UAE port operator DP World's profits fall 60% amid Yemen's Houthi Red Sea attacks

The Dubai-based logistics firm reported $265 million in profit for the first half of 2024 ending June 30, down from $651 million the same time last year.

United Arab Emirates

Analysis

Pessimism prevails as Gaza cease-fire talks resume in Doha

Negotiators are meeting in Doha for what the Biden administration has described as “final stage” Gaza cease-fire talks. But with Hamas refusing to participate and Israel driving a hard bargain, is there any reason for optimism?

By Elizabeth Hagedorn

In Washington, DC, reporting on diplomacy, regional politics, human rights

Netflix in crosshairs as Middle East streaming competition mounts

Samuel Wendel

In Washington, DC, reporting on regional business and tech

Air France to resume Beirut flights as Lufthansa, Ryanair extend suspensions

The escalating conflict between Israel and Iran has international airlines suspending flights to cities across the Middle East.

Lebanon

Israel’s Elbit Systems sees Q2 revenues rise by 12% amid Gaza war sales

Around 27% of the company sales came from Israel compared to 17% last year, as military equipment demand increases for the war efforts in Gaza.

Israel

Interview

Nomo Bank sees increasing appetite for Islamic investments, ETFs

Paul Szumilewicz, chief revenue officer at UK-based Nomo Bank, said there is a growing demand from the bank’s clients to invest in exchange-traded funds (ETFs) — a pre-defined group of bonds, stocks or commodities poured into a fund and listed on the stock exchange.

Paul Szumilewicz

Nomo Bank Chief Revenue Officer

Israel's Netanyahu shakes off credit downgrade as deficit grows

Last week, Israel reported that its 12-month trailing deficit widened to 8.1% in July, from 7.7% in June.

Israel

Oil markets take wait-and-see approach amid Israel-Iran tensions

Despite fears of regional conflict upending oil markets, some experts say that Gulf oil facilities or crude oil tankers would have to be hit directly for any major upheaval to the market in the near term.

By Sebastian Castelier

In Dubai, reporting on regional business

Analysis

Will Saudis’ $1.5B cash infusion help Lucid compete with Tesla?

The Saudi-backed electric vehicle maker Lucid has never been profitable, but the kingdom remains strategically committed to it amid the growing EV market in the Gulf.

By Adam Lucente , Jack Dutton

UK, Poland guarantee $272M loan for Turkey's second-largest solar project

The seven solar power plants will have an aggregate power-generating capacity of 390 Megawatt peak and service Bor-Nigde, Gaziantep and Sanliurfa-Viransehir provinces.

Turkey

Saudi Aramco CEO predicts 1.6-2M bpd oil demand rise after sharp price fall

The bullish perspective follows the price of Brent crude falling amid the global stock downturn and coincides with Aramco buying a more than $700 million stake in a Saudi energy complex.

Saudi Arabia

Travelers scramble as airlines cut flights amid fear of Iran-Israel war

Germany's Lufthansa extended a suspension of services to Tel Aviv, Tehran, Beirut, Amman and Erbil to Aug. 13.

Lebanon