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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

HIBATULLAH BARAKAT/Middle East Images/AFP via Getty Images

At least $216B needed to rebuild postwar Syria, says World Bank

Reconstruction costs of damaged physical assets are projected at between $140 billion and $345 billion, with a conservative best estimate of $216 billion, the World Bank reports.

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

A ship sails along Egypt's Suez Canal near Ismailia, on April 16, 2025.

China deepens textile investments in Egypt's Suez Canal Zone

The agreements will establish new textiles factories covering 238,000 square meters, which are expected to create more than 3,000 direct job opportunities.

Solar panels are installed on the roof of a school in Bahrain's capital, Manama, on Aug. 25, 2022.

Bahrain joins Gulf’s late movers in the solar race with 150 MW project

If completed on schedule, the Bilaj Al Jazayer solar plant would more than double the kingdom’s total installed renewable capacity, which stood at just 69  MW in 2024.

Qatari liquefied natural gas carrier "Duhail" passes through the Suez Canal near the Egyptian port city of Ismailia, on April 1, 2008.

Egypt overtakes Kuwait as MENA’s biggest LNG importer: What to know

Last year, the North African country shifted from being a net exporter to a net importer of LNG, due to soaring demand and production declines.

Aerial view of wind turbines and solar panel farm in Kayseri, Turkey.

Analysis

Turkey's Gulf energy drive gains momentum with $1B Masdar deal

As part of a goal to quadruple wind and solar capacity by 2035, Turkey is hoping to seal major deals with Masdar and ACWA Power to overcome recent dealmaking headwinds.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Khaled Alanani, the Bank of London & The Middle East's head of real estate and investments

Interview

Gulf real estate investors choose UK over US amid political instability

The London-based lender is seeing an increase in demand from Gulf investors in UK real estate as US markets have become less predictable.

Khaled Alanani

Head of real estate finance and investments, Bank of London and The Middle East

Banque Saudi Fransi - Head Office in Al Wizarat - stock photo

Singapore's DBS Group, Banque Saudi Fransi ink Asia-Gulf trade deal

Trade between Southeast Asia and the GCC reached about $130.7 billion in 2023 and is expected to grow by another $50 billion by 2027, according to the Singaporean lender.

Picture of a Libyan dinar banknote bearing a portrait of former leader Moammar Gadhafi is pictured in Tripoli, on Sept. 8, 2011.

Libyans rush banks amid cash crunch, government to print $11B in dinars to ease crisis

The Libyan Central Bank has been printing more money in response to cash shortages in the country, as falling oil prices and corruption take their toll.

Ferries sail on Bosphorus in Istanbul, on August 29, 2025, next to the 15 July Martyrs Bridge, known as Bosphorus bridge.

Turkey sees FDI rise 58% as investor confidence returns

Turkey’s economy is seeing an uptick in foreign investment after a financial downturn punctuated by its highest inflation on record.

Two Exchange Square in Central District. Hong Kong Stock Exchange (SEHK) is located in the this building.

Hong Kong exchange expands Gulf presence with new Dubai commodities arm

The emirate has positioned itself as a global commodities trading hub, with the UAE ranking second globally after the US in last year’s Commodity Trade Index.

United Arab Emirates