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Uber reports $8mn Q3 earnings, first quarterly profit since launch

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Uber Technologies Inc has posted an adjusted profit of $8 million for the third quarter, recovering from a loss of $507 million in the previous quarter.

It was the company’s first profitable quarter on an adjusted basis since its launch over a decade ago. It has witnessed growth in its ride-hailing and restaurant delivery services.

The California-based company reported a $625 million loss during the same quarter a year ago.

Uber has forecast an adjusted profit of between $25mn to $75mn for the last quarter of the current calendar year. However, Refinitiv data showed analysts on average expected $114 million for the same period.

Meanwhile, Uber reported a net loss of $2.4 billion for the third quarter mainly due to a drop in the value of its investment in Chinese ride-hailing company Didi. Uber registered a net loss of $1.09 billion in the same quarter last year. Didi’s market capitalization dropped by billions of dollars after China’s market regulator launched an anti-trust investigation.

However, Uber said its shares in Zomato, Aurora and Joby helped offset some of that loss. The company said its driver and courier base has increased by nearly 640,000 people since January. It spent more than $250 million to persuade drivers back after the coronavirus pandemic.

According to IBES data from Refinitiv, Uber’s overall revenue increased 72 percent to $4.8bn, more than an average analyst estimate of $4.4bn.

On Tuesday, Uber’s US rival Lyft Inc reported its second consecutive quarterly adjusted profit at $67.3 million. The company has predicted adjusted profit between $70 million and $75 million in the last quarter of the year.

Business

Dubai’s RTA invites companies to participate in tenders and auctions 

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Dubai’s Roads and Transport Authority (RTA) has announced an exciting opportunity for businesses across the UAE, including small and medium enterprises (SMEs), to engage in 116 tenders and auctions available until the end of 2025.

This initiative is part of the Dubai Government’s Public-Private Partnership Strategy 2024–2026, which is aimed at stimulating economic growth and fostering strategic collaborations within the emirate.

The tenders cover a broad range of sectors, including services, consultancy, infrastructure, insurance, outsourcing, operations and maintenance, information technology, and investment. RTA’s push to engage the business community underscores its commitment to enhancing public-private collaboration, supporting national companies, and driving innovation in various industries.

Abdulla Yousef Al Ali, CEO of the Corporate Administrative Support Services Sector at RTA, explained, “We are actively supporting Dubai’s business community through incentive-driven initiatives, including recognition programmes that celebrate major companies collaborating with SMEs.”

He continued, “To participate in RTA projects, companies need to meet specific qualification criteria, which can be easily accessed through RTA’s streamlined digital process via the Electronic Prequalification System on our official website. This system supports the development of government projects by attracting top-tier local and international companies, ensuring efficient project delivery, facilitating knowledge exchange, and developing national talent. It plays a crucial role in attracting investment and stimulating the national economy.”

The RTA’s electronic prequalification system is available free of charge, allowing companies to register by creating a username and password. Once registered, companies can select the ‘Supplier and Investor Management System’ to access the Electronic Prequalification System, where they can upload the required documents and specify their business activities of interest.

For more details on the available tenders and auctions, companies can visit the RTA website at www.rta.ae.

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Announcements

How a Dubai Firm Built a 1,000+ Workforce in Just 20 Years

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In an era defined by digital transformation and workforce localisation, Data Direct Group – a leading – Dubai-based business process outsourcing company – has emerged as one of the UAE’s largest and most enduring private employers.

Founded in 2002 with a vision to offer reliable, locally grounded customer experience (CX) solutions, Data Direct Group recently surpassed 1,000 + employee milestone in the UAE alone. The company, today employs, more than 1500 people across four GCC countries, quietly redefining what sustainable private sector impact looks like – with a workforce that today represents 35+ nationalities.

“Our story is Dubai’s story — built on ambition, innovation, and a belief in people,” says Rajiv Dalmia, Founder and Chairman of Data Direct Group that marks 23 years of operations this month. “When we started over two decades ago, back in 2002, we had a clear focus: build a company that not only delivers operational excellence but also contributes meaningfully to the economy and society around us. That vision has stayed the same.”

Supporting on-shore employment and Emiratisation

In an industry often driven by offshore outsourcing, Data Direct Group has doubled down on creating meaningful, on-shore employment opportunities within the UAE. Its diverse portfolio includes call centre services, digital onboarding, and IT support — all delivered by a workforce physically present in the country and trained to global standards.

“Our journey reflects not only business resilience, but a deep-rooted commitment to on-shore job creation, inclusivity, and economic value generation,” said Dalmia explaining how this ‘localisation drive’ has allowed the company to support both government and private sector entities across the UAE while aligning with national initiatives such as Emiratisation.

“We’ve never believed in exporting jobs; we’ve always believed in exporting  knowledge and capabilities,” Dalmia notes. “That’s why we’ve invested heavily in building local talent — our growth is measured not just in numbers, but in lives uplifted and careers shaped.”

A true UAE-grown success story

With its roots deeply embedded in Dubai, Data Direct Group has become a textbook example of homegrown enterprise success. From early challenges to regional expansion, the company has retained its core commitment to service, speed, and scalability.

Today, it is trusted by leading names in banking, healthcare, government services, utilities, logistics, and telecom, delivering bespoke business solutions that enhance customer experience and drive digital agility.

“The UAE allowed us to dream big. The leadership here created an ecosystem where entrepreneurs like myself could build something real and long-lasting,” Dalmia says.

One of the UAE’s largest employers in its category

Employing more than 1,500 people in the region and growing, Data Direct Group has carved out a reputation not only for its size but also for its inclusive work environment. With more than 35 nationalities represented, the company mirrors the cosmopolitan fabric of the UAE itself.

“We don’t just talk diversity — we live it every day,” says Dalmia. “Whether it’s a young graduate from Sharjah or a systems analyst from India, we’ve built a space where people from all backgrounds, walks of life and academic qualifications can grow and lead.”

The company’s female participation has also grown steadily over the past decade, particularly in middle-management and client delivery roles — a focus area it aims to accelerate in the coming years.

Driving economic impact beyond numbers

Beyond employment figures, Data Direct Group plays a pivotal role in supporting the business infrastructure of the UAE and wider GCC. From managing millions of customer interactions to helping clients streamline operations, the company’s services are woven into the fabric of everyday business in the region.

This impact translates to cost-efficiencies, customer satisfaction, and scalable support for public services — key drivers of GDP contribution in UAE’s digital economy.

“Economic impact is not just about revenue — it’s about relevance,” Dalmia adds.

“The fact that we’ve been around for over two decades, evolving every step of the way, is proof that you can be relevant, resilient, and responsible — all at once.”

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Business

What foreign investors need to know about UAE’s updated tax rules

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The UAE has introduced new rules to clarify when foreign companies or investors may be subject to corporate tax on their investments in the country.

Under Cabinet Decision No. 35 of 2025, the UAE Ministry of Finance has outlined specific conditions under which non-resident investors in Qualifying Investment Funds (QIFs) or Real Estate Investment Trusts (REITs) will be seen as having a taxable presence (nexus) in the UAE.

What Does This Mean for You?

If you’re a non-resident juridical person (i.e. a foreign company or legal entity) investing in a QIF or REIT in the UAE, you’ll only be considered taxable in the UAE if:

  • The fund does not distribute at least 80% of its income within nine months after the end of its financial year. In this case, your tax obligation starts from the date you acquired the investment.
  • The fund does distribute 80% or more, but your taxable status starts from the date the dividend is paid.
  • The QIF fails to meet the diversity of ownership rules during the tax period.

Good News for Passive Investors

If your investment is in QIFs or REITs that comply with the rules and none of the exceptions apply, you won’t be considered to have a taxable presence in the UAE. This means no corporate tax liability under the UAE’s tax system.

Why This Matters

This decision gives much-needed clarity to international investors. It helps ensure that foreign investment in UAE-based funds remains attractive and tax-efficient while aligning with the country’s new corporate tax framework.

In short, if you’re investing in compliant UAE funds or REITs as a non-resident, you’re unlikely to face UAE corporate tax unless certain distribution or ownership conditions aren’t met.

(Source: Wam)

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