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UAE leads $3bn funding round in Elon Musk’s The Boring Company

The Series D funding values The Boring Company at $23bn and will expand its UAE partnership beyond the Dubai Loop project

Neesha Salian
Neesha Salian

11 September, 2026

UAE leads $3bn funding round in Elon Musk’s The Boring Company
Image: The Boring Company/ X

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The UAE and affiliated investment entities have led a $3bn Series D funding round in Elon Musk-founded The Boring Company, valuing the tunnelling company at $23bn.

The company said the strategic investment would accelerate its existing partnership with the UAE to deploy large-scale underground infrastructure across the country, including more than 150km of tunnels. The agreement is in addition to the Dubai Loop project previously awarded to the company.

Other investors in the funding round include Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz’s A16Z, Temasek, Shamal Holding and Baron Capital, alongside other existing and new investors, according to the company.
The Boring Company said proceeds from the round would be used to increase hiring across engineering, operations and production, expand its Loop projects in Las Vegas, Nashville and Dubai, and accelerate research and development of its Prufrock tunnel-boring technology and future products.
UAE expansion
The investment builds on The Boring Company’s existing agreement with Dubai’s Roads and Transport Authority (RTA) for Dubai Loop, an underground passenger transport project.

Under the agreement, the first phase will comprise a 6.4km pilot route with four stations linking Dubai International Financial Centre and Dubai Mall.

The full project is planned to extend up to 22.5km with 19 stations, connecting Dubai World Trade Centre and the financial district with Business Bay.

The Boring Company said construction of the 6.4km pilot is planned to begin in late 2026, with precast production already underway.

Its detailed Dubai Loop project page says the company and RTA are finalising the design and undertaking mobilisation and permitting work, to begin tunnelling in late 2026.

The newly announced UAE partnership is significantly larger in scale, covering more than 150km of tunnels beyond the previously awarded Dubai Loop.

The Series D announcement did not disclose the locations, cost or timetable for the additional UAE infrastructure.

Scaling tunnelling technology
The Boring Company said its expansion over the past two years had been supported by advances in its Prufrock tunnel-boring platform.

In May 2025, the company said it demonstrated Zero-People-in-Tunnel continuous mining, allowing its machine to advance and erect a tunnel ring without a crew inside the tunnel.

By August 2026, the company said the ring-building process was fully autonomous, with six concrete segments weighing about 3,750 pounds each placed in less than a minute and monitored from its Global Operations Control Center in Texas.

The company has also expanded its Vegas Loop network, which has carried more than four million passengers, according to the Series D announcement.

The company said Clark County had subsequently approved 19 additional stations, taking the entitled network to 123 stations.

The Boring Company has also expanded beyond Nevada. Work is under way on Music City Loop, a privately funded underground system connecting downtown Nashville, Music City Center and Lower Broadway with Nashville International Airport. The company said tunnelling began in February 2026.

The Boring Company, founded by Musk, develops underground transportation, utility and freight tunnels. Its Loop system is designed as an express underground public transport network in which passengers travel directly to their destination without intermediate stops.

The company previously raised $675m in a Series C funding round in 2022, led by Vy Capital and Sequoia Capital, which valued the business at $5.675bn.

The latest financing values The Boring Company at $23bn, more than four times the valuation attached to its 2022 Series C round.

Hili Forum 2026 concludes with emphasis on regional dialogue and cooperation

The Hili Forum concluded with more than 1,600 delegates calling for sustainable stability amid global fragmentation

Neesha Salian
Neesha Salian

10 September, 2026

Hili Forum 2026 concludes with emphasis on regional dialogue and cooperation
Images: Supplied

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The UAE’s top diplomat called on Monday for a “clear” path on Iran’s nuclear programme and serious de-escalation efforts, warning that the Gulf can no longer sustain an indefinite state of neither war nor peace.

Dr Anwar Mohammed Gargash, Diplomatic Advisor to the UAE President, told the closing session of the Hili Forum 2026 that the region’s stability requires “sustainable stability, governed by clear and common rules” rather than the fragile arrangements that currently prevail.

“Our region cannot continue indefinitely in a long period of neither war nor peace. Its stability, and the future of its people, require clarity of vision and of path,” Gargash said during the two-day strategic forum that drew more than 1,600 senior officials, diplomats, business leaders and academics from 35 countries.

The comments underscored growing regional concern that the current security architecture, forged through agreements like the 2015 Iran nuclear deal and more recent normalisation accords, remains vulnerable to reversal. The message also reflected anxiety about economic consequences of prolonged geopolitical tension on energy markets, shipping lanes and investment flows critical to Gulf prosperity.

Gargash’s emphasis on clarity over ambiguity signalled that the UAE wants explicit terms, verification mechanisms and consequences around any Iran nuclear arrangement, moving beyond the diplomatic opacity that has characterised past negotiations.

“What comes next cannot rest on fragile arrangements that are detached from, or that undermine international law. Getting there requires serious de-escalation, a long-term diplomatic approach to regional stability, and a clear path on Iran’s nuclear programme – clear in its terms, clear in its verification, and clear in its consequences,” he said.

The forum, held under the theme “Gulf at Crossroads: Conflict, Consequences and Course Correction,” centred on three strategic pillars: geopolitics, geoeconomics and geotechnology. It concluded with participants emphasising the need for practical approaches to strengthen Gulf security, stability and prosperity while bolstering the region’s role in shaping the international order.

GULF’S ECONOMIC RESILIENCE

The forum highlighted the Gulf’s efforts to insulate its economy from geopolitical turbulence through economic diversification and infrastructure investment.

Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, told delegates that the UAE has demonstrated “its ability to turn global challenges into strategic opportunities, diversifying trade and logistics routes, accelerating infrastructure development, and investing in the technologies and industries of tomorrow.”

“We will continue to expand our network of trade and investment partnerships, support the smooth flow of global commerce, and strengthen the UAE’s role as a vital bridge between continents,” Al Zeyoudi said.

The forum highlighted the Gulf states’ efforts to build economic resilience through diversification and infrastructure investment, even as geopolitical uncertainties persist.

Jasem Mohamed Albudaiwi, Secretary-General of the Gulf Cooperation Council, participated in the forum’s discussions on maintaining economic and diplomatic cohesion among member states, Saudi Arabia, UAE, Qatar, Bahrain, Kuwait and Oman, despite divergent national interests.

FRAGMENTATION AND MIDDLE POWER DIPLOMACY

The forum concluded with a plenary on “Role of Middle Powers in a Ruptured Global Order,” which brought together former leaders and strategic experts including Carl Bildt, former Prime Minister of Sweden and co-chair of the European Council on Foreign Relations; Vuk Jeremić, former Minister of Foreign Affairs of Serbia; and Zhandos Shaimardanov, director of the Kazakhstan Institute for Strategic Studies.

The two-day forum also featured a plenary session on “Data, Drones, Digital (Dis) Order,” which brought together Dr Mohamed Al Kuwaiti, head of the UAE Cyber Security Council; Ambassador Yoo Jeh Seung, former Ambassador of South Korea to the UAE; Daniel Mouton, VP and chief executive of Lockheed Martin Middle East; and Talal AlKaissi, CEO of Core42 and acting group chief global affairs officer at G42.

The programme also featured a presentation by Dr David Scharia, director and chief of Branch at the Counter-Terrorism Committee Executive Directorate of the United Nations Security Council, as well as a fireside chat with Luigi Di Maio, European Union Special Representative for the Gulf Region.

PLATFORM FOR DIALOGUE

Dr Sultan Mohammed Al-Nuaimi, Director General of the Emirates Center for Strategic Studies and Research, which co-organised the forum, said the event underscored the deep interconnection between Gulf security and the functioning of global commerce.

“The essence of the crossroads lies in moving the international response beyond managing the consequences of crises towards a vision that reflects the Gulf’s importance to the stability of the international order,” he said.

Nickolay E Mladenov, DG of the Anwar Gargash Diplomatic Academy, said the forum demonstrated the importance of sustained dialogue amid global fragmentation.

“The Gulf is increasingly one of the places where the future international order is being negotiated, contested and tested,” Mladenov said. “The challenge for the region is whether it can withstand an age of fragmentation, but whether it can remain a source of connection, continue building relationships and institutions, and strengthen trust across divides.”

The forum concluded by reaffirming the importance of continued dialogue among regional and international actors, even as traditional multilateral institutions face strain and major power competition intensifies.

The Outlet Village celebrates 10 years with Dhs40,000 shopping giveaway

The activation is designed to reward shoppers while celebrating a decade since The Outlet Village first opened its doors

Rajiv Pillai
Rajiv Pillai

10 September, 2026

The Outlet Village celebrates 10 years with Dhs40,000 shopping giveaway
Image: The Outlet Village website

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The Outlet Village by Dubai Retail is marking its 10th anniversary this September with a month-long programme of exclusive offers, shopping rewards and anniversary celebrations, including a one-day giveaway worth more than Dhs40,000.

The highlight of the celebrations will take place on 12 September, when 100 shoppers will have the chance to receive shopping gifts as part of a special activation at the retail destination.

During the event, Dubai Retail’s concierge, Sam, will move around The Outlet Village with a signature concierge cart, inviting visitors to select an envelope from a dedicated anniversary box. Each envelope will reveal a prize, with more than Dhs40,000 worth of shopping gifts available throughout the day.

The activation is designed to reward shoppers while celebrating a decade since The Outlet Village first opened its doors.

Beyond the anniversary event, visitors can also benefit from exclusive promotions and discounts across selected fashion and lifestyle brands throughout September. Dubai Retail said additional offers and surprises will be announced through The Outlet Village’s social media channels during the month.

Since launching in 2016, The Outlet Village has established itself as one of Dubai’s destination shopping outlets, offering premium international fashion and lifestyle brands at outlet prices and attracting residents and tourists looking for value-driven luxury shopping.

The anniversary activation on 12 September will run throughout the day, while prize envelopes remain available.

Sheikh Hamdan reshuffles leadership at Dubai Environment Authority

Both resolutions take effect from the date of their issuance and will be published in the Official Gazette

Rajiv Pillai
Rajiv Pillai

10 September, 2026

Sheikh Hamdan reshuffles leadership at Dubai Environment Authority
Image: Getty Images

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HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, in his capacity as Chairman of The Executive Council of Dubai, has issued two Executive Council resolutions appointing new sector chief executives at the Dubai Environment and Climate Change Authority (DECCA).

Under Executive Council Resolution No. (55) of 2026, Adel Abdullah Mohammed Al Karani has been transferred from Dubai Municipality and appointed Chief Executive Officer of the Biodiversity Sector at the Dubai Environment and Climate Change Authority.

In a separate resolution, Executive Council Resolution No. (56) of 2026, Abdullah Yousuf Abdullah Al Marzouqi has been seconded from Dubai Police and appointed Chief Executive Officer of the Corporate Support Sector at the Dubai Environment and Climate Change Authority.

The appointments form part of Dubai’s ongoing efforts to strengthen leadership across government entities as the emirate advances its environmental sustainability and climate action agenda.

Both resolutions take effect from the date of their issuance and will be published in the Official Gazette.

Dubai Retail to launch Palm Jebel Ali’s first retail destination in 2027

McLaren Construction has been appointed as the project’s main contractor and will oversee construction of the development

Rajiv Pillai
Rajiv Pillai

10 September, 2026

Dubai Retail to launch Palm Jebel Ali’s first retail destination in 2027

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Dubai Retail, part of Dubai Holding Asset Management, has announced plans to launch The Yard, the first retail and lifestyle destination at Palm Jebel Ali, as the waterfront master development continues to expand.

Scheduled to open in 2027, the project will become Dubai Retail’s 57th mall and lifestyle destination, reinforcing the company’s presence across key residential growth corridors in the emirate.

The Yard is designed to serve Palm Jebel Ali’s growing residential community, offering a mix of retail, dining, healthcare, wellness and lifestyle experiences in a waterfront setting.

Spanning approximately 70,000 square feet of gross leasable area, the destination will feature 26 retail concepts and is expected to serve around 20,000 residents across the surrounding communities.

Confirmed tenants include Waitrose, American Hospital, Piccoli, Jumeirah International Nursery, Bateel Café and Friends Avenue, providing a mix of essential services, food and beverage outlets, healthcare and family-focused amenities.

Designed to maximise its waterfront location, The Yard will feature outdoor terraces, communal gathering spaces and direct access to a waterfront promenade and adjacent public spaces, creating a social hub for residents and visitors.

McLaren Construction has been appointed as the project’s main contractor and will oversee construction of the development.

The launch expands Dubai Retail’s portfolio of malls and lifestyle destinations across the emirate as the company continues to invest in community-focused retail developments aligned with Dubai’s long-term urban growth strategy.

Dubai Retail said The Yard will support Palm Jebel Ali’s development by providing residents with convenient access to everyday services while contributing to Dubai’s vision of creating connected, sustainable communities and enhancing quality of life.

Demand for rare UAE number plates gathers pace, says dubizzle

The latest figures suggest that although four- and five-digit plates continue to generate the highest overall volume of consumer interest, rarer number combinations are attracting disproportionate attention due to their scarcity and collectability

Rajiv Pillai
Rajiv Pillai

10 September, 2026

Demand for rare UAE number plates gathers pace, says dubizzle
Image: Supplied

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Demand for vehicle number plates is rising across the UAE, with ad views increasing 13.4 per cent month-on-month as buyers show growing interest in both everyday registrations and rarer number combinations, according to the latest market data from dubizzle.

The marketplace, which tracks ad-view activity for vehicle plates across all seven emirates, said the market is increasingly being shaped by two trends: sustained demand for widely available four- and five-digit plates, alongside accelerating interest in scarcer two- and three-digit registrations.

Dubai remained the largest market by overall activity. Views for five-digit plates increased 13 per cent month-on-month, while four-digit plates recorded 10 per cent growth. Interest in three-digit Dubai plates rose by 33 per cent, reflecting growing demand for more distinctive registrations.

Abu Dhabi recorded an even stronger shift towards rarer plates. While five-digit registrations remained the most-viewed category, views fell 6.6 per cent compared with the previous month. In contrast, two-digit plate views surged 86 per cent, while three-digit plates recorded a 41 per cent increase.

The trend also extended beyond the UAE’s two largest automotive markets. Fujairah posted an 87 per cent rise in views for five-digit plates, Ras Al Khaimah recorded a 50 per cent increase for four-digit plates, while Sharjah saw four-digit plate views climb 47 per cent.

The latest figures suggest that although four- and five-digit plates continue to generate the highest overall volume of consumer interest, rarer number combinations are attracting disproportionate attention due to their scarcity and collectability.

Sherif Magdy, director of sales at dubizzle Cars, said: “Vehicle plates occupy a unique position in the UAE’s automotive culture. Beyond their practical purpose, distinctive numbers can carry a strong sense of identity, prestige and personal significance.

“Our latest data shows that this appeal is translating into growing interest in some of the market’s rarest numbers, with two- and three-digit plates recording some of the strongest month-on-month growth across several emirates. It is a clear indication that, when it comes to vehicle plates, rarity continues to command attention.”

According to dubizzle, the data highlights an increasingly segmented market, where mainstream buyers continue to drive demand for standard registrations while collectors and enthusiasts focus on shorter-digit plates that often command higher values in the secondary market.

The company said the findings underscore the unique role vehicle number plates play in the UAE, where they serve not only as registration identifiers but also as symbols of personal identity, prestige and, in some cases, investment value.

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