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EV producer Rivian helps IPO value range, focuses on $65 bln valuation

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Rivian Automotive, upheld by Amazon.com Inc (AMZN.O), on Friday fundamentally raised the normal deal cost of its portions, with the electric vehicle producer focusing on a valuation of as much as $65 billion in its first sale of stock.

It had before this week focused on a valuation of more than $53 billion at a cost of $62 per share. The organization presently hopes to sell 135 million offers in the scope of $72-$74 each to raise almost $10 billion on Nov. 9.

The expanded value band follows an effective financial backer roadshow this week, as Wall Street’s enormous IPO financial backers bet on Rivian to be the following huge player in an area overwhelmed by Tesla (TSLA.O).

The IPO could make Rivian one of the main three organizations that have raised more than $8 billion in 10 years after Alibaba (9988.HK) and Facebook (FB.O).

While the startup still can’t seem to sell any huge volume of its electric vans or trucks, a $65 billion valuation for Rivian could make it more important than Fiat producer Stellantis NV and carry it nearer to heritage automakers Ford (F.N) and General Motors (GM.N).

Rivian has been contributing intensely to increase creation, including for its upscale all-electric R1T pickup truck which was dispatched in September, demolishing rivalry from set up opponents like Tesla Inc, General Motors and Ford.

The organization had around 55,400 R1T and R1S preorders in the United States and Canada, as of Oct. 31.

Rivian said it had begun conveyances of the R1T and had recorded income for the three months finished September 30. Overal deficit for that period, nonetheless, is assessed to increment because of higher creation costs.

The EV market is blasting as buyers are greater climate cognizant and is viewed as an image of extravagance for some brands. Tesla delivered a record number of vehicles in its most recent quarter, proposing solid interest for electric vehicles.

Amazon has requested 100,000 of Rivian’s electric conveyance vans as a feature of the internet business goliath’s more extensive work to cut its carbon impression.

Rivian will, be that as it may, face rivalry from automakers in both the purchaser and business van markets.

Passage said it has in excess of 160,000 orders for its F-150 Lightning electric pickup truck and that an electric rendition of its Transit business van is “totally sold out.”

General Motors is equipping creation of electric conveyance vans, SUVs and pickup trucks.

Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead financiers. Rivian will list on the Nasdaq under the image “RIVN”. The valuation incorporates shares that financiers could practice under the “greenshoe” choice.

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Dubai eases housing rules to boost family well-being

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Dubai has launched a new initiative called ‘Home First’ to improve housing for Emirati families. This is part of the ‘Year of Community’, announced by President Sheikh Mohamed bin Zayed Al Nahyan.

The initiative aims to strengthen family ties, improve quality of life, and make housing more flexible for Emiratis. It also supports the Sheikha Hind bint Maktoum Family Programme, which promotes family values and sustainable living.

Key Changes in Housing Rules:

  • More Flexible Home Designs – Families can now customise their homes to better suit their needs.
  • Side Family Annex Before Main Villa – Homeowners can build additional spaces like bedrooms, living rooms, and kitchens before completing the main villa.
  • Extra Villa for Sons – A separate villa can be built within the family property to maintain privacy while keeping families close.
  • Bigger Homes – Families can fully extend their villas on the second floor.
    Relaxed Setback Rules – Minimum space between villas has been reduced to 1.5 metres, allowing more efficient use of land.
  • Higher Service Annexes – Annex buildings can now be up to 8 metres high (two floors).
    Townhouse Upgrades – Townhouses can now be built next to each other across two plots.

Why This Matters

Marwan Ahmed bin Ghalita, Acting Director-General of Dubai Municipality, says this plan will make Dubai a better place to live, as part of the Dubai Social Agenda 33. The goal is to boost family well-being, provide better housing, and create strong communities.

Emirati citizens can learn more about ‘Home First’ by visiting Dubai Municipality’s website or calling 800900.

Dubai Municipality continues to improve building rules and support sustainable urban development, making sure Dubai remains a top city for quality living.

(Source: Wam)

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Business

UAE corporate tax: Businesses must update records by March 31 or face penalties 

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The Federal Tax Authority (FTA) has urged businesses that have yet to update their tax records to take advantage of an extended grace period, allowing them to submit their details by March 31, 2025, without incurring administrative penalties.

In a statement issued Thursday, the FTA reminded registrants that, under the Executive Regulations of the Federal Decree-Law on Tax Procedures, businesses must notify the authority of any changes to their registered information within penalties. Failure to do so may result in penalties.

The required updates include key business details such as company name and address, trade license activities, legal entity type, partnership agreements for unincorporated entities, and articles of association or equivalent documentation.

To support compliance, the UAE Cabinet has introduced a grace period that allows businesses to update their records without facing penalties. Any fines incurred during this period for late updates will be waived and reimbursed.

The FTA emphasised that the initiative aims to support businesses, simplify tax compliance, and contribute to economic growth. Registrants seeking further details can refer to the public clarification available on the FTA’s official website.

(Source: Wam)

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Dubai announces first business free zone for sports and entertainment

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ISEZA is set to be the UAE’s first dedicated sports and entertainment business cluster within the Free Zone environment.

It will serve as an industry-focused business hub facilitating licensing for distinct sports and entertainment business activities, fostering a unique collaborative ecosystem to support and accelerate the industry’s growth.

https://twitter.com/DXBMediaOffice/status/1899372779822035311

Dubai’s sports industry contributes approximately $2.5 billion annually to the Emirates’s economy. The UAE has also been a pioneer in Economic Zones development, with over 40 Free Zones focusing on various industries. ISEZA will serve as a dedicated hub to support the thriving sports and entertainment business sector in the UAE and the wider Middle East.

The Zone will provide a unified platform for licensing businesses across established sectors, such as sports management and marketing, event management, talent representation and media and broadcasting, while also supporting growth in emerging areas like e-sports, AI-driven sports tech, fan tokens. The Zone will be home to a diverse range of industry players including global brands, sports leagues and franchises, rights owners and investors, sports and talent agencies, artists, sports and media personalities, social media influencers and creative industries professionals.

ISEZA will offer comprehensive corporate and legal support tailored to its members, working closely with key UAE authorities, such as the UAE Ministry of Sports, Dubai Sports Council, UAE National Olympic Community, and others.

Khaled AlFahim, Vice President of Asset & Investment Management at Dubai World Trade Centre, emphasised DWTC’s long-standing legacy in hosting major sporting events and live entertainment. He stated, “The launch of ISEZA within the DWTC Free Zone will foster a dynamic ecosystem, empowering sports and entertainment businesses, startups, and entrepreneurs to thrive. ISEZA members will benefit from our award-winning Free Zone’s prime location in the heart of the city’s business district, streamlined business setup, and access to valuable networking opportunities through our diverse events and exhibitions calendar. By attracting sports and entertainment-focused businesses, we are reinforcing Dubai’s status as a global business hub and contributing to the growth of the sports sector in alignment with the Dubai Economic Agenda (D33).”

The Zone will also attract international and regional sports organizations, such as sports federations, associations and leagues, both in established and emerging sports. With its exceptional global connectivity, world-class infrastructure, investor-friendly policies and favourable tax regime, Dubai offers a strong competitive advantage for hosting global sports organizations.

ISEZA CEO, Mr. Damir Valeev, added “Our project is aligned with Dubai’s strategic vision of being a global destination for sports, entertainment and tourism. This initiative will have a major social impact creating a unique environment for hosting sports exhibitions, museums, academic programs and community projects in Dubai World Trade Centre and Dubai Expo areas. Driven by the UAE’s vision of business development with higher social impact, we believe it will further contribute to the promotion of active sports and healthy lifestyle in the UAE overall”.

Located in One Central, in Dubai’s dynamic business district, next to the Dubai Museum of the Future, ISEZA will shape the future of sports & entertainment industry growth in the years to come and will become a new center of gravity for the industry entrepreneurs, professionals, enthusiasts, and talents.

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