  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 F_2^gamma(x,Q^2) at low x and on the
gamma*-gamma* cross-section.
