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.
“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.
AI on the streets: How Dubai, Abu Dhabi are making roads safer and cleaner
By integrating AI into municipal operations, both emirates are not only solving immediate problems but also building the infrastructure for smart cities
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.
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.
Image credit: WAM/Website
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).
“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.
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).
Growth in the artificial intelligence and defence sectors will boost global copper demand 50 per cent by 2040, but supplies are expected to fall short by more than 10 million metric tons annually without more recycling and mining, the consultancy S&P Global said on Thursday.
Copper has long-been used widely across the construction, transportation, tech and electronics industries as it is one of the best electricity-conducting metals, is corrosion-resistant and is easy to shape and form.
While the electric vehicle industry has lifted copper demand the past decade, the AI, defence and robotics industries will require even more of the metal during the next 14 years alongside traditional consumer appetite for air conditioners and other copper-hungry appliances, S&P said in its report.
Demand globally will reach 42 million metric tons per year by that 2040 mark, up from 28 million metric tons in 2025, the report found. Without new sources of supply, nearly a quarter of that demand is likely to be unmet, the report found.
“The underlying demand factor here is electrification of the world, and copper is the metal of electrification,” Dan Yergin, S&P’s vice chairman and one of the report’s authors, told Reuters.
AI is a major growth area for copper, with more than 100 new data center projects last year valued at just under $61bn, Reuters reported last month.
The conflict in Ukraine and moves by Japan, Germany and others to increase defense spending are likely to also fuel copper demand, the report found.
“Demand for copper really is inelastic in the defense sector,” said Carlos Pascual, an S&P vice president and former US ambassador to Ukraine.
Nearly every electronic device contains copper. Chile and Peru are the largest copper miners, and China is the largest copper smelter. The United States, which has imposed a tariff on some types of copper, imports half of its needs each year.
The report does not factor in potential supply from deep-sea mining.
S&P published a similar report in 2022 that forecasted copper demand should the world reach carbon neutrality by 2050, a goal described as “net zero.”
The report released on Thursday uses a different methodology, S&P said, and forecasts demand using a base-case assumption that copper demand will rise regardless of government climate policy.
“The politics of the energy transition have changed pretty dramatically,” Yergin said.
The Federal Tax Authority (FTA) has launched the Labaih Initiative, a new service framework aimed at providing senior citizens with tailored access to tax-related services, reinforcing the authority’s commitment to inclusive service delivery and enhanced quality of life.
The initiative is designed to enable senior citizens to complete tax-related applications, requests, and compliance obligations smoothly, efficiently, and accurately, while also ensuring their rights are exercised with full respect for privacy. According to a WAM report, the initiative reflects the FTA’s broader strategy of strengthening corporate social responsibility and improving service accessibility across all segments of society.
The tailored processes and benefits under the Labaih Initiative will be delivered through the FTA’s Call Centre and Taxpayer Support Centres. These platforms already play a central role in assisting taxable persons with tax obligations and related requests in a manner that promotes ease, efficiency, and voluntary compliance.
Under the initiative, these service channels now feature customised processes and approaches that address the specific needs and expectations of senior citizens. The FTA said the enhancements aim to create a more supportive service environment that reduces complexity and ensures clarity throughout the customer journey.
Aligning with social responsibility goals
The FTA explained that the Labaih Initiative aligns with its ongoing efforts to enhance its role in corporate social responsibility and contribute to improving the quality of life within the community. By introducing specialised processes for senior citizens, the authority is reinforcing its commitment to inclusivity and service excellence.
Khalid Ali Al Bustani, director-general of the FTA, said the initiative was launched to enhance the efficiency of service delivery while providing senior citizens with appropriate facilitation and a tailored approach.
“The FTA has launched the Labaih Initiative as part of its efforts to enhance the efficiency of service delivery and to provide senior citizens with appropriate facilitation and a tailored approach, in line with the directives of the wise leadership to ensure the highest levels of care, support and quality of life for them,” Al Bustani said.
He added that senior citizens represent a core and valued pillar of society, noting that the initiative reflects appreciation for their longstanding contributions to the community and the nation’s development across all sectors.
Simplified pathways and faster processing
Through the Labaih Initiative, the FTA aims to introduce innovative tax process solutions that allow senior citizens to access all FTA services through mechanisms designed to ensure clarity, speed, and privacy. The initiative establishes a dedicated and simplified service pathway for senior citizens who may otherwise face challenges in completing tax procedures accurately.
The initiative includes a Direct Line service, whereby a specialised team at the FTA’s Taxpayer Support Office responds to all queries from senior citizens and follows up on their requests using simplified and efficient procedures.
Additional benefits include priority access through the FTA’s Call Centre and a Fast-Track service at the Taxpayer Support Centres, enabling faster processing of applications and transactions submitted by senior citizens.
Privacy, awareness, and digital access
The director-general stressed that the FTA remains committed to strengthening a tax environment that respects and protects the privacy of senior citizens and all taxpayers. This commitment aligns with the UAE’s future vision for social care, which focuses on developing innovative service models that empower senior citizens and enhance their well-being.
As part of the initiative, senior citizens are also provided with electronic access to documents, allowing them to view materials directly on the FTA’s website without the need to visit a Taxpayer Support Centre.
In addition, the FTA offers tailored awareness activities, including workshops and introductory sessions delivered using methods suited to the needs of senior citizens. These activities aim to enhance tax awareness and enable participants to understand and apply tax legislation, procedures, and FTA services confidently and accurately.
UAE’s EIH, Guggenheim Brothers Media launch creative investment fund
By offering access to a world-class platform rooted in Abu Dhabi, the fund seeks to provide creative entrepreneurs and their teams with opportunities to thrive on a global stage
Ethmar International Holding (EIH) and Guggenheim Brothers Media have partnered to establish a multi-million-dollar investment fund focused on the global media, entertainment and digital creative economy.
The fund will be based in Abu Dhabi and will invest in early to growth-stage companies across content creation, creator tools and infrastructure, digital intellectual property, entertainment technologies and platforms supporting fan engagement and new forms of storytelling.
The initiative brings together EIH’s regional investment experience with Guggenheim Brothers Media’s track record in backing creative businesses globally.
Creative investment fund to support Abu Dhabi’s growth as a creative hub
The partners said the creative investment fund is intended to support Abu Dhabi’s ambition to strengthen its position as a hub for creative industries and cultural innovation.
The fund will be led by Dillon Lawson-Johnston and Criswell Fiordalis, who together have more than two decades of experience in media and entertainment. Lawson-Johnston has previously worked with companies, including United Talent Agency, Sugar23 and Anonymous Content, while Fiordalis has held senior roles at Lionsgate, MRC, Hello Sunshine and WEBTOON.
EIH said the partnership aligns with its long-term strategy to support sectors that contribute to economic diversification, while leveraging Abu Dhabi’s status as a global investment centre.
Lawson-Johnston and Fiordalis said the creative investment fund aims to provide creative entrepreneurs with capital, strategic support and access to international networks, helping them scale their businesses from the UAE to global markets.
The move reflects broader efforts by Abu Dhabi to attract international partners and investment into media, technology and creative sectors as part of its wider economic diversification agenda.
