Former UAE-based businessman BR Shetty, founder of NMC Healthcare and UAE Exchange, has filed a $15bn lawsuit against India’s state-owned Bank of Baroda and 25 other defendants, alleging their involvement in financial irregularities that contributed to the collapse of his healthcare empire.

The lawsuit, filed in the Bombay High Court, accuses the lender and several current and former officials of facilitating fraudulent transactions, concealing liabilities and pursuing Shetty over personal guarantees that he claims contained forged signatures.

Shetty is seeking $5bn in direct damages, $5bn in consequential damages and a further $5bn for alleged reputational harm. The lawsuit also seeks interest of 18 per cent annually on the first $10bn claimed.

The defendants include Bank of Baroda officials, former NMC executives Prasanth Manghat and Promoth Manghat, and several associated individuals and companies.

Bank of Baroda responds to allegations

Bank of Baroda said on Wednesday, October 14, that it had not been formally served with the lawsuit and could not comment on allegations that had not been tested in court, Rueters stated..

“The Bank has not been served with such a suit and cannot comment on the contents of pleadings which are untested in court,” the lender said in a stock exchange filing.
“If and when the Bank is served, the Bank will defend the suit firmly and take all steps necessary to protect its interests.”

The bank also confirmed that it was pursuing recovery and enforcement proceedings against Shetty in India and the UAE for outstanding dues of approximately INR28bn ($295m), adding that it had obtained several legal decrees against him.

Bank of Baroda shares fell 2.6 per cent on Tuesday following reports of the lawsuit.

Allegations of financial misconduct

According to court filings cited by Indian media, Shetty alleges that Bank of Baroda officials facilitated the diversion of funds through accounts associated with purported suppliers and failed to investigate suspicious transactions.

The lawsuit claims the bank ignored more than 100 internal anti-money laundering alerts and processed transactions involving allegedly forged signatures and unauthorised instructions.
Shetty also alleges that certain bank officials helped conceal corporate borrowings from auditors and permitted transactions that misrepresented the financial position of NMC group companies.

The allegations have not been established by a court.

NMC Health’s $6.6bn debt crisis

The legal action marks another development in the fallout from the collapse of NMC Health, once the UAE’s largest private healthcare provider and a constituent of London’s FTSE 100 index.

Founded by Shetty, the healthcare group entered administration in April 2020 after financial irregularities and previously undisclosed borrowings came to light.

According to Reuters, its debt was subsequently estimated at approximately $6.6bn, significantly higher than earlier reported figures of $2.1bn.

The collapse triggered investigations, creditor claims and legal proceedings across multiple jurisdictions, including the UAE, UK and India.

The Sharjah Private Education Authority (SPEA) has launched an ethical framework governing the use of artificial intelligence (AI) in educational institutions, establishing guidelines for teachers, students and school administrators.

The initiative aims to promote the safe and responsible use of AI in education while protecting student data, maintaining academic integrity and ensuring that technology supports rather than replaces the role of teachers.

The framework aligns with the UAE’s national directives and focuses on fairness, transparency, accountability, human oversight, cybersecurity and the verification of AI-generated information.

It also seeks to encourage innovation, support adaptive learning and equip students with digital skills needed for the future.

New AI guidelines for assignments and assessments

Under the framework, educational institutions must establish clear rules governing the use of AI in student assignments, projects and assessments.

The guidelines require appropriate disclosure of AI use and emphasise that AI-generated material should not replace students’ original work.

Teachers and students are also expected to verify information produced by AI tools, including checking the accuracy and reliability of sources.

The framework outlines responsibilities for school leaders, teachers, students, information technology teams, educational specialists and parents.

It takes into account different curricula and learning environments across Sharjah’s private education sector.

Focus on student privacy and data protection

The guidelines place particular emphasis on safeguarding learners’ personal information, maintaining cybersecurity and ensuring human oversight of AI-supported educational activities.

Aisha Butti Al Ghafli, Director of the Curriculum and Assessment Department at SPEA, said the framework reflects the authority’s commitment to integrating modern technologies into education while protecting student data and reinforcing the role of teachers.

She highlighted the importance of developing students’ critical thinking skills and ensuring that AI is used responsibly to support learning outcomes.

The framework also addresses the use of AI in institutional media and promotional materials, establishing standards to protect official symbols and visual identities while ensuring the accuracy of published content.

SPEA said the initiative forms part of its wider efforts to support digital transformation in education while maintaining teaching standards, protecting learners’ rights and preserving the human element in the learning process.

An administrative building affiliated with Saudi Aramco was targeted in Dhahran, in Saudi Arabia’s Eastern Province, on Tuesday evening, October 13, resulting in a limited fire, the Ministry of Energy announced on Wednesday.

An official source at the ministry confirmed that the incident occurred at an administrative building belonging to the Saudi energy company.

The ministry said relevant authorities responded immediately and implemented the necessary measures to contain the situation, Saudi Gazette reported.

No injuries or fatalities were reported, according to the ministry.

Saudi coalition intercepts ballistic missiles and drones

Separately, the Coalition to Support Legitimacy in Yemen announced that its air defence systems had intercepted and destroyed a ballistic missile launched by the Houthi militia towards Dhahran.

Coalition spokesman Major General Turki Al-Maliki said fragments from the intercepted missile fell in a residential area of Dhahran, with authorities responding to the site.

The coalition also reported intercepting and destroying another ballistic missile targeting Haradh Centre in Al-Ahsa Governorate.

In a separate incident, coalition air defences intercepted and destroyed three drones north of Riyadh.

The announcements come as Saudi authorities continue to respond to missile and drone threats targeting locations across the kingdom.

The Ministry of Energy did not provide further details on the extent of damage to the Aramco building or any impact on the company’s operations.

The statements also did not establish whether the missile intercepted over Dhahran was directly connected to the incident at the Aramco building.

GEMS Education has unveiled a school model that will combine artificial intelligence (AI) powered, self-paced study with approximately 90 minutes to two hours of teacher-led learning each day, with its first soft launch planned for January 2027.

Called GR8 School, the model will initially operate as a “school within a school”, offering a distinct learning pathway within existing school communities, the education provider said.

Students will work through core academic material at their own pace using AI-powered systems that continually assess progress, identify gaps in understanding and determine when they are ready for more challenging work.

Teachers specially trained for the model will use that information to provide individual support and deliver practical aspects of the curriculum. They will remain responsible for academic rigour, GEMS said.

The planned daily schedule will combine self-paced study with approximately 90 minutes to two hours of synchronous, teacher-led learning, supported by specialists and industry experts.

Students will also spend two to three more hours on enrichment programmes, including projects, practical activities, collaboration, sport, the arts and personal development. GEMS did not specify the daily duration of the self-paced academic component.

The model will also connect students with specialists, practitioners, and industry experts based on their interests and potential ambitions.

Alongside academic work, it will emphasise critical thinking, communication, teamwork, financial literacy and practical life skills.

GEMS on why the new model is a first-of-its-kind

GEMS described GR8 as a “global-first” model combining personalised AI learning, teacher mentorship and real-world expertise.

“Today, AI is changing how we learn and work, but the answer cannot simply be to put more technology into classrooms,” said Sunny Varkey, chairman and founder of GEMS Education.

“We have to ask a bigger question: if we were designing education for young people today, knowing how rapidly the world around them is changing, what would we do differently?”

GR8 is being developed for different GEMS school segments and price points. Indicative annual fees are approximately $8,000–$10,000 for affordable offerings and $20,000–$40,000 for premium offerings.

Final fees will depend on the school, market and model and will be confirmed closer to launch, the company said.

Varkey said the pathway would appeal to a select group of students seeking greater independence and ownership of their learning.

“GR8 is not for everyone, nor is it intended to be. No single model of education is right for every child,” he said.

Ahead of the planned January 2027 soft launch, GEMS will continue developing and testing the learning technology, academic model, teacher and guide roles, and network of specialist and industry expertise.

Further details will be announced closer to launch, the company said.

Spending in the UAE’s space economy rose 27.1 per cent to Dhs5.52bn in 2024, with commercial activity accounting for nearly half of expenditure, according to the survey findings released by the UAE Space Agency on October 13.

The 2025 Space Economic Survey, which measured activity in 2024, was conducted with the Federal Competitiveness and Statistics Centre (FCSC). Its results were announced at a workshop in Dubai.

Commercial spending reached Dhs2.64bn, representing 48 per cent of total space economy expenditure.

“The latest survey results demonstrate the growing economic value of the UAE’s space sector, with value growth added outpacing spending by more than two to one,” said Dr Ahmad Belhoul Al Falasi, Minister of Sports and chairman of the UAE Space Agency.

“This progress reflects expanding commercial activity, sustained government investment and a growing base of national talent, including Emirati women.”

The survey recorded 1,495 Emiratis working in the sector, an increase of 27.9 per cent compared with the previous survey.

The number of people aged 15 to 35 working in the sector reached 1,333, up 29.5 per cent compared with the previous survey.

Women accounted for 33.5 per cent of the sector’s workforce, while female employment increased by 83.9 per cent.

Al Falasi said the agency’s priorities included attracting investment, helping UAE-based companies compete internationally and developing the workforce needed to support growth.

The National Space Strategy 2031 aims to position the UAE among the world’s 10 largest space economies. Its targets include increasing economic value added by 60 per cent and doubling space economy revenues.

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The strategy also seeks to expand investment in assets and infrastructure, increase the number of companies and UAE-headquartered start-ups, and widen the international markets receiving UAE space exports.

Conducted annually, the survey covers core space companies and organisations using space-derived data to measure activity across the wider space economy. Its findings inform policy and investment decisions and are presented to the Supreme Space Council to help shape strategic priorities.

Hanan Ahli, managing director of the FCSC, said tracking investment, expenditure, employment and economic contribution helped policymakers identify opportunities and guide development.

She said the survey’s alignment with the UAE’s Comprehensive GDP Revision Programme would support more accurate measurement of emerging and growing sectors by improving data sources and expanding statistical coverage.

The workshop also marked the launch of the 2026 Space Economic Survey, which will measure activity in 2025. Data collection will continue until December 2026, with results expected in October 2027.