Latest News from Economy ME
Economy ME
2 days ago
- Business
- Economy ME
ADNOC Drilling to acquire 70 percent stake in SLB's land drilling rigs business in Kuwait and Oman
ADNOC Drilling announced today that it has signed an agreement to acquire a 70 percent stake in SLB 's land drilling rigs business in Kuwait and Oman, comprising eight fully operational land rigs under contract with the respective national oil companies of both countries. 'This acquisition is a natural next step in ADNOC Drilling's growth journey and reinforces our position as one of the leading companies in drilling and integrated services,' stated Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO. The partnership with SLB will provide ADNOC Drilling with a solid operational and financial platform to further expand in the region, Al Seiari added. He explained that this business is well-established, profitable and operating with long-term contracts, making this a highly complementary and value-accretive addition to ADNOC Drilling's portfolio. 'Our focus is on disciplined expansion that drives performance, returns and growth,' he said. Company accelerates GCC expansion Through this partnership, ADNOC Drilling will gain immediate access to earnings, cash flow and returns through two operating land drilling rigs in Kuwait and six in Oman, accelerating its expansion into key GCC geographies. This acquisition will enhance the company's ability to deploy cutting-edge technologies, integrated drilling services, digital solutions and AI-driven efficiencies – optimizing performance, reducing environmental impact and driving value for customers across the region. 'This partnership reflects the strong collaboration between SLB and ADNOC Drilling, and our shared commitment to driving value through collaboration across the region. We are confident that, working together with ADNOC Drilling, the business will continue to grow and deliver outstanding performance for our customers,' stated Jesus Lamas, president, Middle East and North Africa, SLB. Read: ADNOC Drilling secures $1.15 billion long-term contract for new jack-up rigs Completion of transaction expected in Q1 2026 The formation of the joint venture (JV) and the acquisition of a 70 percent stake, along with the completion of this transaction, are subject to necessary and customary regulatory approvals, expected in Q1 2026. Upon closing, and subject to final assessment by the company's auditor, ADNOC Drilling expects to fully consolidate the newly acquired business in its financial reporting from 2026. 'We look forward to expanding our broader strategic partnerships with key regional leaders across the energy value chain, in line with SLB's focused regional growth strategy,' Lamas added.
Economy ME
3 days ago
- Lifestyle
- Economy ME
Eid al-Adha 2025: Top travel spots, cultural festivities, and visa tips for families
At Eid al-Adha, one of the most important Islamic holidays, people come together to celebrate with families and friends across many parts of the world. It is predicted that the Eid in 2025 will coincide with Hajj and the opening of summer travels. This year, people are traveling more for both pleasure and spiritual reasons and places throughout the Middle East, Europe and Asia are organizing special events and offers for Eid visitors. In this piece, we explore the best Eid al-Adha 2025 holiday destinations, the latest travel updates, visa regulations, trending experiences to help you plan a memorable and hassle-free Eid getaway. Key Eid al-Adha destinations for 2025 Dubai, UAE: Urban luxury and family fun From fireworks at Dubai Festival City at night to headline concerts at Coca-Cola Arena and lavish Eid brunches at its 5-star hotels, Dubai is once again a regional favorite destination. Experience themed festivities in Al Fahidi Historic District to get a taste of Emirati heritage. Flights to Dubai are often in high demand, so planners are encouraged to book quickly to secure their travel. Abha, Saudi Arabia: Mountain retreat with festive flair Eid al-Adha 2025 will see many people choose Abha, located in Asir, Saudi Arabia. The summer heat can be avoided in the cool mountain climate and during Eid, Heritage Village is the place to visit, with its fireworks, traditional shows, craft areas and tours of Jabal Souda and Asir National Park. Airfares to Abha are generally accessible, making this city welcoming for families and travelers of all kinds. Abha, Saudi Arabia Istanbul, Türkiye: Spiritual heritage and vibrant bazaars The Blue Mosque and Hagia Sophia in Istanbul host grand Eid prayers and crowds gather to celebrate in Istanbul's Grand Bazaar. For Eid visitors, cruise the Bosphorus, visit Topkapı Palace (open during Eid except on the first day) and see a bit of calligraphy. With the recent easing of rules for Türkiye's mosques, it has become an appealing spiritual and leisure destination, with flight prices starting at a reasonable rate. Sharm El-Sheikh, Egypt: Beachside festivities Eid brings live music, dancing and seaside feasts to Naama Bay, Sharm El-Sheikh. Families and those who like to have new adventures will appreciate the nearby Ras Mohammed National Park, where visitors can go snorkeling (or simply have a quick nature escape). Sharm El Sheikh, Egypt Trending Eid al-Adha destinations: Regional and international Egypt: Ancient wonders and festive gatherings Cairo: In Cairo, one of Egypt's biggest Eid prayers is held inside the Al-Azhar Mosque, while Islamic Cairo fills with decorations, vendors and traditional sweets. Festive shopping and local crafts are to be found in the Khan El-Khalili bazaar. Read more | Eid al-Adha 2025: UAE leads global innovation with AI-powered moon sighting Cairo, Egypt Giza: Families come to the Pyramids for picnics and celebrations and combine ancient history with a modern feel. Alexandria: Corniche, Montazah Palace Gardens: Seaside picnics, fireworks and cultural performances are the order of the day on the Corniche and in Montazah Palace Gardens. Luxor & Aswan: Eid in Luxor is about reflection, among the temples and Eid in Aswan is about warm hospitality in the Nubian villages and Nile cruises. Siwa Oasis & Abu Simbel: At Siwa oasis or Abu Simbel's temples: A real Emirati from Siwa or the initiation of the Abu Simbel Surises temples to witness a religious Eid. Al-Azhar Mosque Saudi Arabia: Festivities beyond the holy cities AlUla: The Banyan Tree AlUla Resort offers luxury desert escapes, hot air balloon rides and Bedouin style dining to enjoy, all in AlUla. Jeddah & Riyadh: Coastal and urban adventures abound in Jeddah & Riyadh: Snorkeling in the Red Sea, city festivals and culinary tours. Adventure Activities: These include ziplining at Al Baha, dune buggy safaris near Riyadh, hiking in Tanomah or camping at the Edge of the World where adrenaline is alive and kicking. UAE: Staycations and regional escapes Dubai & Abu Dhabi: Besides city festivities, luxury resorts and desert retreats including exclusive Eid packages in Dubai & Abu Dhabi. Domestic Travel: Staycations are gaining traction, with children's school breaks overlapping and increasing international costs meaning a plethora of families opting for local resorts or family-friendly attractions. Abu Dhabi Europe & Asia: Bucket-list Eid escapes Switzerland, France, Italy, Latvia, Budapest: Leading European destinations, like Switzerland, France, Italy, Latvia, Budapest: All these are trending European destinations for their cooler climate, iconic drawing power and multi city itineraries specifically for travellers choosing to stay in the UAE for longer time, more experience rich holidays. Paris, France Japan: For cultural depth and content – and the adventure that comes with it – Japan is a top pick and they have immersive itineraries that will cater to an Eid. Japan Thailand, Bali, Malaysia, Singapore: For shorter breaks, 3 – 5 days, Thailand, Bali, Malaysia and Singapore are family favorites – easy short flights, kid friendly things to do and good value. The Colosseum, Italy Latest travel updates & visa regulations Saudi Arabia: Hajj and Eid al-Adha visa rules Hajj Visa: Only available through approved agencies; mandatory biometric verification and digital applications required. Umrah visa suspension: Temporarily paused from April 13, 2025, to prioritize Hajj pilgrims. As the Hajj season approaches, Saudi Arabia is implementing measures to regulate the flow of travelers and ensure safety during this busy period. The country has announced a temporary suspension of short-term visas for nationals from 14 countries, effective Sunday, April 13th. This suspension affects nationals from Algeria, Bangladesh, Egypt, India, Indonesia, Iraq, Jordan, Libya, Morocco, Nigeria, Pakistan, Sudan, Tunisia, and Yemen. All types of short-term visas will be temporarily halted, including Business Visit Visas (both single and multiple entry), E-Tourist Visas, and Family Visit Visas. Suspension of affected visas will begin on Sunday, April 13, 2025. Visitors with a valid short-term visa can enter Saudi Arabia until April 13, 2025, but must ensure they exit before April 29, 2025. Umrah visas resume after Hajj ends in mid-July. Tourist visas: Entry to Makkah and parts of Madinah is restricted during Hajj; tourists are encouraged to visit other cities like Riyadh, Jeddah, or Abha. Planning Tips: Apply early, use only government-approved agencies, and prepare all required documents, including medical and vaccination records. UAE: Early bookings and group travel trends Booking patterns: 60 percent of UAE travelers confirm plans at least three weeks in advance to avoid soaring airfare costs, according to a recent report from . Group travel: Family bookings make up 60 percent of the total, with a notable rise in women-only and solo trips. Travel budgets: Average between AED3,500–5,500 per person, with strong demand for both affordable luxury and cultural depth. Eid al-Adha 2025: Top experiences & activities Cultural festivals and fireworks Abha, Saudi Arabia: Heritage Village fireworks, traditional dances, and craft workshops. Dubai, UAE: Nightly fireworks at Dubai Festival City, concerts, and Global Village festivities. Alexandria, Egypt: Seaside fireworks and cultural performances along the Corniche. Adventure and nature escapes Saudi Arabia: Ziplining, dune buggy safaris, hiking, camping, boat rides, and Red Sea snorkeling. Sharm El-Sheikh: Snorkeling and picnics at Ras Mohammed National Park. Giftun Island National Park, Egypt: Snorkeling, swimming, and beach picnics for a tranquil Eid. Spiritual journeys Makkah & Madinah: Reserved for Hajj pilgrims with strict entry rules. Cairo: Al-Azhar Mosque's grand Eid prayers and Islamic Cairo's historic ambiance. Istanbul: Blue Mosque and Hagia Sophia Eid prayers, followed by traditional Turkish celebrations. Luxury retreats and wellness Nikki Beach Resort & Spa Santorini, Greece: Private beaches, spas, and leisure sports for a rejuvenating Eid escape. Banyan Tree AlUla, Saudi Arabia: Opulent villas, private pools, and wellness retreats in the desert. AlUla, Saudi Arabia Frequently Asked Questions (FAQs) about Eid al-Adha 2025 Travel When is Eid al-Adha 2025? Dhu al Hijjah starts on Wednesday, May 28, the UAE Presidential Court confirmed, as the crescent moon was sighted in the UAE and Saudi Arabia and Oman on May 27. Keeping this in mind Eid Al Adha will take place on Friday, June 6 or the 10th day of Dhu al-Hijjah. Switzerland Which destinations are trending for Eid al-Adha 2025? Popular destinations include Abha, Saudi Arabia; Dubai (UAE); Türkiye's Istanbul; Egypt's Sharm El Sheikh; Saudi Arabia's Al Ula; and destination cities in Europe such as Switzerland, France and Italy. Istanbul, Türkiye Are there any travel restrictions during Eid al-Adha 2025? Yes. Saudi Arabia has issued strict visa regulations during Hajj and Eid which entails a temporary suspension of the issuance of Umrah visa and restricting entry to Makkah and Madinah to non Hajj pilgrims, it said. Entry requirements may vary, for other countries, so check with official sources before booking. What are the best family-friendly Eid destinations? Families love Dubai, Sharm El Sheik, Cairo and Bali, where they can find activities and cultural events suitable for kids, suitable for their needs and the kids not to mention the convenience of traveling. How should I plan my Eid holiday to avoid high costs? Booking flights and accommodations early, opting for travel group or family packages and even taking domestic staycations or regional escapes if necessary. What adventure activities are available during Eid in Saudi Arabia? You can zipline, go on dune buggy safaris, hiking, camping in the desert, boat rides or snorkel in the Red Sea. Quite a few are aimed at families, but always check age and safety requirements. Can tourists visit Makkah or Madinah during Eid al-Adha? No. During the Hajj period only Hajj pilgrims with approved visas may enter Makkah or parts of Madinah. During this time tourists must visit other Saudi cities. What to carry when making a trip to Eid? Pack comfortable clothing, sturdy footwear so that you won't have any kind of trouble in trekking or walking around, sunscreen, hats and water bottles. In case of activities specific gear is also required. Please make sure to always check local weather and activity requirements. Tips for a smooth Eid al-Adha 2025 holiday Book early: Secure flights, hotels, and activities at least three weeks in advance to avoid price hikes and limited availability. Check visa requirements: Ensure you have the correct visa, especially for Saudi Arabia during Hajj and Eid. Plan for crowds: Popular destinations will be busy; plan itineraries to include both major attractions and quieter local experiences. Embrace local traditions: Participate in community events, try traditional foods, and explore local crafts for an authentic Eid experience. Stay updated: Follow official tourism and government websites for the latest travel advisories, festival schedules, and visa updates. Final word The coming Eid al Adha in 2025 will be a fortnight filled with holy pilgrimage, happy reunion with family and friends and one of the best experiences of your life. From the cool mountains of Abha to the cosmopolitan buzz of Dubai, Egypt's ancient wonders or bucket list escapes in Europe and Asia, Eid this year gives something to every traveller. Staying aware of the latest travel trends, showcasing envelopes with visa rules and seeing what's new at the destination will mean your Eid al-Adha holiday will be safe, fun and memorable.
Economy ME
3 days ago
- Business
- Economy ME
Global uncertainty exceptionally high as chief economists concerned about trade shocks, AI disruption: WEF
The global economic outlook has deteriorated since the beginning of the year, as rising economic nationalism and tariff volatility contribute to uncertainty and threaten to stall long-term decision-making, according to a recent report from the World Economic Forum (WEF) . The latest Chief Economists Outlook reveals that a substantial majority (79 percent) of surveyed economists interpret the current geoeconomic developments as indications of a significant structural shift in the global economy rather than as a temporary disruption. 'Policymakers and business leaders must respond to heightened uncertainty and trade tensions with greater coordination, strategic agility, and investment in the growth potential of transformative technologies like artificial intelligence,' stated Saadia Zahidi, managing director of the World Economic Forum. 'These steps are essential for navigating today's economic headwinds and securing long-term resilience and growth.' High levels of global uncertainty Global uncertainty is considered exceptionally high by 82 percent of chief economists. While a slim majority (56 percent) anticipate conditions to improve over the next year, concerns remain prevalent. Nearly all chief economists (97 percent) identify trade policy as one of the areas of highest uncertainty, followed by monetary policy (49 percent) and fiscal policy (35 percent). This uncertainty is expected to adversely affect key economic indicators, including trade volumes (70 percent), GDP growth (68 percent), and foreign direct investment (62 percent). Most chief economists (87 percent) predict that businesses will react to uncertainty by postponing strategic decisions, which increases recession risks. Debt sustainability is also a growing concern, cited by 74 percent of respondents for both advanced and developing economies. An overwhelming majority (86 percent) expect governments to address rising defense spending needs through increased borrowing, potentially crowding out investments in public services and infrastructure. In early April, during the height of uncertainty, most chief economists (77 percent) anticipated weak or very weak growth through 2025 in the U.S., along with high inflation (79 percent) and a weakening dollar (76 percent). In contrast, they expressed cautious optimism regarding Europe's prospects for the first time in years, primarily due to expectations of fiscal expansion, particularly in Germany. The outlook for China remains subdued, with chief economists divided on whether it will achieve its target of 5 percent GDP growth this year. Optimism is strongest for South Asia, where 33 percent expect robust or very robust growth this year. Read more: Global economy to strengthen this year, but growth uneven: World Economic Forum report AI's economic impact Artificial intelligence is set to drive the next wave of economic transformation, unlocking considerable growth potential but also introducing significant risks. Nearly half (46 percent) of chief economists anticipate AI will provide a modest global real GDP boost of 0-5 percentage points over the next decade, while an additional 35 percent project gains of 5-10 percentage points. Key growth drivers include task automation (68 percent), accelerated innovation (62 percent), and worker augmentation (49 percent). Despite the potential, concerns remain: 47 percent expect net job losses over the next decade, compared to just 19 percent who foresee gains. Above all, respondents emphasized the misuse of AI for disinformation and societal destabilization as the primary risk to the economy (53 percent). Other significant risks include the rising concentration of market power (47 percent) and the disruption of existing business models (44 percent). To fully capitalize on AI's potential, chief economists underscored the necessity for bold action from both governments and businesses. For governments, top priorities include investing in AI infrastructure (89 percent), promoting adoption across key industries (86 percent), facilitating AI talent mobility (80 percent), and investing in upskilling and redeployment (75 percent). For businesses, the focus is on adapting core processes to integrate AI (95 percent), reskilling employees (91 percent), and training leadership to guide AI-driven transformation (83 percent).
Economy ME
4 days ago
- Business
- Economy ME
Dubai 24-carat gold price today rises AED1.5 as market awaits key economic data
Gold prices increased on Wednesday as investors took advantage of the dip, although the gains were limited by the easing of U.S.-EU trade tensions. The market is now anticipating the upcoming U.S. core Personal Consumption Expenditures report for insights on interest rates. In Dubai, the price of gold rose by AED1.50, with 24-carat gold priced at AED398.00. Meanwhile, 22-carat gold climbed to AED368.50, 21-carat gold reached AED351.75, and 18-carat gold increased to AED301.50. Spot gold was up 0.3 percent at $3,308.99 an ounce as of 02:37 GMT (currently above $3,295), slightly recovering from a 1 percent decline in the previous session. U.S. gold futures increased by 0.2 percent to $3,308.30 (currently above $3,321). Read more: Dubai's 24-carat gold price today drops above AED394, global rates near two-week high Market sentiment eases In a recent development, U.S. President Donald Trump backed down from his 50 percent tariff threat against the European Union, postponing its implementation until July 9 to allow for negotiations between the White House and the 27-nation bloc. 'Gold's dip below $3,300 saw it attracting some buyers. However, the broader market is still feeling generally upbeat now that US-EU trade tensions have eased, which is capping the extent of gold's upside run for now,' Reuters reported, citing Tim Waterer, chief market analyst at KCM Trade. 'If support in the $3,250-$3,280 region continues to hold, then gold is well-placed for potentially another run towards $3,400 if risk appetite fades.' The market is now looking forward to the U.S. PCE data for April, due Friday, to evaluate the Federal Reserve's potential interest rate cut trajectory. Meanwhile, U.S. consumer confidence rebounded in May, ending a five-month decline, bolstered by a temporary truce in the U.S.-China trade war, according to the data. The Fed has maintained its policy rate unchanged at 4.25 percent to 4.50 percent since December, as officials await greater clarity on the economic and price impacts of Trump's tariffs. 'More decisive moves in gold one way or the other may need to wait until we get a read on the Nvidia results and U.S. Core PCE on Friday,' Waterer stated. Spot silver remained steady at $33.31 an ounce, platinum rose by 0.4 percent to $1,084.07, and palladium decreased by 0.2 percent to $976.22.
Economy ME
5 days ago
- Business
- Economy ME
Dubai's 24-carat gold price today drops above AED394, global rates near two-week high
Gold remained close to a two-week peak on Tuesday, buoyed by a weaker dollar and apprehensions regarding the U.S. fiscal outlook, as investors looked forward to more U.S. economic data for insight into the interest rate trajectory. In Dubai, the gold price saw a decline of AED9.25, with 24-carat gold priced at AED394.5, while 22-carat gold fell to AED361.5. Additionally, 21-carat gold dropped to AED345.25, and 18-carat gold decreased to AED296.00. Spot gold showed little variation at $3,339.99 an ounce as of 02:28 GMT (currently above $3,330), with markets in the U.S. and London closed on Monday due to a holiday. U.S. gold futures decreased by 0.8 percent to $3,339.80 (currently above $3,361). 'At this point, we are seeing some consolidation in gold prices. The market is taking a breather and waiting for the next catalyst,' reported Reuters, quoting Kelvin Wong, a senior market analyst, Asia Pacific at OANDA. 'However, market participants are concerned about the widening of that U.S. budget deficit that is a supporting factor for gold prices and that is also driving a dollar weakness as well.' Read more: Dubai 24-carat gold price surpasses AED404 as global rates fall on Trump's EU tariff extension Dollar weakness boosts gold appeal The dollar index eased by 0.3 percent to hover near a one-month low against its rivals, making gold priced in dollars more appealing for holders of other currencies. Last week, the U.S. House of Representatives passed a version of Trump's tax-cut bill, projected to add approximately $3.8 trillion to the federal government's $36.2 trillion debt over the next decade, according to the Congressional Budget Office. Meanwhile, U.S. President Donald Trump retreated from his threat to impose 50 percent tariffs on imports from the European Union next month, reinstating a July 9 deadline to facilitate discussions between Washington and the 27-nation bloc for a potential agreement. This week, investors will also concentrate on speeches from various Federal Reserve policymakers and Friday's U.S. core Personal Consumption Expenditures price index for insights on interest rates. Fed funds futures traders anticipate that the U.S. central bank is most likely to resume rate cuts in September. Elsewhere, spot silver rose by 0.1 percent to $33.38 per ounce, platinum remained stable at $1,084.28, while palladium dipped by 0.3 percent to $984.25.
