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Few would deny that there has been a shift away from multilateral co-operation in recent years. As the world becomes more multipolar, geopolitical tensions are hampering efforts to devise common solutions to shared problems, and rising nationalism and fiscal crises within many traditional donor countries are threatening the institutions on which multilateralism depends.As a realist, I recognize that today’s world is more dangerous than the one we inhabited not so long ago. But I am also confident that possibilities for long-term global collaboration remain. I have seen firsthand that multilateral co-operation often delivers results that otherwise would not be attained. My confidence stems from my experience as the chair of Gavi, the Vaccine Alliance. As my five-year tenure draws to a close, I find myself reflecting on what has underpinned Gavi’s success over the past 25 years and what this experience can teach us about adapting multilateralism for a rapidly changing world.The first lesson may sound simple, but it is too often forgotten: Always be mission-driven. Gavi exists to save lives and protect health by expanding access to vaccines in lower-income countries. It is this clarity of purpose that has helped halve child mortality in 78 countries and protect every one of us against the threat of infectious diseases. Nor is there any secret to our success. We have done it by uniting a multitude of public and private stakeholders, many with divergent interests, behind a common purpose.Gavi has always been a coalition of the willing, bringing together national governments, United Nations agencies, philanthropies, vaccine manufacturers, innovators, development banks, research institutions, and civil society. With its diverse skill set, expertise, and political clout, it has protected over half the world’s children against preventable diseases in any given year, as well as providing the world with core competencies during crises like the Covid-19 pandemic, when we led the global vaccine response.In a more multipolar world, similar approaches will be needed to drive progress in other areas where the provision of public goods (conflict resolution, education, health security, equitable access to AI) is too important to be held hostage by adversarial politics and sectional interests.That leads me to the second key lesson: Be mission-driven, but country-led. Gavi was founded in the spirit of partnership, not paternalism. Promoting national self-reliance has always been at the heart of its mission. Countries pay more toward the cost of their vaccine programs as their national incomes rise, up to the point where they can fully sustain their own immunization services. Some countries have even transitioned from recipients to donors.This responsiveness to country needs has made us relentlessly focused on innovation. In 2024, Gavi embraced the historic introduction of malaria vaccines because we recognized how unjust it was that so many countries, particularly in Africa, had to wait so long for such a breakthrough. The same year, Gavi also launched a financial innovation, the First Response Fund, to provide surge financing for the procurement of mpox vaccines, saving precious time that otherwise would have been lost raising additional funding.Today, Gavi is directing the same innovative zeal toward the future rollout of vaccines against tuberculosis, the world’s deadliest infectious disease. It is also advancing a new initiative, the African Vaccine Manufacturing Accelerator, with strong backing from the European Union and other donors, to support the African Union’s ambitions for regional high-value manufacturing. I predict we will see a far greater role for, and collaboration between, regional economic and political blocs as the key drivers of multilateralism in the years ahead.Every coalition needs strong governance and leadership. That is why Nelson Mandela was chosen as Gavi’s first chair. But ensuring that the interests of every stakeholder remain aligned is no simple task, and this insight was not lost on me when I was approached for the role in 2020. I was honoured, and I could not help noticing that the Gavi board had 28 seats, the same number of member states whose interests I sought to align when I was president of the European Commission.Throughout my tenure at Gavi, I have been guided by the enduring wisdom of Jean Monnet, a leading postwar advocate of European unity: “Nothing is possible without people, but nothing lasts without institutions.” Gavi is truly a unique institution. Not only is it a broad, inclusive alliance of national and international, as well as public and private, entities; it is also an international organization that has managed to avoid paralysis and inertia, unlike some major intergovernmental bodies. It has done so by maintaining a laser focus on protecting children – even in war zones where the only respite from fighting came from the need to vaccinate populations.Countries will always have reasons to disagree, but if anything can elevate the cause of peace above extreme national interest or ideology, it is the protection of children. Throughout my life, I have been at the heart of many seismic changes, from the Carnation Revolution in my native Portugal in the 1970s to the effort to advance peace, reconciliation, and democracy in Europe (for which I had the great honour of receiving the Nobel Peace Prize on behalf of the EU). In each case, historic changes needed a catalyst, which is exactly the role that Gavi has played in promoting public health.As we enter a more multipolar world, I would urge everyone to recognize the need for more mission-driven public-private partnerships like Gavi. There simply is no better way to address the challenges of our age.Jose Manuel Barroso, a former president of the European Commission and former prime minister of Portugal, is Chair of the Board of Gavi, the Vaccine Alliance. 

Grim as the final month of 2025 has been – with headlines dominated by mass shootings, crises, and polarisation – one positive development offers a glimmer of hope for the coming year. Across the developing world, younger people are demanding jobs, affordable food and fuel, economic opportunity, and action to slow climate change. From South Asia to Latin America, they are presenting political leaders with a stark choice: listen and respond, or step aside and be replaced.Nepal is a prime example. In September, the government banned 26 major social-media platforms that had been used to expose the lavish lifestyles of politicians’ children, triggering protests over corruption, nepotism, and the lack of opportunities for young people. The 73-year-old prime minister, K P Sharma Oli, then inflamed tensions further by mocking the thousands of teenagers who took to the streets. When security forces fired on crowds, killing at least 19 people and injuring hundreds more, demonstrators set fire to parliament and ransacked Oli’s private residence. He resigned the following day.Some trace the current wave of unrest to Sri Lanka in 2022, when economic collapse and severe fuel and electricity shortages sparked a youth-led protest movement. Activists set up a camp outside the office of then-72-year-old President Gotabaya Rajapaksa, whose family had governed the country for 15 of the previous 18 years, accusing him of corruption and nepotism. Protesters eventually overran the president’s residence, forcing Gotabaya to flee the country.Two years later, the Bangladeshi government responded to students protesting discriminatory job quotas with a telecommunications blackout and a brutal police crackdown that killed hundreds of civilians. Rather than suppressing dissent, the violence spurred thousands to join the movement. Protesters in Dhaka soon marched on the office and residence of Sheikh Hasina, the then-76-year-old prime minister, who fled to India shortly thereafter.Around the same time, Kenyan President William Ruto’s proposed tax hikes sparked a country-wide wave of Gen Z protests. Tensions escalated after security forces killed dozens of protesters, injured hundreds, and arbitrarily detained many more. After demonstrators stormed the parliament and set part of the complex on fire, Ruto withdrew his tax increases and fired most of his cabinet. Protests erupted again in June of this year, underscoring the depth and persistence of public anger.Meanwhile, in Peru, protests over pension reforms exploded into broader demands to address rising economic insecurity and widespread corruption. Deadly crackdowns fuelled the unrest until President Dina Boluarte, who had already been under investigation over bribery allegations, was removed from office. Gen Z-led rallyIn country after country, Gen Z-led demonstrations quickly gained broad public support. Protesters used social media to share information, organise, and build networks, and when governments shut down these platforms, activists migrated to encrypted servers and even gaming communities. When authorities resorted to violence, the protesters responded by escalating rather than submitting.Far from being confined to a single generation or region, these youth movements reflect concerns shared by working people in rich and poor countries alike. Wages, job security, and purchasing power have been steadily eroded by a series of global shocks – the 2008 financial crisis, the Covid-19 pandemic, the war in Ukraine, and intensifying migration pressures – making incumbent governments appear increasingly out of step.Yet Gen Z protesters are not seeking to tear down political systems. Instead, they are demanding governments that provide jobs, fight corruption, and invest in climate action. These are practical demands, and there are clear ways to meet them.Youth unemployment is a case in point. A decade ago, Portugal, Ireland, Italy, Greece, and Spain – the so-called PIIGS countries – were grappling with a severe sovereign-debt crisis. Since then, four of the five have dramatically reduced youth unemployment. In Portugal, joblessness among 15-24-year-olds fell from 34.7% in 2014 to 18.3% by October 2025, while Ireland’s rate declined from 24.2% in 2014 to 13.4% in October 2025. Greece cut youth unemployment from 52.8% in 2014 to 22.4% in 2024, and Spain lowered it from 53.2% to 26.5% over the same period.This success can be largely attributed to the European Union’s post-crisis Youth Guarantee program, through which governments commit to offering young people a quality job, apprenticeship, training opportunities, or continued education within four months of leaving school or becoming unemployed. While the program did not solve every problem, it showed what sustained political will and targeted policies can achieve. Battling corruptionAs the recent experiences of Armenia, Azerbaijan, Moldova, and Ukraine show, fighting corruption can be much harder. Still, meaningful progress is possible, though it requires professional, adequately paid civil servants, robust monitoring and audit systems, and real political accountability. E-governance can also help: Rwanda’s digitised public procurement system reduced opportunities for corruption, while Georgia’s move to a fully electronic tender system produced measurable improvements, at least in its early years.Transparency is essential. When corruption is tolerated and normalised, it spreads; when it is exposed, reputational costs and social norms can discourage misconduct and reinforce accountability. This is why whistleblower protections and accessible anti-corruption databases matter, and why businesses must be part of the solution.Climate change also weighs heavily on younger generations. Governments have often undermined public support for climate action by placing disproportionate costs on those least able to pay, but the economics of sustainability are shifting rapidly. The cost of electricity from utility-scale solar photovoltaics fell by 85% between 2010 and 2020 and continues to decline, while battery storage costs have dropped by more than 90% over the same period.To be sure, scaling these systems still requires significant investment, including grid upgrades and reliable storage. But renewables also reduce exposure to fossil-fuel price shocks, sanctions, and trade disruptions that drive up household outlays. That said, for young people struggling with high living costs and narrowing opportunities, the clean-energy transition is about more than cheaper electricity. It is about governments offering them a future that is not defined by permanent insecurity. - Project SyndicateNgaire Woods is Dean of the Blavatnik School of Government at the University of Oxford. 

Retail inflows into US stocks are set to hit a record in 2025, as individual investors become a major force behind ‌a rally that is likely to extend into the next year on hopes of interest rate cuts, analysts ‌said. The amount of cash retail investors poured ‍into US stocks so far in 2025 is up 53% from $197bn a year earlier and 14% higher than the $270bn hit at the height of the retail trading frenzy in 2021, according to JP Morgan analysts.Retail trading, meanwhile, accounted for 20-25% of total activity this year, touching a record high of about 35% in April, according to separate ‍trading data from JP Morgan. Individual investors snapped up high-quality stocks at discounts during selloffs, most notably after US President Donald Trump’s “Liberation Day” tariffstriggered a global meltdown in April , helping push the S&P 500 to fresh records. The benchmark index is up about 16% this year.“Retail investors are here to stay, especially for 2026. They made money this year, they like to trade stocks, they have the applications to do so. We will continue to see them being a good presence,” said Steven DeSanctis, small- and mid-cap strategist at Jefferies.Retail participation in the stock market has grown steadily over the years as the rise of low-cost, ‌no-commission brokerages such as Robinhood and Interactive Brokers has made it easier and cheaper for average Americans to access the market. The trend got wider notice in 2021 as many Americans who were homebound during the Covid-19 pandemic and were flush with cash used mobile trading platforms to bet ‍on everything from GameStop to Big Tech.AI plays such as Nvidia and Palantir ‌Technologies were top favourites this year, according to retail brokerage data and executives, with the latter more than doubling in value as small-time traders bought the dip when institutional investors stepped back on valuation concerns.Tesla shares, another top retail favourite, touched a record high on December 17, their first since the end of 2024. “The two most active stocks on our platform are typically Nvidia and Tesla. Those are just two examples of individual investors seizing the narrative and in many cases forcing institutional investors to play along,” said Steve Sosnick, chief strategist at Interactive Brokers. Quantum computing firms, uranium miners, metal miners and rare earth companies also saw substantial retail interest, as investors became more “thematic” in their approach.A key feature of retail trading in 2025 was the increasing preference for exchange-traded funds (ETFs) tracking equity indexes, cryptocurrencies and commodities, according to executives at major trading platforms. “16 continue to be attracted to the ETF technology. It trades throughout the day - it’s ​tax efficient, it’s transparent,” said Bryon Lake, global co-head ‌of Third-Party Wealth at Goldman Sachs Asset Management.Direxion’s Daily Semiconductor 3X Bull and 3X Bear ranked among the top five ETFs by dollar volume on eToro, said Bret Kenwell, US investment analyst with the trading platform.Potential rate cuts by the Fed are expected to continue to boost markets next year, keeping up the retail momentum in 2026, according to analysts and brokerages.Elevated stock market volatility may trigger dips that could also pull in individuals willing to wager on a bounce back, ​although recent evidence points to less enthusiasm about such opportunities than they have been in the past.Reuters last week reported that Nasdaq is planning to submit paperwork with the US Securities and Exchange Commission to roll out round-the-clock stock trading, a move analysts believe can further accelerate retail momentum. “We’re in a kind of golden age of retail investing with better access to knowledge, to the markets themselves and advanced trading platforms,” said David Russell, global head of market strategy at TradeStation.Still, with doubts continuing to linger around the AI names that have dominated the market this year, analysts said they did not expect the coming year to top 2025’s record as investors may consider broadening their portfolios. Financials, communications, discretionary, energy, miners and gold mining ETFs could do well, eToro’s Kenwell said. “But ultimately, retail loves tech so that is an area they will continue to come back to in 2026, particularly if we do see any sort of volatility.”  

Few would deny that there has been a shift away from multilateral co-operation in recent years. As the world becomes more multipolar, geopolitical tensions are hampering efforts to devise common solutions to shared problems, and rising nationalism and fiscal crises within many traditional donor countries are threatening the institutions on which multilateralism depends.As a realist, I recognise that today’s world is more dangerous than the one we inhabited not so long ago. But I am also confident that possibilities for long-term global collaboration remain. I have seen firsthand that multilateral co-operation often delivers results that otherwise would not be attained. My confidence stems from my experience as the chair of Gavi, the Vaccine Alliance. As my five-year tenure draws to a close, I find myself reflecting on what has underpinned Gavi’s success over the past 25 years and what this experience can teach us about adapting multilateralism for a rapidly changing world.The first lesson may sound simple, but it is too often forgotten: Always be mission-driven. Gavi exists to save lives and protect health by expanding access to vaccines in lower-income countries. It is this clarity of purpose that has helped halve child mortality in 78 countries and protect every one of us against the threat of infectious diseases. Nor is there any secret to our success. We have done it by uniting a multitude of public and private stakeholders, many with divergent interests, behind a common purpose.Gavi has always been a coalition of the willing, bringing together national governments, United Nations agencies, philanthropies, vaccine manufacturers, innovators, development banks, research institutions, and civil society. With its diverse skill set, expertise, and political clout, it has protected over half the world’s children against preventable diseases in any given year, as well as providing the world with core competencies during crises like the Covid-19 pandemic, when we led the global vaccine response.In a more multipolar world, similar approaches will be needed to drive progress in other areas where the provision of public goods (conflict resolution, education, health security, equitable access to AI) is too important to be held hostage by adversarial politics and sectional interests.That leads me to the second key lesson: Be mission-driven, but country-led. Gavi was founded in the spirit of partnership, not paternalism. Promoting national self-reliance has always been at the heart of its mission. Countries pay more toward the cost of their vaccine programs as their national incomes rise, up to the point where they can fully sustain their own immunisation services. Some countries have even transitioned from recipients to donors.This responsiveness to country needs has made us relentlessly focused on innovation. In 2024, Gavi embraced the historic introduction of malaria vaccines because we recognised how unjust it was that so many countries, particularly in Africa, had to wait so long for such a breakthrough. The same year, Gavi also launched a financial innovation, the First Response Fund, to provide surge financing for the procurement of mpox vaccines, saving precious time that otherwise would have been lost raising additional funding.Today, Gavi is directing the same innovative zeal toward the future rollout of vaccines against tuberculosis, the world’s deadliest infectious disease. It is also advancing a new initiative, the African Vaccine Manufacturing Accelerator, with strong backing from the European Union and other donors, to support the African Union’s ambitions for regional high-value manufacturing. I predict we will see a far greater role for, and collaboration between, regional economic and political blocs as the key drivers of multilateralism in the years ahead.Every coalition needs strong governance and leadership. That is why Nelson Mandela was chosen as Gavi’s first chair. But ensuring that the interests of every stakeholder remain aligned is no simple task, and this insight was not lost on me when I was approached for the role in 2020. I was honoured, and I could not help noticing that the Gavi board had 28 seats, the same number of member states whose interests I sought to align when I was president of the European Commission.Throughout my tenure at Gavi, I have been guided by the enduring wisdom of Jean Monnet, a leading postwar advocate of European unity: “Nothing is possible without people, but nothing lasts without institutions.” Gavi is truly a unique institution. Not only is it a broad, inclusive alliance of national and international, as well as public and private, entities; it is also an international organisation that has managed to avoid paralysis and inertia, unlike some major intergovernmental bodies. It has done so by maintaining a laser focus on protecting children – even in war zones where the only respite from fighting came from the need to vaccinate populations.Countries will always have reasons to disagree, but if anything can elevate the cause of peace above extreme national interest or ideology, it is the protection of children. Throughout my life, I have been at the heart of many seismic changes, from the Carnation Revolution in my native Portugal in the 1970s to the effort to advance peace, reconciliation, and democracy in Europe (for which I had the great honour of receiving the Nobel Peace Prize on behalf of the EU). In each case, historic changes needed a catalyst, which is exactly the role that Gavi has played in promoting public health.As we enter a more multipolar world, I would urge everyone to recognise the need for more mission-driven public-private partnerships like Gavi. There simply is no better way to address the challenges of our age. — Project Syndicate • Jose Manuel Barroso, a former president of the European Commission and former prime minister of Portugal, is Chair of the Board of Gavi, the Vaccine Alliance. 

Egypt began a public live restoration of King Khufu’s ancient solar boat at the newly-opened Grand Egyptian Museum Tuesday, more than 4,000 years after the vessel was first built. Egyptian conservators used a small crane to carefully lift a fragile, decayed plank into the Solar Boats Museum hall — the first of 1,650 wooden pieces that make up the ceremonial boat of the Old Kingdom pharaoh. The 4,600-year-old boat was built during the reign of King Khufu, the pharaoh who also commissioned the Great Pyramid of Giza. The vessel was discovered in 1954 in a sealed pit near the pyramids, but its excavation did not begin until 2011 due to the fragile condition of the wood. “You are witnessing today one of the most important restoration projects in the 21st century,” Egyptian Tourism Minister Sherif Fathy told reporters. “It is important for the museum, and it is important for humanity and the history and the heritage.” The restoration will take place in full view of visitors to the Grand Egyptian Museum over the coming four years. The project is funded by a $3.5mn grant from the Japan International Co-operation Agency (JICA), with Japanese archaeologists working alongside Egyptian specialists.Eissa Zidan, head of conservation projects at the museum, said the wooden planks were “thermally degraded and in a very weak condition”. “For this reason, archaeological missions had long avoided working on this project,” he told AFP. Egyptian and Japanese archeologists have been treating the boat’s planks and oars using organic materials, including nano-cellulose and Klucel E, that Zidan said met international restoration standards. The museum also houses a second solar boat from the same era, discovered in significantly better archaeological condition and previously exhibited next to the pyramids of Giza. Visitors have been flocking to the Grand Egyptian Museum since it opened in early November. Fathy said the museum receives an average of 15,000 daily visitors, and on some days even draws as many as 27,000 people. The government hopes the museum will help revive the tourism sector, which accounts for around 9% of Egypt’s gross domestic product and employs nearly 2mn people. After years of struggle due to political instability and the Covid-19 pandemic, Egypt hopes to increase tourist numbers by about 7% in 2026, from 19mn visitors this year, according to Fathy. 

In a year of restrained economic optimism in Europe, investors flocked to a no-frills airline known for its cost control and focus.Ryanair Holdings Plc’s stock climbed 55% this year, making it the best European performer in the Bloomberg World Airlines Index after Norwegian Air Shuttle AS. The Irish carrier has flown past peers due to its operational efficiency and earnings growth, underpinned by a €750mn ($881mn) share buyback.The sector index has jumped 22% this year, on track for its best performance since 2017. Europe’s long-haul specialists Air France-KLM, Deutsche Lufthansa AG and British Airways parent IAG SA all advanced, while the continent’s other leading budget carriers, such as EasyJet Plc, Wizz Air Holdings Plc and Jet2 Plc, declined.Even with Ryanair’s shares trading near record highs, analysts remain optimistic, with 17 buy ratings on the stock, compared with just five holds and a single sell recommendation.“It’s got a singular focus and execution of its business model with a long established management team, and driven by having the lowest cost base, and possibly the strongest balance sheet as well,” said Stephen Furlong, an analyst at Davy.Weak comparisons with the previous year helped boost its stock performance. Delayed aircraft deliveries from Boeing Co strained capacity growth throughout 2024 while a battle with third-party online travel agencies forced the carrier to cut prices, hitting revenues during the busy summer season.As for 2025, a revival in travel demand led Ryanair to more than double its net income in the first quarter. The airline has since lifted its passenger growth for the year ending in March off the back of early Boeing deliveries.Ryanair has been able to allocate aircraft to favourable markets when needed, both as a protest to environmental taxes and fees and as a way to maximise efficiency.Technical factors, including a change to ownership and control rules, were also constructive. In March, the company allowed non-EU nationals to own shares. Investors who had previously been holding American depositary receipts were incentivised to buy the ordinary share, boosting liquidity and more efficient buying, according to Barclays Plc analyst Andrew Lobbenberg.These tailwinds came as EasyJet struggled to keep costs down, Jet2 warned of uncertain consumer demand and Wizz Air grappled with Pratt & Whitney engine maintenance issues that led to the company ceasing its Abu Dhabi operations. On the other hand, Norwegian Air recovered from Covid-era restructuring with strong profits and issued its first ever dividend, boosting its shares.Ryanair’s biggest challenges include rising unit costs and the threat of increased levies on flying in Europe versus other forms of transport, such as rail, which could dampen demand from the airline’s cost-conscious customers.On the upside, Ryanair is expected to receive delivery of the remaining six Max 8 aircraft it ordered before summer, allowing the airline to grow its network ahead of the peak travel period.“We have a much better unit cost discipline and I think our fares will trend up,” Ryanair Chief Executive Officer Michael O’Leary said on November 3. He warned that European peers including EasyJet, Lufthansa and Air France-KLM “have no future unless they constrain capacity and get airfares up for the next year or two.” 

Middle Eastern mergers and acquisitions (M&A) have demonstrated remarkable resilience and strategic focus, with deal values surging 260% to $53bn in the first nine months of 2025 compared to the same period last year.This exceptional growth comes despite experiencing its lowest levels since the Covid shock earlier in the year, according to BCG's annual Global M&A Report 2025 released Monday.The region's performance is driven by a select group of experienced dealmakers making disciplined, strategic investments amid continued global market volatility.Monthly data reveals that Middle East M&A activity over the past three years has consistently exceeded historical averages, recovering strongly from the pandemic dip.BCG's M&A Sentiment Index, a forward-looking indicator of deal activity, shows increasingly positive sentiment across all sectors, with confidence reaching its highest levels in technology and energy.While Africa, the Middle East, and Central Asia recorded a 6% increase in aggregate deal value, the region continues working to surpass its 10-year average."The Middle East's M&A landscape in 2025 reflects a sophisticated approach to capital deployment, where strategic diversification meets digital ambition," said Samuele Bellani, Managing Director & Partner at BCG."We are witnessing experienced dealmakers making highly disciplined investments that simultaneously strengthen traditional energy capabilities while building new pillars of economic growth in technology and industrial services."Energy transactions remained the cornerstone of Middle Eastern M&A activity throughout 2025, as state-backed entities pursued aggressive domestic consolidation while simultaneously expanding their international footprint through strategic acquisitions.A landmark $13.4bn acquisition reinforces the UAE's ambitious international expansion strategy in the chemicals sector, while a $693mn purchase in power generation and utilities exemplified the ongoing consolidation within the sector.These strategic moves underscore sector resilience while supporting the region's gradual but determined pivot toward renewable energy sources, positioning national champions for the global energy transition.The industrial sector emerged as a central pillar of the Middle East's economic diversification strategy, with governments and sovereign wealth funds systematically building capabilities beyond traditional hydrocarbon dependencies.A $925mn acquisition highlights the accelerating consolidation of critical supply chain infrastructure across the region. This transaction reflects a broader, long-term initiative to establish the Middle East as a premier hub for industrial and logistics services, fundamentally reducing dependency on energy revenues while enhancing the region's global competitiveness across multiple sectors.Technology, media, and telecommunications gained unprecedented momentum in 2025, establishing itself as an emerging pillar of regional deal activity and signalling a fundamental shift in investment priorities.A transformative $3.5bn acquisition, representing one of the largest digital entertainment transactions globally, demonstrates the region's serious ambitions to become a global leader in gaming and digital entertainment.A $855mn acquisition strategically expanded the Middle East’s telecommunications influence into European markets. These high-profile transactions clearly demonstrate that Middle Eastern acquirers are strategically deploying substantial capital to capture growth opportunities across digital platforms, connectivity infrastructure, and entertainment services, aligning perfectly with broader national digital transformation agendas."What we are seeing is a fundamental transformation in how Middle Eastern investors approach M&A," said Samuele Bellani, Managing Director & Partner at BCG."The region's sovereign wealth funds are not just engines of deal flow—they are architects of a new economic paradigm that balances traditional energy strengths with cutting-edge technological capabilities and world-class industrial infrastructure."As 2025 enters its final months, the Middle East has distinguished itself as one of the world's most active and strategically focused M&A markets. Sovereign wealth funds continue providing an exceptionally deep pool of liquidity capable of sustaining robust deal flow regardless of global economic cycles or market volatility. Government-led strategies persistently drive consolidation across industrial and technology sectors, creating unprecedented resilience against the region's historical reliance on hydrocarbon revenues.The combination of steady foreign interest across TMT, financial services, and healthcare sectors demonstrates the region's unique dual advantage of supporting sustainable growth while accelerating economic diversification initiatives.According to BCG, the sustained momentum in Middle Eastern M&A activity reflects a mature understanding of global market dynamics, where strategic patience combines with decisive action to create lasting competitive advantages across multiple sectors and geographies. 

The anticipated launch of Qatar’s North Field gas expansion, which is expected to come online around the middle of 2026, will underpin GCC hydrocarbon segment growth, according to Emirates NBD.The regional banking group has forecast Qatar’s hydrocarbons growth at 7.0% next year and 8.0% in 2027.While there will be a modest slowdown in the region’s non-hydrocarbons activity next year, Emirates NBD anticipates that growth in the hydrocarbons sector, which still accounts for nearly 30% of the GCC economy, will accelerate and expand by 6.5%. This would be the fastest rate of growth since 2022 when the region benefitted from the post-Covid surge in demand for oil and compares with an estimated 4.5% growth in 2025.“The surge in growth does not reflect a particular rise in forecast global demand next year, with growth expected to be sluggish at best, but rather in large part a change in strategy from OPEC+ that has seen it pivot to target market share rather than pricing,” Emirates NBD noted.This will boost Saudi Arabia’s oil GDP in particular, where it forecasts growth of 8.0% next year, while Kuwait will pick up to 6.0%, from an estimated 3.5% in 2025.Bahrain is not a member of OPEC+, but should benefit from the Bapco modernisation programme, which was introduced in late 2024 and expected to boost activity.The researcher’s broad expectation for non-oil activity in 2026 is that there will be a modest slowdown across the bloc, but this is largely on the back of base effects following several years of higher-than-average growth coming out of the Covid-19 pandemic.The conditions that have supported growth through the past year are set to continue, with the global environment arguably set to be more conducive to stimulating economic activity than was seen in 2025.“We forecast weighted average non-oil growth of 4.4% in 2026, down from an estimated 4.8% in 2025, with Qatar, the UAE and Saudi Arabia set to be the outperformers once again,” Emirates NBD noted.On aggregate, the GCC economies will see stronger growth next year, with almost all of the six economies that constitute the bloc set to see a faster expansion than Emirates NBD estimated for 2025. This, it noted, will be driven by an anticipated acceleration in hydrocarbons activity, while non-oil growth will remain strong, albeit slowing from recent levels.Non-oil growth will be supported by growing populations, the expansion of new industries, and high levels of public investment. Lower oil prices will keep pressure on budgets, but this will be offset in part by higher production levels, and the regional governments remain committed to their various development agendas. 

Qatar National Bank (QNB) discussed the key factors that will support economic growth in the ASEAN-6 economies during 2026 and contribute to a positive growth outlook, including the stabilization of the global trade environment and the decline in the severity of risks associated with trade protectionism, along with the easing of monetary conditions in advanced economies as well as within the ASEAN-6 countries.In recent decades, Southeast Asia has been the most dynamic region in the world, showcasing the brightest economic growth performance, QNB added in its weekly economic commentary.Within this region, the six largest countries of the Association of Southeast Asian Nations (ASEAN-6), which includes Indonesia, Thailand, Singapore, Malaysia, Vietnam, and the Philippines, have been among the fastest growing economies, with Singapore already reaching the status of an advanced economy.Trade is a major pillar of the economic growth model for the ASEAN-6 countries, and significant disruptions in international commerce can have a large impact on their performance.Trade and growth forecasts initially deteriorated sharply on fears of the impact of supply-chain disruptions, rocketing uncertainty, and potentially escalating trade wars. But despite a still-uncertain environment, the growth outlook for the ASEAN-6 group has been stable, with real GDP growth rates in 2026 expected to remain overall strong, similar to those of 2025.First, the global trade environment has begun to stabilize, as the U.S. reached agreements with an increasing number of trade partners, and there is no evidence of a negative impact of trade in the ASEAN-6 countries. The initially unyielding protectionism of the U.S. administration shifted towards pragmatism as agreements were reached with the U.K., Japan, and the E.U., among many others.Importantly, for the ASEAN-6, agreements were reached with Vietnam, Malaysia, Thailand, Indonesia, and Philippines, establishing a general tariff of 19% and lower rates for selected goods, while for Singapore the levy stands at 10%. Although these rates are higher than before Liberation Day, the end of the negotiations largely reduced the levels of uncertainty discarding the more extreme negative scenarios, and are still within a manageable range, especially as other competitors are also affected by new U.S. tariffs.Even as the U.S. has become more protectionist, the rest of the world is pursuing further integration via new or deeper trade agreements. In October, the ASEAN member states signed two major agreements: one improving cross-border flows within the group, and an upgrade of the ASEAN-China Free Trade framework. At the same time, negotiations began for an ASEAN-South Korea agreement. Furthermore, some ASEAN-6 countries appear to be benefiting from trade diversion as firms shift supply chains away from China.The impact of tariffs after Liberation Day on the ASEAN-6 economies has so far been negligible, with exports continuing to show monthly growth rates in the range of 10 to 20% in USD in annual terms. Even as the world adjusts to a more protectionist U.S., the outlook on global trade is improving, contributing to a more supportive growth scenario for the ASEAN-6 economies.Second, lower policy interest rates in the major advanced economies (AE), as well as in the ASEAN-6 countries, provide a better global environment for economic growth. Since 2024, the U.S. Federal Reserve has already lowered its policy rate by 175 basis points (bp) to 3.75% and is likely to bring it further down to a neutral level of 3.5%. In a similar period, the European Central Bank has lowered its benchmark policy rate by 200 bp to 2% and is likely to keep it unchanged during next year. Thus, policy interest rates in major AE are set to stabilize at lower levels than in recent years, providing better financial conditions for emerging economies.Similarly, central banks in the ASEAN-6 countries have implemented their own monetary easing cycles after inflation was brought under control following the post Covid-pandemic recovery. In these economies, the average increase in policy rates was 260 basis points (bps), to levels above those at the onset of the Covid-pandemic. As tight monetary policy brought inflation rates down to their target ranges, central banks reached a turning point and began to cut policy interest rates, reducing the cost of credit and boosting credit growth. Overall, looser monetary conditions in the AE as well as from the ASEAN-6 central banks provide better credit conditions for growth in the region.All in all, the growth outlook for the ASEAN-6 economies remains stable on the back of an improvement in the trade environment and more supportive monetary.

The growth outlook for the Asean-6 economies remains stable on the back of an improvement in the trade environment and more supportive monetary policy, according to QNB.In recent decades, Southeast Asia has been the most dynamic region in the world, showcasing the brightest economic growth performance.Within this region, the six largest countries of the Association of Southeast Asian Nations (Asean-6), which includes Indonesia, Thailand, Singapore, Malaysia, Vietnam, and the Philippines, have been among the fastest growing economies, with Singapore already reaching the status of an advanced economy.Trade is a major pillar of the economic growth model for the Asean-6 countries, and significant disruptions in international commerce can have a large impact on their performance, QNB said.On April 2, which came to be known as “Liberation Day,” President Trump announced sweeping tariffs on all US trade partners, and a period of much tighter protectionism emerged as a potential threat to growth.Trade and growth forecasts initially deteriorated sharply on fears of the impact of supply-chain disruptions, rocketing uncertainty, and potentially escalating trade wars. But despite a still-uncertain environment, the growth outlook for the Asean-6 group has been stable, with real GDP growth rates in 2026 expected to remain overall strong, similar to those of 2025.First, the global trade environment has begun to stabilise, as the US reached agreements with an increasing number of trade partners, and there is no evidence of a negative impact of trade in the Asean-6 countries.The initially unyielding protectionism of the US administration shifted towards pragmatism as agreements were reached with the UK, Japan, and the EU among many others.Importantly, for the Asean-6, agreements were reached with Vietnam, Malaysia, Thailand, Indonesia, and Philippines, establishing a general tariff of 19% and lower rates for selected goods, while for Singapore the levy stands at 10%.Although these rates are higher than before Liberation Day, the end of the negotiations largely reduced the levels of uncertainty discarding the more extreme negative scenarios, and are still within a manageable range, especially as other competitors are also affected by new US tariffs.Even as the US has become more protectionist, the rest of the world is pursuing further integration via new or deeper trade agreements. In October, the Asean member states signed two major agreements: one improving cross-border flows within the group, and an upgrade of the Asean-China Free Trade framework.At the same time, negotiations began for an Asean-South Korea agreement. Furthermore, some Asean-6 countries appear to be benefiting from trade diversion as firms shift supply chains away from China.The impact of tariffs after Liberation Day on the Asean-6 economies has so far been negligible, with exports continuing to show monthly growth rates in the range of 10 to 20% in USD in annual terms. Even as the world adjusts to a more protectionist US, the outlook on global trade is improving, contributing to a more supportive growth scenario for the Asean-6 economies.**media[393199]**Second, lower policy interest rates in the major advanced economies (AE), as well as in the Asean-6 countries, provide a better global environment for economic growth. Since 2024, the US Federal Reserve has already lowered its policy rate by 175 basis points (bps) to 3.75% and is likely to bring it further down to a neutral level of 3.5%.In a similar period, the European Central Bank has lowered its benchmark policy rate by 200bp to 2% and is likely to keep it unchanged during next year.**media[393200]**Thus, policy interest rates in major AE are set to stabilise at lower levels than in recent years, providing better financial conditions for emerging economies.Similarly, central banks in the Asean-6 countries have implemented their own monetary easing cycles after inflation was brought under control following the post Covid-pandemic recovery. In these economies, the average increase in policy rates was 260 basis points, to levels above those at the onset of the Covid-pandemic.As tight monetary policy brought inflation rates down to their target ranges, central banks reached a turning point and began to cut policy interest rates, reducing the cost of credit and boosting credit growth. Overall, looser monetary conditions in the AE as well as from the Asean-6 central banks provide better credit conditions for growth in the region, QNB noted. 

Air cargo has consistently proven itself as a crucial stabiliser for the global economy; its inherent agility successfully blunting the impact of the 2025 tariff cycle and mitigating the severe disruptions caused by the Covid-19 pandemic.The air cargo segment is a vital cornerstone of global commerce, acting as a crucial enabler of international trade, particularly for time-sensitive and high-value goods. While accounting for a mere 1% of world trade volume, it represents an estimated 35% of its total value, moving goods worth more than $8tn annually.Global air cargo demand, measured in cargo tonne-kilometres (CTK), rose 3.3% year-on-year (y-o-y) as of October, according to the International Air Transport Association (IATA).Activity was surprisingly strong as importers front-loaded shipments ahead of tariff changes. Demand has remained firm since, though growth is expected to moderate later in the year. For 2025, IATA now projects 3.1% y-o-y growth, an upward revision from 0.7% in our June forecast.Cargo traffic in Asia-Pacific is expected to grow by 8.5% y-o-y this year. Year-to-date or YTD (January-October) data shows broad-based strength across nearly all routes, led by the Europe corridor, which expanded by 10.6%.Chinese exporters diverted shipments affected by US tariffs to other trading partners and adopted strategies such as adding intermediate stops or shifting production to countries outside the tariff lists.While this substitution effect materialised quickly, it might not be sustainable if future tariffs target rerouting practices, the global trade body of airlines noted.The low pricing that supported inventory reductions might not persist, reinforcing our more cautious outlook for 2026.Europe is forecast to grow by 2.5% in 2025. Among Europe’s international routes, only those with Asia (+10.6%) and North America (+7.1%) expanded, as per October YTD data.Africa and Latin America are expected to grow by 3.0% and 4.0%, respectively.In contrast, the Middle East and North America are likely to contract by 1.5% and 1.2%, driven by tariffs in North America and geopolitical tensions combined with easing ocean freight disruptions in the Red Sea for the Middle East.Global air freight yields averaged $2.4/kg YTD through October, about 30% above 2019 levels. Yields were slightly stronger in the first quarter, growing by approximately 4% y-o-y, supported by front-loading and a high base from early 2024. However, momentum weakened from the second quarter onward, with average y-o-y declines of 2.6%, reaching a low of -5.4% in September, but improving again in October to -4.0% y-o-y.In contrast, sea freight rates fell sharply in both monthly and yearly terms, making ocean shipping more attractive and reducing air cargo’s relative price competitiveness.Demand growth by cargo hold type shows a clear divergence: dedicated freighters’ CTK rose by mere 1.4%, reflecting limited expansion on the freighter side due to persistent supply chain bottlenecks, while belly cargo surged by 7.8% YTD through October.Aircraft delivery delays continue to hamper fleet expansion, also on the cargo side.Delays in wide-body freighter deliveries, with the Boeing 777X-F pushed to 2028 and Airbus A350F to late 2027, are leading operators to stretch existing fleets and rely on passenger aircraft conversions.However, the pool of suitable passenger aircraft is shrinking due to limited availability of new passenger aircraft. This sustained supply shortfall is driving up air freight rates, particularly for dedicated freighters, and is likely to take years to unwind. Medium wide-bodies, notably the Airbus A330 and Boeing 767, dominate the conversion market as immediate, though costlier, substitutes for delayed next-generation freighters.The global cargo load factor reached 45.3% in October 2025 YTD, broadly unchanged from 2024. While demand growth is expected to slow in 2026, steady air cargo demand amid global uncertainties and persistent capacity constraints should keep load factors broadly flat.For 2026, IATA expects air cargo demand to continue to expand, albeit at a slower pace than in 2025, in line with softening global trade.The slowdown is unlikely to be as pronounced as the general trade deceleration, as air cargo continues to benefit from rising demand for high-value, time-sensitive goods, particularly driven by e-commerce and semiconductors.Persistent global uncertainties around tariffs and supply chain disruptions will reinforce air transport’s role as the most reliable mode of delivery.Overall, IATA forecasts 2.6% growth for the industry in 2026, led by Asia-Pacific at 6%. Other regions should grow around 2%, while the Middle East will stagnate, and North America will edge down by 0.5%.Undoubtedly, air cargo industry's ability to provide speed, security, and flexibility makes it an indispensable component of the modern, interconnected global economy, enabling businesses to meet demanding customer expectations and adapt to volatile market conditions.Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn. 

The National Human Rights Committee (NHRC), in co-operation with the General Secretariat of the Arab Network of National Human Rights Institutions and the UN Center for Training and Documentation in Human Rights for South-West Asia and the Arab Region, organised a talk in celebration of Human Rights Day.The talk aimed to highlight human rights as not merely slogans or rigid legal texts, but as the foundation of daily interaction between individuals and societies. It also reaffirmed that the defense of rights is a collective responsibility that requires integrated efforts between governments, institutions, and civil society, in addition to calling for the transformation of principles into practical policies that ensure a dignified life for every human being.In this context, His Excellency Vice-Chairman of the National Human Rights Committee Dr Mohammed bin Saif al-Kuwari said that this occasion marked a pivotal moment in modern human history. He said that today we witness an advanced level of awareness of the concept of human rights thanks to this universal document, and that the principle of equality has become a fundamental pillar of most international conventions and national constitutions. He noted that just over seven decades ago, the world viewed large segments of humanity as being of lesser value and dignity than others. He also emphasised that one cannot speak of the Universal Declaration of Human Rights without recalling the Arab contribution to it.He pointed out that the complex global challenges the world faces today, whether climate change, environmental degradation, digital transformation, terrorism, and armed conflicts, result in widespread violations of human rights. He stressed that addressing them requires collective international action that ensures that the fruits of scientific progress and development are shared by all humanity without discrimination.He reaffirmed that this global occasion has particular significance in Qatar, as it represents an opportunity to reiterate that human rights are not merely theoretical texts but a practical tool enabling individuals and societies to build a better future.He said that this year’s theme clearly aligns with Qatar’s Permanent Constitution, which emphasises the preservation of human dignity in many of its provisions, and that this principle is consistent with Sharia, the main source of legislation. He also highlighted the State’s commitment to implementing the human rights conventions to which it is a party. He said that the National Human Rights Committee plays a pivotal role in promoting a culture of human rights, drawing on the Islamic civilisational heritage grounded in justice, equality, noble ethics, and respect for human dignity. He noted that the Committee has made continuous efforts to raise awareness and to protect these rights, participated in numerous international forums, and achieved a distinguished global standing.He affirmed the continued work of the Committee across many areas, including education, health, labour, environment, and the rights of vulnerable groups such as children, women, the elderly, and persons with disabilities. He highlighted the Committee’s role in ensuring that no individual was deprived of their rights during key events and major activities hosted by Qatar in recent years, such as the Covid-19 pandemic and major sporting events.HE Secretary-General of the Arab Network of National Human Rights Institutions Sultan bin Hassan al-Jamali said the High Commissioner’s selection of this year’s theme was a clear call to rediscover the essence of human rights in the details of our daily lives, as these details form the basis for building the human dignity everyone seeks.In his speech during the event, he said that national human rights institutions play a pioneering role in transforming international commitments into tangible reality as they bridge the gap between the obligations undertaken by states and what citizens experience on a daily basis and serve as a living link between civil society and governments.