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

Libya’s largest oil field sees output reduction after shutdown by protesters

The Sharara field in southwestern Libya, which pumped out nearly 270,000 barrels per day of crude on Saturday, fully halted production Monday and was running at reduced production Tuesday due to ongoing protests.

Libya

Global stocks tank over fears of Middle East war, US recession

On Wall Street, the S&P 500 lost 3.1% while the tech-focused Nasdaq Composite Index lost 3.7% of its value after markets opened in New York Monday morning.

Israel

Turkey’s annual inflation slows down to 9-month low of 61%

The drop in the second consecutive month was slightly more than the estimates.

Turkey

Saudi PIF signs deals worth up to $50B with six Chinese institutions

As one of the world’s largest sovereign wealth funds, the $925 billion Saudi PIF is already heavily invested in China.

Saudi Arabia