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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

Lufthansa Airbus A 340

Mideast airlines see 0.4% dip amid Iran, Gaza wars, as global demand up 2.6%

Conflict-related airspace closures and regional tensions disrupted airlines based in the Middle East.

WASHINGTON, DC - JULY 29: U.S. President Donald Trump walks across the South Lawn of the White House followed by granddaughter Chloe after returning on Marine One on July 29, 2025 in Washington, DC. President Trump returned to the White House with his family after a trip to Scotland that was part vacation, part work, as he stayed at his Trump Turnberry golf course, followed by Trump International Golf Links in Aberdeenshire, from July 25 to 29. (Photo by Anna Moneymaker/Getty Images)

Analysis

Middle East braces for Trump's tariffs: Gulf gains, North Africa strains as both hedge

The tariffs could be wins for the Gulf states, as many have trade surpluses with the United States, while some in North Africa and the Levant, with trade deficits, stand to lose.

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

A train moves during the inauguration of a 140-kilometer line running from eastern Iran into western Afghanistan, at a railroad station in Khaf, on Dec. 10, 2020.

China steps in to help electrify Iran’s railways: What to know

Iran’s First Vice President Mohammad Reza Aref met with members of the Iran-China Joint Chamber of Commerce on Monday as ties grow.

Men inspect an electric car at a showroom in Riyadh on June 8, 2024.

Interview

Growing Chinese competition in Mideast car market 'key challenge,' Ford says

Chinese automotive companies are increasing their market share and are projected to capture 34% of the Middle East and Africa market by 2030, according to one analysis.

Ravi Ravichandran

Ravi Ravichandran

President of Ford Middle East and North Africa

Kuwaiti traders follow the stock market activity at Boursa Kuwait, in Kuwait City, on April 7, 2025.

Mideast private equity down 38%, but higher-value deals dominate

Saudi Arabia was the region’s most active market with 13 transactions, followed by the UAE with 12.

LIONEL BONAVENTURE/AFP via Getty Images

Analysis

Fitch maintains Saudi Arabia's A+ credit rating, but how secure is it?

The kingdom's oil dependence, World Bank governance indicators and vulnerability to geopolitical shocks have improved but remain weaknesses, the ratings agency noted.

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

This picture taken on on Feb. 1, 2021 shows a view of the downtown Dubai skyline, with Burj Khalifa, as seen from the Dubai Frame vantage point.

Wealthy flock to UAE, fueling Dubai’s 32% company surge: What to know

Gulf states are diversifying their economies away from reliance on oil, and the UAE is leading the charge, with the country on track to welcome nearly 10,000 high-net-worth individuals this year.

United Arab Emirates

BEIJING, CHINA - MAY 30: Chinese President Xi Jinping and United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan review the honour guard during a welcome ceremony at The Great Hall of People on May 30, 2024 in Beijing, China. (Photo by Tingshu Wang - Pool/Getty Images)

UAE’s AD Ports Group opens first China office: What to know

UAE-China trade relations are on the rise amid persistent US scrutiny over sensitive technology.

United Arab Emirates

GIUSEPPE CACACE/AFP via Getty Images

Saudi mining licenses soar as kingdom hunts critical metals: What to know

The Saudi government has cleared hurdles for the mining industry in its pursuit of critical materials.

Saudi Crown Prince Mohammed bin Salman is greeting Syria’s interim president, Ahmad al-Shara, left, during his arrival on Sunday at the royal palace in Riyadh, Saudi Arabia

Saudi Arabia pledges $6B investment, to sign 47 deals with Syria: What to know

The event is a milestone for Syria-Saudi relations and the deals coming out of it are expected to help create 50,000 jobs across the country.

An image of Karim Attiyeh.

Meet Karim Attiyeh, youngest Arab American billionaire of Lebanese origin

Karim Attiyeh, a Lebanese-born technologist, has been named by Forbes Middle East as the youngest billionaire of Arab origin in the United States, joining the list of the 125 richest immigrant billionaires in the US.

BAKR ALKASEM/AFP via Getty Images

Saudi Arabia to invest $6B in Syria in boost to Sharaa: What to know

The kingdom has been at the forefront of diplomatic and economic efforts to support Syria's recovery.