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Economy & Business

In this picture obtained from Iran's ISNA news agency on May 4, 2026, the Iran-flagged tugboat Basim sails near a ship anchored in the Strait of Hormuz off Bandar Abbas in southern Iran.

What to know about Iran's 'Persian Gulf Strait Authority' to control Hormuz traffic

The establishment of an entity seeking to control maritime transportation in the Strait of Hormuz is the latest sign that Iran wants to formalize authority in the strategic waterway.

Egyptian Prime Minister Mostafa Madbouly speaks in Beirut on Dec. 19, 2025.

Egypt ramps up energy investments amid war-driven price pressures

Prime Minister Mostafa Madbouly said Wednesday that Egypt has secured commitments exceeding $19 billion from international oil companies over the next three years.

Tankers are seen at the Khor Fakkan Container Terminal in the Sharjah Emirate, along the Strait of Hormuz on June 23, 2025. (Photo by Giuseppe CACACE / AFP) (Photo by GIUSEPPE CACACE/AFP via Getty Images)

Few ships pass Hormuz despite US efforts to break Iran's hold

Only four commercial vessels had transited the strait in the 24 hours before Tuesday morning, according to ship-tracking data.

Latest News

Iran strikes UAE’s Fujairah oil hub as US pushes Hormuz reopening

Meysam MIRZADEH / TASNIM NEWS / AFP via Getty Images

United Arab Emirates

Analysis

MENA wheat importers face food security risks as Hormuz crisis festers

Crops of wheat and barley in Terbol village on May 10, 2022, in Bekaa Valley, Lebanon.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Oman enters Gulf AI race with new special economic zone in Muscat

Haitham AL-SHUKAIRI / AFP via Getty Images

Oil surges past $120 to war-time high as Trump rejects Iran overture

A pumpjack stands idle in the Huntington Beach oil field, with port cranes visible in the distance, on April 23, 2026, in Huntington Beach, California.

Samuel Wendel

Senior Market Research Analyst

In Washington, DC, reporting on regional business and tech

Adam Lucente

News and Business Correspondent

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

Jack Dutton

Chief Business Correspondent

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

Sabena Siddiqui

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

Vanessa Ghanem

In Dubai, reporting on business, energy and politics

Francisco Serrano

In Lisbon, reporting on North Africa business

Spots of gold-rich ore speckle a stone pictured during a press tour at the Al-Amar Gold Mine, in the Riyadh region on May 28, 2008.

Analysis

US-Gulf critical minerals ties grow in bid to weaken China’s grip on industry

Saudi Arabia and the UAE are emerging as indispensable partners to the United States in its efforts to “friend-shore” a strategic sector and supply chains dominated by China.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

A man monitors the board at the Stock Exchange Market (Tadawul) bourse in Riyadh, Dec. 12, 2019.

Saudi Arabia opens Nomu Parallel Market to new investors: What to know

Easing investing rules and deepening capital markets to diversify the Saudi economy are key to fulfilling Vision 2030.

Salah Malkawi/Getty Images

Jordan-Syria trade surges as Damascus restores transit routes

Bilateral trade rose for the first nine months of 2025, since the change of administration in Damascus.

His Excellency President CyrilRamaphosa welcomes G20 Heads of State and Government to the G20 Leaders’ Summit, hosted by South Africa at the Johannesburg Expo Centre in Gauteng, on Nov. 22, 2025.

UAE showcases global AI ambitions with $1B Africa pledge at G20

The Gulf country is the world's top investor in Africa, with Emirati companies committing $100 billion to projects on the continent between 2019 and 2023, according to data from the Financial Times.

United Arab Emirates

People drive past election billboards in Baghdad, Oct. 14, 2025.

Analysis

Iraq’s economic future in limbo as paralysis looms post-election

Negotiations over coalition-building could take months, leaving Baghdad in a holding pattern at a moment when reforms and fiscal adjustments are greatly needed.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Mark Carney in UAE

UAE pledges up to $50B for Canada during Carney's Abu Dhabi visit

The agreement was signed by Canadian Prime Minister Mark Carney and UAE President Mohammed bin Zayed Al Nahyan on Friday, during the former’s official visit to Abu Dhabi.

United Arab Emirates

Crown Prince and Prime Minister of the Kingdom of Saudi Arabia Mohammed bin Salman (R) arrives as US President Donald Trump is seen on a screen.

Gulf AI ambitions get boost with US approval of advanced chip exports

Washington has been cautious about sending sensitive advanced microchips to Middle East countries with close ties to China, fearing that the technology could end up in Beijing’s hands.

US President Donald Trump and Crown Prince and Prime Minister Mohammed bin Salman of Saudi Arabia stand for a photo.

US-Gulf critical minerals ties deepen as Saudis strike rare earths deal

The Nevada-based producer said the new joint venture will develop a refinery capable of processing raw materials from Saudi Arabia and abroad to supply manufacturing and defense industries in both countries.

DELIL SOULEIMAN/AFP via Getty Images

Syria signs deals with ConocoPhillips, Novaterra Energy: What to know

Syria signed a memorandum of understanding with US energy companies ConocoPhillips and Novaterra Energy to develop and explore gas fields as Damascus works to revive the country’s battered natural gas sector.

Russian President Vladimir Putin meets with Egyptian President Abdel Fattah El-Sisi at the Kremlin in Moscow, on May 9, 2025.

Egypt, Russia advance construction at Dabaa nuclear plant: What to know

The Dabaa nuclear plant could help Egypt address its energy woes while boosting cooperation with Russia.

White House dinner

Tech titans gather as US-Saudi investment forum opens, MBS nets key deals

President Donald Trump welcomed Saudi Crown Prince Mohammed bin Salman with a red carpet to Oval Office talks and a black-tie dinner with celebrities.

US President Donald Trump meets with Crown Prince and Prime Minister of the Kingdom of Saudi Arabia Mohammed bin Salman in the Oval Office of the White House in Washington, DC on Nov. 18, 2025.

MBS pledges Saudi investment of $1T in Trump meeting

Crown Prince Mohammed bin Salman said the move is in line with Saudi Arabia's investment strategy, particularly its desire to increase computing capabilities and develop an artificial intelligence sector.