Etihad Airways and Air Cambodia have launched a codeshare partnership aimed at improving connectivity between Abu Dhabi and Cambodia, giving travellers easier access to Siem Reap and the Angkor Wat temple complex.

Through the agreement, Etihad customers can book flights across its network to Siem Reap via Phnom Penh on a single ticket, with baggage checked through to the final destination. The partnership also expands access to Siem Reap’s night markets, Khmer cuisine, and cultural experiences. Air Cambodia passengers will also be able to book Etihad’s service between Phnom Penh and Abu Dhabi, an Etihad news report said.

Executives highlight growing demand

Arik De, chief revenue and commercial officer at Etihad Airways, said, “Cambodia is an important and growing market within our network, with increasing demand for travel to and from the destination. This partnership with Air Cambodia enables us to extend that reach, providing our guests with seamless access between Siem Reap and the wider region through a single booking via Abu Dhabi.”

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Eng Molina, chief commercial officer at Air Cambodia, said, “This partnership with Etihad strengthens connections between Southeast Asia and the Middle East. Our passengers gain direct access to Abu Dhabi, an important hub for business, trade, and tourism, while Etihad’s customers can explore Cambodia’s rich cultural heritage. We look forward to welcoming more visitors to discover the wonders of Angkor Wat and beyond.”

Additionally, Etihad guests can access Air Cambodia’s Vietnam network through the airlines’ interline partnership, opening further travel options across Southeast Asia, including Ho Chi Minh City, Da Nang and Phu Quoc.

Etihad launched flights to Phnom Penh in October 2025 between Abu Dhabi and the Cambodian capital.

Gold prices slipped on Wednesday, as rising oil prices fuelled concerns of persistent inflation and markets waited to hear from US Federal Reserve Chair Jerome Powell as they assessed the future path of interest rates.

Spot gold was down 0.6 per cent at $4,567.56 per ounce at 1058 GMT, after falling to its lowest level since April 2 in the previous session. US gold futures for June delivery fell 0.6 per cent to $4,580.80.

Efforts to end the Iran conflict were at an impasse, with US President Donald Trump unhappy with the latest proposal from Tehran, and urging Iran to ‘get smart soon’ and sign a deal.

Read more-Gold hits three-week low with US-Iran talks, central bank decisions in focus

“Market sentiment has shifted toward skepticism regarding a potential US-Iran agreement, reinforcing the ‘higher-for-longer’ interest rate narrative,” said Zain Vawda, analyst at MarketPulse by OANDA.

The Fed is widely expected to leave interest rates unchanged at the end of its two-day meeting later today, while investors will be keen to hear whether the central bank is looking at hiking rates later this year if inflation accelerates.

High interest rates weigh on gold’s attractiveness as it’s a non-yielding asset.

“Gold remains acutely sensitive to this shifting rate environment, which inflationary pressures from rising oil prices are currently exacerbating,” Vawda said, adding that if the US and Iran can reach a swift deal, bulls could return and push gold to finish the year between $5,300 and $5,500/oz.

Oil prices extended gains, as markets assessed a report stating that the US will extend its blockade of Iranian ports, likely prolonging supply disruptions from the Middle East.

Global gold demand rose 2% year-on-year in the first quarter of 2026 as a surge in purchases of gold bars and coins, along with an increase in buying by central banks, offset a 23% decline in jewellery demand, the World Gold Council said on Wednesday.

US President Donald Trump on Wednesday urged Iran to ‘get smart soon’ and sign a deal, following days of deadlock in efforts to end the conflict and a media report that the US would extend its blockade of Iran’s ports.

In a post on Truth Social, Trump, who has said Iran can call if it wants to talk and has stressed repeatedly Tehran cannot have a nuclear weapon, said the country ‘couldn’t get its act together.’

The Wall Street Journal cited US officials as saying the president had instructed aides to prepare for an extended blockade of Iran’s ports in a bid to force Tehran to capitulate.

Officials said that Trump had opted to continue squeezing Iran’s economy and oil exports with the blockade as his other options, resuming bombing or walking away from the conflict, carried more risk, according to the WSJ.

“They don’t know how to sign a nonnuclear deal. They’d better get smart soon!” Trump said in the post on Wednesday, without explaining what such a deal would entail.

Read more-Trump unhappy with Iran’s latest proposal to end the war, nuclear talks put on hold

Iran wants some kind of US acknowledgment of its right to enrich uranium for what it says are peaceful, civilian purposes.

It has a stockpile of roughly 440 kilogrammes (970 pounds) of uranium enriched to 60 per cent, material that could be used for several nuclear weapons if further enriched.

Iranian officials said on Tuesday the country could withstand the blockade as it was using alternative trade routes, and the Islamic Republic did not consider the conflict over.

The conflict has killed thousands, thrown energy markets into turmoil and disrupted global trade routes.

Iran wants formal end to conflict first

Iran’s most recent offer for resolving the two-month war, suspended since April 8 under a ceasefire agreement, would set aside discussion of its nuclear programme until the conflict is formally ended and shipping issues resolved.

That proposal did not meet Trump’s demand to have the nuclear issue discussed from the outset, however.

US intelligence agencies, at the request of senior administration officials, are studying how Iran would respond if Trump were to declare a unilateral victory in the two-month-old war that has become a political liability for the White House, two US officials and a person familiar with the matter told Reuters.

Tehran has largely blocked all shipping apart from its own from the Gulf through the Strait of Hormuz, a chokepoint for global energy supplies, since the war began on February 28. This month, the US began blockading Iranian ships.

Trump’s Truth Social post featured a mock-up image of himself in dark glasses and wielding a machine gun with the caption “No more Mr. Nice Guy.”

Iran’s guards take greater role

Hopes of a swift resolution to the conflict have receded since Trump last weekend scrapped a visit by his special envoy Steve Witkoff and son-in-law Jared Kushner to mediator Pakistan.

Iranian Foreign Minister Abbas Araqchi visited the country twice during the weekend.

Since several senior Iranian political and military figures were killed in US-Israeli strikes, Iran no longer has a single, undisputed arbiter at the pinnacle of power, which may be hardening Tehran’s negotiating stance.

The killing of Ayatollah Ali Khamenei on the first day of the war, and the elevation of his wounded son, Mojtaba, to replace him as supreme leader, has handed more power to hardline commanders of the Islamic Revolutionary Guard Corps, Iranian officials and analysts say.

Trump is under domestic pressure to end a war for which he has given the US public shifting rationales. His approval rating fell to the lowest level of his current term, as Americans increasingly soured on his handling of the cost of living and the unpopular war, according to a Reuters/Ipsos poll. The poll showed 34 per cent of Americans approve of Trump’s performance, down from 36 per cent in the prior survey.

Oil prices rose nearly 3 per cent on Wednesday, with the Brent contract hitting a one-month high, on concerns that an extended blockade of Iranian ports would prolong supply disruptions.

The World Bank on Tuesday forecast energy prices would surge by 24 per cent in 2026 to their highest level since Russia’s full-scale invasion of Ukraine four years ago, if the most acute disruptions caused by the Iran war end in May.

Emirates NBD, a banking group in the Middle East, North Africa and Türkiye (MENAT) region, has successfully priced a $750m Additional Tier 1 (AT1) capital issuance, marking the first debt capital markets transaction from a Gulf Cooperation Council (GCC) issuer since late February 2026.

The issuance follows the bank’s recent call of a previous $750m instrument earlier this month and highlights its active capital management strategy amid evolving market conditions.

As the first public issuance since the recent period of heightened uncertainty, the transaction signals a reopening of regional capital markets, with strong investor demand reflecting confidence in both Emirates NBD’s credit profile and the broader United Arab Emirates (UAE) and GCC financial ecosystem.

The AT1 issuance attracted robust demand from a diversified base of global institutional investors across Asia, Europe, the United Kingdom and the Middle East. The deal was more than three times oversubscribed, underscoring continued appetite for high-quality regional issuers despite ongoing volatility.

Strong investor interest enabled Emirates NBD to price the issuance within guidance, achieving a tightening of around 50 basis points and a final coupon of 6.25 per cent.

Ahmed Al Qassim, group head of Wholesale Banking at Emirates NBD, said: “This landmark issuance underscores the strong global confidence in Emirates NBD’s credit fundamentals, the resilience of our franchise and the compelling strength of the UAE’s economic story. The depth and quality of investor demand enabled us to achieve competitive pricing despite a dynamic market backdrop, reflecting both the robustness of our fundamentals and the strong recognition of the Emirates NBD brand. Importantly, this transaction also marks a meaningful reopening of regional capital markets, reinforcing growing momentum and highlighting investor faith in leading UAE institutions.”

Ammar Al Haj, group treasurer and head of Global Markets at Emirates NBD, added: “We are very pleased with the outcome of this AT1 issuance. The strong investor response reflects sustained appetite for high quality UAE issuers and underscores Emirates NBD’s consistent access to global liquidity pools. This successful return to the market has helped reopen and reinforce confidence in the UAE capital markets at a pivotal time, providing a constructive signal to investors following recent geopolitical uncertainty. The strong demand highlights Emirates NBD’s ability to play a leading role in supporting market normalisation, while strengthening our capital base and reinforcing the UAE’s position as a credible and accessible capital markets hub.”

The transaction was supported by a syndicate of regional and international banks, including Abu Dhabi Commercial Bank, Barclays, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and J.P. Morgan, acting as Joint Lead Managers and Bookrunners.

Clifford Chance served as Issuer Counsel, while Linklaters acted as Dealer Counsel. The securities will be listed on Euronext Dublin and Nasdaq Dubai and include a six-year non-call period.

The issuance forms part of Emirates NBD’s broader capital optimisation strategy and reinforces its position as a benchmark issuer, while signalling renewed investor confidence and improving access to global capital markets for regional institutions.

Read more: Emirates NBD dollar bond sale kicks off as Gulf markets test recovery

Saudi Arabia is reinforcing its regulatory framework ahead of the Hajj season, combining employee benefits with strict enforcement measures to ensure a smooth and secure pilgrimage.

Recent announcements from key ministries highlight a dual approach, supporting workers while cracking down on violations.

The Ministry of Human Resources and Social Development has clarified that employees are entitled to paid leave of up to 15 days to perform Hajj, provided they meet specific conditions. According to the ministry, workers must have completed at least two consecutive years of service with their employer to qualify, a Saudi Gazette report said.

The leave period, which ranges between 10 and 15 days and includes Eid Al Adha holidays, can only be granted once during an employee’s entire tenure, and only if they have not previously performed Hajj. Employers retain discretion over how many employees can take leave each year, based on operational requirements.

A report noted that these guidelines aim to balance workplace continuity with employees’ religious obligations.

Strict penalties for violations

Meanwhile, the Ministry of Interior has reiterated strict penalties for expatriates who overstay their visas. Offenders may face fines of up to SAR50,000, imprisonment for up to six months, and deportation.

“The ministry urged all individuals to comply with the regulations governing the 1447 AH Hajj season,” a Saudi Press Agency report stated, emphasising the importance of cooperation to ensure the safety and security of pilgrims.

Authorities also encouraged the public to report violations via designated emergency numbers, reinforcing a zero-tolerance approach toward non-compliance.