World Bank ups Middle East 2025 economic outlook as oil, tourism rebound The lender expects gross domestic product growth in the region to average 2.8% this year, up from its April forecast of 2.6%. Iran
UAE deepens Asia ties as Malaysia, Australia trade deals kick in Asia accounts for around 60% of the world’s gross domestic product and pursuing trade deals there helps the UAE hedge against dependence on both the US and China. United Arab Emirates
What’s next for Saudi Arabia’s budget balancing act as deficit doubles? The Gulf state now expects a deficit of $65.3 billion in 2025 — more than double the initial forecast — as the kingdom continues heavy spending amid weak oil prices. Saudi Arabia
After China, Saudi industry minister visits Vietnam in eastward economic push Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef met with a number of Vietnamese officials on Monday as the oil-rich Gulf kingdom looks east to diversify its economic alliances. Saudi Arabia
Analysis OECD forecasts 3.7% growth for Saudi Arabia, citing US tariff shield By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
2023 in review: Iran sees opportunity in Gaza war, steps up crackdown at home Iran's theocratic establishment engaged in a flurry of foreign diplomacy to try to ease the international isolation it is facing, while at home it intensified its crackdown on dissent. Iran
What is behind Iran-Russia de-dollarization deal as sanctions bite? The long-awaited agreement was one among several solutions the two countries have sought to salvage their battered economies, which remain cut off from key international banking systems. Iran
Saudi mining firm Ma’aden announces gold discovery Saudi Arabia seeks to boost its mining sector, including via investment at home and abroad. Legacy: Gulf
Explainer: Major shipping giants resume Red Sea routes amid Houthi attacks The Iran-backed Houthi rebels in Yemen have fired on international ships and Israel’s port in the Red Sea since the Gaza war began, wreaking havoc on the global shipping industry. Legacy: Gulf
How Starbucks fell from favor with pro-Israel and pro-Palestinian activists The coffee giant is no stranger to frothy accusations of being pro-Israel, and now a pro-Palestinian post on one of its union's social media accounts has sparked a boycott. Israel
Houthi missile hits Norwegian-flagged tanker in latest Red Sea attack Iran-backed rebels hit a Norwegian-owned chemical tanker with a cruise missile, but the ship had no clear connection to Israel, signaling the Houthis may be widening the aperture of their attacks. Legacy: Gulf
With 32% trade boost, Turkey eyes Saudi investments amid domestic downturn Trade between the two countries reached $5.86 billion in 2022, a 32.6% increase over the previous year. Turkey
Kuwait, Qatar, UAE telecoms merge assets into $2.2B tower company Three Gulf companies will create a new entity, which has not yet been publicly named, combining around 30,000 tower assets in Algeria, Iraq, Jordan, Kuwait, Qatar and Tunisia. Legacy: Gulf
What is behind Turkey’s inflation spike to 61.9% in November? November's consumer prices also rose by 3.28%, data released by the Turkish Statistical Institute showed on Monday. Turkey
IMF chief urges governments to increase carbon prices, reduce fossil fuel subsidies Kristalina Georgieva was addressing an audience of business leaders and philanthropists at the COP28 climate summit in Dubai. United Arab Emirates
UAE-China ink multibillion-dollar deals as ties grow The United Arab Emirates and China are major trade partners and have strengthened cooperation in both finance and energy in recent months. Legacy: Gulf
What does Saudi Arabia hosting of Expo 2030 mean for its economy? Winning the rights to host the world fair follows news that the kingdom will likely host the 2034 FIFA World Cup, among several other major events. Legacy: Gulf
