Trump has suggested that, if the meeting goes well, a second summit could follow with Zelenskyy included
World
Alibaba Group
Saudi’s PIF sold its entire holding in Meta, Shopify, FedEx and Alibaba in Q2
Its biggest three holdings now are Uber, Lucid and Electronic Arts after paring exposure to US market to $23.8 billion
Audemars Piguet
Audemars Piguet acquires majority stake in Inhotec SA
The investment aims to strengthen Inhotec SA’s position in the Swiss watchmaking industrial ecosystem and support its long-term development
billionaires
The new faces of wealth: Gen Z millionaires and billionaires reshape global rich list
Globally, teenagers and young adults are increasingly accumulating seven, eight, and even nine-figure fortunes through a combination of inheritance, entrepreneurship, and digital innovation
data centre
Abu Dhabi’s Zero Two invests in Singapore-based Evolution Data Centres
Zero Two will assume a co-controlling position alongside Warburg Pincus; Evolution has a significant data centre presence in Southeast Asia
National Centre of Meteorology
UAE and Finland sign MoU to deepen ties in meteorology and polar research
Discussions also addressed the ongoing reform process within the World Meteorological Organisation (WMO)
Abu Dhabi
Mubadala Capital reportedly partnering Cain for luxury real estate investment
Sources tell Bloomberg that the two companies have each committed new capital to the partnership
Artificial intelligence
$18bn Perplexity AI makes ambitious $34.5bn offer to buy Google’s Chrome
Offer from the AI start-up comes at a time when Google could be forced to sell Chrome if it loses a monopoly ruling in US District Court
JA Resorts & Hotels
JA Resorts & Hotels makes UK debut with two Scottish heritage hotels
The move marks a major milestone in the brand’s global growth strategy, bringing its destination-led hospitality to the UK while preserving the character and heritage of each property
pension funds
Rolls-Royce sells its UK Pension Fund in a $5.8bn deal with PIC
Said to be “another step on our journey towards simplifying Rolls-Royce”, it is the largest UK risk-transfer deal so far this year
AMD
Nvidia, AMD to pay US government 15% of advanced chips sale to China
Nvidia’s H20 and AMD’s MI308 – required for AI-related use – can now be sold; The companies had a combined sale of $23.2bn in China in FY2024
Abu Dhabi
Sheikh Zayed Grand Mosque ranks 8th on TripAdvisor’s 2025 list, tops Middle East attractions
Sheikh Zayed Grand Mosque in Abu Dhabi listed among world’s top attractions for 2025 by TripAdvisor
Donald Trump
Gulf trade diplomacy in spotlight as WTO report highlights UAE, Saudi Arabia roles in global talks
Beyond the Middle East, the new WTO report signals a sharp deterioration in the global trade outlook
Donald Trump
WTO slashes 2025 trade forecast as Trump tariffs, policy uncertainty weigh on growth
WTO Director-General Ngozi Okonjo-Iweala warned that “potential signs of fragmentation” along geopolitical lines could cause the worst welfare losses for low-income economies
Russia
UAE President Sheikh Mohamed bin Zayed arrives in Moscow for talks with Putin
Sheikh Mohamed was welcomed with full ceremonial honours at Vnukovo Airport
Donald Trump
Trump’s global tariffs take effect, India hit hardest with 50% over Russia oil trade
The deadline has now passed and Trump’s sweeping new tariff regime is in effect, marking the most expansive US trade action since the 1930s
Consultancy
EXCLUSIVE: MCG Talent sells Asia business in management buyout, focuses on Gulf expansion
The transaction comes as the company shifts its focus to the Gulf, where it plans to continue to expand in the UAE and Saudi Arabia