Three people were killed and two others sustained minor injuries after a boat carrying 25 French tourists capsized in the waters off the Wilayat of Muttrah in Oman’s Muscat Governorate, authorities said on Tuesday.

Rescue teams from the Civil Defence and Ambulance Unit in Muscat responded to an emergency call after the vessel overturned in coastal waters, according to a statement from the local emergency services.

The two people suffered minor injuries and were treated on site by ambulance crews.

According to a report published by the Oman Observer, the vessel was en route from Bandar al Rowdha in the Muttrah area toward the Damaniyat Islands when it overturned at around 9am.

Capsized boat was carrying 25 French tourists

Preliminary accounts from officials said the boat was carrying mostly French nationals when it overturned. The identities of the victims have not yet been released.

The Royal Oman Police, which oversees maritime safety through its Coast Guard division, has launched a formal investigation to determine the cause of the accident.

Maritime authorities are assisting police in piecing together the sequence of events that led to the overturning of the vessel.

Read: UAE launches winter safety initiative to cut petrol station accidents

India and the European Union have finalised a long-pending landmark trade deal, both sides said on Tuesday, as they seek to hedge against fickle ties with the US

The deal is expected to double EU exports to India by 2032 by eliminating or reducing tariffs in 96.6 per cent of traded goods by value, and will lead to savings of 4 billion euros ($4.75bn) in duties for European companies, the EU said.

The EU will cut tariffs on 99.5 per cent goods traded over seven years, with tariffs to be cut to zero on Indian marine goods, leather and textile products, chemicals, rubber, base metals and gems and jewellery, India’s trade ministry said in a statement.

“Yesterday, a big agreement was signed between the European Union and India,” Indian Prime Minister Narendra Modi said earlier.

“People around the world are calling this the mother of all deals. This agreement will bring major opportunities for the 1.4 billion people of India and the millions of people in Europe,” he said.

The accord would open up India’s vast and highly guarded market, with New Delhi slashing tariffs on cars to 10 per cent over five years from as high as 110%, according to an EU statement, benefiting European automakers such as Volkswagen, Renault, Mercedes-Benz and BMW.

India is also slashing tariffs on alcoholic beverages like wines to 75 per cent immediately from 150 per cent, which would be lowered to 20% gradually. Tariffs on spirits will be lowered to 40%, the EU said.

The deal will also cut tariffs on a slew of EU goods coming to India including machinery, electrical equipment, chemicals and iron and steel, the EU said.

“Europe and India are making history today,” European Commission President Ursula von der Leyen said in a post on social media. “This is only the beginning.”

Trade between India and the EU stood at $136.5bn in the fiscal year through March 2025.

The formal signing of the India-EU deal would take place after legal vetting expected to last five to six months, an Indian government official aware of the matter has said.

“We expect the deal to be implemented within a year,” the official added.

Flurry of trade deals

The agreement comes days after the EU signed a pivotal pact with the South American bloc Mercosur, following deals last year with Indonesia, Mexico and Switzerland.

During the same period, New Delhi finalised pacts with Britain, New Zealand and Oman.

The spate of deals underscores global efforts to hedge against trade with the United States as President Donald Trump’s bid to take over Greenland and tariff threats on European nations test longstanding alliances among Western nations.

An India-US trade deal collapsed last year after a breakdown in communications between their two governments.

Talks between India and the EU were relaunched in 2022 after a nine-year lull, and gathered momentum after Trump put tariffs on several trading partners, including a 50 per cent tariff on goods from India.

For India, the tariff cuts with the EU will lead to more exports in labour intensive sectors that will help partly offset the impact of US tariffs, said Ajay Srivastava, a former Indian trade official.

He said the deal will also give an immediate price advantage for EU products in India because of relief from its high tariffs, for instance up to 110 per cent on cars.

Read: India exports surge in November despite Trump’s steep tariffs

Saudi Arabia has suspended planned construction of a colossal cube-shaped skyscraper at the center of a downtown development in Riyadh while it reassesses the project’s financing and feasibility, four people familiar with the matter said.

The Mukaab, at the center of Riyadh’s New Murabba development, is the latest fantastical gigaproject linked to Saudi’s Vision 2030 to be curtailed or delayed as the kingdom’s $925 billion sovereign wealth fund scales back ambitions to manage costs and prioritize spending.

The kingdom is pivoting from heavy expenditure on futuristic projects that have dominated Crown Prince Mohammed bin Salman’s Vision 2030, such as NEOM’s The Line, to initiatives seen as more pressing and potentially profitable.

Projects in focus now include infrastructure for World Expo 2030 and the 2034 World Cup, the sprawling $60bn Diriyah mixed-use cultural zone and the Qiddiya tourism megaproject, five people familiar with the matter said.

The repositioning also reflects mounting fiscal pressures as oil prices remain well below levels needed to fund the ambitious transformation agenda.

Work beyond soil excavation, pilings suspended

The Mukaab was planned as a 400-metre by 400-metre metal cube containing a dome with an AI-powered display, the largest on the planet, that visitors could observe from a more than 300-metre-tall ziggurat – or terraced structure – inside it.

“When you enter Mukaab, you enter another world,” CEO Michael Dyke told attendees at a Riyadh conference in December, acknowledging difficulties realizing the project.

“Trying to solve for something that doesn’t exist today, that’s quite challenging,” he said.

Its future is now unclear, with work beyond soil excavation and pilings suspended, three of the people said. Development of the surrounding real estate is set to continue, five people familiar with the plans said.

The sources include people familiar with the project’s development and people privy to internal deliberations at the PIF.

Officials from PIF, the Saudi government and the New Murabba project did not respond to requests for comment.

PIF shifting focus to logistics, AI, mining

Reuters reported in October that the PIF was shifting strategy to focus on logistics, mining, AI and other sectors promising better near-term returns, as pressure mounted following an $8 billion writedown on gigaproject investments at the end of 2024.

The kingdom is currently conducting a comprehensive review of several Vision 2030 mega projects.

Saudi Economy Minister Faisal al-Ibrahim told Reuters last week: “We’re very transparent. We’re not going to shy away from saying we had to shift this project, delay it, re-scope it,” without mentioning a specific project.

Over the weekend, Saudi Arabia said it would indefinitely postpone hosting the 2029 Asian Winter Games set to take place at Trojena, another NEOM megaproject that has faced delays.

But the Mukaab is the first project in the Saudi capital reported to be reassessed for feasibility.

The structure was billed as large enough to fit 20 Empire State Buildings, and feature around 2 million square meters of interior floor space, making it the world’s largest single-built structure.

New Murabba would cost $50bn, says Knight Frank

Real estate consultancy Knight Frank estimated the New Murabba district would cost about $50bn – roughly equivalent to Jordan’s GDP – with projects commissioned so far valued at around $100m.

Initial plans for the New Murabba district called for completion by 2030. It is now slated to be completed by 2040.

The development was intended to house 104,000 residential units and add 180 billion riyals to the kingdom’s GDP, creating 334,000 direct and indirect jobs by 2030, the government had estimated previously.

The Mukaab’s design drew some social media criticism when it was unveiled for its resemblance to the Kaaba, the sacred structure at the center of Masjid al-Haram in Mecca that serves as Islam’s holiest site, towards which Muslims pray.

The UAE is experiencing a stretch of humid mornings, fog formation and changing weather conditions this week, according to multiple forecasts issued by the National Centre of Meteorology (NCM).

From inland regions to coastal and western areas, early-day fog and mist have become a recurring feature, driven by atmospheric pressure systems, rising humidity levels and shifting wind patterns, a WAM report said.

NCM forecasts indicate that humid weather conditions during the morning hours will continue over some inland and coastal areas, with a chance of fog or light fog formation persisting from tomorrow until January 31. These conditions are unfolding alongside generally fair to partly cloudy skies, periods of low cloud cover, and intermittent chances of light rainfall across various parts of the country.

Read more-UAE weather: Rain, temp drop on Jan 26; forecast for next 4 days

According to the meteorological outlook, temperatures are expected to rise gradually before declining later in the week, while sea conditions will vary from slight to rough depending on location and timing. Together, these factors are shaping a week of weather variability that has implications for travel, maritime activity and daily business operations across the Emirates.

Low-pressure systems drive variable weather patterns

In its official weather bulletin for Tuesday, January 27, 2026, the National Center of Meteorology outlined the broader atmospheric drivers behind the current conditions. The weather across the UAE is being influenced by the extension of a surface low-pressure system, accompanied by an extension of an upper-air low-pressure system.

This atmospheric setup is expected to bring variable cloud cover and changing weather conditions across different regions of the country. As a result, the weather has remained fair to partly cloudy during the daytime, while humidity levels rise significantly during the night and early morning hours, particularly over coastal, internal and western areas.

NCM has noted that these humid nighttime conditions increase the likelihood of fog or mist formation, explaining why several regions are waking up to reduced visibility during the early hours.

Tuesday and Wednesday: Humidity builds overnight

For Tuesday, weather conditions are expected to remain fair to partly cloudy throughout the day. Low clouds are forecast to appear over some eastern areas, which may be associated with light rainfall.

During the night and into Wednesday morning, conditions will become humid over some coastal and internal areas, especially toward the west. This rise in humidity significantly increases the chance of fog or mist formation, particularly during the early morning commute hours.

Winds during this period will remain light to moderate, occasionally becoming fresh, while sea conditions are expected to be moderate to slight in the Arabian Gulf and slight in the Sea of Oman.

On Wednesday, humid conditions are forecast to prevail during the morning hours, with a chance of fog or light fog formation over some inland and coastal areas, particularly western regions. As the day progresses, weather conditions will become fair to partly cloudy, with low clouds appearing over eastern and northern areas.

Winds will shift between south-easterly and north-easterly directions, maintaining light to moderate speeds and occasionally becoming active.

Temperature ranges highlight regional differences

NCM data shows notable temperature and humidity differences across coastal, internal and mountainous regions during this period.

Coastal and island areas are expected to record maximum temperatures between 19°C and 23°C, with minimum temperatures ranging from 12°C to 17°C. Relative humidity levels may reach between 70 per cent and 90 per cent, before dropping to lows of 30 per cent to 45 per cent .

Internal regions will experience warmer daytime conditions, with maximum temperatures ranging from 21°C to 25°C and minimum temperatures between 8°C and 13°C. Humidity levels in these areas may also reach 70 per cent to 90 per cent, decreasing to between 25 per cent and 40 per cent at their lowest.

Mountain areas will remain cooler, with maximum temperatures between 12°C and 18°C and minimum temperatures between 6°C and 11°C. Humidity in these regions is expected to range from 50 per cent to 70 per cent.

Thursday: Rising temperatures, cloud cover and rain chances

By Thursday, humid conditions are expected again during the morning hours, with a possibility of light fog over some coastal areas. Weather conditions will then gradually turn fair to partly cloudy.

It may become cloudy at times over some coastal and northern areas, with a chance of light rainfall during the night. This period will also be marked by a gradual rise in temperatures, according to the forecast.

Winds will blow from south-westerly to north-westerly directions, remaining light to moderate and occasionally active. Wind speeds are expected to range between 10 and 25 km/hr, reaching up to 35 km/hr at times.

Sea conditions will become more unsettled, shifting from slight to moderate, and turning rough westward late at night in the Arabian Gulf, while remaining slight in the Sea of Oman.

Friday brings cooling temperatures and rough seas

Friday’s forecast signals a noticeable change in conditions. While the morning will remain humid over some inland areas, weather conditions will turn fair to partly cloudy as the day progresses.

Cloudiness may develop during the daytime over northern and eastern areas, accompanied by a chance of rainfall and a decrease in temperatures. This cooling trend follows the gradual temperature rise earlier in the week.

Winds will continue from south-westerly to north-westerly directions, remaining light to moderate but becoming more active, particularly over the sea. Wind speeds may reach up to 40 km/hr.

Sea conditions are expected to be rough in the Arabian Gulf, while the Sea of Oman will be slight to moderate, becoming rough at night.

Saturday: Fog risks persist as humidity returns

On Saturday, humid conditions are forecast to prevail again during the morning hours, with a chance of fog or light fog formation over some inland areas. Weather conditions will gradually become fair to partly cloudy as the day advances.

Low clouds are expected to appear over some coastal and northern areas, while north-westerly winds will blow at light to moderate speeds, occasionally becoming active. Wind speeds may range from 10 to 25 km/hr, reaching up to 40 km/hr.

Sea conditions will remain moderate to rough in both the Arabian Gulf and the Sea of Oman, reflecting the continued influence of shifting pressure systems and wind activity.

The National Centre of Meteorology has consistently highlighted that the combination of low-pressure systems, rising humidity and overnight cooling is creating ideal conditions for fog and mist formation during the early hours.

With forecasts indicating continued humidity increases during nights and early mornings through the end of January, residents, commuters and maritime operators are advised to remain attentive to daily updates, particularly as visibility conditions can change rapidly.

The world’s largest oil company, Saudi Aramco, has launched a $4-bn four-tranche bond, drawing robust demand from investors for its first foray into global debt markets this year.The state-owned oil behemoth issued $500m, $1.5bn, $1.25bn and $750m in bonds with maturities of three, five, 10 and 30 years respectively, the fixed-income news service IFR said on Monday. Order books for the offering exceeded $21 billion, showing strong investor appetite, enabling Aramco to tighten the spread on the three-year bonds to 60 basis points (bps) over US Treasuries from an initial guidance of 100 bps, IFR said.The five-year tranche was priced at 80 bps over Treasuries, narrowing from an indicative spread of 115 bps.

The 10-year and 30-year bonds were finalised at 95 bps and 130 bps, respectively, compared to initial pricing of around 125 bps and 165 bps over US Treasuries, IFR added. Aramco last tapped debt markets in September, raising $3bn with a sale of sukuk, or Islamic bonds, following a bond sale in May for $5bn.

It had stayed away from the debt markets for three years until it returned to raise $6bn in July 2024.Long a cash cow for the Saudi government, Aramco said last August it was cutting costs company-wide and looking to divest assets as crude prices fell and its debt rose. Aramco’s total dividends for 2025 are expected to be about $85.4bn, a drop of roughly 30m per cent from 2024, as payouts linked to free cash flow dwindled.

The government owns nearly 81.5 per cent of Aramco directly, while the sovereign wealth fund PIF controls another 16 per cent.

Reuters had reported on Aramco’s cost-cutting and divestment measures ahead of its chief financial officer’s confirmation on an earnings call, including a planned sale of gas plants. Aramco has also raised funds via other avenues.

Last year, it signed an $11-bn lease and leaseback agreement involving its Jafurah gas processing facilities with a consortium led by Global Infrastructure Partners (GIP), part of BlackRock. In 2024, the Saudi government raised $12.35bn by floating a stake of 0.64 per cent in Aramco. Citi, Goldman Sachs, HSBC, JPMorgan and Morgan Stanley were active bookrunners, while Abu Dhabi Commercial Bank, Bank of China, BofA Securities, BSF Capital, Emirates NBD Capital, First Abu Dhabi Bank, Mizuho, MUFG, Natixis, Riyad Capital, SMBC and Standard Chartered were passive bookrunners for the debt sale.

Read: Aramco to begin exporting Jafurah condensate from February, sources say