Saudi Arabia has achieved a new milestone in entrepreneurship, with its capital, Riyadh, advancing 60 places over the past three years to rank 23rd among the top 100 emerging startup ecosystems globally. This achievement was featured in the Global Startup Ecosystem Report 2025, published by Startup Genome in partnership with the Global Entrepreneurship Network.

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The country’s remarkable progress highlights its rapid development in the entrepreneurial landscape, particularly evident in strong venture capital indicators, advanced infrastructure, and increasing innovation and investment in emerging technologies, a Saudi Press Agency report said.

This success is largely driven by strong government support, notably from the Small and Medium Enterprises General Authority (Monsha’at), which plays a key role in building an integrated entrepreneurship environment through initiatives and programs that foster startup growth and expansion. Monsha’at also works to enhance the legislative and regulatory framework for entrepreneurs.

These efforts aim to increase the sector’s contribution to gross domestic product (GDP), aligning with the goals of Saudi Vision 2030.

High-impact sectors fuel growth

According to the report, Saudi Arabia recorded the second-highest performance in the Middle East and North Africa region. It ranked third in terms of funding volume and investment value relative to impact, and fourth in the availability of skills and expertise—further boosting its capacity to attract and retain entrepreneurial talent.

The report also highlighted several high-potential sectors contributing to this performance, notably artificial intelligence, FinTech, cybersecurity, smart cities, infrastructure, and digital health. These sectors form critical pillars in the country’s economic transformation strategy.

Dubai Sotheby’s International Realty has brokered the sale of a residential plot on Palm Jumeirah for Dhs365m ($100m), setting a new record for the island’s most expensive land transaction in 2025.

The 90,036 square feet freehold plot occupies a coveted frond tip position — among the rarest land sites on Palm Jumeirah — with unobstructed views of Bluewaters Island, and the Dubai Marina skyline. With most of the island already developed, prime land opportunities have become increasingly scarce, fueling demand from developers and ultra-high-net-worth individuals (UHNWIs).

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George Azar, Chairman and CEO of Dubai Sotheby’s International Realty, said the deal underscores Palm Jumeirah’s status as a premier destination for global wealth. “The sale of this rare frond tip plot highlights the enduring prestige of Palm Jumeirah,” he said. “As supply continues to tighten, we expect both land and ultra-prime residence prices to rise further.”

The buyer, 25 Degrees, is a boutique developer known for producing architecturally distinctive luxury homes in Dubai’s most elite neighborhoods. The company is expected to build a custom-designed residence on the site, targeting the emirate’s growing market for bespoke ultra-luxury homes.

Surging prices, strong investor confidence

Leigh Borg, Executive Partner at Dubai Sotheby’s, represented the seller in the transaction. “This site offers a rare opportunity to deliver a landmark property,” Borg said. “In today’s competitive luxury market, originality and visionary design are crucial.”

The landmark deal follows a record-setting trend in Dubai’s high-end real estate market. In December 2024, Dubai Sotheby’s also facilitated the Dhs130m ($35.4m) sale of a five-bedroom Signature Villa at Six Senses Palm Jumeirah — one of the world’s top ten most expensive branded residences sold that year.

According to Dubai Sotheby’s data, Palm Jumeirah has seen land prices climb by 18.92 per cent between January and May 2025, even as transaction volumes declined by 14 per cent.

The surge in value reflects growing interest from both developers and international buyers seeking secure investments and waterfront living.

Data from the Dubai Land Department supports this upward trend, with over 7,700 plots transacted in the first 100 days of 2025 alone. The figures highlight strong investor confidence and sustained momentum in Dubai’s luxury market, particularly in limited-supply zones like Palm Jumeirah.

Dubai Sotheby’s International Realty continues to lead the ultra-prime property sector in the region, facilitating marquee transactions that reflect Dubai’s position as a global hub for elite real estate investment.

Gold prices rose on Tuesday as the conflict between Israel and Iran prompted investors to seek refuge in safe-haven assets, as they also await the upcoming US Federal Reserve policy meeting.

Spot gold was up 0.1 per cent to $3,386.29 an ounce, as of 1203 GMT. US gold futures fell 0.4 per cent to $3,404.90.

Israel’s attacks on Iran have broadened its conflicts in the region to a level that poses a global threat, Jordan’s King Abdullah said in a speech in the European Parliament on Tuesday.

US President Donald Trump said he wanted a “real end” to the nuclear dispute with Iran and cut short his trip to the G7 summit in Canada. A separate report said he had asked for his administration’s National Security Council to be prepared in the situation room.

“Gold still retains its bias for lurching upwards on signs of a worsening Middle East crisis, given the precious metal’s stature as the preferred safe haven of late,” said Han Tan, chief market analyst at Exinity Group.

Gold: A hedge against economic uncertainty

Zero-yield bullion is considered a hedge against geopolitical and economic uncertainty and tends to thrive in a low-interest environment.

“Barring knee-jerk spikes on a worsening geopolitical conflict, bullion bulls’ quest for pushing spot prices sustainably above $,3500 may only be fulfilled once the Fed signals a sooner-than-later rate cut,” Tan said.

The US central bank’s rate decision and Chair Jerome Powell’s remarks are due on Wednesday. Traders are currently pricing in two cuts by the end of the year.

Meanwhile, Citi lowered its short-term and long-term price targets for gold, projecting prices could drop below $3,000 per ounce by late 2025 or early 2026, driven by declining investment demand and an improving global growth outlook, it said in a note on Monday.

Elsewhere, spot silver was up 1.9 per cenr at $37.01 per ounce, its highest level since February 2012, platinum rose 1.3 per cent to $1,262.43, while palladium gained 1.5 per cent to $1,044.94.

Oil prices rose on Tuesday on rising disruptions from the Iran-Israel conflict, although major oil and gas infrastructure and flows have so far been spared from any substantial impact.

Brent crude futures LCOc1 gained $1.56, or 2.1 per cent, to $74.79 a barrel by 1202 GMT. US West Texas Intermediate crude CLc1 was up $1.42, or nearly 2 per cent, at $73.19.

Both contracts rose more than 2 per cent earlier in the trading session but also notched declines before bouncing back in volatile trading.

While no visible interruption was noticed in oil flows, Iran partially suspended gas production at the South Pars gas field that it shares with Qatar, after an Israeli strike caused a fire there on Saturday.

Israel also hit the Shahran oil depot in Iran.

“The market is largely worried about disruption through (the Strait of) Hormuz but the risk of that is very low,” said Saxo Bank analyst Ole Hansen.

There is no appetite around closing the waterway since Iran would lose revenue and the US wants lower oil prices and wants to lower inflation, Hansen said.

Oil tanker accident in Hormuz

Two oil tankers collided and caught fire on Tuesday near the Strait of Hormuz, where electronic interference has surged, highlighting the risks to companies moving oil and fuel supplies in the region.

Despite the potential for disruptions, there are signs oil supplies remain ample amid expectations of lower demand.

In its monthly oil report released on Tuesday, the International Energy Agency revised its world oil demand estimate downwards by 20,000 bpd from last month’s forecast, and increased the supply estimate by 200,000 bpd to 1.8 million bpd.

Investors were also focused on central bank interest rate decisions, Tamas Varga, analyst at PVM Associates said in a note, with the US Federal Open Market Committee, which guides the Federal Reserve’s rate movements, set to meet later on Tuesday.

Al Ain Farms Group (AAFG), the UAE’s largest national provider of protein and beverages, has signed a strategic joint development agreement with Finnish food-tech company FoodIQ to bring advanced manufacturing technology to the Middle East and North Africa (MENA) region for the first time.

Under the agreement, AAFG will become the first company globally to industrially adopt FoodIQ’s patented multi-layer cooker (MLC) technology outside of Finland.

The move positions the UAE as a pioneer in clean-label food production using smart, modular systems that enable the local manufacture of high-protein, natural dairy and plant-based products without additives or preservatives.

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Al Ain Farms Group empowered to meet growing consumer demand

“This collaboration not only puts the UAE on the global map for food-tech adoption — it also empowers us to rapidly meet growing consumer demand for healthier choices while using local ingredients,” said Hassan Safi, Group CEO of AAFG. “It is a milestone moment for our Group.”

The MLC platform allows for seamless, flexible-batch production of high-viscosity food products including yogurt, cheese, protein smoothies, and plant-based milks.

It preserves the nutritional value of real ingredients while significantly reducing energy and water usage, as well as production waste.

FoodIQ’s tech being rolled out globally

Founded in 2015, FoodIQ has been working with leading Nordic companies and operates an industrial-scale factory and R&D centre in Finland.

Its technology is now being rolled out globally. AAFG’s adoption of the MLC platform will result in three clean-label product ranges being launched in the UAE within six months, with broader expansion into dairy and plant-based categories to follow.

“We’re proud to bring our MLC platform to the UAE with a partner that truly shares our values,” said Robert Savikko, CEO of FoodIQ. “Together with AAFG, we’re setting a new benchmark for clean-label, sustainable food manufacturing built on quality, transparency, and innovation.”

The agreement was signed at AAFG’s Marmum Dairy facilities in Al Ain, with senior representatives from AAFG, FoodIQ, and Business Finland in attendance.

The ceremony included a guided tour, MLC technology demonstration, and product tasting session.

The partnership supports the UAE’s broader Food Security Strategy 2051, National Strategy for Industry and Advanced Technology, and Net Zero 2050 goals.

It also strengthens AAFG’s position as a regional R&D leader and advances the country’s emergence as a global hub for sustainable food-tech innovation.