From Israel to Iran, Modi 3.0 eyes deepening of India's Middle East ties

India refuses to be restricted by its former Cold War commitments; as with any other power or wannabe power, only self-interest matters, and the oil monarchies of the Gulf top India's list of friends in the region.

Iran

Houthi attacks caused 90% drop in Red Sea shipping, Pentagon finds

The Pentagon’s Defense Intelligence Agency found that the attacks impacted at least 65 countries and forced at least 29 major energy and shipping companies to change their routes.

Yemen

Saudi Arabia holds investment summit in Brazil, plans to invest $15B

Brazil’s energy minister said Saudi Arabia plans to invest $15 billion in the South American country, bolstering already strong economic relations based largely on mining, meat and oil.

Saudi Arabia

Barclays plays down Israel military links as protesters target branches

More than 15 branches of the bank across England and Scotland were found with windows smashed and red paint daubed over the buildings as part of a protest calling on the bank to divest from arms companies that sell to Israel as well as from fossil fuel businesses.

Palestine

Egypt's year-on-year inflation drops below 30% in first since January

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt’s inflation rate has maintained its downturn for the fourth consecutive month, dropping to 28.15% in May from 32.54% in April.

Egypt

Analysis

How Saudiwood’s power play is reshaping Middle East film industry

While the country's first entry at Cannes didn’t win, its inclusion in the festival was another step toward Saudi ambitions to become a film industry powerhouse.

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Saudi Arabia poised to raise $11.2B in Aramco's second IPO

Aramco had set a price range of its shares between 26.7 and 29.0 riyals ($7.12 and $7.73) but said on Friday it ended up pricing them at 27.25 riyals ($7.27).

Saudi Arabia

Invest Qatar sees big role for logistics sector, World Cup spurred investments

The Gulf country ranks seventh globally in logistics competence in Agility's Emerging Markets Logistics Index as the Qatar Free Zones Authority brings in top companies in the sector.

Qatar

OPEC chief defends oil cut phase-out plans despite bearish market

The markets reacted bearishly OPEC+'s Sunday output decision, worrying it could lead to oversupply later in 2024 despite slow demand growth.

United Arab Emirates

Interview

Oman to phase out polluting industries 'too difficult to decarbonize'

Omani Minister of Energy and Minerals Salim Al Aufi told Al-Monitor that if his government finds an industry too difficult or costly to decarbonize, there will be discussions taking place about phasing the sector out all together.

Salim Al Aufi

Oman Minister of Energy and Minerals

Qatar National Bank says GCC banks have more liquidity than global rivals

An executive at the Qatari lender said that Gulf countries will have to compete with the rest of the world for billions of dollars in equity to finance infrastructure projects, of which there is a higher demand than supply.

Saudi Arabia

Le Drian says France keen to help Saudi Arabia transition away from oil

France's former top diplomat said that his country was supportive of Saudi Arabia's efforts to diversify its economy.

Saudi Arabia