News related to
City

China’s central bank has reaffirmed its prohibition on cryptocurrency use and announced a renewed enforcement drive targeting stablecoins and underground trading networks. At a high-level interagency meeting convened in Beijing by the People’s Bank of China, officials declared that all virtual currencies remain outside the legal tender framework and insisted that any related business activity constitutes illicit financial conduct.

The PBOC underscored heightened concerns over what it described as a resurgence in speculative trading and misuse of stablecoins. According to the statement delivered at the meeting, stablecoins fail to meet mandatory requirements for identity verification and anti-money-laundering safeguards — deficiencies that increase their vulnerability to use in fraud, money laundering and unauthorised cross-border transfers.

China outlawed trading and mining of cryptocurrencies in 2021, with regulators barring financial institutions and intermediaries from facilitating such activity. The current announcement makes explicit that the ban also extends to stablecoins — digital assets whose value is typically pegged to fiat currencies or other claims — signalling a shift from broad prohibition to more specific targeting.

Officials from thirteen government agencies, including judicial and cyberspace regulatory bodies, participated in the enforcement meeting, indicating that anti-crypto efforts are being treated as a coordinated, cross-sector priority. The agencies pledged to intensify monitoring, crack down on underground trading platforms, clamp down on illicit payment flows and coordinate information sharing across law enforcement and regulatory bodies.

The renewed clampdown comes even as some on-the-ground activity suggests partial revival of mining in certain energy-rich provinces, driven by low electricity costs and data-centre growth. Reports indicate that a segment of cryptocurrency miners have quietly restarted operations despite the 2021 ban, suggesting enforcement may be uneven across China’s vast terrain.

Regulators framed the move as necessary to safeguard financial and economic stability, citing recent upticks in speculation, fraud and illegal cross-border capital flows linked to virtual currencies. The articulation of fresh enforcement measures and explicit inclusion of stablecoins reflects a shift in China’s regulatory approach — from discouragement to active suppression.

Given the global ripple effects of China’s policy, observers expect tightening enforcement to influence not only domestic underground markets but also international crypto platforms, stablecoin issuers and cross-border payment flows that might involve Chinese users or capital.

UAE and Saudi Arabia are embarking on sweeping reforms to reshape their healthcare and life-sciences sectors, opening the door to expanded private-sector participation, foreign investment and rapid technological adoption across the region.

Legal changes in the UAE have restructured the regulatory framework for medical products, pharmacies and pharmaceutical establishments under updated laws that strengthen protections and streamline compliance. These alterations aim to catalyse domestic pharmaceutical manufacturing and support a growing life-sciences ecosystem, signalling government intent to shift from reliance on imports to building a robust local industry. The reforms dovetail with a broader healthcare strategy that encourages research, innovation and long-term capacity building in biotechnology and medical technology.

Parallel reforms in Saudi Arabia have dramatically altered the investment climate. Regulatory adjustments now allow 100 per cent foreign ownership of healthcare facilities including hospitals, polyclinics and telehealth centres. This change aligns with government objectives under its economic diversification plan, which seeks to raise private-sector involvement from roughly 40 per cent today to nearly 65 per cent by 2030. Licensing procedures for new medical facilities and services are being streamlined and digitised to offer greater transparency and efficiency, thereby lowering entry barriers for both domestic and international investors.

Market data underscore the scale of transformation. Industry forecasts suggest that overall healthcare and life-sciences investment across Gulf countries could rise sharply, supported by demographic changes, growing demand for chronic-care and geriatric services, and increased appetite for digital health and preventive medicine. In the UAE, life-sciences clusters are being developed to host pharmaceutical and medical-device companies, while production of biosimilars and expansion of research facilities indicate a strategic push to localise supply chains.

Digital health and health-tech are playing a central role in this transformation. Both nations are investing in national platforms for unified electronic health records, AI-powered diagnostics, and telemedicine services designed to expand access to care and improve efficiency. These efforts are complemented by regulatory frameworks that encourage medical innovation and private–public partnerships, creating environments where start-ups and established firms alike can experiment with new models of care delivery.

Despite broad optimism, some challenges remain. Large-scale hospital projects still face regulatory and approval delays, even as efforts are underway to simplify licensing and reduce bureaucratic hurdles. In Saudi Arabia, private investors must navigate evolving cultural and regulatory norms, especially around areas such as reproductive medicine and biotechnology. Recruiting and retaining specialised medical professionals remains difficult, given relatively limited existing local expertise in certain advanced fields.

Although regulatory reforms lay the groundwork for growth, translating legal change into improved patient outcomes and equitable access will demand careful oversight. Ensuring quality across a rapidly expanding private healthcare market and balancing profitability with affordability will require rigorous standards, transparent governance and robust public-health planning.

Abu Dhabi is preparing to host what organisers describe as the world’s largest debut media and entertainment gathering, with the BRIDGE Summit 2025 scheduled to run from 8–10 December at the Abu Dhabi National Exhibition Centre. The summit is expected to draw more than 60,000 participants from around the globe and bring together over 400 speakers and 300 exhibitors under a single roof.

Organisers envisage BRIDGE as an immersive platform that merges content, technology, culture, and commerce, structured across seven thematic tracks: Media; Creator Economy; Music; Gaming; Tech & AI; Marketing; and Picture — the latter covering film, streaming, and visual storytelling. The schedule includes more than 300 activities: roughly 200 panels, 50 workshops and interactive showcases, masterclasses and matchmaking zones designed to connect creators, investors, policymakers and media platforms.

Participation confirmed by high-profile figures signals the summit’s global ambition. International actor, filmmaker and DJ Idris Elba will join the line-up, bringing his cross-sector experience in entertainment and advocacy to the Summit’s discussions. Alongside traditional media heavyweights and cultural leaders, the Summit aims to spotlight emerging voices in the digital creator economy. The Creator Economy track alone is slated to feature more than 80 global contributors across 50 sessions investigating how influence, ownership and monetisation are reshaping creative industries worldwide.

Central to the Summit’s narrative is the challenge facing modern media: trust, credibility and sustainability. As traditional broadcast gives way to streaming and social platforms, and as generative AI reshapes production, issues of editorial independence, content verification, audience dynamics and revenue stability are moving to the forefront. The Media track is expected to convene over 100 global editors, founders, policymakers and investors to discuss funding models, algorithmic distribution, content integrity and the very ethics of influence in media today. The Summit’s ambition is to provoke debate and propose frameworks that can guide media’s future in an era of rapid technological disruption.

Beyond content and discussion, BRIDGE is designed as a marketplace for partnerships — blending culture, commerce and policy. Conversations already under way include cross-sector collaborations between media companies, tech firms, venture capital, and energy and infrastructure players. For example, recent talks involving global tech leadership have highlighted an alignment of media innovation with digital infrastructure capacity and clean energy, reflecting how foundational resources are becoming integral to media’s next frontier.

For countries and organisations navigating the tension between creative independence, monetisation and regulatory frameworks, the Summit offers a testbed. Delegates include creators seeking sustainable revenue, investors eyeing cultural-sector returns, technology firms exploring policy-driven AI integration, and governments looking to harness media’s influence in soft power projection. That diversity suggests the Summit could influence not just entertainment and content markets, but regulatory norms, global standards, and potentially the geopolitics of information dissemination.

Attendance projections and speaker rosters aside, the Summit’s scale poses logistical and structural challenges. Managing 60,000 attendees across multiple tracks, workshops and networking zones demands rigorous coordination. Questions around equitable representation — of global South artists, independent creators and regional media voices versus established global brands — remain. Observers are watching whether BRIDGE can balance commercial ambition with inclusivity and whether media integrity and creative freedom will be genuine priorities.

If execution aligns with vision, BRIDGE Summit 2025 could mark a turning point for the media and entertainment industry — reimagining how content, community, technology and commerce converge in the coming decade.

Travel demand across the Gulf is undergoing a distinctive shift as Saud Arabia and Bahrain emerge as the region’s fastest-growing outbound markets. Airport usage data compiled by Dragonpass shows that Saudi travel volumes increased by 36 per cent this summer, with June marking its busiest month ever. Meanwhile Bahrain posted a 208 per cent year-on-year rise, the sharpest growth among Gulf Cooperation Council nations and a clear signal of expanding mobility across the region.

The surge in air travel across these Gulf states reflects a combination of expanded airport capacity, evolving travel behaviour and government efforts to reposition their countries as regional travel hubs. Saudi Arabia’s growth aligns with its strategic development blueprint under Saudi Vision 2030, which aims to promote tourism and business travel alongside infrastructure investment. Bahrain’s dramatic increase illustrates its emergence as a regional connector, reinforcing its role in the Gulf’s evolving aviation and tourism ecosystem.

The upturn is not limited to those two. Other Gulf states including Qatar and Oman also recorded notable increases—travel volumes in Qatar rose by 198.9 per cent year-on-year, while Oman saw an 89.2 per cent boost as its airport infrastructure and heritage-led tourism gained traction. At the same time the region’s historical hub United Arab Emirates witnessed a 21 per cent decline over the summer, a reversal that observers attribute to shifting travel patterns and growing competition from its neighbours.

Beyond sheer volume, travel habits are evolving. A rising number of travellers across the Gulf are opting for premium airport services such as lounge access, signalling growing demand for comfort and convenience. Bahrain now leads globally on lounge-use, with 1.35 per cent of passengers utilising premium facilities — a rate ahead of major global aviation hubs. Saudi Arabia placed second in the region at 0.86 per cent.

Analysts suggest that this shift is driven by a combination of rising disposable incomes, increased business travel, and a changing perception of intra-Gulf mobility from a necessity to a lifestyle and leisure choice. Expansion of airport capacity, new routes and better services have made air travel more accessible and attractive than before. In Saudi Arabia, expanding infrastructure investment under Vision 2030 has increased flight connectivity and lifted capacity constraints. In Bahrain, efforts to position the nation as a regional aviation hub seem to be bearing fruit as the kingdom leverages its strategic geographic location and growing investment in tourism.

The broader context signals a reconfiguration of Gulf air travel dynamics. As smaller Gulf states and Saudi Arabia ramp up capacity and services, they are drawing passengers who might previously have transited through traditional hubs such as the UAE. This pattern points to intensifying intra-Gulf competition in aviation and travel services, accompanied by a shift in consumer preferences toward convenience, comfort and variety.

By K Raveendran An evolving convergence of political intent and economic pragmatism is giving fresh momentum to the India–Russia relationship, placing the forthcoming summit in New Delhi as a significant moment in a partnership that has already weathered decades of geopolitical shifts. The visit of President Vladimir Putin, framed within the terminology of a ‘Special […]

The article Delhi Summit To See A New Strategic Reset In India-Russia Partnership appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

By Ashok Nilakantan Ayers SILICON VALLEY / SAN FRANSISCO / CALIFORNIA: The numbers are staggering. Microsoft has spent over $20 billion building data centres stuffed with the most powerful computer chips ever made. Meta is burning through billions more, weaving artificial intelligence into Instagram, WhatsApp, and Facebook. Google and Amazon are locked in a cloud-computing […]

The article The Great AI Gold Rush By US Big Tech Companies Through Huge Investment appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

ADES Holding Company has announced that its wholly owned subsidiary Shelf Drilling has secured a two-year contract with Brunei Shell Petroleum for the deployment of the Compact Driller standard jack-up rig offshore Brunei, with a contract value of roughly SAR 236 million. The rig is slated to begin operations in the fourth quarter of 2026 after undergoing contract-preparation procedures in Singapore; it is currently engaged under contract in India until May 2026.

The contract will see the jack-up rig employed for plug-and-abandonment operations in Bruneian waters, signalling an expansion of ADES’s footprint in Southeast Asia. The award represents the first contract secured under the newly finalised merger between ADES and Shelf Drilling, following acquisition of all outstanding shares of the UAE-based firm.

Completion of the acquisition marked a major expansion of ADES’s global reach, bringing its offshore fleet to 83 jack-up rigs, including 46 premium units, along with on- and offshore assets deployed across 19 countries. The company, headquartered in Al Khobar, emphasises its strong fleet capacity and geographic diversification as strategic advantages.

Sunteck Realty Ltd of Mumbai has formally entered the United Arab Emirates market under a new international arm, Sunteck International, by unveiling a prime land parcel in Downtown Dubai for an ultra-luxury residential development valued at AED 5 billion. The 2.5-acre plot is located in the Burj Khalifa district, just steps away from The Dubai Mall, suggesting the project will cater to high-net-worth buyers seeking exclusivity and proximity to Dubai’s iconic landmarks.

The debut project will comprise two residential towers that combine standard luxury apartments with branded residences developed in collaboration with global hospitality names. The initial launch marks the first overseas venture for Sunteck, long known for high-end real estate in Mumbai, and lays the foundation for a larger pipeline targeting AED 15 billion over the next three years.

Sunteck’s chairman highlighted the strategic appeal of Dubai: a city combining strong infrastructure, international connectivity, favourable tax structures and a growing concentration of affluent residents—conditions that the company believes are ideal for luxury real estate. This view aligns with projections of continued inflows of global wealth into Dubai’s property market.

Luxury housing continues to dominate the residential real estate market across India’s major cities, with luxury and ultra-luxury segments driving a marked rise in overall transaction value even as unit sales taper. Data from a leading national consultancy shows that although the number of homes sold in the top seven cities dropped by 9 percent year-on-year in Q3 2025, the total value of transactions surged 14 percent. That divergence underscores how costlier, higher-end homes are reshaping demand dynamics.

Results from the period reveal average residential prices across these cities climbed by 9 percent to roughly ₹9,105 per square foot, compared with ₹8,390 per square foot a year earlier. Among the seven-city group, the region surrounding the national capital registered the steepest price rise at 24 percent, followed by the technology hub city which posted a 10 percent increase.

The shift towards premium properties appears structural rather than cyclical. In the financial year 2025, approximately 4.22 lakh residences were sold across the top cities, with aggregate sales value reaching ₹5.59 lakh crore. Developers and analysts foresee FY26 sales value climbing to around ₹6.65 lakh crore, representing nearly a 20 percent increase over the previous year — even if volume growth remains constrained.

Market segmentation by price reveals where the momentum lies. Homes priced in the luxury and ultra-luxury bracket accounted for the largest share of new supply in Q2 2025 at 27 percent, signalling a deliberate tilt by developers toward high-end inventory. This contrasts sharply with affordable housing, which is witnessing comparatively modest demand and shrinking market share.

Affordability pressures and shifting buyer preferences explain part of this trend. Slower demand for lower-cost units has pushed developers to prioritise mid-income to luxury segments, where margins remain attractive and buyers appear increasingly willing — and able — to pay a premium for space, amenities and perceived investment value.

Regional markets display distinct characteristics. The national capital region stands out for highest price gains, reflecting sustained demand from corporate professionals drawn to well-located urban residences. The technology-driven city registers steady growth, supported by IT professionals and expatriate buyers seeking quality housing. The metropolitan coastal region remains the nation’s most expensive housing market, with baseline prices significantly above the national average — a reflection of limited land availability, redevelopment activity and interest from non-resident buyers.

Abu Dhabi now offers public rides in fully driverless robotaxis operated jointly by WeRide and Uber, marking the first deployment of such services on the Uber platform outside the United States. Passengers can hail an autonomous vehicle on Yas Island using the Uber app — either through UberX or Uber Comfort — or select the newly added “Autonomous” ride option for a dedicated robotaxi.

The launch follows grant of a city-level commercial permit for Level 4 autonomous driving, issued in late October to WeRide, allowing the company to operate robotaxis without a safety driver on board. Local transport authorities approved the licence after WeRide demonstrated its technology and safety protocols through extensive testing over several months. This regulatory clearance and licensing represent a breakthrough in public acceptance of self-driving mobility in the region.

Initial operations are restricted to the tourist and leisure enclave of Yas Island, home to the Formula 1 Grand Prix circuit, where road traffic and infrastructure are relatively controlled. WeRide and Uber plan to expand coverage into central Abu Dhabi by the end of the year, aiming to broaden the footprint beyond the initial zone. The fleet — managed in collaboration with local operator Tawasul Transport — includes GXR-class robotaxi vehicles equipped with multiple sensors and cameras to navigate urban streets autonomously.

WeRide retains what it describes as a four-year first-mover advantage in deploying robotaxis in Abu Dhabi, having operated test and pilot robotaxi services since 2021. The company’s broader Middle East fleet already includes more than 100 robotaxis, with ambitions to scale into thousands over the coming years. This launch fits into Uber’s global vision for autonomous mobility, which aims to expand driverless operations to at least 10 cities by the end of next year.

Ride-hailing firms and autonomous-vehicle companies have long eyed the Middle East as a favourable terrain for self-driving deployment, thanks to relatively predictable urban layouts, supportive regulators, and growing appetite for smart mobility solutions. For Uber and WeRide, the Abu Dhabi rollout demonstrates that regulatory, technological and commercial challenges can be addressed in unison.

City officials from the Integrated Transport Centre have emphasised that the licensing process required rigorous review of safety standards and compliance steps before granting commercial operator status. WeRide had earlier secured a national-level licence for self-driving vehicles in 2023, and the new city-level permit is among the first of its kind outside the United States. That dual-licence history helped accelerate trust among authorities and the public.

Drivers and ride-hailing staff will still be involved behind the scenes — Uber, through Tawasul Transport, will handle fleet maintenance, cleaning, charging and vehicle readiness, while WeRide retains responsibility for sensor calibration, software updates and compliance. That model reflects a hybrid approach aimed at balancing technology, operations and safety.

Passengers have reacted with cautious optimism. Some early users welcomed the novelty and convenience of driverless rides, especially in a region with extreme weather and limited public transport options. Others raised concerns over reliability, data privacy, and how the autonomous system would respond to unpredictable road events such as pedestrians or errant drivers.