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.
Zhao 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.
The UAE’s fuel price committee has announced the petrol and diesel prices for July, and motorists will see a noticeable hike at petrol stations starting July 1.
After remaining unchanged in June, fuel prices are going up across the board. The increase comes amid global oil market tensions following conflict between Israel and Iran, as well as reported US strikes on Iranian nuclear facilities earlier this month, events that have pushed crude oil prices higher.
Here’s how much you’ll be paying for fuel in July:
Super 98: Dh2.70 per litre (up from Dh2.58 in June)
Special 95: Dh2.58 per litre (up from Dh2.47)
E-Plus 91: Dh2.51 per litre (up from Dh2.39)
Diesel: Dh2.63 per litre (up from Dh2.45)
The revised rates will take effect on Tuesday, July 1.
Royaloak Furniture, one of India’s largest organised furniture retail chains, has announced its entry into the UAE market as part of a broader international expansion strategy. With an operational history spanning over 15 years and a customer base exceeding 5 million, the brand has opened three stores in the UAE—located in RAK Mall (Ras Al Khaimah), Lulu Mall (Fujairah), and Silicon Central Mall (Dubai)—each spanning nearly 20,000 square feet.
The move comes at a time when the UAE’s furniture and home décor industry is witnessing steady growth, driven by a combination of increased real estate development, rising urbanisation, and a growing population of design-conscious consumers. According to industry estimates, the UAE furniture market was valued at approximately USD 5.1 billion in 2024 and is projected to reach USD 5.4 billion by 2033, growing at a CAGR of 4.18%.
Royaloak’s entry adds momentum to the region’s expanding mid-to-premium furniture segment. The brand is known for its “Country Collection” that showcases curated pieces inspired by American, Italian, and Malaysian designs. The company sources products from manufacturing hubs across Asia and Europe, aiming to balance aesthetic appeal with functional quality.
“Our UAE expansion is aligned with market demand and retail opportunity,” said Mathan Subramaniam, Co-Founder and Managing Director of Royaloak. “What sets us apart is a vertically integrated model—from sourcing to distribution—which ensures both product consistency and affordability. With our dedicated warehouse in the UAE, we are equipped to provide fast, reliable delivery and a localised shopping experience.”
The stores are designed to cater to a wide demographic—offering furniture for living rooms, bedrooms, offices, dining areas, and outdoor spaces, in addition to home décor and mattresses. Each outlet is supported by Arabic-speaking staff to ensure culturally attuned customer service.
In tandem with its retail footprint, Royaloak has launched a dedicated UAE e-commerce platform, while also partnering with Amazon UAE and Noon to strengthen its omnichannel presence. The brand’s UAE entry is not just an expansion strategy but also a commitment to job creation and customer-centric innovation in one of the Middle East’s most competitive retail landscapes. The company plans further expansion across the Emirates in the coming year
Despite heightened regional tensions on June 23, Emirates Airline resumed regular operations within hours, with only minimal disruptions reported across its global network.
The Dubai-based carrier activated its contingency and disruption plans following the latest regional developments, swiftly stabilising operations without any flight diversions and only a few route cancellations. Most affected flights were rerouted slightly to avoid restricted airspace, resulting in limited delays due to congestion.
In a statement, Emirates confirmed that its scheduled services resumed quickly and that the airline had maintained operations to the majority of destinations. Flights to Amman and Beirut, which were briefly suspended, resumed shortly after, demonstrating Emirates’ agility in responding to dynamic situations while ensuring traveller safety.
“The safety of our passengers and crew is always our top priority,” the airline said, noting it would never operate any flight unless it meets the strictest safety regulations. Emirates continues to coordinate closely with global aviation authorities and regularly evaluates the security landscape to reroute aircraft if needed.
Keeping Passengers Informed
The airline kept its customers up to date throughout the disruptions via its website, social media channels, and through dedicated reservation teams, who assisted travellers in adjusting itineraries as needed.
Looking Ahead to Summer Travel
As Emirates prepares for a surge in summer travel, the airline said it remains ready to adapt to any changing conditions. “With the UAE’s strong infrastructure and support systems, we are fully prepared to continue safe and smooth operations,” the airline added.
Travellers are advised to check their flight status before heading to the airport and stay informed through official Emirates communication channels.