Sandrine Zimra

In a bold move reflecting its ambition to become a global artificial intelligence (AI) powerhouse, the United Arab Emirates on Wednesday unveiled Falcon Arabic, a new AI model tailored specifically to the Arabic language and its diverse linguistic nuances. 

Bank Hapoalim, one of Israel’s two largest financial institutions, reported a robust first-quarter net profit of 2.42 billion shekels ($680.6 million), a significant rise from 1.94 billion shekels a year earlier. 

S&P Global Ratings has reaffirmed Israel’s sovereign credit ratings at “A/A-1” for both long- and short-term foreign and local currency debt. However, the agency cautioned that an extended or escalating military conflict could weigh heavily on the country's economic resilience, fiscal health, and external balances.

The Israeli economy is expected to take a hit from the Trump administration’s proposed global tariff plan, with the Finance Ministry estimating a potential annual GDP loss of less than 0.5%, or under NIS 10 billion.

The Central Bank of Turkey announced on Friday that it will maintain its tight monetary stance until inflation shows a sustained and meaningful decline. 

The World Economic Forum announced on Tuesday that it has launched an investigation into its founder, Klaus Schwab, following a whistleblower letter alleging misconduct by the former chairman.

Several major Gulf institutions, including Saudi Arabia’s $925 billion Public Investment Fund (PIF), are preparing to issue new bonds in the coming weeks, defying recent volatility in global debt markets triggered by U.S. President Donald Trump’s tariff announcements.

Several multinational energy companies, including U.S. giant Chevron, have pulled out of their oil and gas exploration blocks in Egypt’s Red Sea after failing to make any viable discoveries, Egypt’s Ministry of Petroleum confirmed this week.

KKR and I Squared Capital are among global asset managers bidding for a district cooling business owned by Abu Dhabi's Multiply Group, part of a $1.5 trillion empire overseen by one of the UAE's most powerful Sheikhs, three sources said.