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    <lastBuildDate>Mon, 01 Jun 2026 21:58:35 +0400</lastBuildDate>
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        <title><![CDATA[Stocks hold near record highs as AI optimism trumps Iran tensions]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/06/01/stocks-hold-near-record-highs-as-ai-optimism-trumps-iran-tensions]]></link> 
        <description><![CDATA[Global stocks clung ‌to record highs on Monday ‌as strong corporate results, fuelled in part by artificial intelligence optimism, outweighed investor concerns over escalating US-Iran tensions that have pushed oil prices higher. The US said ‌it struck Iranian military sites at the weekend and Iran’s Revolutionary Guards said on Monday it had targeted a US base in response. Also on Monday, Iranian news agency Tasnim said Iran is halting indirect negotiations with the US after Israel ordered troops to push deeper into Lebanon to battle Tehran-backed Hezbollah. The fresh hostilities could complicate diplomatic efforts to end the ​three-month-long war.On Wall Street, the benchmark S&P 500 was mostly ‌flat but still near record highs as energy and technology stocks drove gains while consumer discretionary, materials and utilities led losers.The Dow Jones Industrial Average fell 0.43%, the S&P 500 fell 0.05%, and the Nasdaq Composite rose 0.11%.The pan-European STOXX 600 index fell 1.1%. Nvidia unveiled a new chip on Monday that ​puts AI capabilities ‌directly into laptops and desktop computers, raising the stakes in the ‌battle for dominance among other semiconductor makers and technology companies. The MSCI All-World index fell 0.20% after hitting a fresh record high on the day.“We are in ‌an unusual ‌period for the market where the fundamentals and technicals converge to drive markets higher, with strong earnings ‌revisions and relentless buying,” said Mark Hackett, chief market strategist at Nationwide in Philadelphia.“Equity markets have been largely immune to Iran news over the past several weeks because investors ​are afraid of being caught on the wrong side if a significant development occurs.” Brent crude futures rose nearly 7% to $97.43 a barrel.Oil prices jumped and equities slid on Monday as Middle East peace talks stumbled and tensions mounted between Iran and the Unites States.Crude futures shot more than five per cent higher as an Iranian news agency announced Tehran had suspended the negotiations with the United States via mediators.The United States and Iran had traded strikes over the weekend and Tehran had insisted that any deal to end the war must cover Israel’s escalating offensive into Lebanon.The report by the Tasnim news agency cited the breakdown of the ceasefire and clashes in Lebanon as the reasons for the halt in suspending dialogue.After the United States and Israel launched strikes on Iran at the end of February, Iran effectively closed the Strait of Hormuz through which a fifth of the world’s oil and liquefied natural gas normally flow.While a ceasefire has largely held since mid-April, traffic through the strait has been scant and negotiations have dragged on.While Wall Street had been set for a higher open, the spike higher in oil prices turned the tide, with the three main indices sliding as trading got underway in New York.Shares in Nvidia jumped more than four per cent, however, after the company unveiled earlier Monday in Taiwan a powerful laptop chip for Windows machines, staking its claim in the market for next-generation consumer PCs integrated with artificial intelligence.The company’s graphics processing units are prized for processing-intensive AI applications, but the new RTX Spark chips will be central processing units that are the run personal computers.These PCs will be positioned as tools that can easily run AI agents that can carry out tasks for users.The Nvidia announcement helped fuel gains in tech and AI stocks in Asian trade.Seoul led the rally jumping by more than four per cent, with shares in memory chip giant Samsung Electronics surged more than nine per cent, while rival SK hynix rose over two per cent.“Investors continue to embrace the AI boom,” said independent markets analyst Stephen Innes.“The reason is simple. Artificial intelligence remains the dominant engine of market psychology, and as long as Washington and Tehran continue to exchange draft proposals rather than missiles, investors appear willing to give diplomacy the benefit of the doubt,” he added.Investor enthusiasm for AI-related stocks has helped drive stock exchanges to record highs in recent weeks despite the war in the Middle East, which has sparked inflation as energy prices soar and threatened to kill off economic expansion.The dollar firmed against main rivals.Elsewhere, EasyJet’s share price jumped more than seven per cent after the British no-frills airline denounced as “opportunistic” a possible takeover bid from a US private equity firm.Castlelake, which owns 2.14 per cent of EasyJet, revealed late Friday that it was considering an offer for the carrier, which operates mainly across Europe.EasyJet slammed what it called the “highly opportunistic timing” by Castlelake after falls to its share price and deeper losses after the Middle East war sent jet fuel costs rocketing.Agencies]]></description>
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        <pubDate>Mon, 01 Jun 2026 21:15:00 +0400</pubDate>
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        <title><![CDATA[DP World details $100m logistics expansion in Dominican Republic]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/06/01/dp-world-details-100m-logistics-expansion-in-dominican-republic]]></link> 
        <description><![CDATA[DP World and the Government of the Dominican Republic will invest an additional $100 million to expand logistics and warehousing infrastructure at the DP World Free Trade Zone (FTZ) in Caucedo.Unveiled during the 12th World Free Zones Congress 2026, the investment is in addition to the $760 million previously committed, further strengthening the country’s role as a manufacturing and logistics hub for the Americas.In May 2025, DP World signed a $760 million Memorandum of Understanding (MoU) with the Government of the Dominican Republic to expand the Port of Caucedo and its Free Trade Zone.The latest investment, with the Ministry of Industry, Commerce, and MSMEs, will support the development of new warehouse infrastructure and increase overall logistics capacity, further integrating port, free zone, and logistics services at Caucedo to meet growing regional demand.DP World plays a significant role in driving economic growth, employment, and trade connectivity across the Dominican Republic, according to independent research by Oxford Economics.The UK-based researchers found DP World supported nearly 5,000 jobs nationwide and could increase goods exports to $2.4 billion by 2035. The port handled $13.3 billion in total trade in 2024.Morten Johansen, COO of DP World in the Americas, said, “The Dominican Republic is increasingly central to regional trade in the Americas. This additional $100 million investment builds on our previously announced commitment, helping position Caucedo as a fully integrated logistics platform capable of supporting long-term trade and industrial growth.”Manuel Martínez, CEO of DP World in the Dominican Republic, said, “By expanding logistics and warehousing infrastructure in the Caucedo Free Trade Zone, we are enabling customers to scale more efficiently while strengthening the Dominican Republic’s competitiveness as a regional trade hub.”Meanwhile Dubai Chambers recently organised a meeting in collaboration with Dubai Customs and DP World to gain first-hand insights into the key logistics requirements across diverse sectors of the economy amid evolving global circumstances.The session attracted the participation of 100 private sector representatives in the emirate.The meeting was chaired by Eng. Sultan Bin Saeed Al Mansoori, Chairman of Dubai Chambers, and was attended by Dr Abdulla Mohammed Busenad, Director-General of Dubai Customs; Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and Ahmad Yousef Al-Hassan, CEO and Managing Director of DP World GCC, together with leaders from major private sector companies.The session featured an interactive discussion on the key challenges facing the shipping and logistics sector amid current regional developments. Participants also explored a range of practical ideas and solutions, in cooperation with relevant partners, to ensure the smooth flow of goods and enhance supply chain efficiency.“Supported by proactive government policies, close cooperation between the public and private sectors, and strong institutional agility, Dubai’s logistics network has strengthened the private sector’s ability to respond to the challenges arising from the recent developments affecting the region and the wider world, further consolidating Dubai’s position as a key hub on the global trade map,” Al Mansoori said.WAM]]></description>
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        <pubDate>Mon, 01 Jun 2026 21:13:00 +0400</pubDate>
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        <title><![CDATA[Dubai launched 250 real estate projects worth Dhs75 billion in last 5 months]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/06/01/dubai-launched-250-real-estate-projects-worth-dhs75-billion-in-last-5-months]]></link> 
        <description><![CDATA[Dubai’s real estate market has continued to launch new projects since the beginning of 2026, defying the regional and geopolitical tensions that the region has experienced since the end of February.According to data from Dubai Land Department (DLD), as many as 250 new real estate projects were launched in the emirate, equivalent to 50 projects per month and an average of nearly two projects per day.The cost of the new projects, which included building 59,400 housing units and 10,800 villas and development of 32 new plots of land, amounted to Dhs75 billion.DLD’s data revealed that the largest project cost more than Dhs6.5 billion and is among 15 major projects whose value exceeds Dhs1 billion each. There are 30 projects whose value ranges between Dhs999,000 and Dhs500 million, 97 projects whose value ranges between Dhs499,000 and Dhs100 million each and 108 other projects whose value is less than Dhs100 million each.The data showed that 179 active projects were launched, while 70 projects were pending approval and another project was awaiting final approval.The Verdes by Haven 2 project in Wadi Al Safa 5 topped the list of the most expensive projects at approximately Dhs6.5 billion, followed by Interstellar Tower project in Al Barsha South Fifth at Dhs2.3 billion in the second place and the Mayfair Nexus by Seven Mayfair project in Wadi Al Safa 7 at Dhs1.5 billion in the third place.AYA by Palace Group in Al Satwa at Dhs1.47 billion came in the fourth place, Symphony by Chaimaa in Wadi Al Safa 3 at Dhs1.4 billion in the fifth and Confident Preston project in Wadi Al Safa 2 at Dhs1.36 billion in the sixth.In the seventh place came Trump Tower project located in Trade Centre 1 at Dhs1.34 billion, followed by Cascada 2 at Waada project in Dubai South at Dhs1.2 billion, Akala Hotels and Residences in Za’abeel 2 at Dhs1.2 billion, the Olbia project in Al Yalayis II at Dhs1.2 billion.The Wave project in Al Barsha South Fourth at Dhs1.1 billion came next, followed by the Hayat 2 and Hayat 3 projects in Airport City at Dhs1.09 billion and Dhs1.06 billion respectively, Aum 99 Residences project in Wadi Al Safa 5 area at Dhs1.06 billion and Pinewood Estate Homes project in Me’aisem First at Dhs1.01 billion.]]></description>
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        <pubDate>Mon, 01 Jun 2026 20:14:00 +0400</pubDate>
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        <title><![CDATA[Commercial office in Dubai sold for Dhs69 million]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/06/01/commercial-office-in-dubai-sold-for-dhs69-million]]></link> 
        <description><![CDATA[Dubai’s real estate market saw the sale of a commercial office in the Business Bay area for Dhs69 million during midday trading on Monday.According to Dubai Land Department’s Dubai REST app, the office, which is  located within the Lumena by Omniyat project, spans 11,300 square feet with an average price of Dhs6,085 per square foot.Total sales in the emirate reached Dhs667 million, resulting from 212 transactions, while mortgages totaled Dhs144 million across 66 deals and gifts Dhs242 million from 47 transactions.]]></description>
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        <pubDate>Mon, 01 Jun 2026 18:14:00 +0400</pubDate>
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        <title><![CDATA[Dubai Chambers boosts trade and investment relations with Ethiopia]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/06/01/dubai-chambers-boosts-trade-and-investment-relations-with-ethiopia]]></link> 
        <description><![CDATA[Dubai Chambers has held a series of meetings with government entities, economic institutions, and investment organisations in Addis Ababa to explore ways of strengthening trade and investment between Dubai and Ethiopia.The meetings were attended by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. Dubai Chambers met with Ethiopia’s Ministry of Industry, represented by Melaku Alebel, Minister of Industry, to discuss ways to expand cooperation across industrial sectors. The meeting also explored opportunities to strengthen private sector partnerships, increase trade exchange, and open new avenues for joint investment.Dubai Chambers also held a meeting with the Ethiopian Investment Commission, represented by its Deputy Commissioner, Zinabu Yirga. Discussions focused on attracting investment, strengthening cooperation in priority sectors, and highlighting the investment environments in Dubai and Ethiopia, as well as the advantages available to investors and international companies.In addition, Dubai Chambers met with Ethiopian Investment Holdings, Africa’s largest sovereign wealth fund, represented by the fund’s Deputy CEO, Meleket Sahlu. The meeting explored opportunities to build long-term partnerships that advance economic development and create new opportunities for companies and investors from Dubai and Ethiopia.The meetings took place as part of the trade mission led by Dubai Chamber of Commerce to Ethiopia and Ghana. The mission aims to support the expansion of companies operating in Dubai into high-potential African markets.Last week, Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has successfully concluded the Ethiopia leg of its trade mission to Ghana and Ethiopia, organising 510 bilateral business meetings in Addis Ababa between companies from Dubai and their Ethiopian counterparts. The meetings created a platform to explore opportunities for cooperation and develop new partnerships across a range of priority sectors.Dubai Chamber of Commerce achieved a new high in Addis Ababa, organising 510 B2B meetings - the highest since the launch of its “New Horizons” initiative in 2023 to support the global expansion of Dubai companies. This record underscores strong international confidence in Dubai’s business ecosystem and highlights the growing interest among foreign companies in building economic ties and partnerships with Dubai’s business community.As part of the mission, the chamber hosted the ‘Dubai–Ethiopia Business Connect’ forum in cooperation with the Embassy of the United Arab Emirates to the Federal Democratic Republic of Ethiopia; the Ethiopian Chamber of Commerce and Sectoral Associations; the Addis Ababa Chamber of Commerce and Sectoral Associations; and the Ethiopian Investment Commission. The forum attracted 669 senior officials, business leaders, and representatives of local companies, providing a platform to explore prospects for cooperation and new partnership opportunities between members of the Dubai delegation and Ethiopia’s business community.The value of non-oil trade between Dubai and Ethiopia reached Dhs22.3 billion in 2025, recording strong year-on-year growth of 236.6%. A total of 91 new Ethiopian companies joined Dubai Chamber of Commerce during Q1 2026, bringing the total number of Ethiopian companies registered as active members of the chamber to 1,676 by the end of March 2026.WAM]]></description>
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        <pubDate>Mon, 01 Jun 2026 09:45:00 +0400</pubDate>
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        <title><![CDATA[Dubai RTA digital revenue rises 20.6% to Dhs5.3 billion in 2025]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/06/01/dubai-rta-digital-revenue-rises-206-to-dhs53-billion-in-2025]]></link> 
        <description><![CDATA[Dubai’s Roads and Transport Authority (RTA) generated Dhs5.3 billion in revenue through digital channels in 2025, marking a 20.6 per cent increase compared to 2024, reflecting growing adoption of digital services across its operations.Transactions completed through digital channels exceeded 628 million, a 13 per cent rise. RTA offers customers 105 digital services through six channels. Digital channel adoption reached 96 per cent, while the average customer happiness index stood at 98 per cent.Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of RTA, said the results reflected the authority’s progress from service digitisation towards an integrated digital ecosystem powered by data and artificial intelligence, supporting Dubai’s ambition to become the world’s smartest city.“The next phase will focus on expanding the use of AI and emerging technologies in the design and delivery of services, while strengthening integration with government digital platforms. This will help build an advanced digital ecosystem that supports sustainable growth and keeps pace with rapid global developments in the mobility sector,” Al Tayer added.RTA achieved 94 per cent on the Digital Maturity Index, reaching Level 5, the highest level across the Government of Dubai in 2025, and ranked among the top four government entities.It also scored 83 per cent in the Digital Customer Experience pillar, a 12 per cent increase on 2024, and achieved 100 per cent in the accessibility assessment for People of Determination.The authority recorded customer usage of services via smart apps at more than 25 per cent, a 40 per cent increase year-on-year. RTA also launched 18 new services through the RTA Dubai app, designed in response to customer needs and government directions.Smart apps continued to gain traction, with active users of the RTA Dubai app exceeding 1.2 million in 2025. Meanwhile, S’hail app also introduced a range of services linked to the automated fare collection system, including nol card services, alongside new features and enhancements that improved the integrated mobility experience and reinforced the concept of shared digital channels.These developments support RTA’s drive to provide a unified and seamless mobility experience across Dubai’s various transport modes. They also contributed to higher app usage, with annual visits rising to 68 million, increasing by 144 per cent from 2024. Requests for enquiry and journey-planning services also rose to 48 million, representing 48 per cent growth.RTA provides 103 services through the website, with 11 million transactions completed and a customer happiness index of 96 per cent. RTA also launched four new digital platforms on the website, including dedicated platforms for the Road Safety Film Festival Competition, Delivery Service Excellence Award, Academic Scholarship Programme, and Dubai Award for Sustainable Transport.RTA also added three new services: payment of advertising signboard fines, contesting violations, and the temporary passenger transport permit service, “Naqel”. RTA also introduced an AI-powered search feature to make services easier to access and improve the user experience.RTA has significantly enhanced digital services through the virtual assistant “Mahboub”, adding and improving 15 digital services under Phase 3 of the Services 360 Plan. This raised the total number of interactive services to 32.The enhancement also contributed to greater uptake of digital channels, with transactions increasing by 20.6 per cent compared with 2024 and revenue collected rising by 8.1 per cent.Across alternative service channels, smart kiosks offering 24 services covering drivers, vehicles and nol witnessed growing uptake. Transactions increased by 17.3 per cent compared with 2024, surpassing 1 million, while revenue exceeded AED425 million, a rise of more than 11 per cent year-on-year. As part of kiosk expansion plans, RTA launched four new interactive kiosks at Customer Happiness Centres.The WhatsApp channel offers 16 services, with revenue from parking ticket reservations rising to more than Dhs21.7 million. RTA also launched “Madinati” service via Mahboub chatbot on WhatsApp, using computer vision and generative AI technologies to support the shift towards proactive smart services.RTA continued to implement objectives of the Services 360 Policy by launching and enhancing 48 of 74 digital services across digital channels, strengthening service integration and simplifying the customer journey.It also expanded services across shared digital channels. RTA added 14 services to S’hail app under the “Mobility in Dubai” channel, enhanced 23 services on “Dubai Now”, and upgraded 21 services on “Invest in Dubai”. RTA also made 10 services available through “Visit Dubai” and integrated RTA services into the “Build in Dubai” platform.RTA continued to strengthen global presence and excellence, winning two Global Business Tech Awards. The RTA Dubai app won the “Best Application of Tech - Public Sector” award, while S’hail app won the “Best Mobile Tech of the Year” award.WAM]]></description>
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        <pubDate>Mon, 01 Jun 2026 09:44:00 +0400</pubDate>
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        <title><![CDATA[Soaring prices jeopardise travel to tourism-dependent countries]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/06/01/soaring-prices-jeopardise-travel-to-tourism-dependent-countries]]></link> 
        <description><![CDATA[With summer around the corner, soaring prices and other complications from the war with Iran are straining the tourism-dependent economies of countries in Southeast Asia, including Thailand and Vietnam.The region’s peak tourist summer season is at risk as elevated jet fuel costs coupled with ceasefire uncertainties prompt flight cancellations and higher ticket prices.Tourism in Asia has yet to fully recover from the COVID-19 pandemic. Now, many countries are coping with the war’s repercussions for global energy supplies and prices, which hit Asia first and hardest. Some families are pulling back on travel as visiting gas stations and grocery stores gets more expensive worldwide. Crowds have thinned at some places once synonymous with travel.“With gasoline prices rising and tourism declining, how can we make money?” asked Siv Pech, a 58-year-old tuk-tuk driver in Siem Reap, home to Cambodia’s centuries-old Angkor Wat temple complex.Tourism is an economic lifeline for many developing nations. It contributes nearly 13% of gross domestic product in Thailand and nearly 9% in Vietnam, and it underpins millions of jobs in Cambodia. Travelers bring in much-needed foreign currency for import-dependent economies such as the Philippines and Nepal.Those tourism dollars are more critical than ever as war-driven spikes in oil prices push up the cost of fuel imports, especially for parts of the world that relied on the Strait of Hormuz off Iran’s coast as a conduit for much of their oil and gas.The war will determine which tourism businesses can survive long enough to benefit from the eventual return of travelers, said Jitsai Santaputra of The Lantau Group, an energy industry consulting firm. “This, happening within five years of each other, first the pandemic and now the war, is horrible for the tourism industry,” she said.Jet fuel shortages and surging costs have led Vietnam Airlines, the Malaysia-based AirAsia group, Hong Kong’s Cathay Pacific and other carriers to cut flights or re-adjust schedules.European carriers face a squeeze from similar issues.Airspace closures across the Persian Gulf early in the war and the intermittent closures of certain Gulf airports cut off key layover locations for Asia-bound flights or forced commercial airplanes to take longer, costlier routes.Airfares have jumped, with airlines like Air India and Cathay Pacific implementing sharp increases in fuel surcharges.Cathay Pacific’s fuel surcharge for medium-haul flights has jumped to 633 Hong Kong dollars ($80) from 264 Hong Kong dollars ($34) before the war. For long-haul flights, it increased to 1,362 Hong Kong dollars ($174) from 569 Hong Kong dollars ($73).“Jet fuel prices remain at highly elevated levels” and have increased cost pressures, said Lavinia Lau, Cathay’s chief customer and commercial officer. Travelers are booking closer to their departure dates, she said, indicating growing unease.Sandra Awodele, a freelance travel writer in the Washington area, often plans year-round international trips and hoped this summer would finally be the one she crossed Asia off her bucket list.In March, she began planning a long-awaited vacation to Thailand, envisioning one to two weeks of exploring. Her plans hit a wall when she checked airfares.“I looked at flight options and that’s where it ended,” Awodele said.On the ground, rising fuel costs in tourism-dependent Southeast Asia are squeezing taxi and ride-hailing app drivers.Pech, the Cambodian tuk-tuk driver, said he used to earn up to $20 a day toting tourists around Siem Reap. That’s plummeted to about $5 a day.His gas bill eats half of that. The rest goes to food. “Some days, I don’t earn even a cent,” he said.Tourism is vital for many regional economies, accounting for nearly 11% of economic activity in the Association of Southeast Asian Nations in 2019, according to the World Travel and Tourism Council.An analysis by Moody’s Analytics estimated effects from the war would likely reduce economic growth across the Asia-Pacific region by 0.1 to 0.4 percentage points in 2026.“The conflict will weigh on growth mainly through higher production costs and consumer prices, along with weaker external demand from trade and tourism,” said Albert Park, chief economist at the Asia Development Bank.Agencies]]></description>
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        <pubDate>Mon, 01 Jun 2026 09:40:00 +0400</pubDate>
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        <title><![CDATA[China factory activity stalls in May as new export orders shrink]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/06/01/china-factory-activity-stalls-in-may-as-new-export-orders-shrink]]></link> 
        <description><![CDATA[China’s ‌factory activity stalled in May as new export orders contracted and input costs kept rising, an official survey showed on ​Sunday, adding to concerns the world’s second-largest economy is losing momentum despite pockets of strength in services and high-tech manufacturing.The official ‌manufacturing purchasing managers’ index (PMI) dropped to 50 from ‌50.3 in April, matching the forecast in a Reuters poll of economists and straddling the 50-mark separating growth from contraction, according to a survey by the National Bureau of Statistics (NBS).It was the lowest reading in three months and followed data earlier in May showing China’s growth momentum ‌cooled in April despite a rebound in exports.Supply improved while demand weakened, as the sub-indexes for production and new orders came in ⁠at 51.2 and 49.9 in the manufacturing PMI survey.New export orders fell more sharply, dropping to 48.6 from 50.3 in April, heaping pressure on policymakers to reduce the economy’s reliance on overseas demand and strengthen domestic consumption.“The slowdown in foreign demand was particularly prominent ... mainly due to a marked contraction in the exports from the consumer goods manufacturing sector,” said Wen Tao, an analyst at the China Logistics Information centre.Weakness in the property market, employment and consumer spending continues to dampen growth, leaving China reliant on global demand to absorb ​goods produced by its manufacturing sector.China’s government has vowed to address the supply-demand mismatch and has set a less ‌ambitious GDP growth target for 2026, allowing more room for reforms.External pressures have added to the strain on manufacturers. The U.S.-Israeli war with Iran, which started in late February and led to the effective closure of the strategic Strait of Hormuz, has sent energy prices surging, threatening to squeeze manufacturers’ profits as costs soar.The gauge for raw material prices in the manufacturing PMI survey came in at 60.5, down from 63.7 in April but still well above the 50-point mark, suggesting input costs continued to rise, albeit at a slower pace.“The purchase price ​index remained in ‌expansionary territory, showing that raw material prices continued to rise, which also kept prices at the product end increasing,” Wen said.For Chinese ‌manufacturers, external factors have had an uneven impact. The petrochemical sector and other upstream industries have borne the brunt of imported producer price inflation, but stockpiling by buyers concerned about further cost hikes as well as global demand for semiconductors and other AI-related goods have bolstered advanced manufacturing.High-tech and equipment ‌manufacturing outperformed the overall sector ‌in May, logging PMI readings of 52.9 and 52.1, NBS data showed. Activity in high-energy-consuming industries, meanwhile, contracted.A summit between Chinese and US leaders in Beijing in mid-May did ‌not result in an extension of the trade truce the two governments reached late last year, although the two sides agreed to explore areas for tariff cuts on goods worth some $30 billion from each.The non-manufacturing PMI, which includes services and construction, rose to 50.1 from 49.4 in April, NBS data showed, helped by a surge in travel spending ​during the five-day May Day holiday at the start of the month.The services activity gauge improved to 50.3, its highest in nine months, suggesting Beijing’s push to expand the services sector may be gaining some traction as policymakers seek to offset sluggish demand for manufactured goods.Meanwhile, the European Central Bank must act on inflation ‌sooner rather than later, ECB ​Governing Council member Alvaro Santos Pereira ‌told Portugal’s ‌Antena 1 broadcaster on Saturday.“Our concern right now is inflation; ‌we need to look at ⁠the data very closely. But I also think, looking at what happened in the past, that we need to act sooner ​rather than later, to avoid a ‌greater second-round impact,” said Pereira, who is also governor of the Bank of Portugal.“When there is an inflationary spiral, I prefer ​that ‌we act swiftly and decisively.” Asked ‌whether that meant that he would support an interest rate hike at ‌next month’s ‌ECB meeting, he said: “We will have new ‌ECB estimates and data from different countries, we will look at what ​is happening with prices and then we will make a decision.” Austria’s coalition government said on Saturday it ‌will further shrink its recently introduced “petrol ​price brake”, an inflation-fighting measure aimed ‌at cushioning ‌consumers from the rise in oil prices caused by the ‌Iran war.The mechanism, which combines trimming retailers’ margins and returning an increased value-added tax take from higher fuel prices to consumers in the form of ​lower petrol tax, requires the ‌government to set the size of those two elements each month.Currently the reduction in margins is set at 2.5 euro ​cents (2.9 ‌cents) per litre ‌and the tax reduction at 2 cents per litre. From June ‌1, the ‌margin cut will be scrapped and ‌the tax reduction trimmed to 1.7 cents per litre, the economy ministry said ​in a statement.Agencies]]></description>
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        <pubDate>Mon, 01 Jun 2026 09:38:00 +0400</pubDate>
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        <title><![CDATA[Airlines, business groups warn of chaos if US restricts flights]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/30/airlines-business-groups-warn-of-chaos-if-us-restricts-flights]]></link> 
        <description><![CDATA[Major airline, travel and business groups warned that barring border processing at Newark or other major US airports ​could lead to chaos, strand thousands of tourists and Americans trying to get home, and prevent ‌crucial cargo shipments.On Thursday, Homeland ‌Security Department Secretary Markwayne Mullin said the Trump administration could soon stop processing international travelers and cargo at New Jersey’s Newark Liberty International Airport, a major gateway into New York City, because local law enforcement in the state ‌were not assisting federal immigration officials.Mullin has repeatedly said he could also halt immigration processing at more than a dozen other airports in so-called “sanctuary cities,” including Boston, Denver, Philadelphia, Chicago, Los Angeles, Seattle and San Francisco.Halting customs operations at major US airports “threatens to cause unnecessary chaos throughout the nation’s air transportation system,” said the US Chamber of Commerce, Airlines for America, National Retail Federation, US Travel and other groups in a joint statement on Friday.“International aviation networks are highly interconnected, and operational changes at a small number of ​gateway airports will quickly ripple across the country, negatively impacting travelers, cargo shipments, supply chains, and ‌the communities that depend on those connections,” they said.The White House did not immediately comment. However, three airline executives told Reuters on Friday that they did not believe the Trump administration would immediately move ahead with any restrictions.Mullin had complained that local police were not ensuring that federal immigration officials could enter and exit a New Jersey detention centre and he warned he could reassign customs officials from the airport.Shutting down all international ​flights in the ‌18 airports serving the sanctuary cities would result in a more than $70 billion hit to the economy ‌and impact 68 million international passengers per year, the US Travel Association said.Over 20,000 international passengers land at Newark alone every day, including about 14,000 US citizens, it said.“American travelers from across the US could find their flights ‌into the US ‌diverted or canceled,” the group said.“Millions of international visitors will face the same disruption, and with the FIFA World Cup weeks away, ‌the damage to America’s reputation as a welcoming destination would be significant and lasting.”Foreign visitors are expected to stream in for next month’s football World Cup, jointly hosted by the US, Canada and Mexico. The final will be held on July 19 in East Rutherford, ​New Jersey, about 12 miles from Newark airport.A shutdown could also imperil billions of dollars in imported cargo like pharmaceuticals and semiconductor chips.“Air cargo cannot be rerouted without severe economic consequences,” said the Cargo Airline Association.Separately, US-based investment firm Castlelake, L.P. on Friday said it is in the early stages of considering a ‌possible offer for British budget carrier easyJet, sending the airline’s ​US-traded shares up nearly 10%.No approach has been made ‌to the board of ‌easyJet and there can be no certainty that any offer will be made, nor as to the terms of any offer, Castlelake said ‌in a statement.Under UK takeover rules, Castlelake must make a firm offer by June 26 or walk away from a deal.The news comes a week after easyJet warned that its full-year outlook remains uncertain as the Iran war drives up fuel costs and bookings weaken for the peak summer season.The company has a market capitalisation of ​3.02 billion pounds, according to data compiled by LSEG. The ‌carrier’s shares closed at 398 pence on Friday and are down over 22% this year.The Iran conflict has been disrupting global aviation, sending jet fuel prices up more than 80% since late February and forcing airlines to raise fares, cut capacity or absorb margin pressure as flows through ​the Strait ‌of Hormuz are constrained.Castlelake had in January entered talks to ‌acquire Spirit Airlines, months before the bankrupt carrier permanently ceased all flight operations and went out of business.The investment firm last year launched Merit AirFinance, ‌an aviation lending platform ‌backed by $1.8 billion in deployable capital, which aims to provide debt financing to airlines ‌and aircraft lessors for new and used aviation assets.In 2021, easyJet rejected an offer from rival Wizz Air, opting instead to raise $1.7 billion from shareholders and go it alone in ​an industry battling to recover from the pandemic.In a separate development on Thursday, IndiGo and ​Air India, India’s two largest airlines, have sharply cut their planned domestic flights for June ‌and July, sources familiar with ‌the matter said, as the industry grapples with a rise in jet fuel costs in the wake of the Iran war.IndiGo has cut around 7%-10% of its planned domestic flights for the period, ‌while Air India has cut 22%, the sources said, marking a significant pullback by the two carriers that together control around 90% of India’s domestic air passenger market.The sources declined to be named as they were not authorised to share the information.Agencies]]></description>
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        <pubDate>Sat, 30 May 2026 21:00:00 +0400</pubDate>
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        <title><![CDATA[UAE GDP reaches Dhs1.9 trillion, grows 6.2% in 2025]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/30/uae-gdp-reaches-dhs19-trillion-grows-62-in-2025]]></link> 
        <description><![CDATA[The Federal Competitiveness and Statistics Centre (FCSC) announced that the UAE’s real gross domestic product (GDP) grew by 6.2 per cent in 2025 compared to 2024, reaching Dhs1.9 trillion.Non-oil GDP increased by 6.8 per cent during 2025 compared to 2024, reaching Dhs1.5 trillion.Abdulla Bin Touq Al Marri, Minister of Economy and Tourism, said the national economy continues to deliver outstanding and exceptional performance under the leadership of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan and the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.He noted that the latest economic results reflect the effectiveness of the UAE’s strategy to develop a diversified and sustainable economic model, supported by robust growth in non-oil sectors and the rising role of new economy industries. He stressed that this momentum reinforces the country’s path towards achieving the objectives of the "We the UAE 2031" vision.Bin Touq noted that the UAE’s flexible economic policies, based on future foresight and effective responsiveness to global developments, have accelerated economic diversification and strengthened the foundations of competitiveness and sustainable growth.Hanan Mansour Ahli, Managing Director of the FCSC, said the strong economic results achieved in 2025 reflect the success of the UAE’s development and economic policies in strengthening economic stability and enhancing the competitiveness of key sectors, while continuing to develop the structure of the national economy towards greater diversity and efficiency.She added that the UAE continues to strengthen its future economic readiness through investment in the digital economy, technology and innovation, while developing an integrated economic ecosystem that supports long-term growth and reinforces the country’s position as a global hub for business and investment.Several economic sectors recorded strong performance in 2025. The construction sector led growth with an increase of 11.1 per cent, followed by the financial and insurance sector at 10.4 percent, the real estate sector at 7.9 per cent, and the transport and storage sector at 7.8 percent, reflecting sustained momentum across the UAE’s key economic activities.In terms of contributions to non-oil GDP, the trade sector maintained the largest share at 16.9 percent, followed by the financial and insurance sector at 13.2 per cent, construction at 12.9 per cent, and manufacturing industries at 12.8 per cent, highlighting the diversity of the national economy’s production base and the continued contribution of vital sectors to economic growth.WAM]]></description>
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        <pubDate>Sat, 30 May 2026 19:53:00 +0400</pubDate>
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        <title><![CDATA[India says retail inflation may accelerate on fuel price rise]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/30/india-says-retail-inflation-may-accelerate-on-fuel-price-rise]]></link> 
        <description><![CDATA[NEW DELHI: India's retail inflation could rise as a result of recent fuel ‌price hikes and weaker-than-normal monsoon rains, the country’s ​finance ⁠ministry said in a report on ‌Saturday, as energy ‌supply disruptions continue because of the Middle East conflict.The duration of the ‌Strait of Hormuz disruption remains the "single most consequential variable" ⁠for India's external and price outlook, the report said.A sharp rise in upstream price pressures, along with recent increases in fuel prices, suggests a gradual pass-through to retail ​inflation through higher transport, energy and food-related ‌costs in the coming monthsA significant rainfall deficit coupled with current geopolitical conditions ⁠could translate into food inflation, weakening rural demand and aggregate growth, the report said. The near-term outlook ​for ‌the Indian economy is one of cautious ‌resilience.The confluence of elevated global energy prices, a depreciating rupee, rising upstream cost pressures and ‌the prospect of ‌a below-normal monsoon ⁠calls for sustained policy vigilance, the report ‌said.India's annual retail inflation rose marginally to 3.48 per cent in April and so ⁠far remains below the central ​bank’s target. The finance ministry releases its economic report every month.Meanwhile India forecast an El Nino-weakened monsoon in 2026 that will bring the lowest rainfall in 11 years, fuelling concerns ​over crops, food prices and ⁠growth in the world's fifth-largest economy, battling inflationary pressures from the Iran war.The monsoon delivers about ‌70% of annual rains to replenish crucial ‌water sources in a nearly $4-trillion economy where almost half of farmland lacks irrigation and about half the population earns its livelihood from farming.Prospects of weak rainfall and distribution add to inflation risks and weigh on growth, said Gaura Sengupta, chief economist at IDFC First Bank."A deficient monsoon, particularly ‌in the crucial July-August months, can add to the pressure and push up inflation closer to an average of 5.5% if food inflation spikes," ⁠Sengupta said.That compares with India's retail inflation of 3.48% in April, driven by higher food prices, though the outlook is clouded by energy costs linked to the Middle East conflict.This year's monsoon is seen at 90% of a long-period average, below an April forecast of 92% and the weakest since 2015, M. Ravichandran, secretary in the earth sciences ministry, told a press conference earlier on Friday.The India Meteorological Department defines average, or normal, rainfall as ranging from 96% to 104% of a 50-year average of 87 cm (35 inches) for ​the four-month monsoon season.An El Nino is likely to develop soon and influence rainfall, Ravichandran added, with its intensity ‌expected to range between moderate and strong in the latter half of the monsoon season.India is forecast to receive below-average rainfall in June, less than 92% of the long-period average, Ravichandran said.Several Indian states are reeling under heatwave conditions, with temperatures soaring above 45 degrees Celsius (113°F) - levels ⁠that usually ease with the arrival of monsoon rains.But the monsoon's advance has slowed, with rains now expected to reach India's southern coast within a week, later than the earlier forecast of May 26. The monsoon typically reaches India around June 1 before spreading nationwide by mid-July.Maximum and minimum ​temperatures in June ‌are likely to stay above average, with many states across southern, western, central and northern India expected to see more heatwave days, the ‌weather department said.SUFFICIENT STOCKS India has received below-average rainfall in most El Nino years, sometimes triggering severe droughts that damaged crops and led to curbs on grain exports.Despite sufficient stockpiles of staples such as rice and wheat, a patchy monsoon could mean lower incomes in the countryside, home ‌to about two-thirds of ‌a population of 1.4 billion.Lower rural incomes in turn typically dampen ⁠sales of consumer goods, from motorcycles to refrigerators."Below-normal rainfall could affect early-season planting of pulses, cotton, edible oilseeds and ‌coarse grains such as corn," said Ashwini Bansod, vice president for commodities research at Phillip Capital India, a Mumbai-based brokerage.Rice paddy is also at risk in non-irrigated areas in parts of the northern and northwestern states, Bansod ⁠said.The world's largest exporter of rice and onions and the second-largest producer of sugar, India is also the world's largest importer ​of edible oils, filling nearly two-thirds of its demand.An El Nino occurs when ocean temperatures rise above normal in the central and eastern Pacific, typically bringing hot and dry weather to Southeast Asia and other regions.Reuters]]></description>
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        <pubDate>Sat, 30 May 2026 19:45:00 +0400</pubDate>
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        <title><![CDATA[Fed policymakers eye possible rate hike as inflation risks rise]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/30/fed-policymakers-eye-possible-rate-hike-as-inflation-risks-rise]]></link> 
        <description><![CDATA[WASHINGTON: Federal Reserve officials continued to signal the ‌US central bank may need to raise interest rates in the future if the war leads to a persistent increase in already-high inflation. The potential shift in ​the monetary policy outlook has ⁠even been embraced by Fed Vice Chair for Supervision Michelle Bowman, one of the central bank's most dovish policymakers. Bowman told a conference in Iceland on ‌Friday that the war and its resulting energy shock could ‌change her view on the outlook for rates."It still seems early to assess the size and persistence of the economic effects from the Iran conflict," she said, adding, however, that "should disruptions persist well into the second half of the year, we could start to see broader effects on inflation."If that happened, Bowman noted that it was more likely that she would "consider shifting my approach to thinking about the balance of risks."She stopped ‌short of saying such an environment would require rate hikes. A number of Bowman's colleagues are worried it may be hard to shrug off the current energy shock as a temporary factor, especially because inflation ⁠has remained above the Fed's 2 per cent target for many years. That view has led to a willingness by these officials to consider lifting rates to bring price pressures back in line.Financial markets are betting the Fed's next move will be to raise its benchmark interest rate from the current 3.50 per cent-3.75 per cent range, likely by year's end.Before the start of the US-backed war with Iran, which has led to massive supply chain distortions and an energy price surge, Fed officials had been eyeing a rate cut.Speaking to a business group in New Jersey, Philadelphia Fed President Anna Paulson said on Friday that monetary policy is "well positioned" considering the unacceptably high inflation pressures and economic uncertainty.Paulson added that the Fed is ready "to react," and while she sees US monetary policy in the right place, "I think it is healthy that ​market participants have taken on board scenarios where the (federal) funds rate remains unchanged for an extended period, as well as scenarios where further tightening becomes necessary."But as San Francisco ‌Fed President Mary Daly put it in an interview with Maria Bartiromo on Fox Business Network, "there's no urgency to make an adjustment" on interest rates."Policy is in a good place," she added - a phrase Fed policymakers often use to signal they are comfortable keeping the policy rate where it is - and said any future move may hinge on when the Iran war actually ends.Oil futures fell more than 2% on ⁠Friday and were on track for their steepest weekly decline since early April after reports that the US and Iran had reached agreement to extend their ceasefire for another 60 days.If oil futures prices "start to drift up because the conflict is persistent, well, then that would change my mind on the outlook for the economy in terms of inflation," Daly said.She'll also be watching whether services industries start to raise prices, a ​worrying sign that inflation ‌may become more persistent. So far she detects little of that outside of industries where fuel costs are a big chunk of the overall business.Still, inflation risks are clearly mounting for the Fed, ‌at least in the near term.A New York Fed gauge designed to capture underlying inflation dynamics jumped to 4 per cent in April from 3.5 per cent in March, according to data released on Friday. Prices of goods and services excluding housing accelerated in April relative to the prior month. Additionally, data released by the US government on Thursday showed the Personal Consumption Expenditures Price Index rose to 3.8% on a year-over-year basis in April from 3.5% in March.Kansas City ‌Fed President Jeffrey Schmid, speaking ‌at the same conference as Bowman, said his "primary concern is inflation, which is too hot and has been ⁠above target for too long." He added that the textbook strategy of looking through an energy shock as something that won't have a lasting impact is not viable ‌right now.Schmid also nodded toward the prospect of using the Fed's balance sheet to help pump the brakes on price pressures."We're not very restrictive at this stage and I think there's some dialogue that we need to start considering what tools we have to really make it a little bit more restrictive," depending on how the ⁠oil shock plays out."Maybe we look at the balance sheet again as another tool to... create some restriction," Schmid said, indicating some sort of new drawdown in Fed holdings could ​create the needed headwinds for economic growth. His view on the balance sheet is likely to be at odds with that of Fed Chairman Kevin Warsh, who has expressed skepticism about using the central bank's bond holdings to augment its interest rate policy.Money market conditions and the Fed's rate-control toolkit also limit how far those holdings can be shrunk without creating market ⁠volatility. The central bank is currently rebuilding liquidity after conditions tightened late last year.Reuters]]></description>
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        <pubDate>Sat, 30 May 2026 19:43:00 +0400</pubDate>
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        <title><![CDATA[Oil tumbles, global stocks gain as US-Iran deal hopes persist]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/29/oil-tumbles-global-stocks-gain-as-us-iran-deal-hopes-persist]]></link> 
        <description><![CDATA[World stocks edged higher on Friday while oil prices slid and headed for a ‌weekly drop as traders awaited clarity on efforts to reopen the Strait of Hormuz and extend a US-Iran ceasefire. Sources told Reuters ​the United States and Iran had agreed to extend their ceasefire and lift shipping restrictions, though US President Donald Trump ‌has yet to approve the deal and Iranian ‌state media said it had not been finalised.Oil futures fell around 2% and were on track for their steepest weekly decline since early April. MSCI’s world stocks index rose 0.4% to a record high. Gains were led by chipmakers, after upgraded forecasts from Dell boosted AI sentiment and ‌lifted benchmarks in Tokyo and Seoul 2.5% and 3.5%, respectively.“You’re getting these multiple confirmation points, and that’s just going to extend the rally for anything AI-related,” said Jason da Silva, director of global investment strategy at Arbuthnot Latham.Gains elsewhere were more modest. Wall Street futures were broadly flat , while European stocks rose 0.5%. The S&P 500 closed at a record 7,563.63 on Thursday.The dollar was on track for a small weekly decline, reflecting lower US Treasury yields. Analysts, however, said the drop in yields may be limited, as a U.S.-Iran deal is unlikely to quickly reverse inflation pressures from elevated fuel prices.“The market’s already taking the view that a deal’s going to be done and ​the Strait is going to be open,” said Jason Wong, senior market strategist at BNZ in Wellington.“The main point ‌is it removes a tail risk of a really, really bad outcome. I don’t think it’s a green light to take oil down $20, or Treasuries down 20 points.” Investors are also tracking other geopolitical risks. NATO member Romania said on Friday a drone injured two people during an overnight Russian attack on neighbouring Ukraine - the first time in the war that a drone had hit a densely populated area in Romania and caused injuries.Global bond yields are lower on the week, with the US 10-year Treasury yield at 4.4453%. Inflation in the euro zone’s ​four largest economies ‌hovered above the European Central Bank’s 2% target for a third straight month in May, preliminary data showed on Friday, as a ‌rise in fuel costs triggered by the Iran war began to feed through to other prices. Overnight US data on consumption, income, home sales and GDP came in on the soft side of expectations, with inflation running hot but a little bit under forecasts. In Japan, annual core inflation in Tokyo stayed ‌below the central bank’s ‌2% target for a fourth straight month in May, though a rebound in factory activity pointed to resilience and supported the case for a June rate hike.The yen remained under ‌pressure after sliding back towards levels that previously prompted suspected intervention. At 159.275 per dollar, it was still just shy of the 160 level seen as a line in the sand for policymakers. Japanese authorities spent 11.7 trillion yen ($73.5 billion) on currency intervention between April 28 and May 27, the Ministry of Finance said on Friday, a fraction of its $1 ​trillion war chest.The euro dipped 0.1% to $1.164175.The New Zealand dollar has been a major mover this week, rising about 2% against the U.S currency after the Reserve Bank of New Zealand held rates steady on Wednesday but delivered a more-hawkish-than-expected outlook.The UK’s ‌domestically focused FTSE 250 index headed for a second straight weekly ​gain on Friday, powered by a surge in technology firm ‌Ocado’sshares after its tie-up with ‌Asda, and on reports that the US and Iran were near a ceasefire extension.The blue-chip FTSE 100 index rose 0.3% to ‌10,459.94 points by 1118 GMT, looking to end the week largely flat. The midcap FTSE 250 added 0.8%.Ocado soared 11.3% after supermarket group Asda struck a deal with the technology firm to overhaul its online business across the UK.Oil prices slipped nearly 2% after reports that the US and Iran had reached agreement ​to extend a ceasefire and lift restrictions on shipping through the ‌Strait of Hormuz, sources told Reuters. Shares of oil majors Shell and BP were mixed.Hopes of a U.S.-Iran de-escalation and easing bets on UK interest rate hikes have buoyed domestic stocks over the past two weeks.Bank of England Governor Andrew Bailey said that allowing inflation ​to run ‌above the central bank’s 2% target is justified given the ‌economic uncertainty and reiterated comments he made last week in which he said that the BoE had tightened monetary policy by taking rate cuts ‌off the ‌table.Money market bets show traders are pricing in at least one 25 bps ‌interest rate hike this year and see a near 30% chance of another move, down from 50% probability earlier this week.Looking ahead, market participants remain cautiously optimistic that a sustained US-Iran agreement could stabilise energy markets and support global growth. However, analysts warn that persistent inflationary pressures from earlier fuel spikes, combined with mixed economic data from the US and Europe, may keep central banks on high alert. Any delay in finalising the Hormuz reopening could trigger renewed volatility in oil and shipping stocks. Meanwhile, investors will closely monitor next week’s central bank decisions and upcoming US jobs data for fresh signals on the pace of monetary easing, as geopolitical tail risks gradually fade into the background.Agencies]]></description>
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        <pubDate>Fri, 29 May 2026 21:03:00 +0400</pubDate>
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        <title><![CDATA[Al Zeyoudi highlights importance of developing new trade routes]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/29/al-zeyoudi-highlights-importance-of-developing-new-trade-routes]]></link> 
        <description><![CDATA[ASTANA: On behalf of UAE President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Dr Thani Bin Ahmed Al Zeyoudi, Minister of Foreign Trade, attended the Eurasia Economic Forum 2026 in Astana, Republic of Kazakhstan.The forum, held alongside the Supreme Eurasian Economic Council, gathered heads of state and key officials from the Eurasian Economic Union (EAEU) to discuss vital economic cooperation and trade initiatives.During the forum, Al Zeyoudi participated as a speaker in the session titled "Eurasian Trade and Logistics in a New Reality," where he highlighted the importance of developing trade routes, implementing paperless logistics, and fostering multilateral investment projects in the transport and logistics sector. The session emphasised how enhancing transport infrastructure can strengthen trade relations among EAEU Member States and with global partners.Al Zeyoudi also held bilateral meetings with Andrey Slepnev, Minister in charge of Trade at the Eurasian Economic Commission, and Arman Shakkaliyev, Minister of Trade and Integration of Kazakhstan.The discussions focused on reinforcing economic ties and exploring new collaborative opportunities. In addition, Al Zeyoudi held meetings with Daniyar Joldoshevich, the First Deputy Chairman of the Cabinet of Ministers of Kyrgyzstan; Renat Bekturov, Governor of the Astana International Financial Centre; and Mr Allen Chaizhunussov, Chairman of the Export Credit Agency of Kazakhstan, JSC.Al Zeyoudi was accompanied by Dr Mohammed Saeed Al Ariqi, Ambassador of the United Arab Emirates to the Republic of Kazakhstan and Non-Resident Ambassador to the Kyrgyz Republic.Noting the close economic ties between the EAEU and the UAE, Al Zeyoudi said: "Our participation in the Eurasia Economic Forum has reinforced the UAE's commitment to enhancing economic cooperation with the EAEU. By fostering strong partnerships, we aim to unlock new opportunities for trade and investment, further establishing our position as a global hub for innovation and sustainable growth.”In 2025, the UAE's non-oil foreign trade with the EAEU exceeded $33.3 billion, an increase of 15% compared to the previous year. Trade with Kazakhstan reached approximately $6.1 billion, reflecting an 8.6% increase. The UAE remains Kazakhstan's leading trading partner among Arab countries.This engagement builds on the Economic Partnership Agreement (EPA) signed between the UAE and the EAEU last year, which aims to eliminate trade barriers and enhance collaboration across key sectors. The EPA aligns with the UAE's objectives of expanding its global trade partnerships to drive economic diversification and sustainable growth.Last month, senior officials from Kazakhstan and the United Arab Emirates have reaffirmed their commitment to deepening investment cooperation, with a strong emphasis on renewable energy and emerging green technologies, reports the Kazakhstan Government website.During an official visit to Abu Dhabi, Kazakhstan’s Foreign Minister Yermek Kosherbayev held talks with Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, focusing on current projects and long-term opportunities for economic collaboration.The discussions underscored the steady growth of bilateral ties. In 2025, the UAE ranked among the top five foreign investors in Kazakhstan, with total investment reaching approximately US$1.64 billion. Trade between the two countries has also shown consistent expansion, reflecting strengthening economic links.A central topic of the meeting was a major wind power project in Kazakhstan’s Zhambyl Region. With a planned capacity of 1 GW, the initiative is set to become one of the largest renewable energy projects in Central Asia and a flagship example of strategic cooperation between the two nations.Kazakhstan also highlighted interest in expanding cooperation into new areas such as green hydrogen, industrial localisation, and the development of value-added production chains. Officials noted that such initiatives could enhance long-term economic resilience and support sustainable growth.The meeting concluded with a shared commitment to strengthening the strategic partnership and accelerating joint investment projects, signalling continued momentum in Kazakhstan-UAE economic relations.Separately, the volume of e-commerce across the Eurasian Economic Union (EAEU) reached approximately $110 billion in 2024, while the share of settlements conducted in national currencies in mutual trade increased to around 93%, reports a Qazinform News Agency.The figures were presented during the plenary session “Eurasian Economic Integration: Challenges and Prospects” held as part of the 5th Eurasian Economic Forum.According to materials presented at the session, nearly 90 million consumers across EAEU member states now make purchases through online marketplaces and digital platforms.Particular attention was paid to issues of digital and financial integration. The development of e-commerce, the modernization of digital infrastructure, and the expansion of national currency use in mutual settlements were identified among the key priorities.Measures aimed at strengthening financial cooperation among EAEU member states were also reviewed. In addition, further steps to improve interaction mechanisms within the Union’s financial markets were considered.Earlier, Qazinform News Agency reported that the combined gross domestic product (GDP) of the member states of the Eurasian Economic Union (EAEU) had grown by 16.6% since 2020, reaching $3.02 trillion in 2025.Agencies]]></description>
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                <dc:creator><![CDATA[gulftoday]]></dc:creator>
        <category><![CDATA[Business ]]></category>
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        <pubDate>Fri, 29 May 2026 20:35:00 +0400</pubDate>
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        <title><![CDATA[Indians topped investors&#039; list owning property in Dubai]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/29/indians-topped-investors-list-owning-property-in-dubai]]></link> 
        <description><![CDATA[Indians topped the list of nationalities that invested and owned property in Dubai's real estate market since the beginning of the crisis and geopolitical tensions in the region, with a share estimated at 20.59% of the total real estate purchase volume in the emirate from the end of February 2026 to date, according to the "DXB Interact" platform.DXB Interact added that British nationality ranked second with 13.26%, followed by Egyptian nationality in third place with 12.60%.The platform added that Americans ranked fourth with 8.99%, then Pakistanis in fifth with 6.94%, and Saudis in sixth with 5.72%, while Australian nationality ranked seventh with 5.72%, Germans in eighth with 4.16%, French in ninth with 3.78%, and Canadians in tenth with 3.05%.According to the platform, the Dutch ranked 11th with 2.83%, Russians in 12th with 2.50%, Moroccans in 13th with 2.33%, Spaniards in 14th with 2.11%, Kuwaitis in 15th with 2.11%, Turks in 16th with 2.05%, and Nigerian nationality in 17th with 1.89%.Asian investors topped the list, represented by four 4 countries, as the nationalities most purchasing Dubai properties during the recent crisis with a share of 35.36%.The platform clarified that Asians were followed by Europeans represented by seven countries including Russia and Turkey with 30.68%, then Africans represented by three 3 countries with 16.82%.North America represented by two countries with 12.04%, then the continent of Oceania represented by one country with 5.11%.]]></description>
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                <dc:creator><![CDATA[Farouk Fayyad, Staff Reporter]]></dc:creator>
        <category><![CDATA[Business ]]></category>
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        <pubDate>Fri, 29 May 2026 20:22:00 +0400</pubDate>
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        <title><![CDATA[ADNEC Centre Abu Dhabi wins five global awards at Eventex 2026]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/29/adnec-centre-abu-dhabi-wins-five-global-awards-at-eventex-2026]]></link> 
        <description><![CDATA[The ADNEC Centre Abu Dhabi, the flagship venue of ADNEC Group, a Modon company, has won five global awards at Eventex 2026, one of the most prominent and renowned awards in the field of events, exhibitions, conferences, and experiential marketing worldwide. This accomplishment underscores its leading position on the global map of major exhibitions, conferences, and events, reaffirming Abu Dhabi's status as an international destination for hosting specialised events and exhibitions.The five awards won by ADNEC Centre Abu Dhabi include the title of World’s Best Sustainable Venue, in recognition of its pioneering efforts in sustainability and operating its facilities entirely using clean energy. The centre also received the World’s Best Convention Centre and the World’s Best Exhibition Venue awards.Additionally, the centre won the World’s Best Sports Venue and World’s Best Wedding Venue. These accolades highlight the diversity of ADNEC Abu Dhabi Centre's capabilities and its global excellence in hosting and managing various types of events, from major exhibitions and conferences to sporting events and weddings, all adhering to the highest global standards in operations, sustainability, and customer experience.Eventex 2026 announced the winners of its 16th edition after an exceptional year that saw a record-breaking 1,405 entries from 58 countries worldwide. The judging panel for the awards comprises 251 experts and specialists from 43 countries, representing a group of leaders in the events and experiential marketing sector globally.The panel included agency leads, international associations, conference and exhibition bureaus, as well as creative leaders and journalists. Members of the panel represent prestigious global organisations and brands such as FIFA, the Financial Times, Coca-Cola, Samsung, Salesforce, and Siemens. This year's edition features 14 jury members overseeing the evaluation process to ensure the highest standards of integrity and transparency.The awards cover a wide range of categories that honour excellence and innovation across various aspects of the events industry, including events, brand experiences, marketing and communication strategies, agencies and teams, destinations and event venues, event technology, and event production. These categories reflect the global stature of the awards and the significance of the achievements made by ADNEC Centre Abu Dhabi in winning five global awards in the 2026 edition.The evaluation criteria focus on creativity and innovation, assessing how ideas are unique and capable of introducing new concepts; planning and execution, evaluating event organisation quality and operational efficiency; and effectiveness and results, measuring tangible impacts through data, audience reach, and goal achievement.Humaid Matar Al Dhaheri, Group CEO of ADNEC Group, said: "These awards embody the strategic position of Abu Dhabi as a leading global destination for exhibitions, conferences, and international meetings.This global achievement reflects the exceptional role of ADNEC Centre Abu Dhabi in hosting and successfully delivering the most significant and prominent global events. It is a clear indicator of the immense trust placed by our partners and clients, both institutions and individuals, in organising diverse and large-scale events, thanks to ADNEC Centre Abu Dhabi’s advanced facilities and world-class infrastructure. The centre directly contributes to enhancing Abu Dhabi's position as a global hub for business, innovation, growth, and expansion by supporting various sectors worldwide."Al Dhaheri added: "At ADNEC Group, we view this global recognition as a significant responsibility to continue our commitment to delivering exceptional experiences for our partners in the exhibitions, conferences, and business tourism sectors.The group continues to implement its ambitious strategies to achieve its goals of enhancing diversification within its core sectors, accelerating growth and expansion into new markets and sectors, and supporting the objectives of Abu Dhabi's economic vision, thereby boosting the group's contribution to driving the sustainable growth of the emirate's economy.”Khalifa Al Qubaisi, Chief Commercial Officer at ADNEC Centre Abu Dhabi, said: "This global achievement reflects the strong presence of ADNEC Centre Abu Dhabi in the global exhibitions, conferences, and events sector. It also highlights the excellence, innovation, and leadership that ADNEC Group continues to establish through its advanced facilities and integrated services, adhering to the highest international standards.”He added that this position was achieved by ADNEC Centre Abu Dhabi thanks to its clear strategic vision to deliver world-class standards in event organisation, as well as the immense capabilities of its professional operations and management teams, who employ the latest methodologies in event management.ADNEC Group is one of the most diverse groups in the UAE, managing an integrated portfolio of businesses that include exhibition and conference centres, event organisation, hospitality, services, tourism, and media. The group operates four major centres, including ADNEC Centre Abu Dhabi, the largest events centre in the Middle East and North Africa, the ADNEC Centre Al Ain, the ExceL London, and the Business Design Centre in the United Kingdom. The group is distinguished by its ability to provide world-class services and facilities that support hosting multiple simultaneous events, reflecting its advanced operational capabilities and modern infrastructure.ADNEC Group continues to strengthen its global position by expanding into new strategic sectors and enhancing its contribution to the development of the business and leisure tourism sector in Abu Dhabi, in line with the emirate's status as a global destination for exhibitions, conferences, tourism, and culture.The Eventex Awards, founded in 2009, celebrate excellence, creativity, and innovation in events and customer experiences. Attracting annual entries from global companies, institutions, and destinations, the awards feature categories across sectors such as exhibition and conference centres, sports and entertainment events, sustainability, visitor experiences, event organisation, innovation, tourism, and wedding destinations.Eventex enjoys a prestigious global reputation as its evaluation process relies on an international jury of experts and specialists in the events, marketing, communication, and visitor experience industries from around the world.WAM]]></description>
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                <dc:creator><![CDATA[gulftoday]]></dc:creator>
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        <pubDate>Fri, 29 May 2026 09:12:00 +0400</pubDate>
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        <title><![CDATA[One in six young Britons risk joblessness trap, report warns]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/28/one-in-six-young-britons-risk-joblessness-trap-report-warns]]></link> 
        <description><![CDATA[One in six ‌young people in Britain may find themselves not in employment, education or training (NEETs) within five years, up from one in eight now, according to a new ​government-commissioned report that warns ⁠of a "lost generation."In recent decades Britain has had fairly low youth unemployment by European standards. But since the COVID-19 ‌pandemic, the proportion of 16-24 year-olds outside the job ‌market or education has risen to one of the highest in Europe.The number of NEETs reached its highest since late 2013 in the first quarter of this year at just over 1 million, or 13.5% of the age group, up from 12.5% a year earlier, new official figures on Thursday showed."Detachment is no longer temporary. For too ‌many young people it is becoming permanent. We are at risk of a lost generation," said former health minister Alan Milburn, who led the report.Speaking at a ⁠press conference, Milburn said the issue was "probably the most significant challenge facing our country today" and public concern about the issue was the most visceral of any topic he had dealt with in his career.Prime Minister Keir Starmer's government is struggling in opinion polls — with Starmer's own future under threat from party rivals — and cost of living pressures have pushed the economy to the top of voters' concerns.WELFARE SYSTEM 'EXACERBATING INACTIVITY'Milburn's report blamed the welfare system for "exacerbating inactivity." But it also highlighted a sharp drop in the number of low- and medium-skilled entry-level jobs - including part-time Saturday jobs for schoolchildren - despite buoyancy in the broader labour market for much ​of the past decade.Six in 10 NEETs have never had a job, up from four in 10 two decades ago. Over 70% ‌lack good school grades — though 15% have a university degree — and 44% say poor health limits their ability to work, up from 26% 10 years ago, driven by a rise in mental health problems, learning difficulties and neurodiversity.While the direct cost of NEETs in terms of welfare benefits is £3.2 billion ($4.3 billion) a year, getting them all into full-time ⁠work would boost the economy by £38 billion while the annual cost of foregone growth could be as high as £125 billion if it marked the start of a lifetime of joblessness.Milburn, who served in a Labour government led by Prime Minister Tony Blair, plans to set out detailed policy proposals later this year.Work and pensions minister Pat McFadden said ​the report showed "the scale of ‌the challenge and the root causes of youth unemployment we now need to confront."FEWER OPPORTUNITIES FOR WORK EXPERIENCEWhile 84% of NEETs wanted a job ‌or training, only £1 was spent on employment support for every £25 in welfare payments for that age group, the report said.Work experience opportunities have narrowed or vanished and entry-level roles are more demanding than in the past, it added.British governments have sought to expand apprenticeships, which play a much smaller role than in countries such as Germany or the Netherlands.The chief ‌executive of retailer Marks & ‌Spencer, Stuart Machin, said the report's findings were "shocking but not surprising" and matched the concerns ⁠of his staff and customers.Many employers blame higher employment costs including a minimum wage which has risen sharply as successive governments sought ‌to lift it to two thirds of median earnings, with the biggest rises for younger workers."When the cost of entry-level labour rises, the case for taking on someone inexperienced becomes harder unless employers are given support to offset the risk," the report said.However, the ⁠report said there was a lack of clear evidence of overall harm to employment from the higher minimum wage and that the root causes of ​high NEET levels were much longer-term.Milburn said policymakers needed to avoid measures that might exacerbate these but dismissed the idea that the main cause was the higher minimum wage or other increases to tax and regulation since Labour came to power in 2024."Let's not pretend that's the ⁠root cause of the problem," he said.Reuters ]]></description>
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                <dc:creator><![CDATA[gulftoday]]></dc:creator>
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        <pubDate>Thu, 28 May 2026 21:19:00 +0400</pubDate>
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        <title><![CDATA[Wall Street cuts losses on reports of progress on US-Iran peace deal]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/28/wall-street-cuts-losses-on-reports-of-progress-on-us-iran-peace-deal]]></link> 
        <description><![CDATA[US stocks turned higher on Thursday and ‌European shares pared their losses following reports that the United States and Iran have reached an agreement to extend the ceasefire and ​launch negotiations, after the two nations exchanged air strikes.The S&P 500 and the Nasdaq reversed earlier losses, while European shares, though ‌off session lows, remained sharply lower.The agreement, ‌reported by Axios, still needs the approval of US President Donald Trump, and comes after Iran targeted a US air base in Kuwait and the United States struck what Washington described as an Iranian drone complex near the Strait of Hormuz.President Trump earlier rejected reports that Washington and Tehran had ‌reached a compromise deal. A raft of economic data showed first-quarter US GDP grew at a more sluggish pace than originally reported, the saving rate sank to its lowest level since June 2022, inflation continued to heat up, and new orders for core-capital goods - a barometer for corporate spending plans - unexpectedly dropped.The combination of weak GDP and rising price growth presents the US Federal Reserve, now under the Chairmanship of Kevin Warsh, with a dilemma regarding the central bank’s monetary policy.“What the numbers point to today is simply that we have a stagflation problem, and that’s a big problem for the Fed,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. “We have growth ​that’s not that strong and rising inflation, and that suggests that a Fed (interest rate) hike is getting closer to reality ‌as opposed to a rate cut.” The Dow Jones Industrial Average fell 50.09 points, or 0.10%, to 50,594.19, the S&P 500 rose 18.40 points, or 0.24%, to 7,538.76 and the Nasdaq Composite rose 53.37 points, or 0.21%, to 26,731.28.European shares dropped as U.S.-Iran tensions weighed on sentiment and dimmed hopes for a near-term reopening of the Strait of Hormuz, the long-term closure of which could threaten the health of the global economy. MSCI’s gauge of stocks across the globe fell 0.02 points, or 0.00%, to 1,122.26. The pan-European STOXX 600 index fell 0.48%, while Europe’s broad FTSEurofirst 300 index fell 12.20 points, or ​0.49%. Emerging market stocks ‌fell 11.71 points, or 0.67%, to 1,727.42.Oil ​gave up gains on Thursday and traded lower briefly after an Axios report ‌claimed that the US and ‌Iran have reached an agreement for a 60-day ceasefire extension and the start of talks on Tehran’s nuclear programme.Brent crude futures were up 33 cents, or 0.4%, at $94.62 a ‌barrel as of 11:01am. US West Texas Intermediate futures were up 56 cents, or 0.6%, at $89.24. Both benchmarks traded down slightly after the report before recovering some ground.The agreement between the US and Iran still needs final approval from President Donald Trump, who has told mediators he wants a few days to make the final decision, Axios reported, citing US officials and a source involved in the mediation. Oil ​prices have been volatile in recent sessions as traders parse through conflicting ‌signals on the possibility of an end to the three-month Iran war and potential re-opening of the Strait of Hormuz. Traffic through the maritime chokepoint remains at a fraction of the pre-war level.US Treasury yields turned lower on the day following news of a potential interim deal between Washington and Tehran. The yield on benchmark US 10-year notes fell 1.6 basis points to ‌4.465%, from 4.481% ‌late on Wednesday. The 30-year bond yield fell 1.6 basis points to 4.9948% from 5.011% late on Wednesday. The 2-year note yield, which typically moves in step with interest rate expectations for the ‌Federal Reserve, fell 0.8 basis points to 4.025%, from 4.033% late on Wednesday. The dollar edged lower against the euro and the yen in the wake of the largely disappointing economic reports. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.23% to 99.07, with the euro up 0.2% at $1.1647. Against the ​Japanese yen, the dollar weakened 0.14% to 159.29. In cryptocurrencies, bitcoin fell 3.11% to $72,828.83. Ethereum declined 3.63% to $1,985.39. Gold prices pared earlier losses following the release of US inflation data and reports of a U.S.-Iran ceasefire extension. Spot gold fell 0.01% to $4,456.53 an ounce. US gold futures rose 0.15% to $4,454.90 an ounce.Gold prices reversed course to rise on Thursday, rebounding ‌from a two-month low hit earlier in the session, as the US dollar and ​oil prices eased following a report that said the United States and ‌Iran were working to extend a ‌ceasefire.Spot gold was up 0.5% at $4,477.59 per ounce by 11:08am, after falling to its lowest level since late March earlier.Axios reported ‌that the US and Iran reached an outline agreement to extend their ceasefire, pending the approval of President Donald Trump. The US dollar index was down 0.2%, making greenback-priced bullion cheaper for overseas buyers.“The trading gods seem to be intervening in gold today. First, ‌the weak PCE, and now reports of an imminent deal that would open Hormuz, are giving gold a much-needed reprieve,” independent metals trader Tai Wong said.“Gold was threatening to drop below the 200 day-moving-average early this morning - which many traders and investors consider a critical litmus test for maintaining an uptrend.” The PCE data suggeststhat the Federal Reserve may hold rates rather than ​pursue further ‌tightening, said Bart Melek, global head of commodity strategy at TD Securities.Agencies]]></description>
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        <pubDate>Thu, 28 May 2026 20:57:00 +0400</pubDate>
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        <title><![CDATA[Impact of Middle East conflict set to reshape energy investment plans]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/28/impact-of-middle-east-conflict-set-to-reshape-energy-investment-plans]]></link> 
        <description><![CDATA[PARIS: The far-reaching effects of the conflict in the Middle East are prompting countries and companies to rethink energy investment strategies in response to heightened concerns over energy security and the reliability of trade flows, according to a new IEA report.The 2026 edition of the IEA’s annual World Energy Investment report highlights that the current energy crisis, stemming from the effective closure of the Strait of Hormuz, is changing risk perceptions and bolstering moves towards greater diversification. Coming just a few years after the energy crisis centred around war in Ukraine in 2022, today’s supply shock is expected to leave a lasting imprint on future investment priorities, particularly in Asia and the Middle East, where the impacts of the disruptions to shipping flows through the Strait of Hormuz have been felt most acutely.“We are in the midst of the largest energy security crisis the world has ever faced – and I believe this will reshape investment strategies globally, with parallels to the major changes the energy world witnessed after the oil shocks of the 1970s,” said IEA Executive Director Fatih Birol. “We are already seeing intensified efforts by both producer and consumer countries to diversify trade routes and energy sources – such as advancing new pipelines and other supply infrastructure, on the one hand, and turning more to domestically available resources, on the other. These range from renewables and nuclear to coal, oil and gas, in some cases – as well as broader measures to strengthen electricity systems, expand electrification and accelerate energy efficiency.”The report projects that global energy investment will reach $3.4 trillion in 2026, a slight increase year-on-year. Around $2.2 trillion is expected to go to grids, storage, low-emissions fuels, nuclear, renewables, efficiency and electrification in 2026, while around $1.2 trillion is set to be invested in oil, natural gas and coal.Despite higher oil prices, oil investment is expected to decline for a third consecutive year in 2026, falling below $500 billion. The report finds that uncertainty over the duration of the price spike, long project lead times, supply chain constraints and tighter offshore rig markets are limiting near-term spending responses outside the Middle East. At the same time, natural gas investment is projected to rise to $330 billion, the highest level in a decade, supported by a wave of new LNG export projects, particularly in the United States and Qatar.The report highlights growing interest among fuel-importing countries in energy sources available domestically including renewables, nuclear power and, in some cases, coal. Investment in renewable power projects is expected to total around $665 billion in 2026, with $365 billion going toward solar alone. While annual investment growth in renewables has moderated following several years of rapid expansion, low-emissions sources still account for more than 70% of total power generation investment globally. Nuclear investment is continuing its resurgence, exceeding $80 billion annually, with close to 80 gigawatts of new nuclear capacity under construction across 15 countries.Coal investment, meanwhile, is set to rise to $180 billion in 2026, the highest level since 2012, with China accounting for almost 70% of global coal supply spending. The report notes that some Asian countries affected by the current crisis may seek to keep existing coal-fired power plants operating for longer to bolster energy security.Previous energy shocks have led to step-changes in policy attention to demand-side efficiency. The coverage of energy efficiency policies has broadened over recent years, and around $350 billion is invested worldwide each year in efficiency improvements.IEA policy tracking suggests that some 20 countries have already announced new policies to improve efficiency as a result of the crisis. But there are plenty of gaps that remain to be filled.At the same time, the Middle East conflict is complicating the prospects for financing future energy projects. The conflict has triggered volatility within financial markets, slowing investment decisions in the short term and pushing up long-term financing costs. This could disproportionately affect capital-intensive energy technologies, the report warns, particularly in emerging and developing economies where financing costs are already significantly higher than in advanced economies.Electricity-related investment remains the dominant theme in global energy spending trends. Investment in electricity supply and infrastructure is expected to reach nearly $1.6 trillion in 2026 and rise to $2 trillion when end-use electrification is included. Spending on electricity grids is projected to approach $550 billion, up nearly 20% year-on-year, while battery storage investment is set to exceed $100 billion.The electricity demands of the rapid expansion of data centres and artificial intelligence are also becoming a major influence on energy investment trends in some markets, particularly in the United States. Orders for new gas-fired power plants reached a 25-year high in 2025, with data centre needs playing a significant role. The strong demand in the United States and Middle East is limiting the availability of turbines for near-term deployment elsewhere in the world.WAM]]></description>
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        <pubDate>Thu, 28 May 2026 19:56:00 +0400</pubDate>
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        <title><![CDATA[US inflation firming as Iran war drives up energy prices]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/28/us-inflation-firming-as-iran-war-drives-up-energy-prices]]></link> 
        <description><![CDATA[US inflation increased at its fastest pace in three years in April, driven by higher energy prices amid the war with Iran, and ‌cementing economists' views that the Federal Reserve could hold interest rates unchanged well into next year.Surging price pressures are eroding household income and could restrain consumer ​spending and economic growth ⁠this quarter. Income at the disposal of households after adjusting for inflation dropped for a third straight month in April, ‌other data showed on Thursday. Given the soaring cost ‌of living, Americans are growing frustrated with President Trump's handling of the economy. A Reuters/Ipsos survey last week showed Trump's presidential approval rating fell to nearly its lowest level since he returned to the White House, hit by a drop in support among Republicans. Trump won the 2024 presidential election in large part because of his promise to lower inflation.Inflation ‌threatens his Republican Party's congressional majority in the November midterm elections."The inflation picture is becoming increasingly uncomfortable for the Fed," said Olu Sonola, head of US economics at ⁠Fitch Ratings. "Price pressures are likely to persist over the next few months, and while the Fed cannot fix a supply shock, it cannot ignore one that is feeding into underlying inflation." The personal consumption expenditures price index jumped 3.8% in the 12 months through April, the largest rise since May 2023, the Commerce Department's Bureau of Economic Analysis said. PCE inflation advanced by an unrevised 3.5% in March.Economists polled by Reuters had forecast PCE inflation increasing 3.8% year-on-year. The PCE price index rose 0.4% month-on-month in April after shooting up 0.7% in March.The Middle East conflict has disrupted shipping in the Strait of Hormuz, boosting energy prices, as well as straining global ​supply chains and causing shortages of a wide range of goods, including fertilizers, aluminium and consumer products. The national average retail gasoline price shot ‌up 12.3% in April, data from the US Energy Information Administration showed.Gasoline prices have increased more than 50% since the war started at the end of February. Away from the pain at the pump, consumers are also paying higher prices for other goods and services. Inflation was already elevated before the war, largely because of Trump's sweeping import ⁠duties.Goods prices increased 0.7% last month, with gasoline and other energy products rising 5.5%. Food prices rebounded 0.5%.Excluding the volatile food and energy components, the PCE price index increased 3.3% year-on-year in April after rising 3.2% in March. The so-called core PCE inflation gained 0.2% in April on a monthly basis after advancing 0.3% in March. The US central bank ​tracks the PCE inflation ‌measures for its 2% target. Financial markets expect the Fed will keep its benchmark overnight interest rate in the 3.50%-3.75% range into 2027. Minutes of the ‌Fed's April 28-29 meeting published last week showed a growing number of policymakers open to the possibility that they may need to hike rates.Services prices increased 0.3% in April for the third straight month. The cost of housing and utilities rose 0.6% while prices for transportation services climbed 0.4%. Food services and accommodations prices increased 0.5%. Surging prices are flattering the dollar ‌amount of spending. Consumer spending, ‌which accounts for more than two-thirds of economic activity, increased 0.5% last month after ⁠surging 1.0% in March. Hefty tax refunds have provided a cushion for consumers, especially lower-income households.Consumers are also tapping into savings, with ‌the saving rate dropping to 2.6% last month. That was the lowest level since June 2022 and was down from 3.2% in March. Income was unchanged. After adjusting for inflation, income at the disposal of households fell 0.5%.With inflation outpacing wage gains and the tax filing season ⁠over, consumers are likely to pull back. Economists also expect that consumers will at some point want to start rebuilding their savings, especially in the face ​of uncertainty wrought by the war. When adjusted for inflation, consumer spending edged up 0.1% in April after increasing 0.3% in March.The government revised down the growth pace in consumer spending in the first quarter to 1.4% from the previously reported 1.6% annualized rate. Overall gross domestic product growth ⁠was slashed to a 1.6% rate from the 2.0% pace estimated last month.U.S. economic growth was not a strong as initially thought in the first quarter, and momentum is set to slow this quarter, with ‌the war with Iran stoking inflation and squeezing households finances.Gross domestic ​product increased ⁠at a 1.6% annualized rate last quarter, the Commerce ‌Department's Bureau of Economic Analysis ‌said in its second estimate of first-quarter GDP on Thursday. Growth was previously reported to have advanced at a 2.0% pace. Economists polled by ‌Reuters had expected that GDP growth would be unrevised at a 2.0% ⁠rate.The economy grew at a 0.5% pace in the fourth quarter. The downgrade to the first-quarter GDP estimate reflected downward revisions to inventory investment and consumer spending.Reuters]]></description>
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        <pubDate>Thu, 28 May 2026 19:54:00 +0400</pubDate>
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        <title><![CDATA[Oil rises, Asia stocks slide after new US strikes on Iran]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/28/oil-rises-asia-stocks-slide-after-new-us-strikes-on-iran]]></link> 
        <description><![CDATA[Oil prices bounced higher on Thursday while Asian stocks fell, as new US strikes on Iran marked the latest test of a shaky ceasefire in the Middle East war.The price jumps erased much of Wednesday's declines on the hopes of an imminent deal to end the conflict that has all but halted shipping through the crucial Strait of Hormuz for months.An American official said the military had shot down four Iranian drones and struck a control centre in the southern city of Bandar Abbas.The official, speaking to the media on condition of anonymity, described the latest actions as "measured, purely defensive, and intended to maintain the ceasefire".Tehran's state media said Iranian forces had fired at four ships in the strait, while Kuwait said its air defences were responding to missile and drone attacks.The developments came despite an Iranian official saying renewed hostilities with the United States were unlikely, and a threat from US President Donald Trump to "finish the job" if a peace deal was not reached.The mixed signals underscored the fragile state of talks aimed at ending the Middle East war, which has profoundly shaken global energy markets.Brent North Sea crude, the main international benchmark, rose more than two percent during Thursday trade to nearly $97 a barrel, while the main US contract, WTI, increased at a similar pace to over $91 a barrel.Stock markets across Asia saw losses on Thursday, with main benchmarks in Taipei and Sydney closing more than one percent lower and Hong Kong on track to join them during the final hour of trading.Tokyo and Seoul saw more moderate declines, while Shanghai was the sole major exchange to buck the trend, finishing the day up 0.1 per cent.The drops came after a strong day for global stocks on Wednesday, as investors, bullish on artificial intelligence, looked past the conflicting headlines on Iran.In Asia, South Korean chipmaker SK hynix hit a $1 trillion market capitalisation, placing it alongside regional tech heavyweights Samsung Electronics and TSMC, as well as US chipmaker Micron.The tech surge has coincided with a persistent spike in energy prices, which has threatened several major Asian economies that rely on oil shipments from the Middle East.Economists warn that central banks may have to raise interest rates if inflation worsens as a result of the war, increasing borrowing costs and potentially weighing on economic growth.On Wednesday, "every headline pulled the market in a different direction, leaving traders with the same conclusion they have been wrestling with for weeks", said Stephen Innes at SPI Asset Management."The Strait may eventually reopen fully, but until there is something more concrete than draft frameworks and political theatre, every barrel remains hostage to headline volatility, even if sub-$100," he said.Reuters]]></description>
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        <pubDate>Thu, 28 May 2026 11:47:00 +0400</pubDate>
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        <title><![CDATA[Stocks near record highs, oil falls as markets observe US-Iran talks]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/27/stocks-near-record-highs-oil-falls-as-markets-observe-us-iran-talks]]></link> 
        <description><![CDATA[Wall Street stocks showed little conviction Wednesday, drifting along near record highs, while crude oil prices ‌retreated as investors eyed possible progress in US-Iran peace negotiations.All three major US stock indexes wavered in early trading with a pullback in ​chip stocks weighing on the Nasdaq, while Treasury yields eased on hopes that the months-long blockade of the Strait of Hormuz could soon ‌be lifted, easing fears that the resulting energy ‌price squeeze could metastasize into higher inflation, and in turn, tighter monetary policy.Iran’s state TV said it obtained a draft of an unofficial framework of an initial understanding between Washington and Tehran toward ending the conflict, which would entail Iran restoring shipments through the crucial waterway to pre-war levels within a month. The White ‌House said the report was false.“Regarding news reports that Iran may reopen the strait in a month, I’m not sure that’s something anybody’s going to get excited over,” said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. “As we’ve seen, a lot can happen in a month.” This follows claims from Iran on Tuesday that the United States violated the ceasefire, potentially complicating peace efforts. For its part, Washington insisted its recent strikes were defensive in nature.As of Wednesday, however, the fragile truce remained intact, offering hope that a deal could be imminent.Financial markets are currently pricing in a 38.1% likelihood that the US Federal Reserve will raise interest rates in December according to CME’s FedWatch tool, which showed zero possibility of a December rate hike one ​month ago.The Dow Jones Industrial Average rose 365.54 points, or 0.72%, to 50,827.22, the S&P 500 rose 0.02 points, or 0.01%, to ‌7,519.79 and the Nasdaq Composite fell 75.16 points, or 0.27%, to 26,585.03.European shares, enjoying a boost from auto and chemical stocks, hovered near all-time highs even as market participants kept a wary eye on Middle East tensions.MSCI’s gauge of stocks across the globe rose 1.32 points, or 0.12%, to 1,122.74.The pan-European STOXX 600 index slipped 0.05%, while Europe’s broad FTSEurofirst 300 index lost 0.73 points, or 0.03%.Emerging market stocks rose 20.17 points, or 1.17%, to 1,740.58.Crude oil prices dropped on signs of progress in U.S.-Iran peace talks.“Oil is off its high at this point, I think oil is getting closer to where it ought to be, given ​that it doesn’t appear that (the ‌war) is going to escalate from here and that everybody’s looking for an off-ramp,” Pursche added.US crude fell 4.61% to $89.56 a barrel ‌and Brent fell to $95.54 per barrel, down 4.06% on the day. US Treasury yields edged lower on continued signs of progress in Middle East peace talks.The yield on benchmark US 10-year notes fell 2 basis points to 4.471%, from 4.491% late on Tuesday.The 30-year bond yield fell 1.8 basis points to 5.0059% from 5.025% late on ‌Tuesday.The 2-year note yield, ‌which typically moves in step with interest rate expectations for the Federal Reserve, fell 1.5 basis points to 4.035%, from 4.05% late on Tuesday.The dollar held steady after Tuesday’s uptick, while the yen slid ‌to its weakest against the greenback since late April, brushing against levels that triggered an official Japanese intervention last month as investors eyed a potential flare-up of turmoil in the Middle East.The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.07% to 99.04, with the euro up 0.19% at $1.165. Against the Japanese yen, the dollar strengthened 0.06% ​to 159.38.In cryptocurrencies, bitcoin fell 1.48% to $74,892.70. Ethereum declined 0.82% to $2,058.86.Gold prices declined to a two-month low as war-related inflation increased the odds that the Fed could hike interest rates this year.Spot gold fell 1.31% to $4,447.05 an ounce. US gold futures fell 1.35% to $4,439.70 an ounce.Separately, the market value of South Korean memory chipmaker SK hynix soared past $1 trillion on Wednesday, fueled by frenzied global demand for the computing hardware that powers artificial intelligence tools -- a surge that also carried US-based Micron across the threshold.SK hynix’s new benchmark comes on the heels of rival Samsung Electronics, whose market capitalization also topped $1 trillion this month -- fanning frustration among its workers, who have since struck a deal with management securing massive bonuses and averting a strike.Shares in SK hynix, which supplies Silicon Valley AI chip titan Nvidia with advanced high-bandwidth memory, were up more than 11 percent in early afternoon trade.Its new valuation makes the company one of just three $1 trillion firms in Asia, along with Samsung and Taiwanese contract chipmaker TSMC, according to Bloomberg.Idaho-based Micron also crossed the $1 trillion barrier on Tuesday and jumped another five percent at the opening of trade on Wall Street on Wednesday.Governments and tech firms worldwide are pouring hundreds of billions of dollars into AI data centers that can train and run tools such as chatbots, image generators and agents.That has caused a dizzying boom in business for companies that make the silicon microchips used to crunch vast amounts of data in these facilities.Agencies]]></description>
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        <pubDate>Wed, 27 May 2026 21:03:00 +0400</pubDate>
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        <title><![CDATA[US dollar expected to break higher amid Fed inflation fight]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/27/us-dollar-expected-to-break-higher-amid-fed-inflation-fight]]></link> 
        <description><![CDATA[NEW YORK: The US dollar, long stuck in a tight trading range, could be in for a break higher as the Federal Reserve shifts its focus to fighting worrisome signs that inflation is heating ‌up.In the first half of last year, the dollar slumped nearly 11%. Since then, it has settled into a narrow trading range, frustrating both those anticipating deeper losses and ​those hoping for a meaningful rebound.Investors ⁠are eager to get the dollar's direction right, given the currency's pivotal role in global finance.A softer dollar lifts profits for US exporters ‌by raising the value of repatriated foreign revenues. It ‌also makes international assets more appealing to US investors, who reap a currency tailwind on top of underlying asset returns.The opposite is true when the US currency strengthens. Imports from foreign countries can be cheaper in dollars unless tariffs are high enough to make up for it, while investments in other countries would return less when converted into dollars."If oil prices stay high and the Fed signals it's tightening, you could ‌see the dollar strengthen further," said Thierry Wizman, global FX & rates strategist at Macquarie Group."I think there could be a little breakout," Wizman said.The dollar index, which measures the US currency's strength ⁠against a basket of six major peers, is up nearly 1.5% since February 27 - the day before the US-Israeli strikes on Iran.The dollar index last traded at 99.13, just below the 101 level which has marked the top of a five-point trading range for roughly a year.Investors said a selloff in US Treasuries has lifted yields, meaning the dollar could potentially generate higher returns. Investors also worry that higher oil prices triggered by the U.S.-Israeli war on Iran will fuel inflation.Treasury yields have retreated somewhat in recent sessions as hopes for a breakthrough deal to reopen the Strait of Hormuz eased investors' inflation concerns, but yields remain well above pre-conflict levels.The 10-year US Treasury yield - a benchmark for mortgage rates and broader borrowing costs - has risen around 50 basis points since the ​start of the Iran war in late February. The 2-year yield, which tracks Fed rate expectations most closely and is the maturity most watched by currency traders, is ‌up nearly 70 basis points.Higher yields can boost the dollar's allure and investors see room for the US currency to rise further.Bond yields across Europe and Asia have also climbed. But the dollar is the currency used for trading on global oil and gas markets, and the US economy has proved more resilient to the energy shock. This has given the dollar the advantage over rival currencies, particularly ⁠the euro."I think as long as the data justify spreads widening in favor of the dollar relative to Europe or Japan, the natural path for the dollar is to keep going up," Shahab Jalinoos, head of G10 FX research at UBS, said.Even investors who hold a long-term bearish view on the dollar - citing structural concerns such as government deficits and rich valuations - have tempered that stance in the near term."Our stance has ​been on average negative ‌dollar... (but) tactically we've been sort of closer to neutral," said Ugo Lancioni, head of global currency at Neuberger Berman.A key driver of the move in yields - which rise as bond prices ‌fall - is an increase in inflation expectations fueled by higher oil prices. Rising inflation erodes the appeal of fixed-income instruments, prompting investors to demand higher yields."With no end to the crisis in sight, really, and with evidence of inflationary pressure actually feeding through into the data, it's becoming more and more difficult to look through that initial shock," said Oliver Shale, investment specialist for the US at UK-based investment management firm Ruffer Investments.Recent data ‌have reinforced the view that ‌price pressures are not easing as quickly as markets had hoped. Market-based measures of long-term inflation expectations, ⁠known as break-evens, rose to a three-year high of 2.508 per cent on the benchmark 10-year note earlier this month and were last at 2.4 per cent."Over the last handful ‌of weeks we have tactically increased our dollar weight ever so slightly," Shale said, adding that longer term he remains skeptical of dollar strength.The new Fed Chair Kevin Warshhad long been expected to pave the way for rate cuts, but mounting inflation expectations have made that less likely."My baseline right now is that the ⁠Fed is going to move in a more hawkish direction in the next few weeks," Macquarie's Wizman said. The next FOMC meeting is scheduled for June 16-17.The Iran war remains ​the biggest wild card, investors said. A lasting resolution would pose the greatest challenge to the dollar, simultaneously dampening inflation expectations and reducing safe-haven demand. For now, investors are reluctant to bet against the greenback."Who knows what happens on the geopolitical front, but the path of least resistance is, in our view, towards a stronger dollar against low-yielding currencies ⁠like the yen and the euro," UBS' Jalinoos said.Reuters]]></description>
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        <pubDate>Wed, 27 May 2026 21:00:00 +0400</pubDate>
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        <title><![CDATA[American Airlines sees resilient demand cushioning fuel-price hit]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/27/american-airlines-sees-resilient-demand-cushioning-fuel-price-hit]]></link> 
        <description><![CDATA[CHICAGO: American Airlines is sticking with its recently lowered ​full-year profit ⁠outlook despite a sharp jump in fuel prices, CEO Robert Isom said ‌on Wednesday, as stronger revenue, premium ‌demand and corporate travel help cushion the hit from rising fuel costs.Isom, speaking at a Bernstein investor conference, said there was "no doubt" demand had a K-shaped pattern, with higher-income travelers outpacing middle- ‌and lower-income customers.Still, he said travel was growing across income groups, with American about 80% booked for ⁠the second quarter, corporate travel up 13% year over year and leisure demand "incredibly" strong.American shares were up about 2% in late morning trade.The carrier last month cut its 2026 profit forecast as jet fuel costs surged, saying it expected its fuel bill to rise by more than $4 billion this year. It forecast 2026 results ranging from a loss of 40 cents ​per share to a profit of $1.10 per share, down from its prior forecast for ‌a profit of $1.70 to $2.70 per share.Isom said the airline expected second-quarter revenue to rise 15% from a year earlier on about 5% capacity growth, implying roughly 10% unit revenue growth.US carriers are also benefiting from a tighter domestic market after Spirit Airlines' exit reduced low-fare capacity and supported fares in some markets. Spirit, one of the industry's fiercest discounters, ceased operations earlier ​this month after failing ‌to secure creditor support for a US government bailout plan.Isom said American saw a ‌short-term lift in basic-economy fare purchases after Spirit's exit, though the effect had since evened out. Spirit represented only about 1.5% of the market at the time, he said.Pressure on ultra-low-cost carriers reflected rising ‌costs and a broader ‌push by network airlines to compete across ⁠more fare segments through basic economy, loyalty programs, lounges and premium cabins, he ‌said.Isom said he was "not out here declaring ULCCs are dead," but that American's scale, network and product gave it an advantage as consumers continue to spend ⁠on travel experiences. American is also adding more premium capacity, with Isom saying premium seating ​would grow at twice the rate of main cabin seating and lie-flat seats would increase nearly 50% over the next three years.China stalls Airbus deliveries: China has been stalling the approval of Airbus deliveries to signal impatience with European regulators' delay in certifying Chinese-made COMAC ‌aircraft, Bloomberg News reported on Tuesday.The Civil Aviation Administration of China (CAAC) has delayed ​final approval ⁠that would allow Airbus jets to enter the country ‌and be put into ‌service for the past several months, the report said, citing people familiar with the matter.Airbus delivered the fewest commercial jets in the first quarter since 2009, ‌according to the report. Chief Executive Guillaume Faury said last month the delay ⁠was due to an "administrative topic" that held up almost 20 aircraft destined for China.On Airbus' April 28 earnings call, Faury said the issue had been resolved and that the undelivered planes would be shipped in the second quarter.Chief Financial Officer Thomas Toepfer said Airbus had built up around 5 ​billion euros ($5.82 billion) of inventory in the quarter, significantly more than ‌the prior year, with the China delivery halt the main driver. He said the aircraft "had been built and were ready, but could not be delivered."In ⁠January, Reuters reported that Europe's aviation safety regulator, EASA, had been carrying out test flights to assess COMAC's C919 jet for certification, which would allow the Chinese planemaker to ​market ‌the jet to Western airlines for the first time. At present, European ‌and other Western carriers cannot fly COMAC's jets.In a statement, EASA said work on the validation of the C919 is "progressing with the full cooperation of COMAC and ‌the CAAC," but ‌added that it could not comment ⁠on the expected timeline for completion of the validation project.EASA ‌safety certification would significantly expand COMAC's global footprint, as the C919 competes directly with Airbus' A320 and Boeing's 737.Airbus, CAAC and COMAC ⁠did not immediately respond to a Reuters request for comment. ​Reuters could not immediately verify the report.Separately, Air India said Wednesday it will temporarily reduce or cut several domestic routes after making similar international cuts due to rising fuel prices from the Middle East war.Iran's effective closure of the Strait of Hormuz following US-Israeli strikes on Tehran on February 28 has sent aviation fuel prices soaring, raising concerns over carrier profitability and leading to a rise in airline fares."In continuation of our previously announced adjustments to select international services between June and August 2026, we have temporarily rationalised operations on certain domestic routes," Air India said Wednesday."These adjustments are driven by the sustained impact of high fuel prices on overall operations," it added.Air India did say which routes or how many flights would be affected.The Press Trust of India news agency, citing sources, suggested more than a fifth of the airline's domestic flights could be impacted.The airline said that the passengers hit by changes will be rebooked on alternative flights or offered full refunds."Air India will continue to monitor demand and operating conditions closely, with a view to restoring frequencies as conditions stabilise," it said.Air India announced earlier in May that it was suspending routes to Chicago, Shanghai, Male and Singapore from Indian cities including New Delhi, Mumbai and Chennai between June and August.It also announced a cut in the frequency of flights to San Francisco, Paris, Milan and Sydney.Since taking over Air India in 2022, the Tata conglomerate has embarked on an ambitious overhaul, ordering hundreds of aircraft and upgrading its ageing fleet.Agencies]]></description>
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        <pubDate>Wed, 27 May 2026 20:58:00 +0400</pubDate>
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        <title><![CDATA[IndiGo and Air India cut domestic flights amid high jet fuel prices]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/27/indigo-and-air-india-cut-domestic-flights-amid-high-jet-fuel-prices]]></link> 
        <description><![CDATA[IndiGo and ​Air India, India's two ⁠largest airlines, have sharply cut their planned domestic flights for June ‌and July, sources familiar with ‌the matter said, as the industry grapples with a rise in jet fuel costs in the wake of the Iran war.IndiGo has cut around 7%-10% of its planned domestic flights for the period, ‌while Air India has cut 22%, the sources said, marking a significant pullback by the two ⁠carriers that together control around 90% of India's domestic air passenger market.The sources declined to be named as they were not authorised to share the information.The cuts could tighten seat availability on some domestic routes and keep fares elevated during the busy summer travel period, even as airlines try to avoid flying loss-making services.The Iran war-driven surge in jet fuel prices has blindsided the aviation ​industry. Fuel can account for up to 40% of airlines' operating expenses, forcing them ‌to raise fares and cut unprofitable flights.Air India said in a statement that it had "temporarily rationalised operations on certain domestic routes" between June and August."These adjustments are driven by the sustained impact of high ⁠fuel prices on overall operations. Air India will continue to monitor demand and operating conditions closely, with a view to restoring frequencies as conditions stabilise," a spokesperson for the airline added.Passengers affected by the changes ​would be ‌offered places on alternative flights, complimentary date changes or full refunds, the spokesperson added.IndiGo did ‌not immediately respond to an emailed request for comment. The airline operates over 2,200 daily flights, including international.Air India's cuts follow reductions to its international routes, which have created room for foreign airlines to add ‌more flights to and ‌from India. IndiGo had cut some long-haul flights prior ⁠to the war, citing operational constraints and airport congestion.$2 BILLION LOSSThe reductions also underscore ‌the vulnerability of India's fast-growing aviation market to external shocks, even as carriers are set to receive new jets in the coming years.Air India recently logged a ⁠record annual loss of more than $2 billion, also battered by Pakistan's ban on Indian ​carriers from its airspace and a strong US dollar. The airline is owned by the Tata Group and Singapore Airlines.Reuters ]]></description>
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        <pubDate>Wed, 27 May 2026 18:46:00 +0400</pubDate>
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        <title><![CDATA[UAE reaffirms global trade hub leadership at GLOBSEC Forum]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/27/uae-reaffirms-global-trade-hub-leadership-at-globsec-forum]]></link> 
        <description><![CDATA[Dr. Thani Bin Ahmed Al Zeyoudi, UAE Minister for Foreign Trade, participated in ‘The Ripple Effect: How the Iran War is Shaping Global Economies and Politics’ panel at the GLOBSEC Forum 2026 in Prague, outlining the UAE’s response to the disruption of global trade routes and reaffirming the country’s position as a stable and resilient trade hub.Addressing senior policymakers, business leaders, and international officials, Al Zeyoudi detailed the immediate and structural measures the UAE has implemented since the onset of the conflict, including the activation of alternative trade corridors, including the UAE’s eastern ports of Fujairah and Khorfakkan, air freight bridges for time-critical pharmaceutical and food cargo, a Green Corridor with Oman, and a new Sharjah-Dammam trade bridge.Al Zeyoudi also noted that the UAE also deployed an Dhs1 billion economic support fund to ensure business continuity and targeted relief for SMEs, alongside a Five-Pillar Financial Institution Resilience Package launched by the Central Bank to sustain credit flows.“The fundamental redesign of Gulf logistics that we were undertaking over a decade is now being compressed into years,” said Al Zeyoudi. “What this moment has done is accelerate the timelines of existing plans, and underscore the wisdom of building an open, diversified, and resilient trade architecture before it is needed.”On the UAE’s long-term trade vision, Al Zeyoudi affirmed that the country’s Comprehensive Economic Partnership Agreement (CEPA) programme - which has produced 36 agreements with partners across six continents and contributed to non-oil foreign trade of US$1.03 trillion in 2025 - remains a vital avenue for the UAE to continue positive momentum in its foreign trade.“Nothing that we have achieved in the last five years has been undone or unwound,” said Al Zeyoudi. “The UAE is a bridge to high-growth markets across the Gulf, Africa and Asia, and a partner for trade, logistics, investment and technology. That role has not diminished. It has become more important.”The United Arab Emirates participated in the GLOBSEC Forum 2026, held in Prague, Czech Republic, from 21 to 23 May 2026, as part of a high-level delegation led by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs.Lana Zaki Nusseibeh, Minister of State, took part in high-level discussions at the Forum on global security, defense, technology, and the changing international order, reflecting the UAE’s continued engagement with key international forums and its commitment to multilateral dialogue.On the sidelines of the Forum, Nusseibeh held a series of bilateral meetings with senior European and international counterparts focused on strengthening bilateral relations, exploring opportunities for cooperation, and exchanging views on regional and global developments.Nusseibeh met with Anita Orbán, Deputy Prime Minister and Minister of Foreign Affairs of Hungary, with the meeting highlighting the growing bilateral ties between the UAE and Hungary, and the shared commitment to expanding cooperation in areas including trade and investment, energy transition, advanced technology, artificial intelligence, and defense. The two sides exchanged perspectives on key regional and international issues of mutual interest.Nusseibeh also met with Ferit Hoxha, Minister for Europe and Foreign Affairs of the Republic of Albania, with the two sides reaffirming the strong ties between the UAE and Albania and discussing prospects for advancing cooperation across areas including infrastructure, renewable energy, innovation, tourism, and coordination in multilateral forums. They also exchanged views on developments in the Middle East and efforts to promote regional stability and security.The UAE’s participation in GLOBSEC 2026 underscores its commitment to advancing international dialogue, building constructive partnerships, and contributing to collective efforts to address shared global challenges.Meanwhile Dr. Thani Bin Ahmed Al Zeyoudi, Minister of Foreign Trade, participated in the Gateway Gulf Investment Forum, held in Manama, Bahrain in November 2025.The important annual event held discussions on navigating uncertainties in global markets and the geopolitical shifts that are redrawing the global economic map.During his participation, Al Zeyoudi took part in a session titled ‘Navigating Uncertainty in Global Markets’, where he discussed how global uncertainty around tariffs and trade policy are impacting access to capital and risk appetites for financial and investment authorities globally, specifically in the GCC.He was joined in the panel discussion by Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy for the Kingdom of Bahrain and Alderman Alastair King, Lord Mayor of the City of London.WAM]]></description>
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        <pubDate>Wed, 27 May 2026 08:51:00 +0400</pubDate>
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        <title><![CDATA[Sri Lanka stuns with 100-bp rate hike as inflation looms]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/27/sri-lanka-stuns-with-100-bp-rate-hike-as-inflation-looms]]></link> 
        <description><![CDATA[Sri Lanka’s central bank stunned ​markets by raising its policy rate by an outsized 100 basis points on Tuesday, the biggest hike in three years, ‌as policymakers scrambled to stem inflation and support ‌a currency buckling under soaring energy prices.Economic growth in the South Asian nation, only just recovering from a devastating 2022 financial crisis that left businesses and households deeply scarred, is expected to take a hit from the turmoil in the Middle East.The Central Bank of Sri Lanka (CBSL) raised the overnight policy ‌rate to 8.75% from 7.75%, blaming higher inflation and a depreciating rupee due to the U.S.-Israeli war with Iran.Seven out of a dozen economists and analysts polled by Reuters had forecast only a 25 basis-point or slightly higher change to the rate, citing the deepening impact on foreign reserves from the conflict and the rupee currency’s 8.7% tumble since early March.“Today’s sharp increase in interest rates in Sri Lanka highlights the country’s vulnerability to the crisis in the Middle East, and is unlikely to be the last unless the crisis subsides soon,” Capital Economics’ senior Asia economist Gareth Leather said.At a post-policy press conference, Governor P. Nandalal Weerasinghe said the CBSL’s expectation is for economic growth and inflation to maintain a “reasonable” pace.“This ​hike will help stabilise exchange rates and inflation,” Weerasinghe said.Sri Lanka, fully reliant on imported fuel, has been battered by the ‌Iran war-driven energy shock that has forced a 40% fuel price hike, rationing, and even public holidays on Wednesdays.Annual inflation has jumped from 2.2% in March to 5.4% last month, although that is well below the 70% peak during the crisis.Headline inflation is likely to remain above the target of 5% in the period ahead, before easing and stabilising around it, the CBSL said in its statement.Sri Lanka’s stock market was down 0.7% after the policy announcement, while the currency hugged tight ranges to fetch 321 rupees per dollar.Tuesday’s rate hike - the first change ​since a 25-basis-point cut ‌in May 2025 aimed at boosting growth - marked the largest increase since a similarly sized move during the depths of the financial ‌crisis in March 2023.“This 100bps rate hike suggests the CBSL is shifting gears from supporting growth to defending price stability,” said Udeeshan Jonas, strategy head at Colombo-based equity research firm CAL. He has cut his 2026 growth forecast to 3.0% from 4.2% following the move.The central bank and finance ministry had forecast growth ‌of between 4% and 5% ‌in January. Governor Weerasinghe said Sri Lanka could still grow at the “lower band of the 4%-5%” projection.Emerging economies are bearing the brunt of the Iran war as soaring energy prices, supply disruptions, ‌and capital outflows threaten to trigger stagflation. India, which depends heavily on overseas crude imports, is grappling with a sharp decline in the rupee, forcing the central bank to step in to defend the currency.Sri Lanka’s reserves decreased 3.8% to $6.7 billion in April after it spent $1.5 billion on fuel imports in the first four months of the year, with the fuel bill surging ​77% in March alone.The island, backed by a $2.9 billion International Monetary Fund programme, is clawing its way out of the 2022 upheaval triggered by a severe shortage of dollars. The IMF board meets on Wednesday to decide on a $700 million tranche to Sri Lanka under the programme, which would help bolster its reserves.Meanwhile, Germany’s 10-year bond yield edged higher on Tuesday on ​concerns a Middle East peace deal may still be some way off ‌after the US launched new ‌strikes on Iran, although it remained near a roughly seven-week low hit the previous day.US and Iranian negotiators remain in talks to end the three-month war that has severely ‌disrupted Middle Eastern oil and gas supplies and pushed global inflation higher. Expectations of a breakthrough and a reopening of the Strait of Hormuz had supported bonds in recent days.But optimism was tempered overnight after the US said it had carried out what it described as defensive strikes in southern Iran, suggesting any peace deal is not imminent.“Some back and forth probably remains in the cards over the coming days ​but ultimately hopes for a reopening of the Strait of Hormuz prevail,” ‌said Commerzbank rates strategists in a note.Germany’s 10-year yield was up 2 basis points at 2.972%, after falling almost 9 bps on Monday to 2.93%, its lowest since April 8.Agencies]]></description>
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        <pubDate>Wed, 27 May 2026 08:48:00 +0400</pubDate>
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        <title><![CDATA[Oil rebounds, stocks mixed as US strikes douse Iran war hopes]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/27/oil-rebounds-stocks-mixed-as-us-strikes-douse-iran-war-hopes]]></link> 
        <description><![CDATA[Oil prices rebounded slightly on Tuesday while stock markets were mixed and the dollar firmed after US military strikes on Iran deflated hopes of an imminent deal to reopen the Strait of Hormuz.The United States and Iran have been working on an agreement to end the Middle East war and reopen the crucial waterway to tanker and cargo traffic since a fragile ceasefire on April 8.Stock markets had rallied on Monday and crude futures dropped below $100 a barrel after reports that a deal could be announced in the coming days.Those hopes were tempered when US forces said they attacked missile sites in southern Iran and boats trying to lay mines.Brent North Sea crude, the international benchmark, jumped more than three per cent Tuesday, to move back to within a whisker of $100 a barrel.“The increase in oil prices is modest, underlining the market’s strong belief that the Strait of Hormuz will reopen” said Arne Lohmann Rasmussen, a commodities analyst at Global Risk Management.“There also appears to be an increase in traffic through the strait,” he said, citing Iranian media reports.Equity markets were mixed with Wall Street seeing small early gains for the Dow, the tech-heavy Nasdaq and the S&P 500.In Europe, Frankfurt and Paris were in contrast off half a per cent although London was just in the green as traders returned after a long holiday weekend in Britain.British oil giant BP topped the losers’ chart, off more than four per cent after it unexpectedly removed Albert Manifold as chairman only months into his tenure, citing “serious concerns” about governance standards, oversight and conduct at the company.Kathleen Brooks, research director at XTB, warned that Manifold’s departure, coming barely three years after former CEO Bernard Looney was replaced over allegations of misconduct, “suggests a lack of stability at the firm, which is bad news for shareholders”.Overall, for AJ Bell investment director Russ Mould, “the FTSE 100 was playing catch up to European counterparts after progress on a potential agreement between the US and Iran”.“However, continued doubts about the potential for a deal and an overnight pre-emptive US strike on Iran mean any euphoria is being kept in check,” he said, voicing concerns echoed by Brooks.The US strikes came as top Iranian negotiators arrived in Doha for another round of talks to end three months of conflict.In Asia, Seoul’s stock market hit a new record high above 8,000 points as chipmakers, carmakers and shipbuilders continued to outperform.In Europe, investors were quick to express disappointment at Ferrari’s unveiling of its first electric model, with shares in the Italian luxury carmaker skidding six per cent. Traders will later in the week monitor how the US Federal Reserve reacts to key consumer inflation data and its potential effect on interest rates.Higher prices triggered by the US-Israeli war against Iran will limit the likelihood of interest rate cuts by the Fed to boost US growth, many economists have warned.New US Federal Reserve Chair Kevin Warsh vowed to be “reform-oriented” as he was sworn in at the White House last Friday, with President Donald Trump − who has long pushed for rate cuts − insisting the central bank chief would be “totally independent”.European stock indexes gave up some recent gains on Tuesday and oil prices rose after new US strikes in southern ​Iran dampened investors’ hopes that a U.S.-Iran peace deal could be imminent.Market sentiment had turned more positive over ‌the past week as traders bet on a ‌de-escalation in the U.S.-Israel war on Iran, which has severely disrupted Middle East oil and gas supplies since it began in late February.But they readjusted this view on Tuesday after the US said on Monday it had carried out what it called defensive strikes in southern ‌Iran. As talks continue, US Secretary of State Marco Rubio said on Tuesday negotiating a deal with Iran could “take a few days”.At 1051 GMT, the STOXX 600 was down 0.2% on the day, but still close to its highest since the war began. London’s FTSE 100 was up 0.7% on the day, while Germany’s DAX was down 0.5%. The MSCI World Equity Index was flat, but up 3.8% so far this month.Peter Schaffrik, global macro strategist at RBC Capital Markets, said that uncertainty in the Middle East was weighing on markets.“It went from agreement is near to everyone needs to sign the Abraham Accords to bombing, so it’s ​not entirely clear what’s going on there,” he said, referring to US President Donald Trump saying on Monday he ‌had told additional countries to sign the Abraham Accords as he tried to negotiate an agreement to end the war.Still, Wall Street futures pointed to more gains for stocks in the US session, with S&P 500 e-minis up 0.7% and Nasdaq e-minis up 1.1% on the day.Oil prices rose, with Brent crude futures up 2.4% on the day at $98.50 a barrel. US West Texas Intermediate was down 4.7% from Friday’s close at $92.04. There was no WTI settlement on Monday due to the US Memorial Day holiday.Still, there was some underlying optimism in ​the market, Schaffrik said, ‌as traders held on to hope that the Strait of Hormuz could reopen to traffic soon. Brent crude has come ‌down significantly from its late April peak above $120.Agencies]]></description>
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        <pubDate>Wed, 27 May 2026 08:44:00 +0400</pubDate>
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        <title><![CDATA[Japan eyes $19b extra budget as costs rise with Iran war]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/26/japan-eyes-19b-extra-budget-as-costs-rise-with-iran-war]]></link> 
        <description><![CDATA[Japanese Prime Minister Sanae Takaichi said on Monday the government will compile a $19 billion supplementary budget to support households grappling with soaring everyday costs driven by the Iran war.Takaichi said the budget, which is about 3 trillion yen, will be used to ease the rising cost of petrol, electricity and gas, explaining that “the situation in the Middle East remains uncertain”.“With a view to minimising risk, we have drawn up a supplementary budget to ensure we’re fully prepared financially,” she told reporters, adding the draft would be submitted to parliament possibly next week.Early this month, leading potato chip maker Calbee unveiled a new grey packaging for 14 product lines, swapping its signature orange-and-yellow packets, with local media attributing the move to an ink shortage linked to the Iran war.But Takaichi said the government expected to be able to secure a stable supply of oil until next spring.She added that alternative supplies for naphtha, an oil byproduct used in a wide range of industries, from outside the Middle East have recovered to more than 80 per cent of previous levels.Japan’ central bank hiked its inflation forecasts last month and cut its growth projections after the Iran war sent oil prices soaring.It said “the rise in crude oil prices is expected to push up prices, mainly of energy and goods, with moves to pass on wage increases to selling prices continuing”.Meanwhile, Eurozone government bond yields fell to their lowest levels in about a month on Monday as renewed hopes of a US-Iran deal to reopen the Strait ‌of Hormuz eased concerns over inflation and reduced expectations of aggressive central bank policy tightening. Borrowing costs ​tracked moves in oil prices, which slid 6% amid optimism over a resolution ‌of the conflict, even as ‌key sticking points remained unresolved.This was despite Iran and the United States playing down hopes for an imminent breakthrough in efforts to end their war.Money markets priced in a European Central ‌Bank depo rate at 2.56% in December from 2.67% late Friday, from the current 2%. They indicated a 70% chance of a first rise next month from 80%.“It is unclear whether by mid-June there will be enough clarity and certainty around any potential deal to call off a (ECB) rate hike,” said Benjamin Schroeder, senior rate strategist at ING.“There is good reason for caution around the need for further tightening,” he argued.ING’s Schroeder noted Europe would benefit the ​most from a swift resolution to the disruption in the Strait of Hormuz, adding ‌that the region’s broader macroeconomic environment remains fragile. Germany’s 2-year yields, more sensitive to expectations for policy rates, fell 10 basis points (bps) to 2.54%, their lowest since May 7. They reached 2.771% in late March, the highest since July 2024. ECB policymaker Yiannis Stournaras said on Monday that if Eurozone inflation overshoots the target temporarily but significantly, there should be a cautious adjustment of monetary policy in a ​more restrictive ‌direction.“The second-order effect of oil and inflation is showing up in sovereign bond markets,” ‌Bob Savage, head of markets macro strategy at BNY, said.“The question for investors is what drives bond yields beyond oil, with focus on central bank policy, fiscal sustainability and whether growth can support the ‌debt load,” he added, ‌after recalling the recent rise in long-dated government bond yields globally. Germany’s 10-year government bond yield, the euro area’s benchmark, was ‌down 9 bps at 2.9831%, its lowest since April 8. It reached 3.13% in late March, its highest level since June 2011. Italy’s 10-year government bond yield fell 6.5 bps to 3.657%, its lowest since April 17. The yield gap of ​Italian government bonds versus Bunds was at 71 bps. It was at 63 bps before the attack on Iran and hit 103.62 in late March, the highest level since June 2025.Copper prices rose on Monday as the dollar and oil fell on hopes of a potential peace deal between the United ‌States and Iran, easing fears of inflation and a global economic slowdown.Three-month copper ​on the London Metal Exchange rose 0.90% to $13,635 a metric ton ‌by 0845 GMT.The most-traded copper ‌contract on the Shanghai Futures Exchange gained 1.1% to 105,650 yuan ($15,548.76) a ton.“We are getting some positive news on the conflict side. So that’s supporting the ‌market sentiment for industrial metals,” said ANZ analyst Soni Kumari.Agencies]]></description>
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        <pubDate>Tue, 26 May 2026 10:05:00 +0400</pubDate>
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        <title><![CDATA[China, Pakistan aim to revamp economic corridor, Gwadar port]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/26/china-pakistan-aim-to-revamp-economic-corridor-gwadar-port]]></link> 
        <description><![CDATA[China and Pakistan have reached a "new broad consensus" on deepening strategic ties to beef up development of a ‌joint economic corridor and establish the port of Gwadar as a regional ​connectivity hub, ⁠the neighbours said on Tuesday.The remarks came in a ‌joint statement as Pakistan's ‌Prime Minister Shehbaz Sharif wrapped up a visit to Beijing at a time when Islamabad is seeking investment while navigating tension with Afghanistan and mediating in ‌the Iran war."Both sides welcomed third parties to participate in the development of ⁠the China-Pakistan Economic Corridor under the model agreed," they said in the statement, issued after Sharif met Chinese President Xi Jinping and Premier Li Qiang.They agreed to promote "high-quality" development of CPEC, a flagship project of China's Belt and Road initiative, develop Pakistan's port of Gwadar, and strengthen road ​and port links.These plans encompass the Khunjerab Pass and an ‌upgrade of the Karakoram Highway, the main overland link between China and Pakistan.Pakistan also promised targeted steps to boost security and cooperation to ensure the safety ⁠of Chinese workers and investments in Pakistan, a key concern for Beijing after repeated militant attacks on its nationals and projects.Regional diplomacyChina said it appreciated Pakistan's ​efforts in ‌easing the temporary U.S.-Iran ceasefire and hold talks in Islamabad. Both reiterated ‌support for early adoption of a five-point initiative to restore Middle East peace, offering to make positive contributions towards it.Pakistan reaffirmed its commitment to the one-China principle, calling ‌the democratically-governed ‌island of Taiwan, claimed by China, an "inalienable" ⁠part of China and saying it opposed any form of ‌Taiwan independence.Taiwan rejects China's claims, saying only the island's people can decide its future.Pakistan welcomed China's efforts to boost its ⁠dialogue with Afghanistan. Both opposed the use of territory by ​groups, such as the Tehreek-e-Taliban Pakistan and Eastern Turkistan Islamic Movement, to imperil regional security or launch attacks.Reuters]]></description>
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        <pubDate>Tue, 26 May 2026 10:01:00 +0400</pubDate>
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        <title><![CDATA[Global stocks jump while oil and dollar ease on Iran peace hopes]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/25/global-stocks-jump-while-oil-and-dollar-ease-on-iran-peace-hopes]]></link> 
        <description><![CDATA[Stocks surged and the US dollar and oil prices slid on Monday as the prospect of a deal to end the ‌Iran war buoyed risk appetite, although a lack of clarity over when the Strait of Hormuz would open kept enthusiasm in check.The nearly three-month-long conflict in ​the Middle East has driven energy prices sharply higher and reshaped the global rates outlook, as inflation concerns intensify following Tehran’s effective shutdown of the key strait. US ‌President Donald Trump said on Sunday he had ‌told his representatives not to rush into any deal with Iran and his administration played down hopes of an imminent breakthrough.Just a day earlier, Trump said Washington and Iran had “largely negotiated” a memorandum of understanding on a deal that would reopen the waterway, which carried one-fifth of global oil and liquefied natural gas shipments before the war.Chris Weston, head of research ‌at Pepperstone, said markets have become less focused on the timing of a resolution and instead been keeping an eye on the tone of the headlines.“The tone has been consistently towards some sort of resolution... We’ve become very patient for a resolution deadline,” he said. Stock markets brushed off comments from Iran’s foreign ministry spokesperson on Monday saying that while many topics had been agreed, this did not mean Tehran is close to signing a peace deal.The pan-European STOXX 600 climbed around 1% to 631.1, while Nasdaq futures were 1.4% higher and S&P futures were up 1%. However, liquidity was likely to be thin, with several markets including in Britain and the United States closed for public holidays. The Eurozone government bond market was on a tear, with Germany’s 10-year government bond yields hitting their lowest since April 8, last down almost 10 basis points while Italy’s 10-year ​yields fell to their lowest since April 17.For much of the year, oil prices have steered broader markets, ‌as investors sift often conflicting signals from Washington and Tehran since a fragile ceasefire took hold in April. On Monday, oil prices hit two-week lows, with Brent crude futures down over $5, or about 4.9%, to $98.45 a barrel, while US West Texas Intermediate was at $91.67 a barrel, also down about 4.9%.Analysts expect oil prices to stay elevated even if there is a resolution in the near term, and they are unlikely to return to levels before the war as it will take time to remedy supply chain disruption from the conflict. Last week, Barclays maintained its 2026 average Brent crude oil price forecast at $100, though it said risks are skewing higher.The euro was up 0.3% at $1.1640, while the Japanese yen firmed to 158.91 per US dollar as ​the safe-haven dollar gave up ‌some of its recent gains.In Asia, Japan’s Nikkei jumped roughly 3% to roar past the 65,000 level for the first time and Taiwan stocks rose to 43,644, ‌both closing at record highs.Global stocks have mostly shrugged off war worries to focus instead on all things AI and a strong earnings season, which has pushed equities to record highs through the year.The increase in energy prices since the conflict began and the risk that prolonged disruptions will keep them high has prompted traders to bet on rate hikes across ‌both developed and emerging markets.Markets ‌are now fully pricing in a 25-basis-point hike from the US Federal Reserve in January 2027, a sharp shift from expectations before hostilities erupted in late February, when two rate cuts this year were anticipated.The 30-year Treasury bond’s ‌yield, which is seen as a barometer of geopolitical and fiscal risk, briefly touched its highest level since July 2007 last week, but has pulled back from that milestone. There was no cash trading on Monday, but 30-year futures were up a full percentage point. Data on Friday showed US consumer sentiment fell to a record low in May as surging gasoline prices linked to the Iran war intensified affordability concerns just as Kevin Warsh was sworn in ​as chair of the Fed.“For the Federal Reserve, this creates a difficult balancing act,” said Bruno Schneller, managing partner at Erlen Capital Management.On the one hand, consumers feel the pinch of higher financing costs, lower income growth and softer hiring, but on the other, inflation remains high, Schneller said.Futures for Canada’s main ‌stock index rose on Monday, helped by signs the United ​States and Iran are nearing a peace deal, which ‌pressured oil prices ‌and eased inflation concerns.June futures on the S&P/TSX index were up 1.09% at 6:29 a.m. ET (1029 GMT).US President ‌Donald Trump said on Saturday a peace deal had been “largely negotiated” that could reopen the Strait of Hormuz. However, both parties played down hopes for an imminent breakthrough in their three-month-old war, keeping gains in check.Spot gold and silver rose 1.3% and 3.5% respectively, helped by a ​weaker US dollar and easing inflation concerns.Canadian energy ‌stocks are likely to be pressured as crude oil prices slid more than 5% to below $100 a barrel.Investors also await quarterly results from major banks, including Royal Bank of Canada, Toronto-Dominion Bank and Bank of Montreal, among others, ​due ‌later this week.Agencies]]></description>
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        <pubDate>Mon, 25 May 2026 21:38:00 +0400</pubDate>
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        <title><![CDATA[SBWC launches new business hub to support women entrepreneurs]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/25/sbwc-launches-new-business-hub-to-support-women-entrepreneurs]]></link> 
        <description><![CDATA[The Sharjah Business Women Council (SBWC) has launched a new business hub in Al Mamsha, Sharjah, to support women entrepreneurs and business owners through networking, knowledge exchange, and collaboration opportunities.The new space was unveiled during an open gathering organised by the council in the presence of Sheikha Hind bint Majid Al Qasimi, Chairperson of SBWC, alongside board members and business leaders.Participants were introduced to the services and initiatives offered in the new space, designed to serve as a hub for women entrepreneurs and business owners in Sharjah and the UAE.The initiative aims to strengthen collaboration among council members, support the growth of women-led businesses, and expand their presence within the local economy.During the event, the council also launched the “Haseelah” initiative, an interactive platform that connects women entrepreneurs and business owners with experts, entrepreneurs, and influential figures from the UAE and abroad.The initiative aims to provide practical mentorship, facilitate the exchange of expertise, expand professional networks, and connect participants with services and entities that support business growth and long-term sustainability.“Many entrepreneurs and business owners have strong ideas, but the challenge is turning those ideas into sustainable businesses. This space is designed to help businesswomen connect, exchange experiences, and access practical knowledge to support clearer, more confident decision-making,” Sheikha Hind said.She added, “We believe collaboration plays an important role in helping women-led businesses grow. By creating a supportive professional environment, we aim to strengthen connections between entrepreneurs and support the wider presence of women-led businesses in the local economy.”The event also featured an interactive workshop, where participants revisited their business ideas and projects through a more practical lens. Discussions focused on the clarity of each concept, target audiences, the value the project offers, and the next actionable step.The workshop included group discussions, exercises, and real-life scenarios that helped participants move from broad ideas to an initial roadmap identifying priorities, required resources, strengths, and gaps to address before launching or expanding their businesses.Meanwhile, the Sharjah Business Women Council (SBWC) marked a strong presence at the ninth edition of the Sharjah Entrepreneurship Festival (SEF 2026), reinforcing its commitment to empowering women entrepreneurs and strengthening Sharjah’s startup ecosystem.Through the Made in Sharjah zone at SEF, supported by SBWC, Bank of Sharjah and Alef, the council contributed to advancing dialogue on women-led enterprises, local innovation and sustainable business growth. Its participation included an interactive pavilion connecting founders and creatives with SBWC’s programmes and support services.Maryam Bin Al Shaikh, Director of the Sharjah Business Women Council, said the council’s participation reflects its mission to enable women to lead, innovate and scale with confidence, highlighting the impact of collaboration in shaping a future-ready economy.SBWC showcased six council members whose businesses reflect Sharjah’s creative and entrepreneurial identity. The platform highlighted innovation, craftsmanship and entrepreneurial excellence through women-led ventures across multiple sectors.Featured participants included Enabled, a consultancy specialising in disability inclusion and accessibility; Bulbul, an education technology platform focused on spoken Arabic and cultural fluency; and The Fashion Incubator, a fashion technology platform providing real-time costing intelligence for manufacturers. Also participating was Illuminos, a marketing and communications agency offering digital, public relations and AI-driven solutions.Additional council members included By SHHK from the luxury bukhoor and fragrance sector, and THS – The Hidden Spot, representing the food and beverage sector.SBWC’s pavilion provided festival visitors with insights into its flagship initiatives, membership benefits and support programmes, offering guidance, mentorship and access to growth opportunities for women entrepreneurs.Through its participation at SEF 2026, SBWC reaffirmed its role in supporting women’s economic empowerment and advancing a more inclusive and resilient entrepreneurial ecosystem in Sharjah.The Sharjah Business Women Council (SBWC) marked 2025 as a year of greater scale and deeper impact, reinforcing its role as an integrated entrepreneurial ecosystem that supports women entrepreneurs from early-stage ideation through to global market access.WAM]]></description>
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        <guid><![CDATA[https://www.gulftoday.ae/business/2026/05/25/sbwc-launches-new-business-hub-to-support-women-entrepreneurs]]></guid>
        <pubDate>Mon, 25 May 2026 21:25:00 +0400</pubDate>
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        <title><![CDATA[Sheikh Mohammed reviews UAE tourism sector achievements for 2025]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/25/sheikh-mohammed-reviews-uae-tourism-sector-achievements-for-2025]]></link> 
        <description><![CDATA[His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has reviewed the work report of the Emirates Tourism Council and the achievements of the UAE tourism sector for 2025.The UAE recorded sustained growth across the sector, with the number of hotel establishment guests rising to more than 32 million in 2025, up 5.1 per cent compared to 2024, and hotel establishment revenues climbing to Dhs49.21 billion, up 9.7 per cent compared to 2024.The total number of hotel rooms reached 217,000, distributed across more than 1,240 hotel establishments. The hotel occupancy rate stood at 79.5 per cent, among the highest in the region and globally, reflecting strong demand and sustained performance.The national tourism sector's achievements also included hotel nights reaching 100 million. The UAE ranked first across the Middle East and North Africa region and 18th globally in the World Economic Forum's Travel and Tourism Development Index (TTDI) 2024.WAM]]></description>
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        <pubDate>Mon, 25 May 2026 17:44:00 +0400</pubDate>
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        <title><![CDATA[Two plots of land in Dubai sold for Dhs580 million]]></title>
        <link><![CDATA[https://www.gulftoday.ae/news/2026/05/25/two-plots-of-land-in-dubai-sold-for-dhs580-million]]></link> 
        <description><![CDATA[Dubai’s real estate market saw the sale of two plots of land for a total of Dhs580 million at the start of trading on Monday.According to Dubai REST app, the first plot, located in Al Mamzar and spanning 82,080 square feet, was sold for Dhs300 million, at an average price of Dhs3,655 per square foot.The second plot, located in Jumeirah Bay and spanning approximately 24,000 square feet, was sold for Dhs280 million at an average price of Dhs11,667 per square foot.Sales at the beginning of the week totaled Dhs1.7 billion, resulting from 505 transactions, while mortgages totaled Dhs279 million across 122 transactions and gifts Dhs160.5 million across 15 transactions.]]></description>
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        <guid><![CDATA[https://www.gulftoday.ae/news/2026/05/25/two-plots-of-land-in-dubai-sold-for-dhs580-million]]></guid>
        <pubDate>Mon, 25 May 2026 17:34:00 +0400</pubDate>
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        <title><![CDATA[Sharjah Business Women Council launches new hub for female entrepreneurs in emirate]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/25/sharjah-business-women-council-launches-new-hub-for-female-entrepreneurs-in-emirate]]></link> 
        <description><![CDATA[The Sharjah Business Women Council (SBWC) has launched a new business hub in Al Mamsha Sharjah to support women entrepreneurs and business owners through networking, knowledge exchange, and collaboration opportunities.The new space was unveiled during an open gathering organised by the council in the presence of Sheikha Hind Bint Majid Al Qasimi, Chairperson of SBWC, alongside board members and business leaders.Attendees included Alya Taryam, Co-Founder of Ora Wellness Lounge; Shaikha Alserkal, Founder of Alserkal Jewellery; Maitha Al Ansari, Cultural Business Consultant at Locallure; Wafa Balaswad, Founder of Wafa Balaswad; Naeema AlZaabi, CEO of Florence Trading Group; and Dr. Muna Al Dhabbah, CEO of Hala Jary FZE.Participants were introduced to the services and initiatives offered in the new space, designed to serve as a hub for women entrepreneurs and business owners in Sharjah and the UAE.The initiative aims to strengthen collaboration among council members, support the growth of women-led businesses, and expand their presence within the local economy.During the event, the council also launched the “Haseelah” initiative, an interactive platform that connects women entrepreneurs and business owners with experts, entrepreneurs, and influential figures from the UAE and abroad.The initiative aims to provide practical mentorship, facilitate the exchange of expertise, expand professional networks, and connect participants with services and entities that support business growth and long-term sustainability.A collaborative space for businesswomenCommenting on the new space, Sheikha Hind Bint Majid Al Qasimi, Chairperson of SBWC, said: “Many entrepreneurs and business owners have strong ideas, but the challenge is turning those ideas into sustainable businesses. This space is designed to help businesswomen connect, exchange experiences, and access practical knowledge to support clearer, more confident decision-making.She added: “We believe collaboration plays an important role in helping women-led businesses grow. By creating a supportive professional environment, we aim to strengthen connections between entrepreneurs and support the wider presence of women-led businesses in the local economy.”The event also featured an interactive workshop led by Ghazlan Qanz, where participants revisited their business ideas and projects through a more practical lens. Discussions focused on the clarity of each concept, target audiences, the value the project offers, and the next actionable step.The workshop included group discussions, exercises, and real-life scenarios that helped participants move from broad ideas to an initial roadmap identifying priorities, required resources, strengths, and gaps to address before launching or expanding their businesses.]]></description>
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        <category><![CDATA[Business ]]></category>
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        <pubDate>Mon, 25 May 2026 14:27:00 +0400</pubDate>
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        <title><![CDATA[Aggregator platforms reshape market structure of yacht rental in Dubai]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/25/aggregator-platforms-reshape-market-structure-of-yacht-rental-in-dubai]]></link> 
        <description><![CDATA[In 2024, there were 17.15 million international tourists visiting Dubai, as reported by the Dubai Department of Economy and Tourism. With the rise of tourism, there has been a higher demand for luxurious experiences like yacht charters and private marine activities. However, the marine leisure sector in the UAE has always been fragmented, and this has slowed down the yacht selection and booking.However, things are changing now. The development of digital markets has revolutionized the yacht charter market in Dubai, combining various fleets into one single platform. Structure Limitation within Traditional Operator ModelsMost traditional yachting businesses in Dubai possess smaller fleets that only contain from one to ten yachts at any one point in time. The process of booking generally takes between 2 and 48 hours due to manual communication. Moreover, several companies keep using yachts constructed 10 to 15 years ago. Finally, the lack of comparison tools makes comparing different offers challenging during peak tourist seasons.Aggregator Model Enters Dubai Marine Leisure SectorThrough the digital aggregator platforms, the charter inventory distribution processes within Dubai’s maritime tourism industry have been evolving in recent years. Rather than just having the owned fleet, aggregators collect listings from both licensed operators and private yacht owners.Currently, some marketplaces are listing over 100 yachts using the same portal. As compared to standard aggregator platforms, the digital aggregators, including the well-created Dubai Yacht Rental platform, bring everything together, from pricing, booking, and comparisons, all under one roof. Benefits of digital aggregator platforms:1. Access to Private Owner Fleet: Systems offer privately-owned yachts, increasing the selection of yachts for various celebrations.2. Real-Time Booking Technology: Automatic booking ensures efficiency in transactions and a quick yacht rental process. 3. Transparent Comparison Tools: Yacht comparison ensures that clients get top-quality services in the yacht chartering business.Services such as yacht rental in Dubai now offer unified booking platforms that collect yacht options from both traditional charter providers and individual boat owners. Analysts project digital marketplaces could capture 30% to 40% of Dubai’s yacht charter transactions by 2027.]]></description>
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        <pubDate>Mon, 25 May 2026 12:21:00 +0400</pubDate>
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        <title><![CDATA[Stocks climb, Oil falls on hopes of US-Iran Hormuz deal]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/25/stocks-climb-oil-falls-on-hopes-of-us-iran-hormuz-deal]]></link> 
        <description><![CDATA[Oil prices fell and Asian stocks climbed on Monday over hopes a deal between the United States and Iran to open the Strait of Hormuz could be brokered.The price of North Sea Brent crude and West Texas Intermediate slipped in Asian trade around five percent to $98.47 and $91.53 a barrel respectively at 0705 GMT.Washington and Tehran appear close to agreeing on ending the Middle East war that has effectively closed the Hormuz strait, driving up energy prices and stoking global inflation.A deal could be announced "today", US Secretary of State Marco Rubio said on Monday during an official visit to New Delhi.It came after US President Donald Trump said negotiations were being conducted in an "orderly and constructive manner", cautioning that US negotiators had been advised "not to rush into a deal".Several sticking points have tempered hopes of a resolution to end the conflict and reopen the Strait of Hormuz, a critical energy corridor.Iran's Tasnim news agency said that based on its information, key clauses in a possible agreement remained unresolved.One of the main obstacles has been whether Tehran is willing to hand over its stockpile of enriched uranium.The possible release of Iran's frozen assets held under longstanding US sanctions is another sticking point.And whether Lebanon, repeatedly targeted by Israeli strikes despite a US-brokered ceasefire agreement, is included in the peace deal remains uncertain.Markets across Asia mostly climbed on Monday, with Tokyo closing up 2.9 percent and topping 65,000 for the first time.Shanghai was up 0.9 percent at the close, while Hong Kong and Seoul were shut for public holidays.Taipei jumped more than 3.2 percent, with Manila, Bangkok, Jakarta, Singapore and Sydney also higher. Kuala Lumpur and Wellington dipped slightly.In Europe, Frankfurt and Paris jumped around one percent at the open. London was shut for a public holiday."The weekend news flow has once again focused on the prospects for a negotiated deal between the US and Iran," said Chris Weston, head of research at Pepperstone."According to reports from Donald Trump, a memorandum of understanding has been 'largely negotiated', with details to be announced at some stage soon, although there appears to be limited urgency," Weston said.Investors will also be keeping an eye on how the US Federal Reserve and its new chief Kevin Warsh react to Personal Consumption Expenditures (PCE) data this week, as well as European inflation metrics."The inflation story remains central to the entire setup," said SPI Asset Management analyst Stephen Innes."Investors will receive another critical read on Thursday with the release of the Personal Consumption Expenditures index, the Federal Reserve's preferred inflation gauge."After several hotter-than-expected consumer and producer inflation reports earlier this month, markets are increasingly concerned that elevated oil prices and supply disruptions tied to the Middle East conflict are beginning to seep into the broader inflation pipeline."The conflict erupted after the United States and Israel attacked Iran on February 28, and the Islamic republic responded with missile and drone attacks across the region.The United States and Iran have observed a ceasefire since April 8 while mediators push for a negotiated settlement, although Tehran has imposed controls on Gulf shipping and Washington has blockaded Iran's ports.Agence France-Presse]]></description>
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        <pubDate>Mon, 25 May 2026 12:07:00 +0400</pubDate>
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        <title><![CDATA[Oil, dollar ease on Middle East peace hopes]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/25/oil-dollar-ease-on-middle-east-peace-hopes]]></link> 
        <description><![CDATA[Stocks surged on Monday while the U.S. dollar and oil prices slid as the ‌prospect of a deal to end the Iran war buoyed risk appetite, although a lack of clarity over when the Strait of Hormuz would ​open kept enthusiasm in check.The ⁠nearly three-month-long conflict in the Middle East has driven energy prices sharply higher and reshaped the global rates outlook, ‌as inflation concerns intensify following Tehran's effective shutdown of ‌the key strait.US President Donald Trump said on Sunday he had told his representatives not to rush into any deal with Iran, as his administration played down hopes of an imminent breakthrough.Just a day earlier, Trump said Washington and Iran had "largely negotiated" a memorandum of understanding on a deal that would reopen the waterway, which ‌carried one-fifth of global oil and liquefied natural gas shipments before the war.Chris Weston, head of research at Pepperstone, said markets have become less focused on the ⁠timing of a resolution and instead been keeping an eye on the tone of the headlines."The tone has been consistently towards some sort of resolution... We've become very patient for a resolution deadline."European futures rose 1%, pointing to a strong open, while Nasdaq futures were 1.4% higher and S&P futures were up 1%. Liquidity is likely to be thin as markets in the U.S. and UK are closed on Monday.Oil price sets the tone for marketsFor much of the year, oil prices have steered broader markets as investors sift through often conflicting signals from Washington and Tehran, with both sides locked in negotiations since a fragile ​ceasefire took hold in April.On Monday, oil prices hit two-week lows to kickstart the week with Brent crude futures down over about ‌6% to $97.75 a barrel, while US West Texas Intermediate was at $90.87 a barrel, also down nearly 6%. Analysts expect oil prices to remain elevated even if there is a resolution in the near term, and they are unlikely to return to levels before the war as it will take time to remedy supply chain disruption from ⁠the conflict.Last week Barclays maintained its 2026 average Brent crude oil price forecast at $100, though it said risks are skewing higher. The euro was up 0.33% at $1.1646, while the Japanese yen firmed to 158.85 per US dollar as the safe-haven dollar gave up some of its recent gains.In Asia, Japan's Nikkei jumped 3% to roar past the 65,000 level for ​the first time ‌and Taiwan stocks also jumped to a record high. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1%.Global stocks have mostly shrugged off war worries ‌and instead have focused on all things AI and a strong earnings season, which has led to equities hitting record highs through the year.Rate expectations resetThe increase in energy prices since the conflict began and the risk that prolonged disruptions will keep them high has prompted traders to bet on rate hikes across both developed and emerging markets.Markets are ‌now fully pricing in a ‌25-basis-point hike from the U.S. Federal Reserve in January 2027, a sharp shift ⁠from expectations before hostilities erupted in late February, when two rate cuts this year were anticipated. The 30-year Treasury bond's yield, which is ‌seen as a barometer of geopolitical and fiscal risk, briefly touched its highest level since July 2007 last week but has pulled back from that milestone.There was no cash trading on Monday, but 30-year futures were up a full point. Data on Friday showed ⁠US consumer sentiment fell to a record low in May as surging gasoline prices linked to the Iran war intensified affordability concerns just as Kevin ​Warsh was sworn in as chair of the Fed.Mark Dowding, CIO for Fixed Income at RBC BlueBay Asset Management, said Warsh was likely to look past near-term elevated price data, but warned that the risk of a rate hike will continue to build as long as ⁠inflation remains on an upward trajectory.Reuters]]></description>
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        <pubDate>Mon, 25 May 2026 09:45:00 +0400</pubDate>
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        <title><![CDATA[Abu Dhabi Fund for Development monitors progress of key development projects in Africa]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/24/abu-dhabi-fund-for-development-monitors-progress-of-key-development-projects-in-africa]]></link> 
        <description><![CDATA[Abu Dhabi Fund for Development (ADFD) continues to closely monitor implementation progress and achievements across its key development projects in the African continent, underscoring its commitment to ensuring continuity of implementation in line with the approved framework, while advancing development efforts that strengthen infrastructure and enhance quality of life in partner countries.The key projects within the fund’s implementation portfolio include the rehabilitation of the “Sokodé - Bassar” Road in the Republic of Togo, the road infrastructure development project in the Republic of Madagascar, and the “Minna - Bida” Road Project in Nigeria.Completion rates to date have reached 92 per cent for the Togo road project, 80 per cent in Madagascar, and 45 per cent in Nigeria, reflecting tangible progress across implementation pathways and sustained advancements on the ground.This progress is enabled by ADFD’s proactive approach to supervising and directly monitoring priority development projects. It aligns with the fund’s mandate to support beneficiary countries in achieving sustainable economic and social growth, and its vision to serve as a global model in development financing through the efficient deployment of resources and the adoption of international best practices to maximise development impact.“On Africa Day, ADFD reaffirms its commitment to supporting the continent’s development journey and celebrating the shared values of unity, diversity, and progress that define Africa’s enduring spirit,” said Mohammed Saif Al Suwaidi, ADFD Director-General.Through strategic development projects across key sectors, ADFD continues to contribute to advancing the African Union’s Agenda 2063 vision of a prosperous, integrated, and sustainable Africa, guided by inclusive growth and long-term socioeconomic development, he added.Al Suwaidi said, “At ADFD, we place strong emphasis on continuously monitoring the progress across our development projects to ensure their efficient and high-quality implementation in accordance with approved timelines. This approach enables us to respond proactively to evolving on-ground needs while strengthening projects’ ability to achieve their intended development objectives.“Our efforts reflect the fund’s mission to support partner countries in developing vital infrastructure and advancing economic growth, reinforcing ADFD’s role in advancing the UAE’s vision for sustainable development that improves livelihoods and enhances quality of life across communities.”In Togo, the rehabilitation project of the “Sokodé - Bassar” Road is nearing completion, with an achievement rate of 92 per cent. The project is considered one of the vital initiatives in the transport sector, as it includes the rehabilitation of a 62-kilometre road, the implementation of rainwater and flood protection works, and the provision of consultancy and supervision services.This enhances connectivity between the capital Lomé and inland regions and neighbouring countries, reduces the cost of transporting goods and individuals, and improves road safety standards. The project is financed by ADFD with approximately AED37 million.In Madagascar, ADFD continues to oversee the construction of a 117-kilometre dual-lane road, alongside the development of seven new bridges. With an 80 per cent completion rate, the project improves connectivity between rural areas and enhances traffic flow, contributing to reduced transportation costs for goods and people.It also facilitates access to health and social services, and supports key sectors such as agriculture, industry, and tourism. The fund financed this project through a concessional loan exceeding Dhs110 million.In Nigeria, the fund continues to oversee the implementation of the “Minna - Bida” Road Project in Niger State, which represents its first development project in the country, with financing amounting to Dhs165 million.With a 45 per cent completion rate, the road connects the city of Minna, the state capital, with the city of Bida over a length of 82 kilometres and is expected to reduce travel time between the two cities by 50 per cent and lower vehicle operating costs by 31 per cent, in addition to supporting transport efficiency and stimulating economic activity between major cities.The progress achieved across these three projects, along with other initiatives throughout the continent, underscores ADFD’s continued commitment to its role as a strategic development partner. Through close oversight of implementation stages, the fund ensures continuity of works, enhances project readiness, and delivers sustainable and measurable outcomes.WAM]]></description>
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        <pubDate>Sun, 24 May 2026 22:25:00 +0400</pubDate>
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        <title><![CDATA[Dubai Customs measures reinforce trade flow, supply chain resilience]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/24/dubai-customs-measures-reinforce-trade-flow-supply-chain-resilience]]></link> 
        <description><![CDATA[The Ports, Customs and Free Zone Corporation (PCFC) said the measures and initiatives implemented by Dubai Customs as part of its comprehensive proactive strategy have strengthened the smooth flow of trade and reinforced supply chain resilience.The measures align with Dubai’s economic vision and its commitment to enhancing economic security and ensuring the readiness of vital sectors amid evolving regional and geopolitical developments.These efforts align with the directives of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, to introduce economic facilitation measures to strengthen resilience and business sustainability.Abdulla Bin Damithan, Chairman of the PCFC, confirmed that Dubai continues to develop a flexible economic model aimed at ensuring rapid response, integration between government entities and the private sector, and proactive readiness to keep pace with regional and international changes.He said, “In Dubai, rapid response has become an integral part of the government’s operating model. We continuously develop practical solutions and flexible initiatives that ensure the smooth movement of trade and strengthen supply chain resilience, reinforcing the global business community’s confidence in the efficiency and resilience of Dubai’s economic system.” He added that the corporation continues to adopt supportive policies and procedures to enhance the efficiency of the business environment and strengthen the readiness of the trade ecosystem, in line with Dubai’s future aspirations and its position as a leading global trade hub.Dr. Abdulla Busenad, Director-General of Dubai Customs, said the measures implemented by Dubai Customs over the past period reflect Dubai’s proactive, flexible approach that has enabled it to transform challenges into opportunities that support economic growth and business sustainability.He said, “Dubai believes in acting early and staying ahead of developments. In global trade, every hour matters when it comes to market stability and business continuity. That is why we moved from the outset, working closely with our partners and the business community to ensure the smooth flow of cargo and the sustainability of supply chains.”“What we implemented was not simply an alternative route, but an integrated system designed to ensure the continuity of trade and enhance business confidence,” he added. “Dubai Customs worked in close coordination with all relevant entities to develop flexible operational and customs solutions that enhanced the emirate’s readiness and ability to respond quickly to changing developments.”Busenad explained that Dubai Customs organised 12 interactive workshops and more than 98 coordination meetings and business councils under the theme “Crisis Response and Solutions Innovation”, with broad participation from private sector representatives, shipping and logistics companies, as well as experts and specialists in supply chains and international trade. The initiative aimed to develop practical solutions that strengthen the readiness of the trade and logistics sectors and support business sustainability.He added that Dubai Customs hosted 141 companies, including major clients, private sector companies, and commercial attachés representing international consulates and trade missions from Turkey, Germany, the United Kingdom, Indonesia, New Zealand, Australia, the Republic of Korea, China, Italy, and Egypt.These engagements formed part of efforts to strengthen direct communication with the business community and proactively identify operational challenges and development proposals.He noted that these discussions helped address more than 83 operational challenges and development proposals, focused primarily on operational and logistical matters related to customs clearance procedures and shipping costs. Several observations were translated into practical measures and initiatives implemented within a short timeframe, reflecting Dubai Customs’ rapid response approach and close partnership with the private sector.He added that several recent initiatives were introduced in direct response to feedback and proposals from operational teams and business councils, contributing to enhanced service efficiency, faster customs processes, and stronger flexibility across Dubai’s trade ecosystem and supply chains.Busenad affirmed that the “Green Corridor” launched by Dubai Customs during the early days of recent regional developments provided a practical model of rapid government response. The initiative facilitated rerouting shipments through alternative ports and channels while ensuring uninterrupted flows of goods into Dubai.“The Green Corridor not only supported cargo movement, but also strengthened business confidence and reinforced Dubai’s position as a city capable of maintaining trade continuity in a changing environment,” he added.The measures also included extending the transit period from 30 to 90 days, facilitating the entry of shipments through the ports of Khor Fakkan and Fujairah and their overland transport under the customs guarantee system, as well as expediting entry procedures for food and pharmaceutical products - all of which enhanced product availability and market stability while maintaining the highest standards of quality and safety.WAM]]></description>
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        <pubDate>Sun, 24 May 2026 22:21:00 +0400</pubDate>
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        <title><![CDATA[India warehousing set to cross 45 million sqft absorption in ’26]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/24/india-warehousing-set-to-cross-45-million-sqft-absorption-in-26]]></link> 
        <description><![CDATA[The warehousing and logistics sector is anticipated to witness annual absorption exceeding 45 million sq ft by the end of 2026, reflecting sustained demand in the sector, says Vestian survey.Following a phase of moderation in 2025, India’s warehousing and logistics sector has entered 2026 on a stronger footing, supported by improved occupier sentiment, resilient domestic demand, and continued infrastructure upgrades.After a year marked by cautious expansion strategies and network optimisation, occupiers are now gradually returning to expansion, pursuing selective capacity additions across key logistics corridors, particularly in high-demand assets.The top seven cities in India recorded an absorption of 11.4 million sq ft in Q1 2026, registering 8 per cent quarter-on-quarter increase and the fourth consecutive quarter of sequential growth. While absorption declined by 14 per cent year-on-year, leasing activity remained robust, led by 3PL, engineering & manufacturing, and consumer goods occupiers.Mumbai and Pune together contributed 81% of the total leasing activity, underscoring the continued dominance of established western industrial and logistics hubs in driving demand. The sustained quarterly recovery indicates that the moderation witnessed in 2025 was a phase of strategic recalibration rather than a structural slowdown in demand.Echoing this sentiment, Shrinivas Rao, CEO, Vestian said, “The warehousing and logistics sector has begun 2026 with renewed momentum, as occupiers resume expansion plans following a period of consolidation in 2025. Sequential growth in absorption reflects strong underlying market fundamentals, supported by rising manufacturing activity, infrastructure development, and resilient domestic consumption. While annual comparisons remain impacted by last year’s high base, the sector remains well positioned for sustained growth in the coming quarters.”Mumbai recorded the highest absorption at 4.76 million sq ft in Q1 2026, accounting for 42% of the pan-India absorption.Pune emerged as the second-largest contributor with 4.46 Million sq ft of absorption—surging by 162% quarter-on-quarter and 42% year-on-year, indicating a strong revival after subdued activity in the past quarters.Hyderabad recorded an absorption of 0.69 million sq ft in Q1 2026, witnessing 17% decline over the previous quarter but a notable 50% increase compared to the same period last year.NCR witnessed an absorption of 0.73 million sq ft, declining sharply by 61% sequentially and 57% year-on-year, reflecting muted leasing activity during the quarter.Chennai registered 0.59 million sq ft of absorption, down 50% over the previous quarter and 34% annually, following strong momentum in earlier quarters.Bengaluru, despite recording a sharp 566% quarterly increase, saw absorption decline by 87% annually, reaching 0.17 million sq ft in Q1 2026.Kolkata witnessed a steep fall in leasing activity, with absorption dropping to a negligible 0.01 million sq ft.Looking ahead, a growing emphasis on supply chain resilience, rising demand for modern Grade-A facilities, and continued expansion into emerging Tier-I and Tier-II logistics hubs are expected to drive the next phase of growth in 2026. Occupiers are likely to prioritise network efficiency, faster delivery capabilities, and technology-enabled warehousing solutions, creating fresh demand across strategic corridors. The warehousing and logistics sector is anticipated to witness annual absorption exceeding 45 million sq ft by the end of 2026, reflecting sustained demand in the sector, according to Vestian report.My parents passed away recently and we are three brothers who inherited the family property in Mumbai and Pune. One of my brothers is not keen for a share in the property and how we do ensure that it is legally transferred to all the legal heirs. Rajiv Kumar Nigam, SharjahYour brothers will have to execute a release deed or a settlement deed in your favour. The legal document is of course subject to stamp duty and registration charges. You can also apply for a legal heir certificate and the tehsildar, after conducting an enquiry will issue a certificate mentioning the names of legal heirs who succeeded to the estate. With your brother’s release deed and legal heir certificate, you are in a legally sound position to either retain or sell the property at any stage.I acquired an immovable property by way of gift from my relative in India. Can I dispose of the gifted property and repatriate sale proceeds to my foreign account? Prakash Rangarai, Dubai.You can repatriate the immovable property received by way of gift from your relative in India. The sale proceeds of the immovable property should be credited to NRO account only. From the balance held in the NRO account, you may remit upto US$1 million, per financial year, subject to the satisfaction of the authorised dealer and payment of applicable taxes. You may be required to file tax return for property sale income and taxes paid on it.]]></description>
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        <pubDate>Sun, 24 May 2026 09:39:00 +0400</pubDate>
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        <title><![CDATA[Mexico and EU lower tariffs in attempt to grow non-US trade]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/24/mexico-and-eu-lower-tariffs-in-attempt-to-grow-non-us-trade]]></link> 
        <description><![CDATA[The European Union and Mexico on Friday signed a deal reducing tariffs on each other’s goods as both seek to lessen their dependence on trade with the United States.The expansion of an accord dating to 2000 comes as Mexico fights hard to preserve a three-way free trade agreement with the United States and Canada, which is crucial to all three economies.The EU is Mexico’s third-largest trading partner, lagging far behind the US and China.Mexican President Claudia Sheinbaum has stressed the importance of “opening other horizons” at a time when both Mexico and the EU are grappling with US President Donald Trump’s tariff offensive.The updated agreement, signed by Sheinbaum and European Commission President Ursula von der Leyen during the eighth EU-Mexico Summit, removes most remaining barriers to trade and investment.“At a time marked by increasing turbulence and profound transformations, we have chosen to expand, deepen and update the bonds of our Strategic Partnership,” a joint statement read.The updated accord facilitates trade in auto parts, a sector particularly affected by Trump’s tariffs.Mexico also agreed to recognize hundreds of food and drink products from specific EU regions, such as Parma ham and Roquefort cheese.The agreement will lower tariffs on more products, and give duty-free access to pasta, chocolate, potatoes, canned peaches, eggs and certain poultry products.“Mexico wants to reduce its dependence on its northern neighbor, but also on Asian, or rather, Chinese, supply chains, and in Europe we are pursuing the same objectives,” an EU official told AFP on condition of anonymity.On a visit Thursday to Mexico City, the EU’s foreign policy chief Kaja Kallas said the deal would create new opportunities for “both economies to compete globally” and build on the momentum of the past decade, which has seen a 75 percent leap in EU-Mexican trade.Earlier this week, the European Union moved to end a trade standoff with Trump by agreeing to implement a deal signed last year with the US, which sets tariffs on most European goods at 15 percent.Average US tariffs on Mexican goods are a quarter of that -- with many avoiding levies altogether under the United States-Mexico-Canada Agreement (USMCA).Sheinbaum said Mexico’s respective trade agreements with the EU and the US were “not contradictory.”“On the contrary, they strengthen Mexico, strengthen Europe and strengthen the United States,” she told a press conference.Brussels has said the update to the pact would make it easier for “like-minded partners” to export and invest in each other’s markets.The lower tariffs enjoyed by Mexico will benefit the EU, according to Sergio Contreras, president of the Mexican Business Council for Foreign Trade.Mexico will be “the point of convergence, the platform for the European Union and North America to come together,” he said.More than 11,000 European companies operate in Mexico, supporting over five million direct and indirect jobs, European Commission President Ursula von der Leyen, who attended the EU-Mexico summit, said following the signing of trade agreements between Europe and Mexico.Von der Leyen said Europe is the second-largest destination for Mexican exports.The EU and Mexico have taken a major step forward in their partnership by signing the Modernised Global Agreement (MGA) and interim Trade Agreement (iTA).At the 8th EU-Mexico Summit in Mexico City, both sides agreed to deepen their political and economic cooperation at a time of growing global uncertainty.She said: “The EU and Mexico are committed to a close strategic partnership. Today’s modernised Agreements set out our shared vision of the future and will deliver many benefits for both sides. We will boost trade and investment to support jobs and growth, and cooperate across a range of policy areas.’’In April it was announced that the the interim trade agreement between the European Union and the Mercosur bloc of South American countries will enter provisional application from 1st May, in a move the EU said will deliver immediate and tangible benefits to European businesses, workers and citizens by reducing tariffs and opening new opportunities in one of the world’s largest trading regions.The deal provides for the gradual elimination of tariffs on more than 91 per cent of EU goods exported to Mercosur, a market of over 700 million people, and will from tomorrow remove or reduce duties on key exports including cars, pharmaceuticals, wine, spirits and olive oil.European farmers and food producers will benefit from reduced or eliminated tariffs, enhancing the competitiveness of their products in Mercosur markets. The EU expects its agri-food exports to the region to increase by 50 percent, with initial tariff quotas and reductions taking effect from tomorrow.A total of 344 protected European geographical indications will receive legal protection in Mercosur markets, preventing imitation or misuse.Agencies]]></description>
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        <pubDate>Sun, 24 May 2026 09:36:00 +0400</pubDate>
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        <title><![CDATA[AI-powered platform launched to transform Dubai’s real estate market]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/23/ai-powered-platform-launched-to-transform-dubais-real-estate-market]]></link> 
        <description><![CDATA[At its first — and last — in-person press briefing, Rechitta was unveiled as a new AI-powered communication layer for Dubai’s real estate market. Built specifically for developers, brokers and buyers, Rechitta aims to help the industry manage increasing demand with greater speed, consistency, transparency, and accuracy.Rechitta is designed to provide real-time responses on pricing, inventory, payment plans, amenities, and project updates, while also giving developers visibility into engagement trends, investor interests, and market demand patterns. By removing delays caused by fragmented communication and manual follow-ups, Rechitta aims to help developers and brokers respond to global market demand more effectively. The system supports streamlined engagement, faster transaction workflows, and more consistent communication across the sales process through a real-time environment powered by verified developer data and distributed across their networks.“Dubai’s real estate market continues to grow at a rapid pace, but the systems supporting developer and broker engagement have remained largely fragmented and manual. We saw how AI can help build infrastructure that supports global demand more efficiently while improving transparency, responsiveness, and consistency across markets. Rechitta was created to support that next phase of growth for the sector. We expect developers using Rechitta to be able to reach up to 20x more brokers and respond to global market demand far more effectively, without compromising accuracy or consistency,” said Ashirwad Somani, Co-Founder of Rechitta.“What makes Rechitta different is that it transforms communication into actionable market intelligence,” said Aryaman Maheshwari, Co-Founder, Rechitta. “Every interaction helps developers and brokers better understand what the market is looking for in real time, from pricing expectations to investment preferences and emerging demand trends. The ability to combine instant response capability with highly accurate verified data creates a more transparent, responsive, and scalable sales ecosystem.”For brokers, Rechitta functions as a real-time intelligence and communication layer, providing instant access to accurate information and helping teams manage enquiries more effectively across international markets. Rather than replacing traditional broker relationships, Rechitta is designed to enhance efficiency, accelerate response times, and improve conversion potential through faster, more reliable communication.“For developers, the challenge today is not demand, it’s managing demand accurately and efficiently across markets,” said Atiksh Mittal, Co-Founder, Rechitta. “Rechitta is designed as a controlled, intelligent communication layer where verified information can be distributed instantly and consistently through broker networks worldwide. One of the biggest advantages is the removal of human error, inconsistency, and subjective interpretation from the information chain, allowing developers to maintain complete accuracy and message control at scale.”“The launch event was an incredible experience to bring Rechitta to life in front of a live audience, and it carries a special meaning for us as both the first and last in-person briefing we will ever host. It was great to see Rechitta doing what it was built for, connecting, responding, and engaging in real time. We’re proud and genuinely excited to now hand the reins over to Rechitta. What we’ve built is no longer something that lives in a room or an event, it’s a living system that responds, learns, and engages continuously in real time,” he added.Rechitta was officially introduced at an exclusive event on 19th May at Salvaje Dubai, marking the company’s transition into its next phase as an always-on AI communication layer designed to operate continuously across markets and time zones.As Dubai strengthens its position as a global real estate hub, Rechitta aims to redefine how developers and brokers manage international engagement by making real estate communication faster, smarter, and more scalable. Looking ahead, the company plans to expand beyond Dubai, building broader AI infrastructure for real estate markets globally.]]></description>
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        <pubDate>Sat, 23 May 2026 18:46:00 +0400</pubDate>
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        <title><![CDATA[UAE, Serbia discuss partnership on sustainable food security]]></title>
        <link><![CDATA[https://www.gulftoday.ae/news/2026/05/23/uae-serbia-discuss-partnership-on-sustainable-food-security]]></link> 
        <description><![CDATA[Dr Amna Bint Abdullah Al  Dahak, Minister of Climate Change and Environment, met with Aleksandar  Vučić, President of the Republic of Serbia, at the Serbia Palace in  Belgrade, to discuss the strengthening of strategic partnerships that  support sustainable food security systems under the Comprehensive  Economic Partnership Agreement (CEPA) signed between the UAE and the  Republic of Serbia.The meeting took place during her  official visit to Serbia, where she led a high-level UAE delegation of  senior government officials and representatives from the public and  private sectors. The visit aimed to strengthen bilateral cooperation in  food security and sustainable agriculture, while also supporting shared  economic development goals.During the meeting, both  sides highlighted the strength and growing momentum of UAE–Serbia  relations. Discussions focused on expanding cooperation in food  security, agriculture, and sustainable development.They  also praised the achievements of Emirati companies operating in Serbia  and expressed a shared ambition to expand collaboration in key sectors  such as livestock production. Both parties exchanged views on the  importance of building resilient food systems, strengthening cooperation  under the UAE-Serbia CEPA.Dr Amna Al Dahak  expressed her satisfaction with the visit, noting that it reflects the  growing strength of bilateral relations. She said, “Strengthening the  sustainability and resilience of food security systems is a core  strategic pillar of the Comprehensive Economic Partnership between the  UAE and the Republic of Serbia. Through this important step, we aim to  build a leading model of international cooperation that combines  political vision with investment and trade capabilities, turning them  into tangible projects on the ground that bring together the public and  private sectors and support strong supply chains that serve the shared  interests of both countries.”Al Dahak added, “The  UAE follows a proactive approach that places innovation and advanced  agricultural technologies at the center of sustainable solutions to  future food challenges. In this context, we look forward to  strengthening cooperation and expanding joint work with our Serbian  partners, particularly in research and development, seed technology,  water resource management in the agriculture sector and climate-smart  agricultural practices. This will help build resilient and sustainable  food systems that can meet food security needs and ensure long-term  prosperity for the people of both countries.”The UAE  delegation included officials from the Ministry of Climate Change and  Environment, along with senior leaders from key national food and  agriculture entities.Among them were Dhafer Al  Qasimi, Group CEO of Silal; Hassan Halawi, CEO of Elite Agro Holding;  and representatives from Agthia Group. The delegation was accompanied  during the visit by Ahmed Hatem Barghash AlMenhali, Ambassador of the  United Arab Emirates to the Republic of Serbia.This  visit builds on the strong progress of Emirati–Serbian investment  cooperation. Investments by Al Dahra and Al Rawafed – part of Elite Agro  Holding – represent a model of sustainable partnership across more than  600,000 hectares of farmland.Silal said that its  partnership with Serbian producers marks a key pillar of the UAE’s food  security system. Field trials have shown strong success in growing the  Serbian barley variety “Java” in the UAE, creating new opportunities for  cooperation in specialised seeds. In a related development, Zobnatica  Farm, operated by Elite Agro Holding, has become an important asset that  combines agricultural production, rural tourism investment potential,  and a rich equestrian heritage.As part of efforts to  strengthen cooperation across key sectors, Dr. Amna Al Dahak held a  bilateral meeting with Dr. Dragan Glamocic, Minister of Agriculture,  Forestry and Water Management of the Republic of Serbia.The  meeting focused on advancing cooperation between the UAE and Serbia in  food security, sustainable agriculture, agri-technology, livestock  development, water resource management and agricultural trade.The  discussions also highlighted the importance of the upcoming United  Nations Water Conference 2026, which will be hosted by the UAE this  year, as a key platform for advancing desalination technologies.During  her meeting with Marko Čadež, President of the Chamber of Commerce and  Industry of Serbia, discussions focused on moving cooperation beyond  government frameworks towards direct trade partnerships, as well as  developing an integrated digital logistics ecosystem for agricultural  value chains.She attended the Serbia Business Summit  2026, which addressed the future of economic cooperation and climate  policy. The summit featured an open dialogue with Emirati businessman  Mohamed Alabbar, Founder of Emaar Properties.Alabbar  said that Belgrade has established itself as a credible hub for  business and innovation. He announced the next phase of the Belgrade  Waterfront project, which he said is expected to become one of the  world’s leading developments. He also highlighted the transformative  impact of artificial intelligence on business and employment, adding  that major cities such as Abu Dhabi, Dubai, and Belgrade are  increasingly outperforming countries in attracting talent and  investment.Dr Amna Al Dahak also attended the  opening of the 93rd International Agricultural Fair in Novi Sad, Serbia.  The fair is regarded as one of the leading specialised agricultural  exhibitions in Southeast Europe. It brought together more than 1,200  exhibitors from around 40 countries, showcasing the latest innovations  in advanced agricultural technologies, mechanisation, food production,  and sustainable farming solutions.The visit also  included field tours of some of Serbia’s leading agricultural and  research centres. Al Dahak visited the Zobnatica Agricultural Centre, a  fully integrated model for agricultural production, crop cultivation,  agribusiness development and sustainable rural development.The visit  highlighted the vital role of successful Emirati investments in Serbia’s  agriculture, particularly the contributions of Elite Agro Holding in  supporting sustainable food production, encouraging innovation, and  strengthening long-term agricultural cooperation between the UAE and  Serbia.She also visited Agrosava, where she was  briefed on Serbia’s advanced expertise in seed development, agricultural  research, and modern crop production technologies.During  the visit, she explored opportunities to strengthen cooperation in  agricultural innovation, knowledge exchange, and the application of  sustainable farming practices that support the development of resilient  food systems for the future.WAM]]></description>
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        <pubDate>Sat, 23 May 2026 17:56:00 +0400</pubDate>
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        <title><![CDATA[Wall Street climbs, Dow at record high with US-Iran talks in spotlight]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/22/wall-street-climbs-dow-at-record-high-with-us-iran-talks-in-spotlight]]></link> 
        <description><![CDATA[NEW YORK: Wall Street's main indexes rose on Friday ahead of a long weekend, ​with the blue-chip Dow ⁠hitting a record high for the first time since the Iran war began, as investors tracked progress ‌in talks to end the nearly three-month-old ‌conflict.The S&P 500 is on track for an eighth consecutive weekly gain, which would mark its best winning streak since December 2023.Most megacap and growth stocks traded higher, with Apple up 2%, hitting a market capitalization of more than $4.5 trillion for the first time.Semiconductor stocks, a key ‌driver of recent Wall Street gains, were broadly up with the Philadelphia chip index rising 2.4%. Qualcomm led the pack with a 12% jump.PC ⁠makers Dell Technologies and HP Inc surged over 15% each after China's Lenovo Group reported a better-than-expected 27% jump in quarterly revenue.In the latest on the Iran situation, Reuters reported that a Qatari negotiating team arrived in Tehran in coordination with the United States to try to help secure a deal to end the war and resolve outstanding issues."The market has been working under the assumption that there's going to be relatively near-term resolution," said Thomas Hayes, chairman at Great Hill Capital LLC."If that assumption proves to be wrong, the ​market will catch down very quickly. The market has been trained that there's an embedded Trump put in the market." Global ‌stocks have whipsawed since the conflict began in late February, but hopes of an eventual resolution to the war, optimism in the AI trade and resilient earnings growth have propelled US stocks to record highs this month.The market recovery, however, has faced some hurdles as investors fret about ⁠the inflationary impact of surging oil prices, pushing government bond yields higher around the world and hitting risk appetite this week.At 11:34 am ET, the Dow Jones Industrial Average rose 408.59 points, or 0.82%, to 50,697.24, the S&P 500 gained 48.08 points, or 0.65%, to 7,493.79 and the Nasdaq Composite ​gained 174.66 points, or ‌0.67%, to 26,467.76.Seven out of the 11 major S&P 500 sector indexes were higher, led by information technology.Meanwhile, government bond ‌yields were steady after Federal Reserve Governor Christopher Waller said the Fed should axe the "easing bias" from its policy statement and effectively open the door to a possible rate hike.Kevin Warsh will be sworn in as Fed leader at the White House later in the day, taking over the ‌reins from Jerome Powell, a ‌pivotal moment for monetary policy and the American economy.The CBOE volatility ⁠index hit a more than two-week low ahead of the three-day market holiday, with US markets shut on Monday ‌for Memorial Day.Meanwhile, the price-weighted Dow notched its first intraday record high since February 10, becoming the last of the three main US stock indexes to hit the milestone.Among others, Estée Lauder surged 10.5% after the cosmetics maker ⁠and Spanish perfumery Puig ended talks for a potential merger.Workday added 3.6% after the human resources software provider exceeded expectations for first-quarter revenue ​and profit.Advancing issues outnumbered decliners by a 1.3-to-1 ratio on the NYSE and by a 1.37-to-1 ratio on the Nasdaq.The S&P 500 posted 27 new 52-week highs and no new lows while the Nasdaq Composite recorded 100 new ⁠highs and 56 new lows.Canada's main stock index hit an all-time high on Friday and ​was ⁠on track for a weekly gain as technology shares ‌advanced, while investors watched for ‌signs of a breakthrough in talks to end the nearly three-month-long Middle East conflict. At 10:09 a.m. ET, the Toronto Stock Exchange's S&P/TSX Composite Index was ‌up 0.2% at 34,479.10 points, surpassing the earlier peak it reached on March ⁠2.US Secretary of State Marco Rubio on Thursday said there have been "some good signs" in negotiations to end the U.S.-Israel war against Iran, though differences remained over Tehran's uranium stockpile and control of the key Strait of Hormuz."The situation is growing old for investors. Tolerance for these headlines is ​increasing, meaning it takes more to move the needle. The market ‌focus has shifted more toward what’s happening in the tech world,” said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private ⁠Wealth.Technology shares led gains on the index, rising 1.1%. BlackBerry, CGI Inc and Lightspeed were up 2.2% to 7.9% each.Seven of 10 TSX sectors were ​in the ‌green, with energy stocks rising 0.6% on higher oil prices as ‌investors remained wary of prospects for a breakthrough in Middle East peace talks.Heavyweight mining stocks retreated 0.9% as gold prices declined amid persistent inflation concerns and increased expectations ‌of a US ‌rate hike.Meanwhile, Perpetua Resources ⁠fell 1.5% after the antimony and gold miner said the ‌Export-Import Bank of the United States has approved a $2.9 billion loan to support the development of its Stibnite Gold Project in ⁠Idaho.CAE fell 10.1% to the bottom of the index ​after the simulation and training provider released its fourth-quarter results.Investors also await quarterly results from major banks set to be released next ⁠week.Agencies]]></description>
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        <pubDate>Fri, 22 May 2026 20:15:00 +0400</pubDate>
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        <title><![CDATA[Dubai Maritime City inaugurates Dhs160 million business centre]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/22/dubai-maritime-city-inaugurates-dhs160-million-business-centre]]></link> 
        <description><![CDATA[DUBAI: Dubai Maritime City (DMC), one of DP World’s flagship developments, on Friday inaugurated its new Maritime Business Centre 2 (MBC-2), an Dhs160 million premium commercial tower that expands Grade A office capacity within Dubai’s maritime and trade ecosystem.Located in the Commercial District in Dubai Maritime City, the new tower was delivered in 20 months with 78 per cent of the space leased before opening, reflecting strong demand for high-quality commercial space in well-connected business districts across Dubai.The Maritime Business Centre introduces a distinctive commercial offering including 125 exclusive premium office units (ranging from 40 to 980 m²) with waterfront views. The development offers two office categories: fully fitted plug-and-play offices enabling immediate operational readiness and shell-and-core offices that provide tenants with the flexibility to customise their workspace based on operational and branding needs.The tower also includes a wellness floor with a gym, recreational areas, retail outlets, F&B spaces and 480 parking bays, including dedicated spaces for electric and hybrid vehicles and People of Determination as well as smart building systems designed to reduce energy consumption.Dubai Maritime City’s headquarters, along with Jafza’s licensing department, have officially relocated to Maritime Business Centre 2.Ahmed Al Hammadi, COO of Dubai Maritime City, said, "The strong pre-leasing demand for Maritime Business Centre 2 reflects continued confidence in Dubai Maritime City as a strategic destination for maritime and trade-related businesses. As DP World expands into integrated urban and economic zones, projects like this show how we are creating high-quality spaces around our core infrastructure.”The opening was attended by Abdulla Bin Damithan, Chairman of the Ports, Customs and Free Zone Corporation; Abdulla Al Hashmi, Global Chief Operating Officer, Parks and Economic Zones of DP World; Ahmed Alhammadi, Chief Operating Officer of Dubai Maritime City; Eng Abdulla Belhoul, CEO of Trakhees and other senior DP World management.In 2025,  Dubai has reinforced its status as a leading global maritime hub, earning the title of “the crown jewel of the Middle East’s maritime sector,” according to the 2025 International Shipping Centre Development Index report, issued by Xinhua News Agency in collaboration with the Baltic Exchange. The report ranks Dubai among the top five global shipping centres and first in the Arab region.The report highlights Dubai’s comprehensive maritime ecosystem, offering navigation services, shipbuilding and repair, and capacity to handle the increasing number of vessels. It also emphasised the Dubai Maritime Transport Plan 2030, aligned with the Dubai Economic Agenda D33, which aims to expand maritime transport usage, enhance the network of marine transportation, and develop Dubai Maritime City.The report specifically praised Jebel Ali Port for its strategic role as a regional shipping hub, underpinned by continuous investment in infrastructure and services. In 2024, the port handled 15.5 million twenty-foot equivalent units (TEUs), the highest since 2015, accounting for 18% of the total 88.3 million TEUs managed by DP World, the port operator.On sustainability, the report highlighted Jebel Ali Port’s initiatives to reduce emissions, including the provision of biofuel for ships, installation of 50,000 m² of solar panels for renewable energy, and the use of electric vehicles for container handling—contributing to an annual reduction of 2,000 tons of CO₂ emissions.Dubai Ports Authority is committed to proactive measures to enhance the maritime sector’s contribution to the strategic objectives of the Dubai Economic Agenda D33, through its three ports—Jebel Ali, Port Rashid, and Hamriyah—despite global economic challenges and market fluctuations. We are dedicated to preserving the emirate’s marine environment and ensuring the highest operational safety standards in the maritime sector.”WAM]]></description>
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        <pubDate>Fri, 22 May 2026 20:11:00 +0400</pubDate>
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        <title><![CDATA[UAE and Austria lock in new bilateral investment corridors]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/22/uae-and-austria-lock-in-new-bilateral-investment-corridors]]></link> 
        <description><![CDATA[VIENNA: Dr Thani Bin Ahmed Al Zeyoudi, Minister of Foreign Trade, led an Emirate delegation to the Austrian capital of Vienna.During his visit, Al Zeyoudi met his counterpart Wolfgang Hattmannsdorfer, Austria’s Minister for Economy, Energy and Tourism. He signed a Memorandum of Understanding establishing the Austria-UAE High Level Dialogue Platform and co-hosted the 2nd UAE-Austria Joint Economic Committee (JEC) Meeting. The visit helped to strengthen the UAE’s economic relations with Austria and the broader EU.During his meeting with Hattmannsdorfer, Al Zeyoudi restated the UAE’s commitment to positive, mutually beneficial international partnerships, saying, "The UAE serves as a gateway not only to the Gulf but also to markets around the world, providing an important and resilient hub on global trade routes. With our robust infrastructure and business-friendly environment, we are determined to simplify trade, modernise supply chains and accelerate growth opportunities for all our partners.”The UAE’s non-oil foreign trade with Austria reached $2.1 billion in 2025, reflecting a growth of 16.4 per cent compared to 2024 and a significant 87.7 per cent increase since 2019. These figures demonstrate the strengthening trade ties between the two nations and their shared pursuit of deeper collaboration.For his part, Hattmannsdorfer said, "Austria and the UAE share a long-standing and forward-looking economic partnership. The establishment of a High-Level Economic Dialogue Platform marks an important step in further strengthening the connectivity between our businesses, fostering innovation, investment, and sustainable growth on both sides."This year’s meeting of the Joint Economic Committee is particularly meaningful as we celebrate the 50th anniversary of the bilateral agreement that laid the foundation for our successful economic cooperation. Our joint participation at the European Forum Wachau also underlines our shared commitment to international dialogue, resilience, and partnership."He added that the UAE is an essential strategic partner for Austria in the Middle East, especially in the fields of energy diversification and future-oriented technologies. "We look forward to deepening our cooperation and creating new opportunities for our companies and economies.”Over the past seven months, representatives of both the public and private sectors have engaged in frequent discussions, including business roundtables in November 2025 and January 2026, which have played a crucial role in fostering increased private-sector collaboration.Al Zeyoudi emphasised the evolving partnership, noting, "The UAE and Austria continue to explore exciting opportunities across various high-potential sectors, including technology, renewable energy, and advanced manufacturing. This week’s engagements will provide an important foundation for future collaboration.”The JEC meeting included a series of discussions aimed at enhancing cooperation in key areas, reaffirming both nations' commitment to fostering a conducive environment for trade and investment. The meetings have set the stage for future collaborations that will drive economic growth and innovation, as the UAE and Austria remain dedicated to building on their strong foundation of cooperation and expanding their economic partnership.The JEC meeting marked the 50th anniversary of the bilateral Joint Commission on Economic, Industrial, and Technical Cooperation established on 11th March, 1976, underscoring the longstanding economic relationship between the two nations.Al Zeyoudi also participated in the establishment ceremony of the new UAE-Austria Dialogue Platform, signing a Memorandum of Understanding with his counterpart, Wolfgang Hattmannsdorfer. The new body will create a platform for the private sectors of both nations to identify promising investment opportunities, align national priorities, and benchmark mutual achievements.Meanwhile in February 2026, Dr. Thani Bin Ahmed Al Zeyoudi, Minister of Foreign Trade, welcomed Beate Meinl-Reisinger, Austrian Minister for European and International Affairs, and a delegation of Austrian business executives, to a business roundtable aimed at enhancing private sector collaboration between UAE and Austrian companies and driving bilateral economic relations.The meeting follows the initial UAE-Austria Business Roundtable held in November last year, reflecting the commitment of both nations to quickly accelerate the growth in trade and investment flows between the two sides.During the roundtable, Al Zeyoudi highlighted the importance of Austria as a strategic partner in the EU, noting that non-oil trade between the UAE and Austria increased 15.8 per cent year-on-year to reach $2.1 billion in 2025.Al Zeyoudi said, “Our partnership with Austria continues to evolve, presenting exciting opportunities for trade and investment that will benefit both nations. By fostering private sector collaboration, we are unlocking new avenues for mutual benefit in sectors like technology, renewable energy, and advanced manufacturing.”Minister Meinl-Reisinger expressed her enthusiasm for strengthening ties, remarking, “The United Arab Emirates is Austria’s most important business partner in the whole GCC region and an important strategic partner. I therefore visit the United Arab Emirates today accompanied by a business delegation.”She added, “Together with Dr. Thani Al Zeyoudi we discussed how to further increase our trade and our economic cooperation in various areas such as AI or sustainability. We also took stock of the ongoing CEPA-negotiations between the European Union and the United Arab Emirates. Austria with its export-oriented economy stands to benefit from free trade, be it with MERCOSUR, India or the UAE. This is why I do hope for a swift conclusion of these talks as in times of rising protectionism we need to open doors instead of closing them.”Al Zeyoudi invited the Austrian business community and delegation to take full advantage of the UAE’s investment ecosystem, which offers a pro-growth, highly connected platform for expansion into not only the Middle East but Africa and Asia.The UAE business delegation included representatives from Response Plus Medical, Masdar City, Kezad, Aldar, Dubai Chamber, Abu Dhabi Chamber, and UAE Chamber. The Austrian business delegation included representatives from Bene, Lohmann & Rauscher, Microtronics Engineering, Planradar, Tridonic & Co, VA TECH WABAG, OMV, Store Makers, Unger Stahlbau, Kny Design, and Primetals Technologies.The meeting also included a series of bilateral sessions between Emirati companies and their Austrian counterparts. These sessions focused on deepening the bilateral ties between the two nation’s private sectors in key, high growth sectors of the future. Upon conclusion of the roundtable, participants expressed a collective commitment to identify and pursue collaborative projects in advanced manufacturing, renewable energy, tourism, and technology that will enhance trade relations, create jobs, and foster long-term, mutually beneficial economic growth for both nations.WAM]]></description>
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        <guid><![CDATA[https://www.gulftoday.ae/business/2026/05/22/uae-and-austria-lock-in-new-bilateral-investment-corridors]]></guid>
        <pubDate>Fri, 22 May 2026 20:09:00 +0400</pubDate>
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        <title><![CDATA[Forum discusses growth of Agentic AI Transformation in the region]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/22/forum-discusses-growth-of-agentic-ai-transformation-in-the-region]]></link> 
        <description><![CDATA[Gulf Today, Staff ReporterDUBAI: The Harvard Business School Club of the GCC, in collaboration with Keystone, hosted Growing in Unity: AI & Transformational Leadership in Practice, forum recently in Dubai, convening top UAE government officials, enterprise leaders, academics, and Harvard Business School alumni for a landmark conversation at the intersection of Agentic AI and transformational leadership.The event, inspired by His Highness Sheikh Mohammed Bin Rashed Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai’s vision to make the UAE the first government globally to operate with 50% of government sectors, services, and operations run on autonomous AI agents, held in the spirit of the UAE's Year of Family, bringing together senior figures from government, the private sector, and academia to explore how GCC organisations can harness AI not only for operational performance but to strengthen the human foundations that make sustainable growth possible.Mohamed Bin Taliah, Assistant Minister of Cabinet Affairs for Government Knowledge Exchange Affairs, delivered his inaugural Harvard Business School community keynote address and shared key insights about the UAE's AI strategy and transformational leadership vision for national growth. The keynote was followed by a fireside conversation moderated by Dr Caroline Faraj, Vice President and Editor-in-Chief of CNN Arabic.“Under the UAE’s visionary leadership, we are approaching AI not merely as a technological transformation, but as a human transformation. Through its ambition to accelerate the adoption of Agentic AI across government, the UAE is shaping a global model for how AI can enhance people’s quality of life, empower governments to become more proactive and responsive, and create more space for human connection, creativity, and meaningful impact,” said Mohamed Bin Taliah.A senior panel moderated by Andy Gandhi, Senior Partner at Keystone, then examined practical dimensions of AI adoption in strategy, governance, and the future of work. Panelists included Eng. Amal Abdulrahim, Assistant Undersecretary, Support Services Sector, and Chief AI & Innovation Officer at the Ministry of Climate Change and Environment; Mubaraka Ibrahim, CAIO and CIO of Emirates Health Services; and Dr Melodena Stephens, Professor of Innovation & Technology Governance at Mohammed Bin Rashid School of Government.“The Harvard Business School Club of the GCC supports the UAE's bold and forward-thinking leadership in Agentic AI: a defining frontier that will reshape the fabric of business and society for generations to come. We are launching learning initiatives and ensuring our community is committed to translating this national vision into tangible, high-impact outcomes: driving responsible innovation, championing ethical frameworks, and ensuring that the promise of AI is realized with the guardrails our industries and communities deserve,” stated Saleh Lootah, Club President, HBS Club of the GCC.“UAE has time and again shown with remarkable consistency and resolve that true national leadership in technology is inseparable from a commitment to societal value. Keystone is proud to establish its inaugural UAE office in Dubai in alignment with the country’s ambitions. We are excited to support all sectors as strategic partners invested in the country's long-term transformation by bringing in our global network of world-class AI and technology experts. We are committed to accelerating the UAE's position as a global epicenter of intelligent, human-centered innovation,” commented Andy Gandhi, Senior Partner and Global Investigations and Risk Lead, Keystone.The forum underscored the UAE's emergence as a leading voice in responsible and human-centered AI adoption, with participants noting that the most enduring legacies in the region will be built not on technology alone, but on the trust, cohesion, and leadership values that define the GCC's identity.]]></description>
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        <guid><![CDATA[https://www.gulftoday.ae/business/2026/05/22/forum-discusses-growth-of-agentic-ai-transformation-in-the-region]]></guid>
        <pubDate>Fri, 22 May 2026 20:08:00 +0400</pubDate>
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        <title><![CDATA[ARMAF unveils ‘The Timeless Collective – Season 2’ with immersive celebration of fragrance, culture, and entertainment in Dubai]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/22/armaf-unveils-the-timeless-collective-season-2-with-immersive-celebration-of-fragrance-culture-and-entertainment-in-dubai]]></link> 
        <description><![CDATA[ARMAF, the UAE’s largest fragrance house with a presence in over 140 countries, unveiled The Timeless Collective – Season 2 in spectacular fashion at Wavehouse, Atlantis The Palm, Dubai, bringing together fragrance, culture, entertainment, and creator-led storytelling under one immersive experience.Hosting more than 250 creators, media personalities, tastemakers, and partners, the evening transformed into a vibrant celebration of scent, self-expression, and social connection, reflecting ARMAF’s evolving vision of building communities through fragrance and cultural relevance.“We just want people to have fun and create memories — to keep the joy they’ve always felt alive. That’s what fragrance should do, and we tried to embody that here,” said Nayana Tharoor, Global Head of Marketing at ARMAF.Designed as a creator-powered global platform, The Timeless Collective showcased ARMAF’s out-of-the-box approach to fragrance marketing by blending immersive storytelling with entertainment and experiential engagement.The event featured five experiential zones, each inspired by a distinct fragrance mood and personality. Guests explored interactive spaces curated around music, performances, gaming, dining, and social storytelling moments designed to encourage organic creator engagement throughout the evening.Among the standout experiences was the Spartacus zone, inspired by ARMAF Spartacus — a bold fragrance crafted for fearless personalities. The immersive environment reflected themes of confidence, power, and elevated nightlife energy through dynamic visuals and high-impact entertainment.The Let’s Move Salsa zone celebrated rhythm, spontaneity, and vibrant social energy, while the Let’s Move Tango experience introduced a more intimate and sophisticated atmosphere inspired by elegance, mystery, and movement.Guests also stepped into the vibrant world of Odyssey Litchi Lush, a fruity gourmand fragrance centered around youthful optimism and expressive individuality. Meanwhile, the Odyssey Pink Pop zone brought playful femininity and pop-culture-inspired energy to life through bold visuals and highly interactive creator moments.A major highlight of the evening was the exclusive closed-door unveiling of Odyssey Soda Pop, ARMAF’s newest nostalgic fragrance concept inspired by retro memories, fizzy indulgence, and youthful escapism. One of the most anticipated launches of the night, Soda Pop quickly became a conversation starter among creators and media attendees alike.The atmosphere was further elevated through live music performances, percussion acts, dance showcases, elevated dining experiences, and collaborative creator-led activations curated specifically for social storytelling and audience engagement.With The Timeless Collective – Season 2, ARMAF continues to redefine how fragrance brands connect with audiences — moving beyond traditional marketing to create emotional, immersive, and culturally relevant experiences that resonate with modern consumers worldwide.]]></description>
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        <guid><![CDATA[https://www.gulftoday.ae/business/2026/05/22/armaf-unveils-the-timeless-collective-season-2-with-immersive-celebration-of-fragrance-culture-and-entertainment-in-dubai]]></guid>
        <pubDate>Fri, 22 May 2026 14:44:00 +0400</pubDate>
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        <title><![CDATA[Etihad Airways launches flights to Oman&#039;s coastal city of Salalah]]></title>
        <link><![CDATA[https://www.gulftoday.ae/business/2026/05/21/etihad-airways-launches-flights-to-omans-coastal-city-of-salalah]]></link> 
        <description><![CDATA[Etihad Airways, the national airline of the United Arab Emirates, on Thursday celebrated the inaugural flight of its new service to Salalah, introducing a direct connection between Abu Dhabi and Oman's southern coastal city.The new route will operate year-round, launching with two weekly flights on 21 May and increasing to five flights per week from 15 June to coincide with the Khareef season, when Salalah's coastline and mountains transform into vibrant green landscapes.The introduction of flights to Salalah reflects Etihad's commitment to expanding its regional network, offering guests across the airline's global network seamless and consistent access to one of the Gulf's most bucket-list destinations. The new Salalah route is Etihad's second destination in Oman, complementing its long-standing operations to Muscat, which celebrates 20 years of operation this year.With a flight time of under two hours, the new route offers an easy and refreshing summer escape for travellers from Abu Dhabi, and across Etihad's expanding global network; connecting the UAE capital directly with Salalah's unique seasonal landscape.Antonoaldo Neves, Chief Executive Officer, Etihad Airways, said: "Launching services to Salalah marks an exciting new chapter in Etihad's commitment to strengthening connectivity to Oman. For 20 years now, our operations to Muscat have played an important role in connecting communities and cultures, and this new route builds on that proud history."Salalah is a truly unique destination, renowned for its lush landscapes, pristine beaches, and rich cultural heritage, particularly during the Khareef season, when it transforms into one of the Arabian Peninsula's most captivating holiday escapes. We are delighted to offer our guests easier access to this exceptional destination while continuing to support tourism growth across our network."WAM]]></description>
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        <guid><![CDATA[https://www.gulftoday.ae/business/2026/05/21/etihad-airways-launches-flights-to-omans-coastal-city-of-salalah]]></guid>
        <pubDate>Thu, 21 May 2026 22:59:00 +0400</pubDate>
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