GCC Secretary-General Jasem Mohamed Al Budaiwi stated that Saudi Arabia, Qatar, Oman, Bahrain, and Kuwait are close to beginning the official process for Schengen visa-free travel. A formal announcement is expected at the second EU-GCC Summit in Riyadh on October 24. Currently, the UAE is the only GCC member state whose citizens can travel to the Schengen Area without a visa.
Gold prices moved higher as declining crude oil prices eased inflation worries and spurred hopes of a pause in US Federal Reserve interest rate hikes. In the UAE, retail gold prices held firm with 24-karat trading at Dh505.50, while China's central bank accelerated gold purchases alongside inflows into gold-backed ETFs.
The United States has revoked presidential determinations dating back to 1985 that restricted flights between the US and Lebanon. US President Donald Trump signed the order, directing transportation authorities to remove regulatory bans immediately. Lebanese officials welcomed the decision, though direct commercial flights will not resume right away.
Chinese investment banks and securities brokerages are expanding their presence in the Gulf by setting up offices in the Dubai International Financial Centre. Beijing-based China Securities established a regional DIFC office covering equity, debt, investment banking, and asset management, following a prior move by CICC.
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