Hala,
🏔️ New Zealand has officially granted Mount Taranaki legal personhood to protect it and honor its significance to the Māori people.(1) 🌿 Now it has rights, responsibilities… and probably a strong opinion on hikers leaving trash behind! 😆
amana’s Take
- Oil bulls are licking their wounds as WTI extends its losing streak, sliding to a one-month low near $71.75. The culprit? A tariff delay on Canadian and Mexican imports, which s oothed supply fears but left prices gasping for support.
- The market isn’t just worried about supply — it’s sweating over demand. Lingering concerns about a sluggish global economy, fueled by trade policy uncertainty, have traders wondering if fuel consumption is about to hit a speed bump.
- The cartel isn’t sitting on the sidelines. OPEC+ is sticking to its slow-and-steady approach in rolling back production cuts, offering a bit of a floor for crude. But with bearish sentiment in full force, it may take more than that to stop the slide.
Stock Market Update
🚦📉 U.S. President Donald Trump hit a one-month pause on Mexico tariffs, but U.S. stocks still skidded. The Dow plunged 1.5%, staged a comeback but still landed 0.28% lower at 44,421.91, the S&P 500 slid 0.76% to 5,994.57, while the Nasdaq 100 fell 0.84% to 21,297.58. Meanwhile, the iShares MSCI Mexico ETF jumped over 2%.(2) Wall Street sure knows how to keep the suspense alive! 🎢😬
📊📶 Here in the Gulf, markets wobbled as trade fears loomed — Abu Dhabi dipped 0.1% to 9,576, while Dubai rose 0.1% to 5,183, lifted by a 1.4% jump in Dubai Islamic Bank.(3) ↗️↘️
🌊💡 AI’s $320B Wave is Coming for MENA!
Artificial Intelligence in the MENA region is like a wave gathering force in the ocean — its $320 billion potential contribution to the economy is just the swell before the surge.(4) We’re talking about AI helping to reduce costs, boost efficiency, and even create new revenue-generating streams. From healthcare to energy, AI’s tentacles are reaching into nearly every sector, changing the game one smart algorithm at a time. And guess what? This wave is still gathering steam, with governments surfing right alongside it, such as Saudi Arabia’s Vision 2030. 🌐🌊
💡 Key Highlights of AI’s Potential:
- Economic Impact: AI could add up to $320 billion to MENA’s economy!
- AI Revolution: Health, energy, and smart cities are set for a massive transformation.
- Government Push: Saudi Vision 2030, UAE’s AI Strategy, and Oman Vision 2040 driving AI growth.
- Talent Drive: The region’s young, tech-savvy population is fueling demand for AI innovation.
- Challenge & Opportunity: Infrastructure needs improvement, but there’s massive opportunity in bridging these gaps. 🚀🧠
🤖🚀 AI: A Bright Future, Despite the Bumps
The MENA region is set to ride the AI wave into a future of innovation, despite some tricky currents — like data protection laws and infrastructure readiness. But don’t let that deter you; as far as AI companies are concerned, the challenges are simply the first few waves before the big one crashes. It’s not about ‘if’ AI will disrupt MENA — it’s about ‘when,’ and it’s coming soon. 🌟🔍
Closer to Home
- 🚀 Saudi Arabia’s Finance Minister Mohammed Al-Jadaan revealed that non-oil activities accounted for 52% of the kingdom’s real GDP in Q3 2024, fueled by private investment and exports.(5) Guess oil isn’t the only thing cooking! 🔥
- 💰 Saudi-based SIFCO landed the enabling works contract for Trump Tower Jeddah, a $531M, 47-story giant on the Corniche — home to Saudi’s first Trump Club.(6) Talk about building big — literally! 🏢
- 💳 Dubai just made paying government fees even smoother — DubaiPay now offers installment options with Tabby, the “Buy Now, Pay Later” fintech star.(7) Who said bills can’t be flexible? 🤸♂️
What Else Is Trending
- 🚦 U.S. President Trump’s tariff drama took a twist — Mexico and Canada got a last-minute, one-month reprieve after border security pledges.(8) Guess trade wars come with a snooze button. ⏸️
- 🔄 Crypto darling Bitcoin felt the ripple effect and rebounded over 3% to $101,241 after dipping to $91,212 earlier, as the U.S. hit pause on Mexico tariffs.(9) Even crypto loves a good plot twist! 🎭
- 🏆 Meanwhile, spot gold hit a shiny new high of $2,830 on Monday before easing to $2,818, powered by inflation jitters and tariff drama.(10) Some things just don’t lose their shine! ✨
💬Quote of the Day
“From an economic perspective, there is significant potential across the entire Mena region.” — Tina Wu, Product and Research Director of SenseTime MEA.
Sources:(1) Sky News, (2) (9) CNBC, (3) (4) (5) (6) (7) Zawya, (8) CNN, (10) Reuters
