Saudi oil exports fall to 21-month low

The decline in the kingdom’s oil exports follows its production cuts as well as those of Russia. Saudi Arabia may face difficulties maintaining price stability moving forward.

Legacy: Gulf

Offshore gas rig sets up in cash-strapped Lebanon

The arrival of the machinery marks a significant development for Lebanon, which hope gas exploration will revive its ailing economy.

Lebanon

Israel’s inflation drops to 3.3%, beating expectations

Inflation in Israel has dropped to 3.3% from 4.2% in June, even as analysts predicted it would rise in July.

Israel

Iran’s oil exports to China hit 10-year high

Iran is growing politically and economically closer to China in light of US sanctions.

Iran

How significant is India's first ever use of rupees for UAE oil payment?

Abu Dhabi National Oil Company (ADNOC) received the rupee payment of an undisclosed amount from Indian Oil Corp., according to an Indian Embassy statement acquired by Reuters.

United Arab Emirates

Moody’s upgrades outlook for Turkish banks amid economic U-turn

The US-based rating agency projected Turkey's economic growth to be 4.2% at the end of 2023, falling from 2022’s 5.6%.

Turkey

Israel’s natural gas-export drive to get boost from new drilling licenses

With initial bids submitted in July to explore for new sources of natural gas, Israel has moved an important step closer towards a significant increase in production.

David Rosenberg

In Tel Aviv, reporting on business and tech

Saudi Arabia's Al-Hilal lures Neymar from PSG in $98m deal

The transfer will complete once the Brazilian forward has done a medical check and all necessary paperwork, the BBC reported.

Saudi Arabia

Manchester United expected to close $9.15B sale to Qatari royal

Qatari banker Sheikh Jassim bin Hamad Al Thani and Jim Ratcliffe, CEO of UK-based petrochemicals company INEOS, have been competing to buy the soccer team.

Qatar

What is Emiratization and how did UAE recover $600,000 from 'fake hires?'

The UAE recovered $600,000 worth of payments made by private companies to 107 Emiratis for fake jobs created in an attempt to fulfill Emiratization quotas.

United Arab Emirates

Analysis

Russia’s oil sales to China hurt Saudi revenue despite increased demand

Despite oil prices maintaining a seven-week rally and crude demand expected to reach record highs in 2023, the burden of maintaining higher oil prices is pushing Saudi Arabia to the limit.

By Salim A. Essaid

Middle East Water Security: Competition heats up as resources become scarcer

The Middle East and North Africa region is “the most water-scarce region in the world” and is home to 11 of the 17 most water-stressed countries globally.