Most Gulf stocks subdued as Trump steps up tariff threats

Most Gulf stocks subdued as Trump steps up tariff threats
A trader looks on near electronic boards showing stock market data at Bahrain Bourse. File/Reuters
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Updated 13 July 2025
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Most Gulf stocks subdued as Trump steps up tariff threats

Most Gulf stocks subdued as Trump steps up tariff threats
  • Saudi Arabia’s benchmark index fell 0.2%
  • Qatar’s benchmark index finished flat in a calm session

DUBAI: Gulf equities ended mixed on Sunday, with stocks drifting in a tight range during a quiet trading session as investors sought clarity after US President Donald Trump escalated his global trade war. 

Trump threatened on Saturday to impose a 30 percent tariff on imports from Mexico and the European Union, following the announcement of a 35 percent duty on Canadian imports, both starting Aug. 1. 

He also proposed a blanket tariff rate of 15 percent-20 percent on other countries, an increase from the current 10 percent baseline rate. 

Saudi Arabia’s benchmark index fell 0.2 percent, as mixed sector performance kept the market subdued ahead of key earnings. 

Utilities heavyweight ACWA Power declined 2.4 percent as its rights issue offering ended. 

Qatar’s benchmark index finished flat in a calm session, with telecom giant Vodafone Qatar gaining 1.2 percent. 

Investors remained cautious as the US Federal Reserve is widely expected to keep interest rates unchanged as it waits to see the impact of tariffs on price pressures. 

With Gulf currencies pegged to the US dollar, the Fed’s decisions on interest rates impact the region’s monetary policy. 

Outside the Gulf, Egypt’s blue-chip index dropped 0.8 percent, hit by a 1 percent fall in Commercial International Bank. 

Egypt’s central bank kept key interest rates unchanged on Thursday, pausing a trend of rate reductions despite inflation rates easing. 


Concierge demand surges as CEOs relocate to Saudi Arabia

Concierge demand surges as CEOs relocate to Saudi Arabia
Updated 12 November 2025
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Concierge demand surges as CEOs relocate to Saudi Arabia

Concierge demand surges as CEOs relocate to Saudi Arabia

RIYADH: As Saudi Arabia attracts a growing influx of CEOs and high-net-worth individuals, the demand for concierge and lifestyle management services is soaring — with requests becoming increasingly complex and personalized.

“There’s an avalanche of people, for all the reasons that you would know, relocating to Saudi Arabia,” said Sir Ben Elliot, founder of global luxury concierge firm Quintessentially, in an interview with Arab News during TOURISE — the Saudi Ministry of Tourism-powered global summit held in Riyadh from Nov. 11–13.

For many new arrivals, the focus is on navigating practicalities: opening bank accounts, securing cars and drivers, hiring domestic staff, and finding schools for their children. “You need real proactive help to sort stuff out,” Elliot said. “Some of that stuff is a minefield.”

Over the past 18 months, demand has not only increased but also evolved, prompting Quintessentially to enhance its local operations. Elliot explained that the company is merging international expertise with Saudi talent to ensure high service standards from the outset.

“We brought people from our offices around the world working with young, brilliant, talented Saudis so that the service that you can expect when you arrive is really ticked off,” he said.

Elliot noted that Quintessentially’s outbound support for Saudi members is also expanding, reflecting the growing global mobility of Saudi travelers. “What we’re seeing from Saudis themselves is huge,” he said. “We have great people on the ground servicing that.”

According to Elliot, the definition of luxury is shifting from material possessions to emotion-driven, experiential value — especially among younger consumers. “If you think about the history of luxury, it has often been about things, materials,” he said. “They want to experience, they want to feel.”

He emphasized that brands in hospitality, retail, and travel need to focus on “meaningful human touch and relationships.”

Elliot highlighted Saudi Arabia’s approach to merging sustainability with luxury as a key opportunity for the sector. “The Kingdom of Saudi Arabia is at the forefront of trying to marry sustainable development alongside a kind of luxury experience,” he said.

He pointed to Diriyah as an example of how cultural authenticity can coexist with modern hospitality and retail offerings. “Whenever I take friends who have never been to Saudi Arabia, to Diriyah, that to me is a physical manifestation of where culture (and) sustainability meets a pretty kind of modern experience,” he said. “It feels absolutely real and authentic.”

Elliot said hosting TOURISE in Riyadh was symbolic of the city’s rapid evolution. “Everyone can see what’s happened here in the last 6 or 7 years, it’s kind of seeing is believing,” he said.

He also reframed sustainability as a shared responsibility across industries, warning that leaders who fail to prioritize environmental and social impact risk alienating younger generations.

Despite the rise of technology, Elliot underscored that the essence of travel and tourism remains deeply human. “We humans want to interact with other humans,” he said.

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