Business from Friday, January 2nd, 2026

Tesla ceded its crown as the world's top electric vehicle maker to China's BYD after annual sales fell for a second year, with intensifying competition, the expiration of US tax credits and damage to the automaker's brand hurting demand.

Dubai Duty Free has recorded the strongest year in its history, with annual sales reaching AED8.68 billion ($2.38 billion) in 2025, driven by record-breaking monthly performances and strong demand from international travellers.

The UAE has introduced two new federal decree laws aimed at modernising how its financial markets are regulated and supervised.