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Trump reinstates Iran blockade, proposes 20% cargo fee

The proposal marks a significant escalation in US policy towards maritime security in the Gulf

Rajiv Pillai
Rajiv Pillai

14 July, 2026

Trump reinstates Iran blockade, proposes 20% cargo fee
Image: Getty Images

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US President Donald Trump has announced a new maritime security policy for the Strait of Hormuz, declaring that the strategic waterway will remain open under US protection while unveiling plans to reinstate a blockade targeting Iranian shipping and introduce a 20 per cent charge on cargo transiting the strait.

In a post on Truth Social, Trump said the “Hormuz Strait is OPEN, and will remain OPEN, with or without Iran,” adding that the US was reinstating what he described as “the Iranian blockade”, which he said would only prevent Iranian ships or customers from entering or leaving Iranian ports. He added that vessels from all other countries would continue to have unrestricted access through the waterway.

Trump also announced that the US would henceforth be known as the “Guardian of the Hormuz Strait” and said Washington would seek reimbursement “at the rate of 20 per cent on all cargo shipped” to cover the costs of providing security in one of the world’s busiest energy shipping corridors. He said the process of implementing the new framework would begin immediately.

The proposal marks a significant escalation in US policy towards maritime security in the Gulf and comes amid heightened tensions with Iran following recent military exchanges and disruptions to commercial shipping through the Strait of Hormuz, a critical chokepoint for global oil and liquefied natural gas exports.

Read: Iranian missiles hit 2 UAE tankers in Hormuz, killing one crew member: MOD

While Trump outlined the broad framework, the administration has not yet released operational details on how the proposed 20 per cent cargo charge would be collected or enforced, nor whether it would require international agreements or legislative approval. Legal experts have also questioned the international legal basis for imposing such a levy on commercial shipping using the international waterway.

QuantumGate’s CTO on the invisible layer every government service depends on

As quantum computing advances, governments are racing to protect the invisible cryptographic foundations that secure digital identities, payments and public services

Janne Hirvimies
Janne Hirvimies

13 July, 2026

QuantumGate’s CTO on the invisible layer every government service depends on
Image: Supplied

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Approve a bank login with UAE Pass or open a service on TAMM, and the whole process takes a few seconds. What you do not see is the layer of security that makes those seconds trustworthy.

The moment you connect, your device and the government service establish a cryptographic handshake. They create a shared secret, verify the service’s digital certificate, and establish an authenticated encrypted channel before sensitive information is exchanged. That process protects your data and ensures you are communicating with the genuine service, not an imposter. It relies on public-key cryptography, specifically algorithms such as RSA and elliptic-curve cryptography (ECC), which underpin almost every modern digital government service.

It is a layer of technology that has done its job so quietly, and so reliably, that few people outside cybersecurity ever think about it. Now it is being rebuilt.

Today’s public-key cryptography is secure because the mathematical problems behind it are effectively impossible for conventional computers to solve within a practical timeframe. A sufficiently capable, fault-tolerant quantum computer running Shor’s algorithm would change that. It could solve those problems within practical timeframes, undermining the cryptographic systems used to establish trust and secure digital communications. No such machine exists today, and estimates for when one might arrive vary widely, which is exactly why the arrival date is the wrong thing to plan around.

Replacing cryptography across an entire national digital estate is a multi-year undertaking. The clock that matters is not the countdown to a quantum computer capable of breaking today’s encryption, but how long the migration itself takes, and every month spent without a plan comes off that runway.

The risk is not only future attacks. Adversaries can capture encrypted communications today and store them until quantum computers become capable of decrypting them, a strategy often described as “harvest now, decrypt later.” For information that must remain confidential for years, the transition has already begun.

Transformation is outrunning its foundation

This is one of the largest technology transitions governments have faced because public-key cryptography is woven throughout digital infrastructure rather than confined to a single system. It protects digital identities, certificates, VPNs, payment systems, software updates, cloud services, firmware inside connected devices, and the digital signatures that establish trust across government systems. Much of it sits inside legacy platforms or commercial products that governments do not directly control.

The challenge is also more focused than many people assume. Symmetric encryption, which protects stored data, remains comparatively resilient against quantum attacks and can generally be strengthened by using larger key sizes. The primary exposure lies in public-key cryptography, the technology used to establish trust, authenticate identities, exchange cryptographic keys, and verify digital signatures.

Fortunately, governments no longer have to wait for the standards. The first generation of international post-quantum cryptographic standards is now available, giving organisations a clear destination for migration.

Yet many organisations cannot begin that journey because they lack a basic inventory of where cryptography is actually used.

Every new application, citizen portal, digital identity platform, or connected device adds another layer of cryptography that will eventually require migration. Many organisations can identify their critical applications but cannot confidently answer more fundamental questions: Where is cryptography being used? Which algorithms are running? Which systems depend on them?

Cryptographic discovery: The first step

Cryptographic discovery is a read-only exercise. It does not touch a single running service. Done well, it examines network traffic, certificates, cryptographic libraries, source code, software dependencies, cryptographic APIs, and key management systems, surfacing cryptography in the places people forgot it lived: keys hardcoded into applications, certificates trusted for years, libraries buried inside operational equipment, and outdated algorithms embedded deep within commercial software. The result is a complete inventory of every cryptographic asset, algorithm, certificate, and dependency mapped to the systems that rely on them.

You cannot modernise what you cannot see. Before organisations can plan a post-quantum migration, they need visibility into where cryptography is being used, which algorithms are deployed, and which systems depend on them. Cryptographic discovery provides that foundation, transforming what would otherwise be a complex migration into a structured, risk-based program.

This is already happening at national scale in the UAE, where the Cyber Security Council and QuantumGate have partnered to automate cryptographic discovery across complex national infrastructure, providing organisations with visibility into the foundations of digital trust before migration begins.

A single scan does not stay accurate for long. Certificates are issued and replaced, systems scale up and down, software is rebuilt, and a vendor update quietly swaps one algorithm for another. Within a release cycle, the picture is out of date. Discovery therefore has to run continuously, built into software development, certificate lifecycle management, and operational processes so weak, vulnerable, or expiring cryptography is identified as it appears. Much of the value is immediate, regardless of the quantum timeline: improved certificate management, fewer outages caused by expired certificates, stronger compliance, continuous audit readiness, and ongoing visibility into an organisation’s cryptographic posture.

Designing for the next transition

The systems being built now will determine how manageable the next change is. Build them so the choice of cryptographic algorithm is a configurable policy rather than an assumption embedded in application code, and the next transition becomes an upgrade instead of a rebuild.

During the migration, systems can operate in a hybrid mode that combines classical cryptography with post-quantum cryptography. For example, a classical key exchange mechanism can run alongside a post-quantum key encapsulation mechanism, ensuring that communications remain protected unless both approaches are compromised. This enables organisations to adopt quantum-resistant security while maintaining interoperability with existing infrastructure.

For systems that cannot be modified directly — mainframes, industrial control systems, operational technology, and vendor appliances — the practical approach is often to deploy quantum-safe gateways that protect communications without requiring changes to the underlying applications.

Trust is becoming a national capability

As governments continue to digitise essential public services, cryptography is becoming a matter of national capability rather than simply an IT function.

The ability to discover, manage, and modernise cryptography within national borders helps governments maintain visibility over critical digital assets, certificate infrastructure, and trust services that underpin everything from citizen identity to financial transactions.

Countries that can demonstrate confidence in the security of their digital foundations will be better positioned to attract investment, protect critical infrastructure, and strengthen public trust in digital government.

Cryptographic resilience is not a destination that governments eventually reach. It is an ongoing capability that must evolve alongside the services it protects.

Citizens rarely think about the cryptography behind the services they use every day, and that is precisely the point. Trust works best when it is invisible. The governments that invest in protecting that invisible foundation today will be the ones their citizens continue to trust in a post-quantum future.

Fire contained at Zayed Military City warehouse, no injuries reported

The ministry urged the public to rely on its official communication channels for accurate information regarding the incident

Rajiv Pillai
Rajiv Pillai

13 July, 2026

Fire contained at Zayed Military City warehouse, no injuries reported
Image: Adobe Stock/Image for illustrative purpose

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Firefighting teams from the UAE Armed Forces have brought a fire under control at a warehouse in Zayed Military City, with the Ministry of Defence (MoD) confirming that no injuries were reported.

In a statement posted on X, the ministry said the incident involved a brush fire caused by the burning of some wood and old ammunition stored in one of the warehouses within Zayed Military City.

View post on X

The MoD said Armed Forces firefighting teams responded to the incident and successfully contained the blaze, preventing any reported casualties.

“The Ministry of Defense confirms that the fire has been brought under control and there are no injuries,” the ministry said.

The ministry urged the public to rely on its official communication channels for accurate information regarding the incident.

Dubai ranks as competitive global hub for affluent lifestyles: Julius Baer report

Optimism among Middle Eastern high-net-worth individuals (HNWIs) remains exceptionally strong: a third reported major wealth accumulation last year, and 43 per cent are expanding their investments and expenditures

Neesha Salian
Neesha Salian

13 July, 2026

Dubai ranks as competitive global hub for affluent lifestyles: Julius Baer report
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Dubai remains a competitive global hub for affluent individuals, offering relative value across luxury real estate, premium vehicles, jewellery and travel despite a global rise in the cost of a premium lifestyle, according to the Julius Baer Global Wealth and Lifestyle Report 2026.

The report said Dubai ranked 14th in this year’s index, with the shift in position largely reflecting higher costs in other global wealth centres rather than a decline in the emirate’s affordability.

Globally, the cost of a premium lifestyle increased by an average of 10.2 per cent in US dollar terms over the past year, driven mainly by currency fluctuations rather than local inflation, Julius Baer said.

Cities linked to strengthening currencies, including the euro and Swiss franc, saw sharper increases in prices for high-end goods, while locations anchored to the US dollar benefited from more favourable cost structures for affluent expatriates and internationally mobile families.

Dubai’s dirham peg to the US dollar supported its relative position, the report said, helping protect purchasing power for residents amid global currency volatility.

The report highlighted Dubai’s competitiveness in high-value spending categories, noting that premium automobiles, jewellery and business-class travel remain attractively priced compared with peer cities globally.

Dubai’s prime real estate market also continues to offer relative value compared with higher-priced Asian and European wealth centres, while maintaining premium standards across areas such as five-star hospitality and Michelin-calibre dining, the report said.

Middle East wealth outlook

The report found strong optimism among Middle Eastern high-net-worth individuals (HNWIs), with a third reporting major wealth accumulation over the past year, more than double the proportion recorded among European counterparts.

It said 43 per cent of affluent Middle Eastern individuals were expanding their investments and lifestyle spending, exceeding levels seen in the Americas and Europe.

The report also highlighted the region’s focus on family wealth preservation, with 98 per cent of respondents living in larger family households. Six in ten HNWIs had addressed succession planning over the past year, while 65 per cent used family offices and 73 per cent had established formal family governance frameworks.

Rishabh Saksena, co-head of Global Asset Class Specialists at Julius Baer, said the GCC entered 2026 from a position of strength but had faced challenges from heightened geopolitical uncertainty affecting short-term growth prospects.

“Oxford Economics and ICAEW now forecast Gulf Cooperation Council (GCC) GDP to contract by 0.2 per cent in 2026, against a previously projected 4.4 per cent expansion for the year, with a strong rebound of 8.5 per cent projected for 2027 as conditions normalise,” he said.

Saksena said the near-term pressure was concentrated in sectors exposed to confidence and connectivity, including tourism, hospitality, real estate and aviation.

“Governments across the Gulf have responded with targeted fiscal measures, while central banks moved to protect liquidity and maintain market stability, drawing on the deep fiscal buffers accumulated through years of deliberate economic reform,” he said.

GCC diversification and AI investment

The report said the GCC’s longer-term economic outlook was supported by structural transformation, with non-oil sectors now accounting for approximately 73 per cent of total GCC GDP.

Artificial intelligence has also become central to government economic strategies across the Gulf, with sovereign capital deployed through dedicated national vehicles and regional strategies, the report said.

AI is projected to contribute up to $320bn to the Middle East economy by 2030, according to the report.

Julius Baer said supportive residency frameworks and stronger regulatory policies would continue to attract capital flows, institutional investment and wealth migration to leading financial centres in the region.

The report also highlighted changing priorities among global affluent individuals, with demand for luxury experiences, high-end dining and travel remaining strong.

It said investments in personal wellbeing had increased, reflecting a growing focus on longevity, health and security as components of modern wealth.

Julius Baer said the report’s data collection ended in late February, while survey fieldwork concluded in early March, meaning the impact of the ongoing situation in the Middle East had not been reflected in the findings.

Abu Dhabi unveils first-ever number plates for self-driving cars

The move marks another step in the emirate’s drive to accelerate the adoption of smart mobility technologies while creating a stronger regulatory framework for autonomous transport

Nida Sohail
Nida Sohail

13 July, 2026

Abu Dhabi unveils first-ever number plates for self-driving cars

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Under the supervision of the Smart and Autonomous Systems Council, the Integrated Transport Centre (Abu Dhabi Mobility), an affiliate of the Department of Municipalities and Transport, has introduced the first dedicated licence plates for trial and commercial autonomous vehicles in Abu Dhabi.

The move marks another step in the emirate’s drive to accelerate the adoption of smart mobility technologies while creating a stronger regulatory framework for autonomous transport.

Read more-Dubai’s Robotaxi push: What you need to know about the new fleet deal

The initiative introduces specialised licence plates that clearly identify autonomous vehicles operating as part of testing and pilot programmes, as well as those delivering commercial services using self-driving technologies.

Distinct blue plates for different operations

The newly introduced licence plates fall into two categories. Vehicles providing commercial autonomous services will carry plates displaying the phrase “Auto Drive”, while those participating in testing and pilot programmes will feature the word “Test.” Both categories will use a unified blue design, making autonomous vehicles easily identifiable on Abu Dhabi’s roads.

The dedicated plates are expected to help authorities quickly distinguish between different types of autonomous vehicles during operations, strengthening field monitoring and supporting improved road safety.

The new system is also linked to the licensing and operational requirements approved for autonomous vehicles, ensuring operators comply with the technical and operational standards established in the emirate. Officials said the framework is expected to improve the efficiency of sector management as the deployment of autonomous vehicles continues to expand.

Supporting the next phase of autonomous mobility

The rollout comes as Abu Dhabi continues to broaden autonomous vehicle operations through both commercial services and pilot programmes conducted by specialised companies.

Authorities expect the initiative to support the continued development of the emirate’s autonomous vehicle ecosystem by enabling the collection and analysis of operational data. The insights are expected to help shape future policies and regulations while strengthening the regulatory framework as autonomous technologies scale across the transport sector.

According to the WAM report, the initiative also underscores Abu Dhabi’s commitment to advancing next-generation mobility by providing a comprehensive regulatory and operational environment that supports the testing and deployment of autonomous vehicles in line with the highest standards of safety and efficiency.

Tabby launches cashback spending account as it expands beyond BNPL

Founded as a financial technology company focused on flexible spending, Tabby’s platform is used by more than 65,000 local and global brands

Neesha Salian
Neesha Salian

13 July, 2026

Tabby launches cashback spending account as it expands beyond BNPL
Image: Supplied

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Financial technology company Tabby has launched Tabby Cash, a fee-free spending account offering cashback and free transfers, as the company expands beyond flexible payments into everyday money management.

Tabby said more than 150,000 people are already using Tabby Cash, with a full rollout across the UAE expected in the coming weeks. The launch coincides with a new brand identity as the company positions itself as a broader money management platform.

Tabby Cash is the first product built on Tabby’s Stored Value Facilities licence, granted by the Central Bank of the UAE. The account has no setup, account or card fees.

The Tabby Cash Card offers up to 3 per cent cashback on selected categories and international spending for Tabby Plus members, while non-Plus users receive 1 per cent cashback. As part of a launch offer, all cardholders will earn 3 per cent cashback until November 1, 2026.

” We started Tabby because we believed money should be flexible enough to work around your life, not the other way around. That belief hasn’t changed, but what we’re doing about it has. We’re building a place where people have full control over their money, with the same clarity and flexibility they’ve come to expect from us,” said Hosam Arab, CEO and co-founder of Tabby.

Tabby, which built its business around buy now, pay later and flexible payment solutions, said it is now applying the same approach to everyday financial services, citing high costs associated with traditional financial products.

The company said credit cards in the UAE can carry annual interest rates of 30 per cent to 46 per cent, with interest compounding on unpaid balances. It added that current accounts can require minimum salaries and charge fees for falling below balance thresholds, while international money transfers can cost Dhs75 or more before exchange-rate markups.

Tabby said its digital-only model allows it to operate without branches or legacy systems, enabling it to offer lower fees and greater flexibility.

“Tabby Card brought flexible payments to daily spending with no compound interest. Tabby Cash is the next step, bringing that same approach to how people hold, send and spend their money, on a platform millions already use,” the company said.

Tabby currently serves more than 25 million consumers and 65,000 retailers across Saudi Arabia, the UAE and Kuwait, processing more than $18bn in annualised sales volume.

Tabby Cash available to UAE residents over the age of 18

The company said Tabby Cash will initially be available to UAE residents aged over 18, with users able to join a waitlist ahead of the wider rollout.

Key features include free account setup, no account or card fees, 3 per cent cashback on selected categories and international spending with Tabby Plus, 1 per cent cashback without Tabby Plus, and free unlimited local transfers, with global transfers planned for a future launch.

Founded as a financial technology company focused on flexible spending, Tabby’s platform is used by more than 65,000 local and global brands, including SHEIN, Amazon, Adidas, IKEA, Jarir, Samsung and noon. The company is headquartered in Riyadh and operates across Saudi Arabia, the UAE and Kuwait.

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