The Gulf Heritage

  Economic Caution Amid Oil Volatility: Saudi Debt Climbs to Fuel Vision 2030 Ambitions Saudi Arabia is facing increasing financial pressure. A sharp decline in oil revenues, combined with the country’s ambitious Vision 2030 projects, has pushed its fiscal deficit to the highest level since 2021. To manage this gap, the kingdom is turning to international debt markets while also reassessing spending strategies to stay on track with its economic transformation goals. A Deficit Deepens as Oil Slumps In the first quarter of 2025, Saudi Arabia recorded a budget deficit of around 15.6 billion dollars. This already accounts for more than half of the projected full-year shortfall of 27 billion dollars. The main driver behind this imbalance has been the decline in oil revenues, which fell by nearly 18 percent. Despite shrinking oil income, the government has continued heavy spending on mega projects, particularly those tied to Vision 2030. These include futuristic cities, infrastructur...

Azerbaijan Strengthens Gulf Ties Through Energy, Green Growth, and Aid Baku, Azerbaijan – Azerbaijan is building stronger ties with Gulf countries, especially members of the Gulf Cooperation Council (GCC). President Ilham Aliyev recently shared in an interview with Al Arabiya that relations are very friendly, strategic, and result oriented. He highlighted cooperation in energy, renewable projects, agriculture, humanitarian support, and infrastructure rebuilding, including support for Syria. Energy Diplomacy Beyond Borders Azerbaijan is working to expand its role as a regional energy hub. The country is planning to deliver natural gas to Middle Eastern markets, including Syria, through pipelines and swap agreements. At the same time, the State Oil Company of Azerbaijan (SOCAR) is preparing new agreements with global energy giants to increase gas exports in the coming years. Azerbaijan already exported over 25 billion cubic meters of natural gas in 2024 and plans to add another 8 bil...

  Saudi-Funded Teaching Hospital Ushers New Era in Bengkulu’s Healthcare In a milestone event that highlights nearly five decades of Saudi–Indonesian cooperation, the Saudi Fund for Development (SFD) inaugurated the Bengkulu University Hospital in Sumatra, Indonesia. Built with a concessional loan of 22 million dollars, this facility is more than just a hospital—it is a modern center for teaching, research, and medical care that promises to uplift both healthcare services and medical education in the region. A Celebration of Partnership and Shared Ambitions The inauguration ceremony was attended by senior Indonesian officials, the Rector of Bengkulu University, the Vice-Governor of Bengkulu Province, and representatives from the SFD. The event was led by Sultan Al-Marshad, the CEO of SFD, who emphasized that the hospital marks a milestone in strengthening healthcare access for the people of Bengkulu and beyond. Saudi Arabia has been supporting development projects in Indonesia ...

Saudi Arabia and Italy Demand Immediate Halt to Gaza Displacement Saudi Arabia and Italy have issued a powerful joint declaration urging that forced displacement of Palestinians in Gaza must stop immediately. The statement, released after high-level talks in Rome between Saudi Foreign Minister Prince Faisal bin Farhan and his Italian counterpart Antonio Tajani, demands an urgent ceasefire as well as guaranteed humanitarian access and political accountability. During the Rome meeting, both ministers unequivocally rejected the ongoing displacement, calling for full respect of the principles of non-transfer and non-expulsion under international law. They also demanded an immediate end to the war in Gaza, along with the release of all hostages currently held in the enclave. In their declaration, the ministers insisted that humanitarian aid must flow freely throughout the Gaza Strip. They further called for the release of withheld Palestinian clearance revenues, taxes collected by Israel ...

  AI Adoption Blocked by Corporate Hesitancy: Gulf Firms Stuck in Pilot Purgatory In the Gulf region, artificial intelligence (AI) is not failing because the technology itself is flawed. Instead, it is stumbling inside boardrooms, where fear and indecision block progress. Many promising AI pilots are abandoned long before they are scaled into real business solutions. Experts say the real challenge is cultural and organizational, not technical. Pilot Projects Thrive, But Only in Isolation AI success stories are already visible across the Gulf. Ride-hailing apps, utility providers, and major energy companies have used AI to fight fraud, answer customer queries, and reduce emissions. These projects prove that AI has strong potential. Yet, despite these wins, most firms remain trapped in what specialists call “pilot purgatory.” They experiment with AI but fail to move beyond trials. Studies show that while nearly all Gulf firms are investing in AI, only a tiny fraction consider the...

  Gulf Markets Slide Ahead of U.S. Inflation Data Investor caution spread across Gulf stock markets on August 28, 2025, as traders prepared for the release of the U.S. Personal Consumption Expenditures (PCE) Price Index. This key inflation report is closely watched by the Federal Reserve and could shape its next interest rate decision. For Gulf economies, which have currencies pegged to the U.S. dollar, such moves carry immediate consequences. Saudi Arabia’s Tadawul index fell 0.7%, with banking and energy stocks leading the losses. Al Rajhi Bank slipped 1.1%, ACWA Power dropped 2.2%, and Saudi Aramco edged lower by 0.2%. Qatar’s main index declined 1%, weighed down by a 2.2% fall in Industries Qatar. In the United Arab Emirates, Dubai’s index was down 0.7% after Emaar Properties dropped 1.4%. Abu Dhabi’s market also retreated, losing 0.6% by the close. The pullback in equities mirrored weakness in oil prices. Crude prices dipped as expectations of softer U.S. fuel demand coinc...

  Global Islamic Finance Surges as UCIC’s $160M IPO Signals Transformation Riyadh, August 2025 Islamic finance is growing at an extraordinary pace, with global assets expected to reach 9.75 trillion dollars by 2029. This is a sharp rise from around 5.4 trillion dollars in 2024. Much of this growth is centered in the Gulf region, which is already home to nearly half of the world’s Islamic finance assets. The rise is driven by ethical investing, sustainability goals, and major economic plans such as Saudi Arabia’s Vision 2030. One of the clearest signs of this momentum is the successful public listing of United Carton Industries Company (UCIC) in Saudi Arabia. The company raised 160 million dollars through its initial public offering (IPO), one of the most significant stock listings of 2025. UCIC offered 12 million shares, equal to 30 percent of its total capital. Investor response was overwhelming, with the IPO oversubscribed more than 120 times during the institutional tranche....

  Etihad Airways Launches Destination Sale with Up to 30% Off Etihad Airways has announced an exciting new “Destination Sale,” giving travelers a chance to save up to 30 percent on flights to selected destinations across Asia and Africa. The promotion, which is now live, is designed to boost autumn and winter travel by making some of the most popular and newly introduced routes more affordable. The airline confirmed that the sale is open for bookings until August 28, 2025. Passengers can travel between September 1 and December 31, 2025, making it an excellent opportunity for holidaymakers, business travelers, and families to plan their journeys during the cooler season. This latest move from Etihad is part of its strategy to expand its network and strengthen its position as one of the leading carriers in the Middle East. With growing competition and increasing travel demand, the airline is offering passengers better value while encouraging exploration of both popular and less-tr...

  Oman Air’s Flash Sale: GCC Travel from Just RO 29 Oman Air has launched a three-day flash sale that is set to grab attention across the Gulf. With fares starting at just 29 Omani Rials (around 75 US dollars), travelers can book flights to popular Gulf Cooperation Council (GCC) destinations such as Dubai, Doha, Riyadh, Jeddah, Bahrain, and Kuwait. The sale is available for a limited period from 26 to 28 August 2025. Travel under this promotion can be booked for dates between 27 September and 30 November 2025. This means passengers have a two-month window to enjoy these discounted fares, making it ideal for leisure trips, business meetings, or quick weekend getaways. Oman Air confirmed that the offer applies to both one-way and return tickets. However, it is only valid on direct flights operated by Oman Air. Codeshare and interline flights are excluded, ensuring that travelers get the full Oman Air service throughout their journey. The airline’s Chief Commercial Officer, Mike R...

  Lunate & Brevan Howard Join Forces to Launch Digital Asset Funds in ADGM Abu Dhabi’s alternative investment giant Lunate , which manages around $110 billion in assets , has announced a strategic partnership with global hedge fund Brevan Howard , which oversees nearly $34 billion . Together, they will establish a new investment platform inside the Abu Dhabi Global Market (ADGM) , focusing on digital asset funds and macro strategies . The collaboration marks a major milestone in the UAE’s efforts to transform its capital into one of the world’s leading hubs for asset management and alternative investments. A $2 Billion Commitment The partnership begins with a bold $2 billion commitment from Lunate. This capital will be deployed into a series of exclusive funds, combining Brevan Howard’s expertise in macro trading with its growing footprint in digital assets. More funding is expected to follow as global investors show interest in the new platform. Alongside this commitment...

  China Seeks Closer Trade Ties with Saudi Arabia Amid GCC Deal Stalemate China’s Commerce Minister Wang Wentao met with Saudi Investment Minister Khalid Al-Falih in Beijing this week to strengthen cooperation in areas such as new energy, capital markets, and industrial supply chains. The talks aim to bring China’s Belt and Road strategy closer to Saudi Arabia’s Vision 2030 plan, which seeks to diversify the Kingdom’s economy beyond oil. The meeting comes at a time when negotiations for a free trade agreement between China and the Gulf Cooperation Council remain stalled. The stumbling block has been Saudi Arabia’s concern that a wave of low-cost Chinese imports could harm its efforts to build a stronger domestic manufacturing base. Trade Relationship Still Strong Despite the GCC trade impasse, the economic ties between China and Saudi Arabia remain robust. In 2024, Saudi Arabia exported more than 57 billion US dollars’ worth of oil to China, securing a major trade surplus. On t...

  Habib Chahine's Journey of Strength, Mindset & Impact Early Life and Quiet Struggles Habib Chahine’s journey didn’t begin under the dazzling lights of Dubai’s skyline. It started with humble roots and inner battles that most people would never see. Born in a modest home, young Habib often wrestled with insecurities about his body and self-worth. He would watch classmates excel in sports or shine in academics, wondering if he would ever measure up. Those early feelings of inadequacy didn’t break him; instead, they became the fuel that sparked his desire to grow. Movement became his escape. Running through quiet streets, shadowboxing in his room, or hitting the gym whenever he could, Habib discovered that physical activity wasn’t just about strength. It was about finding a release, a way to silence the self-doubt. His first gym membership wasn’t about chasing a perfect body. It was about building resilience, one rep at a time. Over time, the discipline of showing up daily tr...

  Kareem Al Mai: The Story Behind @with.kareem A Bio That Reflects Purpose On Instagram, Kareem Al Mai introduces himself simply as: Reel creator – And make me blessed wherever I am . This short bio reflects the heart of his journey. He is not just another content creator chasing trends, but someone who wishes to be a source of positivity and inspiration for people wherever life takes him. Early Life and Humble Beginnings Kareem grew up in Bahrain, surrounded by rich culture, faith, and community traditions. As a child, he enjoyed storytelling in its simplest forms. Whether it was writing small notes, sharing jokes with friends, or observing life around him, Kareem always had a natural ability to express himself. Life was not always smooth. Like many young people, Kareem experienced moments of uncertainty about the future. Financial struggles and personal challenges could have limited his opportunities, but they instead shaped him into someone more resilient. From a young age,...

  Rawad Eid’s Fitness Journey: From Early Passion to Global Impact Early Passion and Foundation Born on October 25, 1993, Rawad Eid discovered his love for sports during his teenage years. Growing up, he was like many young athletes who used sports as a way to stay active, build confidence, and challenge themselves. But for him, the connection went much deeper. Sports became the foundation of his discipline and resilience, shaping not only his fitness but also his character. He quickly realized that the gym was more than just a place to lift weights. It was a classroom of life lessons. Every training session taught him about patience, persistence, and personal growth. These early experiences planted the seed for what would later become his life’s work: helping others achieve transformation through fitness. From Engineering to Fitness Mentor Rawad’s academic journey shows another side of his personality. He graduated with a degree in Mechanical and Safety Engineering, demonstra...

  The Inspiring Journey of Samir Rassas (@mediawithsamir) Early Life: A Foundation Built on Struggles Every inspiring journey begins with humble roots, and for Samir Rassas, founder of @mediawithsamir , this was no different. Born and raised in a family where opportunities did not come easily, Samir quickly realized that life demanded resilience. He grew up watching his loved ones navigate challenges, and instead of letting hardship define him, he decided to use it as fuel. From a young age, he had a natural curiosity for communication and creativity. While many around him followed the conventional path, Samir felt an inner calling. He wanted to create, to tell stories, and to impact people’s lives. But dreams never come easy. Financial constraints, lack of resources, and skepticism from people around him made the journey difficult. Discovering Passion for Media and Storytelling Samir’s turning point came when he began exploring social media as a tool not just for entertainmen...