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Gold gains as Israel-Iran crisis lifts safe-haven appeal

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

Reuters
Reuters

17 June, 2025

Gold gains as Israel-Iran crisis lifts safe-haven appeal
Image: Getty Images

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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.

EDGNEX by DAMAC to build $2.3bn AI data centre in Jakarta

To date, EDGNEX has committed over $3bn to digital infrastructure investments across Southeast Asia

Neesha Salian
Neesha Salian

17 June, 2025

EDGNEX by DAMAC to build $2.3bn AI data centre in Jakarta
Image: Getty Images/ For illustrative purposes

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EDGNEX Data Centers by DAMAC, a global digital infrastructure company backed by Dubai-headquartered DAMAC Group, has announced the development of a next-generation, AI-powered data center in Jakarta, Indonesia – its second facility in the country and one of Southeast Asia’s largest AI-dedicated infrastructure projects.

The new facility will have a projected capacity of 144 megawatts (MW) and represents a total investment of $2.3bn.

Land acquisition was completed in March 2025, and the site has now entered early construction phases. Phase one of the project is expected to be ready for service by December 2026.

Designed to support high-density AI workloads, the Jakarta data centre aims to address Indonesia’s digital infrastructure gaps, including limited hyperscale readiness and rising latency challenges.

EDGNEX projects: Second in Indonesia

“This is our second project in Indonesia, and this development reinforces our commitment to bridging the digital divide in fast-growing markets across Southeast Asia,” said Hussain Sajwani, founder of DAMAC Group. “We are proud to build what will become one of Southeast Asia’s most advanced, sustainable data centers to power the next wave of innovation and digital growth. The scale of AI workloads demands a new class of infrastructure.”

The facility will target a power usage effectiveness (PUE) of 1.32, reflecting EDGNEX’s commitment to sustainability and energy efficiency.

The new development expands EDGNEX’s presence across Southeast Asia, including ongoing projects in Thailand and Malaysia.

This second Jakarta data centre follows the company’s 2024 announcement of its first Indonesian project — a 19.2 MW facility in the MT Haryono area, one of Jakarta’s most interconnected data centre clusters.

That site is scheduled to go live in Q3 2026, catering to growing demand from cloud service providers, edge computing platforms, and AI solutions.

To date, EDGNEX has committed over $3bn to digital infrastructure investments across Southeast Asia.

The company’s regional target is to reach over 300MW of operational capacity by 2026.

Read: DAMAC’s EDGNEX Data Centers acquires Finland’s Hyperco

Saudi Arabia marks 40 years since Prince Sultan bin Salman’s historic space mission

The 40th anniversary serves as both a celebration of past achievement and a reaffirmation of the kingdom’s long-term vision for space exploration and technological progress

Gulf Business
Gulf Business

17 June, 2025

Saudi Arabia marks 40 years since Prince Sultan bin Salman’s historic space mission
Image: Supplied

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Saudi Arabia today commemorated the 40th anniversary of Prince Sultan bin Salman’s landmark journey aboard NASA’s Space Shuttle Discovery, a milestone that marked the first time an Arab, Muslim, and royal family member ventured into space.

On June 17, 1985, Prince Sultan, then a 28-year-old Royal Saudi Air Force pilot, joined the international crew of the STS-51-G mission as a payload specialist.

The seven-day mission saw the successful deployment of the Arabsat-1B satellite, a significant achievement for the Arab Satellite Communications Organization (ARABSAT) and the wider Arab world.

During the mission, which completed 111 orbits of Earth, Prince Sultan conducted scientific experiments, including studying the interaction of oil and water in microgravity, and became the first person to read the holy Qur’an in space — a moment that resonated deeply across the Muslim world.

“Prince Sultan’s mission was more than a historic achievement; it set the stage for what has become a shining example of what the future holds for the Arab world,” said Lisa La Bonte, CEO of TSEC and a pioneer in the MENA space education sector. “His legacy drives the kingdom’s — and the region’s — space ambitions, fostering innovation and supporting economic initiatives like Vision 2030.”

Read: Saudi space economy reaches $8.7bn in 2024, CST announces

Saudi Arabia’s first ‘najmonaut’

Prince Sultan’s achievement has become a symbol of Saudi Arabia’s commitment to scientific advancement and its leadership in the region’s emerging space sector. Often referred to as the first “najmonaut” (Arab astronaut), his legacy continues to inspire new generations of explorers and innovators.

“Seeing Earth from space gave me a new perspective on our shared humanity,” Prince Sultan reflected. “It’s a reminder that our ambitions must always serve the greater good, pushing technology and knowledge to improve life on our planet.”

The 40th anniversary serves as both a celebration of past achievement and a reaffirmation of the kingdom’s long-term vision for space exploration and technological progress.

Israel-Iran tensions: Updates from GCC, global airlines

The widespread suspension of flights underscores the far-reaching implications of the latest escalation between Israel and Iran

Gulf Business
Gulf Business

17 June, 2025

Israel-Iran tensions: Updates from GCC, global airlines
Image credit: Getty Images

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Tensions across the Middle East have escalated sharply following Israeli military strikes on Iranian targets, prompting a widespread suspension of flights by major international and regional airlines.

The disruptions have affected travel to Iran, Iraq, Israel, Syria, Lebanon, and surrounding areas, stranding passengers and leading to logistical complications for carriers and governments alike.

Read-Airspace closure: UAE airlines announce flight cancellations

In response to the conflict, US President Donald Trump departed the Group of Seven (G7) summit in Canada a day earlier than scheduled, citing developments in the Middle East.

According to a June 16 statement from the White House, the president left after a working dinner with other heads of state.

“Much was accomplished, but because of what’s going on in the Middle East, President Trump will be leaving tonight,” said White House Press Secretary Karoline Leavitt in a post on X, formerly Twitter.

Ceasefire proposal and diplomatic efforts

French President Emmanuel Macron revealed that Trump had extended an offer for a ceasefire between Israel and Iran. The US president had also issued a strong advisory for American citizens to evacuate Tehran, reiterating criticism that Iran had refused to sign a nuclear agreement with Washington.

Despite the uncertainty on the ground, diplomatic efforts are reportedly underway among Western allies and Gulf nations to de-escalate the conflict and restore stability in the region.

Airlines ground flights across the region

As the geopolitical situation deteriorated, airlines began cancelling flights across key Middle Eastern airports. Below is a summary of affected carriers and their revised operations as of June 17, 2025.

Qatar Airways

Qatar Airways has temporarily cancelled flights to and from Iran, Iraq, and Syria, citing safety concerns and regional instability. Affected airports include:

Iran: Tehran (IKA), Mashhad (MHD), Shiraz (SYZ)

Iraq: Baghdad (BGW), Erbil (EBL), Basra (BSR), Sulaymaniyah (ISU), Najaf (NJF)

Syria: Damascus (DAM)

The airline emphasised its compliance with international aviation safety regulations and assured passengers that safety remains a top priority.

Passengers are advised to monitor updates at qatarairways.com.

Etihad Airways

Etihad has cancelled flights between Abu Dhabi and Tel Aviv until June 22 and warned of continued disruption due to airspace restrictions across the region.

Affected passengers are being rebooked or rerouted, and the airline urged travelers to update contact details via the “Manage My Booking” section on etihad.com or contact its customer center at +971 600 555 666.

Air Arabia

Low-cost carrier Air Arabia has suspended all flights to the following destinations until further notice:

Iran and Iraq: Until June 30

Jordan, Lebanon, and Russia: Until June 20

Additionally, passengers transiting through Sharjah or Abu Dhabi with final destinations in affected regions will not be accepted for travel.

Sales offices in Tehran, Mashhad, Shiraz, and Lar are temporarily closed, but staff remain reachable via duty mobile lines listed on the airline’s website.

SalamAir

Oman-based SalamAir announced the suspension of flights to Iran, Iraq, and Azerbaijan through June 20.

Affected customers are being contacted directly. The airline emphasised that safety is its top priority and is closely monitoring the situation in cooperation with regional authorities.

Customer support is available at +968 2427 2222 or [email protected].

Aegean Airlines

Greek carrier Aegean Airlines has cancelled all flights to:

Tel Aviv: Until July 12

Beirut, Amman, and Erbil: Until June 28

airBaltic

Latvia’s airBaltic announced the cancellation of all flights to and from Tel Aviv until June 23.

Aeroflot

Russian flag carrier Aeroflot has suspended flights between Moscow and Tehran and rerouted other Middle East services in light of the strikes.

Air Europa

The Spanish airline has cancelled all flights to and from Tel Aviv until July 31.

Air France-KLM Group

Air France: Suspended flights to Tel Aviv indefinitely

KLM: Cancelled Tel Aviv flights until July 1 and warned of possible disruptions to Beirut routes

Transavia: Cancelled flights to Tel Aviv, Amman, and Beirut through June

Air India

India’s national carrier is rerouting or returning some flights due to safety concerns but has not announced full cancellations.

Arkia

Israeli airline Arkia has cancelled all flights through June 21.

Bluebird Airways

Greek carrier Bluebird Airways has suspended all Israel-bound flights between June 13 and June 21, with bookings paused through June 30 pending a reassessment of the security situation.

Delta Air Lines

The US airline reported potential disruptions to Tel Aviv routes from June 12 to August 31.

El Al Israel Airlines

El Al and its subsidiary Sundor have cancelled their entire flight schedules through June 19.

Emirates

The UAE’s flagship airline Emirates has temporarily suspended flights to:

Jordan and Lebanon: Until June 22

Iran and Iraq: Until June 30

flydubai

flydubai suspended flights to multiple destinations:

Jordan and Lebanon: Until June 16

Minsk and St. Petersburg: Until June 17

Iran, Iraq, Israel, and Syria: Until June 20

Israir

Israeli airline Israir has halted all operations until June 30.

ITA Airways

Italy’s ITA Airways extended its Tel Aviv flight suspension until July 31, including cancellations for August 1 departures.

Lufthansa Group

Germany’s Lufthansa has suspended all flights to:

Tel Aviv and Tehran: Until July 31

Amman, Erbil, and Beirut: Until June 20

The airline has also announced it will avoid Iranian, Iraqi, and Israeli airspace for the foreseeable future.

Pegasus Airlines

The Turkish carrier has cancelled flights:

To Iran: Until June 19

To Iraq and Jordan: Until June 16

Flights to Lebanon will only operate during daylight hours for safety reasons.

Ryanair

Ryanair has suspended all Tel Aviv services until September 30.

TAROM

Romania’s TAROM has suspended flights to:

Tel Aviv: Until June 23

Beirut and Amman: Until June 20

Turkish Airlines

Turkey’s transport minister confirmed that Turkish Airlines and other domestic carriers have cancelled all flights to:

Iran, Iraq, Syria, and Jordan: Until June 16

United Airlines

United Airlines warned travelers that flights to and from Tel Aviv may be affected from June 13 to August 1.

Wizz Air

The low-cost carrier Wizz Air has suspended operations to:

Tel Aviv and Amman: Until June 20

Uncertain future for regional air travel

The widespread suspension of flights underscores the far-reaching implications of the latest escalation between Israel and Iran. With no clear resolution in sight, airlines continue to monitor the situation closely, coordinating with aviation and security authorities while updating travelers on an ongoing basis.

Passengers with upcoming travel plans to or through the Middle East are strongly urged to consult their airline for the latest updates, rebooking options, or potential refunds. Safety advisories and diplomatic announcements are expected to shape travel policy over the coming weeks.

(With inputs from Reuters)

Amazon announces four-day Prime Day discount event

US shoppers spent $14.2bn, up 11 per cent year-over-year, during Amazon’s July 2024 Prime Day event, according to Adobe Analytics

Reuters
Reuters

17 June, 2025

Amazon announces four-day Prime Day discount event
Image: Amazon

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Amazon.com’s annual Prime Day sales event is scheduled for July 8 through July 11, expanding to four days from two days compared to last year, the company announced on Tuesday.

“We’re extending it to four days because our members have told us they just need more time to shop the deals,” Jamil Ghani, Amazon vice president of worldwide prime, told Reuters.

Amazon’s expanding Prime Day comes as US shoppers and retailers face uncertainty on how tariffs will impact prices and product availability, said Rob Garf, senior vice president of strategy and insights at retail marketing firm Cordial.

Prime Day spend: Adobe Analytics

US shoppers spent $14.2bn, up 11 per cent year-over-year, during Amazon’s July 2024 Prime Day event, according to Adobe Analytics.

The e-commerce giant often faces competing sales events from Walmart, Target and, now, ByteDance’s TikTok Shop, which are trying to lure shoppers into spending early on back-to-school and back-to-college merchandise including personal electronics, apparel and home goods.

The online retailer wants to entice younger shoppers to sign up for its subscription service Prime, by offering discounted memberships for people between the ages of 18 and 24 and other perks.

Prime subscriptions typically cost $14.99 per month or $139 per year.

G7 summit: Trump leaves early due to Middle East situation

G7 leaders from Britain, Canada, France, Germany, Italy, Japan, and the US, along with the European Union, have convened in Canada this week

Reuters
Reuters

17 June, 2025

G7 summit: Trump leaves early due to Middle East situation
Credit: Getty Images

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US President Donald Trump left the Group of Seven summit in Canada a day early due to the situation in the Middle East, the White House said on Monday.

French President Emmanuel Macron said Trump had made an offer for a ceasefire between Israel and Iran.

Trump had earlier urged everyone to immediately evacuate Tehran, and reiterated that Iran should have signed a nuclear deal with the United States.

“Much was accomplished, but because of what’s going on in the Middle East, President Trump will be leaving tonight after dinner with Heads of State,” Press Secretary Karoline Leavitt said on X.

The G7 has struggled to find unity over conflicts in Ukraine and between Israel and Iran.

Trump did agree to a group statement calling for de-escalation of the Israel-Iran conflict.

“We urge that the resolution of the Iranian crisis leads to a broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza,” the statement said.

Macron said Trump’s departure was positive, given the objective to get a ceasefire.

“There is indeed an offer to meet and exchange. An offer was made especially to get a ceasefire and to then kick-start broader discussions,” Macron told reporters.

“We have to see now whether the sides will follow.”

G7 leaders from Britain, Canada, France, Germany, Italy, Japan, and the US, along with the European Union, had convened in the resort area of Kananaskis in the Canadian Rockies until Tuesday.

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