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Economy & Business

Gantry cranes are seen behind signage for ports operator DP World at an entrance to the Port Botany compound in Sydney on Nov. 13, 2023.

UAE port operator DP World's profits fall 60% amid Yemen's Houthi Red Sea attacks

The Dubai-based logistics firm reported $265 million in profit for the first half of 2024 ending June 30, down from $651 million the same time last year.

United Arab Emirates

OMAR AL-QATTAA/AFP via Getty Images

Analysis

Pessimism prevails as Gaza cease-fire talks resume in Doha

Negotiators are meeting in Doha for what the Biden administration has described as “final stage” Gaza cease-fire talks. But with Hamas refusing to participate and Israel driving a hard bargain, is there any reason for optimism?

Elizabeth Hagedorn

By Elizabeth Hagedorn

In Washington, DC, reporting on diplomacy, regional politics, human rights

Co-founder and Ceo of Starz Play Maaz Sheikh poses in his office in Dubai on April 23, 2019. Streaming services in the Middle East are competing for Arab audiences with US giant Netflix set to release its first Arabic production in June, chasing a slice of a potentially lucrative market. (Photo by GIUSEPPE CACACE / AFP) (Photo by GIUSEPPE CACACE/AFP via Getty Images)

Netflix in crosshairs as Middle East streaming competition mounts

Samuel Wendel

In Washington, DC, reporting on regional business and tech

STEPHANE DE SAKUTIN/AFP via Getty Images

Air France to resume Beirut flights as Lufthansa, Ryanair extend suspensions

The escalating conflict between Israel and Iran has international airlines suspending flights to cities across the Middle East.

Latest News

Israel’s Elbit Systems sees Q2 revenues rise by 12% amid Gaza war sales

JACK GUEZ/AFP via Getty Images

Interview

Nomo Bank sees increasing appetite for Islamic investments, ETFs

A man walks out of Bank Station, in The City financial district, in central London, on June 12, 2024. (Photo by BENJAMIN CREMEL / AFP) (Photo by BENJAMIN CREMEL/AFP via Getty Images)

Paul Szumilewicz

With Paul Szumilewicz

Nomo Bank Chief Revenue Officer

Israel's Netanyahu shakes off credit downgrade as deficit grows

OREN ZIV/AFP via Getty Images

Oil markets take wait-and-see approach amid Israel-Iran tensions

GIUSEPPE CACACE/AFP via Getty Images

Sebastian Castelier

By Sebastian Castelier

In Dubai, reporting on regional business

Analysis

Will Saudis’ $1.5B cash infusion help Lucid compete with Tesla?

A picture taken on July 14, 2022, ahead of a visit by the United States president to Saudi Arabia, shows hostesses in a car manufactured by US electric vehicle maker Lucid Group.

Adam Lucente

By Adam Lucente , Jack Dutton

Jack Dutton

Chief Business Correspondent

In Bristol, reporting on regional business, climate change, AI, tech

Adam Lucente

News and Business Correspondent

In New York City, reporting on regional news, militancy, climate change

Jennifer Gnana

Gulf Correspondent

In Dubai, reporting on Gulf energy policy and politics

Samuel Wendel

Senior Market Research Analyst

In Washington, DC, reporting on regional business and tech

Sabena Siddiqui

In Karachi, reporting on South Asia, Middle East, Iran

Sebastian Castelier

In Dubai, reporting on regional business

Britain's Prime Minister Keir Starmer delivers a speech during a visit to Hutchinson Engineering in Widnes, north of England, on July 25, 2024.

UK’s new government reboots trade talks with Gulf, Israel, Turkey

New British Prime Minister Keir Starmer has made economic growth a priority of his Labour government and has pledged to make the UK the fastest-growing economy in the G20.

Members of the public walk along the high street on March 21, 2024, in Lewes, England.

Gulf investment in UK real estate to hit $4B annually, says BLME

Research predicts that demographic trends and supply shortages will make the UK's real estate sector a more popular option for investors in the future.

Beijing

China’s Baosteel ups investment in Saudi steel plate venture to $1B

A subsidiary of the world’s largest steelmaker, China Baeowu Steel Group, will have a 50% stake in a major new Saudi-based venture.

Turkey's Finance Minister Mehmet Simsek speaks during a breakout session on Creating Competitive Economies at the Qatar Economic Forum in Doha on May 15, 2024. (Photo by KARIM JAAFAR / AFP) (Photo by KARIM JAAFAR/AFP via Getty Images)

Turkey returns $5B deposit to Saudi Arabia amid economic recovery

The Saudi Fund for Development decided to hold the funds in the Turkish Central Bank in March 2023 after ministerial meetings the previous year — the deposit helped Turkey firm up its weakened currency, the lira.

Foreign exchange rates are displayed against the Turkish lira on Istiklal Avenue, Istanbul, Turkey, March 21, 2024.

Turkey’s Central Bank keeps interest rates at 50% as inflation cools

The decision, part of a pause in monetary tightening since April, comes as the country’s annual inflation slowed down in June for the first time in eight months, but still remains above 70%.

A flydubai Boeing 737 Max taxis at Dubai International Airport in Dubai, on Nov. 22, 2023.

UAE's Flydubai says Boeing delays hurt airline’s expansion plans

The Virginia-based plane-maker has been beset by plane delivery delays since its best-selling narrow-body aircraft, the 737 MAX, was flagged for safety concerns and experienced technical problems and additional quality control processes.

United Arab Emirates

ALEXEY NIKOLSKY/SPUTNIK/AFP via Getty Images

Why G7's economic policy toward Russia might alienate Saudi Arabia

The G7 has seized hundreds of billions of dollars in Russia’s frozen assets in response to Moscow's 2022 invasion of Ukraine.

Trump Tower interior

Trump adds to Gulf portfolio with Dubai tower deal

The Trump Organization and Dar Global have unveiled a new development, adding to others in Oman and Saudi Arabia this year.

United Arab Emirates

A welcoming sign is placed on the shore of the Suez Canal in the northeastern Egyptian city of Ismailiya, May 27, 2021.

Houthi attacks on Red Sea shipping wipe $2B off Suez Canal annual revenue

The Suez Canal Authority said revenue for fiscal year 2023/24 fell to $7.2 billion, down from $9.4 billion the preceding year.

Media image of a Lilium eVTOL jet, download July 18, 2024.

Saudia inks deal for electric flying taxis from Germany amid airline order spree

The agreement to purchase 50 jets, with an option for 50 more, was made with Lilium, headquartered outside Munich.

ACWA Power and China Southern Power Grid representatives.

Saudi-China energy cooperation strengthened by Uzbek wind project sale

Both Saudi Arabia and China are seeking to tap into Uzbekistan's and Central Asia’s energy potential.

Shoppers walk past a coffee shop at a shopping mall in Ankara, Turkey on April 2, 2024.

Turkey sees 157% wealth growth despite economic malaise

Bloated asset prices due to sky-high inflation put Ankara at the top of the survey, despite many Turks struggling to get by in real cash terms.

In Bristol, reporting on regional business, climate change, AI, tech