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Discover the latest stories from Arabian Business.

Thursday saw Dubai announce plans to expand Expo City. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai approved a master plan for the site, which hosted Expo 2020 and COP28. The plan aims to drive Dubai's development in multiple sectors.

In other major developments, the Dubai Financial Services Authority issued fines to OCS International Finance Limited and its CEO, Christian Franz Thurner. The fines, combining to almost $1 million, came after an investigation revealed regulatory breaches and mismanagement of client funds.

On the transport front, Dubai moved closer to introducing air taxi services. Parkin signed a deal with Skyports Infrastructure to develop vertiport sites in the emirate. These vertiports will serve as take-off and landing points for electric vertical take-off and landing aircraft.

In addition, Etihad Rail, which operates the UAE National Rail Network, unveiled a new brand identity. The company introduced a new logo, mission, vision, and values. This change aligns with Etihad Rail's strategy and growth plans.

Aside from this, oil prices increased due to tensions in the Middle East. Brent crude futures rose to $74.84 a barrel, while U.S. West Texas Intermediate crude futures reached $71.09. Market experts advised investors to remain calm despite the situation.

^{Until next time, Sharon Benjamin for Arabian Business}

THE LONGER READ:

Anxiety and guilt torment UAE’s Lebanese residents amid homeland’s turmoil

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