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Deutsche Bank predicts crypto freefall to continue while Binance put up resilient face

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A Deutsche Bank report has predicted more gloom for the cryptocurrency space even as the CEO of the biggest exchange, Binance, tried to firefight it with assurance at a DIFC Fintech Week event in Dubai.

Binance CEO Changpeng Zhao said the industry will overcome price drops, with bitcoin now trading around the $20,000 mark from a high of $68,000. But if an evaluation from the leading German bank is to be believed, the crypto market is facing mounting pressures and the freefall is expected to continue, although it did predict a 28,000 price for bitcoin by the end of the year.

Several cryptocurrencies were on the red on Thursday, with the global market cap falling by 1.71 percent to $889.81 billion as of 9:55am. Bitcoin was down 0.85 percent to $19,982.20 over the last 24 hours, while Ethereum fell 3.94 percent to $1,089.12.

In a report on Wednesday, DB said that it is unlikely for prices to stabilise, citing that there are no “common valuation models like those within the public equity system”. The market is also highly fragmented, it added.

“Some cryptocurrencies may drop in prices, and some projects may fail, but the industry will stay,” said Zhao, the founder of the world’s largest cryptocurrency exchange, in a pre-recorded message at the Fintech Week on Tuesday.

“In 2000, the dot com bubble saw many companies going bust, but the dot com technology (Internet) went on to survive.”

Zhao’s comments came just a few days after he announced that Binance has 2,000 positions for hiring, a sharp contrast to a slew of job cuts by companies operating in the digital currency space.

Recently, Bitcoin tumbled to a new 18-month low, dragging smaller tokens down with it and spurring a sharp fall in the digital currency market sparked by crypto lender Celsius freezing customer withdrawals.

bitcoin-price-historyZhao went on to say in his speech that blockchain is a proven technology and it is not a bubble that will pop.
“Many different innovations are coming into the crypto space. There are also failures in this industry, but failures are important in this industry. Failures allow us to learn from them and improve,” he said.

Zhao said that decentralised finance (DeFi), which includes now cryptocurrencies and non-fungible tokens (NFTs) enabled by blockchain technology, has been around for years, and it is going to stay.

“In the next 5 to 10 years, decentralised finance (DeFi) could be bigger than centralized finance (CeFi). That’s why we are making heavy investments in this area,” he said.

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Automobile

Legend Motors launches Kaiyi X7 AWD and X7 PHEV SUVs in UAE, strengthening Chinese automaker’s expansion

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Legend Motors has expanded its product portfolio in the UAE with the launch of two new Kaiyi SUV models, the Kaiyi X7 AWD and the Kaiyi X7 PHEV, as the Chinese automotive brand strengthens its presence in one of the Gulf’s fastest-growing vehicle markets.

The latest launches underline Kaiyi’s strategy to grow its footprint across the Middle East by offering both conventional internal combustion engine vehicles and new-energy models that cater to evolving consumer preferences.

Speaking during the launch event in Dubai, Cannon Wang, Group Vice President, Leadership and Strategy at Legend Holding Group, said the UAE remains a strategic market for the company’s regional ambitions.

“Dubai represents a global benchmark for automotive excellence, where innovation and customer expectations come together. It is a natural gateway for Kaiyi’s regional expansion, and we see strong long-term potential in the UAE market as we introduce products that combine technology, value and performance,” Wang said.

The newly introduced Kaiyi X7 AWD is powered by a 2.0-litre turbocharged four-cylinder petrol engine producing 256 horsepower and 390Nm of torque. The SUV is paired with a seven-speed wet dual-clutch transmission and an all-wheel-drive system, enabling it to accelerate from 0 to 100 km/h in approximately 6.9 seconds.

Alongside it, the company unveiled the Kaiyi X7 PHEV, a plug-in hybrid SUV that combines a 1.5-litre turbocharged petrol engine with an electric motor and a lithium iron phosphate battery pack. The vehicle offers an all-electric driving range of up to 150 kilometres under the CLTC testing cycle and features EV, Hybrid and Power Assist driving modes.

The launches come as Chinese automotive manufacturers continue to expand their presence across the Gulf region, driven by increasing demand for technologically advanced SUVs and electrified vehicles.

The UAE automotive market records annual new vehicle sales of around 300,000 units, with SUVs accounting for nearly half of total sales. The growing preference for fuel-efficient and technology-focused vehicles has encouraged several global and Chinese manufacturers to broaden their product offerings in the country.

Tony Wu, Deputy General Manager of Kaiyi International, said the company remains committed to supporting the UAE’s transition toward cleaner mobility while continuing to serve customers seeking petrol-powered vehicles.

“Aligned with Dubai’s Vision 2030, we see a clear direction towards accelerating the adoption of new energy vehicles. While our petrol-powered E5 and X3 models continue to perform strongly among retail and fleet customers, we are equally committed to supporting the region’s shift towards cleaner, future-ready mobility solutions,” Wu said.

Harsh Chaturvedi, General Manager of Kaiyi UAE, said the company’s focus is on making advanced automotive technology accessible to a wider customer base.

“True innovation lies in making cutting-edge technology accessible, practical and aligned with the everyday expectations of our customers. It’s not just about specifications but delivering a refined sense of control, comfort and modern luxury,” he said.

Through its UAE operations under Legend Motors, the automotive division of Dubai-based Legend Holdings, the company is also investing in after-sales services, spare parts availability and customer support as it seeks to strengthen its presence across the UAE and the wider GCC market.

The launch of both petrol-powered and plug-in hybrid variants reflects Kaiyi’s broader strategy of offering multiple powertrain options as demand for electrified mobility continues to grow across the Middle East.

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Good news for businesses: Sharjah slashes fees and fines

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Businesses in Sharjah can now benefit from a range of temporary fee reductions after Sharjah Police unveiled a new package of incentives aimed at easing costs and supporting the emirate’s business community.

The measures, introduced in line with a decision by the Sharjah Executive Council, include 50% discounts on several security-related fees, along with reduced fines and lower training costs for companies.

What discounts are available?

Under the new initiative, eligible businesses will receive:

  • 50% off security permit renewal fees for commercial activities
  • 50% off security system subscription fees
  • 50% reduction on eligible violations and fines
  • 20% off mandatory training programme fees for companies

Sharjah Police said the initiative is designed to support commercial establishments, encourage business sustainability and further strengthen the emirate’s position as an attractive destination for investment.

How long will the discounts last?

The incentives will be available for three months from the date the decision comes into effect.

Businesses seeking more information about the discounts and eligibility can contact the Sharjah Police Call Centre on 901.

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Business

UAE fuel prices drop sharply: Here’s what you’ll pay from July 1

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Motorists across the UAE will pay significantly less at the pump from July 1 after the UAE Fuel Price Committee announced a sharp reduction in petrol and diesel prices for July 2026.

All fuel grades have become cheaper compared to June, with Super 98 falling by 55 fils per litre, while diesel has dropped by 73 fils per litre.

All fuel grades have become cheaper compared to June, with Super 98 falling by 55 fils per litre, while diesel has dropped by 73 fils per litre.

Fuel prices for July

  • Super 98: Dh3.40 per litre (down from Dh3.95)
  • Special 95: Dh3.29 per litre (down from Dh3.83)
  • E-Plus 91: Dh3.21 per litre (down from Dh3.76)
  • Diesel: Dh3.60 per litre (down from Dh4.33)

The new rates take effect on Tuesday, July 1, 2026.

The UAE Fuel Price Committee reviews retail fuel prices every month, with rates adjusted in line with movements in global oil and energy markets.

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