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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

wind farm

Analysis

Egypt’s renewable power jumps 34% as country tackles energy crunch

After slow growth scaling up clean energy, Egypt’s renewables push may be gaining traction in 2025 as new projects come online in a welcome development for a country that has grappled with a power crunch since 2023.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Justin Sullivan/Getty Images

PayPal, UAE's DP World sign MoU to speed digital payments

Under the agreement, international transactions are expected to be executed in minutes rather than take up to a week.

United Arab Emirates

UAE wealth fund ADIA scoops into $18B Haagen-Dazs owner Froneri

The UAE sovereign wealth fund has become a co-investor in Froneri in a deal valuing the global ice cream firm at about $18 billion.

United Arab Emirates

aluminium-dutton

Saudi, Chinese companies to develop giant aluminum industrial hub in Riyadh

The new industrial base is set to cover 1.5 million square meters and will be developed in two phases, with the first expected to be completed in 30 months and create more than 1,800 jobs.

Australian Prime Ministry

UAE deepens Asia ties as Malaysia, Australia trade deals kick in

Asia accounts for around 60% of the world’s gross domestic product and pursuing trade deals there helps the UAE hedge against dependence on both the US and China.

United Arab Emirates

A Riyadh Metro train makes its way along a track in the middle of a road in Riyadh on December 3, 2024.

What’s next for Saudi Arabia’s budget balancing act as deficit doubles?

The Gulf state now expects a deficit of $65.3 billion in 2025 — more than double the initial forecast — as the kingdom continues heavy spending amid weak oil prices.

A Ryanair Boeing 737-800 aircraft lands at Barcelona's 'El Prat' airport on September 28, 2018

Ryanair scraps Tel Aviv return amid airport dispute, regional instability

The Irish low-cost carrier said Tuesday it would not restart winter flights to Israel, scrapping some 22 routes to and from Tel Aviv and around 1 million seats.

The Saudi delegation meets with Vietnamese officials in Hanoi, Sept. 29, 2025.

After China, Saudi industry minister visits Vietnam in eastward economic push

Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef met with a number of Vietnamese officials on Monday as the oil-rich Gulf kingdom looks east to diversify its economic alliances.

Iranians drive next to a billboard displaying pictures of nuclear scientists, centrifuges and a sentence reading in Farsi, "Science is the power," at the Enqelab Square in Tehran, on Aug. 29, 2025.

Iran rial hits record low 1.13M to dollar as UN snapback sanctions resume: What to know

The sanctions, which were trigged by the three European signatories to the nuclear deal, will not hinder Iranian oil exports to China, an official said.

EA office building in Austin, Texas, USA.

Gaming giant Electronic Arts taken private in $55B Saudi-backed buyout

The transaction represents a significant deal involving entities close to the Saudi Arabian and US governments.

Eric Trump, executive vice president of the Trump Organization and the US president's son, looks over the proposed plan ahead of the signing ceremony with Qatar's Diar and Dar Global, Doha, Qatar, April 30, 2025.

Trump family further expands Gulf business with $1B Jeddah plaza project

It will be the second Trump-branded development in the kingdom after the launch of Trump Tower Jeddah last December.

The headquarters of the UAE's state oil company, ADNOC, Dubai, July 27, 2022.

Analysis

After $20B deals unravel, will Gulf oil majors scale back abroad?

International deals pursued by Saudi Aramco and the UAE's ADNOC have collapsed in recent weeks, adding fresh complications for both national oil companies amid their drive to grow in new markets.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech