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Economy & Business

Haitham AL-SHUKAIRI / AFP via Getty Images

Oman enters Gulf AI race with new special economic zone in Muscat

Oman will create an AI-focused special economic zone in Muscat governorate.

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.

Oil surges past $120 to war-time high as Trump rejects Iran overture

Benchmark Brent crude surpassed $120 per barrel on Wednesday, reaching the highest levels yet seen during the US-Israel-Iran war.

An Iraqi money dealer counts Iranian rial banknotes bearing a portrait of the late founder of the Islamic Republic of Iran, Ayatollah Ruhollah Khomeini, at an exchange office in Baghdad on Feb. 3, 2012.

Iranian rial hits new record low as blockade, war take toll: What to know

The rial had another collapse in late 2025, triggering massive protests and riots in the country that were ended by a forceful government crackdown.

GIUSEPPE CACACE/AFP via Getty Images

Analysis

UAE’s OPEC exit rattles cartel as Gulf alliances shift

OPEC's fourth-largest producer will leave the cartel on May 1, marking the most significant departure in the group’s history as the war changes Abu Dhabi's relationship priorities.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Latest News

Why UAE's decision to leave OPEC is major shift for cartel

MUMEN KHATIB/AFP via Getty Images

United Arab Emirates

First LNG tanker transits Strait of Hormuz since Iran war began

Yuichi YAMAZAKI / AFP via Getty Images

Pistachios reach highest prices in eight years amid Iran war

An Iranian grocer sells pistachios imported from Iran at a Persian products shop in the Gulf emirate of Dubai on July 10, 2019. (Photo by Karim SAHIB / AFP) (Photo credit should read KARIM SAHIB/AFP via Getty Images)

UAE’s cash request tests US ties as Iran war strains Gulf financial muscle

A view of Dubai Marina in Dubai on March 3, 2026.

United Arab Emirates

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

Representatives of OPEC member countries attend a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting, Vienna, Austria, Oct. 5, 2022.

Iraq's commitment to OPEC oil reduction won't affect exports

Iraq's oil reduction per the recent OPEC+ agreement will not affect the country's revenues, according to Iraq's oil minister.

OPEC

Oil prices up after OPEC+ cut

Saudi Arabia has been pushing for production cuts due to fluctuations in global oil prices.

Iraqi Prime Minister Mustafa al-Kadhimi (2nd right) and his Jordanian counterpart, Bisher al-Khasawneh (2nd left), are seen during the launching ceremony of the electrical grid connection project between the two countries, Anbar province, Iraq, Oct. 6, 2022.

Iraq, Jordan launch electrical grid connection project

Iraq and Jordan launched a project for an electrical grid connection between the two countries in order to improve Iraq's electricity situation and boost economic ties between the two countries.

A guest walks in the lobby of Al-Masa Hotel during an African Ministers of Finance Economy and Environment Meeting for the COP27 climate summit, at the New Administrative Capital, east of Cairo, Egypt, Sept. 7, 2022.

COP27 presents Egypt financing opportunities for sustainable development

Egypt is considering dozens of national green and sustainable development projects as part of the government’s plan to adapt to climate change and switch to green sustainable development, as it prepares to host the UN Climate Change Conference.

A picture taken on Aug. 25, 2022, shows Egyptian pounds and US dollars banknotes.

Egyptian pound hits nominal record low ahead of IMF deal

The global economic storm has put a lot of pressure on the local currency, which nevertheless remains strong against other currencies.

Moroccans raise placards as they gather in front of parliament in the capital Rabat to protest against rising prices, on February 20, 2022. (Photo by AFP) (Photo by STR/AFP via Getty Images)

Inflation in Maghreb will continue to undercut real wages and feed social discontent

Francisco Serrano

Francisco Serrano

In Lisbon, reporting on North Africa business

A view of the platform of the Leviathan natural gas field in the Mediterranean Sea.

Israel, Cyprus to resolve disagreement over maritime gas field

Most of the disagreement points between Israel and Cyprus over the joint Aphrodite-Yishai natural gas reservoir have been resolved, and an agreement is apparently imminent.

Saudi staff are pictured where the Financial Sector Conference was held in Riyadh on April 24, 2019.

Is Saudi Arabia changing approach to cryptocurrencies?

Although Saudi Arabia seems to be warming to cryptocurrencies, it is unlikely to displace the UAE as the region’s crypto hub anytime soon.

Iran's Foreign Minister Hossein Amir-Abdollahian (R) receives his Syrian counterpart Faisal Mekdad in Tehran, on July 20, 2022.

Syria and Iran lower tariffs per free trade agreement

Syria and Iran signed a free trade deal more than 10 years ago but are still working out the details. The two countries are not major trade partners despite being political and military allies.

Halfaya oil field in the al-Kahla district in the city of Amara south of Baghdad on July 26, 2022.

Abu Dhabi port operator signs oil transport deal with Iraqi firm

AD Ports Group is seeking to expand its international business, recently making agreements in Egypt and Uzbekistan to this end.

A customer holds US dollar banknotes outside a currency changer as Turkey's economy is suffering its biggest economic crisis in decades, Istanbul, Turkey, Sept. 6, 2022.

Turkish inflation passes 83% as Erdogan eyes further rate cuts

Despite a galloping inflation topping 83%, Turkish President Recep Tayyip Erdogan has doubled down on his controversial monetary policy, urging the central bank to cut its policy rate to single digits by the year-end.

An aerial view of the city of Zahle in Lebanon's eastern Bekaa Valley, photo taken during a press tour by the Lebanese air force, July 1, 2021.

From homes to guesthouses: some Lebanese find ways to survive economic meltdown

Despite Lebanon's worst financial crisis since its civil war, guesthouse investment is growing as rural tourism soars, generating much-needed revenue for its cash-strapped citizens and empowering local communities and talents.