Warren Buffett is ending his career as perhaps the world’s most famous and revered investor, saying he will step down as chief executive of Berkshire Hathaway at the end of 2025, and hand over the reins to Vice Chairman Greg Abel.

The move caps an era for Berkshire after Buffett’s extraordinary 60 years at the helm, which made him a household name, a multi-billionaire and an American success story.

Read-Warren Buffett talks succession and Berkshire’s future at annual meeting

“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett, 94, said on Saturday as he wrapped up Berkshire’s annual meeting in Omaha, adding he would still “hang around and conceivably be useful in a few cases” but that the “final word” would be Abel’s.

The announcement prompted an outpouring of praise for Buffett from CEOs and investors.

Warren Buffett: Representing everything good about American capitalism

“Warren Buffett represents everything that is good about American capitalism and America itself – investing in the growth of our nation and its businesses with integrity, optimism, and common sense,” said Jamie Dimon, CEO of JPMorgan Chase & Co.

Tim Cook, chief executive of Apple, in a post on X said: “There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It’s been one of the great privileges of my life to know him.”

Buffett’s move will propel Abel into the spotlight at Berkshire. Abel, who has long been identified by Berkshire to be Buffett’s successor, may not have the star power of Buffett although he is expected to preserve the culture of the conglomerate.

Buffett said Abel and most of Berkshire’s board of directors hadn’t been aware of his plans prior to the announcement, though Buffett had told his two children who are directors. Berkshire’s board of directors will meet on Sunday to discuss the transition, he said.

Abel, 62, has been a Berkshire vice chairman since 2018, and was named Buffett’s expected successor as chief executive in 2021.

“I couldn’t be more humbled and honored to be part of Berkshire as we go forth,” Abel told shareholders.

Buffett also said he had “zero” intention of selling any of his Berkshire stock, nearly all of which will be donated after his death.

“The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine,” Buffett said.

Remarkable run

The decision to step down caps a remarkable 60-year run where Buffett transformed Berkshire from a failing textile company into a $1.16 trillion conglomerate with businesses across the US economy.

Buffett’s own fortune totals $168.2 billion according to Forbes magazine, nearly all of which is in Berkshire stock.

Cole Smead, chief executive of Smead Capital Management, said after Buffett’s announcement he turned to his father Bill Smead, who founded the firm, and said: “Well, it’s the end of an era. It’s sad, but it’s life.”

Berkshire’s stock price has risen 19% this year, compared with a 3% drop in the Standard & Poor’s 500.

Many investors have viewed the conglomerate and Buffett’s stewardship as a safe haven from uncertainty about the economy and US President Donald Trump’s tariff policies.

“The question going forward is: will Berkshire still have a Buffett premium when Buffett is not there?” said Cathy Seifert, an analyst at CFRA Research. “You’re buying a stock and you’re also getting the investing prowess of a legend. With that legend gone, what is the value?”

‘Greg can do better’

Abel had already been taking on many of Buffett’s responsibilities, including for capital allocation.

Asked during the meeting how his oversight of Berkshire’s 189 operating businesses would differ from Buffett’s, Abel said: “More active, but hopefully in a very positive way.”

Buffett said Berkshire’s board could make arrangements for the transfer of power over the next few months, and he could “conceivably be useful in a few cases” after Abel takes over.

“The fact that you can do pretty well doesn’t mean you couldn’t do better, and Greg can do better,” Buffett told shareholders before the announcement.

Berkshire’s annual shareholder weekend, which Buffett calls “Woodstock for Capitalists,” annually draws tens of thousands of people to Omaha for the meeting and for a series of shareholder events across the city, including shopping.

The company has said it intends to continue holding the weekends. Many shareholders have said they will keep attending after Buffett leaves, though many believe attendance will drop.

Buffett took over Berkshire in 1965 and with his longtime friend and business partner Charlie Munger, who died in November 2023, built it into an American success story.

Headquartered in Omaha, where Buffett and Munger grew up, Berkshire now has close to 200 businesses including Geico car insurance, the BNSF railroad, industrial and chemical companies, utilities, Dairy Queen ice cream, Fruit of the Loom underwear and See’s Candies.

It also ended March with $264 billion of stocks including Apple, American Express and Bank of America.

‘Oracle of Omaha’

Buffett became known as the “Oracle of Omaha” for his investing success as well as his folksy wisdom and modest lifestyle.

While Berkshire stock rose 5,502,284 per cent from 1965 to 2024, Buffett never moved from a home he paid $31,500 for in 1958.

Buffett was a disciple of Benjamin Graham, the economist and his former professor, stressing the importance of company fundamentals and not overpaying for assets.

That approach often made it hard to deploy Berkshire’s ever-growing cash hoard, which reached $347.7 billion at the end of March.

Abel joined the former MidAmerican Energy, now known as Berkshire Hathaway Energy, in 1992, eight years before Berkshire took it over. He later led that business for a decade.

Buffett’s fortune would have been much bigger had he not since 2006 given away more than half his Berkshire shares to charity.

Nearly all of the rest is expected to go into a new charitable trust overseen by his daughter Susie and sons Howard and Peter.

Abel will face challenges including how to help Berkshire grow meaningfully without overpaying for acquisitions, whether to pay a dividend and how to deploy the cash.

Howard Buffett, 70, is expected to eventually succeed his father as Berkshire’s non-executive chairman, to help preserve the company’s culture.

Dubai’s Knowledge and Human Development Authority (KHDA) has sanctioned an Education Cost Index (ECI) of 2.35 per cent for for-profit private schools for the 2025–26 academic year.

This adjustment is based on the annual review of audited financial statements submitted by private schools in collaboration with the Digital Dubai Authority, reflecting operational costs such as staff salaries, support services, and rental expenses, while ensuring the delivery of high-quality education.

Eligible for-profit schools may apply for a fee increase up to, but not exceeding, the approved ECI.

The ECI used for the current school year (2024-2025) is 2.6 per cent.

Private schools operating in Dubai for less than three years are not eligible to apply.

Each application will be reviewed by KHDA to ensure it aligns with established criteria.

The ECI for fee adjustments is based on a robust and transparent methodology that supports schools in managing their resources while maintaining educational excellence aligned with the needs of students and parents.

The approach reflects the Dubai Government’s commitment to transparency and efficiency in education and supports the goals of the Education 33 Strategy, which aims to enhance Dubai’s position as a global hub for quality education.

In the past two academic years, 15 new private schools have opened in Dubai. KHDA is currently reviewing over 20 applications for new schools scheduled to open within the next two years, offering families a wide range of choices.

Private school enrollment rise in Dubai

During the 2024–25 academic year, Dubai’s private school sector recorded a 6 per cent increase in student enrolment, reaching 387,441 students across 227 schools, according to the Knowledge and Human Development Authority (KHDA).

This growth includes 33,210 Emirati students and is supported by the opening of 10 new private schools, in line with Dubai’s Education Strategy E33, which aims to open 100 new schools by 2033.

Aisha Miran, director general of KHDA, stated: “Dubai continues to be an attractive destination for families seeking world-class education and for educators dedicated to shaping future generations.” She added that the E33 Strategy fosters innovation, inclusion, and student wellbeing while supporting Dubai’s broader social and economic goals.

Dubai’s private schools offer 17 curricula. The UK curriculum is the most popular (37 per cent), followed by Indian (26 per cent), US (14 per cent), International Baccalaureate (7 per cent), and a UK/IB hybrid (4 per cent). Among Emirati families, the US curriculum leads in preference.

The sector also saw a 9 per centrise in teaching staff, with 27,284 educators now employed across Dubai’s private schools. This reflects the city’s growing appeal to international educators and reinforces its status as a global education hub.

For more information on submitting fee adjustment requests, schools are encouraged to visit the KHDA website.

Some of the major road infrastructure projects in Dubai scheduled for completion by 2027—aimed at serving 8 million residents by 2040—have been reviewed by 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.

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The key strategic road corridors are being developed by Dubai’s Roads and Transport Authority (RTA) to enhance traffic flow and mobility across the emirate, a WAM report said.

11 road corridors in Dubai

Sheikh Hamdan has reviewed RTA’s strategic road projects under the 2025–2027 Plan, which includes 57 initiatives featuring the construction of 226 kilometres of roads and 115 bridges and tunnels. It also outlines the development of 11 major road corridors across the emirate, comprising eight vertical corridors and three new routes.

Prominent projects coming up in Dubai

Among the most prominent projects are the upgrades to the Umm Suqeim–Al Qudra Corridor, Hessa Street, Latifa bint Hamdan Street (from Al Khail Road to Emirates Road), Al Meydan Street, Al Mustaqbal Street, the Dubai World Trade Centre roundabout, and Al Fay Road—an extension of Al Khail Road from its intersection with Sheikh Mohammed bin Zayed Road through Sheikh Zayed bin Hamdan Al Nahyan Street to Emirates Road.

Collectively, these projects are designed to support a growing population projected to reach 8 million by 2040.

Umm Suqeim–Al Qudra corridor development project

Sheikh Hamdan was briefed by Mattar Al Tayer, Director General and Chairman of the Board of Executive Directors of the Roads and Transport Authority, on the progress of the Umm Suqeim–Al Qudra Corridor Development Project. Spanning 16 km from the junction with Jumeirah Street to the intersection with Emirates Road, the corridor serves several residential and development zones with a combined population exceeding one million.

The project entails the upgrade of four key junctions and includes the construction of bridges and tunnels totalling 7,000 metres. Upon completion, the corridor’s capacity is expected to increase from 8,400 to 12,600 vehicles per hour, with travel time reduced from 46 minutes to just 11. Due to the scale of the works and to ensure timely execution, the project has been divided into three phases. The first phase, which covers the upgrade of Umm Suqeim Street from its intersection with Al Khail Road to Sheikh Mohammed bin Zayed Road, has reached 50 per cent completion.

Hessa Street: Road capacity, travel time reduction

Sheikh Hamdan also reviewed progress on the ongoing upgrade of Hessa Street, parts of which have already opened to traffic. The overall project is approximately 60 per cent complete. The development includes the enhancement of four intersections through the construction of 9,000 metres of bridges, which will double the road’s capacity from 4,000 to 8,000 vehicles per hour and reduce travel time from 30 minutes to just seven. The project is expected to benefit around 640,000 residents.

13.5-kilometre cycling and e-scooter track

As part of the upgrade, a 13.5-kilometre cycling and e-scooter track is being constructed along Hessa Street, connecting Al Sufouh and Dubai Hills. The route features two architecturally distinctive bridges—one crossing Sheikh Zayed Road and the other spanning Al Khail Road. Each bridge is five metres wide, with three metres designated for cyclists and e-scooter riders, and two metres for pedestrians.

Al Fay Street Corridor Project

Sheikh Hamdan also reviewed the progress of the Al Fay Street Corridor Project, one of Dubai’s strategic mobility routes. The corridor extends Al Khail Road from its junction with Sheikh Mohammed bin Zayed Road through Sheikh Zayed bin Hamdan Al Nahyan Street to Emirates Road.

The project involves the construction of 12,900 metres of roadway and the development of five major intersections featuring 13,500 metres of bridges. Once completed, the corridor will deliver additional traffic capacity for about 64,400 vehicles per hour and is expected to benefit around 600,000 residents.

Developments on Sheikh Zayed Road

Sheikh Hamdan was also briefed on development plans for Sheikh Zayed Road, which currently serves about 2.5 million people. The presentation outlined key indicators of rapid traffic solutions and transport policies implemented between January and April 2025.

During this period, seven quick-win traffic solutions were deployed, resulting in a 5 to 10 per cent reduction in congestion. The introduction of a dynamic road toll policy contributed to a 9 per cent decline in traffic volumes and a 4 per cent increase in public transport ridership. Similarly, the dynamic parking tariff system helped reduce traffic volumes by 2.3 per cent and boosted public transport usage by 1 per cent.

Smart technologies to monitor road infrastructure

Sheikh Hamdan was briefed on the deployment of smart technologies to monitor road infrastructure projects across the emirate. Among the key innovations is the use of drones to analyse project progress data, coupled with artificial intelligence to track construction developments.

These technologies have significantly improved operational efficiency at construction sites, accelerated decision-making, and provided real-time access to highly accurate data. They have also doubled on-site supervisory presence and reduced the time required for field surveys by 60 per cent.

Additionally, time-lapse imaging is used to monitor construction activities around the clock, enhancing project oversight by 40% and reducing delays by 20 per cent through the early detection of potential issues.

Cycling tracks

The existing and future cycling infrastructure across Dubai was also reviewed. The emirate currently has 557 km of dedicated cycling tracks, with 100 km under construction and a further 185 km planned over the coming years. In 2024 alone, Dubai recorded 47 million cycling trips. Sheikh Hamdan was also briefed on an initiative to assign names to cycling tracks to enhance the user experience, establish a unique identity for each route, and strengthen partnerships with the private sector. The initiative also aims to attract investment, expand services catering to cyclists, and support the hosting of sports and recreational events along the tracks.

Deployment of autonomous taxis

Sheikh Hamdan was also briefed on the roadmap for deploying autonomous taxis across Dubai. As part of this initiative, the RTA has signed agreements with three leading international companies specialising in autonomous taxi operations.

During the first phase, over 60 vehicles will be deployed to carry out road mapping, data collection, and route scanning. The second phase will see pilot operations launched in up to 65 designated zones across the emirate, chosen based on several key criteria, with a particular focus on Dubai’s high road safety standards. The official roll-out of the service is scheduled for the first quarter of 2026.

This roadmap marks a major milestone in advancing Dubai’s Self-Driving Transport Strategy, which aims to convert 25% of all mobility journeys in the city to autonomous modes by 2030.

Model District Project

The Model District Project in Al Barsha 2 was also reviewed. It is designed to enhance liveability, expand green and open spaces, improve pedestrian infrastructure, and promote sustainable mobility by enabling safe and convenient movement without reliance on private vehicles, in line with the objectives of the Dubai 2040 Urban Master Plan.

‘20-Minute City’ Concept

The project supports the ‘20-minute city’ concept, which aims to provide residents with access to essential services—including education, healthcare, retail, recreation, mosques, and childcare—within a 20-minute walk or cycle using sustainable and soft mobility options to enhance quality of life in Dubai.

The Model District

The Model District will feature 17 kilometres of integrated walking and cycling tracks, connecting Al Barsha 2 to key destinations such as Mall of the Emirates, Al Quoz Creative Zone, the cycling track along Hessa Street, and the networks in Dubai Hills. These pathways will also link major residential and tourist areas in Al Sufouh and Jumeirah Beach.

The project also includes the creation of three community spaces and rest stops for pedestrians and cyclists, the enhancement of green areas with the planting of over 590 trees, upgraded public amenities such as smart shaded seating, and the installation of two rental stations for bicycles and e-scooters.

Luxury brands rely on exclusivity, craftsmanship, and a hefty price tag to maintain their coveted positions in the market.

In recent weeks, China has thrown a wrench into the gears of this high-end machine. Chinese manufacturers have been revealing the actual production costs of luxury items, which has forced a major shift in how consumers and brands view value, pricing, and authenticity.

It turns out that some of the most iconic luxury items on the market — Birkin bags, Louis Vuitton accessories, and Lululemon leggings — are produced for a fraction of what consumers pay.

As global trade tensions continue to heat up, especially between the US and China, this level of transparency is raising serious questions about the true cost of luxury. In turn, it challenges brands to adapt their value propositions in response to a rapidly changing marketplace.

Consider the Birkin bag, which carries a retail price tag of $34,000. According to Chinese suppliers, the actual production cost is just $1,400.

Similarly, Lululemon leggings, typically priced at $100, cost only a few dollars to make, ranging from $5 to $6.

The impact of such revelations is profound, fundamentally questioning the very definition of luxury for consumers, and potentially forcing a reset in how luxury brands position themselves moving forward.

Shifting views on exclusivity and brand identity

The idea that only a select few could afford certain items elevated luxury brands to the realm of status symbols.

Over time, these brands carefully constructed their identity around rarity — items that could not be easily replicated, creating an aura of prestige that was often worth the high price. But now, with China’s recent campaign, we are seeing how some of these claims might be less substantial than once believed.

When it is revealed that 80 per cent of the production for iconic luxury brands such as Hermes, Gucci, and Prada takes place in China, with items often labeled “Made in Italy”, it forces consumers to question what makes these items truly valuable. This seismic shift is especially significant for the Middle East, where luxury spending is a cornerstone of consumer culture. Therefore, the focus of brands can no longer just be on a glamorous logo or a fancy label.

It has to go deeper into authenticity, materials, and ethical production practices — something younger consumers, especially Gen Z, have begun to demand.

How luxury brands must adapt

Luxury brands should now rethink their entire unique selling points. The days of simply relying on the mystique of exclusivity are probably over. Luxury brands will now need to adapt to the growing demand for transparency, sustainability, and authenticity.

While brands like Louis Vuitton and Gucci have yet to directly address the specific campaign launched by Chinese manufacturers, they have been adjusting their strategies in response to broader market conditions. Over the past few years, we’ve seen a greater focus on storytelling, particularly around craftsmanship, sustainability, and ethical sourcing.

This movement gained momentum in 2024, when it was revealed that Dior’s $2,780 bags, long marketed as symbols of exclusivity, were produced for just $57.

In a market where consumers are more socially conscious than ever before, brands must double down on their promises and create new narratives that align with the evolving consumer mindset.

Brands that have relied on traditional marketing and celebrity endorsements must now lean into creating meaningful connections with their consumers.

Sell a high-priced handbag with an ad campaign featuring a supermodel will no longer cut it. The future of luxury lies in creating value that resonates with consumers on a deeper level — offering products that aren’t just aspirational, but also ethically sound and transparently priced.

The future of luxury consumerism

Luxury brands will have to respond to a new generation of consumers who value sustainability over logos, authenticity over exclusivity, and ethics over price tags. Gen Z and Millennials are driving this shift, and their buying behaviour will determine the future of the industry.

In 2024, Gen Zs and millennials accounted for 45 per cent of global luxury purchases, despite representing just over 2 per cent of the total customer base, according to Bain & Company.

Gen Zs and millennials have grown up with access to information at their fingertips. They are well-versed in the environmental and social impact of their purchases, and they’re increasingly choosing to support brands that align with their values. For them, luxury is no longer just about price — it’s about purpose.

Research from the World Economic Forum highlights that over a third of Gen Z consumers choose brands that demonstrate environmentally sustainable practices, and 28 per cent have ceased purchasing from brands with poor ethical or sustainability values.

A study by Savanta indicates that 60 per cent of consumers aged 18-34 prioritise a brand’s authenticity and adherence to its values when making purchasing decisions. This trend underscores a generational shift towards conscientious consumption.

Luxury’s new frontier lies in experience, not ownership

For luxury brands, the ultimate challenge lies not in lowering prices or increasing accessibility, but in discovering new ways to redefine exclusivity.

In the age of mass production, the new luxury is not ownership, but experience. We are on the verge of a shift in branding, moving from offering expensive, mass-produced goods to providing experiences that are unique, memorable, and deeply personal.

The exclusivity will eventually come from the personal connections brands build with consumers, the stories they tell, and the memories they create.

The Ministry of Human Resources and Social Development in Saudi Arabia has announced a minimum 10-day leave for employees performing the annual Hajj pilgrimage for the first time.

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The authority stated that the leave should be no less than 10 days and no more than 15 days, including the Eid al-Adha holiday, a Saudi Gazette report stated.

Labour law for employees

In a statement issued at the beginning of the Hajj season, the Ministry clarified that the Labour Law allows employees to take paid leave to perform Hajj once during their period of service, provided they have not performed it before and have completed at least two consecutive years of service with their employer.

Employer’s discretion

The Ministry also noted that employers have the right to determine the number of employees granted this leave each year, based on work requirements.

These regulations are intended to safeguard the rights of all parties involved in the employment relationship.