News, economy and analysis from across the Middle East
EconomyAnalysis
Egyptian gold prices climbed in October, driven by a significant weakening of the pound against the dollar, even as international gold markets dipped. This shift highlights how local currency dynamics are reshaping investor strategies.
The state oil giant is taking a 49% stake in the PIF-backed firm to build massive data centres and diversify beyond crude.
Despite efforts to diversify, the nation's finances remain overwhelmingly tied to global energy markets, impacting public spending and investment.
Motorists across the UAE will see their fuel costs fall for the first time in four months, providing welcome relief for household budgets and business operating expenses. This unexpected cut comes despite rising global oil prices.
While the government insists it has no need for external borrowing, a record-setting draft budget still projects a significant deficit for the coming year.
Houthi strikes on Saudi oil facilities and Strait of Hormuz incidents have pushed Brent crude prices to their highest in five months. This surge could reshape government budgets and business costs across the region.
These significant increases, following earlier hikes in October, will impact heating, transport, and petrochemical costs across the Middle East and Asia.
Baghdad is making strides in capturing flared gas and courting international partners, including Russia, to power its economy and reduce reliance on imports.
Iraqi Prime Minister Ali al-Zaidi's visit to Syria signals a pragmatic shift. Discussions focused on reviving the historic Kirkuk-Baniyas oil pipeline, a move that could reshape regional energy flows.
OPEC+ is set to keep oil output steady for December, but ongoing Middle East tensions are keeping Brent crude prices on a rollercoaster, impacting regional revenues and business confidence.