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In a significant move, credit rating agency Standard & Poor’s (S&P) has downgraded France’s credit rating from AA to A+, citing heightened risks of the government failing to substantially reduce its deficit in the coming year. The decision, announced on Friday, underscores growing concerns over France’s fiscal stability and its ability to meet budgetary targets. S&P highlighted that despite the recent submission of the 2026 draft budget to parliament, uncertainty surrounding the nation’s public finances remains alarmingly high. The agency expressed skepticism about the government’s ability to achieve significant deficit reduction without additional measures, projecting a slower-than-expected fiscal consolidation over the forecast horizon. French Finance Minister Roland Lescure responded to the downgrade by reaffirming the government’s commitment to meeting the 2025 deficit target of 5.4% of GDP. He emphasized the collective responsibility of both the government and parliament to adopt a budget aligned with this framework. Separately, the finance ministry revealed that the 2026 draft budget aims to accelerate the reduction of the public deficit to 4.7% of GDP while safeguarding economic growth. This initiative is seen as a critical step toward fulfilling France’s pledge to bring the deficit below 3% of GDP by 2029. The downgrade comes amid political challenges for President Emmanuel Macron, who faces a divided parliament as he seeks to implement deep spending cuts. His new Prime Minister, Sebastien Lecornu, recently backtracked on a contentious pension reform to avoid a no-confidence vote, further complicating fiscal reforms.

The Gulf Cooperation Council (GCC) is positioning itself as a key contender in the rapidly expanding global sports tourism industry, which is forecasted to exceed $2 trillion by 2030. A recent report by PwC Middle East, titled ‘Game on for the GCC – Turning Sporting Ambition into Lasting Tourism Impact,’ highlights the region’s potential to capitalize on its increasing prominence as a host of world-class sporting events to foster a sustainable tourism economy. Currently, sports tourism represents 10% of global tourism expenditure, growing at a compound annual rate of 17.5%. The GCC’s strategic investments in sports infrastructure and events are setting the stage for substantial economic gains. Over recent years, the Middle East has successfully hosted major events such as the 2022 FIFA World Cup in Qatar and numerous Formula 1 Grand Prix weekends, significantly boosting the region’s global profile and contributing to a sports sector valued at $600 billion, with an annual growth rate of nearly 9%. Saudi Arabia is at the forefront of this initiative, with its sports market expected to triple to $22.4 billion by 2030, generating 39,000 jobs and adding $13.3 billion to the national GDP. Despite these advancements, the GCC currently captures only 5–7% of global sports tourism spending, indicating substantial growth potential. The report emphasizes the need for the GCC to transition from being a host of events to becoming a year-round destination for immersive sports experiences. Peter Daire, Senior Executive Advisor at PwC Middle East, stressed the importance of evolving beyond event hosting to create destinations that attract fans throughout the year through enriched experiences, enhanced digital engagement, and stronger regional connections. The report outlines three critical priorities for the region: developing experience-led destinations that integrate sport, retail, leisure, and culture to encourage longer stays and higher spending; fostering immersive fan engagement through digital platforms, storytelling, and multi-day festivals to turn spectators into repeat visitors; and building a connected regional ecosystem that links events and destinations across borders through streamlined travel and unified marketing. Jonathan Worsley, Chairman and CEO of The Bench, which organizes the Future Hospitality Summit, highlighted that sports tourism is now central to destination strategy and hospitality investment, driving infrastructure development, elevating brand visibility, and unlocking year-round demand. The report also advocates for increased investment in women’s sports, leisure activities, and workforce development, as well as better utilization of existing venues to extend the impact of flagship events. With over 60% of the region’s population under the age of 35, digital innovation and youth engagement are deemed crucial for shaping the future of sports tourism. As the GCC shifts its focus from hosting to experience creation, PwC suggests the region could emerge as one of the world’s most dynamic and resilient sports tourism hubs, attracting fans, athletes, and travelers who not only visit but return.

The United Arab Emirates (UAE) is rapidly advancing toward a cashless economy, with the recent merger between Network International and Magnati marking a significant milestone in the region’s digital payments evolution. This strategic consolidation aligns with the UAE’s ambition to become a global leader in digital finance, leveraging a tech-savvy population, high smartphone penetration, and robust regulatory support. Murat Cagri Suzer, Group CEO of Network International, emphasized that the merger transforms the company into a fintech platform capable of redefining digital commerce across the Middle East and Africa (MEA). The combined entity now serves over 250 financial institutions, 240,000 merchants, and 25 million cardholders across 50+ markets, positioning itself at the forefront of a region where digital payments are growing at twice the global average. The UAE’s card payments market is projected to grow by 10.6% in 2025, reaching Dh565.5 billion, while the Buy Now, Pay Later (BNPL) market is expected to double by 2030. Government initiatives, such as Dubai’s Cashless Strategy and national platforms like Aani and Jaywan, are driving this transformation. The merger enables Network International to offer a broader suite of services, including data analytics, small business lending, and advanced fraud prevention. The company is also investing in cutting-edge technologies like AI, biometrics, and tokenization to enhance security and customer experiences. As digital payments become increasingly embedded in daily life, Network International is prioritizing a ‘security-first’ culture, employing advanced encryption and AI-driven fraud detection to safeguard transactions. With the Middle East poised to lead the global shift toward digital finance, this merger represents a strategic step in shaping a future where smart, secure, and seamless payments are the norm.