UK’s InterContinental Hotels Group expects India to become one of its top-five global markets within years, a senior executive said on Friday, as international hospitality brands accelerate expansion across the world’s most populous country.

“It (India) is like a game-changer. It’s an infinite market in a sense,” Sudeep Jain, MD for South West Asia at IHG, told Reuters on the sidelines of the Hospitality Overview Presentation & Exchange conference in Goa.

IHG, whose brands include Holiday Inn and Avid Hotels, currently operates around 50 hotels in India with roughly 80 in development.

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The British group said in January it aimed to grow its combined open and pipeline portfolio within the country to more than 400 properties within five years. Globally, IHG operates over 6,900 hotels, with about two-thirds in the Americas.

India’s hospitality sector is forecast to nearly double to $55.7bn by 2031 from $23.5bn in 2025, according to consultancy Mordor Intelligence, driven by population growth, rapid urbanisation and rising travel demand from both affluent and budget consumers.

IHG is not alone in its ambitions.

Hyatt Hotels chief executive Mark Hoplamazian said the chain expects to quintuple its India footprint over five years. Hilton Worldwide has separately announced plans to quadruple its pipeline of hotel rooms in the country.

Executives from Accor and Wyndham Hotels also flagged India as a priority market at the Goa conference.

Jain ruled out an Indian stock market listing for IHG’s local operations, at least in the near term, even as local subsidiaries of South Korea’s LG Electronics and Hyundai Motor have recently completed Indian initial public offerings.

OpenAI’s latest funding round valued the ChatGPT maker at $840bn as Big Tech piled into the $110bn blockbuster round, signaling the AI investment race is alive and well despite recent fears of a valuation bubble.

The funding round, one of the largest private capital raises on record, includes a $30bn investment from SoftBank, $30bn from Nvidia, and $50bn from Amazon. It comes ahead of the AI startup’s expected mega-IPO this year, and Wall Street expects more funding rounds before the debut.

More investors are expected to join the round as it progresses, OpenAI said in a statement on Friday.

Funding boost as competition heats up

The infusion will help OpenAI secure advanced AI chips and the computing capacity it needs to maintain its lead position in the AI industry, especially as competition heats up from Anthropic and Alphabet’s Google.

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It also exacerbates Wall Street concerns about “circular” financing agreements, where firms invest in and sign supply deals with each other, inflating demand and revenue.

After years of outsized gains, tech stocks have suffered sharp declines in 2026 as investors question whether AI investments will generate sufficient returns to justify lofty valuations.

Nvidia was punished by shareholders this week after the chipmaker said it would pour money into the AI ecosystem, instead of returning cash to shareholders. Nvidia’s investment in OpenAI gives the chip company a financial stake in one of its largest customers, tightening their already intertwined relationship.

OpenAI said on Friday it would use Nvidia’s latest Rubin systems, representing five gigawatts of computing capacity, enough energy to power millions of US households.

It was not immediately clear whether Nvidia’s $30bn investment replaced its earlier commitment announced in September under which Nvidia was set to invest up to $100bn in the startup.

OpenAI and Nvidia did not immediately respond to Reuters’ requests for clarification.

With the latest injection, SoftBank’s investment in OpenAI is set to be $64.6bn, representing an ownership interest of about 13 per cent, the Japanese conglomerate said.

Amazon partnership

The new investment is crucial for OpenAI.

The launch of Google’s Gemini 3 in November has given the Alphabet-owned company a stronger footing, while Anthropic has cemented its lead in the enterprise AI market with its specialized coding tool.

OpenAI, which is yet to turn a profit, is targeting roughly $600bn in total compute spend through 2030, a source told Reuters last week.

Along with the $50bn investment, OpenAI and Amazon have also struck a deal in which OpenAI will utilize two gigawatts of computing capacity powered by Amazon’s in-house Trainium AI chips.

The companies are also expanding their $38bn cloud deal signed last year, with OpenAI saying it would spend an additional $100bn on Amazon Web Services over the next eight years. As well, OpenAI will work with Amazon to develop customized models for the e-commerce company’s engineering teams.

Amazon will start with an initial $15bn investment, followed by another $35 billion in the coming months when certain conditions are met, the companies said.

AWS will be the exclusive third-party cloud provider for OpenAI Frontier, the ChatGPT maker’s enterprise platform for building and running AI agents.

The partnership does not change OpenAI’s relationship with Microsoft, with Microsoft Azure still the exclusive cloud provider for OpenAI’s APIs that provide access to OpenAI’s models, the companies said.

ChatGPT serves more than 900 million weekly active users, OpenAI said, adding that it has surpassed 50 million consumer subscribers. January and February are on track to become the largest months for new subscriber additions, it said.

Wall Street’s main indexes dropped on Friday as AI anxiety hammered technology stocks, with the Nasdaq and the S&P 500 on pace for their steepest monthly loss since March 2025, while hotter-than-expected inflation data also weakened sentiment.

Technology shares faced selling pressure this month as concerns over high valuations and the uncertain payoff from Big Tech’s massive AI spending grew.

Nvidia slid 2.4 per cent after plunging more than 5 per cent in the previous session despite strong earnings, a sign that risk sentiment for all things AI remained shaky.

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The broader technology index tumbled 1.7 per cent, while financials dropped 2.1 per cent, with both poised for sharp monthly declines.

Big banks including Goldman Sachs and private credit firms such as KKR & Co were among the biggest laggards.

Jefferies dropped 9.5 per cent after media reports that the investment bank and other lenders face potential losses related to the collapse of UK mortgage provider Market Financial Solutions Ltd.

Risk appetite also took a hit after data showed US producer prices increased more than expected in January, suggesting inflation could pick up in the coming months.

“Inflation has reared its ugly head, and the questioning of the true value of technology firms has resulted in a major selloff,” said Ben Fulton, CEO of WEBs Investments.

While losses in cyclical sectors dominated on Friday, investors appeared to rotate towards more defensive sectors, with consumer staples, utilities and healthcare rising more than 1 per cent each.

At 11:47 am ET, the Dow Jones Industrial Average fell 602.06 points, or 1.22 per cent, to 48,897.14, the S&P 500 lost 45.92 points, or 0.66 per cent, to 6,862.94, and the Nasdaq Composite was down 226.61 points, or 0.99 per cent, to 22,651.77.

Earlier in the day, brokerage UBS said it had cut its recommended allocation to US equities to “neutral”, citing the relatively lower sensitivity of US corporate earnings to global growth aswell as high valuations among other reasons.

Tariff uncertainty also fueled volatility this month after the US Supreme Court struck down most of Trump’s 2025 duties, prompting a temporary 10 per cent global tariff that began on Tuesday.

Zscaler plunged 15 per cent after the cloud security firm reported a wider net loss in the second quarter. The broader software index lost 1.9 per cent.

Software shares and several industries were rocked earlier this year too, on fears of industry wide AI-driven disruptions.

Netflix added 10 per cent as investors cheered its decision to exit the fight for Warner Bros Discovery, which dropped 2.1 per cent. Paramount Skydance rose 18 per cent after winning the race for some of the world’s most prized TV and film assets.

Jack Dorsey’s Block surged 13.1 per cent after the payments firm said it would cut more than 4,000 jobs, nearly half its workforce, as part of an overhaul to embed AI across operations.

Dell climbed 20.5 per cent after the PC-maker said it expects revenue from its key AI-optimised servers business to double in fiscal year 2027 and promised to return more cash to shareholders.

Declining issues outnumbered advancers by a 1.58-to-1 ratio on the NYSE and by a 2.17-to-1 ratio on the Nasdaq.

The S&P 500 posted 37 new 52-week highs and two new lows, while the Nasdaq Composite recorded 50 new highs and 86 new lows.

Abu Dhabi has taken a significant step toward the future of mobility, launching Tesla’s first ‘Full Self-Driving (Supervised)’ road trials in the emirate while simultaneously overseeing the region’s first pilot operation of autonomous trucks.

The Integrated Transport Centre (ITC), an affiliate of the Department of Municipalities and Transport, announced the commencement of Tesla’s advanced driving trials under driver supervision. The move marks a first for Abu Dhabi and signals the emirate’s growing commitment to smart and autonomous mobility solutions.

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According to a WAM report, the trials are being conducted within a structured regulatory framework designed to evaluate the technology’s performance under real-world operating conditions and verify its operational and safety readiness before broader adoption.

Tesla’s ‘full self-driving’ put to the test

The road trials are being carried out in coordination with the Legislation Lab at the General Secretariat of the UAE Cabinet. The initiative aims to support innovation while operating within approved regulatory frameworks.

The ITC said the project seeks to establish an advanced model for testing driver-assistance and autonomous driving technologies in the region, ensuring that safety standards remain paramount while new technologies are introduced.

“The supervision of the ITC over the commencement of Tesla’s advanced autonomous driving technology tests reflects its regulatory and legislative role. These tests represent a qualitative step to evaluate the technology’s performance in a real-world operating environment and to collect the necessary data to verify its readiness before any future expansion in usage,” said Dr Abdulla Hamad AlGhfeli, acting director-general of the ITC.

He added that through cooperation with strategic partners, the centre aims to strike a careful balance between encouraging innovation and safeguarding road users.

“Through this organised framework, and in cooperation with strategic partners, the centre seeks to strike a careful balance between supporting innovation and encouraging the adoption of smart solutions, while ensuring road user safety, in line with the emirate’s vision of developing an advanced, safe and sustainable transport system,” Dr AlGhfeli said.

MENA’s first autonomous truck pilot in KEZAD

In a parallel development, the ITC also announced its supervision of a pilot project for autonomous truck operations in partnership with Autotech and AD Ports Group.

The project is being implemented within Khalifa Economic Zones Abu Dhabi – KEZAD and is described as the first of its kind in the Middle East and North Africa for logistics and freight transport.

The initiative focuses on evaluating autonomous truck operations within a defined industrial and logistics environment. Pilot trips have been conducted along dedicated routes inside KEZAD in accordance with approved regulatory frameworks and operational standards.

During 2025, the developer worked under ITC supervision to adapt artificial intelligence-based autonomous driving systems to local road requirements and logistics transport needs. The objective has been to ensure safe, seamless operations while assessing the technology’s readiness for real-world deployment.

The ITC said the project forms part of broader efforts to strengthen the emirate’s smart mobility ecosystem and enhance regulatory readiness for innovative transport solutions. It is also expected to improve freight efficiency and operational performance across economic and industrial zones, paving the way for eventual commercial deployment of autonomous logistics services.

“These initiatives contribute to enhancing the efficiency of the transport ecosystem, supporting the competitiveness of economic sectors, and reinforcing Abu Dhabi’s position as a leading regional hub in adopting smart mobility solutions and autonomous systems, in line with the UAE National Strategy for Artificial Intelligence 2031,” Dr AlGhfeli said.

Together, the Tesla trials and autonomous truck pilot underscore Abu Dhabi’s strategy to integrate cutting-edge technologies into its transport infrastructure while maintaining a strong regulatory framework, positioning the emirate at the forefront of autonomous mobility development in the region.

The UAE could see light rainfall and a drop in temperatures early this week, with the National Center of Meteorology (NCM) forecasting partly cloudy to cloudy conditions across several areas, including islands and western coastal zones.

According to the NCM’s outlook for Monday, March 2, skies will be partly cloudy to cloudy at times, with a chance of light rain by night and into Tuesday morning, particularly over offshore islands. Temperatures are expected to decrease, while humidity levels will rise overnight and into Tuesday morning across some western coastal and internal areas, increasing the likelihood of reduced visibility in the early hours.

Winds on Monday are forecast to be light to moderate, blowing southeasterly to northeasterly at speeds of 10–25 km/h, freshening at times and reaching up to 35 km/h. Sea conditions in the Arabian Gulf will be slight to moderate, while the Oman Sea will remain slight.

On Tuesday, March 3, cloud cover is expected to persist, with rainfall possible over islands and some western coastal areas. Winds will shift from southeasterly to northwesterly, maintaining speeds of 10–25 km/h and reaching up to 40 km/h, particularly by night over the sea. Maritime conditions are forecast to deteriorate slightly, with the Arabian Gulf turning rough by night, while the Oman Sea will be slight to moderate.