DMCC has signed a strategic Memorandum of Understanding (MoU) with Tether, the world’s largest digital asset company, to explore collaboration across blockchain infrastructure, digital assets and tokenised finance.

The agreement outlines a framework for cooperation aimed at supporting blockchain-based communication and payment infrastructure within DMCC, while also enabling advisory engagement on tokenisation, crypto payments, blockchain applications and digital asset settlements.

Under the MoU, DMCC and Tether will become ecosystem partners across selected communication channels, events, publications and digital platforms.

The collaboration will also focus on educational initiatives, industry events, hackathons and ecosystem engagement activities designed to support the growth of Dubai’s digital asset sector and the development of the DMCC Crypto Centre.

Tether intends to engage with DMCC’s community of more than 26,000 member companies through knowledge-sharing programmes and potential member benefits.

Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC, said: “Global trade is entering a new era where financial infrastructure, payments and asset ownership are increasingly moving onto digital rails. Stablecoins are already processing trillions of dollars in transaction value, while tokenisation is beginning to reshape how real-world assets are financed and transferred across borders.

“Dubai has acted early to establish the regulatory clarity and infrastructure needed to support this shift, and DMCC is playing a central role in connecting these technologies with global commerce. Through our agreement with Tether, we will explore new avenues for collaboration across blockchain infrastructure, digital payments and tokenisation, marking a further step in scaling innovation and strengthening Dubai’s position at the centre of the global digital economy.”

Paolo Ardoino, chief executive officer of Tether, said: “The UAE is actively shaping how digital asset infrastructure is adopted across global markets and integrated into real economic activity. By combining our expertise with DMCC’s mission, we are focused on accelerating the practical use of blockchain technology across areas such as tokenization and education, and supporting the development of real-world applications, tools, and frameworks that enable broader participation in digital markets.”

DMCC said the agreement supports its broader strategy to strengthen Dubai’s position as a global hub for emerging technologies, digital finance and Web3 innovation.

The business district is home to more than 26,000 member companies, including over 4,000 technology firms, and continues to expand its specialised ecosystems across commodities, technology and finance.

The partnership with Tether is expected to further support the development of blockchain-related infrastructure and digital asset adoption within Dubai’s growing technology ecosystem.

Shares of Elon Musk’s SpaceX rose more than 8 per cent on Tuesday, sending its market valuation above Amazon.com and making it the world’s fifth-most valuable company.

Shares of the rockets-to-AI company were last up 8.7 per cent at $209.30, jumping more than 54 per cent above the $135 IPO price and giving the company a market capitalisation of around $2.75trn if gains hold.

Amazon’s valuation stands at $2.65trn, Microsoft’s at $2.92trn, and the world’s top three companies exceed $4trn in market value.

“We can say with certainty that this valuation makes absolutely no sense today. People are buying SpaceX in the expectation that others will buy too and push the price higher – that’s speculation,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

Read more-SpaceX plans to set IPO price at $135 per share, targeting record $75bn raise

The company reported sales of $18.67bn last year and a net loss of $4.94bn after merging with money-losing xAI — in contrast to many of Wall Street’s big technology companies that have posted bumper numbers.

SpaceX options activity also began trading on Tuesday.

“Today the SPCX options launch, offering standard monthly expiration and strikes ranging from $25 to $380. If call demand is heavy, dealers might be forced to buy SPCX into this low-liquidity situation,” said Brent Kochuba, founder of option analytics platform SpotGamma.

“Starting next week we may see index demand increase, with more shares not slated to be made available for 1-2 months.”

Analysts and portfolio managers said investors should brace for volatility, particularly early on in SpaceX’s life as a public company, due to its relatively small float and high valuation.

The rally could continue as SpaceX is set for fast-track inclusion in the Nasdaq 100, which will soon make it a major holding for passive funds and ETFs that track the index, creating a fresh source of demand for its shares.

FTSE Russell and MSCI are also set to add the stock to their indexes, effective June 26 and June 29, respectively.

“While index inclusion alone is typically insufficient to drive sustained repricing, we see the combination of passive flows, momentum, and limited float driving upside beyond historical index-addition moves,” brokerage Zephirin Group said, initiating coverage on the stock with a “buy” rating.

SpaceX also said on Monday that its underwriters had exercised the “greenshoe” option to purchase additional shares, increasing the total proceeds from its initial public offering to $85.7bn from $75bn that it raised last week.

More than $9.1bn worth of SpaceX shares exchanged hands as of 09:32am. ET, which was several times the trading volumes in Nvidia, Microsoft, Tesla and Apple combined.

Other heavyweight technology stocks, including Nvidia and Microsoft, were trading slightly lower.

SpaceX shares had cut some gains in premarket trading on Tuesday after the company said it would acquire software company Anysphere for $60bn.

Dubai-based developer ANAX Developments has officially broken ground on ELLE Residences Dubai Islands, marking the start of construction on what will be the fashion brand’s first residential project in the Middle East.

The waterfront development, scheduled for completion in the fourth quarter of 2027, will comprise 91 apartments and seven signature townhouses with direct access to the waterfront.

The groundbreaking ceremony was attended by senior executives from ANAX, industry stakeholders and media representatives.

As part of the project, ANAX has appointed International Foundation Group (IFG) as the enabling works contractor. The UAE-based company specialises in geotechnical and foundation engineering services.

Satish Sanpal, founder and chairman of ANAX Holding, said the construction milestone demonstrates the company’s commitment to delivering projects on schedule.

“The commencement of construction at ELLE Residences reflects our commitment to delivering on our promises. We are proud to see this project move into its next phase,” he said.

“We strongly believe in the UAE and its future, which is why we will continue to invest and build in this country.”

‘ANAX 2.0’

The event also served as the launch platform for what the company has branded “ANAX 2.0”, a new phase of its growth strategy aimed at expanding its portfolio of luxury and lifestyle-focused developments across the UAE.

Raja Alameddine, CEO of ANAX Developments, said the initiative reflects the company’s ambitions to strengthen its position in the country’s competitive real estate market.

“Today, we are also proud to unveil ANAX 2.0, the next evolution of our brand,” he said.

“This reflects our strategic focus on expanding our portfolio with experience-led and luxury lifestyle developments in the UAE.”

According to the company, the strategy will focus on combining architectural design, technology and customer-centric development principles under its “Built Different” philosophy.

Meanwhile, Ravi Bhirani, managing director of ANAX Developments, said ELLE Residences had generated strong demand from buyers, with the project selling out shortly after launch.

“I look forward to welcoming you all back in Q4 2027 as we come together once again to celebrate the successful completion and delivery of ELLE Residences,” he said.

The project represents the second ELLE-branded residential development globally, following the launch of an ELLE residential tower in Miami, and forms part of the growing trend of branded residences in Dubai’s property market.

A new UAE-founded healthy snack brand is betting on dates and camel milk to carve out a niche in the growing functional nutrition market.

Rashtions, launched by Emirati entrepreneur Rashid Gargash, has officially entered the UAE market with a range of protein-rich snacks built around two of the country’s most recognisable ingredients. The company describes the concept as “Modern Emirati Nutrition”, combining traditional local produce with contemporary nutritional science.

The launch comes as consumer demand for clean-label, locally sourced and functional food products continues to rise across the UAE and wider Gulf region.

Developed and manufactured in the UAE, Rashtions offers four varieties — Date Truffle, Cocoa Truffle, Brazilian Coffee Truffle and Date Original. Each product is made using a base of dates, camel milk and ghee, delivering up to 20 grams of protein per 80-gram serving without preservatives, added sugar, artificial sweeteners or other additives.

The brand originated from a research project focused on food security and sustainable nutrition in the Middle East rather than a conventional commercial venture.

According to the company, founder Rashid Gargash spent several years researching desalination, groundwater resources and agricultural sustainability in the UAE, identifying dates and milk as two of the country’s most abundant food resources. The findings led to the development of a snack product designed to utilise locally available ingredients while meeting modern consumer preferences.

Working alongside food scientists and researchers, the company developed the product through extensive testing and formulation in its own laboratory facilities.

“Rashtions started with a simple question: if the UAE has incredible local ingredients, why aren’t they at the centre of more everyday food products?” said Rashid Gargash, Founder of Rashtions.

“We wanted to create something that reflects who we are and where we come from, while meeting the expectations of today’s consumers. Dates and camel milk have nourished communities in this region for generations. Rashtions reimagines those ingredients in a format that is convenient, nutritious and relevant to modern lifestyles.”

Camel milk remains a key differentiator for the brand, bringing a regional ingredient rarely seen in mainstream global snacking into a convenient consumer format.

The company is targeting health-conscious consumers, fitness enthusiasts and busy professionals, positioning the products as breakfast alternatives, workout snacks and on-the-go energy options.

Rashtions has already secured nationwide distribution through ADNOC and Emarat service stations, Union Coop, Deliveroo and Noon. Products are also available directly through the company’s online platform.

As the UAE continues to promote food innovation, sustainability and entrepreneurship, Rashtions is seeking to demonstrate how locally sourced ingredients can be transformed into scalable consumer products while showcasing the country’s agricultural heritage and growing startup ecosystem.

India has temporarily blocked the Telegram messaging app, saying it was used to try to defraud candidates for a national medical entrance test, which had already been hit by allegations of leaked papers last month that led millions of results to be cancelled.

The ban, which is unprecedented in India, was “in response to the organised use of the platform by cheating rackets to defraud candidates appearing for the National Eligibility cum Entrance Test 2026 re-examination scheduled on 21 June 2026,” the Ministry of Education’s National Testing Agency said on Tuesday.

It is in effect until June 22.

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Last month, the Indian government cancelled the NEET undergraduate entrance exam for medical colleges after authorities said they were investigating allegations that its ​questions had been leaked.

The government said the platform was used by channels it did not name that said they were selling access to the exam paper.

Following the alleged paper leaks and the cancellation of exam results for 2.3 million students, protests erupted in various parts of India. They included demonstrations by India’s viral Cockroach ‌Janta Party demanding the resignation of Education Minister Dharmendra Pradhan.

Indian law allows the blocking of online sites

The restriction on Telegram was issued under a provision of India’s IT law that allows the government to block access to online sites in the “interest of sovereignty and integrity of India”.

An activist group said the ban was an infringement of free speech that would not solve the problem.

“Shutting down Telegram is a band aid solution and is a disproportionate answer to exam fraud,” the Internet Freedom Foundation said.

It said the measure would “punish ordinary users instead of addressing the systemic source of exam leaks”.

In a statement on Tuesday the government said it regretted the inconvenience and that the measure was a “last resort” after earlier action to remove such content from the platform had not worked.

Telegram did not immediately respond to a request for comment. The Telegram application was functioning in India as of 0830 GMT on Tuesday.

Reliance Jio, Bharti Airtel and Vodafone Idea did not immediately respond to requests for comment on whether they had received and begun implementing the blocking directive.

Alphabet’s Google and Apple both received an order from the government to de-list the Telegram app from their app stores temporarily and will comply, sources with direct knowledge of the matter said.