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
Italy and Saudi Arabia in talks for major deals as ties grow under Meloni The government of Italian Prime Minister Giorgia Meloni, which came into power in October 2022, has been working to deepen ties with energy- and cash-rich states in the Middle East and North Africa. Saudi Arabia
As Israel’s economy slows, investors ask how long will Hamas war go on Despite fears, previous periods of violence in Israel, Gaza and the West Bank showed the Israeli economy emerging stronger on the other side. Israel
Why is Turkey securing trade with Israel as Erdogan cheers on Hamas? The Turkish president may be the loudest leader speaking up for the Palestinians, but he has paid no heed to calls for sanctions that could really bite Israel. Turkey
Business & Tech Briefing: Dubai gears up for COP28 By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
What $6.9B China-Saudi currency swap means for Beijing’s efforts to globalize yuan China’s increasing economic influence and the high price of the US dollar, which has increased amid increasing interest rates to tame inflation, have led some economies to switch to cheaper yuan-denominated transactions. Saudi Arabia
Analysis How the Hamas war wreaked havoc on Israel’s economy Israel’s central bank said that the war with Hamas is a “major shock” to the economy and has been more expensive than initially estimated. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
What awaits Turkey's economy as its foreign exchange woes ease? After the March local polls, Ankara will be free of major domestic political concerns and is expected to enact a stern program to cool the economy and make real progress in fighting inflation. Turkey
Russia and China big participants at Dubai Airshow At this year's event, the UAE is balancing friendly relations with the United States as well as with China and Russia, including via the BRICS alliance. Legacy: Gulf
In first, Bahrain asset manager targets up to $550 million in China yuan fund Gulf buyers have announced 13 acquisitions of public and private Chinese companies so far in 2023, compared to just one in the same period of last year, according to data compiled by LSEG. Bahrain
Turkey reports account surplus amid fiscal policy changes Turkish bonds may also become more attractive, according to a top bank, as Turkey’s new economic leaders raise interest rates and end unpopular policies. Turkey
Chevron resumes gas supplies from Israel’s Tamar field after Gaza war halt The US energy giant was ordered to shut down the field for security reasons after the outbreak of the Israel-Hamas war. Israel
What the Gulf states new unified visa means for Saudi, UAE, other citizens The new Schengen-like visa — allowing seamless travel between members Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — will be introduced during 2024-25. Legacy: Gulf
