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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

An aerial view shows the town of Ghadames, a desert oasis some 400 miles southwest of the capital Tripoli, Libya, Oct. 19, 2021.

Oil pollution threatens Libyan oases

The populated areas near the oil fields in northeast Libya are suffering from pollution resulting from oil-related operations, in the absence of any action from authorities.

Sunset shot showing a row of electricity pylons in the desert, Dubai, United Arab Emirates (Getty Images)

Analysis

2022 in review: Saudi-China, Qatar-Germany deals cap Middle East's energy developments

Hydrogen power, oil price fluctuations and electric vehicles could feature prominently in the region in 2023.

Adam Lucente

By Adam Lucente

In New York City, reporting on regional news, militancy, climate change

An Iraqi man counts Iraqi dinars as he exchanges them for US dollars at a money exchange office, Baghdad, Iraq, Dec. 12 2007.

Iraq's Central Bank moves to strengthen dinar against US dollar

The plan includes a measure to buy more Chinese yuan. Other states are also considering using the yuan more.

A general view shows headscarves for sale at Khan al-Khalili market, Cairo, Egypt, May 20, 2016.

Secondhand clothes offer Egyptians respite as inflation skyrockets

With living expenses rising and temperatures dropping and inflation surging to a five-year high of 18.7%, many Egyptians are looking to buy secondhand clothes at Wekalat al-Balah, Egypt's most famous used clothing market in the center of Cairo

The Evergreen leaves the Suez Canal for the Mediterranean after the signing of the settlement contract, Ismailia, Egypt, July 7, 2021.

Egyptian official says Suez Canal 'not for sale' amid fears of foreign investment

The chairman of Egypt's Suez Canal Authority has responded after a parliamentary session discussing a private fund linked to the waterway sparked widespread criticism.

KHALED DESOUKI/AFP via Getty Images

Egypt raises interest rates to end 2022

Inflation continues to increase in Egypt and the Central Bank is uncertain about 2023.

Chris McGrath/Getty Images

Turkey raises minimum wage, keeps interest rates unchanged

Inflation is running rampant in Turkey, but the president continues to stubbornly reject higher interest rates.

This picture shows Dubai's Financial Center in Sheikh Zayed road on October 2, 2019 in Dubai. - With the highest tower in the world, grand commercial centres and artificial islands, Dubai projects an image of prosperity, even as the city-state races to court investors to bolster a flagging economy. Despite boasting the most diverse economy in the Gulf region, the emirate's vital property, tourism and trade sectors have weakened in recent years. (Photo by KARIM SAHIB / AFP) (Photo by KARIM SAHIB/AFP via Gett

Riyadh unlikely to unseat Dubai as regional financial hub

Samuel Wendel

In Washington, DC, reporting on regional business and tech

Abu Dhabi

Abu Dhabi bank launches new sustainability program

Several Middle Eastern banks and funds are pursuing finance focused on green technology and the environment.

A picture taken on Nov. 3, 2019, shows a sign of Saudi Aramco's initial public offering.

Saudi Arabia sends blue ammonia to South Korea

Saudi-South Korean energy and economic cooperation is increasing. Other Gulf states are also exploring blue ammonia, and the energy source has both benefits and downsides.

Delegations from Egypt, Israel, Cyprus, Italy, the Palestinian Authority, Jordan, France, the United States and Greece attend the East Mediterranean Gas Forum, Cairo, Egypt, Jan. 16, 2020.

Report: Israel may start exporting gas to Cyprus via new pipeline

The comments from Cyprus’ energy minister come as Israel is eyeing more gas exports to Europe.

Egypt's President Abdel Fattah al-Sisi (L) greets Chinese President Xi Jinping (R) during a signing ceremony at the Great Hall of the People on December 23, 2014 in Beijing, China. President Abdel Fattah al-Sisi is undertaking his first visit to China in hopes to secure investment deals. (Photo by Greg Baker - Pool/Getty Images)

China emerges as lead funder for Egypt's new administrative city

This month, President Xi reaffirmed China’s commitment to the project in a meeting with Egypt's president on the sidelines of a Saudi summit. But that commitment may be tested in the coming months as Egypt’s loans come due.