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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

SAM YEH/AFP via Getty Images

Giant retail companies to shake up Israeli market

In an effort to lower prices, the Israeli government is encouraging companies such as Carrefour and AliExpress into the domestic market.

A display highlights Mobileye's autonomous driving technology.

Israeli automotive startups dream of becoming next Mobileye

Vying for the same success of Mobileye, which was bought by Intel five years ago for $15 billion, Israeli startups are doubling their efforts to appeal to foreign investors.

Women walk past a vegetable stand, as workers clear the rubble of a building destroyed by Israeli bombing in May 2021, Rafah, southern Gaza Strip, Sept. 30, 2021.

Israel considers issuing work permits to Gazan women

Israel announced it was considering issuing work permits for women in the Gaza Strip, a move Palestinian official and popular bodies questioned the objectives behind, while many women consider it a step toward financial independence.

Egypt power

Egypt creates plan to reduce electricity consumption

The government's plan to reduce wasted electricity is meant to boost natural gas exports to Europe but is receiving some pushback from domestic users.

Negotiations between President Shavkat Mirziyoyev and Crown Prince Mohammed bin Salman Al Saud took place in Jeddah Aug. 18, 2022.

Saudi Arabia strengthens ties with Uzbekistan via wind power, investment deals

Uzbekistan’s relations are also improving with the United Arab Emirates and Israel.

OZAN KOSE/AFP via Getty Images

Turkey cuts interest rates as Erdogan continues to defy economic wisdom

President Recep Tayyip Erdogan continues to lower interest rates to stimulate economic growth as inflation runs rampant in Turkey.

A flame from a Saudi Aramco oil installation known as Pump 3 is seen in the desert near the oil-rich area of Khouris, 160 kilometers east of Riyadh, on June 23, 2008.

Oil prices fall to another low

Saudi Arabia has benefited from high oil prices this year, though prices appear to be falling somewhat on the back of production increases.

A sculpture of an Israeli soldier standing guard is seen next to a sign for tourists showing the distance to Damascus and Baghdad.

Syria, Iraq form joint business council

Relations between Syria and Iraq were poor in the 20th century but have gradually improved in the security and economic spheres in recent years.

Jordan tourism

Jordan’s tourism revenue triples

The increase follows Syrians being able to travel easily to Jordan again.

BAY ISMOYO/AFP via Getty Images

Israeli delegation pays rare visit to Indonesia

While Jakarta is reluctant to advance diplomatic ties with Jerusalem, there is room to expand trade and economic relations.

Drew Angerer/Getty Images

Saudi Public Investment Fund acquires shares in Amazon, Google, Uber

The sovereign wealth fund led by the crown prince has shown a strong interest in technology such as video games.

Press conference after meeting in the western Cypriot city of Paphos, on April 16, 2021.

Emirates launches codeshare deal with Aegean as UAE-Greece ties continue to strengthen

The United Arab Emirates and Greece have signed a variety of political, defense and economic agreements in recent years.

United Arab Emirates