His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has announced a series of major road development projects worth Dhs750m aimed at enhancing connectivity between Sharjah and Dubai and easing traffic movement for residents and visitors.

The infrastructure programme includes the construction and development of internal and main roads, as well as new direct links between the two emirates. The projects are designed to improve traffic flow, reduce congestion and provide more efficient access to key destinations.

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Among the flagship initiatives is a new tunnel at Al Taawun, where the well-known Al Taawun Roundabout Monument was recently removed to facilitate construction works. Sheikh Dr Sultan confirmed that the monument will be reinstated once the project is completed, preserving a landmark that holds significant sentimental value for many residents.

In addition, Noor Road, which extends from Al Orooba Street into Dubai, is expected to open by the end of this year, providing another important transport corridor between the neighbouring emirates.

Monument to return following tunnel construction

Speaking during a telephone intervention on the “Direct Line” programme, Sheikh Dr Sultan highlighted the importance of balancing infrastructure development with the preservation of local heritage.

“The Al Taawun Roundabout Monument holds strong sentimental value for residents. However, necessity dictated its temporary removal until the completion of important development projects,” he said.

He explained that Al Taawun Road serves as a critical route connecting Sharjah and Dubai, making upgrades essential to accommodate growing traffic volumes.

“Al Taawun Road is important because it leads to Dubai. Therefore, it became necessary either to construct an elevated bridge over the monument or find another solution. We planned to construct an underground tunnel comprising a dual carriageway extending to Dubai up to Al Nahda Bridge. However, the presence of the monument presented a challenge.”

According to Sheikh Dr Sultan, engineers and designers conducted extensive studies of the site and determined that the monument’s foundations were deeply embedded and difficult to remove. Specialists subsequently developed a solution that would allow the road project to proceed while enabling the monument to be returned to its original location once construction is complete.

“Work is currently under way to implement this plan. The works affecting entry to and exit from Al Taawun Street will require only a short period, while engineers simultaneously redesign and reinstall the monument in its original location,” he said.

New routes to ease traffic pressure

Sheikh Dr Sultan said the projects are expected to deliver substantial transportation benefits, particularly by creating additional routes between Sharjah and Dubai.

“The benefits of these projects are reflected in several key aspects, foremost among them the opening of an important corridor between us and the Emirate of Dubai, which will ease traffic movement on the existing roads,” he said.

Alongside the tunnel project, Sharjah is developing another key connection through Al Noor Road.

“Alongside this road, we are currently developing another route, ‘Al Noor Road’, which extends directly from Al Orooba Street and also enters Dubai via Al Nahda Bridge. It is scheduled to open by the end of this year,” Sheikh Dr Sultan added.

He noted that the tunnel beneath Al Taawun Roundabout will also reduce pressure on the existing road network and improve connectivity to major transport arteries.

“We will also be able to connect the roundabout directly to major roads such as Emirates Road and Sheikh Mohamed bin Zayed Road,” he said.

Improving access across sharjah

As part of the broader mobility plan, directional signage will be installed across the road network to guide motorists directly to Expo Centre Sharjah, providing uninterrupted access to the venue’s parking facilities.

Sheikh Dr Sultan said the Dhs750m investment reflects Sharjah’s commitment to improving infrastructure and supporting regional connectivity.

“We are opening these internal areas to our neighbours. The Emirate of Sharjah is a welcoming place that embraces all who come to it,” he said.

Concluding his remarks, Sheikh Dr Sultan expressed confidence in the project team and the long-term benefits of the developments.

“Praise be to God, all the designs are in place and the project designer remains on site. These projects will grant the Emirate of Sharjah a new level of openness. We hope everyone will enjoy a beautiful present while preserving cherished memories.”

Dubizzle Group has announced a strategic partnership and investment in Tern, a UAE-based rental rewards platform, as part of efforts to enhance the rental experience for tenants, landlords and property professionals across the country.

The partnership will see Tern integrated exclusively into Bayut and dubizzle, enabling tenants to pay rent using credit cards while earning Tern Rewards points that can be redeemed across a network of retail, travel and lifestyle partners.

Dubizzle Group said the investment aligns with its strategy of building a broader property ecosystem that supports users beyond property search and discovery.

The platform allows tenants to earn rewards on rental payments without additional fees or premiums for using a credit card, providing greater flexibility in managing one of the largest recurring household expenses.

For landlords, property managers and agents, Tern offers a fully digital rent collection process while providing tenants with a more flexible payment experience that could help improve retention and increase the appeal of rental properties.

Founded in 2024 by Said Al Sayyed and Mohamad Shaitou, and launched in May 2025, Tern has positioned itself as a rental rewards platform in the UAE. The company said more than Dhs150 million in annualised rent payment volume is currently processed through its platform.

Commenting on the partnership, Haider Ali Khan, chief executive officer of Dubizzle Group UAE, said: “At Bayut and dubizzle, our focus has always been on solving real challenges across the property journey, which extends beyond just helping people find a home. Rent is one of the largest recurring expenses for most households, yet the payment experience has traditionally offered very little flexibility or added value.

“In Tern, we found the most compelling solution to address this industry challenge, led by an exceptional founding team with a clear vision. Our partnership offers renters a more convenient and rewarding way to manage their rental payments, while also creating new opportunities for landlords and agents across the UAE. It is another step towards building a more connected, user-focused property ecosystem.”

The investment was made through Dubizzle Group Ventures, the company’s venture capital arm focused on early-stage technology startups across the GCC.

Surya Raviganesh, who leads Dubizzle Group’s investments, said: “We are on the lookout for aspirational founders building scalable, and innovative business models that create unique value around our property, automotive and consumer marketplaces. Half the population of the UAE uses one of our platforms every month, and there are material synergies by partnering with businesses that can benefit from our highly engaged audience.”

Dubizzle Group said the partnership supports its vision of creating a more connected property ecosystem where finding, renting and managing a home is more seamless, flexible and rewarding.

The company’s platforms attract approximately 58 million monthly visits and 20 million monthly users across the region, with the Tern integration expected to further strengthen Bayut and dubizzle’s position in the UAE rental market.

Freight rates on key Asia-UAE shipping routes have surged from around $1,000 to $7,000 per container amid ongoing global supply chain disruption, but Dubai’s logistics ecosystem continues to maintain the flow of essential goods, according to industry leaders.

The figures were shared during the “Current Situation in Supply Chain, Freight, Logistics & Operational Continuity” forum hosted by the Trade, Logistics & Industrial Value Chain (TLI) Focus Group of IBPC Dubai.

The event brought together government officials and logistics executives to assess the impact of disruptions on global trade routes and supply chains.

Participants noted that shipping corridor volumes have fallen by as much as 90-95 per cent, but coordinated efforts across ports, customs authorities, shipping lines and logistics operators have helped safeguard trade continuity and food security across the UAE.

Delivering the keynote address, Abdulla Bin Damithan, Chairman of Ports, Customs and Free Zone Corporation, Dubai, said: “Resilience is built long before a crisis. Dubai’s strength lies in its ability to anticipate change, adapt quickly and create practical solutions that keep trade flowing. While current challenges have tested supply chains and trade routes, we remain confident that trade will continue, businesses will continue operating and Dubai will continue investing in the future of global trade.”

He highlighted continued investment in infrastructure, innovation and trade facilitation initiatives, including the Green Corridor programme and broader collaboration efforts across the UAE and the region aimed at supporting cargo continuity in line with the Dubai Economic Agenda (D33).

Opening the forum, Sam Manipadam, Convener of the TLI Focus Group at IBPC Dubai, highlighted Dubai’s longstanding focus on preparedness and adaptability in navigating global economic challenges.

Paras Shahdadpuri, Governor of IBPC Dubai and Chairman of Nikai Group, said the disruption had tested businesses while reinforcing confidence in the UAE’s ability to respond effectively.

“Freight rates have risen from $1,000 to $7,000, putting pressure on businesses, but the speed of response here has helped maintain confidence in uncertain times.”

Ramesh Ramakrishnan, Governor of IBPC Dubai and Chairman of Transworld Group, said the disruption has placed considerable strain on logistics networks but demonstrated the strength of the UAE’s trade infrastructure.

“Despite sharp disruption, shelves remain stocked and factories are running. What we are seeing is a system under pressure, but still functioning because of the strength of coordination, infrastructure and execution on the ground.”

He added: “This period has made one thing very clear. Flexibility, diversification and partnerships are no longer optional responses to crisis but are now fundamental business requirements that will define competitiveness going forward.”

A panel discussion moderated by Siddhi Joshi, Chief Executive Officer of E-Movers, examined how different segments of the logistics sector are adapting to the disruption.

Nadia Abdul Aziz, President of the National Association of Freight and Logistics, said: “This is not a siloed response. Public and private sectors are working in constant alignment, and that coordination is what is keeping trade flowing despite the pressure.”

She highlighted the growing use of alternative logistics gateways, including Khor Fakkan, Fujairah and Salalah, as well as initiatives such as the Green Corridor programme to maintain cargo flows.

Captain Swaminathan Rajagopalan, General Manager of CMA CGM UAE, said the industry has begun recovering from the most severe phase of the disruption.

“At the peak, we saw capacity drop to 10-15 per cent, which created immediate bottlenecks across the network. Through coordinated action across ports, customs and carriers, we have now recovered to around 40 per cent of pre-crisis volumes.”

He added: “More than 100,000 TEUs have already moved through Green Corridor initiatives, which has been critical in maintaining supply continuity. Importantly, food security has not been compromised, and refrigerated cargo flows remain stable.”

Ritesh Ramakrishnan, Managing Director of Transworld Group, said the disruption has changed customer expectations around communication and responsiveness.

“In this environment, speed is not just operational, it is strategic. The ability to respond quickly and clearly has become a defining advantage.”

He added: “Customers today expect transparency as much as service. Companies that can combine both clarity and solutions will be the ones that strengthen trust and emerge stronger from this disruption.”

Industry participants said the disruption is accelerating long-term shifts across global logistics networks, including greater reliance on integrated sea, air, road and rail connectivity, alternative trade corridors and more diversified sourcing strategies.

The event concluded with remarks from Balaji Nagabhusam, Co-Convener of the TLI Focus Group at IBPC Dubai, who reaffirmed the organisation’s commitment to industry collaboration and knowledge sharing.

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.