Dubai-owned ports and logistics company DP World’s CEO Sultan Ahmed bin Sulayem said on Tuesday US President Donald Trump expects other markets to be open if the United States is.

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Trump is looking for fair trade, not free trade, he said during the World Government Summit in Dubai.

The US leader substantially raised tariffs on steel and aluminium imports on Monday to a flat 25 per cent in a move he hopes will aid the struggling industries in the United States but which also risks sparking a multi-front trade war.

The tariffs will apply to millions of tons of steel and aluminium imports from Canada, Brazil, Mexico, South Korea and other countries.

The move will simplify tariffs on the metals “so that everyone can understand exactly what it means”, Trump told reporters.

Riyadh is poised to become the epicentre of the Middle East and North Africa’s music industry by 2030, Recording Academy president Panos Panay said at DeepFest 2025, the world’s leading artificial intelligence (AI) conference.

Speaking on the second day of the four-day event, Panay highlighted Saudi Arabia’s rapid transformation and its investment in music, citing initiatives such as Riyadh Music Week and the growth of MDLBEAST, the Saudi-based entertainment company.

“Just seeing this massive explosion of the music scene, I have absolutely no doubt that within the next five years, Riyadh will become the music epicentre of the entire region,” Panay said. “It will be the Los Angeles of the Middle East, undoubtedly.”

The Recording Academy, which launched the Latin Grammys 25 years ago, is now looking to help music and artists from the Middle East and North Africa gain global traction.

“Frankly, and maybe it’s because I am from the region, I don’t think there is an area on the planet that is richer in heritage and musicality than the broader Middle East and North Africa,” Panay said. “There are 400 million Arabic speakers, so it’s only a matter of time before we see an Arabic star achieve global fame, similar to K-pop.”

Panay said AI and streaming platforms were helping artists reach wider audiences despite the challenge of 400,000 new songs being uploaded to Spotify daily.

“That’s an overwhelming amount of content, but I remember when there was no way as an artist to reach an audience unless you went through traditional routes, so technology is undoubtedly an enabler,” he said. “And I’m sure there are entrepreneurs – hopefully at this very conference – working on better ways for emerging artists to target audiences.”

AI to help humans focus on creativity, UN chief says at DeepFest

DeepFest 2025, co-located with Saudi Arabia’s global tech event LEAP, features more than 150 speakers, 120 exhibitors, and an attendance exceeding 50,000 participants from around the world. The second day focused on AI’s impact on life and society.

Lambert Hogenhout, chief of Data and AI at the United Nations, dismissed dystopian fears surrounding AI, instead highlighting its potential to enhance human creativity and entrepreneurship.

“Think smartphones: They changed how we work, how we communicate, how we navigate cities,” Hogenhout said. “AI will do the same, but it will free us to focus on things that matter — fulfilment, connection, and inclusion.”

Hogenhout said AI tools, from calendar apps to automated emails, assist productivity and allow humans to focus on their unique qualities.

“If everyone starts using AI, can you afford not to? Can you afford to be the only non-augmented human?” he asked.

Dr Yaser Al Onaizan, CEO of the Saudi Data and Artificial Intelligence Authority (SDAIA), which powers DeepFest, said AI’s real-world applications would soon outweigh theoretical discussions.

“To be effective, AI should be invisible,” Al Onaizan said. “It should allow us to take a back seat and do things on our behalf.”

Annabelle Mander, EVP of the event’s organiser Tahaluf, said AI’s impact on entertainment, the arts, and humanitarian efforts was evident in DeepFest’s keynote sessions.

“As we move into the final two days, visitors can look forward to more discussions on quantum computing, women breaking industry barriers, and real-life case studies on AI’s role in revolutionising healthcare,” Mander said.

Read: DeepFest 2025 showcases Saudi Arabia’s AI ambitions

Dubai’s Roads and Transport Authority (RTA) has completed traffic enhancements at more than 50 locations across the emirate in 2024.

According to a Dubai Media Office report, the improvements were carried out to coincide with the city’s urban expansion, as well as the increase in traffic volumes experienced by residents across Dubai’s roads.

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How have the road enhancements helped drivers?

The traffic solutions implemented in 2024 have substantially improved the efficiency of Dubai roads. This was achieved by improving vehicle movement, reducing travel time by 60 per cent, and also enhancing road network efficiency across the city.

Additionally, these enhancements have increased road capacity by up to 20 per cent in several areas. “These improvements have played a crucial role in optimising vehicle movement on major roads while increasing the capacity of road networks as well as entry and exit points,” said Hussain Al Banna, CEO of the Traffic and Roads Agency at RTA.

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Key locations that underwent improvements

• Beirut Street was widened up
• Improvements at the intersection of Al Khawaneej Street and Sheikh Zayed bin Hamdan Street
• Lanes from Al Rebat Street to Business Bay Crossing were expanded
• The exit from Sheikh Mohammed bin Zayed Road to Al Rebat Street were expanded
• A new route linking Al Khail Road to Meydan Street was created

Road enhancements around schools

The authority carried out eight road enhancements around 37 schools across Dubai in 2024. The reconstruction and improvements included:

• Roads around school zones were substantially widened
• Additional parking spaces for parents dropping off and picking up their kids were created
• Entry and exit points have been enhanced
• Traffic diversions have been made to reduce congestion and minimise waiting time

All these road enhancements improved peak-hour traffic movement by about 20 per cent, ensuring a safer and smoother commuting experience for students and parents.

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The roads around the following schools were revamped to avoid congestion and smooth the traffic flow:

• Kings’ School on Umm Suqeim Street
• The International School of Choueifat – Dubai
• Dubai College on Hessa Street
• Schools in Al Safa, Al Warqa 4, Al Qusais, Al Mizhar, Nad Al Sheba, and Al Twar 2

Improvements to accommodate population growth

The RTA has carried out a variety of road reconstructions to deal with urban expansion across the city. The authority extended Exit 55 leading to Al Rebat Street by 600 metres, increasing the number of lanes from two to three. The enhancements increased road capacity to 4,500 cars per hour and reduced travel time from 10 minutes to just 4 minutes.

This development amounts to a 60 per cent improvement in terms of mobility on Dubai’s roads.

The RTA also introduced a new entry and exit for vehicles arriving from Meydan Street and converted the intersection of Latifa Bint Hamdan Street with Nad Al Sheba Street into a roundabout.

RTA’s traffic ease plan for 2025

The RTA has more than 75 road improvement plans in the pipeline for 2025. The steps include:

• Expansion and upgrading of major intersections
• Construction of new entry and exit points in residential and commercial areas
• Rapid traffic solutions, particularly for school zones

The Roads and Transport Authority (RTA) of Dubai unveiled the RAILBUS system, a next-generation autonomous mass transit solution powered by solar energy, at its stand at the ongoing World Governments Summit (WGS) 2025.

Commenting on the system, Mattar Al Tayer, director general and chairman of the Board of Executive Directors of RTA, highlighted its alignment with key national strategies, including the UAE Net Zero Strategy 2050 and the Dubai Autonomous Transport Strategy 2030, which aims to transition 25 per cent of all transport in Dubai to autonomous modes by 2030.

“The project reflects RTA’s commitment to fostering public-private partnerships and supporting startups in developing advanced autonomous transport solutions. RAILBUS is solar-powered, cost-effective, and seamlessly integrates with Dubai’s existing public transport network,” Al Tayer said.

The system enhances first- and last-mile connectivity while offering a sustainable and efficient alternative to conventional public transport systems.

Leaders review the project

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, also reviewed the RAILBUS system during his visit to the RTA stand at WGS.

Accompanied by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, and senior officials, Sheikh Mohammed examined the innovative urban mobility project to enhance public transport efficiency and sustainability in Dubai.

RAILBUS’ carriage design and features

RAILBUS carriages incorporate cutting-edge, sustainability-focused technologies, ensuring maximum safety while reducing energy consumption and maintenance costs.

The vehicles utilise a lightweight structure made from recyclable materials, reducing overall weight to seven tonnes.

Each carriage measures 11.5 metres in length, 2.6 metres in width, and 2.9 metres in height, with a capacity to accommodate 40 passengers and a top speed of 100 km/h.

The interior design prioritises passenger comfort, featuring spacious seating, ambient lighting, and onboard Wi-Fi connectivity.

The modular design, supported by 3D printing technology, enhances scalability and allows for efficient deployment.

Al Tayer emphasised the cost advantages of the RAILBUS system, noting that its infrastructure and operational costs are 20-30 per cent lower than comparable transport systems. Additionally, its reliance on solar energy significantly reduces operational expenses, making it an environmentally sustainable transport alternative.

RTA will conduct comprehensive technical studies on the system over the next two years, with pilot locations under consideration for assessing operational feasibility and network integration.

Therme Dubai: A wellbeing destination

In addition to RAILBUS, Sheikh Mohammed reviewed the Therme Dubai project, a world-class wellbeing resort set to be the tallest of its kind globally. Developed with an estimated investment of Dhs2bn in Zabeel Park, the project aims to integrate urban biodiversity with wellness and entertainment.

The wellbeing resort will incorporate sustainable water treatment and energy-efficient cooling systems, with 90 per cent of thermal pool water being recycled. Additionally, 80 per cent of the facility’s cooling needs will be met through clean energy sources.

Read: Therme Dubai – What the world’s ‘tallest’ Dhs2bn resort will offer

The Middle East and North Africa (MENA) region saw a notable surge in initial public offerings (IPOs) in 2024, with 54 listings raising a total of $12.6bn, according to the EY MENA IPO Eye Q4 2024 report.

This marks a 12.5 per cent increase in the number of IPOs and a 17.6 per cent rise in proceeds compared to the previous year.

Q4 Surge: 32 per cent more IPOs, 59 per cent higher proceeds

According to the EY report, the fourth quarter of 2024 was a standout, with 25 IPOs raising $7.9bn—representing a 32 per cent increase in the number of listings and a 59.4 per cent surge in funds raised compared to Q4 2023.

The spike in proceeds was driven by high-value IPOs such as Talabat Holding plc, OQ Exploration & Production, and Lulu Retail Holdings, which listed during the final quarter of the year.

Talabat, which went public on the Dubai Financial Market (DFM), raised the largest amount of proceeds in Q4, contributing 25.8 per cent of the total quarterly funds.

The second-largest IPO came from OQ Exploration & Production, which raised $2bn in the largest-ever IPO in Oman. Together, these two listings accounted for nearly half of the total Q4 proceeds.

Outside the GCC, Morocco’s Compagnie Marocaine de goutte a goutte et de pompage (CMGP) and Egypt’s United Bank also made their market debuts during Q4.

Saudi Arabia leads the pack with 17 listings in Q4

Saudi Arabia continues to dominate the region’s IPO activity. In Q4 2024, the kingdom accounted for 17 of the 25 IPOs, raising a total of $1.2bn. Of these, five listings took place on the Tadawul Main Market, collectively raising $1.1bn.

The highest proceeds came from Arabian Mills for Food Products Company and United International Holding Company, each raising $300m.

In total, IPO activity in Saudi Arabia was driven by a diverse range of sectors, including commercial and professional services (20 per cent), materials (12.5 per cent), food and beverages (10 per cent), and healthcare (10 per cent).

UAE’s robust performance and ESG focus

The UAE saw strong IPO activity as well, with four new listings during Q4 2024. On the Abu Dhabi Securities Exchange (ADX), Lulu Retail Holdings PLC raised $1.7bn and ADNH Catering PLC raised $235m.

Additionally, the DFM welcomed Talabat Holding plc, which raised $2bn, continuing the trend of high-value listings in the region.

As the UAE moves toward its net-zero 2050 target, the country has also introduced a law requiring businesses to report carbon emissions, starting in May 2025. The law aims to encourage companies to adopt decarbonisation strategies, including renewable energy and carbon offsetting. This emphasis on sustainability is expected to play a key role in shaping IPO market dynamics as companies align with the UAE’s environmental goals.

Positive outlook for 2025 IPOs in MENA region

Looking ahead, the MENA IPO market is poised for continued growth. EY’s Gregory Hughes, IPO and transaction diligence leader, noted that Q4 2024 accounted for 46 per cent of the total IPO activity in the region for the year, underscoring the strong momentum. Saudi Arabia’s Nomu Parallel Market remains a key driver, accounting for 50 per cent of Q4 listings.

In 2025, 38 companies and 22 funds are expected to list across the region’s exchanges. Among the GCC countries, Saudi Arabia leads with 27 companies in the pipeline, followed by the UAE with three and Qatar with one.

Companies such as Etihad Airways and Amanat Holdings from the UAE, and Panda Retail Company and Riyad Capital from Saudi Arabia, are among those considering IPOs in the coming year.

The MENA IPO market is expected to remain a key player globally as regional exchanges continue to innovate and attract investors with strong governance and sustainability initiatives.

Brad Watson, EY MENA strategy and transactions leader, says: “The year 2024 ended on a strong note with 54 IPOs in total, the highest in MENA over the past seven years. The region has been one of the busiest when compared to the global market. The momentum is expected to continue into 2025, with companies from various sectors announcing their intention to come to market.

“In addition, regional exchanges are actively working on initiatives to promote family-owned businesses and small to medium enterprises, aiming to strengthen the capital markets infrastructure and boost future liquidity. The market is also anticipating the Arena platform from the DFM, which is expected to launch in 2025.”

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