US President Donald Trump on January 23, said he will demand Saudi Arabia and OPEC bring down the cost of oil and will ask Riyadh to increase a planned US investment package to $1tn from an initial reported $600 billion.

Trump administration: How has it affected Crypto markets

His remarks come one day after Trump and Saudi Arabian Crown Prince Mohammed bin Salman discussed what the White House called the kingdom’s “international economic ambitions” and trade issues.

Read: Saudi Arabia pledges to invest $600bn in the US under President Trump

On Thursday, January 23, the Saudi State news agency said the kingdom wants to put $600bn into expanded investment and trade with the US over the next four years.

“But I’ll be asking the Crown Prince, who’s a fantastic guy, to round it out to around $1 trillion,” Trump told the World Economic Forum in Davos, Switzerland.

As Leica Camera marks its centennial anniversary, the brand continues to captivate photographers with a unique balance of tradition and cutting-edge technology.

In this interview with Gulf Business, Dr Andreas Kaufmann, chairman of the Supervisory Board of Leica Camera, shares the brand’s milestones and vision for the future, highlighting its legacy in shaping the art of photography, iconic models and upcoming innovations.

Leica is celebrating an extraordinary 100-year legacy in photography. How would you describe the evolution of Leica over the past century, and what do you consider the brand’s most significant contribution to the world of photography? Tell us about models that have been disruptive for their time.

Leica’s journey began in 1925 when Ernst Leitz II made the pivotal decision to mass-produce Oskar Barnack’s groundbreaking invention, the ‘Ur-Leica’, which led to the Leica I. This compact 35mm camera forever changed visual storytelling by allowing photographers to capture real-life moments with remarkable portability. It made it possible to capture the “decisive moment” in real-time, sparking entirely new forms of photography such as reportage, documentary, street, and artistic photography.

Over the decades, Leica has continued to evolve, with each new model representing a leap in photographic technology and artistry. The Leica M series, starting with the M3 in 1954, became an iconic model, renowned for its rangefinder design, precision, and reliability. It defined photojournalism and street photography, setting the standard for decades.

In more recent years, the Leica SL and Q series have introduced cutting-edge mirrorless technology and advanced digital imaging while maintaining the brand’s core values of craftsmanship and excellence. Each of these models has been disruptive in its own right, pushing the boundaries of photography while preserving Leica’s commitment to quality and precision.

As Leica continues to innovate while maintaining its heritage of craftsmanship, how do you balance tradition with cutting-edge technology, particularly in the rapidly changing landscape of photography and digital imaging?

At Leica, tradition and innovation are not opposing forces but complementary pillars of our philosophy. We honour our heritage of craftsmanship by ensuring every product reflects the meticulous precision and timeless design that Leica is known for. At the same time, we embrace cutting-edge technology to stay ahead in an ever-evolving industry.

This balance is achieved by listening to our community of photographers and understanding their needs. For instance, while the M series continues to offer the tactile experience of a mechanical rangefinder, we’ve integrated advanced digital capabilities into models like the SL and Q series. These cameras feature state-of-the-art sensors, enhanced autofocus systems, and seamless connectivity while maintaining Leica’s signature aesthetics and ergonomics.

Our approach to innovation also extends to sustainability. For example, we’ve optimised production processes to reduce environmental impact while maintaining the durability and longevity of our products. By blending tradition with technology, Leica remains a brand that photographers can trust, whether they are using film or digital formats.

The 100th anniversary celebrations in Dubai are truly special, including the Burj Khalifa projection and an exclusive gala. What does this milestone mean for the company, and why was Dubai chosen as the backdrop for the event?

Celebrating a century of Leica is not just about looking back; it’s about embracing the future of photography. This milestone is a testament to the lasting impact of Leica on the art of image-making and its enduring relevance in a rapidly changing world.

Dubai, with its remarkable blend of tradition and modernity, is the perfect stage for this celebration. The city represents innovation, cultural diversity, and architectural brilliance — all values that resonate with Leica. The Burj Khalifa projection, a symbol of ambition and achievement, aligns with our brand’s legacy of pushing boundaries.

The gala and other celebratory events in Dubai are not just about commemorating 100 years — they are a way to connect with a global audience, inspire the next generation of photographers, and showcase how Leica continues to innovate while preserving its heritage.

Leica has navigated a century of success. How has your vision shaped Leica’s direction, and what do you hope the next generation of photographers will take away from the brand’s rich legacy?

My vision for Leica has always been to preserve its essence while enabling it to adapt to the needs of modern photographers. Leica is not just a brand; it’s a symbol of excellence, a tool for storytelling, and a source of inspiration for artists worldwide.

Over the years, we’ve focused on fostering creativity and building a community that values the power of imagery. Leica is more than a camera — it’s an experience, a bridge between the photographer and the world they capture.

For the next generation, I hope Leica inspires a deeper appreciation for the art of photography. In a world saturated with digital images, Leica encourages photographers to slow down, focus on meaningful moments, and create images that stand the test of time.

We’ve heard about an exclusive photography exhibition taking place at Foundry from January 22nd to 26th. Can you share more about what visitors can expect from this exhibit, and what inspired this idea?

The exhibition, Light, Lens, Legacy, is a tribute to Leica’s 100-year journey in shaping the art of photography. It honours the brand’s profound contribution to the craft by showcasing 100 iconic images that have not only documented history but also left an enduring legacy on the global collective memory.

Visitors will experience a thoughtfully curated collection featuring remarkable moments captured by exceptional photographers over the decades. Each photograph highlights Leica’s role as more than a camera manufacturer — a silent witness to history, enabling creators to immortalize life’s most significant and personal moments.

This exhibition is inspired by Leica’s unwavering dedication to storytelling through photography. For a century, Leica cameras have been trusted by those capturing everything from groundbreaking global events to intimate, everyday narratives.

What new products and innovations can we expect from the brand in 2025? How do you see the future of photography evolving, and what role will it play in the next century of capturing memories?

At Leica, we typically don’t disclose details about products in development. However, in the coming years, you can look forward to seeing beautifully designed products that combine exceptional craftsmanship with high-edge technology.

Beyond cameras and optics, we are also exploring exciting innovations in the app and smartphone markets, continuing to expand Leica’s legacy of excellence into new dimensions.

Türkiye’s central bank cut its key interest rate by 250 basis points to 45 per cent as expected on Thursday, carrying on an easing cycle it launched last month alongside a decline in annual inflation that is seen continuing through the year-end.

The bank indicated it would continue easing in the months ahead, flagging a temporary rise in January inflation driven mainly by services, even as core inflation remains relatively low with domestic demand at “disinflationary levels”.

In a Reuters poll, all 13 respondents forecast a cut to 45 per cent from 47.5 per cent in the one-week repo rate. They expect it to hit 30 per cent by year-end, according to the poll median.

Annual inflation dipped to 44.38 per cent last month in what the central bank believes is a sustained fall toward a 5 per cent target over a few more years. It topped 75 per cent in May last year.

Given the decline in inflation, “pretty much now everyone wants to own (local Turkish debt),” said Yerlan Syzdykov, global head of emerging markets and co-head of emerging markets fixed income at Amundi, Europe’s largest asset manager.

“We share that perception that disinflationary forces will create an opportunity for us to see both lower inflation and lower rates in Türkiye on the local side,” he told Reuters.

In December, the central bank cut rates for the first time after an 18-month tightening effort that reversed years of unorthodox economic policies and easy money championed by President Tayyip Erdogan, who has since supported the steps.

It had raised the rate by 4,150 basis points in total since mid-2023 and kept it at 50 per cent for eight months before beginning easing.

“While inflation expectations and pricing behaviour tend to improve, they continue to pose risks to the disinflation process,” the bank’s policy committee said after its decision.

In a slight change to its guidance, the bank said it will maintain a tight stance “until price stability is achieved via a sustained decline in inflation.”

Last month, it said it would be maintained until “a significant and sustained decline in the underlying trend of monthly inflation is observed and inflation expectations converge to the projected forecast range.”

A 30 per cent administered rise in the minimum wage for 2025 was lower than workers had requested, though it is expected to boost monthly inflation readings this month and next, economists say.

The central bank has eight monetary policy meetings set for this year, down from 12 last year.

Read: Türkiye’s central bank raises inflation forecasts, vows tight policy

Cryptocurrencies gave a lukewarm reception to Donald Trump’s first policy moves on digital assets, notching small gains after he commissioned a report on regulation and a crypto reserve.

Cryptocurrencies

Bitcoin BTC= is broadly steady since Trump took office on January 20, and traded around $105,000 on Friday, January 24, as some of the euphoria around a hoped-for revolution in cryptocurrency regulation ebbed.

Read: Melania Trump launches cryptocurrency meme coin

Smaller cryptocurrency ether ETH= has likewise had a fairly steady week, though was up 5 per cent in the Asia day to $3,420.

Bitcoin had been one of the most spectacular “Trump trades” in financial markets, gaining 50 per cent to break above $100,000 and hit highs since Trump’s election victory in November, as he promised a bitcoin stockpile and a pro-crypto stance.

Executive order

An executive order on January 23, creating a digital assets working group seemed to alleviate some disappointment that crypto reform didn’t feature in a flurry of policy announcements on his first day in office, though it was light on detail.

‘Make Bitcoin Great Again’: Eric Trump attends Abu Dhabi crypto gathering

Titled ‘Strengthening American leadership in digital financial technology,’ it ordered banking services for crypto companies be protected and banned the development of a US central bank digital currency but was otherwise vague.

The high-level working group has until July to deliver a report recommending regulatory changes and evaluating the potential to create a national digital asset stockpile.

“What we’re seeing is a little bit of profit taking in line with the uncertainty we’re seeing from Trump now,” said Nick Twidale, chief market analyst at ATFX Global in Sydney.

“He’s not renegging on some of his promises, but they’re probably not going to come through as hard and fast.”

Joe Biden’s 2022 executive order revoked

Trump’s executive order revoked a 2022 Joe Biden order that encouraged regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to issue guidance and address risks in the crypto ecosystem.

The SEC also on January 23, rescinded some accounting guidance that had made it expensive for companies to safeguard crypto on behalf of third parties, something the industry had lobbied for.

Crypto executives toasted the incoming administration at a sold-out black-tie ball a week ago, featuring McDonald’s burgers and emceed by Trump’s crypto czar David Sacks but analysts have said bitcoin’s price gains might take a breather for a while.

Trump-linked crypto ventures, including a meme coin known as $TRUMP and tokens issued by World Liberty Financial, have recently come off highs and raised concerns among ethics experts and market participants about conflicts of interest.

“Clear policy moves in support of digital assets – such as an executive order on a bitcoin reserve or deregulation, or a decisive statement that tariffs will not be imposed – would be needed to boost prices, in our view,” said Geoff Kendrick, global head of digital assets research at Standard Chartered.

Etihad Airways and flynas are gearing up to list on local stock markets this year, marking the first IPOs by Gulf carriers in nearly two decades, with Etihad sounding out investors next week ahead of a potential sale of around a 20 per cent stake, two sources said.

Etihad is looking at a listing this quarter, the people with knowledge of its plans said, with one of them saying the airline would target both local and international investors.

It could raise around $1bn in what would be the first airline IPO in the GCC region since Kuwait’s Jazeera Airways in 2008, one of the two people and a third source said.

Saudi Arabia’s budget carrier flynas, backed by Kingdom Holding, the investment company of billionaire Prince Alwaleed Bin Talal, could also list this year, another person familiar with its plans said.

Qatar Airways, one of the region’s biggest carriers, could go public before the decade is out.

The four people declined to be identified because the plans are confidential.

Etihad and its owner, Abu Dhabi’s sovereign wealth fund ADQ, declined to comment. Flynas did not respond to a request for comment.

Kingdom Holding’s CEO told Saudi state-owned broadcaster Al Arabiya TV on Wednesday that the company was in the final stage of getting approval from the Saudi market regulator to list in Riyadh.

Flynas is worth at least $2bn, Prince Alwaleed posted on X earlier this month.

Dubai’s Emirates has also previously been flagged as a potential IPO candidate. Its chairman and chief executive, Sheikh Ahmed bin Saeed Al Maktoum, told reporters last year that an IPO was not his decision but that the Dubai government would make the decision. He said he would go ahead if asked to do so.

Etihad, flynas rides on tourism

The potential listings are driven in part by the local governments’ efforts to diversify their economies away from oil, betting on sectors like tourism as international travel revives after the pandemic.

The IPOs would allow investors to access a market with significant growth potential, aviation analyst John Strickland said, citing hub capability due to a geographic location between Europe and Asia, plus Dubai’s attractions as a tourist destination.

Dubai is already a major stopover point for long-haul flights after overtaking Heathrow as the world’s busiest airport for international traffic a decade ago.

Etihad has been through a multi-year restructuring and management shake-up after investing billions of dollars to compete more effectively with Gulf peers by buying minority stakes in other carriers.

The launch of a multibillion-dollar new terminal at Abu Dhabi’s Zayed International Airport in 2023 tripled the hub’s annual capacity to 45 million passengers and could help the airline’s growth plans.

Etihad has said it is working to expand destinations to more than 125 airports by 2030 from more than 90 today and boost its fleet under a plan to strengthen the UAE capital’s role as a travel hub connecting Asia and Europe.

“Markets are vibrant, valuations (for regional companies) are high,” said Mohamed Ali Yasin, founder and CEO of investment consultancy firm Oracle Financial Consultancy and Investments.

In Saudi Arabia, where tourism is a major pillar of the Vision 2030 economic overhaul, the nearly 20-year-old flynas is planning to expand its fleet to more than 160 aircraft by 2030 from over 60.

Despite local competition from the likes of low-cost player flyadeal, flynas has all the credentials to grow further, Strickland said, citing the size and potential of the Saudi market backed by a young, growing population.

The Middle East, which had a 9.4 per cent share of the global air passenger market in 2023 – calculated as revenue per kilometre – had an 8.7 per cent increase in demand in November 2024 compared to the same month a year earlier, according to IATA.

Other regions still accounted for larger shares of the overall market, with Asia Pacific topping the list with a 31.7 per cent share, according to the data.

A bright spot for IPOs

The Gulf accounted for the vast majority of the 54 IPOs in the Middle East and North Africa in 2024, which raised $12.2bn, up 12 per cent from a year earlier, according to LSEG data.

The Gulf listings could become a bright spot for investors in an airline sector that has faced problems in other regions, including Europe, where airlines such as Lufthansa have struggled with plane delivery delays, engine troubles, labour disruption and surging costs.

“Coming out of COVID, some of the Gulf carriers were amongst the first ones to really start recovering and get the market going again,” Strickland said.

Europe “is tied up in regulation, climate change focus, even changes, of course, in the political landscape.”

Read: Abu Dhabi’s Etihad Airways posts 66% rise in nine-month profit