Money & Business - Gulf Insider

2 weeks ago

Saudi Arabia and Egypt Are Set to Build Their First Satellite Together After Cabinet Approval in Riyadh

Cabinet backs landmark space initiative as Riyadh expands strategic tech ambitions Dubai: Saudi Arabia has approved plans to design and build its first jointly developed satellite with Egypt, ushering in a new era in space cooperation between the two Arab nations as the Kingdom expands its ambitions in advanced technologies and strategic industries. The initiative was approved by the Saudi Cabinet during a session chaired by King Salman bin Abdulaziz in Jeddah, according to Saudi Press Agency. Few technical details of the satellite programme were disclosed, but the approval signals growing momentum behind regional collaboration in space technologies as Gulf countries increase investments in satellite systems, earth observation capabilities and space research. The Cabinet also approved executive regulations governing foreign ownership of real estate and endorsed the geographical areas in which non-Saudis may own property, alongside a series of international agreements covering labour recruitment, education, energy, transport and small-business development. Among the agreements approved were labour cooperation deals with Nepal and Nigeria, an energy cooperation memorandum with Germany, an education and training agreement with the United States and an air transport services agreement with Pakistan. The satellite initiative comes as Saudi Arabia continues to accelerate investment in high-technology sectors under […]

2 weeks ago

Parliament Panel Studies Instalment Sales Bill

A bill to govern instalment sales in Bahrain is being studied by Parliament’s Financial and Economic Affairs Committee, with sellers facing licensing rules, clearer contract duties and penalties for unlicensed trade. The draft law, put forward by MP Hamad Al Doy, would cover goods and services named by the minister in charge of commerce. Property sales would be excluded. Under the bill, any seller offering instalment sales would need a ministry licence and would have to keep a register of all such deals. Each sale would require a written contract, with at least two original copies, though electronic contracts would be allowed. The contract would have to list the seller’s trade name, address, commercial registration number and contact details, as well as the buyer’s name, nationality, job, address and contact details. It would also have to state the product, the cash price, the instalment price, the down payment, the deferred sum, the annual interest rate, how interest is counted, the number and value of instalments, due dates, late-payment penalties, warranty terms and ownership rights during the payment period. Sellers could ask for guarantees, such as a mortgage or surety, until the full price is paid. They could also take an […]

2 weeks ago

Meta Widens Smart-Glasses Lead With $299 Models, Leaving Apple And Snapchat Chasing AI Wearable Race

Meta Platforms continues to gain momentum in the smart-glasses race with an extended push into affordable eyewear priced at $299, below its current Ray-Ban Meta Wayfarer model, Snapchat’s $2,200 glasses, and Apple’s $3,000-plus Vision Pro headset. Bloomberg reports that Meta unveiled the Adventurer and Fury glasses, each priced at $299 – or about $80 below its Ray-Ban Meta Wayfarer smart glasses model. Meta also introduced a $399 Starfire model in collaboration with Kylie Jenner, targeting cash-strapped Gen Z and millennial consumers. EssilorLuxottica, Meta’s smart-glasses partner and the parent of Ray-Ban and Oakley, will manufacture the new models. We have detailed Meta’s smart-glasses supply chain at length, and Goldman analyst Jerry Shen recently published a deep dive mapping the key suppliers powering the emerging AI and AR eyewear markets. EssilorLuxottica’s CEO said the cheaper Meta smart glasses are designed to “drive access to broader audiences,” adding that “more price-sensitive consumers will have an opportunity to experience the power that wearables bring into their everyday lives.” Last week, Snapchat CEO Evan Spiegel debuted goofy $2,220 smart glasses… Evan Spiegel showing off the new Specs AR glasses to the public for the first time. pic.twitter.com/pCYBLU9xxH — Nathie (@NathieVR) June 16, 2026 …which Wall […]

2 weeks ago

Iran Oil Exports Through Hormuz Hit Wartime High

While other countries line up on either side of Hormuz, hoping for clarity whether they actually can cross this time, Iran isn’t wasting any time moving its oil out of the Gulf via the Strait of Hormuz after the US lifted the naval blockade outside the chokepoint and the U.S. and Iran discuss a framework on a lasting peace deal. Even as Western shippers and insurers remain wary of the conflicting signals about how open the Strait of Hormuz really is – after all it was opened once before just to close hours later and remain shut for over a month – Iran is rushing to evacuate barrels it wasn’t able to push past the U.S. blockade over the past two months. At least three supertankers, carrying a total of 6 million barrels of Iranian crude, moved to transit the Strait of Hormuz early on Monday, in open AIS navigation showing Singaporean waters as a destination, vessel-tracking data compiled by Bloomberg showed. That’s the most Iranian crude openly making its way out the key Iranian oil port at Kharg Island and into the Strait of Hormuz in a day since the war began on February 28, according to Bloomberg. The […]

2 weeks ago

Oracle Confirms 21,000 Layoffs Due to AI, Says More Job Cuts May Happen

In its latest annual report, the technology giant revealed a 13% reduction in its global workforce during fiscal 2026, bringing its total headcount down from 162,000 to 141,000. This move represents one of the largest publicly disclosed layoffs attributed, at least in part, to productivity gains realized through AI adoption. The company’s latest financial report highlights that integrating AI across operations led to $1.8 billion in restructuring costs, with management warning that future AI adoption may necessitate further headcount adjustments. The layoffs hit various departments deeply: Research & Development saw the largest absolute reduction with 7,000 roles eliminated (14%), while Sales and Marketing cut 6,000 positions (19.4%). Hardware was hit hardest in relative terms, losing one-third of its division, approximately 1,000 employees. Additionally, 3,000 staff were cut from Cloud (10.3%), 3,000 from Services (8.1%), and 1,000 from Administrative roles (8.3%). The company is strategically pivoting from traditional software licensing to becoming a dominant player in AI infrastructure. Oracle plans to invest $50 billion this year alone in data centers and cloud services to meet the exploding demand from AI developers. Specialized units were hit hardest, with Oracle Health and SaaS operations seeing team reductions of over 30%. Unlike rivals Amazon […]

2 weeks ago

How UAE Families Can Save More Without Feeling the Pinch: 12 Budgeting and Saving Tips That Work

The biggest budgeting mistake is treating predictable costs like surprises With the cost of living steadily rising, saving money in the UAE needs to focus on systems that work in the background. Financial experts say the real shift happens when families stop reacting to expenses—and start structuring them. As Abhishek Datta, Vice President at The Continental Group, puts it, the goal is not deprivation, but control. And that begins with rethinking how money flows through everyday life. You can read in more detail about family budgeting here. Most financial pressure doesn’t come from spending too much—it comes from not planning what’s already predictable. “Most people do not need a forensic audit of every dirham they spend. They need a system that keeps the important parts of life running properly,” says Datta. The shift: Cover essentials immediately when income arrives: Rent, school fees, groceries, transport, utilities, insurance, and debt repayments. Then automate everything possible so money is allocated before it can be spent impulsively. The biggest budgeting mistake is treating predictable costs like surprises. “Car servicing, insurance renewals, school costs, visa expenses – these happen every year,” Datta explains. “If families set aside money for them monthly, they stop feeling like […]

2 weeks ago

Trump Insists Iran Caved On Nuclear Inspections, As Tehran Touts US To Unfreeze $12BN; Hormuz Tolls Still Disputed

Despite Washington pressure and warnings, it appears Oman is still on board with cooperating with Iran to extract Hormuz Strait transit fees, or tolls, over and against repeat objections from the White House. Alongside nuclear inspectors, this remains a top disputed issue, despite the MoD framework having been signed. But the two sides are likely to leave the details to be hashed out during the 60-day ‘technical negotiations’. Iran and Oman said any future arrangements for the Strait of Hormuz must respect the sovereign rights of the two coastal states, adding that they plan to charge fees for ships transiting the waterway. Following talks in Muscat, the two sides agreed to form a joint working group… pic.twitter.com/3EAkdDFVAH — Breaking911 (@Breaking911) June 23, 2026 With a number of issues still up in the air, amid claims and counter-claims coming after Switzerland – from nuclear inspectors accessing Iran to how Tehran is able to use its soon to be unfrozen funds – President Trump heightens the drama by issuing a Tuesday morning Truth Social message regarding the negotiations Trump insists that Iran has agreed to the “highest level” of nuclear inspections, calling it a guarantee of “Nuclear Honesty” and stressing that there […]

2 weeks ago

“We Must Act”: TotalEnergies CEO Joins Calls To Rewire Gulf Energy Flows Around Hormuz

The Strait of Hormuz was disrupted or nearly closed for roughly three and a half to four months, offering Gulf states aligned with the U.S. one clear message: energy flows – or tanker transits – must be rewired through pipeline networks that bypass the maritime chokepoint. By creating alternative pipeline export routes through the UAE, Iraq, Saudi Arabia, Kuwait, Syria, Oman, or Turkey, regional producers can reduce the risk that Tehran can once again use Hormuz as a leverage tool to disrupt tanker traffic through one of the world’s most critical maritime chokepoints. TotalEnergies SE CEO Patrick Pouyanne is the latest to signal the urgent need for Gulf producers to prioritize building pipelines that bypass the Strait of Hormuz, according to Reuters. Speaking at an energy conference in Paris on Tuesday, Pouyanne said, “The reality is that the Strait of Hormuz represents a genuine threat, so we must act. To ensure it doesn’t remain a threat, there is only one solution: we must invest in pipelines to bypass the strait, which is an absolute priority.” Pouyanne identified alternative export routes in the UAE and Iraq, as well as through Syria. He continued, “When you are in Iraq and need to […]

2 weeks ago

Kuwait Offers Gulf Oil Loadings In Ports Deep In Arabian Gulf As Producers Seek Hormuz Outlet

Submitted by Tsvetana Paraskova of OilPrice.com Kuwait is offering naphtha for loading at its ports deep into the Arabian Gulf in the first such tender in months, as Middle Eastern oil producers seek to raise shipments through the Strait of Hormuz. State-held Kuwait Petroleum Corporation (KPC) has issued a tender to sell naphtha cargoes to be picked up at Kuwaiti ports by buyers, Bloomberg reported on Monday, quoting a tender document it had seen. The Kuwaiti tender is a sign that the Gulf producers are hopeful that the Strait of Hormuz reopening would allow them to boost production and crude and product shipments. In previous sales during the Hormuz crisis, Kuwait has asked potential buyers to charter their own tankers to pick up petroleum from the country’s ports, traders told Bloomberg. But tanker traffic at the Strait of Hormuz has seen hiccups hours after the U.S. and Iran signed a memorandum of understanding to reopen the critical oil and LNG chokepoint. Iran claimed on Saturday it closed the Strait again, due to the Israeli strikes in Lebanon, while the United States insists the waterway is open and millions of barrels of oil are flowing out of the Gulf. Strait of […]

3 weeks ago

Debtor Property Sales Face New Court Rules

Seizing and selling debtors’ property in Bahrain will follow revised auction rules under a new order issued by Justice, Islamic Affairs and Waqf Minister Nawaf Al Maawda. Resolution No 49 of 2026 changes parts of a 2022 order on the seizure of real estate owned by people subject to civil and trade enforcement cases, its sale, and the sharing of the proceeds. The order replaces Article 8 and the fourth paragraph of Article 12 of Resolution No 23 of 2022. It also scraps Article 13 of the same order and repeals a 2019 order on the sale of mortgaged property by public auction. All auction steps must now be clear, open and held in public, according to the new wording of Article 8. The sale must be run by a named person. Anyone wishing to bid must follow the required steps, including signing up and paying the first guarantee sum. The auction will begin at the base price fixed by the Execution Court judge. Once bidding closes, the person running the sale must write a record of the auction. It must list the steps taken, the highest offers made by bidders and the court fees. That record must be put […]

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Search Here

Saudi Arabia and Egypt Are Set to Build Their First Satellite Together After Cabinet Approval in Riyadh

Parliament Panel Studies Instalment Sales Bill

Meta Widens Smart-Glasses Lead With $299 Models, Leaving Apple And Snapchat Chasing AI Wearable Race

Iran Oil Exports Through Hormuz Hit Wartime High

Oracle Confirms 21,000 Layoffs Due to AI, Says More Job Cuts May Happen

How UAE Families Can Save More Without Feeling the Pinch: 12 Budgeting and Saving Tips That Work

Trump Insists Iran Caved On Nuclear Inspections, As Tehran Touts US To Unfreeze $12BN; Hormuz Tolls Still Disputed

“We Must Act”: TotalEnergies CEO Joins Calls To Rewire Gulf Energy Flows Around Hormuz

Kuwait Offers Gulf Oil Loadings In Ports Deep In Arabian Gulf As Producers Seek Hormuz Outlet

Debtor Property Sales Face New Court Rules

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