We introduce a saturation model for photon-photon interactions, based on a QCD dipole picture of high energy scattering. The two-dipole cross-section is assumed to satisfy the saturation property. This pomeron-like contribution is supplemented with QPM and non-pomeron reggeon contributions. The model gives a very good description of the data on the \gamma \gamma total cross-section, on the photon structure function F₂^\gamma (x,Q²) at low x and on the \gamma ^* \gamma ^* cross section.

PACS numbers: 12.38.Aw, 12.40.Nn