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Indian tech stocks tumble as AI fears rattle outsourcing model

Indian IT firms are heavily exposed to overseas demand, particularly from the US and Europe, where many clients outsource software development, maintenance and business process services

Rajiv Pillai
Rajiv Pillai

05 February, 2026

Indian tech stocks tumble as AI fears rattle outsourcing model
Image: Getty Images

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Indian technology shares slid sharply on Wednesday, with major IT services firms experiencing some of their steepest one-day declines in recent years as fears over potential disruption from artificial intelligence rippled through global markets.

The Nifty IT index dropped more than 7 per cent on February 4, marking its worst session since March 2020, as concerns over the impact of AI and weakness in overseas technology stocks weighed on sentiment. Heavyweights such as Infosys, Tata Consultancy Services, LTIMindtree and others saw share prices fall up to 8 per cent, dragging the broader IT sector lower, according to Indian media reports.

AI headlines trigger global tech sell-off

The slide in Indian stocks followed a sharp sell-off in US and European software and data analytics equities after U.S. artificial intelligence startup Anthropic unveiled new AI plug-ins for its Claude platform designed to automate tasks across areas such as legal work, data analysis and compliance. Investors interpreted the developments as raising the possibility that AI could reduce reliance on traditional software and labour-intensive IT services, triggering a broad risk-off reaction in tech stocks, Reuters reported.

Global software stocks more broadly lost ground, with analysts and traders citing the potential for AI to blur the lines between assistive technologies and autonomous workflow execution — a development that sent ripples through the professional services ecosystem.

Outsourcing exposure and ripple effects

Indian IT firms are heavily exposed to overseas demand, particularly from the US and Europe, where many clients outsource software development, maintenance and business process services. As global counterparts saw selling pressure, Indian IT shares were pulled down by related moves in ADRs (American depository receipts) and overseas market weakness.

All major constituents of the Nifty IT index ended the session in the red, with losses ranging between approximately 5 per cent and 8 per cent across large-cap names including Infosys, TCS, Wipro and HCLTech.

The sell-off also occurred against a backdrop of already stretched valuations in the sector and a stronger Indian rupee — two factors that can pressure revenue expectations for export-oriented companies that bill in foreign currencies.

Market participants noted that while the immediate trigger was headlines around AI advancements abroad, domestic investors were quick to reassess near-term risks amid ongoing discretionary tech spending uncertainties in major client markets.

Read: Why the Indian rupee is suddenly climbing after the US trade deal

Saudi Arabia executes world’s first sovereign-native tokenised property deed

While markets such as Singapore, the UK and the European Union have introduced regulatory frameworks for digital assets, Saudi Arabia is the first globally to implement executable technical code directly within its sovereign property registry

Rajiv Pillai
Rajiv Pillai

05 February, 2026

Saudi Arabia executes world’s first sovereign-native tokenised property deed
Image: Supplied

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Saudi Arabia has marked a global first in capital markets digitisation with the successful execution of the world’s first sovereign-native tokenised property title deed transfer.

Carried out under the patronage of Majed Al-Hogail, Minister of Municipalities and Housing, the transaction represents the direct integration of the Kingdom’s Real Estate Registry (RER) with droppRWA’s blockchain transaction layer. The new infrastructure reduces property settlement times from days to seconds, converting traditionally illiquid real estate assets into programmable, highly liquid instruments.

The milestone strengthens Saudi Arabia’s appeal to foreign direct investment and aligns closely with the digital transformation goals outlined in Saudi Vision 2030.

The transaction was executed between the National Housing Company (NHC), the government-backed developer of affordable housing solutions, and the Real Estate Development Fund (REDF). Using droppRWA’s sovereign-grade market infrastructure, a digital token representing the property title deed was linked directly to the RER’s official registry, alongside the issuance of a separate token representing transferable ownership interest.

Transaction logic

Compliance requirements were embedded into the transaction logic itself, with settlement completed securely and simultaneously through a stable delivery-versus-payment mechanism.

Majed bin Abdullah Al-Hogail, Minister of Municipal Rural Affairs and Housing, said: “Saudi Arabia is building a real estate sector that is digital by design, integrating PropTech and AI across planning and delivery in line with Vision 2030. We have successfully executed the Kingdom’s first end-to-end blockchain verified real estate transaction, using the first government authored standards for tokenizing real estate ownership. By linking transactions directly to official records from the outset, this will expand participation, strengthen FDI confidence, improve liquidity, accelerate development financing and enable new PropTech innovation.”

Faisal Al-Monai, CEO of droppRWA, said: “The end-to-end infrastructure used to execute this historic transaction, including the token standard, settlement rails, compliance logic, issuance framework and the stable delivery-versus-payment mechanism, was provided exclusively through droppRWA’s sovereign-grade infrastructure, our goal is to help Saudi skip the “digital wrapper” era other markets are currently stuck in by entirely by embedding enforceability into the asset at the source, creating a new category of sovereign-grade assets and the industrial engine that will allow the Kingdom’s multi-trillion-dollar real estate pipeline to be accessed by global institutional capital with absolute legal certainty.”

While markets such as Singapore, the UK and the European Union have introduced regulatory frameworks for digital assets, Saudi Arabia is the first globally to implement executable technical code directly within its sovereign property registry. Following the successful pilot, the infrastructure is expected to be rolled out more broadly across the Kingdom’s multi-trillion-dollar real estate pipeline, including designated investment zones.

Read: DFSA updates crypto token rules to strengthen DIFC market

Travel smarter in 2026: Emirates lists key rules, advisories for global flyers

From mandatory eVisas for the UK to stricter power bank rules, Emirates is highlighting changes that affect both short-haul and long-haul journeys

Nida Sohail
Nida Sohail

05 February, 2026

Travel smarter in 2026: Emirates lists key rules, advisories for global flyers
Image credit: Emirates/Website

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Emirates has issued a comprehensive set of travel advisories affecting passengers worldwide, covering visa requirements, passport rules, digital authorisations, and in-flight regulations. These updates are part of the airline’s ongoing efforts to streamline international travel and enhance passenger safety.

Travelers are advised to carefully review all advisories to avoid delays or disruptions. From mandatory eVisas for the UK to stricter power bank rules onboard, Emirates is highlighting changes that affect both short-haul and long-haul journeys.

Read more-Flying Emirates? Here are new upgrades, perks and offerings for you

“Our goal is to make travel smoother and safer for all passengers,” said an Emirates spokesperson. “Following these updates ensures travelers avoid last-minute surprises at the airport and comply with new international regulations.”

Here’s what you need to know before you fly.

UK moves to eVisas and electronic travel authorisation

Travel to the UK is undergoing a digital transformation. Physical immigration documents are being replaced with eVisas, and the introduction of the Electronic Travel Authorisation (ETA) system requires travelers to obtain digital permission before flying.

Passengers who do not need a visa for short stays of up to six months must apply for an ETA. “From February 25, 2026, eligible visitors without an ETA will not be able to board their transport and cannot legally travel to the UK,” the advisory notes. Applications can be completed online at www.gov.uk/electronic‑travel‑authorisation.

Travelers holding UK visas, EU Settlement Scheme (EUSS) status, or expired biometric residence permits are advised to access their eVisa and ensure passport details are current. This step is critical to avoid unnecessary delays at border control. “Check your eVisa is correct before you travel,” the airline reminds.

For those with EUSS status, linking a valid passport to the UKVI account is essential. Any newly issued passports or identity documents must also be updated to maintain smooth travel.

UAE passport validity requirements

UAE nationals are required to have a minimum of six months’ validity on travel documents, whether traveling with a passport or Emirates ID. This rule applies to all destinations outside the GCC and overrides other entry regulations in the destination country.

“Passengers whose documents do not meet this requirement will not be able to complete check-in,” Emirates warns, urging travelers to verify their documents ahead of time to prevent disruptions. Passport renewal services are available at Terminal 3, Arrival Level Immigration Offices, and typically take 30 minutes, though processing times can vary depending on passenger volume.

European Union introduces entry/exit system (EES)

From 12 October 2025, the European Union began implementing a new Entry/Exit System (EES) at Schengen borders. This replaces the traditional passport stamping process with a digital record of entry and exit, including biometric data such as fingerprints and facial scans.

Non-EU/Schengen nationals traveling for short stays of up to 90 days in any 180-day period will be subject to EES procedures. On first arrival, border officers collect biometric data along with passport details, which are securely stored. Returning travelers do not need to repeat the full process; their data is already in the system.

Passengers are advised to allow extra time for border checks, particularly on their first visit after the system goes live. EU citizens, Schengen residents, and holders of long-stay visas or residence permits are not affected. More information can be found at the official EU EES information page.

India introduces new e-arrival card for non-Indian nationals

Effective October 1 2025, all non-Indian nationals must complete a new e-Arrival Card before flying to India. The form must be submitted online between 72 hours and 24 hours before departure. There is no registration fee for the e-Arrival Card.

Failure to complete the e-Arrival Card may result in longer immigration procedures upon arrival. Travelers are encouraged to verify contact details through Manage Your Booking to receive timely updates.

Power bank rules tightened on Emirates flights

Starting October 1, 2025, passengers are prohibited from using or charging power banks on Emirates flights. One power bank per passenger is allowed in cabin baggage only, and it cannot be placed in checked baggage.

The maximum capacity permitted is 100 watt-hour (Wh), and the rating must be clearly visible. Power banks cannot be stored in overhead lockers and must remain under the seat in front of the passenger. Charging any device or the power bank itself during the flight is strictly prohibited.

“These measures are designed to minimise the risk associated with power banks during the flight,” the advisory explains. For more details, see the Dangerous Goods Policy page.

What travellers should do now

Emirates is advising all passengers to:

  • Check visa and ETA requirements well ahead of travel dates.
  • Verify passport validity, especially UAE nationals traveling abroad.
  • Complete required e-Arrival cards or digital forms.
  • Update UKVI and EUSS accounts where applicable.
  • Follow new in-flight regulations for electronic devices.

“Being prepared and informed is key to a smooth journey,” the Emirates spokesperson added. “We encourage travelers to review these advisories carefully and take necessary action in advance.”

With digital travel authorisations, biometric entry systems, and new in-flight safety measures becoming the norm, staying informed is now an essential part of global travel.

Travelers can find all updates here.

Checkout.com partners Spotify to power global payments across 180+ countries

As part of the integration, Spotify will deploy Intelligent Acceptance, Checkout.com’s proprietary AI-driven optimisation solution

Gulf Business
Gulf Business

05 February, 2026

Checkout.com partners Spotify to power global payments across 180+ countries
Image: Supplied

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Checkout.com has entered into a new strategic partnership with Spotify, enabling the global digital payments provider to deliver acquiring services for the world’s largest audio streaming subscription platform.

Under the agreement, Checkout.com will support Spotify’s global payments infrastructure, helping ensure a seamless, secure and reliable checkout experience for more than 700 million monthly active users and over 280 million paying subscribers worldwide.

The partnership will see Checkout.com provide acquiring services across more than 180 countries, leveraging its local market presence and global payments expertise to optimise transaction performance in every geography where Spotify operates.

“Our aim is to deliver a seamless, simple, and safe payment experience so that our users can focus on enjoying the music, podcasts, and audiobooks they find on Spotify,” said Sandra Alzetta, vice president, global head of payments and customer service at Spotify. “It’s important for us to work with partners who can move quickly and collaborate closely. Partnering with Checkout.com enables us to leverage their global reach, local expertise, and the ability to optimise payment performance at scale.”

As part of the integration, Spotify will deploy Intelligent Acceptance, Checkout.com’s proprietary AI-driven optimisation solution. The technology uses real-time data from Checkout.com’s global network to intelligently route transactions, reduce payment failures and improve overall acceptance rates.

The solution will be complemented by Network Tokens and advanced authentication services, strengthening security while ensuring uninterrupted recurring payments for Spotify’s subscriber base.

“This partnership with Spotify is a significant milestone in our mission to power the world’s leading digital enterprises with reliable, high-performance digital payments,” said Guillaume Pousaz, CEO and founder of Checkout.com. “Spotify sets the standard for digital experiences for creators and fans across the world, and payments play a critical role in delivering that. By combining our global acquiring network with Intelligent Acceptance – which performs 87 million real-time optimisations daily – we’re helping maximise acceptance rates, reduce costs, and deliver the best possible payment experience for Spotify’s global audience, today and in the future.”

The collaboration underscores the growing importance of AI-led payment optimisation as global subscription platforms scale across diverse markets with varying consumer behaviours, regulations and payment preferences.

Dubai Loop vs Glydways: Which one will fix Dubai’s traffic jams better?

The projects, led by the Roads and Transport Authority (RTA), aim to position Dubai as a global pioneer in smart and sustainable mobility

Nida Sohail
Nida Sohail

05 February, 2026

Dubai Loop vs Glydways: Which one will fix Dubai’s traffic jams better?
Credit for images: RTA/X account

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Dubai is accelerating toward the future of urban mobility. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, recently reviewed two groundbreaking transport initiatives, Dubai Loop and Glydways, at the World Governments Summit 2026.

The projects, led by the Roads and Transport Authority (RTA), aim to position Dubai as a global pioneer in smart and sustainable mobility while offering advanced solutions for first- and last-mile journeys.

Read more-Musk-backed Dubai Loop to break ground immediately

Accompanied by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, Sheikh Mohammed was briefed by Mattar Al Tayer, director general and chairman of the Board of Executive Directors of RTA, on the technical and operational components of the projects and their role in creating an integrated transport ecosystem supported by innovation and next-generation technologies.

Dubai Loop: Underground efficiency meets urban connectivity

The Dubai Loop project is an ambitious network of underground tunnels designed to transform passenger transport across the emirate. Its goal is to reduce traffic congestion, provide cost-efficient travel, and seamlessly support first- and last-mile connectivity. The system leverages advanced tunnelling technologies, allowing faster construction, minimal disruption to roads and utilities, and a rapid rollout across the city.

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Phase one: The first phase includes a 6.4km pilot route with four stations, connecting the Dubai International Financial Centre with Dubai Mall. This phase sets the stage for a full alignment stretching 22.2 km with 19 stations, linking the Dubai World Trade Centre, Financial District, and Business Bay.

“The project represents a qualitative addition to Dubai’s transport ecosystem, as it enhances integration between different mobility modes and provides flexible and efficient first- and last-mile solutions,” said Mattar Al Tayer. Studies estimate 13,000 passengers daily for the pilot route, with the full route accommodating approximately 30,000 passengers per day.

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Advanced tunnelling technology: The tunnels, 3.6 metres in diameter (12 feet), are dedicated to vehicle transport. Using cutting-edge construction methods, the system lowers construction costs, accelerates implementation, and reduces impacts on existing infrastructure.

Cost and timeline: The first phase is estimated at $154m with a delivery time of around one year post-design. The complete route is projected at $545m, with full implementation expected over three years.

Steve Davis, president of The Boring Company, stated: “We are proud to partner with the Roads and Transport Authority, one of the world’s leading entities in adopting innovative solutions in the transport sector. Through this partnership, we look forward to delivering advanced, safe, and highly efficient tunnelling solutions that support Dubai’s vision for sustainable and future mobility.”

Next steps: RTA and The Boring Company will finalize designs, initiate mobilisation, and seek approvals for approximately 48 permits and no objection certificates across ten different entities, targeting tunnelling start in the second half of 2026.

Glydways: Autonomous pods for seamless urban travel

While the Dubai Loop focuses on underground tunnel efficiency, Glydways will reshaping urban mobility with its Autonomous Transit Network (ATN), introducing self-driving, electric vehicles on compact guideways. Designed for first- and last-mile travel, Glydways vehicles operate on-demand, 24/7, offering direct point-to-point connections without intermediate stops.

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Vehicle specs: Each vehicle accommodates 4–6 passengers, operates at speeds up to 50 km/hr, and offers a range of up to 250 km per charge. Advanced safety systems include 20 high-resolution LiDAR sensors, radar, and HD cameras.

Efficiency and cost savings: Glydways reduces capital costs by up to 90 per cent and operating costs by 70 per cent compared with conventional transit modes. It also enables flexible, rapid deployment and supports public–private partnerships, optimizing investment in sustainable transport.

“The agreement comes in line with the leadership’s directives to strengthen Dubai’s global leadership in adopting smart and sustainable mobility solutions and expanding the implementation of innovative transport modes,” said Mattar Al Tayer. “RTA is keen to collaborate with leading global companies and innovative start-ups to explore high-impact solutions that facilitate the movement of residents and visitors.”

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High capacity and integration: The system can transport more than 20,000 passengers per hour in both directions. Initial pilot routes include a 2.8 km connection from National Paints Metro Station to Bluewaters Island, with future links to Madinat Jumeirah, Alserkal Avenue, Times Square Centre, and Dubai Festival City, enhancing integration with the Dubai Metro network.

Public-private collaboration and regional expansion

On the sidelines of WGS 2026, RTA signed a cooperation agreement with Glydways, marking Dubai’s first automated programme for an Automated Transit Network. Mattar Al Tayer signed on behalf of RTA, while Mark Seeger, co-founder and CEO of Glydways, signed for the company.

Glydways’ ATN uses narrow, lightweight guideways that can be elevated or deployed at ground level, minimizing interference with roads and utilities. Its modular design allows virtual platooning of 10+ vehicles with a 1-second headway, offering a personalised, high-frequency transit option.

“The system offers cities a scalable, cost-effective alternative to conventional transit that can dramatically reduce congestion and emissions while providing seamless, on-demand mobility with a private chauffeured experience,” said Mark Seeger.

The initiative mirrors similar developments in Abu Dhabi, where Abu Dhabi Investment Office (ADIO) partnered with Glydways in November 2025. The collaboration focuses on deploying autonomous, zero-emission transit vehicles and establishing a regional manufacturing hub for assembly and export across the Middle East.

Badr Al-Olama, director general, ADIO, said: “By bringing Glydways’ groundbreaking technology to the emirate, we are not only addressing critical urban mobility challenges but also advancing our industrial diversification agenda, enhancing liveability and positioning Abu Dhabi at the forefront of the global autonomous vehicle revolution.”

Comparing Dubai Loop and Glydways: Which fits your commute?

While both projects aim to redefine urban mobility, they target different aspects of city travel:

FeatureDubai LoopGlydways
ModeUnderground passenger tunnelsAutonomous electric pods on narrow guideways
Route TypeFixed network with stationsFlexible, on-demand point-to-point travel
Passenger Capacity13,000–30,000 per dayUp to 20,000 passengers per hour per direction
SpeedRapid underground travel50 km/h autonomous vehicles
Cost EfficiencyModerate construction cost, low operational disruption90% lower capital costs, 70% lower operational costs
IntegrationLinks major business and trade districtsComplements Metro & public transport with last-/first-mile solutions

Dubai Loop is ideal for commuters traveling between business districts, ensuring rapid movement in high-density corridors, while Glydways offers personalized, on-demand urban mobility that integrates seamlessly with the metro and other transport hubs.

Looking Ahead: A smart mobility future

Both initiatives embody Dubai’s vision to lead the world in innovative, sustainable transport systems. From high-speed underground tunnels to autonomous pods navigating city streets, residents and visitors can expect faster, safer, and more efficient travel options.

Mattar Al Tayer emphasised: “The project will be implemented under a Public–Private Partnership (PPP) model, ensuring global best practices in delivery and operation, and leveraging advanced expertise in autonomous vehicles and AI technologies.”

Together, Dubai Loop and Glydways signal a new era for commuting in Dubai, balancing large-scale infrastructure with nimble, tech-driven mobility solutions, reinforcing Dubai’s reputation as a global hub for future-ready transport.

Ramadan 2026: UAE authority indicates expected first day

Fresh lunar calculations issued by an astronomical authority provide guidance on the likely start of Ramadan in 2026, based on visibility conditions

Gulf Business
Gulf Business

05 February, 2026

Ramadan 2026: UAE authority indicates expected first day
Image credit: Getty Images

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Sharjah Academy for Astronomy, Space Sciences and Technology (SAASST) at the University of Sharjah has released a detailed forecast for sighting the Ramadan crescent for A.H. 1447, based on precise astronomical calculations carried out by its specialist team.

The projection underscores the academy’s role as a regional authority on space sciences and its reliance on data-driven analysis to inform religious calendars.

Read more-Sha’ban begins in UAE: Moon sighting clarifies Ramadan 2026 timeline

According to SAASST, the moon reaches central conjunction with the sun on Tuesday, February 17, 2026, at 12:01pm, GMT, corresponding to 4:01pm UAE time. For Sharjah, surface conjunction occurs later at 1:52pm GMT, or 5:52pm local time. At sunset, the moon’s age by central conjunction measures only two hours and 14 minutes, with the moon setting just seconds before the sun’s disk disappears.

Surface-based calculations show a marginally higher age of 22 minutes, according to a WAM report, but the academy stressed that the difference does not materially improve visibility conditions on Tuesday evening.

Visibility outlook across the Islamic world

Based on these findings, SAASST concluded that sighting the Ramadan crescent on Tuesday will be impossible by naked eye or advanced telescopes, not only in Sharjah and the UAE but across most of the Islamic world.

The outlook improves on Wednesday evening, February 18, when central conjunction calculations place the moon’s age beyond 26 hours with an elevation of 12 degrees and 21 arcminutes, conditions considered favorable for naked-eye observation if skies remain clear.

For Sharjah, surface conjunction estimates show the moon reaching 24 hours and 23 minutes of age at an elevation of 12.5 degrees.

Accordingly, the academy expects Ramadan to begin on Thursday, February 19, 2026, in countries relying on visual moon sightings, while some Islamic nations may choose Wednesday, February 18.

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