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Globant Opens Its Middle East Regional Headquarters in Riyadh  

Globant’s Middle East Regional headquarters in Riyadh, Saudi Arabia. (Globant) 
Globant’s Middle East Regional headquarters in Riyadh, Saudi Arabia. (Globant) 
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Globant Opens Its Middle East Regional Headquarters in Riyadh  

Globant’s Middle East Regional headquarters in Riyadh, Saudi Arabia. (Globant) 
Globant’s Middle East Regional headquarters in Riyadh, Saudi Arabia. (Globant) 

Globant, a digitally native company focused on reinventing businesses through innovative technology, inaugurated on Monday its Middle East Regional headquarters in Riyadh, less than three years after it first landed in the region.

Globant, which is listed on the New York Stock Exchange (NYSE), said in a statement that the digital transformation market in the Middle East is experiencing substantial development.

According to a Gartner report, IT spending in the MENA region is set to grow 7.4% to reach $230.7 billion in 2025.

In Saudi Arabia in particular, IDC projects that IT services spending is set to grow at a compound annual growth rate (CAGR) of 9.0% between 2022 and 2027, reaching $6.4 billion.

“Through the opening of our new Middle East headquarters in Riyadh, we have the honor of applying our talent to be a part of Saudi Arabia's reinvention story as well,” said Martín Migoya, Co-founder and CEO of Globant.

He said: “Since our first executive visit less than three years ago, we’ve seen first-hand the promise of the Kingdom’s vibrant and young talent and how it can be the engine for growth in its new and innovative economy.”

In order to seamlessly offer AI-first solutions as, for example, models where experts supervise agentic workflows, Globant said it will train talented local IT professionals with best-in-class AI courses to support their development as AI Architects and AI Engineers.

“Today, we have taken a step forward in our journey to drive change and foster a future where technology and human progress go hand in hand,” said Mamdouh Aldoubayan, Managing Director for MENA at Globant.

He added: “Riyadh's vibrant tech ecosystem presents an unparalleled opportunity for us to showcase our leadership in driving digital transformation and contributing to the Kingdom's Vision 2030, fostering local talent, and building enduring partnerships.”

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Business

Oil Prices Dip after Iran Says Dozens of Vessels are Crossing Hormuz

(FILES) The price per litre of unleaded petrol and diesel is pictured in front a Shell petrol station in Wrotham Heath, south east England on May 7, 2026. British energy giant Shell announced on May 7, 2026 a 19-percent increase in net profits for the first quarter as the Middle East war sent oil and gas prices soaring in volatile trading. (Photo by Ben STANSALL / AFP)
(FILES) The price per litre of unleaded petrol and diesel is pictured in front a Shell petrol station in Wrotham Heath, south east England on May 7, 2026. British energy giant Shell announced on May 7, 2026 a 19-percent increase in net profits for the first quarter as the Middle East war sent oil and gas prices soaring in volatile trading. (Photo by Ben STANSALL / AFP)
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Oil Prices Dip after Iran Says Dozens of Vessels are Crossing Hormuz

(FILES) The price per litre of unleaded petrol and diesel is pictured in front a Shell petrol station in Wrotham Heath, south east England on May 7, 2026. British energy giant Shell announced on May 7, 2026 a 19-percent increase in net profits for the first quarter as the Middle East war sent oil and gas prices soaring in volatile trading. (Photo by Ben STANSALL / AFP)
(FILES) The price per litre of unleaded petrol and diesel is pictured in front a Shell petrol station in Wrotham Heath, south east England on May 7, 2026. British energy giant Shell announced on May 7, 2026 a 19-percent increase in net profits for the first quarter as the Middle East war sent oil and gas prices soaring in volatile trading. (Photo by Ben STANSALL / AFP)

Oil prices dipped on Thursday after Iran's state media said about 30 vessels had crossed the Strait of Hormuz in recent hours while the semi-official Fars news agency cited a source saying Iran had begun allowing transit for some Chinese vessels.

Meanwhile, the White House, speaking of US President Donald Trump's meeting with Chinese President Xi Jinping, said both leaders agreed the Strait of Hormuz must be open for the free flow of energy. Xi said the "rejuvenation of China" and "Make America Great Again" can go hand in hand.

Easing from an earlier high of $107.13 a barrel, Brent crude oil futures were down 60 cents, or 0.6%, to $105.03 a barrel at 1422 GMT. US West Texas Intermediate futures dropped 52 cents, or 0.5%, to $100.50.

Both contracts fell on Wednesday as investors worried about possible US interest rate hikes as higher fuel prices spur inflationary pressures. Brent crude futures lost more than $2 a barrel, while WTI futures dropped more than $1.

Xi expressed interest in purchasing more US oil to reduce China's dependence on the Strait of Hormuz, according to the White House. China, never a big buyer of US crude, has not imported any since May 2025 due to a 20% import tariff imposed during the trade war.

The Strait of Hormuz, a key energy gateway, has been largely shut since the Iran war broke out at the end of February.

Iran appears to have tightened its control over the strait, cutting deals with Iraq and Pakistan to ship oil and liquefied natural gas from the region.

Before the Fars report, a Chinese supertanker carrying 2 million barrels of Iraqi crude sailed through the strait on Wednesday after being stranded in the Gulf for more than two months.

A Panama-flagged crude oil tanker managed by Japanese refining group Eneos has also passed through the strait, ship-tracking data from LSEG showed on Thursday, the second instance of a Japan-linked oil ship making it through.

Global oil supply will fall short of total demand this year as inventories are drained at an unprecedented pace, the International Energy Agency said on Wednesday.

In the United States, crude inventories fell by 4.3 million barrels to 452.9 million barrels for the week ended May 8 on rising exports, the EIA said, although distillates stockpiles rose, in opposition to expectations of a draw.

Business

Türkiye Raises End-2026 Inflation Target to 24%

FILE PHOTO: A view of the city's business and financial districts, from the July 15 Martyrs' Bridge, known as the Bosphorus Bridge, which links the city's Asian and European sides, in Istanbul, Türkiye, November 2, 2025. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A view of the city's business and financial districts, from the July 15 Martyrs' Bridge, known as the Bosphorus Bridge, which links the city's Asian and European sides, in Istanbul, Türkiye, November 2, 2025. REUTERS/Murad Sezer/File Photo
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Türkiye Raises End-2026 Inflation Target to 24%

FILE PHOTO: A view of the city's business and financial districts, from the July 15 Martyrs' Bridge, known as the Bosphorus Bridge, which links the city's Asian and European sides, in Istanbul, Türkiye, November 2, 2025. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A view of the city's business and financial districts, from the July 15 Martyrs' Bridge, known as the Bosphorus Bridge, which links the city's Asian and European sides, in Istanbul, Türkiye, November 2, 2025. REUTERS/Murad Sezer/File Photo

Türkiye's central bank raised its end-2026 interim inflation target to 24% from 16% Governor Fatih Karahan said on Thursday, forecasting that the inflationary effects related to the Iran war would remain pronounced in the short term.

Presenting the central bank's quarterly inflation report in Istanbul, Karahan said the bank also lifted its end-2027 interim inflation target ⁠to 15% from ⁠9%, setting its end-2028 interim target at 9%.

"While the central question before us is how long the regional tensions and pressures on energy supply will persist, we assess that the related inflationary effects ⁠will remain pronounced in the short term," Reuters quoted Karahan as saying.

He said that how long the tension lasts is a critical risk factor in terms of the inflation outlook, adding that there would be no compromise on the bank's determination to bring down inflation and it will continue to use all available tools for disinflation.

In the previous quarterly inflation report ⁠in ⁠February, the bank raised its year-end inflation forecast range by two percentage points to 15-21% and maintained its interim 16% target, despite market doubts about whether the downward trend seen throughout 2025 is on track.

The war-related surge in energy prices has rattled import-heavy economies like Türkiye. Monthly inflation surged to 4.18% in April and 32.37% on the year.

Business

UK Economy Shows Unexpected Growth of 0.3% in March

Union flags flutter in the breeze close to the Victoria Tower and Palace of Westminster, home to the two houses of Parliament, after the State Opening of Parliament in London on May 13, 2026. (Photo by Adrian DENNIS / AFP)
Union flags flutter in the breeze close to the Victoria Tower and Palace of Westminster, home to the two houses of Parliament, after the State Opening of Parliament in London on May 13, 2026. (Photo by Adrian DENNIS / AFP)
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UK Economy Shows Unexpected Growth of 0.3% in March

Union flags flutter in the breeze close to the Victoria Tower and Palace of Westminster, home to the two houses of Parliament, after the State Opening of Parliament in London on May 13, 2026. (Photo by Adrian DENNIS / AFP)
Union flags flutter in the breeze close to the Victoria Tower and Palace of Westminster, home to the two houses of Parliament, after the State Opening of Parliament in London on May 13, 2026. (Photo by Adrian DENNIS / AFP)

Britain's economy expanded unexpectedly in March to cap another strong first quarter, suggesting the economy was in slightly better shape as the Iran war escalated than many feared, official data showed on Thursday.

Gross domestic product increased by 0.3% month-on-month in March, the Office for National Statistics (ONS) said, against expectations in a Reuters poll of economists for a 0.2% contraction.

The ⁠services sector, construction ⁠output and manufacturing all grew strongly.

"Many will be unconvinced that this momentum can be sustained throughout this year," said Scott Gardner, investment strategist at J.P. Morgan Personal Investing.

"The risk is that ⁠the energy price spike following the start of the Iran conflict will persist and lead to a rebound in inflation."

Recent business surveys point to a rapid increase in cost pressures that is likely to weigh on corporate activity.

For the first quarter as a whole, the economy expanded by 0.6% - marking the third year ⁠running ⁠of conspicuously strong growth in the first quarter.

The ONS on Thursday published a blog that acknowledged there may be post-pandemic shifts in the timing of spending in the economy, and nudged down its readings for the first quarters of 2024 and 2025.

Finance minister Rachel Reeves said the data showed she had the right economic plan.