Explainer

War, oil, AI: What US midterms could mean for Middle East economies

Governments across the Middle East will be watching closely after the election amid fears the US-Israel-Iran war could spiral into a new cycle of violence.

United States

Aramco begins expansion of oil export route bypassing Hormuz

The kingdom plans to expand the East-West Pipeline’s capacity to carry crude to as much as 10 million barrels per day.

Saudi Arabia

UAE taps French firm for first-ever natural hydrogen exploration: What to know

Under the UAE National Hydrogen Strategy 2050, the Gulf country aims to establish itself as a global producer and supplier of low-emission hydrogen by 2031 while supporting its net-zero emissions target by 2050.

United Arab Emirates

UAE’s Al Habtoor Group to sell all assets in Lebanon: What to know

The company suspended operations in Lebanon back in January, citing massive losses exceeding $1.7 billion due to the country's financial crisis, capital controls and security concerns.

Lebanon

Analysis

Could Israel’s election deadlock threaten its resilient economy?

The country's political gridlock leaves unresolved who will address problems beneath robust headline growth figures, including fiscal pressures, high living costs and growing international isolation that economists warn could erode future prosperity.

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Oil tops $114 as traders brace for Iran escalation after US midterms

On Friday, BP posted its highest profits in 18 years as a result of the Iran conflict, which has driven up oil and gas margins.

Iran

Qatar becomes largest buyer of LNG from US amid Hormuz disruption

QatarEnergy has agreed to purchase up to 7 million metric tons per year of US LNG through long-term contracts signed this month.

Qatar

Newsletter: Business & Tech

Israel’s next economic test

Beyond the immediate uncertainty, whoever forms the next government will inherit mounting fiscal pressures, high living costs, labor shortages and brain drain.

By Jack Dutton

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

Israel election limbo drags down shekel, stocks

The Tel Aviv Stock Exchange’s benchmark TA-125 index fell roughly 2.5% on Wednesday, plunging in early trading before recovering some losses later in the day.

Israel

Canada, UAE sign trade pact as Ottawa seeks to diversify beyond US

The agreement is set to broadly lift tariffs on key products as Canadian officials hope to boost bilateral trade to $7 billion within a decade.

United Arab Emirates

Saudi oil infrastructure in crosshairs as Houthis claim Ras Tanura strike

Ras Tanura is home to the kingdom’s largest refinery and one of the world’s most important oil export terminals.

Saudi Arabia

Riyadh airport reopening faces turbulence as Houthis claim new strikes

A trickle of flights landed and departed from the Saudi capital on Monday as the Houthis continued to threaten aviation in the Gulf state.

Saudi Arabia