分类： business

As global trade faces uncertainty and energy revenues decline, the Middle East is undergoing a significant recalibration, with the United Arab Emirates (UAE) emerging as a regional leader in artificial intelligence (AI) and digital infrastructure. According to S&P Global’s latest outlook, the region is navigating a dual challenge: mitigating the impact of softer oil prices while seizing opportunities in technology and supply chain diversification. The UAE, in particular, is doubling down on its ambition to become a hub for AI innovation and tech sovereignty. The Middle East’s economic trajectory in 2026 is shaped by volatile global trade, elevated conflict risks, and unpredictable shipping costs, particularly through critical chokepoints like the Suez Canal. While post-conflict reconstruction in countries like Iran and Syria offers some resilience, oil-exporting economies are bracing for headwinds from declining crude prices. Resource nationalism is intensifying as the U.S. and China compete for control over critical minerals, prompting Gulf states to tighten regulatory frameworks and demand technology transfers. Amid these shifts, the UAE is crafting a hybrid regulatory model that blends the EU’s emphasis on data protection with the U.S.’s innovation-driven flexibility. Central to the UAE’s strategy is the development of Arabic large language models (LLMs), designed to assert cultural and technological independence in a domain dominated by English and Mandarin. The UAE’s investments in AI infrastructure, cloud services, and advanced manufacturing are expected to deliver economic diversification and resilience against commodity price swings. The global backdrop of trade tensions and technological disruption adds complexity, but the UAE’s strategic pivot toward tech sovereignty positions it to capitalize on regional supply chain shifts and AI-driven productivity gains. Financial innovation, including the adoption of stablecoins for cross-border payments, aligns with the UAE’s broader digital economy strategy. As S&P Global concludes, agility will be the defining trait of successful economies in 2026, with the UAE’s bet on tech sovereignty serving as a strategic imperative in shaping the emerging global order.

Air India has officially reinstated its codeshare agreement with Air Canada, significantly enhancing travel options between India and Canada. Effective December 2, 2025, this partnership will enable passengers to book seamless journeys to multiple Canadian destinations on a single ticket. Travellers can now connect from Air India flights to ongoing Air Canada services, including routes from Vancouver to Calgary, Edmonton, Winnipeg, Montréal, and Halifax, as well as from London Heathrow (LHR) to Vancouver and Calgary. Additionally, passengers from Canada can access Indian cities such as Amritsar, Ahmedabad, Mumbai, Hyderabad, and Kochi via Delhi, or Delhi and Mumbai via LHR. The agreement also offers benefits for loyalty program members, allowing them to earn points and miles on both airlines. Elite members of Air India’s Maharaja Club will enjoy priority services, extra baggage allowances, and complimentary airport lounge access on Air Canada-operated flights. Subject to regulatory approvals, the codeshare flights will be progressively made available for sale, further solidifying the strategic partnership between the two airlines.

What began as a day of exhilaration at the Dubai Airshow on Friday, November 21, 2025, swiftly turned into a scene of tragedy when an Indian Tejas fighter jet crashed during a performance, leaving spectators in disbelief. The incident, which occurred during a high-energy display, marked a grim first for many longtime attendees of the event. Crowds, initially cheering and recording the jets’ breathtaking stunts, were left stunned as the Tejas jet lost altitude, erupted into flames, and crashed with a deafening explosion. Security personnel acted swiftly, cordoning off the area and ensuring the crowd remained calm. Emergency vehicles, including fire trucks and ambulances, rushed to the scene. Witnesses described the moment as surreal, with many initially mistaking the crash for part of the routine. ‘We were just praying for the pilot to be safe,’ said Ashiq K, a seasoned airshow enthusiast. Unfortunately, officials later confirmed the pilot’s death, casting a pall over the event. Despite the tragedy, the airshow resumed, though the atmosphere was markedly subdued. Attendees expressed their grief and admiration for the pilot, who had been ‘doing his job… entertaining all of us.’ The incident has left a lasting impact on the aviation community and spectators alike, serving as a somber reminder of the risks inherent in such displays.

Nearly 200 employees of Petrofac in the UAE are facing uncertainty and financial distress as the company has failed to provide clarity on their end-of-service benefits following a sudden wave of layoffs. The employees, many of whom have served the company for over a decade, estimate that the total unpaid gratuity could exceed Dh27 million. The layoffs were announced during a town hall meeting on November 18, where workers were informed their positions were no longer needed and were asked to leave immediately without serving their notice period. This abrupt decision has left employees feeling abandoned, especially as many are burdened with significant financial responsibilities such as loans, EMIs, and medical costs. A senior manager, who has been with the company for 13 years, revealed that Petrofac had been showing signs of financial strain for months, with some employees resigning in anticipation of the layoffs. However, the lack of communication and transparency regarding gratuity payments has exacerbated the situation. Employees have repeatedly sought clarity from management, but the only response they receive is that the company is ‘looking into it.’ While Petrofac has extended employee visas for an additional two months to allow them to search for new jobs, this gesture does little to alleviate their concerns about unpaid dues. The company’s financial troubles worsened after Dutch grid operator TenneT canceled a major offshore wind contract in the Netherlands, which was central to Petrofac’s debt-restructuring plan. In a statement, Petrofac assured that its UAE operations are continuing as normal, but employees remain skeptical about receiving their rightful benefits.