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Salma Al-Tamimi

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Salma Al-Tamimi graduated with a degree in Journalism and Communication and has reported for ICN.live since 2025. Coverage focusing on Tech, Artificial Intelligence infrastructure, and cybersecurity in the Arab region. Her work bridges technical insight with public education.
Emirati Goldsmiths Platform

Emirati Goldsmiths Platform launched the first locally sourced national gemstone at a major Sharjah jewellery exhibition. The stone debuted during the 57th Watch and Jewellery Middle East Show in Sharjah. Expo Centre Sharjah hosted the event with support from the Sharjah Chamber of Commerce and Industry. Designers named the new stone the Spirit of the Emirates gemstone for its national meaning. You can trace its source to red jasper from the Al Siji region of Fujairah. The Fujairah Natural Resources Corporation worked with local designers to supply this raw material. Officials see the first Emirati gemstone as a milestone for the national jewellery industry.

This launch gives Emirati designers a unique stone they can fully call their own. Twenty designers from across the UAE joined the platform at this year’s main show. Seven of them were women showing their work at the event for the first time. You can see how the platform now opens real doors for local female talent.

A local stone with global ambition

The Spirit of the Emirates gemstone carries deep meaning tied to the UAE land and heritage. Designer Fatima Al Muhairi created two signature pieces to mark the new stone’s debut. She now ranks as the first internationally accredited young Emirati specialist in gemology today. Her first design traces the gemstone journey from mountain rock to finished luxury jewellery. The piece shows a palm tree, a mountain, and details inspired by Al Muwaiji Fort. A single natural pearl links the old pearl-diving era with this new gemstone era.

Emirati Goldsmiths Platform builds a full supply chain

Her second piece, named Erth, takes the shape of a small camel’s head brooch. This brooch joins a Ras Al Khaimah pearl with jasper from the Fujairah mountains. Together, the two pieces blend old natural treasures with the country’s new local resources. The Emirati Goldsmiths Platform now reaches beyond design work into gemstone sourcing and supply. One member became the first Emirati gemstone supplier for local jewellery designers this year. Abdallah Sultan Al Owais, the SCCI chairman, praised the platform and its local designers. “This launch shows our designers can lead the full jewellery chain,” Al Owais said.

What the new gemstone means for you

You should note why this matters for the wider UAE luxury jewellery market today. A local gemstone keeps more value inside the country and within its supply chain. Buyers also gain access to authentic stones with a clear and proud national story. The jasper rates 6.5 to 7 on the Mohs scale for strong everyday hardness. Its deep red color and waxy shine suit fine jewellery and high market demand. The red jasper from Fujairah gives this stone a warm and bold red tone. As I see it, this gemstone gives the UAE jewellery sector a stronger local identity. Mona Al Suwaidi leads the platform and views it as a full innovation ecosystem.

She points to designers from the people of determination community and their strong creativity. The Emirati Goldsmiths Platform has grown from a talent incubator into a market builder. You will likely see more local stones reach regional and global jewellery markets soon. Strong early demand for the first Emirati gemstone shows real promise for local makers. The Emirati Goldsmiths Platform plans to support designers, suppliers, and buyers across the chain. You can expect this national stone to shape UAE luxury jewellery for years ahead.

  • 3 min read
Saudi Arabia rethinks NEOM giga-project
  • Saudi Arabia

Saudi Arabia rethinks NEOM giga-project plans as new budget figures reveal billions set aside for cancellations. The 2026 to 2030 budget includes around $16 billion in payments to contractors, according to Semafor. These payments are tied to penalty clauses inside long-term agreements signed during years of rapid contracting. Saudi authorities now expect to spend more on cancelling work than on building it. You should watch this shift because it reshapes one of the world’s largest development plans.

NEOM sits under the Public Investment Fund, which now reviews spending across its entire portfolio. The fund once projected that the full project would cost more than $1 trillion to build. Officials have already spent $64 billion on the site, with progress focused on select areas. Visible work centres on Oxagon NEOM, the industrial city and port near the Red Sea. An $8.4 billion green hydrogen project also nears completion within this same coastal zone.

This reset gained pace after Aiman Al-Mudaifer became NEOM’s chief executive during the past year. His strategic review brought layoffs, corporate restructuring, and a fresh look at development plans on-site. Saudi Arabia rethinks NEOM giga-project priorities through tighter procurement and a clear focus on delivery.

THE COST OF SLOWING DOWN GROWS

The reported $16 billion bill shows that scaling back a project this size carries high costs. NEOM contract cancellation costs equal more than a third of the projected 2026 budget deficit. Negotiations with contractors might change the final figure, people familiar with the matter told Semafor. The Line Saudi Arabia plan has become the clearest symbol of this wider recalibration effort. Planners first presented it as a 170-kilometre linear city running from the coast inland. Its scale, cost, and timeline drew growing scrutiny as the kingdom reassessed spending priorities. Semafor reported earlier work on The Line stays delayed until after the year 2030. Officials now redirect this spending toward infrastructure carrying clearer strategic or commercial near-term value. Selected parts of the development stay fully active even during this broader financial pullback.

WHY SAUDI ARABIA RETHINKS NEOM GIGA-PROJECT SPENDING

Saudi Arabia rethinks NEOM giga-project budgets because deficits and weak foreign investment forced tighter choices. The Public Investment Fund now favours projects tied to clearer returns and national priorities. Those priorities include logistics, artificial intelligence, defence, and infrastructure for Expo 2030 and the 2034 World Cup. Oxagon NEOM gained importance as the Iran war disrupted shipping through the Strait of Hormuz. The Red Sea port now serves as an alternative route for goods moving into the Gulf. One Qatar-based firm moved cargo from Europe to Doha in 22 days using this route. NEOM still plans to spend $10.7 billion on new work, mostly tied to Oxagon and utilities.

WHAT THE RESET MEANS FOR YOU

By contrast, some tourism plans face long delays under the revised NEOM budget 2026 framework. MAGNA resorts and the Trojena mountain site wait until the next decade for fresh funding. As I see it, Saudi Arabia rethinks NEOM giga-project plans to protect long-term financial stability. You now see a kingdom balancing bold ambition against cost, liquidity, and tight delivery timelines. The shift signals discipline reaching every corner of the kingdom’s wider development programme today.

  • 3 min read
Revolut's India launch
  • Technology

Revolut’s India launch has begun, with thousands of waitlisted users now testing the new app. The British fintech started this controlled beta ahead of a wider public release in India. Revolut confirmed that a few thousand customers already use the platform across the country today. Company access rolls out slowly to a small slice of roughly 450,000 waitlisted people. You can see why this matters, since India hosts one of the largest payment markets. India’s Unified Payments Interface, or UPI, has reshaped how people and businesses move money daily. UPI payments processed 23.2 billion transactions worth about $313.8 billion during May, government data shows.

How Revolut’s India launch reaches its first users

Beta users now reach UPI payments, e-money wallets, and several card options inside the app. Those cards include domestic prepaid cards, multi-currency cards, virtual cards, and disposable cards for spending. The prepaid cards Indian users receive now work for both local and travel spending needs. Revolut plans to add its Lifestyle and RevPoints features before it widens the rollout further. Joint family accounts stay off the menu here, since such products need a banking license. A Revolut spokesperson said the firm runs a controlled onboarding of its waitlist members. The team gathers feedback now to refine core features before a larger audience arrives later. Localized versions live on both the Google Play Store and Apple’s App Store right now. Revolut earlier acquired Arvog Forex in 2022 to strengthen its regulatory base across the country.

Inside the app, licenses, and the digital payments market

The Revolut app India users download offers UPI handles, budgeting tools, and strong security features. Revolut has built its India business since 2021 and secured key licenses from the Reserve Bank. A prepaid payment instrument license lets the firm issue cards and link with UPI today. Paroma Chatterjee leads Revolut’s local operations and shapes the strategy behind this market push. Chatterjee said the company starts “with payments” because family finance offers strong growth room ahead. India’s digital payments market ranks among the most competitive and fastest-growing arenas worldwide today. Revolut wants to serve more than 150 million young, globally minded Indians aged 25 to 45. The company targets 20 million users by 2030 and at least $7 billion in transactions. Consumer interest keeps building, since the app saw nearly 820,000 downloads across India already. More than a third of those downloads happened in 2025 and early 2026, Sensor Tower estimates. Revolut leans on emerging markets for growth, with downloads in Brazil climbing 487% last year. Downloads in Thailand and Vietnam grew 40% and 52% during 2025, Sensor Tower data shows. Such numbers show why India holds a central place in Revolut’s long expansion plan.

Where Revolut’s India launch heads next

Revolut’s India launch still faces tough rivals like Paytm, Google Pay, and PhonePe nationwide. The firm invested over £40 million to meet India’s strict data sovereignty rules first. Revolut says it will open direct signups to every user in the near future. As I see it, Revolut’s India launch tests whether a Western neobank fits local habits. Your choice of payment app now grows wider as this global player enters the field. Revolut’s India launch will shape its global future if the market rewards steady growth.

  • 3 min read
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