Legacy: Gulf - AL-Monitor: The Middle Eastʼs leading independent news source since 2012

Legacy: Gulf

The PwC Tower, or Libeskind Tower, Milan, March 12, 2021.

Analysis

Can Gulf states slash costly reliance on Western consultancies?

A one-year ban on PwC acquiring work in Saudi Arabia has highlighted the Gulf states' dependency on Western firms and the need to develop local consultancies and talent.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Employees of Aramco oil company work in Saudi Arabia's Abqaiq oil processing plant on September 20, 2019.

Analysis

Can Saudi Arabia afford giga-projects with oil prices under $75 per barrel?

Riyadh could soon run a current account deficit as oil revenue declines amid huge spending commitments toward ambitious Vision 2030 projects. Saudi-led OPEC has also deferred an output increase plan to allow more time to reach desired oil prices.

Jennifer Gnana

Samuel Wendel

By Jennifer Gnana , Samuel Wendel

GIUSEPPE CACACE/AFP via Getty Images

UAE's final unit of Barakah nuclear reactor hooked to grid: What we know

The Emirates is the only Gulf country with a nuclear power program, though neighboring Saudi Arabia also has atomic power ambitions.

United Arab Emirates

A cargo ship is docked at the port of Yemen's Huthi-held city of Hodeida on July 28, 2024. Photo by -/AFP via Getty Images)

Saudi entity denies its ship hit as Houthis claim attack on Greek tanker

Saudi Arabia's national shipping company Bahri denied reports that its tanker Amjad came under attack by the Houthis, the Yemeni armed group that has stepped up attacks on oil tankers in the Red Sea.

Latest News

Analysis

Telegram CEO's arrest spotlights UAE’s investment-based citizenship laws

MUNICH, GERMANY - JANUARY 24: Pavel Durov of Vkontakte speaks during the Digital Life Design conference (DLD) at HVB Forum on January 24, 2012 in Munich, Germany. ence and culture which connects business, creative and social leaders, opinion-formers and investors for crossover conversation and inspiration. (Photo by Nadine Rupp/Getty Images)

Jennifer Gnana

By Jennifer Gnana

In Dubai, reporting on Gulf energy policy and politics

Heavy floods hit Dubai, airport as Oman toll rises to 18

Dubai's roads were badly hit by the heavy downpours

Agence France-Presse

Oman launches $5 billion 'Future Fund' in sign of economic progress

HAITHAM AL-SHUKAIRI/AFP via Getty Images

Al-Qaeda attack in Yemen kills 2 members of southern forces

Security forces deploy near Aden International Airport in Yemen's southern city on April 14, 2023 during a prisoner exchange between the internationally recognised-government and the Sanaa-based Huthi rebels.

Gulf finance

Gulf central banks raise interest rates after Fed move

Many Gulf nations have mirrored the US Federal Reserve’s decisions on interest rates all year. Israel and Egypt have also raised rates, but Turkey has been cutting — despite skyrocketing inflation.

A man walks past the World Bank building in Washington on April 21, 2022.

World Bank says debt increasing in Middle East countries

Egypt, Iran and Turkey’s debt rose significantly last year.

Two firms from the United Arab Emirates have signed a $6 billion deal with Sudan to construct a new port on the Red Sea coast.

UAE's Ports Group expands footprint in Sudan

The agreement allows the Abu Dhabi-based logistics giant to operate ports in Sudan and will contribute to the UAE’s growing influence on the African continent.

GIUSEPPE CACACE/AFP via Getty Images

UAE to open facility that converts waste to green hydrogen

The Gulf state already has one waste-to-energy plant and is looking to build more.

US President Joe Biden (L) speaks with DR Congo President Felix Tshisekedi at the start of the G20 Summit at the convention center "La Nuvola" in the EUR district of Rome on October 30, 2021. (Photo by LUDOVIC MARIN/POOL/AFP via Getty Images)

Analysis

Africa seeks GCC-like economic trust at US summit

Since the United States' last summit of its kind in 2014, US foreign direct investment (FDI) in Africa dropped from $69 billion to $44.81 billion in 2021.

By Salim A. Essaid

A picture shows a view of the SEAEAGLE, a vessel which reportedly left Ukraine with a cargo of wheat, anchored in Port Sudan on the Red Sea coast, on September 9, 2022. (Photo by -/AFP via Getty Images)

UAE-Ukraine trade deal would shore up Middle East food security

The goal is to ultimately secure "all aspects of the international food production supply chain."

US investment Middle East

How the US invests in the Middle East

In our latest PRO Trend Report, we take a deep-dive into American investment in the region and opportunities to expand it.

The LED board shows a photo of Grant Wahl, an American sports journalist who passed away whilst reporting on the Argentina and Netherlands match, prior to the FIFA World Cup Qatar 2022 quarter final match between England and France at Al Bayt Stadium on December 10, 2022 in Al Khor, Qatar. (Photo by Julian Finney/Getty Images)

Grant Wahl’s body reaches US as second journalist dies at World Cup in Qatar

Two journalists have died covering the World Cup in Doha, leading to controversy and speculation during the politically charged tournament.

An Indian customer (L) at a foreign exchange outlet changes Indian rupees in Bangalore on August 24, 2013.

Gulf currencies pegged to dollar keep migrant workers’ families afloat

While the strong dollar has played in favor of Gulf migrant workers, they are not exempt from wage increases falling behind the inflation rate.

A general view dated 01 June 2004 of an oil installation in Saudi Arabia's northeastern Gulf port of Jubail. The United Arab Emirates (UAE) will increase oil output this month by 400,000 barrels per day (bpd) over its OPEC quota to help ease record prices, Oil Minister Obeid bin Saif al-Nassiri announced 02 June 2004. Nassiri spoke before departing for Beirut where the oil cartel holds a formal meeting tomorrow. Crude oil futures in New York surged 01 June to a record closing price of 42.33 dollars a barrel

Luberef, Aramco set tone for hot 2023 IPO listings in Gulf

Samuel Wendel

In Washington, DC, reporting on regional business and tech

FAYEZ NURELDINE/AFP via Getty Images

Saudi GDP growth continues on back of high oil prices

Saudi Arabia’s non-oil economy is also growing, boding well for its ambitious economic diversification projects.

Aramco stock

Saudi Arabia bucks global slump in IPOs

Despite a slowdown in IPOs in developed markets like the United States and Europe, due to the global economic downturn and stock market volatility, the MENA region and in particular Saudi Arabia are thriving.