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Economy & Business

Saudi Aramco President & CEO Amin Nasser speaks during the CERAWeek oil summit in Houston, Texas, on March 18, 2024.

Saudi Aramco CEO warns of 'painful awakening' as energy costs rise

Amin Nasser said that green energy would not replace oil as demand for crude continues to grow, especially from the Global South.

Lebanon ruins

World Bank estimates $11B reconstruction bill for Lebanon after Israeli war

The war in Lebanon came as the country was already struggling with its worst economic crisis in decades.

A young man looks at the Bayraktar TB2 drone.

Turkey's Baykar partners with Italy’s Leonardo on drones: What to know

The joint venture could further boost Baykar’s drone fleet and comes amid improving Italy-Turkey trade ties.

Syrian central bank

UK removes 24 Syrian entities from sanctions list, including central bank

The latest decision comes after the European Union lifted several sanctions across banking and energy on Syria on Feb. 24.

Latest News

Turkey lowers interest rates to 42.5% following dip in annual inflation

The entrance to the Central Bank of Turkey, Ankara, Feb. 8, 2024.

Saudi PIF, Italy sign $3B export deal as ties grow under Meloni: What to know

EU-GCC summit

Aramco to invest up to $58B in 2025 gas, renewables ventures, CEO says

Tadawul

UAE’s ADNOC, Austria’s OMV merge businesses to create $60B plastics firm

A picture shows the headquarters of UAE's state oil company ADNOC in Dubai on July 27, 2022.

United Arab Emirates

Jack Dutton

Chief Business Correspondent

In Bristol, reporting on regional business, climate change, AI, tech

Adam Lucente

News and Business Correspondent

In New York City, reporting on regional news, militancy, climate change

Jennifer Gnana

Gulf Correspondent

In Dubai, reporting on Gulf energy policy and politics

Samuel Wendel

Senior Market Research Analyst

In Washington, DC, reporting on regional business and tech

Sabena Siddiqui

In Karachi, reporting on South Asia, Middle East, Iran

Sebastian Castelier

In Dubai, reporting on regional business

Morocco's King Mohammed VI (C-R) and France's President Emmanuel Macron (C-L).

France, Morocco ink over $10B in deals during Macron visit

King Mohammed VI welcomed Macron to Morocco as part of a three-day visit by the French president in which around 20 deals were agreed upon.

HOLMES CHAN/AFP via Getty Images

Saudi Arabia's NEOM attracts $16B in private financing over 2 years

Saudi Arabia's flagship sustainability project has attracted substantial private investments and is looking for more.

AFP via Getty Images

Analysis

Algeria lines up energy deals with US, Saudi firms as clock ticks on gas export ambitions

Algeria has launched a rare licensing round for oil and gas projects as it chases new interest in its upstream sector.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

A general view shows the solar plant in Uyayna, north of Riyadh, on March 29, 2018.

Saudi Arabia ramps up renewable tenders to 44 GW, doubles down on oil and gas

Saudi Arabia's renewable energy capacity under development will reach 44GW by end of 2024. However, its energy minister told an industry conference that the country will "monetize every molecule" of its oil and gas resources.

Aramco chief executive Amin Nasser speaks during the annual Future Investment Initiative (FII) conference in Riyadh on Oct. 29, 2024.

Saudi Aramco expects oil demand to average 104.5 million bpd in 2024

The CEO of the world's largest oil-exporting company sounded more bullish on oil demand compared with OPEC and the IEA.

BEIJING, CHINA - MARCH 17: Chinese Premier Li Keqiang (2nd-L) meets with Saudi Arabia's King Salman bin Abdulaziz Al Saud (2nd-R) at Great Hall of the People on March 17, 2017 in Beijing, China. At the invitation of President Xi Jinping, King Salman Bin Abdul-Aaziz Al-Saud of the Kingdom of Saudi Arabia will pay a state visit to China from March 15 to 18, 2017. (Photo by Lintao Zhang - Pool/Getty Images)

In first, Saudi Arabia to begin trading China-focused ETF: What we know

The ETF, which will begin trading on the Saudi Stock Exchange, has raised more than $1.2 billion.

This picture taken on Feb. 6, 2023, shows a view of the Tibbin dual fuel (natural gas and fuel oil) powerplant and Helwan Steelworks, in the Helwan suburb south of Egypt's capital, Cairo.

Analysis

Even with Greece venture, Egypt's energy hub ambitions remain far off

Egypt's key gas field has seen a slump in output while Cairo continues to import more gas from other countries such as Cyprus and Israel.

In Bristol, reporting on regional business, climate change, AI, tech

Rockets fired from southern Lebanon are intercepted by Israel's Iron Dome air defense system over the Upper Galilee region in northern Israel on Sept. 24, 2024.

Israel clinches $500M deal with Elbit Systems, Rafael for Iron Beam defense system

Expected to be operational within a year, the 100-kilowatt class, high-energy Iron Beam system is designed to complement Israel's existing Iron Dome defense system.

ENI headquarter in San Donato Milanese, near Milan, Italy, Oct. 27, 2017.

After decade halt, Eni, BP resume hydrocarbon exploration in Libya

Onshore drilling had been suspended for a decade, since the beginning of the Libyan civil war between rival factions in the country’s east and west.

Attendees arrive for the yearly Future Investment Initiative (FII) conference in the Saudi capital Riyadh on Oct. 24, 2023.

Saudi Arabia pushes for Africa debt relief as private investments set to reach $25B

Saudi Arabia is pushing for debt relief for African nations burdened with more than $1 trillion in liabilities.

KARIM SAHIB/AFP via Getty Images

India revokes UAE operator's authorization to handle cross-border transactions

India's central bank announced the decision in a statement noting that the UAE's exchange body showed “non-compliance with regulatory requirements.”

United Arab Emirates

Attendees take part in the annual Future Investment Initiative (FII) conference in the Saudi capital Riyadh on October 25, 2022. (Photo by Fayez Nureldine / AFP) (Photo by FAYEZ NURELDINE/AFP via Getty Images)

What to make of Saudi Arabia's $96B in foreign direct investment in 2023

Driving foreign investment into key sectors is part of Saudi Arabia's efforts to diversify away from an oil-dependent revenue model.