54 per cent of residents aged between 25 and 44 — their peak productive years.

The emirate’s workforce expanded by 9.1 per cent in 2024, including a 6.4 per cent rise in professional roles, particularly in sectors such as AI, financial services, and advanced manufacturing.

Abu Dhabi is positioning itself as the world’s first AI-native government

As part of its digital transformation, Abu Dhabi is positioning itself as the world’s first AI-native government under the Abu Dhabi Government Digital Strategy 2025–2027.

The strategy includes implementing predictive analytics and data-driven governance, generating demand for new roles in digital governance, service design, and technology integration.

The emirate’s attractiveness has also supported growing investment inflows. The Abu Dhabi Securities Exchange (ADX) surpassed Dhs3tn in market capitalisation, placing it among the world’s top 20 stock markets.

Abu Dhabi Global Market (ADGM) reported a 245 per cent increase in assets under management in 2024, along with a 32 per cent rise in operational entities.

Capital’s FDI on the rise

Foreign direct investment has grown 300 per cent since 2011, while 2024 saw a 16 per cent increase in economic licenses issued. Construction activity totalled Dhs107.4bn in value last year, reflecting ongoing efforts to build infrastructure that supports a globally competitive workforce.

The emirate retained its title as the world’s safest city for the ninth year running and was ranked the most liveable city in the MENA region for a seventh consecutive year in 2025.

Population statistics are subject to revision under SCAD’s Statistical Revision Policy. The revised population figure for 2023 now stands at 3,847,585, following improvements in data quality and methodology.

Detailed figures are available through the Abu Dhabi Census website and SCAD’s Bayaan platform.

There’s a reason why the Middle East’s flagship airlines are globally renowned. When you entrust your travel to Emirates, Etihad, Riyadh Air, Qatar Airways, or any among the long list of prestigious national carriers, you’re not just booking a flight — you’re stepping into a brand that represents the future of mobility and hospitality.

Everything from ticket booking to boarding feels curated, effortless, and designed with the customer in mind. You breeze through check-in, relax in the lounge, and once on board, settle into an environment where every part of your journey is carefully choreographed.

Now contrast that with the typical experience of a commercial banking client in the Middle East. It’s often more check-in counter than business class lounge — fragmented, manual, and slow. For the ambitious companies driving the region’s growth, this outdated model isn’t just inconvenient. It risks becoming a serious bottleneck in a fast-moving economy.

So why is commercial banking stuck in the terminal, while its clients are ready for take-off?

From tarmac delays to turbulence mid-flight

Retail banking has embraced digital transformation. Consumers enjoy seamless apps, instant credit approvals, and always-on services. But when that same consumer puts on their CFO hat to manage business finances in a commercial banking platform, they encounter friction at every turn — multiple logins, disconnected services, and lengthy approval cycles.

That’s largely because most commercial banks still rely on traditional banking architecture, characterised by siloed, legacy systems. Payments, trade finance, cash flow management and FX all live in different systems, sometimes even across different jurisdictions.

The result? A disjointed experience that’s frustrating for clients and costly to serve for banks.

Even the strongest banker-client relationships are undermined when service depends on manual processes and inconsistent data. Relationship managers are left firefighting, unable to offer proactive advice or real-time insights. In the business segment — from SMBs to commercial clients — where transactions are higher in volume and more complex, expectations for digital-first service are growing and the traditional model simply doesn’t scale.

What banks need is a clear flight path, enabling them to elevate their commercial banking experiences.

Priority check-in: fast, digital onboarding

Onboarding a commercial client is undoubtedly more complex than onboarding a retail customer. Multiple signatories, group structures, regional compliance requirements — it’s a process that needs more than just a form and a signature. But complexity doesn’t have to equal chaos.

Banks can now digitise the onboarding journey without losing rigour. Intelligent document capture, automated KYC verification, and configurable workflows can reduce onboarding times dramatically while ensuring compliance.

Crucially, giving relationship managers a single interface to track and manage onboarding steps means fewer dropped balls and better communication.

It’s like business class check-in — a dedicated process, designed for efficiency, with the right people and tools in place to make it seamless.

An integrated flight path: unified, end-to-end digital banking

Once you’re on board an aircraft, you don’t need to think about what the landing gear is doing, or whether the navigation system is talking to control surfaces. Dozens of highly complex systems are working in sync to get you from A to B safely and smoothly. That’s what clients want from commercial banking — a unified, end-to-end experience where the complexity is handled in the background, and someone onboard to make the whole ride comfortable (when help is needed).

What that looks like in practice is one digital platform that brings together account management, payments, FX, trade finance, and reporting into a single, intuitive interface. Clients need real-time visibility across multiple accounts and jurisdictions. They want to initiate and approve payments securely from wherever they are, with confidence. And they increasingly expect cash flow forecasting, liquidity insights and credit options to be integrated, not bolted on.

Banks that embrace composable platforms and API-driven architectures can make this possible without ripping out their core systems. It’s not about replacing the plane mid-flight — it’s about making sure all the systems talk to each other, so the customer experience feels like one smooth ride.

Cabin classes and curated access: smarter entitlements and controls

Not every passenger gets the same level of service on a flight — and that’s by design. A business traveller, a first-class guest, and a member of the cabin crew each have different roles, access rights, and experiences. The same logic should apply to commercial banking.

CFOs, treasury teams, and finance managers each need tailored levels of access. One might need full control to move funds across borders, another may only need read-only access to account statements. Yet in many banks today, these entitlements are hardcoded or managed manually, leading to inefficiencies and sometimes even compliance risks.

Modern commercial banking platforms allow businesses to configure user roles and transaction limits dynamically, without relying on custom IT interventions or frantic calls to relationship managers. That gives clients the control they need to operate securely at scale — and gives banks a more agile way to serve complex organisations.

A profitable flight plan: cost-to-serve and smarter monetisation

Arriving at your destination to find hidden fees can sour even the smoothest journey. For business clients, the same frustration arises when banking fees feel unpredictable or misaligned with value received.

In today’s competitive market, banks need to rethink monetisation, not just from a revenue standpoint, but from a cost-to-serve perspective as well. With advanced billing engines and account analysis tools, banks can better align pricing models with service consumption — giving clients clarity, while uncovering opportunities for value-added offerings such as risk management, invoice financing, or advisory services.

This kind of transparency doesn’t just build trust; it allows banks to deliver sustainable profitability while supporting the increasingly sophisticated needs of their business clientele.

Final approach: from economy experience to first-class

The Middle East has some of the most ambitious and outward-looking enterprises in the world. These firms want banking partners that match their pace — not ones still waiting for systems to sync.

That doesn’t mean the human element is no longer relevant. Relationship managers remain essential to commercial banking — but they need modern tools and data-rich platforms to do their jobs effectively. It’s not about removing the personal touch; it’s about upgrading the overall journey from an economy experience to a first-class one.

Progressive modernisation is how banks can achieve this. Rather than replacing core systems wholesale, banks can hollow out key functionalities from legacy platforms and rebuild them into a unified, cloud-native, microservices-based architecture. This approach introduces two critical layers: a system of engagement that delivers a seamless experience across channels, and a system of integration that simplifies backend connectivity.

By eliminating silos and reducing complexity, banks can shift from fragmented service delivery to customer journey-led experiences. It’s a transformation that drives agility, reduces operating costs, and most importantly — ensures long-term value without disrupting day-to-day operations.

Because the next generation of business clients isn’t just looking for service — they’re expecting excellence. And just like in aviation, loyalty in banking is earned at every touchpoint.

The writer is the regional sales director – Middle East, Backbase.

In a landmark step toward the future of urban air mobility, Dubai’s Roads and Transport Authority (RTA), in partnership with US-based Joby Aviation, has successfully conducted the first test flight of an electric aerial taxi in the region. The flight, performed at a desert test site in Dubai, marks a critical milestone in the emirate’s goal of introducing electric vertical take-off and landing (eVTOL) aircraft as part of its public transport infrastructure.

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The trial flight featured Joby Aviation’s all-electric aircraft, which is capable of vertical take-off and landing, enabling it to operate in densely populated urban areas with minimal spatial requirements. The aerial taxi is powered by electricity, generates zero operating emissions, and has been engineered to operate at significantly lower noise levels than traditional helicopters, a WAM report said.

The test flight was attended by prominent UAE officials, including Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of the Executive Council of Dubai.

“Dubai continues to lead the way in shaping the future of mobility, guided by the strategic vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai,” said Sheikh Hamdan. “This achievement reflects our commitment to placing the UAE at the forefront of transformative technologies that drive global progress. It also underscores our determination to turn breakthrough innovations into practical solutions that improve quality of life.”

Urban air travel set to transform mobility

The Joby Aerial Taxi is designed to accommodate one pilot and four passengers, with a flight range of up to 160 kilometers and a top speed of 320 kilometers per hour. The aircraft’s VTOL design uses six rotors and four battery packs, enabling it to take off and land vertically from specially designed vertiports.

The successful test was part of a series of ongoing flight evaluations intended to assess the aircraft’s performance in Dubai’s unique climate and urban conditions. The trials are an early step toward a broader commercial rollout, which is set to begin in 2026 with the inauguration of the first Aerial Taxi station near Dubai International Airport.

The ultimate goal is to offer a premium and efficient alternative to ground transportation. A trip from Dubai International Airport to Palm Jumeirah, for instance, is expected to take just 10 to 12 minutes by aerial taxi, compared to roughly 45 minutes by car.

The demonstration was attended by senior figures in Dubai’s aviation and transport sectors, including Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of the RTA; Saif Mohammed Al Suwaidi, Director-General of the UAE’s General Civil Aviation Authority (GCAA); and executives from the Dubai Civil Aviation Authority and Dubai Air Navigation Services.

Commenting on the achievement, Mattar Al Tayer said the aerial taxi’s introduction is a natural progression in the city’s embrace of smart and sustainable mobility. “The test flight reflects the leadership’s vision for a sustainable and technologically advanced public transport system,” Al Tayer said. “It also aligns with the Dubai Economic Agenda D33 and the UAE’s broader vision for sustainable development.”

Infrastructure development underway for 2026 launch

In collaboration with Shamal Holding, RTA has already begun developing the infrastructure to support aerial taxi services. This includes a dedicated vertiport, a hangar equipped with real-time flight tracking systems, and cutting-edge electric charging facilities. These installations are integral to ensuring the smooth and safe operation of eVTOL aircraft across the city.

JoeBen Bevirt, Founder and CEO of Joby Aviation, and Ahmed Hashim Bahrozyan, CEO of RTA’s Public Transport Agency, briefed officials on the project’s roadmap. According to the timeline, Dubai’s first commercial aerial taxi service will begin operations in 2026, with routes designed to serve key destinations and integrate with the broader public transport network.

“Dubai serves as a launchpad for a global revolution in mobility,” said Bevirt. “Flying our aircraft here represents a pivotal step toward integrating aerial taxis into the daily lives of people around the world. Our strategic partnership with RTA enables us to help shape a future where clean and quiet aviation becomes the new standard.”

Bevirt highlighted the efficiency of the aircraft, noting that it can reduce travel times dramatically while offering a quieter, safer, and more environmentally friendly alternative to traditional helicopters.

He emphasized the significance of the partnership with Dubai in showcasing American aerospace innovation on a global stage. “This achievement is the result of two years of close collaboration,” he added. “It underscores Joby’s leadership in the field and reaffirms the UAE’s position as a pioneer in adopting next-generation air mobility technologies.”

Building on years of research and global testing

Joby’s readiness to initiate testing in Dubai follows more than 15 years of research and development. The company has logged over 40,000 miles of flight testing and completed numerous successful piloted transition flights. Much of the recent testing has been carried out under extreme weather conditions at Edwards Air Force Base in the U.S., ensuring that the aircraft is fully prepared for the heat and humidity of the Gulf region.

Earlier this year, Dubai’s RTA signed a multi-party agreement to bring aerial taxi services to the city. The deal includes partners such as the GCAA, Dubai Civil Aviation Authority, and Skyports Infrastructure—a UK-based firm specializing in vertiport development. The agreement makes Dubai the first city in the world to plan a fully integrated eVTOL service with operational infrastructure tailored for urban air mobility.

According to RTA, the aerial taxi service will complement existing transportation options and promote seamless multimodal mobility across Dubai. This includes integration with the metro, buses, e-scooters, and bicycles—helping to create a cohesive and future-proof transport ecosystem.

Looking ahead, Joby Aviation intends to expand its footprint across the UAE and the wider region. The company sees Dubai as a strategic launch point for the broader Middle East and envisions aerial transport as a key part of the region’s smart city evolution.

“Dubai is a model for transportation innovation,” Bevirt said. “With a highly developed metro, a world-class road network, and now the first aerial taxi system in the region, the city is setting a global benchmark for urban mobility.”

New era of urban mobility on display

The Museum of the Future, in collaboration with Dubai’s Roads and Transport Authority (RTA), has unveiled a prototype of the Joby S4 aerial taxi, marking a significant step in the city’s vision for smart, sustainable transportation.

Exhibited on the museum’s “Tomorrow, Today” floor, the aerial taxi prototype reinforces Dubai’s commitment to its Self-Driving Transport Strategy, aiming for 25% of all trips to be autonomous by 2030.

A greener way to travel

The electric aerial taxi, developed by California-based Joby Aviation, showcases zero-emissions technology that aligns with global sustainability goals. Its vertical take-off and landing (VTOL) design and advanced safety features make it a compelling alternative to traditional transport.

“We are honoured to showcase the aerial taxi model at the Museum of the Future, which underscores Dubai’s ambition and forward-thinking approach to redefining mobility,” said Khaled Al Awadhi, Director of Transportation Systems at RTA. “Dubai is set to become the first city in the world to launch an aerial taxi project, with services expected to begin in the first quarter of 2026.”

Look inside the Joby S4

The aircraft features six rotors, four battery packs, and seats for four passengers plus a pilot. It can reach speeds of up to 322 km/h and has a range of 161 km. Notably quieter than helicopters, the vehicle offers a faster and more comfortable experience.

Initial routes will connect key locations across the city, including Dubai International Airport, Downtown Dubai, Dubai Marina, and Palm Jumeirah. A typical flight from the airport to Palm Jumeirah is expected to take just 12 minutes, compared to 45 minutes by car.

Smart infrastructure and vertiport development

The vertiport infrastructure, which will support around 42,000 landings annually and accommodate 170,000 passengers, will feature state-of-the-art facilities and meet international safety standards.

Vehicle operations and passenger logistics will be handled by Joby Aviation, while Skyports Infrastructure will manage the design, construction, and operations of the vertiports. RTA will oversee the integration of aerial taxis into Dubai’s broader transport network.

Royal approval for vertiport construction

In November 2024, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, officially approved construction of the city’s first aerial taxi vertiport near Dubai International Airport. He was joined by Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, along with top executives from RTA, Joby Aviation, and Skyports.

The vertiport will cover 3,100 square metres and include zones for take-off and landing, charging stations, an apron, and parking. Air-conditioned facilities will enhance passenger comfort while adhering to stringent safety protocols.

Agreements and operational timeline

The initiative follows a 2024 agreement signed between RTA, the General Civil Aviation Authority (GCAA), the Dubai Civil Aviation Authority (DCAA), Skyports Infrastructure, and Joby Aviation to bring aerial mobility to the emirate.

JoeBen Bevirt, Founder and CEO of Joby Aviation, confirmed that operational trials are expected to begin in 2025, ahead of the commercial launch in 2026. “We plan to deliver an incredible experience for residents and visitors to Dubai,” he said at the World Governments Summit.

Dubai’s leap into the future

“The Museum of the Future has become home to the aerial taxi prototype, reflecting Dubai’s pioneering leadership in shaping the future of transportation,” said Majed Al Mansoori, Executive Director of the museum. “Our partnership with the RTA underscores the museum’s mission to inspire groundbreaking ideas and foster a culture of innovation.”

Joby’s entry into the UAE market positions Dubai as a global leader in urban aerial mobility, with plans to expand services across the country and the wider region.