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

UAE president visits Qatar, bans Israel from Dubai Airshow after Doha strikes

UAE President Sheikh Mohammed bin Zayed Al Nahyan threw his country’s support behind Qatar, saying the Israeli strikes on Qatari territory violated international laws.

Qatar

UAE’s new AI K2 Think chases DeepSeek moment in Gulf tech race

The Gulf state has launched K2 Think, an open-source reasoning model designed to speedily and efficiently tackle math and logic problems.

United Arab Emirates

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

Trump aims to crack Gulf's armed drone market with looser export restrictions

Washington's latest reinterpretation of the 35-nation MTCR agreement is expected to open the door for a potential major sale of advanced aerial weaponry to Saudi Arabia.

United States

Middle East internet slows after Red Sea cables cut: What to know

Yemen's internationally recognized government accused the Houthi rebels of planning to attack underwater cables in the Red Sea in February 2024.

Kuwait

Sudan accuses UAE of hiring Colombian mercenaries in UN complaint

Sudan’s complaint claims 350 to 380 Colombian mercenaries were recruited by Emirati security firms to fight alongside the RSF.

Sudan

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

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