Israel, Gulf Stocks Drop as Middle East Tensions Rise Again

Stock markets across the Middle East fell on Thursday, with Israel's benchmark index the worst-performer globally as traders responded to heightened tensions in the region.
In Tel Aviv the TA-35 Index fell as much as 2.5%, while the Dubai Financial Market General Index shed 2.3%. Both were set for their biggest declines in two months. The Saudi Tadawul All Share Index dropped 1.8%.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Business Upturn

5 hours ago

• Business Upturn

Saudi Arabia Concludes Landmark BIO 2025 Debut as Kingdom Opens Doors to Global Biotech Collaboration

BOSTON, June 20, 2025 (GLOBE NEWSWIRE) — Saudi Arabia has concluded its landmark debut at the BIO International Convention 2025, having signed more than a dozen partnerships, launched a national biotech accelerator program with Biolabs and established the Kingdom as a global hub for life sciences. Over four days, Saudi delegates showcased an ecosystem ready for collaboration across scientific discovery, clinical research, and advanced therapeutics. The Kingdom's presence spanned the entire biotech value chain – from early research to manufacturing, from regulatory frameworks to commercialization pathways. 'Saudi Arabia is stepping into biotech with intention and scale,' said His Excellency the Vice Minister of Health for Planning and Development, Eng. Abdulaziz AlRamaih. 'Biotech sits at the intersection of our health transformation and economic ambition, and we are investing with that dual mandate in mind.' Partnerships and Programs Take Center Stage Throughout the week, Saudi Arabia hosted one of the most active national pavilions at the conference, convening more than 25 entities across government, research, investment and innovation. More than a dozen new memoranda of understanding were signed with international partners, including leaders in genomics, AI-enabled diagnostics, gene therapy, and biomanufacturing. The Ministry of Health also formally launched its national biotech accelerator program in collaboration with BioLabs, welcoming an inaugural cohort of eight Saudi-founded biotech startups in areas ranging from protein engineering to precision genomics. The launch event brought together venture capitalists, researchers, and biotech executives to discuss the Kingdom's innovation momentum. The Kingdom's Super Session at BIO 2025 featured senior representatives from the Ministry of Health (MoH), the Saudi Food and Drug Authority (SFDA), the Saudi National Institute for Health (SNIH), the King Abdullah International Medical Research Center (KAIMRC), the King Faisal Specialist Hospital and Research Centre (KFSH&RC), and the Public Investment Fund (PIF). The panel revealed how Saudi Arabia is coordinating across policy, clinical infrastructure, and public investment to create a biotech ecosystem built for scale and scientific depth. In parallel, the delegation held more than 50 one-to-one meetings with global biotech firms and visited U.S. innovation hubs to explore collaboration in research, manufacturing, and translational medicine. The Kingdom also participated in a dedicated gathering for Saudi research talent studying in the United States, underscoring the Kingdom's long-term commitment to human capital in health and life sciences. Advancing Genomics and Genetic Medicine The Kingdom's ambition in genomics also drew significant interest. Through the Saudi Genome Program, the Kingdom has developed one of the region's most comprehensive population-specific genomic datasets, paving the way for earlier diagnosis, localized drug development, and new therapeutic approaches for inherited diseases. National screening efforts – led by Saudi Arabia's Public Health Authority, Weqaya – are expanding access to genetic risk detection through prenatal and newborn programs. Institutions like KFSH&RC and KAIMRC continue to drive forward clinical trials and translational research, supporting a growing pipeline of personalized treatments rooted in real-world data. Already, over 130 peer-reviewed publications have leveraged Saudi genomic data to inform rare disease research and advance precision diagnostics. The Kingdom's cell and gene therapy readiness now spans regulation, clinical trials, and talent development, with the Saudi Food and Drug Authority's fast-track approval of advanced therapies positioning it as one of the world's most agile regulators. A Platform for the Future Under the National Biotechnology Strategy, with the continued support of HRH Prince Mohammed bin Salman, Crown Prince and Prime Minister, Saudi Arabia is making biotech central to its national transformation, and the health and economic prosperity of its people. The Kingdom concludes BIO 2025 with a clear message: Saudi Arabia is open for collaboration, primed for innovation, and committed to lasting partnerships. About Saudi Biotech The Kingdom of Saudi Arabia was proud to debut its first-ever national pavilion at BIO International, being held in Boston June 16-19, 2025. Rooted in Vision 2030, this initiative showcased a fully integrated life sciences ecosystem – combining a future-ready lifestyle, world-class research institutions, streamlined regulation, and digital infrastructure built for speed, scale, and scientific impact. The Kingdom offers a seamless environment for biotech innovation with fast-track clinical trial approvals, robust regulatory alignment via its ML4-designated Food and Drug Authority, and nationwide digital platforms like NPHIES and the world's largest Virtual Hospital. Saudi Biotech brings together the Kingdom's leading health and science entities, including the Ministry of Health, Saudi Food and Drug Authority, Saudi National Institute of Health, Public Health Authority, and the Saudi Health Council, all of whom play vital roles in enabling a regulatory environment that supports clinical innovation. It also features institutions powering translational research and IP protection, such as the Research, Development and Innovation Authority, King Faisal Specialist Hospital and Research Centre, King Abdulaziz City for Science and Technology, King Abdullah University of Science and Technology, and the King Abdullah International Medical Research Center. Funding and investment facilitators were also present, including the Ministry of Investment, Ministry of Industry and Mineral Resources, and the Saudi Business Center, alongside localization powerhouses like Lifera, Lean, and the Public Investment Fund. Visitors had the opportunity to explore how talent and livability are central to the Kingdom's strategy through participation from the Royal Commission for Riyadh City and the Premium Residency Center. Finally, NEOM showcased the Kingdom's most ambitious vision – a purpose-built frontier for biotech, precision medicine, and future health. Visit to learn more. Contact:Saudi Biotech [email protected]

Hamilton Spectator

17 hours ago

• Hamilton Spectator

Saudia Named 'Best Airline Staff Service' at the 2025 Skytrax Awards

PARIS, June 20, 2025 (GLOBE NEWSWIRE) — Saudia, the national flag carrier of Saudi Arabia, has been named 'Best Airline Staff Service' at the prestigious 2025 Skytrax World Airline Awards, held today at the 56th edition of the Paris Air Show 2025 in the iconic Air and Space Museum. The airline also climbed three spots in the global Skytrax rankings, securing 17th place among the world's best airlines following a comprehensive voting process involving millions of travelers worldwide. This recognition reflects the outstanding dedication and performance of Saudia's team across all the touch points of the guest journey. From seamless ground services to onboard experiences rooted in authentic Saudi hospitality, Saudia staff have played a pivotal role in enhancing guest satisfaction, strengthening brand loyalty, and elevating service standards. H.E. Engr. Ibrahim Al-Omar, Director General of Saudia Group, said: 'This award reflects the dedication of our incredible frontline team and the trust of our guests. Rising from 82nd to 17th in the Skytrax World Airline Rankings is a proud milestone—but it's just the beginning. With bold investments and a clear vision, we're on a journey to become one of the world's leading airlines.' Edward Plaisted, CEO of Skytrax, said: 'We are pleased to present Saudia with the award for Best Airline Staff Service in the Middle East at the 2025 World Airline Awards. The airline's cabin and ground staff maintain a service style that is both composed and welcoming, and this is delivered consistently by a multi-national team that brings a range of cultural strengths to the customer experience. It is this blend of professionalism and warmth that continues to leave a lasting impression on passengers.' Saudia has demonstrated remarkable progress in recent years, rising from 82nd place in 2017 to 20th in 2024, and now securing 17th place in 2025. This trajectory aligns with the airline's recognition as the 'World's Most Improved Airline' for four consecutive years by Skytrax. The award also reflects Saudia's alignment with the National Transport and Logistics Strategy and the National Aviation Strategy, both of which aim to position the Kingdom as a global hub by enhancing connectivity, tourism, entertainment, sports, and the Hajj and Umrah sectors. As part of its long-term vision, Saudia is undertaking the most significant investment program in its history to elevate the guest experience. Key initiatives include expanding its global network, doubling the size of its aircraft fleet, and introducing fully redesigned cabin interiors featuring advanced seating, state-of-the-art inflight entertainment, and high-speed connectivity, delivering a service that surpasses guest expectations and reinforces the Kingdom's position in global aviation. About Saudia: Saudia (Saudia Airlines) is the national flag carrier of the Kingdom of Saudi Arabia. Established in 1945, the company has grown to become one of the Middle East's largest airlines. Saudia has invested significantly in upgrading its aircraft and currently operates one of the youngest fleets, with 144 aircraft. The airline serves an extensive global route network covering around 100 destinations across four continents, including all 28 domestic airports in Saudi Arabia. A member of the International Air Transport Association (IATA) and the Arab Air Carriers Organization (AACO), Saudia has also been a member airline in SkyTeam, the second largest alliance, since 2012. Saudia was recently awarded the 'World Class Airline 2025' for the fourth consecutive year at The APEX Official Airline Ratings™ awards. Saudia has also advanced 11 places in the Skytrax airlines ranking of the World Best Airlines 2023. The Airline also ranked top among global airlines for best on-time performance (OTP) according to a report by Cirium. For more information on Saudia, please visit Media Center Saudi Arabian Airlines Headquarters Jeddah 21231, Kingdom of Saudi Arabia Email: mediacenter@ A photo accompanying this announcement is available at

Business Insider

a day ago

• Business Insider

Why Airbus's huge deal with Saudi Arabia's new airline is a major win for the A350

Airbus's enormous A350-1000 plane has attracted a lot of attention at this week's Paris Air Show. The star passenger jet of the flying display, many people stopped in their tracks to watch it twist and turn above Le Bourget Airport, while a Johann Strauss waltz played over the show's loudspeakers. But for Airbus, the real victory was Monday's order from Riyadh Air. Saudi Arabia's ambitious new airline ordered 25 A350-1000 s, with options for up to 25 more. The prices weren't disclosed, but according to Ishka, an aviation data and advisory firm, one of these planes delivered this year would be worth around $172 million. That would make the deal worth over $4 billion, although planemakers typically give discounts for big deals with airlines. These enormous jets will play a vital role as Riyadh Air seeks to help turn the Saudi capital into a top tourist destination — a key part of the kingdom's Vision 2030 plan to diversify its economy. Riyadh Air, set to start flying later this year, is expected to operate a hub-and-spoke route model — connecting destinations around the world via its home base. This requires owning large-capacity planes for the most popular routes. Emirates operates similarly, hence its big bet on the double-decker Airbus A380. Riyadh Air kicked off its program with an order for up to 72 Boeing 787 jets, but tapped Airbus for its first narrow-body order of 60 A321neos. Riyadh Air CEO Tony Douglas previously told Business Insider its extra-wide-body planes would "almost certainly" include a first-class cabin, unlike the 787s. The A350-1000 can carry up to 410 passengers in a typical three-class layout and has a range of over 9,000 miles. It competes with Boeing's 777X, which has a wider fuselage and more modern technologies, but has been hampered by delays. While Boeing showed the plane at the last Paris Air Show in 2023, it wasn't displayed at Farnborough last year during the planemaker's safety crisis, nor this year due to ongoing flight tests. It was initially supposed to launch in 2020, but has since been postponed until 2026 as it awaits certification. However, the A350-1000 has also faced some challenges. It has a checkered history with Middle Eastern carriers, primarily due to issues from the hot and sandy climate in the region. This made headlines at the 2023 Dubai Air Show after Emirates boss Tim Clark slammed the plane's Rolls-Royce engines. In harsher environments, the engines require more frequent maintenance. Emirates instead placed a smaller order for the A350-900, which uses a different type of Rolls-Royce engine. Meanwhile, it is Boeing's biggest customer for the 777X, responsible for nearly half its 551 orders. Rolls-Royce has invested over $1 billion to improve the durability of its Trent engine family, which its president of civil aerospace referenced in its Riyadh Air announcement. Qatar Airways has also been unhappy with the A350 in the past, temporarily grounding its fleet. The type's launch customer sued Airbus in 2021, alleging that safety was compromised because cracked paint exposed the copper mesh, which protects the plane from lightning strikes. Airbus said the problem was only cosmetic and filed a countersuit before the dispute was settled in 2023. Now with a sizable order from Riyadh Air, it's clear the A350's reputation is improving with a new lease of life.