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Musk-backed Dubai Loop to break ground immediately – RTA’s Al Tayer

The project will covers 24 kilometres in Dubai, with a total cost of nearly Dhs2.5bn

Gareth van Zyl
Gareth van Zyl

03 February, 2026

Musk-backed Dubai Loop to break ground immediately – RTA’s Al Tayer
The Hyperloop One test site in the desert north of Las Vegas. (Getty Images)

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Dubai’s super-fast underground transport dream is edging closer to reality.

Speaking at the World Government Summit in Dubai on Tuesday, Mattar Al Tayer, director general and chairman of the Dubai Roads and Transport Authority (RTA), said construction on the Musk-backed Dubai Loop project would begin “immediately”, according to a news flash from Reuters.

Developed with The Boring Company, the project will deliver an underground transport network spanning 24 kilometres across the city, at a total cost of nearly Dhs2.5bn.

“The project covers 24 kilometres in Dubai, with a total cost of nearly Dhs2.5bn,” Al Tayer said.

“The first phase will start immediately, with Dhs600m allocated to six kilometres,” he added.

Mattar Al Tayer, director general and chairman of the Dubai Roads and Transport Authority (RTA), speaking at the World Government Summit in Dubai.

According to Al Tayer, the initial phase is expected to be completed within two years.

The Dubai Loop is designed as an underground electric transport system aimed at easing congestion along some of the emirate’s busiest corridors. The project is being developed with the tunnelling company founded by Elon Musk, which specialises in underground transport infrastructure.

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The announcement revives Dubai’s long-standing ambition to pioneer ultra-fast transport solutions, following nearly a decade of experimentation with hyperloop-style concepts.

In 2016, Dubai positioned itself as one of the earliest global advocates of hyperloop technology, unveiling proposals that promised passenger speeds of more than 1,000 km/h. Early studies included a proposed Dubai–Abu Dhabi route that aimed to cut travel time between the two cities to around 12 minutes.

Those plans, however, didn’t move beyond pilot and feasibility stages. Hyperloop One, one of the most prominent companies involved in early projects, ceased operations in 2023, effectively ending the first wave of global hyperloop experimentation.

Unlike those earlier proposals, Dubai Loop adopts a more incremental and deliverable model. Rather than vacuum-sealed tubes and extreme speeds, the system relies on underground tunnels transporting electric vehicles — a concept already deployed by The Boring Company in Las Vegas.

LAS VEGAS, NV – APRIL 14: General views of the Vegas Loop hyperloop, featuring Tesla electric cars at the Las Vegas Convention Center on April 14, 2024 in Las Vegas, Nevada. (Photo by AaronP/Bauer-Griffin/GC Images)

If completed as planned, Dubai Loop would mark the first international deployment of Musk’s Loop system outside the US and one of the clearest signs yet of Dubai translating long-held transport ambition into concrete infrastructure.

GCC consumers demand clear value as loyalty programmes evolve, Dragonpass finds

Dragonpass, a global provider of travel and lifestyle loyalty solutions, has released the GCC findings from its Loyalty Index, part of a wider global benchmark study examining how consumers perceive, engage with and extract value from loyalty programmes worldwide. Unlike traditional assessments focused on points accumulation or programme enrolment, the Loyalty Index offers a deeper […]

Gulf Business
Gulf Business

03 February, 2026

GCC consumers demand clear value as loyalty programmes evolve, Dragonpass finds

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Dragonpass, a global provider of travel and lifestyle loyalty solutions, has released the GCC findings from its Loyalty Index, part of a wider global benchmark study examining how consumers perceive, engage with and extract value from loyalty programmes worldwide.

Unlike traditional assessments focused on points accumulation or programme enrolment, the Loyalty Index offers a deeper analysis of the behaviours, expectations and motivations shaping consumer loyalty today. The GCC results shed light on how loyalty dynamics are evolving across the region and outline what brands need to do to stay relevant in an increasingly competitive landscape.

At a time when loyalty programmes are widely available but genuine loyalty is harder to secure, the index provides fresh insight into the factors that drive long-term engagement, as well as the triggers that cause loyalty to weaken or break.

Three loyalty drivers shaping the GCC

A key finding from the GCC Loyalty Index is the emergence of three dominant “loyalty languages” influencing consumer behaviour across the region. Transactional rewards account for 34 per cent, reflecting a strong preference for clear and tangible benefits in exchange for loyalty. Trust follows at 24 per cent, highlighting the importance of consistency, reliability and respect in strengthening brand relationships. Recognition, at 14 per cent, underscores the value consumers place on brands that treat them as individuals and demonstrate an understanding of their needs.

Together, these drivers form a framework for brands looking to build stronger and more resilient customer relationships in the GCC.

The findings show that loyalty in the GCC is largely rational and value-driven. More than eight in ten consumers (82 per cent) say perks play an important role in their decision to engage with a loyalty programme, reinforcing the importance of simple, tangible and easy-to-redeem benefits over abstract brand messaging.

Clarity and trust also play a critical role. Around 77 per cent of respondents say understanding a brand’s identity and personality is important before committing their loyalty, pointing to the need for transparency, consistent communication and clear positioning alongside rewards.

While travel remains a cornerstone of loyalty in the GCC, the index highlights a clear shift toward everyday lifestyle benefits. Dining has emerged as the most frequently redeemed perk, with about half of respondents using dining-related offers in the past year.

Hotel benefits and airport lounge access continue to be widely used, with close to four in ten consumers engaging with each. At the same time, wellness-related perks such as spa and fitness offers are gaining traction, with more than a quarter of respondents now redeeming these benefits.

The study reveals notable differences in loyalty behaviour across age groups. Consumers aged 18 to 24 are the most likely to switch brands, the least aware of available perks and the most frustrated with loyalty programmes, indicating a disconnect between existing offerings and younger consumers’ expectations.

Those aged 35 to 44 represent a loyalty “sweet spot”, showing higher engagement and awareness, but also increasing demands for stronger value. Consumers aged 45 and above tend to be more habitually loyal, although they remain open to switching when presented with more relevant or compelling benefits.

These contrasts underline the growing need for personalised loyalty strategies, as uniform programmes struggle to address increasingly diverse consumer expectations.

A new regional benchmark

Andrew Harrison-Chinn, chief marketing officer, Dragonpass
Andrew Harrison-Chinn, chief marketing officer, Dragonpass

“The GCC Loyalty Index was created to answer a fundamental question: what does loyalty really mean to consumers today?” said Andrew Harrison-Chinn, chief marketing officer, Dragonpass. “Our findings show that loyalty in the GCC is sophisticated, pragmatic and constantly evolving. Consumers are clear about what they value, and they are willing to engage – but only when the value exchange is fair. With the Loyalty Index, we aim to give brands a new benchmark to measure, rethink and strengthen loyalty strategies across the region.”

The GCC Loyalty Index will serve as an ongoing benchmark, with future editions tracking how loyalty expectations change as consumer behaviour, technology adoption and lifestyles continue to evolve.

Read: Dubai shoppers can now turn loyalty points into property investments

Mubadala, Aldar complete $2.7bn retail JV in Abu Dhabi

Yas Mall and The Galleria Luxury Collection, with a total gross leasable area of 260,000 sqm, are the first assets contributed to the new platform

Neesha Salian
Neesha Salian

03 February, 2026

Mubadala, Aldar complete $2.7bn retail JV in Abu Dhabi
Image: Supplied

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Aldar and Mubadala Investment Company have completed a joint venture (JV) to create a retail platform with a gross asset value of approximately Dhs10bn ($2.7 bn), the companies said in a statement.

The platform will be managed by Aldar and includes Yas Mall, contributed by Aldar, and The Galleria Luxury Collection, contributed by Mubadala.

The two assets have a combined gross leasable area of 260,000 square metres.

Occupancy at Yas Mall stands at 99 per cent, while The Galleria Luxury Collection is 92 per cent occupied, the companies said.

The joint venture aligns with the recently announced expansion of Al Maryah Island, valued at more than Dhs60bn, which includes additional commercial, residential, retail and hospitality developments.

Retail JV to ‘set a new standard for how luxury retail is curated’

Talal Al Dhiyebi, group chief executive officer of Aldar, said: “This milestone marks the foundation of Abu Dhabi’s future luxury retail ecosystem, which will be underpinned by the creation of elevated and signature customer experiences. Together with Mubadala, we are connecting Abu Dhabi’s flagship retail destinations under Aldar’s management and creating a retail champion that will not only elevate the Emirate’s global appeal but also set a new standard for how luxury retail is curated, experienced, and scaled.”

Mubadala focused on building national champions

Dr Bakheet Al Katheeri, chief executive officer of UAE Investments Platform at Mubadala, said: “This retail joint venture marks a significant milestone in our strategic partnership with Aldar and reinforces Mubadala’s commitment to cultivating competitive, future-ready destinations. It also represents the latest expression of Mubadala’s long-standing mandate to build national champions across critical industries since our inception.”

Dr Al Katheeri added, “This partnership is poised to unlock the full potential of Al Maryah Island, driven by the district’s proven success and the growing demand from global businesses and residents to be part of Abu Dhabi’s leading business and lifestyle destination.”

Under Aldar’s management, the platform is expected to generate operational and revenue synergies. Aldar’s Darna digital loyalty programme has been rolled out at The Galleria Luxury Collection and The Galleria Al Maryah Island.

The transaction expands Aldar and Mubadala’s existing collaboration across multiple real estate sectors, the companies said.

Read: Where Abu Dhabi’s key assets land after the L’IMAD–ADQ restructure

Saudisation rules: Localisation ratios, minimum wage thresholds defined

The measures form part of a sustained policy effort to increase Saudi participation in private sector employment and strengthen labor market stability

Nida Sohail
Nida Sohail

03 February, 2026

Saudisation rules: Localisation ratios, minimum wage thresholds defined
Image credit: Getty Images

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Saudi Arabia has accelerated its workforce localisation agenda with a series of increasingly broad and sector-specific Saudisation decisions, culminating in early 2026 with new mandates covering marketing and sales professions.

Led by the Ministry of Human Resources and Social Development (HRSD), the measures form part of a sustained policy effort to increase Saudi participation in private sector employment, raise job quality, and strengthen labor market stability.

Read more-Saudisation rules: These job roles are set for a major shift

Over the past two years, the government has introduced phased Saudisation requirements across healthcare, engineering, procurement, tourism, aviation, accounting, pharmacy, and technical professions. The approach combines mandatory localisation ratios, minimum wage thresholds, professional accreditation requirements, and strict compliance frameworks, signaling a structural shift in private sector workforce composition under Vision 2030.

Sales and marketing added to Saudisation framework in 2026

The latest expansion of the Saudisation program came on January 19, 2026, when HRSD announced two new decisions targeting marketing and sales professions in the private sector, a Saudi Press Agency report said.

Under the first decision, Saudisation rates for marketing professions were raised to 60 per cent for establishments employing three or more workers. The decision applies to a broad range of roles, including marketing and advertising managers, specialists, designers, public relations professionals, and photographers. The second decision set an identical 60 per cent Saudisation requirement for sales professions, covering sales managers, retail and wholesale sales representatives, IT and communications equipment sales specialists, and commercial specialists.

Both decisions are scheduled to be implemented three months after the announcement. According to the ministry, the measures aim to enhance the attractiveness of the labor market, create quality job opportunities, and promote long-term job stability for qualified Saudi nationals.

Engineering and procurement localisation intensifies

Earlier in January 2026, HRSD introduced additional localisation requirements targeting engineering and procurement professions, further reinforcing Saudisation across technical and operational roles.

Announced on January 4, 2026, the first decision raised Saudisation in engineering professions to 30 per cent and increased the minimum monthly wage to SAR8,000. The measure applies to private and non-profit sector establishments employing five or more workers across 46 engineering roles, including architect, power generation engineer, and industrial engineer. Professional accreditation from the Saudi Council of Engineers is required, with implementation beginning six months after issuance.

The second decision raised Saudisation in procurement professions to 70 per cent, effective November 30, 2025. It applies to private sector establishments with three or more employees across 12 roles, including procurement manager, contracts manager, and warehouse keeper. A six-month preparation period was provided before enforcement.

HRSD stated that these measures aim to expand job opportunities, improve the work environment, and increase Saudi participation in vital economic sectors.

Tourism sector faces new localisation obligations

In October 2025, the Saudisation drive extended beyond profession-based quotas to operational compliance requirements in the tourism sector.

On October 15, 2025, Minister of Tourism Ahmed Al Khateeb approved new policies governing worker registration and job localization in licensed tourism facilities across the Kingdom. The regulations require establishments to register all employees within HRSD systems before commencing work and to document all contractual, seconded, or seasonal employment through the Ajeer platform or other approved systems.

Facilities operating multiple licensed branches must register employees under the specific facility file linked to each tourism license. Notably, all tourism hospitality facilities are required to have a Saudi receptionist present during working hours. The regulations also prohibit outsourcing positions subject to Saudisation decisions to entities or workers outside the Kingdom.

Authorities emphasised that compliance would be closely monitored, with penalties imposed in coordination with relevant government agencies.

Second phase of healthcare Saudisation implemented nationwide

Two days later, on October 17, 2025, HRSD and the Ministry of Health implemented the second phase of Saudisation for four healthcare professions in the private sector.

The decision raised Saudisation targets to 80 per cent for therapeutic nutrition and physiotherapy, 70 per cent for medical laboratories, and 65 per cent for radiology. Minimum monthly wages were set at SAR7,000 for specialists and SAR5,000 for technicians.

The measure followed the initial phase launched earlier in the year and was framed as part of efforts to enhance national competencies, expand job opportunities, and support the Health Sector Transformation Program. Procedural guidelines were published to clarify compliance requirements.

Initial healthcare rollout began in April 2025

The healthcare localisation initiative began on April 17, 2025, when HRSD and the Ministry of Health announced the first phase of increased Saudisation across the same four professions.

This initial phase targeted major cities, including Riyadh, Makkah, Madinah, Jeddah, Dammam, and Al Khobar, as well as large and mega-sized companies in other regions. Saudisation rates were set at 65 per cent for radiology, 80 per cent for clinical nutrition and physiotherapy, and 70 per cent for medical laboratory professions.

The ministries confirmed at the time that a second phase covering remaining establishments would begin on October 17, 2025.

Pharmacy, dentistry, and engineering Saudisation takes effect

On July 27, 2025, HRSD implemented additional Saudisation decisions in partnership with the Ministry of Health and the Ministry of Municipalities and Housing, targeting pharmacy, dentistry, and technical engineering professions.

Pharmacy professions were assigned Saudisation targets of 35 per cent in community pharmacies and medical complexes, 65 per cent in hospital pharmacy activities, and 55 per cent in other pharmacy-related roles, applying to establishments with five or more employees. A minimum salary of SAR7,000 was required for inclusion.

Dentistry professions were set at a 45 per cent Saudisation rate in the first phase, with a minimum salary threshold of SAR9,000. Technical engineering roles were assigned a 30 per cent Saudisation requirement for establishments with five or more employees, with a minimum salary of SAR5,000.

Broader localisation framework covering 269 professions

These decisions followed a broader announcement made on January 26, 2025, when HRSD issued localisation measures covering 269 professions across multiple sectors.

The framework included phased Saudisation for pharmacy, dentistry, accounting, and technical engineering roles. Accounting professions were scheduled to begin localization on October 22, 2025, starting at a 40 per cent Saudisation rate and increasing gradually to 70% over five years. HRSD stated that the measures were designed to expand employment opportunities across all regions of the Kingdom and support Vision 2030 objectives.

Aviation Saudisation set the early template

The localisation drive gained early momentum in March 2024 with the implementation of the second phase of Saudisation for licensed aviation professions.

Effective March 4, 2024, the decision targeted private sector establishments employing five or more workers in aviation roles, setting Saudisation rates of 60 per cent for flight attendants and 70 per cent for fixed-wing pilots. Professional accreditation from the General Authority of Civil Aviation was required, and procedural guides were issued to support implementation.

From global powerhouse to regional catalyst

Binance is evolving from a global crypto powerhouse into a trusted regional catalyst, driving regulated, scalable digital finance across MENAT

Tarik Erk
Tarik Erk

03 February, 2026

From global powerhouse to regional catalyst
Tarik Erk, regional head for MENAT, Binance/Image: Supplied

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The cryptocurrency industry reached a crucial turning point in 2025. What began as a phase of experimentation and volatility has now evolved into one defined by widespread execution and institutional participation. At the centre of this transformation is Binance, no longer just a cryptocurrency exchange, but a core pillar of industry infrastructure. Serving 300 million users globally, record on-chain activity, and growing stablecoin settlement volumes, Binance has emerged as an indispensable hub, facilitating trading, custody, and a full spectrum of digital asset services worldwide.

Globally, 2025 saw both spot and derivatives volumes reach unprecedented highs, signaling that users and institutions are moving beyond merely exploring blockchain technology to actively integrating it into sophisticated financial workflows. The narrative has shifted from superficial measures like total value locked (TVL) to focus on execution quality, liquidity robustness, and recurring transaction flows. Binance’s comprehensive ecosystem, covering wallet services, onchain trading, perpetual contracts, real-world assets (RWAs), and stablecoins, aligns perfectly with this maturation. Notably, BNB became the top-performing major crypto asset of the year, driven by increased onchain trading activity, stablecoin settlement adoption, and expanding institutional applications.

The rise of stablecoins

The rise of stablecoins as a fundamental settlement layer is one of the strongest market validations of this evolution. Processing over $3.5tn in daily volume, stablecoins now exceed many legacy payment networks in scale and efficiency. This growing reliance on stablecoins underscores the industry’s pivot toward platforms that combine scale, reliability, and seamless access rather than single-function applications. In tandem with operational growth, Binance Research continues to lead the industry’s understanding of market dynamics amid what many call the “data fog” of volatility, policy shifts, and AI-driven noise. Its 2026 outlook, termed the “Risk Reboot,” anticipates a market shaped by monetary easing, fiscal stimulus, and regulatory clarity, highlighting over $21bn in Bitcoin ETF inflows as a marker of institutional resurgence.

Turning to the MENAT region, the UAE is rapidly establishing itself as a regional hub for blockchain innovation embedded in strong regulatory frameworks. The introduction of dirham-backed stablecoins reflects a strategic commitment to marrying blockchain technology with local currency stability and oversight. These digital assets offer faster settlement times and lower transaction costs, making them highly attractive for payments, treasury management, and onchain financial services. This regional momentum exemplifies the broader global shift toward practical, regulated crypto infrastructure.

A landmark milestone for Binance in this regional context is its recent regulatory authorisation by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). ADGM’s comprehensive licensing of Binance’s global platform, Binance.com, represents a groundbreaking achievement — a global first that cements Binance’s mission to become the most trusted and compliant digital-asset ecosystem worldwide. This regulatory approval is not merely symbolic. It involves three distinct ADGM-regulated entities, each with specific permissions under a gold-standard international framework.

As the crypto industry moves from speculation to sustainable infrastructure, platforms offering comprehensive, scalable, and trustworthy solutions will dominate. Binance’s integrated ecosystem meets these demands worldwide and supports the UAE’s ambitions for a regulated, technology-driven financial future.

By bridging global expertise with regional leadership, Binance is poised to unlock new economic opportunities, build trusted financial infrastructure, and help shape the future of finance across MENAT and beyond.

Read: Binance Research reveals why 2026 could be a turning point for crypto

ADNOC Distribution net profit rises 15.4% in 2025

ADNOC Distribution said it plans to shift to quarterly dividend payments from the first quarter of 2026 and, subject to shareholder approval, extend its dividend policy through 2030

Neesha Salian
Neesha Salian

03 February, 2026

ADNOC Distribution net profit rises 15.4% in 2025
Image: ADNOC

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ADNOC Distribution reported record financial results for 2025, with full-year EBITDA rising 11.1 per cent year on year to $1.166bn and net profit increasing 15.4 per cent to $761m, the company said in a statement.

Fuel volumes rose 4.5 per cent to 15.7 billion litres during the year, supported by network expansion and higher footfall across its operations in the UAE, Saudi Arabia and Egypt.

Non-fuel retail gross profit increased 14.4 per cent year on year, while non-fuel retail transactions rose 9.3 per cent.

ADNOC Rewards membership exceeded 2.61 million by year-end, with more than 350,000 new members added over the past 12 months, up 16 per cent.

The company expanded its service station network to 1,010 locations in 2025, a 13 per cent year-on-year increase, after adding 119 new stations, exceeding its revised guidance of 90–100 additions.

1,150 service stations by 2028, says ADNOC Distribution

ADNOC Distribution said it remains on track to reach 1,150 service stations by 2028.

ADNOC Distribution also expanded its EV charging infrastructure, installing 182 new fast and super-fast charging points in 2025. This brought the total E2GO charging network in the UAE to 402 points, an increase of 83 per cent year on year. The company said it is targeting up to 750 charging points by 2028.

Bader Saeed Al Lamki, chief executive of ADNOC Distribution, said 2025 was “a milestone year for ADNOC Distribution, delivering record financial performance while advancing our transformation into a mobility and convenience retail leader. Strong execution across our core fuel business, non-fuel retail, network expansion and EV infrastructure demonstrates the resilience of our business model and our ability to adapt to evolving customer needs.”

The company launched a refreshed Oasis by ADNOC convenience retail brand in September, followed by the rollout of The Hub by ADNOC retail format in November.

Six Hub locations were launched in 2025, with plans to open 30 by 2030.

Read: New retail concept ‘The Hub by ADNOC’ launches

The board proposed a dividend of $350m for H2 2025, bringing the total dividend for the year to $700m.

The proposal will be submitted for shareholder approval at the annual general meeting scheduled for March 2026.

ADNOC Distribution said it plans to shift to quarterly dividend payments from the first quarter of 2026 and, subject to shareholder approval, extend its dividend policy through 2030.

Under the policy, shareholders are entitled to an annual dividend of at least $700m or 75 per cent of net profit, whichever is higher.

The company said it plans to add between 60 and 70 new service stations in 2026 and install 50–60 additional fast and super-fast EV charging points.

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