Newsletter: Business & Tech

Revolut makes Middle East entry with UAE approval

This week’s newsletter looks at Egypt’s $18 billion Gulf-backed tourism project, Revolut’s entry into the Middle East via the UAE, and a new India-Israel investment pact, alongside fresh moves in the Gulf’s AI race.

By Jack Dutton

In Bristol, reporting on regional business, climate change, AI, tech

UK's Revolut enters Middle East fintech market with UAE licenses

The Central Bank of the UAE has granted Revolut in-principle approval for stored value facilities and retail payment services licenses.

United Arab Emirates

China calls on BRICS to boost multilateral trade as Iran, UAE eye closer ties

The UAE’s and Egypt’s trade with BRICS members is on the rise, while Iran’s efforts to increase economic ties are complicated by sanctions.

China

Cyprus courts UAE amid Greek pressure on subsea cable: What to know

The project has been beset with delays due to longstanding disagreements between NATO members Greece and Turkey over territory in the Eastern Mediterranean.

United Arab Emirates

India, Israel ink new investment deal: What to know

The deal comes just a week after the Shanghai Cooperation Organization summit in Tianjin, China, where India signed a declaration condemning Israeli actions in Gaza and Iran.

Israel

Saudi Arabia, UAE firms sign $18.5B tourism megaproject for Egypt

The new deal forms part of Egypt’s Vision 2030 agenda as the government aims to secure $42 billion in foreign direct investment this year.

Egypt

Analysis

Old sanctions, new risks: Iran’s economy hampered by war fallout, China reliance

Europe’s move to revive UN sanctions against Iran comes amid growing economic strain for a country already buckling under war damage, domestic crises and a plunging currency.

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Qataris hail Chinese robotaxis as Gulf embraces driverless cars

Three Chinese companies have publicly announced plans to roll out the autonomous vehicles in the Gulf.

Qatar

From Milan to Dubai: Giorgio Armani's sprawling Middle East legacy

The Italian designer's eponymous brand has luxury real estate in the Gulf, as well as North Africa.

United Arab Emirates

Saudi Arabia, UK announce over $445M in investments: What to know

The agreements aim to boost bilateral trade and will also support Saudi Vision 2030 reforms to diversify the economy away from reliance on oil by the end of the decade.

Saudi Arabia

Turkey's trade deficit falls to lowest level in nearly four years: What to know

Turkey’s trade deficit in August shrank to $4.17 billion, its lowest level in 46 months, Trade Minister Omer Bolat said.

Turkey

Etihad half-year profit hits record $306M on strong travel demand

The Abu Dhabi airline reported a profit after tax of 1.1 billion Emirati dirhams ($306 million), up 32% from the first half of 2024.

United Arab Emirates