The formation of one of the largest stations on the Dubai Metro's Blue Line, located near Dragon Mart, is taking place more than twenty meters underground. Concrete walls have already been erected, the first tunnel has reached the station, and the giant Tunnel Boring Machine (TBM) has completed its first underground section spanning 1.2 kilometers.
During a media tour of the station, officials demonstrated the current construction progress, allowing visitors to see the underground station before it opens to passengers. During the visit, Khaleej Times inspected the underground station, where hundreds of workers were engaged in construction activities across various levels. The TBM has just entered the station after completing the initial boring section, and engineers reported that the next phase of excavation will proceed towards Al Warqa.
Currently, the station is an active construction site where workers are carrying out tasks such as earth removal, reinforcement, and structural strengthening on different tiers. Massive concrete columns and walls have already been installed on site, providing insight into how the station is taking shape. Steel rebar is visible in various sections, while cranes and heavy equipment continue to move construction materials. Although a significant amount of work remains, the basic structure of the future metro station is clearly visible.
Dragon Mart Station, also known as Chinese Market Station, will have a built-up area of approximately 39,480 sq. m. Around 580 workers are currently employed at the site.
One of the main highlights of the visit was the Tunnel Boring Machine, which completed the boring of the first 1.2 km section before reaching the Dragon Mart station. The front part of the machine, known as the cutter head, is now visible inside the station. Behind it is the rest of the TBM, extending approximately 160 meters through the finished tunnel. Officials stated that the machine will continue its journey towards Al Warqa, where it will begin digging the next section of the Blue Line.
The completed tunnel will accommodate two metro lines, allowing train movement in both directions. The machine operates around the clock, stopping only on Sundays for scheduled maintenance. On most days, it advances by 13–17 meters, and on the fastest day, it achieved a boring rate of up to 30 meters.
Official representatives clarified that the machine is tunneling through the earth while simultaneously installing concrete segments behind it, enabling the tunnel to be built as excavation continues.
Construction is also actively underway at other Blue Line stations. International City 1 currently employs about 900 people, and International City 2 employs another 600 people. Adding the 580 workers at Dragon Mart, approximately 2,080 people are employed across the three construction sites. Work is proceeding simultaneously at all three locations as part of the Blue Line extension.
Although passengers will have to wait for the line to open, the project has reached a significant milestone under Dragon Mart. The first underground tunnel has reached the station, the station structure is being built, and the TBM is preparing to move further towards Al Warqa. For thousands of residents passing by Dragon Mart daily, much of this work remains hidden underground. However, beneath one of Dubai's busiest commercial hubs, the next metro line is steadily taking shape.
As tensions resume in the Middle East, oil prices are fluctuating around $90. On Thursday, South Korean stocks showed significant growth after a two-day decline, driven by a sharp surge in profits for semiconductor giant Samsung, fueled by AI-stimulated demand. However, the rest of Asia displayed mixed dynamics, and oil maintained substantial gains due to new concerns related to the Middle East.
The Kospi index in Seoul was under pressure since reaching a record high last month. A significant sell-off in technology giants such as SK hynix and Samsung reflected a global pullback from technology, as traders questioned the return on massive investments in AI.
Nevertheless, analysts note that while the sell-off indicated concern over spending, the artificial intelligence sector remained resilient. Optimism grew on Thursday after Samsung reported an 1813% increase in second-quarter operating profit, supported by sustained demand for memory chips driven by AI. The company also announced a 130% rise in revenue and a 1300% increase in net profit. These results met expectations, according to South Korea's Yonhap news agency, citing its own financial analysis center.
Samsung shares rose by more than six percent on Thursday, recovering from a 16% drop on Tuesday and Wednesday. SK hynix shares remained unchanged after falling by 20% over the previous two days. The Kospi index climbed by more than five percent in morning trading, while Tokyo, which had also been under pressure in recent weeks due to its strong tech sector, rose by more than one percent. Indices in Hong Kong, Taipei, and Jakarta also increased.
The market rally was partly attributed to Microsoft's news that its cloud segment is experiencing the fastest growth in four years, although its parent company Facebook, Meta, published a disappointing full-year revenue forecast. Meanwhile, the South Korean government committed to implementing measures to restrict retail traders' access to credit ETFs, including setting limits on individual investments in them. The Ministry of Finance stated in a release that 'participants agreed that concentrated trading in leveraged products on individual stocks contributed to increased market volatility and promised to react quickly and decisively.'
Markets in Shanghai, Sydney, Singapore, Wellington, and Manila saw declines.
Traders were tense after the US delivered 'heavy' strikes against Iran in response to Tehran's attacks on American bases in Jordan, reigniting the war in the Middle East and drawing in proxy forces of the Islamic Republic. The initial strikes after nearly a week of combat lull undermined hopes for renewed negotiations. Saudi Arabia and the United States also announced strikes on military bases in Iraq on Wednesday, while Israel accused Hezbollah, backed by Iran, of violating the truce. Iran launched missiles at Jordan, and Iranian state media later reported an American attack near its border with Iraq.
Earlier, US President Trump told Fox News: 'We will hit them hard... We are going to give them such a beating.' Oil prices, which had fallen earlier in the week due to the suspension of military action, surged sharply on Wednesday: Brent crude increased by more than eight percent, reaching $89.44 per barrel in early Thursday. Although both major contracts slightly decreased on Thursday, recent events reinforced the fragility of any truce and the difficulties officials face in resuming passage through the Strait of Hormuz.
Uncertainty regarding the Federal Reserve's plans for interest rates also negatively affected sentiment after officials maintained their current stance at the latest meeting, though three members dissented, calling for a rate hike. This decision came amidst concerns about rising inflation and the impact of the Middle East war on energy prices. Bank chief Kevin Warsh stated: 'We are at work. We will achieve this. We are focused like a laser to ensure we can do it.' He also warned that there is no 'magic wand' with which the Fed could quickly reduce inflation.
Fabien Ip from IG noted: 'Despite three committee dissents favoring a July hike, Chairman Warsh refrained from stating an imminent increase, repeating the June tone.' He added: 'This is starting to worry investors: the Fed's unwillingness to guarantee further tightening calls into question its ability to anchor long-term inflation expectations.' Steven Innes from SPI Asset Management added that the dissents 'were a more significant signal.' He wrote: 'This was not a committee calmly waiting for inflation to fall. A quarter of its members felt that the threshold for another hike had already been crossed, despite softer recent data, renewed geopolitical uncertainty, and a sharp deterioration in several risk-sensitive markets.'
According to the information from the Chilkazar district municipality, 35 markets and trade objects in the city of Tashkent will be put up for public sale, and their smaller sections will be offered to investors under new terms.
In accordance with the Presidential Decree on socio-economic development for 2026–2027, as the capital city of Tashkent, these 35 markets, trade complexes, and their branches are being put up for sale. Among the objects with the largest land areas on the list are the Sergeli car market with an area of 23.7 hectares, the Yangiobod specialized market with an area of 15.1 hectares, the Chilkazar goods trade complex with an area of 12.2 hectares, and the Urikzor trade complex with an area of 9.2 hectares.
In addition, the Navruz, Bek Tupi, Sergeli farmer, Parkent universal, Aviasozlar, Qora-qamish, Farhod, and Qo'yliq markets, as well as a number of other small branches, have also been included in the list. According to the document explanation, there is a possibility of selling the state share of the society managing the market associated with the object or its buildings.
The trades are carried out based on the order of 'Tashkent Invest Company'. This company prepares a master plan and a 'ready business' project for each object. The buyer is required to establish modern eco-markets, trade and service centers, leisure centers, and multi-story car parks at the market location.
The decision also establishes new mechanisms for industry. The 'Tashkent City Industrial Zones Directorate' and the 'Industrial Territory Management Directorate' are responsible for building multi-story industrial facilities. The plots are first offered to entrepreneurs operating in this area, but investors can also be attracted through electronic online auctions. Entrepreneurs have the opportunity to obtain a loan with a preferential period of up to two years for purchasing an area of up to 1,000 square meters, with an annual interest rate of 10 percent. This privilege applies to multi-story industrial buildings, not to the purchase of markets.
Gold prices in Dubai showed a decline on Thursday, following the UAE Central Bank's decision to keep its key interest rate unchanged. This decision came after a similar move by the US Federal Reserve, which opted to maintain rates at their previous level.
At the opening of trading on Thursday, 24-karat gold in Dubai traded at AED 487.50 per gram, lower than the AED 491.50 recorded at the close of markets on Wednesday. Other purity options—22K, 21K, 18K, and 14K—cost AED 441.50, AED 432.75, AED 371, and AED 289.25, respectively.
Globally, the price of gold futures rose slightly by 0.12 percent, reaching $4044.99 per ounce, while silver dropped by 1.07 percent to $57.19 per ounce.
The UAE Central Bank kept its base rate at 3.65 percent on Wednesday, which fully aligns with the US Federal Reserve's decision to keep the target range for federal funds within 3.5%–3.75%. The UAE typically follows US monetary policy because the dirham is pegged to the dollar.
Despite the Fed not changing interest rates, regulatory representatives maintained a cautious tone, noting that inflation risks remain despite the recent slowdown in growth.
Nick Spencer-Skin, Senior Executive Director at Lunaro Markets Limited, noted that June economic data confirmed the Federal Reserve's decision to leave rates unchanged. He explained that core inflation decreased to 2.6% year-on-year, and the number of hired workers was only 57,000 against a forecast of 114,000. However, he added that the possibility of rate hikes remains due to the June 'dot plot,' where half of the Committee still anticipated at least one hike this year, as well as due to the sharp rise in oil prices during the escalation of hostilities, which casts doubt on inflation improvement.
Vijay Valecha, Chief Investment Officer at Century Financial, agreed that the Fed's decision to maintain rates was consistent with the latest economic data. He emphasized that the June inflation figures were weaker than expected, and the labor market does not show signs of overheating, supporting the arguments for maintaining the current rate level. Valecha added that the current economic indicators are more favorable than those presented to the Fed in June, and it would be unusual for the Fed to react to such data by raising rates at the July meeting, especially since it refrained from doing so in June.
