Economy
Business and economy news
1542 articles in this section
US Sanctions Relief on 'Dark Fleet' Unlikely to Resolve Tanker Crisis Amid Geopolitical Risks
The US decision to lift sanctions on 'dark fleet' tankers is unlikely to solve the current oil market crisis, as geopolitical risks and ship owner reluctance to navigate the Strait of Hormuz persist. Many of these vessels are also old and may face further restrictions from UK or EU sanctions.
UAE Boosts Greek Investment to €15 Billion in Strategic Partnership
The UAE has announced a significant expansion of its investment in Greece, committing an additional €15 billion to a joint initiative. The move aims to bolster economic ties and explore opportunities in strategic sectors.
Doha Welcomes World Investment Forum Back After 14 Years to Tackle Global Economic Challenges
The World Investment Forum returns to Doha after 14 years, bringing together over 5,000 global leaders, officials, and investors to discuss artificial intelligence, sustainable finance, and economic recovery. The event highlights disparities in global investment flows and Qatar's role as a key hub.
Canada and Turkiye Forge 'Strong and Resilient' Strategic Partnership with New Action Plan
Canadian Prime Minister Mark Carney and Turkish President Recep Tayyip Erdogan have launched a new Canada-Turkiye Strategic Partnership with a three-year action plan focusing on trade, defence, energy, and people-to-people ties. The initiative aims to boost economic cooperation, with both nations targeting increased trade volume and the negotiation of a free trade agreement.
London's Luxury Property Market Sees 10% Price Drop Amidst New Super Homes Launch
Prime London properties saw a 10.1% discount in September, with overall sale prices falling 7.1% year-on-year, reaching the lowest sales volume since 2016. Despite market challenges, new instructions for properties over £5 million increased significantly, and new luxury developments are emerging.
Robinhood Selects Dubai International Financial Centre for Middle East Expansion, Targeting 2027 Launch
Robinhood is set to launch its Middle East operations from Dubai International Financial Centre (DIFC) in 2027, after receiving regulatory approval to offer a wide range of trading and custody services. This expansion marks a significant step for the US financial platform in establishing a global presence.
Meta Fined $25 Billion by New Mexico for Deceptive Data Privacy Practices
A New Mexico judge has ordered Meta Platforms to pay $25 billion after finding the company intentionally misled consumers about data privacy. The verdict, described as one of the largest state verdicts against a company in U.S. history, stems from Meta's handling of user data and misinformation on its platforms.
IMF Warns of 4.8% Gulf Economic Contraction in 2026 Amidst Iran War's Impact on Energy Exports
The IMF forecasts a 4.8% contraction in Gulf economies for 2026 due to the Iran war impacting energy exports, with a rebound expected in 2027. The conflict is also affecting non-oil activity and eroding financial buffers.
Egypt and TotalEnergies Accelerate Cyprus Gas Link-Up to Bolster Regional Energy Hub
Egypt and TotalEnergies are working to fast-track the connection of Cypriot natural gas to Egypt's infrastructure, aiming to boost regional energy cooperation and Egypt's role as a gas trading hub.
Global Debt Soars to $365 Trillion, Fueling Public Anger and Fiscal Strain
Global debt has surged to over $365 trillion, with advanced economies paying more than $3.3 trillion in interest on government bonds last year. This rising debt burden is fueling public protests across Europe over living costs and underfunded services, while increasing borrowing costs for governments and potentially impacting consumer loans.
Oil Surges Past $110 as Houthi Drone Strike Near Saudi Shaybah Field Sparks Market Jitters
Oil prices surged past $110 a barrel following a Houthi drone attack near Saudi Aramco's Shaybah oilfield, raising concerns about supply disruptions. The attack, which caused casualties, occurred shortly before another strike on Dammam airport, escalating regional tensions.
Abu Dhabi Finance Week Shifts to Private Sessions to Boost Deal-Making
Abu Dhabi Finance Week will feature about half of its sessions privately to encourage candid discussions and drive business deals among global financial leaders. The event aims to foster practical outcomes and has seen a rise in partnership agreements.
Russia Dispatches First Diesel Tanker to US Amid Trump-Brokered Deal Amid High Consumer Prices
Russia will send its first diesel tanker to the US on Thursday as part of a deal with President Donald Trump, despite recent Ukrainian drone strikes impacting Russian refining capacity. This comes as US consumers continue to face high diesel prices.
UK Greenlights Jackdaw Gasfield Development Amid Energy Security Concerns
The UK government has approved the Jackdaw gasfield development in the North Sea, citing energy security concerns. While the project aims to boost domestic gas production, officials acknowledge it will not lower household energy bills and has drawn criticism from environmental groups and opposition politicians.
Dubai's Luxury Property Market Sees 86 High-Value Deals in Q3 Amidst Regional Tensions
Dubai recorded 86 high-value property deals worth over $10 million in the third quarter, a 17% decrease year-on-year, despite ongoing regional geopolitical tensions. Wealthy investors continue to be drawn to the emirate, with Palm Jumeirah being the top location for luxury sales.
Egypt Accelerates Oil and Gas Investment Push to Boost Production and Regional Hub Status
Egypt is actively working to accelerate oil and gas investments and boost production by fostering stronger partnerships with international companies and enhancing regional cooperation. The discussions aim to solidify Egypt's position as a key energy trading hub in the Eastern Mediterranean.
Middle East Oil Exports Exceed Pre-War Levels Despite Strait of Hormuz Tensions
Non-Iran Middle East oil exports have recovered to pre-war levels, averaging over 24.5 million barrels per day, despite ongoing tensions and attacks on vessels transiting the Strait of Hormuz. The US is considering measures to allow sanctioned ships to use the channel, potentially increasing global supply.
Macron Concludes Gulf Tour in Qatar, Bolstering Energy Security Amidst Domestic Unrest
French President Emmanuel Macron concluded his Gulf tour in Qatar, focusing on energy security and strengthening ties with regional partners. The visit occurred amidst domestic protests in France over the rising cost of living and high fuel prices.
Egypt Clears $6.1 Billion in Dues to Foreign Partners, Boosting Energy Sector Confidence
Egypt has successfully settled US$ 6.1 billion in outstanding dues to foreign partners in its oil and gas sector, signaling a new phase of trust and investment. This move coincides with advancements in linking the Cypriot "Aphrodite" gas field to Egypt's infrastructure.
US Dollar Surges Against Egyptian Pound, Exceeding 54 EGP in Banks
The US dollar saw a significant jump of approximately 60 piasters against the Egyptian pound in local banks on Monday, with rates reaching up to EGP 54.45 for buying. This rise is expected to increase the cost of imported goods, potentially leading to a 10% price hike for some items.
US Dollar Surges Against Egyptian Pound, Exceeding 54 EGP in Banks
The US dollar exchange rate against the Egyptian pound surged by approximately 60 piasters on Monday, with rates reaching up to LE 54.45 for buying in various banks. This rise is expected to increase the cost of imported goods, potentially leading to a 10 percent price hike for some items.
UK Greenlights Jackdaw Gas Field Amid Energy Security Debate and Climate Concerns
The UK has approved the Jackdaw North Sea gas field, a decision that balances energy security needs with climate commitments. The project aims to boost domestic gas production, but faces opposition from environmental groups concerned about its climate impact.
Anthropic Reports Staggering $80 Billion Loss in First Half of 2026 Amidst IPO Preparations
AI company Anthropic reported a net loss of over $80 billion in the first half of 2026, driven by accounting charges, as it prepares for its IPO. Investors are now considering a lower valuation for the company.
Portugal Housing Crisis: Protesters Reoccupy Squares After Police Evictions
Thousands of protesters have returned to central squares in Lisbon and Porto, Portugal, to demonstrate against the country's worsening housing crisis and rising cost of living, following police evictions and arrests.