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Carbon Wake, courtesy of Breakfast Studio. Most pieces at Art Dubai sold in the range of four to six digits this year, with a few reaching beyond the million-dollar mark

Art Dubai fair buzz drowns out roiling global markets

While Dubai art gallery Lawrie Shabibi was exhibiting at last month’s Art Basel Hong Kong, Donald Trump was ramping up his trade war with China, and the event had slower sales and a distinct feeling of unease. The ambiance could not have been more different at last week’s Art Dubai, the largest art fair in […]

Quake lends urgency to Istanbul rebuild programme

Istanbul, Turkey’s economic hub, has received a timely reminder that it is at the centre of a high-risk earthquake zone, having been rattled by a tremor of magnitude 6.2 on Wednesday. The hope is that the quake will jolt the city authorities into action to speed up a slow-moving building renewal scheme.  Damage from the […]

What a plunging dollar means to Gulf imports and inflation

The dollar’s slump to multiyear lows against many major currencies risks raising import costs in the dollar-pegged Gulf economies, fuelling inflation and pressuring business profitability, analysts say. From mid-January, the dollar is down 11 percent against each of the euro (to its lowest in more than three years), the Japanese yen (its lowest since late 2023), […]

RAK sets out $272m plan for ‘our version of Central Park’

Ras Al Khaimah is preparing an AED1 billion ($272 million) mixed-use masterplan to link two of its most prominent waterfront developments – Al Hamra and Al Marjan Island. The project is being led by Marjan, the master developer of freehold properties in the northern emirate, and will have its official launch later this year. “What […]

Saudi government debt insurance costs jump as oil prices fall

The cost of insuring government debt in the Middle East and North Africa (Mena) has jumped this month, in some cases – including Saudi Arabia – to multi-year highs. Investors are fretting over the impact of global trade tensions on economic growth and international oil prices, and the risk of Israeli-US military action against Iran. […]

UAE latest

Ali Osman, chief investment officer at MGX

Abu Dhabi AI chief bullish over future investment

Investment in artificial intelligence is at “a crossroads” as the build-out of underlying infrastructure, such as data centres, demands trillions of dollars more in capital, according to Abu Dhabi’s technology fund MGX. Ali Osman, MGX’s chief investment officer for AI, said on Friday that he remains optimistic about “tremendous” growth in this space even amid […]

Binance Blockchain Week 2024 in Dubai 'proved how the right setting can turn an audience into a real community'

Binance powers crypto dialogue with community events 

Binance, the world’s largest cryptocurrency exchange by volume, is helping to unite the industry, facilitate connections and drive conversation through its calendar of live and online events. Kim Murphy, its head of global event marketing, gives us the lowdown Why are events so important to Binance and the industry?  Events bring crypto to life. They […]

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Mubadala CEO Khaldoon Al Mubarak said the wealth fund is taking more time to look at investments

US-driven trade war forces Mubadala to change ‘assumptions’

Abu Dhabi sovereign wealth fund Mubadala Investment Company said it will take more time to consider its investments and is changing its “base case assumptions” against the backdrop of heightened global trade tensions driven by the US. The fund, which has more than $300 billion of assets under management in over 50 countries around the […]

Dubai Islamic Bank's net profit rose 8 percent in the first quarter

Dubai Islamic Bank reports first quarter profit increase

Dubai Islamic Bank’s profits rose in the first quarter of this year, as deposits increased by more than a third and the non-performing financing ratio improved. Net profit after taxes rose 8 percent annually to AED1.8 billion ($490 million) in the first three months of 2025, driven by quality growth in earning assets. Pre-tax profit […]

Cafu IPO: The Cafu app has grown to offer more than fuel delivery

Fuel delivery startup Cafu considers IPO

Fuel-on-demand vehicle service Cafu is working on selling shares in an initial public offering (IPO). The UAE-based startup, founded in 2018, is working with financial advisory and asset management company Lazard, Bloomberg reported this week, without identifying its sources. Bloomberg said the Cafu IPO discussions are at a preliminary stage and no final decisions have […]

Saudi Arabia latest

People on the Jeddah waterfront. The Marafy canal will run 10km inland from the coast

Jeddah’s residential canal project takes shape

Construction work on Marafy, a residential canal-waterfront project in Saudi Arabia’s second city, Jeddah, is gathering pace. Driven by Roshn Group, the property developer unit of the government’s Public Investment Fund (PIF), the development will have capacity to house more than 130,000 people.  Though no cost for the Marafy project has been made public, in […]

President Trump visits the Gulf May 13-16

Trump ‘to offer Saudi Arabia over $100bn arms package’

The United States is poised to offer Saudi Arabia an arms package worth well over $100 billion, six sources have told Reuters, saying the proposal was being lined up for announcement during Donald Trump’s visit to the kingdom in May. The offer comes after the administration of former President Joe Biden unsuccessfully tried to finalize […]

CEL-SCI wants approval to test Multikine in Saudi Arabia

US biotech seeks Saudi approval for cancer treatment

US-listed biotech company CEL-SCI Corp plans to file for regulatory approval in Saudi Arabia for its experimental cancer treatment Multikine, part of a push to tap growing demand for advanced treatments and expand in the Middle East and North Africa (Mena). The Virginia-headquartered company, which develops immunotherapies for cancer and infectious diseases, is also in […]

India's Prime Minister Narendra Modi and Saudi Crown Prince Mohammed Bin Salman lead countries with young populations that benefit from global trade

India and Saudi Arabia’s common bonds

Events may have overshadowed Narendra Modi’s trip to Jeddah this week – the Indian prime minister was forced to cut his visit short because of an attack in Kashmir – but there was much for him to discuss with his Saudi hosts. Amid market volatility and the new dispensation from Washington, Saudi Arabia and India – […]

Around the Middle East

A supermarket owner in Cairo stocks a fridge. Egypt and Turkey helped power 11 percent revenue growth in PepsiCo’s international beverages business

Gains in Egypt and Turkey help PepsiCo profit

Revenue growth at PepsiCo Inc.’s Europe, Middle East and Africa (Emea) division outpaced all its other regional divisions in the first quarter, lifted by stronger demand in Egypt and Turkey.  However, the US snacks and drinks company trimmed its full-year profit outlook and warned of rising global trade costs. The maker of Pepsi, Gatorade and […]

Omantel revenues rose as the number of 'Internet of Things' smart home devices increased

Surge in connected devices spurs Omantel revenue growth

Omantel, Oman’s largest telecommunications provider, reported a rise in revenue and profitability last year, helped by a strong surge in “Internet of Things” (IoT) subscriptions Revenue at the state-controlled telco rose 4 percent year on year in 2024 to OR920 million ($2.4 billion), driven by strong performance across its business lines.  The company recorded significant […]

A solar power project at the Faihaa oil field in Basra, Iraq. The country's planned renewable energy projects will generate nearly 12,000MW

Iraq imports 126,000 solar panels for ‘Sun of Basra’ project

Iraq has imported more than 126,000 solar panels for its largest solar power park being built by France’s TotalEnergies, electricity minister Ziad Fadhil has said. Dubbed “Sun of Basra”, the project is part of a $27 billion contract and will generate at least 1,000 megawatts (MW) of electricity that will benefit 250,000 houses. The project […]

IMF director Kristalina Georgieva had 'a lot of praise to offer' to the GCC states

IMF praises GCC economic diversification efforts

Senior International Monetary Fund officials commended Gulf states this week for their efforts to expand sources of economic growth and fiscal revenue beyond oil. They also urged more intra-GCC trade, as global commerce is roiled by steep and volatile US tariffs. “I have a lot of praise to offer because they have been pursuing reforms […]

Lebanon's finance minister, Yassine Jaber

Lebanon passes banking secrecy law

Lebanon’s parliament on Thursday passed a new banking secrecy law allowing authorised entities to access records from the last decade, a long-awaited measure demanded by the International Monetary Fund to set the country’s shattered economy on track. It is parliament’s third attempt at amending banking secrecy regulations in Lebanon, after previous versions were considered by […]

Syria's infrastructure and economy was devastated through civil war

UK lifts sanctions on Syria

Britain said on Thursday it would support efforts to rebuild Syria’s financial system by removing sanctions to encourage investments in financial services, energy production and other sectors. London also lifted asset freezes on Syria’s Defence and Interior Ministries and a range of intelligence agencies, reversing penalties imposed during Bashar al-Assad’s presidency. The West is rethinking […]

Bahrain Financial Harbour District in Manama. Bahrain faces a challenging economic outlook as a ratings agency warns of potential issues with debt and foreign currency reserves

Ratings agency moves Bahrain outlook to negative

A major ratings agency has downgraded its outlook on Bahrain to negative, warning that fiscal reforms may be insufficient to lower the kingdom’s debt-to-GDP ratio and that foreign currency reserves remain weak. Lower oil prices and reduced crude production due to maintenance work at Bahrain’s Abu Safah oil field, which it shares with Saudi Arabia, […]

Flag carrier Oman Air posted a OR150 million loss in 2024

Oman Air posts 2024 loss while airport passenger numbers rise

Oman Airports, the company managing Muscat International Airport and three others, posted a 15 percent increase in net income last year on more passenger throughput, a local newspaper reported. At the same time, national carrier Oman Air reported a OR150 million ($390 million) loss, even before interest and taxes, for 2024, the local Oman Daily […]

Turkey Latest

A supermarket owner in Cairo stocks a fridge. Egypt and Turkey helped power 11 percent revenue growth in PepsiCo’s international beverages business

Gains in Egypt and Turkey help PepsiCo profit

Revenue growth at PepsiCo Inc.’s Europe, Middle East and Africa (Emea) division outpaced all its other regional divisions in the first quarter, lifted by stronger demand in Egypt and Turkey.  However, the US snacks and drinks company trimmed its full-year profit outlook and warned of rising global trade costs. The maker of Pepsi, Gatorade and […]

People evacuate to Gezi Park following the earthquake in Istanbul on Wednesday

Quake lends urgency to Istanbul rebuild programme

Istanbul, Turkey’s economic hub, has received a timely reminder that it is at the centre of a high-risk earthquake zone, having been rattled by a tremor of magnitude 6.2 on Wednesday. The hope is that the quake will jolt the city authorities into action to speed up a slow-moving building renewal scheme.  Damage from the […]

Government ecommerce reforms in Turkey have decreased the duty free amount on foreign purchases to just €27

New ecommerce rules spur cost-benefit debate in Turkey

Turkish officials have denied media reports that they were about to block access to the popular Chinese online shopping platform Temu after it allegedly failed to comply with new regulations governing ecommerce. This has highlighted the debate in Turkey around the cost and benefit for the multi-billion dollar industry following this month’s introduction of the […]

Container vessels in Istanbul's Ambarli Port. Turkey's manufacturing base is struggling with rising borrowing costs

Turkey worried that cheap Asian goods will hurt economy

Turkey is concerned that an enduring trade war between the US and China and other Asian countries may encourage manufacturers to flood Turkey’s market with cut-price goods to make up for US losses, the finance minister has said. That could damage Turkey’s own manufacturing base, already struggling with high and rising borrowing costs and domestic […]

2SBHG03 Serious thinking businessman working with tablet computer inside office. Businessman in shirt working at workplace, using laptop, sitting at desk, using financial app.

Turkish startup funding plunges in first quarter

Uncertainty in the Turkish economy and government budget cuts are weighing on the country’s startup environment, with venture capital funding for new projects falling in the first quarter to their lowest in more than 18 months. Turkish technology startups attracted $58 million in the three months to March 31, almost 50 percent down on the […]

Egypt Latest

A supermarket owner in Cairo stocks a fridge. Egypt and Turkey helped power 11 percent revenue growth in PepsiCo’s international beverages business

Gains in Egypt and Turkey help PepsiCo profit

Revenue growth at PepsiCo Inc.’s Europe, Middle East and Africa (Emea) division outpaced all its other regional divisions in the first quarter, lifted by stronger demand in Egypt and Turkey.  However, the US snacks and drinks company trimmed its full-year profit outlook and warned of rising global trade costs. The maker of Pepsi, Gatorade and […]

A tourist walks near the water at Egypt's Red Sea coast in Marsa Alam

Egypt targets 15% trade growth with Tunisia

Egypt has set a target to increase trade with Tunisia by 15 percent as it seeks to develop regional economic ties. Trade between the two countries, both of which are subject to reform programmes overseen by the International Monetary Fund, is expected to reach $485 million in 2025 from $421 million in 2024. The plan […]

Egypt's interest rates had not been lowered in five years

Egypt cuts interest rates for first time in 5 years

Egypt’s central bank lowered overnight interest rates by 225 basis points (bps) on Thursday, its first cut in more than five years, saying lower inflation had opened the way to yet further rate cuts in the future. The bank lowered the lending rate to 26 percent and the deposit rate to 25 percent. The median forecast in […]

Body Part, Hand, Person

Remittances to Egypt rise as reforms instill confidence

Remittances from Egyptian expatriates rose for 11 consecutive months following the start of economic reforms introduced in March 2024. Overseas Egyptians sent home $20 billion between July and January — the first seven months of the 2024-2025 fiscal year — an increase of 81 percent from $11 billion a year ago, according to the Central […]

Features

The influencer academy course set up by Dubai’s tourism authority and content agency Beautiful Destinations will last 3 months

Dubai doubles down on social media with ‘influencer academy’

Sunsets, skyscrapers, shopping sprees. Type #Dubai into any social media platform and you will find thousands of them. Whether they’re promotional films or holiday snaps, the quality and reach of these images can vary widely. Now Dubai’s tourism authority is setting up an “influencer academy” to teach aspiring digital creators how to make the most […]

Binance powers crypto dialogue with community events 

Binance, the world’s largest cryptocurrency exchange by volume, is helping to unite the industry, facilitate connections and drive conversation through its calendar of live and online events. Kim Murphy, its head of global event marketing, gives us the lowdown Why are events so important to Binance and the industry?  Events bring crypto to life. They […]

In association with

Gold’s record run brings little joy for Dubai jewellers

In the bustling Gold Souk in Dubai, dubbed the “City of Gold”, 22-karat gold jewellery is a traditional favourite for weddings, religious celebrations, and as a family investment. Yet with bullion prices hitting record highs above $3,400 an ounce, there are signs of change, as buyers opt for diamonds and lighter gold jewellery instead. While […]

Water scarcity: The GCC’s desalination challenge

The Gulf is one of the most water scarce regions in the world, so it has had to adopt innovative solutions for its water resources. One of the most prominent of these is desalination. While less than 1 percent of the world’s drinking water is desalinated, GCC countries depend on their desalination plants for up to […]

AI classes to prepare Saudi pupils for the new world

Saudi secondary school pupils will soon have classes on artificial intelligence (AI) added to their curriculum. More than 50,000 17 and 18-year-olds will be offered the Introduction to Artificial Intelligence course, a joint initiative between the ministry of education and the Saudi Data and Artificial Intelligence Authority. It is part of an effort by the […]

People & Lifestyle

Noura bint Mohammed Al Kaabi, minister of state at the UAE's Ministry of Foreign Affairs, with Iris Projects founder Maryam Al Falasi

Corporate art collections on the rise in the UAE

A shiny office tower in the heart of Downtown Dubai may not be an obvious home for a growing international art collection but ICD Brookfield Place is becoming just that.  Among the works or exhibitions it has showcased recently are Canadian visual artist Jordan Söderberg Mill’s light and glass installation Standing Wave, Emirati artist Hashel […]

Women enjoy a meal in a restaurant in Riyadh. Full-service restaurants make up more than half the food service sector in Saudi Arabia

Saudi Arabia’s expanding food sector faces high costs

As the population grows and the economy swells, the food and beverage service industry in Saudi Arabia is expanding. Half Million, a coffee shop chain that started in the capital Riyadh in 2018, now operates 59 stores across the kingdom. Its 60th recently opened on London’s Oxford Street. Barn’s, a Jeddah-based coffee chain that already […]

Pc screen view, islamic woman dressed in national hijab talking with male colleague, chatting using virtual modern video conference application, communicating from home, enjoy distant conversation

AI ‘employees’ make their mark in the Gulf

From customer service to the C-suite, AI “employees” are climbing the corporate ladder in the Gulf as the technology behind them improves. Regional wealth funds such as ADQ are now using AI “boardroom advisers” to help make decisions according to Middle East AI News, while startups are raising capital and launching so-called “AI employees”. These […]

Healthier, vape-like electronic shisha that use electronic elements tend to appeal to female smokers

Shisha smokers turn to healthier alternatives

In the same way that non-alcoholic drinks are now a regular feature in restaurants and bars in the UAE, hookah smokers are increasingly turning to healthier substitutes to satisfy their shisha fix. “People are seeking alternatives that are better for their health yet do not impact lifestyle choices,” said Naim Madaad, a founding member of […]

Construction in Dubai. Two-thirds of the 176,737 homes bought in the emirate last year were off plan

Shortage of Dubai homes forces buyers to go off-plan

A shortage of completed homes for sale in Dubai is pushing people to buy off-plan properties, which have hit record highs in terms of units bought and as a proportion of purchases. Off-plan investors in the emirate have long had to fund their own purchases, but the growing importance of yet-to-be-completed properties may spur more […]

A sushi production line at Turkey's Kocaman Fisheries. The company exports to 30 countries and will soon be sending its sushi products to the Gulf region

Turkish fish processors adapt as taste for sushi grows

Turkish seafood processors are expanding their product range to cash in on new tastes, eating habits and markets, adding the Japanese delicacy sushi to their offerings. Not so long ago sushi was a rarity in Turkey. It featured on the menus of a few Japanese restaurants in tourist areas catering to foreign visitors rather than […]

Satish Sanpal: 'Luck might place you at the foot of the ladder, but without hard work you won’t climb very far'

60 seconds with Satish Sanpal, chairman of ANAX Holding

Satish Sanpal established ANAX Holding in Dubai in 2018 as a diversified investment entity. Today, ANAX Holding operates across multiple sectors, including real estate development, hospitality and financial services. ANAX Developments, one of its key subsidiaries, has emerged as a prominent real estate developer in Dubai, delivering high-demand projects across the city. What one piece […]

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Around the world

India's Prime Minister Narendra Modi and Saudi Crown Prince Mohammed Bin Salman lead countries with young populations that benefit from global trade

India and Saudi Arabia’s common bonds

Events may have overshadowed Narendra Modi’s trip to Jeddah this week – the Indian prime minister was forced to cut his visit short because of an attack in Kashmir – but there was much for him to discuss with his Saudi hosts. Amid market volatility and the new dispensation from Washington, Saudi Arabia and India – […]

Morocco’s energy minister Leila Benali said the pipeline project has "made considerable progress" and is in the execution stage

Morocco and Nigeria agree terms for $25bn gas pipeline

Morocco and Nigeria have agreed to create a joint venture to manage a long-planned $25 billion pipeline which will ship gas to Europe, a Moroccan minister has said. Leila Benali, minister of energy transition and sustainable development, told Morocco’s parliament that a floating gas storage terminal would also be installed at Nador on the Mediterranean […]

The latest payment brings DAE's total insurance recovery to $601m

Dubai jet leaser wins $282m settlement in Russian case

Dubai Aerospace Enterprise (DAE), the Middle East’s largest aviation leasing company, has received a $282 million cash settlement from unnamed insurers for aircraft leased to Russian Federation carriers. This latest payment brings DAE’s total insurance recovery to $601 million.  With this settlement DAE and its partners have resolved all claims against the involved insurance and […]

A Volkswagen dealership in Shenzhen, China. Foreign car makers in China are losing market share to domestic rivals

Volkswagen to export surplus stock from China to Middle East

Volkswagen is to start exporting cars from China, aiming to sell in other Asian markets, South America and the Middle East, its China chief Ralf Brandstaetter has said. Brandstaetter also said that the carmaker was ready to tackle domestic competition in the country. Carmakers in China, including Volkswagen, are grappling with how to make use […]