Saudi PIF invested $31.6B in 2023, record in global sovereign wealth funds

The PIF is estimated to have nearly $800 billion in assets and wants to become the world’s largest sovereign wealth fund by 2030.

Saudi Arabia

Turkey’s exports to Saudi Arabia, UAE and Russia shoot up in 2023: Erdogan

The Turkish president also said the country’s total export revenues reached an all-time high.

Turkey

Prospects dim for post-war Palestinian economic recovery

David Rosenberg

In Tel Aviv, reporting on business and tech

Saudi mining firm Ma’aden announces gold discovery

Saudi Arabia seeks to boost its mining sector, including via investment at home and abroad.

Legacy: Gulf

Global food demand to give Gulf’s liquids-to-chemicals strategy a leg up 

Sebastian Castelier

In Dubai, reporting on regional business

Explainer: Major shipping giants resume Red Sea routes amid Houthi attacks

The Iran-backed Houthi rebels in Yemen have fired on international ships and Israel’s port in the Red Sea since the Gaza war began, wreaking havoc on the global shipping industry.

Legacy: Gulf

Analysis

2023 in review: The year Saudi Arabia became sports superpower

The kingdom has been laying the groundwork to become a sporting leader for decades, but this year marked a turning point as investment ramped up.

By Jack Dutton

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

Houthi attacks: Hundreds of ships to reroute from Red Sea, 44% cost spike for China

The Red Sea is one of the world’s most important shipping routes for oil, fuel and consumer goods, and shipments between Asia and Europe typically go through the sea and the Suez Canal.

Yemen

How Starbucks fell from favor with pro-Israel and pro-Palestinian activists

The coffee giant is no stranger to frothy accusations of being pro-Israel, and now a pro-Palestinian post on one of its union's social media accounts has sparked a boycott.

Israel

Saudi Arabia’s ACWA Power signs $4B green hydrogen deal in Egypt

The second phase of the project could produce 2 million metric tons per year, the statement said, without providing details on the timeline.

Egypt

How will uncertainty and government policies impact Iran’s economic outlook in 2024?

Bijan Khajehpour

In Vienna, reporting on Iranian politics

China's Nio electric vehicle maker gets $2.2 billion from UAE investment firm

Nio is seeking money from the Middle East due to its financial struggles.

Legacy: Gulf