Global Pulse

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  • These were the major deals signed by Saudi crown prince on his US visit

    These were the major deals signed by Saudi crown prince on his US visit

    In a landmark series of agreements, the United States and Saudi Arabia have solidified a robust economic partnership, with deals worth hundreds of billions of dollars announced during Crown Prince Mohammed bin Salman’s visit to Washington. President Donald Trump revealed that $270 billion in new investment deals were signed, while Saudi state media reported an even higher figure of $557 billion. These agreements span various sectors, including technology, rare earth minerals, and energy, underscoring the deepening ties between the two nations.

    Among the most notable deals is a joint venture between MP Materials, a US-based rare earths company, and Saudi Arabian Mining Company (Maaden). The partnership aims to establish a refinery in Saudi Arabia to process rare earth minerals, critical for advanced technologies. The US Department of War is financing the American contribution to this venture, highlighting the strategic importance of reducing reliance on China, which dominates global rare earth refining.

    In the tech sector, Elon Musk’s xAI announced a collaboration with Saudi Arabia’s state-owned AI company, Humain, to develop a network of GPU data centers, including a massive 500-megawatt facility. Humain also secured partnerships with AMD, Cisco Systems, and Amazon to expand its data center capacity, positioning Saudi Arabia as a global hub for AI infrastructure. The kingdom’s competitive electricity prices, driven by its abundant fossil fuel and solar energy reserves, make it an attractive location for energy-intensive data centers.

    Additionally, Saudi Aramco, the kingdom’s state-owned oil giant, signed 17 preliminary agreements with US companies, potentially worth over $30 billion. These deals span sectors such as liquefied natural gas, financial services, and advanced materials manufacturing, further cementing Saudi Arabia’s role as a key player in global energy markets.

    While the scale of these agreements is impressive, questions remain about the distinction between pledges and actual financial commitments. Nevertheless, the deals reflect a concerted effort by both nations to strengthen economic and technological cooperation, with Saudi Arabia leveraging its sovereign wealth fund and strategic resources to attract global investments.

  • A corruption scandal pressures Ukraine’s Zelenskyy to show greater accountability

    A corruption scandal pressures Ukraine’s Zelenskyy to show greater accountability

    Ukrainian President Volodymyr Zelenskyy is under increasing pressure to demonstrate accountability as a corruption scandal threatens to destabilize his government amidst the ongoing war with Russia. The scandal, involving the embezzlement of $100 million from Ukraine’s energy sector, has led to the dismissal of two top officials and sanctions on close associates. However, these actions have failed to quell public outrage, particularly as Ukrainians endure frequent power outages caused by Russian bombardments. Calls are growing for the resignation of Zelenskyy’s chief of staff, Andrii Yermak, who is seen as a central figure in the administration. While neither Zelenskyy nor Yermak have been directly implicated, critics argue that senior leaders must be held accountable to restore public trust and maintain credibility with Western allies. The scandal has intensified scrutiny of Ukraine’s long-standing corruption issues, which Zelenskyy had pledged to eradicate when elected in 2019. Despite the political storm, Zelenskyy has not yet decided to dismiss Yermak, whose influence in the administration remains significant. The situation highlights the delicate balance Zelenskyy must strike between addressing internal corruption and maintaining focus on the war effort.

  • Dubai: Voting opens for Globe Soccer Awards with Dembélé, Ronaldo nominated

    Dubai: Voting opens for Globe Soccer Awards with Dembélé, Ronaldo nominated

    The 16th edition of the prestigious Globe Soccer Awards is set to take place on December 28, 2025, at the luxurious Atlantis The Royal hotel on Palm Jumeirah in Dubai. Football enthusiasts worldwide are invited to participate in the voting process, which opened on November 20 and will continue until November 27 for nine of the 15 award categories. A second round of voting will run from December 3 to 11, with final winners determined by a combination of fan votes and the esteemed Globe Soccer Jury, featuring football legends like Marcello Lippi, Francesco Totti, Iker Casillas, and Luis Figo.

    Paris Saint-Germain (PSG) dominates the nominations following their stellar 2024-2025 season, which saw them clinch the Uefa Champions League, Super Cup, Ligue 1, and Coupe de France. The club is vying for the Best Men’s Club award, while manager Luis Enrique and sporting director Luís Campos are shortlisted for Best Coach and Best Sporting Director, respectively. Eight PSG players, including Ousmane Dembélé and Gianluigi Donnarumma, are nominated for Best Men’s Player, alongside other football giants like Vinícius Júnior, Kylian Mbappé, and Mohamed Salah.

    In the women’s categories, Barcelona Femení and Spain midfielder Aitana Bonmatí aims for a third consecutive Best Women’s Player award. She is joined by teammates and England’s Uefa Women’s Euro 2025 champions on the shortlist. Arsenal, the Uefa Women’s Champions League winners, are among the contenders for Best Women’s Club.

    Cristiano Ronaldo, representing Portugal and Al-Nassr, is nominated for Best Middle East Player, competing against Salem Al-Dawsari, Karim Benzema, and others. The event promises to celebrate the finest talents in global football, with fans playing a pivotal role in deciding the winners.

  • Trump says he will intervene in Sudan war at Saudi leader’s request

    Trump says he will intervene in Sudan war at Saudi leader’s request

    In a significant diplomatic development, former U.S. President Donald Trump has announced his intention to intervene in Sudan’s ongoing civil war, following a direct appeal from Saudi Crown Prince Mohammed bin Salman. The decision, confirmed during a U.S.-Saudi investment conference, aligns with an exclusive report by Middle East Eye (MEE) that Riyadh had planned to lobby Trump for involvement in the conflict. Trump described the war as ‘crazy and out of control,’ emphasizing the importance of addressing the crisis at the Saudi leader’s request. The move comes amid rising tensions between Saudi Arabia and the United Arab Emirates (UAE), which has been accused of supporting the paramilitary Rapid Support Forces (RSF) in Sudan. Trump’s intervention marks a potential shift in U.S. foreign policy towards the region, as the conflict has escalated into one of the world’s most severe humanitarian crises. U.S. Secretary of State Marco Rubio has also condemned the RSF’s supporters, hinting at increased pressure on the UAE. The war, which began in April 2023, pits the Sudanese Armed Forces (SAF) against the RSF, with both sides receiving external backing. Saudi Arabia has positioned itself as a mediator, though sources suggest Riyadh favors the SAF for perceived stability. The UAE, meanwhile, denies allegations of supplying weapons to the RSF, despite evidence to the contrary. Trump’s involvement could reshape the dynamics of the conflict and its regional implications.

  • Philippines sentences ‘Chinese spy mayor’ to life in jail

    Philippines sentences ‘Chinese spy mayor’ to life in jail

    In a landmark ruling that has captivated the Philippines for years, former Bamban Mayor Alice Guo has been sentenced to life imprisonment for her involvement in human trafficking and operating a massive scam center. On Thursday, Guo and three accomplices were handed life sentences and fined 2 million pesos ($33,832) by the court. The case, which has drawn national attention, stems from the discovery of one of the country’s largest scam hubs in Bamban, a small town north of Manila. Authorities rescued approximately 800 Filipinos and foreigners from the center, many of whom were coerced into participating in ‘pig butchering’ scams—a notorious form of online fraud. Guo, 35, was arrested in 2024 after fleeing for weeks and has consistently denied all charges. It remains unclear whether she will appeal the verdict. The case against Guo includes five ongoing charges, one of which is money laundering. Elected as Bamban’s mayor in 2022, Guo was initially perceived as a compassionate leader by local residents. However, her reputation crumbled in 2024 when a sprawling scam center, masquerading as an online casino (locally known as Philippine Online Gaming Operations or Pogo), was uncovered near her office. Despite her initial claims of ignorance, a senate investigation revealed that the 8-hectare compound, housing 36 buildings, was constructed on land she previously owned. Further scrutiny exposed inconsistencies in her background, including her false claim of being born in the Philippines. Investigations confirmed that Guo migrated from China as a teenager, and her fingerprints matched those of a Chinese national named Guo Hua Ping. Following her removal from office, Guo disappeared in July 2024, prompting an international manhunt across four countries. She was eventually arrested in Indonesia in September 2024 and extradited to the Philippines, where her passport was revoked. The case has unfolded against the backdrop of ongoing territorial disputes between the Philippines and China in the South China Sea. While the allegations against Guo have dominated Philippine headlines, China has remained notably silent on the matter.

  • Leaders press on with G20 summit in South Africa that won’t have US and Trump

    Leaders press on with G20 summit in South Africa that won’t have US and Trump

    The Group of 20 (G20) summit, hosted for the first time in Africa, is underway in Johannesburg, South Africa, but the absence of U.S. President Donald Trump and his administration has overshadowed the event. Trump’s boycott, citing alleged discrimination against South Africa’s white farmers, has sparked controversy and dominated discussions, diverting attention from the summit’s agenda, which includes climate resilience, debt sustainability for poor nations, and global inequality. South African President Cyril Ramaphosa has refuted Trump’s claims, calling them ‘completely false.’

    The U.S. boycott extends beyond Trump’s absence, with no U.S. officials attending the summit. The U.S. has also discouraged member nations from adopting a ‘Leaders Declaration,’ which would signify multilateral consensus. This move has raised concerns about the summit’s effectiveness, though South Africa’s Foreign Minister Ronald Lamola views it as an opportunity to demonstrate that the world can progress without U.S. involvement, albeit with challenges.

    Other notable absences include Russian President Vladimir Putin, who faces an arrest warrant from the International Criminal Court over Russia’s war in Ukraine, and Chinese President Xi Jinping, who has sent Premier Li Qiang as his representative. Despite these absences, Johannesburg has been bustling with preparations, including street clean-ups and vibrant decorations.

    South Africa, as the G20 president, is focusing on advancing an inclusive agenda, particularly addressing the needs of poor nations. Key issues include securing financing for climate change mitigation, with experts estimating a need for $1 trillion annually by 2030. The African Union plans to advocate for African countries facing climate and financial challenges, while experts emphasize the importance of global governance reform to ensure all regions, including Africa, have a meaningful voice in global priorities.

    Support for the summit remains strong among other major nations, including France, Germany, and the United Kingdom, whose leaders are expected to attend. U.N. Secretary-General António Guterres has also confirmed his participation, expressing commitment to advancing international financial reforms and sustainable development in Africa.

  • US approached Yemen about international force in Gaza: Report

    US approached Yemen about international force in Gaza: Report

    The Trump administration has reportedly engaged with Yemen’s internationally recognized government (IRG) in Aden regarding potential participation in an international stabilization force for Gaza, according to an AFP report published on Wednesday. Sources within Yemen’s presidential council, a diplomat, and a senior military official, all speaking anonymously, confirmed the discussions. While the military official noted that Yemen’s involvement has been discussed with the U.S., no formal request has been made yet. The IRG, despite its UN representation and Washington ambassador, wields minimal control within Yemen, having been ousted from the capital, Sanaa, by Houthi rebels over a decade ago. The Houthis, who dominate much of Yemen, have faced air strikes from Saudi Arabia, the UAE, Israel, and the U.S., and openly support Hamas in Gaza. Hamas, however, has strongly opposed the idea of a U.S.-led international force, insisting that any such force must operate under UN supervision and exclude Israeli involvement. This development follows President Trump’s recent meeting with Saudi Crown Prince Mohammed bin Salman, where Saudi Arabia’s financial backing for Gaza’s reconstruction and its role in assembling a stabilization force were emphasized. While countries like Turkey and Indonesia have prepared troops, Hamas’s resistance to U.S. oversight could escalate tensions between the force and Palestinian fighters.

  • Europe’s semiconductor dreams confront business realities

    Europe’s semiconductor dreams confront business realities

    Europe’s aspirations to bolster its semiconductor industry are encountering significant challenges as it seeks to reduce its reliance on global supply chains. Currently, Europe produces less than 10% of the world’s advanced chips, a figure that European officials aim to double by 2030 with the assistance of Taiwan Semiconductor Manufacturing Co. (TSMC). This ambitious goal comes in response to supply chain disruptions during the COVID-19 pandemic and geopolitical tensions surrounding Taiwan, which dominates global chip production. Germany, alongside the United States and Japan, is investing heavily in domestic chip manufacturing. A joint venture between TSMC and European chipmakers, including Bosch, Infineon, and NXP, is constructing a €10 billion ($11 billion) facility near Dresden, expected to commence operations in 2027. The project aims to transform the region into a hub for semiconductor innovation, dubbed “Silicon Saxony.” However, the initiative faces obstacles such as complex permitting processes, labor laws, and environmental regulations. Additionally, Taiwanese suppliers supporting TSMC’s operations in Europe are grappling with visa issues, language barriers, and cultural integration. The high costs of building factories in Europe, nearly double those in Taiwan, further complicate the endeavor. Despite these challenges, European officials remain optimistic, viewing the TSMC project as a catalyst for job creation and economic growth. Meanwhile, concerns persist in Taiwan about the potential dilution of its semiconductor dominance as TSMC expands globally. Former Taiwanese President Tsai Ing-wen recently visited the Dresden site, urging Taiwanese engineers to remain connected to their homeland while contributing to the global semiconductor industry.

  • Digital readiness and e-commerce surge drive Buy Now, Pay Later adoption in UAE

    Digital readiness and e-commerce surge drive Buy Now, Pay Later adoption in UAE

    The United Arab Emirates (UAE) is witnessing a seismic shift in consumer finance, driven by the rapid adoption of Buy Now, Pay Later (BNPL) services. This transformation is fueled by the nation’s robust digital infrastructure, a tech-savvy population, and a booming e-commerce sector. With smartphone penetration projected to reach 90% by 2030 and mobile wallets becoming ubiquitous, BNPL is redefining shopping habits and business models across the Emirates.

  • Abu Dhabi Securities Exchange celebrates 25 years of growth and innovation

    Abu Dhabi Securities Exchange celebrates 25 years of growth and innovation

    The Abu Dhabi Securities Exchange (ADX) commemorates its 25th anniversary, marking a quarter-century of remarkable growth, innovation, and global influence. Established in 2000 with a modest foundation of 12 listed companies and local investors, ADX has evolved into a powerhouse in the financial world. Today, it boasts over 200 listed securities, serves 1.2 million investors from more than 200 nationalities, and ranks among the top 20 exchanges globally by market capitalization, with a market value exceeding Dh3 trillion. Since 2020, ADX has facilitated IPOs raising approximately Dh59 billion, solidifying its position as a global hub for capital and investment. Ghannam Al Mazrouei, Chairman of the ADX Group, reflected on the exchange’s journey, emphasizing its transformation from a local market to a strategic gateway for global capital. The past five years have been particularly transformative, with IPO activity raising nearly Dh18 billion in 2023 and Dh12.8 billion in 2024. ADX-listed companies have distributed over Dh320 billion in cash dividends since 2020, achieving a compound annual growth rate of over 33%. Abdulla Salem Alnuaimi, Group CEO of ADX, highlighted the exchange’s forward-looking strategy, focusing on expanding products, deepening liquidity, embracing technology, and creating long-term value for stakeholders. ADX has also pioneered regional firsts, including exchange-traded funds, foreign sovereign bonds, blockchain-enabled eVoting, and the region’s first blockchain-based digital bond. Looking ahead, ADX aims to strengthen digital infrastructure, expand investment products, and deepen regional integration through platforms like Tabadul, which links six regional markets. With a legacy of innovation and a roadmap for future growth, ADX stands poised to continue empowering capital, investors, and sustainable prosperity for generations to come.