Diverging Gulf bets: PIF exits US tech stocks as Mubadala reshuffles portfolio

During a quarter in which US stocks began surging toward record highs, two of the Gulf's most influential investors took different approaches to the market.

United Arab Emirates

China expands auto investment in Egypt with $1B Suez tire plant

Egyptian Prime Minister Mostafa Madbouly said the project aligned with his country’s strategy to localize the automotive industry and manufacturing supply chains.

Egypt

Saudi Ferrari among $9.4M in cars seized during London 'supercar season'

Dozens of supercars were seized by London police last week during a popular time for the world's wealthy vehicle owners to tour the city.

Saudi Arabia

Norway's wealth fund vows to stay invested in Israel after selling shares in 11 firms

In a press conference on Tuesday, the fund said it had sold the stake in Bet Shemesh Engines Ltd, a group that provides services to the Israeli military, including the maintenance of fighter jets.

Israel

Analysis

As Trump plays Russia oil sanctions gambit, will Middle East profit or pay?

A potential US crackdown on Russian oil buyers could disrupt global trade flows — and the Middle East stands to both benefit and lose.

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Landmark $18.7B Santos-ADNOC takeover delayed: What to know

Santos said in a statement that the due diligence period, initially set for six weeks, has been extended until Aug. 22.

United Arab Emirates

$35B gas deal underscores Egypt’s energy reliance on Israel despite Gaza tensions

Israel and Egypt have finalized a $35 billion gas deal that will double Israeli gas exports by 2029, highlighting Cairo’s growing energy dependence on its neighbor, even as political tensions rise over Gaza.

Egypt

UAE looks to boost Russia trade to $23B despite Trump tariff threats

The two countries signed a trade agreement focusing on several key sectors, including fintech, health care, logistics, transportation and services.

United Arab Emirates

Saudi Arabia’s King Khalid airport sets record with 3.9M passengers in July

Air travel is a part of the Vision 2030 plan to diversify the economy, though challenges remain in attracting tourists and catching up to other Gulf airports.

Saudi Arabia

China's oil imports fall 5.4% as Iranian flows recede from June highs

US President Donald Trump has intensified pressure on Iran’s economy, clamping down on its oil sector, a critical component of the state budget.

Iran

UAE president heads to Russia to meet Putin as ties grow: What to know

UAE President Sheikh Mohammed bin Zayed al-Nahyan is heading to Moscow on Thursday for an official visit, his second in less than a year as Russian-Emirati relations continue to develop rapidly.

United Arab Emirates

Chinese company to build Oman's first green hydrogen plant: What to know

The plant in Duqm plans to produce 1 million metric tons of green hydrogen per year by 2030.

China