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Rivian makes one of biggest global IPOs, valued at over $100bn

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Rivian, an American electric automaker, has become a publicly traded company after making one of the biggest initial public offerings in history and the world’s largest in 2021.

With its Nasdaq debut, the company’s shares surged up to 53 per cent, giving it a market valuation of more than $100 billion.

Rivian shares started trading on the Nasdaq stock exchange Wednesday at around $78 per share and closed at $100.73, marking a nearly 30 per cent jump from its offering price. Having securities such as options and restricted stock units, Rivian’s fully valuation exceeded $106 billion at its debut price.

The initial public offering (IPO) allowed to generate to raise about $12 billion to fund growth, and that figure could rise to $13.7 billion if the full over-allotment of shares is exercised. This makes it the biggest U.S. IPO since Alibaba Group Holding Ltd went public in September 2014.

The Amazon-backed electric vehicle maker has also become the second most valuable U.S. automaker after Tesla Inc.

Rivian ranked ahead of General Motors at $86.05 billion, Ford Motor at $77.37 billion, and Lucid Group at $65.96 billion.

The electric vehicle maker witnessed a production issue after facing global supply-chain constraints due to the coronavirus pandemic and its impact on suppliers.

In an interview, Rivian Chief Executive R.J. Scaringe said that transition to a public company and the growth in its capital base enables the company to develop promising products and volume and growth in terms of new segments.

Rivian said in a filing that he will hold all outstanding Class B common shares after the IPO and get 10 votes per share.

Founded in 2009 as Mainstream Motors by Scaringe, the company was renamed in 2011 as Rivian, a name derived from “Indian River” in Florida.

Meanwhile, Wall Street’s biggest institutional investors are betting on Rivian to be the next big player in a sector dominated by Tesla.

Rivian has already received a little more than 55,000 pre-orders for its pricey electric pickup truck (the R1T) and SUV (the R1S). However, it ruled out their delivery until the end of 2023.

The Irvine, California-based company intends to make at least one million units a year by the end of the decade. It has a plant in Illinois, and has announced plans to open a second U.S. factory and eventually setting up production in China and Europe.

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Dubai targets AI leadership with plan to create 50 Agentic AI firms, says Sheikh Hamdan

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Dubai is set to accelerate its push to become a global artificial intelligence powerhouse after Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum unveiled an ambitious strategy aimed at embedding next-generation AI across the emirate’s private sector.

Chairing a meeting of Dubai’s Higher Committee for Future Technology Development and the Digital Economy, Sheikh Hamdan approved a series of initiatives designed to strengthen Dubai’s position as a leading hub for digital innovation, talent, and advanced technologies.

At the centre of the plans is an executive programme to promote the adoption of Agentic AI—autonomous AI systems capable of carrying out tasks, making decisions, and managing operations with minimal human intervention.

“Our goal is for Dubai to become the world’s leading hub for developing and deploying advanced AI solutions,” Sheikh Hamdan said, stressing the crucial role of the private sector in driving the emirate’s technological transformation.

The programme aims to support 295,000 businesses across Dubai, develop 100 specialised AI assistants over the next two years, and facilitate the establishment of 50 Agentic AI companies.

Sheikh Hamdan said AI was becoming a key driver of economic growth and competitiveness, adding that future success would depend on moving beyond traditional AI tools towards more autonomous and capable systems.

The committee also approved Dubai’s hosting of the 50th International Collegiate Programming Contest (ICPC) World Finals in November 2026. The event, regarded as one of the world’s most prestigious student programming competitions, is expected to attract 140 teams from more than 70 countries.

In a further effort to attract skilled professionals, Sheikh Hamdan endorsed the launch of the Dubai Global Talent Network, a platform designed to connect international talent with ties to the emirate and engage them in future development projects.

Among other initiatives approved was a Digital Twin System for Dubai Police, which will use advanced digital modelling and real-time data analysis to enhance surveillance and operational decision-making. The pilot phase will cover 150 cameras across the city.

The meeting also reviewed progress across several flagship digital economy projects. Dubai’s SME digital trade initiative, developed in partnership with Amazon, has reached more than 105,000 companies, surpassing its 2026 target ahead of schedule.

Meanwhile, the Ignyte entrepreneurship platform has attracted over 36,000 users, while the Dubai AI Campus now hosts more than 400 specialist firms and has trained over 1,500 participants through its AI Academy.

Officials also highlighted the rapid growth of Dubai Founders HQ, which has attracted more than 1,100 members and 500 startups within nine months of its launch. Startups within the network have collectively secured more than AED200 million in funding.

The meeting was attended by senior government officials including Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, alongside leaders from Dubai’s technology, economic development, and innovation sectors.

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Emaar to unveil Dh200-billion mega project “city within a city” in Dubai

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Dubai-based developer Emaar Properties on Thursday announced plans for a landmark Dh200 billion master-planned development that it says will redefine urban living in the emirate. Spanning more than 4.5 million square metres of gross floor area, the project is expected to accommodate nearly 150,000 residents and become one of the largest mixed-use communities ever undertaken by the company.

The master development will feature a blend of residential towers, ultra-luxury villas and mansions, Grade-A office spaces, retail destinations, hospitality offerings, and a wide range of civic and cultural amenities.

While Emaar did not disclose the location of the project, the number of residential units, or a timeline for sales launches, the developer described it as a “city within a city” and one of its most ambitious undertakings to date.

“What we are about to reveal is our most extraordinary dream yet: a place where the finest architecture, the most immersive landscapes and the most advanced thinking about how people live come together in one magnificent vision,” said Mohamed Alabbar, Founder of Emaar Properties.

“This development reflects our deep confidence in the future of the UAE. This is Emaar at its most ambitious, and Dubai at its most inspiring,” he added.

Iconic Views and Luxury Living

According to Emaar, the residential towers will offer panoramic views of some of Dubai’s most recognisable landmarks, including Burj Khalifa, Burj Al Arab and Palm Jumeirah.

At the heart of the luxury offering will be an exclusive gated villa enclave featuring expansive five- and six-bedroom residences as well as signature mansions. The homes will be complemented by private gardens, cascading water features and resort-style amenities.

Designed Around the 20-Minute City Concept

The masterplan will be connected to Dubai’s metro network and developed around the principles of the “20-minute city”, enabling residents to access essential services and daily conveniences within a short walk.

The community will integrate smart mobility infrastructure, intelligent building systems and advanced digital connectivity. Features will include EV-friendly pathways, app-based community management and data-driven public services.

Schools, healthcare facilities, mosques, cultural venues and retail centres will be strategically located within walking distance of residential neighbourhoods.

Extensive Green and Blue Spaces

A key feature of the project will be its expansive open spaces, including parks, swimmable lagoons, lakes, linear gardens and water streams woven throughout the community via shaded walkways and dedicated cycling tracks.

A central district park will serve as the development’s social and recreational hub, offering sports courts, event lawns, splash parks, beach areas and outdoor wellness facilities.

Five Distinct Lifestyle Zones

The masterplan will be organised into five character-driven districts, each designed with a unique identity and lifestyle proposition.

Among them will be a Business Hub catering to corporate and entrepreneurial activity, an Urban District focused on vibrant city living, a Young Families Cluster designed for active and creative lifestyles, and a Family Living Zone centred on community-oriented residential experiences.

Emaar said further details, including the project’s location and launch timeline, will be announced at a later stage.

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Final Rentals taps 13,000-car GCC fleet in new AUTORENT Alliance

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British car rental technology platform Final Rentals has announced a strategic partnership with AUTORENT, one of the Gulf region’s largest vehicle rental and leasing operators, as it accelerates expansion across the GCC.

The agreement gives Final Rentals access to AUTORENT’s fleet of more than 13,000 vehicles operating across the UAE, Saudi Arabia, Bahrain and Oman, significantly strengthening the company’s regional presence.

The move marks a homecoming of sorts for Final Rentals, which launched its first operations in the UAE in 2021 before growing into a global platform serving customers in more than 65 countries.

The company’s growth has been rapid. Annual bookings surged from just 1,900 in 2021 to more than 139,000 in 2025. Momentum has continued this year, with 148,065 bookings recorded in the first five months of 2026 alone, already surpassing its full-year 2024 performance.

“The UAE is where Final Rentals started,” said CEO Ammar Akhtar.

“Many of the lessons that shaped our technology and business model were learned here. Expanding our Gulf operations is both a strategic and symbolic step as we return with a much larger international network and greater scale.”

Founded in Wales in 2016, Final Rentals operates a digital marketplace that connects travellers with local vehicle rental providers across Europe, the Middle East, Africa and the Americas.

For AUTORENT, the partnership supports its digital transformation ambitions by enhancing online booking capabilities and improving customer access to its vehicle network across the region.

The announcement comes as economic ties between the UK and Gulf countries continue to strengthen, with discussions ongoing around a proposed UK-GCC free trade agreement aimed at boosting trade and investment.

Industry observers say the Gulf remains an attractive destination for international technology companies due to its rapidly growing digital economy, advanced infrastructure and strategic position linking Europe, Asia and Africa.

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