
Kuwait Airways suspends flight departures amid regional crisis
The announcement follows a closure of airspace by Qatar and Bahrain as Iran attacked the Al Udeid U.S. military base in Doha.
The Gulf is home to several U.S. military bases. (Reporting by Menna Alaa El-Din and Jaidaa Tahah; Editing by Toby Chopra)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Emirates 24/7
9 hours ago
- Emirates 24/7
On Union Pledge Day, UAE celebrates journey from federation to global leadership
As the UAE marks the first anniversary of the 'Union Pledge Day' on 18th July, the nation reflects on the pivotal moments that led to its unification, recalling the enduring legacy of the founding father, the late Sheikh Zayed bin Sultan Al Nahyan and his brothers, the Rulers, whose historic declaration in 1971 laid the foundations for the federation. The day is one of the most important days in the history of the UAE, as the declaration of the Union and the UAE Constitution were signed, and its name was announced, with the solid foundation for its establishment laid on 2nd December. Union Pledge Day was designated as a national occasion by President His Highness Sheikh Mohamed bin Zayed Al Nahyan to reaffirm loyalty to the homeland and celebrate the country's continued development. The day aims to strengthen national identity and raise public awareness of the foundational steps that propelled the UAE to its current status as a regional and global leader. The occasion highlights the vision and sacrifices of the founding fathers, whose legacy continues to shape the UAE's trajectory. In his first address to the nation as President, His Highness Sheikh Mohamed bin Zayed said, 'Today, we see our nation ranked among the most advanced nations globally, as well as being one of the best places to live and work. This was the vision of the late Sheikh Zayed and our founding fathers, and we thank God for this blessing. We will continue to follow their wise approach, drawing inspiration from their unfaltering leadership. Our history, identity, and cultural heritage will form an essential part of our plans for the future." Union Pledge Day also serves to honour the UAE's achievements in state-building and unity, forged amid complex regional dynamics. The founding father, the late Sheikh Zayed, led the country through the formation of the Arab world's first federal state and launched one of the region's largest development drives. Following Sheikh Zayed's leadership, the late Sheikh Khalifa bin Zayed Al Nahyan led the empowerment phase (2004–2022), strengthening institutions, promoting education, and advancing citizen participation in national development. Under his leadership, the UAE achieved record growth across economic, service, humanitarian, infrastructure, renewable energy and space exploration sectors. The country became the second-largest economy in the Arab world and the first Arab and Muslim nation to reach Mars. Sheikh Khalifa's forward-looking strategies included the Principles of the 50, UAE Vision 2021, the UAE Strategy for Government Services (2021–2025), UAE National Strategy for Artificial Intelligence, the National Space Strategy 2030, and the UAE's Net Zero 2050 Strategy. Since 2022, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE has continued to achieve major milestones across economic, social, political and development domains. The country continues to rank highly in regional and global competitiveness indices. Economic diversification has gained momentum, with significant growth in tourism, trade, financial services, industry, real estate, telecoms and technology. The Central Bank of the UAE expects real GDP to expand by 4.4 percent in 2025, fuelled by rising foreign investment and robust non-oil sectors. In Q1 2025, non-oil foreign trade reached AED835 billion, with exports hitting a record AED177.3 billion in the first three months of 2025. Over the past five decades, the UAE economy has witnessed remarkable growth across key sectors, with the country's GDP rising from AED58.3 billion in 1975 to AED17 trillion in 2024. During the same period, foreign trade surged from AED11.5 billion to AED5.23 trillion. In January, President Sheikh Mohamed bin Zayed declared 2025 the 'Year of Community,' aimed at strengthening intergenerational ties and social cohesion. The government allocated AED27.9 billion—39 percent of the 2025 federal budget—to social development, underscoring its commitment to citizen welfare and cultural preservation. Internationally, the UAE remains a key partner in peacebuilding and humanitarian efforts. Guided by values of tolerance and coexistence, the country actively supports global stability and justice. Since its founding, the UAE has provided AED368 billion in foreign aid, benefiting more than one billion people worldwide across humanitarian and development sectors.


The National
10 hours ago
- The National
Syria at the crossroads: From sanctions and collapse to redevelopment and reintegration
The pre-2011 Syrian economy, while facing structural challenges, was that of a lower-middle-income country with a functioning industrial base, a significant agricultural sector and nascent potential in tourism and services. That reality was devastated by 14 years of war, violence and sanctions, emerging into a drug-based Captagon economy. Its gross domestic product contracted by more than 50 per cent from its pre-war peak (by 83 per cent if one uses night-time light estimates) between 2010 and 2024. Half the pre-war population has been forcibly displaced, representing lost generations of economic output and potential. About two-thirds of the current population lives in poverty (earning less than $3.65 per capita a day), and more than half the population faces food insecurity. The directly visible indicator of the devastation was the collapse of the local currency (from 47 Syrian pounds per US dollar in 2010 to 14,800 by the end of 2024), as growing budget deficits were financed by the monetary printing press and people shifted into foreign currencies to hedge against near-hyperinflation. The removal of US sanctions and of Syria's "designation as a state sponsor of terrorism' is strategically important. The decision was followed by the EU passing legislation to lift all sanctions, thereby enabling Syria's reintegration into the international economic and financial community. The Gulf and other Arab countries are steadily bringing Syria back into the fold, restoring long-disrupted economic and financial relations. Saudi Arabia and Qatar have settled Syria's arrears to the World Bank, pledged to fund public sector restructuring and rebuild energy infrastructure, signed agreements for major infrastructure and power projects, and the resumption of airline services. Iraq has reopened a main border crossing, and DP World has signed an $800 million deal to develop Tartus Port. Sanctions removal allowed for Syria's renewed participation in the SWIFT payment system, reactivating formal channels for international trade, remittances and financial flows, delivering a powerful antidote to the scenario of hyperinflation and a dominant illicit sector. The removal unlocks a multistage recovery process, sequentially addressing the critical deficits in liquidity, capital and strategic infrastructure investment that currently paralyse the country. Transparent reforms urgent However, the success of this pathway will be contingent on the implementation of credible and transparent, domestic, structural and institutional reforms. Syria needs a comprehensive IMF programme and support from the Arab Monetary Fund and Gulf central banks (possibly through central bank swaps and trade financing lines). The institutions of the central bank, banking supervision and AML/CFT need to be rebuilt. A new monetary and payment system has to be established. The banking and financial sector has to be restructured, and banks recapitalised, while allowing for private banks (including foreign) to re-emerge. The Syrian pound should stay floating until macroeconomic stability has been restored, including through fiscal reform and access to international finance for trade. Importantly, the government and central bank need to rebuild the statistical system for evidence-based policymaking; one cannot govern, reform, regulate and manage what one does not know. Removal of sanctions will allow transfers and remittances through formal channels from the large Syrian expatriate community, a lifeline for returning families, as well as financing reconstruction of housing and businesses. Restoring the banking system means less reliance on the use of cash – helping to revive the formal economy as compared to the dominant informal economy, and also combating money laundering and terrorist finance associated with the production and trade of drugs. Remittances and capital inflows would allow the Central Bank of Syria to rebuild its foreign currency reserves, stabilise the forex market and restore monetary stability to control inflation. The removal of sanctions will also lower the prohibitive risk premium associated with Syria and open the country for the much-needed foreign direct investment to stabilise the economy, and for broader reconstruction funding. The Damascus Securities Exchange, now operational again, could evolve from a symbolic entity into another channel of financing, allowing the government and Syrian businesses to tap into local and international capital for the first time since 2009. Tapping energy potential The country's substantial, largely unexploited, onshore and offshore oil and gas reserves could become an important source of reconstruction finance and job creation. Strategically and importantly, the removal of sanctions would allow oil and gas pipelines to be reopened, and new ones built; pre-civil war, Syria produced up to 400,000 barrels a day of crude versus between 80,000-100,000 bpd this year. Reactivating existing wells and oil export infrastructure could become a major source of revenue and foreign exchange, dramatically improving Syria's fiscal position and its ability to reconstruct the devastated country, and bring in international funding. New pipelines linking oil and gas from the Gulf (notably Qatar, Kuwait and Saudi) and Iraq to the Mediterranean would provide a strategic alternative to maritime routes through the Straits of Hormuz and Red Sea. Azerbaijan and Syria signed a preliminary agreement on July 12, pledging co-operation in the energy sector – to enable export of gas from Azerbaijan to Syria, through Turkey – and help in rebuilding Syria's energy infrastructure. Over the medium and longer term, a new, transformative energy infrastructure and map linking the hydrocarbon-rich regions of the Gulf and Iraq to the Mediterranean coast can be developed: a major building block in stabilising and helping to redevelop Syria. The lifting of sanctions is a critical initial step supporting Syria in emerging from a vicious cycle of destruction, economic collapse and illicit activity into a virtuous circle of reconstruction, redevelopment, regional and international reintegration. The realisation of this road map requires a commitment from Syria to undertake essential reforms in governing, the rule of law and institutional transparency. Only then can the country hope to attract and retain the human and financial capital needed to rebuild its economy, regain investor trust, and reclaim its historic role at a vital geostrategic crossroads.


Zawya
a day ago
- Zawya
Kuwait tightens grip on foreign property access
KUWAIT CITY - In a new regulatory move aimed at organizing the real estate market and improving the investment environment, Minister of Justice Counselor Nasser Al-Sumait announced that a draft decree has been submitted to the Fatwa and Legislation Department regarding controls on real estate ownership by foreigners through companies listed on the Boursa Kuwait and real estate funds. Al-Sumait explained that the draft decree was prepared under the provisions of Decree-Law No. 7/2025, which regulates real estate ownership, and is now pending approval by the Council of Ministers. The objective is to strike a delicate balance between attracting organized real estate investment and protecting the demographic structure as well as preventing the exploitation of residential properties for purely commercial or investment purposes. The decree takes into account the legal frameworks specific to citizens of the Gulf Cooperation Council countries and preserves the privileges granted to them regarding real estate ownership in Kuwait. The decree includes the following articles: Article 1: Companies listed on the stock exchange with non-Kuwaiti shareholders, as well as licensed real estate funds with non-Kuwaiti unit holders, may own real estate if their objectives include real estate dealings. The provisions of this paragraph do not affect the right of units supervised by the Central Bank of Kuwait or others to own real estate, per the law of the Central Bank of Kuwait or any other applicable legislation. Article 2: Persons licensed by the Capital Markets Authority (CMA) to practice the activity of investment portfolio managers may open and manage investment portfolios for non-Kuwaiti clients. These portfolios may include securities issued by companies listed on the stock exchange whose objectives include real estate dealings or units of real estate funds. Article 3: Listed companies, real estate funds, and investment portfolios licensed by the relevant regulatory authorities in Kuwait are prohibited from engaging in any transactions involving real estate, plots, or land designated for private residential purposes, whether by sale, purchase, mortgage, transfer of rights, authorization to dispose of the property to a third party, or acceptance of such authorization on behalf of a third party, except for the exceptions granted to units supervised by the Central Bank of Kuwait or any other exceptions specified by law. Article 4: Ownership of any real estate shares in kind may not be transferred to non- Kuwaitis in the event of the liquidation of a listed company or real estate fund, without prejudice to their right to receive an amount equivalent to their share of the liquidation proceeds, unless they have legal grounds permitting such ownership following the applicable laws. Article 5: The provisions of this decree shall not affect the treatment of Gulf Cooperation Council (GCC) citizens as Kuwaitis, per the relevant regulations. Nor shall they affect any provisions regulating real estate ownership contained in other laws. Such cases shall remain subject to the provisions of the laws, regulations, and decisions governing them. Article 6: Each minister, within their respective jurisdiction, shall implement this decree, which shall take effect from the date of its publication in the official gazette 'Kuwait Al-Youm'. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (