Economy & Business - AL-MONITOR: The Middle Eastʼs leading independent news source since 2012

Business and Economy Cover Image

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

SAMEER AL-DOUMY/AFP via Getty Images

Turkey’s Central Bank slashes interest rates after devastating earthquakes

The move is likely aimed at weathering the fallout from the devastating earthquakes in accordance with the Turkish government's economy policy to prioritize economic growth at the expense of inflation.

Indian Prime Minister Narendra Modi (R) shares a light moment with Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed al-Nahyan at Hyderabad House in New Delhi on February 11, 2016. The crown prince is on a three-day state visit to India until February 12. AFP PHOTO / Money SHARMA / AFP / MONEY SHARMA (Photo credit should read MONEY SHARMA/AFP via Getty Images)

US, India, UAE, Israel convene I2U2 forum in Abu Dhabi

The meeting builds on the food security initiative spearheaded by President Joe Biden in 2021 in preparation for global climate change.

A man sits atop a rolled-up tent in the garden of Yenimahalle Cemevi.

Turkey bans layoffs, introduces benefits, amid mounting earthquake failures

The Turkish government’s new decisions come amid mounting criticism over its failure to provide a timely and organized response to the killer earthquakes.

Backers of the the Southern Transitional Council (STC) which seeks independence for south Yemen, stand guard outside a bank in the Crater district in the centre of Yemen's second city of Aden on August 12, 2019. - (Photo credit should read NABIL HASAN/AFP via Getty Images)

Reports: Saudi Arabia to deposit $1 billion in Yemen’s central bank

The European Union also announced additional funding for Yemen, while a famine watchdog said that economic warfare is increasingly causing hardship for Yemenis.

A view of the platform of the Leviathan natural gas field in the Mediterranean Sea is pictured from the northern coastal beach of Nasholim, Israel, Aug. 29, 2022.

Israel's NewMed gas group to build facility in East Med

The move comes as Israel is seeking to export more gas to Europe.

Neptune

Ukraine war at year 1: Europe seeks secure energy ties with Middle East

As the war in Ukraine drags on, Western sanctions on Russia, the world’s largest natural gas and second-largest oil exporter, have sent Europe hunting for alternatives in the Middle East and North Africa.

Sheep walk amid drought and low water levels in the Euphrates River in the western countryside of Tabqa, Raqqa governorate, Syria, Nov. 22, 2022.

Double blow: Syria braces for historic drought after earthquake

For the third consecutive year, delayed rains have left the land scorched and farmers reeling from the impact of a historic drought.

A general view of the oil rig for the Kingfisher development area in Kikuube district on on January 24, 2023. (Photo by Stuart Tibaweswa / AFP) (Photo by STUART TIBAWESWA/AFP via Getty Images)

Junior energy firms to continue to lead hydrocarbons exploration in Morocco

Morocco is hopeful that more gas discoveries will help mitigate its costly oil imports, but it will have to continue to rely on smaller energy firms for exploration efforts.

Francisco Serrano

Francisco Serrano

In Lisbon, reporting on North Africa business

Israel protest

Report: $4 billion flew out of Israel over judicial reform fears

The report from the Israeli news outlet Ynet follows warnings from global financial juggernauts JP Morgan and HSBC.

A Lebanese protester flashes the V-sign for victory and shouts slogans as others vandalise banks in Beirut on February 16, 2023, one day after the Lebanese pound hit a record low against the dollar on the black market. - The country's grinding political and economic crises shows no signs of abating as the pound has lost more than 95 percent of its value against the greenback since the start of the economic collapse in 2019. (Photo by JOSEPH EID/AFP via Getty Images)

Banks burn in Lebanon as exchange rate falls to historic low

Lebanese banks were already on strike and the government’s interventions have failed to alleviate the economic crisis.

A picture taken on May 18, 2017 shows the skyline of northern Tehran from the "Nature" bridge in the capital Tehran on the eve of the presidential elections. / AFP PHOTO / Behrouz MEHRI (Photo credit should read BEHROUZ MEHRI/AFP via Getty Images)

Iran's 'Productivity Plan' likely to lead to an increase in corrupt transactions

Our latest Pro memo looks at how Iran's new strategy to drive economic growth will play out.

Bijan Khajehpour

Bijan Khajehpour

In Vienna, reporting on Iranian politics

A view of the platform of the Leviathan natural gas field in the Mediterranean Sea is pictured from the Israeli northern coastal beach of Nasholim, on Aug. 29, 2022.

Explainer: Israel is now an oil exporter with Energean deal, how significant?

Experts told Al-Monitor that the export is not a significant development despite the media buzz, though it may have good public relations value for Israel’s energy sector.