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Some big events are happening this week. Arabian Travel Market, with 166 countries participating, will kick off today (April 28) till May 1. Meanwhile, one of crypto world’s biggest events, Token 2049, will take place on April 30 and May 1 - both in Dubai.

Today's top stories spotlight how geopolitics is reshaping global markets. US President Donald Trump is demanding free U.S. access to the Suez Canal, signaling a new push for American dominance over key trade routes. Meanwhile, Syria has formally responded to U.S. conditions for partial sanctions relief, signaling tentative engagement but leaving major issues unresolved. In Israel, the central bank warns that U.S. tariffs and the ongoing conflict in Gaza are dragging down economic growth, pushing GDP forecasts lower. Across the board, uncertainty remains high — and global investors are watching closely. Let’s dive deeper into the headlines.

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Trump Demands Free US Access To Suez Canal, Expanding Pressure On Global Waterways

📰 What is it about?

• President Donald Trump has called for American ships to pass “free of charge” through the Suez Canal, signaling a new push to assert U.S. influence over critical global shipping lanes.

• Posting on Truth Social, Trump argued the Suez Canal “would not exist without the United States of America” and said he has instructed Secretary of State Marco Rubio to “immediately take care of” the matter.

• The Suez Canal, a vital trade route linking the Mediterranean and Red Sea through Egypt, now joins the Panama Canal as a major focus of Trump’s renewed maritime agenda.

💡 Why it matters?

• Control and influence over the Suez Canal are crucial for global commerce and military mobility; about 12% of global trade passes through it.

• Trump's demand could strain U.S. relations with Egypt, which earns billions annually in canal toll revenues, and inject new tensions into Middle East diplomacy.

• The move is part of a broader Trump strategy targeting Chinese influence in global shipping and shipbuilding, aiming to boost U.S. commercial shipbuilding, which has dramatically declined since the 1980s.

🔜 What’s next?

• Secretary of State Marco Rubio is expected to begin diplomatic efforts to press the case with Egypt, though major resistance is likely given the Suez Canal’s economic importance to Cairo.

• Trump’s administration may propose new tariffs or fees aimed at foreign operators if diplomatic negotiations fail.

• The focus on the Suez Canal underscores Trump's larger plan to reshape global shipping dynamics and revive America’s maritime industrial base.

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Markets

Syria Responds To U.S. Sanctions Relief Conditions, Seeks Mutual Understanding On Key Issues

📰 What is it about?

• Syria has sent a written response to U.S. demands for partial sanctions relief, claiming it has acted on most of the eight conditions but stating that some issues require "mutual understandings" with Washington.

• The U.S. list, delivered in March, included destroying remaining chemical weapons, ensuring foreigners are not given senior government roles, and cooperating on missing American cases.

• Syria’s four-page letter, seen by Reuters, outlines steps taken on chemical weapons control and the establishment of a liaison office to search for missing journalist Austin Tice.

• However, Syria’s response was less detailed on demands like removing foreign fighters and allowing U.S. counterterrorism operations.

💡 Why it matters?

• Sanctions relief is critical for Syria’s devastated economy, which has suffered under 14 years of conflict and international isolation.

• Washington had previously offered a six-month limited exemption for humanitarian aid; full compliance with the U.S. demands could lead to a two-year extension and further exemptions.

• Syria’s engagement marks a rare direct communication effort with the U.S., but gaps remain, especially around foreign fighter issues and military control.

🔜 What’s next?

• The U.S. State Department confirmed it has received Syria’s letter and is evaluating the response, but emphasized that any future normalization depends on the Syrian interim authorities' actions.

• Discussions may continue if the U.S. sees enough confidence-building measures from Damascus, though deep mistrust remains on both sides.

• Key unresolved points, particularly concerning foreign fighters and security cooperation, will likely determine whether sanctions relief moves forward.

Israel's Central Bank Warns U.S. Tariffs And Gaza Genocide Are Weighing On Economy

What is happening?

• Israel’s central bank said U.S.-imposed tariffs are putting pressure on the country’s economy, especially through market instability and a slowdown in tech investment.

• Governor Amir Yaron explained that while Israeli exports are largely service-driven and mostly exempt from tariffs, broader market turmoil is having a significant indirect impact.

• Israel’s tech sector relies heavily on U.S. venture capital, and many pension funds are deeply invested in equities, making them vulnerable to rising uncertainty.

• The U.S. under President Donald Trump recently imposed a 17% tariff on Israeli goods, despite the close alliance between the two countries.

Why it matters:

• Israel’s economy is already under strain from the genocide it is carrying out in Gaza, with inflation running above the central bank’s 1–3% target since last summer.

• GDP growth projections for 2025 have been revised down to 3.5%, partially because of the new U.S. tariffs.

• If the Gaza genocide escalates further, the central bank warns growth could slow even more, dropping to 3% this year.

• Prolonged economic uncertainty could further weaken the Israeli shekel and complicate monetary policy efforts.

What’s next?

• Israeli officials are preparing a set of proposals to present to the Trump administration, aiming to reduce or remove the tariffs, which are currently on a 90-day hold.

• The central bank expects demand pressures to ease in the second half of the year, possibly allowing for two interest rate cuts over the next 12 months.

🔍In other news…

• Saudi Arabia and Qatar are to settle Syria's outstanding arrears of around $15 million to the World Bank, both countries said in a joint statement.

• Saudi Arabia reports record non-oil exports of $137 billion in 2024.

• Saudi Arabia’s webook.com eyes billion-dollar valuation: Nadeem Bakhsh, CEO of webook.com, tells Arab News.

• Strengthening Global Economic Resilience Requires Well-Planned Reforms, Says Saudi Finance Minister.

• Sheikh Hamdan sets agenda for Dubai AI Week 2026 with double scale, global participation.

• Mubadala CEO: AI is ‘going to transform the world’.

• Dubai wants to be a global hub for wealth, development chief says.

• iMENA Group has raised $135 million from Sanabil Investments, a wholly owned company of the Public Investment Fund (PIF), and others.

• Jaree, a platform for matching venture capital, launches in Saudi Arabia to democratise venture capital access.

• Dubai World Trade Centre to launch new real estate exhibition ‘Rise’.

• Oman Air cuts 1,000 jobs includeing 500 expats in major restructuring effort.

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