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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

NIKITA BORISSOV/AFP via Getty Images

Russia’s energy minister in Iran to discuss stalled natural gas deal: What to know

Russia and Iran are strengthening their energy ties amid their growing international isolation.

The Public Investment Fund is present during the BNP Paribas Open at Indian Wells Tennis Garden on March 13, 2024, in Indian Wells, California.

Saudi Arabia's PIF buys $2B majority stake in entertainment giant MBC

The deal highlights the PIF’s continued expansion into the regional media and entertainment sector in accordance with Saudi Arabia's Vision 2030 agenda.

Tom Brady and head of Saudi Arabia’s General Entertainment Authority, Turki al-Sheikh, unveil the flag football tournament in Las Vegas on Sept. 17, 2025.

Saudi sports push targets NFL with flag football series featuring Tom Brady

The Public Investment Fund is not yet investing in the National Football League amid restrictions on state entities, but is eyeing flag football as the sport grows in the region.

ADNOC headquarters is pictured in this undated image, in Abu Dhabi.

ADNOC’s XRG abandons $18.7B takeover bid for Australia’s Santos

The consortium led by XRG made an $18.7 billion nonbinding indicative proposal in June to acquire Santos in an all-cash deal worth 8.89 Australian dollars ($5.76) per share.

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

Thomas B. Shea/Getty Images

Ben & Jerry's co-founder quits over Gaza battle with owner Unilever

Jerry Greenfield has resigned after 47 years with the company he founded, saying he could no longer “in good conscience” remain an employee of Ben & Jerry’s and that the company had been “silenced” by Unilever.

KHALED DESOUKI/AFP via Getty Images

Egypt's Suez Canal Economic Zone posts record $237M revenues

Suez Canal transit revenues declined 54% between July 2024 and March 2025, caused by reduced shipping traffic in the Red Sea amid attacks by Yemen's Houthi rebels on commercial vessels.

Google Pay, China’s Alipay+ launch in Saudi Arabia amid cashless push

Both payment platforms will use mada, the kingdom’s national payment system.

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

Serdar Ozsoy/Getty Images

Turkish markets, lira gain as Ankara delays ruling on opposition head's ouster

An Ankara court adjourned a case to October 24 to ouster the opposition CHP party's chairman, as part of a long-running political crackdown by the ruling AKP party.

MURAT KOCABAS/Middle East Images/AFP via Getty Images

Analysis

KFC’s Turkey relaunch tests Western brands’ resilience in Gaza boycott era

From KFC to Carrefour, the Middle East's consumer brand landscape is undergoing significant shifts as the two-year anniversary of boycotts linked to the Gaza war approaches.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Saudi Arabia's Bayan Sadagah (C-L) celebrates her goal during a friendly football match between Saudi Arabia and Bhutan at Prince Sultan bin Abdulaziz stadium in Abha on September 24, 2022. (Photo by AFP) (Photo by -/AFP via Getty Images)

Saudi Arabia launches 24-hour women’s sports channel: What to know

The launch coincides with the start of the Saudi Women’s Premier League season, which will see the soccer competition broadcast nationally and globally for the first time.

Foreign laborers work on the construction of new luxury houses in the Saudi capital, Riyadh, on April 13, 2019.

Saudi crown prince vows to ground soaring property prices: What to know

Crown Prince Mohammed bin Salman vowed to implement policies aimed at reducing real estate costs and providing a wider range of housing options.

Guests attend a policy dialogue on Embracing Emerging Opportunities in times of Economic Uncertainty during the 10th Belt and Road Summit in Hong Kong, China, Sept. 10, 2025.

Hong Kong inks agreements with Gulf partners at BRI Summit

Some 36 business agreements covering finance, technology, logistics, professional services and education were set to be signed at the event.