Gold prices fell on Thursday, January 8, as investors braced for futures selling tied to a commodity index reshuffle, with a stronger US dollar adding pressure by making the metal costlier for overseas buyers.

Spot gold fell 0.6 per cent to $4,427.48 per ounce, as of 0921 GMT US gold futures for February delivery fell 0.6 per cent to $4,435.40.

Read more-Gold, silver rally into New Year as safe-haven demand stays strong

“Gold and silver remain under pressure as the annual commodity-index rebalancing gets underway. Over the next five days, COMEX futures could see selling in the region of $6 to $7bn in each metal,” said Ole Hansen, head of commodity strategy at Saxo Bank.

The annual Bloomberg Commodity Index rebalancing aims to keep the index aligned with the current state of the global commodity market.

This year’s window runs from January 9-15.

“(The US-Venezuela tension) added a small georisk premium at the beginning of the week which is now deflating as the attention turns to the rebalancing,” Hansen added.

Meanwhile, the US dollar hovered near a one-month high as investors assessed mixed economic data ahead of Friday’s nonfarm payrolls report.

Data on Wednesday showed US job openings dropped to a 14-month low in November while hiring resumed its sluggish tone, pointing to ebbing labor demand.

Investors are now awaiting the US non-farm payrolls data for more clues on monetary policy, with markets pricing in two interest rate cuts by the Federal Reserve this year.

On the geopolitical front, the US seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday.

Spot silver lost 3.1 per cent to $75.73 per ounce, after hitting an all-time high of $83.62 on December 29.

HSBC sees gold hitting $5,000 per ounce in the first half of 2026 on geopolitical risks and rising fiscal debts, and expects silver to trade between $58 and $88 in 2026, driven by supply deficits, robust investment demand, and high gold prices, but warned of a market correction later in the year.

Urban mobility is quietly undergoing a reset. As cities grow denser, congestion worsens, and sustainability targets tighten, how people move short distances is becoming just as important as how they travel long ones. Electric scooters, once dismissed as a novelty, are now emerging as a serious piece of urban transport infrastructure, backed by policy, consumer demand, and hard economics.

The numbers add more weight to this trend: The global micro-mobility market size was valued at $41.01bn in 2024. The market is projected to grow from $46.47bn in 2025 to $145.83bn by 2034, exhibiting a CAGR of 13.5 per cent during 2025–2034, according to a report by Polaris Market Research.

Closer to home, the Middle East’s micromobility market is also accelerating. Valued at $10.4bn in 2024, the sector is projected to more than double to $25.1bn by 2032 (stats courtesy: P&S Intelligence’s Middle East Micromobility Market Report), driven by government smart city initiatives, swelling urban populations, and a generation increasingly reluctant to sit in traffic.

In Dubai alone, electric scooter trips climbed from 30 million in 2023 to 32.3 million in 2024, representing an 8.7 per cent rise, according to the RTA. The authority has expanded electric scooter zones across 21 districts, integrating them with metro and bus routes as part of a broader push toward a “20-minute city” where residents can reach destinations without cars. Abu Dhabi is building over 1,200 kilometres of dedicated cycling paths.

Into this momentum steps a transatlantic partnership: EV LAB, the Middle East’s first multi-brand electric mobility platform, has invested in Pure Electric, the UK’s leading electric scooter manufacturer, founded by entrepreneur Adam Norris, father of Formula 1 world champion Lando Norris. The partnership kicked off in December last year with the launch of Pure Electric’s three new e-scooters in the UAE – Air⁴, Pure x McLaren and Pure Flex.

The Pure Air⁴, a remastered fourth-generation classic e-ride with a smoother, more powerful ride featuring a 710W motor and 30-kilometre range; the Pure x Mclaren finished in McLaren’s iconic orange livery, built with active steering stabilisation, a 900W motor, and a 50-kilometre range; and the Pure flex, the world’s most compact scooter featuring a unique forward-facing stance, ultra-compact design, and a 45-kilometre range, built for maximum control and stability.

“Collaborating with Pure Electric to launch these state-of-the-art e-scooters in the UAE is an incredible opportunity to drive innovation and sustainability,” says Kevin Chalhoub, CEO and founder of EV LAB. “Over the past few years, consumers in the region have grown more environmentally conscious and are looking for smarter and greener approaches to travel.”

Gulf Business spoke to Norris and Chalhoub to discuss what’s driving adoption, why safety trumps everything, and whether every urban dweller will eventually own a scooter.

Designing e-scooters for real life, not just the ride

The e-scooter market is crowded. Chinese manufacturers flood the segment with budget options, while rental fleets from Lime and TIER dominate shared mobility. So, what makes a privately owned scooter worth the investment?

For Norris, the answer came from watching what was wrong with existing products.

“I founded Pure because there simply wasn’t a high-quality, truly safe electric scooter on the market,” he explains. “If we wanted more people to adopt these vehicles as a mode of mobility, we needed to create something safer.”

Pure’s solution drew on expertise from unexpected quarters. Norris recruited the former head of Dyson’s hairdryer project to lead design and consulted F1 engineers on stability. The result: a forward-facing stance that positions riders shoulder-width apart rather than one foot behind the other, lowering the centre of gravity like a racing car. Patented steering stabilisation technology reduces wobble at speed or on uneven terrain.

“These features significantly enhance safety and confidence, helping us broaden the market and encourage more people to enjoy the product,” Norris says.

The McLaren partnership, announced shortly after Lando Norris’s breakthrough Miami Grand Prix victory in 2024, brought the technology to a global audience. Limited-edition models, the Senna tribute, the iconic Papaya, the Chrome heritage edition, sold out within days. Today, the scooters are a fixture in F1 paddocks worldwide, ridden by drivers, team principals, and mechanics navigating the sprawling circuits.

The sustainability equation

Critics often question whether personal electric vehicles are genuinely green once manufacturing and battery disposal are factored in. Chalhoub pushes back.

“Using an electric scooter saves at least 120 grams of CO₂ per kilometre compared with traditional modes of transport,” he says. “It’s essential to evaluate the entire lifecycle, because certain stages can generate more emissions upfront. This idea is often misunderstood.

However, when assessed from production through daily use, both electric scooters and electric cars consistently produce lower overall emissions than combustion-based vehicles.”

The extent of those savings depends heavily on local energy grids. “In countries like Poland, where the grid is still coal-heavy, electric vehicles reduce lifetime emissions by around 33 per cent,” Chalhoub notes. “In France, where nuclear energy is prominent and renewables continue to grow, the reduction reaches about 75 per cent.”

The UAE sits somewhere in between, but is moving fast. The Dubai Clean Energy Strategy 2050 aims to generate 75 per cent of the emirate’s power from clean sources, a trajectory that will progressively improve the carbon footprint of every electric kilometre travelled.

Air quality is perhaps the more immediate concern for Gulf cities. “Particulate matter produced by emissions is extremely harmful and is linked to cancer and other serious health issues,” Chalhoub says. “Reducing these emissions is critical, and electric mobility offers a clear path forward. We’re already seeing more residential communities and work environments in Dubai that are supportive of scooter use. For many short trips, there’s no need to rely on a car.”

Balancing price, quality and scale

Affordability remains a barrier for mass adoption. Premium electric scooters like the McLaren editions retail north of $1,500, a significant outlay in a market where cheap alternatives abound.

Norris acknowledges the tension but refuses to compete at the bottom.

“We serve different customer segments,” he says. “If we compare our product range to cars, we have a top-tier model, the McLaren edition. But we also realise that not everyone can afford it. That’s where the Pure Air comes in. It’s more comparable to an Audi: high-quality, reliable, well-designed, but not the most expensive option.”

The deliberate decision to avoid the budget segment stems from experience. “Cheaper alternatives often compromise on reliability and safety. Our priority has always been to deliver products that are durable and safe, even if that means not being the cheapest option.”

Reliability was among the most common complaints about earlier scooter generations. “People wanted a product they could depend on, something durable that would continue performing well for years,” Norris says. “They also wanted easy access to spare parts so that the scooter could be repaired if anything broke. With this new launch, we’ve focused on addressing those issues.”

Read: Riding an e-scooter in Dubai? Here’s how to get your official permit

Who’s actually buying?

The stereotype of the e-scooter rider, young, male, tech-forward, doesn’t match reality, according to Norris.

“We see a very diverse range of consumers, both male and female, young and old. In Europe, we’ve seen people in their 60s, as well as those with lower incomes who choose scooters because it’s cheaper than public transport. At the same time, high-income professionals, hedge fund managers earning several million a year, use them as a convenient means to navigate the city.”

What unites them is practicality. “If you’re at a hotel and your car is parked in a garage, taking an e-scooter can get you to your destination faster than walking to your vehicle. While cars remain essential for longer trips, scooters are perfect for short-distance travel within the city. Even people who own electric cars often rely on e-scooters for urban mobility.”

In the UAE, the McLaren editions have generated particular excitement. “We have fans from Brazil who are huge admirers of Ayrton Senna and were thrilled by the limited-edition McLaren scooter,” Chalhoub says. “The combination of the McLaren brand, precision engineering, and functionality makes these scooters stand out.”

But broader adoption requires infrastructure. “What we need now are more supportive regulations and designated areas to ride,” he adds.

From niche convenience to serious alternative

The ultimate question: will e-scooters remain a novelty, or become a genuine alternative to car trips?

Both founders are unequivocal.

“We genuinely believe that in the future, every person will have a scooter or a similar lightweight, zero-emission vehicle,” Chalhoub says. “Whether it remains electric or moves toward other technologies like hydrogen, it’s clear that cities will increasingly require zero-emission mobility solutions.”

The trajectory mirrors mobile phone adoption, they argue. “Nearly 25 years ago, mobile phone penetration started with just 1-2 per cent, then gradually grew to 5, 10, and eventually reached mass adoption,” Norris observes. “We see a similar story for electric scooters.”

Demographic shifts are accelerating the trend. “In Europe, fewer young people are taking driving licences as they live in cities and obtaining a licence can be complicated. Scooters offer a simple, affordable alternative, often cheaper than public transport. The same trend is seen with the rise of ride-hailing services like Uber, fewer people feel the need to own a car.”

Urban planning is catching up. Across Europe, cities are restricting or banning cars in certain areas, a movement that’s beginning to gain traction in the Gulf. “As urban centres continue to do this, people will need alternative ways to get around,” Chalhoub says. “Besides walking, bicycles are an option but can be inconvenient to lock and are often stolen. Lightweight, zero-emission vehicles like electric scooters provide an efficient and environment-friendly solution for short trips in dense urban environments.”

The road ahead

For Pure Electric, the Gulf expansion marks a pivotal moment. Founded in Bristol in 2018, the company now operates in eight countries with over 250,000 riders globally. The Middle East represents both a growth market and a proving ground, if scooters can handle Dubai summers and the region’s demanding urban landscape, they can work anywhere.

For EV LAB, the partnership extends a broader mission.

Beyond consumer scooters, the platform operates the UAE’s first multi-brand Electric Mobility Experience Centre, provides fleet electrification services to corporations (including a recent deal with luxury retailer Chalhoub Group), and distributes electric yachts from Silent Yachts and Marian Boats.

“Our ambition is to support companies across the region in their transition to electrifying their fleets,” Chalhoub says. “This partnership will demonstrate the viability and benefits of electric mobility.”

Norris, whose son continues to race at the pinnacle of motorsport – Lando was named the 2025 FIA Formula 1 Drivers’ World Champion at the F1 Etihad Airways Abu Dhabi Grand Prix – while championing the family’s micromobility venture, sees the convergence as natural.

“We’re on a mission to improve city travel,” he says. “This collaboration reflects the pioneering engineering and design that we stand for, precision and performance, beyond the racetrack.”

Note: Pure Electric scooters, including the McLaren special editions, are available through EV LAB’s Experience Centre at One Central, Dubai World Trade Centre, and online at ev-lab.io.

Etihad Rail on January 8 announced details of the UAE’s full passenger railway network, marking a major milestone in the development of the nation’s transport and infrastructure ecosystem.

The announcement underscores the company’s commitment to advancing safe, reliable and integrated mobility solutions that support economic growth and social connectivity across the Emirates.

The passenger rail network will connect 11 cities and regions through strategically located stations, forming the UAE’s first fully integrated national passenger railway system. Once operational, the network is expected to significantly strengthen connectivity across the country, offering a modern alternative for citizens, residents and visitors travelling between key urban and regional centres.

Read more-Bags to boarding: How Etihad Rail’s DWC stop will redefine UAE travel

Earlier in 2025, Etihad Rail announced the first four passenger stations located in Abu Dhabi, Dubai, Sharjah and Fujairah. The latest announcement completes the national map, with the company revealing the remaining planned stations in Al Sila’, Al Dhannah, Al Mirfa, Madinat Zayed, Mezaira’a, Al Faya and Al Dhaid. These stations will become operational in phases as passenger services are rolled out.

Together, the stations will create a unified passenger rail network designed to link major population centres and strategic locations across the UAE, reinforcing the country’s long-term vision for integrated transport infrastructure.

Leadership highlights strategic national importance

Commenting on the announcement, Azza AlSuwaidi, deputy CEO of Etihad Rail Mobility, highlighted the strategic importance of the project and its alignment with national priorities.

“Our preparations to launch passenger services across the national railway network in 2026 reflect the vision of our wise leadership to build an integrated transport ecosystem that supports the UAE’s economic and social fabric,” she said.

AlSuwaidi described the passenger rail network as a cornerstone of the UAE’s transport system, supporting long-term development while strengthening connectivity between the Emirates. She noted that the project builds on Etihad Rail’s operational experience since 2023 in running the national freight rail service.

“This national milestone is the result of close collaboration among all partners and stakeholders, driven by exceptional national talent and underpinned by global best practices,” she said, adding that the network has been equipped with a next-generation fleet and advanced technologies in partnership with leading international operators to ensure the highest standards of quality, reliability and safety.

AlSuwaidi also emphasised the project’s national identity and its broader contribution to the country’s future.

“Our trains will have a distinctly Emirati identity that strengthens national cohesion, while serving as a long-term investment in the country’s transport and infrastructure sectors,” she said. According to AlSuwaidi, the passenger rail network is expected to boost domestic tourism and establish a new regional benchmark for sustainable, people-centred mobility, contributing to enhanced community wellbeing and improved quality of life.

Designed for comfort, efficiency and reliability

The passenger trains have been designed to deliver a comfortable and seamless travel experience. Features include safe and ergonomic seating, contemporary interior designs, full Wi-Fi coverage and individual power outlets at every seat.

Services will operate on a precise and regular schedule, offering a reliable and efficient alternative to road travel. The network aims to ensure smooth and speedy journeys between cities while helping passengers avoid road congestion.

Reflecting on the passenger offering, Eng Mohammed Alshehii, chief projects officer at Etihad Rail, confirmed that passenger services are scheduled to officially launch in 2026.

In its first phase, the network will connect 11 cities and areas that have been carefully selected within key locations, including Mohammed Bin Zayed City in Abu Dhabi, Jumeirah Golf Estates in Dubai, University City in Sharjah and the Al Hilal area in Fujairah.

“Our trains have been designed to offer a reliable, congestion-free alternative for intercity travel, with a focus on reducing journey times,” Alshehii said. He added that 10 of the 13 trains in the fleet have already arrived and have been tested and certified to the highest international safety and quality standards.

Each train can accommodate up to 400 passengers and will be operated using the latest systems to ensure reliability and security. Stations will be seamlessly integrated into the wider transport network, with connectivity to other modes of transport.

Years of planning and national impact

Alshehii described the scale of the project as the result of three years of intensive planning, design and delivery, with total working hours reaching 24.5 million and the involvement of more than 7,000 experts and workers.

Beyond enhancing mobility, the passenger rail network is expected to deliver wide-ranging national benefits. These include boosting domestic tourism, supporting mobility needs, contributing to emissions reduction efforts and strengthening social and economic ties between the Emirates, helping make the UAE feel more connected and accessible.

The UAE is doubling down on artificial intelligence (AI) to redefine how cities are managed and public services delivered.

Dubai and Abu Dhabi are leading the charge, deploying AI technologies to address everyday challenges, from ensuring cleaner streets to safer roads. These initiatives reflect a broader strategy to make the UAE a global benchmark for smart cities, combining technology, sustainability, and citizen-centric governance, a WAM report said.

Read more-Dubai’s traffic signal upgrade: New AI system cuts delays by up to 37%

For businesses and residents alike, the stakes are high: more efficient city services mean better quality of life, enhanced safety, and stronger investor confidence in the UAE’s urban ecosystem. By integrating AI into municipal operations, both emirates are not only solving immediate problems but also building the infrastructure for future-ready smart cities.

Dubai launches smart camera trial for cleanliness monitoring

Dubai Municipality has kicked off a pilot phase of a smart camera system under its “Smart Waste Management” framework, aiming to enhance public cleanliness oversight and accelerate responses to violations. The initiative relies on AI technologies and real-time data analysis to boost enforcement efficiency.

The pilot includes installing smart cameras on waste collection and transportation vehicles to monitor cleanliness on roads, in residential areas, and near waste containers, sidewalks, and public squares. The system detects illegal dumping, littering, and improper disposal of bulky items, instantly analysing captured images and displaying results on interactive digital dashboards for swift field action.

Violations such as littering in public spaces can incur fines up to Dhs500, with other infractions including furniture and bulky waste disposal also being tracked.

Engineer Marwan Ahmed bin Ghalita, director-general of Dubai Municipality, described the project as part of a strategic approach to enhance monitoring systems, support data-driven decisions, and develop sustainable urban policies. Outcomes from the pilot phase will inform the potential expansion of the system across the emirate.

Engineer Adel Al Marzouqi, executive director of the Waste and Sewerage Agency, emphasised that the technology accurately documents violations while protecting community privacy, aligning with Dubai’s broader smart city and digital transformation goals.

The project also supports the Dubai Integrated Waste Management Strategy 2041, reinforcing public cleanliness, improving quality of life, and highlighting Dubai’s commitment to sustainability and innovation.

Abu Dhabi Police and Space42 team up for smart mobility

Meanwhile, in Abu Dhabi, Abu Dhabi Police has signed a Memorandum of Understanding (MoU) with Space42, a UAE-based AI-powered SpaceTech company, to advance smart security and autonomous vehicle systems.

The collaboration supports the Abu Dhabi government’s smart mobility agenda, aiming to create a safe, sustainable transport ecosystem using AI and autonomous solutions. The MoU establishes a long-term framework for research, development, and innovation in smart mobility.

Brigadier Mohammed Dhahi Al Hamiri, director of the Central Operations Sector at Abu Dhabi Police, said AI applications in police vehicles will enhance road safety and minimise traffic incidents. The partnership will also upskill national talent through joint training and field programs, setting the stage for wider deployment across Abu Dhabi’s transport network.

Hasan Al Hosani, CEO at Smart Solutions, Space42, described the initiative as a milestone in applying AI to real-world security and mobility challenges, highlighting the development of intelligent solutions that improve safety standards for autonomous vehicles and the broader smart mobility ecosystem.

Together, these initiatives illustrate the UAE’s forward-looking approach to smart public services, leveraging AI to enhance urban living. In Dubai, AI-driven monitoring addresses public cleanliness, while Abu Dhabi applies AI to road safety and autonomous mobility. Both cities are emphasising data-driven governance, sustainability, and citizen well-being, signalling a model for urban management in the region.

By integrating AI and smart technologies into daily municipal operations, Dubai and Abu Dhabi are demonstrating how innovation can boost efficiency, improve safety, and enhance quality of life, reinforcing the UAE’s global leadership in smart city development.

RAKBANK has received in-principle approval from the Central Bank of the UAE (CBUAE) to issue a dirham-backed stablecoin.

The approval positions RAKBANK alongside a growing roster of UAE financial institutions racing to launch regulated digital tokens, as the global stablecoin market surpasses $308bn and settlement volumes reach $9tn annually, an 87 per cent jump from the previous year, according to Moody’s 2026 Cross-Industry Outlook report.

These figures reflect rapid uptake as stablecoins are increasingly used for liquidity management, collateral transfers and settlement in tokenised markets.

The UAE has emerged as a frontrunner in Middle East stablecoin regulation, with authorities approving multiple dirham-backed tokens.

Private-sector stablecoins are now viewed as complementary infrastructure rather than a substitute for the for the eventual CBDC (central bank digital currency).

Read: UAE rebrands the Dirham and readies digital currency launch

Important milestone for RAKBANK

“Receiving in-principle approval from the Central Bank of the UAE is an important milestone in our digital assets journey,” said Raheel Ahmed, Group CEO of RAKBANK. “It reflects our focus on innovation that is responsible, regulated and built on trust.”

The planned stablecoin will be fully backed 1:1 by UAE dirham reserves held in segregated, regulated accounts, with audited smart contracts providing real-time reserve attestations.

The bank must complete additional regulatory and operational requirements before launching the token to the public.

The announcement comes as the bank marks its 50th anniversary. “We remain committed to developing solutions that are designed around our customers’ needs and aligned with the UAE’s vision for a future-ready financial system,” Ahmed said.

Further details on the pilot phase and potential expansion will be disclosed subject to regulatory approvals.

The bank, one of the UAE’s oldest lenders with assets exceeding Dhs88bn ($24bn), has been building its digital asset capabilities.

In 2025, the bank became the first conventional UAE bank to integrate cryptocurrency trading into its mobile app through a partnership with regulated brokerage Bitpanda Technology Solutions.

Other related developments

The approval intensifies competition in the UAE’s stablecoin market. Zand, the country’s digital bank, received full approval in November 2025 for Zand AED, the first regulated multi-chain dirham stablecoin on public blockchains. AE Coin, another licensed payment token, gained regulatory clearance in late 2024.

First Abu Dhabi Bank, the UAE’s largest lender, announced plans in April 2025 to launch its own dirham stablecoin in partnership with sovereign wealth fund ADQ and conglomerate International Holding Company. International players including Circle and Ripple have also secured regulatory approvals for their dollar-backed tokens in Abu Dhabi.

Read: IHC, ADQ, FAB launch dirham-backed stablecoin

The CBUAE established comprehensive rules for stablecoins through its Payment Token Services Regulation, which took effect in July 2024. Under the framework, dirham-pegged tokens are regulated exclusively by the central bank, while foreign payment tokens face restrictions limiting their use to virtual asset transactions.

UAE authorities view regulated stablecoins as tools to modernise payments, enhance remittances, and support the country’s digital economy ambitions.

Stablecoin activity now accounts for 51 per cent of the UAE’s cryptocurrency market, with active wallets using stablecoins globally growing 53 per cent to over 30 million users between February 2024 and February 2025 (according toThe State of Stablecoins 2025: Supply, Adoption & Market Trends from Artemis and Dune).