UAE suspends Emirates Gold over money laundering allegations 

The London Bullion Market Association, which regulates the United Kingdom capital’s metals market, suspended Emirates Gold DMCC’s affiliate membership after conducting a review.

United Arab Emirates

Iran’s Raisi seals 21 deals on Africa trip, attends drone exhibit in Kenya

Iran is seeking stronger ties to sub-Saharan Africa but faces competition from the Gulf and China.

Iran

Turkey's Erdogan anticipates 'serious investments' from Gulf ahead of visit

Ahead of Turkish President Recep Tayyip Erdogan’s Gulf tour which will include Saudi Arabia, the UAE and Qatar, Ankara is working to maximize economic cooperation with regional states in a bid to ease its foreign currency crunch.

Turkey

Saudi Arabia imports record volumes of discounted Russian fuel oil in June

Europe used to be the top market for Russian oil and petroleum products but all that has changed since Russia's invasion of Ukraine.

Saudi Arabia

Analysis

Qatar leans east to achieve 40% global LNG output by 2029

Qatar took steps last year to maintain its lead in the LNG market and increase future output with the approval of expansion projects set to raise production by 64% to 126 million tons per year by 2027.

By Salim A. Essaid

France’s Alstom to build second rail plant in Morocco

The company has previously made tramway vehicles in Rabat and Casablanca as well as high speed trains that operate between Casablanca and Tangier.

Morocco

Analysis

Tunisia-Italy cable project part of effort to connect energy grids with Europe: World Bank

Other North African countries are also interested in connecting grids with Europe.

By Jack Dutton

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

UAE becomes observer in Asian money laundering group

The move follows the UAE being added to a financial watchdog’s list of countries with deficiencies in countering money laundering.

Legacy: Gulf

Saudi Public Investment Fund reports $11 billion loss for 2022

Saudi Arabia's sovereign wealth fund reports its assets have risen from $676 billion to about $778 billion in 2022 in a rare gesture of transparency for the Gulf.

Saudi Arabia

OPEC oil export revenues surpass $870 billion, highest in decade

The revenues from the Organization of Oil Petroleum Exporting Countries peaked in 2012, when they reached $1.2 trillion.

Legacy: Gulf

The future of renewable energy generation in the Gulf

There is a global race to build clean energy infrastructure, and the Gulf states are excelling as key competitors in this race.

Karen Young

In Washington, DC, reporting on regional energy

Egypt receives $1.9 billion from sale of state-owned companies

Egypt started selling state-owned entities in response to its economic crisis. Gulf states have hinted that they may not support Egypt as much as they have in the past.

Egypt