BUSINESS

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Tesla has reported its first full-year drop in sales since becoming a public company, marking a pivotal moment for the electric vehicle (EV) giant. Despite selling 1.8 million vehicles in 2024—edging out Chinese rival BYD by 24,000 units to retain the title of the world's largest EV maker—Tesla's total sales were down 1% from 2023.

Photo Credit:Leadership from Miral, DCT Abu Dhabi and Disney. DCT Abu Dhab

Walt Disney has announced plans to open its first theme park in the Middle East, located in the United Arab Emirates (UAE) on Abu Dhabi's Yas Island. The resort is a collaboration between Walt Disney and local leisure and entertainment company Miral. Disney already has six theme parks spanning North America, Europe and Asia. Its most recent opening was in 2016 in Shanghai.

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Starbucks workers in the US launched a five-day strike on Friday, impacting stores in Los Angeles, Chicago, and Seattle, over pay and working conditions. The union, Starbucks Workers United, warned the strike will escalate daily, potentially reaching hundreds of stores by Christmas Eve unless an agreement is reached.

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The battle for electric vehicle supremacy has taken a dramatic turn, with China’s BYD accelerating ahead while Tesla stumbles. In the first quarter of 2025, BYD recorded a staggering 60% increase in sales, delivering over one million new-energy vehicles, including hybrids and commercial models. Sales of its pure EVs alone skyrocketed by 39% to over 416,000 units. Meanwhile, Tesla’s annual deliveries fell for the first time in its history, and its revenue of $97.7 billion in 2024 fell short of BYD’s record-breaking $107 billion.

BYD’s dominance remains primarily domestic, with 90% of its shipments staying in China, but its expansion plans are aggressive. The company is making strong inroads into Europe, Southeast Asia, and South America, even as Tesla’s European sales have plummeted by 40%. To solidify its position, BYD has been unveiling groundbreaking innovations. Its latest battery charging technology outpaces Tesla’s Superchargers, delivering 250 miles of range in just five minutes. Additionally, it has introduced an advanced driver-assistance system that rivals Tesla’s Full Self Driving, offered at no extra cost.

Despite BYD’s impressive performance, the EV industry faces turbulence. Tesla’s struggles are compounded by CEO Elon Musk’s controversial government position, which has led to public backlash, protests, and even vandalism targeting Tesla showrooms in the U.S. Meanwhile, in China, the market is consolidating as automakers merge to survive intensifying competition. Dongfeng Motor and Changan Automobile are reportedly in advanced merger talks, potentially forming the country’s largest carmaker and the world’s fifth-largest.

As BYD pushes forward with expansion and technological advancements, its biggest challenge remains brand recognition in global markets. However, with Tesla on shaky ground and China’s EV market shifting rapidly, BYD may be well on its way to becoming the undisputed king of electric vehicles.

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South Sudan may restart oil production "as early as tomorrow, the government announced Tuesday, nearly a year after fighting in Sudan damaged a crucial pipeline. The landlocked nation, which relies heavily on oil exports, had its supply line to global markets via Port Sudan on the Red Sea disrupted in February by clashes, significantly impacting its economy. After months of shutdown, South Sudan's government said production would resume from part of a facility operated by Dar Petroleum Operating Company (DPOC).

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Africa is staring at a looming jobs crisis, with the population of the continent expected to be one in four people on Earth by 2050, according to the United Nations. In response, with President William Ruto at the helm, Kenya is positioning itself as a technological hub for solving this challenge, infamously dubbed the “Silicon Savannah”.

The capital city, Nairobi, is at the forefront of the tech revolution in Africa. Meg Whitman, a former U.S. ambassador to Kenya, said this growth is powered by a vibrant venture capital community, supplemented by top-quality universities and a collection of tech jobs ranging from full-stack code engineering to business process outsourcing. This boom has been anchored by M-Pesa, a pioneering mobile money transfer service launched by
Safaricom in 2007, which converted even basic mobile phones into secure bank accounts.

It has been a success In Kenya’s push into technology and innovation. M-Pesa allows people to send and receive money without needing a bank account through texting. Today, it is being used across Africa, facilitating more than 28 billion transactions in eight countries in its last fiscal year, with a total value of more than $310 billion.

At the same time, innovation centers like i-Hub, which help tech entrepreneurs grow their ideas, and companies like Ushahidi, a nonprofit leveraging data in crisis response and election monitoring, add weight to Kenya’s tech ecosystem. Large investments, such as the $1 billion that Microsoft and UAE-based AI firm G42 have pledged, also serve to expand Kenya’s digital ecosystem.

But this growth is not without its challenges. American tech giants like Meta and OpenAI have been contracting middle-man companies that hire Kenyan workers, who report mentally draining and emotionally harmful working conditions, lack of job security, and poor pay. Whitman emphasized that Kenya needs to protect its employees and update labor laws to the 2010 Constitution.

Recently, the President launched the $4.7 Billion University of Nairobi’s Silicon Savannah Innovation Park for promoting job creation and increasing the digital

economy. The park is in line with Kenya’s Vision 2030 and Africa’s Agenda 2063 to position Kenya as the leading technological player in the global economy.

Whitman further noted that though Kenya is the tech capital of East Africa, it can lead the whole continent. She insisted on attracting investment in Kenya’s tech space as a means of creating jobs, especially among the youth, since less than a third of college graduates in the country find jobs that require a degree.

The Silicon Savannah represents Kenya’s ambitious vision to harness technology for economic growth and job creation, aiming to transform the country’s economic landscape and secure its place as a leader in the global tech industry.